CHARITY REGISTRATION NUMBER: 1137451
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Annual Report and Financial Statements
31[st] December 2023
Contents
Annual Report of the Parochial Church Council ...................................................................... 3 Reference and administrative details ................................................................................... 3 Membership of the Parochial Church Council ...................................................................... 3 Aims and Purpose ................................................................................................................ 4 Structure, governance and Management ............................................................................. 4 Objectives and activities in 2023 .......................................................................................... 4 Achievement and Performance in 2023 ............................................................................... 4 Church Council's responsibilities statement ......................................................................... 9 Independent Examiner’s Report to the Trustees of St. Margaret’s Church ........................... 11 Responsibilities and basis of report .................................................................................... 11 Independent examiner's statement .................................................................................... 11 Financial Statements ............................................................................................................. 12 STATEMENT OF FINANCIAL ACTIVITIES ....................................................................... 12 BALANCE SHEET at 31[st] December 2023 ........................................................................ 13 Notes to the Financial Statements ..................................................................................... 15 INCOME ......................................................................................................................... 19 EXPENDITURE .............................................................................................................. 22 ASSETS .......................................................................................................................... 24 DEBTORS AND LIABILITIES ......................................................................................... 25 ANALYSIS OF CHARITABLE FUNDS ........................................................................... 26 END OF DOCUMENT ............................................................................................................ 30
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St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
Annual Report of the Parochial Church Council
The Parochial Church Council of St. Margaret’s church, Ipswich, present their report and the unaudited financial statements of the charity for the year ended 31 December 2023.
Reference and administrative details
| Registered charity name | St Margaret's Church |
|---|---|
| Charity registration number | 1137451 |
| Principal office | Soane Street |
| Ipswich | |
| Suffolk | |
| Membership of the Parochial Church Council | |
| Priest-in-Charge | Sarah Geileskey (from 27thApril 2023) |
| (role vacant prior to 27th April) | |
| Churchwardens: | Philip Hall (until 19thApril 2023) |
| Vacancy (from 19thApril 2023) | |
| Margaret Woodward | |
| Deanery Synod representatives: | Gill Jackson (from 19 April 2023) |
| Helen Prior-Townsend (until 19 April 2023) | |
| Andy Turpin | |
| George Woodward | |
| Margaret Woodward (until 19 April 2023) | |
| Secretary: | Sarah Milner |
| Elected PCC members: | Maggie Conder |
| John Grierson -Treasurer (from 19-4-23) | |
| Gill Jackson | |
| Richard Jackson | |
| Frederike Jacob | |
| Mary Johnston | |
| Carol Klug | |
| Ron Llewellyn (until 19-4-2023) | |
| Tim Lockington | |
| Peta Lowin (co-opted until 19-4-23, then | |
| elected) | |
| Melanie Quinton | |
| Anna Sawyer-Wright (co-opted until 19-4- | |
| 23, then elected) |
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St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
Aims and Purpose
The primary objective of the PCC is the promotion of the Gospel of our Lord Jesus Christ according to the doctrines and practices of the Church of England. The PCC co-operates with the Vicar in promoting in the parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical.
Structure, governance and Management
The method of appointment of PCC members is set out in the Church Representation Rules. At St. Margaret's, the membership of the PCC consists of the incumbent, churchwardens and members elected by those members of the congregation who are on the electoral roll of the church. The PCC members are responsible for making decisions on all matters of general concern and importance to the parish, including deciding on how the funds of the PCC are to be spent.
Objectives and activities in 2023
The PCC and leadership of St. Margaret's worked throughout the year to enable the church to continue to meet its objectives of
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providing opportunities for people to worship together as a church community
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providing pastoral support to its members and the wider community
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helping people to grow in faith and in deeper relationship with God
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loving and serving our neighbours in social action and acts of community outreach and engagement
In April 2023 the first new incumbent for 27 years was appointed, requiring a period of learning and adjustment.
Achievement and Performance in 2023
Ready… Steady… Go!
The past year has been a game of three halves! The first four months of 2023 saw the PCC, led by churchwardens Phil Hall and Margaret Woodward, guiding the church community through the final months of the vacancy following the retirement of Revd David Cutts at Easter 2022.
Standing down as Churchwarden at the APCM in April 2023, Phil Hall served faithfully and diligently as a churchwarden, working with Margaret Woodward and Andy Turpin in the role of vergeradministrator to bring the vacancy to a close. All three worked extremely hard to ensure a warm welcome for me, the first new incumbent at St Margaret’s Church in 27 years and the first woman to be appointed to the role. Phil Hall’s presence and participation in this community over many years was properly acknowledged during a service of Choral Evensong at the end of April, as he was prayerfully sent from this community to join Revd Sarah Hall following her appointment as Assistant Curate of St Augustine’s Church, Ipswich.
No one from among the community was willing to serve as churchwarden and for the remainder of the year, the church has been reliant on one elected churchwarden, Margaret Woodward.
Drawing together many from across the community to attend my licensing as Priest in-Charge on 27th April 2023, Bishop Martin’s sermon encouraged St Margaret’s Church to look outwards, to see where God is already at work and to join in, being among and serving the local community. I am still grateful for the generous hospitality and warm welcome that was enjoyed by all following the service.
In the summer we flung wide the doors of the Church, the church is now open daily to visitors and pilgrims and during the summer I spent time getting to know the PCC and wider church community through afternoon teas and meeting folk. This led us into Harvest and Remembrance in the autumn and later Christmas season: a PCC away morning in October 2023 built on the direction of travel raised at last year’s APCM and documented in the 2022 Parish Profile and we are gradually strengthening our links with St Margaret’s CEVAP School, uniformed groups and the wider parish.
As incumbent and warden, Margaret and I endeavour to meet weekly for prayer and reflection.
Governance & Administration
The PCC continued to meet on almost a monthly basis throughout 2023 and has spent time attending to matters of good governance, work that continues into 2024. The newly appointed Church treasurer,
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St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
John Grierson, enjoyed a solid handover of documentation from Phil Hall and Andy Turpin, and has been working hard to understand and review systems and processes, with the PCC determined to plan forwards financially by setting a budget for 2024. Several PCC members have been trained in the approval of payments to ensure continued good practice in the handling of income and expenditure and the churchwarden has worked alongside the treasurer and stewards to re-establish processes in relation to collections at services. Planned capital projects were reviewed and dates for implementation during 2024 were agreed and set in motion, with minor maintenance completed. Dave Scott continued to serve as Parish Giving Officer, Jean Grierson as secretary to the St Margaret’s Charity for the Needy and I am grateful to both, and John for all the work they do.
The PCC has continued to review safeguarding procedures and employment policy and practice following a safeguarding disclosure in January 2023 that led to the dismissal of the Church Centre Caretaker in June 2023. A further employee change also took place in November 2023 following Andy Turpin’s resignation as verger administrator. The PCC decided to recruit a part-time administrator (post filled in February 2024) and to appoint a new church centre caretaker.
The PCC is also gradually restructuring the way in which PCC members, as trustees, carry out their responsibilities: a few sub-committees and groupings are gradually dealing with pastoral matters, property and fabric, events and fellowship, heritage and the church centre, for example. This structure of sub-committee meetings to attend to day-to-day details and projects, should eventually allow the PCC to meet less often, developing a more strategic oversight of all that we are hoping to be and to do as a community, giving the PCC space by feeding into the PCC from subgroups the necessary information to plan, to do and to review: praying and reflecting as we grow in faith and service.
I am sincerely grateful to Mary Johnston, Carol Klug, Helen Prior-Townsend, and Stuart Quinton who at various points during the course of the year applied and were successful in securing grant funding. This intentional approach, building ongoing relationships with grant funders will be an important aspect of our future growth, working with and among our community.
The weekly email newsletter was maintained, and Helen Prior-Townsend ensured a regular flow of information, resources and gratitude were published through the Facebook social media page. The Church website remains in place, gently updated by the Vicar from time to time: there is plenty of scope to improve our public communication in future, including the website ‘A Church Near You’.
For the PCC, this year has seen a focus on governance, the spiritual gift of administration, to ensure a sound foundation on which by the grace of God we might build as we grow in faith and in number over the months and years to come. Whilst the PCC’s role as trustees is important, the whole church community works together in the ministry and mission of the church – the range of additional reports included for information in the papers circulated ahead of this year’s Annual Parochial Church Meeting are an indication of this and I hope that we will see this grow and flourish in the years ahead.
Patterns of Worship and Faith Learning at St Margaret’s
The diversity and breadth of worship at St Margaret’s is a strength and an opportunity. As a parish church we maintained a pattern of 3 to 4 Sunday Services every week, introducing Morning Prayer twice a week from April 2023 (once a week in Church and once a week at St Margaret’s VAP School). I am grateful to the clergy who supported the vacancy and to the retired clergy in this parish and those from the Ipswich Deanery who continue to celebrate and preach from time-to-time.
A number of additional seasonal services were held in the year, including a memorial service at All Souls in November 2023 and we heavily promoted Christmas Services throughout December, by leafleting the entire parish – a long time since we have communicated in this way, but which proved effective: people attending services in direct response to the details on the Christmas flyer as well as engaging with the contemporary nativity scene in the churchyard made by Pat Whitear.
It is a joy to welcome the entire primary school into church every Wednesday and to nurture a growing group of primary school students in leading Wednesday Worship. Two homegroups continued to meet regularly, the fortnightly Men’s Breakfast group grew from an average attendance of 4 to around 10 and a zoom book group met during the Advent season. Monthly Messy Vintage services flourished in two local care homes and a deeper connection was established with the community living in Christchurch Court. In addition, I now regularly lead a service of Holy Communion at Norwood Care Home. It was a joy to see two people from St Margaret’s confirmed by Bishop Mike in a service at St Mary-le-Tower in May 2024, the first confirmations entered into the St Margaret’s records in almost twenty years. Five baptisms took place, two marriages, two renewals of marriage vows and two funerals in church: the late Lily Jakubowski and Myra Turnbull.
We continue to support and encourage Helen Prior Townsend as she follows the Alternative
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St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
Ordination Pathway towards the possibility of her Ordination as a Deacon in 2024, whilst George Woodward began his initial formation to become a licensed lay minister (Reader). Churchwarden Margaret has been working to encourage the team of stewards and sides people, whilst services are supported by members of the community who volunteer to serve in other ways too: cleaning, sound, hospitality, bell ringing, flower arranging, livestreaming, musicians and all those who work to support and encourage children and families.
What next?
The community of St Margaret’s has experienced significant change over the last five years: living through and with the impact and consequences of the Covid-19 pandemic, the retirement of a longserving vicar, a few faithful folk steering the way through the vacancy and significant changes to key staff and volunteers. The 2024 Annual Parochial Church Meeting, as we review 2023, coincides with the first anniversary of the most recent change: my arrival as your priest-in-charge.
This last year has been time to steady-ourselves. I am encouraged that decisions are being made and action is being taken: major quinquennial works to the roof and parapets will complete the work identified in the now six-year-old architect’s inspection report, the courage to demolish the social club and the decision to install new audio visual and livestreaming equipment and extend the hearing loop.
Even more importantly, perhaps are the quieter decisions being made – where I see folk grow in confidence and open to new ideas: volunteering to help out, to make coffee, to enjoy the company of others over shared meals, to invite others to share food, to spend time caring for the churchyard, to step forward during services to settle the altar rail and kneelers, to love those beyond the walls of St Margaret’s in volunteering and work roles that see church members alongside users of the food bank, supporting those in abusive relationships, encouraging refugees and working to support families in challenging circumstances.
Those historically involved with the Mother’s Union have been courageous in trying a new thing, launching ‘Cornerstone’ in 2024, a monthly drop-in space offering company and conversation. There will be other opportunities too: deploying the grant funding awarded to us by Suffolk Community Foundation to run holiday clubs that feed primary school aged children and their families, working evermore closely with St Margaret’s VAP School as their new afterschool club moves into the church centre – a church office opening and new church centre users as we celebrate and encourage that sense of a community space open, available and welcoming to all.
We will look to offer short courses and opportunities to explore faith as well as holding the first Confirmation Service at St Margaret’s Church in two decades. We will have to review our financial plans and giving arrangements, build our fellowship and events and we will invite folk to share their faith stories from different communities as we welcome speakers and missionaries in the late spring and summer to share their stories with us.
There are up to six vacancies for election to the PCC this year and St Margaret’s is still operating with only one churchwarden. I am grateful to those who have served on the PCC in the past and mindful that the diversity of St Margaret’s remains under-represented, particularly in relation to disability, gender, age and ethnicity. Whilst an under-represented PCC that has skill gaps is less than ideal, it would not be good to fill those gaps for the sake of it, instead we might choose to look to co opting for specific projects or skills and encouraging folk to participate as the community grows in number, in skills and in wisdom. The vacancies do, however, serve as an important reminder that as the body of Christ in this place, each and every one of us has a responsibility, calling and function within the church community, to participate in the life of the church as together we live and work to God’s praise and glory.
I long for 2024 to mark a change as our focus expands beyond the ‘doing’ of church: to increasingly ‘becoming’ the faith-full community of people God is calling us to be: tending God’s creation, transforming injustice through social action, telling the good news of God’s love for all people, and treasuring and sharing all that God has given as we are taught and teach the way of love that leads to life in all its fullness.
Revd Sarah Geileskey, Priest-in-charge
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St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
Financial review of 2023
2023 was a year of significant change in St Margaret’s and financially it was a year for consolidation and planning for the future. The main features for the year were:
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Whilst total giving increased slightly from 2022, planned giving remained static.
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The Church Centre finances were significantly and adversely affected by the liquidation of Alpha Nurseries and consequent loss of income.
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The PCC committed a large proportion of the funds for major capital projects in 2024. We also received several generous one-off donations and were successful in applying for grants for these capital projects.
Day to Day Income and Expenditure.
The day to day income and expenditure of the Church (excluding the Church Centre), can be summarised as:-
| 2023 | 2022 | ||
|---|---|---|---|
| Income | |||
| Planned Giving | £75,717 | £75,627 | |
| Collections, non-specific donations & Gift Aid |
£31,644 | £26,526 | |
| Sub Total | £107,361 | £102,153 | |
| Other church fees etc | £5,260 | £6,347 | |
| Total income without Diocese grant | £112,621 | £108,500 | |
| One-off grant from Diocese | £6000 | n/a | |
| Total income including grant | £118,621 | £108,500 | |
| Expenditure | Total Church day to day running costs | £117,642 | £110,903 |
In 2023 the total of Planned Giving, collections and non-specific donations including Gift Aid increased to £107,000 compared to £102,000 in 2022. The increase is due to an increase in collections and in Gift Aid repayments. This is set against a continued stagnation in planned giving which was the same as in 2022. Adding on various fees and some specific donations the total income received for day to day running costs is approximately £112,000. In 2023 the day to day running costs of the church amounted to £117,000, approximately £7000 more than last year and £5000 more than the 2023 income. However in 2023 we benefitted from a one-off grant of £6000 from the Diocese to help pay for the high energy costs, so our day to day income exceeded expenditure by £1000 (<1% of expenditure). It must be remembered that the £6000 grant is not available in 2024.
Looking at the expenditure figures, most costs were broadly similar to 2022 or increased by a small amount. The only significant changes were:
Diocesan Share increased by £3000 (4%)
Church utilities (gas and electricity) increased by £3500 (48%)
It should also be noted that as has been the case for several years, nothing has been set aside from the General Fund to build up the Church Restoration Fund to enable large-scale repairs and maintenance which are always needed on a 700 year-old Church building. With the commitment of most of the Church’s capital to projects in 2024, it is essential that from now on money is set aside every year for future restoration work.
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St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
The Church Centre Fund
For several years the Church Centre has made a small profit. Rooms have been hired out for a variety of purposes and the rents have covered the day to day running costs (utilities, maintenance, cleaning etc), with the Church covering major repair and restoration work. Meanwhile the Centre provides a very useful facility for Church meetings, organisations etc. In 2023 the Church Centre had significantly increased utilities costs (up £5100 (52%) on 2022) as well as some larger than usual maintenance costs. Several of its clients were also finding difficulty paying any increase in rents. Despite this, it was on track to approximately break even on the year. Then right at the end of 2023 it was announced that Alpha Nurseries had gone into liquidation. Alpha Nurseries was the biggest renter of rooms in the Church Centre, providing an after school club and a breakfast club for pupils at St Margaret’s School. When they went into liquidation, they owed the Church the rental for their rooms for the Autumn term in 2023 – the sum of £5878. As a creditor the Church has applied to the liquidators for payment but it seems very unlikely we will receive anything and this debt must be written off, leaving the Church Centre Fund with a deficit on the year of approximately £6000.
This also has a knock-on effect for 2024 as in previous years Alpha Nurseries have paid about £15000 per year for rentals – nearly half the total rental income. For the first few months of 2024 the rooms were not available to rent out due to legal issues of Alpha having their assets in the rooms. Two new renters have been found for after Easter, so this will help increase the rental income for 2024.
Major Projects and Donations
For several years the church has had a significant sum of money (£222,000 at the end of 2022) in its Legacies Fund which was earmarked for restoration and improvement work. In 2023 the PCC committed to four specific projects at an estimated cost of £290,000. This would use all the Legacies Fund plus a large portion of the Church Restoration Fund. It was therefore agreed that to maintain the Church’s finances in a healthy state and ensure other projects could be considered in the future, the Church should make applications for grants towards the restoration and improvement works. The final outcome of these applications will not be known until later in 2024 but already by the end of 2023 a grant of £3900 from the Benefact Trust has been received as well as pledges of other grants which will arrive in 2024. Together with the insurance claim for £7800 for part of the cost of the West Window repair and the likely refund of VAT through the government scheme for listed places of worship, the prospect is that there will be a significant amount of grant aid towards the overall cost. We are most grateful to the two members of the PCC who took on this difficult and time-consuming task.
As well as these specifically targeted grant applications we are most grateful to the members of the congregation who have given individual donations for specific items of church expenditure (eg £2000 for Church Centre expenditure and £500 for painting the Church doors). A more general appeal for funds resulted in £3000 being raised for new flooring in the vicarage. More social / fundraising events have now started and money has been raised for Kagera and the West Window restoration.
Other Funds
None of the other funds in the Church accounts have had significant activity, with one exception. The Night Shelter Fund was set up to enable congregation members to give money to pay for St Margaret’s participation in the Winter Night Shelter organisation. This was by providing accommodation, friendship and food on a Saturday night / Sunday morning in the Church Centre for up to 12 homeless people. The pandemic closed this initiative and the charity running it (Selig) reopened after the pandemic in a different form, not using
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St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
multiple church premises. Hence the money was not needed for its original purpose. There was £661 left in the Night Shelter Fund and the PCC agreed to close the fund and donate all the money to Selig.
Summary and the Future
Whilst leaving the details to the Financial Statements, the overall picture for 2023 was that the Church made a small loss on its running costs in the face of increased fuel costs and the liquidation of a major Church Centre customer. A stagnation in planned giving was compensated by increased collections and one-off donations. It should be noted that for 2023 only a large grant from the Diocese helped offset the rising fuel bills while no provision was made for future repair costs to the fabric of the church.
Looking to the future, 2024 will see very significant expenditure from our capital funds to pay for four major capital projects. This will reduce our capital to more “normal” levels and we will no longer have a buffer to pay for losses on our day-to-day running costs. It is essential to rebuild our funds, not just to pay for future capital building and improvement costs but to enable the church to increase its spending on mission and pastoral work which is fundamental to the church’s work.
Whilst the PCC is looking at fund-raising events and new technology, the basic point is that the church’s planned giving income is static when it needs to be increasing as costs continue to rise. The PCC has targeted a 10% increase in Planned Giving in its budget for 2024. This is a significant challenge for all members of St Margaret’s but only by reaching and then exceeding this target can the work of the church grow as we would wish.
Finally it bears re-stating the fact that St Margaret’s receives no central funding to pay for the services it provides, the work that it does and the buildings it maintains. All income, other than specific grants, comes from the generosity of the congregation. The PCC is keenly aware of the financial pressures on everyone during 2023 and thanks everyone who has given to the work of the church during the year.
Church Council's responsibilities statement
The Parochial Church Council are responsible for preparing the Parochial Church Council's report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity Parochial Church Council to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently,
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observe the methods and principles in the applicable Charities SORP,
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make judgements and accounting estimates that are reasonable and prudent,
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
The Parochial Church Council are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. 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 annual report was approved on 10[th] April 2024 and signed on behalf of the Parochial Church Council by:
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Rev Sarah Geileskey Chair of the PCC
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St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
Independent Examiner’s Report to the Trustees of St. Margaret’s Church
I report to the trustees on my examination of the financial statements of St Margaret's Church ('the charity') for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation 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 charity's financial statements 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements 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.
John M Rendle
154 Valley Road, Ipswich, IP4 3AJ
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St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
Financial Statements
STATEMENT OF FINANCIAL ACTIVITIES
For the year ending 31[st] December 2023
| Note Income and endowments Voluntary giving (donations, legacies and grants) 4 Church activities - fees 5 Church activities - other trading activities 5 Investment income 6 Total income Expenditure Costs of generating voluntary income N/A Costs of church activities 7 Church Expenses 8 Total expenditure Sub-total: net income/outgoings before considering value of endowment fund Net gains/(losses) on investments Net income/(outgoing) Reconciliation of funds Total funds brought forward (from 2022 SOFA) Adjustment for Debtors under-estimate and Creditors over-estimate in the 2022 financial statements Total funds carried forward 2022 funds brought forward + 2023 net income/outgoings |
Note Income and endowments Voluntary giving (donations, legacies and grants) 4 Church activities - fees 5 Church activities - other trading activities 5 Investment income 6 Total income Expenditure Costs of generating voluntary income N/A Costs of church activities 7 Church Expenses 8 Total expenditure Sub-total: net income/outgoings before considering value of endowment fund Net gains/(losses) on investments Net income/(outgoing) Reconciliation of funds Total funds brought forward (from 2022 SOFA) Adjustment for Debtors under-estimate and Creditors over-estimate in the 2022 financial statements Total funds carried forward 2022 funds brought forward + 2023 net income/outgoings |
Note Income and endowments Voluntary giving (donations, legacies and grants) 4 Church activities - fees 5 Church activities - other trading activities 5 Investment income 6 Total income Expenditure Costs of generating voluntary income N/A Costs of church activities 7 Church Expenses 8 Total expenditure Sub-total: net income/outgoings before considering value of endowment fund Net gains/(losses) on investments Net income/(outgoing) Reconciliation of funds Total funds brought forward (from 2022 SOFA) Adjustment for Debtors under-estimate and Creditors over-estimate in the 2022 financial statements Total funds carried forward 2022 funds brought forward + 2023 net income/outgoings |
Note Income and endowments Voluntary giving (donations, legacies and grants) 4 Church activities - fees 5 Church activities - other trading activities 5 Investment income 6 Total income Expenditure Costs of generating voluntary income N/A Costs of church activities 7 Church Expenses 8 Total expenditure Sub-total: net income/outgoings before considering value of endowment fund Net gains/(losses) on investments Net income/(outgoing) Reconciliation of funds Total funds brought forward (from 2022 SOFA) Adjustment for Debtors under-estimate and Creditors over-estimate in the 2022 financial statements Total funds carried forward 2022 funds brought forward + 2023 net income/outgoings |
2023 | 2023 | 2023 | 2023 | 2023 | 2023 | 2022 | 2022 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted funds Restricted funds Endowment funds Total funds £ 125,132 £ 18,331 £ - £ 143,463 £ 2,719 £ - £ - £ 2,719 £ 24,604 £ - £ - £ 24,604 £ 8,582 £ - £ - £ 8,582 £ 161,037 £ 18,331 £ -£ 179,368 £ - £ - £ - £ - £ 91,721 £ 661 £ 92,382 £ 63,445 £ 6,721 £ - £ 70,166 £ 155,166 £ 7,382 £ -£ 162,548 £ 16,820 £ - £ - £ 1,464 £ 1,464 £ 5,870 £ 10,949 £ 1,464 £ 18,283 £ 421,905 £ 6,798 £ 16,595 £ 445,299 £ 1,227 £ 429,002 £ 17,747 £ 18,059£ 464,808 |
Total funds £ 102,415 £ 3,741 £ 31,414 £ 3,769 |
||||||||||||
| £ 161,037 £ 18,331 £ - | £ 141,339 | ||||||||||||
| £ - £ - £ - £ 91,721 £ 661 £ 63,445 £ 6,721 £ - |
£ - £ 91,103 £ 80,299 |
||||||||||||
| £ 155,166 £ 7,382 £ - | £ 171,402 | ||||||||||||
| £ - £ - £ 1,464 | |||||||||||||
| -£ 30,063 | |||||||||||||
| -£ 2,120 | |||||||||||||
| £ 5,870 £ 10,949 £ 1,464 | -£ 32,183 | ||||||||||||
| £ 421,905 £ 6,798 £ 16,595 | £ 477,460 | ||||||||||||
| £ 1,227 | |||||||||||||
| £ 429,002 £ 17,747 £ 18,059 | £ 445,299 | ||||||||||||
| The statement of financial activities includes allgains and losses recognised in theyear. | |||||||||||||
| All income and expenditure derive from continuing activities. | |||||||||||||
| Availability and Commitment of funds | |||||||||||||
| Whilst being assets of the church, the capital value of the Church Centre and the value of the Endowments funds are not immediatelyavailable for use bythe PCC |
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| Hence the funds available for use bythe PCC on 31st December 2023 are | £346,751 | ||||||||||||
| During2023 the PCC committed to spend the followingmoneyin 2024 | |||||||||||||
| 1. Church buildingrepairs identified in the latestQuinquennial survey | £ 156,000 | ||||||||||||
| 2. Audio-visual system for the Church | £ 77,000 | ||||||||||||
| 3. West window repairs | £ 24,000 | ||||||||||||
| 4. Social Club demolition | £ 25,000 | ||||||||||||
| Sub - Total | £ 282,000 | ||||||||||||
| Balance as Working Capital and Contingency for any potential shortfall in 2024 | £64,751 | ||||||||||||
| £346,751 |
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St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
BALANCE SHEET at 31[st] December 2023
| Note | 2023 | 2022 | ||||
| Fixed Assets Tangible fixed assets (Church Centre) 11 Investments 12 (a) Current Assets Debtors 13 Cash at bank and in hand (b) Creditors: amounts falling due within one year(current liabilities) 14 (c) Net current assets(b - c) (d) Total Assets Total assets(fixed and current)less current liabilities(a + d) Net assets Funds of the charity Endowment funds 17 Restricted funds 16 Unrestricted funds 15 Total charity funds |
£ 100,000 £ 278,441 £ 378,441 £ 11,546 £ 77,559 £ 89,105 £ 2,736 £ 86,369 £ 464,810 £ 464,810 £ 18,059 £ 17,747 £ 429,004 £ 464,810 |
£ 100,000 £ 268,891 |
||||
| £ 368,891 | ||||||
| £ 17,155 £ 68,008 |
||||||
| £ 85,163 | ||||||
| £ 8,755 | ||||||
| £ 76,408 | ||||||
| £ 445,299 | ||||||
| £ 445,299 | ||||||
| £ 16,595 £ 6,798 £ 421,906 |
||||||
| £ 445,300 |
Availability and Commitment of funds
| Whilst being assets of the church, the capital value of the Church Centre and the value of the Endowments funds are not immediatelyavailable for use bythe PCC |
Whilst being assets of the church, the capital value of the Church Centre and the value of the Endowments funds are not immediatelyavailable for use bythe PCC |
Whilst being assets of the church, the capital value of the Church Centre and the value of the Endowments funds are not immediatelyavailable for use bythe PCC |
Whilst being assets of the church, the capital value of the Church Centre and the value of the Endowments funds are not immediatelyavailable for use bythe PCC |
Whilst being assets of the church, the capital value of the Church Centre and the value of the Endowments funds are not immediatelyavailable for use bythe PCC |
Whilst being assets of the church, the capital value of the Church Centre and the value of the Endowments funds are not immediatelyavailable for use bythe PCC |
||
|---|---|---|---|---|---|---|---|
| Hence the funds available for use bythe PCC on 31st December 2023 are | £346,751 | ||||||
| During2023 the PCC committed to spend the followingmoneyin 2024 | |||||||
| 1. Church buildingrepairs identified in the latestQuinquennial survey | £ 156,000 | ||||||
| 2. Audio-visual system for the Church | £ 77,000 | ||||||
| 3. West window repairs | £ 24,000 | ||||||
| 4. Social Club demolition | £ 25,000 | ||||||
| Sub - Total | £ 282,000 | ||||||
| Balance as Working Capital and Contingency for any potential shortfall in 2024 | £64,751 | ||||||
| £346,751 |
Page 13
St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
These financial statements were approved by the Parochial Church Council and authorised for issue on 10[th] April 2024 and are signed on its behalf by:
Rev Sarah Geileskey Chair of the PCC
The notes on pages 14 to 30 form part of these financial statements
Page 14
St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
Notes to the Financial Statements
Notes to the Financial Statements for the year ended 31[st] December 2023
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Soane Street, Ipswich, IP4 2BT.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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 (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Fund accounting
General 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. Funds designated for a particular purpose by the PCC are also unrestricted.
The accounts include all transactions, assets and liabilities for which the PCC is responsible by law. They do not include the accounts of church groups that owe an affiliation to another body nor those that are informal gathering of church members.
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St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
Incoming resources
Voluntary Income and Resources
Collections are recognisable when received by or on behalf of the PCC. Planned giving receivable under Gift Aid is recognised only when received. Income tax recoverable on Gift Aid donations is recognised in the same year as the income to which it relates. Grants and legacies to the PCC are accounted for when the PCC is notified of its entitlement and the likely amount due.
Other Income
Rental income from the letting of church premises is recognised when the rental is due.
Income from investment
Interest is accounted for when receivable. Tax recoverable on such income is recognised in the same accounting year.
Gains and losses on investments
Realised gains or losses are recognised when investments are sold. Unrealised gains or losses are accounted to on revaluations of investments at 31 December each year.
Resources expended
Costs of generating funds
Costs are accounted for when incurred.
Grants
Grants and donations are accounted for when paid over, or when awarded, it that award creates a binding obligation on the PCC.
Activities directly relating to the work of the Church
The Diocesan parish share is accounted for when payable. Any share unpaid at 31 December is provided for in these accounts as an operational (though not a legal) liability and is shown as a creditor in the Balance Sheet.
Page 16
St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
Tangible assets
Consecrated land and buildings and moveable church furnishings
Consecrated and benefice property is excluded from the accounts by s10(2)(a) of the Charities Act 2011.
No value is placed on moveable church furnishing held by the churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or benefice buildings and moveable church furnishings, whether maintenance or improvement, is written off as expenditure in the SOFA and separately disclosed.
Other fixtures, fittings and office equipment
Equipment used within the church premises 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 when the asset is acquired.
Investments
Fixed asset investments are initially recorded at cost, and revalued at market value at 31 December.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Page 17
St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Page 18
St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
INCOME
4. Voluntary Giving
| Voluntary Giving Donations Planned Giving Collections at services Other giving, including special appeals Income tax recovered Legacies Legacies Grants Insurance claim for damage to the West Window Coronavirus Job Retention Scheme Other Grants |
2023 | 2022 | |
|---|---|---|---|
| Unrestricted Funds Restricted Funds Total Funds 2023 £ 75,717 £ - £ 75,717 £ 9,614 £ - £ 9,614 £ 11,138 £ 617 £ 11,755 £ 18,666 £ - £ 18,666 * £ 9,847 £ - £ 9,847 £ 7,814 £ 7,814 £ - £ - £ - £ 150 £ 9,900 £ 10,050 £ 125,132 £ 18,331 £ 143,463 |
Unrestricted Funds Restricted Funds Total Funds 2022 £ 76,738 £ - £ 76,738 £ 6,644 £ - £ 6,644 £ 3,602 £ - £ 3,602 £ 15,206 £ - £ 15,206 £ - £ - £ - £ - £ - £ - £ - £ - £ - £ 150 £ 75 £ 225 |
||
| Total income from voluntary giving | £ 102,340 £ 75 £ 102,415 |
Page 19
St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
2023 notes for Voluntary Giving:
a) "Planned Giving" includes income received via the Parish Giving Scheme, standing orders, and the regular giving envelope scheme.
b) "Collections" includes all income received from collections at services (including card payments), except money received via the regular giving envelope scheme.
- In addition to the in-year Gift Aid received from the Parish Giving Scheme, this also includes the Gift Aid tax claimed in 2023 relating to (non-PGS) giving received in 2022.
c) "Other giving" includes general donations (unrestricted) received outside service collections, including donations from organisations that have used the church but not been charged (e.g. school services).
It excludes donations received in response to an appeal/collection for a specific purpose, where that money was passed in whole to an individual or an external charity/organisation as a gift/donation (e.g. a leaving gift funded through a special collection; a charitable donation funded through a special appeal etc.), as these are not PCC funds (the PCC account is just being used for consolidating the donations).
d) "Income tax recovered" includes tax recovered in 2023 via the Parish Giving Scheme, plus Gift Aid that will be claimed in 2024 but which relates to income received in 2023.
e) "Legacies"
(i) Two new legacies were received in 2023.
(ii) Interest received on the CCLA CBF CofE deposit account has not been included, even though the interest accrued is allocated to the Legacies fund. (This interest is included under "Interest reinvested in CCLA Deposit Account" instead: see "Investments".)
f) "Other grants" include an unrestricted grant from IBC (£150) intended to contribute to the cost of flooding lighting plus a restricted grant from the Diocese (£6000) to help with the cost of utilities in 2023 and a restricted grant from the Benefact Trust (£3900) towards the cost of the QI repair work scheduled for 2024.
Page 20
St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
5. Church Activities
| Church Activities Wedding & funeral fees retained by PCC Tradingactivities(Rent received for Church Centre) |
2023 | 2022 |
|---|---|---|
| Unrestricted Funds Total Funds 2023 Unrestricted Funds Total Funds 2022 2,719 £ 2,719 £ 3,741 £ 3,741 £ 24,604 £ 24,604 £ 31,414 £ 31,414 £ |
||
| Total income from church activities | 27,323 £ 27,323 £ 35,155 £ 35,155 £ |
Notes for Church Activities:
a) "Wedding & funeral fees" excludes any fees that are received by the church but subsequently passed on to an organist or to the Diocese, as these are not considered to be PCC funds. It does include funds that are subsequently passed onto the choir or bellringers.
6. Investments
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Notes for Investment income:
a) Dividends from the CCLA COIF Charities Investment Fund are designated as income to the Church Restoration fund b) Bank interest (accrued within the CCLA CBF CofE Deposit Fund) is designated as income to the Legacies fund
Page 21
St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
EXPENDITURE
7. Costs of Church Activities
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8. Church Expenses
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Page 22
St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
2023 notes for Church Expenses:
a) The unrestricted portion of "Church running costs" includes music-related costs, service expenses, mission and pastoral work, flowers, office expenses, routine maintenance (e.g. regular servicing, testing etc.), church insurance and church cleaner. It also includes wedding and funeral fees retained by the PCC (excluding fees passed onto an organist or the Diocese). The restricted portion included £500 which had been donated for the repainting of the south door, plus money for Lent Bags and for Befrienders work which came from restricted funds.
b) The restricted portion of the utilities expenditure is of the grant from the Diocese for utilities in 2023.
c) "Cost of trading" represents the running costs of the Church Centre, and includes routine maintenance (e.g. regular servicing and checks), cleaner and caretaker, window cleaning, insurance, utility bills and consumables. This category also includes costs associated with the old social club (business rates and, nominally, water charges).
d) "Major repairs - church building" includes one-off repairs or replacement of faulty equipment (using the Church Restoration fund). e) "Major repairs - Church Centre" includes one-off repairs (plumbing, electrical, roof and emergency lighting) and purchase of appliances
9. Staff Costs
==> picture [614 x 96] intentionally omitted <==
- Includes Verger/Administrator, Cleaner and Caretaker. Does not include musicians, as they are self-employed
No employee received employee benefits of more than £60,000 during the year
10. Trustees remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees for their role as trustees. (Trustees may be employed in other roles.)
Page 23
St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
ASSETS
11. Tangible Fixed Assets
==> picture [328 x 156] intentionally omitted <==
- These are an estimate of the value of the Church Centre for accounting purposes only. The Church Centre and the Social Club are assets of the PCC. However both are vested in the Diocesan Board of Finance as Custodian Trustees for St Margaret's PCC in accordance with the Parochial Church Councils (Powers) Measure 1956. St Margaret's PCC are the Managing Trustees.
12. Investments
| COIF Charities Investment Fund Number of shares held Mid market value of one share on 31 stDecember Market value of total share holding on 31 stDecember |
2023 2022 |
|---|---|
| 910 910 19.85 £ 18.24 £ |
|
| 18,059 £ 16,595 £ |
|
| Net gain/(losses) on investments | 1,464 £ £ -2,120 |
| CBF Church of England Deposit Fund(“Legacies Fund”) Value on 31 stDecember |
2023 2022 |
| 260,382 £ 252,296 £ |
All investments shown above are held at valuation.
Page 24
St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
DEBTORS AND LIABILITIES
13. Debtors
| Debtors Debtors for goods and services HMRC (Gift Aid tax pertaining to giving income received in 2023) |
2023 2022 |
|---|---|
| 1,324 £ 7,848 £ 10,222 £ 9,307 £ |
|
| 11,546 £ 17,155 £ |
14. Creditors (Liabilities)
==> picture [435 x 61] intentionally omitted <==
Page 25
St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
ANALYSIS OF CHARITABLE FUNDS
15. Unrestricted Funds
==> picture [654 x 180] intentionally omitted <==
- At the end of 2022, total debtors were estimated at £17155 and total creditors at £8755. In fact the debtors were £17248 and the creditors were £7621. The opening balance of the General Fund has therefore been increased by £1227 to correct this.
Page 26
St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
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Page 27
St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
16. Restricted Funds
==> picture [654 x 166] intentionally omitted <==
- restricted element of the fund
==> picture [654 x 166] intentionally omitted <==
- restricted element of the fund
Page 28
St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
17. Endowment Funds
==> picture [654 x 109] intentionally omitted <==
| Permanent Endowment Fund 1 - desc in a/cs Expendable Endowment Fund - COIF Investment |
At 1 Jan 2022 £ – 18,715 |
Income Expenditure Transfers Gains and losses £ £ £ £ – – – – – – -2,120 |
At 31 Dec 2022 £ 16,595 |
|
|---|---|---|---|---|
| Totals | 18,715 | 0 0 0 -2,120 |
16,595 |
Page 29
St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023
Availability and Commitment of funds
| Availability and Commitment of funds | Availability and Commitment of funds | Availability and Commitment of funds | Availability and Commitment of funds | Availability and Commitment of funds | Availability and Commitment of funds | ||
|---|---|---|---|---|---|---|---|
| Whilst being assets of the church, the capital value of the Church Centre and the value of the Endowments funds are not immediatelyavailable for use bythe PCC |
|||||||
| Hence the funds available for use bythe PCC on 31st December 2023 are | £346,751 | ||||||
| During2023 the PCC committed to spend the followingmoneyin 2024 | |||||||
| 1. Church buildingrepairs identified in the latestQuinquennial survey | £ 156,000 | ||||||
| 2. Audio-visual system for the Church | £ 77,000 | ||||||
| 3. West window repairs | £ 24,000 | ||||||
| 4. Social Club demolition | £ 25,000 | ||||||
| Sub - Total | £ 282,000 | ||||||
| Balance as Working Capital and Contingency for any potential shortfall in 2024 | £64,751 | ||||||
| £346,751 |
END OF DOCUMENT
Page 30
St. Margaret’s Church, Ipswich: Annual Report and Financial Statements for 2023