# **PAROCHIAL CHURCH COUNCIL OF ST MARY'S** # **PAINSWICK** ## **Annual Accounts 2024** Financial statements for the calendar year 2024 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 £140,618 (2023 £268,683). The income included £25,945 (including gift aid) from the Yew Tree Appeal and is part of the Collections, donations and other giving in the SOFA. The Yew Tree Appeal income covers three years expenses (2024 to 2026) for the clipping of the trees. The outstanding amount after paying for this year’s clipping is £18,071. This amount has now been ringfenced as part of Account F in table 10B. The total expenditure for 2024 was £143,004 (2023 £457,531). The expenditure included £10,445 as final payments for the roofing (see Repairs to church buildings in the SOFA). Our investment gains were £14,610 (2023 gain of £46,109). The overall balance carried forward at 31 December 2024 was £712,111 being an increase of £12,224 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 £16,244 but was increased to £23,656 at 31 December 2024 (see Row A of Note 10, Table 10B). **3** . **Charitable donations** . The PCC donated £8,170 to Charities and Mission & Evangelism in 2024. (£17,202 in 2023) (see Note 7 to the statement for details). **4** . **Parish Share.** The PCC paid £47,900 (the same as 2023) in Parish Share to the Gloucester Diocese in 2024. 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 2024 meeting to pay £51,600 to the Diocese for the Parish Share in 2025. **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 2024** |Notes|Unrestricted
fund
Designated
fund
Restricted
fund
**2024**|**2023**| |---|---|---| |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|£
£
£
£
31,609
0
0
31,609
32,645
0
12,943
45,588
15,049
0
0
15,049
0
0
0
0
7,156
0
100
7,256
1,405
0
0
1,405
21,923
0
0
21,923
11,541
0
0
11,541
0
0
0
0
6,247
0
0
6,247
**127,575**
**0**
**13,043**
**140,618**
(3,571)
0
(912)
(4,483)
(3,687)
0
0
(3,687)
(47,900)
0
0
(47,900)
(2,449)
0
0
(2,449)
(30,341)
0
0
(30,341)
(11,953)
0
0
(11,953)
(493)
0
0
(493)
(837)
0
0
(837)
(14,046)
0
0
(14,04
6)
(10,182)
0
(34)
(10,216)
(924)
0
0
(924)
(5,230)
0
(10,445)
(15,675)
0
0
0
0
**(131,613)**
**0**
**(11,391)**
**(143,004)**
**(4,038)**
**0**
**1,652**
**(2,386)**
11,491
0
(11,491)
0
7,453
0
(9,839)
(2,386)|£
32,734
169,452
17,640
0
8,604
1,025
23,364
7,448
0
8,416
**268,683**
(8,022)
(9,180)
(47,900)
(3,977)
(37,797)
(7,632)
(407)
(710)
(11,338)
(10,816)
(882)
(308,070)
(10,800)
**(457,531)**
**(188,848)**
0
(188,848)| Page 2 of 10 |Gains (Losses) on investment assets
**Net movement in funds**|0
14,610
0
14,610
**7,453**
**14,610**
**(9,839)**
**12,224**|46,109
**(142,**
**739)**| |---|---|---| |Funds brought forward at 1 Jan 2024
Funds carried forward at 31 Dec 2024|16,379
668,092
15,416
699,887
**23,832**
**682,702**
**5,577**
**712,111**|842,626
**699,887**| Page 3 of 10 Parothial thurth Counr41 of5L M s Palnswkk Registered ChortyNo." 1135419 irKomelund$ 2024 totsi 2023 totol Fixed A55ets nvestments io 623,451 623,451 608.841 Total fixed assets 623,451 623.451 6L18.841 Current Assets Stock Debtors Cash at bank & in hand 154 154 133 23.678 5577 59.251 88.506 SV.913 Total current assets io 23.832 5.577 59.251 SV.913 Current liabiltties Creditors (due￿thIn l yrl Net currentassets 23,832 5.577 59.251 88.660 91.046 Total assets le55 current liabiliaes 23.832 5.577 682,702 712.111 699.887 ASSETS io 699 These staternents were si8ned on behalf of Painmck PCC by: PCCTreasurer 2024 (hurthwarden TheN0tesfvrm￿Jrt0Ithesefi￿u￿c1u1stOteMents Page 4 of 10 Inde St endent Examine¢s swick rt to the Trusfee5 of Independent examiner's report to the tru5te¢s of St Mary'5 PsiTrswi¢k I rem to the charity (njstres OD my exarnin•]￿ of the accounts of St Mary's Painswick foT the year ended 31 December 2ff24. Resp)n$ibilities and basis of ￿port As the charity twstees of the Twsi you are forthe prepration of the accounts in accordance with the requircrnents of the Charities Act 2011 Cthe Ad,). I reEx>rt in re5pecl of my ¢xaminatioD of the Trust's accounts carried out under section 145 of the Act and iti calrying ollt my examination I have followed all applicable Drettions given by thc Cbarity Coynmission under sedioD 145(5Xb) of the Act. Independent exarniner's statement If yow charity'5 gross income exceeded £250,(XX) your exaTnineT must be a meTnber of a listed b(￿. I can confimi that I am qualified to undertske the examination because I am aTegISter￿ me]nber of FCCA whid) is one of the liS￿d bodies. I have completed tny examination. I confJTh that no material matters have com¢ to my attthtion in cot]nection with the ¢xamtnatioD giving me cause to believe that in any rnaterial respect." a¢¢ounting records were not kept in respe¢t of the Tnjst required by sectioll 130 of the A¢ or the a¢¢ounts do not a¢¢oTd with those records: or the accounts do not compty with the applicable requirernents con¢crniDg the forni and content of accounts set out in the Charities (Accounts &nd RepoTts) Ilegulations 2008 other than any requirement that the accounts give a lThe and fair vtew which is not amatter considered &$ part of an independent examination. I have no Concerns and have colne acTOSS no othermatters in cottnection with the examination io which attention should be drawn in thi5 Teport in order to enable a proper understanding of the accounts to be reache IA)uise Newma FCCA Loui5c Ncwman & Co Ltsl 2 Bath Mews Bath Parade ChelteDtwn Gloucestershire 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 2024 ## **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 2024. 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. 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. A list of our accounts and their classification is given in Table 10B of Note 10. ## **4. PAROCHIAL FEES** The figure of £11,541 quoted in the SOFA (Note 4) as the PCC income from parochial fees is the combined income to the PCC (i.e. £4,781 PCC statutory fees plus £6,760 non-statutory extras). The actual net income to the PCC was £6,196 after deducting £5,345 from the £11,541 for payments due to the organist, bell ringers, and choir. ## **5. CHURCH ROOMS** Income from hire of Church Rooms, and contributions from the Tourist Office for electricity use, in 2024 amounted to £7,803. Expenditure (including gas, electricity, insurance, water and cleaning costs) was £8,227 (this is mainly included in Church Running Expenses in the SOFA). There was thus a deficit of £424 in the year. The deficit amount brought forward from 2023 was £3.683 and therefore the total deficit at the end of 2024 is £4,107. Page 7 of 10 ## **6. INCOME FROM INVESTMENTS** |**Acct**|**Acct**|**Account Name/Description**||**Closing**
**Balance**
**31-12-24(£)**|**Dividend &**
**interest**
**income (£)**|| |---|---|---|---|---|---|---| |||Cash accounts||||| |A||Barclays current||23,656|369|| |B||Barclays Roofing||5,577|0|| |C||Office cash account||21|0|| |D||Stock||154|0|| |E||Church Organ deposit account||59,252|3,085|| |||**Totals for cash accounts**||0|0|| |||Investment accounts_(All are“designated income” funds)_||||| |F||M & G PCC of Painswick||50,062|3,060|| |G||Lychgate funds||2,899|78|| |H||Goddard bequest||449,921|12,210|| |I||Platt bequest||47,124|1,279|| |J||Lychgate funds (fixed interest)||16,311|409|| |K||Goddard bequest(fixed interest)||57,134|1,433|| |||**Totals for investment accounts**||0|0|| |||**Totals for all accounts**|||21,923|| ## **7. CHARITABLE GIVING** ||**2024**
£|_2023_
£| |---|---|---| |To Mission & Evangelism
To Charities*|3.687
4,483|_9,180_
_8.022_| |**Total Giving**|8,170|_17,202_| |Notes
*Other charities were Young Minds £1,000; The Door £1,000; Water Aid
£1,000; Children’s Society £200; The Family Haven £467: The Nelson Trust £245;
Marah Trust £110; A Rocha £181; Gloucester Historic Churches Trust £150;
National Churches Trust £75; Painswick Play School £55.||| 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
d
g
e
H
a
r
e
s
c
o
m
b
e|P
ai
n
s
w
ic
k|P
it
c
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1
0
0
%| |---|---|---|---|---|---|---| ||6
%
6
%|5
5
%|6
%|1
5
%||| Accounts are sent quarterly to the other parishes. Net office running costs in 2024 were as follows: ||£|Painswick|Other
Parishes| |---|---|---|---| |Q1 2024|3,934|2,164|1,770| |Q2 2024|3,634|1,999|1,635| |Q3 2024|3,194|1,757|
1,437| |Q4 2024|5,141|2,827|2,314| |**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 55% of £15,903 or £8,747. The income from other parishes is mainly 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 31/12/2023|133| |Stock additions during year|33| |Estimated sales during year
(based on a stock take in early Jan 2025)|12| Page 9 of 10 Stock value 31/12/2024 154 ## **10. STATEMENT OF FUNDS** ## **Table 10 A - by fund classification** |||Brought
Forward
from 2023|Incoming
Resources|Resources
Expended|||Capital
Gains /
(Losses)|Carried
Forward
to 2024| |---|---|---|---|---|---|---|---|---| |||£|£|£|£|£|£|£| ||TOTAL
UNRESTRICTED
FUNDS|16,379|148,351|140,898|0|0|0|23,832| ||Designated projects
included in above
Organ Fund
Audio Visual Worship|300
2,284|0
0|0
0|0
0|0
0|0
0|300
2,284| ||TOTAL DESIGNATED
INCOME FUNDS|668,092|0|0|0|0|14,610|682,702| ||TOTAL RESTRICTED
FUNDS|15,416|13,853|23,692|0|0|0|5,577| ||**TOTAL - ALL FUNDS**|
**699,887**
**0**|**162,204**|**164,590**|**0**|**0**|**14,610**|**712,111**| Notes : a) This table has been structured as per the revised classification of funds as adopted by the PCC in 2016 b) For the purposes of fund valuation at end of 2024 the mid-market share price values have been Page 10 of 10 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-24_
_during 2024_
_during 2024_
_during_
_2024_
_31-12-24_| |---|---|---|---| |A
B
C
D
E|Barclays Current (Cash)
Barclays Roofing (Cash)
Office petty cash (Cash)
Stock (Cash)
CBF Church Organ Fund
(Cash)|Unrestricted
Restricted
Unrestricted
Unrestricted
Designated|£
£
£
£
£
16,244
148,255
(140,843)
0
23,656
15,416
13,853
(23,692)
0
5,577
1
75
(55)
0
21
133
21
0
0
154
59,252
0
0
0
59,252| ||||**0**| |F
G
H
I
J
K|M & G PCC of Painswick (Inv)
Lychgate funds (Inv)
Goddard bequest (Inv)
Platt bequest (Inv)
Lychgate funds (Inv)
Goddard bequest (Inv)|Designated
_Ditto_
_Ditto_
_Ditto_
_Ditto_
_Ditto_|48,790
0
0
1,272
0
2,834
0
0
65
0
439,854
0
0
10,067
0
46,070
0
0
1,054
0
15,833
0
0
478
0
55,460
0
0
1,674
0| ||||**623,451**| |||**TOTALS**|**0**
**0**
**(164,590)**
**0**
**0**| Page 11 of 10