2023-12-31-accounts - The Parochial Church Council Of The Ecclesiastical Parish Of Holy Trinity & Christ Church, Chesterfield

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PCC FINANCIAL STATEMENT FOR THE ANNUAL ACCOUNTS FOR THE YEAR ENDED 31.12.23

The Parish of Holy Trinity and Christ Church has one Parochial Church Council which meets a minimum of 6 times a year. The Parish consists of 3 separate entities: the churches of Holy Trinity, Christ Church and the Parish Centre. Each has its own accounts but they are presented together for the purposes of the Annual Report and Financial Statements.

The Parish Treasurer, with the support of the PCC, receives and collates all financial information. A PCC member who is on the Management Committee of the Parish Centre assists by dealing with the Income and Expenditure of the Parish Centre and also of Christ Church, which is then forwarded to the Treasurer.

The Accounts are presented in an Income and Expenditure format.

The Parish raised £242 for the Tear Fund, £651 for the Food Bank , in excess of £479 for the Bishop’s Harvest appeal and donated £110 to the Gideons.

Reserves Policy

It is PCC policy to try to maintain a balance on free reserves (net current assets) which equates to at least three months unrestricted payments. For each entity based on 2023 actual expenditure (not including special projects or major repairs) these are as follows:

*Parish Centre: £15,646 Free reserves at year end: £52,799 Holy Trinity: £14,330 Free reserves at year end: £22,435 Christ Church: £2,217 Free reserves at year end: £6,058

This is a total of £32,193 It is held to smooth out fluctuations in cash flow and to meet emergencies. The balance of the free reserves at the year end was £81,292 which is higher than this target.

A balance of £16,718 in the restricted fund at Holy Trinity is held in a recoupment scheme by the Diocese of Derby.

*In addition provision is made for any redundancy payments which may become liable. This would currently be £5,306

INCOME and EXPENDITURE

Income was higher by £33,209 in 2023 as recovery from the Covid pandemic continued. However, this was counterbalanced by the fact that expenditure was £30,500 higher than in 2022. This results in a Parish overspend of £24,836.

INCOME

Holy Trinity

Compared with 2022 Income was up by £6,053. £12,860 was received from grants and legacies.

Christ Church

Income decreased by £650. Though tax efficient giving went up by £600 other planned giving was down by £740 Parish Centre

Income went up by £27,980 with income from room hire increasing by over £20,000.

EXPENDITURE

Holy Trinity and Christ Church

Holy Trinity paid their share of the Common Fund request in full though it was agreed that it was no longer viable for Christ Church to pay their share for the last 4 months of the year. In addition it was agreed that Holy Trinity would bear all parish expenditure costs. The continued emphasis on mission and evangelism activities increased by £1,780 on 2022. Utility costs were a big drain on finances at Holy Trinity and were up by £3,130. Holy Trinity’s general expenditure was up by £17,252 though Christ Church’s was down by £3,262 due to the reasons described above. £10,000 was transferred from Holy Trinity’s CCLA account to cover a shortfall.

Parish Centre

Increased use of the centre was reflected in the running costs, particularly in Utilities which were £13,372 higher. Salary costs were down by £350 (2022 figures were inflated due to the payment of pension arrears). A further £20,000 was transferred from the CCLA investment account to cover shortfalls in Income v Expenditure.

Maggie Masters

Treasurer

PAROCHIAL CHURCH COUNCIL OF HOLY TRINITY & CHRIST CHURCH, CHESTERFIELD

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 DECEMBER 2023

Note 2(a) 2(b) 2(c) 2(d) TOTAL INCOMING RESOURCES RESOURCES EXPENDED 3(a) 3(b) 3(c) 3(d) TOTAL RESOURCES EXPENDED TRANSFERS BETWEEN FUNDS Cost of generating funds All mission giving and charitable grants and donations FUND BALANCES CARRIED FORWARD Church and parish centre activities Major capital expenditure FUND BALANCES BROUGHT FORWARD NET INCOMING/(OUTGOING) RESOURCES NET MOVEMENT IN FUNDS INCOMING RESOURCES Activities for generating funds Voluntary income Income from investments Church and Parish Centre activities	Holy Trinity General £ 49,970.55 952.30 4,991.78 55,914.63 1,894.05 64,973.77 3,750.00 70,617.82 (14,703.19) (14,703.19) 37,138.30 22,435.11	Holy Trinity Restricted £ 519.16 519.16 519.16 519.16 16,198.95 16,718.11	Christ Church General £ 7,039.16 1,180.60 42.17 1,178.15 9,440.08 8,868.99 8,868.99 571.09 571.09 5,487.31 6,058.40	Parish Centre General £ 7,108.00 1,511.10 52,327.26 60,946.36 67,137.91 4,552.00 71,689.91 (10,743.55) (10,743.55) 63,542.12 52,798.57	2023 Total £ 64,117.71 1,180.60 3,024.73 58,497.19 126,820.23 1,894.05 140,980.67 8,302.00 151,176.72 (24,356.49) (24,356.49) 122,366.68 98,010.19	2022 Total £ 55,596.65 983.70 1,177.07 35,374.92
						93,132.34
						2,880.00 111,738.23 6,054.00
						120,672.23
						(27,539.89)
						(27,539.89) 149,906.57
						122,366.68

Page 1 of 7

PAROCHIAL CHURCH COUNCIL OF HOLY TRINITY & CHRIST CHURCH, CHESTERFIELD

BALANCE SHEET at 31 DECEMBER 2023

Note 4 5 Tangible fixed assets Investment assets - held by Derby Diocese Cash at bank and in hand NET CURRENT ASSETS NET ASSETS CREDITORS PAYABLE WITHIN ONE YEAR FUNDS FIXED ASSETS CURRENT ASSETS	Holy Trinity General £ 22,435.11 22,435.11 22,435.11 22,435.11 22,435.11	Holy Trinity Restricted £ 16,718.11 16,718.11 16,718.11 16,718.11	Christ Church General £ 1,149.40 1,149.40 4,909.00 4,909.00 4,909.00 6,058.40 6,058.40	Parish Centre General £ 1,826.13 1,826.13 50,972.44 50,972.44 50,972.44 52,798.57 52,798.57	2023 Total £ 2,975.53 16,718.11 19,693.64 78,316.55 78,316.55 78,316.55 98,010.19 98,010.19	2022 Total £ 3,306.15 16,198.95
						19,505.10
						102,861.58
						102,861.58
						102,861.58
						122,366.68
						122,366.68

The Financial Statements were approved by the Parochial Church Council on DATE and are signed on its behalf by

Rev Jill Hancock, Chair of the Parochial Church Council

Page 2 of 7

PAROCHIAL CHURCH COUNCIL OF HOLY TRINITY & CHRIST CHURCH, CHESTERFIELD NOTES TO THE ACCOUNTS for the year ended 31 DECEMBER 2023

1 ACCOUNTING POLICIES

a. Basis of accounting

The financial statements have been prepared under the Church Accounting Regulations 2006 in accordance with applicable accounting standards and the current Statement of Recommended Practice Accounting and Reporting by Charities (SORP 2015).

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 and fixed assets of the PCC but excluding debtors and creditors as the financial statements are prepared on a cash accounting basis. They do not include the accounts of church groups that owe their affiliation to another body, nor those that are informal gatherings of church members.

b. Funds

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

c. Incoming resources

Collections are recognised when received by or on behalf of the PCC. Planned giving receivable under Gift Aid is recognised only when received.

Income tax recoverable on Gift Aid donations is recognised when the income is recognised. Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement, the amount due is quantifiable, and its ultimate receipt by the PCC is reasonably certain.

Income from the letting of church premises is recognised when the income is received.

Interest entitlements are accounted for when credited. Tax recoverable on such income is recognised in the same accounting year.

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

d. Resources expended

Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC. The diocesan parish share is accounted for when paid.

Fixed assets

Consecrated and benefice property is not included in the accounts in accordance with s.10(2)(a) and (c) of the Charities Act 2011. Moveable church furnishings held by the Vicar and Churchwardens on special trust for the PCC and which require a faculty for disposal are accounted as inalienable property unless consecrated. They are listed in the Church's Inventory. For inalienable property acquired prior to 2001 there is insufficient cost information available and therefore such assets are not valued in the accounts. Items acquired since 1January 2001 have been capitalised to be depreciated in the accounts over their currently anticipated useful economic life on a straight-line basis. All expenditure incurred in the year on consecrated or beneficed buildings, individual items under £1,000 or on the repair of movable church furnishings is written off. From 1 January 2003 other equipment is depreciated on a straight line basis over 4 years. Individual items of equipment with a cost of £1,000 or less are written off when the asset is acquired.

f. Investments

Investments are valued at market value at 31 December.

g. Current assets

Amounts owing to the PCC at 31 December are not shown as debtors as income is reflected on a cash basis.

Page 3 of 7

PAROCHIAL CHURCH COUNCIL OF HOLY TRINITY & CHRIST CHURCH, CHESTERFIELD

NOTES TO THE ACCOUNTS for the year ended 31 DECEMBER 2023

2 2(a) Non-recurring giving (inc special appeals) Tax recovered through gift aid Recurring grants and legacies Non-recurring grants and legacies 2(b) 2(c) 2(d) VAT recovered Other collections at services Activities for generating funds Income from fundraising activities INCOMING RESOURCES Voluntary income Planned giving: Tax efficient giving Other planned giving Income from trading Statutory fees retained by the PCC Income from investments Dividends Interest Church and Parish Centre activities Other incoming resources inc. net agency receipts	Holy Trinity General £ 24,046.07 3,342.04 2,678.09 355.70 6,688.65 12,860.00 49,970.55 952.30 952.30 1,896.00 407.00 2,688.78 4,991.78	Holy Trinity Restricted £ 519.16 519.16	Christ Church General £ 3,310.00 832.40 970.66 796.20 994.90 135.00 7,039.16 1,180.60 1,180.60 42.17 42.17 287.00 121.55 769.60 1,178.15	Parish Centre General £ 7,108.00 7,108.00 1,511.10 1,511.10 51,305.20 1,022.06 52,327.26	2023 Total £ 27,356.07 4,174.44 3,648.75 1,151.90 7,683.55 12,995.00 7,108.00 64,117.71 1,180.60 1,180.60 3,024.73 3,024.73 2,183.00 51,833.75 4,480.44 58,497.19	2022 Total £ 26,969.88 4,652.99 2,175.46 2,505.00 7,658.32 135.00 11,500.00
						55,596.65
						983.70
						983.70
						1,177.07
						1,177.07
						2,580.00 32,174.27 620.65
						35,374.92

Page 4 of 7

PAROCHIAL CHURCH COUNCIL OF HOLY TRINITY & CHRIST CHURCH, CHESTERFIELD NOTES TO THE ACCOUNTS for the year ended 31 DECEMBER 2023

3 3(a) 3(b) 3(c) Parish share paid to Diocese Salaries/honoraria/fees/clergy expenses Expenses and administration Mission and evangelism costs Church running expenses Church utility bills Governance costs Other outgoing resources inc. net agency payments 3(d) Major capital expenditure Major repairs to church building inc decoration New building work Church and parish centre activities Costs of trading All mission giving and charitable grants and donations Cost of generating funds Cost of activities and events Grants and donations RESOURCES USED	Holy Trinity General £ 1,894.05 1,894.05 32,758.80 851.35 2,880.00 21,189.76 5,446.74 745.12 1,102.00 64,973.77 3,750.00 3,750.00	Holy Trinity Restricted £	Christ Church General £ 5,277.20 32.05 127.71 135.57 2,842.48 124.98 313.00 16.00 8,868.99	Parish Centre General £ 34,247.57 202.91 8,415.94 23,863.68 300.00 107.81 67,137.91 4,552.00 4,552.00	2023 Total £ 1,894.05 1,894.05 38,036.00 35,130.97 330.62 3,015.57 32,448.18 29,310.42 870.10 1,715.00 123.81 140,980.67 8,302.00 8,302.00	2022 Total £

						2,880.00
						2,880.00
						35,093.00 34,882.66 523.30 1,231.92 24,449.37 12,804.01 1,828.97 900.00 25.00
						111,738.23
						6,054.00
						6,054.00

Page 5 of 7

PAROCHIAL CHURCH COUNCIL OF HOLY TRINITY & CHRIST CHURCH, CHESTERFIELD NOTES TO THE ACCOUNTS for the year ended 31 DECEMBER 2023

Office Equipment £ 4 22,192.41 Disposals during the year 22,192.41 19,837.54 261.65 Depreciation disposal during the year 20,099.19 Net Book Value at 31st December 2023 2,093.22 5 HOLY TRINITY - RESTRICTED FUND INVESTMENT ASSETS Held by Derby Diocesan Board of Finance as Custodian Trustee Darwin Avenue proceeds Depreciation at 31st December 2023 Cost at 31st December 2023 Depreciation at 1st January 2023 Depreciation Charge for the year Cost at 1st January 2023 Additions during the year FIXED ASSETS	Computer Equipment £ 41,323.99 41,323.99 41,323.99 41,323.99 -	Kitchen Equipment £ 3,847.63 3,847.63 2,896.35 105.70 3,002.05 845.58	Cleaning Equipment £ 614.91 614.91 614.91 614.91 -	Furnishings £ 50.00 50.00 50.00 50.00 -	2023 Total £ 68,028.94 68,028.94 64,722.79 367.35 65,090.14 2,938.80 £ 16,718.11 16,718.11	2022 Total £ 68,028.94
						68,028.94
						64,355.44 367.35
						64,722.79
						3,306.15
						£ 16,198.95
						16,198.95

Page 6 of 7

PAROCHIAL CHURCH COUNCIL OF HOLY TRINITY & CHRIST CHURCH, CHESTERFIELD NOTES TO THE ACCOUNTS for the year ended 31 DECEMBER 2023

STAFF COSTS Wages, salaries and national insurance Average number of employees	2023 Total 34,247.57 5	2022 Total 34,598.26
		5

6 STAFF COSTS

7 RELATED PARTY TRANSACTIONS

Payments were made to members of the Parochial Church Council to reimburse expenditure - where evidenced by receipts - incurred on behalf of, and with the prior authority of, the Parochial Church Council. Where such payments are made, the Parochial Church Council and Parish Centre Management Committee are satisfied that the charges are at market rates or below and they are satisfied that they could not have obtained better rates.

Page 7 of 7

Parish of Holy Trinity and Christ Church, Chesterfield Annual Report and Financial Statements of the Parochial Church Council for the year ended 31st December 2023

PAROCHIAL CHURCH COUNCIL OF HOLY TRINITY AND CHRIST CHURCH CHESTERFIELD ACCO NT or the ear end 1st DE ER 202 INDEPENDENT EXAMINER'S REPORT TO THE PAROCHIAL CHURCH COUNCIL OF HOLY TRINITY AND CHRIST CHURCH CHESTERFIELD I report on the Accounts of the Church for the year ended 31st December 2023 which are s8t out on pages 1 to 7 and have been prepared in ac¢ordance th the accounting poli¢i8s set out in note 1 to the Accounts. Res ective res onsibiliti8S As described in note 1, the Parochial chUh CounLII is $F)0n5ib1e for the preparation of the Accounts. The Council consider that an audit is not requlr8d for this year under section 144(2} of the Charities Act 2011 (the 2011 Act> and that an independent examination is needed. It is rny responslbllity to examine the Accounts under section 145 of the 2011 A¢t and to state, on the basi5 of procèdures specified in th8 General Directions givèn by the Charity Commissioner6 under section 145(5)(b) of the 2011 Act, ether p8rticular matters have com8 to my attention. Basis of Inde endent Examinerfs re ort My examlnation was carried out in ac¢ordance with General Directions given by the Charity Commissioners. An examination includ9s a review of the accounting records kept by the Par(ychial Church Council an(J a comparison of the Accounts presented wlth those records. It also includes consideration of any unusual items or disclosures in the Accounts, and seeking explanations from the Council concerning any such matters. The procedures undertaken do not provide all the evidence that VK)uld be required in an audit and consequently I do not express an audit opinion on the Accounts. Inde endent Examinerfs statement In conn8Ctlon bvith my examinatton, no matter has come to my attention.. (i) which glves me reasonable cause to believe thal in any material respect the requirements: to keep accounting recKJrds in accordan¢e with section 130 of the 2011 Act. and to prepare Accounts lch accord Vdith the accounting records and comply with tha accounting rgquirements of the 2011 Act have not been met., or (li) to whl¢h, in my opinion, attention shoukl be drawn in order to enabl8 a proper understanding of the Accounts to be reached. Mr. A. K. Fawbert. F.C.A. for Fawbert Adams Chartered Accountants 43 Clarence Road Chesterfield S401LQ 6 March 2024