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2022-12-31-accounts

The Parochial Church Council of St Mary's Church, Banbury

Report and Accounts Year ended 31st December 2022

1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk

The Parochial Church Council of St Mary's Church, Banbury

CHARITY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2022

Members of the Parochial Church Council Incumbent Revd Serena Tajima
Associate Priests Revd Canon Jeff West Deceased December 2022
Revd Dr Louise Adey-Huish Sabbatical from October 2022
Revd Sarah Bourne (Chaplain to the Arts)
Churchwardens Ms Mary Parker
Mr Stephen Birch
Diocesan Synod Representatives Mr Stephen Birch
Deanery Synod Representatives Mrs Juliet West Resigned October 2022
Ms Mary Parker
Mr Stephen Birch
Elected Mrs Lesley Burge
Mr Phil Burge PCC Treasurer
Mrs Helen Fuller
Mr Kieron Galliard PCC Treasurer
Mr Steven Hearn
Mrs Sarah O'Farrell
Mrs Caroline Owens
Mr John Punter
Mrs Hazel Punter
Mrs Catherine Smith PCC Secretary
Other role holders Mrs Lesley Burge Parish Safeguarding Officer
Mrs Jean Parker DBS Administrator (verifier)
Mrs Kate Hassall DBS Manager (recruiter)
Ms Mary Parker Health & Safety Officer
Dr Brendan O'Farrell Fire Safety Officer
Mrs Sarah O'Farrell Electoral Roll Officer
Mr Kieron Galliard Musical Director
Mr Barry Davies Bell Tower Captain
Mrs Kate Hirons Parish Administrator
Charity Registration Number 1179456
Principal Address St Marys Church
Horse Fair
Banbury
Independent Examiner Sarah Crispin ACA
Stewardship
1 Lamb's Passage
London
EC1Y 8AB
Bankers Yorkshire Bank
7 Gold Street
Northampton
NN1 1EN
Appointed Architect Mr Nick Cox
Nick Cox Architects
77 Heyford Park
Upper Heyford
OX25 5HD
Contents Page
Charity Information 1
Annual Report of the Members of the Parochial Church Council 2-5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Accounts 9 -16
Detailed Statement of Financial Activities with Comparatives 17

Page 1

THE PAROCHIAL CHURCH COUNCIL OF ST MARY’S CHURCH,

BANBURY

REGISTERED CHARITY NO. 1179456

ANNUAL TRUSTEES REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[st] DECEMBER 2022

The Members (who are the Trustees) present their report and accounts for the year ended 31[st] December 2022.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the “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[st] January 2015)”.

Aims and Purposes

St Mary’s Parochial Church Council (PCC) has the responsibility of cooperating with the incumbent, in promoting the ecclesiastical parish, the whole mission of the Church, pastoral, evangelistic, social and ecumenical. The PCC is responsible for the maintenance of the Parish Church of St Mary the Virgin. Horse Fair, Banbury and the adjacent Church Centre.

Our mission, purpose and vision can be summarised as:

Our vision is to see lives and communities transformed by God’s love.

This vision can be achieved by:

Page 2

Structure, governance and management

Parochial Church Council

The Parochial Church Council is a corporate body established by the Church of England. The PCC operates under the Parochial Church Councils (Powers) Measure 1956 as amended by the Measure of 1969, and the Church Representation Rules 2021. The PCC is registered with the Charity Commission, number 1179456. The members named below have, except where indicated, served throughout the year.

All clergy and lay ministers licensed to the parish are members, as are, ex officio, the churchwardens and diocesan and deanery synod members on the parish electoral roll. The remaining members are either elected at the Annual Parochial Church Meeting or are co-opted. This is in accordance with the Church Representation Rules. All members of the congregation are encouraged to register on the Electoral Roll and stand for election to the PCC.

The PCC normally meets not less than four times a year, chaired by the Vicar, or in the case of a vacancy, by the Vice Chair. The Standing Committee of the PCC meets regularly to plan agendas, deal with other urgent issues and for strategic development. A number of subgroups report to the PCC.

Safeguarding

With regard to the PCC’s obligations to safeguard children and vulnerable adults, the members of the PCC confirm they have complied with their duties under section 5 of the Safeguarding and Clergy Discipline Measure 2016.

Objectives and Activities

The PCC is committed to enabling as many people as possible to worship at our church and to become part of our parish community at St Mary’s, which is an Inclusive Church, recognising that we also have a role as the civic church for Banbury. The Members have paid due regard to guidance on public benefit issued by the Charity Commission in deciding what activities the Church should undertake.

The PCC maintains an overview of worship throughout the parish and makes suggestions on how services can involve many diverse groups that live within our parish. Our services and worship put faith into practice through prayer and scripture, music and sacrament.

In particular, we try to enable ordinary people to live out their faith as part of our parish community through:

Page 3

To facilitate this work, it is important that we maintain the fabric of the Church and the Church Centre and explore new ways of using these resources.

The church Electoral Roll at the end of the year was 105.

Activities during the year

Work to deliver our vision.

Address the funding issue by reducing our outgoings where possible, by continuing to promote the Parish Giving Scheme and by seeking new ways of generating income in order to sustain our ministry.

We held our Spring and Christmas craft fairs and also held a series of events including concerts and exhibitions between April and November, to celebrate two hundred years since the current church building was completed – ‘Festival 200.’

Further details of the activities of the church can be found in the Churchwarden’s report which is available on request.

Quinquennial Inspection

This was carried out on 5[th] February 2021 and we received the final report in July 2022. Several recommendations for immediate attention to the exterior and interior of the building were submitted.

Financial Review

The accounts are consolidated across the areas of PCC, Art@BSM and Bell Ringers.

Mission objectives were largely met in the year with £2,140 being disbursed to a range of local and international charities. There was a 50% increase in plate donations thanks to the church being fully open for more services (2022: £6,037, 2021: £4,035). Other donations (including gift aid) dropped substantially from £95,369 in 2021 to £62,351 in 2022. However, this is mostly due to a generous one-off donation of £30,000 in 2021 and a few other one-off donations following the end of the Covid-19 shutdown in activity. Centre lettings continued to increase, both craft fairs were able to take place and additional income from the Festival 200 events jointly contributed an additional £11,843 of very welcome income.

However, this was the third year that Parish Share was not paid in full, with just half the allotted contribution being made.

The PCC continued to encourage the congregation to consider giving under the Parish Giving Scheme and for taxpayers amongst the congregation to consider making their financial donation to the Church under gift aid. These are important and vital ways to help ensure the financial future of St Mary’s.

Page 4

Key Financial Policies

Reserves Policy

The Reserves Policy is reviewed periodically. This is geared to our budgeted expenditure and we aim to hold the equivalent of 6-8 months of unrestricted expenditure in reserve. This equates to approximately £59,000 - £79,000 of unrestricted reserves. As at the year-end the charity held £62,210 in unrestricted reserves and is meeting its reserves policy.

Investment Policy

Our overall policy position is not to tie up too much money in long-term investments and our guiding principles are not to invest directly in stocks and shares and to limit the amounts held in long-term deposit investment accounts using investment in CBF funds for long-term growth. The position has been maintained.

Mission Policy

The policy is to budget 5% of pledge, plus Parish Giving Scheme, plate and associated gift aid for the work of the Mission. This is split between international, national and local charities according to an agreed formula.

In addition to the planned giving for mission we may also respond to emergency situations either by a specific collection or a fundraising event.

Legacy Policy

The policy is to use legacies to help fund significant development projects in the parish, whether buildings, equipment or people. Members encouraged to leave gifts in their wills for the general purposes of the parish rather than for specific applications.

Giving Policy

The policy is to encourage planned giving either through the Parish Giving Scheme, Bank Standing Order, by using the Contactless Payment system or by participation in an envelope scheme. For all giving we encourage gift-aiding if appropriate. Similarly, Contactless giving and gift-aid envelopes for one-off donations can be used. The Parish Giving Scheme helps cash flow and acts to inflation proof any giving via Direct Debit.

In line with Diocesan guidelines a figure of 5% of disposable income is suggested as appropriate giving.

The PCC recognise that generous financial giving is set alongside time and talent, and so is freely given.

The Trustees report was approved by the Board of Trustees:

Revd Serena Tajima

Trustee Revd Serena Tajima ………………………………………………………….. Dated: 24 April 2023

Page 5

INDEPENDENT EXAMINER'S REPORT

TO THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL OF

The Parochial Church Council of St Mary's Church, Banbury ('the Charity')

I report to the members of the PCC (who are also the charity's trustees) on my examination of the accounts of the Charity for the year ended 31 December 2022 on pages 7 to 17 following, which have been prepared on the basis of the accounting policies set out on pages 9 and 10.

Responsibilities and basis of report

As members of the PCC you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 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 have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts 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.

Sarah Crispin

Sarah Crispin ACA Stewardship 1 Lamb's Passage London EC1Y 8AB

Date: 2 May 2023

Page 6

The Parochial Church Council of St Mary's Church, Banbury

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income and endowments
EXPENDITURE ON:
Charitable activities
6
Raising funds
7
Total expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
14
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
14		 Unrestricted
Funds
£
98,572
27,441
-
126,013
116,407
2,801
119,208
-
6,804
(4,158)
2,647
59,563
62,210		 Restricted
Funds
£
553
270
412
1,235
7,994
-
7,994
(2,393)
(9,151)
4,158
(4,994)
45,839
40,845		 Total
Funds
2022
£
99,124
27,711
412
127,248
124,401
2,801
127,202
(2,393)
(2,347)
-
(2,347)
105,402
103,055		 Total
Funds
2021
£
180,699
15,393
524
196,616
174,115
121
174,236
2,573
24,953
-
24,953
80,449
105,402

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing operations.

The notes on pages 9-16 form part of these accounts.

Page 7

The Parochial Church Council of St Mary's Church, Banbury

BALANCE SHEET

AS AT 31 DECEMBER 2022

Note
FIXED ASSETS
Investments
9
CURRENT ASSETS
Debtors
10
Cash at bank and in hand
11
CREDITORS: Amounts falling
due within one year
12
Net current assets / (liabilities)
Total assets less current liabilities
TOTAL NET ASSETS
FUND BALANCES
14
Unrestricted Funds
General funds
Designated funds
Restricted Funds		 Unrestricted
Funds
£
-
-
7,475
64,048
71,523
(9,314)
62,210
62,210
62,210
30,610
31,600
62,210
-
62,210		 Restricted
Funds
£
18,167
18,167
-
22,678
22,678
-
22,678
40,845
40,845
-
-
-
40,845
40,845		 Total
Funds
2022
£
18,167
18,167
7,475
86,726
94,201
(9,314)
84,888
103,055
103,055
30,610
31,600
62,210
40,845
103,055		 Total
Funds
2021
£
20,560
20,560
8,075
93,211
101,286
(16,444)
84,842
105,402
105,402
25,502
34,061
59,563
45,839
105,402

The financial statements were approved by the members of the PCC and were signed on its behalf by:

Revd Serena Tajima

--------------------------------------Revd Serena Tajima

Date: 24 April 2023

Charity number: 1179456

The notes on pages 9-16 form part of these accounts.

Page 8

The Parochial Church Council of St Mary's Church, Banbury

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1 Statutory Information

The Parochial Church Council of St Mary's Church, Banbury is a charity registered with the Charity Commission in England & Wales. The charity's registered number and principal address can be found on the Charity Information page.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention. The financial statements include all activities for which the PCC is legally responsible; the activities of informal gatherings of church members and groups that owe their main affiliation to another body and are excluded.

These financial statements have been prepared in accordance with The Church Accounting Regulations 2006, the 'Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)' ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.

The principles adopted in the preparation of the financial statements are set out below.

a) Going concern

The PCC have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The PCC have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the PCC have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The PCC have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements. In making this assessment the trustees have considered how Covid-19 might affect projections.

b) Income

Income (which includes planned giving, collections and other donations) is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part income is generally recognised when it is received by, or on behalf of, the PCC. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations includes:

The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.

Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from the Arts@BSM initiative and letting of the buildings.

Investment income represents income generated by the charity's assets and includes income from investements

Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Contributions in respect of the diocesan parish share are included in the Statement of Financial Activities for all amounts agreed to being payable for the financial year. Any contributions that have not been paid over by the year end are included as a creditor.

The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.

Expenditure on raising funds comprises the costs incurred on running fundraising events.

Page 9

The Parochial Church Council of St Mary's Church, Banbury

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

d) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the PCC in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the PCC for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.

e) Tangible fixed assets Consecrated and beneficed property is not included in these financial statements by virtue of s.10(2) of the Charities Act 2011. All expenditure on consecrated or beneficed buildings is written off in the year in which it is incurred.

Movable church furnishings held by the incumbent and Churchwardens on special trust for the PCC and which require a faculty for disposal are capitalised in accordance with the policy set out below. These items are regarded as inalienable property and are listed in the church's inventory which can be inspected at any reasonable time. Inalienable property acquired prior to 2000 has not been capitalised as there is insufficient cost information available.

f) Investments Fixed asset investments are held to generate income and / or for their investment potential. Current asset investments are investments that are held specifically for sale or are investments that the charity expects to sell by the next balance sheet date. Investments, other than social investments (see below), are valued as follows:

g) Pension scheme arrangements The charity also contributes to the Church of England Funded Pension Scheme, which is a multi-employer defined benefit pension scheme. The charity is unable to identify its share of this scheme's assets and liabilities therefore, as permitted by FRS 102, it is being treated as if it were a defined contribution scheme. Further information about this defined benefits scheme is disclosed elsewhere in the notes to these accounts.

h) Taxation The charity has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.

j) Exemption from preparing a cashflow statement

The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.

k) Critical accounting estimates and areas of judgement

3 Donations

ations
Donations of cash and similar
Government & other public body grants (note 3a)
Other grants receivable
Income tax recoverable		 2022
£
57,178
511
30,225
11,210
99,124		 2021
£
90,000
54,100
25,188
11,412
180,699

Page 10

The Parochial Church Council of St Mary's Church, Banbury

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Heritage Lottery Fund
Cultural Recovery Fund
DCMS Listed Places of Worship
Historic England
4
Income from charitable activities
Church fees
Rent, Lettings and Hire
Arts@BSM
Fundraising income
5
Investment income
Dividends
Bank interest
6
Charitable expenditure
a
Costs incurred directly on specific activities
Ministry expenses:
Parish share
Ministry staff employment costs
Clergy expenses
Services and hosplitality
Cost of choir & organist
Arts@BSM
Other costs
Property expenses:
Church utilities
Routine repairs and maintenance
Major repairs
Operational costs for church hall & other buildings
Grants payable (note 6c)
b
Costs incurred on support & administration
Governance costs
Independent examiner's fee
Administrative staff
Office costs
Telephone & IT costs
Operating lease charges
Other expenses
Insurance
Total expenditure		 2022
£
-
-
511
-
511
2022
£
3,125
7,246
12,768
4,572
27,711
2022
£
410
2
412
2022
£
21,971
30,929
-
1,425
1,597
4,817
2,380
63,119
10,118
12,973
1,357
10,657
35,105
2,140
100,363
2,060
2,060
6,096
1,975
1,694
1,857
-
10,357
24,037
124,401		 2021
£
21,820
14,900
13,560
3,820
54,100
2021
£
2,650
4,784
6,190
1,768
15,393
2021
£
522
2
524
2021
£
21,985
25,889
161
1,511
1,138
1,811
1,131
53,625
8,459
11,144
73,228
1,322
94,153
2,050
149,828
2,500
2,500
5,539
1,340
3,041
1,847
-
10,021
24,288
174,115

The fee payable to the independent examiner for preparing and examining the accounts was £2,400 (2021: £2,160).

Page 11

The Parochial Church Council of St Mary's Church, Banbury

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

c Grants payable

Grants for UK and overseas mission
Grants for the relief of poverty
Grants for education, including ministry training
The comparatives for the previous year are as follows:
Grants for UK and overseas mission
Grants for the relief of poverty
Grants for education, including ministry training
Cost of raising funds
Fundraising costs		 Institutions
£
440
1,600
100
2,140
Institutions
£
125
1,425
500
2,050		 Individuals
£
-
-
-
-
Individuals
£
-
-
-
-
2022
£
2,801
2,801		 2022
£
440
1,600
100
2,140
2021
£
125
1,425
500
2,050
2021
£
121
121

7 Cost of raising funds

8 Analysis of staff costs, the cost of key management personnel and trustee remuneration

The average monthly number of employees during the year was 2 (2021: 1). Most of the charity's activities are carried out by volunteers.

No staff received salaries at a rate of more than £60,000 per annum.

The charity's key management comprise the members of the PCC and the key staff named on the Charity Information page. During the year key management received employment benefits totalling £35,025 (2021: £25,889).

Revd Serena Tajima, incumbent, (who is a clergy member of the PCC) receives a stipend from the Diocese and so is not an employee; some of the Parish Share paid to the Diocese is used to help meet the cost of this stipend. The charity also reimbursed expenses to Revd Serena Tajima; these costs are disclosed in note 6 'Charitable Expenditure' under the heading 'Clergy expenses'.

9
Fixed asset investments
Cost or fair value brought forward
Change in value of investments
Cost or fair value carried forward
10
Debtors
Falling due within one year:
Tax recoverable
Other debtors
Prepayments and accrued income
Total debtors
11
Cash at Bank and in Hand
Cash at bank with immediate access
Petty cash		 CCLA
Investment
Fund
20,560
(2,393)
18,167		 2022
£
20,560
(2,393)
18,167
2022
£
3,646
539
3,290
7,475
2022
£
85,395
1,332
86,726		 2021
£
17,987
2,573
20,560
2021
£
1,241
4,610
2,224
8,075
2021
£
92,903
308
93,211

Page 12

The Parochial Church Council of St Mary's Church, Banbury

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

12 Creditors: liabilities falling due within one year

Trade creditors
Pension creditor
Other creditors
Accruals
Grant obligations		 2022
£
6,143
771
-
2,400
-
9,314		 2021
£
1,921
8,412
1,671
2,500
1,940
16,444

13 Pension commitments

St Mary (Banbury) PCC participates in the Church of England Funded Pensions Scheme for stipendiary clergy, a defined benefit pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Responsible Bodies.

Each participating Responsible Body in the Church of England Funded Pensions Scheme pays contributions at a common contribution rate applied to pensionable stipends.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. It is not possible to attribute the Scheme’s assets and liabilities to each specific Responsible Body, and this means contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year (2022: £6,342, 2021: £8,412), plus the figures in relation to the Scheme's deficit highlighted in the table below as being recognised in the SoFA, giving a total charge of £9,342 for 2022 (2021: £8,412).

A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation completed was carried out at as 31 December 2021. The 2021 valuation revealed a surplus of £560m, based on assets of £2,720m and a funding target of £2,160m, assessed using the following assumptions:

· Increase in pensionable stipends in line with CPIH;

· Mortality in accordance with 90% of the S3NA tables, with allowance for improvements in mortality rates in line with the CMI202 extended model with a long term annual rate of improvement of 1.5%, a smoothing parameter of 7, an initial addition to mortality improvements of 0.5% pa and an allowance for 2020 data of 0% (i.e. w2020 = 0%).

Following the 31 December 2018 valuation, a deficit recovery plan was put in place until 31 December 2022 and the deficit recovery contributions (as a percentage of pensionable stipends) were as set out in the table below. An interim reduction to deficit contributions to 3.2% of pensionable stipends was made with effect from 1 April 2022. Following finalisation of the 31 December 2021 valuation, deficit contributions ceased with effect from 1 January 2023, since the Scheme was in surplus.

As at 31 December 2020 and 31 December 2021 the deficit recovery contributions under the recovery plan in force were as set out in the table below. For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the Scheme’s rules.

Scheme’s rules.
% of pensionable stipends January 2018 to December
2020		 January 2021 to
December 2022
Deficit repair contributions 11.90% 7.10%

Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. However, as there are no agreed deficit recovery payments from 1 January 2023 onwards, the balance sheet liability as at 31 December 2022 is nil. The movement in the balance sheet liability over 2021 and over 2022 is set out in the table below.

2022 2021
Balance sheet liability at 1 January 2,000 -
Deficit contribution paid (3,000) -
Interest cost (recognised in SoFA) - -
Remaining change to the balance sheet liability*(recognised in SoFA) 1,000 2,000
Balance sheet liability at 31 December - 2,000

Page 13

The Parochial Church Council of St Mary's Church, Banbury

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions. No assumptions are needed for December 2022 as there are no agreed deficit recovery payments going forward. No price inflation assumption was needed for December 2021 since pensionable stipends for the remainder of the recovery plan were already known.

Dec-22 Dec-21 Dec-20
Discount rate n/a 0.0%pa 0.2% pa
Price inflation n/a n/a 3.1% pa
Increase to total pensionable payroll n/a -1.5%pa 1.6% pa

The legal structure of the scheme is such that if another Responsible Body fails, St Mary (Banbury) PCC could become responsible for paying a share of that failed Responsible Body’s pension liabilities.

14 Funds

During the year the movements in the charity's funds were as follows:

Designated Funds
PCC Funds
General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
Appeal Fund
Bell Ringers' Fund
Boiler Fund
Building Fund
St Mary's Centre Fund Capital
St Mary's Centre Fund Income
HLF East End/Doors Project
Maisie Green/A Bishop Fund
Wardens/J W Harding Fund
Other ministry funds
Aggregate of funds		 Opening
balance
2022
£
34,061
34,061
25,502
59,563
4,171
3,524
1,697
1,220
20,560
3,307
409
7,201
2,671
1,080
45,839
105,402		 Incoming
resources
2022
£
11,059
11,059
114,954
126,013
-
825
-
-
-
410
-
-
-
-
1,235
127,248		 Outgoing
resources
2022
£
(9,512)
(9,512)
(109,697)
(119,208)
-
(200)
-
-
-
(3,846)
-
-
(3,947)
-
(7,994)
(127,202)		 Transfers
in the year
2022
£
(4,008)
(4,008)
(149)
(4,158)
-
-
-
-
-
-
(409)
-
4,566
-
4,158
-		 Gains and
losses
2022
£
-
-
-
-
-
-
-
-
(2,393)
-
-
-
-
-
(2,393)
(2,393)		 Closing
balance
2022
£
31,600
31,600
30,609
62,209
4,171
4,148
1,697
1,220
18,167
(129)
-
7,201
3,290
1,080
40,845
103,055

Page 14

The Parochial Church Council of St Mary's Church, Banbury

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Analysis of net assets by fund

The assets and liabilities of the various funds were as follows:

Fixed asset investments
Debtors
Cash at bank and in hand
Creditors falling due within one year		 General
Designated
funds
funds
£
£
-
-
7,475
-
32,448
31,600
(9,314)
-
30,610
31,600
Unrestricted Funds		 Restricted
funds
£
18,167
-
22,678
-
40,845		 2022
£
18,167
7,475
86,726
(9,314)
General
funds
£
-
7,475
32,448
(9,314)
30,610
103,055

In the previous year the movements in the charity's funds were as follows:

Designated Funds
PCC Fund
General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
Appeal Fund
Bell Ringers' Fund
Boiler Fund
Building Fund
St Mary's Centre Fund Capital
St Mary's Centre Fund Income
HLF East End/Doors Project
Maisie Green/A Bishop Fund
Rainwater Goods Project
Wardens/J W Harding Fund
Other ministry funds
Aggregate of funds		 Opening
balance
2021
£
3,253
3,253
16,182
19,435
4,171
4,378
1,697
1,220
17,987
2,785
3,543
7,201
14,643
2,671
717
61,014
80,449		 Incoming
resources
2021
£
32,425
32,425
110,303
142,728
-
340
-
-
-
522
44,113
-
8,319
-
595
53,888
196,616		 Outgoing
resources
2021
£
(1,617)
(1,617)
(100,743)
(102,360)
-
(1,195)
-
-
-
-
(47,248)
-
(23,201)
-
(232)
(71,875)
(174,236)		 Transfers
in the year
2021
£
-
-
(240)
(240)
-
-
-
-
-
-
-
-
240
-
-
240
-		 Gains and
losses
2021
£
-
-
-
-
-
-
-
-
2,573
-
-
-
-
-
-
2,573
2,573		 Closing
balance
2021
£
34,061
34,061
25,502
59,563
4,171
3,524
1,697
1,220
20,560
3,307
409
7,201
-
2,671
1,080
45,839
105,402

Analysis of net assets by fund

In the previous year, the assets and liabilities of the various funds were as follows:

Fixed asset investments
Debtors
Cash at bank and in hand
Creditors falling due within one year		 General
Designated
funds
funds
£
£
-
-
8,075
-
33,871
34,061
(16,444)
-
25,502
34,061
Unrestricted Funds		 Restricted
funds
£
20,560
-
25,279
-
45,839		 2021
£
20,560
8,075
93,211
(16,444)
General
funds
£
-
8,075
33,871
(16,444)
25,502
105,402

Page 15

The Parochial Church Council of St Mary's Church, Banbury

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

The Appeal fund is for essential major fabric repairs

The Bell Ringers' Fund is for maintenance of the bells and furthering the aims of ringing The Boiler Fund is for the replacement of the church boiler in the event of failure.

The Building Fund is for church building works

The St Mary's Centre Fund - the Capital Fund is held with the Central Board of Finance. Only the income may be used for the provision & upkeep of a Church Centre.

HLF East End / Doors Project Fund relates to a project largely funded by the National Lottery Heritage Fund to make essential repairs to the chancel roof, install new accessible doors and produce a new guidebook. Maisie Green/ A Bishop Fund is for church repairs & maintenance

The Rainwater Goods fund relates to a completed project funded by Historic England to improve the rainwater disposal system above the south vestry

The Churchwarden's / JW Harding Fund is for furthering religious and other charitable work within the parish. Other ministry funds include the Children's Work Fund for supporting children's work and the Music Fund for supporting music.

15 Operating lease commitments

The charity has an operating lease for its photocopier. The minimum amount payable in respect of this lease is as follows:

Within one year
Between one and five years
After five years
Payments falling due:		 2022
£
1,584
3,960
-
5,544		 2021
£
1,584
5,544
-
7,128

During the year the charity was charged £1,857 (2021: £1,847) for its operating lease.

15 Transactions with related parties

During the year the charity:

Page 16

The Parochial Church Council of St Mary's Church, Banbury

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

FOR THE YEAR ENDED 31 DECEMBER 2022

Note
INCOME AND ENDOWMENTS FROM:
Donations
3
Charitable activities
4
Investments
5
Total income and endowments
EXPENDITURE ON:
Charitable activities:
6
Raising funds
7
Total Expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
14
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
14		 General
Designated
2022
2022
£
£
97,356
1,216
17,598
9,843
-
-
114,954
11,059
107,564
8,843
2,133
668
109,697
9,512
-
-
5,257
1,548
(149)
(4,008)
5,107
(2,461)
25,502
34,061
30,609
31,600
Unrestricted funds		 Restricted
2022
£
553
270
412
1,235
7,994
-
7,994
(2,393)
(9,151)
4,158
(4,994)
45,839
40,845		 Total
2022
£
99,124
27,711
412
127,248
124,401
2,801
127,202
(2,393)
(2,347)
-
(2,347)
105,402
103,055		 General
Designated
2021
2021
£
£
97,565
30,000
12,738
2,425
-
-
110,303
32,425
100,622
1,617
121
-
100,743
1,617
-
-
9,560
30,808
(240)
-
9,320
30,808
16,182
3,253
25,502
34,061
Unrestricted funds		 Restricted
2021
£
53,134
230
524
53,888
71,876
71,876
2,573
(15,415)
240
(15,175)
61,014
45,839		 Total
2021
£
180,699
15,393
524
196,616
174,115
121
174,236
2,573
24,953
-
24,953
80,449
105,402

Page 17