OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

PARISH of OLD FELIXSTOWE PAROCHIAL CHURCH COUNCIL TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2022

2022

THE PAROCHIAL CHURCH COUNCIL

OF THE ECCLESIASTICAL PARISH OF OLD FELIXSTOWE

CHARITY REGISTERED No. 1141751

TRUSTEES’ ANNUAL REPORT & FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31st DECEMBER 2022

Page 1 of 23

PARISH of OLD FELIXSTOWE PAROCHIAL CHURCH COUNCIL TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2022

Contents Page
Reference and Administrative Details 3
Trustees' Report 4-7
Statement of Members Responsibilities 8
Independent Examiners' Report 9
Statement of Financial Activities 10
Balance Sheet 11
Statements of Assets & Liabilities 12
Fund Movement by Type 13
Analysis of Income & Expenditure 14-16
Notes to the Financial Statements 17-23

Page 2 of 23

PARISH of OLD FELIXSTOWE PAROCHIAL CHURCH COUNCIL TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2022

NAME: The Parochial Church Council of the Ecclesiastical Parish of Old Felixstowe.

OTHER NAMES: Old Felixstowe, Saints Peter & Paul with Saint Andrew and Saint Nicholas and Parish of Old Felixstowe

REGISTERED CHARITY NUMBER: 1141751
PARISH OFFICE: Old Felixstowe Parish Office,
Saint Andrew’s Church,
Saint Andrew’s Road,
Felixstowe,
Suffolk.
IP11 7EB
BANKERS: Barclays Bank PLC
CCLA, CBF Church of England Deposit Fund
INDEPENDENT EXAMINER: Mrs. H. Rumsey FCA of
Ensors Accountants LLP
TRUSTEES
Name Office Served
From To
Rev. C. A. Hood Chairman All year
Mrs. J.R. Jones Church Warden All year
Mr. S. C. Rogers Church Warden All year
Mr. A. J. Peats Treasurer All year
Mr. R. Copestake All year
Mr. R. A. Cornwell All year
Mrs. R.L. Cornwell All year
Mr. M.D.L. van den Ende All year
Mrs. G.K. Hadwen All year
Mr. Mike Dean All year
Mr. N.A. Shipley Jan 1st 24thMay
Mrs. A. Smith All year
Mrs. Jean Macpherson All year
Rev. D. White All year
Rev E. Haggar All year

Page 3 of 23

PARISH of OLD FELIXSTOWE PAROCHIAL CHURCH COUNCIL TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2022

The Trustees present their report and the financial statements of the charity for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out on pages 17 to 19 and comply with the Charities Act 2011 and ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

STRUCTURE, GOVERNANCE AND MANAGEMENT

This charity is governed and constituted under the laws applicable to parochial church councils within the Church of England, the Parochial Church Council Powers Measure.

The Parish of Old Felixstowe elect members to its church council (PCC) at an Annual Parochial General Meeting, and members of the PCC automatically become trustees. Anyone living in the parish and those whose names are on the electoral roll of the parish are eligible to attend and vote at that meeting.

The parish exists to promote Christianity, principally in Old Felixstowe, according to the rites and formularies of the Church of England.

The parish is constituted to provide regular, public services, principally on Sundays, and the occasional offices of baptism, matrimony and funeral, and provides buildings that are open to the public for the comfort of religion. These buildings are available to local organizations for events that benefit the local community. The parish also donates to other charities that provide services founded in Christianity to members of the public in the United Kingdom, locally and otherwise, and overseas.

AIM AND PURPOSE

The Parochial Church Council (PCC) of Old Felixstowe supported its Vicar, Rev. C.A. Hood, to provide the whole mission of the Church of England in northern and eastern Felixstowe. To help achieve this, it maintains and opens for public worship the church buildings of Saints Peter & Paul, in Church Road; its daughter church, St. Andrew, in St. Andrew’s Road and (the unconsecrated) St. Nicholas at Felixstowe Ferry. The PCC also maintains the Church Hall in St. Andrew’s Road, and has beneficial ownership of St. Andrew’s House, 10, Fleetwood Road, adjacent to the church.

OBJECTIVES

The PCC is committed to encouraging people to participate in worship at its three churches and thus become part of the church family. It caters for differing styles of worship and church fellowship within the parish by diverse services on Sundays and weekdays as well as the use of church buildings at other times by groups. The parish holds services for the whole parish using both Ss. Peter & Paul and St. Andrew and St. Nicholas during the summer months.

Page 4 of 23

PARISH of OLD FELIXSTOWE PAROCHIAL CHURCH COUNCIL TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2022

PUBLIC BENEFIT

When planning its activities for the year, the PCC and Vicar have considered the Charity Commission’s guidance on public benefit and in particular the specific guidance to charities for the advancement of religion.

In particular they have tried to enable ordinary people to live out their faith as part of this parish’s community through:

REVIEW OF THE YEAR

Throughout 2022 the parish has continued to worship, pray and serve together – seeking to live, show and tell of God’s love. As the country has adjusted to living with Covid so has the parish, gradually opening up and welcoming more people to worship in the buildings.

Services have been held in all churches. A new service was started part way through the year at St Peter and St Paul’s making use of the new audio and visual equipment that was installed following the successful faculty application. Other regular services continued and St Nicholas was used throughout the summer for Sunday Evening services.

As well as in person services we continued to offer regular online services and have developed the possibility of streaming services live from St Peter and St Paul.

Across the year Services with Prayer for Wholeness and Healing were developed and held, as were creative prayer services. This style of services now forms a part of the pattern going forward.

Small groups have continued to grow across the parish with people meeting together to learn and share fellowship together. Some of these happen in homes across the town and others in church buildings.

As well as worship, prayer and fellowship we have continued to look to serve the wider community. Schools have used our buildings for Christmas services and have come to church to take part in Experience Church events. Clergy have re established visits to take assemblies in person.

Our Pop Up Shop has continued to serve the community throughout the year. Numbers using the facility have increased and community is established where we have begun to explore prayer together. We have also welcomed representatives from the local council who attend and seek to offer advice and support. Towards the end of the year we received a generous grant from the Town Council which is used to provide fresh fruit and vegetables purchased locally.

Page 5 of 23

PARISH of OLD FELIXSTOWE PAROCHIAL CHURCH COUNCIL TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2022

The project to upgrade and improve the audio and visual facilities in St Peter and St Paul as well as to install streaming technology was completed part way through the year. This has enabled greater flexibility and options in developing different styles of worship and made the building a resource for the community, with the local primary school using the building for Christmas services.

Throughout the course of the year the possibility of establishing Parish Nursing in Old Felixstowe was explored. In liaising with local groups and Parish Nursing UK it was agreed to set up a parish nursing service on a voluntary basis for 5 hours per week. This is for a two year timescale with a view to seeing what the need is and possibly looking to expand at a later date. Training has occurred, a nurse has been appointed, a support team formed and the service will begin early 2023.

Our buildings were used for a variety of concerts throughout the year. St Nicholas was used by various church groups for away and quiet days. The church hall is used solely by the preschool.

There was an overall surplus of £249,156 for the year compared to £54,824 for the previous year. Legacies received from the Estate of a deceased trustee was the source of this surplus. The Estate has now been finalised and the Church will receive no further payments from this source.

TRUSTEES

The Trustees of the charity are detailed on page 3 of this report.

TRUSTEES' RESPONSIBILITIES

The Charities Act requires the trustees to prepare financial statements for each financial period that give a true and fair view of the state of affairs of the charity at the end of the period and of the surplus or deficit for the period then ended.

In preparing those financial statements, the trustees are required to select suitable accounting policies, as described on page 17 to 19, and then apply them on a consistent basis, making judgments and estimates that are prudent and reasonable. The Trustees must also prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website.

APPOINTMENT OF TRUSTEES

When a vacancy occurs for a trustee, the remaining trustees seek to appoint an individual with skills and experience, which they feel, will be of benefit to the charity.

On appointment, new trustees are given copies of the latest Annual Report and Accounts. There is no formal induction and training programme, but individual trustees attend seminars to update themselves when they feel it necessary.

Page 6 of 23

PARISH of OLD FELIXSTOWE PAROCHIAL CHURCH COUNCIL TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2022

MANAGING RISK

The Trustees have considered the major risks to which the church is exposed, and systems have been established to mitigate those risks. The implementation of these procedures minimises those risks. These procedures are regularly reviewed to ensure that they still meet the needs of the charity. In particular, to minimise any financial risks the trustees would seek reputable banks and other investment institutions into which they could place funds. The performance of their investment would then be reviewed.

RESERVES & INVESTMENT POLICY

The parish holds reserves in the form of Restricted, Endowment and Unrestricted funds. A Reserves and Investment Policy has been developed to manage the financial assets of the parish. During the annual Financial Review a balanced budget will be set for the upcoming year, whereby any shortfall in predicted income vs predicted expenditure will be met by an allocation from carriedforward surplus assets. In addition, a Reserve will be allocated as contingency against unexpected higher costs as the budget is executed through the year. A formula for determining the Reserve is defined in the Policy. The Reserve will be held in a separate readily accessible financial account from that used for the parish’s day-to-day running. The balance of the surplus financial assets will be maintained as a mix of midand long-term investments, with the goal of producing capital growth and income, commensurate with minimising risk of capital loss.

This year the remains of a substantial Legacy were received. An account was opened with the CBF Church of England Deposit Fund with the CCLA and £320,000 was transferred. This was done to take advantage of the higher interest rate offered by this fund when compared to the Barclays Deposit Account. This Fund still allows us immediate access to the funds whilst the PCC formulates plans for the use of this Legacy.

EMPLOYMENT MATTERS

The trustees are responsible for the appointment of employees and other related staff matters, including determining salaries. A work-place pension scheme was set up during the year.

IMPACT OF COVID 19 PANDEMIC

As we progressed through the year the impact of COVID 19 decreased steadily and now has little effect on our situation.

Approved and signed by order of the Trustees.

C.A. HOOD VICAR Date[3 May 2023]

Page 7 of 23

PARISH of OLD FELIXSTOWE PAROCHIAL CHURCH COUNCIL TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2022

STATEMENT OF MEMBERS' RESPONSIBILITIES

These are set out in Trustees Report on Page 6

STATEMENT REGARDING MEMBERS' BENEFITS

With the exception of those mentioned below no member of the Council nor any person connected to them benefited from any contract or work awarded or payment made by the Council during either year. The Vicar and two other members of the clergy (all trustees) received re-imbursement of £1,265 for outof-pocket expenses incurred in their duties during 2022 (2021: £730).

STATEMENT REGARDING TRUSTEES' CONTRIBUTIONS

During 2022 the trustees donated £13,100 to the Parish of Old Felixstowe for the furtherance of its objectives. All of this was unrestricted in character. In 2021 the comparative values of gifts were £15,785.

STATEMENT REGARDING EMPLOYEE'S REMUNERATION

The PCC employed one person (not a Trustee) who earned a gross salary of £11,528. We are claiming the Employment Allowance and no employer’s National Insurance Contributions were paid. (2021: £11,322 and no employer's NIC.). The employee has been enrolled in a work-place pension scheme. £1,810 was paid for the benefit of the employee to a pension fund during the year, including arrears of £1,468. (2021: £nil).

No holiday pay accrual is required as all entitlement had been utilised by 31 December 2022 (2021: Nil)

STATEMENT REGARDING EX GRATIA AND HONORARIA PAYMENTS

Ex Gratia payments totalling £1,820 (2021: £1,500) were made to the Verger and Organist (non- PCC members) for their duties at Church Services.

Page 8 of 23

PARISH of OLD FELIXSTOWE PAROCHIAL CHURCH COUNCIL TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2022

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF OLD FELIXSTOWE SAINTS PETER & PAUL, SAINT ANDREW and SAINT NICHOLAS

I report to the Trustees on my examination of the accounts of the Parochial Church Council of the Parish of Old Felixstowe (the charity) for the year ended 31st December 2022.

RESPONSIBILITIES AND BASIS OF REPORT

As the trustees of the charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the "Act").

I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145 (5) (b) of the Act.

INDEPENDENT EXAMINER'S STATEMENT

The charity’s income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales (ICAEW).

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a "true and fair" view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed:

Date: 9 May 2023

Mrs. H. Rumsey FCA Ensors Accountants LLP Connexions 159 Princes Street IPSWICH IP1 1QJ

Page 9 of 23

PARISH of OLD FELIXSTOWE PAROCHIAL CHURCH COUNCIL TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2022

Statement of Financial Activities

Unrestricted
Restricted Endowment
Total Prior year
funds
funds
funds
funds total funds
Income and endowments from:
Donations and legacies
Charitable activities
Other trading activities
Investments
Other income
Total income and endowments
Expenditure on:
Charitable activities
Other expenditure
Total expenditure
Net income /(expenditure)
Transfers
Gross transfers between funds - in
Gross transfers between funds - out
Gains/(losses)
(Losses)/gains on investment assets
Net movement in funds
Total funds brought forward
Total funds carried forward		 370,399
—
—
370,399
164,101
9,676
—
—
9,676
8,114
6,670
—
—
6,670
5,968
10,197
—
—
10,197
11,019
1,150
—
—
1,150
—
398,092
—
—
398,092
189,202
132,895
5,439
—
138,334
132,752
10,602
—
—
10,602
1,626
143,497
5,439
—
148,936
134,378
254,595
(5,439)
—
249,156
54,824
75,165
—
—
75,165
15,750
(59,165)
—
(16,000)
(75,165)
(15,750)
270,595
(5,439)
(16,000)
249,156
54,824
—
—
(3,211)
(3,211)
5,418
270,595
(5,439)
(19,211)
245,945
60,242
539,230
110,049
49,555
698,834
638,592
809,825
104,610
30,344
944,779
698,834

Page 10 of 23

PARISH of OLD FELIXSTOWE PAROCHIAL CHURCH COUNCIL TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2022

Balance Sheet

Balance Sheet
Statement of assets and liabilities Total £
Last year £
1Fixed assets
Tangible assets
2 Investments
3Current assets
Debtors
Cash at bank and in hand
4Liabilities
Creditors: Amounts falling due in one year
Net current assets less current liabilities
Total assets less current liabilities – Page 12
Represented by
5Unrestricted
General fund
Designated
Benefice Fabric & Infrastructure Fund
St Andrews Hall Fund
St Andrews House Fund
St Peter & Paul Streaming
St Peter & Paul Graveyard Fund
Parish Nursing
Restricted
Organ Fund
St Peter & Paul Church Fabric & Infrastructure Fund
St Andrews Church Fabric & Infrastructure Fund
Endowment
St Peter & Paul Graveyard Fund
Funds of the church		 362,406
320,000
30,344
49,555
392,750
369,555
6,688
6,684
552,946
328,019
559,634
334,703
7,605
5,424
7,605
5,424
552,029
329,279
944,779
698,834
391,913
192,726
22,309
22,309
20,411
19,654
311,459
304,417
43,687
124
16,000
—
4,046
—
2,237
2,237
18,624
21,545
83,749
86,267
30,344
49,555
944,779
698,834

C A HOOD – VICAR

A PEATS -TREASURER

Date: 3 May 2023

Page 11 of 23

PARISH of OLD FELIXSTOWE PAROCHIAL CHURCH COUNCIL TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2022

Statement of Assets and Liabilities

General Designated RestrictedEndowment Thisyear Lastyear
Fixed assets - Investments
Oliver CCLA Investment Fund
Churchman Endowment Capital
Fund
Oliver Endowment Income Fund
Churchman CCLA Deposit Fund
Totals
Fixed assets - Tangible assets
St Andrews House
St Andrews Hall
Equipment
Totals
Current assets - Cash at bank and
in hand
Barclays Current Account
Barclays Savings Account
Totals
Current assets - Debtors
Accounts Receivable
Totals
Current assets - Investments
The CBF Church of England
Deposit Account
Totals
Liabilities - Creditors: Amounts
falling due in one year
Accounts Payable
Totals
Grand total		 —
—
—
24,415
24,415
30,194
—
—
—
—
—
1,000
—
—
—
—
—
13,508
—
—
—
5,929
5,929
4,851
—
—
—
30,344
30,344
49,555
—
300,000
—
—
300,000
300,000
—
20,000
—
—
20,000
20,000
—
42,406
—
—
42,406
—
—
362,406
—
—
362,406
320,000
1,742
38,436
6,567
—
46,745
29,056
71,463
16,695
98,043
—
186,201
298,963
73,205
55,131
104,610
—
232,946
328,019
5,143
1,545
—
—
6,688
6,684
5,143
1,545
—
—
6,688
6,684
320,000
—
—
—
320,000
—
320,000
—
—
—
320,000
—
6,435
1,170
—
—
7,605
5,424
6,435
1,170
—
—
7,605
5,424
391,913
417,912
104,610
30,344
944,779
698,834

Page 12 of 23

PARISH of OLD FELIXSTOWE PAROCHIAL CHURCH COUNCIL TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2022

Fund movement by type

Fund movement by type
Opening Incoming Outgoing TransfersGains/losses Closing
Benefice Fabric & Infrastructure
Designated
Organ Fund
Restricted
Parish Nursing
Designated
St Peter & Paul Graveyard
Endowment
St Peter & Paul Graveyard
Designated
St Andrews Church Fabric &
Infrastructure
Restricted
St Andrews Hall Fund
Designated
St Andrews House Fund
Designated
St P & P Fabric & Infrastructure
Restricted
St Peter & Paul Streaming
Designated
General fund
Unrestricted
Sub-total for General
Grand total		 22,309
—
—
—
—
22,309
22,309
—
—
—
—
22,309
2,237
—
—
—
—
2,237
2,237
—
—
—
—
2,237
—
—
954
5,000
—
4,046
—
—
954
5,000
—
4,046
49,555
—
—
(16,000)
(3,211)
30,344
49,555
—
—
(16,000)
(3,211)
30,344
—
—
—
16,000
-
16,000
—
—
—
16,000
-
16,000
86,267
—
2,518
—
—
83,749
86,267
—
2,518
—
—
83,749
19,654
5,392
4,635
—
—
20,411
19,654
5,392
4,635
—
—
20,411
304,417
9,900
2,858
—
—
311,459
304,417
9,900
2,858
—
—
311,459
21,545
—
2,921
—
—
18,624
21,545
—
2,921
—
—
18,624
124
—
10,602
54,165
—
43,687
124
—
10,602
54,165
—
43,687
192,726
382,800
124,448
(59,165)
—
391,913
192,726
382,800
124,448
(59,165)
—
391,913
698,834
398,092
148,936
—
(3,211)
944,779

Page 13 of 23

PARISH of OLD FELIXSTOWE PAROCHIAL CHURCH COUNCIL TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2022

Analysis of income and expenditure

Unrestricted Designated Restricted Endowment This year Last year
INCOME AND ENDOWMENTS
Donations and legacies
Gift Aid Giving 53,282 — — — 53,282
51,363
Other Planned Giving 15,906 — — — 15,906
14,343
Weekly Offerings 8,713 — — — 8,713
9,435
Recurring Donations 5 — — — 5
—
Non Recurring Donations 1,299 — — — 1,299
1,206
Gift Aid Recovered 13,252 — — — 13,252
12,754
Legacies 277,942 — — — 277,942
75,000
Total 370,399 — — — 370,399
164,101
Income from charitable activities
Pop up Shop 2,870 — — — 2,870
1,758
Weddings, Funerals & 6,411 — — — 6,411
6,175
Memorial Fees
Other Income 394 — — — 394
181
Total 9,676 — — — 9,676
8,114
Other trading activities
Fund Raising 1,278 — — — 1,278
600
St Andrews Hall Fees — 5,392 — — 5,392
5,317
Magazine & Bookstall Sales — — — — —
51
Total 1,278 5,392 — — 6,670
5,968
Investments
Dividends & Interest 297 — — 297 1,119
St Andrews House Rental — 9,900 — 9,900 9,900
Income
Total 297 9,900 — 10,197 11,019
Other income
Insurance Claims 1,150 — — — 1,150
—
Total 1,150 — — — 1,150
—
INCOME TOTAL 382,800 15,292 — — 398,092
189,202
2021 173,499 14,607 — 1,096 189,202

Page 14 of 23

PARISH of OLD FELIXSTOWE PAROCHIAL CHURCH COUNCIL TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2022

EXPENDITURE

Unrestricted Designated Unrestricted Designated Unrestricted Designated Restricted Endowment This year Last year
Expenditure on charitable activities
Church Overseas 3,020 — —
—		 3,020
4,200
Christian Relief — — —
—		 —
220
Home Mission Giving 4,530 — —
—		 4,530
2,800
Pop up Shop 746 — —
—		 746
—
Parish Share 73,779 — —
—		 73,779
73,385
Administrative Officer Costs 13,829 — —
—		 13,829
10,740
Organist Fees 1,260 — —
—		 1,260
980
Gardener Fees — — 1,118
—		 1,118
—
Vergers Fees 560 — —
—		 560
520
Clergy Working Costs 1,565 — —
—		 1,565
839
Mission & Outreach Expenses 296 954 —
—		 1,250
81
St Andrews Church Insurance 1,782 — —
—		 1,782
1,670
St P & P Church Insurance 1,881 — —
—		 1,881
1,760
St Nicholas Church Insurance 275 — —
—		 275
235
Upkeep of Services 2,295 — —
—		 2,295
2,675
Copier Related Costs 1,008 — —
—		 1,008
1,409
Other Administrative Cost 652 — —
—		 652
124
Church Cleaning & Minor 2,048 — —
—		 2,048
1,224
Repairs
Upkeep of Church Grounds 1,204 — —
—		 1,204
815
Other Support Costs 1,020 — —
—		 1,020
3,917
St Andrews Church Utilities 5,839 — —
—		 5,839
5,797
St P & P Church Utilities 2,161 — —
—		 2,161
(318)
St Nicholas Church Utilities 325 — —
—		 325
(654)
Communication Costs 694 — —
—		 694
677
St Andrews Hall Utilities — 2,802 —
—		 2,802
3,713
St Andrews Hall Insurance — 1,258 —
—		 1,258
1,073
St Andrews Hall Cleaning & — 575 —
—		 575
4,389
Minor Repairs
St Andrews House Insurance — 674 —
—		 674
669
St Andrews House Agent Fee — 1,188 —
—		 1,188
1,188
St Andrews House — 996 —
—		 996
1,067
Maintenance
Fees payable to Churchyard 1,044 — —
—		 1,044
1,205
Masons
Governance Costs (note 8) 2,635 — —
—		 2,635
2,880
St Andrews Church Major — — 1,400
—		 1,400
3,472
Repairs
St P & P Church Major repairs — — 2,921
—		 2,921
—
total 124,448 8,447 5,439
—		 138,334
132,752

Page 15 of 23

PARISH of OLD FELIXSTOWE PAROCHIAL CHURCH COUNCIL TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2022

Other expenditure
Depreciation (note 1)
Implementing streaming
total		 —
10,602
—
—
10,602
—
—
—
—
—
—
1,626
—
10,602
—
—
10,602
1,626
EXPENDITURE TOTAL 124,448
19,069
5,439
—
148,936
134,378
2021 116,113
13,915
4,350
—
134,378

Page 16 of 23

PARISH of OLD FELIXSTOWE PAROCHIAL CHURCH COUNCIL TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2022

NOTES TO THE FINANCIAL STATEMENTS

ACCOUNTING POLICIES

BASIS OF PREPARATION OF ACCOUNTS

The accounts have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The accounts have been prepared to give a 'true and fair' view and have departed from the Charities' (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities applying FRS 102 rather than the version referred to in the regulations which has since been withdrawn.

The accounts are prepared in sterling, which is the functional currency. Monetary amounts in these accounts are rounded to the nearest £. The accounts have been prepared on the going concern basis as the Council have a reasonable expectation that the Church has adequate resources to continue operating for the foreseeable future.

The Parish of Old Felixstowe Parochial Church Council meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless stated in the relevant accounting policy notes.

FUNDS

Unrestricted funds are funds of the PCC that are not subject to restriction on their use and are able to be applied by the PCC for general purposes.

The PCC may designate unrestricted funds for a particular purpose as a matter of internal financial discipline.

Restricted funds are annotated on their use.

Endowment funds are restricted funds, the interest from which is to be used for purposes specified by the funds' donors.

These accounts deal only with such transactions for which the PCC is responsible. The affairs of groups affiliated to the church and other gatherings within it are excluded.

INCOMING RESOURCES

Collections are taken to account when received. Income from covenanted giving and ancillary donations are taken to account only when received. Income tax recoverable under the Gift Aid Scheme is recognised on a receivable basis.

Legacies income is recognised when the PCC has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.

Page 17 of 23

PARISH of OLD FELIXSTOWE PAROCHIAL CHURCH COUNCIL TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2022

Recurring and nonrecurring grants are taken to account only when credited to the PCC’s bank. Income from charitable activities is recognised on a receivable basis.

Fundraising and income generated from other trading activities are recognised when received.

RESOURCES USED

Donations and grants are taken to account on voting by the PCC or payment, whichever is the earlier. Other costs are accounted for when the PCC's liability for them occurs.

FIXED ASSETS

Consecrated Land & Buildings

These are excluded from the accounts.

No value is placed on movable church furnishings that require a faculty for disposal.

Expenditure on consecrated property and movable furnishings whether improvement or maintenance is written off in the year of expenditure.

Other Land & Buildings

St Andrew’s House is stated at market value provided by a professional valuer in February 2019. The value is reviewed on an annual basis by the Trustees and professionally revalued at intervals of no more than 5 years.

St Andrews Hall (including land) is stated at cost.

Expenditure on other land and buildings is written off as incurred and no depreciation is charged.

Other Fittings, fixtures and equipment

This is written off on a linear basis over three years. Items less that £1,000 in value are written off when acquired.

Streaming equipment is written off on a linear basis over five years.

IMPAIRMENT OF FIXED ASSETS

At each reporting date the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those have suffered any impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

INVESTMENTS

Investments are shown at market value. Differences in closing market value from the preceding year are taken to the Statement of Financial Activities as an unrealised movement.

Income arising from investments is accounted for on an accruals basis.

Page 18 of 23

PARISH of OLD FELIXSTOWE PAROCHIAL CHURCH COUNCIL TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2022

FINANCIAL INSTRUMENTS

Other than the fixed asset investments, the charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised in the Balance Sheet when the PCC becomes party to the contractual provision of the instrument.

CURRENT ASSETS

Sums owed to the PCC are shown as debtors less any amount which may not be collectable. Cash at bank and in hand includes cash and highly liquid investments.

ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The freehold property, 10, Fleetwood Road, is professionally revalued at intervals of no more than five years. The trustees consider that no impairment loss has been suffered for the year ended 31 December 2022.

PENSIONS

The PCC makes payments to a pension scheme for its employee. Contributions are charged to the Statement of Financial Activities as they become payable.

LEASES

Rentals payable under operating leases are charged against income as they become payable.

EMPLOYMENT TERMINATION

There is currently no provision for contractual payments on termination of employment in staff contracts. If a termination becomes necessary, it will be dealt with in accordance with circumstances and employment law in force at that time.

TAXATION

The activities are exempt from United Kingdom VAT and Income taxation.

NOTE 1: FIXED ASSETS

The PCC beneficially owns two non-consecrated freehold properties: St. Andrew's Church Hall and St. Andrew's House. There has been no depreciation in 2022.

St. Andrew's House was professionally valued in January 2019 at £300,000 and is stated at this value in these accounts. The trustees consider that no impairment loss has been suffered for the year. St Andrews Hall (including land) is stated at cost in these accounts. This was professionally valued at £190,000 in 2020. The cost of the land has been fully depreciated.

The PCC also owns St. Nicholas’s church, a non-consecrated property at Felixstowe Ferry. If services are not held there for a period of more than one year, interest in the property reverts to the original donor.

In the PCC's opinion the property has no market value to the PCC. These properties are unrestricted.

Page 19 of 23

PARISH of OLD FELIXSTOWE PAROCHIAL CHURCH COUNCIL TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2022

NOTE 1: (continued)

Cost/Valuation
Brought forward
Additions
Disposal
Carried forward
Depreciation
Brought forward
Charge
On disposal
Carried forward
Written down value
At 31st December 2022
At 31st December 2021		 Equipment
3,089
53,008
(3,089)
53,008
3,089
10,602
(3,089)
10,602
42,406
—		 St
Andrew's
House
300,000
—
—
300,000
—
—
—
—
300,000
300,000		 St
Andrew's
Hall
40,000
—
—
40,000
20,000
—
—
20,000
20,000
20,000		 Total
343,089
53,008
(3,089)
393,008
23,089
10,602
(3,089)
30,602
362,406
320,000

NOTE 2: ENDOWMENTS

The Diocese holds certain funds, the income from which is for the benefit of the parish. Cash from these funds is shown in Saints Peter & Paul Graves & Fabric Fund

Original capital sum
£
OLIVER For Maintenance of Oliver family graves and 757
keeping legible their lettering and benefit of Ss
Peter and Paul.
Interest held at the Diocese, available to the PCC
CHURCHMAN For fabric and grave maintenance, particularly 1,000
Churchman family graves. Trust deed held at
Diocese, available to the PCC
NDOWMENT MOVEMENT IN VALUATION
Oliver £ Churchman £ Total £
Brought forward 43,703 5,852 49,555
Disposal (16,000) — (16,000)
Unrealised (loss)/gain (3,288) 77 (3,211)
Carried forward 24,415 5,929 30,344

ENDOWMENT MOVEMENT IN VALUATION

Over the last year we have been trying to find the exact nature of both the Oliver & Churchman Bequests. Both funds are held by The Diocese who report to the PCC each year. They are held in CCLA Funds (Churches, Charities and Local Authorities).

Page 20 of 23

PARISH of OLD FELIXSTOWE PAROCHIAL CHURCH COUNCIL TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2022

The Oliver Fund is in the CBF Church of England Investment Fund – Income Shares. Quarterly dividends are used to buy shares in the fund. On 31[st] December 2021 the trust held 1,868.73 shares which had a bid market value of £43,703. In February we withdrew £16,000 from the fund. This required the sale of 724.38 shares. During the year dividends of £823.81 were paid and purchased 38.19 shares giving a total of 1,182.54 shares at a bid market value of £24,415 at 31[st] December 2022. The Churchman Fund is held in the CBF Church of England Deposit Account and accrues quarterly interest payments. The accounts have been altered to reflect the nature of the investments. We believe the Churchman Fund should be moved to a more long-term fund and this will be discussed by the PCC and actioned.

NOTE 3: DEBTORS

OTE 3: DEBTORS
2021 2022
Other debtors 2,472 2,245
Prepayments 4,212 4,443
6,684 6,688

A substantial legacy made to the church has now been finalised and the residual of the estate was passed to the church during this financial year. No further legacies are currently anticipated.

NOTE 4: LIABILITIES FALLING DUE WITHIN ONE YEAR

Creditors
Accruals		 2021
£
949
4,475
5,424		 2022
£
1,510
6,095
7,605

NOTE 5: ANALYSIS OF NET ASSETS BY FUND for the year ended 31[st] December 2021

Fixed assets
Current assets
Liabilities
Net current assets less current
liabilities
Total assets less current liabilities
Total funds carried forward		 Unrestricted Restricted Endowment
Total
320,000
—
49,555
369,555
224,654
110,049
—
334,703
5,424
—
—
5,424
219,230
110,049
—
329,279
539,230
110,049
49,555
698,834
539,230
110,049
49,555
698,834

Page 21 of 23

PARISH of OLD FELIXSTOWE PAROCHIAL CHURCH COUNCIL TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2022

NOTE 6: OPERATING LEASE COMMITMENTS

On 22 August 2019, the church entered into a 5-year operating lease agreement in respect of a photocopier

The amount outstanding at 31 December 2022 was as follows:

tocopier
amount outstanding at 31 December 2022 was as follows:
Within 1 year
More than 1 year		 2021
£
880
1,139
2,019		 2022
£
880
259
1,139

Payments recognised as expenditure amounted to £880 (2021: £880)

NOTE 7: PAYMENTS TO INSTITUTIONS & INDIVIDUALS

The PCC made the following donations:

Overseas Mission Fellowship
TEAR fund
Church Pastoral Aid Society
BOOST Felixstowe
The Hope Trust		 2021
£
1,400
1,400
1,400
1,400
1,400
7,000		 2022
£
1,510
1,510
1,510
1,510
1,510
7,550

NOTE 8: GOVERNANCE COSTS

Governance costs represent the Independent Examiners fees of £2,635 (2021: £2,880).

NOTE 9: POST BALANCE SHEET EVENTS

There are no post balance sheet events to report.

Page 22 of 23

PARISH of OLD FELIXSTOWE PAROCHIAL CHURCH COUNCIL TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2022

NOTE 9: FUND MOVEMENT - Year ended 31 December 2021

Opening Opening Incoming Outgoing Transfers Gains/losses Outgoing Transfers Gains/losses Outgoing Transfers Gains/losses Closing
Benefice Fabric & Infrastructure
Fund
Designated 22,500
—		 191 — — 22,309
22,500
—		 190 — — 22,309
Organ Fund
Restricted 2,717
—		 480 — 2,237
2,717
—		 480 — — 2,237
St Peter & Paul Graveyard Fund
Endowment 43,041
1,096		 — — 5,418 49,555
43,041
1,096		 — — 5,418 49,555
St Andrews Church Fabric & Infrastructure
Restricted 89,937
—		 3,670 — — 86,267
89,937
—		 3,670 — — 86,267
St Andrews Hall Fund
Designated 20,121
4,707		 9,174 4,000 — 19,654
20,121
4,707		 9,174 4,000 — 19,654
St Andrews House Fund
Designated 307,441
9,900		 2,924 (10,000) — 304,417
307,441
9,900		 2,924 (10,000) — 304,417
St P & P Fabric & Infrastructure Fund
Restricted 21,745
—		 200 — — 21,745
21,745
—		 200 — — 21,745
Streaming
Designated —
—		 1,626 1,750 — 124
—
—		 1,626 1,750 — 124
General Fund
Unrestricted 131,090
173,499		 116,113 4,250 — 192,726
131,090
173,499		 116,113 4,250 — 192,726
Grand total 638,592
189,202		 134,378 — 5,418 698,834

Page 23 of 23