**THE ECCLESIASTICAL PARISH OF ST. BENEDICT, CAMBRIDGE TRUSTEES’ REPORT FOR THE FINANCIAL YEAR ENDING 31[ST] December 2022 (Registered with the Charity Commission of England and Wales, Charity no. 1139506) Principal Office: St Bene’t’s Church, Benet Street, Cambridge CB2 3PT.** 

## **Aims of the PCC** 

The PCC, whose members constitute the trustees of the charity, is responsible for promoting the aims of the ecclesiastical parish in all its aspects. Situated as it is in the centre of Cambridge, the church building is a significant historical feature in the busy life around it. Maintaining a place of public worship available to all is the most visible expression of the PCC’s aims. These aims embrace the provision of twice daily services of worship, pastoral outreach to those living and working within the physical boundaries of the parish and to members of the regular worshipping community wherever they live. 

The building is also accessible to local residents and visitors alike, being open throughout the day from 9am to 6.30pm, providing a place for personal prayer, quiet, and shelter. It is also available as a venue for concerts and has been used by local musicians and ensembles. 

The PCC strives to promote its aims through bi-monthly meetings, with oversight between meetings being in the hands of the standing committee consisting of the Vicar, Churchwardens, deputy Churchwardens, Treasurer, Safeguarding Officer, and PCC Secretary. The PCC has met regularly during 2022, in January, March, April, July, September and November, and for a PCC away day in November. The APCM was held on 15th May 2022. 

. 

## **MEMBERS OF THE PCC at end of 2022** 

The Reverend Anna Matthews (Vicar) Nicolas Bell (Deputy Churchwarden) The Reverend Sophie Young Shanti Daffern (Associate Priest) Sarra Facey The Reverend Olga Fabrikant-Burke Sam Fitzgerald (Assistant Curate) Andrew Kennedy (Parish Safeguarding Officer) The Reverend Ed Green Gavin Koh (Assistant Curate) Felicity Macdonald-Smith Andrea Harrison (Licensed Lay Minister and Judith Miller Deputy Churchwarden) Neil Petersen Joy Parke (Churchwarden) Andrew Welchman Geoffrey Maitland (Churchwarden) 

## **Ex officio members attending PCC** 

Anthony Weale (Deanery Synod Representative) Jonathan Young (Treasurer – co-opted) 

**Independent Examiner** Jeremy Wong 

**Members of the PCC who retired in 2022** Gillian Baker Jonathan Cribb John Harrison Sally Marie Osborne Eleanor Peers Harriet Phillips Lucie Spiers Paul Spiers **PCC Secretary** 

Philippa Pearson (Parish administrator – not member of PCC) 

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## **OBJECTIVES AND ACTIVITIES** 

The activities set out below reflect the PCC’s aims: promoting Christian religious activities, both for the general public and those more closely associated with the church; making available a building and place where religious worship and the other services the church offers can take place; and the making of grants and donations to charities and organisations. 

## **Religious activities** 

## _**Ordained ministers**_ 

The Reverend Anna Matthews is the full-time Vicar, having gone from part-time to full-time at the beginning of 2019. The Reverend Dr Olga Fabrikant-Burke has been part time Assistant Curate since September 2020. The Reverend Sophie Young joined St Bene’t’s in November 2021 to complete her curacy. She was licensed as Associate Priest in October 2022. The Reverend Ed Green joined as curate in July 2022. 

## _**Worship**_ 

Public worship has been maintained each Sunday with two Communion services at 8am and 10am and Evening Prayer at 6pm.  On the other days of the week (Monday to Saturday) there is a daily Communion Service as well as Evening Prayer daily at 6pm (in church and on Zoom). There are occasional Reflective services on Sundays at 8pm, with a variety of lay-led worship and meditation. On other occasions there are additional services for special festival days, usually conducted in combination with our patron, Corpus Christi College, which adjoins the church. 

## _**Quiet space in city centre**_ 

The church building is usually open throughout the day on a daily basis and is accessible as a place of quiet away from the busy activity of the city around it. It is visited by those living or working locally and by others for quiet reflection and prayer and is available to all from 9am until about 6.30pm in the evening. 

## _**Maintaining an ancient building**_ 

The tower of St Bene’t’s dates back to the 11[th] century and, although the rest of the building is more recent, maintaining and looking after such a building requires certain resources. 

This upkeep is funded by the Giddy Fund, a bequest from the 1980s which was directed to be used for the maintenance of the church. Although, under the terms of the bequest, the church is permitted to spend the capital, we generally only spend the income from the bequest, which is invested with CCLA. 

## _**Links to business, shops and university institutions**_ 

Being situated in the centre of the city, the church building is surrounded by shops, businesses and university institutions. Outreach is provided through invitations to participate in services and activities in the church, particularly the annual Carol service in December which is for those who work within the parish of St Bene’t’s. We also distributed biscuits to the staff of the various shops within our parish at Easter and at Christmas. 

Following a similar practice in summer 2020 and 2021, we agreed to allow a local restaurant business, Bread and Meat, which is situated opposite the church on Bene’t Street, access again in the summer of 2022 to the church’s garden situated on the south side of the church, between the church building itself and Corpus Christi College. This allowed customers of Bread and Meat to use the garden to eat their sandwiches purchased from the restaurant. No alcohol was served or consumed in the garden. The decision to allow this again in 2022 was taken by the PCC after the owner of the business approached the Vicar with the repeat request and after consultation with 

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Corpus Christi College. The business makes a small donation for each meal purchased to a local charity proposed by the church. In 2022 this was the Cambridge Churches Homeless Project. 

## _**Pastoral responsibilities**_ 

Pastoral care of the congregation (including the sick and bereaved) is undertaken by the incumbent, curates, and other members of the congregation, both lay and ordained. As the congregation grows and emerges from the pandemic, plans are being made by the PCC to enable more effective pastoral care. The Social Committee has been arranging events where possible to encourage growth of community and relationships within the congregation as restrictions have been lifted. 

## _**Teaching of the Christian faith**_ 

Teaching and interpretation of the Christian faith is conducted in various ways.  Each Sunday at both Communion services there is a sermon, and occasional speakers are invited to speak to the congregation. Reading groups run regularly during the year to help members of the congregation to deepen their faith. Confirmation classes and preparation for first communion happen during the year. There is also a series of Study Mornings, with invited speakers giving teaching on various aspects of the Christian faith, and discipleship, and the 20s and 30s group maintains a regular programme of study alongside social events. 

## _**Children and young people**_ 

Children and young families are an important part of the worshipping community. Provision is made each Sunday at 10am for children to receive nurture and teaching appropriate to their ages. This takes place in part of the church adjoining the main worship area and at a suitable point the children rejoin the main congregation for the continuation of the service. During 2022 Andrea Harrison, our LLM, continued to oversee the older children’s group with the assistance of parents and young adults in the congregation. 

## _**Spiritual advice**_ 

Spiritual direction and the Sacrament of Reconciliation are available on request and the incumbent and curates together with other priests in the church are available to provide this support for those who desire it. 

## **Other activities for the public benefit** 

## _**Accessibility to a wider public**_ 

A website (https://www.stbenetschurch.org) provides information about service times, events and other activities, as well as making available to a wider audience the sermons which are preached weekly in the church. We also use Facebook and Twitter in order to communicate church events to a wider audience, as well as a weekly email to members of the congregation. 

## **Support for local community** 

St Bene’t’s undertakes a monthly collection of goods needed by the Besom Project, to support their work of rehousing/supporting people in need. Members of the congregation also volunteer with the Besom Project to undertake decorating/cleaning/gardening projects for these people. As part of the Cambridge Churches Homeless Project (CCHP), St Bene’t’s has offered volunteers to support the project over the winter season, which in 2022-23 took place in Crossways, a 20-bed temporary hostel in Chesterton. Sophie Young, the Associate Priest, also served as the Bishop’s Officer for Homelessness. The Church provided office space and facilities in the Ramsey Room as a base for her to conduct her ministry to the streetlife community. 

St Bene’t’s successfully applied to become a Warm Hub in October 2022, welcoming members of the public into the Church as part of a rota with other churches. We were granted £1000 of public money to defray the costs of related heating, refreshments and publicity. 

_**Support for secular and non-secular charities**_ 

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The PCC aims to support secular and non-secular charities both in the UK and overseas from its income or through special collections for particular causes. We held a quiz in aid of CCHP, which raised £290, and community carol singing in December also raised money for CCHP (£229.74) 

The PCC has a commitment to give at least 10% of its unrestricted income to charitable causes, which does not include the collections and events detailed above. 

The PCC has committed to give 70% of this tithe (£8,506) split equally between three charities, for a medium-term commitment of at least three years. In 2022 the PCC chose to support charities working in Lebanon, splitting its giving to the country between Aid to the Church in Need and Embrace the Middle East. The PCC also agreed to give the equivalent sum for aid work in Zimbabwe, through the United Society Partners in the Gospel charity. 

The additional 30% of the tithe (£3,645) will be split equally between five UK charities. 

Since we base our charitable donations on our annual income, some donations relating to 2022 will not be made until 2023. Therefore, the tithes are charged against 2022 as an accrual 

## **FINANCIAL REVIEW** 

The sections set out below cover the major funds held, financial policies, and future aims for the financial well-being of St Bene’t’s. 

## **GIDDY FUND** 

A large bequest was made to the church in 1980 from Mrs Constance Ann Giddy. This was directed to be used for the maintenance and improvement of the church structure and building. This is an expendable endowment, in that we can, but typically do not, spend the capital. Gains and losses are attributed to an endowment fund. Any gains on dividends made from the Fund are attributed to a restricted Giddy Fund. 

## **MILLENNIUM FUND** 

In 2014 it was agreed by the PCC that the Millennium Fund’s remit would be to provide for guest preachers and speakers, and the spiritual education and catechesis of the congregation, as well as for celebrations surrounding St Bene’t’s Millennium. 

## **OTHER DESIGNATED FUNDS** 

The PCC also holds a small number of other designated funds, corresponding to the provision of flowers, education for children, the bells and their upkeep, and a Furbishment fund, for the provision of liturgical items. 

## **FINANCIAL RESERVES POLICY** 

In order to ensure that the work of the PCC can continue even in the case of an unexpected loss of income or a large unanticipated expense, the PCC has agreed the following reserves policy: 

The PCC has agreed that it should aim to hold, in reserve, 

1. 3 months average turnover to provide for parish share, salaries and fees for Parish Administrator, Organists, etc., including an allowance for uneven income and any unexpected expenses, approximately £18,000. 

2. Restricted Funds (i.e. Giddy Fund). To provide for minor or major repairs to the fabric as they arise, approximately £40,000 in quickly accessible funds 

3. Endowment Fund. The capital should be maintained to provide sufficient dividend income (around £35,000 per annum) to pay for building insurance and regular fabric repairs. 

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The Reserve is to be taken as a target to be held and not a minimum which must be held.  Necessary expenditure may take reserve below the target level (the reserve is held against the possibility of necessary expenditure).  When below target, the PCC will take steps to rebuild the reserve. 

## **MAINTAINING THE PCC’S AIMS AND FINANCIAL POSITION FOR 2022** 

2022 saw significant reduction in asset values as markets were hit by the economic consequences of Russia’s invasion of Ukraine and a turbulent political climate in which the UK had three Prime Ministers and four Chancellors. Our key investments were worth less at the end of 2022 than they were at the beginning. 

Overall, we received dividends of £30,187.11 (2021: £29,219.29). Our investment holdings fell in value by £173,965.83 (2021: increase of £191,946.70). 

The Financial Planning Group continues to monitor our investments and cash holdings to try to ensure we use our resources as prudently as possible, while maintaining a policy ethically consistent with that of the Church of England. 

The COVID-19 pandemic has caused some structural change to our income, which has persisted into 2022. Income from envelopes remains low at £1,376.88 (2021: £581) as does loose plate collection at £1,038.73 (2021: £923.54). However, most of our income continues to come through the Parish Giving Scheme and standing orders, with the income from these sources (before Gift Aid is accounted for) amounting to £85,274.85 in 2022.The largest single piece of Expenditure was the parish share, which we paid in full (£74,719.31). Expenditure on Restricted funds (which also includes Insurance, Gas, and Electricity) was £93,247.18 in 2022, the majority of which was related to spending on the North Aisle Roof Project.. 

## **INVESTMENT POLICY AND OBJECTIVES OF INVESTMENTS** 

The PCC has an investment policy agreed in 2017, which says that funds are to be placed according to an ethical investment policy in line with those used for CCLA investments, based on the Church of England policy. 

Further, there is a policy of cascading risk-levels of our funds, from zero-risk cash, through to higher-risk (and longer-term) investments. The Financial Planning Group, with the agreement of the PCC, gauges our immediate and short-term financial needs, and ensures that appropriate levels of money will be available for these needs, while also investing funds that are not immediately needed so as to produce a good return for future need. 

In 2022 our investments with St James’ Place had annual charges and costs totalling £4,615.39 (2.28 % of our average investment value). Our investments with CCLA had annual fees of 0.6%. 

……………………………………………. 

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## **St Bene’t’s Church, Cambridge: Statement of Financial Activities for year ending 2022** 

|_Incoming resources_|Note|<br>**Unrestricted**<br>**Funds**|<br> <br>**Restricted**<br>**Funds**|**Endowment**<br>**Funds**|<br>**Total Funds**|**Total Funds**|
|---|---|---|---|---|---|---|
||||||<br>**2022**|**2021**|
||||||||
|Income and<br>endowments from|||||||
|Donations and legacies||£ 121,049.97|<br>£ 40,816.44||£ 161,866.41|<br>£ 117,800.28|
|Income from<br>charitable activities|2|£ 2,546.00|||£ 2,546.00|<br>£ 3,462.93|
|Other trading activities|<br>2|£ 4,616.87|||£ 4,616.87|<br>£ 4,598.84|
|Investments|2|£ 212.47|<br>£ 30,880.28||£ 31,092.75|<br>£ 29,246.41|
|Other income|2||||||
|**Total income and**<br>**endowments**||**£ 128,425.31**|**£ 71,696.72**||**£ 200,122.03**|**£ 155,108.46**|
|_Resources used_|||||||
|Raising funds||£ 666.42|||£ 666.42|<br>£ 226.43|
|Expenditure on<br>charitable activities|3|£ 135,300.88|<br>£ 93,247.18||£ 228,548.06|<br>£ 180,326.55|
|**Total expenditure**||**£ 135,967.30**|£ 93,247.18||£ 229,214.48|<br>£ 180,552.98|
|**Net income /**<br>**expenditure on**<br>**resources before**<br>**transfers**||**(£ 7,541.99)**|(£ 21,550.46)||(£ 29,092.45)|<br>(£ 25,444.52)|
|_Transfers_|||||||
|Gross transfers<br>between funds - in|9|£ 3,706.40|<br>£ 3,706.40||£ 7,412.80|<br>£ 0.00|
|Gross transfers<br>between funds - out|9|(£ 3,706.40)|<br>(£ 3,706.40)||(£ 7,412.80)|<br>£ 0.00|
|_Other recognised gains_<br>_/ losses_|||||||
|Gains / losses on<br>investment assets||(£ 17,685.96)|<br>(£ 23,526.26)|<br>(£ 132,753.61)|<br>(£ 173,965.83)|<br>£ 191,946.70|
|Gains on revaluation,<br>fixed assets, charity's<br>own use|||||||
|**Net movement in**<br>**funds**||**(£ 25,227.95)**|**(£ 45,076.72)**|**(£ 132,753.61)**|**(£ 203,058.28)**|**£ 166,502.18**|
|**_Reconciliation of funds_**|||||||
|**Total funds brought**<br>**forward**||**£ 198,003.84**|**£ 351,698.23**|**£ 1,198,526.19**|**£ 1,748,228.26**|**£ 1,581,726.08**|
|**Total funds carried**<br>**forward**||**£ 172,775.89**|**£ 306,621.51**|**£ 1,065,772.58**|**£ 1,545,169.98**|**£ 1,748,228.26**|



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## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** 

||**Unrestricted**<br>**Funds**|**Restricted**<br>**Funds**|**Endowment**<br>**Funds**|**TOTAL 2022**|**TOTAL 2021**|
|---|---|---|---|---|---|
|_Fixed assets_||||||
|Tangible assets|£ 8,207.00|£ 50,656.33||£ 58,863.33|<br>£ 67,949.56|
|Investments|£ 162,466.03|£ 138,393.70|£ 1,065,772.58|£ 1,366,632.31|£ 1,540,598.14|
|**Total**|**£ 170,673.03**|**£ 189,050.03**|**£ 1,065,772.58**|**£ 1,425,495.64**|**£ 1,608,547.70**|
|_Current Assets_||||||
|Debtors (see Note 7)|£ 5,145.21|£ 11,473.82||£ 16,619.03|<br>£ 8,455.51|
|Cash at bank and in<br>hand|£ 13,514.70|£ 107,106.51||£ 120,621.21|<br>£ 155,398.28|
|**Total**|**£ 18,659.91**|**£ 118,580.33**||**£ 137,240.24**|**£ 163,853.79**|
|_Liabilities_||||||
|Creditors: Amounts<br>falling due in one year|£ 16,557.05|£ 1,008.85||£ 17,565.90|<br>£ 24,173.23|
|Net current assets less<br>current liabilities|£ 2,102.86|£ 117,571.48||£ 119,674.34|<br>£ 139,680.56|
|Total assets less current<br>liabilities|<br>£ 172,775.89|£ 306,621.51|£ 1,065,772.58|£ 1,545,169.98|£ 1,748,228.26|
|**Total**|**£ 172,775.89**|**£ 306,621.51**|**£ 1,065,772.58**|**£ 1,545,169.98**|**£ 1,748,228.26**|
|_Represented by_||||||
|Unrestricted - General<br>fund|£ 172,775.89|||£ 172,775.89|<br>£ 198,003.84|
|Designated - Bilton<br>Legacy Fund||£ 50,979.66||£ 50,979.66|<br>£ 57,199.49|
|Designated - Bell Fund||£ 598.55||£ 598.55|<br>£ 427.55|
|Designated - Flower<br>Fund||£ 360.87||£ 360.87|<br>£ 205.87|
|Designated - Sunday<br>School Fund||£ 720.92||£ 720.92|<br>£ 720.92|
|Designated - Vicar's<br>Wish List||£ 4,188.51||£ 4,188.51|<br>£ 5,886.51|
|Designated - St Benet's<br>Vision Fund||£ 172,396.34||£ 172,396.34|<br>£ 165,865.37|
|Restricted -<br>Discretionary Fund||£ 182.50||£ 182.50|<br>£ 182.50|
|Restricted - Deposit<br>Account||£ 77,194.16||£ 77,194.16|<br>£ 121,210.02|
|Restricted - Endowment<br>Fund|||£ 1,065,772.58|£ 1,065,772.58|£ 1,198,526.19|
|**Funds of the church**|**£ 172,775.89**|**£ 306,621.51**|**£ 1,065,772.58**|**£ 1,545,169.98**|**£ 1,748,228.26**|



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## Approved by the Parochial Church Council and signed on its behalf 

## Name: 

…………………………………………………………… 

Signature: Date: 

…………………………………………………………………………………….. 

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## **Notes to the financial statements for the year ended 31 December 2022** 

## **1. ACCOUNTING POLICIES** 

The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with applicable accounting standards and the SORP 2015, and the FRSSE (2015). 

The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value. The financial statements 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, nor those that are informal gatherings of church members. 

## **Funds** 

_Endowment funds_ are funds, the capital of which must be maintained; only income arising from investment of the endowment may be used either as restricted or unrestricted funds depending upon the purpose for which the endowment was established. 

_Restricted funds_ represents (a) income from trusts or endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest, and (b) donations or grants received for a specific objects or invited by the PCC for a specific object. The funds may only be expended on the specific object for which they were given.  Any balance remaining unspent at the end of the year must be carried forward as a balance on that fund.  The PCC does not usually invest separately for each fund. Where there is no separate investment, interest is apportioned to individual funds on an average balance basis. 

_Unrestricted funds_ are general funds which can be used for PCC ordinary purposes. 

## **Incoming resources** 

Planned giving, collections and donations are recognised when received. Tax refunds are recognised when the incoming resource to which they relate are received.  Grants and legacies are accounted for when the PCC is legally entitled to the amounts due.  Dividends are accounted for when receivable, interest is accrued.  All other income is recognised when it is receivable.  All incoming resources are accounted for gross. 

## **Resources expended** 

Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding or constructive obligation on the PCC. The diocesan parish share is accounted for when due. Amounts received specifically for mission are dealt with as restricted funds.  All other expenditure is generally recognised when it is incurred and is accounted for gross. 

## **Fixed Assets** 

Consecrated and benefice property is not included in the accounts in accordance with s.96(2)(a) of the Charities Act 1993. 

Movable church furnishings held by the vicar and the churchwardens on special trust for the PCC and which require a faculty for disposal are inalienable property, listed in the church’s inventory, which can be inspected (at any reasonable time). For anything acquired prior to 2009, there is insufficient cost information available and therefore such assets are not valued in the financial 

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statements. Subsequently individual asset items costing less than £500 have been written off as incurred. 

Investments are valued at market value on 31[st] December 2022. 

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## **2. ANALYSIS OF INCOME** 

|**Voluntary Income**|**Unrestricted**|**Restricted**|**Endowment**|**TOTAL**|**TOTAL**|
|---|---|---|---|---|---|
||**Funds**|**Funds**|**Funds**|**2022**|**2021**|
|||||||
|Gift Aid - bank|£ 84,087.97|||£ 84,087.97|£ 84,949.41|
|Gift Aid - Envelopes|£ 1,376.88|||£ 1,376.88|£ 581.00|
|Other planned giving|£ 1,186.88|||£ 1,186.88|£ 2,044.99|
|Loose plate collections|£ 1,038.73|||£ 1,038.73|£ 923.54|
|Giving through church<br>boxes|£ 2,908.96|£ 191.00||£ 3,099.96|£ 1,438.88|
|One-off gift aid gifts||£ 40.00||£ 40.00|£ 1,600.00|
|Donations/appeals etc.|£ 7,714.15|£ 95.00||£ 7,809.15|£ 5,138.73|
|Tax recoverable on Gift<br>Aid|<br>£ 20,371.34|||£ 20,371.34|£ 18,133.13|
|Tax recoverable on<br>GASDS||||£ 0.00|£ 67.00|
|Legacies||£ 30,000.00||£ 30,000.00|£ 1,000.00|
|Non-recurring one-off<br>grants|£ 1,750.00|£ 10,490.44||£ 12,240.44|£ 0.00|
|Other funds generated|£ 615.06|||£ 615.06|£ 1,923.60|
|**Sub-total**|**£ 121,049.97**|**£ 40,816.44**|<br>**£ 0.00**|**£ 161,866.41**|**£ 117,800.28**|
|**Activities for**<br>**generating funds**||||||
|Bookstall sales|£ 453.81|||£ 453.81|£ 171.84|
|Parish Events|£ 4,163.06|||£ 4,163.06|£ 4,427.00|
|**Sub-Total**|**£ 4,616.87**|**£ 0.00**|<br>**£ 0.00**|**£ 4,616.87**|**£ 4,598.84**|
|**Income from**<br>**Investments**||||||
|Dividends|£ 205.26|£ 29,981.85||£ 30,187.11|£ 29,219.29|
|Bank and building<br>society interest|£ 7.21|£ 898.43||£ 905.64|£ 27.12|
|**Sub-Total**|**£ 212.47**|**£ 30,880.28**|**£ 0.00**|**£ 31,092.75**|**£ 29,246.41**|
|**Total incoming**<br>**resources from**|**£ 125,879.31**|**£ 71,696.72**|**£ 0.00**|**£ 197,576.03**|**£ 151,645.53**|



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|**generated funds**||||||
|---|---|---|---|---|---|
|**Income from**<br>**Charitable Activities**||||||
|Wedding and Funeral<br>Fees|£ 2,546.00|||£ 2,546.00|£ 3,337.90|
|Bookstall sales||||£ 0.00|£ 125.03|
|**Total incoming**<br>**resources from**<br>**charitable activities**|**£ 2,546.00**|**£ 0.00**|**£ 0.00**|**£ 2,546.00**|**£ 3,462.93**|
|**Incoming Resources**<br>**Total**|<br>£ 128,425.31|£ 71,696.72|£ 0.00|£ 200,122.03|£ 155,108.46|



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## **3. ANALYSIS OF EXPENDITURE** 

|**Cost of generating voluntary**<br>**funds**|**Not**<br>**es**|**Unrestricted**|**Restricted**|**Endow**<br>**ment**|**TOTAL**|**TOTAL**|
|---|---|---|---|---|---|---|
|||**Funds**|**Funds**|**Funds**|**2022**|**2021**|
||||||||
|Costs of fetes and other events||£ 450.05|||£ 450.05|£ 0.00|
|Investment management costs||£ 216.37|||£ 216.37|£ 226.43|
|**Total cost of generating**<br>**voluntary funds**||**£ 666.42**|**£ 0.00**|**£ 0.00**|**£ 666.42**|**£ 226.43**|
|**Church Activities**|||||||
|Giving to missionary societies||£ 8,504.63|||£ 8,504.63|£ 8,197.00|
|Giving to relief and development<br>agencies||£ 1,117.20|||£ 1,117.20|£ 0.00|
|Home mission||£ 3,647.27|||£ 3,647.27|£ 3,663.00|
|Secular charities|||||£ 0.00|£ 50.00|
|Ministry parish share etc.||£ 76,482.31|||£ 76,482.31|£ 75,428.00|
|Assistant staff costs|5a|£ 3,504.50|£ 3,692.00||£ 7,196.50|£ 7,579.33|
|Salary of parish administrator|5a|£ 14,991.90|||£ 14,991.90|£ 14,081.74|
|Working expenses of incumbent|5b|(£ 97.67)|||(£ 97.67)|£ 2,342.03|
|Hospitality||£ 167.65|||£ 167.65|£ 1,135.85|
|Visiting speakers|||£ 550.00||£ 550.00|<br>£ 0.00|
|Vicar's telephone|5b|£ 1,301.52|||£ 1,301.52|£ 0.00|
|Parish Training and Mission||£ 74.91|||£ 74.91|£ 270.00|
|Education||£ 96.79|||£ 96.79|£ 1,988.34|
|Outreach|||||£ 0.00|<br>£ 18.88|
|Church insurance|||£ 4,145.85||£ 4,145.85|<br>£ 4,405.31|
|Church office - telephone||£ 883.38|||£ 883.38|£ 560.36|
|Organ/piano tuning||£ 336.00|||£ 336.00|£ 0.00|
|Church maintenance||£ 608.58|£ 4,070.80||£ 4,679.38|£ 1,096.65|
|Cleaning||£ 1,654.84|||£ 1,654.84|£ 1,593.46|
|Upkeep of services||£ 11,030.79|£ 498.00||£ 11,528.79|£ 6,543.57|
|Upkeep of churchyard||£ 1,053.41|||£ 1,053.41|£ 3,257.76|
|Administration and other expenses||£ 3,951.97|£ 3,600.00||£ 7,551.97|£ 2,049.55|
|Church running-electric|||£ 1,074.91||£ 1,074.91|<br>£ 1,141.43|
|Church running-gas|||£ 1,171.72||£ 1,171.72|<br>£ 3,778.84|
|Church running-water||£ 76.13|||£ 76.13|£ 203.70|
|Church running-heating and lighting|||£ 60.60||£ 60.60|£ 0.00|



14 



|Governance Costs examination/audit<br>fee||£ 275.00|||£ 275.00|£ 300.00|
|---|---|---|---|---|---|---|
|Cost of Parish events||£ 4,639.77|||£ 4,639.77|£ 4,101.58|
|Church major repairs - structure|||£ 57,916.97||£ 57,916.97|<br>£ 7,130.50|
|Church major repairs - installation|6|£ 1,000.00|£ 13,207.51||£ 14,207.51|£ 17,962.65|
|Church interior and exterior<br>decorating|||£ 3,258.82||£ 3,258.82|<br>£ 11,447.02|
|**Charitable Activities Totals**||**£ 135,300.88**|**£ 93,247.18**|**£ 0.00**|**£ 228,548.06**|**£ 180,326.55**|
|**Resources used Grand Total**||£ 135,967.30|<br>£ 93,247.18|<br>£ 0.00|<br>£ 229,214.48|<br>£ 180,552.98|



## **4. DETAILS OF CERTAIN ITEMS OF EXPENDITURE** 

## **a) Trustee costs** 

Anna Matthews held the office of Vicar of St Bene’t’s throughout 2022, and was paid for this role by the Diocese of Ely. Olga Fabrikant-Burke is a Self-Supporting Assistant Curate. Sophie Young was paid a half-stipend by the Diocese of Ely whilst a curate. Since becoming Associate Priest, she has been a Self-Supporting Minister. Ed Green’s stipend is paid by the Diocese of Ely. 

## **b) Fees for examination or audit of the accounts** 

The independent examiner was paid £300 for his work in examining these accounts (2021:£275). The accounts suggest otherwise because an accrual was made at the end of 2021 for £300 but only £275 was paid, so the balance of £25 was credited in 2022 against the 2022 audit fee of £300. 

## **5. PAID EMPLOYEES** 

## a) **Staff Costs** 

During the year the PCC employed a part-time Parish Administrator. The total cost of employment was £14,991.90 including pension contributions. The Parish Administrator is not a trustee of the charity. 

During the year, Katharine Stevenson concluded her employment as Communications Officer and the Church appointed Felix Blake in her stead. Total employment costs for this role amounted to £4,041.50 (no pension contributions were made), and other assistant staff including organists were paid a total of £3,155. 

## b) **Expenses to PCC members (Trustees)** 

Expenses totalling £1299.50 were paid to Anna Matthews (Vicar) in 2022, covering travel, hospitality, and provision of telephone and internet services to the vicarage. The negative figure for incumbent expenses in the Analysis of Expenditure table above arises from a large accrual from the previous year, whereas the actual expense was charged (in part) to Vicar’s Telephone. Expenses of £258.17 were paid to Sophie Young. The Treasurer was reimbursed £75 for an expense incurred in paying the Ofcom licence renewal. 

15 



## **6. FIXED ASSETS** 

## a) **Tangible assets** 

|**Church equipment**<br>**(Associated with the Restricted**<br>**Giddy Fund unless otherwise**<br>**specified).**|**TOTAL**<br>**2022**|
|---|---|
|Net Book Value at<br>1stJanuary 2022|**£67,949.56**|
|**Depreciations**||
|Kitchen|327.04|
|Heaters|1,352.63|
|Boiler|2,226.40|
|Tower area|2,864.26|
|Boiler replacement|421.34|
|Tower Speaker|394.56|
|Chairs (General Fund)|1,000|
|Laptop (General Fund)<br>**NET BOOK VALUE at**<br>**31st December 2022**|500|
||**£58,863.33**|



The boiler was installed in 2011 and is being depreciated over 15 years, being its projected lifetime; therefore there was a charge of £2,226.40 for 2022. 

The kitchen was refitted in 2014 and is being depreciated over 15 years; therefore there was a charge of £327.04 for 2022. 

New heaters were installed in 2014 and are being depreciated over 15 years; therefore there was a charge of £1,352.63 for 2022. 

The tower area was refurbished in 2017 and is being depreciated over 15 years; therefore there was a charge of £2,864.26 for 2022. 

The boiler had to be replaced in early 2017, at a cost of £6,320.16 (for the boiler only, rather than all associated works) and is being additionally depreciated over 15 years from 2018; therefore there was a charge of £421.34 for 2022. 

A new tower speaker was installed in 2017 at a cost of £1,972.80 and is being depreciated over five years from 2018; therefore there was a charge of £394.56 for 2022. 

New chairs and trollies were purchased at a cost of £10,260 in 2019. They are associated with the General Fund. They are being depreciated over 10 years from 2022, therefore there was a charge of £1,000 in 2022. 

A Parish laptop was purchased for £1,999 in 2020, associated with the General Fund. This is depreciated over 4 years, therefore this was a charge of £500 for 2022. 

16 



## **b) Investment Assets** 

||**Unrestricted**|**Restricted**<br>**(Giddy**<br>**Accumulated**<br>**income)**|**Millennium**<br>**and**<br>**General**<br>**Investment**<br>**Fund**|**St James’**<br>**Place Unit**<br>**Trust**<br>**Fund**|**Endowment**<br>**(Giddy**<br>**capital)**|**Total**|
|---|---|---|---|---|---|---|
|**Value 1st January**<br>**2022**|**41,001.82**|**3,119.06**|**171,588.28**|**218,603.89**|**1,106,285.09**|**1,540,598.14**|
|Purchases at cost||||||**0.00**|
|Sales||||||**0.00**|
|Revaluation gain/loss|(4,826.60)|(367.17)|(15,729.01)|(22,814.89)|(130,228.16)|**(173,965.83)**|
|**Market Value at 31st**<br>**December 2022**|**36,175.22**|**2,751.89**|**155,859.27**|**195,789.00**|**976,056.93**|**1,366,632.31**|



The endowment fund (otherwise known as the Giddy Fund) is restricted to the maintenance of the fabric of the building of St Bene’t’s Church, Cambridge. Spending of the capital is permitted under the conditions of the original legacy, but this is avoided under normal circumstances. 

The fund is held with the CCLA Investment Management Limited in the CBF Church of England Funds (CCLA) in two parts: the endowment fund of £976,056 and the Accumulated income investment fund (Restricted fund) of £2,752. The income from the fund is held in a separate deposit account, also held by the CCLA. 

Unrestricted funds are managed by the Diocese of Ely under the name of Cambridge St. Benedict Hillside Trust, and Cambridge St. Benedict Thomas Whitby Bequest and are invested with CCLA. 

The St Bene’t’s Millennium Fund is being built up as a fund with the intent that it be spent on additional resources to support the ministry of St Bene't's Church in the future. The total value of the fund currently stands at £172,396.34. 

Part of the fund is held with CCLA Investment Management Limited in the CBF Church of England Funds, and amounts to £39,178. A second part was invested with St James’ Place in 2015, with an additional investment in higher risk (and longer term) funds, and amounts to £74,129. 

Part of our General Fund is also invested with CCLA, amounting to £87,281. Part is also invested with St James’ Place, amounting to £68,284. 

The PCC has made the decision to place any otherwise unrestricted legacies received into the Millennium Fund, so long as the money is not needed for its general funds. In 2022 a legacy of £30,000 was received and transferred to the Millennium Fund. 

17 



## **7. DEBTORS** 

||**2022**<br>**£**|**2021**<br>**£**|
|---|---|---|
|Insurance|943.38|990.03|
|Gift Aid and GASDS Tax recoverable|4287.68|7415.48|
|Prepayments|897.53|50.00|
||||
|**Total**|**6128.59**|**8455.51**|



Insurance reflects the period of cover remaining in 2023 that was already paid for in 2022. 

Tax recoverable at the end of 2022 reflects Gift Aid and GASDS to be claimed from HMRC for donations during 2022, and received in early 2023. 

Prepayments correspond to cash donations which were given prior to the 31[st] December 2022 but were not banked until January 2023. 

## **8. LIABILITIES** 

||**2022**<br>**£**|**2021**<br>**£**|
|---|---|---|
|Accrualsfortithes, and othercosts associatedwith FY 2022|16,898.65|23,505.98|
|**Total**|**16,898.65**|**23,505.98**|



The liabilities include amounts owed for charitable giving (tithes), HMRC PAYE payments that covered the end of 2022, salary of Communications Officer for December, parochial fee for weddings and funerals and the Vicar’s expenses for 2022, among other items. 

18 



## **9. FUNDS** 

|**Fund**|**Fund Balances**<br>**Brought Forward**|<br>**Incoming**<br>**resources**|<br>**Outgoing**<br>**resources**|<br>**Transfers**|**Gains and**<br>**losses**|<br>**Fund balances**<br>**carried forward**|
|---|---|---|---|---|---|---|
|**General Fund**|**£ 198,003.84**|**£ 128,425.31**|**£ 135,967.30**||**(£ 17,685.96)**|**£ 172,775.89**|
|**Endowment Funds**|||||||
|Giddy Bequest|£ 1,198,526.19||||(£ 132,753.61)|<br>£ 1,065,772.58|
|**Total**|**£ 1,198,526.19**||||**(£ 132,753.61)**|**£ 1,065,772.58**|
|**Restricted Funds**|||||||
|Giddy Deposit Account|£ 121,210.02|<br>£ 40,500.05|<br>£ 83,707.18||(£ 808.73)|<br>£ 77,194.16|
|Bell Fund|£ 427.55|<br>£ 171.00||||£ 598.55|
|Flower Fund|£ 205.87|<br>£ 155.00||||£ 360.87|
|Sunday School Fund|£ 720.92|||||£ 720.92|
|Furbishment Fund|£ 5,886.51||£ 1,698.00|||£ 4,188.51|
|Discretionary Fund|£ 182.50|||||£ 182.50|
|Bilton Fund|£ 57,199.49||||(£ 6,219.83)|<br>£ 50,979.66|
|Millennium Fund|£ 165,865.37|<br>£ 30,870.67|<br>£ 7,842.00||(£ 16,497.70)|<br>£ 172,396.34|
|**Total**|**£ 351,698.23**|**£ 71,696.72**|**£ 93,247.18**||**(£ 23,526.26)**|**£ 306,621.51**|
|**Totals**|**£ 1,748,228.26**|<br>**£ 200,122.03**|<br>**£ 229,214.48**|<br>**£ 0.00**|<br>**(£ 173,965.83)**|<br>**£ 1,545,169.98**|



The endowment fund is composed of the Giddy bequest, which requires income to be spent on the fabric of the building. 

The part of the Giddy fund which the PCC has constrained itself to spend is represented by the Giddy Deposit Account. This is held in two parts, one part as an investment with the CCLA and the other in the CCLA deposit account. The boiler, kitchen, tower refurbishment, and sound system are fixed assets associated with the Giddy Deposit Fund. 

19 



I re5)ort on the accounts for the year ending 31st Decernber 2022.
Respective responsibilities of trustees and examiner
The charity's Iruslees consider that an audit is not required for the year lund8r section 43{2} of the
Charities Act 1993 (the Act) and that an independent examination is needed.
It is my responsibility to
Examine the 8wounts (under section 43 of the Acll.
To follow the procedures laid down in the Gener81 Directions given by the Charity Commission
(under section 43{7llbl of the Act), and to slate where particular matters have come to my
attention.
in
in
My examination was carried out in accordance with General Directions given by the Charity
Commissioners. An examination includes a review of the accounting records kept by the charity
and a comparison of the accounts presented with those records. It also includes Gonsideration of
any unusual items or disclosures in the accounts. and seèking explanations from the trustees
Con￿rning any such matters. The procedures undertaken do not provide all the evidence that
would be required in an audit, and consequently no opinion is giv8n as lo whether the accounts
present a 'true and fair, view and the report is limited to those matters sel out in the statement
below.
Inde
endent examiner's Statement
In the course of my ex8min8tion, no matter has come to my attention
which gives me reasonable cause to believe that in. any malerial respect, the trustees
have not mel the requirements to ensure that..
proper accounting records are kept lin accordance with section 41 of the Act),. and
accounts are prepared which agree with the accounting records and comply with
-the accounting requiiernenls_of the 1993 Act.. have not been met. or
2. to which. in my opinion. attention should be drawn in order to enable a proFser
unde
tanding of the accounts lo be reached.
Signed..
Date..
Narne........J￿........ ..
Relevant professional qualificationlsl
or body if any
Address
Ll i)LE kj
20