2022-12-31-accounts - The Parochial Church Council Of The Ecclesiastical Parish Of St Mary's Ely

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THE PARISH OF ELY HOLY TRINITY WITH ST MARY

Annual Report

and

Financial Statements

of the

Parochial Church Council

for the Year Ended 31 December 2022

Whitings LLP George Court Bartholomew's Walk Ely Cambridgeshire CB7 4JW

PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ELY HOLY TRINITY WITH ST MARY INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

CONTENTS	PAGE
Information	1
Council Members’ Report	2-7
Independent Examiner’s Report	8
Statement of Financial Activities	9
Balance Sheet	10
Notes to the Financial Statements	11-17

PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ELY HOLY TRINITY WITH ST MARY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2022

Incumbent	The Revd C Hill
	The Vicarage
	St Mary’s Street
	Ely, Cambs
	CB7 4HF
Clergy	Revd J Hickish	NSM Assistant Curate
	Revd M Raikes	Associate Minister (until July 2022)
	Revd P Marsh	Team Vicar
	Revd R Holmes	Curate
Churchwardens	Mr D Tye	(until April 2022)
	Mrs C Watson	(until April 2022)
	Ms P Crooks	(from April 2022)
	Ms E Taylor	(from April 2022)
Licensed Lay Ministers	Mr P A H Coutts	(Church Treasurer)
(LLMs; ex officio)	Mr J Dickinson	(until July 2022)
	Mr G Biss	(ChristChurch lead)
	Mrs R New	(Children & Families Missioner)
	Mr C Fry
Other trustees	Mr D Brown
	Mrs H Clark	(ex officio Deanery Synod rep until May 2022,
		then Diocesan Synod rep until December 2022)
	Mrs K Coutts	(PCC Secretary)
	Mrs B Cox	(until February 2022)
	Mrs L Frost
	Mrs B Georgiou	(ex officio Deanery Synod rep from April 2022)
	Mrs S Lorden
	Mrs V Lupson
	Mr D Morley
	Mrs S Morley
	Mr R Mould	(ex officio Deanery Synod rep from May 2022)
	Ms A Philips
	Ms J Pike	(ex officio Deanery Synod rep)
	Mrs E Sayers
	Mr P Smyth
	Mr A Sykes	(from April 2022)
	Mr D Tye	(from April 2022)
	Mrs B Walker	(Lay Vice-Chair of the PCC)
	Mrs C Watson	(from April 2022)
	Mr P Whale	(until April 2022)
	Mr M Whittle	(from April 2022)
Principal Bankers	Lloyds Bank plc
	Minster Place
	Ely
	CB7 4EN
Independent Examiner	IGC Piper FCA
	Whitings LLP
	George Court
	Bartholomew's Walk
	Ely
	Cambridgeshire
	CB7 4JW
Registered Charity Number	1133993

PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ELY HOLY TRINITY WITH ST MARY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

Background

The PCC is a corporate body established by the Church of England. It operates under the PCC Powers Measure and is a registered charity, number 1133993.

The PCC works in co-operation with the churchwardens, clergy and lay members of the church in promoting the mission of the Lord’s people within the Ecclesiastical Parish of Ely. The parish comprises the whole of the City of Ely and the villages of Prickwillow and Queen Adelaide, but members of St Mary’s also provide ministry to Holy Cross, Stuntney, and St Michael and All Angels, Chettisham. Where appropriate we also cooperate with the local leaders in the other Ely Team churches (St George’s Little Thetford, St James’s Stretham, St Leonard’s Little Downham).

PCC members are either ex-officio or elected by the Annual Parochial Church Meeting in accordance with the Church Representation Rules 2020. The following served as members of the PCC for some or all of 2022:

Ex-Officio
*Clergy*
Revd C Hill	Incumbent
Revd J Hickish	NSM Assistant	Curate
Revd M Raikes	Associate Minister
Revd P Marsh	Team Vicar
Revd R Holmes	Curate
*Churchwardens*	*Licensed Lay*	*Ministers (LLMs)*
Mr D Tye	Mr P Coutts
Mrs C Watson	Mr J Dickinson
Ms P Crooks	Mr G Biss
Ms E Taylor	Mrs R New
	Mr C Fry
*Deanery Synod Representatives*
Mrs H Clark
Ms J Pike
Mrs B Georgiou
Mr R Mould
Elected Members
*Retired/(re-)elected 2022*	*Due to retire 2023*	*Due to retire 2024*	*Due to retire 2025*
Mrs L Frost	Mrs K Coutts	Mrs S Morley	Mrs L Frost
Mrs B Walker	Mr P Smyth	Mr D Morley	Mrs B Walker
Mrs V Lupson	Mr D Brown	Mrs S Lorden	Mrs V Lupson
Ms A Philips	Mrs E Sayers		Ms A Philips
Mr A Sykes			Mr A Sykes
Mr D Tye			Mr D Tye
Mrs C Watson			Mrs C Watson
Mr M Whittle			Mr M Whittle

There is a Standing Committee as required by law which transacts urgent business, if required, delegated to it by the PCC.

The PCC is also related by a Pastoral Measure to other parishes in the benefice of the Ely Team Ministry.

PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ELY HOLY TRINITY WITH ST MARY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

After the first meeting of the PCC, which was held exclusively on Zoom, PCC meetings in 2022 became hybrid affairs, with an average attendance of 80.4%. In addition to the six scheduled meetings in January, March, May, July, September and November, members also spent a morning in May continuing to work on the discernment process that our Team Vicar had initiated earlier in the year. This led to the formation of various PCC teams to action areas of change and improvement. The Standing Committee of the PCC also met regularly to support the Ministry Team, to prepare for PCC meetings and to deal with any business that arose in between them. In April the Annual Parochial Church Meeting (APCM), at which the previous year’s accounts were accepted and PCC members elected, was held in person for the first time since 2019. It was attended by some 45 members of the church community, including PCC members.

St Mary’s church building was closed for most of 2022 as the work to transform it finally went ahead. Services were held in the chapel of Bishop Woodford House (BWH) instead, although the 9.45 service transferred back to the church rooms and grounds quite soon because of issues with space. We are very grateful to The King’s School for their permission to use BWH and for their welcome of us into their buildings. After a lot of hard work by a lot of people, the church finally reopened on 8 December 2022 with a celebration service led by Bishop Dagmar which was repeated for the entire congregation the following Sunday. Between 8 December and Christmas Day the church was used for a number of different services and events, including a dementia choir concert, Ely Choral Society’s annual Christmas concert, a Christingle service, a traditional carol service and a crib service. Two local schools also held their Christmas services and a Christmas concert in the church. At the end of the year plans were well underway to host a Warm Space and a Bereavement Café in the church building for the benefit of the wider Ely community, starting in January 2023.

The PCC is also responsible for the Church Rooms adjacent to the church, but all clergy houses are the responsibility of the Diocese.

Administrative Information

Incumbent Revd Chris Hill, The Vicarage, St Mary’s Street, Ely, CB7 4HF Bank Lloyds Bank plc, Minster Place, Ely, CB7 4EN Office St Mary’s Church, St Mary’s Street, Ely, CB7 4HF

Objectives

The objectives of the PCC continue to be the promotion of the Gospel of our Lord Jesus Christ according to the doctrines and practices of the Church of England, and to reach every home in Ely with the good news of Jesus. In 2022 we continued to base our planning and activities on the Diocesan mission principles of Engage, Grow and Deepen together with the Five Marks of Mission. The worshipping community of ChristChurch North Ely, established in the Isle of Ely School in 2016, continued to serve the north of the city and develop its own vision within the same guiding principles.

Resources

Fabric

The PCC is responsible for the church building of St Mary’s and its associated church rooms. We are very grateful to the small group of volunteers who give of their time to help maintain and care for the buildings in any way.

Quinquennial Report 2021

Our Church Architect carried out the five-yearly survey on the condition of our Grade 1 listed building in July 2021 but the work on transforming the church meant that we were not able to action his recommendations straightaway. By the end of 2022, however, our churchwardens were in a position to begin to assess the work that was needed to other parts of the building and that will be addressed during 2023.

Building Transformation Project (BTP)

Coulson & Son Ltd of Cambridge commenced work on site at the beginning of January 2022. A total of eight brick-walled crypts were discovered within the foundations as the floor was being excavated which caused a significant delay of eight weeks to the time schedule and added an additional £60,000 to the cost of the project. Archaeological surveys were required and we are very grateful to Oliver Bone, a member of St Mary’s, for carrying these out and compiling his report, all at no cost to the church.

PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ELY HOLY TRINITY WITH ST MARY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

A number of smaller challenges were overcome as the work proceeded and Coulson’s completed their work at the beginning of October. During October and November the floor was sealed, initial snagging issues were resolved and audio visual equipment and new furniture were installed. The church toilets were also given a deep clean and refresh in preparation for the reopening of the building – they will be completely overhauled and remodelled as soon as funds allow.

The church opened for a community event on 27 November 2022, when over 1,000 people came to see the finished building. This was followed by Thanksgiving Services on 8 and11 December which were led by Bishop Dagmar. We now have a stunning building for which we give thanks to God.

Finance

Total income in 2022 was £786,015 (2021 £373,630), of which £203,467 was general (unrestricted) income and £582,549 was restricted to specific purposes. £518,256 of this restricted income was for the Building Transformation Programme (BTP), £25,555 for the CAP Debt Centre, £24,440 for the ‘Toilets and solar panels’ project; £12,069 for charity and mission causes (including over £5,000 for aid to Ukraine); £1,000 for help with winter hardship including a planned Warm Space; £1,099 for use by our ‘Monday Club’; and £130 for work with children. The increase in overall income compared to 2021 was due to an increase in restricted income for the BTP and the Toilets & Solar Panels fund; unrestricted income fell by about £10,000 over the year, entirely due to the fall in wedding and funeral fees whilst the church building was closed for the BTP works. There was a modest increase of about £1,000 in individual giving.

The £203,467 of unrestricted income was raised through the Church’s everyday activities: £153,756 (2021 £153,283) from unrestricted personal giving; £33,403 (2021 £32,924) from Gift Aid on these gifts; £11,506 (2021 £23,987) from fees and hire charges; £600 (2021 £0) from Diocesan grant; £2,278 (2021 £84) from investment income; and £1,924 (2021 £2,635) raised in other ways. This figure of £203,467 includes income items netted off against expenditure in the Management Accounts (£328) and includes expenditure items netted off against income in the Management Accounts, mainly wedding & funeral expenses (£5,825). When netted down, this leaves a figure of £197,314. Adding the Market Street School fund interest (£130) gives the overall general income of £197,444 shown in the Management Accounts.

Total spending in 2022 was £1,281,308 (2021 £301,718), of which £210,275 was spending of unrestricted funds and £1,071,033 was spending of restricted funds. Of this £1,071,033 of restricted expenditure, £1,039,252 was on the Building Transformation Project, £19,580 on running the CAP Debt Centre, £12,069 was funds raised and sent to our various charity and mission partners, and £130 on the Families Missioner costs. The £210,275 of unrestricted expenditure includes expenditure items netted off against income in the Management Accounts, mainly wedding, funeral and memorial expenses (£5,825); it also includes income items netted off against expenditure in the Management Accounts (£328). When netted down, this leaves a figure of £204,122. This figure, plus loan repayment (£5,000), plus transfer to building reserves (£5,000), plus the Market Street School fund interest (£130) less unrestricted charity payments (£242), less Year 1 depreciation of BTP items (£22,500) gives the overall general spending of £191,510 shown in the Management Accounts.

Thus we ended the year with a net unrestricted deficit of £6,808, which after allowing for the £5,000 loan repayment, £5,000 reserves transfer, £22,500 depreciation and £242 charity donation correction, corresponds to the £5,934 surplus on our everyday income and expenditure shown in the Managements Accounts.

Total unrestricted giving including gift aid was £187,159, which was c£1,000 up on 2021. Eight new members started regular giving whilst eleven left, so the number of regular (monthly, quarterly or annual) givers decreased by three to 133 (2021: 136), of which 94 were using the Parish Giving Scheme. Of the existing donors 50 increased their monthly commitments during the year whilst six reduced theirs.

The largest single item in our spending was £89,551 (2021 £115,986) on the ‘Ministry Share’ paid to the Diocese, to cover the clergy and central church costs. Giving to our charity and mission partners was £23,936 (including our contributions to the CAP Debt Centre), of which £14,216 came from fundraising and £9,720 from general church funds. This more than met our 10% target for giving, representing 12.12% of our relevant unrestricted income being devoted to charitable giving.

PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ELY HOLY TRINITY WITH ST MARY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

Building Transformation Project (BTP)

During 2022 £1,498 in donations and gift aid was raised from church members for this project and £131,758 of VAT was recovered. In addition, £385,000 was received from grants (£25,000 from The Thomas Parsons Charity, £25,000 from The Garfield Weston Trust, £40,000 from the Joseph Rank Foundation, £100,000 from Amey Community Fund, £175,000 from East Cambridgeshire District Council (ECDC) Community Infrastructure Levy Fund and £20,000 from a private family trust). We are very grateful indeed for this grant support. A total of £1,129,252 (including VAT) was spent on the project; £90,000 of this was for items (£50,000 for chairs and £40,000 for Audio-Visual equipment) which have been capitalised within the Accounts.

The balance of funds available at year end was £39,403. In addition, we were expecting to receive a further £17.000 from East Cambs District Council, being the balance of the Community Infrastructure Levy Grant; and £29,730 reimbursement of VAT paid. Neither the grant from ECDC not the VAT reclaim are certain to be paid, so whilst these potential sums are noted here they have therefore not been included as debtors. A detailed report of progress with the BTP project is included elsewhere in this report.

CAP Debt Centre

During 2022, £27,214 was donated for this project, of which £14,692 was given by other churches and individuals, £6,000 received as grants, £2,160 provided from St Mary’s PCC general funds and £4,362 from fundraising. £21,560 was spent on the Debt Centre, giving an operating surplus of £5,654 for the year. A balance of £20,608 was brought forward from 2021, meaning a balance of £26,262 is carried forward to 2023.

CAP Debt Centre Insolvencies Fund

A balance of £2,041 was brought forward from 2021 in this fund which exists to help clients pay insolvency fees. £501 was received for this fund and £180 was spent during the year, meaning a balance of £2,362 is carried forward to 2023.

Reserves

The PCC last revised its Reserves Policy on 1 April 2019. For General Reserves the aim is to keep two months’ running costs (c£32,000 in 2022) to cover unforeseen emergencies, and at 31 December £29,848 was held in CBF a/c 1 General Reserves (note 10a), meaning our general reserves were a little (c6%) below the target level. For building repairs the aim is to have £50,000 in our designated Building Reserves by the time of each Quinquennial Inspection. The balance held at the year-end was £50,265, comprising most of the funds in the UTB account and CBF a/c 2 Building Reserves account (note 10a), so this reserves requirement was met. These are not restricted funds, they are funds from general income which the PCC has designated for the purpose of building repairs but are still available to spend as the PCC chooses. The PCC aims to replenish these reserves when possible each year, with a total of £10,000 being budgeted for this purpose in 2023.

BTP Expendable Endowment Fund. The balance in this fund at 01/01/2022 was £280,673. These restricted funds were all expended on the BTP project during 2022 and this fund has therefore closed.

Risk Management

The Trustees have examined the major strategic, business and operational risks which the PCC faces and confirm that systems have been established to enable regular reports to be produced so that such risks are continuously monitored and that appropriate steps can be taken to lessen these risks.

The main risks that affect the PCC are: a) an unexpected fall in income, which is mitigated by the General Reserve fund; b) damage to buildings, which is mitigated by insurance; c) unexpected buildings repairs required, which is mitigated by the Buildings Reserve fund; and d) breaches of safeguarding, which is mitigated by the PCC’s safeguarding policy, training and DBS checks.

Fundraising Statement

Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. In relation to the above we confirm that all solicitations are managed internally, without involvement of commercial participators or professional fundraisers, or third parties. The day-to-day management of all income generation is delegated to the Charity’s management team.

PAROCMIAL CHURCII COUMCIL ( THE PARISH OF ELY HOLY TRINrrY wrrH ST IIARY REPIXIT OF ThE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 JIIMwgh the Chorty is rwimd 10 t tsK1 by •ny regulatory schom•, the Ch•ty complies with rekvant ccth• of W• IN•v• rxA¥•d nD lr2021- in relatkjn lo athllbe•. OLY t•fms of empknymil re¢wiro slaff to behave rtsr times., a8 w• do not apty0 indwiduo19 Tt weo 294 PBopl6 the dmth's Electry¥l R¢YI at of th• 2022 APCM {hebJ on 25 Awl>, JLlry 22 who wornhtrgped at Chiistchurch North Ety 65 who W Out18 the pw15h (ow thank6 b> tffixship the IrAm God aThJ geek to as many u P)41)kn ) dt•cmr •x•rckn• th mlnistrb•s for Chrlst, brth 7Mthin and outsth tl S•f•yrdlng r saleguwdtrvJ team, he•Jed by Rtvd PN FAsh, Mrs Morfey and Mrs Chrkn Walgon. to I>nI cyelè of DBS ¢hecs saf&Jualiry trakdng th0¢e, whlle R Jarn cA)ntThJ to wllh tr ofthbj and turthtr FXQgW¥ th rrfrx1iw de9cnpb(M¥J kv •ll our vcknnleers. The sguardty telm complrted muth woth on S R1• gJkJJllrns pryraw lo rDHing lty oul lo 01 té le•ders. TM PCC Is cUl of t trj ha¥e'du• r•gawrf to safeguardk¥ guldance is$1 by the HOU o18thops, Indvdino IKth poly KI Plthe 9aIne•. and ot and apwo¥fyJ tM ctKth'I Sal•9uwdrt polKy at rtB JaTrU rretlry The wholè Mimsty T• rwn•ln¢d in plK• duThYJ 2022". 1>4wn B198. le8thr ofClwMIChurth,' Revd Phl Marsh, T Vur, Revd Rth Hdm•8. Cur; arKI Rthh New, Famllb•s (8¥gBd by Knty S(rd"th. Operations Manager. 8nd Ellz•b•th AnJers(ffi. AdMtra). We txffj1inue a team to h everyone qli5C04w lh.1 g61$ and deFAty Ih•rn wth authorlty re¥¥lIty in the IW• ol & Mary'j •rxl CtrmlcICtt. V4lh"•ms d L•0 lkn Tr)ined u8 Imm Rkley on der9y, 4¥ho gwe Of11r energy so generously thrlrt the year in $upport ol ti l•aderthp IEom. to evéry¢Th el•e- w uffre stsff. LLlh and ottr vo1urte- who play•d tr1[ pwl h) •ur• that the and of Sl Mwy'g flourished Ihrou9h tr th81ery and OFPl¥hM thal being t¥8cu$wcnB ab>1 th• fiAur• stswiwe and ot Iht 8y Deanery. ol St Mwy's Is a parL 4vere rnstarlbd kn 2022 we expect a Pln to erw9• in 23 In wlh tr trffte lawyer Ibarn Idn 8 l•rger villag• Ing •) the degrwy. St Mary's t411 eontlnue lo up frt IrainiTrg ccuw$, Th• of the PCC fDrtthi taff whoo p•y v• ••1 i• •rYaurn our d•fauA pay inlxeage fAI be tho ¥¢ertsge as the Ely ¢lwgy tsthe yoar (1.5% for 20221, thllt of our empl¢>yt61 ewr bp ts'R•al Uvlng V, &9ned on b•tr•lf ol th• PCC ty. l• Popw Crooks ChurthMrd•n Llz T10T q/(i.p3

PAROCHIAL CHURGH GOUNCIL OF THE PARISH OF ELY HOLY TRINrtY wrrH ST IAARY TRUSTEES, RESPONSIBIUTIES STATEIIENT FOR THE YEAR ENDED 31 DECEMBER 2022 Th• tru$le•8 are re8pon%bl8 for PftpariThJ the Trustees. Ra and the finanual ststements in aecordaty wlth aPFdlcable law and Untted Klngdom Accounts"ng Standath {Unite(l Kingthjm Generally A¢eept4d Accn9 Pra¢tirEI. The law appli¢able lo carib88 lli En9land & rewires the trustees to prepare finanual $tsternents lor eath finarK4 year vthkh gwe a trt arby View ol the stste of affaws ol th• thanty and IA the COrne a1 applicthon of resowces of the tharrty ts that wiod. In prepan'rKJ these finan¢ial statements, the trustees are select $uit4)le (untrng policies 8Ad then apply Ihern n$tendY., obsem Ihe methods and princip& in the Chawibes SORP IFRS 1021 Ociob8r 2019 makejudgments and esknates that are rèasonabbe and prudenL state whether applscal)le accountlng sta[rS have been follow. suW8¢t to ary material departures disdosed and explained in the financial str1ents., w•par• th finandal statements on thè gcAng tt&n¢em basls unle98 * Is Irwrwale to pwume that the dwrity will ¢¢'ne In operailon. The knot•88 ar6 reBpoMibbo for k••plng •¢ewntir4J rttorth thai thaelo• with re¥ble accuracy #i any Ilme the fina1 position ol th& d)anty arKI ttrm to ensLwe that the finanri Statnts comply the Charilies Ad 2011, the Chartty (Accounts ond Reports) Regulatbons 2008 and trust deed. TW are also re8pon8ible for thguarding the assets of the charrty and hence lor tak1r re8sorth 5tep8 for the eventbon 8nd det•cliM offr4LxI and othar IrrtyvLqrrtle& The trustees ¥e responsible for the maIntenar and integnty of Ihts ¢haJTty and finanaal infomiatfif inchjded on tharty's *b$lie. Legfi8lat6on h the Unlted Kingdom wmlng the prepa1an and Jned M bthalf ofthe PCC by".

INDEPENDENT EXAMINERS REPORT TO THE PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ELY HOLY TRINITY WITH ST MARY FOR THE YEAR ENDED 31 DECEMBER 2022

I report on the accounts of the charity for the year ended 31 December 2022 which are set out on pages 9 to 17.

Respective responsibilities of trustees and examiner

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Basis of independent examiner’s report

Our examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

Accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

IGC Piper FCA Whitings LLP George Court Bartholomew's Walk Ely Cambridgeshire CB7 4JW

Date:

PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ELY HOLY TRINITY WITH ST MARY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 DECEMBER 2022

PAROCHIAL CHURCH ¢OUIICIL OF THE PARISH OF ELY HOLY TRINifY ST IAARY BALANCE SHEEr FOR THE YEAR ENDED 31 DECEIIBER 2022 s1.5) 17 51&150 350.883 8LI 121.8$1 Éb 1349 107.565 Rsthct•d 9.W,17 2W.67J For # year eTrJing 31 D•c•mbBr 2022 the ch¥ty was eniilled to ex•mptwJn from Mlit urMl•r 8•¢1kn) 144(2) of the Chartties AL# 2011. An independent •xamitialo) has Ixen rrIed knste•d, th 0rd vfith s•clknn 145(11 ofthe Ch81ils kt 2011. The finala1 ¥totennts w•r8 •ro¥•d ty th8 pa[h1 ChLw¢h Cr•Jn m8lrty and uvJned on thelf b•h• E Tayl Tho ncrtes on pgges 1110 17 form part ofthe8e fmanclal slalemwrt 10

PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ELY HOLY TRINITY WITH ST MARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

1a Basis of Preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2016) - (Charities SORP (FRS 102)).

The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value. The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body, nor those that are informal gatherings of church members. (e.g. Flower Group, Bell Ringers, Monday Club).

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102 (FRS 102) (effective 1 January 2016, updated October 2019) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The charity, registered in England, United Kingdom, has taken advantage of the exemption in FRS102 (as amended by the SORP Bulletin in February 2017) from the requirement to produce a cash flow statement on the grounds that it is a small charity.

1b Going Concern

The PCC has set a prudent budget for 2022, with the expectation that income will be sufficient to cover expenditure. The PCC also holds £36,446 in General Reserves which can be used if required to cover unplanned falls in income. The Trustees consider the resources available to the PCC will be sufficient for it to continue as a going concern. In addition, the largest expenditure faced by the PCC is the Ministry Share payment to the Church of England. Whilst this is a moral requirement, there is no legal commitment to make this payment and in extremis, these payments could be reduced or ceased. The financial statements do not contain any adjustments that would be required if the PCC were not able to continue as a going concern.

1c Funds

Endowment funds are funds, the capital of which must be maintained; only income arising from investment of the endowment may be used either as restricted or unrestricted funds depending upon the purpose for which the endowment was established.

Expendable endowment funds are funds that must be invested to produce income. There is no actual requirement to spend the principal for the purposes of the charity unless or until the trustees decide to. Income generated from expendable endowment is no different from income generated from permanent endowment, and should be spent for the purpose of the charity within a reasonable time of receipt.

Restricted funds represent;

 income from trusts or endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest, and

 donations or grants received for a specific object or invited by the PCC for a specific object. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund. The PCC does usually invest separately for each fund. Where there is no separate investment, interest is apportioned to individual funds on an average balance basis.

PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ELY HOLY TRINITY WITH ST MARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted funds or General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted.

1d Income

Voluntary income and capital sources

Donations, legacies and other trading income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Collections are recognised when received by, or on behalf of, the PCC. Planned giving receivable under covenant and gift aid is only recognised upon receipt. Income tax recoverable on covenants or gift aid donations is recognised at the same time the covenant or gift aid donation is recognised.

Income from grants is recognised when there is evidence of entitlement to the grant, receipt is probable and its amount can be measured reliably. Evidence of entitlement of the grant exists when the formal offer of funding is communicated in writing to the PCC. However, some grants will contain terms or conditions that must be met before the PCC has entitlement to the resources.

Income from investments

Investment income includes income from investment assets, including dividends and interest receivable, but excludes realised and unrealised investment gains and losses.

Dividends and interest are accounted for when receivable. Tax recoverable on such income is recognised in the same accounting year.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. This is normally upon notification of the interest paid or payable by the bank.

Gains and losses in investments

Realised gains or losses are recognised when investments are sold. Unrealised gains or losses are accounted for at 31 December.

Activities directly relating to the work of the Church

The parish share is accounted for when payable. Any parish share unpaid at 31 December is provided for in these accounts as an operational (though not a legal) liability and is shown as a creditor in the Balance Sheet.

1e Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.

Expenditure on charitable activities includes grants made to institutions. Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding or constructive obligation on the PCC.

The diocesan parish share is accounted for when due. Amounts received specifically for mission are dealt with as restricted funds. All other expenditure is recognised when incurred.

PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ELY HOLY TRINITY WITH ST MARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1f Fixed Assets

Consecrated land and buildings and movable church furnishings

Consecrated and beneficed property is excluded from the accounts by s.10(2)(a) and (c) of the Charities Act 2011 and as such, these assets are not capitalised in the financial statements.

No value is placed on movable church furnishings held by the churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year in consecrated or benefice building and movable church furnishings, whether maintenance or improvement, is written off as expenditure in the SOFA and separately disclosed.

Other fixtures, fittings and office equipment

Equipment used within the church premises is depreciated on a straight line basis over 4 years. Individual items of equipment with a purchase price of £3,000 or less are written off when the asset is acquired.

Heritage assets

Heritage assets are recognised at cost, but are not recognised on the balance sheet as information on the cost of the assets is not available and such information cannot be obtained at a cost commensurate with the benefit to the users of the financial statements and to the PCC.

The Charity owns six pieces of silver belonging to the Church, which are held in safekeeping at the Fitzwilliam Museum, Cambridge. These Items acquired before the 1 January 2008 have not been capitalised because the cost of doing so is not practicable in accordance with section 18 of the Charity SORP 2015.These are the only heritage assets owned by the charity, and there have been no other heritage asset transactions or movements in the previous five years.

Investments

Fixed asset investments are held to generate income and exclude investments held specifically for sale or investments that are expected to be realised in the next 12 months. Investment gains and losses, whether realised or unrealised, are combined and shown in the Statement of Financial Activities.

Unlisted equity investments are measured initially at cost and subsequently measured at fair value at 31 December.

1g Current assets

Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove uncollectible.

Short-term deposits include cash held on deposit either with the CBF Church of England Funds or at the various banks.

1h Financial instruments

The charity only has financial assets and liabilities that qualify as basic financial instruments, which are all measured at cost.

1i Key sources of judgement and estimate uncertainty

No significant judgements, accounting policies or assumptions have been made by management in applying the charity’s accounting policies.