THE ECCLESIASTICAL PARISH OF ST MARYTHE VIRGIN, THE LACE MARKET, NOTTINGHAM (Registered Charity numbor. 1177fj52) Annual Report and Financial Statements of the Parochial Church Council for the year ended 31st December 2023 INCUMBENT: OFFICES.. The Chapter House St Mary the Virgin in the Lace Market High Pavement Nottingham Nottinghamshire NG1 1HN BANK.. National Westminster Bank PIC Smtth's Bank Branch South P8r8de Nottingh NG12JX THE PARISH OF ST MARY THE VIRGIN. NOTnNGHA Alm and purpose The Par¢Khial Church Counol IPCC) of thè parish of ST MARY TrIE VIRGIN, THE LACE MARKET, NOTTINGHAM has the rèsponsibilty of promotlry {in the ￿de5[aStICal parlshl thg whole rnissK)n of Ihe Churth - pastoral, evangdistlc, social, and ecurnenical. Our parish 8in5 are to.. L￿$ and pr¢daim the Gospel forthe 21st centw in our modem, challerylng, 8nd f88t-deveh)plng city. Devefop rninistry together in the cty in a way that makes dear that all people are valued by God. Speak out together, wherwar KKJssib18. on matters of justice and 1nwSti￿. of inclusion exclusron, of rights and r88ponslbllitles, of kntegrfty and transp3￿n￿￿. FSnonclal StateM￿ts The PCC pr8$￿t their Annual Report and the Flnaneial Statèments for the year ended 31 December 2023. The trustees have adoptsd th8 provisions of the Statement ol Recomm8nd•cl Pra¢ti¢o ISORPI 'A¢counting and Reporting by Charitses, in p￿pari￿j thè annud rÈpDrt 8nd financial statements. The ￿ar￿la1 sletaments hav8 be8n prepared in 8co)rdance whh the accountlng polkles sol out in the notes to the ae4ounts 8nd comply with the Charty's goveming docum•n( thè Charities Act 2011 and Accounting and Reports"ng by Charibes.. Statement of Recommended Practice applicab￿ to charitie5 preparing their acwunts in a¢cordarKe with the Flnanclal Reporting Stanéard applicable in the LA< and Republicof Ireland published in October 2019. Constliutk*n and princi)al activlty The PCC Is a cOr￿rat9 body èstablished by t1￿ Church of England. The PCC operates unijer thè Parochlal ChurGh Councl Powers Measure and Is an axempted charity 8nd provides fadlFtles for worship and ￿l￿￿)uS ubservaW￿ tr the people of Nottingham and environ$. The pritnary (Ajjectnie of PCC rnen7bers is the promotion of the Gaspd of our Lord Jèxus Chirst acLording to thè dodrinès and prdctices of the Church of Englan*J. Day to day activthes incJuthie Peter Barfett Rad)d Fis Leslie Blake Je8n Harnmonds Rathel Fisken Ruth Lindstrom J&an Hammonds Giacorno (James) Persico Lorna Richardson RLrth Lindstrotn Lom8 Rlehord$on Len Simmonds Heathèr Walpolè Jonathan Stork Revd Grant Walton Heatherwalpole Co- Opted Member Jonath￿ Stork Ernma Richardson Rev'd Grant ￿lIOn PCC Secretary Matthew Trlggs Matthew Trigg$ Commlttees and Grou The Stsnding Commfftee is the only committee requfjred by the Church Repres￿tst￿)n Rul6s. It has the power to transact the business of the PCC betr￿en its meetings, subjecl to the directK)n gfven by the Coundl. There are th￿ other subcommittees with powers delegated to them by th8 PCC.. the F8brfclSit8 Commiltee, Marketiro Committgo and Worshlp Committee. These mmittèès all rÈport on their activities re9u18rly to th8 PCC. During the interregn￿￿ startlro 8t Easter 2ff23, th8 Worship CA)mrnittEe was de lado di5sofved. Due to the absen￿ of a Vicar. all decislons r91ating to Worship We￿ made by the Churchwardens and Standirw Gommtttee. ACHIEVEMENTS AND PERFORMANCE Sp•cial not•: Durng 2023, the PCC hdd meefjnys In onllne, In-porgjn hybrid bnnats. Church businw c￿ntinUed tts ba ¢onductsd In a tThMely and efficient mannerthrough th&se rneetings or by corre5pondgnce. Since the retirement of Rev'd Tom GI1￿ at Ea51er 2023. St. Mary's has seen an extended period of intewum (though a ne incurnbgnt will be licensed in late 20241. [￿ring this tyme, our Chu￿hwar￿8Tr8, stsff members and volunteers have given con51derdble arnovnlof time and energy to rnaintainlry ￿ day-l(Hloy wnning ofthe chU￿h in ihe abse￿9 ofa Vl(xrand Curate. Thè PCC ol Sl Mary'9 wish to thank all thos8 for thairefforts durirYJ this 8Xt8nd8d period of v8(xncy. l RÈ*gnÉd 28￿ Ap112023. Fi@￿￿Ed ￿ Febru&ry2I23 afterts￿￿9 emF4DymentatSt klarfs. Reslgn8d trtober 2023. Prtorfothi8, Révd. Walton was notleantad to SL K48ry'$ bulwas *edtothe Pce a$ &1•Y￿￿enber. 4 Rfrvd. Wdton ¢omÈ4Eted hiYGurdEy at SL MÈry'& Ind 4wa81th12Èd itsthè Unwarsmyof NoMryh8tn a¥ B ¢h3F4oln. v•7$CD￿p￿ DThtolhpPCC rlSL Mary'sas hEnvlongei held an Cutats Folufrkngtre re51qDalbn olRe¢d VWtoD ¢klober2023, W. StorkW￿ InvIt￿l0fUhl11he reM¥inlw Um•oD Rerfd V¥*kn'& thted tenn. THE PARISH OF ST MARY THE VIRGIN. THE LACE MARKET, NorriNGHAM Achlevements and P•rforn)ano* Speelal Note During 2023, the PCC held rneeting$ in online, In-p•rson and hybrid formals. Church buslnes8 ￿ntinUed lo be conducted in a timely an¢J effident manner through the$e meetings or by correspondence. Slnce the retirement of Rewd Tom Gillum at Easter 2023. St Mary's has s88n an extended pèrityj of intenpgnojm (though a new incurnbenl will be ficensed in 18t8 2024). Duiing this lime, our Churchwardens, staff Members and volunteers have glven a considerable amount ol lime and energy to maintaining the day-lo-day running of Ihg ¢hui¢h in the 8b$et￿e of a Vic8r and Curate. The PCC Of Sl, Mary'$ wish to thank 811 thos8 invofved for Ihoir efforts during lfris extended period ofvacancy. Oblaetlves and Acllvltigs Thè primary objective olthe PCC is the promolSon of the Gospel of Our Lord Jesus Chri51 a¢cording to the doctrine8 and practices of the Church tsf England. The PCC is committed to enabling 35 many people as possibl• to worship and to becom? part of the parish communlty. The PCC maintains an overview of worship and makes suggestions on how ¢hur¢h seNi¢es ean 5nvolve as many ptsople as possible from both within and outside of the PBrish. The seNlce$ and worshi) putfaith into pradice through prayer 8nd scripture, music, and sacrament. en planning activities for the year, the PCC and Vicar consider the Charity Commission's guidance on public benefit and the specific guidance on tharities for thè advancement of religion. The PCC and Vicar try to enable ordlnary people to live out Iheir faith 3$ part ofthe parish comuntty through-. Worship and prayer.. learning about the Gosp&l: and developing thelr faith in Jesus. Pa$loral care of the parish ¢ommunity. Mission and oulre8¢h work. Our primary focus for worship remains Sunday 8eryicg5 and festivals. Building on the suBGe$ses of previous years. we havè continued with a blended appr¢a¢h to services lèss forrnal. family-orienlated services for festivals 8uch 85 Harvest and Christingle, alongside prayer book liturgy ft>r other import8nl festivals le.g., Advent, Eplph8ny, Trinity. ¢tc.l. This has W0￿ed well with a Comrnon Vvorship ICWJ Sung Eucharist and a Book ol Common Prayor IBCPI Choral Evènsong as the usual Sunday pattem. with BCP Evensong also on Wednesday5. Sunday worship continued lo be broadcast online for those unable lo rnake it into the church bjilding. In additton to regular sèrvices, Sl Mary's hosled rites of passage al baptisms, marriage, and death, The high standard of musi¢ and lilurgy has been maintained Ihanks to the work of the Director of Music, Children's Gholr Director and our adult and children's choirs. Sl Mary'5 has a choir scholarship that supports a number of ¢horal sch(Aars and an organ $cholar. 2023 saw prtsgr8ssion back lo nomi81ty after the reslrrctlons ol l¢Gkdown and $ubs8quenl relaxations, renewed restrictions, and then tentative steps to Ihg slalus quo ante. In March members of the ¢huir were tre81Èd to 8 day's maslerclass by Dr David Hill MBE. In May the church resounded to the wonderful sounds produced bythe reunion of as rnany as possible fomierchoral scholars and non-scholar rnembèrs singing with the current choir. In June wo enjoyed the annual Choral Scholars. Concert wh6rè our younger memb8r8 are able to sing I￿hler ensemble pieces 8nd solos not confined ID the ecclesiastical oeuvre. The Orchestra of the Re51oTalion retumed lo 'normal service. in 2023. In February the orchèstra and choir gave the UK piemière ol Richard Prior's Stabatmater. The week afterthe ¢omnation of HM Charles 111 thè choirjoined the orGhe$tra performing'music filfora King,. In October Sl Mary's $Ghoed to the delights of an all-mozart programme- a lovely way to end our 2023 season. 2023 wa8 the fvll year in which tha three Children's Choirs (Boys., Girls,, and Training Choirs) contributed lo the life of St Mary's. Thè Boys, and Girts, Cholrs continued to Sing al one Sunday moming service earh month, in¢luding special setvi¢es (candlemas, Mothering Sunday, the second Sunday after Ea51Er, Sunday after Ascension, Harvest, Chrislingl$, and a themed service entitleil 'Caring lor God's World'l in addition to Eucharist services in February, Jun¢. September, and November. The youn9er Training Choir also joined in on one Sunday per lerfn. The Boys, and Girls, Choirs sang al Light Nilil and the children'5 choir prograrnrne was also featureil in'calhedrdl Mu$ic' magazine. By DeGernberlhere werè 52 children on r(Al, wilh 47 singin9 al the Christingle swice including 22 boys. The Children's Choir Director visited Ihiee schools every week lo deliver the 'Sing Nottinghaml. programrr¢, working with almost 400 children. One-off visits to 16 other school$ w•re made, roa¢hing over 1400 additional chiklren. The church has a fine peal of bell$ which , following extensive repair work lo our South Transept. resumed ringing in May 2023 for the Coronation of HM The King. The h1s1o￿ parlsh covers a large sectiOTI of the city centrè. which 16 mostly occupled by business, commwetr. educalKJn. and leisure orienl8led L)rganisations. Th8 demographi¢$ of the parish are very diverse with young. single, upwardly mobil6 people Iiving in 'bft apartments. in the Lace Market and ¢onversion5 close to the edge of the area. The parish is one trat sees lots of ￿￿110r$ and has a considerable Iransienl population. People ¢onstanly ¢om• into the parish to work, shtsp. and spend thèir ￿lSUre lirne. THE PARISM OF ST MARY THE VIRGIN. THE LACE MARKET. NOTnNGHAM To fac¥litate thÈ stated aims, th8 PCC reco￿lS8S that il is important that Ihe fabric of the church trMJilding is malntalneA. Thls remains a point of conslderable expense aThJ attention of the PCC, stsff. and volunteers. Throu@h the wvrk ofthe F3bric Commtttee ther8 has bew ￿ntinuIng good pradice in the mainta)a￿t and devekjpment of the bJlldlngs of the par15h, in particular.. Major repairs to the South Transept wall, lower and bells. Gildlro thè tan eorbd angèls in th& nave roof. Ongoing repalr of190s8 stones on Ihg drpve. Inst4lation of a new servery 8long wth plurnbed in water supply. waste pipes and power supply. Repairs to healing ￿llers. Installalion of a Faraday Cage for I￿htning p￿teCtion. Sealant repair5 to the chancel leaj roof waterprL¥)fing to the flat roof in various l(xxlions. CoMp￿ti￿ of the quinquennial ir￿pectiOn report. Work was Start￿ on the instJlatlon of a Porch at the West ofthe church. During the year. the Electoral R￿1 was revised and there are now 114 p￿pIe on the Electoral Roll. The parfshlg commKted to Incluslveness, whlch Is refflected by all that Ls (bne on a day-to4ay basls. The PCC strfves to offer the splrft of welwme and hospltallty to ensu￿ that everyone feels wel¢xme ￿gardlesS of age, dlsaljllty. genéer, rnarital Bt8tus, ￿è. sexual or￿ntation, poverty, religion, ￿ nationality. Mi88ion continues to be a priority of the PCC. The PCC conl'nues to be eng8ged with the Church ef England's Strategic Developmont Fund ISDFI and Work￿ ￿th the dlgcose durirffJ Ihg year in developing th9 funding proposibDn. A refom)ulated bid wa5 submitled and ar4)roved in garfy 2023, but there w85 a deloy in hiring sever81 key positions due to the I￿k of a Vicar aThJ imwjrtant relationship that Ihey would need to have with any sulic benefit entrty a5 dgfftned by FRS102. The financial statements have been prepared in aC￿Jrdance Mth Accounllng and Reporting by Chadties.. Statem8nl of R8￿mM￿ded Practieè applicab￿ tts ch8ritses preparing their arLounts in ￿rdance with the Finanual Rèporting St8ndard 8pplicthle inthe UKand Republicof Ireland issued h7 October2019, the Fknancial RekK)rfng Standard ￿pliCable in the United Klnydl￿ and Republic of Irel8nd IFRS102}, the Charitses Act 2011, the Churc* AccountiThJ IAmgndm¢nti Regulations 2006 and UK Generally Awepted Practice. Thefinanryal statements h8ve been prepared to give a'true and f8irf and have departed from the Charits"es IAcccuNs and Rgport81 Regulations 2008 onty lo the extent required to provide a 'tru6 and fair vi&w'. This departure has involved f￿lowIng the Ac￿untIng and Reporting by Charlti•s.. Statement of R8c¥)mmend8d Pr8ctlc8 applicable to charities preparing theira(Younts in ao(x)rdancevJlth the FIn￿ClaI Re￿rtIng Standard 41ph'cable In the UK antl Republlcof Irdwd issued in October 2019 ralher than the A￿U￿tIng and ReporbrvJ by Charitie5.' Siatement of Recommended Practlck effectlve frorn 1 Aprll 2005 whld) hes SI￿ been withdrawn. Thé s*JnifitAni *tA)unb'ThJ policies 8pplied in the preparaoon of these flnat7dal StateM￿ts are set out below. These policies have be￿ consislenty applied to all ye￿$ Present￿ unless otherwlsé statod. The financlal statements havg besn prepared on 8 going ￿ncern basis under ts histcrfical cost ¢onvgnlion. $x¢op¢ ft investment assets which are 5￿wn at fair value. Thg financ¥al stslempJ)Is include all tranS￿￿nS, a55et5 and liatxlthe5 forwhich the PCC is respo[￿Ible In law. They do not Ihe accounts of ehurch groups that owe Ihdrmaln afflllatlon to another body nor thosa that are inform81 gathèrings of church rn8mb8rs. The tN8tees con5iderthat there ar8 no mat81ial unc*rtainti8s about th8 Charlty's abillty to eontinu& as a going corKem. The financial $ts1omonts are presented in 8terfing is Ihefuncbonal ojrrencyof thecharity and roundsd lothe ne¥88t pound. Thè &gnificant a(*A)unting poliu8S 8ppli8d in Ihe pr8pardtlon of theselnanclal statgrnents are $8t out bdow. Funds Endowment Funds aro funds. the CarAt81 of which rnust be rn?intsln￿.- onty incorne arising from inves￿1n1 of tho endijwrnenl may b8 •ith¢r as restricted or unrestricted ftjnds depending upon the purp)seforbthich thg endowmni was established. R8stricted funds represent lal ino)mefrom trusts or g)dovm*nts%thich may beexpended unlyon frjse restrrcted oblecls provideil in Ihe terms of the twst or bequest. and (bl donations or granis received for a speclfic object or invited by the PCC fora Spect￿CobIeCt. Thelunds mayonly be expended on the specific Ob1￿tforWhi¢h they weregivgn. Any balanc9 rwnaining unspent at the end of each year must be c8rrled fO￿ard as a balance on thatfund. The PCC does not usualty Invest saparataly for fund. Unreslricled funds are general funds wh￿h can b• us8d for PCC 0￿Inary purposès. In¢ome Hanned 9Nin9. eollèetkjns thn8tion8 are recognised when rece￿￿. Tax refunds are recD9nlsed when the ir￿0￿1n9 resour￿ to whith they relate is re￿ived. Grants and1ggo¢i95 arg acwunted for whgn the PCC is legal￿ entrtled to th$ amounts due. Dwidends interest ￿e accounted for when T￿91¥able. All other inwme is recognised when receivable. All Ino)rnlng resourc&s are Bcc¥)unted for gross but n8tof Valu8 Added T8x wh8re 8pplirAbls. kn• Expendlture Grants and donations are acmunted forwhon pakl over, orwhèn 8•Ard•d rfthat award emtès a b¥idkng orconstruct￿& obloattsm on tho PCC. Thediocesan partsh Sha￿ is aeeountedforwhgn paid. Amounts r￿￿¥d spoofically for mfjssions are dealt wlth as restrfcted fimds. All other expenditure is generally recDgwtiseiJ when it Fs THE PARISH OF ST MARY THE VIRGIN, THE LACE MARKEf, NOTnNGHAM Notss lomilng part of th• finon¢i•l ¥¢at¢n*nts for the year ended 31 D•c•mbgr 2023 (Contlnuedj Ac¢ountlng pollcl•s (Contlnue incurred and 18 accwnted for gross. Grants offered subject to conditions whth hava not ba6n met at thè yèar-an(J dat8 aré not8d as a rommrfrnenl bul rKTrt awued as expenditure. Flxed assets G)nsecrated and beneficed property Is not Included In tho 8¢¢¢unls in a¢¢ordan¢o wilh S1rA2118} of th¢ Charities A¢t 2011. Movab18 church fumishirgs hdd by the Ir&imbent and Churehwardens on speoal trust for the PCC, which require 8 f8¢uty for disposal, are inalKgnable propety listed In ihe church's inventory which can be inspected lal any reason&blo timel. For anythin9 a￿￿1red prior to 2CMXJ Ihere is insuffident cost Infom)atlon avafilab￿ aThJ therefore such assets are not valued in th8 flnantyy81 stslements. Items acquired since 1 January 2000 have been capitalised and depreciated in th8 accounts OV8rth8ir currently P￿ti￿pated useful economic Ilves. All expetwjMU￿ Incurred in the yearon consecrated or b￿eriCA buildings. Indlvidu81 items u￿ler£1,(wAJ. oron the rep8ir of movable Church furnislin9s is writtan off. PCC furnishin and office equipment is depreclated on a stralght lino basis ov8r 3-5 yèars as approprfate. Indlvidual items of eq(Apmgnt wth a purchase price of £1,(IYJ or less are written off when the asset Is acqulred. Investmgnts Investments are valued at falr value at 31 D￿mber*#￿1 year. Current Inveslments The charity holds cash ￿ depostt for investment purpose5, whtch ￿ recorde(l at trdnsaction price, in order to ob(a•i a better rate of retum, thereby increasing their inc¥)me enablirKJ them to rneet their objects. Cash •tb•nk The tharity ￿ldS Suffi￿entlUndS in ¢xder to Meet Ils short tém) eAsh ￿mMItMents as t￿Y fall du8. Debtors and ¢T￿lt0￿ Debtors 8nd creditors fecelvable or payable wkhln one yearare recordgd ot transa¢tlon prf¢4. 12 THE PARISH OF ST MARY THE VIRGIN, THE LACE MARKET, NOTfiNGHAM Notss ft+milny part of the finandal statements for th• yéar and￿ 31 D•¢¢mb•r 2023 (Continued) In¢¢)m• and •ndowm•nts from". U￿StrIcted Restrlcted Total Unrostrictsd Ro$trlct8d FUT￿8 Funds 2023 Fund8 Funds T¢)tal 2022 lal Do￿110￿¥ and legacles Planned gfvtr)g Gift Aid donations - Incorne lax recovgrable - other planned gmng Collections (open plat*l at 811 s$rvi¢os DDnation5. appears et L&Ja¢ies GOBRA 45,803 21,598 1.248 5.721 18,385 25,654 167,389 45,803 21,598 1,248 5,721 475 18,860 25,654 167,389 52,861 8,998 1,229 6,148 13.910 5,0(XJ 52.861 8.998 1.229 6.148 15,632 5,0 1.722 285,798 475 286,273 88,14 1,722 89,868 Ibl In¢om• frnm ¢lMrll&ble acuvftles Church lettings ,662 2,069 57,555 6.749 57.555 6.749 2,069 2,731 92,731 {cJ Other tradhjg aetlvltles Coffoè Fund rdiSillg activities 269 4,846 230 7,749 230 7,749 9,846 5.115 S.￿0 10,115 7.979 7,979 (dl Investn￿nts Bank interest Income on Investments 373 26,363 76 449 2.333 28.696 502 24.675 534 27,084 2.409 .736 2.409 29,145 25.177 2,441 27,618 (el (Xherin¢ome VAT recovered Grants SDBF Salary reimburs other Organ Schola5hip Childr8n's Choir 47,571 71.841 33,405 14,834 47,571 71,841 33,405 14,834 2.936 6.000 1,121 13,500 41,574 1.121 18.500 41,574 2,936 173,651 2,936 176,587 56,195 5,(M)O 61,195 Total Income and 0nd0v￿￿ents 584,031 10,820 594.851 241.801 9.163 250.964 13 THE PARISH OF ST MARY THE VIRGIN. THE LACE MARKEf, NorriNGHAM Note8 formlng part of the fw7andal statements forth• y•ar èndod 31 D￿•m￿•r 20231ContlnuedJ expendlture on: Llnr•$trfcted Restrfct•d Total Unr•strFctsd Restrlcted Total Funds Funds 2023 Fund¥ Funds 2022 (al Investsnerfnwnageiiient costs Investment advic 3.264 3264 3,296 3.296 3,264 3,264 3,296 3296 Ibl Exp•ndllur• on eharftablè •etlvltles Missionary and tharftsble glvlng (not& 14) 53S 6,535 7,450 7,450 P8ri5h 8har8 Sanctuary arwj clevJy expenses Insurdnog Heat, light and waler Map)r repairs Roubne rnaintenance and repalrs Fundraising CA)8ts Ftower fund Salaries Mu51C Costs Organ scholarshlp Adrninislration costs T818phoné and ￿￿fi Computer and IT ¢osts Postage and statlonery Sundry 0xpen￿S Ac£ounlancy lees 60.00) 2.419 19,199 24.1Y2 287.249 17,232 4,817 1,271 129,748 5.852 fjo,000 2,419 19,199 24.132 287.249 17.232 4,817 1.271 129,748 11.000 60,ofK) fjo,ooo 17.163 17,751 27.455 11.417 7,968 1.056 124,895 3,038 17,163 1T.751 27,455 11.417 1,056 124.895 8,248 550 4,036 5,148 5.210 550 5,354 933 7.361 1,261 6.285 5.053 4,036 933 7,361 1,261 6.285 5,053 439 1.961 1.200 2,205 6,439 1.961 1.2¢J) 2.205 584.701 6.048 590,T49 295.776 5.760 301,536 Total Expendltur8 587.965 6.048 594.013 299,on 5.760 304832 14 THE PARISH OF ST MARY THE VIRGIN. THE LACE MARKET. NorriNGHAM Notes fonnlng part of th• flnanclal stat•m•nts forth• •ndèd 31 D•eèmb•r 2023 (Contlnued) Staff cost8 2023 2022 Wages salarfes s￿la1 security costs Pens*)n costs 120.516 4.7¥2 4,510 116,194 5.200 3,501 £129,748 £124,895 During th8 year the PCC ernpk)yed 612022-51 employees, none olwhom eamed £60,000 pa or mo￿. No lay ffjember of the PCC received any relmbursement of expenses or remuneration. There were no tsustees. remuneration or other benefits or expenses forthe year ended 37 DeceTnber 2023 nor for th8 yearendgd 31 Der¢rnber 2022. The PCC participales in Ihe Pension Builder Scheme secllon of CWPF for lay staff. The Scheme Is admlnistered by the Church of England P8nsK>ns Board. which holds the assets of the schemes separatety from tlh)se ol the Employer and the other parti(xpating employers. The Church Workers Pension Fund ha5 a S￿￿0￿ known the Defineij Benefits Scherne, a deferred annuity section known as Penslon BuiltJ•r CLass￿ and a cash baknca sadion known as Pansion Buildar 2014. Penslon Bullder Scheme The Pension Builder Scheme of the Church Wod(ers Penslon Fund is mèdè up of h%t) sectlons, Pension Builder Clas6iC and Pensk)n Bulldèr 2014, both ofwhi¢h da%sèd Ès dÈfinèd benefrt sthèmes. Pension Builder Classic provides a pension for members for payment frcm retirement, accumulated from conlribvtk)n8 paid arKI (x)nverted into 8 deferred 8nnulty during employM￿t based on terffls set and reviewed by Ihe Churrth af En9land P8nsK)ns FA)8rd from timeto tirne. Dls¢ret￿nary increases may also be added, dependlng on inv8th8nt returns and other f8Ctors. Pertsion Bulder 2014 Is a cash bala￿e seh&ne that provldes a lump sum that members use to prowde benefits at retir8￿￿nI. PensKJn o)ntn'butions are re(x)rded in an acwunt for each member. This a¢¢wnt may have bonus8s add8d by thè 808rd bdtsrè r•tirÈrn•nt. Thè trA)nu885 dep8nd on investment 8xp8rience and other f8Cttsrs. Thare is no requirement for the Board to grant any bonus￿. The 4wounl, plus any bonuses dedar9d, 1$ p?yable frotn rnernbers, Normal Penson Age. There Is no sub4fvlsiM ofassets between emph)yers in e&h se¢iion oflhe P￿s￿n Builder S¢hem8. The scheme Ls a muttlemployer seherne as d&scrib•Y in Section 28 of FRS 102 8s it is not p)sslble to attr*)ute the PensK)n B￿lder Stheme's assets and liabilities to Spe￿r￿ employeTr. This rneans that contribulions arg 8C(x)unted for as rf the Scheme were 8 defined ctyntdbution sctsme. The penslons c4)sts charged to the SOFA In the year ar8 eontributions payabk8 of £4.51012022.. £3,501). A valuation ofthe Pensv)n Buikjer Sc*eme is carried out0￿* every three yeats, The most recent was carried out as at 31 De￿Mber20l9. For the Pension Builder Cla55ic section. the val￿tIon rgvgaled a dglldt of É4.7rn on the ongoing assumptiD￿ Used. At the most recent annual revlew, the Board ohose ￿￿tIO grant a dK8cretionery bonus, whKh wll have acled to Improve th funding posltlon. There Is no requlrementfor dèfidt paymants at th8 ￿rr8Tht time. Forthe Pen$lon Bullder 2014 secbon, ihg vplu8tion rgvealed a surplus of £5.5wn on the OTrJONig assUMpt￿n$ used. The légal structure of th8 sch8me is such th8t if another eM￿OYerf8IIs. The PCC could beo)me responsibk for payir sharg of th81 employerfs pension liabilities. 15 THE PARISH OF ST MARY THE VIRGIN, THE LACE klARKET. NOTTINGHAM Notes forming part ¢1 the Ilnanclal statem•nts for th• y•ar ènd¢d 31 D•¢ombgr 2023 fcontlftued) Inve5fments HlstorFc Falr value 2023 2022 General Fund T Bailoy Inv8sln)ents 152.181 180,131 197,446 9,252.149 M&G Chartfund units 142.131 132.767 135, Brewin E*)Iphin 494,743 $37.852 520. 789,055 8S).750 853.7T1 Endowment Fund St Mary chan￿ Fund 61 Cgntral Board of Finance In￿tment Fund unlts 1,379 1,260 st Catharine Mernorial Fund 1,044.49 Central Board of Finan￿ Investment Fund units 13.563 23,611 21,581 st Mary Fabric Fund 56.2 Central Board of Finance Investment Fund units 555 1.270 1,161 SI IAary Fabrtc Fund 4.214.18 Central Board of Finan￿ Investment Fund unils 4,401 6,100 5.778 18,918 32,3e4) 29,780 16 THE PARISH OF ST MARY THE VIRGIN. THE LACE MARKEf. NOTfiNGHAM Not•s to￿[n9 part of the flnanclal statemgnts for the year ended 31 Oecèmber 2023 {ContlnuedJ Inv•stm•nts {¢ontlnued) Hlgtorlc CoBt Falr valuo 2023 2022 Reslricled Fund Sl Mary Canon White 9,234.943 Central Board of Flnance Investment Fund shares 14,977 13,367 12,660 St Mary Canon White 1,817.37 Central Board of Finance Inveslmenl Fund units 22,465 41.082 37,549 St Mary Cur8t@s 78 Central Bowd of Finance Investment Fund unlts 492 1,763 1,612 37,934 56.212 51,821 845,SM)7 939,￿2 935,372 2023 2022 At valuation 1 January 2023 Additknns Dispo3aL8 Revaluatk)n 935,372 96,938 1110,5431 17.555 1.052,825 66,523 185,3221 198,6541 Far at 31 DE￿Mber 2023 939,322 935.372 Cost 8t 31 Dwber 2023 845.￿7 855,437 17 THE PARISH OF ST MARY THE VIRGIN, THE LACE MARKEf. NOTnNGHAM Notes fornilng part of th• thandal stat•m•nts for th• y•ar •nd•d 31 D•c•mber 2023 (Contlnued) Anatysls of nét as￿19 by fund- 2023 Unr•stbl¢t•d R•strlcied Endowmgnt Funds Funds Fvnd# Fixed aÈsÈts 850,750 56.212 939.322 Current assets 139.788 88,352 228,788 Current liabilffjes 173,1941 173,1941 Fund balance 917,344 144.564 33,008 1,094.916 An•ly$l$ of not •s$trt¥ by fund- 2022 Unrestrlcted Restslcted Endowm•nt Funds Funds Funds Totsl Fixed assets &53.771 51.821 29,7 935.372 Curr8nt a%88ts 69.846 154.073 Current liabilities 112,4961 112,4961 Fund balance 911.121 135.401 30,427 1.076,949 Debtorn 2023 2022 Incorne lax re¢tsver8blo 59.610 55.967 Other detrrtors 89,776 14.725 149,386 70,6 In¥e8lments • Short temi depo81ts Cash held for investment 23,131 30.678 Llabllltles.. anounts fallng due wlthln one year Aceruals 5,441 2,740 Other creditorB 67,753 9.756 73.194 12,4 18 THE PARISH OF ST MARY THE VIRGIN. THE LACE MARKET. NOTTINGHAM Notss fomilng part of thè financial 8tat•mènts for the year end￿ 31 Downber 2023 (Continuedj 10 Fund dÈtall8 The restric￿ fund C￿mpr[se$.' Balan￿ at 31 Dec 2022 In¢om• Galn ¢￿t901n￿5 Ilosso8} Transf•rs Balance at 31 D•c 2023 Endowment St Chancd Fund Sl Catharine Memortal Fund St Mary Fabiic Fund St Mary ChoirtK>yS 1,260 21,581 6,939 647 119 2.030 1.379 23.611 7,371 647 Reslricl•d St Mary C8non White St Mary Curate8 St Mary Undèrfto(w H88￿￿9 St C8lharin8 Memorial Hall Fund St Mary Chancel Fund St Mary Fabric Fund St Mary Choirboys l Music Fund St Mary Organ Scholarsh 56.358 2,622 64,614 1.412 81 4,239 152 2,855 64,614 1,289 1.399 1,136 8.286 2.976 1,319 970 7,934 166 5,5(Kl 2,936 5,148 9t)0 16S.828 10,820 6,972 177,572 St Mary Chanc81 Fund-to k8ep th8 chan(%1 and weather proof St Catharin8 Memorial Fund- churth hall repairs St Mary Fabric Fund- fabric and malntenance Sl Mary Cholrboys- ¢hoir funding St Mary Canon White- rellgious purposès St Mary Curates- accumulated forcurates St Mary Undeffl(K)r Healing- rnaintenance and repairof undernoor hoaung and Mnovathin ef Itqhting St Mary Organ Scholarshlp-organ scholarship St Mary MUS￿ Fund- fftu51C The unrestrlcted fund (omprises.. Balanco at GaFn 31 Dec 2022 Inco￿ Outgoing• (lo￿￿) Tran¥fer8 Balan￿ at 31 Dgc 2023 General South Transopt Wo1118ell$l children s Choir Director of Music L￿ht1￿ Project Passion Flay Porch and Servery wOrt(pia￿ Wednesday 911,121 287.947 200.338 6,825 1,000 302,738 187,313 5,671 1,000 2.040 3.386 82,948 10.157 14.1401 9D2,347 13.025 2,154 1,000 12,040} 2,208 1211 13291 4.094 82,927 >Jo 1.500 1,640 911.121 584.031 587.965 10.157 917.344 19 THE PARISH OF ST MARY THE VIRGIN. ThE LACE MARKEf, NornNGHAM Not•s fom)ino part of th8 flnanclal ststgThwnts forthe yur end•d 31 D•￿mb•r 20231Contsnu¢d) Fund Recondllatlon At 1.1.2023 Galnsl Iloss•sl At 31.122023 In¢ome Outyolngs Unr8strkt￿ F￿d$ Restricted Fund Endowment Fund$ 911,121 135,401 30,427 584.031 10,820 1587,%5} 16.048} 10,157 4,391 2.561 917,344 144,564 33,008 1,076,949 594,851 (594,0131 1T.129 1,094.916 At 1.1.2022 Galn81 110¥8etsl At 31.12.2022 Incom• Outgoing¥ Unrestrkted Funds Restricted Funds Endowment Funds 1,069,863 139.185 34.524 241.801 9,163 1299.0721 (5,7601 191,471 17,187) 14,097} 911,121 135,401 30.427 1.233,572 250.964 1304,832} 1102,7551 1,076,949 11 Conn•etèd charlU•B St Maryb Reslo¥th"on & Development Fund have objectives related to tfv)s• of fv PCC, granis frC￿ thesa fvnds ar• included In thèsè acc(NJnts. In 2(r23 £8.07812022 - £3.000} was r￿1Ved from St Mary's Restoralon & Development Fund. 12 Lo4$•$ Total future minimum lease payments under non￿n¢￿Ilable opwating are as folbwB'. 2023 2022 Wrthin onè year se￿09n one and fwe years 156 585 £741 £664 13 Indep9ndont Examln•rn' F••s Fees payable in respect of.. Independent examinatlon Payroll Other 2,100 374 2.579 1,896 20 THE PARISH OF ST MARY THE VIRGIN. THE LACE MARK￿. NOTfiNGHAM Notes formlng part of the fmancial 8tatsm•nts for the year ended 31 De¢embgr 2023 (C¢>nUnued) 14 Mlssionary and charltable gfvlng Unr•strict•d funds R•$ttfet•d funds Totsl 2023 Total 2022 ChurGh overneas Mlsslonary Societsos Friends of Kagando Hosptsl jo 500 500 Justlce Defendars 500 5Tr) 1,OLK) 1,OLK) 1.000 Other ch8nlies Royal British L4ion 766 F¢olprints 500 500 Children's So¢knty 1451 For￿$ In The Community 406 1,221 Lctal charifies St Mory's R8li•f in N••d Safo Familiss for Children 500 500 500 Jeritho Road Project 500 500 Nottingham High School Founde￿ Dgy Swvice 400 ErnThanuel House 1.180 Open Home8 500 500 500 L8g81 S8rvl 56 Maackpws Food Bank soo 5( 1,093 SSAFA Norton Hwse 500 Nottingharn Arirnath88 Trust Ifornety Host Notts"nghaml 500 500 500 DuC￿1ng$ 649 649 4.629 4,629 5.229 6.535 6,535 7,450 21 INDEPENDENT EXAIAINER'S REPORT TO THE TRUSTEES THE PAROCHIAL CHURCH COUNCIL THE ECC ESIASTICAL PARISH OF STMARY TH VIRGIN THE LACE MARKET NOTTINGHAM I report lo the tharity trustees on my examinat*)n ol the a(￿Jnts ofthè charity forth8 yèar 8nd8d 31 D&•mb8r 2023. which are set out on pages 8 to 21. Rg8pOnslbitlti￿ and b￿18 of report AS the Ch￿￿$ trustees you are responslble for the preparatlon of the aeKounts in a¢¢ordan¢o wilh the r•q￿rOM•ftts ofth8 ￿aTr￿e$ Act 2011 fthe Acri. I rèport in resp8Ct of my examination of the charity's a¢￿Unts carrfed out under s￿n 145 ofthe Act and in cffjing out my examinabon I have followed all ts applicable DlrecQons giv&) by the Charity Cornmissvjn under seclion 14515Xb} of the Act. Since the charitys gross SncL¥ne exceedad £250,000 your èxamlnèr muat bè a mèmbÈrof a body listed in #éction 145 of the Act. l Confirm that l am qualthed to undert?ke th9 ex8minatK)n b￿aUSe l am a member of The Assooiation of Chartere(J c8rtIfi￿ Aca)untants. Ind•pèndènt examlnerfs statsmant I have completed my examlnatlon. I c4)nfimi that no m8t8ri81 matt8rs have corne to my attentlon in ￿nnectIOn with lh8 ex￿InatIon giving me cause to bell8v8 that In any fflatèria Mspèd-. accounting record5 were rK)t kept in respe￿ of the charity as by section 130 of the Act,. or Ihe a￿v￿nts do not aco)r(I wth those records.. or the accounts do not comply vthth the applicable wuirements ￿ncerning ￿ fDWm and content of account5 Set out in thp Charities IAc¢ounts and Reports) Regulation5 2CN)8 olher than any requirerngnt that ts acwunts gIVg 8 Irug and f8irMew' whlch is not a m8tt•reoN8idored a$ part of ￿ independent examlnabon. I hav* no concems and have come across no olhermatters In Connection the examination tu which 8ttention should be drawn in this report in Order￿ enable a proper understandSng of tha aco)unts to bè rè￿ed. HogJ6A Karen Mealand FCCA Lemans 29 Afboretum Street Nottingham NG14JA 2024 22