ST. MARGARET OF ANTIOCH CHURCH ST. MARGARET'S -AT- CLIFFE
Registered Charity No: 1166921
ANNUAL REPORT AND FINANCIAL STATEMENTS
OF THE PAROCHIAL CHURCH COUNCIL
FOR THE YEAR ENDED 31st DECEMBER 2023
INDEX
Pages 1 - 5 Annual Report for 2023 Page 6 Independent Examiner's Report. Page 7. General Fund Receipts & Payments Account Page 8-9 Restricted Funds Receipts & Payments Account Endowment Fund Receipts & Payments Account. Statement of Assets & Liabilities Page 10 Summary of Total Receipts & Payments Page 11 -12 Notes to the Financial Statements.
Incumbent (Appointed 17 March 2021) (Retired 5th April 2023)
Reverend Karen Reeves The Vicarage Sea Street St. Margaret's at Cliffe Dover. Kent CT15 6AR
Bankers
CAF Bank
Investment Managers
F&C Fund Management Ltd Chelmsford CM99 2XH
Independent Examiner
Stuart Jaenickes Merzenich, Station Road St. Margarets at Cliffe Dover Kent CT15 6JJ
CCLA 80 Cheapside. London EC2V 6DZ
ST. MARGARET OF ANTIOCH CHURCH ST. MARGARET'S -AT- CLIFFE Registered Charity No: 1166921 ANNUAL REPORT FOR THE YEAR 2023
ADMINISTRATION INFORMATION.
The Church of St. Margaret of Antioch is situated in High Street, St. Margaret's at Cliffe in the Dover Deanery and within the Canterbury Diocese.
The correspondence address is; St. Margaret of Antioch Church, High Street, St. Margaret's at Cliffe, Dover CT15 6AU.
PCC members are either ex-officio or elected at the Annual Parochial Church Meeting according to Church Representation Rules. During the year, the following served as PCC members: Incumbent: The Reverend Karen Reeves , on long term sick leave from 6th October and retired on 5th April 2023. Churchwardens: Vivienne Verren, Anna Newton Honorary Secretary: Elected Members: Linda Carter (Joint Treasurer), Pam Williams, Allan Greenwood; James Archer; Barbara Wells Joint Treasurer Beata Bailey (not a PCC member) Benefice Admin Simon Creed (from 1st May 2022) PCC Secretary from June 2022
STRUCTURE, GOVERNANCE & MANAGEMENT.
The PCC became a registered charity on 4 May 2016.
The method of appointing PCC members is set out in the Church Representation Rules. All regular Church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC. The sub-committees, instituted in 1999, are directly accountable to the PCC and report to that body at PCC Meetings and with the circulation of minutes etc. where appropriate. The insurance cover is reviewed on an annual basis and includes indemnity cover for all PCC members as Trustees.
The Church's Health & Safety Manual introduced in 2005 is also reviewed annually. We comply with the Church of England Safeguarding Policy. There is in place a Child Protection Policy. Diocesan advice has been followed and there is a Benefice Discloure Officer and a Benfice SafeGuarding Officer. Statutory checks have been, and continue to be made for all Church personnel who may be in regular contact with children and vulnerable adults. They also attend courses. This policy is subject to annual review and updated to comply with regulations. The Diocese is consulted for advice. An annual review is also undertaken of any actions which may be needed to meet the requirements of Disabled Discrimination legislation and Equalities legislation.
AIMS, OBJECTIVES & ACTIVITIES.
The St. Margaret's PCC has the responsibility of co-operating with the Incumbent in promoting within the ecclesiastical parish, and the St. Margaret's Benefice, the whole mission of the Church, pastoral, evangelical, social and ecumenical.
The PCC is committed to enabling as many people as possible to worship at our church and the three other churches within the St. Margaret's Benefice. The PCC maintains a wide overview of worship throughout the parish with a variety of different types of service and non church-based activity. When planning church services and activities, the PCC considers the Charity Commission guidance on public benefit. This extends to both social activity and access to the Church for the wider community who share a specific interest in the unique architecture of this fine Norman church. The PCC is also responsible for the maintenance of the church fabric as a historic monument and as a worshipping church.
Page 1
Annual Report for the Year 2023 (Continued)
ACHIEVEMENTS & PERFORMANCE . Electoral Roll. There were 84 (86 in 2022) parishioners on the Church Electoral Roll, 3 of whom are not resident within the Parish. Church Attendance. The average weekly attendance was 43, up from 36 in 2022. This number does not include a higher level of attendances at festivals and other special services. Church attendances at major festivals, i.e. Harvest, Remembrance, Christmas, Mothering Sunday and Easter Sunday, in particular, continue to suggest that the latent Christian beliefs within the local area are still very much alive and well. Commemorative services are also well attended.
REVIEW OF THE YEAR
a. The PCC . The PCC met 5 times during the year with an APCM in April 2023. The practice of holding combined PCC meetings with the other churches continued in the form of the Focus Group. b. The Church & Families . The Saturday Service continued throughout 2023, adding on an extra hour for a anyone who wishes to drop in for a coffee and a chat. We continue to be supported by a core group of families but need more effective outreach to be sustainable beyond 2024. We greatly value the relationships we have and it is a joy to watch the youngsters grow and develop as little people in faith. Barbara Wells, Doreen and Rodney Stone are instrumental in their support of the Saturday Service and now the Saturday Social. We now have extremely successful Family Services courtesy of Anna Newton, with often the highest attendance in a regular month, with the widest demographic. We believe all ages should be welcome and feel comfortable attending any service.
c. Church Fabric & Finance. Following the removal of the mast in November 2022 work continued on the tower in spring 2023 when the temporary weather proofing was removed and the replacement of the roof structure took place. The repairs to the flint walls and replacing louvre windows were also done. Whilst scaffolding was in place, we took the opportunity to repair the church clock so that it now functions again. We received a grant to cover the initial assessment of the clock. The Friends of St. Margarets gave a grant of £10,000 for which we are very grateful. Our Architect Katherine Rutherford continued to be in attendance throughout the work with structural engineers Adrian Cox Associates. The building has been registered as 'AT RISK' by Historic England, which has meant that we had no option but to carry out these works or risk being closed for safety reasons. The PCC accepted at the outset that this would be very challenging financially. After the reclaim of VAT and grants towards the clock works the cost of the tower work in 2023 works done over the last 2 years has been £309,936. Our Curfew Land Trust made a further grant of £30,000in 2023 which was judged to be the maximum affordable for the Trust. Our investments with Columbia Threadneedle were in two funds. Due to rapidly falling bank balances the PCC voted to sell the smaller fund in February 2023, raising £46,816. By July very substantial invoices were coming in due to the major work of the roof replacement itself. These were due for payment and therefore the PCC voted to sell the remaining Fund. This raised £118,583. As well as the work itself the PCC has had to pay for the continuing rental of the scaffold. EE have not to date made any contribution to costs.
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Page 2
Annual Report for the Year 2023 (Continued)
Their offer was not even sufficient to cover the initial cost of erecting the scaffolding (done to their specification) That offer was rejected and we are now engaged in legal action, supported by the Diocese. The Diocese are paying Solicitors for us, and we are a test case for this action. Many other churches have suffered damage. By September we were receiving the last of the invoices but our finances were becoming exhausted. An emergency finance meeting looked at the pressures and the Church Wardens (who have worked very hard to manage all this) agreed that we had reached our limits. At the PCC meeting, the PCC voted to suspend payment of the Parish Share. We have never been in this situation before and had not expected to be, however the reality is that the income currently received is only sufficient to pay for day- to-day costs (keeping the doors open!). The Parish Share pays for vicar’s wages, pensions, payroll costs and religious and administrative assistance from the Diocese of Canterbury. The Diocese have been very understanding and we shall be able to advertise for a new Incumbent. Our only reserve now is the Geraldine Parkes Fund. This is severely restricted to outreach work and cannot be used to run the church. We do need to increase our income. With growing church attendance, we are in a better situation than many, but we are still far short of where we need to be. We are very grateful for all the fundraising and donations that we have received in 2023. The Quinquennial Survey did not take place in 2023 and is now expected to take place on 8th May 2024.
d. Church Services. We are incredibly fortunate in the Benefice to have a team of 3 Readers and 5 retired clergy to assist in providing services whilst our Incumbent was sick, and subsequently retired. Along with Churchwardens and others authorised in their parishes they meet regularly to ensure a range of services are provided to all four churches.
e. Music . Emma Ainsley, Director of Music and organist, has been fundamental in giving our services heart and soul. We all acknowledge how much we enjoy the music in church, and are also supported by an increasing number of choristers. We were delighted to welcome Caritas Choir to join us for some services and concerts. We hope these are first of many future musical events.
f. Links with the Wider Community . We have been looking for ways to build on our existing communications with the wider community. The Parish News remains an effective tool and its circulation is buoyant. Working with the other churches in the Benefice, we have created a Benefice Facebook account to be the 'official' voice of church communications on the local community pages, and engagement is increasing. The website remains a well-used central port of call for wider information and event details. St. Margaret's Nursery joined with the Primary School Reception Class to celebrate Easter, Harvest and Christmas with us, and the rest of the Primary school. We had 190 attend the Caritas concert and over 200 for our Christmas Eve Cribside Service, which gives us confidence that we can develop our relationship with the community with appropriate and relevant events. Our substantial choir, shepherded by Dr Emma Ainsley, made a considerable contribution to the quality of our worship and events and were honoured to sing evensong at Rochester Cathedral just after Christmas (January 2024) Considering needs to be met, St. Margarets Dementia Café, sponsored by St. Margarets PCC, grew from strength to strength. It is an incredible community asset, valued by carers and volunteers alike. Many people in our community are members of wider community groups, and it is through this organic living-out of our Christian lives that we broaden the faith conversation.
Page 3
Annual Report for the Year 2023 (Continued)
Martin and Lorna Hunt built their Churchyard Green Gang up to a regular half a dozen over the year, and continued with their fantastic work caring for, and improving the environment around the church, in proper working partnership with Dover District Council. The August Open Volunteer Day was highly successful and we will repeat it. A new litter bin was added by the Kissing Gate and the
instances of littering have greatly reduced.
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FINANCIAL REVIEW The total receipts and payments on the General Fund are detailed on page 7, and of the Restricted and Designated Funds on pages 8-9. The finances of the PCC are managed by the Fabric and Finance Committee and a report is presented to each PCC meeting showing performance against budget. The PCC now also receive a monthly update on bank balances. The performance of investment funds is also monitored. Due to the movement of funds from Contingency to the General Fund the General Fund was not in deficit at the year end. The PCC took great care to ensure that this outcome was achieved throughout the year. The number of Restricted Funds has been reduced where possible giving a clearer picture of the financial situation. Apart from £23,408 held in reserve (on deposit) for absolute emergencies the sum of £36,635 held in the bank account is all that we have to cover all running costs. The Fabric and Contingency Funds have all been used to cover the cost of Tower Repairs. The Roy Hayward Fund is now a small Restricted Fund which is being used solely for churchyard works. The Geraldine Parkes Fund is restricted for Outreach work and helps to support the Dementia Café amongst other works. Parish Share ceased to be paid in September 2023. Last payment August 2023. The amount in the main bank account should be sufficient to cover us for 12 months at normal budgeted costs but we have no fall back for any large unexpected costs. There will always be some maintenance costs to prevent further deteriorations of the building but our budget will only cover the absolute essentials such as lightning conductor and gutters. The decision to suspend payment of the Parish Share was not taken lightly, but without that choice we could have been in a position of not being able to pay day to day costs early in 2024. RESERVES POLICY
It has always been the policy of the PCC to maintain a modest balance in the General Fund to cover current expenses. In the current situation we have only been able to leave a very small sum on deposit as repairing the tower and keeping the church open has been the priority. Should we receive a settlement from EE the situation will be reviewed. The PCC are aware that there is likely to be a need for further work as and when the church building fully dries out .
INVESTMENT POLICY & POWERS
It is the policy of the PCC to invest reserves in a spread between deposit and ethical equity investment funds. The PCC has the power to make investments as it thinks fit and the decision is made by the whole PCC. The major risks to which the PCC, as a charity, is exposed, as identified by the PCC, have been reviewed and systems are in place to mitigate these risks. The systems and procedures attached to Safeguarding and Health & Safety are reviewed at each PCC meeting. An annual review is also taken with Insurers to amend levels of cover as necessary. DBS checks are now undertaken by all persons within the remit.
Page 4
Annual Report for the Year 2023 (Contlnued) ACCOUIfflNG & REPORTIMG RESPoN81uTIES ststement of Trustees Re5pon5ibilities: Charity law requires the Trustees to prepare financial statements for each financial year which show a true and fair view of the stste of affairs of the charity and its financial activities for the penod. In preparing those ststements the Trustees are required to: select suitsble accounting policies and then apply them consistently; obserrfe the methods and principles in the Charities SORP 2015 {FRS 102) make judgements and estimates that are reasonable and pwdent: state whether applicable accounting 5tsndard5 and ststements of recornmended prartlce have been followed. subject to any departures disclosed and explained in the financial statements: and prepare financial ststements on a going concern basis unless it is inappropriate to presume that the charity will continue its operational existence The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the chanty and enable them to ensure that the financl•l ststements cornply with the Charities Act 2011 the Charity (Accounts & Reports) Regulations 2011 and the provisions of the Church Accounting RequlatioTrs. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detectK)n of fraud and other irregularities. Approved by the PCC on 23rd A)rfl 202 na Newton ityvlce thalr thurthwarden
ST. PA4RGAREfs -AT. CUFFE I report on the financial ststements ofthe PCC for the •r ended 31st Oecryrtv 2013 4r¢ set out on pages 7-12 . The PCC member5, as chartty trustees. are respmsible for the prep•r¥tKm dthe f•4yr41 The Charity trustees consider that the audit is not required for this wthr sectts) 14qJ Charltles Act 2011 (The 2011 Act'l and that an independent ex•rnw & Mede It Is my responslbllity to: examlne the financlal statements under sertion 145 2011 kt to follow the procedures laid down In the General trrf the Ch•rlty Commissloner5 under sectlon14515l Ibl of the 2011 Chuth kcountiry Regulatlons 2011. to stste whether prtkuhr matters have come to my •ttention. asl$ of th15 ReporL My examlnatlon was carrled out In 4¢c(Yd•nce wh the Genernl Dlrection5 Wen the Charlty ComrnIssk and the iuklanc• Issued by the Flnance DI¥1 olthe Arthbtshop's c(n comparlson of the financlal Statents wrth th¢>se •ccgxwitry •lso irKludes any unusual items or disclosures in the finan¢ial Statents and seekry expknnat from you •$ trustees eonceming any such matters. The prttedures undertaken do nL provlde all the evbdence that would be requlred In an audlt, and consequtntly no opinion as to whether the financial statements present a Irue and hlrvlew" •nd the report is limfted to those mattèrs s•t ¢)ut In the ststeffent below. In connertlon wlth my ex•mlnatlon. no m•tter has come to my attention: l. which give me reasonable cause to belleve that in any Material respect the requirements - to keep accountini records In accordance with Section 130 of the 2011 Act. and - to prepare fln•nclal ststements which accord with the accounting records and COMP wlth the requlrements of the 2011 Art have not been met: or 2. to whlch, In my oplnion. attention should be drnwn In orderto enable • proper understsndlng of the financial statements to be reached. Sjaenlckes Merzenlch. Station Road st. Maryaret's at aiffe. Dover. 15 6JJ. Dated- Iiii•v•i 01 oé IDII
ST. MARGARET OF ANTIOCH CHURCH ST. MARGARET'S -AT- CLIFFE Registered Charity No: 1166921 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2023 GENERAL FUND RECEIPTS AND PAYMENTS ACCOUNT
| RECEIPTS Regular Contributors' Giving Recovered Income Tax on Gift Aid Deposit Interest Investment Income (including trusts) Open Plate Collections Fees for Weddings and Funerals etc. Social and Fundraising Activities (Note 2). General Fund Donations Sales of Merchandise Mast Rent Grants & Contributions to Expenses Water/Electricity Refunds Parish News Income Total Receipts PAYMENTS Vicar's, Clergy & Office Expenses Church Cleaning Churchyard Maintenance & Water Light & Heat Insurance Church Services Costs Training & Youth Activity Dover Deanery Levy Governance Costs and Bank Charges Organ & Choir Costs Repairs/Replacements - Furniture and Fittings Director of Music SGW Payroll Costs Merchandise Purchased for Resale Mission Links & Outreach Parish News Payments Sundries Total Payments Excess of Receipts over Payments before Parish Share Parish Share (Note 4 on Page 8) Deficit/Surplus for the year Transfer from Contingency Fund Transfer from Restricted Funds Cash & Bank Balance at 1st January 2022(21) Cash & Bank Balances at 31st December 2023 on General Fund |
2023 £ |
2022 £ |
|---|---|---|
| 18,329 7,644 709 362 5,571 2,874 3,238 10,508 131 7,500 300 - 7,585 |
21,268 9,249 241 1,073 3,827 1,591 932 980 156 7,500 1,709 - 5,663 |
|
| 64,751 | 54,189 | |
| 8,544 3,499 475 3,648 4,553 267 - 19 95 544 4,306 6,217 353 - 204 3,775 |
10,811 3,097 101 5,001 4,204 640 - 19 102 1,741 1,205 9,242 318 - 937 3,985 |
|
| 222 | ||
| 36,721 | 41,403 | |
| 28,030 20,172 - |
12,786 32,482 - |
|
| 7,858 15,735 13,042 |
19,696 - 29,400 5,806 2,468 - |
|
| 36,635 | 13,042 |
Costs incurred but not paid at 31st December 2023 are not included above but shown as liabilities in the statement of assets and liabilities.
Due to financial pressure the Parish Share was only paid for 8 months.
Page 7
ST. MARGARET OF ANTIOCH CHURCH
ST. MARGARET'S -AT- CLIFFE Registered Charity No: 1166921 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2023
| RECEIPTS & PAYMENTS RESTRICTED FUNDS Bank Receipts Transfers Transfers (CAF 1 A/C) at year Deposit Designated 01.01.23 01.01.2023 Funds Funds £ £ £ £ Fabric Fund 971 115,359 Youth Fund 100 200 Dementia Café Fund 557 1,065 Geraldine Parkes Fund (B below & Note 6) 8,183 745 5,000 - Roy Hayward Fund (payments tower repairs) 10,767 22,869 Choir Fund 538 1,181 Charity collections to be paid over 111 233 Salaries, Tax and National Insurance 1,050 Three Charities Fund (Note C below) 19 - Total Restricted Cash Funds 21,246 142,702 5,000 - - Fabric Fund. Reciepts Grants: Listed Places of Worship Fund ( VAT refund) Income from Fabric Fund investments Sale of Investment Unit Funds Grant from Curfew Trust Grant from Benefact Trust (clock) Payments: Engineer's Report and Architect's Supervision and Reports Lightning Conductor Repair and Testing Roof & Gutter Work Roof repair and access inspection costs relating to Mast Clock Weathervane Fabric Fund Balance CAF 1 Opening Balance Receipts Payments Balance 31.12.2023 Contingency Fund Reciepts Sale of Investments Listed Places of Worship (VAT Refunds) Payments: Engineer's Report and Architect's Supervision and Reports Lightning Conductor Repair and Testing Transfers: Transfer to CAF 1 (utilised in year) Transfer from CAF 1 to CAF Deposit (deposit a/c bal) Contingency Fund Balance CAF 1 Opening Balance Receipts Payments Trans CAF 1 Trans to Deposit Balance at 31.12.2023 |
Bank at 01.01.23 £ |
Receipts year 01.01.2023 £ |
Transfers Deposit Funds £ |
Transfers Designated Funds £ |
Payments the year £ |
Bank at 31.12.23 |
|---|---|---|---|---|---|---|
| £ | ||||||
| 971 100 557 8,183 10,767 538 111 19 |
115,359 200 1,065 745 22,869 1,181 233 1,050 - |
5,000 - |
116,329 216 945 713 32,476 619 344 1,030 - |
- 84 677 3,215 1,160 1,100 - 20 19 |
||
| 21,246 | 142,702 | 5,000 - |
- | 152,672 | ||
| 6,275 | ||||||
| 2023 £ |
2022 £ |
|||||
| 784 125 82,700 30,000 1,750 |
11,000 861 - - |
|||||
| 115,359 | 11,861 | |||||
| 3,449 - 980 98,844 12,851 205 |
8,446 228 420 9,888 - - |
|||||
| 116,329 | 18,982 | |||||
| 2023 £ |
2022 £ |
|||||
| 970 115,359 116,329 - |
8,091 11,861 18,982 - |
|||||
| - | 970 | |||||
| 2023 | 2022 | |||||
| £ | £ | |||||
| 82,700 26,804 |
- - |
|||||
| 109,504 | - | |||||
| 68,143 2,218 |
||||||
| 70,361 | - | |||||
| 15,735 23,408 |
29,400 - |
|||||
| 39,143 | 29,400 - |
|||||
| 2023 £ |
2022 £ |
|||||
| - 109,504 70,361 - 15,735 - 23,408 - |
9,678 19,722 29,400 - |
|||||
| 0 | 0 |
Page 8
Columbia Threadneedle Investments
| CT Responsible UK Income £ |
|
|---|---|
| Purchase Price | 35853 |
| Market Value at Sale | 46,816 |
| Profit on Sale | 10,958 |
| CT Responsible Global Equity £ |
|
| Purchase Price | 35,858 |
| Market Value at Sale | 118,583 |
| Profit on Sale | 82,725 |
| Total Profit/Gain on sales in 2023 93,683 Purchase Value Of Units Sold 71,716 Total Receipts 165,399.09 £ |
Note: These funds were historically spread equally between the Contingency Fund and the Fabric Fund
RESTRICTED FUNDS
| Geraldine Parkes Fund Receipts: Dividends on Investments received in the year Cost of Investment units sold Realised Profit on sale of investments for £10,000 Payments: Grant to St. Margarets Dementia Café Outreach Activities New sound system 2022 upgrade Donation to Scouts Roy Hayward Fund Receipts VAT Refunds (2022 work) Donations for Churchyard Grant for Tower Clock Payments Tree works Tower costs Bin Clock Opening Balance Receipts Payments Balance 31.12.2023 |
2023 £ |
2022 £ |
|---|---|---|
| 745 - - |
935 6,551 3,449 |
|
| 745 | 10,935 | |
| 712 - - |
5,000 1,903 1,425 250 |
|
| 712 | 8,578 | |
| 2023 £ |
2022 £ |
|
| 12,444 425 10,000 |
||
| 22,869 | 12,293 | |
| 1,370 20,785 94 10,227 |
||
| 32,476 | 80,893 | |
| 2023 £ |
2023 £ |
|
| 10,767 22,869 32,476 - |
6,540 93,186 88,959 - |
|
| 1,160 | 10,767 |
Three Charities Fund.
The PCC were not in a position to make a grant to the Fund in 2023. The small balance from local collections was carried forward.
Page 9
ST. MARGARET OF ANTIOCH CHURCH ST. MARGARET'S -AT- CLIFFE Registered Charity No: 1166921
STATEMENT OF ASSETS AND LIABILITIES AT 31st DECEMBER 2023
| Monetary Assets, excluding unrealised surpluses on investment Cash in Hand at 31 Dec 2023 CAF Bank CAF Bank Fee A/C Central Board of Finance Deposit Fund Total Cash Funds Investment Funds at Cost Less: Liabilities Employment Costs & National Insurance Caritas Choir(share of fund raiser) Total Net Assets |
General Fund £ |
Designated Funds Note 5. £ |
Restricted Funds £ |
Endowment Fund £ |
2023 Total £ |
2022 Total £ |
|---|---|---|---|---|---|---|
| - 36,634 - |
- 1,766 23,408 |
6,276 5,000 |
2,000 | - 42,910 1,766 30,408 |
- 49,186 3,532 60,816 |
|
| 36,634 - |
25,174 - |
11,276 35,604 |
2,000 - |
75,084 35,604 |
106,036 219,570 |
|
| 36,634 | 25,174 | 46,880 | 2,000 | 110,687 | 184,741 | |
| - 400 - |
400 - |
287 - - |
||||
| 36,234 | 25,174 | 46,880 | 2,000 | 110,287 | 212,751 |
| SUMMARY OF TOTAL RECEIPTS & PAYMENTS General Fund Parish Share Restricted Funds Endowment Fund |
Receipts Payments 2023 |
Receipts Payments 2023 |
Receipts Payments 2022 |
Receipts Payments 2022 |
|---|---|---|---|---|
| £ 64,752 252,206 - |
£ 36,721 20,172 223,032 - |
£ | £ | |
| 54,189 108,142 - |
73,885 27,000 117,196 - |
|||
| 316,958 | 279,925 | 162,331 | 106,120 |
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2023
1. STATEMENT OF ACCOUNTING POLICIES
The financial statements of the PCC have been prepared in accordance with Church Accounting Regulations 2011 on a Receipts and Payments basis, together with the applicable accounting standards and the Charities SORP 2015.
a. Funds
- General funds represent the funds of the PCC that are not subject to special designation. Designated funds are unrestricted .
Funds held for particular purpose by the PCC are included in Restricted Funds.
- The financial statements include monetary transactions, assets and liabilities for which
the PCC can be held responsible. They do not include the accounts of other Church groups.
- All the funds of the PCC are held in a combined bank current account, deposit with the Central Board of Finance and investment in managed funds
b. Income, Capital Sources and Expenditure
-
Income is recognised when received by the PCC and expenditure when irrevocably paid.
-
Small legacies (less than £5000 and unrestricted) are taken direct to General Fund
-
Receipts and Payments Account. Larger unrestricted legacies are taken to the
Designated Contingency Fund (unrestricted unless otherwise voted by the PCC).
c. Statement of Assets and Liabilities.
-
The statement of assets and liabilities incorporates monetary assets, debtors and creditors only. These include investment assets that are easily convertible into cash.
-
Land and buildings, furniture, fixtures, fittings and equipment are not recognised or valued for the purposes of preparing these financial statements. Such assets are held in trust
-
by the churchwardens, and may require a faculty before they can be disposed of. A Church inventory is maintained of the main non-monetary moveable assets.
Page 10
ST. MARGARET OF ANTIOCH CHURCH ST. MARGARET'S -AT- CLIFFE Registered Charity No: 1166921
| ST. MARGARET OF ANTIOCH CHURCH ST. MARGARET'S -AT- CLIFFE Registered Charity No: 1166921 |
||
|---|---|---|
| 2. SOCIAL & FUNDRAISING ACTIVITIES Christmas Tree & Crib Festival Cartridge recycling & Fund Raising Total Note: £400 of choir fundraising is due (as a liability) to Caritas |
2023 £ |
2022 £ |
| - 3,238 |
1,610 127 |
|
| 3,238 | 127 | |
3. PAYMENTS TO MISSIONS AND CHARITIES
| Amounts paid over during the year have been as follows: a. The Three Charities (see below) Embrace the Middle East (formerly Biblelands) Catching Lives Dover Street Pastors Sub Total b. Special Collections at Church services and Fundraising Pilgrims Hospice (Tree Festival) The Children's Society (Advent &Christingle Services) Royal British Legion (Service of Remembrance) Pegasus Medican Sans Frontieres Ukraine Appeal Sub Total Combined Totals for the year |
2023 £ |
2022 |
|---|---|---|
| £ | ||
| - - - |
||
| 787 787 787 |
||
| - | 2,361 | |
| - 110 233 - - - |
||
| 805 437 347 159 95 100 |
||
| 343 | 1,943 | |
| 343 | ||
| 4,304 |
Note: 1. Due to their shortfall in come the PCC was unale to make donations to the 3 charities in 2023. 2. Some outreach costs are aided by the Geraldine Parkes Fund and are used for music, work with children and support for the Dementia Café.
| 4. PARISH SHARE Gross Diocesan Share for the year Amounts Paid/Payable Balance Unpaid 5. CONTINGENCY FUND (DESIGNATED) It has been necessary to use the cash deposits in 2023 Balance at 31 December 2023 (see Note 8 ) |
2023 £ |
2023 £ |
2022 |
|---|---|---|---|
| £ | |||
| 35,164 | 33,620 | 32,482 | |
| - | 20,172 | 32,482 | |
| 13,448 | - | ||
| 2023 £ |
2022 | ||
| £ | |||
| - | 35,858 |
6. THE GERALDINE PARKES FUND (RESTRICTED)
To comply with the wishes of the deceased and the subsequent resolution of the PCC, " The legacy of the late Geraldine Parkes of £50,000 be held as a restricted fund called The Geraldine Parkes Fund at the discretion of the incumbent for the use for the furtherance of pastoral care at the Church in accordance with the stated wishes of the deceased. This restriction should be stated by way of note in the PCC annual accounts in reference to the fund and any monies applied from the fund during the course of the year".
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ST. MARGARET OF ANTIOCH CHURCH ST. MARGARET'S -AT- CLIFFE Registered Charity No: 1166921
7. THE ROY HAYWARD FUND (RESTRICTED)
In the will of the late Roy Hayward, it was stipulated that "the moneys so bequeathed shall be used for the upkeep and maintenance of the Church and its grounds". The fund is therefore restricted.
Due to the major costs of the church tower work this fund is virtually exhausted and has no investments. The residual nominal balance is held as a restricted fund at the bank for use on churchyard work.
8. VALUES OF SPECIAL FUNDS
| Contingency Fund (Designated/Unrestricted) Bank account (Caf Bank) Deposit Funds. (Central Board of Finance) Invested Funds (Columbia Threadneedle Funds) Total Fund Fabric Fund (Restricted) Bank Account (Caf Bank) Deposit Funds (Central Board of Finance) Invested Funds (Columbia Threadneedle Funds) Total Fund Geraldine Parkes Fund (Restricted) Bank Account (Caf Bank) Deposit Funds (Central Board of Finance) Invested Funds (CCLA Ethical Investment units) Total Fund Roy Hayward Fund (Restricted) Bank account (Caf Bank) |
Book Market Value Value £ £ 2023 |
Book Market Value Value £ £ 2023 |
Book Market Value Value £ £ 2022 |
Book Market Value Value £ £ 2022 |
|---|---|---|---|---|
| - - - |
- - - |
- - 35,858 |
- - 79,877 |
|
| 35,858 | 79,877 | |||
| - - - |
- - - |
970 - 35,858 |
970 - 79,877 |
|
| 36,828 | 80,847 | |||
| 3,215 5,000 35,604 |
3,215 5,000 76,197 |
8,183 - 35,604 |
8,183 - 62,030 |
|
| 43,819 | 84,412 | 43,787 | 70,213 | |
| 1,160 | 1,160 | 10,767 | 10,767 | |
| 1,160 | 1,160 | 10,767 | 10,767 |
9. COMBINED CASH, BANK AND INVESTMENT VALUES at 31 DECEMBER 2023
| Cash & Bank Funds CAF 2 (Fees) Investments at Valuation |
General Fund £ |
Designated Funds Note 5. £ |
Restricted Funds £ |
Endowment Fund £ |
2023 Total £ |
2022 |
|---|---|---|---|---|---|---|
| Total | ||||||
| £ | ||||||
| 36,634 - |
23,408 1,766 - |
11,276 76,197 |
2,000 - |
73,318 1,766 76,197 |
34,962 2,195 221,784 |
|
| 36,634 | 25,174 | 87,473 | 2,000 | 151,281 | 258,941 |
10. OTHER CHARITABLE FUNDS
The Vicar and Churchwardens are the trustees of two charitable trusts whose objects include support for the Church and its fabric. These trusts cover Church costs from time to time. Other expenditures, normally on capital projects are also covered, or grant assistance given, by The Friends of St. Margaret's Church and The F E Cleary Four Churches Trust. The Friends is currently under the control of the PCC as there is no independent committee to manage it. At 31st December 2023 The Friends held assets in cash funds of £5,983.97.
11. CONNECTED PARTY TRANSACTIONS.
There were no connected party transactions during the year 2023.
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