**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. Page 1 ## **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 Page 2 ## **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 Page 3 ## **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: 1. 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 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. Jeremy Hyde FCCA FCA LEES Chartered Certified Accountants 18 Glasshouse Studios Fryern Court Road Fordingbridge Hampshire SP6 1QX Date: ............................................. Page 4 ## **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 Page 5 ## **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 Page 6 ## **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. Page 7 continued... ## **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)| Page 8 continued... ## **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| Page 9 continued... ## **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| |---|---|---| Page 10 continued... ## **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. Page 11 ## **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 Page 12