Charity number: 1135593 The Parish of Leeds City PCC Trustees. Report and Financial Statements For the year ended 31 December 2024 f *RIs
The Parish of Leeds City PCC Contents Page Trustees, Report..,. Independent Examiner's Report................................... Statement of Financial Activities.......... Balance Sheet...... Statement of Cash Flows...................................... 10 Notes to the Flnanclal Statements........................ 11
Parish of Leeds City PCC Trustees. Report for the year ended 31 December 2024 The Trustees present their annual report and financial ststements for the year to 31 December 2024 These financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2019) as detailed in the accounting policies. Reference and Administrative Details The Parish of Leeds City comprises the parlsh church of St Peter-at-Leeds (Leeds Mlnster). The redundant church of St John the Evangelist, New Briggate is located in the parish and is in the care of the Churches Conservation Trust. Parish of Leeds City is in the Archdeaconry of Leeds, which itself is co-terminus with the Leeds Episcopal Area, part of the Diocese of Leeds in the Province of York within the Church of England. The correspondence address is Kirkgate, Leeds, LS2 7DJ. The charity registration number is 1135593. PCC members who served from January 2024 until the date of this report was approved are: Rector: Lecturer: Associate clergy: Assistant Curates: Rev'd Canon Paul Maybury Rev'd Prof Jane de Gay Ven Paddy Benson Rev'd Andrew Earwaker Rev'd Jo Jones Kay Brown Sarah Maybury Nathan Booker {PCC Chair) Llcensed Lay Minlsters: (Vice-chair of PCC) (Licensed 22nd September 2024) Church wardens: Philip Lancaster Chikwado Nnorom (Elected 21° April 2024) (Elected 21st April 2024) Deanery Synod Representatives: Kay Brown Nathan Booker Sarah Maybury (Elected 14th May 2023 for 3 years) (Elected 19th September 2023 for 3 years) (Eletted 19th September 2023 for 3 years) Elected members: Beryl Lee Lesley Allsopp Linda Sato Diane Maloney Mlchael Pawson Rhoda Wallace Lesley Enoch Vlttorla Booker Quentin Brown Arthur Boreham David Dredge Alison Elgie-Heaton Daniel So Christopher Webster (Elected 15th May 2022 for 3 years) (Elected 14th May 2023 for 3 years) (Elected 14th May 2023 for 3 years) (Elected 14th May 2023 for 3 years) (Elected 14th May 2023 for 3 years) (Reslgned 21st April 2024) (Elected 14th May 2023 for 3 years) (Elected 21st April 2024 for l year) (Elected 21st April 2024 for 2 years) (Elected 21st April 2024 for 4 years) (Elected 21st April 2024 for 4 year5) (Elected 21st April 2024 for 4 years) (Elected 21st April 2024 for 4 years) (Co-opted 6th June 2024) There are currently no vacancies on the PCC PCC Secretary: PCC Treasurer: Will Lewis David Dredge (appointed 16th September 2024) (appointed 30th April 2024) Principal Bankers: Independent Examiner: CAF Bank Ltd, 25 Kings Hill Ave, Kings Hill, West Malling Kent, ME19 4JQ Jessica Lawrence FCA, CTA, Azets Audit Services Ltd, 12 King St, Leeds, LSI 2HL
The Parish of Leeds City PCC Trustees. Report for the year ended 31 December 2024 Structure Governance and Management The Parochial Church Council ('PCC') is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure. The PCC is a registered charity (Registration Number: 1135593). The method of appointment of PCC members is set out in the Church Representation Rules. All Church attendees are encouraged to register on the Electoral Roll and stand for election to the pcc. Statement of PCC members, responsibilities in respect of the Financial Statements The PCC members are responsible for preparlng the Annual Report and the financial statements In accordance with appllcable law and regulations. The financial statements are required by law to give a true and falr vlew of the state of affairs of the Church and of the income and expenditure for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistentlyi observe the methods and princlples In the appllcable Charltles SORP; make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standard5 have been followed, subject to any materlal departures disclosed and explained In the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charlty will continue in its activities. The PCC members are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Church and enable them to ensure that the financial statements comply with the Charities Att 2011 and the Church Accounting Regulations 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Church and to prevent and detett fraud and other Irregularltles. Objectives and Activities Leeds Clty PCC has the responsibility of co-operatin9 With the Rector of Leeds In promoting In the ecclesiastical parish the whole misslon of the Churchr pastoral, evangellstlc, social and ecumenlcal. It also ha5 maintenance re5ponsibilitie5 for the Church of St. Peter at Leeds; the St. Peter's precinct buildings comprising St. Peter's House, St Peter's Hall (both of which are leased), and the Caretaker's flat. When reviewing the aims and objectives of the charity, and in planning future activities, the Trustees have complied with the duty in settion 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission. Fundraising We strive to achieve the highest fundraising standards and we value our supportive funders. We stay up to date with developments in charity regulation, data protettion and the Fundraising Preference Service (FPS) to make sure we are legally compliant and adhering to all guidelines. We follow the Institute of Fundraising's Code of Practice. No complaints regarding our fundraising attivities have been recelved In the year, Durlng the year, we engaged the services of The Good Fundraising Company Ltd in order to develop a Fundraising review and Strategy proposals from January 2025. Achievements and Performance Key events in the past 12 months: 2024 has again been a significant year of consolidation and growth in many areas. Andrew and Jo, our curates were both priested and fulfil a significant role in leading and preachlng. The Revd Jane deGay has led on establishing a pastoral strategy with people being trained and supported in the role of supporting the whole congregation in responding to the needs of those around them at worship. The clergy and Licensed lay Mlnlsters meet regularly to monitor this and other matters. Nathan Booker transferred his Licensed Lay Minister (LLM) license from the diocese of Leicester to the Minster in the Autumn and Catherine Warr began her LLM tralning In September for two years. Again we rnet in groups during Lent, after Easter and in the Autumn, preceded by bring and share lunch. This is now an
The Parish of Leeds City PCC Trustees. Report for the year ended 31 December 2024 Achievements and Performance (continued) established norm. The occasional meetings of the Under 40's group became monthly during the year and provide a valuable opportunity for younger members of the congregation to be encouraged and supported. A new monthly prayer meetlng on Wednesdays started In the Autumn and now meets regularly led by clergy and lay ministers. Many special services took place during the year and we were pleased to welcome Bishop Nick and Bishop Arun and Dean Simon from Wakefield Cathedral, and others, as vlsltlng preachers during the year. During the year the PCC have met regularly including a day away for more extended reflection together and planning. We have set ourselves the task of creating a rolling five-year plan 2025 - 2030 by the middle of 2025. The PCC Ministry Teams have expanded to give momentum to this. Other groups continue to serve the Minster like the weekly Archive Groupi the team of school guides and tour guides and the bell-ringers. In September, we bade farewell to Simon Peatman, who had taken a Job opportunity In the Far East. In the role of Churchwarden, particularly during the Vacancy, his quiet, diligent but firm contribution in areas encompassing the Server Team, tT and Communications, Finance and Venue hires, ensured that the church was well placed to at the commencement of a new incumbency. Wendy Bloom, our volunteer part-time bookings co-ordinator has contlnued to grow a wide range of external bookings which has brought many different people into the building along with some helpful revenue. The weekly Ukranian weaving group have continued beyond their initial few months and are likely to be with us for as long as there is a need. At the end of the year we began to host activity from Lighthouse and we anticipate this will increase in the New Year. In addition a weekly therapeutic group now meets on a Monday evening in the City of Leeds Room. Dally Prayer contlnues In the bulldlng and onllne at 8.30am Tuesday to Friday. Midday prayer became established during the year as a regular feature whenever the building is open. We are very grateful to the Increased team of retired clergy wlth PTO who act as chaplains and who lead midday prayer. We welcomed the Archdeacon of Leeds to a PCC meeting and explored together ways in which the Minster might further support the Episcopal Area Strategy and some parishes in particular. This remains an ongoing conversatlon but the PCC are determlned to make a slgnlfscant dlfference In other churches outslde of the Minster. We have continued to consolidate our partnerships across the clty and are grateful to Leeds City Council for Increasing thelr annual grant to us. We participated fully wlth the Major Churches Network and look forward to attending their next residential conference in 2025. The year ended with a successful range of Chrlstmas servlces and concerts in collaboration5 With external partners. Finance: During 2024, established procedures have continued to operate with routines delivering a regular cycle of book-keeping functions, rnonthly reports and infomiing wider decision maklng. The watchword of late 2024 at Leeds Minster has been 'Sustainability- The Mlnster remalns a busy place with activities taking place on each day of the week and the doors open to the public between Tuesday and Sunday. This inevitably impacts on the Finance workload as well as making Increased demands on infrastructure. Income from Venue hire has more than doubled while with almost all other income streams have increased. Expenditure has risen comparably, hovvever there had been the completion of a long deferred Ilghtlng replacement scheme and addltional security and access control funded largely from income, a5 well as routine fflaintenance work. When it is recognised that Choral Scholarships are partially paid from funds already held for that purpose to be drawn down as required, the £15k negative movement of the Income and Expenditure account is reduced to <£2k once that is taken into account. With the cessation of the Diocesan Historic Share Write off Scheme in 2021 the PCC resolved to increase its payment of Share above the request for 2024. This amounted to a £10,000 overpayment which was
The Parish of Leeds City PCC Trustees. Report for the year ended 31 December 2024 Achievements and Performance (continued) Intended to reduce our Historic share debt to £104,519. Correspondence with the Diocese resulted in recognitlon of our eligibility for a further write off scheme. This resulted in the liquidation of the entire outstanding (moral) liability- This has been a massive encouragement, particularly to long standing members of the congregation. Our cumulative outstanding Parish Share is therefore £nil for the first time in at least 30 years and probably more. The overpaid sum is currently held by the Diocese pending PCC discussion. The Holy Trinity Fund was closed in 2023, but an Investment account remained containing what had been transferred to unrestricted funds as part of the resolution of the Holy Trinity Project deficit. This anomaly was corrected wlth the transfer of these funds to an existing investment account with the funds recognised within Unrestricted Fixed Assets. The Leeds Minster Archive Team has accessed records held by West Yorkshire Archive Service to provide Information about the Tennant legacy and the St Mary funds held by the Dlocese as Custodlan Trustee. Once the status of these funds is established, appropriate action will be taken to utilise them to support the ongoing mission and ministry of the church. Further work on management of the Rental Propertles has resulted in the antlclpated Improvement in credit control. A number of insurance claims have been dealt with during the year and the problems arising from previously unrecognised sub-letting are coming towards resolution. Office 2 now has a settled tenant while we have engaged another Estate Agent to market the long vacant Office l. If this does not bring us a new tenant by Mid-2025, consideration will be given to alternative uses for the property. The writing of a Manual to both secure procedures for the future and to facilitate the guidance of personnel yet to be identified to whom book-keeplng functlons may be devolved, has been thwarted on several occasions by both internal and external demands upon the Treasurer's time. It is anticipated however that the next module will involve the Venue Hire bookings invoicing system which operates on Churchsuite but which does not interface with the Accountlng software. The ultimate aim is to decouple Finance functlons from any given Indlvldual to support the overall Sustainability agenda. In line with PCC policyr a Finance Ministry Team reporting to Standing Cornmittee has been constituted and individuals appointed to populate it. Its funttions will be self-defined and will work initially at least on the formulatlon and appllcatlon of Pollcles and Procedures. The creatlon of a Critlcal Frlend culture wlll be encouraged, again to broaden the base of understanding and ownership in the cause of sustainability. Staffing: We were pleased to appoint Shaun Turnbull to a permanent contract. We were also pleased to have Emma Temple work half a day a week for us on digital communications, mainly on Social Media which has helped considerably in enabling people to know what takes place at the Minster. We are also pleased to appoint Will Lewis to the newly created role of part-time Assistant Administrator and PCC Secretary. lain Howell has continued to serve the Minster as Caretaker. His commltment and flexlbility Is Invaluable. st John's Church, New Briggate: The PCC remains responsible for the Churchyard at St. John's, Including obligation to Insure, though the care and maintenance of the Churchyard is undertaken by Leeds Clty Council with the PCC taking an active role in its oversight and care. We work closely with The Churches Conservation Trust and support them in enabling the building to be open to the public as often as is possible. Leeds Minster: We've been able to carry out various maintenance this year including the replacement of light fittings in both the nave and sanctuary and the Lady Chapel which is a significant improvement. We were pleased that, during the summer, we finally resolved the issues with the three year old stainless steel roof over the vestrie5. New tarmac along the west end of the building has made the vehicle entrance much safer and attractive. Plans to contract with an external carpark company are in hand which should improve our revenue from the Car Park and alleviate some of the hassle which we have suffered with it
The Parish of Leeds City PCC Trustees. Report for the year ended 31 December 2024 Music Ministry A full report on the activities of the music department is detailed elsewhere in the annual report. The role of the Rector of Leeds The Rector continued to play a role in the various charities and trusts of which he was an ex-officio member by virtue of his ofPice, including The Market Place, the Harrison's Charity, the Friends of the Music of Leeds Minster, the Incorporated Leeds Church Extension Society, The Market Place and the Leeds Church Institute, along with involvement with the governing body of St Peter's primary school and a leading role in the Episcopal area. He has been chaplain to the Lord Mayor slnce May. Safeguarding and Health & Safety New PCC members are required to complete self-declaration forms and to undertake basic (online Diocesan) Safeguarding training. Under the guidance and supervision of our Safeguarding Officer, Kay Brown, sound procedures are in place and vigilance at all levels is maintained. The Rector chairs the Buildings and Grounds Ministry Team which revlews all H&S Policy documents ensuring that the PCC is fulfilling its obligations in this area. We aspire to a zero-accident culture. Financial Review: Total receipts on unrestricted funds were £291,209 (2023: £202,065) and are detailed in the financial statements. The largest element Is donations and legacies at £126,896 (2023: £86,219). Charltable actlvltles ralsed total funds of £67,872 (2023: £38,596), and other trading actlvltles ralsed £35,044 (2023: £27,579). Total expenditure from the unrestricted funds was £283,263 (2023- £218,766) again detailed in the financial statements, to give a net result for the year on unrestricted funds of a surplus In the sum of £7,946 (2023: £16,701 deficit) before taking into account gains on investment revaluations of £88,171 (2023- £1,813). Our cumulative outstanding Parish Share is £nil {2023, £114,519) as detailed in the Trustees, Report. Total funds at 31 December 2024 were £1,111,523 (2023: £1,037,500) of whlch £984,379 (2023: £889,201) were unrestrlcted. The restrlcted funds at 31 December 2024 were £119,538 (2023: £140,854) and Endowment Funds amounted to £7,606 (2023: £7,445). Going Concern: The trustees have prepared financial projections, taking into consideration the current economic climate and its Potentlal impact on the sources of income and planned expendlture. They have a reasonable expectation that adequate financial resources are available to enable the charity to continue in operational existence for the foreseeable future and have adequate contingency plans in the event that income streams are reduced. The charity still has reserves sufficient to meet its immediate requirements. Consequently, the financial statements have been prepared on the basi5 that the charity is a going concern. Reserves Policy: It Is PCC policy to malntaln, If posslble, frec rcserves whlch equate to approxlmately three months, budgeted unrestricted payments (to include paying the Diocesan Parish Share in full) and to cover emergency situations that may arlse from tlme to tlme. At 31 December 2024 this requirement was approximately £70,816. The balance of £103,555 (2023: £88,708) on unrestricted and designated funds held in net current assets at the year-end is above this target. It should be noted however that of this balance, £80,376 has been designated by the PCC to provide matched funding for projects to be undertaken during the coming five years and beyond. The available unrestritted free reserves are therefore effectlvely £23,179 which without drawing down Designated Funds is below the policy requirement without compromising the designation. The PCC has approved a balanced budget for 2025 whlch includes both development of existing income streams and maximising our fundraising potential with the assistance of an external consultant. It is confident that these measures are adequate to mitlgate unforeseen events. Approved by the PCC and signed on its behalf by-. Rev'd Canon Paul Maybury Rector and PCC Chair Date 13th May 2025
The Parish of Leeds City PCC Independent Examiner's Report to the Members of the Parish of Leeds City PCC report to the trustees on my examination of the financial statements of the Parish of Leeds City PCC for the year ended 31 December 2024. This report is made solely to the charity's trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My independent examination work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the charity's trustees as a body, for my independent examination work, for this report, or for the opinions I have formed. Responsibilities and basls of report As the charity trustees of the PCC you are responslble for the preparatlon of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Trust's financial statements carried out under section 145 of the 2011 Act and In carrying out my examlnation I have followed all the appllcable D1ctionS given by the Charity Commission under section 145(5)(b) of the Act. This report, including my statement, has been prepared for and only for the charity'5 trustees as a body. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responslbillty to anyone other than the charity and the charlty's trustees as a body for my examination work, for this report, or for the statements I have made. Independent Examiner's Statement Slnce the Charity's gr055 income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because l am member of Institute of Chartered Accountants In England and Wales, whlch Is one of the Ilsted bodles. I have completed my examination. I confirm that no materlal matters have come to my attention in connettion with the examination giving me cause to believe that In any material respett: accounting records were not kept in respect of the Trust as required by section 130 of the Act; or the financial statements do not accord wlth those records. or the financial Statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charltles (Financial statements and Reports) Regulations 2008 other than any requirement that the financlal statements give a true and falr vlew whlch Is not a matter consided as part of an independent examination. I have no concerns and have come across no other matters in connection wlth the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Jesslca Lawrence FCA CTA Azets Audit Services Ltd, 12 King St, Leeds, LSI 2HL Date Jilslas
The Parish of Leeds City PCC Statement of Financial Activities For the year ended 31 December 2024 Note Un- Restrirted restricted Funds Funds Endowment funds 2024 Totsl Funds 2023 Totsl Funds Income from: Donations & legacies Charitable activities Other trading Investments Other income Total income 126,896 67,872 35,044 47,164 14,233 291,209 42,543 6,089 512 4,479 5,200 58,823 169,439 73,961 35,556 51,643 19,433 350,032 160,212 46,916 27,579 34,289 21,871 290,867 Expendlture on: Raising funds Charitable activitles Other expenditure Total expenditure Net income / (expendlture) before other recognised galns 17,659 247,396 18,208 283,263 1,106 72,523 8,318 81,947 18,765 319,919 26,526 365,210 32,324 239,307 35,741 307,372 io 13 7,946 (23,124) (15,178) (16,505) Gains on Investments 48,171 869 161 49,201 Transfers between funds (939) 939 Other recognised gains Gain on revaluation of fixed assets Net movement In funds 14 40,000 40,000 5,737 95,178 (21,316) 161 74,023 (10,768) Reconciliation of funds: Total fund5 b/fwd Total funds c/fwd 19.20 889,201 140,854 7,445 1,037,500 1,048,268 19,20 984,379 119,538 7,606 1,111,523 1.037,500 The notes on pages 12 to 26 form part of these financial statements. There are no recognised gains and losses other than those in the statement of financial activities. A fully detailed statement of Financial Activities for the year ended 2023 is shown at note 22. All the above amounts relate to continuing activities.
The Parish of Leeds City PCC Balance Sheet as at 31 December 2024 Note 2024 2023 Fixed Assets Tangible fixed assets Investment property Investments 14 Is 16 228,131 642,674 68,671 189,657 595,000 67,144 939.476 851,801 Current Assets Debtors Bank 17 58,271 157,747 216,018 27,327 183,237 210,564 Creditors: amounts falling due withln one year 18 (43,971) (24,865) Net Current Assets 172,047 185,699 Net Assets 1,111,523 1,037,500 Funds of the charity: Unrestricted funds Restricted funds Endowment funds Total funds 19,20 19,20 19,20 984,379 119,538 7,606 1,111,523 889,201 140,854 7,445 1,037,500 Approved by the Parochlal Church Councll and signed on its behalf by: Rev'd Canon Paul Maybury Rector and PCC Chair, Date 13th May 2025 The notes on pages 12 to 27 form part of these financial statements.
The Parish of Leeds City PCC Statement of Cash Flows for the Year Ended 31 December 2024 Note 2024 2023 Cash flows from operating activities: Net cash used inl(provided by) operating activities 21 74,877) 33,761 cash flows from investing actlvitles: Proceeds from dispos41 of investments Purchase of fixed assets Purchase of investments Investment income Net cash provided by investing activities 7,246 (17,563) (2,256) 51,643 49,387 34,289 24,152 Change in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equlvalents at the end of the year (25,490) 183,237 157,747 57,913 125,234 183,147 10
The Parish of Leeds City PCC Notes to the Financial Statements For the year ended 31 December 2024 Accounting policies The principal accounting policies adopted. judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: Charlty Information The Parish of Leeds Clty PCC Is a charlty reglstered In England and Wales (charity reglstration number Is 1135593). The correspondence address is Leeds Minster, Kirkgate, Leeds LS2 7DI. Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charitles: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019) - (Charities SORP (FRS 102)), the Flnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Parish of Leeds City PCC meet5 the definltion of a publlc beneFIt entity under FRS 102. Assets and liabilities are initially CogniSed at cost or transaction value unless otherwise stated in the levant accounting policy notes. The flnanclal statements have been prepared under the hlstorlcal cost convention except for the valuation of investment assets, whlch are shown at market value. The financial statements Include all transactions, assets and liabilities for which the PCC is liable in law. They do not include the financial statements of church groups that owe their affiliation to another body, nor those that are Informal gatherings of church members. The financial statements have been prepared in pound sterling which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1. Going concern The Trustees have prepared flnanclal projections, taking into consideration the current economic climate and its potentlal Impart on the sources of Income and planned expenditure. The trustees have a reasonable expectation that adequate financial resources are available to enable the charity to contlnue In operatlonaS existence for the foreseeable future, and have adequate contingency plans in the event that income streams are reduced. Consequently the financial statements have therefore been prepared on the basls that the charity is a going concern. Income Income represents all resources which become available to the charity but excludes galns on Investments. Grants, donatlons and legacles and associated gift aid are recognised when the charity becomes entitled to receive the funds, when it is probable that the funds will be recelved and that they can be measured wlth Sufficient rellablllty. Investment Income is recognised on an accrua15 basis and comprises of dividends declared and interest receivable during the accounting period and rents from investment properties which are included when they are receivable by the charity. Expenditure Grants and donatlons are accounted for when paid over or awarded. The dlocesan parish share is accounted for when paid. Amounts received specifically for mission are dealt with as restricted funds. All other expenditure is recognised when incurred and accounted for gross. staff Costs The costs of short terni employee beneflts are recognised as a liablllty and an expense where settlement of obligations does not fall within the same period. Pension Costs The charity has made arrangements for a defined contribution scheme for the members of staff. The assets of the scheme are held separately from those of the charity. Pension costs charged in the Statement of Financial Activities represent contributions payable by the charity in the year. 11
The Parish of Leeds City PCC Notes to the Financial Statements For the year ended 31 December 2024 Accounting Policies (Continued) Operating Leases Rentals appllcable in respect of operating leases where substantially all the beneflts and risks of ownership remain with the lessor are charged to the income and expenditure account as incurred. Funds Endowment Funds.. represent donations. the capital of which must be malntained; only the income arislng set upon the purpose for which the endowment was established. Restricted Funds.. represent donatlons or grants reIVed for a speciflc object or invited by the PCC for a specific objett. "I he funds may only be expended on the specific objett for whlch they were given. Any balance remaining unspent at the end of each year must be carrled forward as a balance on that fund. Unrestrirted funds.. represent general funds which can be used for PCC ordinary purposes. Tangible fixed assets Consecrated land and bulldlngs and moveable church furnlshlngs Consecrated and beneflced property Is not Included In the flnanclal statements in accordance wlth s.10 (2)(a) and (c) of the Charltles Act 2011. other land and buildings The charity owns the flat occupied by the Caretaker, which is included at a valuation arrived at by the PCC. No depreclatlon is charged against the flat and the carrying value will be revlewed annually. other equipment Equlpment used wlthln church premises and offices Is depreciated on a stralght-llne basis over 4 years. Individual items of equipment with a purchase price of £1,500 or less are written off in the period in which the asset is acquired. Investments Investment properties are properties held to earn rentals and/or for capital appreclation, are measured using the fair value model and are stated at their fair value which is estimated based on future cash flow expectations and the current market conditions at the reporting date. The surplus or deficit on revaluation Is recognised In the SOFA. Other listed investments are held to generate returns and galns for the charlty and accordingly are designated as fair value through profit and loss ("WPL"). Under this designation the portfolio is re-valued at each period end to its fair value, as determined by reference to quoted market prices and values determined by Independent fund managers, with any gains or losses going through the SOFA. Financial instruments The charity has elected to apply the provisions of Sectlon 11 'Basic Financial Instruments, and Settion 12 'Other Financial Instruments Issues. of FRS 102 to all of its financlal Instruments. Cash at bank and in hand Cash at investments and cash in hand includes cash and short term highly liquid investments with a short maturity held for worklng capital. Bank overdrafts are shown within borrowing In current liabilities. Debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid. Creditors, loans and provislons 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, loans and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 12
The Parish of Leeds City PCC Notes to the Financial Statements For the year ended 31 December 2024 Accounting Policies (Continued) Critical Accounting Estimates and Judgements In the appllcatlon of the charity's accounting policles, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experfjen and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate Is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The following estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities: Investment property valuations: Investment propertie5 are included in the financial statements at fair value. The valuatlons are Trustees valuatlons and are based on current market conditions and prevailing values and expected future cash flows from the properties. Donations and Legacies Current year 2024 2024 Unrestricted Restricted Funds Funds 2024 Total Donations: Planned giving Tax recoverable Offertory Box (Cash donatlons) Legacles Other donations Total: Donations 43,785 12,305 9,956 10,000 21,792 97,838 932 725 237 44,717 13,030 10,193 10,000 9,698 31,490 11,592 109,430 Grants: Leeds City Councll Leeds City Councll (MICE Grants) Piling Trust Harrisons Charity Liz and Terry Bramall Foundation Leeds Church Extension Society Voluntary Attion Leeds (St Lukes Cares) Friends of the Music of Leeds Minster LPOW Grant Scheme Total: Grants 18,000 250 18,000 324 7,500 11,500 5,600 6,000 1,900 74 7,500 11,500 5,600 6,000 1,900 8,908 29,058 277 30,951 9,185 60,009 Total 126,896 42,543 169,439 13
The Parish of Leeds City PCC Notes to the Financial Statements For the year ended 31 December 2024 Donations (Continued) Prior year 2023 2023 Unrestricted Restricted Funds Funds 2023 Total Donations: Planned giving Tax recoverable Offertory Box (Cash donations) Legacies Other donatlons Total: Donations 40,295 10,295 6,934 2,353 13,605 97,838 821 2,100 41,116 12,395 6,934 2,353 20,055 82,853 6,450 11,592 Grants: Leeds City Council Pili ng Trust Harrisons Charity Llz and Terry Bramall Foundatlon Wellsprings together Leeds Church Extension Society Voluntary Action Leeds (St Lukes Cares) Friends of the Music of Leeds Minster LPOW Grant Scheme Total: Grants 10,000 10,000 7,500 12,000 5,600 7,500 12,000 5,600 300 1,500 300 1,500 38,000 2,459 77,359 38,000 1,522 64,622 937 12,737 Total: 86,219 73,993 160,212 The Charity benefits greatly from the Involvement and enthusiastic support of a significant number of volunteers, details of whlch are given in our annual report. In accordance wlth FRS 102 the economic contrlbutlon of volunteers Is not recognised in the financial statements. 4. Charitable Activities 2024 2024 Unrestrict Restricted ed 2024 Total Venue hire/premises lettings Fees Or an Recltal income 60,802 7,070 60,802 9,677 2,607 73,961 Charitable Actlvltles- 2023 2023 2023 Unrestrict Restricted ed 2023 Total Venue hire/premises lettings Fees Or an Recital income 28,939 9,657 28,939 14,707 3,270 5,050 3,270 14
The Parish of Leeds City PCC Notes to the Financial Statements For the year ended 31 December 2024 5. Other Trading activities Current year 2024 2024 Unrestricted Restricted 2024 Total Car parking Fundraising Hospitality Shop sales Ro alties 24,330 402 8,570 1,680 62 24,330 402 9,082 1,680 62 512 512 Prior year 2023 2023 Unrestricted Restricted 2023 Total Car parking Fundraising Hospltality Shop sales RO alties 19,475 405 6,142 1,475 82 19,475 405 6,142 1,475 82 6. Investment income Current year 2024 2024 Unrestricted Restricted 2024 Total Divldends Interest Investment property income 3,548 1,324 42,292 47,164 3,739 740 7,287 2,064 42,292 52,183 4,479 2023 2023 Unrestricted Restricted 2023 Total Prior year Dividends Interest Investment property income 1,347 678 29,279 31,304 2,784 201 4,131 879 29,279 34,289 2,985 15
The Parish of Leeds City PCC Notes to the Financial Statements For the year ended 31 December 2024 7. Other income Current year 2024 2024 Unrestricted Restricted 2024 Total Other Income Insurance claims Rental property insurance recovered 2,285 3,491 8,457 14,233 5,200 7,485 3,491 8,457 19,433 5,200 Prior year 2023 2023 Unrestricted Restritted 2023 Total Other Income Insurance claims Investment property dilapidations Re.ntal property insurance recovered 4,683 345 4,750 8,589 18,367 3,504 8,187 345 4,750 8,589 21,871 3,504 8. Expenditure on raising funds Current year 2024 2024 Unrestricted Restricted funds funds 2024 Total funds Hospitality costs Shop costs Event costs Rental Property Service charge Rental property repairs 2,291 1,053 7,097 4,388 2,830 17,659 12 2,303 1,053 8,191 4,388 2,830 1,094 1,106 Prior year 2023 2023 Unrestricted Restricted funds funds 2023 Total funds Hospitality Costs Shop costs Event costs Rental Property Service charge Rental property repairs 2,449 1,999 4,532 9,564 12,680 31,224 2,449 1,999 5,632 9,564 12,680 32,324 1,100 1,100 16
The Parish of Leeds City PCC Notes to the Financial Statements For the year ended 31 December 2024 Expenditure Current year 2024 2024 Unrestricted Restricted funds funds 2024 Total funds Direct charitable expenditure: Clergy expenses Parish Share Service costs Staff costs Insurance Gas Electriclty Water Telephone and Internet Repairs and maintenance Choir and music costs Structural repairs Legal and Professional Independent examlnation Admlnlstratlon Refuse and hygiene Health & Safety Photocopying Total charitable expendlture 503 64,862 3,060 35,302 23,231 27,115 10,542 755 1,569 26,844 1,547 27,917 9,422 3,600 8,629 2,109 95 4,640 251,742 2,007 2,510 64,862 5,023 57,647 23,231 27,115 10,542 755 1,569 3,186 30,030 31,321 32,868 6,300 34,217 2,000 11,422 3,600 9,455 2,109 170 4,640 70,023 321,765 1,963 826 75 17
The Parish of Leeds City PCC Notes to the Financial Statements For the year ended 31 December 2024 Expenditure (continued) Prior year 2023 Unrestricted funds 2023 Restricted funds 2023 Total funds Direct charitable expenditure: Clergy expenses Parish Share Service costs staff costs Insurance Gas Electricity Water Telephone and internet Repalrs and maintenance Cholr and muslc costs Legal and Professlonal Independent examination Administration Refuse and hygiene Health & Safety Photocopylng Total charltable expenditure 1,772 54,557 3,060 16,783 21,601 17,981 9,293 1,624 2,147 6,636 1,772 54,557 5,023 44,789 21,601 17,981 9,293 1,624 2,147 14,436 27,459 20,155 2,160 11,175 2,378 422 2,255 75,487 239,224 1,963 28,003 7,800 27,459 24 20,131 2,160 937 2,378 422 2,255 163,737 10,238 10. Other expendlture Current year 2024 2024 Unrestricted Restricted funds funds 2024 Totsi funds Depreciation Rental property: Insurance Fees paid over Other expenditure 3,783 8,457 1,385 4,583 18,208 3,783 8,457 5,466 8,820 26,526 4,081 4,237 8,318 Prior year 2023 2023 unrestricted Restrlcted funds funds 2023 Total funds Depreciation Rental property: Insurance Fees paid over Other expenditure 6,485 13,625 1,413 1,979 23,502 2,114 8,599 13,625 7,668 5,549 35,741 6,255 3,570 11,939 18
The Parish of Leeds City PCC Notes to the Financial Statements For the year ended 31 December 2024 11.Employee Information staff costs in the year amounted to: 2024 2023 Wages and salaries Social security costs Pension costs Total 57,337 150 160 57,647 43,599 1,090 loo 44,789 The average number of employees during the year analysed by funrtion was as follows: 2024 2023 Ministry Admlnlstratlon Total No employee earned £60,000 per annum or more during the year (2023: none). The charity considers its key management personnel to be the Rector (Rev Canon Paul Maybury, licensed 5th September 2022). Canon Paul recelved no remuneration from the charity but was paid by the Leeds Oiocesan Board of Finance. The charlty makes arrangements for a deflned contrlbution pension for its employees. The cost of the pension scheme to the charity for the year ended 31 December 2024 was £160 (2023: EIOO). There were no amounts outstanding at the year-end (2023: £nil). 12. Transactions with PCC Members and Connected Persons Reimbursements of expenses of £3,289 (2023: £5,258) were pald to 3 members of the PCC (2023: 5 members). A loan of £10,000 was received from one member of the PCC in December 2024 and subsequently repald to them In the same month. 13. Net Expenditure for the Year This is stated after charging: 2024 2023 Depreciation Fees pald to the independent examiner 3,783 3,000 8,599 2,800 19
The Parish of Leeds City PCC Notes to the Financial Statements For the year ended 31 December 2024 14. Tangible Fixed Assets Land and buildings Equipment Total Cost or valuation: At l January 2024 Addltlons Revaluation At 31 December 2024 180,000 63,156 2,256 243,156 2,256 40,000 65,412 285,412 40,000 220,000 Depreciation: At l January 2024 Charge in the year At 31 December 2024 53,498 3,783 57,281 53,498 3,783 57,281 Net Book Values: At 31 December 2024 At 31 December 2023 220,000 180,000 8,131 9,657 228,131 189,657 In November 2015 a lease for 150 years was signed between The Leeds Diocesan Board of Finance, The PCC of Leeds City Ministry Team, the Bishop of Leeds and Yelcon Ltd in respect of the land and buildings within the St Peter's precinct. Under the terms of this lease, it was transferred on 30th November 2018 to the Leeds Diocesan Board of Finance acting as Custodlan Trustee for the Parochial Church Council of the Parish of Leeds City (Leeds Minster) The land and buildings within the St Peter's precinct, include a flat used by the Caretaker and owned by the charity and has been valued by the Trustees during the year. Thls valuatlon has been arrlved at by assessing the current market rate for slmilar properties. 15. Investment property Leasehold land and buildings Cost or valuation: At I lanuary 2024 Revaluation At 31 December 2024 595,000 47,674 642 674 Net Book Values: At 31 December 2024 At 31 December 2023 642 674 595 000 The land and buildings within the St Peter's preclnct Includes office space owned by the charity let to commercial tenants and 11 flats which have been granted a lease of 125 year5 With a ground rent being paid to the charity. The valuation of the property has been reviewed by the Trustees in the year and revalued based on expetted income streams and current prevailing market conditions. Investment property has a historical cost of £575,000 (2023- £575,000). 20
The Parish of Leeds City PCC Notes to the Financial Statements For the year ended 31 December 2024 16. Investments Unrestricted Restricted Endowment DBF as Custodian Trustee Held by the parish of Leeds City Market Value at 31 Dec 2023 Gains/ (losses) during the year Acquisiti ons/ Transfers Disposals Market value at 31 Dec 2024 Histori c Cost Church Fund: Tennant legacy- CBF I/F 576 units Sunday School CBF I/F 188 units Poor Children Fund 30/0 Birmlngham Corp'n 337.5 3.5010 Hull Corp'n 360.8 UM 13,020 497 8,703 22,220 7,992 RC 4,249 97 4,346 1,805 EC 175 235 175 235 240 313 EC 17,679 594 8,703 26,976 10,350 st Mary the Virgin Maintenance Fund CBF I/F 1318 units Choir Fund: CBF I/F- 174 Un5ts Edwin Woodhouse End. CBF IIF - 120 Units RC 29,794 682 30,476 1,312 RC 3,933 90 4,023 2,355 EC 7,035 161 7,196 1,470 40,762 933 41,695 Holy Trlnity: CofLPCC-CBFI/F 385 units RM 8,703 (8,703) 8,703) 2,160 2,160 Total investments Unrestritted Restricted Endowment Total 13,020 46,679 7,445 67,144 497 869 161 1,527 8,703 22,220 38,845 7,606 68,671 5,832 7,632 2,023 15,487 (8,703) 8,703 (8,703 Listed investments have a historical c05t of £18,875 (2023: £18,875). 21
The Parish of Leeds City PCC Notes to the Financial Statements For the year ended 31 December 2024 17. Debtors 2024 2023 Trade debtors Prepayments 57,473 798 58,271 26,979 348 27,327 18. Creditors= Amounts Falling Due Within One Year 2024 2023 Trade Creditors Accruals Deferred Income 4,579 9,070 30,322 43,971 12,105 12,760 16,291 19. Analysis of Net Assets by Fund Unrestricted Restrlcted Endowment funds funds funds Total funds Current year Tanglble flxed assets Investment property Investments Net current assets 228,131 642,674 10,019 103,555 984,379 228,131 642,674 68,671 172,047 1,111,523 51,046 68,492 119,538 7,606 7,606 Prior year Unrestricted Restricted Endowment funds funds funds Total funds Tangible fixed assets Investment Property Investments Net current assets 183,771 595,000 21,722 88,708 889,201 5,886 189,657 595,000 67,144 185,699 1,037,500 37,977 96,991 140,854 7,445 7,445 22
The Parish of Leeds City PCC Notes to the Financial Statements For the year ended 31 December 2024 20. Movement in Funds Current year Balance l January 2024 Income Expenditure Net gain/{loss) on investments Transfers Balance 31 December 2024 Unrestrirted funds: General Church funds Designated funds Total Unrestricted funds 889,201 290,486 723 (283,263) 88,171 {80,592) 79,653 904,003 80,376 889,201 291,209 (283,263) 88,171 (939) 984,379 Restrirted funds: Choir & Music Choral Scholarships Sunday Schoo Organ related Flower fund Restricted projects St Mary repair Total Restricted funds 22,440 57,544 4,165 9,055 (71) 11,051 36,670 140,854 12,378 9,143 259 10,838 2,238 23,286 681 (33,724) (21,012) (193) (5,849) (1,081) (20,088) 90 939 2,123 45,675 4,328 14,044 1,086 14,249 38,033 119,538 97 682 58,823 (81,947) 869 939 Endowment funds Edwin Woodhouse St Mary Choir Poor Children fund Total Endowment funds 7,035 161 7,196 410 410 7,445 161 7,606 Total funds 1,037,500 350,032 365,210 88,171 1,111,523 23
The Parish of Leeds City PCC Notes to the Financial Statements For the year ended 31 December 2024 20. Movement in Funds (continued) Purpose of funds Restricted Funds: Choir & Music - funds for the use of the choir. Choral Scholarships funds from a legacy received in 2019 glven speclflcally ft)r Choral Scholarships and augmented during the year by Grant funding. Sunday School For the work and ministry of the Leeds Parish Church Sunday School now operating under the name of "Family Church" Organ related - Organ Scholarships and support for the Organ recital series provided by a grant from the Bramall Trust. Flower fund - For the provision of floral decoration to enhance servlces of worshlp and funded by individual restricted donations. Restricted projects - A fund used to hold donations and grants for specific small to medium repalr, renewal and missional projerts. St Mary Repair - funds held in the CBF Church of England Investment Fund for the maintenance of St Mary's Church together with resldual funds restricted to the St Mary Choir. Edwin Woodhouse Endowment The resldue of a legacy made by Edwin Woodhouse for the support of the choirs of St Mary and St Peter. The Income from the investment is directed to the Leeds Minster Choir fund. Poor Children fund An endowment fund being the resldue of a 19th Century legacy In the name of Miss Walker. No record of this charity ha5 been found and it is assumed to be dormant. I due course, it is proposed that a scheme be presented to the Charity Commlssion In order to disburse this fund to an appropriate charity. Designated Funds: Deslgnated funds are to assist the Minster with matched fundlng appllcations. 24
The Parish of Leeds City PCC Notes to the Financial Statements For the year ended 31 December 2024 20. Movement in Funds (Continued) Prior year Balance l January 2023 Income Expend- iture Net gain/(loss) on investments Transfers Balance 31 December 2023 Unrestritted funds: Church funds Total Unrestrirted funds 902 678 202 065 218 766 889 201 902 678 202 065 218 766 889 201 Restricted funds: Choir & Music Choral Scholarshlps Sunday School Organ related Flower fund Restricted projects Holy Trinity project St Mary repair Total Restricted funds 16,736 65,254 3,885 8,051 255 5,500 2,385 47,837 7,500 119 10,350 957 20,638 381 (47,382) (15,279) (204) (9,346) (1,283) (15,088) (24) 338 4,911 70 22,440 57,545 4,165 9,055 {71) 11,050 365 54 (2,796) 138 749 140 854 Endowment funds Edwin Woodhouse St Mary Cholr Poor Children fund Total Endowment funds 6,430 410 605 7,035 410 6,840 605 7,445 Totsl funds 1 048 268 290 867 307 372 1 037 500 21. Net Cash provided by / (used in) Operating Activities 2024 2023 Net movement in funds (Gains) on investments Revaluation of fixed assets Depreciation charge Income from investments (Increase)/Decrease in debtors Increase/ Decrease) in creditors 74,023 10,768 (49,201) (5,737) (40,000) 3,783 8,599 (51,643) (34,289) (30,944) 67,382 19,106 8,574 (74,877) 33,761 25
The Parish of Leeds City PCC Notes to the Financial Statements For the year ended 31 December 2024 22. Comparative Statement of Financial Activities for the year ended 31 December 2023 Unrestricted Restricted Endowment 2024 Total Funds Funds Funds Funds Income from: Donations and legacles Charitable activities Other trading activlties Investment Other income Total income 86,219 38,596 27,579 31,304 18,367 202,065 73,993 8,320 160,212 46,916 27,579 34,289 21,871 290,867 2,985 3,504 88,802 Expenditure on: Raising funds Charitable activities Other expenditure Total expenditure Net income /(expenditure) before other recognised gains 31,224 163,740 23,802 218,766 1,100 75,567 11,939 88,606 32,324 239,307 35,741 307,372 (16,701) 196 (16,505) Transfers between funds: 1,410 (1,410) Other recognised gains Realised and unrealised gains on investments Net movement in funds 1,813 (13,478) 3,319 2,105 605 605 5,737 (10,768) Reconclllatlon of funds: Total funds b/fwd Total funds c/fwd 902,679 889,201 138,749 140,854 6,840 1,048,268 1,037,500 23. Capital Commitments There were no capital commitments at the current or preceding year end. 24. Commitments under Operating Leases At 31 December 2024 the PCC had total commitments under non-cancellable operating leases as follows: Office Equipment 2024 2023 Expiry date: Within one year Between one and five years 1,827 1,827 3,654 1,827 3,654 5,481 26