2024-12-31-accounts

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CHARITY REGISTRATION NUMBER: 1137451

Annual Report

and

Financial Statements

31[st] December 2024

Annual Report of the Parochial Church Council....................................................................... 3 Aims and Purpose .............................................................................................................. 3 Structure, Governance and Management ............................................................................ 3 Objectives and Activities in 2024 ......................................................................................... 3 Vicar’s Report ........................................................................................................................ 4 Statistics for Mission .............................................................................................................. 5 Reference and Administrative Information .............................................................................. 6 Independent Examiner’s Report ............................................................................................. 7 Independent examiner's statement ................................................................................. 8 Financial Review .................................................................................................................. 10 Church day to day income and expenditure ....................................................................... 10 Church Centre day to day income and expenditure ............................................................ 10 Major Capital Projects ...................................................................................................... 10 Investments and Accounts ............................................................................................... 11 Other Funds ..................................................................................................................... 11 Reserves Policy ................................................................................................................ 11 Risk Assessment .............................................................................................................. 11 Summary and the Future .................................................................................................. 12 Statement of Financial Activities........................................................................................... 13 Balance Sheet ..................................................................................................................... 14 Notes to the Accounts .......................................................................................................... 15

Published Accounts

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ST MARGARET’S CHURCH, IPSWICH

Annual Report of the Parochial Church Council

The Parochial Church Council of St. Margaret’s church, Ipswich, present their report and the financial statements of the charity for the year ended 31 December 2024.

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 Church of England’s Five Marks of Mission:

To proclaim the Good News of the Kingdom
To teach, baptise and nurture new believers
To respond to human need by loving service
To seek to transform unjust structures of society, to challenge violence of every kind and to pursue peace and reconciliation
To strive to safeguard the integrity of creation and sustain and renew the life of the earth

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. The PCC complies with its duty to have ‘due regard’ to the House of Bishops’ Safeguarding Policy and Practice Guidance.

Objectives and Activities in 2024

The PCC and leadership of St. Margaret's worked throughout the year to enable the church to continue to meet its objectives of

providing opportunities for people to worship together as a church community
providing pastoral support to its members and the wider community
helping people to grow in faith and in deeper relationship with God
loving and serving our neighbours in social action and acts of community outreach and engagement

Published Accounts

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ST MARGARET’S CHURCH, IPSWICH

Vicar’s Report

It has been a great joy to look back over the last year, and to give thanks for God’s faithfulness and generous grace over the course of 2024, what was a busy and fruitful year. Highlights included the first Confirmation Service recorded at St Margaret’s Church in twenty years when we celebrated with Jamais and Fin and many social, fellowship and fundraising events, including a super community fête in July, as well as a quiz in November. The church embarked gently on raising its awareness of the Eco agenda, the PCC agreeing to work towards becoming a Broze Eco-Church as part of the A Rocha Eco Churches scheme and a number of major building projects being completed: much of the recommended work from the 2018 Architect’s Quinquennial Inspection, repairs to the west window, updating and enhancing the audio-visual arrangements in the church and demolishing the derelict social club adjacent to the church centre.

In June 2024 we celebrated the ordination of Revd Helen Prior-Townsend as Deacon and welcomed her as a self-supporting curate. George Woodward continued his training to become a licensed layminister and we enjoyed the ministry of visiting clergy and clergy with permission to officiate. We are particularly blessed and thankful to enjoy The Very Revd Keith Jones ministry among us.

I am deeply grateful to those who serve alongside me in the mission and ministry of this parish, for their dedication, commitment and friendship. Particular thanks to our Churchwarden, Margaret Woodward, for making sure things run smoothly and that our buildings are warm, comfortable and safe. To Carol Klug, as our Parish Safeguarding officer and John Grierson, our treasurer. To all those who serve in the church as stewards, readers, intercessors, bell-ringers, musicians, flower arrangers, gardeners, care-takers, home group leaders, the pastoral team, Men’s breakfast, toddlers, Cornerstone, the Messy Vintage team, and administrators of the church centre. Thank you. Thank you especially to Mary Johnston, Angie Cable and Andy Turpin who concluded it was time to hand on the responsibility for overseeing the running the church centre – their experience will undoubtedly mean their advice will continue to be invaluable in the service of the church and community in the years to come. The informal annual report, with lots of photographs and reports about various different aspects of church life says so much more about the life of the community here at St Margaret’s Church.

I have become particularly aware this year, of the extent to which the church serves the wider community through the quiet work of individuals working with other organisations, agencies and charities. I thank all of you who work or support a variety of different local organisations including, among others: Selig, FIND Foodbank, Emmaus, Suffolk Refugees, Suffolk Baby Bank, HomeStart and Dora Brown.

The year ahead will require us to attend to many things: giving remains static, though we see that individuals are always ready to give to special projects or purposes – thank you: to all of you who have given whatever you can give in whatever way you can. We will continue to pay attention to the finances, whilst also developing our Growing in God plan this year: with a focus for the new PCC to think about Connection (communication, social media, telling our story), Learning Together (home groups, confirmation and short courses, fellowship and inter-generational spaces) and Worship (Morning Prayer aside, there is no mid-week worship). Across these focuses will be threads that are important to them all: Eco-Church, church finances, an increasing awareness around Disability and Inclusion, the need to develop our pastoral provision and celebrating and ensuring opportunities for all to remove barriers and enjoy the breadth of the St Margaret’s worshipping traditions. We can also expect to see the launch of school holiday clubs for children: funding which was generously given to

Published Accounts

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ST MARGARET’S CHURCH, IPSWICH

us by Suffolk Community Foundation in late 2023, but which we have as yet, been unable to deploy due to a lack of staff and volunteer capacity. I would like to see more folk connected with the church joining in with all the different areas of church life – creating room for people who are not members of the PCC to be part of shaping the life of St Margaret’s Church – God has called us together for just such a time as this. In our relationships, our work, our service, our worship and our gathering together, may we and the local community know and experience the grace, mercy and peace of God and be open and willing to see where God is at work, and ready to join in.

Revd Sarah Geileskey, Priest-in-charge

Statistics for Mission

This chart is taken from the annual ‘Statistics for Mission’ return submitted to the Church of England and the data compiled from the records of the number of people in attendance at services: the numbers of adults and children having been recorded by stewards in the St Margaret’s Church Register of Services.

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ST MARGARET’S CHURCH, IPSWICH

Reference and Administrative Information

For the year ending 31[st] December 2024

ADDRESS Soane Street Ipswich Suffolk IP4 2BT Tel: 07733 609661 Email: verger.stmagsips@gmail.com Website; https://stmargaretsipswich.org.uk

St Margaret’s is part of the Diocese of St Edmundsbury and Ipswich within the Church of England. It is registered with the Charity Commission as The Parochial Church Council of the Ecclesiastical Parish of St Margarets, Ipswich, registered charity number 1137451

TRUSTEES / PCC MEMBERS

BANKERS

Rev Sarah Geileskey Chair and Priest in Charge Margaret Woodward Churchwarden and Vice-Chair Maggie Conder John Grierson Treasurer Gill Jackson (deceased 1/3/25) Deanery Synod Representative Richard Jackson (Until 28/4/24) Frederike Jacob Mary Johnston Carol Klug (Until 28/4/24) Tim Lockington (Until 28/4/24) Peta Lowin Jonathan McNabb (From 28/4/24) Melanie Quinton (Until 28/4/24) Stuart Quinton (From 28/4/24) Anna Sawyer Wright (Until 16/10/24) Andy Turpin Deanery Synod Representative George Woodward Deanery Synod Representative Lucy Collins PCC Secretary Bank of Scotland CCLA 33 Old Broad Street London Branch PO Box 12892 PO Box 1000 Dunmow Essex BX2 1LB CM6 9DL

The following financial statements were approved by the Parochial Church Council and authorised for issue on 10[th] May 2025 and are signed on its behalf by:

Rev Sarah Geileskey, Chair of the PCC pre -M*\

Date 2[nd] May 2025

Published Accounts

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ST MARGARET’S CHURCH, IPSWICH

Independent Examiner’s Report

Your Treasurer, John Grierson, is now in his second year of maintaining St Margaret’s financial records and I am pleased to report that again he has done an excellent job for our Church. As examiner, selectively I have checked bank statements and relevant records and would confirm that there are no significant issues that I would raise with the Trustees as required by the Charity Commissioners in my public report.

2024 has been an eventful year for St. Margaret’s with a number of significant projects completed during the 12-month period. From these the Treasurer has tried to provide, within the accounts, as much detail as possible in order that both Trustees and the wider congregation are made fully aware of the sums involved. Presentation has been modified to reflect this, and it is hoped that as a result all members of our community will recognise both the scale of what has been achieved and also the knife edge we are on between regular income and regular expenditure. Funding of the projects has only been possible as a result of the existence of historic legacies that have now been significantly depleted.

I am very conscious of the volume of work our treasurer has undertaking to keep and produce these accounts and as with many on the PCC there is the need to lighten the load wherever possible. There are potential opportunities to achieve this, for example by allowing ’budget holders’ the authority to spend preauthorised sums in their specific areas of responsibility without the initial involvement of the treasurer. Similarly, I am aware that the current systems used are not ‘state of the art’ but with suitable help and advice it should be possible to establish alternatives methods to allow a simplification of procedures. Sadly, neither the treasurer nor examiner have the necessary recent experience to bring this about and help and advice from fellow churches would be welcome and helpful.

John Rendle

12th April 2025

Published Accounts

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ST MARGARET’S CHURCH, IPSWICH

Section A Independent Examiner’s Report

Report to the trustees/ Charity Name members of St Margaret’s Church, IPSWICH On accounts for the year 31[st] December 2024 Charity no 1137451 ended (if any) Set out on pages 1 of 2. (remember to include the page numbers of additional sheets) I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 / 12/ 2024 . As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 Responsibilities and basis (“the Act”). of report I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

I have completed my examination. I confirm that no material matters have Independent examiner's come to my attention (other than that disclosed below *) in connection with the statement examination which gives me cause to believe that in, any material respect:

accounting records were not kept in accordance with section 130 of the Act or
the accounts do not accord with the accounting records
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Please delete the words in the brackets if they do not apply.

Signed: J.M.Rendle Date: 12[th] April 2024

Published Accounts

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ST MARGARET’S CHURCH, IPSWICH

Name: J.M.RENDLE

Relevant professional FCMA CGMA (Rtd.) qualification(s) or body (if any):

Address:

154 Valley Rd

IPSWICH

IP4 3AJ

Section B Disclosure

Only complete if the examiner needs to highlight matters of concern (see CC32,

Independent examination of charity accounts: directions and guidance for examiners).

Give here brief details of any items that the examiner wishes to disclose .

NONE

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ST MARGARET’S CHURCH, IPSWICH

Financial Review

The year has been dominated by the large expenditure of over £400k undertaken by the church. This consisted of £266k on capital projects and £143k on regular running costs. Whilst probably the largest annual total ever spent by the church it is entirely in line with the expenditure budgeted by the PCC and achieved a number of PCC goals. The expenditure on the running costs of the church and church centre were in line with previous years.

Church day to day income and expenditure

The church’s unrestricted income for running expenses from planned giving, collections, donations, and gift aid was £113k in 2024, very similar to the figure for 2023. Of the total, planned giving at £77k is very similar to last year. Gift Aid provided a significant contribution of £18k, whilst the remainder of the income was from collections and donations. The total income was about £5k less than budgeted, mainly due to planned giving being £8k less than budgeted, but cash donations being higher. A further £2k was raised in 2024 from wedding and funeral fees and from specific fundraising events. The latter is a new development for St Margaret’s.

Parish Share (St Margaret’s share of the overall clergy and administrative costs of the Diocese) which St Margaret’s once again paid in full at £74k, was almost exactly the same amount as 2023 and is the Church’s biggest individual cost. Other regular costs (wages, insurance, security etc) generally increased with inflation. The biggest difference from budget was in the maintenance costs which were significantly less than 2023. This was in part because of the activities in the major projects and the fact that there were few emergency repairs needed. Church utilities, specifically the Church gas costs proved to be a major problem. Initially we discovered an error in the way the supplier had charged us VAT over many years, leading to a refund of about £5000 across the Church and Church Centre. However in March 2025 the supplier sent new invoices for the Church’s gas which increased the price retrospectively back to September 2023. This effectively wiped out the refund for the church. This unexpected increase in cost meant that the original estimate of a small deficit on running costs changed to a deficit of about £5000.

Church Centre day to day income and expenditure

The church centre income held up well and the two rentals partially replacing the after school clubs of 2023, made a very useful contribution to income. The final income total was slightly greater than the budgeted figure of £18k, which was a good sign for the future.

Church Centre expenditure on staff costs, insurance etc was approximately on budget. Maintenance was only about half the budgeted figure, but some of this is due to maintenance being held over until 2025. The main difference from budget was again the utilities bill. The refund mentioned above also applied to the Church Centre which received a refund on gas of £3800. £2600 is still owing to the Church Centre accounts from the refund and will offset a portion of the 2025 gas bill.

Major Capital Projects

In 2023 the PCC had decided to move forward with four major capital projects in 2024, which had all had to be postponed for several years. These were:-

Church building external restoration and repair following the recommendations of the 2022 Quinquennial inspection (The QI project)

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ST MARGARET’S CHURCH, IPSWICH

Installation of a new Audio-Visual system for the church (the AV project)

The repair and refurbishment of the West Window.

The demolition of the derelict Social Club adjacent to the Church Centre in Bolton Lane.

The total cost of all four projects was estimated at £270k. A large proportion of this was intended to be paid for from the Legacies Fund. Nonetheless, the church needed to apply for further grants to ensure it had adequate reserves at the end of the year. In addition it was decided that the church should make active efforts to raise money for at least one of the projects (the West Window was chosen as the target project). This had not been done for many years and it was seen as an opportunity to build community activities as well as to raise money. This also had the effect of encouraging individual donations from members of the congregation.

All four projects were completed on time and to budget with significant grant money received. This is a great tribute to all those involved in project management and fundraising. The financial summary (including some work undertaken in 2023) is given in Note 3e.

Investments and Accounts

Aside from its current account, at the end of 2023 the church had two other accounts, both with the CCLA. There was a Deposit Fund account valued at £260k and an Investment Fund account valued at £18k. The Deposit Fund was mainly used to hold the large Legacies Fund which was expected to be significantly decreased in 2024. The small Investment Fund had no specific purpose. Following consultation with the Examiner and discussion with the PCC, it was agreed that it was not useful to hold the Investment Account separately and it limited the flexibility of the PCC to maximise the use of its assets. It was therefore agreed to close the Investment Account and the money (£18k) was put into the Deposit Account. In terms of PCC funds, all the money was allocated to the new Capital Reserve Fund.

Other Funds

With the main emphasis in 2024 being on the capital projects, other than the Legacies Fund there were no major changes to other funds, though a small amount of renaming and reallocation was undertaken. The Legacies Fund decreased in size and it is intended to empty this Fund in 2025 when the final small payment for the QI project is completed. The advice from the General Synod is that churches should not hold legacies in a “Legacies Fund” for longer than necessary and they should be allocated to specific areas of activity. Some other Funds have had name changes and church maintenance activity is now allocated to the General Fund not the Restoration Fund.

Reserves Policy

The PCC, as the church’s trustees, are required to establish a general reserve within the heading of “unrestricted funds” sufficient to meet any potential shortfall caused by the uneven nature of our receipts and expenditure. In order to be prudent the PCC consider that a sum representing six weeks of average expenditure should be maintained as a cash or bank balance. In addition the PCC will endeavour to maintain a similar reserve for capital expenditure.

Risk Assessment

In common with other churches and charities, the PCC faces risks, be they operational, financial or reputational. The PCC will consider the major areas of risk to which it is exposed, measuring both

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ST MARGARET’S CHURCH, IPSWICH

the likelihood and impact of a particular event or action and will establish systems to mitigate those risks. This will involve regular reviews in identification, assessment and monitoring. Having reviewed the risks faced by the church, the PCC can state that at the date of approving the report, the PCC knows of no reason to doubt the ability of the church to continue as a going concern.

Summary and the Future

The overall financial results for 2024 were very similar to those for 2023 with a net loss on running costs of £5000. Fortunately there were several one-off amounts received in the year which gave a small net gain for the year on running costs. However it must be noted that the voluntary income to the church remained virtually static, which is a decrease in real terms. The reason the church had only a small loss on running costs was due to an underspend on maintenance costs against budget. This is unlikely to continue in the future. The Church Centre is in a similar position with a flat income and with lower expenditure due to lower than expected maintenance costs.

The capital project spend went entirely to plan with a total spend of £266,000 in 2024 of which £216,000 came from existing funds.

At the start of 2025 St Margaret’s has a total of £165,000 in its funds compared with £364,000 at the start of 2024. Allowing for keeping reserves of about £50,000, the remainder of this sum must cover any losses in the year on running costs and provide money for any capital expenses. The next quinquennial inspection is due and the £150,000 spent this year is typical of the amount that may be needed. It is thus clear that whilst the church has adequate funds to keep going for this year it is inadequately funded to maintain the structure of the building and maintain the level of services in the longer term unless the income rises significantly. Voluntary planned giving has remained static for several years now and unless that increases at least in line with inflation the church will not be able to fund the current levels of expenditure.

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ST MARGARET’S CHURCH, IPSWICH

Statement of Financial Activities

For the year ending 31 December 2024 Note REGULAR CHURCH INCOME AND EXPENDITURE INCOME Voluntary income 2a) Church activities 2b) TOTAL REGULAR INCOME EXPENDITURE Church activities 2c) Church expenses 2d) TOTAL REGULAR EXPENDITURE NET INCOME/EXPENDITURE BEFORE ONE-OFF ITEMS ONE-OFF ITEMS One-off income received in 2024 3a) Total income from investments 3b) TOTAL ONE-OFF INCOME NET INCOME BEFORE MAJOR PROJECTS MAJOR PROJECTS Income 3d) Expenditure 3c) WITHDRAWAL FROM FUNDS FOR PROJECTS TOTAL FUNDS BROUGHT FORWARD TOTAL FUNDS CARRIED FORWARD	Unrestricted Restricted funds funds £ £ 113,169 £ £ 3,400 22,230 £ £ -	Total 2024 £ 116,569 £ 22,230 £ 138,799 £ 94,411 £ 49,341 £ 143,752 £ -£ 4,953 £ 8,001 £ 12,529 £ 20,530 15,577 £ 50,517 £ 266,677 £ £ 216,160 464,810 £ £ 264,227	Total 2023 £ 115,752 £ 27,323 £
	£ 135,399 £ 3,400		143,075 £
	£ 94,411 £ - £ 45,436 £ 3,905		£ 92,382 55,044 £
	£ 139,847 £ 3,905		147,426 £
	-£ 4,448 -£ 505 £ 5,001 £ 3,000 £ 12,529 £ -
			-£ 4,351
			£ 27,711 £ 10,046
	£ 17,530 £ 3,000		£ 37,757

	13,082 £ 2,495 £		33,406 £
	£ 20,952 £ 29,565 £ 225,502 £ 41,175		15,122 £
	£ 204,550 £ 11,610		£ 15,122
	£ 447,062 £ 17,748		446,526 £
	£ 255,594 £ 8,633		£ 464,810

N.B. Total funds carried forward is £164,227 in cash and £100,000 nominal value of the Church Centre

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ST MARGARET’S CHURCH, IPSWICH

Balance Sheet

BALANCE SHEET at 31st December 2024

Note Fixed Assets Tangible fixed assets (Church Centre) 4 Investments 5 (a) Current Assets Debtors 6 Cash at bank and in hand (b) Current Liabilities Creditors: amounts falling due within one year 7 (c) Net current assets (b-c) (d) Total assets Total assets(fixed and current)less current liabilities(a+d) Funds of the charity Endowment funds (closed on 28/10/2024) Restricted funds 8 Unrestricted funds 9 Church Centre Asset Total charity funds	2024 100,000 £ 125,595 £ 225,595 £ 15,119 £ 27,852 £ 42,971 £ 4,339 £ 38,632 £ 264,227 £ - £ 8,633 £ 155,594 £ 100,000 £ 264,227 £	2023 100,000 £ 278,441 £
		378,441 £
		11,546 £ 77,559 £
		89,105 £
		2,736 £
		86,369 £

		464,810 £
		18,059 £ 17,748 £ 329,003 £ 100,000 £
		464,810 £

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ST MARGARET’S CHURCH, IPSWICH

The notes on the following pages form part of these financial statements

Notes to the Accounts

for the year ended 31 December 2024

Accounting Policies
a. The PCC is a public benefit entity within the meaning of FRS102. The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 governing the individual accounts of PCCs, and with the Regulations’ “true and fair” provisions. Other than investments, which have been included at market value, the accounts have been prepared on the historic cost basis and as a going concern.
a. Funds
- 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.

Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund. The accounts include all transactions, assets and liabilities for which the PCC is responsible in law.

They do not include the accounts of church groups that owe their main affiliation to another body or those that are informal gatherings of church members.

b. Incoming resources
Collections and planned giving receivable are recognised when received by the PCC.

Income tax recoverable on Gift Aid donations is recognised when the donation is received.

Interest, rental and similar income is accounted for when due.

c. Resources expended

The diocesan parish share is accounted for when due.

Grants payable are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC.

All other expenditure is accounted for on the accruals basis and includes recoverable VAT.

d. Fixed Assets

Consecrated and beneficed properties are excluded from the accounts as are any moveable church furnishings which require a faculty for disposal. As the church is unlikely to dispose of any bought assets within four years and as most bought assets are purchased with the assistance of external grants, all assets are written off on purchase and not depreciated.

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ST MARGARET’S CHURCH, IPSWICH

NOTES

2024	Total £ 77,224 £ 12,492 £ 5,019 £ 18,284 £ 3,550 £ 116,569 £ 1,272 £ 1,145 £ 19,813 £ 22,230 £ 138,799 £ 74,290 £ 1,600 £ 17,513 £ 1,008 £ 94,411 £ 510 £ 17,973 £ 3,614 £ 3,864 £ 23,380 £ 49,341 £ 143,752 £ 4,953	2023 (See note below)
Unrestricted Restricted	Total	Total 75,717 £ 9,614 £ see note 18,666 £ see note
77,224 £ 12,492 £ 5,019 £ 18,284 £ £ 150 £ 3,400
113,169 £ 3,400 £		115,752 £
1,272 £ 1,145 £ 19,813 £		2,719 £ 24,604 £
22,230 £ - £		27,323 £

135,399 £ 3,400 £		143,075 £
74,290 £ 1,600 £ 17,513 £ 1,008 £		74,874 £ 2,836 £ 14,672 £
94,411 £		92,382 £
381 £ 129 £ 17,407 £ 566 £ 3,614 £ 3,864 £ 20,170 £ 3,210 £		see note see note see note see note** see note
45,436 £ 3,905 £		55,044 £

139,847 £ 3,905 £		147,426 £

		4,351 £

Note on 2023 figures: Because of a change in categorisation especially wrt one-off items, it is not possible to directly compare all categories of income and expenditure.

One-off items 2024 Note 3a ) One-off grants and refunds received in 2024 Unrestricted Restricted Total Refund for 2024 on 4 years of incorrect VAT charge on church gas 391 £ £ 391 Refund for 2024 on 4 years of incorrect VAT charge on church centre gas 3,786 £ £ 3,786 Refund for water charged for Social Club 824 £ £ 824 Grant for Community work in 2025 3,000 £ £ 3,000 Total one-off grants and refunds 5,001 £ 3,000 £ £ 8,001 Note 3b) Income from investments in 2024 Dividend from CCLA Investment Fund 375 £ - £ £ 375 Income reinvestment from CBF CofE Deposit Fund 11,773 £ - £ £ 11,773 Net gain on investments 381 £ - £ £ 381 Total income from investments 12,529 £ - £ £ 12,529 Notes for investment income: a) Dividends from CCLA COIF Investment Fund are designated as income to the Capital Reserve Fund b) Interest from the CBF Deposit Fund is designated as income to the Legacies Fund Total One-off Income 17,530 £ 3,000 £ £ 20,530	2023 Total
	27,711 £
	496 £ 8,086 £ 1,464 £
	10,046 £

	37,757 £

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ST MARGARET’S CHURCH, IPSWICH

NOTES

Major Projects

Major Projects
Note 3c) Expenditure for Major Projects in 2024 Demolition of Social Club Masonry (Quinquennial) repairs West window repairs Audio Visual System Tower Clock Total Note 3d) Grants and Other Receipts for Major Projects Grants Donations Fundraising Insurance claim Total Net Expenditure of Major Projects over Grants and Other Receipts	2024	Total £ 22,697 £ 138,173 £ 23,263 £ 80,180 £ 2,364 £ 266,677 £ 46,452 £ 908 £ 2,157 £ 1,000 £ 50,517 £ 216,160	2023
	Unrestricted Restricted 22,697 £ 113,273 £ 24,900 £ 11,352 £ 11,911 £ 78,180 £ 2,000 £ 2,364 £
	225,502 £ 41,175 £		15,122 £
	20,952 £ 25,500 £ 908 £ 2,157 £ 1,000 £
	20,952 £ 29,565 £

			£ 15,122

Note 3e) Total project costs and income included for information - not part of 2024 Accounts.

Total Major Project costs and grants for 2023 and 2024

2023 and 2024

Project Costs Quinquennial inspection Church building repair costs Audio-Visual project Social club demolition West Window repair and refurbishment Total Grants: Listed Places of Worship Scheme Garfield Weston Trust Belstead Ganzoni Trust Benefact Trust Suffolk County Council Anon (Local Charitable Trust) Anonymous donor in congregation Insurance claims Fundraising and donations From Legacies Fund Total Income for all Projects	£ 143,392 £ 80,330 £ 24,038 £ 25,358 £ 273,118
	£ 20,684 £ 15,000 £ 6,000 £ 3,900 £ 1,000 £ 1,000 £ 6,175 £ 8,813 £ 3,699 £ 206,847
	£ 273,118

Project Costs
Quinquennial inspection Church building repair costs
Audio-Visual project
Social club demolition
West Window repair and refurbishment
Total
Grants:
Listed Places of Worship Scheme
Garfield Weston Trust
Belstead Ganzoni Trust
Benefact Trust
Suffolk County Council
Anon (Local Charitable Trust)
Anonymous donor in congregation
Insurance claims
Fundraising and donations
From Legacies Fund
Total
Income for all Projects

£ 143,392
£ 80,330
£ 24,038
£ 25,358
£ 273,118

£ 20,684
£ 15,000
£ 6,000
£ 3,900
£ 1,000
£ 1,000
£ 6,175
£ 8,813
£ 3,699
£ 206,847

£ 273,118

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ST MARGARET’S CHURCH, IPSWICH

` NOTES

Note 4. Tangible Fixed Assets

The value of £100,000 is an estimate of the value of the Church Centre for accounting purposes only. At the beginning of 2024 this was the value assigned to the Church Centre and the Social Club. In 2024 the Social Club was demolished. However this is not considered to change the overall nominal value of the fixed asset for accountancy purposes. The Church centre is an asset of the PCC. However it is 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.

Note 5. Investments

COIF Charities Investment Fund

At the start of 2024 the charity held 910 shares, valued at £18059. On 28 October 2024 all shares were sold for the sum of £18,439.69. This sum was transferred into the Deposit account. The Investment Fund account was closed.

The CBF Church of England Deposit Fund

urch of England Deposit Fund
Value at 1st January 2024 Withdrawals into current account to pay for capital projects Transfer in from Investment Fund Income reinvestment Value at 31st December 2024	260,382 £ 165,000 -£ 18,440 £ 11,773 £
	125,595 £

Note 6. Debtors

Debtors for goods and services Church centre gas credit carried forward to 2025 HMRC (Gift Aid tax pertaining to giving income received in 2024) reditors Creditors for good and services Accruals and deferred income	2024 2023 3,542 £ 1,324 £ 2,606 £ 8,971 £ 10,222 £
	15,119 £ 11,546 £
	2024 2023 4,339 £ 2,736 £
	4,339 £ 2,736 £

Note 7. Creditors

Published Accounts

Page 18 of 20

ST MARGARET’S CHURCH, IPSWICH

NOTES

Note 8. Restricted Funds 2024

Note 8. Restricted Funds 2024
N.B. Some of these ar General Church Centre Vicar / Wardens Fabric Capital Reserve Social Club Audio Visual QI Repairs Clock West window Bells Maint. Legacies Befrienders Total	e the restricted parts of Funds containing restricted and unrestricted funds Opening Balance Income Outgoings Transfers 01/01/2024 12,218 £ 3,000 £ 11,756 £ - £ - £ 3,400 £ 3,210 £ - £ - £ - £ - £ - £ 250 £ - £ - £ - £ - £ - £ - £ - £ - £ - £ - £ - £ - £ 2,000 £ 2,000 £ - £ - £ 21,000 £ 21,000 £ - £ - £ 2,510 £ 2,364 £ - £ - £ 4,055 £ 4,055 £ - £ 4,264 £ - £ 566 £ - £ - £ - £ - £ - £ 1,016 £ - £ 129 £ - £ 17,748 £ 35,965 £ 45,080 £ - £	Closing Balance 31/12/2024 3,462 £ 190 £ - £ 250 £ - £ - £ - £ - £ 146 £ - £ 3,698 £ - £ 887 £
		8,633 £

Note 9. Unrestricted Funds 2024

Note 9. Unrestricted Funds 2024
N.B. Some of these are the unrestricted parts of Funds containing restricted and unrestricted funds Opening Balance Income Outgoings Transfers 01/01/2024 General 29,299 £ 116,339 £ 119,467 £ - £ Church Centre 19,886 £ 19,823 £ 18,989 £ - £ Vicar / Wardens 160 £ - £ - £ - £ Fabric 1,091 -£ - £ - £ - £ Capital Reserve* 35,703 £ 375 £ - £ 18,440 £ Social Club - £ 150 £ 22,697 £ 22,547 £ Audio Visual - £ - £ 78,180 £ 78,180 £ QI Repairs - £ 16,472 £ 113,273 £ 110,000 £ Clock - £ 117 £ - £ - £ West window - £ 4,463 £ 11,435 £ 6,972 £ Bells Maint. 6,603 £ 75 £ - £ - £ Legacies 238,443 £ 11,773 £ - £ 217,699 -£ Befrienders - £ - £ - £ - £ Gas credit held by Total Energies 2,605 £ Total 329,003 £ 172,193 £ 364,041 £ 18,440 £	Closing Balance 31/12/2024 26,171 £ 20,720 £ 160 £ 1,091 -£ 54,518 £ - £ - £ 13,199 £ 117 £ - £ 6,678 £ 32,517 £ - £ 2,605 £
	155,594 £

N.B. Some of these are the unrestricted parts of Funds containing restricted and unrestricted funds
Opening
Balance
Income
Outgoings
Transfers
01/01/2024
General
29,299
£
116,339
£
119,467
£
-
£
Church Centre
19,886
£
19,823
£
18,989
£
-
£
Vicar / Wardens
160
£
-
£
-
£
-
£
Fabric
1,091
-£
-
£
-
£
-
£
Capital Reserve*
35,703
£
375
£
-
£
18,440
£
Social Club
-
£
150
£
22,697
£
22,547
£
Audio Visual
-
£
-
£
78,180
£
78,180
£
QI Repairs
-
£
16,472
£
113,273
£
110,000
£
Clock
-
£
117
£
-
£
-
£
West window
-
£
4,463
£
11,435
£
6,972
£
Bells Maint.
6,603
£
75
£
-
£
-
£
Legacies
238,443
£
11,773
£
-
£
217,699
-£
Befrienders
-
£
-
£
-
£
-
£
Gas credit held by Total Energies
2,605
£
Total
329,003
£
172,193
£
364,041
£
18,440
£

Closing
Balance
31/12/2024
26,171
£
20,720
£
160
£
1,091
-£
54,518
£
-
£
-
£
13,199
£
117
£
-
£
6,678
£
32,517
£
-
£
2,605
£

155,594
£

The Capital Reserve Fund was formerly called the Church Restoration and Maintenance Fund The transfer into this fund was the value of the Investment Account when sold. It was not previously allocated to a Fund.

Published Accounts

Page 19 of 20

ST MARGARET’S CHURCH, IPSWICH

NOTES

Note 10. Staff Costs

St Margaret's Church is a "real Living Wage" organisation, paying at least the Real Living Wage which is above the government's minimum wage.

Staff costs are the gross wages of payroll (contracted) staff plus payroll administrative costs.

The staff include Administrator, Cleaner and Caretaker. They do not include musicians who are self-employed.

2024 2023 Staff costs £ 17,396 £ 15,745 10% increase

Note 11. Trustees remuneration and expenses

No remuneration or other benefits from employment with the charity or a related charity were received by the trustees for their role as trustees. (Trustees may be employed in other roles)

Published Accounts

Page 20 of 20

CHARITY REGISTRATION NUMBER: 1137451

Annual Report

Financial Statements

Contents

Annual Report of the Parochial Church Council

Aims and Purpose

Structure, Governance and Management

Objectives and Activities in 2024

ST MARGARET’S CHURCH, IPSWICH

Vicar’s Report

ST MARGARET’S CHURCH, IPSWICH

Statistics for Mission

ST MARGARET’S CHURCH, IPSWICH

Reference and Administrative Information

TRUSTEES / PCC MEMBERS

BANKERS

ST MARGARET’S CHURCH, IPSWICH

Independent Examiner’s Report

ST MARGARET’S CHURCH, IPSWICH

ST MARGARET’S CHURCH, IPSWICH

Section B Disclosure

ST MARGARET’S CHURCH, IPSWICH

Financial Review

Church day to day income and expenditure

Church Centre day to day income and expenditure

Major Capital Projects

ST MARGARET’S CHURCH, IPSWICH

Investments and Accounts

Other Funds

Reserves Policy

Risk Assessment

ST MARGARET’S CHURCH, IPSWICH

Summary and the Future

ST MARGARET’S CHURCH, IPSWICH

Statement of Financial Activities

Balance Sheet

BALANCE SHEET at 31st December 2024

ST MARGARET’S CHURCH, IPSWICH

Notes to the Accounts

ST MARGARET’S CHURCH, IPSWICH

NOTES

ST MARGARET’S CHURCH, IPSWICH

NOTES

Major Projects

Total Major Project costs and grants for 2023 and 2024

2023 and 2024

ST MARGARET’S CHURCH, IPSWICH

` NOTES

Note 4. Tangible Fixed Assets

Note 5. Investments

COIF Charities Investment Fund

ST MARGARET’S CHURCH, IPSWICH

NOTES

Note 8. Restricted Funds 2024

Note 9. Unrestricted Funds 2024

ST MARGARET’S CHURCH, IPSWICH

NOTES