**Parochial Church Council of ST THOMAS WITH ST STEPHEN TELFORD PARK** **Financial Statements For the year ended 31 December 2023** **Parochial Church Council of St Thomas with St Stephen, Telford Park Financial Report for the year ended 31 December 2023** **Page 1** **General Fund cumulative surplus** The St Thomas with St Stephen (STwSS) General Fund generated a surplus of £3,017,592 in 2023 (2022: surplus £46,464). The General Fund surplus carried **is £3,064,592** forward at 31 December 2023 is £3,064,592 (2022 surplus: £47,001). The current year surplus of £3,017,592 is made up of a surplus of £3,025,824 on income and expenditure, plus a net transfer of £8,232 to other funds. |**Total giving has reduced,**
**although the congregation**
**continued to give generously and**
**prayerfully**|**General Fund income**
**2023**
**2022**
**Change**
Giving income
160,229
164,610
(3)%
Buildings income
101,776
122,625
(17)%
PCC fees for services
1,676
1,378
22%
Insurance claims, grants, & furlough receipts
-
1,926
(100)%
| |---|---| ||Interest & dividend income
13
10
28%| ||Sale of St Stephen's
3,231,010
-
-
Total
3,494,704
290,549
1,103%| General giving decreased by £4,381 compared to last year. The congregation responded prayerfully and generously in gift month, making one-off donations including Gift Aid of £20,000. Buildings income reduced by £20,849, reflecting the closure of St Stephen's part way through the year. St Stephen's Church was sold in 2023 and the PCC received funds of £699,971 as the first instalment of the sale price, including interest and other sums relating to the sale. The sale completed in February 2024 when the PCC received the balance of £2,531,039 (this is included in debtors at 2023 year end). Consecrated and beneficed property is excluded from the accounts by section 10 of the Charities Act 2011, so the PCC recognised a gain on the full amount of the sale price less associated costs. There were no insurance, grant, or furlough claims in 2023. |**Parish Support Fund payment**
**was unchanged at £105,000**
**Building costs increased**
**substantially**|**General Fund expenditure**
**2023**
**2022**
**Change**
Diocesan Parish Support Fund
105,000
100,000
5%
Buildings
219,063
87,273
151%
Salaries
95,613
81,167
18%
Other General Fund expenses
49,302
50,635
(3)%
Total
468,978
319,075
47%| |---|---| The parish’s contribution to the Diocesan Parish Support Fund, which funds clergy in this & other parishes, increased to £105,000. Spend on buildings increased by £131,790, largely reflecting (1) costs relating to the sale of St Stephen's (£118,331) and (2) costs relating to moving the Church's office to St Thomas' (£13,716). There was also a significant increase in the Utilities costs year on year for both buildings which we expect to continue for St Thomas' building into 2024. Salary costs have increased in line with increased staff hours, particularly in ministry and administration. Other General Fund expenses decreased by £1,333 compared to the prior year. **The PCC will continue to closely** The PCC is very grateful to everyone who contributed their money, time, and prayer to support the parish in 2023, and pray for your continued support in 2024. **monitor income and costs through 2024** In early 2023, the PCC took the decision to close and sell the site of St Stephen's Church. The loss of trading income will have some impact on the Church's budget for 2024 & future years, although the sale has yielded a lump sum to support our mission. The PCC continues to monitor its cost base and will invest the proceeds from the sale carefully. ## **Report of the Independent Examiner Page 2 To the Trustees of the Parochial Church Council of St Thomas with St Stephen, Telford Park On the Financial Statements for the year ended 31 December 2023** I report on the accounts of the PCC for the year ended 31 December 2023, which are set out on pages 3 to 9. ## **Respective responsibilities of trustees and examiner** The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The church’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of Association of Chartered Certified Accountants (ACCA). It is my responsibility to: - examine the accounts under section 145 of the 2011 Act; - follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and - state whether particular matters have come to my attention. ## **Basis of independent examiner's report** My examination was carried out in accordance with the 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** In connection with my examination, no matter has come to my attention: - (1) which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with section 130 of the 2011 Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. S.A. Lewcock FCCA Windsor Lodge Millfield Road Hounslow Middlesex TW4 5PN 18 March 2024 **Parochial Church Council of St Thomas with St Stephen, Telford Park** **Page 3** ## **Balance Sheet at 31 December 2023** |Note
**Fixed Assets**
2
Tangible fixed assets
1(f,g)
**Current Assets**
1(e)
Cash at bank and in hand
Short term deposits
Marketable securities
Debtors
3
**Liabilities: amounts falling due within one year**
4
**Net Current Assets / (Liabilities)**
**Liabilities: amounts falling due after one year**
**Total Net Assets**
**Parish Funds**
5 & 8
Unrestricted
Restricted
Endowment
**Total Parish Funds**|2023
£
-
639,673
-
398
2,548,619
3,188,690
(40,969)
3,147,721
-
3,147,721
3,084,592
63,128
-
3,147,721|2022
£
-
123,093
-
301
24,854
148,248
(12,023)| |---|---|---| |||136,225
-
136,225
67,001
69,224
-
136,225| Approved by the Parochial Church Council on 18 March 2024 and signed on its behalf on 18 March 2024 by: **----- Start of picture text -----**
/ s / ?? /
**----- End of picture text -----**
Oliver Huggins, Treasurer Notes 1–10 attached form part of these accounts **Parochial Church Council of St Thomas with St Stephen, Telford Park** **Page 4** ## **Statement of Financial Activities for the Year Ended 31 December 2023** |Note
**Income and endowments**
Income and endowments from donors
6(a)
Other voluntary Income and endowments
6(b)
Income from charitable and ancillary trading
6(c)
Other ordinary income and endowments
6(d)
Income from investments
6(e)
**Total Income and endowments**
**Expenditure**
Grants
7(a)
Activities directly related to the work of the church
7(b)
Church management and administration
7(c)
**Total Expenditure**
**Net Income/(Expenditure)**
**Gains/(Losses) on Investments**
Realised
Unrealised
**Net Transfers Between Funds**
**Surplus/(Deficit) for Year**
**Balances Brought Forward at 1 January 2023**
**Balances Carried Forward at 31 December 2023**
5
Notes 1–10 attached form part of these accounts|_Unrestricted_
_Funds_
£
160,229
-
103,452
-
3,231,023
3,494,705
12,000
348,516
118,463
478,978
-
3,015,726
-
97
1,768
3,017,592
67,001
3,084,592|_Restricted_
_Funds_
£
3,389
500
-
-
-
3,889
5,775
2,441
-
8,216
(4,328)
-
-
(1,768)
(6,096)
69,224
63,128|2023
£
163,618
500
103,452
-
3,231,023
3,498,593
17,775
350,957
118,463
487,195
3,011,399
-
97
-
3,011,496
136,225
3,147,721
TOTAL|2022
£
180,650
24,914
124,464
1,926
10
FUNDS| |---|---|---|---|---| |||||331,965
17,315
218,651
100,705| |||||336,672| |||||(4,706)
-
-
-| |||||(4,706)
140,931| |||||136,225| |||||| **Parochial Church Council of St Thomas with St Stephen, Telford Park Notes to the Financial Statements for the Year Ended 31 December 2023** **Page 5** ## 1 **Accounting Policies** ## a _General_ The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 and the Statement of Recommended Practice on Accounting and Reporting by Charities (FRS 102), and applicable accounting standards. The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value. ## 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 on the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted. The accounts 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. ## c _Income and endowments_ Income and endowments from donors, Other voluntary Income and endowments, and Income from charitable and ancillary trading 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. Funds raised by events and from the sale of books and magazines are accounted for gross. Rental income from the letting of church premises is recognised when the rental is due. ## Income from investments Dividends and interest are accounted for when received. ## Gains and losses on Investments Realised gains or losses are recognised when investments are sold. Unrealised gains or losses are accounted for on revaluation of investments at 31 December. Investments are valued at market value at 31 December. - d _Expenditure_ Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC. The diocesan quota is accounted for when payable. Any quota 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. ## e _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 uncollectable. Short-term deposits include cash held on deposit either with the Central Board of Finance of the Church of England or at the bank. ## f _Fixed assets_ Consecrated land and buildings and moveable church furnishings: Consecrated and beneficed property is excluded from the accounts by section 10 of the Charities Act 2011. No value is placed on moveable 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 on consecrated or benefice buildings and moveable church furnishings, whether maintenance or improvements, is written off in the Statement of Financial Activities and separately disclosed. ## g _Furniture & equipment_ Purchases of fixtures, fittings, furniture and office equipment are written off when the asset is acquired. ## h _Donated goods, facilities and services, including volunteers_ Donated professional services, goods, and facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), time spent by volunteers is not recognised in the financial statements, and the annual report contains more information about their contribution. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. **Parochial Church Council of St Thomas with St Stephen, Telford Park Notes to the Financial Statements for the Year Ended 31 December 2023** **Page 6** ## 2 **Fixed Assets** The PCC does not have any fixed assets. |3
**Debtors**
Income tax recoverable
Prepayments & other debtors
**Balance 31 December**||2023
£
7,750
2,540,869
**2,548,619**
2023
£
-
40,969|2022
£
10,780
14,074
**24,854**
2022
£
1,000
11,023|Legacies &
Gifts
£
**7,380**
-
(335)
-
-
(335)|Other
Restricted
£
**58,284**
3,779
(6,515)
(1,768)
-
(4,504)|Parish Sharing
£
**3,561**
110
(1,366)
-
-
(1,256)|TOTAL 2023
£
**67,001**
3,494,705
(478,978)
1,768
97
3,017,592|TOTAL 2022
£
**105,526**
290,549
(329,075)
-
-
(38,526)| |---|---|---|---|---|---|---|---|---| |4
**Creditors**||||||||| |_Amounts falling due within one year_
Deposits held
Other creditors||||||||| |||**40,969**|**12,023**|||||| |5 **Movement in Funds**
_Unrestricted Funds_
**Balance 31 December 2022**
Income and endowments (note 6)
Expenditure (note 7)
Transfers between funds (notes 6 & 7)
Gain/(loss) on investments
Surplus/(deficit) for the year
**Balance 31 December 2023**
_Restricted Funds_
**Balance 31 December 2022**
Income and endowments (note 6)
Expenditure (note 7)
Transfers between funds (notes 6 & 7)
Gain/(loss) on investments
Surplus/(deficit) for the year
**Balance 31 December 2023**
6
**Income and endowments**
a
_Income and endowments from donors_
Planned giving
Total Giving
Tax recoverable on Gift Aid
Other planned giving
Collections
Buildings income
PCC fees for services
d
_Other ordinary income and endowments_
Insurance claims & furlough receipts
e
_Income from investments_
Interest, dividends, and gain on sale
**Total Income and endowments**
**Transfers from other funds**
**Total**||||||||| ||General
£
**47,001**
3,494,705
(468,978)
(8,232)
97
3,017,592|Building
£
**-**
-
-
-
-
-|Mission
£
**20,000**
-
(10,000)
10,000
-
-|||||| ||**3,064,592**|**-**|**20,000**||||**3,084,592**|**67,001**| ||General
£
95,788
23,880
40,146
415
160,229
101,776
1,676
103,452
-
3,231,023
**3,494,705**
_U_|Building
£
-
-
-
-
-
-
-
-
-
-
**-**
_nrestricted Funds_|Mission
£
-
-
-
-
-
-
-
-
-
-
**-**||||TOTAL 2023
£
**69,224**
3,889
(8,216)
(1,768)
-
(6,096)|TOTAL 2022
£
**35,405**
41,416
(7,597)
-
-
33,819| |||||**7,044**|**53,779**|**2,305**|**63,128**|**69,224**| |||||Legacies &
Gifts
£
-
-
-
-
-
-
-
-
-
-
**-**
_R_|Other
Restricted
£
-
-
819
2,460
3,279
-
-
-
-
-
**3,779**
_estricted Funds_|Parish Sharing
£
-
-
110
-
110
-
-
-
-
-
**110**|TOTAL
2023
£
95,788
23,880
41,075
2,875
163,618
101,776
1,676
103,452
-
3,231,023
**3,498,593**
**13,216**
**3,511,809**|TOTAL
2022
£
105,694
26,412
47,132
1,412
180,650
123,086
1,378
124,464
1,926
10
**331,965**
**26,954**
**358,920**| ||**2,492**|**-**|**10,000**|**-**|**724**|**-**||| ||**3,497,197**|**-**|**10,000**|**-**|**4,502**|**110**||| **Parochial Church Council of St Thomas with St Stephen, Telford Park Notes to the Financial Statements for the Year Ended 31 December 2023** **Page 7** |7
**Expenditure**
a
_Grants_
Missionary societies
Home missions & Church societies
Parish Sharing Fund
Pastoral support
b
_Activities directly related to the work of the church_
Ministry
Diocesan quota
Clergy expenses
Other ministry expenses
St Stephen’s Church building
Maintenance (St S)
Utilities (St S)
Other running expenses (St S)
St Thomas’ Church building
Maintenance (St T)
Utilities (St T)
Other running expenses (St T)
Support costs
Youth work
Training
Worship-related expenses
Furniture & equipment
c
_Church management and administration_
_Expenses_
_Salaries_
Salary & administration expenses
**Total Expenditure**
**Transfers to other funds**
**Total**|General
£
-
2,000
-
-
2,000
105,000
2,149
1,339
6,769
7,489
139,917
21,341
22,574
20,973
5,260
3,387
7,446
4,872
348,516
22,849
95,613
118,463
**468,978**
**10,724**
**479,702**
|Building
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
**-**
**-**
**-**
_Unrestricted Funds_|Mission
£
8,000
2,000
-
-
10,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
**10,000**
**-**
**10,000**|Legacies &
Gifts
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
335
335
-
-
-
**335**
**-**
**335**
_R_|Other
Restricted
£
-
1,647
-
2,762
4,409
-
-
-
-
-
-
135
-
-
900
-
-
1,070
2,105
-
-
-
**6,515**
**2,492**
**9,007**
_estricted Funds_|Parish Sharing
£
-
-
1,366
-
1,366
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
**1,366**
**-**
**1,366**|TOTAL
2023
£
8,000
5,647
1,366
2,762
17,775
105,000
2,149
1,339
6,769
7,489
139,917
21,476
22,574
20,973
6,160
3,387
7,446
6,277
350,957
22,849
95,613
118,463
**487,195**
**13,216**
**500,410**|TOTAL
2022
£
7,500
2,500
7,315
-| |---|---|---|---|---|---|---|---|---| |||||||||17,315
100,000
2,508
623
4,409
7,204
19,134
28,767
8,173
19,868
6,450
5,392
9,434
6,690| |||||||||218,651
19,538
81,167| |||||||||100,705| |||||||||**336,672**
**26,954**| |||||||||**363,626**| **Parochial Church Council of St Thomas with St Stephen, Telford Park Notes to the Financial Statements for the Year Ended 31 December 2023** **Page 8** ## 8 **Fund details** - a _Unrestricted Funds_ General Fund Used for all general receipts and expenditure. Building Fund A reserve for the future maintenance & redevelopment at St Thomas's. The next St Thomas's quinquennial inspection will take place in 2024 (the previous one was in 2019). Mission Fund A reserve which holds a proportion of the year’s incoming and endowments from donors, excluding Gift Day and certain other giving. During the financial year, £10,000 was distributed to mission partners: £ Mike & Brigit Adams 2,000 International China Concern (ICC) 2,000 Latin Link 2,000 Providence House 2,000 Open Doors 2,000 - b _Restricted Funds_ Legacies & Gifts Fund Used for legacies and substantial gifts. None were received during the year. There was no expenditure during the year. Parish Sharing Fund Parish Sharing Fund balance to be paid to external parties in need. £1,366 was paid out of the Parish Sharing Fund during the year. Other Restricted Funds Used for gifts for purposes earmarked by donors, including gifts toward for mission partners and projects pending distribution. During the financial year, £9,007 was distributed to the following: ||£| |---|---| |Pastoral support|5,254| |Wednesday Club|1,070| |Youth work|900| |Bethlehem Children's Home|670| |Providence House|453| |Food Bank|389| |Community Garden|135| |Children's Society|102| |Tear Fund|33| |The balances on each fund at year end were:|| ||£| |Grant Fund|25,000| |Local Area Fund|20,000| |Youth Work Fund|7,163| |Earmarked Fund|588| |Wednesday Club|529| |Families Mission Fund|500| Note: During the financial year, £2,000 was donated to the Diocese of Goma from the General Fund. |9|**Staff Costs**|2023|2022| |---|---|---|---| |||£|£| ||Wages and salaries|84,945|72,541| ||Employer’s national insurance costs|5,410|4,374| ||Pension costs (defined contribution schemes)|5,259|4,252| ||**Total**|**95,613**|**81,167**| At year end, the PCC employed 7 staff, none of whom earned more than £60,000 pa. Apart from the clergy expenses included in Note 7 above, there were no expenses reimbursed to PCC members incurred in carrying out their role, and no PCC member received any remuneration for carrying out their role as a trustee. Two PCC members are also paid staff members, Cynthia McKenzie (Administrator & PA to the Vicar) and Sam Ewins (Youth Minister in Training), but their remuneration is entirely related to their role as a staff member. ## 10 **Independent Examiner** The independent examiner was paid £425 during the year for his services in respect of examining the church accounts for the year ended 31 December 2022. The independent examiner will be paid £425 in 2024 for his work examining the church accounts for the year ended 31 December 2023. We are grateful for his work.