Registered Charity no. 1165174
The Parochial Church Council Of The Parish Of St Laurence known as St Laurence Church In Reading
Trustees Annual Report and Accounts Year Ended 31st December 2022
St Laurence Church In Reading
Year Ended 31st December 2022
Contents Page
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Trustee's Annual Report | 3 |
| Independent Examiners Report | 13 |
| Statement of Financial Activities | 14 |
| Statement of Financial Position | 15 |
| Notes to the Financial Statements | 16 |
St Laurence Church In Reading
Year Ended 31st December 2022
Legal and Administrative Information
Reference
The Charity is called “The Parochial Church Council Of The Parish Of St Laurence” which is also known as St Laurence Church In Reading and is registered with the Charity Commission for England and Wales.
Registered Charity Number 1165174 Registered Office St Laurence Church Friar Street Reading RG1 1DA Postal Address St. Laurence Church C/O St Mary's house Chain Street Reading RG1 2HX
The Trustees
PCC members who have served from 1 January 2022 until the date this report was approved are:
Clergy: Rev Christopher Jones (Vicar) Wardens: Lee Smith Naomi Brown Elected members: Calum Macleod Resigned Jan 2023 Herbie Sykes Resigned Sep 2022 Ben Blackledge Chris Holmes (Treasurer) Anne Lancaster Appointed Sep 2022 Maria Versace Appointed Sep 2022 Primary Bankers Lloyds TSB Market Place Reading RG1 2EQ Independent Examiner: Nigel Wyatt BSC FCA Wyatt & Co Chartered Accountants 125 Main Street Garforth Leeds LS25 1AF
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WE ARE
Living to see unchurched young people come to faith
and be shaped as church together with them
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REPORT OF THE TRUSTEES Year Ended 31 December 2022
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Saint Laurence Church In Reading
Year Ended 31st December 2022
Trustee's Annual Report
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
AIM AND PURPOSES
Saint Laurence Parochial Church Council (PCC) is a charity registered with the Charities Commission (registration number 1165174). The PCC has the responsibility of cooperating 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 the Church Building, Friar Street, Reading.
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Saint Laurence Church In Reading
Year Ended 31st December 2022
Trustee's Annual Report
OBJECTIVES AND ACTIVITIES
The church has existed for nearly 900 years, but in February 2001, the particular focus on young people was initiated. As a town centre church, the Deanery charged Saint Laurence with a particular vision to see young people come to faith and build new forms of church with them.
As well as serving the young people of Reading, we also have a multigenerational congregation that meets for worship on a Sunday afternoon. Our services, worship, and activities seek to put faith into practice our mission and values. Our aim is to enable the whole community to grow as we believe that as God’s people, we are called together for a purpose. Our purpose is defined by our values (what makes us who we are) and our vision.
WE ARE LIVING TO SEE UNCHURCHED YOUNG PEOPLE COME TO FAITH AND BE SHAPED AS CHURCH TOGETHER WITH THEM
Our services and activities put faith into practice our values and have considered the Commission's guidance on public benefit and, in particular, the supplementary guidance on charities for the advancement of religion. In particular, we try to enable ordinary people to live out their faith as part of our church community through
· Worship and prayer; learning about the Gospel; and developing their knowledge and trust in Jesus.
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Provision of pastoral care for people who are part of the church community
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Mission and outreach work, particularly amongst young people
To facilitate this work, it is important that we maintain the fabric of the Church building of Saint Laurence.
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Saint Laurence Church In Reading
Year Ended 31st December 2022
Trustee's Annual Report
VICAR'S REPORT
Firstly, thank you to you all for your continued support, prayers, and patience.
It’s been another busy, challenging, and exciting year at Saint Laurence, seeing God at work as we meet and work together as a Community, seeking to serve Him in our mission towards unchurched young people in our town. In my first full year as the vicar of Saint Laurence, it has been a real joy and privilege to be part of such a thriving and positive group of people and to work alongside you. However, there are particular people who I need to mention. Firstly, there are your churchwardens, Naomi Brown and Lee Smith, both of whom continue to offer me accountability and grace. There have also been two wonderful PCCs during 2022, all of whom have provided guidance and leadership this past year. I am forever grateful to our staff team, to Tessa Poutiainen and Amy Vaughan, and Megan Sawyers, who continue to shape our youth engagement.
There were joys and challenges in 2022 as we continued to engage with our mission, purpose, and identity. The pandemic was extremely difficult to navigate, and our mission suffered in lockdowns, which has meant that this last year has been one of putting in new foundations for the work ahead. Some of our work has inevitably been stop-start, with schools work an example of how we take steps forward before being stopped in our tracks. However, we have continued to see new faces through Monday Club and grow as they integrate into other parts of the church. In the Summer, we took a large group to NewWine for the United conference, including a large group of young adults who have returned to the church this year. In the Autumn term, we had our first youth weekend away in three years and enjoyed a fruitful time with the young people accompanied by Ian MacDonald, the youth enabler from Oxford Diocese. During the past few months, we have embarked on new initiatives, including our Christmas events, which engaged many from outside the church.
Through our new pattern of Sunday worship, we continue to develop spaces where we form contact, nurture relationships, and encourage commitment and spiritual growth. Our multigenerational congregation has changed in the past twelve months, reflected in our worship gathering on Sundays.
I am so excited about the next year and what God will do as He builds on the foundation laid.
Chris
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Saint Laurence Church In Reading
Year Ended 31st December 2022
Trustee's Annual Report
TOWARDS YOUNG PEOPLE
We’ve made it through a full year without having COVID restrictions imposed on us and the work we do with young people, and what a year it’s been!
Monday Club has continued to grow - we’ve seen more friends of young people join us and become part of the family and some of those who were on the edge have now become an integral part of the community and involved in more than just Mondays.
A small group of our young people had their first youth experience of the New Wine UNITED festival in the summer and had encounters with God that have clearly changed them. They spent time bonding with each other, adults in the church community and with Jesus and it’s been beautiful to see them continue to love each other since then.
Those same young people who went to New Wine came back with renewed faith and a fire to make a difference in their church community. This resulted in our first youth takeover service which took place in September. These young people welcomed/led/prayed/preached/led worship/interviewed others and much more and it was incredibly inspiring to see a group of teenagers run a whole service together, share their excitement about how they had encountered God
We had our first Youth Weekend Away since before the pandemic began and it was a time of such joy and celebration. It was the first Youth Weekend Away that any of our current cohort of young people have been old enough to attend and some of those we took with us have only been part of Saint Laurence for a year or so. With the help of quite a number of Saint Laurence adults we spent the weekend worshipping, learning, being silly, eating, relationship building and praying with this group of young people. We saw God work in their hearts and gently open them up to more of what He has on offer for them. The lasting impact of which is evident in their continued engagement in the things the church has to offer and their willingness to opt in and be curious.
We have made connections with a few different organisations working with young people in Reading, particularly in schools. The fruit of this has been in our newly formed partnership with Soulscape, an organisation doing fantastic work with young people across Berkshire. We are now in the process of seeking a school and a space to begin a new chapter of engagement and investment with young people in secondary schools.
The young people took on the Carol Serv-ish this Christmas and pulled off a fantastic display of their gifts and skills as they served the church. They took responsibility for everything from welcoming, music, animated visual storytelling, readings, creative activities, prayers, refreshments. It was a huge success and we have each of them to thank.
It is our hope and prayer to see these spaces grow this year and weave those we know and those we have yet to meet into God’s family here at Saint Laurence.
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Saint Laurence Church In Reading
Year Ended 31st December 2022
Trustee's Annual Report
CHURCHWARDEN REPORT
Elected annually, the role of churchwarden is to represent the views of the unordained members of the church and to support the clergy. This takes various forms, including:
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a duty to you, the congregation, to be approachable and available, to discuss life at Saint Laurence and to listen to - and be a voice for - your concerns. You can always come and talk to us, confidentially, about anything that is on your mind about Saint Laurence.
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We also have a duty of care for Chris as ordained minister at Saint Laurence – to listen to his vision and direction for the church, to make sure he has enough time off and to ensure support and accountability for any matters that we as the members of the church may have concerns about.
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Our work as wardens is also about supporting the smooth running of the church - making sure everything is joined up, well managed, safe, legal and effective. In this context, churchwardens are expected to be financially responsible for the church, discuss any issues arising with the Bishop or the Archdeacon, have involvement with the management of the fabric of the church building, and through working with the PCC and those we delegate responsibility to (e.g. the Safeguarding Team) ensure appropriate policies and processes are in place.
In 2022 Saint Laurence, as other churches, has continued to regroup and seek God’s will as we look forward following the challenges of the past few years and the impact of the pandemic. Whilst challenges remain, particularly in the context of our specific mission with young people, 2022 has provided so many reasons for us to celebrate and be thankful to God in the workings of our church, relationships across the community and the spiritual lives of those in our community. These have included:
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welcoming Chris and his family into his first full year as the incumbent leader of our church community;
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the continued commitment of those within our community to prayer through each week within Morning Prayer;
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the faithful service to our church of those supporting Chris within the Services and Pastoral teams, Fabric Committee and the PCC;
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the blessing of a first post-pandemic youth weekend away - a stated key moment in the year and in the faith of so many of those young people who gathered at Oakwood;
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the gift of time away together for those in our community able to come to New Wine for either its entirety or even just a few hours, and;
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Saint Laurence Church In Reading
Year Ended 31st December 2022
Trustee's Annual Report
- the variety of established and new – possible future – traditions in how we as a church celebrated Christmas in the theme of ‘Love Come Down’ including opening our doors to over 100 passers-by to join us in an encounter with the Christmas story.
Through 2022, we as wardens have met monthly with Chris and Becky as a leadership team to discuss all sorts of different matters in the church in addition to attending PCC meetings. This has included a first away day at Douai Abbey in early January where we focused on a review of 2022 and priorities and actions for 2023, which Chris shared with the wider Saint Laurence community at Service 0 in February.
Our work has also included supporting Chris and Becky early in 2022 to ensure the refurb works at Mansfield Road progressed successfully in providing a fit for purpose home and place of rest for Chris and the Jones’. We have also continued to delegate responsibility for Safeguarding to the Safeguarding Team (comprising Chris and Naomi) and the PCC has once more reviewed and approved all the safeguarding policies and risk assessments in September 2022, which were subsequently shared with all on the Saint Laurence electoral roll. If you wish to receive them again, please do contact Naomi.
In addition, we have supported Chris and the PCC in Saint Laurence’s recruitment activity throughout this year including Saskia’s maternity cover, Megan’s new role as youth worker, and ongoing PCC discussions regarding the vacant Youth Work Lead role. We have also supported ongoing work to ensure our current policies are comprehensive and up to date. Beyond this we have had many conversations with those in the Saint Laurence community throughout the year to understand your views on church life, but we know we could do more to engage you. If you would like to share your thoughts or if you have ideas on how we could be more proactive in our engagement we’d love to talk to you.
We’d like to take this opportunity to thank Chris and Becky for their continued commitment to us as the Saint Laurence community and to you all for your support, commitment and service to our church throughout 2022.
We’re excited to discover all that lies in store through 2023 for God’s church here at Saint Laurence.
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Saint Laurence Church In Reading
Year Ended 31st December 2022
Trustee's Annual Report
TREASURER’S REPORT
2022 was a year for taking stock of Saint Laurence’s finances. With regular giving holding up throughout the year, albeit being less than in previous years, and a return, in part, to regular external bookings, the church has been able to deliver its mission within a budget set by the PCC.
The church’s greatest asset remains its very generous congregation, who continue to invest their time and money towards the mission of the church.
The church continues to look for a youth work leader following the departure of Leonie Fisher and to explore funding opportunities to make the role more attractive to potential applicants. The church has also employed Amy to replace Tessa in the important HR, Admin, and Ops role.
At the year-end, the total funds held by the church was £240,703 (an decrease of £4,468 from the previous year), which was made up of £90,462 restricted, £23,042 endowments and £127,200 unrestricted.
Investment Performance
The endowment funds are invested with the Investment Fund of the Central Board of Finance of the Church of England. Details on performance are outlined in Note 10 in the Notes to the Financial Statements.
DEANERY SYNOD
Reading Deanery Synod is made up of representatives from each of the Anglican churches in Reading. In 2022 Saint Laurence did not have a lay member of the Deanery Synod. There have been five meetings of the synod this last year, with a focus on finance and sharing resources in a challenging year. Our vicar attended most of the meeting, representing our church, mission, and interest at the synod.
THE CHURCH BUILDING
We continue to be grateful for the responsibility we have to steward the wonderful building of St Laurence. In 2022 the church underwent significant repair work to the roof. Replacing battons and a large paution of the roof tiles. The external and internal walls were repaired from water damage.
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Saint Laurence Church In Reading
Year Ended 31st December 2022
Trustee's Annual Report
RESERVES
The PCC of Saint Laurence holds a working reserve in the event of financial difficulty.
The church also continues to hold a sizable reserve with the Saint Laurence Church Lands Trust & St Laurence Ecclesiastical Charity continues to have over £150k (Dec 2021) allocated for the ongoing ministry of St Laurence. In 2014 the PCC decided that these funds should be utilised as a reserve fund. In light of these available resources, it is our policy to hold our Bequest investments with the CBF Church of England Investment Fund allowing them to determine how the money is best invested, keeping all other resources available in readily available and accessible commercial banking accounts.
ORGANISATIONAL STRUCTURE; RECRUITMENT, APPOINTMENT, AND INDUCTION OF NEW TRUSTEE
Saint Laurence Parochial Church Council (PCC) is a charity registered with the Charities Commission (registration number 1165174). The Parochial Church Council is a corporate body established by the Church of England.
The PCC operates under the Parochial Church Council Powers Measure.
The method of appointment of PCC members is set out in the Church Representation Rules. At Saint Laurence, the membership of the PCC consists of the clergy, churchwardens, and members elected by those members of the congregation who are on the electoral roll of the church. All those who regularly attend our services are encouraged to register on the Electoral Roll and stand for election to the PCC.
The PCC members are responsible for making decisions on all matters of general concern and importance to the parish including deciding on how the funds of the PCC are to be spent.
Trustee meetings were held eight times in the year, including the Annual General Meeting, supplemented by any extraordinary meetings as and when required.
RISK MANAGEMENT
The trustees acknowledge their responsibility to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
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Saint Laurence Church In Reading
Year Ended 31st December 2022
Trustee's Annual Report
Public Benefit
St Laurence Church In Reading gives due consideration to the Charity Commission’s published guidance on the Public Benefit requirement under the Charities Act 2011. Through the advancement of the Christian faith in the church benefits the public through the holding of worship services, prayer meetings, public celebration of Christian festivals, contributing to the spiritual and mental health of those who attend and contributing to the spiritual and moral education of children.
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Saint Laurence Church In Reading
Year Ended 31st December 2022
Trustee's Annual Report
Reference and Administrative Information
Trustees PCC members from September 2021 to April 2022
Clergy: The Reverend Christopher Jones (Associate Vicar) (Chair) (until November 2021) Ex Officio members: Incumbent: Chris Jones (from November 2021) Wardens: Naomi Brown
Wardens: Lee Smith
Elected members: Calum Macleod Herbie Sykes Ben Blackledge
Treasurer: Chris Holmes
Trustees PCC members from September 2022 to May 2023
Clergy: The Reverend Christopher Jones (Vicar) (Chair) Wardens: Naomi Brown Wardens: Lee Smith
Elected members: Calum Macleod Ben Blackledge Anne Lancaster Maria Versace
Treasurer: Chris Holmes
Approved by the Trustees of St Laurence Church In Reading
Name of Trustee: Chris Jones
Signed on behalf of the Trustees:
Date of approval: 24/05/2023
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St Laurence Church In Reading
Year Ended 31st December 2022
Independent Examiners Report
I report to the trustees on my examination of the financial statements of The Parochial Church Council Of The Parish Of St Laurence ('the charity') for the year ended 31 December 2022.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Nigel Wyatt BSC FCA Date: 24/05/2023 Independent Examiner 125 Main Street Garforth Leeds LS25 1AF
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St Laurence Church In Reading
Year Ended 31st December 2022
Statement of Financial Activities
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Endowment | Restricted | Total | Total | ||
| Funds | Funds | Funds | Funds | Funds | ||
| Note | £ | £ | £ | £ | £ | |
| Income | ||||||
| Donations and legacies | 89,985 | - | 25,973 | 115,958 | 207,213 | |
| Charitable activities | 1,340 | - | - | 1,340 | 551 | |
| Activities for generating income | 10,780 | - | - | 10,780 | 1,353 | |
| Investment Income | 64 | 570 | 1,694 | 2,328 | 2,276 | |
| Other Income | - | - | - | - | 16,198 | |
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| Total Income | 2 | 102,169 | 570 | 27,667 | 130,406 | 227,590 |
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| Expenditure | ||||||
| Expenditure on charitable activities | 3 | 90,328 | - | 26,398 | 116,726 | 194,454 |
| Governance Costs | 4 | 1,130 | - | 6,556 | 7,686 | 7,447 |
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| Total Expenditure | 91,458 | - | 32,954 | 124,412 | 201,901 | |
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| Net income / (expenditure) before gains/(loses) |
10,711 | 570 | (5,287) | 5,994 | 25,689 | |
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| Gain/(loss) on investment | 10 | - | (2,862) | (7,600) | (10,462) | 11,172 |
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| Net income / (expenditure) | 10,711 | (2,292) | (12,887) | (4,468) | 36,861 | |
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| Net income and net movement in | funds | |||||
| Total funds brought forward | 13 | 113,569 | 25,334 | 106,268 | 245,171 | 208,310 |
| Transfers | 13 | 2,920 | - | (2,920) | - | - |
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| Total funds carried forward | 13 | 127,200 | 23,042 | 90,461 | 240,703 | 245,171 |
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All income and expenditure derive from continuing activities.
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St Laurence Church In Reading
Year Ended 31st December 2022
Statement of Financial Position
| Statement of Financial Position | |||
|---|---|---|---|
| 2022 | 2021 | ||
| Note | £ | £ | |
| Fixed assets | |||
| Tangible Fixed Assets | 9 | 10,034 | - |
| Investments | 10 | 73,590 | 89,264 |
| Current assets | |||
| Debtors | 11 | 26,130 | 29,096 |
| Cash at bank and in hand | 132,299 | 128,072 | |
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| 158,429 | 157,168 | ||
| Creditors: amounts falling due within one year | 12 | 1,350 | 1,260 |
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| Net current assets | 157,079 | 155,908 | |
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| Total assets less current liabilities | 240,703 | 245,171 | |
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| Net assets | 14 | 240,703 | 245,171 |
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| Funds of the charity | |||
| Restricted funds | 90,462 | 106,268 | |
| Endowment funds | 13 | 23,042 | 25,334 |
| Unrestricted funds | 127,200 | 113,569 | |
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| Total charity funds | 240,703 | 245,171 | |
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Directors Responsibilities
These financial statements were approved by the board of trustees and authorised for issue :
Chris Jones Name of Trustee: ─────────────────────────────────────────────────── Signed on behalf of the Trustees: ─────────────────────────────────────────────────── 24/05/2023 Date of approval: ───────────────────────────────────────────────────
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St Laurence Church In Reading
Year Ended 31st December 2022
Notes to the Financial Statements
Basis of Preparation
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities Financial Reporting Standards applicable in the UK and Republic of Ireland (Charities SORP 2019 FRS 102) and the Charities Act 2011.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Fund Accounting
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have set aside resources for a specific purpose.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or the term of specific appeal, often know as a ‘special offering’ in the church.
Further explanation of the nature and purpose of each fund is included in the notes to the accounts.
Incoming Resources
All incoming resources are recognised once the charity has entitlement to the resources, it is probable that the resources will be received, and the monetary value of incoming resources can be measured with sufficient reliability.
• All voluntary income from members of the church are recognised as donations and are included in full, with associated Gift Aid receivable in the Statement of Financial Activities.
• Grants where entitlement is not conditional on the delivery of specific performance by the charity are recognised when the charity becomes unconditionally entitled to the grant.
• Income resources from charitable trading activities such as the letting of the building are accounted for when invoices are drawn up (as the point of entitlement).
• Donated services and facilities are included at the value to the charity where this can be quantified.
• Gifts in Kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised.
• Volunteer time, the value of voluntary support for the work of the church is not included in the accounts but is described in the Trustees annual report.
• Investment Income is included in the accounts when receivable.
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St Laurence Church In Reading
Year Ended 31st December 2022
Notes to the Financial Statements
Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out the resources and the amount of the obligation can be measured with reasonable certainty.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees' meetings and cost of any legal advice to trustees on governance or constitutional matters.
Liability Recognition
Abilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Tangible fixed assets
All assets costing more than £750 are capitalised and at historic cost. Fixed assets are stated at cost less accumulated depreciation. Depreciation is charged on furniture and equipment which is written off on a straight-line basis over time estimated useful live of the asset.
Fixtures Fittings and Equipment Between 3 and 5 years
Pensions
The charity operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.
Operating Leases
Rental charges payable under operating leases are charged on a straight line basis over the terms of the lease.
Taxation
The charity is exempt from tax on its charitable activities.
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St Laurence Church In Reading
Year Ended 31st December 2022
Notes to the Financial Statements
2 Analysis of Income
| Analysis of Income | ||||
|---|---|---|---|---|
| Unrestricted | Endowment | Restricted | Total Funds |
|
| Funds | Funds | Funds | 2022 | |
| £ | £ | £ | £ | |
| Donations and legacies | ||||
| Donations | 74,179 | - | - | 74,179 |
| Gift Aid | 15,806 | - | - | 15,806 |
| Donated Goods and Services | - | - | - | - |
| Grants | - | - | 25,973 | 25,973 |
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| 89,985 | - | 25,973 | 115,958 | |
| Charitable activities | ||||
| Church Activity Contributions | 1,340 | - | - | 1,340 |
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| 1,340 | - | - | 1,340 | |
| Activities for generating income | ||||
| Building Lettings | 10,780 | - | - | 10,780 |
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| 10,780 | - | - | 10,780 | |
| Investment Income | ||||
| Investment Portfolio Income | - | 552 | 1,694 | 2,246 |
| Bank Interest | 64 | 18 | - | 82 |
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| 64 | 570 | 1,694 | 2,328 | |
| Other Income | ||||
| Reimbursed Expenses | - | - | - | - |
| Insurance Claims | - | - | - | - |
| Refunds | - | - | - | - |
| VAT Repayment (listed places of worship) | - | - | - | - |
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| - | - | - | - | |
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| Total Income | 102,169 | 570 | 27,667 | 130,406 |
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St Laurence Church In Reading
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Notes to the Financial Statements
2 Analysis of Income (Continued)
| Analysis of Income(Continued) | ||||
|---|---|---|---|---|
| Unrestricted | Endowment | Restricted | Total Funds |
|
| Funds | Funds | Funds | 2021 | |
| £ | £ | £ | £ | |
| Donations and legacies | ||||
| Donations | 83,420 | - | 50 | 83,470 |
| Gift Aid | 17,279 | - | - | 17,279 |
| Donated Goods and Services | - | - | - | - |
| Grants | 18,142 | - | 88,322 | 106,464 |
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| 118,841 | - | 88,372 | 207,213 | |
| Charitable activities | ||||
| Church Activity Contributions | 551 | - | - | 551 |
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| 551 | - | - | 551 | |
| Activities for generating income | ||||
| Building Lettings | 1,353 | - | - | 1,353 |
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| 1,353 | - | - | 1,353 | |
| Investment Income | ||||
| Investment Portfolio Income | - | 609 | 1,638 | 2,248 |
| Bank Interest | 10 | 18 | - | 28 |
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| 561 | - | 1,627 | 2,276 | |
| Other Income | ||||
| Reimbursed Expenses | 2,304 | - | - | 2,304 |
| Insurance Claims | 2,972 | - | - | 2,972 |
| Refunds | - | - | - | - |
| VAT Repayment (listed places of worship) | 10,922 | - | - | 10,922 |
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|
| 16,198 | - | - | 16,198 | |
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|
| Total Income | 137,504 | - | 89,998 | 227,590 |
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19
St Laurence Church In Reading
Year Ended 31st December 2022
Notes to the Financial Statements
3 Expenditure on charitable activities by fund type
| Unrestricted | Endowment | Restricted | Total Funds |
|
|---|---|---|---|---|
| Funds | Funds | Funds | 2022 | |
| £ | £ | £ | £ | |
| Administrative Office & Support Costs | 8,183 | - | 2,018 | 10,201 |
| Building Maintenance and Running Costs | 17,264 | - | 20,834 | 38,098 |
| Church Activities | 8,045 | - | 968 | 9,013 |
| Outreach Activities | - | - | - | - |
| Staffing Employment Costs | 45,107 | - | 2,578 | 47,685 |
| Staffing Expenses | 3,441 | - | - | 3,441 |
| Youth and Children's Work Activities | 8,288 | - | - | 8,288 |
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|
| 90,328 | - | 26,398 | 116,726 | |
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In the previous year the parish share due to be paid to the Diocese of Oxford was not required to be due to the fact that the share had been paid for by the St Laurence Ecclesiastical Charities. This was the case in 2022 bar one top up payment made towards the end of the year to bring the overall parish share allocation up to 100%.
| Unrestricted | Endowment | Restricted | Total Funds |
|
|---|---|---|---|---|
| Funds | Funds | Funds | 2021 | |
| £ | £ | £ | £ | |
| Administrative Office & Support Costs | 5,860 | - | 1,623 | 7,483 |
| Building Maintenance and Running Costs | 1,703 | - | 88,605 | 90,309 |
| Church Activities | 3,320 | - | - | 3,320 |
| Outreach Activities | 5 | - | - | 5 |
| Staffing Employment Costs | 81,413 | - | 5,322 | 86,735 |
| Staffing Expenses | 4,343 | - | 1,062 | 5,405 |
| Youth and Children's Work Activities | 1,196 | - | - | 1,196 |
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|
| 97,842 | - | 96,612 | 194,454 | |
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20
St Laurence Church In Reading
Year Ended 31st December 2022
Notes to the Financial Statements
4 Governance Costs
| Governance Costs | ||||
|---|---|---|---|---|
| Unrestricted | Endowment | Restricted | Total Funds |
|
| Funds | Funds | Funds | 2022 | |
| £ | £ | £ | £ | |
| Insurance Costs | - | - | 6,556 | 6,556 |
| Legal & Professional Fees | 1,130 | - | - | 1,130 |
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|
| 1,130 | - | 6,556 | 7,686 | |
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|
| Unrestricted | Endowment | Restricted | Total Funds |
|
| Funds | Funds | Funds | 2021 | |
| £ | £ | £ | £ | |
| Insurance Costs | - | - | 6,182 | 6,182 |
| Legal & Professional Fees | 1,265 | - | - | 1,265 |
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|
| 1,265 | - | 6,182 | 7,447 | |
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5 Volunteers
The church benefits greatly from the voluntary contributions of time and money by its formal members and regular attendees. Please refer to the trustee's report for further detail about volunteer contributions in the organisation.
6 Independent examination fees
Fees payable to the independent examiner for:
| Independent examination fees Fees payable to the independent examiner for: |
||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Independent examination and preparation of the financial statements |
1,350 | 1,260 |
21
St Laurence Church In Reading
Year Ended 31st December 2022
Notes to the Financial Statements
7 Staff costs
| Staff costs | Staff costs | |
|---|---|---|
| The total staff costs and employee benefits for the reporting period are analysed | as follows: | |
| 2022 | 2021 | |
| £ |
£ | |
| Wages and salaries | 47,974 | 73,758 |
| Social security costs | - | 1,532 |
| Employer contributions to pension plans | 1,754 | 11,446 |
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|
| 49,728 | 86,735 | |
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The average head count of employees during the year was as follows:
| 2022 | 2021 | |
|---|---|---|
| Average Head Count | 3 | 4 |
No employee received employee benefits of more than £60,000 during the year.
Key Management Personnel
The charity considers its key management personnel to be the Vicar. The total employee benefits received by key management were as follows:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Key management personnel employee benefit | - | 35,397 |
The Common Fund of the Oxford Diocese meets the stipend and other employment costs of the Vicar of Saint Laurence Church In Reading and provides his housing. During 2021 the PPC directly paid for the salary costs of the Associate Vicar.
8 Trustee remuneration and expenses
The trustees did not receive any remuneration for their service as trustees. The charity did however employ one trustee and made salary payments in the prior year (2021: 1 trustee, £23,741) for the administration of the charity. This did not take place in 2022 due to C Jones being the Vicar and not the associate Vicar for the full financial year, with the Diocese of Oxford covering these costs.
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| C Jones | - | 23,741 |
During the year 2 (2021: 4) trustees incurred out of pocked expenses totalling £17,784 which were all incurred for the day to day running of the charity's activities and the renovation work completed at Mansfield Road (2021: £1,193). The types of expenditure include travel costs, mobile phone costs and other charitable activity expenditure.
During the year the total aggregated donations made to the charity by the trustee's during the year was £12,906 (2021: £12,013).
22
St Laurence Church In Reading
Year Ended 31st December 2022
Notes to the Financial Statements
| **9 ** | Tangible Fixed Assets | ||
|---|---|---|---|
| Fixtures and | |||
| Fittings | Total | ||
| £ | £ | ||
| Cost as at 1st January 2022 | - | - | |
| Additions | 13,379 | 13,379 | |
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||
| Cost as at 31st December 2022 | 13,379 | 13,379 | |
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||
| Depreciation as at 1st January 2022 | - | - | |
| Depreciation Charge | 3,345 | 3,345 | |
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||
| Depreciation as at 31st December 2022 | 3,345 | 3,345 | |
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||
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||
| Net Book Value as at 31st December 2022 | 10,034 | 10,034 | |
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||
| Net Book Value as at 31st December 2021 | - | - |
23
St Laurence Church In Reading
Year Ended 31st December 2022
Notes to the Financial Statements
10 Investments held as fixed assets
| 2022 | 2021 | |||
|---|---|---|---|---|
| £ | £ | |||
| Investment portfolio valuation | 73,590 | 89,264 | ||
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|||
| 73,590 | 89,264 | |||
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|||
| 2022 | 2021 | |||
| £ | £ | |||
| Market value brought forward | 89,264 | 78,092 | ||
| Disposal | (5,212) | - | ||
| Unrealised gain / (loss) | (9,819) | 11,172 | ||
| Realised gain / (loss) | (643) | - | ||
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|||
| Market value carried forward | 73,590 | 89,264 | ||
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|||
| Unrestricted | Endowment | Restricted | ||
| Funds | Funds | Funds | 2022 | |
| £ | £ | £ | £ | |
| Disposal | - | (5,212) | - | (5,212) |
| Unrealised gain / (loss) | - | (2,219) | (7,600) | (9,819) |
| Realised gain / (loss) | - | (643) | - | (643) |
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|
| - | (8,074) | (7,600) | (15,674) | |
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|
| Unrestricted | Endowment | Restricted | ||
| Funds | Funds | Funds | 2021 | |
| £ | £ | £ | £ | |
| Disposal | - | - | - | - |
| Unrealised gain / (loss) | - | 1,391 | 3,633 | 5,024 |
| Realised gain / (loss) | - | - | - | - |
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|
| - | 1,391 | 3,633 | 5,024 | |
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24
St Laurence Church In Reading
Year Ended 31st December 2022
Notes to the Financial Statements
11 Debtors
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Trade Debtors | 1,816 | - | |
| Accrued Income | 24,314 | 29,096 | |
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||
| 26,130 | 29,096 | ||
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||
| **12 ** | Creditors: amounts falling due within one year | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Accruals | 1,350 | 1,260 | |
| Trade Creditors | - | - | |
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||
| 1,350 | 1,260 | ||
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25
St Laurence Church In Reading
Year Ended 31st December 2022
Notes to the Financial Statements
13 Analysis of Charitable Funds
| 1 Jan 2022 | Income | Expenditure | Gains/Loses | Transfers 31 Dec 2022 | Transfers 31 Dec 2022 | |
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | £ | |
| Unrestricted Funds | ||||||
| Unrestricted | ||||||
| General funds | 113,569 | 102,169 | (91,458) | - | (15,080) | 109,200 |
| Designated | ||||||
| Refurbishment | ||||||
| - | - | - | - | - | - | |
| Sinking Fund | ||||||
| Reserves | - | - | - | - | 18,000 | 18,000 |
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|
| Total | 113,569 | 102,169 | (91,458) | - | 2,920 | 127,200 |
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|
| Endowment Funds | ||||||
| Flook Bequest | 6,021 | 76 | - | (643) | - | 5,454 |
| Russell Bequest | 702 | 18 | - | (83) | - | 637 |
| Burton Bequest | 18,611 | 476 | - | (2,136) | - | 16,951 |
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|
| Total | 25,334 | 570 | - | (2,862) | - | 23,042 |
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|
| Restricted Funds | ||||||
| Francis Bequest - Stipend |
67,514 | - | - | (7,600) | - | 59,914 |
| Francis Bequest - Music & Worship |
1,266 | 1,694 | (2,018) | - | - | 942 |
| Relief in Need Trust | 2,639 | - | (968) | - | - | 1,671 |
| Chapel Reordering | ||||||
| (previously Organ | 27,935 | - | - | - | - | 27,935 |
| Appeal) | ||||||
| Maintenance & | ||||||
| Building | 6,915 | 23,395 | (27,390) | - | (2,920) | - |
| (Ecclesiastical) | ||||||
| Youth Grant | - | 2,578 | (2,578) | - | - | - |
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|
| Total | 106,269 | 27,667 | (32,954) | (7,600) | (2,920) | 90,462 |
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|
| Total Funds | ||||||
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|
| Total | 245,172 | 130,406 | (124,412) | (10,462) | - | 240,704 |
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26
St Laurence Church In Reading
Year Ended 31st December 2022
Notes to the Financial Statements
| 1 Jan 2021 | Income | Expenditure | Gains/Loses | Transfers 31 Dec 2021 | Transfers 31 Dec 2021 | |
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | £ | |
| Unrestricted Funds | ||||||
| Unrestricted | ||||||
| General funds | 84,739 | 122,753 | (99,107) | - | 5,183 | 113,569 |
| Designated | ||||||
| Refurbishment Sinking Fund |
5,183 | - | - | - | (5,183) | - |
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|
| Total | 89,922 | 122,753 | (99,107) | - | - | 113,569 |
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|
| Endowment Funds | ||||||
| Flook Bequest | 5,122 | 149 | - | 733 | - | 6,003 |
| Russell Bequest | 614 | 18 | - | 88 | - | 720 |
| Burton Bequest | 15,879 | 461 | - | 2,271 | - | 18,611 |
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|
| Total | 21,615 | 627 | - | 3,092 | - | 25,334 |
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|
| Restricted Funds | ||||||
| Francis Bequest - Stipend |
59,434 | - | - | 8,080 | - | 67,514 |
| Francis Bequest - Music & Worship |
1,251 | 1,638 | (1,623) | - | - | 1,266 |
| Relief in Need Trust | (312) | 3,050 | (99) | - | - | 2,639 |
| Chapel Reordering | ||||||
| (previously Organ | 27,935 | - | - | - | - | 27,935 |
| Appeal) | ||||||
| Restricted Gifts | 963 | - | (963) | - | - | - |
| Maintenance & | ||||||
| Building | 7,502 | 94,200 | (94,787) | - | - | 6,915 |
| (Ecclesiastical) | ||||||
| Youth Grant | - | 5,322 | (5,322) | - | - | - |
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|
| Total | 96,773 | 104,210 | (102,794) | 8,080 | - | 106,268 |
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|
| Total Funds | ||||||
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|
| Total | 208,310 | 227,590 | (201,901) | 11,172 | - | 245,171 |
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27
St Laurence Church In Reading
Year Ended 31st December 2022
Notes to the Financial Statements
Fund Transfers 2022
Reserves
During the year the trustees agreed to set aside £18,000 for a new designated general reserve fund for the Church.
Fund Transfers 2021
Refurbishment Sinking Fund
Fund transfer to the Maintenance & Building restricted fund to cover the costs of building repair work.
Maintenance & Building (Ecclesiastical)
Fund transfer from the general and Refurbishment Sinking Fund to cover the costs of building repair work.
Fund Descriptions
Designated Funds
Refurbishment Sinking Fund
The "Refurbishment Sinking Fund", was a designated fund established towards the end of 201 3 in preparation for potential future costs associated with the upkeep and maintenance of the Vicarage / Parsonage occupied by St Laurence incumbent and curate.
Reserves
A fund established by the trustees as a contigency and future development fund for the Church.
Endowment Funds
The endowment funds are invested with the Investment Fund of the Central Board of Finance of the Church of England and annual income is credited to the General Fund.
Restricted Funds
Francis Bequest - Music & Worship
The "Francis Bequest" fund is a restricted fund for the provision of church music at St Laurence, Reading.
Chapel Reordering
The PCC Mission Fund was formally known as the "Organ Appeal Fund". This is a historic fund towards the maintenance and care of the Organ at St Laurence, Reading. The organ's present condition is such that it would take funding significantly higher than the fund available to bring it back into working use, therefore this was renamed in 2015.
Maintenance & Building (Ecclesiastical)
Funds for the maintenance, servicing and repair costs of the church building.
Youth Grant
Grant received for the provision of employed youth and children's work.
28
St Laurence Church In Reading
Year Ended 31st December 2022
Notes to the Financial Statements
14 Analysis of net assets between funds
| Unrestricted | Endowment | Restricted | Total Funds |
|
|---|---|---|---|---|
| Funds | Funds | Funds | 2022 | |
| £ | £ | £ | £ | |
| Fixed Assets | - | 23,042 | 50,548 | 73,590 |
| Current Assets | 118,515 | - | 39,914 | 158,429 |
| Creditors less than 1 year | (1,350) | - | - | (1,350) |
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|
| 117,165 | 23,042 | 90,462 | 230,669 | |
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|
| Unrestricted | Endowment | Restricted | Total Funds |
|
| Funds | Funds | Funds | 2021 | |
| £ | £ | £ | £ | |
| Fixed Assets | - | 25,334 | 63,929 | 89,264 |
| Current Assets | 129,029 | - | 28,139 | 157,168 |
| Creditors less than 1 year | (1,260) | - | - | (1,260) |
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|
| 127,769 | 25,334 | 92,068 | 245,171 | |
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15 Consecrated land and buildings and other church property
The PCC has the use of property in Friar Street, Reading together with benefice property (clergy accommodation) which is excluded from the accounts by virtue of s.10(2) of the Charities Act 2011. Movable church furnishings held by the Vicar and Churchwardens on special trust for the PCC and which require a faculty for disposal are capitalised where appropriate and allocated to the appropriate fixed asset category. The church halls and certain clergy accommodation are held in trust by the Oxford Diocesan Fund on behalf of the PCC. These properties are essential for the mission of the church and have been in use for many years. Accordingly, they have not been capitalised as there is insufficient cost information and their depreciated cost is unlikely to be material. All expenditure on consecrated or benefice buildings is written off in the year of expenditure.
16 Related party transactions
During the year St Laurence Church In Reading received income by the way of grants of £18,448 from a related charity called Relief in Need Trust. Due to mutual a number of trusteeship's between St Laurence and Relief in Need the two organisations are related parties. At the year end £1,248 was included with debtors at the year end.
29