**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: - Worship and prayer; teaching the Gospel and developing the congregation’s knowledge of and trust in Jesus; - Pastoral care for those living in the parish; - Support of work amongst young people of both the parish and within the town of Felixstowe; - Support of outreach and missionary work - The Trustees consider that they are fulfilling the requirements to deliver a public benefit. ## **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 £**| |1**Fixed assets**
Tangible assets
2 Investments
3**Current assets**
Debtors
Cash at bank and in hand
4**Liabilities**
Creditors: Amounts falling due in one year
**Net current assets less current liabilities**
**Total assets less current liabilities – Page 12**
**Represented by**
5**Unrestricted**
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**