**REGISTERED CHARITY NUMBER: 1134709** 

**Report of the Trustees and** 

## **Audited Financial Statements** 

**for the Year Ended 31 December 2024** 

## **for** 

**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

**Contents of the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2024** 

||**Page**|
|---|---|
|**Report of the Trustees**|1 to  12|
|**Report of the Independent Auditors**|13 to  16|
|**Statement of Financial Activities**|17|
|**Balance Sheet**|18|
|**Cash Flow Statement**|19|
|**Notes to the Cash Flow Statement**|20|
|**Notes to the Financial Statements**|21 to  40|





**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2024** 

The Trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). 

## **OBJECTIVES AND ACTIVITIES** 

## **Objectives and aims** 

The primary objective of the PCC is the promotion of the Gospel of our Lord Jesus Christ according to the doctrines and practices of the Church of England. The Trustees confirm that they have complied with their duty of the Charities Act 2011 in having due regard to the Charity Commission's guidance on Public Benefit when planning and reviewing the aims and objectives of St Michael's Church. 

## **Vision** 

The vision of St Michael's Church is 'Living to make a difference by being a Christian heart at the centre of our Communities'. The strategic components of realising that vision are defined as (i) Learning and Growing Together (ii) Sharing Jesus Together and (iii) Serving Together. 

We seek to maintain a balance between the Anglican liturgy that is at the heart of all Church of England worship, and the freedom to experiment and change which maintains life and freshness. 

## **Significant activities** 

In 2024, St Michael's Church fulfilled its charitable objectives by undertaking a number of activities. 

- Links with the many schools in the parish, including the provision of assembly services and extra Religious Education lessons 

- Provision of mentoring services to local secondary school pupils 

- Pre-School & Nursery 

- The Coffee Shop 

- Messy Church 

- Youth clubs held weekly 

- Increasing the number of our small midweek discipleship groups and encouraging leadership 

- Developing connections and a presence in new housing areas 

- Providing a ministry for men and women with social and spiritual input 

- Expanding services for the over 65s and providing opportunities to meet and build community 

- Community use of our premises 

- Working with other local churches 

- Pastoral care, formal and informal 

- Work environment - supporting the spiritual dimension of people in the workplace 

- Delivery of Alpha courses 

- Regular church services at local care homes 

- Providing quality online services 

Some of these areas of ministry are expanded upon in this report. 

## **Giving** 

St Michael's Church aims to set aside 10% of the voluntary unrestricted giving, to be given to mission partners in the UK and overseas. New mission partners are reviewed by the Mission Support Hub (MSH) in accordance with agreed procedures. 

Page 1 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **OBJECTIVES AND ACTIVITIES** 

## **Volunteers** 

There are a number of volunteers at St Michael's Church and they assist in numerous ways. These include: 

- Serving in various ways during Sunday services 

- Serving at The Coffee Shop 

- Fabric Committee 

- Youth work 

- Children's work 

- Pastoral Care 

- Facilities 

- Audio visuals and lighting 

- Maintenance 

- Receptionists in St Michael’s Centre 

- Flower arranging 

- Over 65s' community lunches and teas 

- Christmas Market and Carols 

- Events and hospitality 

- Stoke Gifford Community Library 

- Fundraising events 

- Students Ministry 

- New Housing Area team 

The PCC would like to offer its grateful thanks to all staff and volunteers who lead and support the activities and ministries of St Michael's Church. 

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**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **ACHIEVEMENT AND PERFORMANCE Charitable activities** 

## **Church attendance and electoral roll** 

Attendances based on averages throughout the year, have been: 

||**2020**|**2021**|**2022**|**2023**|**2024**|
|---|---|---|---|---|---|
|Adult Attendance|350|185|361|365|483|
|Child Attendance|74|35|85|122|137|
|Electoral Roll|340|346|361|368|354|



During 2024 all services were in-person and the majority were also live-streamed, with the exception of Evensong and Midweek Communion. 

## **Baptisms, confirmations, wedding and funerals** 

The numbers of services and celebrations have been: 

||**2020**|**2021**|**2022**|**2023**|**2024**|
|---|---|---|---|---|---|
|Baptisms 12 and under|9|3|12|11|10|
|Baptisms 12 and over|0|1|3|7|7|
|Confirmations|0|0|6|0|0|
|Weddings|2|0|5|6|3|
|Blessings|0|2|0|0|2|
|Funerals|3|3|6|7|5|



## **St Michael's Church** 

Leadership is encouraged and developed across all ages and areas of ministry. There are currently two full-time stipendiary clergy, one curate, and one retired clergy with Permission to Officiate. Lay ministry continues to play a key role in the parish and there are currently four Licensed Lay Ministers serving, alongside others in ministry leadership roles both paid and voluntary. 

The life of the church is based around a number of inter-related ministries which are the responsibility of individual members of the clergy, the staff team at St Michael's or members of the congregation who volunteer their time. During 2024 we have seen God moving in and through these ministries in the following ways. 

## **Life Groups** 

At St Michael's, Life Groups play a crucial part in our learning and growing together. There are a wide variety of groups of varying sizes and expressions. The majority of groups have assistant leaders to help their leaders and share some of the pastoral load. The plan is that some of these assistant leaders may lead their own groups in due course. Leading a Life Group is complex and demanding and so each leader is assigned to a cluster overseen by a clergy member to offer pastoral support. Prayer Triplets and Three Is Enough (TIE) groups are also continuing to thrive and offer greater intimacy and accountability in the lives of the people who choose to be in a triplet and are seeking to go deeper with God. 

## **Alpha** 

We have continued to run Alpha throughout the year. New leaders have emerged, and new people have joined the church family, as well as being baptised. New people continue to find a home in St Michael’s, and there has been a significant increase in numbers of young families and people from Hong Kong joining in over the past year so there have been groups specifically in Cantonese in our most recent courses. In 2024 we have also seen an increase in attendees from a younger demographic. 

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**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **Children's and Families Ministry** 

The vision for this ministry is “Journey with children and families as they learn about God, grow in their faith and serve and share Jesus with others”. The team displayed resilience following the death of a key volunteer in December 2023, and also in April the death (due to cancer) of one of the children who attended Messy Church. St Michael's stood with the family in their grief and held a celebration of her life in May 2024. 

On Sundays, a new group called Stepping Stones started, bridging the gap between Creche and Bubbles. It has been going very well. Creche, Bubbles and Kidz club have all seen growth in numbers. Our weekly parent and toddler groups are hugely important "First Stage" groups for parents and carers from all over the parish. It has been lovely to see church families meeting and extending friendship to families from the local community who perhaps would not normally step foot inside a church. 

Messy Church continues to run once a month and is always fully booked due to our strong link with St Michael’s Primary School. Several young leaders are involved in this. We took Year 6 Children to SPREE South West camp for the first time. Summer Club in 2024 was a great success with 200 children attending. Our work in schools continued with weekly assemblies, Bring to Life, mentoring, Year 6 Alpha and more. 

## **Youth** 

Our Youth Minister resigned in April 2024, and oversight of the ministry - and line management of the South West Youth Ministry (SWYM) placement students - was temporarily taken on by our curate. We interviewed and appointed one of the SWYM placement students on a part-time fixed-term basis. The ministry is thriving with mentoring, girls evenings and Youth Alpha on a Sunday all running. The Christmas Ball was the most successful yet, with over 60 young people attending. The young people have been requesting more discipleship opportunities and a new Sunday group has started. Young people serve at church in lots of ways: in the worship band, on the tech desk and even as young leaders in children’s ministry. There was also a large number serving as young leaders at Summer Club. 

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**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **Students & Young Adults Ministry** 

We have continued to see steady growth in our student and young adult ministry with normal fluctuations during term-times and the exam periods. Each month we host a Sunday meal for students and young adults after the six-thirty service. This is generally attended by 10-30 people depending on the time of year. Some attend the Sunday ten-thirty celebration, and many young adults are part of a life group, or come along to men’s or women’s ministry events or wider church events even if they are not actively involved with our young adult's ministry. 

We have mentoring opportunities for students and young adults - we have seen amazing spiritual growth through this. Alongside this, we have 2 life groups just for students and young adults. The Young Adults Weekend Away happened again in February 2024 and was a fantastic time of worship, teaching and time spent with Jesus. In 2024 we introduced Belong Nights - a termly event aiming to gather our whole student and young adult community together for worship and teaching. This has been very popular. December 2024 saw our long-standing Student and Young Adult Minister resign from her role due to a relocation. The ministry is currently being overseen by a fantastic team of volunteers whilst a replacement is recruited. 

## **Musical Worship** 

Our worship over this last year has continued to work towards our vision of: Together, offering a sacrifice of praise to Jesus and experiencing his transforming power through worship. The team has continued to grow and develop. In June 2024, the fixed-term Worship Pastor role came to an end. The ministry has continued to be overseen by the incumbent with volunteers taking on key elements of the role. 2024 has seen new people join the worship teams, with a specific increase in young people. In 2025 we would like to see this continue as well as raise up new worship leaders. 

## **Mission Support Hub** 

In 2024 we continued to support mission both at home and abroad through a 10% tithe of all money given to the PCC. More than £56,000 was given away in 2024 which excludes grants provided by the church to mission through the Heart of the Community fund. The Mission Support Hub (MSH) replaced the Mission Action Group (MAG) and the Chairman of MAG, Mary Cottrell, stood down after an amazing 30 years of continuous service. The new MSH was created from some members of the previous MAG and five new members who volunteered to join the Hub. 

Although the group has new members and a new name, the support and grants given by St Michael’s is consistent with the level of grants given in previous years. £34,200 was used for the regular support of our mission partners in the UK and abroad, as well as for a new partner, Open Doors, which works with the persecuted church worldwide. £7,500 was given to local community organisations to support local foodbanks, two local school hardship funds, Network Counselling and Befriend. We also gave 8 small grants of £1,000 to charities at home and abroad and we made some grants to respond to emergencies, such as flood defences for our partner in Brazil and a gift to our partner in Tonypandy following a bad house fire. One of our mission partners was featured every month at Sunday services, with a brief video update, newsletter and prayer points. Latest news of mission partners was sent to those who requested information and bi-monthly Meet the Mission Partner prayer meetings took place on Zoom. Eight small recipients were nominated by members of St Michael’s congregation, which encouraged overall participation in mission. 

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**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **New Housing Areas** 

There is a team working specifically on the New Housing Areas within our parish. This is largely made up of volunteers and they meet regularly. There are four Life Groups in our new housing areas: one in the Retirement Village, one focusing on Highbrook Park, one in Cheswick and one in Scholar’s Chase. Throughout the year, our baby and toddler group in Cheswick – Saplings – continued to flourish. Forest Church takes place once a term. In the Retirement Village the monthly Sunday service and the Songs of Praise events are popular. 

Christmas is a key time for New Housing Area initiatives including the Christmas float active for three nights in Cheswick, Scholars Chase and Brooklands Park. The Carol singing at the start of the evening is proving popular. A Community Carol Service was held at Wallscourt Farm Academy, featuring uniform groups and the school choir and a Carol Service at Stoke Gifford Retirement Village was appreciated by all. 

## **The Coffee Shop** 

Positive feedback from customers continued in 2024, with different menu options introduced, Saturday opening continuing, and regular seasonal specials. Worship music is now played in the Coffee Shop and a “prayer tree” is available where people can write the names of those they would like prayer for. The Coffee Shop ministry continues to grow despite challenges. 

## **Pastoral Ministry** 

Under the umbrella of pastoral care, a range of facilities are available that aim to show people that they belong, matter, are noticed, are welcomed and are missed when not around. The Pastoral Support Hub responds to and supports church family members and others in our communities in times of crisis or with ongoing problems. Kintsugi Hope Wellbeing courses continue to be regularly run and well-received. 

## **Pre-school and Nursery** 

The Pre-school and Nursery (PSN) has experienced more staff changes in 2024 and now has a new manager. Changes to government legislation in this area, staff salaries and parents’ fees remain a challenge, but they are managed and monitored by the Pre-School Nursery Management Committee which has a dedicated treasurer in addition to the Nursery staff. The PSN continues to live out the St Michael’s vision of being a Christian Heart at the Centre of our Communities as it provides a safe and stimulating environment to help children develop and learn whilst preparing them for the move on to primary school. 

## **FINANCIAL REVIEW** 

## **Financial position** 

Total income for the year was £1,823,980 (compared with £1,406,728 in 2023). Total income exceeded expenditure by £181,520 (in 2023, expenditure exceeded income by £40,269). 

## **Principal funding sources** 

The principal funding sources are the generous giving of the congregation, Gift Aid claims, the community support of the Pre-School and Nursery, and the serving of refreshments via the Coffee Shop. St Michael's Church Centre Ltd (SMCC) also provides funding to contribute towards the salaries of staff members who are involved in SMCC work. 

The expenditure has satisfied the charitable objectives by supporting the advancement of the Christian faith, extensive children and youth work, elderly people's ministry and a wide range of community services, such as the Coffee Shop, and Pre-School and Nursery. The church did not receive any money from the Diocese of Bristol directly and is a net contributor to the Diocese of Bristol. 

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**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **FINANCIAL REVIEW** 

## **Investment policy** 

St Michael's Church invests funds in excess of short-term requirements with the CBF Church of England Deposit Fund and Lloyds Bank Special Reserve accounts. There are no investment conditions which have been placed upon these funds. 

## **Grant-Making Policy** 

The Trustees aim to set aside 10% of unrestricted giving and continue to work closely with existing mission partners, both in the UK and overseas. New mission partners are reviewed by the Mission Support Hub (MSH) in accordance with agreed procedures. 

## **Reserves policy** 

The PCC has sought to build up free reserves to a level which supports the operations of the church during any temporary reduction in income and to enable a controlled rundown of activities, if it became no longer feasible to continue the operations. The Trustees are therefore working towards holding free reserves of approximately three months core expenditure, which equates to £250,000. These reserves will ensure that PCC, Coffee Shop and Pre-school and Nursery staff will continue to be paid throughout their notice period, in the event that St Michael's ceases to be a going concern. It will also ensure that contributions can be made to the Bristol Diocese. 

The PCC measures free reserves as the total of the balance of the General fund and the Preschool and Nursery fund. At the year end, free reserves were £289,438 (2023 - £235,509). 

At the year end, total reserves were £546,844 (£365,324 in 2023) of which £126,967 (2023 - £24,855) was held in restricted funds. 

## **Future Major Expenditure** 

The charity has aspirations to refurbish its historic church building adjacent to the Stoke Gifford Village Green, for which plans have been developed. However, further fundraising will be required to deliver this project. 

## **Going Concern** 

The annual accounts have been prepared on the assumption that the charity is able to continue as a going concern. However, it is recognised that adverse external financial pressures such as the changes to minimum wage and national insurance contributions, high inflation and interest rates will continue to impact the UK’s economy, which will in turn affect the financial position of the charity. The Trustees have therefore considered the impact of these issues on our current and future financial position. The charity holds free reserves of £289,438 (2023 - £235,509), and other designated reserves that can be drawn down, if necessary, of £130,439 (2023 - £104,960). The Trustees are encouraged that the levels of regular giving held up during 2024, with a larger than expected response to the PCC Gift Day in October. 

In addition, the charity is expecting stability in all the main office holders in the Church, which ensures consistency in relation to costs as well as to the life of the Church. Through a number of financial decisions made, and one-off donations during 2024, the Trustees were able to turn the projected deficit into a modest surplus. During 2024 the loans relating to the St Michaels Centre operated by St Michael's Church Centre Ltd (SMCC), a related party, were fully repaid. This reduces the overall running cost of the Centre for which the PCC provides significant contribution. 

The Trustees consider that the charity has sufficient cash reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved. 

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**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **FUTURE PLANS** 

Our strategic vision is "Living to make a difference by being a Christian Heart at the Centre of our Communities" and will remain so going forward. 

During 2024 we developed our ongoing 3-year strategy, with a strategic objective for each of our aims: 

Growing and Learning Together - To continue to develop a Rule of Life using the Practicing the Way resources. 

Serving Together - Develop and embed a process from initial welcoming to regular serving. 

Sharing Jesus Together - To enable ‘sharing Jesus’ moments in every area of Church life, enabling us all to share our faith with confidence and humility. 

We are doing this through specific objectives for each, which are monitored using an objectives tracker. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** 

The PCC is governed by two pieces of Church of England legislation, called Measures. These are the Parochial Church Council (Powers) Measure 1956) and the Church Representation Rules (contained in Schedule 3 to the Synodical Government Measure 1969 as amended). The PCC constitutes an unincorporated charity. 

## **Charity constitution** 

The PCC is a Body Corporate established by the Church of England and operates under the Parochial Church Council Powers Measure.  It meets regularly, plus occasional extra meetings. 

## **Recruitment, appointment, induction and training of new trustees** 

Members of the PCC (trustees) are appointed ex-officio or elected by the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules or are co-opted onto the PCC due to the role they undertake. All trustees are given the Charity Commission publication, CC3 The Essential Trustee - What You Need to Know, What You Need to Do, to assist in the induction process and to allow all new trustees to be aware of their legal responsibilities. The Diocese of Bristol provides PCC (membership, trustee) training and new PCC members are encouraged to attend. 

## **Organisational structure** 

The Parochial Church Council of the Ecclesiastical Parish of Stoke Gifford (Stoke Gifford PCC) serves the ecclesiastical parish of Stoke Gifford within the Kingswood and South Gloucestershire Deanery of the Bristol Diocese of the Church of England. 

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**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT Decision making** 

The day-to-day management is carried out by staff teams, committees and action groups who keep the PCC informed of their work. The work of our committees is reported back to the congregation as part of the APCM. 

Committees appointed by the PCC are: 

- Standing Committee 

- Core Leadership Team 

- Ministry Heads Team 

- Staff Team 

- Pre-School & Nursery Management Committee 

- Finance & HR Committee 

- Fabric Committee 

- Mission Support Hub 

- ECO Group 

There are many other groups which focus on aspects of delivering the strategic aims, these include New Housing Area Team, Alpha, Life groups, Pastoral Ministry, Prayer, Worship, Over 65's, Youth and Children's work. 

Most church business is conducted at PCC meetings, including the approval of accounts, setting of occasional office fees and approval of candidates wishing to become lay ministers. Appropriate training, procedures and policies have been adopted in relation to such matters as health and safety, disability discrimination legislation and safeguarding. 

## **Related parties** 

St Michael's PCC is a related party of St Michael's Church Centre Ltd (SMCC). The SMCC is responsible for the construction and operation of the St Michael's Centre. The centre is the continuing expression of the vision of St Michael's. The SMCC and St Michael's Church PCC have two trustees in common. 

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**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Corporate Governance** 

Internal controls over all forms of commitment and expenditure continue to be refined to improve effectiveness. Processes are in place to ensure that performance is monitored, and that appropriate management information is prepared and reviewed regularly by the PCC. 

The systems of internal control are designed to provide reasonable but not absolute assurance against material misstatement or loss. They include: 

- An annual budget approved by the PCC 

- Regular consideration by the PCC of financial results and variances from budgets 

- Delegation of day-to-day management authority and segregation of duties 

- Identification and management of risks 

## **Risk management** 

The Trustees have a risk management process. This involves identifying the types of risks the charity faces, prioritising them in terms of potential impact and likelihood of occurrence, and identifying means of managing or mitigating the risks. The Trustees confirm that the major risks to which the charity is exposed, as identified by them, have been reviewed in the period and systems have been established and maintained to manage those risks. 

## **Safeguarding** 

At St Michael's we are committed to enabling our church community to be a place where all are safe and protected from abuse, where all can be healed and where all can live life to the full. We seek to provide effective safeguarding processes to ensure the safety of young people and vulnerable adults. All those who work with children, young people or adults at St Michael's undertake a checking process, culminating in a Disclosure & Barring Service (DBS) Check, which is renewed every three years. 

We have two individuals appointed to the roles of Parish Safeguarding Officer, with responsibility split into - Adults at Risk and Youth and Children. During the year we have used the parish dashboard to review our safeguarding and 'Safer Recruiting' and working practices. This has enabled us to monitor our performance and identify areas where further work is required. The Diocese also has access to this. The current Parish Safeguarding Policy has been reviewed and adopted by the PCC during 2024. The Policy is available in the two church centres and the safeguarding section of the church website. Posters are located around the church estate, highlighting who to talk to about any safeguarding concerns. There is a contact form on the website with a direct link to the Safeguarding Officers. 

The Trustees therefore consider that they have complied with the duty under Section 5 of the Safeguarding and Clergy Discipline Measure 2016 (Duty to have due regard to House of Bishops' guidance on safeguarding children and vulnerable adults). 

## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 

1134709 

## **Principal address** 

St Michael's Centre North Road Stoke Gifford Bristol BS34 8PD 

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**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2024** 

**Trustees** Revd S Jones - Rector Revd T Benyon - Associate Vicar Revd E Huggins - Curate J Hobbs - Licensed Lay Minister (ex officio) J Spens - Licensed Lay Minister, Diocesan Synod Representative (ex officio) D Pilch - Churchwarden M Watkivs - Churchwarden M Roach - Elected member - Treasurer L Thomas   PCC Secretary, Diocesan Synod Representative (ex officio) A Mead - Co-opted (Operations Manager) K Needham - Elected member D Ottaway - Elected member L Pott - Elected member (resigned 31 December 2024) P Berry - Elected member P Davies -Elected member C Lacey - Elected member J Lim - Elected member (resigned 14 February 2024) E Bone - Elected member C Reveley - Elected member H Culshaw - Elected member (elected 24 April 2024) A Tang - Elected member (elected 24 April 2024) R Wong - Elected member (elected 24 April 2024) C Bradley - Diocesan Synod Representative (ex officio - since 11 November 2024) 

## **Auditors** 

Gravita Audit Western Limited Chartered Accountants and Statutory Auditors Bath House 6 - 8 Bath Street Bristol BS1 6HL 

## **Web address** 

www.stmichaelsbristol.org 

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**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** 

The PCC is responsible for all parish finance, its management and control, including the appointment of a treasurer. While it may delegate some of its duties, this does not remove its legal responsibilities. 

Charity law requires the Trustees to prepare a trustees' annual report and financial statements for each financial year that give a true and fair view of the church's financial activities during the year and of its financial position at the end of the year. The Trustees are also required to ensure that these are subjected to an annual independent examination or audit and to present these to the APCM in accordance with the Church Representation Rules. 

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

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and 

- prepare the financial statements on a 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 church and enable them to ensure that the financial statements comply with the Charities Act 2011 and applicable accounting standards. They are also responsible for safeguarding the assets of the church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

Approved by order of the board of trustees on 14 April 2025 and signed on its behalf by: 

Revd S Jones - Rector 

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**Report of the Independent Auditors to the Trustees of The Parochial Church Council of the Ecclesiastical Parish of Stoke Gifford** 

## **Opinion** 

We have audited the financial statements of The Parochial Church Council of the Ecclesiastical Parish of Stoke Gifford (the 'charity') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 

In our opinion the financial statements: 

- give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **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 Auditors' 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. 

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

In connection with our audit of the financial statements, 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 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. 

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**Report of the Independent Auditors to the Trustees of The Parochial Church Council of the Ecclesiastical Parish of Stoke Gifford** 

## **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: 

- the information given in the financial statements is inconsistent in any material respect with the trustees' report; 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. 

## **Responsibilities of trustees** 

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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. 

Page 14 



**Report of the Independent Auditors to the Trustees of The Parochial Church Council of the Ecclesiastical Parish of Stoke Gifford** 

## **Our responsibilities for the audit of the financial statements** 

We have been appointed as auditors 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 a Report of the Independent Auditors 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. 

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

(i) We obtained an understanding of the legal and regulatory frameworks applicable to the charity and the sector in which it operates. We determined the following laws and regulations of most significance were: Charity SORP 2019 and UK GAAP. 

(ii) We obtained an understanding of how the charity complies with those legal and regulatory frameworks by making inquiries of management. We corroborated our enquiries through our review of board minutes and other relevant meeting minutes. 

(iii) We assessed the susceptibility of the charity's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: 

- identifying and assessing the effectiveness of controls management has in place to prevent and detect fraud; 

- understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; 

- challenging assumptions and judgements made by management in its significant accounting estimates; 

- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; 

- and assessing the extent of compliance with the relevant laws and regulations. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement 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 statements, as we will be less likely to 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 misrepresentation. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. 

Page 15 



**Report of the Independent Auditors to the Trustees of The Parochial Church Council of the Ecclesiastical Parish of Stoke Gifford** 

## **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 auditors' 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. 

Gravita Audit Western Limited Chartered Accountants and Statutory Auditors Bath House 6 - 8 Bath Street Bristol BS1 6HL 

15 April 2025 

Page 16 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2024** 

|Notes<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>2<br>**Charitable activities**<br>5<br>Ministry and mission<br>Coffee Shop<br>Pre-school and Nursery<br>Raising funds<br>3<br>Investment income<br>4<br>Other income<br>6<br>**Total**<br>**EXPENDITURE ON**<br>Raising funds<br>7<br>**Charitable activities**<br>8<br>Ministry and mission<br>Coffee Shop<br>Pre-school and Nursery<br>**Total**<br>**NET INCOME/(EXPENDITURE)**<br>**Transfers between funds**<br>22<br>**Net movement in funds**<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**|Unrestricted<br>funds<br>£<br>**544,550**<br>**31,728**<br>**138,396**<br>**824,351**<br>**3,486**<br>**7,196**<br>**130,858**<br>**1,680,565**<br>**710**<br>**704,183**<br>**146,621**<br>**745,401 **<br>**1,596,915**<br>**83,650**<br>**(4,242)**<br>**79,408**<br>**340,469**<br>**419,877**|Restricted<br>funds<br>£<br>**143,415**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**143,415**<br>**-**<br>**28,941**<br>**-**<br>**16,604 **<br>**45,545**<br>**97,870**<br>**4,242**<br>**102,112**<br>**24,855**<br>**126,967 **|**2024**<br>**Total**<br>**funds**<br>**£**<br>**687,965**<br>**31,728**<br>**138,396**<br>**824,351**<br>**3,486**<br>**7,196**<br>**130,858**<br>**1,823,980**<br>**710**<br>**733,124**<br>**146,621**<br>**762,005**<br>**1,642,460**<br>**181,520**<br>**-**<br>**181,520**<br>**365,324**<br>**546,844**|2023<br>Total<br>funds<br>£<br>549,047<br>37,328<br>104,430<br>595,135<br>4,192<br>6,357<br>110,239<br>1,406,728<br>669<br>743,158<br>113,356<br>589,814<br>1,446,997<br>(40,269)<br>-<br>(40,269)<br>405,593<br>365,324|
|---|---|---|---|---|



The notes form part of these financial statements 

Page 17 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Balance Sheet 31 DECEMBER 2024** 

|Unrestricted<br>funds<br>Notes<br>£<br>**FIXED ASSETS**<br>Tangible assets<br>17<br>**52,474**<br>**CURRENT ASSETS**<br>Debtors: amounts falling due within one year<br>18<br>**34,048**<br>Cash at bank and in hand<br>**391,427**<br>**425,475**<br>**CREDITORS**<br>Amounts falling due within one year<br>19<br>**(58,072)**<br>**NET CURRENT ASSETS**<br>**367,403**<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>**419,877**<br>**NET ASSETS**<br>**419,877**<br>**FUNDS**<br>22<br>Unrestricted funds<br>Restricted funds<br>**TOTAL FUNDS**|Restricted<br>funds<br>£<br>**-**<br>**320**<br>**130,038**<br>**130,358**<br>**(3,391)**<br>**126,967**<br>**126,967**<br>**126,967 **|**2024**<br>**Total**<br>**funds**<br>**£**<br>**52,474**<br>**34,368**<br>**521,465**<br>**555,833**<br>**(61,463)**<br>**494,370**<br>**546,844**<br>**546,844**<br>**419,877**<br>**126,967 **<br>**546,844**|2023<br>Total<br>funds<br>£<br>63,958<br>151,933<br>341,762<br>493,695<br>(192,329)<br>301,366<br>365,324<br>365,324<br>340,469<br>24,855<br>365,324|
|---|---|---|---|



The financial statements were approved by the Board of Trustees and authorised for issue on 14 April 2025 and were signed on its behalf by: 

Revd S Jones - Rector 

The notes form part of these financial statements 

Page 18 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 2024** 

|Notes<br>**Cash flows from operating activities**<br>Cash generated from operations<br>1<br>Net cash provided by/(used in) operating activities<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets<br>Interest received<br>Net cash provided by/(used in) investing activities<br>**Change in cash and cash equivalents in**<br>**the reporting period**<br>**Cash and cash equivalents at the**<br>**beginning of the reporting period**<br>**Cash and cash equivalents at the end of**<br>**the reporting period**|**2024**<br>**£**<br>**172,507 **<br>**172,507**<br>**-**<br>**7,196**<br>**7,196**<br>**179,703**<br>**341,762 **<br>**521,465**|2023<br>£<br>(37,361)<br>(37,361)<br>(73,469)<br>6,357<br>(67,112)<br>(104,473)<br>446,235<br>341,762|
|---|---|---|



The notes form part of these financial statements 

Page 19 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Notes to the Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 2024** 

|**1.**|**RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH**|**RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH**|**FLOW FROM**||
|---|---|---|---|---|
||**OPERATING ACTIVITIES**||||
||||**2024**|2023|
||||**£**|£|
||**Net income/(expenditure) for the reporting period (as per the**||||
||**Statement of Financial Activities)**||**181,520**|(40,269)|
||**Adjustments for:**||||
||Depreciation charges||**11,484**|11,478|
||Interest received||**(7,196)**|(6,357)|
||Bristol Diocese loan repayments||**(115,250)**|(166,000)|
||Decrease in debtors||**117,565**|147,924|
||(Decrease)/increase in creditors||**(15,616)**|15,863|
||**Net cash provided by/(used in) operations**||**172,507 **|(37,361)|
|**2.**|**ANALYSIS OF CHANGES IN NET FUNDS**||||
|||At 1.1.24|Cash flow|**At 31.12.24**|
|||£|£|**£**|
||**Net cash**||||
||Cash at bank and in hand|**341,762 **|**179,703**|**521,465**|
|||**341,762 **|**179,703**|**521,465**|
||**Debt**||||
||Debts falling due within 1 year|**(115,250)**|**115,250**|**-**|
|||**(115,250)**|**115,250**|**-**|
||**Total**|**226,512**|**294,953**|**521,465**|



The notes form part of these financial statements 

Page 20 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **1. ACCOUNTING POLICIES** 

## **Basis of preparing the financial statements** 

Stoke Gifford PCC is an unincorporated charity. The address of the principal office is given in the Trustees report. The nature of the PCC's operations and principal activities are detailed in the Trustees report of these financial statements. 

The financial statements of the PCC, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. 

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

The financial statements are prepared in sterling which is the functional currency of the charity and are rounded to the nearest £. 

The financial statements have been prepared on a going concern basis after consideration by the Trustees. The Trustees consider that the PCC has sufficient cash reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved. 

## **Critical accounting judgements and key sources of estimation uncertainty** 

No judgements that have had a significant effect on amounts recognised in the financial statements (apart from those involving estimates) have been made in the process of applying the above accounting policies. 

## **Income** 

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably. 

Offerings and donations are recognised when received by or on behalf of the PCC.  Income tax recoverable on gift aid donations is recognised when the related income is recognised. Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement and the amount due. Rental income from the letting of church premises is recognised when the rental is due. Other income is recognised on a receipts basis. The value of services provided by volunteers has not been included. Coffee Shop income is accounted for on a cash received basis. Pre-school and Nursery income is accounted for on an accrual basis. 

## **Grants** 

Grants, including grants for the purchase of fixed assets, are recognised in full in the Statement of Financial Activities in the year in which they are receivable, where all conditions associated with the grant have been met. Where conditions exist which remain unsatisfied, the grant is treated as a liability until the conditions have been substantially met. 

continued... 

Page 21 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

**Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **1. ACCOUNTING POLICIES - continued** 

## **Expenditure** 

Liabilities are recognised when goods or services have been supplied or provided to the charity, and where services relate to the accounting period but are provided subsequently. 

Where expenditure does not fall entirely within one cost category, it is apportioned between categories so as to reflect an appropriate division of costs. VAT on expenditure outside the Coffee Shop is irrecoverable and costs reported in the financial statements include such VAT. 

The Coffee Shop registered for VAT from 1 January 2023 as they were above the registration threshold. 

Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure. 

## **Tangible fixed assets** 

Consecrated and beneficed property is excluded from the accounts by the Charities Act 2011. No value is placed on movable church furnishings held by the churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or beneficed buildings and movable church furnishings, whether maintenance or improvement, is written off as expenditure in the Statement of Financial Activities. 

The PCC policy is to capitalise significant capital expenditure over £5,000. This was increased from £2,500 in the year to 31 December 2024. 

## **Depreciation** 

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: 

Leasehold property improvements - 6 years, straight line Plant, property and equipment - 3 years, straight line 

## **Taxation** 

The charity is exempt from tax on its charitable activities. 

## **Debtors** 

Debtors are measured on initial recognition at settlement amount after any amounts advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received. 

## **Cash and short term investments** 

Cash at bank is held to meet short-term cash commitments as they fall due rather than for investment purposes and includes all cash equivalents held in the form of short-term highly liquid investments. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. 

## **Creditors** 

The charity has creditors which are measured at settlement amounts. 

continued... 

Page 22 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

**Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **1. ACCOUNTING POLICIES - continued** 

## **Financial Instruments** 

The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.  Financial instruments are recognised when the charity becomes party to the contractual provisions of the instrument.  Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 

## **Basic financial assets** 

Basic financial assets, which include trade and other debtors, and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. 

## **Basic financial liabilities** 

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.  Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.  Financial liabilities are derecognised when, and only when, the charity's contractual obligations are discharged, cancelled, or they expire. 

## **Fund accounting** 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 

Designated funds are unrestricted funds earmarked by the trustees for particular purposes. 

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 

## **Hire purchase and leasing commitments** 

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the period of the lease. 

## **Pension costs and other post-retirement benefits** 

The charity participates in the Pension Builder Scheme section of Church Workers Pension Fund (CWPF) for lay staff.  The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers. 

The scheme is a multi-employer scheme as described in Section 28 of FRS 102 as it is not possible to attribute the Pension Builder Scheme's assets and liabilities to specific employers.  This means that contributions are accounted for as if the Scheme were a defined contribution scheme. 

continued... 

Page 23 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **1. ACCOUNTING POLICIES - continued** 

## **Donated goods, services and facilities** 

Donated goods, services or facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. 

## **2. DONATIONS AND LEGACIES** 

|**2.**<br>**DONATIONS AND LEGACIES**|||
|---|---|---|
|Offerings and donations<br>Gift aid reclaims<br>Legacies<br>Grants receivable<br>Grants received, included in the above, are as follows:<br>St Michael's Church Centre Limited<br>South Gloucestershire Council<br>**3.**<br>**RAISING FUNDS**<br>Fundraising events<br>**4.**<br>**INVESTMENT INCOME**<br>Deposit account interest|**2024**<br>**£**<br>**545,272**<br>**91,218**<br>**21,475**<br>**30,000**<br>**687,965**<br>**2024**<br>**£**<br>**30,000**<br>**-**<br>**30,000**<br>**2024**<br>**£**<br>**3,486**<br>**2024**<br>**£**<br>**7,196**|2023<br>£<br>451,897<br>96,150<br>-<br>1,000<br>549,047<br>2023<br>£<br>-<br>1,000<br>1,000<br>2023<br>£<br>4,192<br>2023<br>£<br>6,357|
||||



continued... 

Page 24 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **5. INCOME FROM CHARITABLE ACTIVITIES** 

|Activity<br>Wedding and funeral fees<br>Ministry and mission<br>Ministries<br>Ministry and mission<br>Youth work<br>Ministry and mission<br>Coffee Shop takings<br>Coffee Shop<br>Grants<br>Pre-school and Nursery<br>Pre-school and Nursery fees  Pre-school and Nursery<br>Grants received, included in the above, are as follows:<br>National Education Grants<br>South Gloucestershire Council  - preschool education<br>SENCO funding (South Glouc. Council)<br>**6.**<br>**OTHER INCOME**<br>SMCC contribution to facilities<br>SMCC contribution to administration<br>**7.**<br>**RAISING FUNDS**<br>**Raising donations and legacies**<br>Fundraising event costs|**2024**<br>**£**<br>**3,513**<br>**22,719**<br>**5,496**<br>**138,396**<br>**261,082**<br>**563,269**<br>**994,475**<br>**2024**<br>**£**<br>**249,961**<br>**4,890**<br>**6,231 **<br>**261,082 **<br>**2024**<br>**£**<br>**96,394**<br>**34,464 **<br>**130,858**<br>**2024**<br>**£**<br>**710**|2023<br>£<br>6,489<br>22,043<br>8,796<br>104,430<br>127,181<br>467,954<br>736,893<br>2023<br>£<br>124,785<br>207<br>2,189<br>127,181<br>2023<br>£<br>77,514<br>32,725<br>110,239<br>2023<br>£<br>669|
|---|---|---|



Page 25 

continued... 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **8. CHARITABLE ACTIVITIES COSTS** 

|Ministry and mission<br>Coffee Shop<br>Pre-school and Nursery|Direct<br>Costs (see<br>note 9)<br>£<br>**646,847**<br>**146,621**<br>**760,501 **<br>**1,553,969**|Grant<br>funding of<br>activities<br>(see note<br>10)<br>£<br>**79,797**<br>**-**<br>**1,504 **<br>**81,301 **|Support<br>costs (see<br>note 11)<br>£<br>**6,480**<br>**-**<br>**-**<br>**6,480**|Totals<br>£<br>**733,124**<br>**146,621**<br>**762,005**<br>**1,641,750**|
|---|---|---|---|---|



## **9. DIRECT COSTS OF CHARITABLE ACTIVITIES** 

|**9.**<br>**DIRECT COSTS OF CHARITABLE ACTIVITIES**|||
|---|---|---|
|Staff costs<br>Operating leases - photocopier and pre-school rent<br>Ministry<br>Youth and student work<br>Administration - general<br>Parish share<br>SMCC Contribution<br>Property costs<br>Employment costs - Other<br>Legal fees<br>Pre-school - catering<br>Pre-school - property costs<br>Pre-school - other<br>Coffee Shop - direct costs<br>Coffee Shop - other<br>Depreciation<br>**10.**<br>**GRANTS PAYABLE**<br>Ministry and mission<br>Pre-school and Nursery|**2024**<br>**£**<br>**795,846**<br>**35,872**<br>**29,436**<br>**10,488**<br>**8,452**<br>**162,000**<br>**145,000**<br>**15,219**<br>**131,464**<br>**2,309**<br>**42,613**<br>**37,042**<br>**78,848**<br>**43,490**<br>**4,406**<br>**11,484 **<br>**1,553,969**<br>**2024**<br>**£**<br>**79,797**<br>**1,504 **<br>**81,301 **|2023<br>£<br>663,433<br>36,281<br>30,719<br>12,898<br>5,838<br>160,000<br>157,903<br>11,643<br>110,262<br>-<br>35,607<br>33,607<br>57,228<br>39,076<br>4,579<br>11,478<br>1,370,552<br>2023<br>£<br>69,123<br>479<br>69,602|
||||



Page 26 

continued... 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **10. GRANTS PAYABLE - continued** 

The total grants paid to institutions during the year was as follows: 

|SIITA Nest Children's Home - Uganda<br>Network Counselling<br>inHope<br>Transform Europe Network<br>Univida - Brazil<br>CMS - Brazil<br>Axe Valley Christian Trust<br>Bridges for Communities<br>The Brickworks<br>Epaphras Trust<br>North Bristol Food Bank<br>Caring at Christmas<br>St Michaels C of E VC Primary School<br>Disasters Emergency Committee<br>Other|**2024**<br>**£**<br>**22,100**<br>**3,000**<br>**5,388**<br>**7,000**<br>**5,200**<br>**3,300**<br>**2,100**<br>**2,000**<br>**3,300**<br>**3,300**<br>**500**<br>**588**<br>**1,120**<br>**1,000**<br>**11,200**<br>**71,096**|2023<br>£<br>16,358<br>3,000<br>5,850<br>6,180<br>4,508<br>4,080<br>1,764<br>1,764<br>3,500<br>4,000<br>1,000<br>850<br>1,500<br>135<br>7,670<br>62,159|
|---|---|---|



Individuals experiencing difficulties are assisted through friendship and also in monetary form as appropriate. During the year, grants of £10,205 (2023 - £7,443) were paid to individuals. Where monetary support removes duplication of effort or where the charity does not have sufficient resources to be effective on its own, the charity shares the light and love of God through its monetary support of other churches and charities working within Bristol and the surrounding area. 

## **11. SUPPORT COSTS** 

Ministry and mission 

Governance costs £ **6,480** 

continued... 

Page 27 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **11. SUPPORT COSTS - continued** 

Support costs, included in the above, are as follows: 

## **Governance costs** 

|**Governance costs**|||
|---|---|---|
||**2024**|2023|
||Ministry||
||and|Total|
||mission|activities|
||**£**|£|
|Auditors' remuneration|**4,276**|**4,074**|
|Accounts preparation|**2,204 **|**2,100**|
||**6,480**|**6,174**|
|**AUDITORS' REMUNERATION**|||
||**2024**|2023|
||**£**|£|
|Fees payable to the charity's auditors for the audit of the charity's financial|||
|statements|**4,276**|4,074|
|Accounts preparation|**2,204 **|2,100|
|Total fees payable|**6,480**|6,174|



## **12. AUDITORS' REMUNERATION** 

## **13. TRUSTEES' REMUNERATION AND BENEFITS** 

The trustees all give freely of their time and expertise. 

During the year, employment benefits were paid to 2 trustees (2023 - 2) under employment contracts for non-trustee services provided to the PCC. Total employment benefits of £42,217 (2023 - £40,282) were paid for their services to the PCC. 

## **Trustees' expenses** 

During the year 4 trustees (2023 - 4) had their expenses met by the PCC.  Expenses of £3,025 (2023 - £1,951) were paid for travel, subsistence, hospitality, and phone and internet services. 

continued... 

Page 28 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **14. STAFF COSTS** 

|Wages and salaries<br>Social security costs<br>Other pension costs<br>The average monthly number of employees during the year was as follows:<br>Pre-school and Nursery<br>Coffee Shop<br>Church administration and finance<br>Youth, student and children's ministers<br>No employees received emoluments in excess of £60,000.<br>Staff costs by activity during the year were as follows:<br>PCC<br>Pre-school and Nursery<br>Coffee Shop|||**2024**<br>**£**<br>**715,937**<br>**53,860**<br>**26,049**<br>**795,846**<br>**2024**<br>**24**<br>**7**<br>**3**<br>**2**<br>**36**<br>**2024**<br>**£**<br>**143,428**<br>**553,693**<br>**98,725 **<br>**795,846**|||2023<br>£<br>588,066<br>48,750<br>26,617<br>663,433<br>2023<br>20<br>6<br>3<br>3<br>32<br>2023<br>£<br>165,839<br>427,893<br>69,701<br>663,433|
|---|---|---|---|---|---|---|
||||||||
||||||||
||||||||



In addition to the above, other employment costs of £130,858 (2023 - £110,239) were incurred by the PCC for staff who are jointly employed by the PCC and SMCC but working for SMCC. Contributions have been made by SMCC and are included in other income. 

## **15. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** 

||Unrestricted|Restricted|Total|
|---|---|---|---|
||funds|funds|funds|
||£|£|£|
|**INCOME AND ENDOWMENTS FROM**||||
|Donations and legacies|475,679|73,368|549,047|
|**Charitable activities**||||
|Ministry and mission|37,328|-|37,328|
|Coffee Shop|104,430|-|104,430|
|Pre-school and Nursery|595,135|-|595,135|
|Raising funds|4,192|-|4,192|
|Investment income|6,322|35|6,357|
|Other income|110,239|-|110,239|



continued... 

Page 29 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

|**15.**<br>**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**<br>Unrestricted<br>Restricted<br>funds<br>funds<br>£<br>£<br>**Total**<br>1,333,325<br>73,403<br>**EXPENDITURE ON**<br>Raising funds<br>669<br>-<br>**Charitable activities**<br>Ministry and mission<br>691,805<br>51,353<br>Coffee Shop<br>113,356<br>-<br>Pre-school and Nursery<br>589,814<br>-<br>**Total**<br>1,395,644<br>51,353<br>**NET INCOME/(EXPENDITURE)**<br>(62,319)<br>22,050<br>**Transfers between funds**<br>30,661<br>(30,661)<br>**Net movement in funds**<br>(31,658)<br>(8,611)<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>372,127<br>33,466<br>**TOTAL FUNDS CARRIED FORWARD**<br>340,469<br>24,855|Total<br>funds<br>£<br>1,406,728<br>669<br>743,158<br>113,356<br>589,814<br>1,446,997<br>(40,269)<br>-<br>(40,269)<br>405,593<br>365,324|
|---|---|



## **16. DONATED GOODS, SERVICES AND FACILITIES** 

During the year, the church has benefitted from numerous services provided by volunteers covering areas such as children's and youth work, coffee shop, and all areas of ministry. Further services have been provided in the form of assistance with maintenance, finance and administration.  It is not possible to measure the financial benefit of such services in the financial statements. 

During the year, a number of supplies have been donated to further the ministry of the church. It has not been possible to value the goods donated and the trustees do not believe the total value is material to the financial statements. 

continued... 

Page 30 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

|**17.**<br>**TANGIBLE FIXED ASSETS**<br>Improvements<br>to<br>property<br>£<br>**COST**<br>At 1 January 2024 and 31 December 2024<br>**160,385**<br>**DEPRECIATION**<br>At 1 January 2024<br>**97,411**<br>Charge for year<br>**10,500**<br>At 31 December 2024<br>**107,911**<br>**NET BOOK VALUE**<br>At 31 December 2024<br>**52,474**<br>At 31 December 2023<br>62,974<br>**18.**<br>**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Gift aid tax refunds<br>Pre-school fees owing<br>St Michael's Church Centre Ltd<br>Other debtors<br>Loan to St Michael's Church<br>Centre Ltd<br>Prepayments and accrued income|Plant and<br>machinery<br>£<br>**2,950**<br>**1,966**<br>**984 **<br>**2,950**<br>**-**<br>984<br>**2024**<br>**£**<br>**29,355**<br>**1,847**<br>**-**<br>**769**<br>**-**<br>**2,397 **<br>**34,368**|Totals<br>£<br>**163,335**<br>**99,377**<br>**11,484 **<br>**110,861 **<br>**52,474**<br>63,958<br>2023<br>£<br>7,734<br>7,401<br>17,135<br>1,940<br>115,250<br>2,473<br>151,933|
|---|---|---|



The onward loan of the Diocesan loan to the SMCC, of which £115,250 was outstanding at 31 December 2023, was repaid in the year to 31 December 2024. See related parties (note 25) for more details of the loan. 

continued... 

Page 31 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|---|---|---|
|Other loans (see note 20)<br>Trade creditors<br>Social security and other taxes<br>Pension contributions payable<br>VAT<br>Other creditors<br>Pre-school deposits held<br>Accrued expenses<br>Pre-school fees received in advance|**2024**<br>**£**<br>**-**<br>**1,412**<br>**-**<br>**4,449**<br>**6,326**<br>**19,878**<br>**8,300**<br>**12,175**<br>**8,923**<br>**61,463**|2023<br>£<br>115,250<br>-<br>12,099<br>4,795<br>5,158<br>25,283<br>7,700<br>13,497<br>8,547|
|||192,329|



The onward loan of the Diocesan loan to the SMCC of £115,250 outstanding at 31 December 2023 was repaid in the year to 31 December 2024. See related parties (note 25) for more details of the loan. 

## **20. LOANS** 

An analysis of the maturity of loans is given below: 

||**2024**||2023|
|---|---|---|---|
||**£**||£|
|Amounts falling due within one year on demand:||||
|Loan from Diocese of Bristol||**-**|115,250|



## **21. LEASING AGREEMENTS** 

The following operating lease payments are committed to be paid as follows: 

|Expiring:<br>Within one year<br>Between one and five years|Land and buildings<br>**2024**<br>2023<br>£<br>£<br>35,000<br>35,000<br>11,667<br>46,667<br>46,667<br>81,667|
|---|---|



continued... 

Page 32 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **22. MOVEMENT IN FUNDS** 

|**Unrestricted funds**<br>General fund<br>Service fund<br>Missionary Bursaries fund<br>Fabric fund<br>Library fund<br>Vicarage redecoration and music fund<br>Coffee Shop fund<br>Pre-school and Nursery fund<br>Pre-school and Nursery Repairs fund<br>Pre-school and Nursery Mission Hardship<br>fund<br>Pre-school and Nursery Capital Assets<br>fund<br>**Restricted funds**<br>Sharing fund<br>Fabric HOTC grant fund<br>Parish Weekend fund<br>SIITA fund<br>Church Refurbishment fund<br>Pre-school and Nursery restricted donation<br>fund<br>**TOTAL FUNDS**|At 1.1.24<br>£<br>**93,497**<br>**3,689**<br>**10,950**<br>**1,085**<br>**3,025**<br>**1,044**<br>**-**<br>**142,012**<br>**20,672**<br>**1,521**<br>**62,974**<br>**340,469**<br>**11,119**<br>**12,375**<br>**1,361**<br>**-**<br>**-**<br>**-**<br>**24,855**<br>**365,324**|Net<br>movement<br>in funds<br>£<br>**67,553**<br>**468**<br>**(52,628)**<br>**(2,802)**<br>**-**<br>**-**<br>**(8,715)**<br>**91,778**<br>**-**<br>**(1,504)**<br>**(10,500) **<br>**83,650**<br>**525**<br>**100**<br>**-**<br>**(4,242)**<br>**79,091**<br>**22,396**<br>**97,870**<br>**181,520**|Transfers<br>between<br>funds<br>£<br>**(42,160)**<br>**-**<br>**50,478**<br>**1,717**<br>**-**<br>**-**<br>**8,715**<br>**(63,242)**<br>**33,540**<br>**6,710**<br>**-**<br>**(4,242)**<br>**-**<br>**(12,475)**<br>**-**<br>**4,242**<br>**12,475**<br>**-**<br>**4,242**<br>**-**|At<br>31.12.24<br>£<br>**118,890**<br>**4,157**<br>**8,800**<br>**-**<br>**3,025**<br>**1,044**<br>**-**<br>**170,548**<br>**54,212**<br>**6,727**<br>**52,474**<br>**419,877**<br>**11,644**<br>**-**<br>**1,361**<br>**-**<br>**91,566**<br>**22,396**<br>**126,967 **<br>**546,844**|
|---|---|---|---|---|



continued... 

Page 33 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **22. MOVEMENT IN FUNDS - continued** 

Net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>General fund<br>Service fund<br>Missionary Bursaries fund<br>Fabric fund<br>Coffee Shop fund<br>Pre-school and Nursery fund<br>Pre-school and Nursery Mission Hardship<br>fund<br>Pre-school and Nursery Capital Assets<br>fund<br>**Restricted funds**<br>Sharing fund<br>Fabric HOTC grant fund<br>SIITA fund<br>Church Refurbishment fund<br>Pre-school and Nursery restricted donation<br>fund<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>**712,421**<br>**468**<br>**120**<br>**525**<br>**138,616**<br>**828,415**<br>**-**<br>**-**<br>**1,680,565**<br>**3,930**<br>**100**<br>**17,903**<br>**82,482**<br>**39,000**<br>**143,415**<br>**1,823,980**|Resources<br>expended<br>£<br>**(644,868)**<br>**-**<br>**(52,748)**<br>**(3,327)**<br>**(147,331)**<br>**(736,637)**<br>**(1,504)**<br>**(10,500) **<br>**(1,596,915)**<br>**(3,405)**<br>**-**<br>**(22,145)**<br>**(3,391)**<br>**(16,604)**<br>**(45,545)**<br>**(1,642,460) **|Movement<br>in funds<br>£<br>**67,553**<br>**468**<br>**(52,628)**<br>**(2,802)**<br>**(8,715)**<br>**91,778**<br>**(1,504)**<br>**(10,500) **<br>**83,650**<br>**525**<br>**100**<br>**(4,242)**<br>**79,091**<br>**22,396**<br>**97,870**<br>**181,520**|
|---|---|---|---|



continued... 

Page 34 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **22. MOVEMENT IN FUNDS - continued** 

## **Comparatives for movement in funds** 

|**Unrestricted funds**<br>General fund<br>Windfall fund<br>Brimble fund<br>Service fund<br>Missionary Bursaries fund<br>Fabric fund<br>Library fund<br>Vicarage redecoration and music fund<br>Coffee Shop fund<br>Pre-school and Nursery fund<br>Pre-school and Nursery Repairs fund<br>Pre-school and Nursery Mission Hardship<br>fund<br>Pre-school and Nursery Capital Assets<br>fund<br>**Restricted funds**<br>Sharing fund<br>Fabric HOTC grant fund<br>Rowe Trust fund<br>Parish Weekend fund<br>SIITA fund<br>Children's Ministry<br>Pre-school and Nursery Restricted Gift<br>fund<br>**TOTAL FUNDS**|At 1.1.23<br>£<br>(38,695)<br>134,846<br>65,904<br>3,023<br>13,563<br>-<br>3,866<br>1,044<br>-<br>167,904<br>20,672<br>-<br>-<br>372,127<br>6,303<br>12,375<br>-<br>1,361<br>-<br>13,427<br>-<br>33,466<br>405,593|Net<br>movement<br>in funds<br>£<br>(6,771)<br>2,353<br>-<br>666<br>(46,619)<br>(115)<br>(841)<br>-<br>(9,595)<br>9,577<br>-<br>(479)<br>(10,495)<br>(62,319)<br>4,816<br>-<br>(28)<br>-<br>(5,051)<br>(17,687)<br>40,000<br>22,050<br>(40,269)|Transfers<br>between<br>funds<br>£<br>138,963<br>(137,199)<br>(65,904)<br>-<br>44,006<br>1,200<br>-<br>-<br>9,595<br>(35,469)<br>-<br>2,000<br>73,469<br>30,661<br>-<br>-<br>28<br>-<br>5,051<br>4,260<br>(40,000)<br>(30,661)<br>-|At<br>31.12.23<br>£<br>93,497<br>-<br>-<br>3,689<br>10,950<br>1,085<br>3,025<br>1,044<br>-<br>142,012<br>20,672<br>1,521<br>62,974<br>340,469<br>11,119<br>12,375<br>-<br>1,361<br>-<br>-<br>-<br>24,855<br>365,324|
|---|---|---|---|---|



Page 35 

continued... 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **22. MOVEMENT IN FUNDS - continued** 

Comparative net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>General fund<br>Windfall fund<br>Service fund<br>Missionary Bursaries fund<br>Fabric fund<br>Library fund<br>Coffee Shop fund<br>Pre-school and Nursery fund<br>Pre-school and Nursery Mission Hardship<br>fund<br>Pre-school and Nursery Capital Assets<br>fund<br>**Restricted funds**<br>Sharing fund<br>Rowe Trust fund<br>SIITA fund<br>Children's Ministry<br>Pre-school and Nursery Restricted Gift<br>fund<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>626,580<br>2,353<br>750<br>-<br>300<br>-<br>104,430<br>598,912<br>-<br>-<br>1,333,325<br>9,016<br>35<br>11,352<br>13,000<br>40,000<br>73,403<br>1,406,728|Resources<br>expended<br>£<br>(633,351)<br>-<br>(84)<br>(46,619)<br>(415)<br>(841)<br>(114,025)<br>(589,335)<br>(479)<br>(10,495)<br>(1,395,644)<br>(4,200)<br>(63)<br>(16,403)<br>(30,687)<br>-<br>(51,353)<br>(1,446,997)|Movement<br>in funds<br>£<br>(6,771)<br>2,353<br>666<br>(46,619)<br>(115)<br>(841)<br>(9,595)<br>9,577<br>(479)<br>(10,495)<br>(62,319)<br>4,816<br>(28)<br>(5,051)<br>(17,687)<br>40,000<br>22,050<br>(40,269)|
|---|---|---|---|



## **General fund (unrestricted)** 

The fund represents the day to day operation of the Ministry and Mission of St Michael's Church. 

During the year, £50,478 (2023 - £49,057) was transferred to the Missionary Bursaries fund in accordance with St Michael's grant making policy of setting aside 10 percent of voluntary planned giving for mission partners both in the UK and overseas. £1,200 (2023 - £1,200)  was transferred to the Fabric fund as a provision for future costs. 

An additional £517 was transferred to the Fabric fund this year to clear the deficit balance on the fund. 

£28 was transferred to the Rowe Trust fund last year to cover the deficit balance on the fund, along with £4,260 transferred to the Children's Ministry fund to cover the deficit balance on the fund last year. 

£4,242 (2023 - £5,051) was transferred to the SIITA fund from the Mission Bursaries fund to clear the deficit balance on the fund. 

£8,715 (2023 - £9,595) was transferred to the Coffee Shop underwriting the charitable objectives of the Coffee Shop and to clear the year end negative balance. 

Page 36 

continued... 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

**Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **22. MOVEMENT IN FUNDS - continued** 

The Trustees decided last year that the Brimble and Windfall funds were no longer required as separate unrestricted funds and the balances of £65,904 and £137,199 respectively were released into the General Fund in 2023. 

## **Windfall fund (unrestricted)** 

Previously used to provide a "reserve account" as a back-up to cover any deficits or special expenditure on the General Fund for the church. Closed in 2023, with the remaining fund transferred into the General Fund. 

## **Brimble fund (unrestricted)** 

Previously used to set aside legacy monies as a back-up to cover any deficits or special expenditure on the General Fund for the church. Closed in 2023, with the remaining fund transferred into the General Fund. 

## **Missionary Bursaries fund (designated)** 

The fund represents amounts set aside for the support of missionaries both at home and abroad. During the year, £50,478 (2023 - £49,057) was transferred from general funds. £4,242 (2023 - £5,051) was transferred to the SIITA fund reflecting the additional gift to SIITA. 

## **Fabric fund (designated)** 

Created to set aside a fund for current and future provision for maintaining the fabric of St Michael's Church. During the year, £1,200 (2023 - £1,200) was transferred from the general fund. An additional £517 was transferred from the General fund this year to clear the deficit balance on the fund. 

## **Library fund (designated)** 

Created to identify and make easy the administration of the income and expenditure associated with buying and selling books and cards for the church. 

## **Vicarage Redecoration and music fund (designated)** 

Created to set aside a fund for current and future provision for maintaining the fabric of the current vicarage and for musical equipment. 

## **Coffee Shop fund (designated)** 

The fund represents the operating of the St Michael's Coffee Shop. at the year end, £8,715 (2023 - £9,595) was transferred from the general fund to the Coffee Shop fund to clear the overdrawn fund balance on the Coffee Shop fund. 

## **Pre-school and Nursery fund (designated)** 

The fund represents the operation of the St Michael's Church Pre-School and Nursery.  A transfer of £6,710 was made this year (2023 - £2,000) to the Pre-School and Nursery Mission Hardship fund for future expenditure. A transfer of £33,540 was made to the Pre-School and Nursery Repairs fund this year for future expenditure. A transfer of £33,469 was made last year to the Pre-School and Nursery Capital Assets fund to reflect the cost of the capital expenditure on the garden. 

## **Pre-school and Nursery Repairs fund (designated)** 

A fund to set aside current and future maintenance of the fabric of the old vicarage building and grounds rented from the Diocese. 

## **Pre-school and Nursery Hardship fund (designated)** 

A fund to set aside amounts to be donated to families in hardship. 

continued... 

Page 38 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

**Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **22. MOVEMENT IN FUNDS - continued** 

## **Pre-school and Nursery Capital Assets fund (designated)** 

This fund reflects the net book value of the capital assets in the Pre-school, currently consisting of the Pre-school garden refurbishment from 2023. 

## **Sharing fund (restricted)** 

The fund represents donations given specifically for the purpose of alleviating financial hardship of individuals that are in need. 

## **Fabric HOTC grant fund (restricted)** 

The fund represents a grant received specifically for the church fabric under the HOTC project remit. At the year end, the balance was transferred to the Church refurbishment fund to consolidate gifts received specifically for the refurbishment of the church. 

## **Church Refurbishment fund (restricted)** 

The fund represents donations received specifically for the planned church refurbishment works. 

## **Rowe Trust fund (restricted)** 

The fund represented a donation received specifically for the upkeep of the churchyard. The fund was expended in the prior year. 

## **Parish Weekend Fund (restricted)** 

The fund reflects receipts for future parish weekends. 

## **SIITA fund (restricted)** 

The fund reflects receipts received specifically for SIITA. In the year MSH have made further payments to SIITA and a transfer of £4,242 (2023 - £5,051) has been made from the Mission bursaries fund being a reimbursement of the additional gift. 

## **Children's Ministry fund (restricted)** 

The fund reflects receipts specifically for the employment of a children's ministry worker. There was a net spend of £4,260 in the previous year which was reimbursed by the General fund last year. 

## **Pre-school and Nursery Restricted donation fund (restricted)** 

A gift of £39,000 was received specifically for the use of the Pre-school and Nursery following the closure of another Christian nursery. 

## **Comparative analysis of net assets between funds, are as follows:** 

|Fund balances as at 31 December 2023|Unrestricted|Restricted|Total|
|---|---|---|---|
||funds|funds|funds|
||£|£|£|
|Fixed assets|63,958|-|63,958|
|Current assets|468,840|24,855|493,695|
|Current liabilities|(192,329)|-|(192,329)|
||_______|______|______|
|**Total net assets**|340,469|24,855|365,324|



continued... 

Page 38 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

**Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **23. EMPLOYEE BENEFIT OBLIGATIONS** 

St Michael's PCC (Stoke Gifford) (PB 2014) 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; 

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

- 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 of £24,592 (2023 - £24,918). There were contributions of £4,449 (2023 - £4,795) outstanding at the year-end. 

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. 

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. 

The next valuation is due as at 31 December 2025. 

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 Michael's PCC (Stoke Gifford) (PB 2014) could become responsible for paying a share of that employer's pension liabilities. 

continued... 

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**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD** 

**Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **24. RELATED PARTY DISCLOSURES** 

Stoke Gifford PCC is a related party of St Michael's Church Centre (SMCC). The SMCC is responsible for the construction and operation of the St Michael's Church Centre. The SMCC and Stoke Gifford PCC have two trustees in common. 

The Diocese loan balance was fully repaid in the year to 31 December 2024 (£115,250 as at 31 December 2023). Interest payments of £2,215 (2023 - £10,150) were paid by SMCC to the Diocese. 

During the year, a contribution of £145,000 (2023 - £157,903) was paid to St Michael's Church Centre Limited from the ordinary fund in recognition of the use of the Church Centre and Old School Rooms for church activities. 

Contributions of £34,464 (2023 - £32,725) and £96,394 (2023 - £77,514) have been received from SMCC in recognition of work carried out by employees who are jointly employed by the PCC and SMCC, for administration/finance and building maintenance of the Church Centre respectively and are included in other income in the financial statements. 

An additional donation of £30,000 was received from SMCC in the year to 31 December 2024, as a contribution to the parish share. 

## **Donations from trustees and related parties** 

The aggregate unrestricted donations received from trustees were £118,419 (2023 - £92,554). 

## **Other related party transactions** 

During the year the charity paid grants to charitable institutions that have trustees in common with Stoke Gifford PCC. In such cases the trustees concerned did not make the decisions to award the grants. 

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