Annual Re ort and Financial Statements of The Parochial Church Council of the Ecclesiastical Parish of St Paul's Church Warwick Road Banbu Re istered Chari Commission Number 1153218
Annual Report and Financial Staten*nts of The Parochial Church Council of the Ecclesiasllcal Parlsh of St Pauvs Church, Warwick Road. Banbury ReEisteied Charity Commission Numbu: 1153218 Year Ended 31st December 2023 Contents l. Annual Report 2. Statement of Financial Activities 3. Balance Sheet io 4. Statement of Cash Flows li 5. Notes to the Financial Statements 12-23 6. Report ofthe Independent Examiner 24-34
Annual Report of The Parochial Church Counul of the Eccleslastical Parish of St Paul's, Warwick Road. Banbury Registered Charity Commission Number: 1153218 Review of Church Activities for the year ended 31st December 2023 l. The Purpose of St Pauvs Church The purpose of St Paul's Church. as agreed by the PCC. is expressed as follows- To honourGod the Father by living ourselves in the light of Jesus caring for one another in the love of Jesu5 reaching out to others with the lrfe of Jesus in the power of the Holy Spirit. 2. Governance, Proceedings of the PCC and Parish Activities The Parochial Church Council of the Ecclesiastical Parish of St Paul's, Warwick Road, Banbury has the responsibility of co-operating with the Incumbent in promoting in the ecclesiastical parish the whole mission of the Church. pastoral. evangelistic. social, and ecumenical. The PCC is also specifically responsible for the maintenance of both the Parish Church of St Paul's, Warwick Road, Banbury and the St Paul's Church Centre, Prescott Avenue. Banbury. 2.1, Structure, Governance, and Management The method of appointment of PCC members is set out in the Church Representation Rules. At St Paul'5, the membership of the PCC consists of 10 elected members as well as ex-officio members (made up of our churchwardens and synod representatives). The Church Administrator has been elected as PCC Secretary. Churchwardens are elected by the Meeting of Parishioners for the ensuing year,. elected members are elected by those on the Electoral Roll at the Annual Parochial Church Meeting (for a period of three years}, as are synod representatives. The PCC are responsible for making decisions on all matters of general concern and importance to the Parish, including deciding how the funds of the PCC are to be spent. The Incumbent is responsible for matters of doctrine. The electoral roll for the Parish of St Paul's Banbury stands at 114 {108 in 20221- When planning the church's activities for the year. the Incurnbent and the PCC of St Paul's consider the Charity Commission's guidance on public benefit and in particular the specific guidance on charities for the advancement of religion. The PCC aims to enable all people, without exception, to come to faith in Jesus Christ and to express that in loving service. This aim is fulfilled by providing opportunities for Christian worship and prayer. pastoral care, and outreach work.
2.2. Administrative Infomlation The following served on the PCC during 2023- 2.2.1. Ex-officio members Incumbent Ivicarl & Chair. Curates.. Wardens- Re7/d Dan McGowan Re7¥d Steve Short Mike Moir (Vice-chairl Abigail Patterson Nelly Lukwo Sue Castle (Administrator) Marigold Short Peter Preston Wictoria Moir Treasurer.. PCC Secretary". Deanery Synod Representatives- 2.2.2. Co-opted Members None 2.2.3. Elected Trustees Jonathan Patterson {Assistant Churchwardenl Timothy Howe Mike Clark Ito April 20231 Matt Harcourt (from April 2023) Fiona Wilkins {from April 20231 Jeannette Law {Children & Families Worker) Margaret Clark Sarah Preston Annabelle Coombs Lynne Denyer James McKenzie The work and activities of the PCC in the year 2023 are reported below.. Address- The Church Office, Warwick Road. Banbury OX16 2AN The Parish Church of St Paul'5 is situated on Warwick Road, Banbury. The Parish is part of the Diocese of Oxford within the Church of England. The PCC- The PCC 15 a body corporate IPCC Powers Measure 1956. Church Represerbtation Rules 20061 and a Charity registered with the Charity Commission. The PCCS professional advisors are as follows: Independent Examiner- Mr Simon Flynn FCCA- 20CedarClose, Banbury OX16 9HE The PCUS Bankers.. Lloyds Bank PIC- Banbury Branch. 12 High Street. Banbury OX16 SEF In 2023 the PCC met six times. It discussed key items for the regular running of church activities to meet the church's objectives and included regular reports from key working groups. Full minutes of the PCC meetings are available from the Church Office and displayed in the Porch at Warwick Road.
New Members are briefed on their legal obligations under church and charity law, the committee and decision-makin8 processes. the plans of the church and recent financial performante. In particular. all trustees are required to undertake safeguarding training. 2.3. Standing Committee The Standing Committee is appointed by and authorised to conduct the busine55 of the PCC. In 2023. or part of, membership of the SC. consisted of.. Dan McGowan Ichairl, Mike Moir IVice- Chairl. Sue Castle (Administrator). Abi Patterson. Jonathan Patterson, Mike Clark, Margaret Clark Ifrom June 20231. Nelly Lukwo and Steve Short. A separate Pay Review Body (Treasurer, Payroll, Churchwardensl reviews the pay and remuneration of employees and reports to the SC. This is reviewed annually in line with the Charitvs pay policy. taking into account inflation and benchmarking where appropriate. 2.4. Principal Risks As part of its responsibilities the PCC maintains an overview of the various activities of the church to ensure that the best current practice is followed. Policies are in place for the following particular areas of the work of the church- Safeguarding for the Protection of Chsldren and Vulnerable Adult5: This is an area where best practice develops year by year. Following new guidance from Oxford Di0Se we have updated some of our practices and training durin8 the year and the PCC has continued to give Safeguarding its priority as a standing item every PCC meeting. Insurante: The present Parish Plus policy with Ecclesiastical Insurance Group plc has been renewed. This covers all the church buildings, including the church hall and parish centre for significant costs. Our property at 10 Hardwick Park, jointly owned with Diocese of Oxford, is also insured. Health and Safety: The wlicy is reviewed regularly to ensure the safety of all users of our buildings and those involved iTb pastoral visiting. Building risks: The recent inspertions of the buildings used by the church and managed by the Trustees revealed significant works required to deal with Maintenan and repair and bringing them up to a safe and sustainable condition. The PCC has actioned investigating many of the major works required, having appointed a Church Architect, Christian Randall, on IO, July 2023. The church's plan for the future is to continue to pursue its aims to know Jesus and to make him known. Key activities for the year ahead include developing the role of our Associate Minister, Rev'd Steve Short, with a view to specific missional outreach on the Bretch Hill Estate of our parish and navigating potential changes to the structures of the Church of England. The PCC considers there are two main areas of uncertainty as it looks forward- Our regular expenditure is met each year from gNing in that year. We are very thankful to everyone who has committed to give regularly. but we remain dependent on that giving to continue our work. As a PCC we budgeted for a deficit. but we have managed to reduce the expected figure. We are also reliant upon external funding for our Associate Minister and are pleased to have secured grants for the first three years. Building Project fundraising has continued during the year for the project to replace the church hall and upgrade the church building at Warwick Road. The PCC appointed a sub-committee, the
Next Steps Team, to proBress investigating Options and doing the most urgent works such as drainage at Warwick Road in conjunction with our Church Architect. whilst the Churchwardens attend to necessary maintenance. 2.5. Church Activities- to honour God the Father in the power of the Holy Spirit By living ourselves in the light ofJe5Us. Faithful Bible teaching and preaching every Sunday is the foundation for our gathering and our shared life of witness together. We have had series at Warwick Road based on: Revelation 4-22 (Jan-mar), Hebrews {Apr-Aug). I Samuel {Sep-Decl. At the Sunshine Centre at 5pm, we have had series based on: Luke 9-11 {Jan-Mar), Easter mini- series, James {Apr-Jull. Hebrews 12-13 (Aug}, Acts 1-4 ISep-Novl, Matthew 2 & Isaiah 9 IDecl. In 2023, the average combined attendance at both centres on a 'normal' Sunday was 1S012022- 1451 adults and children. Parish Prayer and the Bretch Hill Prayer Group are monthly Èncouragements. We seek to resource and encourage our church members in their daily faithful Christian lives. the main area where we live in the liEht of Christ. By caringforone onotherin the love ofjesus. Our Grow Groups1102 adults involved in 9 groups. including a new Bretch Hill group) meet weekly for Bible study and prayer to build each other up in the gospel. The main focus being a deeper and more personal application of that week's sermon exposition. Our children's Eroups for Primary age children were back running'as normal.. as was the group for Secondary age. Pastoral visiting and families work continue to be a blessing and a practical support. Our Grow Groups are undertaking the Biblical Counselling UK course Real Change led by our Pastoral Co-ordinator in rotation. SHINE, a seNice specific311y for those with learning disabilities and their carerf5. continues to meet on the 3rd Sunday afternoon of each month. We re-established our Weekend at Home in the Summer. We are involved with Deanery Synod and maintain our fabric and goods in healthy order. By reoching out to others with the life o]Jesus. We maintain mission links worldwide, supporting our mission partners. work financially and in prayer. Our World Church Group oversees our commitment to supporting missions both overseas (% of our tithe} and in the UK IY41. Chat and Play. Schools work, All Saints Eve community witfiess and Park Trails serve young people who are within and beyond our regulars at church. We continue to have Significant links with Green Pastures Nursing Home.
- Financial statements for the year endlng 31st December 2023 The Statement of Financial Activities attached to this report shows the incoming and expended resources for the year ended 31st Dec 2023. We praise God for his gracious provision. particularly in the face of the challenging economic climate. 3.1. Income Voluntary income decreased by 7.1%. The Hardwick Park property was rented and the revenue it generated was £IOk. Due to high interest, the yield from slK>rt-term cash investment5 was £36K. 3.2. Salaries St. Paul's employed five members of staff in 2023. Salary costs increased IO% from £ 68k to £75k. This can be attributed to salary increases and a5$0ciated costs for the newly appointed Associate Minister. 3.3. Diocesan Parish Share 2023 was the last year of parish share increase. On 23rd January 2023. the St Paul's Banbury PCC voted in favor of paying our Parish Share via the Oxford Good Stewards Trust. 3.4. Deficit The deficit for the year on the general fund was £9k. which has been tsken from the reseNes. The closing balance in reserve as of the end of 2023 15 £23k. 3.5. Buildings Project The Buildings Fund now stands at £26k. The PCC set up this fund foT the repair, renovation. replacement, or extension of any existing building{s). or the construction of any new buildingls), to serve the parish of St. Paul's Banbury. (The fund is not to be used for routine maintenance workl. This fund was set up. partly due to the generous request from congregation members to provide more flexibility when it comes to donating fund5 to ensure we have buildings to serve the ministry here at St Paul's both now and into the future. This more general building fund will serve building initiatives at both sites (such as reparations at the Church Centre, Prescott Avenue). as well as continue to provide further support for the ongoing Space BuildinE Project. 3.6. PCC policy on surpluses The PCC'S policy is to invest all its surplus balances with CCL Investment {CBFI Church of EnEland Managed Funds which now stands at £1.2m. It is PCC policy to maintain a balance on Unrestricted Undesignated Funds which equates to a minimum of three month's budgeted unrestricted payments. We praise God for His generous providence. as we continue to depend on Him with confidence to sustain and support His work in our parish and to move fOard with our buildings project
and church plant at the Bretchhill estate. This will be a key focus of our prayers and financial aims in the coming year as we seek to discern God's will for our church and our community here in Banbury. Approved by the PCC on I I ARCH 2024 and signed on their behalf: The Revd Dan McGowan- PCC Chair
PAROCHIAL CHURCH COUNCIL OF ST PAUL'S CHURCH. BANBURY Re8istered Charity no. 1153218 STATEMENTOF FINANCIAI ACTIVITIES For the year ended 31 December 2023 Unrestricted Restricted Funds Funds Total Total 2022 2023 Note INCOMING RESOURCES Voluntary income Income from investments Church activitie5 Grant Income 2{al 21bl 21cl 21dl 125.915 3,(K)I 10.874 49.337 33.452 3,629 175,252 36,453 14,503 164,390 14,911 7,328 TOTAL INCOMING RESOURCES 139,790 86,419 226.209 186,630 RESOURCES EXPENDED Missionary and charitable giving Church Running Expenses Other Church Activities Diocesan parish share Salary Costs Space Project Governance 31al 31bl 31cl 31dl 31e} 31fj 31gl 8.849 35.296 59 8,908 46.076 3,244 47,280 75.546 8,684 53,943 4,278 47,121 68,943 10.780 3,244 47.280 56.782 18.764 1.020 149,227 1,020 182,074 1,020 183,989 TOTAL RESOURCES EXPENDED 32,847 NET INCOME BEFORE TRANSFER 19,4371 53,571 44.135 2,641 GROSS TRANSFERS BETWEEN FUNDS {1,0571 1.057 NET MOVEMENT OF FUNDS 110,4941 54.628 44,135 2,641 Balances b/forward l January 2023 129.195 1.227.201 1,356,395 1,353,754 Balance5 clfonvard 31 December 2023 118.701 1.281,829 1,41X),530 1.356,395
PAROCHIAL CHURCH COUNCIL OF ST PAUL'S CHURCH. BA14BURY Reglstered Charity no. 1153218 STATEMENT OF FINANCIAL ACTIVITIES {continued) For the year ended 310ecember 2022 Unrestricted Restricted Funds Funds Total 2022 Note INCOMING RESOURCES Voluntary income Income from investments Church activities Grant Income 21al 2{bl 21cl 2{dl 135,506 1.261 458 28,884 13,650 6.870 164,390 14,911 7.328 TOTAL INCOMING RESOURCES 137.226 49.404 186,630 RESOURCES EXPENDED Missionary and charitable giving Church Running Expenses Other Church Activities Diocesan parish share Salary Costs Space Project Governance 31al 31bl 31cl 31dl 31el 31n 31gl 8.575 30,656 109 8.684 53,943 4,278 47,121 68,943 23.287 4,278 47.121 50,742 18,201 1.020 138,114 1.020 183.989 TOTAL RESOURCES EXPENDED 45,875 NET INCOME BEFORE TRANSFER 18881 3,529 2.641 GROSS TRANSFERS BETWEEN FUNDS 111.471) 11,471 NET MOVEMENT OF FUNDS 112,359) 15,0(K) 2,641 Balances blforward l January 2022 141,554 1,212,201 1.353.754 Balances c/foNiard 31 December 2022 129,195 1,227,201 1.356.395
PAROCHIAL CHURCH COUNCIL OF ST PAUL'S CHURCH. BANBURY ReglMered alarity •K•. 1153218 BALANCE SHEET AS AT31 Detember2023 Note 2023 2022 FIXED ASSETS Tangible 10 Hardwick Park 150% of costl Equipment Less Depreciation 122.500 I22,5) 5,449 5.449 Total fixed assets 122.500 122,500 CURRENT ASSETS Debtor5 and Prepayments Short term deposits CCLA Investment 40.894 28,512 1,173.878 1,137.424 Cash at bank and in hand 73.983 80.344 1,288.755 1.246,280 LESS CURRENT LIABILrriES Creditors 10.728 12.387 Total net current assets 1.278.027 1,233,893 Total fixed and net current assets 1,400.527 1,356,393 Fund5 Restlicted funds io 1.281.829 1,227,200 Unrestricted designated funds li 95,277 96,334 Unrestricted 23,422 32.858 TOTAL FUNDS 1.400.528 1,356,393 Approved by the Parochial Church Council on and signed on its behalf.. The Rev'd Dan McGowan IPCC Chairman) The notes on pages 11 to 21 form part of these accounts. 10
PAROCHIAL CHURCH COUNaL OF ST PAUL'S CHURCH. BANBURY Reglstered Charity no. 1153218 STATEMENT OF CASH FLOWS Forthe year ended 31 December2023 Note 2023 2022 Cash flows from operatin8 arttvhties Net cash provided by operatinB activities 12 16,361) (19,2701 Cash flows from inVeIng actfvlties Interest from investments Purchase of fixed assets 36,453 14,911 Net cash provkled byllused inl investing acth¥ities 36,453 14.911 Cash flows from financing activities Change in cash and cash equivalents in the reporting period 30.093 14,3591 Cash and cash equivalents at the beginning of the reporting period 1,217,768 1,222,127 Cash and cash equivalents at the end of the reporting period 13 1.247,861 1,217,768 11
PAROCHIAL CHURCH COUNCIL OF ST PAUL'S CHURCH. BANBURY Registered Charlty no. 1153218 NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 310ecember 2023 l. Accounting policles al Accounting convention The PCC 15 a public benefit entity within the meaning of FRS102. The financial statement5 have been prepared under the Church Accounting Regulations 26 in accordance with applicable 3ccounting standards and the current Statement of ROrnMended Practice. Accounting and Reporting by Charities ISORP 2015 FRS1021. The financial statement5 have been prepared under the historical cost convention and in pound5 Sterling. being the chaflty's functional cuirency. rounded to the nearest pound. The financial statements include all transactions, a55et5 and liabilities for which the PCC is liable in law. They do not include the accounts of church groups that owe their affiliation to another body. nor those which are informal gatherings of church members. The PCC ha5 chosen to voluntarily apply the accruals basis to these accounts as it provide5 a moTe accurate picture of the charity's activities. It has taken advantage of the disclosure exemplion of the Charity SORP, as a smaller charity, including the exemption from preparing a cashflow Statement. b) Funds accounting Funds held by the PCC are.. Unrestricted funds Designated funds These are general fund5 which can be used for PCC ordinary purposes. Monies set aside by the PCC out of unrestricted funds for specific future purposes or projects. al Incowne from trusts or endowments which may be expended only on those restricted objerts provided in the terms of the trust or bequest.. Restricted funds bl Donations or grants received for a specific object or invited by the PCC for a specific object. The fund5 may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of the year is carried forward as a balance on that furld. The majority of the balance (If relates to the Space Project 3nd is held in anticipation of expenditure on that building project. cl Incoming resource5 All incoming restsurces are accounted for gross. Planned giving, collections and Similar donatiorbs are recognised when received. Income tax recoverable on Gift Aid donations is recognised when the incoming iesovice to which they relate is received. Grants and legacies are recognised when the PCC is legally entitled to the amount due. Dividends and interest are accounted for when due. All interest is received without deduction of tax. dl Resources used Resources expended are accounted for on an a£cruals basis and are accounted lor gross. The diocesan parish share contribution is accounted for when paid. All other expenditure is generally recognised when it is incuried and is accounted for gross. 12
PAROCHIAL CHURCH COUNCII OF ST PAUL'S CHURCH. BANBURY Regt5tered Charity no. 1153218 NOTE5 TO THE FINANCIAL STATEMENTS Forthe year ended 31 December 2023 l. Accounting policies {continuedl e) Fixed A55etS Tangible fixed assets Consecrated and beneficed property of any kind is excluded from the accounts by s.10(21131 & Icl of the Charities Act 2011. Movable church furnishings held by the vicar and churchwardens on special trust for the PCC, and which require faculty for disposal. are accounted as inalienable property unless consecrated. They are listed in the church's Inventorv which can be inspected lat any reasonable timel. All expenditure incurred in the year on consecrated or beneficed buildings or on the repair of movable church furnishing is written off. Depreclation Depreciation is calculated to write down the cost of tangible fixed assets, excluding freehold properties, over their expected useful lives. Equipment Used within the church premises 15 depreciated on a straight-line basis over four vears. Individual item5 of church equipmenl wÈth a purchase piice of £500 or less are wiitten off when the asset is acquired. No depreciation is provided on freehold property a5 It is the PCC'S policy to maintain these assets in a continual State of sound repair. The useful ecorbomic life of these assets is so long and residual values so high that any depreciation would not be material. These assets will be subject to annual impairment reviews_ Provision will be tnade if there has been any permanent diminution in value. fl Current Assets Arnounts owing to the PCC at 31 December 2023 in respect of fees. rents or other income are shown as Debtors and Piepayments. Short-term deposit5 include cash held on deposit either with the CBF Church of England Funds, or at Lloyds Bank. gl Pension costs The charity makes defined contribution pension payments for eligible employees. Once the contributions have been paid, the charity has no further oblig3tions. The contributiorhs are recognised as an expense in the period. 13
PAROCHIAL CHURCH COUNCIL OF ST PAUL'S CHURCH. BAN8URY Regisiered Charlty no. 1153218 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023 2. Incoming Resources Total Funds 2023 Total Funds 2022 Unrestricted Funds Restricted Funds Note Voluntary income Donations Gift aid recoverable Legacies 2{a) 105,847 20,066 49.337 155.185 20,067 140,328 24,062 125,915 49.337 175,252 164,391 Income from Investments CBF C of E Investment Fund 21b) 3.001 3.001 33,452 33.452 36,453 36,453 14,911 14,911 Income from church activities Fees for weddings & funerals Hall1ettings Ministry Events Miscellaneous 2{c) 1,378 9,497 2,513 3,891 9,497 1.116 3,394 266 3,668 1.116 10,874 3.629 14.503 7,328 Grant Income BCUK Funding 21d) TOTAL INCOMING RESOURCES 139,790 86.419 226.209 186,630 Total aggregate donations without conditions received from trustees was É39.782 14
PAROCHIAL CHURCH COUNCIL OF ST PAUL'S CHURCH. BANBURY RegTrsted Charity no. 1153218 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023 2. Incoming Resources {continuedl Total Funds 2022 Unrestricted Restricted Funds Funds Note Voluntary income Donations Gift aid recoverable Legacies 2{a} 112.793 22.712 27,534 1.350 140.328 24,062 135.505 28.884 164,389 Income from Investments CBF C of E Investment Fund Lloyds Bank Deposit Bond 21b) 1.261 13,650 14,911 1,261 13.650 14.911 Income from church activities Fees for weddings & funerals Hall lettings Ministry Events Miscellaneous 2{c) 192 3,202 3.394 266 3,668 266 3,668 458 6,870 7,328 Grant Income BCUK Funding 2{dl 137,225 49,404 186.629 15
PAROCHIAL CHURCH COUNCIL OF ST PAUL'S CHURCH. BANBURY Reglstered Charity no. 1153218 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023 3. Resources Expended Total Total Unrestricted Funds Restrirted Funds Funds 2023 Funds Note 2022 Missionary and charitable giving Overseas Mission UK Mission Special Collections 3(al 6.119 2,730 6,119 2,730 59 6,175 2,400 109 8,684 59 8.849 59 8.908 Church running expenses Children's and families work Building5 maintenance and running costs Sunshine Centre Rent Hardwick Park Office Costs Evangelism & Socials Clerey Expenses Depreciation Other 3{bl 921 856 1,777 19.744 1,030 417 1,714 23,563 19.744 1,030 417 3,084 3,419 2,921 3,325 970 14,949 53,943 3.672 4.523 2,934 3.672 5,299 2,934 776 2.055 35,296 9,148 10,780 11,203 46,076 Other Church activities 31c) 3.244 3,244 4,278 Ministry . Diocesan parish share 3{d) 47.280 47.280 47,121 Salary Costs 31el 56,782 18,764 75,546 68,943 Space Project 311) Governance Independent Examination Fee 31g) 1.020 1,020 1,020 TOTAL RESOURCES EXPENDED 149,227 32.847 182,074 183.989 16
PAROCHIAL CHURCH COUNCIL OF ST PAUL'S CHURCH. BANBURY Registered Charity no. 1153218 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022 3. Resources Expended {continued) Total Unrestricted Restricted Funds Funds Funds Note 2022 Missionary and charitsble giving Overseas Mission UK Mission Special Collections 313) 6,175 6.175 2,400 109 109 8,575 109 8.684 Church running expenses Children's and families work Administrator Buildings maintenance and running costs Sunshine Centre Rent Hardwick Park Office Costs Evangelism & Socials Clergy Expenses Depreciation Other 31b) 1.669 45 1,714 18,563 23,563 526 2.558 3.084 3,419 2,921 3.325 970 3,419 1.723 3.325 1,198 970 1.432 30.656 13,517 23.287 14,949 53.943 Other Church activities 3(c) 4,278 4,278 Ministry . Diocesan parish share 3{d) 47.121 47.121 Salary Cost5 31e) 50.742 18,201 68,943 Space Project 31n Governance Independent Examination Fee 3{g) 1,020 1,020 TOTAL RESOURCES EXPENDED 138.114 45,875 183,989 17
PAROCHIAL CHURCH COUNCIL OF ST PAUL'S CHURCH. BANBURY Registered Charity no. 1153218 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023 31el. Staff Costs 2023 2022 al Wages and salaries bl National Insurance cl Pension contributions 72,361 65.758 3,185 75,546 3,185 68,943 During the year the PCC employed a Children and Families Worker full time and also an administrator, an operations manager. pastoral worker and a hall cleaner part time. No employees earned more than £60,000. The Vicar is not included in the total salaries. This is because stipends are met under Church of England arrangements and not by the PCC. A second curate was directly stipended by the PCC from July 2020 until September 2023 dl Payments to PCC Members No payments (remuneration or expenses) were made to PCC members in their capacity as trustees. The following trustees were also employees of the charity and received remuneration in this capacity as follows.. 2023 Pension 2022 Pension Salary Salary Sue Castle (Administrator) Jeannette Law (Children and Families Worker) Steve Short ICurate/Assotiate Minister) Annabelle Coombs Total 6,502 31,809 17.743 10.834 66.888 6.034 30,294 10,200 10,318 56.847 2.545 1.419 867 2,376 816 809 4,001 4.831 There were no other related party transactions during the year requiring disclosure. 5. Analysis of transfers between funds. 2023 Unrestricted Restricted Furbds Funds 2022 Unrestricted Restricted Funds Funds Capital Reserves Depreciation Pastoral Worker Fund 12.5581 19701 17,9431 2.558 970 11,0571 1.057 7,943 11,0571 1.057 111,4711 11,471 18
PAROCHIAL CHURCH COUNCIL OF ST PAUI'S CHURCH. BANBURY Re8i5tered Charity no. 1153218 6. Fixed Assets Church Freehold Land Equipment & Buildings Total Actual/deemed cost At l January 2023 Additiorbs at cost At 31 December 2023 5.449 122.500 127,949 5,449 122,500 127,949 Depreciation At l January 2023 Charge for the year At 31 December 2023 5,449 5,449 5,449 5,449 Net Book Value at 3111212023 Net Book Vallre at 3111212022 122.500 122.500 122,500 122,500 19
PAROCHIAL CHURCH COUNCIL OF ST PAUL'S CHURCH. BANBURY Registered Charity no. 1153218 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023 7. Analysis of Net assets by fund Unrestricted Unrestricted Restricted Funds Designated Funds Total Funds 2023 Total Funds 2022 Fixed Assets 122,500 122.500 122,5(K) Current assets 34.150 95,277 1,159,329 1.288,756 1,246,281 Current Liabilities 110.7281 (10.728) 112,3871 23.422 95,277 1,281,829 1.400,528 1,356,394 8. Debtors 2023 2022 Gift aid recoverable Prepayments and accrued income 38,951 1,943 40.894 28,512 28,512 9. Creditors.. amounts falling due within one year. 2023 2022 Accruals for utilities Payroll accruals Other accruals 2.213 1,618 5,877 9.708 564 4,067 7,756 12.387 20
PAROCHIAL CHURCH COUNCIL OF ST PAUL'S CHURCH. BANBURY Reg7sterÈd Charity no. 1153218 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023 10. Statement of Restrirted Funds Bal blfvid 11112023 Transfers 2023 Income Expenditure 2023 Bal clfwd 3111212023 2023 Curate's Property Investment Fund Children and Families Worker Youth Summer Camps Weekend at Home Church Fees Account Shine Hard Times Emergency Fund Mission Funds Ispeci*icl Space Project Restricted Curate Isteve Shortl Stipend Fund Ukraine Funds (European Mission Fi The Buildings Fund (Restricted) Men's Dav Jeanette Law Gift Associate Minister Furbd - PCC 122.5 122,500 856 856 907 907 176 176 3.244 3,244 902 1,903 2.878 20 i.ooi 5,627 2,749 20 1.085.789 6,753 39 33.532 5,960 7,676 12.713 39 1,111,646 6.235 19.902 600 26,137 6(KS 14,011 14,011 Total 1.227,200 80.855 26,227 1.281,828 Bal blfvid 11112022 Transfers 2022 Income 2022 Expenditure 2022 Bal clfwd 3111212022 Curate's Property Investment Fund Children and Families Worker Youth Summer Camps Weekend at Home Church Fee5 Account Training Fund Shine Hard Times Emergency Fund Mission Fundslspecificl Space Project Restricted 1.070.826 Curate's Stipend Fund 8,430 AV Fund 5.000 Ukraine Funds IEuropean Mission Fellowship) The Buildings Fund IRestrictedl Gift foi Eggertsens 122.5(KJ 122,500 907 220 1.154 4,392 1.198 4,392 176 I.3 2,394 20 1.903 2,878 20 200 27.138 7,860 12.175 9.537 5,000 138 1.085.789 6.753 177 39 6,235 6,235 1.2(X) 48.840 1.200 33,840 1,212.200 1,227,200 21
PAROCHIAL CHURCH COUNCIL OF ST PAUL'S CHURCH. BANBURY Registered Charity no. 1153218 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023 10. Statement of Restricted Funds (Continued) The restricted funds have the following Purposes.. Curate's property Investment- to hold the investment in 10 Hardwick Park to be used to house curates training at St Paul's Children and Families Worker- to fund the Children and Families, worker costs Youth Summer Camps - To support our young people and leaders to attend Christian summer camps Weekend at Home/Women's Day - In alternating years. this fund covers donations and expenditure to support the running of the weekend at home and women's day events. Pastoral Worker Fund - to use donations to fund pastoral worker Church Fees Account- to process fees relating to the occasional offices. Men's Day- to cover donations and expenditure to support running occasional men's ministries. Shine- to cover donations to support our work with those with disabilities and learning difficulties Hard Times Emergency Fund - to support those in hardship. through loans or financial support. Mission Funds {specific} - to cover specific donations and support for visiting missionaries Space Project Fund - to fund the building project at Warwick Road for a replacement church hall Training Fund - to fund training for lay and ordained members of the congregation or staff team Covid Expenses Fund - to fund expenses in relation to church activitie5 in response to the Covid Pandemic Curate (Steve Short) Stipend Fund- to fund a stipend for curate not funded by the Diocese AV Fund- to fund the overhaul of the sound/streaming seNices at WR Ukraine Funds (European Mission Fellowship) - to channel funds donated to EMF The Buildings Fund - new restricted fund for the repair. renovation. replacement or extension of any existing buildinglsl, or the construction of any new buildingl51, to serve the parish of St. Paul's Banbury Gift for Eggertsens- to channel gifts donated towards Eggertsens 11. statement of Unrestricted Designated Funds Bal blfwd 11112023 Transfers 2023 Income Expenditure 2023 Bal clfvjd 3111212023 2023 Fixed A55ets Capital Projects Reserve Fund Pastoral Worker The Building Fund IDesignated by PCCI 37.221 1.057 58,056 96,334 37,221 1.057 58,056 95,277 1.057 Bal blfwd 11112022 970 39.779 Transfers 202Z Income Empenditure 2022 Bal clfwd 3111212022 2022 Fixed Assets Capital P¥ojects Reserve Fund Pastoral Worker The BuildinE Fund (Designated by PCCI 970 2.558 7,943 37.221 1,057 58,056 96,334 58.056 107.805 The unrestricted designated funds have the following purposes- 11.471 Fixed Assets- to hold funds designated for expenditure on fixed assets used for the long term in activities of the church. Capital Projects funds set aside for repairs to the fabric or contents of our church buildings. Pastoral Worker Fund - to fund the employment of a pastoral worker Space Project Fund to fund the building project at Warwick Road for a replacement church hall 22
PAROCHIAL CHURCH COUNCII OF ST PAUL'5 CHURCH. BANBURY Registered Charity no. IIS3218 NOTESTO THE FINANCIAL STATEMENTS For the year ended 31 December 2023 12. Reconciliation of net income/lExpenditure to net cash Ilow from operating activitie5) 2023 2022 Net income for the reporting period 35 per the statement of flnanclal actlvltles 44.135 2.641 Adlustments for- Depreciation charges Inte¥est on Investments Ilncreasel in debtors IDecreasel/increase in creditors 970 114.9111 15,9101 12.0591 136,4531 112.3821 12,6791 Net Cash provided by operating artivities (7.3801 119.2701 13. Analysls of cash and cash equivalents 2023 2022 Cash in hand Notice deposlt5 Iles5 than 3 month51 73,983 1.173.878 80,344 1,137,424 Total Cash and cash equivalents 1,247.861 1,217.768 23
PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S BANBURY I rcporl to the trustees on my examination of ihc accounts of Ihc above charity ("the TSt"} foi the year ended 3111212023 Re5POTbsibilities and basis of report As tlie chclrity's IrLisIccs, yoil are respunsible for the prepardtion of the accounts in accordance witli the r¢quirements of the CharitiC5 Act 2011 ("the Act"). I report in respect of my examincltion of the Trusi's aLcounts carried out under section 145 of the 2011 Act and in carrying out iiiy ex8minalion, I hai'¢ folloii'ed all the applicable Directions given by the Charity Coinmission linder section 145(5Mb) of ih¢ A¢t. Independent examiner's stateTnen¢ I hiliie conipleted my cxaminalion. I confirm that no inaterial iy]alters hai'e Loine lo my attei)tion iii ¢onn¢¢tion witli the examination iyhich gives me cause to believe ihat iii, any ma¢etial respect= the occounting records ivere not kept in aCCordae ivith section 130 of the Charities Act; or the accounts did not accord iviih ihe accounling records- or th¢ accoiints did nol comply ivith the applicable requireni¢nts concerning the torin Jnd content of accoiinls set out in thc Charilics (Accounls and Reports) Rcgulatioi)s 2008 other than any requirement that the accounts give a 'tnic and fail. I'icw which is tt a matlcr considered as part of an indcpcndent examination. I have no concerns and have ¢ome across no other mattcrs in conncclion ivith the examination to ivhich attention should bc draivn in this rq)ort in order to enable a propcr UTKlcrstanding of the accounts to be reached. Mrs R Flynn FCCA 20 Cedar Close Banburv Oxfordsliire OX16 9HE Date: 1910412024