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← The Parochial Church Council Of The Ecclesiastical Parish Of St Nicholas, Nottingham

2024-12-31-accounts

St Nicholas’ Church Nottingham

Annual Report and Financial Statements For the Year Ended

31st December 2024

Charity number 1134708

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Contents

Contents
Annual Report of the Trustees 2
Statement of Trustees’ Responsibilities 12
Independent Auditors Report 13
Statement of Financial Activities (Current Year) 17
Statement of Financial Activities (Prior Year) 18
Balance Sheet 19
Statement of Cash Flows 20
Notes to the Financial Statements 21

1

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Annual Report of the Trustees

The trustees present their annual report and financial statements of the charity for the year ended 31[st] December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and the Charities Statement of Recommended Practice (second edition) and Financial Reporting Standard FRS 102.

Objectives and activities for the public benefit

The Parochial Church Council (PCC) has the responsibility of cooperating with St Nic’s Rector, Steve Silvester, in promoting the whole mission of the Church, pastoral, evangelistic, social and ecumenical. We seek to do this through making disciples who can live effectively for Jesus in contemporary society. We do this by:

We have referred to the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our activities.

Summary of the main activities undertaken for the public benefit:

Worship and teaching services in church each Sunday at 9:00am, 10:45am and 6:30pm, with worship and teaching for children at the 10:45am service; and prayer breakfast on a Wednesday morning. We also hold a Spanish speaking service on Tuesday evenings. The services are open to everyone regardless of personal background, gender or personal circumstances.

Events for children and their parents and carers, including weekly parent and pre-school playgroup; autumn, Christmas and pancake parties; and a holiday club in the Easter holidays

Outreach support and weekly English language classes for refugees and asylum seekers; social space for international students. Excursions and picnics for those who have recently arrived in the City.

A review of our achievements and performance

Within St Nic’s, more and more people from across the world have been welcomed and discipled. Amor Y Esperanza celebrated its 3rd anniversary with Bishop Andy on 25th March 2025, and a Farsi Bible Study has been running for much of the past year. Our annual holiday club is reaching families more widely through the faithful ministry of Sparklers and our international family events. Our English at St Nic’s language school is packed every Monday, as is our Tuesday conversation class. More and more opportunities for faith exploration are developing, such as the ‘Bible Conversation’ group after the Monday class.

2

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Annual Report of the Trustees (continued)

The Sneinton Partnership was formally launched when Steve was licensed as Priest-in-Charge of St Christopher’s, Sneinton, just before Marsha’s ordination in June 2024. Since then, the Partnership team has begun to be knit together, and we have seen God’s Kingdom advancing, particularly in children’s and youth ministry, supported by Esther. Lynda was licensed as Priest-in-Charge at St Stephen’s on April 3rd, and up to 7 people will be baptised at St Christopher’s on May 25[th] 2025.

We are delighted to have Ross and Sonia Wilson join us, and for this appointment to so clearly be guided by the Holy Spirit. This will gradually release Steve to give more time to the Sneinton Partnership and to citywide initiatives through Nottingham City Prayer. Within Nottingham, conversations are beginning about citywide partnership in mission, with a view to ‘steadily raise the spiritual temperature of the city over the next 10 years’. We know from current climate change how impactful a small change in temperature can be.

Wider afield, there is talk of a ‘quiet revival’ going on in our nation among young adults, and young men in particular. This is a phenomena that has been observed by the secular media, not just by the churches. This is an exciting time to be a Christian!

However, it’s not all about spreading wide the tent: the stakes need to be strengthened too. An African bishop friend of Steve’s says of the church in his country, ‘it is a thousand miles wide, but only an inch deep’. The work that Daniel has been leading in developing a ‘discipleship pathway’ is hugely significant in this deepening. For the first time in Steve’s time at St Nic’s, all who have decided to take things further after Alpha have been given a mature Christian for 1:1 bible study and nurture.

We are indebted to all our wonderful staff team (both ministry staff and ‘back room’ staff – Dave, Mike, Sarah and Tom – who quietly and faithfully enable everything to happen). They do not only lead in their own areas of ministry, but often collaborate, such as supporting Rich and Esther in the Jungle Quest holiday club. This year it has been great to have Steff move from intern to Student Ministry lead, and to welcome Freddie to lead in Worship. This year we have had an amazing team of interns – thank you, Molly, Joshie and Ronaldo. This scheme has been very effective in growing ministry leaders, not only in our church (Esther, Emily, Steff), but also as gifts to other churches. Ronaldo is now youth worker at All Hallows, Lady Bay.

We will shortly say goodbye to Tasha, who has been such a faithful and positive member of the clergy team. Our prayers go with her, Adam and John as they move to Gedling and Lambley. Their last Sunday with us will be 22 June 2025 and Tasha will be installed at Gedling on 10 July 2025.

Of course, we are all ‘team’. So many serve with grace and joy, not expecting any reward or recognition, and it is this that is the real demonstration of the body of Christ. Steve would particularly like to thank all the leaders of our St Nic’s Communities, and John and Analia Buckley for supporting them pastorally.

3

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Annual Report of the Trustees (continued)

Financial Review

The Statement of Financial Activities (SOFA) for the year ended 31 December 2024 shows a net loss before transfers on the Unrestricted General Fund of £69,617 This figure is after depreciation of our assets amounting to £57,722. This is an accounting adjustment we are required to make but does not represent any cash payment. The PCC budgets for and manages the net surplus or deficit prior to depreciation charges, which was therefore a net deficit of £11,895. This figure is after making provision of £7,800 for the audit fee which had not been budgeted for. In this context the PCC are thankful for the generosity of church members which has allowed the church’s ministry to continue and new members of staff to be employed.

In order to build our reserves for future expenditure, we would normally transfer funds to the Fabric Fund and to the Swanwick fund for the costs of future weekends away. However, due to the lack of funds this was again deferred by the PCC in 2024, although a contribution of £10,649 was made in 2024 for Swanwick for the weekend held in March 2024.

Our bank deposit accounts and the cash and current bank balances on 31 December 2024 amounted to £1,804,449. Of this £1,697,538 relates to funds restricted to building or other projects, leaving £106,911 on unrestricted funds.

Financial Reserves: The PCC has agreed that we need to retain the equivalent of three months expenditure in unrestricted readily available reserves in order to meet any unexpected liabilities that may arise. Based on the accounts for 2024 excluding depreciation this would amount to £99,961. On 31 December 2024 net current assets on unrestricted funds amounted to £131,512, including £31,867 of outstanding tax recoverable on gift aid donations.

The policy of the PCC in respect of reserves is that cash resources should be such that all restricted and designated funds are available in cash or deposits, together with the equivalent to 3 months of expenditure in unrestricted funds. This takes into account that in emergencies the PCC have assets against which borrowings could be secured pending an appeal to the congregation for funds to support the church’s mission. It is further recognised that while the payment of Parish Share remains a priority, in an emergency payment could be deferred in consultation with the diocese.

In addition to the unrestricted general reserves, the PCC has designated some funds to a fabric reserve. On 31 December 2024 this amounted to £38,225 after £9,008 was spent on preparing the tender for the south aisle window repairs, the tower clock dial repair and towards the installation of railings in the graveyard. In view of the age of the building from which the church operates, repairs can be costly, in particular cyclical repairs such as redecoration that arise from time to time. The PCC try to allocate an amount to this fund each year to accumulate a reserve to avoid the need for additional fundraising at the time repairs are required.

Restricted funds held represent monies received for specific purposes prescribed by the donor or collections taken for specific purposes of which the donor was aware at the time they made their gift which have not yet been paid over to the ultimate beneficiary.

4

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Annual Report of the Trustees (continued)

The most significant restricted fund is the fund for the development of the building on 79 Maid Marian Way. The balance as at the 31st of December 2024 amounted to £1,668,198. The PCC are grateful for the continued generous and sacrificial response to this fund. A total of £400,495 was received in 2024 including gift aid tax reclaimed and interest on the funds held. A further £72,795 has been received in 2025 up to the date of the Annual Church Parochial Meeting (ACPM). The team is currently working on applications for further grant aid from various bodies and is evaluating the tendering exercise to enable an accurate assessment of total project cost.

Risk Management Assessment

In common with all other organisations the PCC is potentially at risk from a number of sources. The church operations manager, together with the Treasurer, are responsible, on behalf of the PCC, for ensuring that these risks are managed so as not to expose the PCC to undue risk and that the PCC is in a position to correctly deal with any situation that may arise. Risks have been assessed and mitigated. Examples of areas that are kept under review include:

· Financial Strategy. Ensuring that we have sufficient reserves to meet expenditure and that income levels are maintained. Regular management accounts are supplied to budget holders and the PCC.

· Data and Copyright Protection. Ensuring that we comply with all current regulations.

· Employment Regulations. Ensuring that current regulations are complied with and contracts are honoured.

· Insurance. Insurance levels are reviewed annually.

· Property. Buildings are professionally surveyed every 5 years and a rolling maintenance plan developed.

· Safeguarding. A policy is in force for the protection of children and vulnerable adults in the care of the PCC and its volunteers. Safeguarding Officers are appointed by the PCC and are responsible for ensuring the policy is enforced.

· Internal Financial Controls. Expenditure is reported against budget and monies received. Bank statements are reconciled monthly, and two signatures are required on all cheques and the approval of two individuals is required for all electronic payments. Cash is banked promptly. Deposits may only be held with the Central Board of Finance or a UK Clearing Bank.

Safeguarding

2024 saw a change in personnel in the safeguarding team with Jill Jones replacing Karen Pheasant as PSO. Juliet Wright continues as deputy and is responsible for training, Debbie Blane is our “Lead Recruiter” (responsible for DBS), and David Shardlow provides expertise in safeguarding for vulnerable adults.

The safeguarding hub mentioned in previous annual reports, is now up and running and most safeguarding forms, certificates etc have been transferred to electronic storage.

5

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Annual Report of the Trustees (continued)

We continue to seek the advice of the diocesan safeguarding team for any safeguarding matters. Any pastoral concerns highlighted are dealt with either by the staff team or with the involvement of external agencies.

We marked “Safeguarding Sunday” last autumn and this was generally well received by the congregation. Ensuring everyone is up to date with their safeguarding training and DBS is a major challenge as we are lucky enough to have over 200 volunteers. Later in the year, Yancy Holden and Dagoberto Rodriguez are hoping to do the “train the trainers” course in June. This will eventually enable them to deliver some of the safeguarding training face to face in Spanish and will be a huge blessing to the Amor-y-Esperanza congregation.

Nationally, the C of E have introduced 5 new safeguarding standards –

· Culture, leadership and capacity

· Prevention

· Recognising and managing risk

· Victims and survivors

· Learning, supervision and support

All C of E institutions have to complete an initial audit by the end of January 2026 (ours is underway) and to be fully compliant by the end of December 2027. It is not clear what will happen to those institutions which are not fully compliant. In all matters, the PCC has complied with its duty to have “due regard to the House of Bishop’s safeguarding policy and practice guidance”

PCC

There were six PCC meetings during 2024 and a PCC Away Day. Major decisions made, issues discussed, and reports received during the year were as follows:

· Finance – this is a standing agenda item. We received budget updates at each PCC meeting, received the financial reserves policy, reviewed the proposed 2025 budget, and approved the year end accounts.

· Safeguarding - this is a standing agenda item. We received the updated Children and young people policy, the Vulnerable adult policy and the Annual safeguarding compliance policy.

· Ministry areas – we had a short update, an opportunity to ask questions and a chance to pray for the following ministry areas: student ministry (Stefany Godoy), Operations (Dave Hepworth), Interns, led by Tasha Morton (Jess Stinton, Ronaldo Rodriguez, and Stefany Godoy).

· Sneinton strategic partnership and Director of Ministry – Steve shared the vision for the partnership and outlined the role of Director of Ministry in January 2024, and different aspects of this important development were considered at subsequent meetings.

6

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Annual Report of the Trustees (continued)

· World mission committee – we approved the terms of reference and guiding principles for the committee; we considered potential new candidates and reviewed the WMC budget.

· 79 Maid Marian Way – we had an additional PCC meeting in August via Zoom to consider the appointment of a specialist to help us with VAT treatment for the 79MMW project, and we passed a resolution to proceed with this appointment. In addition, we received updates on the project throughout the year.

· At our PCC awayday, we considered which of the areas of focus in the Diocesan 2030 vision should be the focus for St Nic’s. The Diocesan priorities are inspiring worship, reaching younger, enhancing diversity, growing leaders, enabling commitment, encouraging generosity, nurturing prayer. After reflection, we identified St Nic’s priorities to be prayer, discipleship, and participation and engagement.

Tower Project

The repairs to the tower were completed as a result of the generous grant awarded by The National Lottery Heritage Fund, and St Nicholas’ church is grateful to the lottery players who made this award possible. The tower parapet is now secure, and the roof water-tight, ensuring the heritage of the church will be preserved for future generations.

The public engagement events designed and delivered as part of the grant award have enabled us to share the heritage of St Nicholas with others, including brick-laying students, refugees and asylum seekers, families, and all who take an interest in heritage. The events have inspired us to uncover the stories of people of St Nicholas’ church and make it accessible to wider audiences.

Plans for the future

As we look ahead, we trust God to keep widening the tent. This will involve even more of us playing our part in serving and financial giving, especially in bringing the 79 Maid Marian Way project to fruition. However, the real goal is not just a wider tent, but the fulfilment of the great vision of scripture, “For the earth will be filled with the knowledge of the glory of the Lord as the waters cover the sea.” (Habakkuk 2.14)

Post Balance Sheet Events

The PCC agreed to accept the tender for 79 Maid Marian Way on Monday 22nd of September and Steve released a message to the Church on the 23rd to update people of progress

Structure, governance and management

Governing constitution

The PCC is subject to the Parochial Church Council (Powers) Measure 1956. This contains the statement of the responsibilities of the PCC

Organisational Structure

The PCC operates through the staff team along with individual church members responsible for particular areas of the church’s ministry.

7

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Annual Report of the Trustees (continued)

The standing committee, consisting of the Rector, the church wardens, the PCC secretary and the Treasurer is a committee required by law. It has the power to transact the business of the PCC between its meetings, subject to any directions given by the council. The standing committee meets between meetings of the PCC. Its members are:

Rev. Steve Silvester (Priest in Charge)

Rev. Ross Wilson (Director of Ministry)

Priscilla Paradise (PCC secretary)

Will James (Church Warden)

Alison Fletcher (Church Warden)

Trevor Peel (Treasurer)

David Hepworth (Operations Manager)

Day to Day Management

Day to day management of the charity is delegated to the Rector in conjunction with the Staff Team. On 31 December 2024, the staff team consisted of:

Dave Hepworth - Operations Manager

Mike Kirk - Church Administrator

Rich Wood - Children and Families’ Minister

Freddie Kofi - Worship & Creative Media Lead

Stefany Godoy - Student Minister

Sarah Brier - Media & Communications

Esther Townsend – Youth Team Leader

Yancy Holden – Hispanic Co-Pastor

Emily Ridyard – Language and Integration Coordinator

Ellie Winfield - Refugee Worker

Tom Howells – Production Lead (Resigned Sept 2025)

8

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Annual Report of the Trustees (continued)

Key management personnel remuneration

The trustees consider the Standing Committee and the Operations Manager as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses are disclosed in note 6 to the accounts and related party transactions are disclosed in note 4 to the accounts.

Trustees are required to disclose all relevant interests and register them with the Operations Manager and in accordance with the PCC’s policy withdraw from decisions where a conflict of interest arises.

The pay of the Operations Manager (and all other staff) is reviewed annually by the Staffing Committee and normally increased in accordance with average earnings.

Reference and administrative information

CHARITY TRUSTEES

The members of the PCC are classed as the trustees of the charity and their names are listed below.

PCC members 2024/2025 (ex-officio members plus 9 elected lay-representatives and 4 Deanery Synod representatives):

Ex-officio Clergy :

Rev’d Canon Steve Silvester (Incumbent and Chair of PCC);

Rev’d Daniel Tsoi;

Rev’d Ross Wilson (from 13[th] April 2025)

Rev’d Tasha Genck Morton (to 9[th] July 2025)

Ex-officio Wardens :

Alison Fletcher,

Will James

PCC Members:

Peter Bowen

Ruth Bowen

Mike Sylvester (to 5[th] May 2025)

Dagoberto Rodriguez Graham Bowpitt *

Holly Peacock

9

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Annual Report of the Trustees (continued)

Jill Jones

Pauline Walker *

Priscilla Paradise Grace James (to 5[th] May 2025)

Trevor Peel * Karen Pheasant * (to 5[th] May 2025) Andrew Day (to 5[th] May 2025) Adriana Cifuentes (to 5[th] May 2025) Jonathan Etheridge (from 6[th] May 2025) Josh Cardy (from 6[th] May 2025) Chris Peacock (from 6[th] May 2025) Sam Stevenson (from 6[th] May 2025) Deanery synod rep - *

Trustee Appointments

Any person on the Electoral Roll of the parish may stand for election to the PCC. There are 10 ‘ordinary’ elected members of the PCC, members who serve for a period of three years. Also, ex-officio members of the PCC are: clergy licensed to the parish, church wardens and members of deanery or diocesan synod.

Elections take place at the Annual General Meeting. All candidates must be proposed and seconded by a member of the Electoral Roll and only members of the Roll may vote at the meeting. There is no recruitment method for trustees, as all Roll members are eligible.

Upon appointment, new trustees are provided with previous minutes and notes relating to the legal duties and smooth running of the PCC.

Charity Name and Address

St Nicholas’ Parochial Church Council, 79 Maid Marian Way, Nottingham, NG1 6AE.

The PCC is registered with the Charity Commission under Charity number 1134708.

Auditors

Rogers Spencer Ltd, Newstead House, Pelham Road, Nottingham, NG5 1AP

10

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Annual Report of the Trustees (continued)

Bankers

Our current accounts are held by

Santander UK plc, Bootle, Merseyside L30 4GB

Charities Aid Foundation, West Malling, Kent, ME19 4TA

Our deposit accounts are held by

The Church of England Deposit Fund

St Alphage House, 2 Fore Street, London EC2Y 5AQ

Epworth Investment Management, 25 Tavistock Pl, London WC1H 9SF

Budget Authority

The PCC sets agreed budgets for each financial year and staff members have authority, with relevant consultation with the Treasurer, to work within these budgets. Any expenditure outside the budget must be brought before PCC for agreement.

Membership of external bodies

The PCC subscribes to the Evangelical Alliance (EA) and to the EA Basis of Faith Statement.

Accounting Period

The accounting period is 12 months, January – December. The previous accounting period was the 12 months ended 31 December 2023.

11

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Statement of Trustees’ Responsibilities in Relation to the Financial Statements

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the surplus of deficit of the charity for that period.

In preparing these financial statements, the Trustees are required to:

· Select suitable accounting policies and then apply them consistently

· Make judgements and estimates that are reasonable and prudent

· Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

· There is no relevant information of which the charity’s auditor is unaware; and

· The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish that the auditor is aware of that information.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s websites. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the trustees on 29th October 2025 and signed on their behalf by:

Alison Fletcher (Church Warden)

12

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Independent Auditor’s Report to the Trustees of St Nicholas Church Nottingham

Opinion

We have audited the financial statements of PCC of St Nicholas Church (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 charity 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 accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ 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 to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

13

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Independent Auditor’s Report to the Trustees of St Nicholas Church Nottingham

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 inconsistencies 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 to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 12 the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, 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 detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

14

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Independent Auditor’s Report to the Trustees of St Nicholas Church Nottingham

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

· The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

· We identified the laws and regulations applicable to the group through discussions with trustees and other management, and from our knowledge and experience of the charity sector and grant providers;

· We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

· We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

· Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

· Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

· Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

· Understanding the design of the charity’s remuneration policies.

To address the risk of fraud through management bias and override of controls, we:

· Performed analytical procedures to identify any unusual or unexpected relationships;

· Tested journal entries to identify unusual transactions;

· Assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

· Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

· Agreeing financial statement disclosures to underlying supporting documentation;

· Reading the minutes of meetings of those charged with governance;

· Enquiring of management as to actual and potential litigation and claims; and

· Reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

15

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Independent Auditor’s Report to the Trustees of St Nicholas Church Nottingham

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the FRC's website at:

https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-thefi/description-of-the-auditor%E2%80%99s-responsibilities-for.This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to 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 to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Rogers Spencer Limited (Statutory Auditor)

Newstead House Pelham Road Nottingham NG5 1AP

Rogers Spencer Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

16

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Statement of Financial Activities

Note
Current Year
Income & endowments from:
Donations & legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Charitable activities
6
Wider Church/Parish Share
Teaching & Pastoral
Youth & Children
Mission & outreach UK
Mission & outreach Overseas
Evangelism & Outreach
Total expenditure
Net income/(expenditure)
Transfer between funds
Net Movement in funds
Reconciliation of Funds
Total Funds brought forward
15
Total Funds carried forward
15		 General
General
Unrestricted
Funds
Designated
Funds
Restricted
Funds
Total
Funds
Total
Funds
2024
2024
2024
2024
2023
£
£
£
£
£
375,218
350 231,767 607,335
819,370
7,683
52 331,167 338,902
86,820
5,047
2,019
76,720
83,786
55,474
387,948
2,421 639,654 1,030,023 961,664
121,743
188 1,892 123,823 118,497
107,922
2,823
63,866 174,611 141,007
118,541 3,764
79,926 202,231 159,056
24,595
753
44,798
70,146 42,346
34,077
471
5,983
40,531 34,700
50,687
1,412
14,191
66,290 56,102
457,565
9,411 210,656 677,632 551,708
(69,617)
(6,990)
428,998 352,391 409,956
-
-
-
- -
(69,617)
(6,990)
428,998 352,391 409,956
601,845
55,215 1,417,889 2,074,949 1,664,993
532,228
48,225 1,846,887 2,427,340 2,074,949

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The notes on page 21 to 30 form part of these financial statements.

17

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Statement of Financial Activities

Note
Prior Year
Income & endowments from:
Donations & legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Charitable activities
6
Wider Church/Parish Share
Teaching & Pastoral
Youth & Children
Mission & outreach UK
Mission & outreach Overseas
Evangelism & Outreach
Total expenditure
Net income/(expenditure)
Transfers between funds
Net Movement in funds
Reconciliation of Funds
Total Funds brought forward
14
Total Funds carried forward
14		 General
General
Unrestricted
Funds
Designated
Funds
Restricted
Funds
Total
Funds
2023
2023
2023
2023
£
£
£
£
333,104
-
486,266
819,370
29,245
-
57,575
86,820
8,250
1,642
45,582
55,474
370,599
1,642 589,423 961,664
117,934 19 544 118,497
95,274
283
45,450 141,007
111,209
377
47,470 159,056
22,424 75
19,847
42,346
32,893 47 1,760
34,700
51,876
141
4,085
56,102
431,610
942
119,156 551,708
(61,011)
700
470,267 409,956
-
-
-
-
(61,011)
700
470,267 409,956
662,856
54,515
947,622 1,664,993
601,845
55,215
1,417,889 2,074,949

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The notes on page 21 to 30 form part of these financial statements.

18

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Balance Sheet as at 31 December 2024

Notes
Tangible Fixed Assets
10
Current Assets
Debtors
11
Prepayments
12
Deposit Account
Cash at bank and in hand
Current Liabilities
Amounts falling due within one year
13
Net current Assets
Total Net Assets
The Funds of the Charity
Unrestricted General Funds
14
Designated General Funds
15
Restricted Funds
16		 2024
£
£
530,781
105,625
8,615
1,715,675
88,774
1,918,689
(22,130)
1,896,559
2,427,340
532,228
48,225
1,846,887
2,427,340		 2024
£
£
530,781
105,625
8,615
1,715,675
88,774
1,918,689
(22,130)
1,896,559
2,427,340
532,228
48,225
1,846,887
2,427,340		 2023
£
£

472,471
116,182
7,594
1,417,271
75,549
1,616,596
(14,118)

1,602,478

2,074,949

601,845

55,215

1,417,889

2,074,949		 2023
£
£

472,471
116,182
7,594
1,417,271
75,549
1,616,596
(14,118)

1,602,478

2,074,949

601,845

55,215

1,417,889

2,074,949
1,918,689
(22,130)		 1,616,596
(14,118)





2,427,340 2,074,949
532,228
48,225
1,846,887		 601,845
55,215
1,417,889
2,427,340 2,074,949

The notes on page 21 to 30 form part of these financial statements.

Approved by the Trustees on 29th October 2025 and signed on their behalf by

Alison Fletcher (Church Warden)

19

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Statement of Cash Flows

Cash flows from operating activities
Net income for the financial year
Adjustments for:
Depreciation of property, plant and equipment
Decrease (increase) in debtors
Decrease (increase) in prepayments
(Decrease) increase in current liabilities
Net cash from operating activities
Cash flows from investing activities
Additions to fixed assets during the year
Net cash provided by investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
£
352,391
57,722
10,557
(1,021)
8,012
311,629
(116,032)
(116,032)
311,629
1,492,820
1,804,449		 2023
£
409,956
58,996
(59,368)
(571)
(4,048)
404,965
(849)
(849)
404,116
1,088,704
1,492,820

The charity had no debt during the year.

20

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Notes to the Financial Statements

1. Accounting policies and disclosures

Basis of Preparation

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these accounts. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK & Republic of Ireland (FRS 102) issued on 16 July 2014 and with the Financial Reporting applicable in the United Kingdom and Republic of Ireland (FRS 102) and with the Charities Act 2011 and the Church Accounting Regulations 2006.

Going Concern

The accounts have been prepared under the basis of the charity being an ongoing concern.

Funds

The Unrestricted General Fund is available for use at the discretion of the PCC to further the general objectives of the church. Designated Funds are unrestricted funds set aside by the PCC for specific future purposes or projects. Restricted Funds are funds that can only be used for particular purposes within the objects of the church. The aim and use of each fund is set out in the notes to the Financial Statements.

Income

Donated income without conditions attached, including that gifted under Gift Aid, is taken into account when received by the Charity. Income Tax recoverable on gift aid accounts is recognised when the gift aid income is received. Any amount of tax not yet claimed from HM Revenue & Customs is shown within the Debtors list. Funds raised for events are accounted for gross. Income from building hire is recognised when rental is due.

Expenditure

Expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation. All costs have been directly attributable to one of the headings used in the SOFA. The church is not registered for VAT and accordingly expenditure is shown gross of VAT.

Expenditure that is directly attributable to meeting charitable objectives is included in costs of activities in furtherance of the charity’s objects.

Capitalisation of Land and Buildings

Under the provisions of FRS 15, land and buildings are valued at historical cost and no depreciation is charged against them. Buildings are maintained to such a standard that their estimated residual value is not less than their net book value at any given time. Costs incurred in keeping buildings in a fit and useful condition are written off as incurred. Consecrated and benefice property is excluded from the accounts by nos. 10 (2), (3), (4) of the Charities Act 2011. Enhancements of buildings paid for by the PCC such as the church re-ordering carried out during 2011 are capitalised and written off over a period of 20 years.

21

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Notes to the Financial Statements (continued)

1. Accounting policies and disclosures (continued)

Fixed Assets

Fixed Assets have been capitalised at cost and the depreciation is calculated so as to write off the cost of the fixed asset on the following basis:

Building Enhancements 5% Roof Improvements 10% Assets Under Development 0% Fixtures and Fittings 10% Other Equipment 25% Computers 33%

Current Assets

Amounts owing to the PCC on 31 December in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove un-collectable. Short-term deposits include cash held on deposit either with the Central Board of Finance, the Epworth Investment Fund or Bank.

Pension Policy

Pension contributions are paid to the Pension Builder Classic section of the Church Workers Pension Fund, a defined benefit scheme, based on the level of contributions paid on behalf of each employee. Further details of the pension fund are contained in the notes to the accounts. Contributions are recognised as resources expended at the time the salary cost to which they relate is incurred.

Grants and Missionary Support

Grants for the support of mission partners are accounted for on the basis of support agreed by the PCC that relates to the financial year. The church supports various mission partners and organisations. Where a particular mission partner has been supported by the church for a number of years, strict compliance with the Charities’ Statement of Recommended Practice (SORP) may regard some arrangements as constituting constructive obligations such that future years’ support is accounted for in these accounts as a liability. Whilst the support has no final end date, the PCC assess mission partner funding on an annual basis and are confident that the mission partners would not view their support as an open-ended obligation on the part of the church.

Operating Leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight-line basis over the period of the lease.

2. Critical Accounting Estimates and Judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

22

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Notes to the Financial Statements (continued)

2. Critical Accounting Estimates and Judgements

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3.
Donations
Gift Aid
Income Tax recoverable
Other planned giving
Collections
Sundry Donations
Gift Aid
Income Tax recoverable
Other planned giving
Collections
Sundry Donations
4.
Charitable activities
Building Hire
Fees
Events
Grants received
Building Hire
Fees
Events
Grants received		 2024
2024
2024
2024
2023
Unrestricted
Designated
Restricted
Total
Total
£
£
£
£
£
249,632
-
152,935
402,567
477,349
66,377
- 38,234
104,611
118,907
41,002
- 35,663
76,665
71,854
4,763
- 277
5,040
4,185
13,444
350 4,658
18,452
147,075
375,218
350
231,767
607,335
819,370
2023
2023
2023
2023
Unrestricted
Designated
Restricted
Total
£
£
£
£
230,264
-
247,085
477,349
57,138
- 61,769
118,907
33,929
- 37,925
71,854
2,177
- 2,008
4,185
9,596
-
137,479
147,075
333,104
-
486,266
819,370
2024
2024
2024
2024
2023
Unrestricted
Designated
Restricted
Total
Total
£
£
£
£
£
5,735
- -
5,735
19,260
1,182
- -
1,182
2,940
766
52 22,336
23,154
2,498
-
-
308,831
308,831
62,122
7,683
52
331,167
338,902
86,820
2023
2023
2023
2023
Unrestricted
Designated
Restricted
Total
£
£
£
£
19,260
- - 19,260
2,940
- -
2,940
45
-
2,453
2,498
7,000
-
55,122
62,122
29,245
-
57,575
86,820

23

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Notes to the Financial Statements (continued)

5.
Income from investments
Bank Interest
Bank Interest		 2024
2024
2024
2024
2023
Unrestricted
Designated
Restricted
Total
Total
£
£
£
£
£
5,047
2,019 76,720
83,786
55,474
2023
2023
2023
2023
Unrestricted
Designated
Restricted
Total
£
£
£
£
8,250
1,642 45,582 55,474
6.
Charitable Activities
Wider Church/Parish Share
Teaching & Pastoral
Youth & Children
Mission & outreach UK
Mission & outreach Overseas
Evangelism & Social Concern		 Activities
undertaken
directly
Grant
funding of
activities
Support
Costs
2024 Total
2023 Total
£
£
£
£
£
115,992
-
7,831
123,823
118,497
57,140
-
117,471
174,611
141,007
45,604
-
156,627
202,231
159,056
37,229
1,590 31,327
70,146
42,346
1,253
19,700 19,578
40,531
34,700
1,743
5,812 58,735
66,290
56,102
258,961
27,102
391,569
677,632
551,708
Wider Church/Parish Share
Teaching & Pastoral
Youth & Children
Mission & outreach UK
Mission & outreach Overseas
Evangelism & Social Concern		 Activities
undertaken
directly
Grant
funding of
activities
Support
Costs
2023 Total
£
£
£
£
112,500 -
5,997
118,497
51,031 -
89,976
141,007
43,817 -
115,239
159,056
17,669
683
23,994
42,346
398
19,305
14,997
34,700
5,694
5,420 44,988
56,102
231,109
25,408
295,191
551,708

There were no related party transactions.

7.
Support Costs
Staffing
Building
Insurance
Administration
Depreciation		 Wider
Church
Teaching &
Pastoral
Youth &
Children
Mission UK
Mission
overseas
Evangelism
2024
Total
£
£
£
£
£
£
£
3,297
49,458 65,944
13,189
8,243 24,729
164,860
2,840
42,600
56,800 11,361
7,100 21,300
142,001
137
2,058 2,744
549
343 1,029
6,860
403
6,038 8,050
1,610
1,006 3,019
20,126
1,154
17,317 23,089
4,618
2,886
8,658
57,722
7,831
117,471
156,627
31,327
19,578 58,735
391,569

24

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Notes to the Financial Statements (continued)




7.
Support Costs

Staffing


Building


Insurance


Administration


Depreciation



 Wider
Church
Teaching &
Pastoral
Youth &
Children
Mission UK
Mission
overseas
Evangelism
2023
Total
£
£
£
£
£
£
£
2,766
41,496
55,328
11,066
6,916 20,748
138,320
1,684
25,264
33,685
6,737
4,211
12,632
84,213
131
1,972 2,629
526
329
986
6,573
236
3,545
-
945
591 1,772
7,089
1,180
17,699 23,597
4,720
2,950
8,850
58,996
5,997
89,976
115,239
23,994
14,997 44,988
295,191

The allocation of support costs has been based on an estimated proportion of staff time costs and the expenditure related to their activity.

Wider church 2%, Teaching and Pastoral 30%, Youth & Children 40%, UK Mission 8%, Overseas Mission 5%, Evangelism 15% Administration support costs includes £500 payable to the Independent Examiner, £7,800 Audit Fee and £1,565 paid under operating leases.

8.
Staffing Costs
Pastoral Salaries
Admin & Support Salaries
Pastoral Expenses
Admin & Support Expenses
Pastoral Pension
Admin & Support Pension
HMRC Refund/Rebate/Furlough		 2024
2023
Unrestricted
Restricted
Total
Total
£
£
£
£
50,908
61,819
112,727
104,583
84,352
-
84,352
61,760
22,512
-
22,512
21,955
253
-
253
175
4,792
5,871
10,663
10,825
7,043
-
7,043
5,758
(5,000)
-
(5,000)
(5,000)
164,860
67,690
232,550
200,056

At different times during the year the PCC employed a Hispanic pastor, a student minister, a children's minister, a youth team leader, a worship director, a refugee worker, a communications officer, an operations manager, and an administrator, none of whom earned £60,000 or more. No expenses were paid to PCC members in their role as Trustees. Clergy expenses totalled £4,254. The expenses also include a self-employed worship director and a firm of contract cleaners.

The average number of employees during the year was
The remuneration of key management personnel
was		 2024
2023
10
8
2024
2023
£
£
34,937
33,583
9.
Grants Payable
Mission & Outreach UK
Mission & Outreach Overseas
Evangelism & Social Care		 Institutions
Individuals
2024 Total
2023 Total
£
£
£
£
1,590
-
1,590
683
3,000
16,700
19,700
19,305
5,812
-
5,812
5,420
10,402
16,700
27,102
25,408

25

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Notes to the Financial Statements (Continued)

10.
Fixed Assets for use by the PCC
Actual Cost
As at 1 January 2024
Additions
Disposals
As at 31 December 2024
Depreciation
As at 1 January 2024
Charge for year
On disposals
As at 31 December 2024
Net Book Value 31 December
2024
Net Book Value 31 December
2023
11.
Debtors
Gift Aid Tax
GA Tax - restricted funds
Bank interest to 31 December
Staff costs due from funders
Church Buildings
Building hire
12.
Prepayments

Insurance - Centre
Rates
Copier
CCLI
Misc
Deposit Church Weekend 2026
Intern Housing		 Freehold
Land &
Buildings
Fixtures &
Fittings
£
£
107,934
105,365
-
-
-
-		 Church
Improvements
Assets under
development
Total
£
£
£
874,963
-
1,088,262
-
116,032
116,032
-
-
-
107,934
105,365		 874,963
116,032
1,204,294
-
(90,815)
-
(10,878)
-
-		 (524,976)
-
(615,791)
(46,844)
-
(57,722)
-
-
-
-
(101,693)		 (571,820)
-
(673,513)
107,934
3,672		 303,143
116,032
530,781
107,934
14,550		 349,987
-
472,471
2024
2023
£
£
31,867 29,192
37,467 60,275
15,764 15,500
12,230 10,215
8,297 -
-
1,000
105,625 116,182
2024
2023
£
£
673
493
224
230
283
199
256
234
679
758
1,000
-
5,500
5,680
8,615
7,594

26

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Notes to the Financial Statements (Continued)

13.








14.

15.


 Current Liabilities: Amounts Falling Due Within One Year

Trade Creditors
Gas & Elec
Cleaning & Supplies
79 Maid Marian Way
Church Buildings
Sundry
Service fees
Payroll
Accruals
Independent examination Fee
Audit Fee
Total
2024
2024
Unrestricted
Designated
Analysis of Net Assets by Fund
£
£
Fixed Assets for Church use
400,716
-
Current Assets
151,155
48,225
Current Liabilities
(19,643)
-
Fund Balance
532,228
48,225
2023
2023
Unrestricted
Designated
Analysis of Net Assets by Fund
£
£
Fixed Assets for Church use
458,438
-
Current Assets
155,125
55,215
Current Liabilities
(11,718)
-
Fund Balance
601,845
55,215

1 January
2024
Income
Expense
Designated Funds
£
£
£
Fabric Reserve
45,215 2,421
9,411
Legacy Fund
10,000 - -
55,215 2,421 9,411		 Current Liabilities: Amounts Falling Due Within One Year

Trade Creditors
Gas & Elec
Cleaning & Supplies
79 Maid Marian Way
Church Buildings
Sundry
Service fees
Payroll
Accruals
Independent examination Fee
Audit Fee
Total
2024
2024
Unrestricted
Designated
Analysis of Net Assets by Fund
£
£
Fixed Assets for Church use
400,716
-
Current Assets
151,155
48,225
Current Liabilities
(19,643)
-
Fund Balance
532,228
48,225
2023
2023
Unrestricted
Designated
Analysis of Net Assets by Fund
£
£
Fixed Assets for Church use
458,438
-
Current Assets
155,125
55,215
Current Liabilities
(11,718)
-
Fund Balance
601,845
55,215

1 January
2024
Income
Expense
Designated Funds
£
£
£
Fabric Reserve
45,215 2,421
9,411
Legacy Fund
10,000 - -
55,215 2,421 9,411		 Current Liabilities: Amounts Falling Due Within One Year

Trade Creditors
Gas & Elec
Cleaning & Supplies
79 Maid Marian Way
Church Buildings
Sundry
Service fees
Payroll
Accruals
Independent examination Fee
Audit Fee
Total
2024
2024
Unrestricted
Designated
Analysis of Net Assets by Fund
£
£
Fixed Assets for Church use
400,716
-
Current Assets
151,155
48,225
Current Liabilities
(19,643)
-
Fund Balance
532,228
48,225
2023
2023
Unrestricted
Designated
Analysis of Net Assets by Fund
£
£
Fixed Assets for Church use
458,438
-
Current Assets
155,125
55,215
Current Liabilities
(11,718)
-
Fund Balance
601,845
55,215

1 January
2024
Income
Expense
Designated Funds
£
£
£
Fabric Reserve
45,215 2,421
9,411
Legacy Fund
10,000 - -
55,215 2,421 9,411		 2024
2023
£
£
3,269
4,022
702
778
360
2,400
2,127
-
722
886
124
229
6,526
4,603
13,830
12,918
500
1,200
7,800
-
8,300
1,200
22,130
14,118
2024
2024
Restricted
Total
£
£

130,065 530,781

1,719,309 1,918,689

(2,487)
(22,130)

1,846,887 2,427,340
2023
2023
Restricted
Total
£
£

14,033
472,471

1,406,256 1,616,596

(2,400)
(14,118)

1,417,889 2,074,949
Transfers
31 December
2024
£
£

-
38,225

-
10,000
532,228
48,225
2023
2023
Unrestricted
Designated
£
£
458,438
-
155,125
55,215
(11,718)
-
601,845
55,215
Income
Expense
£
£
2,421
9,411
- -
55,215 2,421 9,411
-
48,225

The Fabric Reserve Fund is designated by the PCC to meet future expenditures in respect of repairs and maintenance.

The Legacy Fund represents monies given to the PCC for future use as yet undefined

27

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Notes to the Financial Statements (continued)


15.
Designated Funds
Fabric Reserve
Legacy Fund

16.
Restricted Funds
Expended Funds
Church Centre
Available Funds
Mission Partners
Events
Gifts
Collections
Hall Fund
House Trust
St Nicholas Purse
Language School
Church Weekend
Church Weekend
Bursary
Refugee Worker
Refugee Funds
Chinese Church
Pastoral Support
Hispanic Church
Pastor
Youth Team Leader
Church Buildings
Total Restricted Funds		 1 January
2023
Income
Expense
Transfers
31
December
2023
£
£
£
£
£
44,515
1,642
942
-
45,215
10,000 - -
-
10,000
54,515 1,642
942
-
55,215
1 January
2024
Income
Expense
Transfers
31
December
2024
£
£
£
£
£
14,033 - -
116,032
130,065
14,033 - -
116,032
130,065
1,949 1,781
1,253
-
2,477
1,546 6,946 7,285
-
1,207
116 1,124
1,240
-
-
4,406
357
223
-
4,540
1,383,734 400,495
-
(116,032)
1,668,198
3,771 - -
-
3,771
4,170 3,037 2,330
-
4,877
381 - -
-
381
1,209 18,358 20,733
1,166
-
312
854 -
(1,166)
-
(1,130)
58,839 34,332
(6,407)
16,970
2,146 4,500 2,573
6,407
10,480
1,256 - -
-
1,256
44 10,737 10,781
-
-
(54)
35,352 35,298
-
-
-
97,274
94,609
-
2,665
1,403,856 639,654 210,656
(116,032)
1,716,822
1,417,889
639,654
210,656
-
1,846,887

The Church Centre Fund represents capital invested in the Church Centre. The Hall Fund represents donations received for the 79MMW project.

St Nicholas purse is a fund used to support people in financial difficulty at the discretion of the Rector and the Standing Committee.

The Language School represents donations received for the weekly Language School now running in St Nic's.

The House Trust represents donations received for a new project to provide suitable housing for young asylum seekers.

The Restricted Collection Fund represents donations given via St Nic's to be used for specified purposes.

28

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Notes to the Financial Statements (Continued)

16. Restricted Funds

The Missionary Fund arises from donations given via St Nic's to be used for specified missionary

organisations or individuals.

The church weekend fund represents monies allocated by the PCC towards the costs of the next church weekend.

The Bursary Fund represents donations received to subsidise individuals wishing to attend the church weekend.

The Events Fund is used for income and expenditure relating to specific events.

The Refugee Worker fund represents grants received for the employment of a Refugee Worker.

The refugee funds represent grants received for work with refugees.

The Chinese Church Pastoral Support fund represents grants received for work with refugees from Hong Kong .

The Hispanic Church Pastor fund represents grants received for the employment of a Hispanic Pastor. The Youth Team Leader fund represents grants received for the employment of a Youth Team Leader. Church Buildings represents grants received for repairs to the Tower.

Expended Funds

Church Centre





Available Funds

Mission Partners

Events

Gifts

Collections

Hall Fund

House Trust

St Nicholas Purse

Language School

Church Weekend

Church Weekend
Bursary

Refugee Worker

Refugee Funds

Chinese Church
Pastoral Support

Hispanic Church
Pastor

Youth Team Leader





Total Restricted
Funds
 1 January
2023
Income
Expense
Transfers
31
December
2023
£
£
£
£
£




14,033
- -
-
14,033
14,033
- -
-
14,033








2,046 301 398
-1,949
3,057 2,220 3,731
-1,546
-
1,746 1,630
-
116
6,464 3,089 5,147
-4,406
890,568
520,391 27,225
-1,383,734
3,771
- -
-3,771
3,781 1,527 1,138
-4,170
1,050
- 669
-
381
5,305
1,224 5,320
-1,209
- 312 -
-
312
1,356
8,000 10,486
-
(1,130)
4,077 855 2,786

2,146
10,442
- 9,186
-1,256
1,726
16,250 17,932
-
44
(54)
33,508 33,508
-(54)
933,589
589,423 119,156
-
1,403,856
947,622
589,423 119,156
-
1,417,889

29

PCC of St Nicholas Church, Nottingham

Year Ended 31 December 2024

Notes to the Financial Statements (continued)

17. Church Workers Pension Fund (CWPF)

The Parochial Church Council of St Nicholas' (Nottingham ) participates in the Pension Builder Scheme section of CWPF for lay staff. CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the Employer and other participating employers.

CWPF has two sections:

  1. the Defined Benefits Scheme

  2. the Pension Builder Scheme, which has two subsections;

  3. a. a deferred annuity section known as Pension Builder Classic, and,

  4. b. a cash balance section known as Pension Builder 2014.

Pension Builder Scheme

Both sections of the Pension Builder Scheme are classed as defined benefit schemes.

Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are the contributions payable (2024: £17,706 2023: £16,583).

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2022. The next valuation is due as at 31 December 2025.

For the Pension Builder Classic section, the valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2025, the Board chose to grant a discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997; and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 2.7% (where usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2024. There is no requirement for deficit payments at the current time.

For the Pension Builder 2014 section, the valuation revealed a surplus of £8.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

The legal structure of the scheme is such that if another employer fails, St Nicholas (Nottingham) could become responsible for paying a share of the failed employer’s pension liabilities.

18. Post Balance Sheet Events

The PCC agreed to accept the tender for 79 Maid Marian Way on Monday 22nd of September 2025 and the Rector released a message to the Church on the 23rd to update people of progress.

30