**TAUNTON MINSTER Parochial Church Council of the Ecclesiastical Parish of Saint Mary Magdalene Taunton** # **ANNUAL REPORT and ACCOUNTS** ## **2023** **To know Christ better and to make Christ better known** ## **REFERENCE AND ADMINISTRATIVE INFORMATION** **Name:** Taunton Minster (PCC of St Mary Magdalene Church, Taunton) **Location:** Taunton Minster, Church Square, Taunton TA1 1SA **Correspondence Address:** PCC Secretary c/o Benefice Office, Whirligig Lane, Taunton TA1 1SQ e-mail: office@tauntonminster.org www.tauntonminster.org ## **PCC Membership as of 31 December 2023:** Reverend Tobie Osmond* - Chair Reverend Louise Bale* - Curate (Non-Stipendiary) Reverend Jamie Fox* - Curate Valerie Gaskell* - Churchwarden Lesley Webb* - Churchwarden Alan Ladd* - PCC Vice Chair Professor Roger Trigg - Deanery Synod Claire Mort - Deanery Synod Marléne Phillips - Deanery Synod Sandra Hall Julia Trigg* Margaret Allen Caroline Martin Miles Quick Paul Hughes Andrew Crookes Sandra Jordan Caroline Lee ***** Standing Committee members **PCC Secretary -** Jonathan Drew **Legal Advisor -** Andrew Lewis **Honorary Treasurer -** Nigel Birkett **Day-to-day Management -** Standing Committee **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **The Parochial Church Council (PCC)** The Parochial Church Council is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure. In accordance with statute the PCC is registered with the Charity Commission under No. 1134818. ## **Appointment to the PCC** The appointment of PCC members is governed by and set out in the current edition of the Church Representation Rules. [1] ## **PCC Organisation** The PCC meets at least 4 times a year. Each member is also a member of one of the 3 main Committees: Mission, Worship and Finance & Property. A Standing Committee comprising the Chair, Curates, Churchwardens, PCC Secretary and two representative members of the PCC, meets as necessary between PCC meetings. ## **CHAIRMAN’S REPORT** ## **Annual Report to APCM** We are a Church of England church at the heart of the County Town of Somerset in Taunton. We worship God, Creator, Redeemer and Sustainer, with a mission statement of “To know Christ better and make Christ better known.” Taunton Minster echoes and supports the ministry of the Bishops of Bath and Wells and Taunton, and the work of Wells Cathedral, in a similar way to Bath Abbey in the north of the diocese. We are a gathering place, welcoming all and offering a breadth of Anglican worship, where we know Christ and endeavour to make Christ better known. We are a place of prayer and stillness in the centre of a busy county town. We serve the town as a non political presence, particularly at times of national crisis. As Taunton Minster we are continuing with our rebranding working on signage both onsite and around the town. We have served the town by hosting two big international pieces of art now from Luke Jerram, with some great success. The Minster has helped serve the diocese in a huge way with ordinations and confirmations and hosting conferences. I would also like to personally thank the Churchwardens (Valerie and Lesley) and PCC and for all their work for all that we have achieved this year. It would be true to say that none of what we have achieved would have been possible without the dedicated work of Duncan our verger, who has continued to be a great help to me personally, for his inspiration on how to get things sorted when it looked like it wouldn’t be possible, but there is always a way. He has been hugely supported by Brian our cleaner over this last year. The ministry team continues to be a huge support, with Jamie and Louise as our curates and Gwen and Dean helping out when they can. This will be expanding this year as we bring Lay Worship Assistants on board. It is with great thanks that I acknowledge the hard work of both Ben and Dennis who have stepped back I have valued their many years of experience here at the Minster and beyond.. A huge thanks to our team leaders that meet at our monthly staff meeting. Margaret and Susanne in the office that work away at all our printed material, and then all those that contribute to our Today Sheets and Together Magazine, we give thanks to Richard Austin for his work on the magazine over so many years, and look forward to what the magazine might bring us into the future with Valerie at the helm. Sandra Hall and her team in the Coffee shop and for all their challenges this year, for the highs (another 5 star check), winning coffee shop of the year with the Somerset Gazette among so many other, we truly could not do what we do without the huge team that run the coffee shop. Thank you to Cheryl Birkett and her team in the Bookshop, Miles Quick and the choirs, Choristers and readers, and all who help with our music in the building, Sandra Daw and the team working with the children and young people on a Sunday and with the other things that go on in the church, Anne Chidgey and the flower team have been outstanding with their work to make the building look even more beautiful through our festivals, Pen Cooper and the tower team, with bell ringing training and competitions, and tours when we have been able to get to the top. Obviously our accounts and the hard work that goes on with our finances with Nigel leading and the team of counters behind the scenes. This is where it gets complicated as there are so many people that organise and run things at the Minster, I want to thank you all for all you do. Readers, listeners, pray-ers, young and old(er?) alike. [2] Central to all that we do is our worship. We continue to offer a broad range of worship opportunities, from quiet 1662 Prayer Book Communion, through to modern, contemporary services of the word with a music group at our Refresh services which have been looking at the women in the Bible. All endeavouring to worship our God. We are very grateful to all that have looked after our children and young people over the year. Our aim is still to have a hub for them in the old vicarage garage and we are grateful for Nigel championing the lead on this project. Welcome and mission are strong components in our congregation, and this is only heightened by the many things that we are now doing in our community. The peregrine project continues to be successful, being able to view live pictures of their activities via a CCTV link. We had four eggs hatch, with one loss so three birds surviving to adulthood in 2023 (four eggs again this year although hatching as I write). We have continued to build links with our schools this year, we love having Blackbrook in the building for the RE lessons, and are building bridges with Holy Trinity and Holway, as well as our existing links with Kingshall and Thurlbear. The Pastoral team worked very hard through 2023, with boosted membership and ongoing training with the help of Gwen and Louise, co-ordinated by Margaret Austin with a number of new people coming in to help, we continue to endeavour to stay in touch with members of the congregation and those wanting to hear news from the Minster, this has been aided by the work Duncan has put in on the website and new weekly emailed news. 2023 has continued to be a year of change and this will ever be the case. But I love serving here, and I look forward to getting to know you all more. My loves continue to be my wonderful, supportive and intelligent wife, our three great children and our dogs. Outside of the work in this church both Susie and I enjoyed being Chaplains to the High Sheriff, Robbie Drewett. We both finished our degrees this year (my MA in Theology, Imagination and Culture). I continue my training work for the diocese with Curates, placement students and running various training days, as well as work on the Diocesan Board of Education and Somerset County Council’s Scrutiny Committee for Families and Children. My spare time continues to be focused on family, the Motorbike, and skiing when I get a chance. ## **FINANCIAL REVIEW** Underlying unrestricted income rose to £207,761 (2022 £200,791) primarily due to fund raising activities, particularly through the newly refurbished and enlarged Coffee Shop where the net profit increased by a remarkable 65% to just under £66,000. The completion of this development led to a strong positive response from customers with the volunteer team led by Sandra Hall winning the Somerset Gazette Coffee Shop of the year title voted for by the general public. Planned Giving rose by 3% to £70,930 whilst plate collections totalled £11,489, an increase of around 15%. With the continuing loss of some longstanding Planned Givers during the year it became imperative to focus on Stewardship during October. As a result, we are encouraged by an expected 8% increase in Planned Giving for 2024. Preparatory work has restarted on the development and refurbishment of the Coach House thanks to grants and legacies. Building costs have increased strongly over the last couple of years and we shall look forward in 2024 to the response from contractors with prayerful trepidation! [3] We remain unable to meet the full Parish Share contribution requested by the Diocese. However, we were able to raise our contribution by 33% to £72,000 towards the £97,000 requested. For 2024 the Diocese are seeking £107,000 (an increase of 10.3%). Our continued aim remains to increase our contribution by as much as our financial circumstances allow, not only to fully pay for the cost of ministry at the Minster but to contribute in support of other Parishes struggling to meet their costs. We have been able to budget £84,000 toward the total sought for 2024, an increase of 16.7%, but still some £23,000 short of the £107,000 asked for. ## **RESERVES POLICY AND FUTURE COMMITMENTS** Our General Fund reserve remains at £45,000 representing just under 3 months’ expenditure. With the shortfall in our requested Parish Share contribution, we continue to hold our Reserve at that minimum level. We are committed to completing the development of the Mission Hub and flat at the Coach House but only when funding is in place, whether that be through grants, donations, or legacies. Once we have tenders we shall have a clearer view of whether the full project can proceed or whether it will need to be phased: the ground floor or the flat first. Our regular income is fully committed to meet the cost of running and maintaining the Minster as a centre for worship, Christian teaching, and mission. [4] **TAUNTON MINSTER (Parochial Church Council of St. Mary Magdalene, Taunton) Balance Sheet as at 31 December 2023** ||Note
**FIXED ASSETS**
Tangible
5
Investment
**CURRENT ASSETS**|**2023**
**2022**
**-**
-
**-**
-
**-**
-| |---|---|---| ||Stock|**4,432**
**4,411**| ||Debtors
6
Short Term Deposits
Cash at bank and in hand
**LIABILITIES**
Creditors - amounts falling due in one year
7
**NET CURRENT ASSETS**
Total assets less current liabilities
Creditors - amounts falling due after one year
**TOTAL NET ASSETS**
**PARISH FUNDS**
8
Unrestricted
Restricted
**Approved by the Parochial Church Council on**|**12,000**
**11,837**
**176,017**
**151,685**
**16,556**
**22,103**
**209,005**
**190,036**
**5,163**
**2,791**
**203,842**
**187,245**
**203,842**
**187,245**
**-**
**-**
**203,842**
**187,245**
**168,969**
**151,356**
**34,873**
**35,889**
**203,842**
**187,245**| |||| **Reverend Tobie Osmond Vicar** **[5]** ## **TAUNTON MINSTER (Parochial Church Council of St. Mary Magdalene, Taunton)** **Statement of Financial Activities for the year ending 31 December 2023** |**Unrestricted**
**Restricted**
Note
**Funds**
**Funds**
**2023**
**2022**
**INCOME**
Voluntary Income
2(a)
115,300
5,188
120,489
195,569
Activities for generating funds
2(b)
102,537
2,604
105,141
83,732
Church Activities
2(c)
8,207
-
8,207
9,431
Investing activities
2(d)
3,005
1,409
4,414
1,573
Extraordinary items
2(e)
4,400
16,139
20,539
23,275
**Total Income**
**233,450**
**25,340**
**258,790**
313,580
**TOTAL FUNDS**|**Unrestricted**
**Restricted**
Note
**Funds**
**Funds**
**2023**
**2022**
**INCOME**
Voluntary Income
2(a)
115,300
5,188
120,489
195,569
Activities for generating funds
2(b)
102,537
2,604
105,141
83,732
Church Activities
2(c)
8,207
-
8,207
9,431
Investing activities
2(d)
3,005
1,409
4,414
1,573
Extraordinary items
2(e)
4,400
16,139
20,539
23,275
**Total Income**
**233,450**
**25,340**
**258,790**
313,580
**TOTAL FUNDS**| |---|---| |**EXPENDITURE**|| ||| |Church Activities
3(a)
Activities for generating funds
3(b)
Extraordinary items
3(c)
**Total Expenditure**|187,995
7,622
195,617
160,906
25,557
1,363
26,920
25,030
2,306
17,371
19,677
155,359
**215,858**
**26,356**
**242,214**
341,295| ||| |Net Income before other recognised gains and
17,592
(1,016)
16,576
(27,716)
Revaluation of stock in the Bookshop
21
-
21
(205)
**Net Movement in Funds**
**17,613**
**(1,016)**
**16,597**
(27,921)
**151,356**
**35,889**
**187,245**
215,166
**168,969**
**34,873**
**203,842**
187,245
**Balances brought forward 1 January 2023**
**Balances carried forward 31 December 202**|| **[6]** ## **TAUNTON MINSTER (Parochial Church Council of St. Mary Magdalene, Taunton)** **Statement of Financial Activities for the year ending 31 December 2023** ## **2. INCOME** |**2. INCOME**||| |---|---|---| |2(a)
**Voluntary Income**
Planned Giving
Plate Collections
Gift Aid reclaimed
Donations, appeals etc.
Legacies
2(b)
**Activities for generating funds**
Fund raising events
Bookshop|**Unrestricted**
**Restricted**
**Funds**
**Funds**
70,930
-
13,225
-
20,703
188
10,442
-
5,000
**115,300**
**5,188**
4,692
2,604
13,878
-|**2023**
**2022**
70,930
68,847
13,225
11,489
20,892
17,793
10,442
24,466
5,000
72,974
**TOTAL FUNDS**| |||**120,489**
195,569
7,296
18,978
13,878
12,394| |Coffee Shop|80,865
-|80,865
49,349| |Magazine
2(c)
**Church Activities**
Letting of church properties
Fees
2(d)
**Investing activities**
Interest
2(e)
**Extraordinary items**
GAIA event donations
Somerset Co Grant re GAIA
2022 capital grants
**TOTAL INCOME**|3,102
-
**102,537**
**2,604**
5,361
-
2,846
-
**8,207**
**-**
3,005
1,409
**3,005**
**1,409**
4,400
4,139
-
12,000
**4,400**
**16,139**
**233,450**
**25,340**|3,102
3,011| |||**105,141**
83,732
5,361
4,649
2,846
4,782| |||**8,207**
9,431
4,414
1,573| |||**4,414**
1,573
8,539
**-**
12,000
**-**
23,275| |||**20,539**
23,275| |||**258,790**
313,580| |||| **[9]** ## **TAUNTON MINSTER (Parochial Church Council of St. Mary Magdalene, Taunton)** ## **Statement of Financial Activities for the year ending 31 December 2023** ## **3. EXPENDITURE** |**EXPENDITURE**|| |---|---| |**Unrestricted**
**Restricted**
3(a)
**Church activities**
**Funds**
**Funds**
Mission and Charitable Giving
Home
200
108
Overseas
-
324
200
432
Ministry: Diocesan parish share
72,000
-
Other ministry costs
2,342
-
Church running costs
34,524
-
Repairs, renewals & general upkeep
12,876
7,190
Salary and fees
58,852
-
Office & domestic costs
7,200
-
**187,995**
**7,622**
3(b)
**Activities for generating funds**
Cost of fund raising events
3,414
1,363
Bookshop
7,225
-
Coffee Shop
14,918
-
Magazine
-
-
Fees due to Diocese
**25,557**
**1,363**
3(c)
**Extraordinary items**
Café & Coach House final payments
2,306
1,232
GAIA event costs
11,739
Somerset Co: GAIA one-half share profit
4,400
2022 Capital projects & fees
**2,306**
**17,371**
**TOTAL EXPENDITURE**
**215,858**
**26,356**|**2023**
**2022**
308
100
324
1,265
**TOTAL FUNDS**| ||632
1,365
72,000
54,000
2,342
1,836
34,524
28,740
20,066
7,954
58,852
54,961
7,200
12,050| ||**195,617**
160,906
4,777
8,553
7,225
4,879
14,918
9,399
-
359
1,840| ||**26,920**
25,030
3,538
11,739
4,400
155,359| ||**19,677**
155,359| ||**242,214**
341,296| ## **4 Trustees and Staff remuneration and other transactions** Salary and fees were paid to the Verger and Music Director.Also, fees were paid to Organists and Administrators. The total donations received from the Trustees or any related parties without conditions amounted to £23,000. Contributions to the C of E Church Workers Pension Fund for benefit of employee totalled:£1,340 including Life Cover. **[10]** **TAUNTON MINSTER (Parochial Church Council of St. Mary Magdalene, Taunton)** **Statement of Financial Activities for the year ending 31 December 2023** |**5**
**6**
**7**|**FIXED ASSETS**
Tangible Investments
Depreciation
**CURRENT ASSETS: SUNDRY DEBTORS**
Tax recoverable - Unrestricted
Tax recoverable - Restricted
Unrestricted debtors
**LIABILITIES: SUNDRY CREDITORS**||**2023**
-
-
**-**
12,000
**-**
**-**
**12,000**|**2022**
1,020
(1,020)| |---|---|---|---|---| |||||-
11,837
-
-| |||||11,837| ||Unrestricted||4,917|2,791| ||Restricted||246
**5,163**|-| |||||2,791| |**8**|**PARISH FUNDS**|**31/12/2022**|**Movement**|**31/12/2023**| ||**Unrestricted Funds**
**Designated Funds**
Fabric fund
Coach House: Mission Hub
Tower fund
General fund reserve
Music Fund
**Total designated funds**|23,965
39,974
6,766
45,000
-
115,705|15
-
-
-
127
142|23,980
39,974
6,766
45,000
127| |||||115,847| ||General Fund|35,651|17,471|53,122| ||**Total unrestricted funds**
**Restricted funds**
Vicar & chuchwardens RE: acc income
Vicar & chuchwardens Disc fund
Tower Fund
Flower fund
Bell fund
Coach House: Mission Hub
Youth Evangelism Grant
Church weekend Fund
Bellringers Fund
**Total restricted funds**|**151,356**
2,341
2,844
1,915
2,347
15,163
6,129
207
89
4,853
**35,889**|**17,613**
901
83
27
(254)
(593)
(1,233)
-
-
53
**(1,016)**|| |||||**168,969**| |||||3,242
2,927
1,942
2,093
14,570
4,896
207
89
4,906| |||||**34,873**| |||||| ||**TOTAL FUNDS**|**187,245**|**16,597**|**203,842**| |||||| **[11]** **9 SCHEDULE OF CHARITABLE AND MISSION GIVING** ||**From**|**From**|**TOTAL**| |---|---|---|---| ||**Collections**|**Church**|| ||**and Events**|**Funds**|| |Pakistan / Iraq Earthquake|310
|-
|310| |National Churches Trust|-
|50
|50| |Somerset Churches Trust|_-_|50
|50
| |Greater Churches Network
|-
|100
|100
| |Childrens Society|108
|-

|108
| |Church Mission Society
|14
|-|14| ||**432**
|**200**

|**632**
| **TAUNTON MINSTER Parochial Church Council of the Ecclesiastical Parish of Saint Mary Magdalene Taunton** # **ANNUAL REPORT and ACCOUNTS** ## **2023** **To know Christ better and to make Christ better known** ## **REFERENCE AND ADMINISTRATIVE INFORMATION** **Name:** Taunton Minster (PCC of St Mary Magdalene Church, Taunton) **Location:** Taunton Minster, Church Square, Taunton TA1 1SA **Correspondence Address:** PCC Secretary c/o Benefice Office, Whirligig Lane, Taunton TA1 1SQ e-mail: office@tauntonminster.org www.tauntonminster.org ## **PCC Membership as of 31 December 2023:** Reverend Tobie Osmond* - Chair Reverend Louise Bale* - Curate (Non-Stipendiary) Reverend Jamie Fox* - Curate Valerie Gaskell* - Churchwarden Lesley Webb* - Churchwarden Alan Ladd* - PCC Vice Chair Professor Roger Trigg - Deanery Synod Claire Mort - Deanery Synod Marléne Phillips - Deanery Synod Sandra Hall Julia Trigg* Margaret Allen Caroline Martin Miles Quick Paul Hughes Andrew Crookes Sandra Jordan Caroline Lee ***** Standing Committee members **PCC Secretary -** Jonathan Drew **Legal Advisor -** Andrew Lewis **Honorary Treasurer -** Nigel Birkett **Day-to-day Management -** Standing Committee **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **The Parochial Church Council (PCC)** The Parochial Church Council is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure. In accordance with statute the PCC is registered with the Charity Commission under No. 1134818. ## **Appointment to the PCC** The appointment of PCC members is governed by and set out in the current edition of the Church Representation Rules. [1] ## **PCC Organisation** The PCC meets at least 4 times a year. Each member is also a member of one of the 3 main Committees: Mission, Worship and Finance & Property. A Standing Committee comprising the Chair, Curates, Churchwardens, PCC Secretary and two representative members of the PCC, meets as necessary between PCC meetings. ## **CHAIRMAN’S REPORT** ## **Annual Report to APCM** We are a Church of England church at the heart of the County Town of Somerset in Taunton. We worship God, Creator, Redeemer and Sustainer, with a mission statement of “To know Christ better and make Christ better known.” Taunton Minster echoes and supports the ministry of the Bishops of Bath and Wells and Taunton, and the work of Wells Cathedral, in a similar way to Bath Abbey in the north of the diocese. We are a gathering place, welcoming all and offering a breadth of Anglican worship, where we know Christ and endeavour to make Christ better known. We are a place of prayer and stillness in the centre of a busy county town. We serve the town as a non political presence, particularly at times of national crisis. As Taunton Minster we are continuing with our rebranding working on signage both onsite and around the town. We have served the town by hosting two big international pieces of art now from Luke Jerram, with some great success. The Minster has helped serve the diocese in a huge way with ordinations and confirmations and hosting conferences. I would also like to personally thank the Churchwardens (Valerie and Lesley) and PCC and for all their work for all that we have achieved this year. It would be true to say that none of what we have achieved would have been possible without the dedicated work of Duncan our verger, who has continued to be a great help to me personally, for his inspiration on how to get things sorted when it looked like it wouldn’t be possible, but there is always a way. He has been hugely supported by Brian our cleaner over this last year. The ministry team continues to be a huge support, with Jamie and Louise as our curates and Gwen and Dean helping out when they can. This will be expanding this year as we bring Lay Worship Assistants on board. It is with great thanks that I acknowledge the hard work of both Ben and Dennis who have stepped back I have valued their many years of experience here at the Minster and beyond.. A huge thanks to our team leaders that meet at our monthly staff meeting. Margaret and Susanne in the office that work away at all our printed material, and then all those that contribute to our Today Sheets and Together Magazine, we give thanks to Richard Austin for his work on the magazine over so many years, and look forward to what the magazine might bring us into the future with Valerie at the helm. Sandra Hall and her team in the Coffee shop and for all their challenges this year, for the highs (another 5 star check), winning coffee shop of the year with the Somerset Gazette among so many other, we truly could not do what we do without the huge team that run the coffee shop. Thank you to Cheryl Birkett and her team in the Bookshop, Miles Quick and the choirs, Choristers and readers, and all who help with our music in the building, Sandra Daw and the team working with the children and young people on a Sunday and with the other things that go on in the church, Anne Chidgey and the flower team have been outstanding with their work to make the building look even more beautiful through our festivals, Pen Cooper and the tower team, with bell ringing training and competitions, and tours when we have been able to get to the top. Obviously our accounts and the hard work that goes on with our finances with Nigel leading and the team of counters behind the scenes. This is where it gets complicated as there are so many people that organise and run things at the Minster, I want to thank you all for all you do. Readers, listeners, pray-ers, young and old(er?) alike. [2] Central to all that we do is our worship. We continue to offer a broad range of worship opportunities, from quiet 1662 Prayer Book Communion, through to modern, contemporary services of the word with a music group at our Refresh services which have been looking at the women in the Bible. All endeavouring to worship our God. We are very grateful to all that have looked after our children and young people over the year. Our aim is still to have a hub for them in the old vicarage garage and we are grateful for Nigel championing the lead on this project. Welcome and mission are strong components in our congregation, and this is only heightened by the many things that we are now doing in our community. The peregrine project continues to be successful, being able to view live pictures of their activities via a CCTV link. We had four eggs hatch, with one loss so three birds surviving to adulthood in 2023 (four eggs again this year although hatching as I write). We have continued to build links with our schools this year, we love having Blackbrook in the building for the RE lessons, and are building bridges with Holy Trinity and Holway, as well as our existing links with Kingshall and Thurlbear. The Pastoral team worked very hard through 2023, with boosted membership and ongoing training with the help of Gwen and Louise, co-ordinated by Margaret Austin with a number of new people coming in to help, we continue to endeavour to stay in touch with members of the congregation and those wanting to hear news from the Minster, this has been aided by the work Duncan has put in on the website and new weekly emailed news. 2023 has continued to be a year of change and this will ever be the case. But I love serving here, and I look forward to getting to know you all more. My loves continue to be my wonderful, supportive and intelligent wife, our three great children and our dogs. Outside of the work in this church both Susie and I enjoyed being Chaplains to the High Sheriff, Robbie Drewett. We both finished our degrees this year (my MA in Theology, Imagination and Culture). I continue my training work for the diocese with Curates, placement students and running various training days, as well as work on the Diocesan Board of Education and Somerset County Council’s Scrutiny Committee for Families and Children. My spare time continues to be focused on family, the Motorbike, and skiing when I get a chance. ## **FINANCIAL REVIEW** Underlying unrestricted income rose to £207,761 (2022 £200,791) primarily due to fund raising activities, particularly through the newly refurbished and enlarged Coffee Shop where the net profit increased by a remarkable 65% to just under £66,000. The completion of this development led to a strong positive response from customers with the volunteer team led by Sandra Hall winning the Somerset Gazette Coffee Shop of the year title voted for by the general public. Planned Giving rose by 3% to £70,930 whilst plate collections totalled £11,489, an increase of around 15%. With the continuing loss of some longstanding Planned Givers during the year it became imperative to focus on Stewardship during October. As a result, we are encouraged by an expected 8% increase in Planned Giving for 2024. Preparatory work has restarted on the development and refurbishment of the Coach House thanks to grants and legacies. Building costs have increased strongly over the last couple of years and we shall look forward in 2024 to the response from contractors with prayerful trepidation! [3] We remain unable to meet the full Parish Share contribution requested by the Diocese. However, we were able to raise our contribution by 33% to £72,000 towards the £97,000 requested. For 2024 the Diocese are seeking £107,000 (an increase of 10.3%). Our continued aim remains to increase our contribution by as much as our financial circumstances allow, not only to fully pay for the cost of ministry at the Minster but to contribute in support of other Parishes struggling to meet their costs. We have been able to budget £84,000 toward the total sought for 2024, an increase of 16.7%, but still some £23,000 short of the £107,000 asked for. ## **RESERVES POLICY AND FUTURE COMMITMENTS** Our General Fund reserve remains at £45,000 representing just under 3 months’ expenditure. With the shortfall in our requested Parish Share contribution, we continue to hold our Reserve at that minimum level. We are committed to completing the development of the Mission Hub and flat at the Coach House but only when funding is in place, whether that be through grants, donations, or legacies. Once we have tenders we shall have a clearer view of whether the full project can proceed or whether it will need to be phased: the ground floor or the flat first. Our regular income is fully committed to meet the cost of running and maintaining the Minster as a centre for worship, Christian teaching, and mission. [4] **TAUNTON MINSTER (Parochial Church Council of St. Mary Magdalene, Taunton) Balance Sheet as at 31 December 2023** ||Note
**FIXED ASSETS**
Tangible
5
Investment
**CURRENT ASSETS**|**2023**
**2022**
**-**
-
**-**
-
**-**
-| |---|---|---| ||Stock|**4,432**
**4,411**| ||Debtors
6
Short Term Deposits
Cash at bank and in hand
**LIABILITIES**
Creditors - amounts falling due in one year
7
**NET CURRENT ASSETS**
Total assets less current liabilities
Creditors - amounts falling due after one year
**TOTAL NET ASSETS**
**PARISH FUNDS**
8
Unrestricted
Restricted
**Approved by the Parochial Church Council on**|**12,000**
**11,837**
**176,017**
**151,685**
**16,556**
**22,103**
**209,005**
**190,036**
**5,163**
**2,791**
**203,842**
**187,245**
**203,842**
**187,245**
**-**
**-**
**203,842**
**187,245**
**168,969**
**151,356**
**34,873**
**35,889**
**203,842**
**187,245**| |||| **Reverend Tobie Osmond Vicar** **[5]** ## **TAUNTON MINSTER (Parochial Church Council of St. Mary Magdalene, Taunton)** **Statement of Financial Activities for the year ending 31 December 2023** |**Unrestricted**
**Restricted**
Note
**Funds**
**Funds**
**2023**
**2022**
**INCOME**
Voluntary Income
2(a)
115,300
5,188
120,489
195,569
Activities for generating funds
2(b)
102,537
2,604
105,141
83,732
Church Activities
2(c)
8,207
-
8,207
9,431
Investing activities
2(d)
3,005
1,409
4,414
1,573
Extraordinary items
2(e)
4,400
16,139
20,539
23,275
**Total Income**
**233,450**
**25,340**
**258,790**
313,580
**TOTAL FUNDS**|**Unrestricted**
**Restricted**
Note
**Funds**
**Funds**
**2023**
**2022**
**INCOME**
Voluntary Income
2(a)
115,300
5,188
120,489
195,569
Activities for generating funds
2(b)
102,537
2,604
105,141
83,732
Church Activities
2(c)
8,207
-
8,207
9,431
Investing activities
2(d)
3,005
1,409
4,414
1,573
Extraordinary items
2(e)
4,400
16,139
20,539
23,275
**Total Income**
**233,450**
**25,340**
**258,790**
313,580
**TOTAL FUNDS**| |---|---| |**EXPENDITURE**|| ||| |Church Activities
3(a)
Activities for generating funds
3(b)
Extraordinary items
3(c)
**Total Expenditure**|187,995
7,622
195,617
160,906
25,557
1,363
26,920
25,030
2,306
17,371
19,677
155,359
**215,858**
**26,356**
**242,214**
341,295| ||| |Net Income before other recognised gains and
17,592
(1,016)
16,576
(27,716)
Revaluation of stock in the Bookshop
21
-
21
(205)
**Net Movement in Funds**
**17,613**
**(1,016)**
**16,597**
(27,921)
**151,356**
**35,889**
**187,245**
215,166
**168,969**
**34,873**
**203,842**
187,245
**Balances brought forward 1 January 2023**
**Balances carried forward 31 December 202**|| **[6]** ## **TAUNTON MINSTER (Parochial Church Council of St. Mary Magdalene, Taunton)** **Statement of Financial Activities for the year ending 31 December 2023** ## **2. INCOME** |**2. INCOME**||| |---|---|---| |2(a)
**Voluntary Income**
Planned Giving
Plate Collections
Gift Aid reclaimed
Donations, appeals etc.
Legacies
2(b)
**Activities for generating funds**
Fund raising events
Bookshop|**Unrestricted**
**Restricted**
**Funds**
**Funds**
70,930
-
13,225
-
20,703
188
10,442
-
5,000
**115,300**
**5,188**
4,692
2,604
13,878
-|**2023**
**2022**
70,930
68,847
13,225
11,489
20,892
17,793
10,442
24,466
5,000
72,974
**TOTAL FUNDS**| |||**120,489**
195,569
7,296
18,978
13,878
12,394| |Coffee Shop|80,865
-|80,865
49,349| |Magazine
2(c)
**Church Activities**
Letting of church properties
Fees
2(d)
**Investing activities**
Interest
2(e)
**Extraordinary items**
GAIA event donations
Somerset Co Grant re GAIA
2022 capital grants
**TOTAL INCOME**|3,102
-
**102,537**
**2,604**
5,361
-
2,846
-
**8,207**
**-**
3,005
1,409
**3,005**
**1,409**
4,400
4,139
-
12,000
**4,400**
**16,139**
**233,450**
**25,340**|3,102
3,011| |||**105,141**
83,732
5,361
4,649
2,846
4,782| |||**8,207**
9,431
4,414
1,573| |||**4,414**
1,573
8,539
**-**
12,000
**-**
23,275| |||**20,539**
23,275| |||**258,790**
313,580| |||| **[9]** ## **TAUNTON MINSTER (Parochial Church Council of St. Mary Magdalene, Taunton)** ## **Statement of Financial Activities for the year ending 31 December 2023** ## **3. EXPENDITURE** |**EXPENDITURE**|| |---|---| |**Unrestricted**
**Restricted**
3(a)
**Church activities**
**Funds**
**Funds**
Mission and Charitable Giving
Home
200
108
Overseas
-
324
200
432
Ministry: Diocesan parish share
72,000
-
Other ministry costs
2,342
-
Church running costs
34,524
-
Repairs, renewals & general upkeep
12,876
7,190
Salary and fees
58,852
-
Office & domestic costs
7,200
-
**187,995**
**7,622**
3(b)
**Activities for generating funds**
Cost of fund raising events
3,414
1,363
Bookshop
7,225
-
Coffee Shop
14,918
-
Magazine
-
-
Fees due to Diocese
**25,557**
**1,363**
3(c)
**Extraordinary items**
Café & Coach House final payments
2,306
1,232
GAIA event costs
11,739
Somerset Co: GAIA one-half share profit
4,400
2022 Capital projects & fees
**2,306**
**17,371**
**TOTAL EXPENDITURE**
**215,858**
**26,356**|**2023**
**2022**
308
100
324
1,265
**TOTAL FUNDS**| ||632
1,365
72,000
54,000
2,342
1,836
34,524
28,740
20,066
7,954
58,852
54,961
7,200
12,050| ||**195,617**
160,906
4,777
8,553
7,225
4,879
14,918
9,399
-
359
1,840| ||**26,920**
25,030
3,538
11,739
4,400
155,359| ||**19,677**
155,359| ||**242,214**
341,296| ## **4 Trustees and Staff remuneration and other transactions** Salary and fees were paid to the Verger and Music Director.Also, fees were paid to Organists and Administrators. The total donations received from the Trustees or any related parties without conditions amounted to £23,000. Contributions to the C of E Church Workers Pension Fund for benefit of employee totalled:£1,340 including Life Cover. **[10]** **TAUNTON MINSTER (Parochial Church Council of St. Mary Magdalene, Taunton)** **Statement of Financial Activities for the year ending 31 December 2023** |**5**
**6**
**7**|**FIXED ASSETS**
Tangible Investments
Depreciation
**CURRENT ASSETS: SUNDRY DEBTORS**
Tax recoverable - Unrestricted
Tax recoverable - Restricted
Unrestricted debtors
**LIABILITIES: SUNDRY CREDITORS**||**2023**
-
-
**-**
12,000
**-**
**-**
**12,000**|**2022**
1,020
(1,020)| |---|---|---|---|---| |||||-
11,837
-
-| |||||11,837| ||Unrestricted||4,917|2,791| ||Restricted||246
**5,163**|-| |||||2,791| |**8**|**PARISH FUNDS**|**31/12/2022**|**Movement**|**31/12/2023**| ||**Unrestricted Funds**
**Designated Funds**
Fabric fund
Coach House: Mission Hub
Tower fund
General fund reserve
Music Fund
**Total designated funds**|23,965
39,974
6,766
45,000
-
115,705|15
-
-
-
127
142|23,980
39,974
6,766
45,000
127| |||||115,847| ||General Fund|35,651|17,471|53,122| ||**Total unrestricted funds**
**Restricted funds**
Vicar & chuchwardens RE: acc income
Vicar & chuchwardens Disc fund
Tower Fund
Flower fund
Bell fund
Coach House: Mission Hub
Youth Evangelism Grant
Church weekend Fund
Bellringers Fund
**Total restricted funds**|**151,356**
2,341
2,844
1,915
2,347
15,163
6,129
207
89
4,853
**35,889**|**17,613**
901
83
27
(254)
(593)
(1,233)
-
-
53
**(1,016)**|| |||||**168,969**| |||||3,242
2,927
1,942
2,093
14,570
4,896
207
89
4,906| |||||**34,873**| |||||| ||**TOTAL FUNDS**|**187,245**|**16,597**|**203,842**| |||||| **[11]** **9 SCHEDULE OF CHARITABLE AND MISSION GIVING** ||**From**|**From**|**TOTAL**| |---|---|---|---| ||**Collections**|**Church**|| ||**and Events**|**Funds**|| |Pakistan / Iraq Earthquake|310
|-
|310| |National Churches Trust|-
|50
|50| |Somerset Churches Trust|_-_|50
|50
| |Greater Churches Network
|-
|100
|100
| |Childrens Society|108
|-

|108
| |Church Mission Society
|14
|-|14| ||**432**
|**200**

|**632**
| CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trusteesl members of TAUNTON MINSTER (ST MARY IAAGDALENE TAUNTON PCC) On accounts for the year ended Charity no (rfany) 1134818 31 December 2023 Set out on pages 5-12 I report to the trustees on my examination of the accounts of the above charity (Ihe Trusf) for ts year ended 3111212023 Responslbilities and basis of report As the charivs trustees. you are resportsib]e for the p￿paration of the a¢¢ounts in accordance with the requirements of the Charities Act 2011 {Ihe Acr). I report in resFed of my examination of the Trusys accounts carried OLrt under section 145 of the 2011 Act and in carying out my examination, I have followed all the ap￿ICable Directions given by the Charty Commission under section 145(5){b) of the Act. Independent The charity's gross income exceeded £250,000 and l am qualified to examinerfs ststement undertake the examinatÉon by being a qualffied member of Wx¥4X 1fv710. I have completed my examination. I confinn that no material matters have me to my attention in connection with the examination (otbeL disd0s￿. which gives me cause to believe that in, any material respect." the accounting records were not kept in accordance with section 130 of the Chariiies AGL or the accounts did not accord wtth the accounting records," or the a¢¢ounts dtd not comply with the applicable requirements con¢eming the form and content of accounts set out in the Charities (Accounts arKI Reports) Regulations 2008 other than any requirement that the accounts give a Yrue and fairf view which is not a matter onsidered as part of an independent examination. I have no concems arKI have come across no other matters in connection with the examination to vthich attention should be drawn in this report in order to enable a woper understanding of the accounts to be reathed. . Please delete the woffts in the brackets rfthey do not apply. Slgned: Date: 2I141LI* Name: Iyotes to the fmancial statements l. Accollutin Poli¢i&% The financial st*ements have been pryared in accoAthnce with the Church AccouDtina Regulations 2006 together with applicable accounting standards and the Charites SORP (FRS102). The financiaI statements have Ew) pryaTed undcr the historical cost convention except for the valuation of Ththich are shoHqJ at rna￿et value. Tr financxal stateTnents iD¢lude all transactions. assets and liabilities for which the PCC is resp)nsible in law. They do not include the aCcO￿ts of church groups thatowetheiraffiliation to anotherbody. northose that&e iDfonAMI gatherings of church metnkn. Funds Endowment ful￿ are fund4 the capitsl of which M￿St be maintaTn&" only incolne arising from investtnent of the endowment may be used either as restricted or unthrted funds dep￿dIllg upon th¢ purFK)se for which the endoiNTnent ivas establisheil Restricted funds represent (a) income fiom trusts orendowments which may be expended only on those restricted objects provided in the ternis of the In￿ or Iwue¢ and Ib) donations or grants received for a speoific purp)se or invited by the PCC for a specific objecL The funds may only be expended on the Sp￿lf1¢ object for which they were given. Ally balances reEnaining unspent at the end of thc yearmust be urried foTh¥wd &s a balance on that fund. The PCC does not usually invest sepaTately for each fun￿ Wbere therc is no separate investtnenL interest is apportioned to tndrvidual funds on an average balance b&sis. Unrestricted funds are genernl funds which can for PCC ordiEWy ordesig)ated putposes. Income Planned Givin& collections and donations ate recognized when receivat Tax refimds are recognized ivhen the incomints resource to wdlich they relate are receiv¢(L Grants and legacies are accounted for when the PCC is legally entitled to the amounts due. Dividends are accountable when ￿ceiVable. interest is accrued for gro& Expendithre Cirdnts and donations are accounted forwhen paid over. or when awarde(L ifthat award creates a binding or constructtve obligalion on the PCC. The di￿esan parish share 15 accounted for when due. Amounts receii'ed specifically for mission are dealt as restiicted funds. All other expenditure is generdlly recognised when it is incuEted and is accounted for gros& Fixed Assets consecr￿ and Etnefice property is not included itk the accounts in accordance with S.96(2)(a) of the Charities Act 1983. Movable church furnishings held by the vicar and chutchwaT(kns on Special trust for the PCC and which requi￿ a facu]ty for diS￿saI are inalienable proFw, listed in the church's inventory which &qn be inspected (at any reasonable time). For an)thing acquired priorto 2000 there is insufft¢i¢nt cost inforniation available and therefore such assets are not valued in rinancta] statements. Subsequendy no individual item h&5 ci)s¢ more than £1,000 so all expenditu￿ has been WTitten off when incurred. EquipEnellt used within the chU￿h ptemises is deprecTated on a straight-line b&8is over four years. Individual items of equipment with a purch&s¢ pri￿ of £2500 or le￿ aTe wrÉtten off when the asset is acquireiL [8]