THE CHURCH OF ST. PETER MANCROFT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Registered Charity Number 1134653
THE CHURCH OF ST. PETER MANCROFT REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Contents Page Report of the Parochial Church Council Auditor's report 8-10 Statement of Financial Activities Balance Sheet 12 Statement of Cash flows 13 Notes to the Financial Statements 14-31
THE CHURCH OF ST. PETER MANCROFT REPORT OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2024 The Parochial Church Council IPCCI presents its annual report and the audited financial statements of the Church for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies sel out in notes lo the accounts and comply with the charity's governing docurnenl, the Church Accounting Regulations 2006 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Charities Act 2011 and UK Generally Accepted Accounting Practice. Reference and admlnlstrative information Registered charity name The Parochial Church Council of the Ecclesiastical Parish of St. Peter Mancrofl with St. John Maddermarket, Norwich Other names St. Peter Mancroft PCC, NOlCh Charity number 1134653 Ecclesiastical parish (Beneficel St. Peter Mancroft with St. John Maddermarkel, Norwich Church address Hay Hill Norwich Correspondence address Church Office The Chantry Norwich NR2 1QZ Incumbent The Revd Canon Edward Carler 37 Unthank Road Norwich NR2 2PB Associate Priest The Revd Dr Fiona Haworth Curate The Revd Naomi Tuma Licensed Readers Gill Persicke Catherine Waddams Churchwardens Helena Carr James Hughes Elected members Nicholas Chapman CBE (from 25 April 2024) Julian Haggelt lunlil 2S April 20241 Dr Emma Harrold {Secrelaryl Leonard Hobson Gillian Knox Geoffrey Loades CBE (Treasurer) Dr David Nunn Ifrom 25 April 2024} Colin Pordham (Chair Asset Management Committee) Anne Tansley-Thomas lunlil 25 April 20241
THE CHURCH OF ST. PETER MANCROFT REPORT OF THE PAROCHIAL CHURCH COUNCIL (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Reference and administrative information (continued) Fabric Officer Nicholas Jackson Representatives on the Norwich East Deanery Catherine Waddams Bankers CAF Bank Ltd 25 King s Hill Avenue King's H ill Wesl Malling Kent ME19 4JQ Solicitors Howes Percival Flint Buildings 1 Bedding Lane Norwich NR3 1RG Chartered surveyors and valuers Arnolds Keys 2 Prince of Wales Road Norwich NR1 1LB Architects Ms Ruth Blackman Birdsall, Swash and Blackman High House Farm Beeslon - next- Mil8ham Kings Lynn PE32 2NF Investment advisers Barrall & Cooke 516 Opie Street Norwich NR13DW Registered auditor Lovewell Blake LLP Chartered accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park Norwich Norfolk NR7 OLB
THE CHURCH OF ST. PETER MANCROFT REPORT OF THE PAROCHIAL CHURCH COUNCIL (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Aim and purposes The primary object of the PCC is the promotion of the Gospel of our Lord Jesus Christ according lo the doctrines and practices of the Church of England. The PCC is required to co-operate with the minister in promoting in the parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical. Objectives and activities Public Benefit The PCC is aware of the Charity Commission guidance on public benefit. It is also aware of the supplementary guidance relating to religious charities. The PCC promotes the whole mission of the Church through the following activities regular public worship open to all,. the provision of sacred space for personal prayer and conlemplalion., pastoral work, including visiting the sick and the bereaved,. leaching of Christianity through sermons, courses and small groups., promotion of Christianity through the staging of events and meetings, and the distribution of literature., promotion of the whole mission of the Church through activities for senior citizens, parents and toddlers and other special need groups- supporting other charities in the UK and overseas,. promotion of an interest in music through concerts and recitals, the training of choristers and organ scholars,. and the provision of Christian hospitality. refreshment and friendship to visitors, enquirers and others. Achievements and performance Electoral Roll There were 105 people on the Church Electoral Roll as al March 202412023.. 1091. Revlew of the Year A significant project look place during 2024 al Sl Peter Mancroft Church, lo replace the ageing lighting system with modern LED lights, and to install solar panels on the South Aisle roof, as well as batteries and two air-source heat pu mps. The aim of this project has been lo reduce the carbon footprint of the church building to as close to zero as possible, while maintaining a comfortable level of warmth and improving the aesthetics of the lighting system. The project was largely funded by a very generous bequest, bul an additional grant was made by the Benefact Trust, on condition that the project at Mancroft was used nationally to demonslrale to other churches how they also can make improvements lo their carbon footprint. The new project was blessed and dedicated by the Bishop of Norwich in early October, an occasion Ihat reached the national and international news. Another leading highlight of 2024 was the celebration of the fortieth anniversary of Ihe inslallalion of the Peter Collins organ al the West end of the church. A special recital was given in June by Mancrofl's Organist, Julian Haggelt, and a number of those who were instrumental in the 1984 project were able to attend. A newly recorded CD was also launched as part of these celebrations. A wide variety of organisations and groups used the church building for their events throughout 2024, reflecting the developing importance of Sl Peter Mancroft as a venue for concerts and events. Amongst them were events organised by the Norfolk and Norwich Festival and the NOlCh Book Festival. The year also saw the return of the Original Norwich Charity Christmas Card Shop to the back of church in the late Autumn, and the Rotary Christmas Tree Festival in December, as well as a range of Chrislmas Carol Services for schools and charities. Alongside these highlights has been the daily commilmenl lo keeping the church doors open to V1511ors, and the regular pattern of worship on Sundays and in the week, with exceptionally fine contributions from the church's singers. organists and bellringers. In addition, with the permission of the Mission Hall Trust. the church was able to develop the use of the Chantry Hall and other facilities al the Risebrow Building throughout 2024. These facililies are now used by a wider range of hirers and groups than ever before, including the Norwich Foodbank twice a week.
THE CHURCH OF ST. PETER MANCROFT REPORT OF THE PAROCHIAL CHURCH COUNCIL (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance (continued) The Ministry Team in 2024 comprised of the Vicar IRevd Canon Edward Carterl, the Associate Priest IRevd Dr Fiona Haworthl, the Curate (Revd Naomi Tumal, Lay Readers (Gill Persicke and Catherine Waddamsl, and George Allin lup lo July) on the 'Crealing Space for God. ministry experience scheme. During 2024 Chris Hood retired from her post in the Church Office, and Hannah Hill was appoinled lo replace her. The Communications Officer function was taken up by Suzi Ashcroft. Al the end of the year Chris Sanham left his role as Head Verger and Events Coordinator. Al the Annual Vestry Meeting Helena Carr and Jim Hughes were both re-elected as Churchwardens. Of particular sadness to the church this year was the news of the death of Roger Youngman, who had been a stalwart 'welcomer' at the church over many years and was a very generous benefactor lo Sl Peter Mancroft throughout his life and al his death. Financial Review The operational result for 2024 was a deficit of £335,093 {2023 surplus of £351 ,327}. This was entirely expeGled and slightly better than our forecast al the beginning of the year. The significant factor affecting the deficit was the major eco project where the lolal cost was £500,000. We recovered the VAT associated with this which amounted to over £83,000. The work itself was classed by the Church of England as a Demonstrator Project being, in effect, the first of ils kind in moving towards nel zero. This enabled us to apply for and be awarded a grant of £86,000. Not surprisingly, we had to go through a number of iterations of forms and questions lo obtain the grant and it was apparent that staff at Church House w&r8 learning as much as ourselves in getting to the final procedures. We have been fortunate in rec8nl years in that all of the major works we have undertaken have been completed within estimated costs and time. The 2024 project was no exception to this. A campaign lo emphasise the importance of planned giving started in June and resulted in an overall annual increase of approximately 100/.. Increases in donations and collections as well as greater income from the hire of the church and Chantry Hall was welcome given the continued pressures of cost of living. We must continue lo ensure that all of this growth, by al the very least. is in line with an increase in expenditure, A quinquennial inspection was carried out in 2024. This indicated required works which are estimated lo cost £425,000 over the next 10 years. Whilst some are advisable to be completed in the next year most can be done in stages over that period. This suggests that we will need lo anlicipale an annual cost of around £40,000 which should be manageable, albeit stretching, given our experience of the large projects we have successfully completed in recent years. Grants Charitable Giving includes a notional grant paid lo the Norwich Food Bank reflecting their use of the Chantry Hall twice a week. Hire of Chantry Hall includes that notional amount which roughly equates lo the income which could otherwise have been generated. Also included is a grant to the Mancroft Advice Project which continues the phasing in of an increase in their rental paid lo the Mission Hall Trust Investment policy The Council seeks to achieve a balanced return between capital growth and a reasonable return of income in excess of inflation. The need lo preserve endowment monies is recognised and the Church of England's ethical policy on investments is followed as far as possible.
THE CHURCH OF ST. PETER MANCROFT REPORT OF THE PAROCHIAL CHURCH COUNCIL (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial Review (continued) ReseNes policy The Church aims to cover normal expenditure by regular income. On those Occasions when income does not meet expenditure, the deficit will be drawn from reserves. Free réserves al 31 December 2024 were £13,28712023'. £191,003). These consist of unrestricted general funds, excluding tangible fixed assets. There are also designated reservès of £57,391 12023.. £382,236) which consist of monies sel aside for specific purposes. Reserves are maintained partly to generate investment income, partly for specific projects, and partly lo provide a contingency fund for emergency use. Restricted reserves lotalled £277,911 12023.. £209,248) al 31 December 2024. Endowment funds totalled £347,031 (2023.. £343,676). Principal funding sources The PCC'S main sources of income are voluntary income in the form of planned giving Istewardshipl, collections, donations, grants, legacies, hiring of the building and events and investment income. Grants received from Ihe Mission Hall Trust la separately registered charity) are used for repairs and capital works al the Chantry Hall and Church Offices and lo offset shortfalls in unrestricted income Grants received from the Vicarage Trust la separately registered charity) are used to pay clergy expenses and lo off-set shortfalls in unrestricted income. Grants from Alderman John Risebrow's Charity la separately registered Charity and restricted funds) are used to meet the cost of the work with young people, including musical aclivities. The PCC nominates two Iruslees to serve on the Trust in addition lo the incumbent who is ex-officio. Wilhoul Ihese very generous grants, we would be quite unable lo maintain Mancroft's musical tradition and the youth work now being undertaken. Plans for future periods Plans include the Peter Walker commissioned Hidden Inslallalion in June continuing until early September which is anlicipaled to increase visitor footfall and, importantly be a source of activity and discussion for and by young people. Work on the Current Quinquennial Report will Gornmence after priorities and cash flow requirements are determi ned. The successful Creating Space for God will continue subject to availability of candidal8S. Structure, governance and management Legal Status The PCC is 8 corporate body established by the Church of England and operates under the Parochial Church Council Powers Measure. The PCC was registered with the Charity Commission on 4 March 2010 with registration number 1134653. The Church is classified as a charity under the Places of Worship Registration Act 1855. Members of the PCC are Trustees of the Charity.
THE CHURCH OF ST. PETER MANCROFT REPORT OF THE PAROCHIAL CHURCH COUNCIL (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure. governance and management (continued} Recrultment and appointment of members of the PCC Members of the PCC are either ex-officio or elected by the Annual Parochial Church Meeting IAPCMI in accordance with Church Representation Flules. In addition, the PCC may also co-opt individuals in accordance with the aforementioned rules. Inductlon and training of members of the PCC New members receive no specific training but are elected or GO¥opled on account of their knowledge of and contribution lo the work of the Church. Organisational structure The PCC meets about six lo eight times per year and has established a Standing Committee and an Asset Management Committee which meet between PCC meetings. Temporary Working Groups meet as and when required and deal with various aspects of the life of the ChurGh. S¢8nding Committee This is the only committee required by law. Ils slalulory members are the Vicar. Churchwardens. and tho elected niembers of the PCC. In the year our Standing Committee has consisted of the Vicar, Churchwardens, PCC Secretary, PCC Treasurer and the Chairman ol the Asset Management Committee. This Committee has the power lo transacl urgent business of the PCC between ils meetings, subject lo any directions given by the Council. It also deals with the terms of engagement of staff. Asset Management Commi1188 This committee is responsible lo the PCC for the general oversight of Ihe Church's finances and property. 11 monitors the PCC'S income and expenditure, submits an annual budget and annual accounts lo the PCC, seek5 advice on the PCC'S inveslmenls and insurances, implements the PCC'S policies in respect of the management of ils properties. aulhorises all reasonable routine expenditure within the approved budget and monitors and reviews the PCC'S risk management poIi¢y. Related Parties The PCC rèceives grants from the Mission Hall Trust and the Vicarage Trust. PCC members Geoffrey Loades and Colin Pordham are Trustees and the Vicar allends meetings of the Vicarage Trust. The Revd Canon Edward Carter. Helena Carr and James Hughes are TrLJslees ol the Mission Hall Trust. The PCC also receives grants from Alderman John Risebrow's Charity of which PCC mémbers The Revd Canon Edward Carter, Geoffrey Loades and Catherine Waddams are Truslees. The PCC charges Mancroft Advice Project for its share of accommodation expenses and for additional room hire. PCC member The Revd Canon Edward Carter is a Trustee of Mancroft Advice Project. The PCC gives a notional grant paid lo the Norwich Food Bank reflecting their use of the Chantry Hall Mice a week. Hire of Chantry Hall includes that notional amount which roughly equates to the income which could otherwise have been generated. The Revd Fiona Haworth is a Tfuslee. Risk Management The PCC acknowledges that il is responsible for risk management. The PCC has identified possible operational, financial, strategic and external risks which are assessed and reviewed periodically lo enable the appropriate action lo be taken to deal with them. Fundraising standards The charity carries out limited fundraising activities in connection with Ils activities. No professional fundraisers or third- party commercial participators are used. There have been no complaints about the charity's fundraising this year. Fundraising is monitored by way of the charity recording all donations and events where income is received. No direct contact is made with the public regarding fundraising activities.
THE CHURCH OF ST. PETER MANCROFT REPORT OF THE PAROCHIAL CHURCH COUNCIL (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Parochial Church Council responsibilities statement The PCC members are responsible for preparing the Report of the Parochial Church Council and the financial slalemenls in 8ccordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England and Wales requires the PCC members lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the PCC and of the incoming resources and application of resources of the PCC for that period. In preparing these financial slalemenls, the PCC members are required lo.. select suitable accounting policies and then apply them consistently., obsetve the methods and principles in the Charities SORP 2019 IFRS 1021., make judgements and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial slatemenls., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the PCC will continue in operation. The PCC members are responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime the financial position of the PCC and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the Church Accounting Regulations 2006 and the provisions of the PCC measure. They are also responsible for safeguarding the assets of the PCC and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The financial statements have been prepared lo give a "true and fair" view and we have departed from the Charities (Accounts and Reports) Regulations 2008 only lo Ihe exlenl required lo provide a 'lrue and fair view" This departure has involved the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102} issued in October 2019 rather than the Accounting and Reporting by Charities.. Stalemgnt of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Auditor A resolution proposing that Lovewell Blake LLP be reappointed as auditor of the charity will be pul lo the Annual Parochial Church meeting. Thanks St Peter Mancroft would be unable to carry out its vibrant role in the heart of the City without our Staff and many volunteers. We give our warm thanks to all for their much valued conlribulion. On behalf of the Parochial Church Council Revd Canon Edward Carter Dale..
THE CHURCH OF ST. PETER MANCROFT INDEPENDENT AUDITOR'S REPORTTO THE PCC MEMBERS OF THE PAROCHIAL CHURCH COUNCIL OF THE CHURCH OF ST. PETER MANCROFT YEAR ENDED 31 DECEMBER 2024 Opinion We have audited the financial slalements of the Church of Sl Peter Mancroft for the year ended 31 December 2024, which comprise the Statement of Financial Activities, the Balance Sheet, the statement of Cash Flows and notes lo the financial slatemenls, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom AGGounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial slalemenls: give a true and fair view of the slate of the PCC'S affairs as al 31 December 2024, and of its incoming resources and application of resources, including ils income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom 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 accordance with International Standards on Auditing IUKI {ISAs IUKI} and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the PCC in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordanc& wilh these r8quiremenls. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to golng ¢on¢ern 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 statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the PCC'S ability lo continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the PCC members with respect lo going concern are described in Ihe relevant sections of this report.
THE CHURCH OF ST. PETER MANCROFT INDEPENDENT AUDITOR'S REPORTTO THE PAROCHIAL CHURCH COUNCIL OF THE CHURCH OF ST. PETER MANCROFT (continued) YEAR ENDED 31 DECEMBER 2024 Other information The other information comprises the information included in the Report of the Parochial Church Council, other than the financial statements and our auditor's report Ihereon. The PCC members are responsible for the other information. Our opinion on the financial slalemenls does not cover the other information and we do not express any form of assurance conclusion 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 knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistenGies or apparent material misstatements. we are required to 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 misstatement of this other information, we are required to report that fact. We have nothing lo report in this regard. Matters on which we are required to report by exception We have nothing lo report in respect of the following mallers in relation lo which the Charities (Accounts and Reports) Regulations 2008 and Church Accounting Regulations 2006 require us lo report lo you if, in our opinion.. the information given in the Report of the Parochial Church Council is inconsislenl in any material respect with the financial statements., or sufficient accounting 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. Responslbllltles of the Parochial Church Councll members As explained more fully in the PCC'S Responsibilities Statement set out on page 7. the PCC members are responsible for the preparation of financial stalemenls and for being satisfied that they give a true and fair view, and for such internal control as the PCC members determine is necessary lo enable the preparation of financial statements that are free from material misslalemenl. whether due to fraud or error. In preparing the financial statements, the PCC members are responsible for assessing the PCC'S ability to continue as a going concern. disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the PCC members either intend to liquidate the PCC or lo cease operations, or have no realistic alternative bul lo do so. Auditor responsibilities for the audit of the financial 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 2024 Auditor's responsibilities for the audit of the financial statements {continued} Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalemenl, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delecl a material misslalemenl when it exists. Misslatemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misslatemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. Enquiry of management and those charged with governance and review of the minutes of PCC meetings that look place throughout the year., Enquiry of enlily staff compliance functions lo identify any instances of non-compliance with laws an(5 regulations.. Reviewing financial statement disclosures and testing lo supporting documentation to assess cornpliance with applicable laws and regulations. Performing audit work over the risk of management override of controls, including testing of journal entries and other adjuslmenls for appropriateness. evaluating the rationale of significant Iransaclions outside the normal course of activities and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we will not delect all irregularities. including those leading lo a material misslatemenl in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slatemenls, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresenlalion. further description our responsibilities available on the FRC'S website htlps.'Ilwww.frc.org.ukllibrarylslandards-codes-policylaudil-assurance-and-8thicslaudilors-responsibilities-for- the-audiU.This description forms part of our auditor's report. Use of our report This report is made solely to the PCC Members, as a body, in accordance with Part 4 of the Charities {AcGounls and Reports) Regulations 2008 and the Church Accounting Regulations 2006 Our audit work has been undertaken so that we might slate to the PCC members those matters we are required to slate lo them in an auditor s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the PCC and the PCC'S members as a body. for our audit work, for this report, or for the opinions we have formed. Lovewell Blake LLP Slalutory Auditor Bankside 300 Peachman Way Broadland Business Park Nornvich Norfolk NR7 OLB Lovewell Blake LLP is eligible for appointment as audilor of the PCC by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006
THE CHURCH OF ST. PETER MANCROFT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted Endowment funds funds funds Total 2024 Total 2023 Notes Income and endowments from: Donations and legacies Activities for generating funds Income from investments Church activities Other income 21al 2(bl 21cl 2{dl 2{e} 184,670 96,978 7,220 15,672 313,738 13,116 5,625 498,408 110,094 23,642 15,672 5.700 717,062 112,081 23,148 11,704 10,797 5.700 Total 304 540 338 179 653 516 863 995 Expenditure: Church activities {708,528) (280,0811 1988,609) (512,668) Total 708 528 280 081 988 609 512 668 Net lexpenditurellincome before investment gains (403,9881 58,098 10,797 1335,093} 351.327 Net gains on investments 123 Net lexpenditurellincome before transfer of funds 1405,9641 56,842 14,152 1334,970) 375.227 Transfers between funds 14 Net movement In funds 1406.9881 68,663 3,355 1334,9701 375,227 Reconciliation of funds Total funds brought forward 578 159 209 248 343 676 1 131083 755 856 Total funds carried forward 14 .17.1,171 47 796 113 1_13_1 0£2 The notes on pages 14 to 31 form an integral part of these financial statements
THE CHURCH OF ST. PETER MANCROFT BALANCE SHEET 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets Investments 3,690 686 215 4.920 766 092 689,905 771,012 Current assets Debtors and prepayments Shorl-lerm deposits Cash at bank and in hand 10 72,494 1,377 98,655 1.324 285 537 Total current assets 144.977 385,516 Liabilities Creditors Amounts falling due within onè year Net current assets 106 208 360 071 Total assets less current liabilities 796 113 1 131083 Net assets Parish funds Unrestricl8d funds Reslricled funds Endowment funds 13 13 13 171.171 277,911 347 031 578,159 209,248 343 676 Total charity funds Approved by the Parochial Church Council on 2LA.y. )•.&)"and signed on ils behalf by.. Geoffrey Loades Revd Canon Edward Carter The notes on pages 14 10 31 form an integral part of these financial statements
THE CHURCH OF ST. PETER MANCROFT STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flows from operating activities Net lexpenditure}lincome 1334,9701 375,227 Adjustments for- Investment income Gains on investments Depreciation Decreasellincreasel in deblors Increasel{decreasel in creditors Decrease in stock 123,6421 123,1481 1123} 123,9001 1,230 1,230 26,161 176,1511 13,324 {11 1411 Net cash from operating activities Cash flows from Investing activities Purchase of tangible fixed assets Decrease in short term deposits and cash held in investments Investment income Proceeds from sale of investments Purchase of investments (6.150) 1.841 23,148 74,462 25,587 23,642 100,031 Nel cash from investing activities Nel {decreasellin¢rease in cash and cash equivalents Cash and cash equivalents al beginning of year 1214.431) 246,244 285 537 Cash and cash equivalents at end of year The notes on pages 14 to 31 form an integral part of these financial statements
THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General Information and a¢¢ounting policies The Church of Sl Peter Mancroft is an unincorporated charity registered in England and Wales. The address of the registered office is given in the annual report on page 1 of Ihese financial stalemenls. The nature of the charity s operations and principal activities are referred to in the annual report. The principal accounting policies are summarised below. The accounting policies have been applied consislenlly throughout the year and in the preceding year. (a} Basls of accountlng The PCC is a public benefit entity within the meaning of FRS102. The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 governing the individual accounts of PCCS, and with the Regulations true and fair view" provisions. together with FRS102 as the applicable accounting slandards and the Slalemenl of Recommended Practice, Accounting and Reporting by Charities IFRS1021. The financial slalements have been prepared lo give a "true and fair" view and we have departed from the Charities (Accounts and Reportsl Regulations 2008 only lo the exlenl required lo provide a "true and fair view" This departure has involved the Accounting and Reporting by Charities.. Slalernenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 issued in October 2019 rather than the Accounting and Reporting by Chari118s.' Slal8menl of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial slalements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value. Ib) Fund accounting Unrestricted funds these represent the remaining income funds of the PCC that are available for spending on the general purposes of the PCC, including amounts designated by the PCC for fixed assets for ils own use or for spending on a future project and which are therefore not included in ils 'free reserves, as disclosed in the Iruslees, report. Reslricled funds these are income funds that must be spent on r@stricled purposes and details of the funds held and restrictions provided are shown in the notes lo the accounts. Endowment funds these are restricted funds that must be retained as trust capital either permanently or subject lo a discretionary power to spend capital as income, and where the use of any income or other benefit derived from the Gapital may be restricled or unrestricted. Full details ol all their reslriclions are shown in the notes lo the accounts. (c) Income All income is included in the Slalemenl of Financial Activities {SOFAI when.. The PCC becomes legally entitled lo the benefil of use of the resources., Inflow of economic benefit is probable., The monetary value can be measured with sufficient reliability. The following specific policies are applied to particular categories of income.. Funds raised from events and trading activities are reported gross in the SOFA - i.e. before any related costs that may have been deducted from the gross proceeds. Grants and donations are included in the SOFA when any preconditiong preventing their use by the PCC have been mel. For collections and planned giving this is when the funds are received. Gift Aid and other lax claims are included in the SOFA al the same lime as the cash donations lo which they relate. 14
THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies {continued) Ic) Income (Gontinued) Legacy income is recognised when receipt is probable and entitlement is established. The value of any voluntary help received is not included in the accounts but is described in the Annual Report. Rental income from the hiring of the church is recognised when the rental is due. Investment income is included when receivable. Income from operating activities are accounted for when earned. Id) Expenditure and Liabilities Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is reported as part of the expenditure to which it relates. Liabilities are recognised as soon as there is a legal or constructive obligation and set118menl is probable and quantifiable. Governance costs include the costs associated with the preparation and audit of slalulory accounts. the costs of trustee meetings and cost of any legal advice to trustees on governance or conslilutional matters. Grants and donations are included in the Statement of Financial Activities once aulhorised and there is a resulting obligation for payment. The Diocesan Parish Share is accounted for when payable. Support costs include central functions and have been allocated lo activity cost categories on a basis consistent with the use of resources. (e) Consecrated and benefice property In so far as consecrated and benefice property of any kind is excluded from the slalulory definition of 'charity' by Section 10121 (al and Ic) of the Charities Act 2011 , such assets are not capilalised in the financial statements. (fj Fixed assets and depreciation Fixed assets costing more than £5,000 are capitalised and included at cost including any incidental expenses of acquisilion. Depreciation is calculated so as lo write off the cost of an asset, less their currently anticipated residual fair value, over their useful economic life of that asset as follows.. Fixtures and fittings Office equipmenl Tenant's improvements 5 years slraighl line 5 years slraighl line 10 years straight line
THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Ig) Investments Stocks and shares quoted on a recognised stock exchange are included in the balance sheet al their market value at the year end, The differences between market value and the original cost of the investments are shown as unrealised investment gains or losses and transferred lo the Slalemenl of Financial Activities. (h) Short term deposits Short term deposits include cash held on deposit either with the CCLA Church of England Funds or al the bank. Debtors and creditors receivable I payable within one year Debtors and crèditors with no slated interest rale and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. (il Going concern The financial slalements have been prepared on a going concern basis as the PCC Members believe that no material uncertainties exist. Thè PCC Members have considered the level of funds held and the expected level of income and expenditure for 12 months from aulhorising these financial statements. The budgeted income and exp8ndilure is SLtfficienl with the level of reserves for the charity to be able to continue as a going concern. (kl Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income and endowments lal Donations and legacies Unrestricted Restricted Funds Funds Total Unrestricted Reslricled 2024 Funds Funds Total 2023 Planned giving (Slewardshipl Collections al all services Grants.. Risebrow Trust grants for youth work and choir Grants from Vicarage Trust.. General Grants from Mission Hall Trust Grant from Nornich Diocesan Assn of Ringers for Bell Chamber Project Grant from Archbishops Council for Lighling/Energy fund for Minislry Exp8rienc8 Grant from Diocese For Energy Grant from LPOW for Lighting/Energy Fund for Fabric Fund Grant from Assn of Ringing Teachers for Bell Chamber Project Grants for Lighting project Grant from Town Close for Lighting/Energy fund 58,949 9,216 58,949 9,216 56,165 7,498 56,165 7,498 72,333 72,333 57,000 57,000 45,000 45.000 40,000 40,000 33,000 33,000 39,000 39,000 2,000 2,000 2.000 2,000 86.QOO 500 86,000 500 2,813 2,813 10,500 10,500 85.299 271 85,299 271 2,440 2.440 1,000 2.451 1,000 2,451 10,000 10,000 Donations.. General Fabric fund Collins Organ Fund Misc reslricled donations Flower fund Creating Space for God Tax recoverable Sundries Legacies LighVEnergy Fund 18,071 18,071 328 75 3,060 1,020 234 19,913 521 50,000 12.892 12,892 328 75 3,060 1.020 234 50 1,827 335 2.300 413 50 1,827 335 2,300 17,706 138 460,947 19,913 521 17,293 138 460,947 50,000 ZLe2 L1.ZJ)fi2
THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (bl Activities for generating f unds Unrestricted Restricted Funds Funds Total 2024 Unrestricted Funds Restricted Funds Total 2023 Risebrow Centre IMAP) share of expenses Chantry hall leltings MRDC Activities 11,574 40,181 11,574 40.181 13,116 130 45,093 12,848 34.827 12,848 34,827 10,263 29,387 24.756 13,116 10,263 Events Use of church for concerts 8lc 130 29.387 24.756 45,093 96.978 13.116 110,094 101,818 112.081 Ic) Income from Investments Unrestricted Restricted Endowment Funds Funds Funds Total Unreslricled Restricted Endowment 2024 Funds Funds Funds Total 2023 Quoted investments: General and other funds Legacies Fabric funds Bell chamber fund Organ fund Treasury & Wesl End fund Mancroft charitable Risebrow Flower Fun¢J Creating Space for God Heartedge Raymond King fund Cash accounts: General and other funds Legacies 3.451 2,905 857 345 932 911 814 4,308 3,250 7,508 8,440 911 814 1.918 5,484 1,123 324 715 860 804 3,041 5.808 6.765 860 804 6,050 230 281 451 19 230 281 451 19 215 280 272 25 215 280 272 25 1661 1661 36 189 148 36 189 2,850 178 2,806 2.984 2,702 469 395 673 1,142 878 243 694 833 876 1,127 483 433 Z,22Q 825 IQIgZ 21G_42
THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (d) Income from church activities Unrestricted Restricted Funds Funds Total Unreslricled 2024 Funds Restricted Funds Total 2023 Books. cards, guides and candles 5,221 5,221 3,345 3,345 Fees: Weddings Funerals 450 2.762 450 2,762 750 1.610 750 1.610 Mancrofl music- recitals and concerts 6,467 6,467 5,374 5,374 Social events and activities 772 772 625 625 {e} Other income Unrestricted Restricted Funds Funds Total Unreslricled 2024 Funds Reslricled Funds Total 2023 Fabric fund insuranc8 income 5,700 5,700
THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure Unrestricted Restricted Funds Funds Total Unreslricled Restricted 2024 Funds Funds Total 2023 Church activities Missionary and charitable giving Inole 3a) Ministry costs Inole 3b) Church running and maintenance {nole 3c} Chantry Hall running costs Inole 3d) Major repairs Inole 381 Social aclivili8s (note 3fl Magazine and bookstall {nole 39) Wages and salaries Inole 3hl Adminislralive expenses Inole 31) 20,649 2.353 23,002 23,059 1,600 24,659 126,268 11,845 138,113 119,558 16,105 135,663 71.019 4,663 75,682 74,573 9,124 83,697 30,132 30,132 30,579 30,579 333,431 196,066 529,497 18,738 17,702 36,440 5,040 2,647 7.687 30.500 2,263 32,763 4,365 4.365 3.307 3,307 57,368 56,995 114,363 45,701 56,755 102,456 60,256 5,512 65,768 63,104 63,104 Total expenditure 708,528 280,081 988,609 409,119 103,549 512,668 {a} Missionary and charitable glving Unrestrlcted Restricted Funds Funds Total Unreslricled 2024 Funds Restricted Funds Tolal 2023 Grants.. Secular Instrumental awards and organ scholarship 20,649 600 21,249 23,059 700 23,759 1,753 1,753 900 900 Total.. 20,649 2,353 23,002 23,059 1,600 24.659
THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (b> Ministry costs Unrestricted Restricted Funds Funds Total Unreslricled 2024 Funds Restricted Funds Total 2023 Ministry - Diocesan Parish share Clergy expenses.. Vicar Curalelassislanl priest Vicarage Other Creating Space for God Youth work.. Youth general expenses Room hire 123,682 123,682 117,800 117,800 1,232 804 550 1,232 804 550 4,352 886 872 886 872 4,352 8,655 8.655 993 6,500 993 6,500 950 6,500 950 6,500 Total.. 126,268 11,845 138,113 119,558 16,105 135,663 (c) Church running costs and maintenance Unrestrl¢ted Restricted Funds Funds Total Unreslricled 2024 Fund5 Reslricled Funds Total 2023 Church running expenses.. Telephone Electricity Gas Cleaning and waste Insurance Water Flowers Church maintenance: Maintenance and minor repairs Organ Bells fund expenses Upkeep of ¢hur¢h services.. General church expenses Choirs Publicity 826 9,870 6,954 13,805 18,475 630 826 9,870 6,954 13,805 18,475 630 1,052 414 4,371 13,271 12,572 17,122 667 414 4,371 13,271 12,572 17,122 667 1,521 1,052 1.521 14.813 14,813 16,678 307 5,634 16,985 5,634 2,647 2,647 4,699 30 917 4,699 3,641 917 6,628 6,628 1,662 203 3,611 1,662 203 Total: 71,019 4.663 75,682 74,573 9,124 83,697
THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (d) Chantry Hall Running Costs Unrestricted Restricted Funds Funds Total Unreslricled 2024 Funds Reslricled Funds Total 2023 Minor repairs and maintenance Eleclricily Gas Waler Cleaning Waste Insurance Sundries 5,346 6,497 6,Q03 2,089 4,877 2,865 2,397 58 5,346 6,497 6,003 2.089 4,877 2,865 2,397 58 3,684 3,709 10,656 2,748 3,925 3,192 2,641 24 3,684 3,709 10.656 2,748 3,925 3,192 2.641 24 Total.. 30,132 30,132 30.579 30.579 {el Major repalrs and projects Unrestricted Restricted Funds Funds Total Unreslricled 2024 Funds Reslricled Funds Total 2023 Church fabric Gaia project EnergylLighling project 8ell-chamber project 8.325 8,325 17361 11,450 5.181 1,807 (7361 11,450 23,919 1,807 333,431 181,298 514,729 6,443 6,443 18,738 Total: 333,431 196,066 529,497 18,738 17.702 36,440 ifj Social activities Unrestricted R•stri¢ted Funds Funds Total Unrestricted 2024 Funds Restricted Funds Total 2023 Mancroft music: Publicity Concert expenses 1,686 4,473 1,686 4,473 1.297 3,787 1,297 3,787 Other expenses Events 11,4401 11,4401 24,751 24,751 Social activities General 321 321 665 665 Raymond King fund 2.647 2.647 2,263 2,263 Total.. 5,040 2,647 7,687 30,500 2,263 32,763
THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Igl Bookstall costs Unrestricted Restricted Funds Funds Total Unrestricted 2024 Funds Reslricled Funds Total 2023 Bookstall 3.307 Total.. (h) Salaries and wages {including working expenses) Unrestricted Restricted Funds Funds Total Unreslricled 2024 Funds Reslricled Funds Total 2023 Vergers Organists Director of musi¢ Bell chamber staff Choral scholars and deputies Choristers 52,052 5,316 52,052 3.951 9,267 28.329 28,329 8,922 8,922 15,111 15,111 682 682 40,959 4,742 4Q,959 8.504 26.481 11,992 14.297 223 3,762 26,481 11,992 14,297 223 Total.. Admlnlstratlve expenses Unrestricted Restricted Funds Funds Total Unreslricled 2024 Funds Restricted Funds Total 2023 Ottice expenses: Office staffing and admin fees Office expenses and postage Printing. stationery and office equipment Office telephone and inlernel Bank charges Depreciation of officè equipment Sundry expenses Payroll bureau Accountants and audit fees 34,985 4,086 34,985 4,086 32,307 3.616 32,307 3,616 4,441 2,995 664 1.230 111 732 11,012 4,441 2,995 664 1.230 5.623 732 11.012 4,621 2,566 390 1.230 6,270 720 11.384 4,621 2,566 390 1.230 6,270 720 11,384 5.512 Total: 5512 65 768
THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure including allocation of support costs The support costs have been allocated in their entirety lo the unrestricted expenditure (church running and mainlenance and adminislralive expenditure). 2024 2023 Direct Costs Support Costs 922,841 449,564 65.768 63,104 2024 2023 Governance costs Administrative expenses 11,012 11,384 Governance costs 2024 2023 Auditors remuneration Amount payable to auditor 2024 2023 Audit fees Payroll fees Other services 10,512 733 500 10,862 720 522 Staff costs 2024 2023 Wages and salaries Social security costs Pension costs 122,165 2,638 2,895 113,132 162 2,664 127 During the year the PCC employed 7 {2023.' 81 people, none of whom earned £60,000 p.a. or more. There were no employee benefits to key management personnel in the previous or current years.
THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Tangible fixed assets Fixtures and fittings Octagon Fixtures and fittings Chantry Hall Tenant's Improvements Office equipment Total Cost Al 1 January 2024 Additions Disposals Al 31 December 2024 18,522 23,285 29,150 14,466 85,423 42 Depreciation Al 1 January 2024 Charge for the year Eliminated on disposal At 31 December 2024 18,522 23,285 29.150 9,546 1,230 80,503 1,230 23,285 Net book value Al 31 December 2024 Al 31 December 2023 9.2 Fixed asset investments 2024 UK listed investments Market value - al 1 January 2024 Additions al cost Disposal proceeds Realised gains on disposal Unrealised losses for the year Movement in cash 766,092 45,671 1100,0311 2,606 {2,483) Market value al 31 December 2024 686 215 Historical cost at 31 December 2024 Investments exceeding 5°/0 of the portfolio and cash held are as follows: 2024 Market value 2024 Cost CBF investment fund Cash 199,341 9,595 48.334 9,595
THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Debtors 2024 2023 Other debtors 72.494 98.655 A24 Liabilities: amounts falling due within one year 2024 2023 Accruals and deferred income 38,769 25,445 Deferred Income 2024 2023 Deferred income brought forward Released during the year Income deferred during the year 4,750 14.750) Deferred income carried forward Deferred income at the year end related lo grants received for future periods.
THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Related Parties and Trustee Remuneration and Expenses J Haggell a PCC member lunlil 25 April 20241 received remuneration, fees and expenses lolalling £4,48912023.' £11,649) for his role as Organist. The Revd Canon Edward Carter was reimbursed expenses incurred in his role as Incumbent. The Revd Fiona Haworth and The Revd Naomi Tuma were reimbursed expenses incurred in their roles as associate Priest and Curate. Alice Lambert (resigned 4 December 20231 received living allowances and reimbursed expenses for the prior year lolalling £1,655 in relation lo her Creating Space for God place. Other members of the PCC were reimbursed for expenses in connection with the operation of the Church. During the year, grants were received from Alderman John Risebrow's Charity amounting to £72,333 (2023.. £57,000). PCC members Geoffrey Loades, The Revd Canon Edward Carter and Catherine Waddams are Trustees of Alderman John Risebrow's Charity. Grants were also received from the Mission Hall Trust amounting lo £33,000 12023.. £39.0001 and from the Vicarage Trust amounting lo £45.000 12023.. £40.000}. PCC members Geoffrey Loades and Colin Pordham are Trustees of the Vicarage Trust. The Revd Canon Edward Carter. Helena Carr and James Hughes are Trustees of the Mission Hall Trust. During the year the PCC charged Mancroft Advice Project £11,574 12023.. £12,848) for ils share of accommodation and expenses and £761 12023.. £1,576) for additional room hire. During the year grant expenditure lolalling £12.749 12023.. £14,789) was paid to Mancrofl Advice Project in relation lo the support ol rental costs. The Revd Canon Edward Carter is a Truste6 of the Man¢roft Advice Project. At the year-end £3.482 12023.. £3,956) was owed from Mancroft Advice Project. The PCC gives a notional grant lo the Norwich Food Bank reflecting their use of the Chantry Hall twice a week. Hire of Chantry Hall includes that notional amount which roughly equates lo the income which Gould otherwise have been generated. During the year this was £6,00012023'. £5.5001 The Revd Fiona Haworth is a Trusteè. During the year, donations. without conditions, of £18.31912023'. £11,308> were made by the PCC mèmbers lo the Church. 13. Analysis of net assets by fund 2024 Unrestricted general funds Designated funds Restricted funds Endowment funds Total Tangible fixed assets Investments Nel current assets 3,690 96.803 13,287 3,690 686,215 106,208 14.470 42,921 227,911 50.000 347,031 113.78_0 5_7,39_1 277.911 347.031 726,113 2023 Unrestricted general funds Designated funds Restricted funds Endowment funds Total Tangible fixed assets Investments Nel current assets 4.920 4,920 766,092 360,071 215,619 166,617 206.797 2,451 343.676 191.003 2a .fiZfi L1
THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Funds Balance brought forward 1.1.24 Balance carried Investment forward gains Transfers 31.12.24 Income Expenditure Restricted funds Legacies Fabric repair Mancroft Charitable Organ fund Risebrow Trust Treasury and West End Bell-chamber projeol Raymond King income fund EnergyILighling fund Flower Fund Creating Space for God Other 14.429 36.184 11.822 34,019 14,410 9.599 38,422 8.815 392 57,358 320 999 72,846 261 16.151 202 183,917 1,042 658 4,033 17911 (8,3251 16001 11071 12901 1881 {2531 {1401 {71) 13,923 92,536 11,454 34,765 26,947 9,789 39,208 9,503 7,609 160.1691 115,3651 12,6471 1181,2671 11,052) 14,3521 15,513) {55} 3,188 (2.6501 579 16) 20 1266} 563 3,674 40,969 39,223 209,248 338,179 1280,0811 11,256) 11.821 277,911 Endowment funds Fabric Endowment fund Raymond King Endowment 226,302 117,374 7,609 3,188 4,227 1872) 17.6091 230,529 13,1881 116,502 343,676 10,797 3,355 110,7971 347,031 Unrestricted funds General funds, Legacies General funds other 195,923 3,30Q 212.230 1366,322) 1903} 184,5401 113.780 154,092 Designated funds Mancrofl Music Vicarage Fund Mission Hall Fund EnergylLighling Fund Bells Repair Fund 22,340 7,689 45,326 33,102 2,115 (333,461) 778 16.159) 12,586) 1164) 189) 142,6511 128) 133,0741 1579} 2,650 1213) 2.499 23,706 331.262 28,634 1,987 31,698 578,159 304,540 1708,5281 11,9761 11,0241 171,171 TOTAL FUNDS .1.1312 65_3.AL& L9Lll
THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Funds Balance brought forward 1.1.23 Balance carried Investment forward gains Transfers 31.12.23 Income Expenditure Restricted funds Legacies Fabric repair Mancroft Charitable Organ fund Risebrow Trust Treasury and West End Bell-chamber project Raymond King income fund Heartedge Flower Fund Creating Space for 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 {2,088) 154,775) 6,142 113,799} 12,263) 69 89 3,042 110,0681 11,5211 18,65SI 120,4841 579 413 526 40.969 222,816 88,516 1103,5491 1,936 1471} 209,248 Endowment funds Fabric Endowment fund Raymond King Endowment 209,071 116,108 6,141 3,044 17,231 1,266 16,1411 226,302 13,0441 117,374 325,179 9,185 18,497 19,1851 343,676 Unrestrlcted funds General funds, Legacies General funds other 159.143 467,125 212,270 1380,893} 2,568 1432,9131 195,923 168,623 Designated funds Mancrofl Music Vicarage Fund Mission Hall Fund EnergylLighling Fund BeSls Repair Fund 20,904 6,290 40,349 39,577 15,0841 11,7571 230 145 240 22,340 138,737} 139,8171 350,000 331,262 2,500 28,634 118,7381 12,6471 27.814 683 284 207,861 766,294 1409,1191 3,467 9,656 578,159 TOTAL FUNDS 7_&5.&5fi 2I.&QO.
THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Funds Icontinuedl Restricted funds The Legacies fund includes the balance of a number of legacies made specifically for expenditure on the choir and music. The Fabric Repair fund contains the income arising from the Fabric Endowment fund and donations received for expenditure on repairs lo the fabric. The Mancroft Charitable fund consists of funds held on behalf of many small charities that were previously administered by the PCC. The Organ fund consists of the balance of funds from a previous major appeal and a legacy and other donations, all specifically for restoration and repairs to the Wesl End organ. Income from The Risebrow Trust supports youth work. choir and discretionary expenses, as detailed in note The Treasury and Wesl End fund consists of the proceeds of the sale of shares donated by Paul King, and other donations which are lo be used towards the Treasury and for Wesl End developments. The Bell-chamber project sel up in 2013 consists of monies donated to be used for the improvement of the bell Ghamber, together with Heritage Lottery Funding. The Raymond King income fund Contains the income arising from the Raymond King Endowm8nt for Vicar's and Churchwardens, discretionary expenses. The Heartedge fund consists of grants given to develop churches and communities and help them reimagine themselves and society The Energyllighting fund relates to the installation of the Solar Panels and Air Heat Pumps and the improved lighling system for the church inleriof. All these will move the church further along the path of carbon reduction. The Flower Fund was passed lo us by the flower arrangers. The Fund will continue to have donations added to il and have disbursements lo purchase flowers specifically for the decoration of the Church. The Creating Space for God provides experience of church ministry lo young people who are considering the Ministry as a vocation. In effect it is akin lo a gap year internship. We are intending for it lo be continued in 2025 for up lo two new young people. It has been funded by contributions from church members and one or two grants which we are hopeful will be also forthcoming in the next year. Other reslricled funds cornprise a number of relalively small historic gifts made for specific purposes and are appropriately utilised. Endowment funds The Fabric Endowment fund consists of investments and must be retained as capital. The income arising from the Fabric Endowment fund adds lo the Fabric Repair fund. Investment income from the Raymond King Endowment fund is added to the Raymond King income fund. The PCC can transfer the fund capital to be used in the income fund as appropriate. 30
THE CHURCH OF ST. PETER MANCROFT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Funds Icontinuedl Designatéd funds The Mancroft Music fund consists of monies pul aside by the PCC lo be used for Mancroft Music concerts. Grants received from the Vicarage Trust are used lo pay clergy expenses and lo off-set shortfalls in unreslricled income. Grants received from the Mission Hall Trust are used for repairs and capital works al the Chantry Hall and Church Offices and lo offset shortfalls in unrestricted income. The Energyllighling fund relates lo the inslallalion of the Solar Panels and Air Heal Pumps and the improved lighting system for the church interior. All these will move the church further along the path of carbon reduction. The Bells Repair Fund, sel up in 2010, consists of monies pul aside by the PCC lo be used for repairs lo the bells and associated equipment. Transfers between funds Transfers between restricted and unrestricted funds comprise of movements lo eliminate deficits in restricted funds. Transfers between restricted and endowment funds comprise of movements of investment income generated from investments lo the corresponding reslricled funds.