## **PAROCHIAL CHURCH COUNCIL OF ST MARY'S** # **PAINSWICK** ## **Annual Accounts 2023** Financial statements for the calendar year 2023 are provided with this report in the form of : - - A Statement of Financial Activity (SOFA) - A Balance Sheet - An Independent Examiners report; and - Notes to the financial statements. ## **1. Overview** . Income generated in the year was £268,683 (2022 £183,597). The income included £157,312 from the roofing appeal in 2023 (including donations, grants and gift aid). Therefore the total income less the roofing appeal was £111,371. The total expenditure for 2023 was £457,531 (2022 £145,817). The total expenditure for 2023 includes the roofing expenses which amounted to £308,070 (see Repairs to church buildings in SOFA) The expenditure less the roofing was £149,461 (£457,531 - £308,070) and therefore the net deficit for the year was £38,090 (£149,461 - £111,371). Our investment gains were £46,109 (2022 loss of £90,364). The overall balance carried forward at 31 December 2023 was £699,887 being a decrease of £142,739 over the year (see Net movement of funds in the SOFA). **2. Current account** . The balance held in the account at the start of the year was £22,560 but was decreased to £16,244 at 31 December 2023 (see Row A of Note 10, Table 10B). **3** . **Charitable donations** . The PCC donated £17,202 to Charities and Mission & Evangelism in 2023. (£15,497 in 2022) (see Note 7 to the statement for details). **4** . **Parish Share.** The PCC paid £47,900 (£56,300 2022) in Parish Share to the Gloucester Diocese in 2023. This is our biggest item of expenditure and went towards the costs of providing ministry in the Beacon Benefice. The PCC agreed at its November 2023 meeting to pay the same amount of £47,900 to the Diocese for the Parish Share in 2024. **5** . **Risks.** The PCC is not aware of any significant risks against which it is not reasonably protected by its insurance policies and its adherence to Health and Safety legislation. **6** . **Thanks** . The PCC are most grateful to all who encourage, enable and equip the church in ministry, mission, and in the day to day running of St Mary’s Church, the Churchyard, the Church Rooms and the Lychgate Office. Page 1 of 10 ## **Statement of Financial Activities for the year ended 31 December 2023** |Notes|Unrestricted
fund
Designated
fund
Restricted
fund
**2023**|**2022**| |---|---|---| |Incoming resources
Voluntary income:
Planned giving
Collections, donations & other giving
Income tax recovered
Legacies
Activities for generating funds
Magazine/Bookstall sales/Hall Lettings etc
Income from other Properties
Investment income:
Interest & dividends
6
Income from charitable activities:
Parochial fees
4
Other incoming resources:
Insurance claims
Other
**Total incoming resources**
Resources expended
Charitable activities:
Donations/Grants to charities
7
Mission & Evangelism
7
Parish Share
Clergy expenses
Church running expenses
Churchyard maintenance
Cost of raising funds
Running costs:
Support costs
Administration costs (incl. staff costs)
Other
Governance costs
Repairs to church buildings
Repairs to other property
**Total resources expended**
Net (outgoing)/ incoming resources
Transfers between funds
Net incoming/(outgoing) resources before gains
Gains (Losses) on investment assets
**Net movement in funds**|£
£
£
£
32,734
0
0
32,734
128,653
0
40,799
169,452
17,640
0
0
17,640
0
0
0
0
8,524
0
80
8,604
1,025
0
0
1,025
23,364
0
0
23,364
7,448
0
0
7,448
0
0
0
0
8,416
0
0
8,416
**227,804**
**0**
**40,879**
**268,683**
(6,575)
0
(1,447)
(8,022)
(9,180)
0
0
(9,180)
(47,900)
0
0
(47,900)
(3,977)
0
0
(3,977)
(37,617)
0
(180)
(37,797)
(7,632)
0
0
(7,632)
(407)
0
0
(407)
(710)
0
0
(710)
(11,338)
0
0
(11,33
8)
(10,816)
0
0
(10,816)
(882)
0
0
(882)
(96)
0
(307,974)
(308,070)
(10,800)
0
0
(10,800)
**(147,930)**
**0**
**(309,601)**
**(457,531)**
**79,874**
**0**
**(268,722)**
**(188,848)**
(86,220)
(164,918)
251,138
0
(6,346)
(164,918)
(17,584)
(188,848)
0
46,109
0
46,109
**(6.346)**
**(118,809)**
**(17,584)**
**(142,739)**|£
32,486
73,988
21,138
5,000
5,937
0
23,774
16,052
0
5,222
**183,597**
(15,497)
(100)
(56,300)
(1,904)
(43,105)
(9,680)
(1,688)
(1,398)
(7,067)
(7,776)
(840)
(462)
0
**(145,817)**
**37,780**
0
37,780
(90,364)
**(52,5**
**84)**| Page 2 of 10 |Funds brought forward at 1 Jan 2023
Funds carried forward at 31 Dec 2023|22,725
786,901
33,000
842,626
**16,379**
**668,092**
**15,416**
**699,887**|895,210
**842,626**| |---|---|---| Page 3 of 10 rothlal Churth I￿0￿Stma sP•l ReqisteredthorityNo. .' 1135419 IW8nated fvnd5 lunds 1023total 2022 totol Flxed Tarvdible Assets Inve5tmeiits i¥ io 608,841 608.841 717.306 Total ffixed assets 608.841 608.841 717.306 Current Assets Stock (o Debtor51 C•sh at bank & In I 133 133 164 16.246 IS,416 59.251 9).913 125.156 Total current •SSets IC• 16,379 15,416 59.251 90,913 125.320 Curyent IwbilrfliÈS Credttorsldue wrthin l yrl 14et current assetSlC•iME41 J6.379 15116 59,251 91,046 125,320 Totsi assets lesscurrent 1hbil￿￿s 14379 15.416 668.092 699,887 842.626 41 626 Thesestatemefits were s*ned on behaK of Pains¥Mk PCC tr•f'. .. PCCTre4surer2023 . Churchwarden lJ4c•r The Noresfvrnipurtof theSefiMffW5toten￿nts Page 4 of 10 ofst 's PaI]]s￿Ck Inde￿idettt tJathinces ry￿rtt0 the trortcuofst MArf5 21)23 Res￿￿1b111ts￿ b￿LI ofTtp>rt requirttwnts of the chan.iies Act2011 nhe A¢ff). I re[x￿t ul W ofmyexatnumtMMJ oftheTnL¢5 ojt urKkT sthxL 145 of the ALtand in c4Th>ryn8lXLr my eXBttkll￿t￿ I h￿¢ all aFoJK* ty&Clw4y C{xr￿1￿ 14515Xbl ofth¢ Iidtpendent *t¢m¢nl Sincc yourchsritys 8T(￿ 1rwn¢¢￿<¢￿1 05Q(KM) Y¢)ur¢wJi￿mU￿benmtt￿bef ofa listed INJdy. I can conftnn that l am q￿lif￿ l am aTEgY4￿￿ mrrnirr ofFCCA thich is￿e of IL%￿j th th¢¢xAmu)aljon 8ivingm¢caw¢toF¢liev¢thal in4nym4l¢TiNiT¢WI.' rmd5 kql rftheTn*t45 lry 130rfthe A¢ ¥¢4 (Yrt intkcj￿II•S(ACC(wntsWKI Keyts) Ke8uL*KW 2IY)8oth¢rthan ￿YTEquir￿¢Thl that th¢ &ccountsgiveakn*arxl fairviewwhich IS￿ amattucuLsidertd &sp&rtof8n indyndeni examin￿1￿1. $I￿ld bedr•wn inthisrepxt in ordertOe4wN¢ dmunde￿￿1￿8 Orthe￿￿￿￿￿bele￿e4. iAYJi* Newman cc.A 2 Bath Mews Bath Parade Ch¢lt¢nhwn GL53 7HL Page 5 of 10 ## **Parochial Church Council of St Mary's Painswick** _Registered Charity no. 1135419_ ## Notes to the Financial Statements for the Year Ended 31 December 2023 ## **1. ACCOUNTING POLICIES** ## **Accounting convention** The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value and in accordance with the Financial Reporting Standards for Smaller Entities (effective April 2008), the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities. ## **Incoming resources** All incoming resources are included on the Statement of Financial Activities when the Church is legally entitled to the income and the amount can be quantified with reasonable accuracy. ## **Resources expended** Expenditure is accounted for on a receipts & payments basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Property assets** The PCC, in conjunction with the Gloucester Diocesan Trust, has effective ownership of three properties; the Church Rooms, the Lychgate Office and the Grave Diggers Hut. In principle, the values of these properties should be included in these accounts. There is no current intention of selling any of these properties and any such sale would require a lot of consultation. Furthermore, assigning a value to these unique properties is very difficult and would depend on conditions at the time of any sale. Thus property assets are not included in the balance sheet. ## **Stock** Stock is valued at cost. (see Note 9). ## **Taxation** The Church is exempt from corporation tax on its charitable activities. The PCC has paid PAYE / income tax on behalf of its part-time employees. ## **Fund accounting** See Note 3 below ## **2. CASHBOOK** . Financial transactions of the PCC are recorded using the Gloucester Diocesan Board of Finance (DBF) supplied spreadsheet system called Cashbook 2023-V2. This allows semi-automated production of accounts not only for Painswick APCM but for DBF, Church of England and Charity Commission purposes as well. The finances of the St. Mary’s Flower Guild and the Ancient Society of Painswick Youths (ASPY, the bell ringers) are not incorporated in these accounts. They have both had their own accounts for many years and are largely self-sufficient. The PCC does pay the Flower Guild for church flowers at Christmas, Easter and Harvest/Clypping. Wedding bell ringing fees and choir fees are initially paid to the PCC and are then forwarded to ASPY and the choir. Page 6 of 10 ## **3. UNRESTRICTED, DESIGNATED AND RESTRICTED FUNDS.** The Church of England defines three types of fund for PCC purposes: - **Unrestricted –** funds that can be used for any legitimate purpose of the PCC - **Restricted –** funds that have been raised for a specific purpose and are kept separate or which - have been donated for specified projects or uses. - **Designated -** funds which the PCC has put aside for specific purposes (but if circumstances - change the PCC can decide to un-designate or re-designate). Our Designated funds include our investments totaling over £600,000. These funds were given to Painswick Church in the past for use by the PCC. Our predecessors chose to use them for income but there is no paperwork with the PCC Treasurer restricting their use as such. Thus, these are classified as Designated rather than Restricted funds. In principle, it would be possible to use some of these funds for major projects and permission was granted to use £100,000 from the Lychgate Funds for the repair of the church roof. A list of our accounts and their classification is given in Table 10B of Note 10. ## **4. PAROCHIAL FEES** The figure of £7,448 quoted in the SOFA (Note 4) as the PCC income from parochial fees is the combined income to the PCC (i.e. £2,985 PCC statutory fees plus £4,463 non-statutory extras). The actual net income to the PCC was £4,878 after deducting £2,570 from the £7,448 for payments due to the organist, bell ringers, choir and flower guild. ## **5. CHURCH ROOMS** Income from hire of Church Rooms, and contributions from the Tourist Office for electricity use, in 2023 amounted to £9,903. Expenditure (including gas, electricity, insurance, water and cleaning costs) was £9,186 (this is mainly included in Church Running Expenses in the SOFA). There was thus an excess of £717 in the year. The deficit amount brought forward from 2022 was £4,400 and therefore the total deficit at the end of 2023 is £3,683. Page 7 of 10 ## **6. INCOME FROM INVESTMENTS** |**Acct**|**Acct**|**Account Name/Description**||**Closing**
**Balance**
**31-12-23(£)**|**Dividend &**
**interest**
**income (£)**|| |---|---|---|---|---|---|---| |||Cash accounts||||| |A||Barclays current||16,245|219|| |B||Barclays Roofing||15,416|0|| |C||Office cash account||1|0|| |M||Church Organ deposit account||59,251|2,266|| |||**Totals for cash accounts**||0|2,485|| |||Investment accounts_(All are“designated income” funds)_||||| |D||CBF 1994 fund||0|282|| |E||M & G 1994 fund||0|1,328|| |F||M & G PCC of Painswick||48,790|2,907|| |G||Lychgate funds||2,834|1,543|| |H||Goddard bequest||439,854|12,023|| |I||Platt bequest||46,071|1,259|| |J||Lychgate funds (fixed interest)||15,833|341|| |K||Goddard bequest(fixed interest)||55,459|1,196|| |||**Totals for investment accounts**||0|0|| |||**Totals for all accounts**|||23,364|| ## **7. CHARITABLE GIVING** ||**2023**
£|_2022_
£| |---|---|---| |To Sportily (Mission & Evangelism)
To Other Charities*|9,180
8.022|_9,180_
_6,317_| |**Total Giving**|17,202|_15,497_| |Notes
*Other charities were GARAS £2,500; Young Minds £1,350; The Door
£1,607; Children’s Society£1,000; Episcopal Collections Charities £812; Marah
Trust £200; Harnhill Centre £214; Royal British Legion £164; CTAP £100;
Gloucester Historic Churches Trust £75.||| Page 8 of 10 ## **8. BENEFICE OFFICE COSTS** The costs of running the Lychgate Office on behalf of the six churches of the Beacon Benefice are initially borne by Painswick PCC but were charged out to the other PCCs as per the following percentages: |e|E
d
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b
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w
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1
0
0
%| |---|---|---|---|---|---|---| |.

|5

2
%
5
.
2
%|5
7
.
6
%|5
.
2
%|1
4
.
9
%||| Accounts are sent quarterly to the other parishes. Net office running costs in 2023 were as follows: ||£|Painswick|Other
Parishes| |---|---|---|---| |Q1 2023|3,359|1,935|1,424| |Q2 2023|3,468|1,998|1,470| |Q3 2023|2,661|1,533|
1,128| |Q4 2023|3,183|1,833|1,350| |**Total**|**0**|**0**|**0**| Office costs include salaries for the Bea Hyde (office administrator), Rev. Sarah Haslam expenses, office electricity, copier rental, phone and broadband, website maintenance, stationery and stamps. The net cost to Painswick PCC for the Lychgate Office is thus 57.6% of £12,671 or £7,299. The income from other parishes is included in Other Incoming Resources. ## **9. STOCK** Stock is the postcards, church guides, leaflets and notelets that are available for purchase from the bookstall. The values below are the purchase values of the stock. The retail value (i.e. anticipated income if all purchasers paid the ticketed price) to the PCC through money in the donation boxes is a factor of 2 or 3 higher. ||£| |---|---| |Stock value 31/12/2022|164| |Stock additions during year|0| Page 9 of 10 |Estimated sales during year
(based on a stock take in early Jan 2024)|31| |---|---| |Stock value 31/12/2023|133| ## **10. STATEMENT OF FUNDS** **Table 10 A - by fund classification** |||Brought
Forward
from 2022|Incoming
Resources|Resources
Expended|||Capital
Gains /
(Losses)|Carried
Forward
to 2024| |---|---|---|---|---|---|---|---|---| |||£|£|£|£|£|£|£| ||TOTAL
UNRESTRICTED
FUNDS|22,725|306,233|312,579|0|0|0|16,379| ||Designated projects
included in above
Organ Fund|0|300|0|0|0|0|300| ||TOTAL DESIGNATED
INCOME FUNDS|786,901|10,344|175,262|0|0|46,109|668,092| ||TOTAL RESTRICTED
FUNDS|33,000|305,817|323,401|0|0|0|15,416| ||**TOTAL - ALL FUNDS**|
**842,626**
**0**|**622,394**|**811,242**|**0**|**0**|**46,109**|**699,887**| Notes : a) This table has been structured as per the revised classification of funds as adopted by the PCC in 2016 Page 10 of 10 b) For the purposes of fund valuation at end of 2023 the mid-market share price values have been used. A more detailed breakdown of our funds giving capital gain is provided in Table 10B - below. Note 6 gives the investment income from our designated income funds ## **TABLE 10B – by individual account** |**Acct**|**Account Name/Description**|**Fund**
**classification**|**Opening**
**ACTUAL**
**Balance**
**Transactions**
**& Transfers**
**In**
**Transactions**
**& Transfers**
**Out**
**Capital**
**gains**
**(losses) on**
**investments**
**Closing**
**ACTUAL**
**Balance**
_01-Jan-23_
_during 2023_
_during 2023_
_during_
_2023_
_31-12-23_| |---|---|---|---| |A
B
C
D
E
F
G
H
I
J
K
L
M|Barclays Current (Cash)
Barclays Roofing (Cash)
Office petty cash (Cash)
CBF 1994 fund (Inv)
M & G 1994 fund (Inv)
M & G PCC of Painswick (Inv)
Lychgate funds (Inv)
Goddard bequest (Inv)
Platt bequest (Inv)
Lychgate funds (Inv)
Goddard bequest (Inv)
Stock (Cash)
CBF Church Organ (Cash)|Unrestricted
Restricted
Unrestricted
Designated –
Endowment
_Ditto_
_Ditto_
_Ditto_
_Ditto_
_Ditto_
_Ditto_
_Ditto_
Unrestricted
Designated|£
£
£
£
£
22,560
306,213
(312,529)
0
16,244
33,000
305,817
(323,401)
0
15,416
1
20
(20)
0
1
13,727
10,344
(25,107)
1,036
0
41,352
0
(39,810)
(1,542)
0
49,964
0
0
(1,174)
48,790
100,600
0
(100,000)
2,234
0834
402,030
0
0
37,825
0
42,109
0
0
3,962
0
14,996
0
0
837
0
52,528
0
0
2,931
0
164
0
(31)
0
133
69,595
0
(10,344)
0
59,251| |||**TOTALS**|0
0
(811,242)
46,109
0| Page 11 of 10