THE ECCLESIASTICAL PARISH OF ST. BENEDICT, CAMBRIDGE ST TRUSTEES, REPORT FOR THE FINANCIAL YEAR ENDING 31 December 2024 (Reglstered wlth the Charlty Commisslon of England and Wales, Charity no. 11395061 Prln¢lpal Office: St Bene't's Church, Benet street. Cambrldge CB2 3PT. AIMS OF THE PCC The PCC, whose members constilute the truslees 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 lo all is the most visible expression of the PCC'S aims. These aims èmbrace the provision of lce daily services of worship, pastoral outreach to those living and working within the physical boundaries of the parish and to rnembers of the regular worshipping community wherever they live. The building is also acssible to local resldents and visitors alike, being open throughout the day from 9am lo 6.30pm, providing a place for personal prayer, quiel, and shelter. 11 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 meelings being in the hands of the standing committee Gonsisting of the Vicar. Churchwardens, deputy Churchwardens. Treasurer, Safeguarding Offir. and PCC Secretary, with one additional co-opled member (Neil Petersen) from March 2023. The PCC has met regulady during 2024, in January, March. May, July, September and November, and for a PCC away day in November with a focus on pparatIOn of the Development Action Plan. The APCM was held on 12th May 2024. MEMBERS OF THE PCC at end of 2024 The Reverend DrJames Gardom (Interim Priest- in-charge until 14.07.24) The Reverend Devin McLachl8n Ivicar, from 13.09.24) Andrea Harrison (Licensed Lay Mlnlster and Deputy ChLJrchwarden) Geoffrey Maitland (Churchwarden) Joy Parke (Churchwarden) Nicolas Bell (Deputy Churchwarden) Sarra Facey Judith Miller Alex Osbome Gillian Baker Julian Cooling Jenny Harris Sally-marie Osborne Jacky Liu Susan Pitts Debra Rimmington (Assislant Treasurer) George Palmer (freasurer- co-opted) Andrew Kennedy (Parish Safeguarding Officer- Co-opted) Ex offlcio members attending PCC Neil Petersen (Diocesan Synod Representative) Anthony Weale (Deanery Synod Representative) Members of PCC who retired in May 2024 Felicity Macdonald-smith Andrew Welchman Indepondent Examiner Jeremy Wong PCC Secretary Philippa Pearson (to 15.10.24,' Parish administralor- not member of PCC) Mel E ons from 13.11.24
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 asso¢iated with the ¢hurch,' 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 activltles Ordained mlnisters The Reverend Dr James Gardom (Dean and Chaplain of Pembroke College) continued his one-year appoinlment as Interim-Priest-in Charge until 14 July 2024. The Wardens. PCC and congregation are extremely grateful to him for his ¢aring ministy and support during his time at St Bene't's. Following an extensive discernment process involving the PCC, the Patrons Corpus Christi College and the Diocese, the Reverend Devin McLachlan was installed as Vicar on 13 September 2024. The Reverend Richard Ames-Lewis, the Reverend Caroline Brownlie and the Reverend Jonathan Soyars continued to asslsl with Permission lo Officiate {PTO) at St Bene't's. Several other clergy wilh PTO at college Ghapels assist with weekday servi(xs. Worship Despite having a much reduced clergy team during Ihe year, the regular pattern of daily worship has been maintsined. Each Sunday there have been twa Communion services, at 8am and 10am, and Evening Prayer at 6pm. On the other days of the week (Monday to Saturday) there has been a daily Communion Service as well as Evening Prayer each evening al 6pm {led by the laity, in church and on Zoom). There have been additional services for special feslival days, often conducted in combination with our patron, Corpus Christi College, which adjoins the Church. As always, the church is very grateful to neighbouring clergy for enabling daily public worship lo continue throughout 2024. when we have had no stipendiary curate or assistant clergy. Qulet 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 liviro or working locally and by others, including many visitors to Cambridge, for quiet rellection and prayer and is available to all from 9am until about 6.30pm in the evening. alntalning an anclent building The tower of Sl Bene'l's dates back to the 11 century and, although the rest of the building is more retsnt, maintaining and looking after such a building requires considerable resources. This upkeep is funded by the Giddy Fund, a bequest of £200,C(JO made in the 1980$ by Constance and Osman Giddy which was directed to be used for the upkeep. maintenance and improvement of the church and its fabric. Although. under the terms of the bequest. the church is pemitted lo spend the capital, we generally only spend the income from the bequest, which is invested with CCLA. During 2024 £252,228 was used from this fund to replace the lead roof and instsll a 10 kw solar panel system on the south aisle roof. A further £35,897 was spent on other improvements and maintenance of the building, including work arising from the 2023 Quinquenni81 Inspection. Llnks to business, shops and universlty Instltutions Being situated in the centre of the city, the church building is surrounded by shops, businesses and university institutions. Outreach is provided through invitations lo participale in services and activities in the church, particularly the annual Carol Service in December which is held in the front churchyard and is for those who work within the parish of St 8ene't's and for visitors to Cambridge, many of whom participate as they pass down Benet Street. We also distributed biscuits to the staff of the various shops within our parish at Easter and al Christmas.
The collaboralion with our patrons. Corpus Chrisli College, continued on a number of fronts. In addition to the significant assistanGe of the Chaplain and Choir with maintaining our serviGes, the College assists in provlding better wireless internet access lo enable the high quality livestreaming of services, following the removal during the Covid-19 pandemic of landline access routed through the College. The College gardeners conlinued to provide maintenance and upkeep for the church garden areas and in 2024 the annual parish picnic was held within the grounds ofthe College. Pastoral responsibilltles Pastoral care of the congregation (including the sick and bereaved) has been largely undertaken by the interim priest-in-charge and, since September, by the incumbent, assisted by the ALM with responsibility for pastoral care (Mrs Janice Moore) and other members of the congregation, bolh lay and ordained (priests with PTOI. The Social Committee organised a full programme of events, including meet and share meals in parishioners, homes, parish lunches, quiz nights and visits to encourage growth of community and relationships within the congregation. Teaching of the Christian falth Teathing 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 were run regularly during the year, p8rticulatly during Lent and Advent, to help members of the congregats'on to deepen their faith. The Lectio Divina Group meets on Ihe second Sunday of every month before the 1 Oam Communion service. Confirmation classes (Credo series) and pparatiOn for first communion continued through the year. The series of Study Mornings. wilh inviled speakers giving teaching on various aspects of the Christian faith and discipleship, continued jointly with Little Sl Mary s. though at redUd frequency during the vacancy period. The 20s and 30s group continued to flourish and maintained 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 plats In the Ramsey Rooms adjoining the main worship are8 and at a suitable polnl Ihe children rejoin the main congregation for the conllnuation of the servi. During 2024 Ihe young children's group, based around Godly Play, continued to be coordinated by Ms Rosemary F8rren. Mrs Andrea Harrison, our LLM, continued lo oversee the Youth Group (10+ Year 6) with the assistance of young adults in Ihe congregalion, mainly from the 20s and 30s Group which has a strong commitment to this ministry. Splrltual advice Spiritual direction and the Sacrament of Reconciliation continued to be available on request, although the decrease in the number of ordained clergy during the vacancy meant that this was provided largely by outside clergy, particularly at Little St Mary's. The Interim Priest-in-charge together with other non-stipendiary priests in the congregation continued to provide spiritual support for those who requested it, with the Vicar assuming overall responsibility for this from September. Other activities for the public benefit Accesslbility to a widerpubllc A website (https:Ilwww.slbenetschurch.orgl provides information about Servi times, events and other activities, as well as livestreaming the 1 Oam Sunday Eucharist and making available to a wider audience the sermons which are preached weekly in the ¢hur¢h. We also use Facebook and X in order to communicate church events to a wider audience, as well as a weekly email (including a 'Bene'son' message from the Vicar) to members of the congregation. The daily 6pm Evening Prayer
takes place both in church and via Zoom and is routinely attended online by people from other parts of the UK and overseas. Support for local communlty St Bene't's undertakes a monthly colleGtion of goods needed by the Besom Project, lo support their work of rehousinglsupporting people in need in Cambridge. Members of the congregation also volunteer with the Besom Project to undertake deGoralinglcleaninglgardening projects for these people. As part of the Cambridge Churches Homeless Project (CCHPI, St Bene't's has continued to offer volunteers to support the project over the winter season. which in 2024 again took place in Crossways, a 20-bed temporary hostel in Chesterton. As in 2023, St Bene'l's conlinued to provide a Wami spa Hub during the winter months of 2024. welcoming members of the public into the Church on Wednesday aflernoons as part of a number of such hubs on other days by other churches and organisation. We were again given a grant {£5001 by the City Council to defray the costs of related heating, refreshments and publicity. Support for secular and non-secular ¢haritles The PCC aims to support secular and non-secular charities both in the UK and overseas from its income Dr through special collections for particular causes. For example a Talking in Tune Christmas concert held at St Bene't's raised £1860 for Wintercomfort, with the community Carol service in Dernber raising funds for CCHP and a book sale in November for Chrisb'an Aid. The PCC has a commitment to glve at least 10% of its unrestricted income (less fees and trading income). amounting to £126342 in 2024, to charitable causes, which does not include the Collections and events detailed above. The PCC has committed lo give 700/0 (£8844 in 2024} of this tithe split equally beeen two charities, for a medium-term ¢ommitment of at least three years. Reinforced by the current situation in Gaza, halt of this funding was used lo continue support for Embrace Ihe Middle East (year 2), with a focus on needs arising from the current conflict and a specific focus on two projects: Anar, dedicated to supporting and empowering Palestinian children who have been adversely affected by the current oppression and conflict. and Society of St Yves, providing legal support for displaced people on house, land and propety rights in Palestine. Jerusalem and the West Bank. The other half of this tithe was given to Refuge Egypt (year 1), an organisation which provides family support, education, livelihood and health for large numbers of refugees fleeing the civil war in neighbouring Sudan and from sub-saharan Africa, Syria and other countries. Our donation will focus on helping refugees from Sudan and trying through their links lo direct help for those in need in Sudan. The additional 300/0 of the tithe (£3790 in 20241 is split equally between three charitles, in 2024 comprising one overseas and local UK charities.. Kyangala Trust, which provides water. education and healthcare improvements for the local ¢ommunity in Kyangala, Kenya,. Cambridge Convoy Refugee Action Group (CamCRAG) (chosen by the Youth Group), which provides money, food. clothing and practical support to refugees escaping by sea to Europe. especially the UK,. and Abbey Food Hub, providing food for people in the most deprived ward in Cambridge. FINANCIAL REVIEW The sections set out below cover the major funds held, financial policies, and future aims for the financial well-being of Sl 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. bul typically do not, spend the capital. Gains and Ioss8s are attributed to an endowment fund. Any gains on dividends made from the Fund are attributed to a restricted Giddy Fund. MILLENNIUM FUND When it was established in 2014. il 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 ongregation, as well as for celebrations surrounding St Bene't's Millennium. In general it is a fund used to support the broad ministry of St Bene't's. OTHER DESIGNATED FUNDS The PCC also holds a small number of other designated funds. corresponding to the provision of flowers, education for Ghildren, the bells and their upkeep, and a Furbishment Fund for Ihe 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 PGC has agreed the following reserves policy: The PCC has agreed that it should aim to hold, in reserve, General ReSee$. 3 months average turnover lo provide for parish share, salaries and fees for Parish Administrator, Organists, etc., including an allowan for uneven income and any unexpected expenses: approximately £18,000. Restricted Funds (e.g. Giddy Fund): To provide for minor or major repairs to the fabric as they arise, using interest from the Endowment: approximately £40,000 in quickly accessible funds (CCLA Deposit Account). Endowment Fund: The capital should be maintsined to provide sufficient dividend income {around £35,000 per annum) to pay for building insurance and regular fabric r8pairs. The Reserve is to be tsken as a tsrget to be held and not a minimum which must be held. NeSSary expenditure may take the 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. A Financial Planning Group has the responsibility to monitor the investment policy, the position of reserves, the level of regular planned giving and cash flow in the General Fund, recommending lo the PCC any significant changes, initiatives and transfers that are required, along with an annual budget. MAINTAINING THE PCC'S AIMS AND FINANCIAL POSITION FOR 2024 2024 again saw a significant gain in asset values as mathels continued to rebound from the losses sustained in 2022. Overall, we received dividends of £28,905.01 12023.. £30,354.12}. Sl Bene't's lolal wealth (total investment holdings plus available cashl decreased in value by £178,39812023- increase in value by £125.584.071, due to withdrawals to pay for the major buildings and fabric projects. The decrease in value of the overall Giddy Fund (Endowment, Accumulated and Deposit Account) was £240,562, compared with a totsl expenditure on projects of £287,667, reflecling an underlying £47,105 gain due to dividends and market growih of these funds. The Financial Planning Group continued to monitor our investments and cash holdings to try to ensure we use our resources as prudently as possible, while maintaining a policy ethically consislenl with that of the Church of England.The change from a half-time to full-time vicar in 2018 and the
COVID-19 pandemic caused some structural change lo our income. which have continued persist inlo 2024. Income from pew envelopes is now very low at £160 (2022.. £2085} as are loose plate collections at £771 12022.. £834.74). Card and online giving has fallen slightly to £12,92512023: £15.5501. Most of our income comes through the Parish Giving Scheme and standing orders, with the income from these sources {before Gift Aid is accounted for) amounting to £80,923 (£83,206.99 in 2023).The largest single piece of expenditure was the parish share, which we paid in full1£80,451). Expenditure on restricted funds (which also includes Insurance, Gas, and Electricity) was £295,055 in 2024, the biggest item of which relaled to spending on the South Aisle Roof Solar Panels Project, paid for by the church's Giddy Fund. INVESTMENT POLICY AND OBJECTIVES OF INVESTMENTS The PCC has an investment policy agreed in 2017. which says thal funds are to be placed according to an ett)ical investment policy in line with those us8d for CCLA investments, based on the Church of England policy. This is also applied to investments with Sl James's Place. Further, there is a policy of cascading risk-levels of our funds. from zero-risk cash, through medium risk {340/0 retuml lo higher-risk land longer-term) investments 15-100/D retum). The Financial Planning Group, with the agreement of the PCC, gauges our immediate and short-temi financial needs, and ensures that appropriate levels of money will be available for these needs, while also investing funds thal are not immediately needed so as lo produce a go¢xI return for future need. FINANCIAL STATEMENTS 2024 St Bene'vs Church, Cambridge: Statement of Flnancial Activities for year endlng 2024 Unre5trirted Deslgnated RÉstrlcted Endowment Total Prloryear funds nds fund5 funds funds total funds Receipts Donations and legacies Incom8 from Charitable activities Other trading acb'vities Investments Other income Total In¢omè 122,085 353 1.214 4,257 130 128.039 174 342 122,601 353 1,214 34,351 42,644 201,163 164.019 125.413 2,617 1.141 34,847 30,094 42,514 72,950 174 Paymants Raising fvnds Expenditure on d)arit8ble activities Othpr expenditure Total •xp•nditur 1,968 137.030 1.968 1,650 437,838 182,015 5.753 295.055 138.999 3.733 295,055 439.806 183.665 Net inet)m• l {•xpenditurel resources befor¢ transfer 110,9601 15.5791 1222.10SI {238.6431 119,6461 Transf•rs Gross translets between funds- in GfOSS transfers betwgon funds- out Oth•r recognised 9ains I losses Gainsnosses on investment a&ryel8 Gains119ssgs on rovaluat#)n, fixe assets. thAriVs own use N•t movement In funds 21)0.000 1200.0001 200,000 1,736 1200,0001 11.7361 17,562 16,479 26.204 171921 1203.0931 60,245 186921 1187,0901 105.938 125.584 115001 5.102 10.901 R•conciliatlon of fun(ts Totsl funds brought foTh¥ard 176.801 239,547 1.234,760 1,651,108 1,545,170 Total funds carrl•d forward 181,903 250.448 1.031,667 1,464.018 1,651,108
FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 Balance Sheet detalled DescrSption Asat 3111212024 Asat 3111212023 Clas5 and ¢ode Fixèd assets 5000 5100 6430 6435 6437 6440 6450 6470 Fixed Assets Accumul8ted Deprecation CCLA Investment (Giddy Fund) CCLA Investment (Giddy Accum Income) CCLA ICBFI investsnenl Millonbum Thornas Whitby BeqLJ8St Hillside Trust CBF Investment Fund St James's Place Unit Trust Fund Total Fixed ass•ts 50,172 (8.692} 894,023 3,080 184,400 7,723 32,762 230,474 1,393,941 58.863 18,6921 1.067,888 3.011 175,444 7.550 32.029 206,295 1.542,388 Current assets 6500 6530 6570 80 Barclays Current Account CCLA ICBFI depostt 3¢¢ount D Cash in Hand Other debtors Ac(x)unts Receivable Total Current a$¥ets 6,442 31.428 114 21,519 98,194 14 6,48S 46,570 84.555 126.212 Liablllties 6600 6699 Z04 Accruals Agency collections Accounts Payable T¢)tal Llabllltlos Nèt Asset surplus Id$ficlti 16,733 759 759 13.719 14,478 1,464,018 17.492 1,651,108 Reser¥e8 Excesslldefiiitl to date St3rtiThJ balances Other gainslllossesl Totsl Reserves Represented by Funds General Iunrestridèdl Designated Restrictèd Endowment Total 1238.643) 1,651,108 51,554 1,464.01B 1194,8011 1,720.125 Z01 Z02 1.651,108 181,903 250,187 1.031,928 176.801 239,547 1,234,760 018 1651 108 Approved by the Parochial Church Council and signed on ils behalf Name: Geoffrey Mailland Signature: Date: 19" March 2025
Notes to the financial statsm8nts for the year ended 31 December 2023 1. ACCOUNTING POLICIES The financial statements have been prepared in accord8nce with the Church Accounting Regulations 2006 together with applicable acGounting standards and the SORP 2015, and the FRSSE12015). The financial statements have been prepared und8r 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 liabililies for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation lo another body, nor those that are informal gatherings of church members. Funds Endowment funds are funds, the capital of which must be mainl8ined'. 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. Restncted funds represents {al income from trusts or endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest, and (bl donations or grants received for a specific objects or invited by Ihe 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 fotward 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. Unrestrict8d funds are general funds which can be used for PCC ordinary purposes. In¢omlng 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 receivab18, interest is accrued. All other income is recognised when il is receivable. All incoming resources are accounted for gross. Resources expended Grants and donations are accounted for when paid over, or when awarded, rf that award creates a binding or constructive obligation on the PCC. The diocesan parish share is accounted forwhen due. Amounts received specifically for mission are dealt with as restricleé funds. All other expenditure is generally cOgnised when it is incurred and is accounted for gross. Flxed Assets Consecraled and beneffi property is not included in the accounts in accordance with s.96(2)(a) of the Charities Act 1993. Movable church furnlshings 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 anwhing acquired prior lo 2009. there is insufficient cost information available and therefore such assets are not valued in the financial
slalements. Subsequently individual asset items costing less than £500 have been written off as incurred. Investments are valued at market value on 31 December 2024. 2. ANALYSIS OF INCOME Total Unre5trirted De5i8nated Restricted Endowment Th15 year Last year RECEIPTS Donations and legacie 0101- Gift Aid - Bank 0102- PGS Giving 0110- Gift Aid- Envelopes 0115- Stewardship Giving 0201 Other planned giwng 0301 - Loose pte collections 0410. Giving through church boxes 0501 - One-off Gift Aid gifts 0525 Cardl online giving 0550- Oonakn'ons appeals ele 0601- T8x recoverable on Gift 0602- SCDA Income 0603- T8x Recovered on PGS Giwng 08A1- Non-re¢urring one-off grants 0901- Other funds gen8rated Donatlons and legaci8$ Totals Inwme from charitable activltlo$ 1101 Fees lor weddings and funerals Incomtt from charitable activities Totals Other trading activities 1220- Bookstall sales- fund raising 1245- Church Hire 1270- Parish ev8nts Other trading activities Total$ Investments 1001 Dividends 4,175 1020- Bank and building sooety Interest 82 1030- Rent from lands or building$ Inveslm?nts Totals Oth*r Income 1310- Insurance claims 1330- VAT reclaim on building works other income Totals Rwlpts Grand totals 8.025 72,198 160 400 300 629 1,701 885 8,879 10,046 4,063 8,025 72,198 160 81,938 2,085 3(Kl 771 1,801 885 8,879 10,320 4,{3 1,269 835 2,382 142 100 174 15.809 17.710 2,286 14,738 14,738 850 61 209 122,801 125,413 61 122,085 174 353 2,617 353 2.617 353 246 850 118 1214 246 850 118 1.214 431 710 1,141 30,094 34,270 82 30,354 2,493 2,000 34.847 4,257 30,094 34,351 130 130 42,514 42,644 201.163 164.019 42.514 42.514 72.950 130 128,039 174 3. DETAILS OF CERTAIN ITEMS OF INCOME Important points to nole include: Overall church income in 2024 was up £37.144 compared to 2023, largelydue lo the £42,515 VAT reclaim on the building projects. There were large donations of £7,100 in 2024, whereas there were none in 2023. Giving through the Parish Giving Scheme {PGS) fell slightly. by £1,216 CA)mpared to 2023, and total regular giving by £2,284, although the total number of regular donors remained the same
at 74 (65 PGS, 9 Standing Orderlother). Significantly only 450A of PGS donors have inflation- proofed their giving. Dividends and interest on the General (unrestricted) Fund were significantly greater (by £3,626) than in 2023, bul income from wedding and funeral fees. bookstall Icardl sales, parish events and church hire were all down. Gift aid and GASDS reclaims were £1,175 lower than in 2023, reflecting the lower level of giving. 4. ANALYSIS OF EXPENDITURE Totsl Unres'ted Deslgn'd Restrfd Endowy 2024 2023 PAYMENTS Ralslng funds 1720- Costs ol st8wdrdship 1730- Costs ol fetes & other events 1740- Invèstment management $ts Raising funds Totals Exp•ndlture on charitsble aciivitits 1801 Giving 19 missionary sociètiès 1850 - Charitable Giving Titha 70% 1B55- Charitable Giwng Tithe 30% 1870- Charitable Giving Other 1910- Ministry parish share atc 2001 - Assistant staff costs 2003- Webstt8 M8nao¢r 2004 - Bookkeeping 2050- Salary ol parish administrator 2101- Working expenses of incurnbent 2105- Hospitality 2106-20sand 30s 2110- Visiting spe8k8rs I lo¢ums 2160- Parish training and Mi() 2170- ELlu¢ation 2201- Outreach 2301- Church running- insUr8tO 2310- Church office- telephone 2311- Chur(* Offi¢9 Intemet 2315. Organist RegtJ18r 2316- Organist Occasional 2320- Organ I piano tuning 2330- Churth maintenan 2331 Cleaning 2340- Upkeep of services 2345- Flowors 2360- Adrninistration 2365- Bank Charges 2401 - Church running- electr 2410- Church running- gas 2420- Church nJnning- water 2505- Cost of Parish events 2601- Govemancè costs èxaminationlaudit fee 2701- Church major repairs- stnJctur8 2710- Church major repairs. installation 2720- Church interior and exterior decorating Expenditure on ¢haritabl• a¢tlvftles Totals Payments Grand totals 511 1.457 511 1,457 1.399 251 1.650 1,968 9,673 3,957 3,790 450 80,451 835 3,7 450 80.451 779 1,358 2,950 17,280 78,136 5,782 1551 1,358 2,950 17,168 92 20,280 1.762 668 1.806 e68 135 650 141 2,720 135 650 141 1.318 10 3,954 874 9,076 9,076 654 654 2,879 115 116 134 1,710 8,523 2,879 115 116 14.671 1,710 12.292 1,149 4,561 208 232 3,211 1,871 9,624 14,537 3.433 337 1.149 4,561 208 9.687 1.339 2,728 79 5.147 5,147 82 279 82 279 67,420 196,002 67,420 1,002 1.861 20,fj66 137,030 138,999 5,753 295,OSS 5.753 295.05S 437,838 439,806 182,015 183.665 10
4a. DETAILS OF CERTAIN ITEMS OF EXPENDITURE a) Trustee ¢osts James Gardom's stipend as Interim Priest-in-charge (January-July) has been paid for by the Diocese of Ely. Devin McLachlan as Vicar is paid for this role by the Diocese of Ely (September- December). b) Fegs for examinatlon or audlt of the accounts The independent examiner, Mr Jeremy Wong, was paid £300 for his work in examining these accounts. c) Bookkeeplng A significant additional cost in 2024 was the £2,950 paid for exlemal bookkeeping (by Charity Bookkeeping) as this as il was not possible to carry out this function internally after the departure of Mr Jon Young as Treasurer in December 2023. d) Operatlng costs If we strip away the income and expenditure associated with our restricted and endowed funds to focus on the General Fund, this gives us a better picture of the 'everyday' financial situation. Here, our income was £128k (Gf £131.5k in 2023) and our expenditure was £139k (cf £141 k in 2023), a net loss of £11k. This is a further increase of £1.5k compared to 2023 and follows previous General Fund defiGits of about £7k for the previous 3 years. In fact, we pay building related operating costs (electricity, gas and insurance), amounting lo £15,567 in 2024, from the Giddy Fund. So wilhout the Giddy Fund our operating loss in 2024 would have been £26.6k. Our aspiration is to pay our way and have sufficient annual income to Gover all our operating and ministry costs. so an increase in regular giving of order £30k is required to achieve this. 5. PAID EMPLOYEES a) Staff Costs During the year the PCC employed a part-time Parish Administrator (Philippa Pearson 1.1.24 15.10.24- Alexandra Pizzoferralo 1.11.24 - 31.12.241. The total cost of employTnent was £17,260 including penslon conlribulions, and employer's nalional insurance contributions. This is a reduction of £3,010 ¢ornpared with 2023, when the Parish Administrator worked a substantial number of addilion81 hours in the early months of the vacancy. The Parish Administrator is not a trustee of the charity- Benji de Almeida Newion was paid £758 as Communicalions Officer and Joe Tucker £600 as Website Manager. Payments made under'Assistant Staff Costs. were mainly for clergy IPTO and other) for expenses incurred in assisting at services. The organist Ralph Woodward was paid £2.879 and occasional organists a total of £115. b) Expenses to PCC members (Trustees) No expenses were claimed by James Gardom. Devin McLachlan or any other trustees.
- FIXED ASSETS Tanglble assets Church equipment TOTAL (Assoclated wlth the Re5trirted Glddy Fund unless otherwise specified). 2024 Net Book Value at £50,171.66 l January 2024 Depreclations Kitchen 327.04 Heaters 1,352.63 Boiler 2,226.40 Tower area 2,864.26 Boiler replacement Chair5 (General Fundl Laptop IGeneral Fund) NET BOOK VALUE at 31" December 2024 421.34 1.000 500 £41,485.99 The boiler was installed in 2011 and is being depr8cialed over 15 years. being ils projected lifetime- therefore there was a charge of £2,226.40 for 2024. The kitchen was refitted in 2014 and is being depreciated over 15 years,. therefore Ihere was charge of £327.04 for 2024. New heaters were installed in 2014 and are being depreciated over 15 years. therefore there was a charge of £1.352.63 for 2024. The tower area was refurbished in 2017 and is being depreciated over 15 years; therefore there was a charge of £2,864.26 for 2024. The boiler had to be replaced in eady 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 2024. New chairs and trollies were purchased at a cost of £10,260 in 2019. They are associated wilh the General Fund. They are being depreciated over 10 years from 2022. therefore there was a charge of £1,000 in 2024. A Parish laptop was purchased for £1,999 in 2020. associated with the General Fund. This is depreciated over 4 years from 2021. therefore this was a charge of £500 for 2024. 12
b) Investment Assets Unr¢slrfclèd Re8trKted IGithy Accumulated Mlllenlum and Gen•rnl In¥eiknent Fund StJarnu' PIK• Unll Trust Fund Endo*Thpnt FundlGlddy èsti Holdlngs In £ Th¢¥n05 WPAtby FuThth 39.579 T4)ts11£l Volu¢ 1 Janua 2024 PurGh0$95 at cost Sa105 Rev8lu8t¢on Matrttet value 31. Decamr 2024 3.011 175.444 206,295 1.067,888 1.492.216 200.0] 26.135 200,000 60.245 906 69 8,956 24.179 230,474 894,023 1.352A62 40A85 3.OBO 184.400 In total, St Bene't's has money invested in 6 different shareholding funds as well as a current account and an investment deposit account. The total above shows the values of the 6 shareholdlng funds {2 are represented in the 'Unrestricted column.). Unrestricted fund5 are managed by the DI0Se of Ely under the name of Cambridge St. Benedict Hillside Trust, and Cambridge St. Berbedict Thomas Whrtby Bequest. They a invested with CCLA. The Endowment (Giddy Capital Fund) is restricted to the Maintenan of the fabric of the building of St Bene't's Church, Cambridge. Spending of the capital (originally £200,000) is pemiitled under the conditions of the original legacy, but this is avoided under nomial circumstances. The fund is held with CCLA in parts.. the endowment fund of £894,023 and the Accumulated income investment fund IReslri¢ted fund) of £3,080. 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. The tolal value of the fund currently stands at £184,400. 7. DEBTORS 2024 2023 Insurancg 1466 4062 675 5544 Gift Aid and GASDS T8x recoverable LPWGS VAT Rebatelaccrued donations 46570 1394 Total 52098 7613 Insurance reflects the period of cover remaining in 2024 (Jan-mar) that was already paid for in 2023 (£4085 full year from Apr 2023), including an additional premium wilh the installation of the solar panels1£889 for Oct 23 to Mar 24). Tax recoverable al th8 end of 2024 reflects Gift Aid and GASDS to be clalmed from HMRC for donations during 2024. and received in early 2025. The VAT rebate was oblained under the Listed PlaS of Worship Grants Scheme (LPWGS) for the tax paid on the South Aisle Solar Panel project and for improvements made to the Ramsey Rooms. 13
- LIABILITIES 2024 2023 Accruals for lithes, and other costs associated with FY 2024 Total 13,719.00 13.719.00 17,860.00 17,860.00 The liabilities include amounts owed for charitable giving (tithes, £12804 in 2024), HMRC PAYE paym&nls that covered the end of 2024, parochial fees to the diocese for weddings and funerals and various December invoices paid in January.
- FUNDS Fund movement summary Fund Openin8 Bilton Designated Sub-totals Incomlng Outgolng Transfers Gain5lLo55e5 Jouma15 Ctoslng 53,844 6,592 6.592 60,436 60,436 DiscFund Restricted Sub4otals 183 183 183 183 Gldty Endowment Rostricted Sub-totsls 1,160.748 1,160,748 200,000 26,13S 1200,0001 26.135 986,883 986,883 G•nèral Unrestd¢ted Sub4otals 176,801 176.801 128,039 128.039 138.999 138.999 16,061 16.061 181,903 181,903 Giddy Restricted Sub40ts1s 73,829 73.829 72,808 72.808 293,570 293.570 200,OOQ 200,000 7,122 (7.1221 45,743 45.743 8811 D8si9nated Sub-totals 778 778 174 174 952 952 Flowor Rèstricted sU)tal8 342 342 1,485 1,4B5 1,143 11,1431 Furblshmt Designated Sub-tatals 4,189 4189 4,189 4189 Mlllnm Designated Syb-tot#ls 180,737 180,737 5,753 5.753 9.888 9,888 184.872 184,872 Total$ 1,651,108 201163 439,807 51.554 1,464.018 14
The endowment fund is composed of the Giddy bequest. which requires income to be spent on the fabric of the building. The original legacy was £200,000- the PCC has constrained itself not to spend this original capital un18ss absolutely essential but only to draw on the accumulated value (market growth) in this endowment fund. in addition lo the dividends and interest in the 'Giddy Fund, _ see below. The part of the Giddy legacy which the PCC draws on first for buildings and fabric expenditure is called 'The Giddy Fund,. This is held in two parts.. one part is the CCLA deposit account, into whith the dividends from the Giddy Bequest (Endowmentl Fund are paid, and the other is held as an investment with CCLA ('Giddy Accumulated Income Fund,) where dividends and interest from the Deposit Account may be reinvested to generate additional income. Wh8n income is required from the Endowment Fund for fabric projects, the income from sold shares is transferred to the CCLA Deposit Account. Decisions about reinvesting money sitting in the cc Deposit Account are taken by the PCC on the advice of the Financial Planning Group. The boiler, kitchen. tower refurbishmenl, and sound system are fixed assets associated with the Giddy Fund. 15
I report on the accounts for the year ending 31 • December 2024. Respectlve responslbllltles of trustees and examiner The charity's truslees consider that an audit is not required for the year (under section 43(21 of the Charities Act 1993 (the Act) and that an independent examination is needed. It is my responsibility to Examine the accounls {under section 43 of the Act). To follow the procedures laid down in the General Directions given by the Charity Commission (under section 43{71(b) of the Act), and to state where particular matters have come to my attention. Basis of Inde ndent examiner's statement My examination was carried out in accordance with General Direction5 given by the Charity Commissioners. An examination includes a review of the accounting records kepl by ihe charity and comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees ncernIng any such matters. The procedures undertaken do not provide all the evidence that would be required in an 8udlt, and consequently no opinion is given as to whether the accounts present a 'twe and fair, view and the report is limited to those matters set out in Ihe statement below. Inde ndent examinèr's slatoment In the ¢ourse of my examination, no matter has come to my attention which gives me reasonable cause to believe that in, any material respect, the trustèes have not met the requirements to ensure that: proper accounting records are kept (in accordance with section 41 of the A¢t}- and accounts are prepared which agr8e with the accounting records and comply with the accounting requirernents of the 1993 Act,. have not been met,. or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be re8¢hed. Signed.. .J Date: Name: ...xl &.R£.-Y....aPE.. Relevant professional qualification(s) or body if any Address 16