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← Portsmouth Diocesan Council For Social Responsibility

2023-12-31-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR END 31[ST] DECEMBER 2023

PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

Company number - 07717141

Registered charity number – 1145162 www.csrnet.org.uk

Contents

TRUSTEES REPORT ............................................................................................................................... 1-8 INDEPENDENT EXAMINERS REPORT ...................................................................................................... 9 STATEMENT OF FINANCIAL ACTIVITIES ............................................................................................... 10 BALANCE SHEET .................................................................................................................................... 11 STATEMENT OF CASHFLOWS ............................................................................................................... 12 NOTES TO THE FINANCIAL STATEMENTS ........................................................................................ 13-23

PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

Annual Report and Accounts for the year ended 31 December 2023

TRUSTEES REPORT (INCLUDING DIRECTORS REPORT)

The Trustees, who are also Directors for the purposes of company law, present their annual report, together with the unaudited financial statements, for the year ended 31 December 2023. The directors/trustees are one and the same and in signing as trustees they are also signing the report in their capacity as directors. This combined report satisfies the legal requirements for:

OBJECTIVES AND ACTIVITIES

Portsmouth Diocesan Council for Social Responsibility (PDCSR/CSR) is a registered charity and incorporated at Companies House. Its charitable objects, part of the Memorandum and Articles of Association, include:

STRATEGIC AIMS

PDCSR’s strategy was overhauled in 2023 and its Vision, Values, Mission and Model were refreshed. CSR’s work is about seeking first the kingdom, which in practical terms means pursuing a vision for the development, renewal, and flourishing of people and communities. In partnership with local Anglican communities and key aligned allies, and through generous acts of transformative investment and action, we seek to promote sustainable social transformation rooted in the gospel values of love, compassion, and justice. As we seek to live out the gospel, so we work alongside and with whole communities, joining in with what we discern God to be already doing, and developing new relationships often based on local Anglican communities.

In line with our gospel values, our approach is always unconditional and non-judgmental. CSR will encourage change, challenge the status quo, and aim to do so with fun, creativity, passion, energy and commitment. Our work is based on authenticity, evidence, and asset-based approaches, with a strong commitment to social transformation and social justice underpinning everything we do, and with the tools of social action, social engagement and social enterprise.

2023 was a year for re-evaluating and 2024 will be the year of resetting up key new areas of work for which 2023 had been the preparation.

The directors are confident (having had regard to Charity Commission guidance) that the Charity delivers public benefit through carrying out its aims and business strategies.

ACTIVITIES AND ACHIEVEMENTS IN THE YEAR

This year has been a year of challenge and preparation with Hampshire County Council announcing the ending of the main funding for GNN in March 2023 and at the end of the year, the NHS commissioners (was CCGs, now Integrated Care Board (ICB) also announcing its funding would end in March 2024. The CSR board agreed to fund GNN for a further period while new approaches and funders were identified. This involved a review of CSR’s work and the potential for new approaches in all areas.

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PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

Annual Report and Accounts for the year ended 31 December 2023

PDCSR Governance

The PDCSR board is independent from the Diocese of Portsmouth (PDBF) and appoints its own trustees. The board met five times during the year.

In pursuit of the ambition to work in more socially enterprising ways, serious consideration was given to taking over an existing business. While this was not pursued in the end, the discussion led to the trustees deciding to develop a whole new area of work, in addition to the GNN, focussed on young people’s mental health. This is an area with significant gaps in provision where CSR could make a real difference.

The other decision that was taken in 2023 was to hire a fundraiser onto the staff. This would be initially to support the continued funding for GNN but also the other projects being developed by CSR. Fundraising is highly professionalised now and each application takes longer to prepare and fewer are successful. This represents a sensible use of CSR’s funds.

SOCIAL ACTION

Good Neighbours Network (GNN)

www.goodneighbours.org.uk

From April 2023, the Good Neighbours Network became largely funded by its remaining restricted funds and CSR’s own resources. It continues to provide support to local groups which help people access healthcare settings, get shopping or go to social activities. There were 3,834 volunteers last year which is an improvement on 2022 but lower than before Covid. The 2023 annual statistics survey shows that the groups offered over 156,000 acts of kindness in their local communities which is a significant (34%) increase on the previous year and reflects groups returning to more normal levels of activity after covid.

GO TO was a year-long collaborative project funded by the Dept for Transport to deliver innovative transport initiatives aimed at reducing loneliness. The project concluded in August in 2023. Data was collected at three key stages over the project time by one of the partner organisations, the University of Winchester. Key findings were:

Young People’s Mental Health

The CSR Board took the significant decision to enter into a new area of work and to that end commissioned a consultant, Andrea King, to help define the scope of what might be possible for us to do. Andrea has a great deal of experience and expertise in the area and reported back at the end of the year. The Board was pleased to take forward her recommendations which will bear fruit in 2024. The aim here is to develop work with children and young people which can be delivered in a variety of settings with some support. CSR will underwrite this work, but this is also an area which could be funded in a variety of ways, and we will be looking at those opportunities as well.

All Saints Counselling service (ASC)

www.allsaintscounselling.org.uk

ASC is a volunteer-led counselling service, based in inner city Portsmouth, with the aim of offering low cost/affordable counselling, both short and long term, for people living in and around the Portsmouth Diocesan area. All counsellors are qualified at least to Level 4 diploma or equivalent and receive ongoing training and regular clinical supervision.

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PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

Annual Report and Accounts for the year ended 31 December 2023

The service also offers supervised placements to trainee counsellors. Face-to-face counselling steadily picked up over the year although for some clients the Zoom based approach is still preferred and seems likely to remain for a proportion of people.

The counselling service is a vital resource for local people. Many clients are unemployed, on low incomes or have very little disposable income. Issues covered have included anxiety, depression, loss and working with difficult past experiences. Much of the area covered by the counselling service is within the top 10% most deprived in the UK.

SOCIAL ENGAGEMENT

rapid development programme (rdp)

rdp is CSR’s community-based development programme for churches based on data, evidence and current conversations. While a few workshops were held in 2023, the Trustees have concluded that the model of delivery through face-to-face workshops run by Leigh Rampton and Nick Ralph is not tenable in the longer term and we need to find ways to deliver it more widely and also remotely. Initial work was undertaken in 2023 but it has taken longer than expected to complete due to other priorities. We aim to complete it in 2024.

SOCIAL TRANSFORMATION

Leadership and Innovation

No trips or training programmes were possible in 2023 but plans have been laid for a creative leadership programme with the Kaospiltos School in Denmark in 2024.

CSR continues to support the discussion programme of the Portsmouth Cathedral Institute (PCI) where it links with social issues including another ‘Six Works’ series discussing the significance of key texts and a series of PCI events addressing issues around the ‘democratic deficit’ which included talks by Sir Peter Bottomley, and Prof John Denham and workshops on Christianity and public life to which two CSR Trustees contributed. Chine McDonald, Director of Theos also gave the annual Dolling Lecture on ‘God is not a White Man: and Other Revelations.’

SOCIAL BUSINESS

October 2023 saw the official end of the St M’s project and hand-over of the community asset to the church. This project had been a seven-year collaboration with St Michael’s Church, Paulsgrove that was initially ignited through the CSR rapid development programme (rdp), a course concentrated around community engagement.

CSR facilitated significant funding from the National Lottery, resulting in a renewal of the church and development of a long-term community asset for Paulsgrove based at St Michael’s church, St M’s.

In 2023, CSR and St M’s hosted a Big Help Out Coronation party with over 200 local guests, ran kids’ half term fun days (40 participants), concentrated on developing the community garden asset, closely working with refugees and delivered another powerful food project for the local community, along with some carnival fun at the much-celebrated annual Paulsgrove Carnival.

FUTURE PLANS

2023 was a year of preparation for resetting the work of CSR on a more sustainable basis. In the long term we aim to have more of its work funded by a diverse range of sources including social enterprise trading. The CSR Board has purposively decided to invest some of its capital in this.

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PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

Annual Report and Accounts for the year ended 31 December 2023

PDCSR’s Vision and Values

CSR’s work is about seeking first the kingdom, which in practical terms means pursuing a vision for the development, renewal, and flourishing of people and communities. In partnership with local Anglican communities and key aligned allies, and through generous acts of transformative investment and action, we seek to promote sustainable social transformation rooted in the gospel values of love, compassion, and justice. As we seek to live out the gospel, so we work alongside and with whole communities, joining in with what we discern God to be already doing, and developing new relationships often based on local Anglican communities.

In line with our gospel values, our approach is always unconditional and non-judgmental. CSR will encourage change, challenge the status quo, and aim to do so with fun, creativity, passion, energy and commitment. Our work is based on authenticity, evidence, and asset-based approaches, with a strong commitment to social transformation and social justice underpinning everything we do, and with the tools of social action, social engagement and social enterprise.

PDCSR’s Mission

CSR offers targeted encouragement, training, coaching, infrastructure support, investment, and other resources to aid active local Anglican, and wider communities, to achieve this vision by:

FINANCIAL REVIEW

Financial Performance

The accounts show the unrestricted General Fund with a net surplus of £16,946 (2022: £744 deficit) after transfers and revaluations. Fund transfers include: investment interest income to the general fund of £2,331; the GNN management charges and hire of space totalling £2,680, and management fees on the GOTO project of £7,324 transferred from the restricted to general fund. There were revaluation gains of £83,906 across all funds (2022: losses of £147,954) on the financial investments as the investment markets have been in recovery.

The balance of the GNN restricted fund has reduced by £28,299 in the year to a closing balance of £65,461.

ASC funds show a balance of £11,575 (2022: £10,952). A grant of £3,300 was received from the Hampshire and Isle of Wight Community Foundation which has been utilised in the year.

The GOTO fund has a balance of £19,986 at the end of 2023 (2022: £48,977). The project ceased during 2023 and the balance represents the assets purchased for the project and the associated financing which will be cleared during 2024.

The business development fund has been utilised during the year to provide financing for the new project around young people’s mental health and wellbeing. Trustees have committed to utilising the business development fund to support the initial stages of the project until funding can be obtained

Balance sheet position

The Trustees consider that the balance sheet together with details in note 13 show broadly that the assets are held in an appropriate mix of investment and current assets given the purposes for which the funds are held. The net assets at the balance sheet date totalled £1,258,028 (2022: £1,227,791).

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PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

Annual Report and Accounts for the year ended 31 December 2023

Reserves policy

Free reserves

Having considered financial risk, liquidity requirements and the timing of cash flows throughout the year, the Trustees’ policy is to hold a very small balance of readily realisable assets in the general fund in order to maximise the income derived from investments. The financial risks of this policy are negligible since the largest expense is the reimbursement of costs to the Portsmouth DBF and the timing of such payments are controllable.

Designated funds

The Trustees may, with the approval of the board, designate additional unrestricted reserves to be retained for an agreed purpose where this is considered to be prudent. Such designated reserves are reviewed on an annual basis and returned to the general fund in the event that the purpose of their designation is no longer considered to be adequate justification for their retention. Funds currently designated within the PDCSR accounts are the Business Development fund of £65,461 (2022: £69,019) and the Investment for Income fund of £1,109,527 (2022: £1,036,012).

Investment policy

PDCSR has the power to:

The directors continue to be guided in their investment decisions by the Investment Advisory Group of the Portsmouth Diocesan Board of Finance. This is ethically based. CSR has built up its investments in order to deliver a sustainable income for its core work which covers the costs for the part-time Executive Director and deputy only. The CSR board has taken the decision to expend up to £200,000 of the capital sums over the next two years developing new programmes which have the capacity in due course to develop new income streams through trading and at the same time yield social impacts and benefits, and thereby become social enterprises within the charity. In this way, we aim to develop our work sustainably in the longer term.

The portfolio as a whole experienced an increase in market values of 10.0% (2022: fall of 11.7%) with increases across all fund types (PDCSR fully withdrew from the property portfolio during the year). Overall, an income yield of 3.3% (2022: 3.4%) was achieved, the overall total return was 10.8% (2022: -8.3%).

The PDCSR board has agreed to adopt Total Return on Investment. This will more readily allow some of the surplus capital that has accrued through investment performance, to be utilised in the delivery of the work, as well as the direct income.

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

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PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

Annual Report and Accounts for the year ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES

The CSR Board has reviewed the risks to CSR’s work and these are principally around three areas:

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational structure

PDCSR is a Registered Charity (no.1145162), and a Company limited by guarantee (company no. 07717141).

It was incorporated on 25 July 2011 and operates under a Memorandum and Articles of Association altered pursuant to Special Resolution on the 7 September 2011 and 11 December 2019. The Trustees, who were directors for the purpose of company law, who served during the year are set out on page 8. Members of the charitable company guarantee an amount not exceeding £1 to the assets of the charitable company in the event of winding up.

The Portsmouth Diocesan Council for Social Responsibility (PDCSR) is an independent charity based at the Diocese of Portsmouth that seeks to facilitate sustainable and innovative approaches to locally based social action, especially, though not exclusively, at the parish level in South-East Hampshire, Portsmouth, and the Isle of Wight, and beyond. It works with people of all faiths and none without preference or prejudice and is committed to working in a fully inclusive way. The Bishop of Portsmouth appoints the Executive Director who is currently an ordained member of the Diocesan staff. The permanent staff responsible for working with the Council in bringing its policy and plans to life are:

Director of Social Enterprise and Engagement – The Revd Canon Nick Ralph

Assistant Director of Social Enterprise and Engagement – Gambol Parker

Good Neighbours Network Leader – Karen Jordan

The Executive Director’s time is shared 50% with the Launchpad Social Enterprise (LSE) and Paint Pots Pre-school and Nursery Ltd (13 early years settings) in the Winchester Diocese. He is also a residentiary canon at Portsmouth Cathedral. Over 2023, collaborations with Winchester Diocese included Good Neighbours, Social Enterprise, Parish Data, and Church-based Early Years support in parishes.

Decision making structure

The Directors are responsible for strategy, financial management and all major decisions. Oversight of day-today detailed work and management of the charity’s activities is undertaken by the senior staff listed on page 8 of this report.

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PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

Annual Report and Accounts for the year ended 31 December 2023

Trustee recruitment, selection and induction

Trustees are given an induction at the outset of the triennium and at other times as appropriate. They are also informed before seeking membership and, at all other relevant times, of the role and function of the Directors. Some staff hold the title of ‘Director,’ but this relates to their function within the organisation and has no legal meaning within the terminology associated with the Companies Act. All Trustees are required to maintain their entry in the record of declarations of interest and loyalty, and this is a standing item on the agenda of Directors’ meetings as is safeguarding.

Delegation of day-to-day delivery

The Trustees rely upon the Executive Director, and his colleagues for the delivery of the day-to-day activities of the company and the Portsmouth Diocesan Board of Finance acts as agent for PDCSR for employment, finance and administrative matters.

TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations .

Company law requires the Trustees (as Directors) to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the PDCSR and of the surplus or deficit of the PDCSR for that period.

In preparing these financial statements the Trustees are required to:

The Trustees are also responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the PDCSR and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the PDCSR 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 in the PDCSR’s website. Legislation in England and Wales governing the preparation and dissemination of financial statements and other information included in Annual Reports may differ from legislation in other jurisdictions.

Indemnity insurance is maintained to protect the charity and indemnify Trustees, Officers and Staff against the consequences of any neglect or default on their part.

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PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

Annual Report and Accounts for the year ended 31 December 2023

ADMINISTRATIVE DETAILS

President:

The Bishop of Portsmouth

Trustees

No Trustee had any beneficial interest in the company during 2023. The following are the Trustees who served at any time during 2023 up to the date of this report:

Chairman: Professor Sir Jonathan Montgomery

Other Trustees: Mr Andrew Bradstock (appointed 28 March 2023) Mr Edward Phillips Mr Philip Poulter Mr Jonathan Smith Mr Robert Solomon Mrs Nicola Youern Miss Elaine Aplin (appointed 10 January 2024) Mrs Emily Hassan (appointed 10 January 2024)

Company Secretary The Revd Canon Nicholas Ralph (non-trustee)

Senior staff and advisers

Executive Director The Revd Canon Nicholas Ralph Assistant Director Gambol Parker Registered Office: Diocesan Office, Peninsular House, Wharf Road, Portsmouth, PO2 8HB Bankers : Barclays PLC, PO Box 612, Ocean Village, Southampton, SO14 2ZP Independent Examiner: Jane Askew, Haysmacintyre LLP, 10 Queen Street Place, London, EC4R 1AG Solicitors: Messrs Brutton & Co, West End House, 288 West Street, Fareham, PO16 0AJ Investment advisers: Investment Advisory Group, Diocese of Portsmouth and, CCLA, Senator House, 85 Queen Victoria Street, London EC4V 4ET

In approving this Trustees’ Report, the Trustees are also approving the Trustees report (including Director’s report) included on pages 1 - 7 within their capacity as company directors.

In preparing this report the directors have taken advantage of the small companies’ exemptions provided by section 415A of the Companies Act 2006. The directors have taken advantage of the small companies’ regime in preparing the financial statements.

ON BEHALF OF THE TRUSTEES

E. T. Phillips

Professor Sir Jonathan Montgomery Chairman

Date: 4 July 2024

Mr Edward Phillips Trustee Date: 04 July 2024

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PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

Independent Examiners Report to the Trustees of Portsmouth Diocesan Council for Social Responsibility for the year ended 31 December 2023

I report to the Charity Trustees on my examination of the financial statements of Portsmouth Diocesan Council for Social Responsibility for the year ended 31 December 2023 which are set out on pages 10 to 23.

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees, as a body, for my work or for this report.

Respective responsibilities of trustees and examiner

As the trustees of the charity (and its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no 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 386 of the 2006 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the section 396 of the 2006 Act other than any requirement that the financial statements give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or

  4. the financial statements have not been prepared in accordance with the methods and principles of the Statement if Recommended Practice for accounting and reporting by charities (applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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.

Jane Askew ACA

Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG

Date: 5 July 2024

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PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Income and endowments from:
Donations
2
Charitable Activities
3
Investment income
4
Expenditure on:
Charitable activities
5
Net income/(expenditure) before transfers
Transfers between funds
6
Other recognised gains
Realised gains/(losses) on investments
Unrealised investment gains/(losses)
Net movement in funds
7
Total funds at 1 January
Total funds at 31 December		 General
Designated
Restricted
Total funds
Total funds
fund
funds
fund
2023
2022
£
£
£
£
£
24,764
-
121,604
146,368
246,796
600
-
855
1,455
17,958
34,403
2,331
10
36,744
43,372
59,767
2,331
122,469
184,567
308,126
55,156
10,950
169,131
235,237
269,585
55,156
10,950
169,131
235,237
269,585
4,611
(8,619)
(46,662)
(50,670)
38,541
12,335
(2,331)
(10,004)
-
-
-
(2,999)
(2,999)
-
-
83,906
-
83,906
(147,954)
16,946
69,957
(56,666)
30,237
(109,413)
8,223
1,105,031
114,537
1,227,791
1,337,204
25,169
1,174,988
57,871
1,258,028
1,227,791

All amounts derive from continuing activities. The statement of financial activities incorporates an income and expenditure account for the purposes of the Companies Act 2006.

The comparative data for year ended 31 December 2022 is included in note 17.

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PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Fixed Assets
Tangible fixed assets
8
Investments
9
Current Assets
Debtors
10
Cash on deposit
Cash at bank and in hand
Creditors: amounts falling due within
one year
11
Net current assets
Total assets less current liabilities
Creditors: amounts falling after
one year
12
NET ASSETS
The funds of the charity:
General fund
Designated funds
Restricted income funds
Total funds
13		 2023
£
42,059
1,149,843
1,191,901
29,855
44,032
30,506
104,393
(38,266)
66,126
1,258,028
-
1,258,028
25,169
1,174,988
57,871
1,258,028		 2022
£
58,264
1,113,935
1,172,199
51,483
40,922
56,685
149,090
(64,856)
84,234
1,256,433
(28,642)
1,227,791
8,223
1,105,031
114,537
1,227,791

The accounting policies and notes on pages 13 - 24 form an integral part of these accounts.

For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

Approved by the Board and authorised for issue on 3 July 2024 and signed on its behalf by

E. T. Phillips

Professor Sir Jonathan Montgomery Mr Edward Philips Chair Trustee

Company number - 07717141

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PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

£
£
Net cash outflow from operating activities
(97,204)
Cash flows from investing activities
IncoDividends, interest and rent from investments
36,744
Purchase of tangible fixed assets
-
Purchase of investments
(455,734)
Disposal of investments
500,733
Net cash provided by investing activities
81,743
Cash flows from financing activities
New finance leases
-
Payments under finance lease
(7,608)
Net cash outflow from financing activities
(7,608)
Change in cash and cash equivalents in the reporting period
(23,069)
Cash and cash equivalents at 1 January
97,607
Cash and cash equivalents at 31 December
74,538
Reconciliation of net income to net cash flow from operating activities
2023
Net income for the year ended 31 December
30,237
Adjustments for:
(Losses)/Gains on investments
(83,906)
Dividends, interest and rent from investments
(36,744)
Depreciation charges
16,205
(Profit)/Loss on sale of investments
2,999
(Increase)/Decrease in operating debtors
21,629
(Decrease)/Increase in operating creditors
(47,625)
Net cash used by operating activities
(97,204)
Analysis of cash and cash equivalents
Cash at bank and in hand
30,506
Cash on deposit
44,032
74,538
2023		 £
£
(54,534)
43,372
(64,822)
-
500
(20,950)
39,502
(2,508)
36,994
(38,490)
136,097
97,607
2022
(109,413)
147,954
(43,372)
6,558
-
(21,551)
(34,710)
(54,534)
56,685
40,922
97,607
2022		 £
£
(54,534)
43,372
(64,822)
-
500
(20,950)
39,502
(2,508)
36,994
(38,490)
136,097
97,607
2022
(109,413)
147,954
(43,372)
6,558
-
(21,551)
(34,710)
(54,534)
56,685
40,922
97,607
2022
97,607
2022
(109,413)
147,954
(43,372)
6,558
-
(21,551)
(34,710)
(54,534)
56,685
40,922
97,607

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PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

Portsmouth Diocesan Council for Social Responsibility is a company limited by guarantee, incorporated in England and Wales. The registered office is Diocesan Office, Peninsular House, Wharf Road, Portsmouth, PO2 8HB.

The financial statements have been prepared in accordance with the charity’s Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS102”) and the Charities SORP “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). The charity is a public benefit entity as defined by FRS102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, with the exception of quoted fixed asset investments, which are included at their market value at the balance sheet date.

The principal accounting policies and estimation techniques are as follows:

a) Income

All income is included in the Statement of Financial Activities (SOFA) when the PDCSR is legally entitled to it as income or capital respectively, ultimate receipt is probable and the amount to be recognised can be quantified with reasonable accuracy.

Income from investments includes all dividends on securities for which the date of payment falls within the period. Investment income includes tax recoverable thereon.

Grants are accounted for on a receivable basis with the exception of the funding restricted for the GNN activities where they are time-apportioned to align on a quarterly basis with the costs towards which they are contributing.

b) Expenditure

Expenditure is included on the accruals basis and has been classified under headings that aggregate all costs related to the Statement of Financial Activity category.

c) Fund balances

Fund Balances are split between unrestricted (general and designated) and restricted funds.

d) Financial instruments

Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument. The charity only has financial assets and liabilities which qualify as basic financial instruments.

13

PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES (continued)

e) Cash at bank and on deposit

Cash at bank and on deposit includes cash and short term highly liquid investments with short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Cash held on deposit is used to generate additional investment income where the funds are not required in the short term.

f) Fixed asset investments

Fixed asset investments, excluding unquoted investments, are included in the balance sheet at bid value and the gain or loss taken to the Statement of Financial Activities. Unquoted investments are included at cost.

g) Tangible fixed assets and depreciation

Vehicles are stated at cost, being the purchase price and any incidental acquisition costs.

Depreciation is provided on vehicles over a period of 3 years on a straight-line basis.

h) Finance leases.

PDCSR has entered into finance lease arrangements for the use of certain assets. The amounts due under finance leases are included in the balance sheet as liabilities. All interest costs related to the arrangement are reflected in the Statement of Financial Activities.

i) Going concern

The Trustees have a reasonable expectation that the charity has adequate resources to meet its liabilities as they fall due for the foreseeable future. The trustees consider that there are no material uncertainties that may cast doubt on the charity’s ability to continue as a going concern and they therefore continue to prepare the financial statements on the going concern basis.

j) Critical judgements and estimates

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 Charity does not currently have any significant accounting estimates or areas of judgement.

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PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. DONATIONS AND LEGACIES

ONATIONS AND LEGACIES
2023 General Designated Restricted Total funds
fund funds funds 2023
£ £ £ £
Donations
Hampshire County Council - - 15,000 15,000
NHS - - 47,184 47,184
Dept for Transport - Tackling Loneliness Fund - - 52,692 52,692
Other grants & donations 24,764 - 6,728 31,492
24,764 - 121,604 146,368
2022 General Designated Restricted Total funds
fund funds funds 2022
£ £ £ £
Donations
Hampshire County Council - - 60,000 60,000
NHS - - 47,184 47,184
Dept for Transport - Tackling Loneliness Fund - - 125,566 125,566
Other grants & donations - - 14,046 14,046
- - 246,796 246,796

3. INCOME FROM CHARITABLE ACTIVITIES

2023
Activity Income
Sundry Income
2022
Activity Income
Sundry Income		 General
Designated
Restricted
Total funds
fund
funds
funds
2023
£
£
£
£
600
-
-
600
-
-
855
855
600
-
855
1,455
General
Designated
Restricted
Total funds
fund
funds
funds
2022
£
£
£
£
17,203
-
-
17,203
-
-
755
755
17,203
-
755
17,958

15

PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

4. INVESTMENT INCOME

VESTMENT INCOME
2023
CBF Deposit Interest
CBF Investment fund
CBF Property fund
2022
CBF Deposit Interest
CBF Investment fund
CBF Property fund		 General
Designated
Restricted
Total funds
fund
funds
fund
2023
£
£
£
£
1,908
-
10
1,918
32,495
2,331
-
34,826
-
-
-
-
34,403
2,331
10
36,744
General
Designated
Restricted
Total funds
fund
funds
fund
2022
£
£
£
£
520
-
3
523
13,500
6,110
-
19,610
23,239
-
-
23,239
37,259
6,110
3
43,372

5. EXPENDITURE ON CHARITABLE ACTIVITIES

2023
Special Publications
Other Activity costs
Staff costs
Other staff expenses
Office support costs
Independent examiner's costs
Legal Costs		 General
Designated
Restricted
Total funds
fund
funds
funds
2023
£
£
£
£
-
-
1,522
1,522
8,903
10,950
68,250
88,103
37,831
-
84,792
122,623
4,017
-
817
4,834
2,055
-
10,655
12,710
2,350
-
-
2,350
-
-
3,095
3,095
55,156
10,950
169,131
235,237

16

PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5. EXPENDITURE ON CHARITABLE ACTIVITIES (continued)

Staff costs charged to the general fund in 2022 included £14,977 charged onwards to Launchpad Social Enterprise. There is no such recharge in the current year.

General Designated Restricted Total funds
2022 fund funds funds 2022
£ £ £ £
Special Publications 10 - 2,039 2,049
Other Activity costs 14,174 1,925 75,764 91,863
Staff costs 74,309 - 75,320 149,629
Other staff expenses 7,064 - 419 7,483
Office support costs 638 - 12,473 13,111
Independent examiner's costs 2,100 - - 2,100
Legal Costs - - 3,350 3,350
98,295 1,925 169,365 269,585

Staff Costs

Employee costs during the year were as follows:

----- Start of picture text -----
2023 2022
£ £
Wages and salaries 102,408 123,078
National insurance contributions 7,388 9,973
Pension costs 12,827 16,578
122,623 149,629
----- End of picture text -----

During 2023, PDCSR directly employed staff as well as some members of staff continuing to be employed by the Portsmouth Diocesan Board of Finance on behalf of the PDCSR.

At the end of 2023 there were 2.0 fte (2022: 3.80). The average headcount throughout the year was 4.5 (2022: 5).

No employees earned over £60,000 during the year (2022: £nil).

The trustees received no expenses during the year (2022: £nil).

Remuneration of Key Management Personnel

Key management personnel are deemed to be those having authority and responsibility delegated to them by the trustees, for planning, directing and controlling the activities of the organisations.

Remuneration, employers NI, pension contributions and expenses amounted to £25,231 (2022: £37,057).

17

PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

6. ANALYSIS OF TRANSFERS BETWEEN FUNDS

General Designated Designated Restricted Total funds
fund funds funds 2023
2023 £ £ £ £
Authorised transfer from Investment for
Income fund		 2,331 (2,331) - -
GNN management Fee 2,680 - (2,680) -
GOTO management Fee 7,324 - (7,324) -
Transfer to support work on young
people's emotional health and wellbeing - - - -
12,335 (2,331) (10,004) -
General General Designated Designated Restricted Total funds Total funds
fund funds funds 2022
2022 £ £ £ £
Authorised transfer from
Income fund		 Investment for 6,110 (6,110) - -
GNN management Fee 9,744 - (9,744) -
GOTO management Fee 18,835 - (18,835) -
GNN office space 8,400 - (8,400) -
43,089 (6,110) (36,979) -
7. MOVEMENT OF FUNDS
At 1st At 31st
January Income Expenditure Transfers Gains December
2023 2023
£ £ £ £ £ £
General fund
General Fund 8,223 59,767 (55,156) 12,335 - 25,169
Designated funds
Business Development 69,019 2,331 (2,750) (10,531) 7,392 65,461
Investment for Income 1,036,012 - - - 73,516 1,109,527
Young People's
emotional health and
wellbeing - - (8,200) 8,200 -
1,105,031 2,331 (10,950) (2,331) 80,908 1,174,988
Restricted
GNN 54,609 62,429 (90,727) - - 26,310
ASC 10,952 7,949 (7,324) - - 11,575
GOTO 48,977 52,092 (71,079) (10,004) - 19,986
114,537 122,469 (169,130) (10,004) - 57,872
Total Funds 1,227,792 184,567 (235,237) - 80,908 1,258,028

7. MOVEMENT OF FUNDS

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PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. MOVEMENT OF FUNDS (CONTINUED)

At 1st
January		 At 1st
January		 Income Expenditure Transfers (Losses) At 31st
December
2022 2022
£ £ £ £ £ £
General fund
General Fund 8,967 54,462 (98,295) 43,089 - 8,223
Designated funds
Business Development 81,284 6,110 (1,925) (6,110) (10,340) 69,019
Investment for Income
1,173,626		 - - - (137,614) 1,036,012
1,254,910 6,110 (1,925) (6,110) (147,954) 1,105,031
Restricted
GNN 54,669 107,523 (89,439) (18,144) - 54,609
ASC 18,658 14,465 (22,172) - - 10,952
GOTO - 125,566 (57,754) (18,835) - 48,977
73,327 247,554 (169,365) (36,979) - 114,537
Total Funds
1,337,204		 308,126 (269,585) - (147,954) 1,227,792
8. TANGBLE FIXED ASSETS
Total
Vehicles 2023
£ £
At Cost or Valuation
At 1 January 2023 64,822 64,822
Additions - -
At 31 December 2023 64,822 64,822
Accumulated depreciation
At 1 January 2023 6,558 6,558
Charge for the year 16,205 16,205
At 31 December 2023 22,763 22,763
Net book value at 31 December 2023 42,059 42,059
Net book value at 31 December 2022 58,264 58,264

Assets with a net book value of £43,606 (2022: £29,386) were held under finance lease at 31 December 2023.

19

PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9. INVESTMENTS

At 1st Change in At 31st
January Market December
2023 Additions Disposals Value 2023
£ £ £ £ £
CBF Property fund 458,732 - (458,732) - -
CBF Investment fund units 655,203 455,734 (45,000) 83,906 1,149,843
Designated Funds 1,113,935 455,734 (503,732) 83,906 1,149,843
Total Funds 1,113,935 455,734 (503,732) 83,906 1,149,843
At 1st Change in At 31st
January Market December
2022 Additions Disposals Value 2022
£ £ £ £ £
Unquoted investment 500 - (500) - -
General Fund 500 - (500) - -
CBF Property fund 519,706 - - (60,974) 458,732
CBF Investment fund units 742,183 - - (86,980) 655,203
Designated Funds 1,261,889 - - (147,954) 1,113,935
Total Funds 1,262,389 - (500) (147,954) 1,113,935

10. DEBTORS

Sundry Debtors
Accrued investment income		 2023
2022
£
£
21,324
40,814
8,531
10,669
29,855
51,483

11. CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR

Amounts due under finance lease
Sundry Creditors
Paulsgrove Big Lottery funds (money held as agent)
Deferred GNN Income		 2023
2022
£
£
29,386
8,352
8,380
11,856
500
29,648
-
15,000
38,266
64,856

Deferred income balances relate to the Hampshire County Council funding and are recognised in full in the subsequent financial year.

20

PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

12. CREDITORS AMOUNTS FALLING DUE IN MORE THAN ONE YEAR

Amounts due under finance lease 2023
£
-
-		 2022
£
28,642
28,642
13. ASSETS BY FUND
2023
General fund
General fund
Designated funds
Business Development fund
Investment for Income fund
Young People's emotional health
and wellbeing
Restricted funds
GNN
ASC
GOTO
Total Funds at 31st December 2023
2022
General fund
General fund
Designated funds
Business Development fund
Investment for Income fund
Restricted funds
GNN
ASC
GOTO
Total Funds at 31st December 2022		 Current
Net
Tangible
Investments
Assets
Liabilities
Assets
£
£
£
£
Fixed assets
-
-
29,163
(3,994)
25,169
-
85,278
(19,817)
-
65,461
-
1,064,565
44,964
-
1,109,529
-
-
-
-
-
-
1,149,843
25,147
-
1,174,990
-
-
31,187
(4,877)
26,311
-
-
11,576
-
11,576
42,059
-
7,321
(29,395)
19,986
42,059
-
50,084
(34,272)
57,872
42,059
1,149,843
104,395
(38,264)
1,258,030
Current
Net
Tangible
Investments
Assets
Liabilities
Assets
£
£
£
£
Fixed assets
-
-
60,374
(52,151)
8,223
-
77,886
(8,867)
-
69,019
-
1,036,049
(37)
-
1,036,012
-
1,113,935
(8,904)
-
1,105,031
-
-
58,962
(4,353)
54,609
-
-
10,951
-
10,951
58,264
-
27,707
(36,994)
48,977
58,264
-
97,620
(41,347)
114,537
58,264
1,113,935
149,090
(93,498)
1,227,791

21

PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. ASSETS BY FUND (continued)

Description of Funds:

General Fund

These funds are unrestricted and to be used for the furtherance of the charitable objectives of the PDCSR as detailed on page 1 of the annual report.

Business Development Fund

This fund arose from the sale of a piece of land in 2012 at which point the trustees agreed that this windfall should be used specifically to support new projects and each year since then has been utilised for such activities under the direction of the board.

Investment for Income Fund

These funds were designated by the trustees in 2015 to generate income to support the continued operations of PDCSR.

GNN Fund

These are the funds received from external sources and restricted for the sole purpose of supporting the activities of the Good Neighbours Network, Hampshire.

ASC Fund

These are funds managed by All Saints Counselling service from donations for counselling sessions offered by the volunteer counsellors and contribute to the running costs and expenses of the service. They are restricted within PDCSR as solely for the use of ASC.

GOTO Fund

These are the funds received from external sources and restricted for the sole purpose of supporting the activities of the Communities Tackling Loneliness with Transport project. This is a Department for Transport funded grant.

14. RELATED PARTY TRANSACTIONS

The Portsmouth Diocesan Board of Finance (PDBF) is a related party with shared trustees with PDCSR. PDBF is the direct employer of some of the PDCSR staff and payment was made to it in respect of these costs of £117,356 (2022: £134,450). At the end of the year, PDCSR owed PDBF £3,081 (2022: £8,361) The PDBF has also supported the work of the PDCSR for several years and in 2023 provided office space for the use of PDCSR.

15. AMOUNTS DUE UNDER FINANCE LEASE

Due within one year
Due in 2-5 years		 2023
£
29,386
-
29,386		 2022
£
8,352
28,642
36,994

The finance lease held by the Charity was in respect of the lease of a motor vehicle, which will be completed in March 2024.

22

PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

16. FUNDS HELD AS AGENT

----- Start of picture text -----
At 1st At 31st
January Income Expenditure December
2023 2023
£ £ £ £
Paulsgrove Project 29,648 22,601 (51,749) 500
29,648 22,601 (51,749) 500
At 1st At 31st
January Income Expenditure December
2022 2022
£ £ £ £
Paulsgrove Project 72,584 7,205 (50,141) 29,648
72,584 7,205 (50,141) 29,648
----- End of picture text -----

The above funds are held as agent and included within creditors.

23

PORTSMOUTH DIOCESAN COUNCIL FOR SOCIAL RESPONSIBILITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. STATEMENT OF FINANCIAL ACTIVITIES PRIOR YEAR

General Designated Restricted Total funds
fund funds fund 2022
Note £ £ £ £
Income and endowments from:
Donations 2 - - 246,796 246,796
Charitable Activities 3 17,203 - 755 17,958
Investment income 4 37,259 6,110 3 43,372
54,462 6,110 247,554 308,126
Expenditure on:
Charitable activities 5 98,295 1,925 169,365 269,585
98,295 1,925 169,365 269,585
Net income/(expenditure) before transfers (43,833) 4,185 78,189 38,541
Transfers between funds 6 43,089 (6,110) (36,979) -
Other recognised gains
Unrealised investment (losses)/gai - (147,954) - (147,954)
Net movement in funds 7 (744) (149,879) 41,210 (109,413)
Total funds at 1 January 8,967 1,254,910 73,327 1,337,204
Total funds at 31 December 8,223 1,105,031 114,537 1,227,791

24