2023-12-31-accounts - The Parochial Church Council Of The Ecclesiastical Parish Of St Leonard's Wollaton

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PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Charity Number 1134834

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their report and financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity’s trust deed, the Charities Act 2011 and Accounting and 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 .

OUR OBJECTIVES AND ACTIVITIES

The objects of the Parochial Church Council are: -

To provide a place of worship where Christians can meet to share their faith, increase knowledge, and broaden their commitment.
To be effective in the local community by providing services and facilities as appropriate.

Our Missional Vocation:

Living for Jesus

Our Vision:

Our vision is: To be a joyful and vibrant church empowered by the Holy Spirit, committed to sharing God’s love with the wider community, welcoming partnership with others, so that all may be drawn into the abundant life of Christ.

The main activity is the holding of Christian religious service and related activities each week for the benefit of Wollaton and the surrounding area. The Parochial Church Council is dependent on offerings received from its congregation and donations made. Many of the weekly activities are run by volunteers who are members of the church and without their commitment given as volunteers the church would not function effectively.

The PCC formally reviews and agrees priorities; our planned priorities from 2011 were agreed as:

Building the next generation of church
Building relationships with people who find themselves in marginal and vulnerable situations
Building authentic community

PUBLIC BENEFIT

As stated above the objects of the Parochial Church Council are to promote worship and related activities for the benefit of the local community. The Trustees confirm that they have complied with their duties under section 17 of the 2011 Charities Act regarding Public Benefit.

ACHIEVEMENTS AND PERFORMANCE

Church attendance

The year 2023 opened with 295 names on the Electoral Roll (296 in 2022). The electoral roll is revised annually for the APCM and was 281 at the April 2023 APCM (205 resident and 76 non-resident). At 31/12/23 the ER was 281.

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Occasional offices

In 2023 5 baptisms were performed. There were 4 marriages. A total of 30 funerals were performed by the clergy of which 25 took place in church. No candidates were prepared for confirmation and no children were admitted to Communion.

Hon. Secretary’s Review of 2023

The Parochial Church Council met six times in 2023 as did the Standing Committee and Resources Team. Key decisions made during the year included the following: -

Lisa Smith became treasurer after a handover period shadowing Ian Hall after he had voiced his intention to step down in 2023.
Four new members joined the PCC but the PCC still has no Hon. Secretary and no representative on the SCART team.
It was decided that the serving of alcohol at church events will be discontinued due to safeguarding concerns.
Our Families’ and Children’s Minister, Lindy Jones, continues to report regularly to the PCC. Her work with our local schools and the wider community is making a real difference in families’ lives and bringing more and more into contact with church.
The new pay framework for employees of the PCC continues to increase salaries in line with the national real living wage.
The Council approved the recommendations of the Contact Home and Away Team to increase the giving to CMS by 10% and the sum of £7,850 was agreed for annual giving across 11 groups.
Mike Smith was formally appointed to Vice Chair of the PCC.
A Heating Sustainability Survey of the church building and Community Centre was carried out. It reported that costs will be extremely high so it was agreed to reconsider this as and when our financial position improves.
A device for contactless giving was installed in June. This has now been removed as it proved unsuccessful.
It was reported that trees and hedges in the Rectory drive and garden were in great need of maintenance. 3 quotes were obtained and the work was carried out at a cost of £900. The cost of yearly maintenance (£200 for drive or £400 for drive and garden) was discussed by the PCC. It was agreed to ask the Diocese for help with this. Discussions are continuing.
A lack of sustainable funding threatens the mission of St. Leonard’s. The general pot is running a significant deficit. Ways of reversing this continued to be discussed by the PCC throughout the year. Hence a collection plate was circulated during the Christmas Carol Service (netting £422-51) and it was decided that a Planned Giving Appeal was to be made in 2024.

There are also two very costly additional factors to consider –

Repairs to the falling and damaged masonry around the church building. This is already underway.
Transitioning the church and community centre to sustainable, efficient heating.
The PCC formally adopted and ratified the two safeguarding policies for Children and Young People and Vulnerable Adults.

On behalf of the Council, I would like to thank Gillian Moore for her ongoing work as our Minutes Secretary. We couldn’t cope without her!

Val Sutton. (Churchwarden)

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL REVIEW

Treasurer’s Report for the year 2023

Investment income

Following difficult markets in the previous year, which led to a reduction in investment values of £18,386, the markets have recovered and in the current year a net gain of £12,966 has been recognised.

Budget against 2023 forecast

The income and expenditure for 2023 in terms of the operating budget has largely stabilised post-pandemic. We have paid the set parish share in full. The amount in 2022 was £116,196, and decreased slightly to £115,944 for 2023. Regular giving remained relatively stable with only a slight reduction (c.£900) compared with the fall of £15,000 seen in 2020/21. The budget was set in 2023 showing a significant shortfall. This operating shortfall has been supported from reserves.

Total income (excluding movement in investments) for 2023 £219,469 was improved by the community centre’s recovery and continued growth. A generous donation of £12,500 (including Gift Aid) was made to the Family and Children’s Development Worker Fund. The relative decrease compared to 2022 (2022: £231,524) is due to the substantial £21,000 donation and generous £10,000 legacy income received in 2022.

The value of our investments saw a significant fall in 2022 by £18,386. This year saw a reversal in the markets with an increase in value of £12,966.

Total expenditure during 2023 rose compared with 2022 to £265,460 (2022: £233,404) the majority of the increase being explained by increased operating expenses for the community centre in line with the increase in income; the full year employment of our Families and Children’s Development worker (started September 2022); masonry-related costs and the survey assessing the sustainability of heating the church building.

Overall financial position for 2023

The 2023 accounts continue to be influenced by the particularly large legacy of £237,959 which came in during 2016 and 2017. The significant legacy supported the provision of the audio-visual upgrade undertaken in 2018 and 2019. The legacy has supported the significant operating shortfalls of recent years where the gaps were not closed by other generous legacies and donations to the general funds. The PCC has previously designated £100,000 from the legacy for use over the next few years to support mission. The appointment in September 2022 of the Family and Children’s Development worker will in time utilise part of this funding.

End of year position

The net effect of the factors above was that there was a reduction in overall funds to £876,157 at the end of 2023 compared with £909,182 at the end of 2022.

Charity commission registration

The PCC has maintained registration with the Charity Commission (Charity Number 1134834).

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Budget 2024

The Budget set for 2024 was based on projections from the 2023 Budget and showed a continuing significant shortfall without a refresh in giving. The planned giving appeal in January resulted in a tremendous flood of generosity from the congregation with 12 new donors and 40 existing donors increasing their giving. The final impact will be known when all the processing has been completed, but will have significantly closed the gap in the operating budget. We will need to keep monitoring the operating income and costs during the year.

Risks for 2024

The main risks for 2024 are unplanned maintenance and increasing energy costs. Ongoing lead thefts remain a risk although we continue to mitigate this through a managed security system.

Otherwise, the main risks for 2023 as in previous years are increased expenditure on unplanned maintenance and further reduction in planned giving income. Ongoing lead thefts always remain a risk although we continue to mitigate this through a managed security system.

Appeals 2023

Alongside the generous regular giving and donations, there has been considerable support for appeals this year not only financial contributions but also significant time and effort devoted to fundraising endeavours. The figure is not included in the church accounts as the income is not related to church use, however the total amount raised was £20,437 including Children’s Society £1,098, Christian Aid £1,350, Christmas Foodbank £650, Ramallah £14,206, Refugee Roots £1,946 and Tearfund Nepal £1,187.

Final Comments

This is my first year as Treasurer. I am incredibly grateful for my predecessor Ian’s inspiring example of 20 years of faithful service in overseeing the financial affairs of the church, managing risk, communicating information to clergy and PCC to support them in their responsibility of stewardship. In addition to guiding us through the recent pandemic, he has made a significant impact through many projects that have greatly benefitted both the church and our wider community during his tenure. I would like to also thank Ian for the very generous giving of his time and wisdom to fully support the hand-over.

I would like to thank everyone who is involved in the financial running of the church and Community Centre. In particular, Roger Alton works closely with the Community Centre team as their treasurer to manage the Centre’s finances. I would like to thank Tim and the Deanery for all their support over the year. Finally, I would like to thank Liz for her diligence and all her hard work as finance administrator. This year she took on additional responsibilities as the planned giving secretary. Furthermore, I greatly appreciated the tremendous amount of help she has given me during my onboarding.

Lisa Smith Honorary Treasurer May 14[th] 2024

Reserves Policy

The policy of the Parochial Church Council is to hold a sufficient sum in reserves to cover 6 months’ normal expenditure. Based upon current turnover this is a sum of around £100,000. Unrestricted Funds currently held total £222,582 with £154,643 of endowment funds.

Reserves and Assets 2023

The fund details for 2023 are summarised in note 9 of the accounts. These show the major (fixed) asset held by St Leonard’s to be the Community Centre. The Community Centre accounts have been incorporated into these summary accounts.

Investment Policy of the Parochial Church Council

Aside from retaining a prudent amount in reserves each year, most of the Parochial Church Council’s funds are to be spent in the short term, so there are fewer funds for long term investment. Having considered the options available, the trustees have invested excess not required in the short term on deposit with the Central Board of Finance.

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Grant Making Policy

At the discretion of the board of Trustees, they may from time to time make donations to other Charities which have the same objectives as the Parochial Church Council.

Plans for Future Periods

The PCC will continue to match commitments to the mission and ministry activities with income generation into the future.

A focus on "growing disciples" as the top priority for the church's mission in the next phase of its life is intended to see the membership of the church grow which would also have the effect of increasing the numbers of those giving financially to St Leonard's.

St Leonard's regularly reviews the giving of parishioners and encourages donors to consider increasing their giving annually. We also arrange a major "Promise Programme" at least once every five years to help increase the base of those who give regularly to the church. As we move forward, the PCC will also encourage people to consider making provision for mission of St Leonard's in their wills. Generous legacies have made a positive contribution to the church finances in previous years.

Going forward the PCC also remains committed to a continual process of identifying ways of achieving cost reductions in administration overheads and improving the efficient use of resources.

There are no current plans for new major building projects although some continuing rearrangement of the interior of the church will take place over the next couple of years and we will continue with our regular work programme to maintain the building.

SAFEGUARDING

The Safeguarding Policy was amended 2020 and prompted a review of training records and requirements for both safeguarding training and DBS checks in 2022. This work has progressed during the year.

WEBSITE: www.stleonardswollaton.org.uk CHARITY NUMBER: 1134834 PRINCIPAL OFFICE: St Leonard’s Church Wollaton Road Wollaton Nottingham NG8 2AF BANKERS: Royal Bank of Scotland 8, South Parade Nottingham NG1 2JS INDEPENDENT EXAMINERS: Haines Watts Chartered Accountants Cliffe Hill House 22-26 Nottingham Road Stapleford Nottingham NG9 8AA

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees:

During the year, the following served as members of the Parochial Church Council:

Incumbent The Revd Canon Tim Pullen (Chairman) Churchwardens Dr Mike Smith Mrs Valerie Sutton Elected member of Diocesan Synod Mr Roger Howes Elected members of Nottingham North Deanery Synod Dr Erica Bailey Miss Sally Smith (from APCM in April 2023) Mrs Emma Twissell Mr John Withers (to APCM in April 2023) Elected members Mrs Penny Ball (from APCM in April 2023) Mrs Carol Barber Mr Matt Green (from APCM in April 2023) Miss Lindy Jones Mr Roger Owen (from APCM in April 2023) Mrs Lisa Smith, Honorary Treasurer of PCC (from APCM in April 2023) Miss Sally Smith (to APCM in April 2023) Dr Noreen Thomas Mrs Elaine Thompson (to APCM in April 2023 co-opted from APCM in April 2023) Mr Kevin Twissell Mrs Jan Walsh (from APCM in April 2023 to September 2023) Patron The Rt. Hon the Lord Middleton Readers Mrs Hilary Howes Mrs Elaine Thompson Recognised Lay Ministers Mrs Pat Broxham Mrs Maryrose McHugh Mrs Anne Scothern Mrs Anne Walters Appointments by PCC Lay Vice-Chair Dr Mike Smith Administrative Assistant to the PCC Mrs Gill Moore Assistant Churchwardens Mr Peter Bailey Mrs Viv Chamberlain Mrs Ali Hatton Mr Roger Howes Mrs Barbara Lynes Mr Malcolm Stacey Mrs Mary Stacey Mrs Jo Young (died April 2023) Mrs Anne Walters

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Bank Signatories

Choirmaster and Organist

The Revd Canon Tim Pullen (Chairman) Dr Mike Smith (Churchwarden) Mrs Valerie Sutton (Churchwarden) Professor Ian Hall (Treasurer to April 2023) Mrs Lisa Smith (Treasurer from April 2023) Mrs Elizabeth Norris (Finance Administrator) Mr Peter Price

Electoral Roll Officer

Dr Erica Bailey

Parish Safeguarding Co-ordinator Planned Giving Secretary

Parish Database Maintenance

Dr Rachel Higginson Mrs Elizabeth Norris Mr Graham Birkett

Chair of St. Leonard’s Community Centre Wollaton (SLCCW)

Mr David Thompson

Representatives nominated by the PCC to the Management Committee of SLCCW

The Revd Canon Tim Pullen Mrs Carol Barber (from November 2022)

Website Administrator

Mrs Natasha Hart

PCC Employees

Ms Lindy Jones Mrs Ann Scothern Mrs Elizabeth Norris Mrs Natash Hart Mrs Kerry Pashley Miss Sarah Henly Mr Kurtis Brownson

Families and Children Development Minister Parents and Toddlers Leader Finance Administrator Church Administrator St Leonard's Community Centre Manager St Leonard's Community Centre Caretaker (to August 2023) St Leonard's Community Centre Caretaker (from August 2023)

Lay People with permission from Bishop to administer Communion:

Mr Peter Bailey Mr Graham Birkett Mrs Pat Broxham Mrs Kate Breckles Mr Ralph Buckingham Mr Walt Bugden (died Dec 2022) Mr Richard Burnett Mrs Carol Charmbury Mrs Karen Dinsmore

Mrs Janet Fisher Mr Gordon Fletcher Professor Ian Hall Mrs Ali Hatton Mrs Hilary Howes Mr Roger Howes Mrs Barbara Lynes Mrs Maryrose McHugh Mrs Sonal Marner Mrs Pam Martin

Mr Robert Norris Mrs Pam Orme Mr Peter Price Mrs Jo Pullen Mr Mike Radford Mr David Robinson

Mrs Judith Robinson Mrs Anne Scothern Mr Colin Shock (died Sept 2023) Miss Sally Smith Mrs Jan Stacey Mr Malcolm Stacey Mrs Mary Stacey Mrs Wendy Sutton-Pryce Mrs Elaine Thompson Mrs Hilary Vaughan Mrs Anne Walters Mr John Walters

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Parochial Church Council is a statutory body and is governed by the regulations as set out in the official Church of England Church Representation Rules 2020, which cover all aspects in detail.

This is supplemented by the Handbook for churchwardens and parochial church Councillors (revised edition 2020).

Recruitment and Appointment of Trustees

Parochial Church Council members are recruited by election following nomination by any two members of the electoral roll.

Prospective candidates receive a detailed booklet produced in-house entitled Is the Parochial Church Council for me? and attend an initial meeting of the Parochial Church Council for clarification of their role and responsibilities within the Church structure.

Parochial Church Council members are elected at the Annual Parochial Church Meeting each year.

Key Management Personnel

The PCC consider the board of Trustees and the Rector as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-today basis. All the PCC give of their time freely and no member of the PCC received any remuneration in the year. Details of trustee expenses are disclosed in note eleven to the accounts.

The Diocese of Southwell & Nottingham pay the Rector.

Related Parties – Associated Churches

St. Leonard’s Parochial Church is part of the wider “Church of England” and reports directly to the Diocese of Southwell and Nottingham, paying its annual Parish Share to the diocese, which, in 2023, totalled £115,944 (2022: £116,196)

Organisational Structure

The church is administered by the Parochial Church Council members and the day-to-day running of the Parochial Church Council is delegated by the trustees to the Rector (as paid chair of the Parochial Church Council) and Churchwardens, in conjunction with the Parish Administrator. Agenda items for the Parochial Church Council are agreed by Standing Committee which is chaired by the Rector. The Parochial Church Council meet on a regular basis and a record of all the meetings is kept.

Risk Management

The trustees have examined the major strategic, financial, and operational risks which the Parochial Church Council faces and confirm that systems have been established to enable regular reports to the Parochial Church Council meetings to be produced so that the necessary steps can be taken to lessen these risks.

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provision of the Trust Deed require the Trustees to prepare financial statements for each financial year which give a true and fair view of the situation of the Charity and of the incoming resources and application of resources, including the income and expenditure of the Charity for the financial year. In preparing those financial statements, the Trustees are required to:

Select suitable accounting policies and apply them consistently.
Observe the methods and principles in the appropriate charities SORP.
Make judgements and estimates that are reasonable and prudent.
State whether applicable accounting standard have been followed, subject to any material departures that must be disclosed and explained in the financial statements.
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation; and

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

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

This report has been prepared in accordance with the Statement of Recommended Practice, Accounting and Reporting by Charities.

………………………………………………. On behalf of the Trustees The Revd Canon Tim Pullen Chairman and Trustee

Dated:

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

I report to the trustees on my examination of the accounts of the Parochial Church Council of St. Leonard, Wollaton (the Trust) for the year ended 31 December 2023.

Responsibilities and Basis of Report

As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner’s Statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

……………………………………………….. Alexander Butterfield ACA Independent Examiner Haines Watts Chartered Accountants Cliffe Hill House 22-26 Nottingham Road Stapleford Nottingham NG9 8AA

Dated:

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

					Total	Total
		Unrestricted	Restricted	Endowment	Funds	Funds
		Funds	Funds	Funds	2023	2022
	Note	£	£	£	£	£
INCOMING RESOURCES
Donations and Legacies	2(a)	140,345	13,250	-	153,595	174,891
Income from other Events & Activities	2(b)	56,451	-	-	56,451	51,621
Investment Income	2(c)	5,302	-	4,121	9,423	5,012
TOTAL INCOMING RESOURCES		202,098	13,250	4,121	219,469	231,524
EXPENDITURE
Costs of raising funds:		-	-	-	-	-
Expenditure on Charitable Activities	3(a) –3(e)	228,174	37,286	-	265,460	233,404
TOTAL EXPENDITURE		228,174	37,286	-	265,460	233,404
Net gains (losses)
on investments assets – unrealised	6	-	-	12,966	12,966	(18,386)
NET INCOME/EXPENDITURE		(26,076)	(24,036)	17,087	(33,025)	(20,266)
Transfer between funds		4,121	-	(4,121)	-	-
Net Movement in Funds		(21,955)	(24,036)	12,966	(33,025)	(20,266)
RECONCILIATION OF FUNDS
Total funds brought forward		244,537	522,968	141,677	909,182	929,448
TOTAL FUNDS CARRIED FORWARD	9	222,582	498,932	154,643	876,157	909,182

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

BALANCE SHEET AS AT 31 DECEMBER 2023

FIXED ASSETS Total Fixed Assets CURRENT ASSETS Total Current Assets CREDITORS: Amounts falling due within one year NET CURRENT ASSETS NET ASSETS REPRESENTED BY FUNDS TOTAL CHARITY FUNDS	Tangible Fixed Assets Central Board of Finance - Investments Sundry Debtors Central Board of Finance – Deposits Cash at bank and in hand Sundry Creditors Unrestricted Funds General Purposes Designated Funds Total Unrestricted funds Restricted funds Endowment funds	Note 7 8 9 122,582 100,000 10	2023 £ 465,355 150,768 616,123 8,651 66,301 206,075 281,027 20,993 20,993 260,034 876,157 222,582 498,932 154,643 876,157	2022 £ 482,780 137,802
				620,582
				19,798 65,227 208,792
				293,817
				5,217
				5,217
				288,600
				909,182
				134,537 100,000 244,537 522,968 141,677
				909,182

Approved by the Parochial Church Council on .................................................................. and signed on its behalf by:

………………………………………………… The Reverend Canon Tim Pullen – Chairman

………………………………………………… Professor Ian Hall

Dated:

The notes on pages 13 to 24 form part of these financial statements.

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

Basis of Accounting

The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and Charities Act 2011. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

The charity constitutes a public benefit entity as defined by FRS102.

The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

The financial statements are presented in sterling (£).

Funds

Endowment funds are generally funds which the PCC must retain for the benefit of the Church and spend on capital purposes and authority for expenditure must be obtained from the Southwell diocese.

Unrestricted funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. These include funds designated for a particular purpose by the PCC.

The purpose of any restricted funds is noted in the accounts.

The accounts only include transactions, assets and liabilities for which the PCC can be held responsible.

Incoming Resources

Voluntary income and capital sources

Collections and regular giving are recognised when received by or on behalf of the PCC.

Income tax recoverable on covenanted or gift aid donations is recognised when claimable.

Grants to the PCC are accounted for when received as soon as the PCC is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the PCC is reasonably certain.

Funds raised by social and similar events are accounted for gross.

Other ordinary income

Rental income from the letting of church premises is accounted for when the hiring takes place.

Parochial fees due to the PCC for weddings, funerals etc are accounted for on an event by event basis, and are net of amounts due to the Southwell and Nottingham Diocese.

For legacies, entitlement is taken as the earlier of:

the date on which the charity is aware that probate has been granted;
the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made; or
when a distribution is received from the estate.

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 - CONTINUED

Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Donated services and 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, where this can be quantified.

Income from investments

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Realised gains and losses

Realised gains or losses are recognised when investments are sold and are calculated as the difference between sales proceeds and the previous year end market value.

Unrealised gains or losses are accounted for on revaluation of investments at their year end market values.

Resources Expended

Expenditure is recognised on an accruals basis as a liability is incurred and includes vat where appropriate, which cannot be recovered.

Giving

Grants and donations are accounted for when paid.

Costs directly related to the work of the church

The Diocesan Parish Share is accounted for when payable and any amount unpaid at the year end is shown as a creditor in the Balance Sheet.

Debtors

Debtors are recognised at the settlement amount owed to the Charity or prepaid.

Creditors

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.

Financial Instruments

The Charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 - CONTINUED

Judgement and Key Sources of Estimation Uncertainty

The preparation of accounts using generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the accounts and the reported amounts of revenues and expenses during the reporting period.

The key estimates and assumptions used in the Financial Statements are detailed in the accounting policies.

Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

Allocation of overhead and support costs

Overhead and support costs have been allocated as a direct cost between Charitable Activities and Governance Costs. Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include office costs, payroll and governance costs which support the church activities.

Governance costs

Governance costs comprise all costs incurred in the governance of the PCC. These include costs related to the statutory audit together with a direct apportionment of overhead and support costs.

Fixed Assets

Consecrated land and buildings and moveable church furnishings

Consecrated and beneficed property is excluded from the accounts by section 10(2)(a) of the Charities Act 2011.

No value is placed on moveable 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 an inalienable property. All expenditure incurred during the year on consecrated or beneficed buildings and moveable church furnishings, whether maintenance or improvement is written off as incurred.

Other land and buildings

Other land and buildings held on behalf of the PCC for its own purposes is shown at cost.

Building costs are depreciated at 2% per annum for each full year on cost.

Equipment and other fixtures and fittings

Equipment used for church purposes is depreciated on a straight line basis over 4 years. Individual items of equipment with a purchase price of £1,000 or less are written off in the period in which the asset is acquired.

Equipment for use in the Community Centre is depreciated on a straight line basis over the estimated useful life of each item, which varies between 6 and 12 years.

Investments

Investments are valued at market value as at the year end date.

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 - CONTINUED

Pension costs

The Pension Builder Scheme of the Church Workers Pension Fund is made up of two sections, Pension Builder Classic and Pension Builder 2014, both of which are classed as defined benefit schemes.

The assets of the scheme are held separately from those of the employer.

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 means it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. The pension costs charged to the SoFA in the year are contributions payable.

A valuation of the scheme is carried out once every three years. The most recent scheme valuation completed was carried out as at 31 December 2020. This revealed, on the ongoing assumptions used, a deficit of £29.1m. There is no requirement for deficit payments at the current time.

Pension Builder 2014 will be valued in relation to the lump sum payable to members at normal pension age. There are no annual pension benefits.

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 - CONTINUED

2. INCOMING RESOURCES 2(a) Donated Income – Voluntary Collections – General Collections - Baptisms, Weddings, Funerals Regular giving Gift Aid recoverable Legacies (note 13) Gifts and Donations Donated Income – Specific use Youth work - Gift Aid recoverable Bell Tower Fund Special Appeals (inc Gift Aid) Other Voluntary Income Wedding and funeral fees (net) Marriage preparation income Total Donations and Legacies 2(b) Gross income from events and activities Other Income Fund Raising Events Use of photocopiers Coffee and tea Parents and Toddlers Wollaton Community Centre (note 4(a)) 2(c) Investment Income Bank interest Legacy fund interest Russell and Middleton Trust income Monuments fund income TOTAL INCOMING RESOURCES	Unrestricted Funds Restricted Funds Endowment Funds Total Funds 2023 Total Funds 2022 £ £ £ £ £ 2,260 - - 2,260 1,377 230 - - 230 263 105,804 - - 105,804 106,743 24,415 2,500 - 26,915 24,244 - - - - 10,000 740 10,000 - 10,740 23,600
	133,449 12,500 - 145,949 166,227
	- 600 - 600 600 - 150 - 150 175 - - - - - - - - - 3,166
	- 750 - 750 3,941
	6,896 - - 6,896 4,723 - - - - -
	6,896 - - 6,896 4,723
	140,345 13,250 - 153,595 174,891
	115 - - 115 405 - - - - - 171 - - 171 232 557 - - 557 832 2,222 - - 2,222 1,811 53,386 - - 53,386 48,341
	56,451 - - 56,451 51,621
	3,015 - - 3,015 548 1,889 - - 1,889 205 - - 4,121 4,121 4,098 398 - - 398 161
	5,302 - 4,121 9,423 5,012

	202,098 13,250 4,121 219,469 231,524

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023 – CONTINUED

3. RESOURCES EXPENDED 3(a) Giving Overseas (note 12) Home (note 12) Special Appeals/ Partnership for Missional Church 3(b) Support Costs Operating Expenses (note 4a) 3(c) Directly related to the work of the Church Diocesan Parish Share Gas Electricity Insurance Maintenance and Security Water rates – Cemetery Staff expenses – Rector Staff expenses – Curate’s Salaries – Director of Music Maintenance – Organ and Piano Cost of services Choir costs Catering Bereavement group Amplification/ AV System Marriage and Baptism/ Confirmation preparation Spiritual Development Parents and Toddlers Printing, Stationery and Publications Miscellaneous expenditure Professional Fees Families and Children’s Development Worker	Unrestricted Funds Restricted Funds Endowment Funds Total Funds 2023 Total Funds 2022 £ £ £ £ £ 4,350 - - 4,350 4,000 3,500 - - 3,500 3,500 1,626 - - 1,626 3,198
	9,476 - - 9,476 10,698
	50,409 - - 50,409 43,586
	50,409 - - 50,409 43,586
	115,944 - - 115,944 116,196 1,478 - - 1,478 1,381 1,329 - - 1,329 1,347 4,132 - - 4,132 3,756 5,015 - - 5,015 2,747 88 - - 88 80 1,880 - - 1,880 923 - - - - - - - - - - - - - - 384 1,837 - - 1,837 1,803 127 - - 127 110 143 - - 143 330 44 - - 44 5 - - - - 135 - - - - 72 401 - - 401 - 3,463 - - 3,463 3,523 669 - - 669 852 1,972 - - 1,972 1,439 2,768 - - 2,768 572 - 23,092 - 23,092 6,108
	141,290 23,092 - 164,382 141,763

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023 - CONTINUED

3. RESOURCES EXPENDED 3(d) Governance costs Telephone, internet and website costs Printing, stationery and publications Independent examination and accountancy Computer equipment and support Depreciation Staff salary costs 3(e) Land and Buildings Community Centre – depreciation TOTAL RESOURCES EXPENDED 4. ST LEONARD'S COMMUNITY CENTRE 4(a) Operating statement Gross Income Income Church contribution Expenditure Salaries and Wages Heating and Power Materials Administration Water charges Insurance Maintenance and repairs Depreciation Other costs Operating surplus/(deficit) Interest Add back Church contribution Net surplus/(deficit)	Unrestricted Funds Restricted Funds Endowment Funds £ £ £ 971 - - 276 - - 2,910 - - 1,019 - - 3,230 - - 18,593 - -	Total Funds 2023 Total Funds 2022 £ £ 971 1,322 276 124 2,910 2,772 1,019 364 3,230 3,230 18,593 15,351
	26,999 - -	26,999 23,163
	- 14,194 -	14,194 14,194
	- 14,194 -	14,194 14,194
	228,174 37,286 -	265,460 233,404
	Unrestricted Funds Restricted Funds Endowment Funds £ £ £ 53,386 5,954 59,340 30,997 8,336 895 1,157 1,517 1,473 3,281 1,992 761	Total Funds 2023 Total Funds 2022 £ £ 53,386 48,341 5,954 5,270
		59,340 53,611
		30,997 27,993 8,336 4,148 895 393 1,157 1,446 1,517 1,399 1,473 1,397 3,281 3,151 1,992 3,132 761 527
	50,409 - -	50,409 43,586
		8,931 10,025 - - (5,954) (5,270)
		2,977 4,755

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 - CONTINUED

Unrestricted Funds £ -	Restricted Funds Endowment Funds £ £ 202 - 202 - - 202 - -	Total Funds 2023 Total Funds 2022 £ £ 202 202 - -
		202 202 - -
		- -
		202 202
		- -
- -	- 12,966 - -	12,966 (18,386) - -
-	- 12,966	12,966 (18,386)
	Freehold Land and Buildings £ 709,712 - -	Equipment Total £ £ 121,453 831,165 - - - -
	709,712	121,453 831,165
	241,095 14,194 -	107,290 348,385 3,230 17,424 - -
	255,289	110,520 365,810
	468,617	14,163 482,780
	454,423	10,933 465,355

The freehold land and buildings comprise the Wollaton Community Centre.

A condition of funding received from the Lottery Community Fund places a restriction on the sale of the Community Centre for a 25 year period up to 2029.

The Community Centre building is currently insured for £1,220,000.

Whilst the PCC has a duty of care to maintain the church buildings, land and monuments which, combined, currently have an insurable value of over £8,000,000, they are not owned by the PCC and have therefore not been included in these accounts as heritage assets. Likewise, the Antiphonal, which was willed to the church in 1460, but is currently in the keeping of the University of Nottingham, where it has undergone extensive restoration, is not included in these Accounts and its present value is unknown.

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 - CONTINUED

8. CENTRAL BOARD OF FINANCE INVESTMENTS

Value of shares in the Central Board of Finance Investment Fund Original cost of shares Number of Shares Held	Russell Trust Middleton Trust Funds 2023 Funds 2022 £ £ £ £ 116,317 34,451 150,768 137,802
	26,827 1,084 27,911 27,911
	5,145 1,524 6,669 6,669

9. FUND DETAILS

Note Restricted Funds Community Centre – Building Community Centre – Equipment 1 Special projects Youth fund 2 Monuments 4 Family and Children’s Development Worker 5 Endowment Funds Ministry Capital (CBF deposit a/c) 3 Middleton Trust (CBF investment fund) 3 Russell Trust (CBF investment fund) 5 Unrestricted fund Overall totals 31 December 2023	Balance b/fwd Incoming Outgoing Transfers Funds 2023 £ £ £ £ £ 468,617 - (14,194) - 454,423 202 - - - 202 3,833 - - - 3,833 - 750 - (750) - 310 - - - 310 50,006 12,500 (23,092) 750 40,164
	522,968 13,250 (37,286) - 498,932 3,875 - - - 3,875 31,488 3,905 - (942) 34,451 106,314 13,182 - (3,179) 116,317
	141,677 17,087 - (4,121) 154,643
	244,537 202,098 (228,174) 4,121 222,582
	909,182 232,435 (265,460) - 876,157

Note Restricted Funds Community Centre – Building Community Centre – Equipment 1 Special projects Youth fund 2 Monuments 4 Family and Children’s Development Worker 5 Endowment Funds Ministry Capital (CBF deposit a/c) 3 Middleton Trust (CBF investment fund) 3 Russell Trust (CBF investment fund) 5 Unrestricted fund Overall totals 31 December 2022	Balance b/fwd Incoming Outgoing Transfers Funds 2022 £ £ £ £ £ 482,811 - (14,194) - 468,617 202 - - 202 4,052 3,166 (3,385) - 3,833 23,464 775 - (24,239) - 310 - - - 310 - 31,875 (6,108) 24,239 50,006
	510,839 35,816 (23,687) - 522,968 3,875 - - - 3,875 35,689 936 4,201 (936) 31,488 120,499 3,162 14,185 (3,162) 106,314 160,063 4,098 (18,386) (4,098) 141,677
	258,546 191,610 (209,717) 4,098 244,537
	929,448 231,524 (251,790) - 909,182

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 – CONTINUED

1 The Community Centre equipment Fund relates to donations, the use of which is restricted to equipping the Centre.
2 The Youth Fund relates to donations, the use of which is restricted to youth expenditure.
3 Income arising from the Ministry Capital Fund and Middleton Trust can only be used for the care, maintenance and insurance of church goods and ornaments and ministry expenses.
4 The Monuments Fund can only be used for the care, maintenance and upkeep of the various church monuments.
5 Income arising from the Russell Trust is paid into the General Fund. The Fund represents the sale proceeds from the former curate’s residence and although no restrictions exist as to how it can be spent, permission from the diocese would be required before any future expenditure could be made.
6 Special Projects Funds at 1 January 2023 is £3,833 for the Bell Tower. The balance carried forward at 31 December 2023 is £3,833.
7 Family and Children’s Development Worker this fund is to support the family and children’s development worker and related activities for a 3 year period; in the year the balance held in the youth fund has also been transferred to this fund. The total balance held at 31.12.23 was £40,164.
8
Designated Funds of £100,000 were set aside in the year to support mission work.

10. ANALYSIS OF NET ASSETS BY FUND

Fixed Assets Current Assets/Liabilities Fund Balance Fixed Assets Current Assets/Liabilities Fund Balance 11. STAFF COSTS Wages and salaries Social security costs Pension costs Expenses	Unrestricted Funds £ - 222,582	Restricted Funds Endowment Funds Total Funds 2023 Total Funds 2022 £ £ £ £ 465,355 150,768 616,123 620,582 33,577 3,875 260,034 288,600
	222,582	498,932 154,643 876,157 909,182
	Unrestricted Funds £ - 244,537	Restricted Funds Endowment Funds Total Funds 2022 Total Funds 2021 £ £ £ £ 482,780 137,802 620,582 646,431 40,188 3,875 288,600 283,017
	244,537	522,968 141,677 909,182 929,448
		PCC Community Centre Total 2023 Total 2022 £ £ £ £ 38,062 27,176 65,238 48,586 1,572 1,209 2,781 1,574 2,805 1,816 4,621 2,689 2,710 796 3,506 126 45,149 30,997 76,146 52,975

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 - CONTINUED

During the year the PCC employed on a part time basis a Parish administrator, a Finance Administrator, a Toddler Group leader and a Family and Children’s Development worker.

In addition the Community Centre employed on a part time basis a Caretaker and an Office Manager.

None of these earned £60,000 p.a. or more.

During the year Miss Lindy Jones received total remuneration of £19,240 which included £1,669 of pension contributions. In addition, a further £2,614 of expenses were reimbursed. The remuneration and expenses related to services rendered in her role as Families and Children’s Development Worker.

No other PCC members received or are due to receive any expenses or remuneration for the year, other than reimbursed expenses paid to the Rector totalling £1,880 (2022: £923). These were mainly made up of travelling, telephone, postage and stationery expenses incurred and in one-off donations for training costs.

Giving by PCC Members totalled £39,092 (2022: £42,434). There are no other related party disclosures.

12. GIVING Overseas Church Mission Society (CMS) Home Leone Home Framework Crossteach Renew Wellbeing Christians Against Poverty Betel Community Refugee Roots (formerly Rainbow Project ) Safe Families for Children BRF Notts Clergy Widows 13. LEGACIES Robert Ivor Norris	2023 2022 £ £ 3,850 3,500 500 500
	4,350 4,000
	250 250 500 500 500 500 500 500 500 500 500 500 250 250 250 250 250 250
	3,500 3,500
	2023 2022 £ £ - 10,000
	- 10,000

14. CONTINGENT LIABILITIES

In accordance with normal practice, the terms of certain grants may result in repayment of all or part of the grants receivable if the conditions of the grants are not met. The trustees do not believe that any material amounts will need to be repaid.

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 - CONTINUED

15. PENSION CONTRIBUTIONS

St Leonard’s PCC contributes to the pension scheme an amount based on the employee’s basic salary and the employees are required to make a minimum contribution. The contributions for the year totalled £4,621 (2022: £2,689).

16. PARISH SHARE

The total assessed as payable by the Diocese of Southwell and Nottingham for 2023 was £115,944 (2022: £116,196) which was fully paid.

17. SOFA COMPARATIVE INFORMATION

INCOMING RESOURCES Donations and legacies Income from other events and activities Investment income TOTAL INCOMING RESOURCES EXPENDITURE Costs of raising funds Expenditure on charitable activities TOTAL EXPENDITURE Net gains/(losses) on investment assets – unrealised NET INCOME/EXPENDITURE Transfer between funds Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted Funds Restricted Funds Endowment Funds Total Funds 2022 £ £ £ £ 139,075 35,816 - 174,891 51,621 - - 51,621 914 - 4,098 5,012
	191,610 35,88 4,098 231,524
	- - - - 209,717 23,687 - 233,404
	209,717 23,687 - 233,404
	- - (18,386) (18,386)
	(18,107) 12,129 (14,288) (20,266) 4,098 - (4,098) -
	(14,009) 12,129 (18,386) (20,266) 258,546 510,839 160,063 929,448
	244,537 522,968 141,677 909,182