THE CHURCH OF ST. PETER MANCROFT ANNUAL REPORT AND FINANCIAL sTATEmE￿s FOR THE YEAR ENDED 31 DECEMBER 2023 Registered Charity Number 1134653 THE CHURCH OF ST. PETER MANCROFT REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Contents Pago Roport of the Parochi31 Church Council ALrdiloi's ieport 8.10 Slatement ol Financial Activitios 11 Balance Sheet 12 Statement tsl Cash flows 13 Notes to the Financi￿ Statements 14-31 THE CHURCH OF ST. PETER MANCRO REPORT OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2023 The Parochial Church Council IPCCI Presents tts annual report and Ihe audited financial stalements ol th8 Chur¢h for Ihe year pnd$d 31 Decemb8r 2023. The financial statements hav8 been prepared in oceordance with the accounting policies sel out in noi8s to the accounis ancf comply with the charity'5 Boveining document, the Church Awounting Regulations 2006 and Accounting and Reporting by cheri￿e$.. Statement of Recomrnendèd Practice èpplic8ble to charities preparing their accounts in accordance with the the Finan&al Reporting Standard applicable in the UK and Republic ol Irel£nd issued in Oclober 2019, the Chorib'es Ad 2011 and UK Generally Accepied Accounting Pracbce. Reference and administratlve information Reglsttred charlty name The Parochial Church Council ol the E¢clesia5ti(al Parish of St. Petei Mancroft with St. John Maddermarket, Norwich other names Sl. Peter Mancroft PCC, NorwiGh Charity number 1134653 Eccle$iastl¢al parish IBenefl¢¢l St. Peter klancroft with Sl. John 14addemarket, Norwich Chur¢h address Hay Hill Norwi¢h Co￿•spondEnCe address Church Office The Chantry Norwich 1QZ Incumbent The Revd Canon Edward Carter 37 Unlhank Road Norwich NR22PB Associate Prlest The Revd Dr Fiona Haworth Curate Thè Revd Naorni TuTha Licensed Reader$ Gill Persi¢ke Catherine Waddams Chur¢hwardens Peter Threadkell (until 11 M8y 20231 He18na Carr James Hughes (from 11 May 20231 Elected membors Sue D8rtnell (until 11 May 20231 Juliah Haggett Dr Emma Harrold {sec￿tary) Leonard Hobson Fran JÈ¢kson lunlil 11 May 20231 Gillian Knox Alice Lambert lfrorn 11 May 2023 until 4 December 20231 Geoffr8y Load•s CBE ITreasur8rl Colin Pordham (from 11 May 2023 Management Committeel Janel Steele lunlil 24 Novernber 20231 Anne T8n51ey-Thomas Chair Asset THE CHURCH OF ST. PETER MANCROFT REPORT OF THE PAROCHIAL CHURCH COUNCIL (CONTINUED) FOR THE YEAR ENDED 31 DECEM8ER 2023 Reference 8nd administrative information {con*inued> Elected Membeis Icontit7Ltedl Richard WiL8on lunlil 11 May 2023 and Chair Asset Management Committee unlil then) Geoffrey Woolsey-arown luntil 11 May 20231 Fabri¢ Officer Nick Jackson Representatlves on the NorwlGh Easl Oeanery Alice Lambert (from 11 May 2023 until 4 Oecember 20231 Geoffrey L08des C8E lunlil 11 May 20231 Janei Steel$ luntil 24 November 20231 Catherine Wadd8ms Iffom 11 May 20231 Geoffrey Woolsèy-Brown luntil 11 May 20231 Bankers Barday8 Bank PLC st Stephens Branch 517 Re(1 Llon Street Norwich NR3 3QH CAF 8ank Ltd 25 King's Hill Avenue lQng's Hill West Malling Kent ME194JQ Solicitors Howes Porclval Flint Buildings 1 Beddin9 Lane Norwich NR3 1RG Charter•d suN¢yors and valuers Arnolds Keys 2 Prince of Wales Road NO￿1¢h NR1 1L8 Archrt￿ts Ms Ruth Blackman Birdsall, Swash and Blackman High Hous8 Farm Beeston - next- Mileham lQnos Lynn PE32 2NIF Investment advisers Barratt & Cooke 516 Opie Street Norwich NR1 3DW Reglstered audllor Lovewell Blake LLP Chartered accountanls & statutory auditor Bankside 300 Peachman Way Broadland Busin8s$ Park Norwlch Norfolk NR7 OLB THE CHURCH OF ST. PETER MANCROFT REPORT OF THE PAROCHIAL CHURCH COUNCIL ICONTINUED) FOR THE YEAR ENDED 310ECEMBER 2023 Aim and purposes The prim8ry object ol the PCC is the PTOrnOtitsn of the Gospel tsf OUT Lord Jesus Christ accorcflng to the doctrines and practices of the Church of England. Thp PCC is required lo co-operat8 Wlth the minister in promoting in the parish the whole mission of the Church, pasloral. evangelistic, social and 8¢ymenical. Objectives and activities Public Benefit The PCC Is aware of th8 Chadty Commission 9uld0￿ce on public benefrt. It 15 also aware of the supplementary guidance relating to religious charities. The PCC promotes the whole mission of (he Church through the following activities- regular public worship open to 811,. the prowsion of sacred space for personal prayer and contemplation, pastoral work. including visrting the sick and the bereaved.. teaching of Chiislianity thrwgh sermons. courses and srnall groups., promotion of Christianity through the staging ol events and me&ting5, and the dislribution of litersture." promotion of Ihe whole mi&sion of the Church through activities for senior Qlizens, parents and todtjlers and other sp8CI81 neely groups., supporiing other chaiities irt the UK and overseas,. promotion of an inleiest in MUS￿ through concerts and recitals, the liaining ol choTlSters and organ scholars,. and the provision ol Christian hospitality, refreshrnent and Iriendship to vlsitots, enqulrers and othets. Achievements and performance Eltrcto￿l Roll There were 109 peoplo on the Church Electoral Roll as at March 202312022." 1091. Review of the Y8èr A lea(5ing highlKJht of 2023 ai St Peter Mancroft Church was the ordination as A priest of the Revd Naomi Tuma, Mancroft's Curate, on 151 July. She pre$ide(S at the Eucharist for th8 fiisl timo tlio following day at the Patronal Festival celebrations. The ontire Ministry Team in 2023 comprised ol the V1car IRevd Canon Edward Carterl, the Associate Priest (Revd Dr Fiona Haworthl. thè Assistgnt Curate (Revd Naomi Tumal, two Lay Readers (Gill Persicke and Catherine Waddamsl, and Gwrgè Allin and Alice La￿bert Ilrotn September) on the 'Creats'ffj Spa foi G￿, miriislry 8xperience scheme. ongst the many si9fjifirant occasions during the year were the celebrations for King Charles Ill's coronation In tday, for which the Mancroft Guild of 8ellringer$ r8ng a peal. and Ihe Sund8y morning service on 1È1 October which wos aiieniyed by meTnbers ol the N8tion31 Assoctatiori of City and Town Sheriffs of England and Wales. Much mort sombr8 w35 a service 8t the church marking the first anniveisary of the Russian invasion of Ukraine, held on 24th February. Towards the end of this service a Ukrainian mother with her yovng son 111 a candle of hope. Other highlights tsf the year include¢J two major concert5 promoted by the C*urch, al whlch Sh8ku Kanner￿m￿SOn and Jennifer Pike performed resp8clively A varlety of other organisations and groups also used lh8 building lor th8iF gvents throughout 2023, fenecllng the developing importance of St Petei Mancroft as a venue for concerts 2nd events. The year also saw the Grenfell Quilts disp18yed in church in March as part of the Norfolk Makers, Festsval. the retJm of thg Oriqinal Noiwi¢h Charity Christmas Card Shop to the back ol church in the late Autumn. 8nd the Rotary Chn51mas Tree FestlV81 in December. Dvrlng the February half-term the church participatgd in the Norwich scien￿ Festival. wilh a Fange of activities aimed al womoling the int@rtace betweeft science and faith. All of Ihese momen15 have seen larye numbers ol people vis¢ting the church building. A5ongside these highlights has been the daily commitment to keeping the ¢hLTrrch doors open to visitors. and the regular pattern of worship on Sundays and in the week. wilh fine contribullons from the chuich's sing6rs, organists and bellrin9ers. Also of note was the publication of a new b)ok about Sir Thomas Browne, the lamous Seventeenth Century polymath, who is bur18(S al the churth. THE CHURCH OF ST. PETER MANCROFT REPORT OF THE PAROCHIAL CHURCH COUNCIL (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievernents and performance {continued} During 2023 Mark Towler ielired from his po$l as Assi51anl Ver9er. and Rodney Mayson was 8ppointed to replace him At Ihe end ol the year Molly Stanners Putland left hor post as Communications Officer to expand her teachin9 work Al the Annual Vestry Meeting In May Peter Thfeadkell stepped down as ChurchwarLlen after a six-year tenm, and Jim Hughes w3s elected in his place alongside Helena Carr. 01 particular sadness lo th8 chuich this year was the news of ihe death of Brian Spelman, one-time Vgiger at st Petei Mancroft lor many years. Financlal Review The operational result lor 2023 was a surplus of £351.327 12022. deficit £18.4041. R8sulls can often vary Qn51dBfably from one year to another largely throu9h significant expenditLJre (such as Ihal on roof repairs) or income from grants and major donations in anticipatlon of costs. 2023 is one such year in that we were fortunatE to receive legacie5 of £460,947. The PCC has in recent years been considering piolects whlch could rnove u5 further towards reducing our carbon emissions 8ndlor Itnproving our financial position Such projects could only be embarked upon when we ha sufficient funds in hand. The Teceipt ol Ihe legacies en8bled those projects to be brought to fruition and the earlier Ihey could be done would protect us against their likely ctsst I￿311¢n. Contracts have now been entere(J into for replacing our lighting in the Ghur¢h, installation of Solar Panels and of Air He81 Pumps. Th& total cost of these and necessary preparatory work will be in the region of £400.000. £78,000 of this ha5 been paid within the year and thu5 Wlthin out 2023 figures, ol this a £54.238 dèpc>sit is include¢J as a pr8paymènÉ with the remainder to be spont In 2024. The funés from the legacies enabl8d £350,000 to be put on d8POSIt and then to be used to fund the prq'e¢ts expenditure and a further £50.000 for our investmenl portfolio. Our regular sources ol income held up generally well although planned givin9 was somevthat less than 2022. In part this was dije lo the unexpected closure of our stewardshTP account in December. It is app8rerl that our historic banking services have declined and we have had, and will ¢ontinue. 10 increasingly use CAF Bank who are focussed entirely on Ch8ritl85. It is important Ihal we do strengthen all strands of income and in 2024 there wtll be a diive to improv& our stewardship ¢omrnitment. Our revenue from the hiTe of both Church and Chantry Increased w811 bul It was more difficult to maintain the return on events which we achieved in 2022. Inflatlon continued to impact upon most area5 01 our expenditure Ulility costs did sharply increase particularly for Chantry Hall which is 8 greater user of gas. We did recewe a very welcc>me gr8nl fioffl the Diocese of £10.500 belng part of their fund 10 help Parishes meel those costs. The movement on invegtments in the year resulted In a 9ain of £23,900 12022 a loss of £47,709). The portfolio closely follows the C of E'5 ethical policy ancl we cSiv8Stpd in the year from oil shares. Th8 Invesimeni return when added to oui oper8ts.onal surplus produces an overall surplus for Ihe year of £375,227 a 18vel unlikely lo be F8pealecl. Res8rv8s are at 8 h821lhy level but a very larg8 proportion of them are effectively committeo iowartS the projects which will be undertaken in 2024. Th8 aniicipated benafits Irom thos£ will help us move towards a healthier futuro. Grants Charitable Giving includes a nolional gr4nt Paid to the Norwi¢h Food Bank refiecting their use of the Chantry Ha15 twi¢e a w8ek. HI￿ of Chantry Hall includes that notson218mount whi¢h ftsughly equate5 to the income which could otherwise have been generated. Also included is a grant to the MancToft ￿vICe P¥oj&ot which conb'nues the phasing in tsf an increase in their rerlial paid to (he Mission Hall Trust THE CHURCH OF ST. PETER MANCROFT REPORT OF THE PAROCHIAL CHURCH COUNCIL ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Flnancial Review Icontinuedl Investmentpolley The Council seeks to achieve a balanced return between Gapital growth and a Feasonable return of income In excess of inflation. The need to PfeseNe 8ndovm@nt mon1es Is recognised and the Church of England's ethical policy on inv8slmeftls is followed as far as possible. Re$erYes policy The Church aims to wver normal expenditure by regular income. On those ocra5ions when income does not megt expenditure, the deficit wi11 be drawn from reserves. Free re$8tvEs at 31 December 2023 were £191.00312022.. £159.1431. These consist of unrestrict8d general funds, exclLsding tangiUe fixed assels. TheFe dre also desi9nated reserves of £382.23612022". £48.7181 whTrch consisl ol monte5 set aside for specific purposes. Res8rve5 are m8intained partly to 9enerate investtnent inGom8. paruy for $pecifi¢ projects, and partly to provide a contingency fund lor emerg8ncy use Restricted reserves totalled £209,24812022. £222,816) al 31 December 2023. Principal funding sources The PCC'S main sources of income are voluntary in¢ome in the form of planned giving Istewardshipl. cdlection$, donations, grants. leg8¢ies. hiring of the bLtllding and evenis and inveslrrent income. Grants received from the Mission Hall Trust la separately reg￿tered charltyl are used lor repairs and capital works at the Chanty Hall and Church Offices and to offset shorffalls in unrestnded income Grants received frDrn the Vicarage Tiust18 Separately ieoi5t8red charity) are used to pay elergy expenses ond to off-set shortfalls in unr85tricl8d income. Grants from Alderman John Risebrow's Charity la separalety registered charity 8nd restncted funds) ar8 used to meet the cost ol the work with youn9 people. including musical actfvlts"es. The PCC nominates two trustee5 to serve on the Trust in addition to the 5ncumbent who is ex-officio. Wilhoul these very generous grants, we would be quite unable to malntoin Mancroft's muslcal tradllion and Ihe youth work now being undertaken, Plans for future periods Plans for 2024 Inclucse tr8 instalkbon of the Solar Panels and Air Neat Pumps and thè irrproved lights"r¥J system for the church interior. Al these will move the church lut1her along the path ol carbon reductitsn. The MissiDn Hall Trust will be cartsqng out work on the roofing and other areas of Chantry Hall A campaign to fLrther develop planned giving will be carried out in the sutnmer. The successful Creating Space for God will continue as will our desire lo be se&n as welcorring to a11. The Collins organ is 40 years ol¢J in June 2024, and Ihis is being marked wilh the re￿ase ol 8 speciBlly recorded CD. Strueture, governance and management Legal Statu$ The PCC a corporate body estsblished by the Church ol England and opeiates under Ihe P8rochial Church Council Powers Measu￿. The PCC was registered with thè Ch8rity CommiSSIDn on 4 M8reh 2010 with r6gistraibn nurnber 1134653. The Church is classified as a charity un<5er the Pla¢es of Worship R6gistration Act 1855. Memben8 of the PCC are Twustees of the Charity. THE CHURCH OF ST. PETER MANCROFT REPORT OF THE PAROCHIAL CHURCH COUNCIL (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 StruGtur¢, gov¢fnan¢e ond management Icontiwbu4dl Rg¢rullm6n( andappolntm8nf ofmembers of the PCC Members of the PGC are eilhef ex-officio or electeLI by Ihe Annual Parochial Church Meetino IAPCMI In accordance with Church Represeniabon Rules. In addition. Ihe PCC may glso CLWPt individuals in ac¢ordancp with the aforementioned iules Inductlon and trainin9 of rnernbers of the PCC New metnbÈrs receivÈ no specific training bul are elected or coopte¢J on eccount of their knowl8cSge ol ané contribution to the work of th8 Church. Org¥nls8tional stru¢tur• The PCC meets ?bout six to eighl lime5 per year and has established a Standing Committee and an Assel Management Committee which meet betweèn PCC meetings. Ternporary Working Groups meet as 8nd when reouired and deal with various 8spects of the lrfe of the Chur¢h. St8nding Gommltteo This 15 the only ¢ommiltee required by law. Ils slalulory members are th8 VIGar. Chur¢hwardens. and iwo elect¢d members of the PCC. In the year our Standin9 Committee has corF5i5ted of the Vicar, Chtsrchwarden5, PCC Secretsry. PCC Treasurer and the Chaiirnan of the Asset Managemenl Commlllee. This Con7mittee has the power to transacl urgent bu5ines5 of ihe PCC be￿eeTh its meeting5. subject to any direeknons given by the Goun¢il. 11 also deals with IF tenns ol engaoemgnt of staff. Assel M8n3gernent Comfflittee This cotntnitt09 is responsible lo the PCC for Ihe genÈr21 ov&rsighl of the Church's fin4n¢es and property. It monilor5 the PCC'S Income and expenditure. 5ubmit5 #n ennual ts￿d9£t and annual accounts to the PCC, seeks advi¢e on the PCC'S investments and insurances, implpmenls the PCC'S poliues In resped of manègemenl ol its properties. 8ulhorises all reasonable routsne expenditvre wilhin the appioved budget and monitors and reviews the PCC'S risk mana9empnt pollcy. Related P8rt18S The PCC re¢eives grants trom the Mission Hall Trust 8ncS the Vicarage TNst. PCC member Geoffrey Loades 1$ Twst¢È and the Vicar attend5 meetings of the Vicarage TrusL The Rfyvd Canon Edward Carter, Peler Threadkell (until 71 May 20231. Helena C8rr and James Hughes {from 11 May 202318re Trustee8 of the Mi5si0n Hall Trust. The PGC also receive5 grants from ￿￿erMan John Risebrow's Charily of whkh PCC rnembeT5 The R8vd Canon Edward Carter, Geoffrey Loade5 and Catherine Waddam5 arÈ Trustees. The PCC charge5 Mancroft Advi¢e PK4e¢t for share of aGcpmmod8lion expenses and for additional room hire. PCC rnemb8T ThE Rpvd Canon Edward Carter is a Trustee of Mancroft Advic& Project. The PCC gives a notional grant paid to the Norwich Food 8ank reflecting their use of Ihe Chaniry Hall IwiGe a week. Hire of Chantry Hall includes th¥t notional amount which rougnly eouaies to Ihe in¢ome whlch could otherwise have been oenefated. Th8 Revd Fiona Haworth is a Trustee. Rish Mahagèmenl The PCC acknowledga8 that it is responsible for risk m8n8gement. The PCC has identif1ed possible oporational, financial. strategic and extemal r15ks whith are assessed and reviewed periodically to enable the approprrale action to b¢ laken 10 ¢Je31 with them. Fundrnlsing stond8rds The charity c8tries out Ilrniled fundraising 8ctivitie5 in ronneclion with Its activities. No professional fundraisers or third- party ¢ommercTal pa￿￿paI0[5 are used. There hav8 been no complalnts about th9 ch8rity's fundrslsing th1$ yéar. Fundraising Is monitored by way ol the eh8rity recording 311 Llonations and events where Ipcorne is recelved. No direcl contacl is tnade with the publ*c r8garding fundr&$in9 octs"vities. THE CHURCH OF ST. PETER MANCROFT REPORT OF THE PAROGHIAL GHURCH COUNCIL (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Parochial Church Councll responsibilities statement Th& PCC member5 are ￿sponsible for preparing the Rèwrt of the P8rochial Church Council and the financial stèlements In accordance with applicabk law and UrNted Kingdom Accounting Standards IUn¢te¢J Kin9cSom Generally Accepted Accounting Practice). The law applicable lo chèrities in England and Wales requires the PCC m8rnbErs to pr8par8 firiancial statemenls for each financial year which give a Irue and f8ir view of the stste of affairs ol Ihe PCC and of the incoming resources and application of resource5 01 the PCC for th81 perio¢J. In prepariri9 these financial s*aterllents, the PCC members are reouired to.. select sui¢abl8 accounting policies and then apply them consistently.. observ& the methods and principles in the Charities SORP 2019 IFRS 1021.. rn8ke judgernents ?noS estimates that are reasonable and piudent", state whelher applicable accounting stsndards have beell followed, subject to any material departures disclosed and explaineos in the finanual statements". prepar¢ the tlnancial statements oll the going G¢ncern basis unle55 it ts inappropriate to presume that thE PCC will continue in operation. The PCC members are responsible for keeyng prtsper ac¢ounting reooirjs that d18close with reasonable accuracy al any time Ihe financial position of tre PCC Ènd enable them to ensure that the linan¢ial slalements Comply with the Charities AGI 2011, the Charilies (Accounts and Reports) Regulations 20D8 and the Church Accounting Regulations 2006 and the provisions of th8 PCC me8sure. They are also responsible for safeguarding the assEts of the PCC and hence for taklng reasonable steps for Ihe prevenb'on 8nd detection of fraud and other irre9ularilies. The financial statements have been prepared lo give a "true and lair" view and we have departed frotn the Charities IA¢counls aTrd Reports) Regulauons 2008 only to the extent reqLJired to provide a "true and f3ir wew.. This departure has involved the Accounting and Reporting by Charrties.- Stalement of Re￿mmended Practic8 applicable to charities preparing thelr accounts in aco)rdan¢e wlth the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS1021 Issued in October 2019 ralher than the Accounting anrj Reporting by Charrties.. Sl8tem8nt ol Recommended Pradce effective from 1 April 2005 which has since b88n withdrawn. Auditor A r8501ution proposing that Lovewell Blake LLP ba reappointerj as audf(or of Ihe chartty will be put to the Annual Paiochial Church meeting. Thanks Si Peter M8ncroft woul¢J be unable lo Garry oul ils vibranl rde in the heart of the City without our Staff and many volunteBrs W8 give our warm th2nks lo all for their much valued conlribution. On behaff of the Parochial Church Counell Clqw R¢vd Canon Edward Carter Dote. THE CHURCH OF ST. PETER MANCROFT INDEPENDENT AUDITOR'S REPORT TO THE PCC MEMBERS OF THE PAROCHIAL CHURCH COUNCIL OF THE CHURCH OF ST. PETER MANCROFT YEAR ENDED 31 DECEMBER 2023 Opinion We have audited the financial statements of the Church of Sl Peter Mancroft fr>r the year ended 31 December 2023, which comprise the Slatemenl of Financial Activities, the Balance Sheèt, the slalemenl of Cash Flows and notes lo the finan¢ial statements, including sigTiificant accounting poliues. The financial reporting ftamework that has been applied in their prèparation is applicable law and United Kingdom Accounting standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (United ￿ngdorn Generally Accepted A¢counting Practice). In our opinion the financial statements.. give a true and fair view of the stale of the PCC'S affairs as al 31 December 2023, and of its incoming sources and application of resources, including its income and expen¢Jilure. for the year then ended- have been properly prepared in accordance with United lQ'ngdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of Charities Act 2011 and the Church Accounting Regulations 2006. Basis for opinion We conducted our audit in a¢¢ordance with Intemalional Standards on Auéiting {UK) IISAS IUKI) and applicable law. Our responsibilities under those stsndards are further described in the auditor responsibilities for the audit of the financial staternents section of OUT report. We are independent ol the PCC in accordance with the ethical requirements that are relevant to our audit of the financial stslements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities accordance with these requirements. We believe that the audit evidence we havg obtsined is sufficienl and appropriate lo provide a basis for our opinion. Concluslons relatÉng to golng Concern In auditing the financial statements, we have concluded that the PCC members. use of the going concern basis of accounting in the preparation of the financial slalements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the PCC'S ability to continue as a 90ing concem for a period of al least twefve months fFom when the financial slalemenls are aulhorised for issue. Our responsibilities and the responslbililies of the PCC members with respect lo going concem are described In the relevant seclions Df this report. THE CHURCH OF ST. PETER MANCROFT INDEPENDENT AUDITOR'S REPORT TO THE PAROCHIAL CHURCH COUNCIL OF THE CHURCH OF ST. PETER MANCROFf (continued} YEAR ENDED 31 DECEMBER 2023 Other infomiallon The other information compri$85 th6 Tnformalion included in the Report of the Parochial Church Council annual report, other than the financial statements and our auditor's report thereon. The PCC members are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any fom of assuran￿ coriclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowtedge obtained tn the course of the audit or othetwise appears to be materially misstated. 11 wè identify such material inconsistencies or apparent material misststements, we are required ID determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstslement of this other information, we are required to report that lacl. We have nothing lo report irTr this regard. Matter5 on whi¢h w¢ aro rèquirod to roport by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 and Church Accounting Regulations 2006 require to report to you if, in our opinion.. the information given in the Report of the Par(thial Church Council is inconsistent in any material respect wilh the financial statements., or sufficient acwunting records have not been kept., or the financial statements are not in agreement with the accounting records.. or we have not received all the information and explanations we require for our audit. Responsiblllties of the Paro¢hlal Church Council members As explained more fijlly in the PCC'S Responsibilities Statement sel out on page 7, the PCC members are responsible for the preparation of financial 51alements and for being satisfied that they give a true and fair view, and for such internal Conlrol as the PCC members delefmine is ne¢essary to enable the preparation of financial stslements that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial stalemenls. the PCC members are responsible for assessing the PCC'S pbility lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concem basis of accounting unless the PCC members either intend lo liquidate the PCC or lo Cease operations, or have no realistic alternative but to do so. Audltar r¢$ponsibilitie5 for the audlt of tho flnanclal statements We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. THE CHURCH OF ST. PETER MANCROFT INDEPENDENT AUDITOR'S REPORT TO THE PAROCHIAL CHURCH COUNCIL OF THE CHURCH OF ST. PETER MANCROFT (continued) YEAR ENDED 31 DECEMBER 2023 Audltor's rosponslbllltl8s for tho audlt of the financial $t?tements Icontinuedl Our objectives are to obtain reasonable assurance about wheth8r Ihe financial stalemenls as a whole are free from material misstatement, whether due to fraud or error, and lo issue an 3LJditorfs report that includes our opinion. Reasonable assurance is a high level of assufance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslalemenl when it exists. Misslalem8nts can 3ris8 from fraud or eiior and are considered material if. individually or in the aggregate. Ihey could reasonably be expected to influence the economic decisions of users taken on the basis of these financial siatements. Irregularities, Including fraud, a￿ instances of non-compliance with law5 and regulations. We design procedures in line with our responsibilities, outlined above, to detect tnalerial misstatements in respect of Irregu18rities, in¢luding fraud. Thè extent to which our procedures these are capable of Lletecting irregul8rthes, including fraud is detailed below.. Enquiry of management ancl those charged with governance and review of the minutes of PCC meetings that took place throughoLJt the year., Enquiry of entity staff compliance fun¢lions to identify any instances ol non-compliance with laws and regulations-, Reviewing financial statement diso105v￿5 and testing tc> supportino documentation to assess compllance with applicable laws and regulations. Performing audit work over the risk of mana9Èmènt override of controls, including testing ol journal entries and Cither adjustments for appropriateness, evaluating the rationale trf significant transactions outside the normal course ol activities and reviewing accounting estimate5 for bias. Because of the inherent limitations of an audiL there is a risk that we will not detect all irregularikn'es, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the morè that eomplian¢e with a law or regulation is removed from the events and trans8Ctions reflècted in the financial statements, as we will be less likely to becomè awarè of instances of non-compliance. Th& risk Is also greatei regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment. forgery, collusion, omission or misrepresen13tion. further description of our responsibilities available on the FRC'S website https'.Ilwww.frc.org.ukMibrarylstandards-codes-policylaudil-assuran¢&-and-ethicslauditors-responsibilities-for-the- audiV.This desCript￿On forms part of our auditor's report. al.. Use of our report This report is made solely to the PCC Members. a5 a body, in acoord8nc8 Wlth Part 4 01 the Charities (Accounts and Reportsl Regulations 2008 and the Church Accounting Regulations 2006. Our audit work has been und8rtaken so that we might state to the PCC members those matters we are required to state to them in 8 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the PCC and the PCC'S members as a body, for our 8vdil work, for this report, or for the opinions we have formed. Lovewell Blake LLP Statutory Auditor B8nkside 300 Peachrnan Way Broadland Business Park Norwich Norfolk NR7 QLB 1610412024 Lovewell Blake LLP is eligible for 8ppointment as auditor ol the PCC by virtue of its eligibilty for appointment as auditor of a company under section 1212 01 the Companies Act 2006 10 THE CHURCH OF ST. PETER MANCROFT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestri¢ted Restricled Endowment funds funds lunds Total 2023 Total 2022 Notes In¢ome and ondowmgnts from.. Donations and leg3cie5 Activities for genefaling funds Incom8 from investments Churth È¢tswb"es 2181 21bl 21cl 21dl 644,433 101.818 8,339 11,704 72,629 10,263 5,624 717.062 112.081 23.148 11.704 271,924 112,409 21,741 10.941 9.185 Total 5 863 995 41 Expènditure.. Church activities 1409,1191 1103,5491 1512.6681 {435,4191 Total 409119 103549 66 435419 Nel inc¢)mellexpendi(urel before investment gainslllossesl 351.327 357.175 115.0331 9,185 118.4041 Net 98in$lllo8sesl on investments 467 497 Net In¢omellexpenditure} before transfer of funds 360,642 113,0971 27,682 375,227 {66,1131 Tiansfers between Iwds 15 471 N¢t movem•nt in funds 370,298 113,5681 18,497 375.227 166.1131 Rè¢on¢lliation vf funds Total funds brought forward 222816 325 179 755 856 821969 Total funds Carried foNard 15 The notes on pages 14 10 33 form an integral part ol these finanoal statsrnents THE CHURCH OF ST. PETER MANCROFT BALANCE SHEET 31 DECEMBER 2023 2023 2022 Note Fixed assets Tanglble assets Investments 4.920 766 092 727 191 777.012 727,191 Currènt assels Stock Debttsrs and pr8P8ym2nts Short-term deposits Cash at bank and in hand 10 2,180 22,504 1,274 98,655 1,324 Total current a$$ets 385.516 65.251 Liabllltles Creditors- Amounts falling due within one year 12 25 445 Net ¢urrent assets Totsl assets less ¢urrent liabllltles 1 131083 755 856 N¢t assets Parl$h lund$ Unrestricted funds Restricled fL*nd5 Endowment funds 14 14 14 578,159 209.248 207,861 222,816 32 Total charity funds Approved by the Parochi81 Church Council on. Geoffrey Loades Rpvd Canon Edward Carter The notes on pages 14 to 31 form an integral part of these finan¢lal siatementb. 12 THE CHURCH OF ST. PETER MANCROFT STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash Ilows from operatlng aetlvllles Net incom81lexpenditurel 375,227 (66,1131 Adjusiments lor: Investment incom8 (Gains)￿oSseS on InvestM8nts Depreciatson {Incr8ase)IDecreas8 in dgblors (Decrease) in creditors Decrease in stock 123,1471 121,7411 123.9001 47.709 1,230 (76.1511 15,277 111,1411 134,1441 Net cash from operats.ng activities C3$h flows from investing activttles Purch8se ol tangible fikèd Bssets De¢rea5ellincre8sel in short lomi deposlts and ca5kn held in investmgnls Investment income Proce8ds trom sale ol investments Purchase of inveslrnents 16.1 SOI 1,841 23,147 74,462 21,741 107,414 Nel cash trom Investing actlvities Net ir¥creaselldecreasel in cash and cash eouivalents Cash and cash equivalents at beginning ol year 246,244 15,1001 44 393 Cash and cash equivalents at end of year The notes on pages 14 to 211Mn an integral part of thes8 finandal stst8Tn¢nts THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General InYormall(>n and accoLtnting policlas The Church of Sl Peler Mancmft is an unincorporated charity registered in En918nd an(J Wales. The address E>f the reGlStered office Is given in the annual report on page 1 of these financial statements. The nature of the charity's operalions and principal activities are referTeO to in the annu81 report. The principal accounting policies are 5urnmaris8rf below. The accounting policies have been applied cons151ently throughout the year and In the preceding year. lal Basis of accountlng The PCC 15 a public benefil entity within the Meaning of FRS102. The financial statements hav6 been prepared und8r the Charities Acl 2011 and in accordance with the Church Accounting Regulations 2006 governing the individual accounts of PCCS, and wilh the Regulations "true and fair view" piovisions, together with FRS102 as the 8ppli¢able 8ccounting slandard5 and th¢ Statement of Recommended Practice, Accounting an(5 RepDrting by Charitie5 IFRS1021. The financial ststernents have been prepared lo give a Yrue and fair" view and we hBve dep8rted from the Ch8rities (Accounts and Reportsl Regulations 2008 only its the exlenl requiied to provicle a "IfLJe and fair view.. This departure has involved the AccoLsnting ancs Reporting by Charities.. Statement ol Recotllm8nded Praotice pplicable to charities preparing their accounts in ac￿rdanCe with the Financial Reporting Slandar(S applicable in the UK and Republi¢ of Ire13nd IFRS1021 Issued in October 2019 rather than the Accounting and Reporting by Charities.. Statement Df RecoMm&nded Practicè effective from 1 April 2005 which has Since been withdrawrl. Th& financial stslements have been prepared under the historical cost conventlon except for the valuation of Inveslment assets, which are shown at market value. {bl Fund accounting Unrestri¢tet Included in its 'tre8 res8Nes' a5 disclosed in the trustees. report. Re5trict8d fund5 these are income funds Ihal musl be spent on res1ricled purposes Bnd details or the funds h¢ld and restrictions provlde(5 are shown in th8 notes to the accounts. Endowmeni fund5 these are reStr￿ted fun(Js Ihat must b8 retaine(J as irusl capttal eith8r pgrmanBntly or subject to a discretionary power lo spend capital as iiicorne. and where the use of any income or other benefil derived from the c8pilal may be restricted or unrestrtcted. Full detsils of Èll Ih&r restrictions are shown the notes to the accounis. (¢ Income All income is included in the Statement of Financial Activities ISOFAI when.. The PCC becomes legally entiled to the benefit of u88 of the resourcgs.. Inflow of econornic benefit is probable., The monetary value can be measured with suffident reliabi5ity, The following specific polici85 are applied to particular categories of income". Funds raised from events and trading a¢tivities are reported 9r085 in the SOFA- i.e. before any related costs that may have been deducted from the 9ross proceeds. Gran1$ and donations are indud8d in the SOFA wh8n any precondibons preventing their use by the PCC have been met. For collections and planned giving this 1$ when the fund5 are recaved. Gifl Aid and other tox daims are indud8d in Ihe SOFA at Lhe same time as the cash donalions to which they relate. 14 THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢countln9 policies l¢ontinuedl {cl Incorno Icontinuedl Legacy Sncom8 IS T9cognlsed when 18c8ipI 1$ probab18 and enlitt8ment is established. The v&lue of any voluntary help received is not included in the accounts but is described in the Annual Report. Rental income from the hlrirKJ of the church is reco9nised when the rentsl 15 due. Investrnenl income ￿ included when receivable. Inctyne from operating activities 3r@ accounted foi when earned. {dl Expenditure and Liabllitles Expenditure is recognisèd on accruals basi8 BS a 118bility is incurred. Expenditur8 includes any VAT which eannot be fully recovered. an(5 is reported as part ol Ihe 8xp8nditure to which it r8lates. Liabilitie5 a￿ recognised as soon as thère is a legal or ¢onstructyve obligation and 8etUemènt is probable and QU8ntifiable. Gvvernance ¢ost5 include the costs a55ocialed with the preparation and audit of slatulory a¢￿u￿￿, thè costs of trustse meetings 2nd cost ol any legal aisvice to trustees on governance 01 constitbtional matters. Grants arid donations are included in the Statement of Financial Activi￿.95 trnce aulhori5ed and Ihere is a resulting obligation for payment. The Diocesan Parish SharÈ is Qocounted foi when payablg. Support costs include central fijncthons and have been allocated to activlty ￿$t cat89ora8s on a basis consistent th the uso of resources. (el Cons¥crat8d and benefice property In $0 far as consecrated and benefice propety Df any kind is excluded from the statutory definition ol 'charlty' by Section 1012)181 and Icl of the Charities Act 2011. such assets ar¢ not capitslised in the financial statements. ifj Fix&d assets and depreciation Fixed asseis ¢o$ting ￿Ore than £5.000 are capitalised and included at cost Including any incldenlal expenses of acquisitson Depreciation is calculated so as to write Dff the cost of an 8SSèt, less their Gurienuy antKipated residual lair vaue, over Ihelr yselul economic life ol that asset as follows.. F&xtures and fittings Office equipment Tenant's irnprovements 5 years straight line 5 y88rs 51raighl line 10 years strai9ht lsne THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Inve$tment5 Stocks anLI shares quoted on a recogni5ed stock exthan9e ore Inclvded in the balknee sheei at their mhl- markel value at the yeai end. The differ8no95 bèt¢ften markel v81u8 and the Original cost of the investmenis are shown as unreslised investment gains or10s5es and transferred to the Slalement of Financial Activities. Ihl Short term deposits Short term dgposits include cash held on deposit either the CCLA Church ol En9land Funds 01 at the bank. Debtors and cieditors re¢Èivable I payabl8 Wlthln one year Debtors and cr8dilors with no 51ated interest rate ieceivable or payable within one year are recorded al transactipn pric8. Any losses arising frorn impairmenl are recognis8d in expenditure. Going concern The financial slalements have been prepared on a going concern basis 8$ the PCC Nfjembers belleve that no material Jn¢ertainties exist The PCC Members have considere(J the level of funds held and the expected levèl ol incorne and expendfture for 12 months from authorising these financial statements. The budgeted incorne and expenditure is suffi¢ient wilh the level of resetves for the charity to be able to ¢ontinue as a going concern. Ikl Defined ¢ontrlbytion plans Contributions to defined contribution plan5 ar¢ recognssed as an expense in the period in which Ihe relate(5 service is provided. 16 THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income and endowments (èl Donations and 18gacies Vnr8stri¢ted Restrl¢t¢d Funds Funds Total Unr85tricled Restricted 2023 Fun¢s Funds Total 2022 Planngd giving Istewardshipl Collertions at 8115ervicgS Grxnts.. Risebrow Trusi granls for youlh work and choir Grants frDm Vicarage Trust.. General Grants fr¢)m Mlssion Hall Tfust Gr8nt5 trom H8rilage lottery For Bell Ch8mb&rprojecl Grant from Norwich Diocesan Assn of Ringers for Bell Ch8rnber Prt)ject Grant from FP A For Bell Ch8mb6r Projgct Granl frorn Archbishops Council lor Minislry Experient8 Gronl from Risebrow Trusl For G818 ProjecÈ Gr8nl from Diocese For Efj8rgy Grant frorn LPOW f¢r Fabric Fund Grani frorn Assn of RingirvJ Teach8rs for Bell Chamber Projecl Grant from LPOWlor EnergylLighting project 56.165 7,498 56,165 7,498 61.307 8,505 61.307 8.505 $7.000 57.000 53.000 53,000 40,000 40.000 40.000 40.000 39,000 39.000 48.000 48.000 5.680 5.580 2,000 2,000 2,000 2.000 1.000 1,000 2.813 2.813 2.400 2.400 3,000 3.000 10,500 10.soa 2.440 2,440 2,451 2.451 Donatitsns.. General FaL)nc fijnd Bells Chamber Project Collills Organ Fund Misc restriGted donations Flower fund Creating Space for Go Tax re¢overable Sundries Legacies Listèd Plac*s of Worship= For Roof Project 12,892 12,892 11,825 11.625 1.980 3,500 375 5.122 406 2,300 21.246 272 4,238 1,980 3.500 375 5,122 50 1.827 335 2.300 413 1,827 335 2.300 17,706 138 460,947 2,300 2.175 17.293 138 460,947 19.071 272 4,238 THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 {bl Actlvltie5 for generating funds UnrestriGteds Legacies 1,918 5,484 1,123 324 715 860 804 3.041 5,808 6,050 6.765 2.S10 4,324 1,783 434 489 952 1.063 1851 4.293 4,923 5,412 952 1,063 1851 215 280 272 25 215 280 272 25 280 385 399 70 280 385 399 70 38 189 148 36 189 2.702 2,850 93 297 3,790 297 163 3.627 243 694 633 876 1.127 12 17 17 433 18 THE CHURCH OF ST. PETER MANCROFr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 {di Income Irom church activities Unrestricteé Restricted Fund$ Fund5 Totsl Unrestri¢ted 2023 Fund5 Resthct8rS Fund5 Total 2022 Books, ¢2rds. guid&s and ¢andles 3,345 3,345 3,222 3,222 Fee$.. W8ddlngs Funerals 750 1.610 750 1,610 369 3,538 369 3,538 M8ncrofl musi¢- recilals and trn¢orts 5.374 5,374 3,380 3,380 Social events And a¢tNities 625 625 432 432 19 THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Expendlture Unr85tridÈd RÈstrlcled Fund$ Fund5 Ttstsl Unresiricted Restricle 2023 Funds Funds Total 2022 Church activlties Missionary and Charitable glving {nole 3a) Ministry ¢osts Inoie 3bl 23,059 1,600 24,859 23.969 1,690 25.659 119.558 18,105 135.663 114,743 18.703 133,448 Church running maintenance Inole 3cl Chantry Hall running costs {nole 3d) Major repairs {nole 3el 74.572 9,124 83,697 58,340 10,015 68,355 30.579 30.579 27,610 750 28.360 18,738 17,702 36.440 1,8 1.844 Inole 3fl Magazine 2nd bookstall (note 3gl Wages and salar￿$ (note 3hl Administrative expense5 (note 311 30,500 2.263 32.763 29,336 3.576 32,912 3,307 3,307 2.830 2.830 45.701 56,755 102,456 41.447 54,224 95,671 63,104 63.1Q4 46,342 46.342 Total expendiiure 409,119 103.549 512.668 344.617 90,802 435.419 (al Missionary and charitable givlng Unr6stri¢ted Rèstrlcted Funds Funds Total Unrestricied 2023 Funds Restricted Funds Tot81 2022 Grants.. SeGular Inslrurnental awards and organ scholarship 23,059 700 23.759 23,969 700 24,869 900 900 990 990 Total: 23,059 1,600 24,659 23.969 1,690 25.£59 20 THE CHURCH OF ST. PETER MANCRQFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (bl Mlnlstry ¢0St Unrestrlcted Restri¢tÈd Funds Funds Total Unrestr￿CtOd 2023 Funds Restn¢ted Funds Tot81 2022 Ministry- Diocesan ParK%h share clergy expenses.. V4car Cvralelassi5tant priest Creating Space for Gad Yovth work: Youth general expens¥s Rootn hiFe 117,800 117,800 113.247 113,247 886 872 886 872 8,655 721 r15 721 775 11,964 8,655 11,964 950 6,500 950 6.500 239 6,500 239 6.500 Total.. 119.S58 16,105 135,663 114,743 18,703 133,446 Icl Church runnln9 Costs and maintanance Unr¢strict￿ Restricted Funds Funds Tota5 Unrestricted 2023 Fund5 Restrl¢ted Funds Total 2022 church runnlng Èxp?nst$'. Telephon Electriaty G8S Cleaning and waste Insurance Water Fbw8rs Church malntenanc8.' Maintenance and minor repairs Organ Bells fund expenses Vpk88p of church serviw= General churGh expenses Choirs PuNi¢ity 414 4,371 13,271 12,572 17.122 667 414 4.37t 13,271 12.S72 17.122 667 1.521 329 4,428 10,253 11.607 14.162 1.117 329 4.428 10.253 11,607 14.#S2 1.117 1.344 1.521 1.344 16.676 307 16,985 5.834 5.634 2.￿7 11,624 3,871 2.260 15,295 2.260 2,647 6,626 S,628 1,662 2C>3 4,362 1,110 1,630 5,472 1,630 458 1.662 203 458 Tolal. 74,573 9,124 83,697 58.340 10,015 68,355 21 THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Chantry Hall Running Costs Unrestricted Restricted Funds Funds Tolal Unrostiicted 2023 Funds Restricled Funds Total 2022 Minor iep?its and maintenènce Major repai Electriaty Gas Waler Cleaning Wasle Insurance Sundries 3,684 3.684 5.918 108 3.670 4,727 1,412 3.085 2.B48 2.532 3,312 750 6.668 108 3.670 4,727 1.412 3.085 2,846 2.532 3.312 3.709 10.656 2.748 3,925 3,192 2.641 24 3.7D9 10.656 2,748 3.925 3,192 2.641 24 Tota5". 30,579 30.579 27.610 750 28.380 Major r¥pair5 and projects Unfestricted ReslriGted Funds Fund$ Total Unrestricted 2023 Funds Rèstricted F￿ndS Totol 2022 Church fabric Gaia projecl EnergylLighting project Bell-ch8rnber prole 17361 17361 11,450 11,450 5,181 23,919 1.807 1,807 17.8751 17.8751 3,278 3,276 18,738 6,443 6.443 Totsl.. 18.738 17.702 36,440 In Social ac¢ivities Unr¢$trfct8d Restrlcted Funds Funds Total Unre5tricled 2023 Funds Restr￿ted Funds Tota 2022 Mancroft rnu$lo-. 1,297 3,787 1.297 3.787 1.261 1,925 1,261 1.925 Concgrt exp8tl$OS othei expenses Evenls 24,751 24,751 25.528 25.528 Soclal activitie5 G6nerdl 665 665 622 1,422 2.044 Raymond Kirig fund 2.263 2,263 2,154 2,154 7otl'. 30,500 2.283 32.763 29,336 3,576 32.912 22 THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Iql Bookstall ¢osts Vnrestrl¢l¢d R85tri¢t6d Funds Funds Total Unre5tTrde 2023 Fund8 Restncled Funds Total 2022 Bookstall 307 Total.. Ihl Salaries and wa995 Ilncluding working expenses) Un¥estricted RestTkted Funds Funds Yotsl Vnresfricled 2023 Funds RestrKled Funds Total 2022 Vergers Orgartlgts Dtre¢tor of tnusi¢ Bell chamber siafl Choral scholars end deputies Choriste 40,959 4.742 40,959 3,762 8.504 26.481 26,481 11.992 11.992 14.297 14.297 223 37.147 4,300 37,147 7,865 27,633 9,839 12,917 270 3.585 27,633 9,839 12,917 270 Tolal". Adrnlnistrativ$ expen$e$ Unresirl¢te+J Restfl¢tod Funds Fund$ Total Unreslricled 2023 Funds Resthcted Funds Total 2022 Office expenses- orri¢e sl8Nin9 and admin fees Office expenses and p051age Printin9, slètsonery offic8 equipment Oftice lÈlephonÉ and internet B8nk char9eS Depretialion of office equipment Sundry expenses Payroll bureau Acrouti12nls' and audil fees 32.307 3,616 32.307 3,616 30,704 2,691 30.704 2,691 4,621 2,566 390 1,230 6,270 720 11.384 4,621 2,566 390 1.230 6,2TO 720 11.384 3,546 1,550 343 3,546 1,550 343 13881 806 7.090 13881 806 7,0 Totol.. 23 THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysi5 of expendlture inclLFdlng allo¢ation of support costs The support cosls have beeri allocated in Iheir 8nlirety to the unrestriclpd expenditure (church runnin9 and mzinlenanGe and administrative experiditurel. 2023 2022 Direct Costs Support Costs 449.564 389,077 63,104 46.342 2023 2022 Governan¢8 Costs Administrative expenses 11,384 7,090 Govemance cos15 2023 2022 Auditors remuneration Amount payable lo auditor 2023 2022 Audi( fees Payroll fees Other services 10.862 720 522 7.090 806 Staff cost$ 2023 2022 Wages and salaries SoGial security costs Pension CLists 113,132 182 2,664 100,815 2,509 During the year the PCC employ8d 912022". 81 people, none of whom eamed £60,000 p.2. or more. There were no employee benefbts to key mana9ement p&rsonnel in th¢ prpvious or current years. 24 THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Tangible flxed assets Fixtures and flitings Octagon Flxtures and ritting5 Chantry Hall TenanV5 Improvements Offjce *qulpm•nt Total Cost At 1 January 2023 Addllions Oisposals At 31 December 2023 18,522 23,285 29.150 14,712 6.150 85,669 6,150 Oepretiation At 1 J8nuary 2023 Charge for the year Eliminated on disposal Al 31 Decefftber 2023 18.522 23.285 29,150 14.712 1,230 85.669 1.230 Nèt bogk value At 31 December 2023 At 31 Decernber 2022 Flxod asset investments 2023 UK listed investrnents Market value- at 1 January 2023 Additions at cost Disposal proceeds Re21i5ed gains on disposal Unrealised gains for the year Mov8ffl&nl in cash 727,191 91.354 (74.4621 4.917 18,983 Market value at 31 Decembei 2023 Hi8tori¢al cost at 310ecember 2023 Investments exc&edlng 5¥0 of th9 Portfolio are as folluws.. 2023 Market value 2023 Cts5t CBF investrnent fLJnd Cash ovo Nordk%k AIS Common Stock DKKO 1 Ser*es 8 194,880 35,235 32.477 48.334 37.126 7,417 25 THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Stock 2023 2022 Items for resale Slock held in ihe previous y8ar repregented guidebooks hdd lor resale Debtors 2023 2022 Other debtors 98,555 22.504 12. Liabilities.. amounts falling du$ wlthtn one year 2023 2022 Accruals and deferred income 25,445 36,586 D¢ferred incom8 2023 2022 Deferred income tsroughl fO￿ard Released during the ye8r Income deferred dvnng the year 4.750 14.750) Deferred income carried forward Deferred income in 2022 reiatod to giants r8Geive¢ for luiure periods. 26 THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Related Partip$ and Trvstee Remuneration 2nd Expense8 J Ha999tt a PCC member fec8iV8LI remun¢ralion. f8$s 8nd expenses lot811ing E11,84912022. £12,013) for his role as Organist. The Revd Canon Edw21d Carter was reimbur8ed expenses incurred in his ro18 as Incumbent. The Revd Fiona Haworth and The Revd Naomi Tuma were reimbursed expense5 in¢vrrÈd in their roles as associat8 Priest and Curate. IUi¢È Lambert received living allowanc8s aqd r8imbursed expens8s totalling £1.655 in relation to hÈT Crealing Space for God place. Olher members Of the PCC were reimbursed for expenses in ¢onne¢tion with the operation of th6 Church. Dunng the year. grants WeF6 reoeiv8d from Ajderman John Risebrow's Ch8rity amounb'ng lo £57,000 12022.. £53,000) PCC members G￿ffrey Loades. The Revd Canon Eéwar4 Carter ancl CÈtherine Waddams are Trnstees of ￿derMan John Risebrow's Charity. Granis were also rBGeived from the Mission Hall Trusl 8rnounlino to £39,000 12022.. £48.0001 ano from the Vicaraoe Trust omounting to É40.000 12022 £40,000). PCC members GeOff￿Y Loades and Colin Pordh8m (appointeé 11 May 20231 are Trust8es of thÈ Vicarage Trust. The Revd Canon Edward Carter, Peter Thre&dkell lunltl 11 May 20231. Helena Cwr arnd James Hughes are Trustees of the Mission Hall Trust. During the year the PCC ¢harged Mancroft Advice Pioje¢l £12,84812022.. £9,974) ftir its share of acwmmodation and expenses 3fL4 £1.576 12022" £6,275) for additional room hire. During the year grant expendilur& tola11ing £14.789 12022.. £16.8291 wa5 psld to Mancroft Advice Project In relation to the support of ￿rnt81 ¢ost8. The Revd Canon Edward CartÈr is a Trustee of the Man¢roYt Advice Projert. Al the year-end £3,95612022.. £Nill was owed trom Mancrtsft Adv￿0 Pwoje¢t The PCC giv88 a notional giant to the Norwch Food Bank refletling their use of the Chantry Hall twice a week. Hire of Chanlry H811 includes that notional amount which roughly equate5 to the income which ¢ould otherwise have beon generatèd, during thE year this was £5.500. The Revd Fiona Haworth is a Trustee. During Ihe year, donat￿￿$. wilhoul Condit￿S, of £11,30812022.. £11,991) were made by thè PCC membèrs to the Church. 14. Analysks of net assets by fund 2023 Unrostrlcted general funds De$lonat8d funds R¢strlcted fvnds Endowment funds Toial Tangible f￿￿¢￿ assets Inve5trnenls Nel curr8nl assets 4,920 4.920 766,092 360.071 215.819 166,617 206.797 2.451 343,676 191.003 2022 Unrestricted general fynds Designatèd funds Restri￿ed funds Endowm•nt funds Total Tangible fixed assets Inveslments Nel current assels 130,478 28,665 48.718 222.816 325,179 727.191 28.665 27 THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINAIQCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Fund5 Balance brouyht forward 1.1.23 Balanco cariigd forward Transfers 31.12.23 InvesÉn)¢nt gain$ Income Exp¢nditurg Restri¢t8d fund5 Legacies Fabric rep81r Mancroft Charitzble Organ fund Risebrow Trust Treasury and West End Bell-chamber prc>je¢t Raymond King Income fund H8artÈdge Flower Fund Creatino Space loi God Other 13.912 25,725 12,076 34,774 11.752 9,255 37,989 7.800 9.766 1,687 2,697 55,383 365 3.246 315 956 57.306 243 14,232 167 213 401 5,528 5,544 152 335 131 377 127 101 14,429 36,184 11,822 34,019 14,410 9,599 38.422 8.815 736 17001 12,0881 (54,7751 6,142 113.7991 12,2631 69 89 12 3,042 110,0681 11,5211 18,6551 120,4841 579 413 526 40,959 222.816 88,516 1103.5491 1,936 14711 209.248 Endowment funds Fabric Endowment fund Raymond King Endowment 209,071 116,108 6,141 3,044 17.231 1,266 {8,1411 226.302 (3,0441 117,374 325,179 9,185 18.497 19.1851 343,676 Unr8sirl¢ted funds General funds. Legacies General funds othèi 159,143 467,125 212,270 2,568 (432.9131 195,923 168,623 1380,8931 Designaled fund¥ M8ncroft Music ViGara9e Fund Mission Hall Fund EnergylLi9hling Fund Bells Rèpair Fund 20.904 6,290 40.349 39.577 15.0841 11.7571 230 145 240 22,340 138,7371 139,8171 350.000 331,262 2.500 28,634 118.7381 12.6471 27,814 284 207.861 7e6,294 1409.1191 3.467 9.656 578,159 TOTAL FUNDS 28 THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Fund5 Balanc8 brought forward 1.1.22 Balance ¢arrled Inv¢$tment forward Income Expenditvre gainslllosses) Transfèrs 31.12.22 Restricted funds Leg8CIES Fabric repair Mancrgll Charitable Organ fund Ri88biow Trust Treasury and Wp5t End Bell-charnbeF project RaymNd King incorne fund Church Roof fund Heartedge Flower Fund Creating Space for God Other 14,568 15,123 12,915 35.426 12,638 9,358 30,452 6,377 435 2,470 386 1,440 53.400 281 23,819 163 14,7171 296 524 5.268 10,661 15001 15.4291 17001 16441 153.7441 15911 16661 15251 11.4481 15421 13821 13.912 25,725 12,076 34.774 11,752 9,255 37.989 7.800 14.227 116.2821 12,1541 13.305 12211 115 14031 1951 11271 {2,4281 3,635 19,3031 9,873 2,602 9.520 58,496 9.766 1.687 2,697 55.383 11,3441 111,964) 111,3461 217,346 95.026 {90.8021 17.3131 8,559 222,816 Endowmenl funds Fabric Endowment fund Raymond lQng Endowment 235.222 121.047 4,925 3,634 126,1511 14,9391 {4,925} 209,071 13,634} 116,108 356,269 8.559 131,0901 18,5591 325,179 Unrestricted funds G8n8ro1 funds, Legacies General funds other 201,873 8,570 210,915 1340.8271 15.8881 145.4121 159,143 129,912 Designated funds Man¢roft Music Vicat8ge Fund ission H311 Fund Bells Repair Fund 20,691 4,076 40,431 48,670 768 {3,1861 (1,4961 892 18771 15861 138,3491 19111 148,6511 (1.D441 2.500 20,904 25,590 27,814 248,354 313.430 1344.6171 19,3061 207,861 TOTAL FUNDS 29 THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 qs. Funds Iconlsnued) Restrirt8d funtls The Legacies fund inclvde5 the balance of 8 numbei of legacies made sp8cifica11y for expenditure on the choir and music. The Fabric Rep8ir fund contains the inc0rn8 8rSsing from the Fabric Endowment fund and donatsons received lor expenditure on repairs to the fabri¢. The Mancroft Charitable fund ￿nSistS of funds h¢ld on bèhalf ol many stnall charilies thal were previously administered by the PCC. The Oroan fund con515ts of the balance of funds from a previous major appeal and a legacy and other donations, all spe¢ifi¢ally for resioiation and repairs to the West End organ. Income from The Rlsebrow Trusl supports youu) work, choir aryj (5IscTetionary expenses, as detailed in note The Treasury and West End fund consists ol the proce8£1s ol Ihe sale ol shares don81ed by Paul Kin9, an olher donation5 wh￿h are to be used towards the Treasury and for West End dev8loprn8nlS The Bell-chamber project sel up in 2013 consists of monw donaled to be used for the improv8ment of the bell chamber, together with Heritage Lottery Fundin9. The Raymond King income fund CDntains the income arisin9 from Ihe Raymond Kin9 Endovm)ent for Vicar'5 and Churchwardens, discretionary expenses. The Church Roof fund Ès inclusive ol don8b"on3 rec¢￿e￿ for the purpose of rep8ir8 to ltte Church rotrf. The Heartedge fund consists ol grants 9iven to develop d)urches 8ThJ ctsmmunities and help them reimagine themselve5 ancl society The Flower Fund was passed to U5 by the flower a￿Engers. The Fund will conlinue lo have donaknons a¢Jded lo Il and have disbwsernents to purchase tlowers specifically for th¢ decgratlon of the Church. The Creating Spa¢8 for God provides experience ol church ministry to young people who are Considering the inistry as 8 Vocation. sn effecl it 18 8kin to a gap year int8mship. Wè are intending for it to be continued in 2024 for up to two new young people, It has been funded by contribution5 from church m8mb&rs and one Dr two grants whlch we are hopeful will be also forthcoming in the nexl year. Other restricted funds comprise a number of relatively sm811 histOllG gifts made for 8P8cific purposes an¢J are oppropriately utilised. Endowmenl funds The Fabric Endowment fund consists of investments and must be relained as capital. The inctsme arising frum the Fabric Endowmeni fund adds tD the Fabri¢ Repair fund, Investment income from the Raymond King Endowment fund is added 10 the Raymond King income fund. The PCC can transfer th8 lund capEtal to be usèd in the income luné as approprk8te. 30 THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Funds Ictsntinuedl D65iqn8te(rf fuAJds The M3ncrott Music lunrl consists of monies put 85ide by the PCC to be used for Manci¢ft Music concerts. Grants received from the Vicarage Trust are usecl to pay clergy expenses lo off-set shortfalls in unrestricted Income. Grants re¢eiv8d from tho MiSs￿n Hall Trust are used for rep8irs and capital wodis al the Chantry Hall and Church Offices and to tsffsel shortfalls in unrestricted in¢ome. The Bells Repair Funcl, sel up in 2010, consists of rnonies put 8side tsy the PCC lo be used for repails lo the bells and associated equipment. The EnergY￿ightln9 fund relates lo the instsllation of the Solar Panels and Air Heal Pumps and the irllproved lightin9 Systern for the chur¢h interioi. All these will move the Church furth&r along the path of carbon reduction. 16. Transfer$ between funds Tiansfers be￿een restricted and unrestricted funds ¢¢)mrthse of mDvements to eliminat8 deficits in restricted funds. Transfers befvrfBen restricted and endowment funds comprise ot movemgnts ol investsnent rncome generated from investments lo the corresponding restricted funds. 17. Revenue ¢ommitment During the year a revenue commitment was made (otalling £259,852 for the Iights'ng prqecl. In relation this a £54,236 deposit was paid during the year 8nd is included as a prepayment. 31