Annual Report and Financial Statements of The Parochial Church Council of the Ecclesiastical Parish of St Paul's Church, Warwick Road, Banbury Registered Charity Commission Number: 1153218 Year Ended 31st December 2024 Contents I, Annual Report 2. Statement of Financial Activities 3. Balance Sheet 4. Statement of Cash Flows 10 5. Notes to the Financial Statements 11-22 6, Report of the Independent Examiner 23 Annual Report of The Parochial Church Council of the Ecclesiastical Parish of St Paul's, Warwick Road, Banbury Registered Charity Commission Number: 1153218 Review of Church Activities for the year ended 31st December 2024 l. The Purpose of St Paul's Church The purpose of St Paul's Church, as agreed by the PCC, is expressed as follows.. To honour God the Father by living ourselves in the light of Jesus caring for one another in the love of Jesus reaching out to others Wlth the life 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, Wa rwick Road, Banbu ry has the responsibil ity 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 specifical ly responsible for the ma intenance 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's, the membership of the PCC consists of 11 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 gener31 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 doctri ne. The electoral roll for the Parish of St Paul's Banbury stands at 1161114 in 20231. When planning the church's activities for the year, the Incumbent 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 i n Jesus Christ and to express that i n lovinE service. This aim is fulfilled by providi ng opportunities for Christian worship and prayer, pastoral care, and outreach work. 2.2. Administrative Information The following served on the PCC during 2024.. 2.2.1. Ex-officio members Incumbent {Vicar) & Chair: Minister: Wardens,. Rev'd Dan McGowan Rev'd Steve Short Mike Moir (Vice-chairl Abigail Patterson (to April 2024) Nelly Lukwo Sue Castle (Adm inistratorl Marigold Short Peter Preston Victoria Moir (Assistant Warden after April 2024} None Treasurer: PCC Secretarv: Deanery Synod Representatives: 2.2.2, Co-opted Members 2.2.3. Elected Trustees Jonathan Patterson (Assistant Warden to April 2024) Abi Patterson {from April 2024} Timothy Howe Fiona Wilkins Jeannette Law {Children & Families Worker} Margaret Clark Sarah Preston Annabelle Coombs (to April 2024} James Wilshaw (from April 20241 Lynne Denyer James McKenzie The work and activities of the PCC in the year 2024 are reported below.. Address: The Church Office, Warwick Road, Banbury OX16 2AN The Parish Church of St Paul's 15 Sltuated on Warwick Road, Banbury. The Parish is part of the Diocese of Oxford within the Church of England. The PCC: The PCC is a body corporate IPCC Powers Measure 1956, Church Representation Rules 20061 and a Cha rity registered with the Charity Commission. The PCC'S professional advisors are as follows.. Independent Examiner.. Mr Simon Flynn FCCA, 20 Cedar Close Banbury OX16 9HE The PCC'S Bankers.. Lloyds Bank PIC- Banbury Branch, 12 High Street, Banbury OX16 5EF In 2024 the PCC met six times. It discussed key items for the regula r running of church activities to meet the church's objectives and included regula r reports from key workinE groups. Full minutes of the PCC meetings are available from the ChL(rch 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-making processes, the plans of the church and recent financial performance. In particula r, all trustees are required to undertake safeguarding training. 2.3. Standing Committee The Standing Committee is appointed by and authorised to conduct the business of the PCC. In 2024, or part of, membership of the SC, consisted of.. Mike Moir (Chairl, Dan McGowan {Vicar), Sue Castle IAdmi nistratorl, Victoria Moir, Margaret Clark, Nelly Lukwo and Steve Short. A separate Pay Review Body (Treasurer, Vicar, Wardens} reviews the pay and remuneration of employees and reports to the SC. This is reviewed annually in line with the Charity's pay policy, taking into account inf lation 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 fol lowed. Policies are in place for the following particular areas of the work of the church: Safeguarding for the Protection of Children and Vulnerable Adults: This 15 an area where best practice develops year by year. Following new guidance from Oxford Diocese we have updated some of our practices and training during the year and the PCC has continued to give Safeguarding its priority as a standing item every PCC meeting. Insurance: The present Pa rish Plus policy with Ecclesiastical Insurance Group plc has been renewed. This covers all the church buildings, including the church hall and church centre for significant costs. Our property at 10 Hardwick Park, jointly owned with Diocese of Oxford, is also insured. Health and Safety: The policy is reviewed regularly to ensure the safety of all users of our buildings and those involved in pastoral visiting. Building risks: The recent inspections of the buildings used by the church and managed by the Trustees revealed significant works required to deal with maintena nce a nd repair and bringing them up to a safe and sustainable condition. The PCC has actioned investigating many of the major works required with our Church Architect, Christian Randall. Work started in November on the Warwick Road Drainage Project with P R Alcock's builders - a significant infrastructure and repa ir project for the future of this site and the main church building. The church's plan for the future is to continue to pursue its aim5 to know Jesus and to make him known. Key activities for the year ahead include the planting and development of St Paul's Bretch Hill, with Rev'd Steve Short as mi nister, with a view to specific missional outreach on the Bretch Hill Estate of our parish. We continue to navigate 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 giving in that year. We are very thankful to everyone who has committed to give regularly, but we remain dependent on that giving and a gift day to continue our work. As a PCC we budgeted again for a deficit. We are also reliant upon external f unding for our St Paul's Bretch Hil l 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 sub-committee, the Next Steps Team, have tendered for an architect to provide an Options Appraisal for us to consider in 2025. 2.5. Church Activities- to honour God the Father in the power of the Holy Spirit By living ourselves in the light of Jesus. 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.. mini-series on Spending Time with the Lord (Janl, John 18-21 IFeb- May), mini-series on Identity and Psalms {Jun-Augl, Romans 1-4 and Zephaniah ISep-Decl. At the Sunshine Centre at 5pm, we have had series based on,. Acts 5-9 lJan-Apr}, Jonah (May), 2 Timothy lJun-Jul), summer Psalms lJul-Augl, Acts 10 -14 (Sept-Novl, Isaiah fulfilled (Dec}. In 2024, the average combined attendance at both centres on a 'normal' Sunday was 155 (2023: 150) adults and children. Parish Prayer and the Bretch Hill Prayer Group are monthly encouragements. We seek to resource and encoLrrage our church members in their daily faithful Christian lives, the main area where we live in the light of Christ. By caringfor one another in the love of Jesus. Our Grow Groups199 adults involved in 8 groups) 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 group for Primary age children 'Sparklight' and 'Laserf for Secondary age have run generally on three out of four Sundays a month. Pastoral visiting and families work continue to be a blessing and a practical support. SH INE, a service specifically for those with learning disabilities and their Carer's, continues to meet on the 3rd Sunday afternoon of each month. We had our bi-annual Weekend at Home in the Summer. We are involved with Deanery Synod and maintain our fabric and goods in healthy order. By reaching out to others with the life of 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 overseas1/4 of our tithe) and in the UK1/4), Chat and Play, Schools work, All Saints Eve community witness and community events serve young people who are within and beyond our regulars at church. We continue to have significant links with Green Pastures Nursing Home. 3. Flnancial Statements for the year ending 31st December 2024 The Statement of Financial Activities attached to this report shows income and expenditure for the year ended 31st Dec 2024. We praise God for his gracious provision, particularly in the face of the challenging economic climate. 3.1 Income Unrestricted income grew 410/0 from 2023, driven by the March gift day appeal which raised £32K through generous and sacrificial giving f rom the church fam ily. God has been very kind to us providingjust what we need. Majority of our giving is from faithful regular giving of God's people. 3.2 Salaries In 2024, St. Pauls employed five staff members. Total salary costs rose 30.5% from 2023, primarily due to the f irst full yea r of employing St Paul's Bretch H ill M inister. Staff also received inflation-adj usted pay increases. 3.3 Associate Minister Fund St Paul's Bretch Hill Minister position was fully funded through combined support from Stoke Poges Free Church 1995 Trust1£8KI, Oxford Diocese Development Fund {£20K}, and church family contributions1£9KI 3.4 Diocesan parish share Parish share increased marginally to £48K. All rem ission of parish share to the Diocese was through the Oxford Good Stewards Trust 3.5 Surplus The total surplus across unrestricted and restricted funds for 2024 was £56K {2023: £44KI, representing a 28Yo increase. The unrestricted funds surplus of £61K includes a £30K adjustment for unrestricted f unds misallocated in previous years, The remain ing surplus reflects the generous giving of God's people combined with effective cost management 3.6 Space Project The Space Project restricted fund balance is £1.07M. Interest earnings increased the fund by £58K this year. Expenditure of £89K funded drainage infrastructure at Warwick Road. £14K was moved to General Funds to correct prior year misallocation 3.7 The Buildings Fund The Building Fund restricted balance sta nds at £72K, Donations to this f und largely came from legacy donations {£58KI, and interest1£4KI. £16K was moved to General Funds to correct prior yea rs misallocation of f unds. Expenditure of £4.4K was directed towards roof repairs at the Prescott Avenue church centre. 3.8 PCC pollcy on surpluses It is PCC Policy to ma intain 3 balance on Unrestricted Undesignated Funds which equates to a minimum of three month's budgeted unrestricted payments, with a target of six month's expenditure, which in 2024 was £85K12023: 23 Kl. The significant increase in balance can be attributed to misallocated income moved from The Buildings Fund and The Space Project into unrestricted funrls. We praise God for providence, as we continue to depend on Him with confidence to sustain and support His work in our parish and to move forward with the new Bretch Hill Congregation and buildings work. 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. The Revd Dan McGowan- PCC Chair PAROCHIAL CHURCH COUNCIL OF ST PAUL'S CHURCH, BANBURY Registered Charity no. 1153218 STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2024 Unrestricted Restricted Funds Funds Total 2024 Total 2023 Note INCOMING RESOURCES Voluntary income Income from investments Church activities Grant Income Separate material item of income TOTAL INCOMING RESOURCES 2{31 21bl 21cl 2{dl 21e) 177,622 74,351 62,308 710 251,974 62,308 10,723 27,809 160,255 36,453 14,503 14,994 10,013 27,809 130,7241 134,454 30,724 218,360 352,814 226,205 RESOURCES EXPENDED M issiona ry and charitable giving Church Running Expenses Other Church Activities Diocesan pa rish share Sala ry Costs Space Project Governance TOTAL RESOURCES EXPENDED 3{al 31b} 31cl 31dl 31el 3{f) 31g) 13,350 34,611 13,350 44,678 684 48,311 98,566 89,787 700 296,076 8,908 46,076 3,244 47,280 75,546 10,067 684 48,311 60,219 38,347 89,787 700 157,191 1,020 182,074 138,885 NET INCOME BEFORE TRANSFER 61,169 (4,431) 56,738 44,132 GROSS TRANSFERS BETWEEN FUNDS NET MOVEMENT OF FUNDS 61,169 (4,4311 56,738 44,132 Balances blforward l January 2024 118,698 1,281,829 1,400,527 1,356,395 Balances clforward 31 December 2024 179,867 1,277,398 1,4S7,265 1,400,527 PAROCHIAL CHURCH COUNCIL OF ST PAUL'S CHURCH, BANBURY Registered Charity no. 1153218 STATEMENT OF FINANCIAL ACTIVITIES (continued) For the year ended 31 December 2023 Unrestricted Restricted Funds Funds Total 2023 Note INCOMING RESOURCES Voluntary income Income from investments Church activities Grant Income 2131 21bl 21c) 2{dl 125,912 3,001 10,874 34,343 33,452 3,629 14,994 160,255 36,453 14,503 14,994 TOTAL INCOMING RESOURCES 139,787 86,419 226.205 RESOURCES EXPENDED Missionary and charitable giving Church Running Expenses Other Church Activities Diocesan parish share Salary Costs Space Project Governance TOTAL RESOURCES EXPENDED 31a} 31bl 3{c} 3(d} 3{el 31f) 3{g) 8,849 35,296 59 8,908 46,076 3,244 47,280 75,546 10,780 3,244 47,280 56,782 18,764 1,020 149,226 1,020 182,074 32,847 NET INCOME BEFORE TRANSFER {9,440) 53,571 44,132 GROSSTRANSFERS BETWEEN FUNDS 11,057} 1,057 NET MOVEMENT OF FUNDS 110,497) 54,628 44,132 Balances b/forward l January 2023 129,195 1,227,201 1,356,395 Balances c/forward 31 December 2023 118,698 1,281,829 1,400,527 PAROCHIAL CHURCH COUNCIL OF ST PAUL'S CHURCH, BANBURY Registered Charity no. 1153218 BALANCE SHEET AS AT 31 December 2024 Note 2024 2023 FIXED ASSETS Tangi ble 10 Hardwick Park {50% of costl Equipment Less Depreciation 122,500 122,500 5,603 700 4,902 Total fixed assets 127,402 122,500 CURRENT ASSETS Debtors and Prepayments Short term dep051ts CCLA Investment 40,142 40,894 1,236,185 1,173,878 Cash at bank and in hand 69,889 73,983 1,346,216 1,288,755 LESS CURRENT LIABILITIES Creditors 16,355 10,728 Total net current assets 1,329,861 1,278,027 Total f ixed and net current assets 1,457,264 1,400,527 Funds Restricted f unds 10 1,277,398 1,281,829 Unrestricted designated fu nds 11 95,277 95,277 Unrestricted 84,589 23,421 TOTAL FUNDS 1,457,264 1,400,527 Approved by the Parochial Church Council on .19 and signed on its behalf.. The Rev'd Dan McGowan IPCC Chairman) The notes on pages 11 to 21 form part of these accounts. PAROCHIAL CHURCH COUNCIL OF ST PAUL'S CHURCH, BANBURY Registered Charity no. 1153218 STATEMENT OF CASH FLOWS For the year ended 31 December 2023 Note 2024 2023 Cash flow5 from operating activities Net cash provided by operating activities 12 1,508 16,361) Cash flows from Investlng actlvltles Interest f rom investments 62,308 (5,603) 36,453 Purchase of fixed assets Net cash provlded byllused Inl Investlng activities 62,308 36,453 Cash flows from financing activities (5,603) Change In cash and cash equivalents in the reporting period 58,213 30,093 Cash and cash equlvalents at the beglnnlng of the reportlng perlod 13 1,247,861 1,217,768 Cash and cash equivalents at the end of the reportln8 perlod 13 1,306,074 1,247,861 10 PAROCHIAL CHURCH COUNCIL OF ST PAUL'S CHURCH, BANBURY Registered Charity no. 1153218 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 l. Accounting policies a) Accounting convention The PCC is a public benefit entity within the meaning of FRS102. The fina ncial statements have been prepared under the Church Accounting Regulations 2006 in accordance with applicable accounting standards and the current Statement of Recommended Practice, Accounting and Reporting by Charities ISORP 2015 FR51021. The financial statements have been prepared under the historical cost convention and in pounds sterling, being the charity's functional currency, rounded to the nearest pound. The financial statements include all transactions, assets 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 member5. The PCC has chosen to voluntarily apply the 2ccruals basis to these accounts as It provides a more accurate picture of the charity's activities. It has taken advantage of the disclosure exemption of the Charity SORP, as a smaller charitv. including the exemption from preparing a cashflow statement. b) Funds accounting Funds held by the PCC are: Unrestricted funds Designated funds These are general funds which can be used for PCC ordinary purposes. Monies set aside by the PCC out of unrestricted funds for specific future purposes or project5, al Income from trusts or endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest: bl Donations or grants received for a specific object or invited by the PCC for a specific object. The funds 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 fund. The majority of the balance c/f relates to the Space Project and is held in anticipation of expenditure on that building project. Restricted funds c) Incoming resources All incoming resources are accounted for gros5. Planned giving, collections and similar donations are recognised when received. Income tax recoverable on Gift Aid donations is recognised when the incoming resource to which they relate is received. Gra nts 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. d) Resources used Resources expended are accounted for on an accruals basis and are accounted for gros5. The diocesan parish share contribution is accounted for when paid. All other expenditure is generally recognised when it is incurred and is accounted for gross. PAROCHIAL CHURCH COUNCIL OF ST PAUL'S CHURCH, BANBURY Registered Charity no. 1153218 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 l. Accounting policies Icontinued) e} Fixed Assets Tangible fixed assets Consecrated and beneficed property of any kind is excluded from the accounts by s.1012} lal & Icl of the Charities Act 2011. Movable church furnishinES held by the vicar and churchwardens on special trust for the PCC, and which require a faculty for disposal, are accounted as inalienable property unless consecrated. They are listed in the church's Inventory which can be inspected 13t any reasonable timel. All expenditure incurred in the year on consecrated or beneficed buildings or on the repair of movable chu rch furnishing is written off. Depreciation 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 is depreciated on a straight-line basis over four years. Individual items of church equ ipment with a purchase price of £500 or le55 are written off when the asset is acquired. No depreciation is provided on freehold property as it is the PCC'S policy to maintain these assets in a continual state of sound repair. The useful economic life of these assets is so long and residual values so high that any depreciation would not be material. These asset5 will be subject to annual impairment reviews. Provision will be made if there has been ny permanent diminution in value. fl Current Assets Amounts owing to the PCC at 31 December 2024 in respect of fees, rents or other income are shown as Debtors and Prepayments. Short-term deposits include cash held on deposit either with the CBF Church of England Funds, or at Lloyds Bank. g) Pension costs The charity makes defined contribution pension payments for eligible employees. Once the contributions have been paid, the charity has no further obligation5. The contributions are recognised as an expense in the period. 12 PAROCHIAL CHURCH COUNCIL OF ST PAUL'S CHURCH, BANBURY Registered Charity no. 1153218 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 2. Incoming Resources Total Funds 2024 Total Funds 2023 Unrestricted Restricted Funds Funds Note Voluntary income Donations Gift aid recoverable Legacies 2{a) 152,306 25,315 14,738 1,500 58,114 167,044 26,816 58,114 136,191 20,067 4,000 177,622 74,351 251,973 160,258 Income from Investments CBF C of E Investment Fund Lloyds Bank Deposit Bond 2{b) 62,308 62,308 36,453 62,308 62,308 36,453 Income from church activlties Fees for weddings & funerals Hall lettings & Hardwick Park Rent Income Ministry Events Miscellaneous 2(c) 838 9,175 710 1,548 9,175 3,891 9,497 1,116 10,013 710 10,723 14,503 Grant Income Oxford Good Steward Trust 1st Ebbesl Diocese of Oxford Development fund Stoke Poges Free Church 1995 Trust 2(d} 10,000 4,994 19,809 8,000 27,809 19,809 8,000 27,809 14,994 Separate material item of income Transfer from The Space Project to Unrestricted funds12021, 2022} Transfer f rom The Buildings fund to Unrestricted funds12022, 20231 2(e) 14,769 114,7691 15,955 30,724 {15,9551 30,724 TOTAL INCOMING RESOURCES 218,360 134,454 Total aggregate donations without cond itions received from tIUStees wa5 £70.568 352,813 226,209 21el - These were f unds received for unrestricted use through payroll giving, but erroneously misallocated to The 8uildi ngs Fund and the Space Project 13 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 2. Incoming Resources (continued) Total Funds 2023 Unrestricted Restricted Funds Funds Note Voluntary income Donations Gift aid recoverable Legacies 2{a) 105,847 20,066 30,343 136,191 20,066 4,000 4,000 125,914 34,343 160,257 Income from Investments CBF C of E Investment Fund 2{b) 3,001 3,001 33,452 33,452 36,453 36,453 Income from church activities Fees for weddings & funerals Hall lettings & Hardwick Pa rk Rent Income Ministry Events Miscellaneous 2(c) 1,378 9,497 2,513 3,891 9,497 1,116 1,116 10,874 3,629 14,503 Grant Income Oxford Good Steward Trust Diocese of Oxford Development fund Stoke Poges Free Church 1995 Trust 21d) 10,000 4,994 10,000 4,994 14,994 14,994 139,789 86,419 226,208 14 PAROCHIAI CHURCH COUNCIL OF ST PAUL'S CHURCH, BANBURY Registered Charity no. 1153218 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 3. Resource5 Expended Total Total Unrestricted Restricted Funds Funds Funds 2024 Funds 2023 Note Missionary and charitable giving Overseas Mission UK Mission Special Collections 3{a) 9,497 3,853 9,497 3,853 6,119 2,730 59 8,908 13,350 13,350 Church running expenses Children's and families work Buildings maintenance and running costs Sunshine Centre Rent Hardwick Park Office Costs Evangelism & Socials Clergy Expenses Depreciation Other 31b) 807 767 1,574 21,572 2,812 529 2,904 6,004 2,919 700 5,664 44,678 1,777 19,744 1,030 417 3,672 5,299 2,934 17,172 2,812 529 4,400 2,904 4,604 1,479 700 1,400 1,440 3,604 34,611 2,060 10,067 11,203 46,076 Other Church actlvitles 3(c) 684 684 3,244 Ministry . Diocesan parish share 31d) 48,311 48,311 47,280 Salary Costs 3(e) 60,219 38,347 98,566 75,546 Space Project 3(f) 89,787 89,787 Governance Independent Examination Fee 3(g) 700 700 1,020 TOTAL RESOURCES EXPENDED 157,191 138,885 296,076 182,074 15 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 3. Resource5 Expended (continued) Total Unrestricted Restricted Funds Funds Funds Note 2023 Missionary and charitable giving Overseas Mission UK Mission Special Collections 31a) 6.119 2,730 6,119 2,730 59 8,908 59 8,849 59 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 3(b) 921 856 1,777 19,744 1,030 417 19,744 1,030 417 3,672 5,299 2,934 3,672 4,523 2,934 776 2,055 35,296 9,148 10,780 11,203 46,076 Other Church actlvities 3(c 3,244 3,244 Ministry . Diocesan parish share 3{d} 47,280 47,280 Salary Costs 31e) 56,782 18,764 75,546 Space Project 3{fl Governance Independent Examination Fee 3{g) 1,020 1,020 TOTAL RESOURCES EXPENDED 149,226 32,847 182,074 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 2024 31e). Staff Costs 2024 2023 al W3ges and salaries b} National Insurance c) Pension contri butions d) Stewardship processing & support fee 85,245 323 11,781 1,217 98,566 72,361 3,185 75,546 The PCC employed a Children and Families Worker, administrator, an operations manager, pastoral worker and an Associate Minister No employees earned more than £60.000. The incumbent costs are not included in the total salaries. This is because the incumbent stipends are met under Church of England arrangements and not by the PCC. The PCC appointed Stewardship as the external payroll provider to process and manage staff compensation and benefits el Payments to PCC Members No payments (remuneration or expenses) were made to PCC members in their capacity as trustees. The followi ng trustees were also em ployees of the charity and received remuneration in this capacity as follows: 2024 Pension 2023 Salary Salarv Pension Sue Castle {Administratorl Jeannette Law (Children and Families Worker) Steve Short Annabelle Coombs. Total 'Resigned from PCC April 2024 There were no other related party transactions during the year requiring disclosure. 7,351 33,717 29,959 11,485 82,512 6,502 31,809 17,743 10,834 66,888 2,819 8,388 574 2,545 1,419 867 4,831 11,781 5. Analysis of transfers between funds. 2024 Unrestricted Restricted Funds Funds 2023 Unrestricted Restricted Funds Funds Capital Reserves Depreciation Pastoral Worker Fund 11,0571 1,057 11,0571 1,057 PAROCHIAL CHURCH COUNCIL OF ST PAUL'S CHURCH, BANBURY Registered Charity no. 1153218 6. Fixed Assets Church Freehold Land Equipment & Buildings Tota I Actual/deemed cost At l January 2024 Additions at cost At 31 December 2024 122,500 122,500 5,603 5,603 122,500 122,500 Depreciation At l January 2024 Charge for the year At 31 December 2024 700 700 700 700 Net Book Value at 3111212024 Net Book Value at 31112/2023 4,902 122,500 122,500 127,402 122,500 18 PAROCHIAL CHURCH COUNCIL OF ST PAUL'S CHURCH, BANBURY Registered Charity no. 1153218 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 7. Analysi5 of Net assets by fund Unrestricted Unrestricted Funds Designated Restricted Funds Total Funds 2024 Total Funds 2023 Fixed Assets 4,902 122,500 127,402 122,500 Current assets 100,944 90,375 1,154,898 1,346,216 1,288.756 Current Liabilities {16,355) 116,355) (10,7281 84,589 95,277 1,277,398 1,457,264 1,400,528 8. Debtors 2024 2023 Gift aid recoverable Prepayments and accrued income 40,142 38,951 1,943 40,894 40,142 9. Creditors: amounts falling due within one year. 2024 2023 Accruals for utilities Payroll accruals Other accruals Siemens Financials (Printer Lease 675 2,213 1,618 6,897 10,820 4,860 16,355 10,728 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 2024 10. Statement of Restricted Funds Bal b/fwd 11112024 Transfers 2024 Income Expenditure 2024 Bal c/fwd 3111212024 2024 Curate's Property Investment Fund Children and Families Worker Youth Summer Camps Weekend at Home Church Fees Account Shine Hard Times Emergency Fund Space Project Restricted The Buildings Fund (Restricted) Mens Weekend Associate Minister Fund - PCC Stoke Poges Free Church 1995 Trusl Diocese of Oxford Development fur Ernest Mulenga Family Support 122,500 122,500 767 767 907 327 580 951 684 267 782 4,292 1,065,450 72,059 I,ooi 5,627 1,111,646 26,137 70 289 iio 1.445 89,787 4,400 1,400 11,978 8,000 19,809 43,591 50.321 1,400 9.168 8,000 19,809 266.50 134,454 14.011 11,201 267 1,277,397 1,281,828 138,885 Bal b/fwd 11112023 Transfers 2023 Income Expendlture Bal clfwd 2023 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 Ispecificl Space Project Restricted Curate1Steve Shortl Stipend Fund Ukraine Funds IEuropean Mission Fi The Buildings Fund l Restricted) Mens Weekend Associate Minister Fund - PCC 122,500 122,500 856 856 907 907 176 176 3,244 3.244 902 1,903 2,878 20 1,001 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 26,137 600 14,011 80,855 14,011 1,281,828 1,227,200 26,227 20 PAROCHIAL CHURCH COUNCIL OF ST PAUL'S CHURCH, BANBURY Registered Charity no. 1153218 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 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 donatior)s to fund pastoral worker Church Fees Account - to process fees relating to the occasional offices. Mens Weekend - 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 specif ic donations and support for visiting missionaries Space Project Fund to fund the building project at Warwick Road for a replacement church hall Curate (Steve Short) Stipend Fund to fund a stipend for curate not funded by the Diocese The Buildings Fund - new restricted fund for the repair, renovation, replacement or extension of any existing building{s}, or the construction of any new buildinglsl, to serve the parish of St. Paul's Banbury Associate Minlster Fund - PCC- to hold donations from Church families to support the Associate Minister Stoke Poges Free Church 1995 Trust- to hold grant income from Stoke Poges Free Church 1995 Trust to support the ministry at Bretch Hill Dlocese of Oxford Development fund - to hold grant income from Oxford Diocese Development Fund to pay the Associate Minister Salary only 11. Statement of Unrestricted Deslgnated Funds Bal b/fwd 11112024 Transfers 2024 Income Expenditure 2024 Bal clfwd 31/1212024 2024 Fixed Assets Capital Projects Reserve Fund Pastoral Worker The Building Fund IDesignated by PCCI 37,221 37,221 58,056 95,277 58,056 95,277 Bal blfwd 1/1/2023 Transfers 2023 Income Expenditure 2023 Bal clfwd 3111212023 2023 Fixed Assets Capital Projects Reserve Fund Pastoral Worker The Building Fund IDesignated by PCCI 37.221 1.057 58,056 96,334 The unrestricted designated funds have the following purposes: Fixed Assets- to hold funds designated for expenditure on fixed assets used for the long term in activities of the church. Capital Projects - f u nds set aside for repairs to the fabric or contents of our church buil(li ngs. Pastoral Worker Fund - to fund the employment of a pastoral worker The Building Fund {Designated by PCC) 37,221 1,057 58,056 95,277 1,057 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 2024 12. Reconciliation of net income/(Expenditure to net cash flow from operating activities) 2024 2023 Net Income for the reporting perlod as per the statement of flnancial activities 56,738 44.135 Adjustments for: Depreciation charges Interest on Investments Ilncreasel in debtors IDecreasel/increase in creditors 700 162,3081 752 5,627 136,4531 112,3821 11,6591 Net Cash provided by operating activitles 1,509 16,360) 13. Analysis of cash and cash equivalents 2024 2023 Cash in hand Notice deposits (less than 3 months) 69,889 1,236,185 73,983 1,173,878 Total Cash and cash equivalents 1,306,074 1,247,861 22 PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S BANBURY I rcporl to tlic trLislccs on Iiiy CXc?minoL lion or Ilic LILLoiiiils of Ihc c2bovc cliLirily {"Ihe Triisl") for tli¢ ycar cndcd 3111212024 Responsibilities and basis of rcpoi't As tlie charity's trustees, yoii are respoiisible for Ilie preparatioi) of tlie accoiiiits 111