REGISTERED CHARITY NUMBER: 1144745
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
FOR
PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST LAWRENCE STRATFORD-SUB-CASTLE
PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST LAWRENCE STRATFORD-SUB-CASTLE
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 11 |
| Detailed Statement of Financial Activities | 12 |
PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST LAWRENCE STRATFORD-SUB-CASTLE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Mission
St Lawrence's mission is the promotion of the Gospel of our Lord Jesus Christ according to the doctrines and practices of the Church of England.
Operation
St Lawrence Parochial Church Council (the PCC) cooperates with the minister in promoting in the parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical for the public benefit.
A monthly magazine circulated to every household in the parish and to other individuals and organisations. The PCC promotes the Reading Room for wider public benefit to support our mission and to generate income.
Grants
The PCC discuss and agree various donations to worthwhile causes, for continuing to sponsor a student at The Juba Diocesan Secondary School, funding chaplaincy for the Stratford-sub Castle Church of England Primary School and making a grant to The Hope Church, a congregation recently formed within the benefice.
Volunteers
The trustees express huge thanks to all volunteers who work so hard to make our church the vibrant and lively community that it is.
Church Maintenance
The PCC takes great care in the care and maintenance of our Grade 1 Listed church. This year saw the conclusion of a project to restore the chancel roof following damage by deathwatch beetle. The overall project cost £44k over 18 months, the bulk falling within 2023. The cost to the PCC has fortunately been minimal owing to a number of grants, not least £11,366 generously donated by the Friends of St Lawrence.
FINANCIAL REVIEW
Financial position
The accounts show a deficit of £12,818 (2022 - £14,659).
The deficit arose due to a £17,659 impairment of The Tompkins Room as the Trustees consider this asset to have no value as it does not generate any economic benefits. Without the impairment, the accounts would have shown a surplus of £4,841.
The Reading Room returned a net profit of £7,366 and the parish magazine net cost was reduced to £925 due to advertising revenue and donations. In both cases we are indebted to our able and energetic teams of volunteers who run these enterprises.
We felt the rise in energy prices in the latter half-year, although its full impact will not be felt until 2024.
Areas of relative weakness in our finances that require review, monitoring and corrective action are:
-
investments which show poor returns; and
-
the need to increase income to cover inflation, energy costs and the medium term forecast of above-inflation increases in the Parish Share.
Investment policy and objectives
The PCC maintain a low risk conservative investment strategy. The current PCC policy is to maintain sufficient reserves to cover 50% of the financial risk to which we are exposed from being responsible for an 800-year-old building and a Victorian church hall. The financial risk has been calculated using the risk register and when last reviewed stood at £414,000. This means the PCC needs to hold around £200,000 in its reserves.
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PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST LAWRENCE STRATFORD-SUB-CASTLE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The PCC is a statutory body. Its composition is regulated by Church Representation Rules, which were created and amended under the Synodical Government Measure 1969. Their powers and duties are to be found mainly in those rules, in the Parochial Church Councils (Powers) Measure 1956 and elsewhere, piecemeal, in other statutes, measures and canons
Although PCC's have identifiable constitutional features, they do not individually have their own constitutions. The members of a PCC are treated as Charity Trustees for most purposes of charities legislation. The PCC is registered with the Charities Commission and has a charity number. The proceedings of all PCC's are required to be conducted in accordance with the charity legislation and must be minuted.
Organisational structure
Members of the PCC, all of whom are Lawrence Parochial Church Council, all of whom are Trustees, meet from time to time and are responsible for the governance and management of the PCC.
New trustees are recruited and appointed on a regular basis to provide an adequate base of skills, experience and representation.
Risk Management, Safeguarding and the Environment
The PCC has a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. A risk register is in place and is reviewed on a regular basis.
The PCC has a written Safeguarding Policy and a nominated Safeguarding Officer.
The PCC seeks to meet the objectives of the Eco Church scheme where feasible.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1144745
Principal address
Portway Fosse Stratford-Sub-Castle Salisbury Wiltshire SP1 3LD
Trustees
Heather Balston Carole Long Arnold Harrison - Treasurer (deceased 25.5.2023) Christopher Lush Gwynneth James James Platt Rev Sarah Wood-Roe - Minister (resigned 6.8.2023) Rev Canon Jean de Garis - Incumbent Brian Weatherley (resigned 10.3.2023) Sophie Ferguson Joy James John Walsh - Church Warden David Woollat Nigel Afford - Treasurer (appointed 21.5.2023) Susan Thomson - Church Warden (appointed 21.5.2023)
Independent Examiner
Jeremy Hyde FCCA FCA LEES Chartered Certified Accountants 18 Glasshouse Studios Fryern Court Road Fordingbridge Hampshire SP6 1QX
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PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST LAWRENCE STRATFORD-SUB-CASTLE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ John Walsh - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST LAWRENCE STRATFORD-SUB-CASTLE
Independent examiner's report to the trustees of Parochial Church Council of the Ecclesiastical Parish of St Lawrence Stratford-Sub-Castle
I report to the charity trustees on my examination of the accounts of Parochial Church Council of the Ecclesiastical Parish of St Lawrence Stratford-Sub-Castle (the Trust) for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
-
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.
Jeremy Hyde FCCA FCA
LEES Chartered Certified Accountants 18 Glasshouse Studios Fryern Court Road Fordingbridge Hampshire SP6 1QX Date: .............................................
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PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST LAWRENCE STRATFORD-SUB-CASTLE
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 77,474 Other trading activities 2 18,450 Investment income 3 7,223 Total 103,147 EXPENDITURE ON Raising funds 4 30,452 Charitable activities Other activities 87,081 Total 117,533 Net gains/(losses) on investments - NET INCOME/(EXPENDITURE) (14,386) Other recognised gains/(losses) Gains/(losses) on revaluation of fixed assets - Net movement in funds (14,386) RECONCILIATION OF FUNDS Total funds brought forward 218,684 TOTAL FUNDS CARRIED FORWARD 204,298 |
Restricted fund £ 1,568 - - 1,568 - - - - 1,568 - 1,568 - 1,568 |
2023 Total funds £ 79,042 18,450 7,223 104,715 30,452 87,081 117,533 - (12,818) - (12,818) 218,684 205,866 |
2022 Total funds £ 49,270 15,272 2,425 66,967 12,258 69,225 81,483 (143) (14,659) (4,099) (18,758) 237,442 218,684 |
|---|---|---|---|
The notes form part of these financial statements
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PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST LAWRENCE STRATFORD-SUB-CASTLE
BALANCE SHEET 31 DECEMBER 2023
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 7 4,000 Investments 8 34,977 38,977 CURRENT ASSETS Debtors 9 30,960 Cash at bank 136,802 167,762 CREDITORS Amounts falling due within one year 10 (2,441) NET CURRENT ASSETS 165,321 TOTAL ASSETS LESS CURRENT LIABILITIES 204,298 NET ASSETS 204,298 FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ - - - - 1,568 1,568 - 1,568 1,568 1,568 |
2023 Total funds £ 4,000 34,977 38,977 30,960 138,370 169,330 (2,441) 166,889 205,866 205,866 204,298 1,568 205,866 |
2022 Total funds £ 17,659 31,946 49,605 801 170,982 171,783 (2,704) 169,079 218,684 218,684 218,684 - 218,684 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. John Walsh - Trustee
The notes form part of these financial statements
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PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST LAWRENCE STRATFORD-SUB-CASTLE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible assets
Tangible assets are stated at cost less accumulated depreciation and impairment. Cost includes the original purchase price of the asset plus costs attributable to bringing the asset to its working condition for its intended use. Depreciation is charged from the time when tangible assets are brought into use and is calculated so as to write off the cost of fixed assets, less their estimated residual values, over the expected useful economic lives of the assets concerned. The principal annual rates used for this purpose are as follows:
Improvements to property 10% on reducing balance Office equipment 20% on cost
Investments
Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The charity does not acquire put options, derivatives or other complex financial instruments. Realised gains or losses on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise. Other investments are included at cost, which is considered to be approximate to their market value.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST LAWRENCE STRATFORD-SUB-CASTLE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
2. OTHER TRADING ACTIVITIES
| Reading room booking fees Magazine income & advertising INVESTMENT INCOME Deposit interest & dividends RAISING FUNDS Raising donations and legacies |
2023 £ 15,482 2,968 18,450 2023 £ 7,223 |
2023 £ 15,482 2,968 18,450 2023 £ 7,223 |
2022 £ 12,935 2,337 15,272 2022 £ 2,425 |
2022 £ 12,935 2,337 15,272 2022 £ 2,425 |
|---|---|---|---|---|
| 2023 | 2022 | |||
| £ | £ | |||
| Magazine costs | 3,893 | 3,901 | ||
| Reading room costs | 8,116 | 6,395 | ||
| Depreciation of tangible assets | 784 | 1,962 | ||
| Impairment losses for tangible assets | 17,659 | - | ||
| 30,452 | 12,258 | |||
3. INVESTMENT INCOME
4. RAISING FUNDS
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 49,270 Other trading activities 15,272 Investment income 2,425 Total 66,967 EXPENDITURE ON Raising funds 12,258 Charitable activities Other activities 69,225 Total 81,483 Net gains/(losses) on investments (143) NET INCOME/(EXPENDITURE) (14,659) Other recognised gains/(losses) |
Restricted fund £ - - - - - - - - - |
Total funds £ 49,270 15,272 2,425 |
|---|---|---|
| 66,967 | ||
| 12,258 69,225 |
||
| 81,483 | ||
| (143) | ||
| (14,659) |
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PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST LAWRENCE STRATFORD-SUB-CASTLE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted | Unrestricted | Restricted | Total | ||
|---|---|---|---|---|---|
| fund | fund | funds | |||
| £ | £ | £ | |||
| Gains/(losses) on revaluation of fixed assets | (4,099) | - | (4,099) | ||
| Net movement in funds | (18,758) | - | (18,758) | ||
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 237,442 | - | 237,442 | ||
| TOTAL FUNDS CARRIED FORWARD | 218,684 | - | 218,684 | ||
| 7. | TANGIBLE ASSETS | ||||
| Improvements | |||||
| to | Office | ||||
| property | equipment | Totals | |||
| £ | £ | £ | |||
| COST | |||||
| At 1 January 2023 | 33,227 | - | 33,227 | ||
| Additions | - | 4,784 | 4,784 | ||
| At 31 December 2023 | 33,227 | 4,784 | 38,011 | ||
| DEPRECIATION | |||||
| At 1 January 2023 | 15,568 | - | 15,568 | ||
| Charge for year | - | 784 | 784 | ||
| Impairments | 17,659 | - | 17,659 | ||
| At 31 December 2023 | 33,227 | 784 | 34,011 | ||
| NET BOOK VALUE | |||||
| At 31 December 2023 | - | 4,000 | 4,000 | ||
| At 31 December 2022 | 17,659 | - | 17,659 | ||
| 8. | INVESTMENTS | ||||
| Listed | |||||
| investments | |||||
| £ | |||||
| MARKET VALUE | |||||
| At 1 January 2023 | 31,946 | ||||
| Revaluations | 3,031 | ||||
| At 31 December 2023 | 34,977 | ||||
| NET BOOK VALUE | |||||
| At 31 December 2023 | 34,977 | ||||
| At 31 December 2022 | 31,946 | ||||
| There were no investment assets outside the UK. | |||||
| Cost or valuation at 31 December 2023 is represented by: | |||||
| Listed | |||||
| investments | |||||
| £ | |||||
| Valuation in 2023 | 34,977 |
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PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST LAWRENCE STRATFORD-SUB-CASTLE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Other taxation and social security 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors 11. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Arnold Harrison fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Arnold Harrison fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1.1.23 £ 218,684 - 218,684 Incoming resources £ 103,147 1,568 104,715 At 1.1.22 £ 237,442 237,442 |
2023 2022 £ £ 30,956 801 4 - 30,960 801 2023 2022 £ £ 2,441 2,703 - 1 2,441 2,704 Net movement At in funds 31.12.23 £ £ (14,386) 204,298 1,568 1,568 (12,818) 205,866 Resources Movement expended in funds £ £ (117,533) (14,386) - 1,568 (117,533) (12,818) Net movement At in funds 31.12.22 £ £ (18,758) 218,684 (18,758) 218,684 |
|---|---|---|
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PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST LAWRENCE STRATFORD-SUB-CASTLE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 66,967 | (81,483) | (4,242) | (18,758) |
| TOTAL FUNDS | 66,967 | (81,483) | (4,242) | (18,758) |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.1.22 | in funds | 31.12.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 237,442 | (33,144) | 204,298 |
| Restricted funds | |||
| Arnold Harrison fund | - | 1,568 | 1,568 |
| TOTAL FUNDS | 237,442 | (31,576) | 205,866 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Arnold Harrison fund TOTAL FUNDS |
Incoming resources £ 170,114 1,568 171,682 |
Resources expended £ (199,016) - (199,016) |
Gains and Movement losses in funds £ £ (4,242) (33,144) - 1,568 (4,242) (31,576) |
Gains and Movement losses in funds £ £ (4,242) (33,144) - 1,568 (4,242) (31,576) |
|---|---|---|---|---|
| (31,576) |
Structure of funds
The Arnold Harrison fund, which consists of donations and a share of Arnold's memorial collection, was established to ring-fence funds to make improvements to the churchyard in accordance with his wishes.
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
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PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST LAWRENCE STRATFORD-SUB-CASTLE
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Gifts | 33,723 | 37,369 |
| Donations & appeals | 1,637 | 1,917 |
| Gift aid | 7,490 | 5,887 |
| Grants | 30,384 | - |
| Fees and charges | 5,808 | 4,097 |
| 79,042 | 49,270 | |
| Other trading activities | ||
| Reading room booking fees | 15,482 | 12,935 |
| Magazine income & advertising | 2,968 | 2,337 |
| 18,450 | 15,272 | |
| Investment income | ||
| Deposit interest & dividends | 7,223 | 2,425 |
| Total incoming resources | 104,715 | 66,967 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Magazine costs | 3,893 | 3,901 |
| Reading room costs | 8,116 | 6,395 |
| 12,009 | 10,296 | |
| Charitable activities | ||
| Parish share | 37,922 | 35,371 |
| Clergy expenses | 548 | 466 |
| Fabric & insurance | 4,401 | 5,875 |
| Administration & other costs | 13,853 | 14,518 |
| Repairs & maintenance | 30,357 | 12,995 |
| 87,081 | 69,225 | |
| Support costs | ||
| Other | ||
| Depreciation of improvements to property | - | 1,962 |
| Depreciation of office equipment | 784 | - |
| Impairment losses for tangible assets | 17,659 | - |
| 18,443 | 1,962 | |
| Total resources expended | 117,533 | 81,483 |
| Net expenditure before gains and losses | (12,818) | (14,516) |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset | ||
| investments | - | (143) |
| Net expenditure | (12,818) | (14,659) |
This page does not form part of the statutory financial statements
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