THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL THE ARCHANGEL, SOUTHAMPTON ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Registered Charity Number: 1180694 THE PAROCHtAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL THE ARCHANGE4 soUrHA￿ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2024 CONfENTS Page TrUst￿S, ADnual Report Inde￿n(kn1 Examinw's Report ststement of Financial Activities 12 Balance Sheet 13 Notes to the Financial Statements 14-24 Page I THE PAROCHIAL CHURCH COUNCIL OF THE ECCLLSIASTICAL PARISH OF ST MICHAEL THE ARCHANGE4 SOUTHAMIryON FOR THEYEARENDED 31 DECEMBER 2024 The tnstees present tkir Annual Rew)rt and Financial Statcm¢nts of Thc Parochial Church Council of the Ecc1¢5i8Stical Parish of St Michael the Archangel, Southampton for the y￿[ ended 31 December 2024. The Financial Statements compty with the Trust Dee4 the Church Accounting Regulations 2006. the Charities Act 2011 and Accounting and R¢w)rting by Cbarities: Statement of Recommended Practice applicable to chariti&8 preparin8 their Financial Statements in ￿￿0rd￿ with the Financial Reporting Standard app]ieable in UK aThl Republic of Ir¢l8NI (FRS 102). REFERENCE AND ADmINISn￿TIvE INFORMATION Charlty Name: The P8rochiaJ Church Council of the FLclesiastical Parish of St Michael tk Archangel. Southampion Rytered ChArlty Number. 118( The PCC is a charity and registered with the Charity comn]i￿on on 14 Novcmter 2018. CorreJpond¢n¢e Addr¢M: 55 Bugle Street Southampton S0142AG PCC members (trustees) wh) have serv&1 from l January 2024 until the date this ryrt was approv IDeumb¢nt: Rev'd Canon David Vicar and Miller Other Cl¢ry: Rev'd Philip HaThl Non-Sti￿diary Llethced Lay CburchwardeDS: Vice Chair Dr Steph¢n Ivhilaker Vice Chair Mrs Alexandra Stokes App Apr 2024 Res Apr 2024 Deputy Chur¢bw*rd¢w: Nr Neil Giles App Apr 2024 App Apr 2024 Res Apr 2024 Res Apr 2024 Res Apr 2024 Mi&8 Kath Singldon Mrs Pam Hand Page 2 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MtCHAEL THE ARCHANGEL, SOUTHA￿0￿ TRUSTEES ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE INFORMATION {CONfiNUED) Deanery SyDod Dr Elisabeth Schroeder-Butterffll Repr￿tatIVeS. Mr Alistair Stokes Res Apr 2024 Other Elected Mr Colin Bleach Mrs Lorna Brown Mr Neil Giles Mrs Marian Hubble Mrs Marilyn Ramsden Mr Matthew Read Mr Christopher Ricketts Miss Kath Singleton Dr Stephen Whitsker Treasurer Res Apr 2024 App Apr 2024 PCC Secretary Miss Naomi Rides Res Nov 2024 Safeguardlng Mrn Lorna Brown Our Advlsor8: Independent Abrnham & Dobell 230 Shirley Road Southampton S015 3HR Bank¢rs: CAF Bank Ltd 25 Kings Hill Aven Kings Hill West Malling Kent ME194JQ Investment CCLA Investment Managem¢nt Ltd One Angel Lane London EC4R 3AB Page 3 THE PAROCHIAL CHURCH COUNCIL OFTHE ECCLLSIASTICAL TRusfEES ANNUAL REPORT (CO￿￿￿>} 31 DECEMBER2024 People have been Nvorshipping at St mich￿ the A[ch￿￿e1 in the Old Town Soth￿0n for over 950 St Michael's offers a Mrlcome to 'all sorts of conditions. of pw)le S• by S•. The sacraments are celebrntal ￿erentlY and jOYfi￿Y and received &s God's good gift& We seek to engage our local community and the wider world through involvement in school4 the Southampton Council of Faith& Peace Walks and the dispersed Cornmunity ofthe Cross ofNails (based at Coventy cathe￿). We seek lo develop our ￿latio￿lP wth the Catholic City Centre ￿]sh thrnugh Shar￿ soup lunches with St Joseph's churc￿ which SUp￿}rt CAFOD and christi￿ Ai(L Public Benefit Statement All of our activities are undertaken to further our charitable purposes for the public benefit. In planning our activities for the year we have considered the Clwity Con)mission's guidance on public ben¢fiL including the guidance 'Public Benefit: Running a Charity (PB2)' aniL in partIC￿ar. the supplementary guidance on cl)arities for the advallce￿ of religion. Fellowship Numbers There were 81 memttrs on the Elector￿ Roll & 31 Decanber 2024. Ofthese, 18 live in the parish. Review of the Year St Michael the Archangel Church aspires to be a friendty. welcoming. growing Christian community offering distinctive, accessible. worship to God in a Clean and beautiful worshipping environment. We seek to produce well thought out litur8y. preaching and well sun& accompanied and conducted sacred music both from the congregation and from Cantores Michaeli& On behalf ofthe whole church I would like kn thank all WIKJ help us in this endeavour from the Church and from Friends of St Micbael and still more widely from everyone else who helps. Page 4 THE PAROCHIAL CHURCH COUNCIL OFTHE EcCLEs￿￿IcAL PARISH OF ST MtCHAEL THE ARCHANGE4 SoifTHAM￿0N (CON[￿￿)} 31 DECEMBER2024 AClllEVEMENtS AND PERFORMANCE (CONTINUED) Revlew of tbe Year (Contlnued) Much of what I have just written applies to Sunday worship, mainly in the morning and enhanced as in the year before by evening worship at Adv¢nt and Christmas Carol services and at great f¢asts such as Michaelmas and at All Souls. At the All Souls service Canon Padley from Salisbury Cathedraj preached. On this occ&8ion it was also g￿d to welcome back Canon rim Daykin and his wife Ruth whose nine years in th¢ parisb were much cherished. Three Bishops preached in the parish church this year. Bishop G¢offAnnas preached on September 22nd and inter ali4 suggested that the church might get more involved in the Street P&8tors initiative in Southampton. The Bishop of Winchester, Philip Mounstephen preached at the annual Cachelots service in June. A week earlier he had attended the D Day anniversary service held at Holyrood. The service of welcome for Bishop Rhiannon King as the new Bishop of Southampton took place on November 16th. All three services went extremeEy well, with m¢mbers of our church showing exceptional organising skill in enabling the worship to take place. En the autumn the church welcomed Fr Samuel Ocansey Accra in Ghana. Fr Samuel left a lasting and positive impression on many people during his stay in th¢ parish of some weeks. He was about to tske up a post in ft parish in the new Diocese of Tema on the outskirts of ALxr& We have made a slart in seeking to maintsin links with Fr Samuel and his paTish in the new Diocese of Tem& Alongside Sunday worship h&s Eten regular midweek services on Wednesday4 Thursdays and Fridays as well &8 a group f(KUSing on contemplative prayer on Tuesday afternoons. House groups discussing bible passages in Mark have been ￿ld in Lent and again in th¢ autumn. Phil and Pam Hand have hosted a m￿h appreciated discu&8ion group at other times in the year as well. Thousands of visilors enter our church ￿ lourists on week days and are welcomed by a great team of steward& who Iwl a well-deserved tea party on the ￿Vr￿e of the year. Th¢ two nexghbouring ehurches with which ￿ have the strongest links are St Joseph's Roman Catholic Church in Bugle Street and St Mary's Church of En8land Churcl also in central Southampton. With St Joseph we shared the start of the Palm Sunday service and had delicious sh8ttd soup lunches weekly during L¢nt and monthly at othertimes of the year. With St Mary's we continued the gentle proces5 of building bridges with two clergy, Phil and Davi(L taking the 9.15 am Sunday service on occasion. We also bAve very strong links with Mission to Seafaras through its chaplain Fr James Mosher, who holds two services & week in the church on Wedn¢5day4 a¢*e from Mondays when the services were held the previous year. We attract worshippers from all over Southarnpton and iyond who seek to worship almighty God in the way which St Michael's offers. One way in which we have sought to extend our r¢ach is through leafietting as many hO￿eS in the paTish as po&sible. Wh¢th¢r the recipients of our leaflets attended the exc¢ll¢nt l AM MARK presenlation by Stefan Smart in July or not or the Christmas services, which we also advertise¢ we * least advertised our presence in the Community we seek to serve. which is highly valuable. We extended the number of services at St Julien's by having a well-attend¢d ClwistsD&S Carol service as well as the annual service in the French language. Page 5 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF sr MICHAEL THE ARCHANGEL, soufHAKPTON TRUSTEES ANNUAL REPORT (CONTINUED) FOR THE YEAR EIYDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE (CONTINUED) Review of the Year (Continued) St Michael's has a]so been privileged to host con¢erts, for instsnce the Cantores Michaelis summer concert and other concerts besides. It is a joy to be Vicar here. not least because there is so much team work 80ing on and so much friendliness in the congregation. Canon David Miller FINANCIAL REVIEW The year was a stable one with income and expendilure in balance. The budget produced before the start of the year proved Close to the actual variance but both income and expenditure were significantly above their respective for¢¢asts. IDeome The main source of incotne was from parishioners who give through the Parish Giving Scheme or by standing order. The number flu¢tuates slightly throughout the year but from approximately 46 donors average weekly giving was £14.76 compared with £14.95 in 2023. The majority of these are eligible for gift aid. Two thirds of PGS donors have agreed to receive amiual infiationary inCr￿e su88estions. Tax was a]so reclaimed from plate collections through the Gift Aid Small Donations Scheme but there is a limit s¢t by the Government so worshippers are encouraged to consider using direct debits, standing orders or gift aid envelopes. Income from cruise ships was virtually unchanged at £1.785. This is heavily infiuenced by the nwnber of hours the chur¢h is opened to visitors. the frequency of opening this year was reduced by th¢ availability of stewards. Thcre are no plans to charge people ¢oming to see the church. The new contsctless payment device near the door saw incre&sed income from visitors, attendees at 5¢rvices and those coming to see or participate in ev¢nts. £1,508 was taken in pure donations {i.e. not for services or events) compared with £318 in the previous year. The device now com¢5 under the management of the Parish Givin8 Scheme whose reports cover both planned giving and contactless donations. Their efficiency at reclaiming tsx through the gift aid scheme saves a lot of local cleri¢al tim¢. The Sumup machine continues to be used to a lesser extent, mainly owing to signal issues. This brought in a further £618 compared 10 £461 th¢ previous year. The churchreceived the Seco￿ fin￿ part of a legacy from the late Isabella Mary StradMI of £10,622. Other onewoff gifts came to £2.140. Page 6 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PA￿SH OF ST MICHAEL THE ARCHANGE4 soirrHAMIryON TRUSTEES ANNUAL REPORT (CONTINUED) FOR THE YEAR EIYDED 31 DECEMBER2024 FINAIYCIAL REVIEW (CONTINUED) Incom¢ (CoDtinu¢d) The sum of £2,366, equivalent to the VAT on fabric repairs. was reclaimed from the Licensed Places of Worship Scheme. Fees from weddin8s and fimerals came to £2298. £475 was claimed from the St Michael's Sunday School Trust for Sunday School activities. The church receives a small amount of income from ticket event sales and guided tours, £502 and £50 respectively. and these ventures are being nurtured. Expendltsre Major expenditure this year was accounted for by essential roof repairs. remedial work to the floor for health and safety reasons and a boiler repair, & total of £15,188. The roof repair above the choir and organ required scaffolding on two occasions, always a high cost. The problem of the water in8ress was finally rectified at the second attempL A further £6.742 was spent on fees to look at Options for the future development of the church. The fabric fund. set up in 2023 with a ba]anc¢ of £20.277 for Cxactly th¢s¢ purposes. was topped up from the legacy. one-off gifts. LPOW tsx reclaim and insurance claims leaving it £2,408 lower by year end. This is the main variable with any church finances. Other ¢osts were much as expected apart from extra fi￿dS to support the choir. a fraction of that already PD)vided through the Friends of St Mi¢hael'$. The church continued to pay its requested share to the diocese. Challenges for 2025 Our diocesan shar¢ is being reduced for a $eeond year, the result of demographic data and the forniula u5¢d to ￿culat¢ affordability for every parish. This is helpful. but the age profile of the congregation is a long tern] challenge. Most of our donors have given generously for many years but th¢r¢ are few new people signing up to any method of regular giving. Maintaining the pool of stewards is affected by the same issue - the number having to give up through ag¢ or ill health is not being matched by newer recruits. That will affect incorne if a solution is not found. Fabric repaiTS are unpredictable outside of the quinqennial inspection but a roof fund is going to be s¢t up in addition to the fabric fimd to ty to set money &8ide for this inevitable work. It is hoped that this will focus minds on the need for fundraising. Page 7 THE PAROCHIAL CHURCH COUNCIL OFTHE ECCLESIASTICAL PARISH OF ST MICHAEL THE ARCHANGEL,SOUTHAMPTON TRUSTELS AIYNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEfMIBER 2024 FINANCIAL REVIEW (CONTIF4UED) Summary The detailoa accounts are set out on subsequent pages. An extrad is shown here. 2024 Total income Totsl expenditure Net gain￿00Sscs) on investment 92,942 112,096 91,843 114,769 435 1,374 N¢t inwm¢I(¢xp¢nditu￿} for th¢ year £1,534 ql,299) Investment Powers and Policy The PCC holds those funds which are not in the CAF Bank current ordeposit account with the Central Board of Finance of th¢ Chuwh of England (CBF). There are some long-terni investsnents held in the forni of CBF share investtnent accounts. Other investments a￿1 deposits as we continue to hold relate solely to restricted funds and this includ¢s sp￿lfie deposit accounts relating to restricted funds. Reserv￿ Poliey and Going Coneern It is the policy of the PCC to maintain unrestricted funds at a level which will enable the PCC to cover its on-going direct clwitable expenditur¢ and its management and administration costs. This should ￿ at least 3 months numing cosE ideally 6 months. In 2024 the av¢rage monthly expenditure was £7.653, thus the reserves should be at least £22,960 and preferably £45,920. We currently have £90.888 in our CAF Bank current and deposit accounts. The trustees are of a view that the PCC is a going concern. Page 8 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL THE ARCHANGE4 SOiJTHAMPTON TRUSTEES AIYNUAL REPORT (CONfINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 PLAIYS FORFUTURE PERIODS l) Teamwork. One of the strengths of our church which must continue through the next year is our ability to integrate new people into existing teams. It is impossible to enumerate all the jobs being don¢ at St Michael's partly because many are done quietly behind the scenes. For instance. the work of church warden. deputy church ward¢n, treasurer, communion assistanL chief flower arranger. steward, server. safeguarding team member, provider of refreshments after the service has all been done by new volunteers to a very high standard. Often they are replacing other volunteers who have also been working to a very high standard, who I would like to thank for their work. This comin8 year wc urgently need to find a PCC secretary and find new people in a variety of other rol¢s. 2) MiDiSty in Southampton. Bishop Geoff Annas suggested that the church might Consider becoming more involv¢d in th¢ work of Street Pastors. We should consider this sugg¢stion and see if we can do more in this area. 3) Link with the world-wTrde Anglican Communion. We have made the first st¢ps to form a link with a church on the outskirts of Gha￿ We should follow this up in the ¢oming year. 4) Links with other churches. We are developing good personal relationships with St Mary's and St Joseph's. In an era of change for all churches, we must maintsin these links and hop¢fiAlly develop them in th¢ time ahead. 5) Fabric ¢on¢erns. These include the r¢pla¢ement of the boiler and the plan to develop th¢ South East corner of th¢ chU￿h which were both mentioned in the equivalent report from last year. 6) We must continue doing everything we can to enable Cantores Michaelis to present music to a very hi8lJ standard and have the financial backing to sing with $utTicient singers. 7) We must build on the growth in the congregation which we have seen in 2024. It is always good to have tsrBets and I would like to sug8cst that we aim towards having a total of100 people In church on a Sunday morning as a target. 8) We must reeognise the significance of the Jane Austen 250th annivcrsary this year and be prepared to welcome vi5ltors to Southampton from near and far who have come to celebrate the anniversary. STRucrU￿ GOVERNANCE AI¥4D MANAGEMENr GoverniDg Doeument The Parochial Church Council of the Ecclesiastical Parish of St Michael the Archangel, Southampton ('the PCC,) is a corpordte body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure. The PCC is a registe￿d charity number 1180694. Page 9 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL THE ARCHANGEusoufHAMYfoN TRUSTEES ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTiJRt GOVERNANCE AND MANAGEME￿ (Co￿lNUED) Reernitment and Appointment of Trustees Membcrs of the PCC ar¢ either ex-officio or ele¢ted at the Annual Parochial Church Meding (APCM) in accord8nce with the Church Representstion Rules, Elected members serve for three years and approxima*ly one third are elected each year. ensuring an appropriate element of c4)ntinuity. Tn￿tee Induction and Trnining New memkrs are briefed by existing members as appropriate and from time to time the PCC holds an away day to review its work and discuss future plans. Rtsk Management The PCC was registered as a charity on 14 November 2018. As such no work on risk management has been undertaken. However the major risks to which the charity 1$ exposed. will Ee identified by the trustees and will be reviewed and systems or pro¢edures established to manage those risks. A safeguarding policy, a lone working policy and a health and safety policy are in place. OryAnbatioDal Struetsre The PCC has the responsibility of ¢o-op¢rating with the clergy in promoting in the ecclesiastical ￿lsh the whole mission of the Churc14 p&40rn1, evangelistic, social and ecumenical. It also h&8 maintenance responsibilities for St MichaeL's Church. The PCC h&8 one sU￿COmMIttee. a Stat￿1n8 Committee as required by law, with w)wers to transact business between PCC meetings. subject to the direction of the RESPONSIBILITIES OF THK TRUSTEES The trwstees are responsible for preparing the Trustees, Annual Report and the Financial Statements in accordance with appli¢abl¢ law and United Kingdom Accounting Stsndards (United Kingdom GeneraIly Ac¢epted A¢¢ounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare Financial ststements for each fin8ncial year, which give a true and fair view of the state of affairs of the charity and of th¢ incoming resources and application of resources of the charity for that period. In preparing those Financial Ststements the trustees are required to: select suitsble accounting policies and apply them consistently: observe the methods and principles in the Charities SORP (FRS 102)" rnake judgements and estimates that are reasonable and prudent. stat¢ wh¢ther applicable accounting standards have been followed. subject to any departures disclosed and explained in the Financial Statements. and prepare the Financial Statements on the going concern basis unl¢ss it is inappropriate to presume that the charity will continue in business. PAge 10 THE PAROCHIAL CHiIRCH COUNCIL OF THE ECCLLSIASTICAL 31 DECEMBER 21)24 RESPONSIBILITIES OF THE TRUSTEFS (CO￿l￿uED) The tTUStces are reswnsible for maintaining PYOW Wiiintin8 Te¢otd& which disclose with reasonable accuT￿Y at any lime, the financial p)sition of charity and to enable them to ensure that the Financial Staiements comply with thc Charitit a matter wnsider¢d as pwt of an inde￿ndent I have no concerns and have come &ross no other matter5 iti COtJneclion with the examination to which attention should be drawn in this report in OTdcr to cnable a PTOPtT Under￿and1￿ of the counts to be reached. DAVID J MANT FCA INSTITUTE OF CHARTERED AccoiJNfATh IN ENGIAND & WALLS 230 Shirlry Ro*d SOuth￿￿pt0n S015 3HR 18 May 2025 Pag¢ 12 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL THE ARCHANGEL, soufiiAMFfoN STATEMENT OF FINANCIAL ACfMTIES FOR THE YEAREIYDED 31 DECEMBER 2024 2024 Unr£8tricted Restrieted Total Funds Funds Funds 2023 Totsl FuDds Notes COME Donalions and legacies Charitable activities Investment income Other income 79.789 4,953 2228 5J95 79,789 106,739 4,953 3295 2,805 2.062 5,395 577 TOTAL INCOME 92,365 577 92,942 112,096 EXPENDITURE Raising funds Charitable activities 618 91225 618 91.225 114,769 TOTAL EXPENDITURE 91,843 91,843 114,769 NET GAINSI(LOSSES) ON 435 435 1,374 NET INCOME FOR THE YEAR TRANSFER BETWEEN FUNDS 522 1.012 1,534 (1299) 17 NET MOVEME1￿ FUNDS FOR THE YEAR 522 1.012 1.534 (1299) RECONCILIATION OF FUNDS Total funds brought forward 86.375 19.161 105,536 106,835 Total fi￿dS carried foThvard £86,897 £20,173 £107.070 £105,536 The notes on pages 14 to 24 forni part of tbese Finaneial St8tements Page 13 BALANCE SHEET AS AT 31 DECEMBER 2024 Note io 18.091 17.656 18.091 17,656 CURRE￿ A&SETS Investments 1082 rK),888 1505 282 12 970 91,787 LL4BILITIFS credito￿ Anb)unts falling th% wrythin one year 13 3.991 3.907 88,979 87,880 T(yfAL A&SETS 15 £107.070 £105,536 THE FUNDS OF THE CHARITY 16 Unrestrictd income fiumjs R&%tri¢*d income fL￿¥ts 86J75 19.161 20.173 £107,070 £105,536 Approved by the trujteu on 18 May 2￿ and wed on tkar be4￿1T by: REV CANON D MtLLER vtCAR AND CHAtR COLIN BLEACH The 00 14 to 24 forn part ofthege Statements Page 14 THE PAROCHLIL CHURCH COUNCIL OF THE ECCLLSIAsficAL PARISH OF ST MICHAEL THE ARCHANGEU SOUnlAMPTON FOR THE YEARENDED 31 DECEMBER2024 AccouKriNG POLICIES The principBI aC￿UntIng policies adoptaL judgements and key sources of estimation uncertainty in the preparation of the Financial Slalements are &$ follows: (a) B•sts of PrepArntIo The PCC is a public benefit entity within thc meaning of FRS 102. The Financial Stsiements have been prepared in accordanrx with Accounting and Reporting by Charities: Ststement of Recommended Practic¢ applicable to charities preparing their Financial Statements in accordance with the Financial Rewrting Stsndard applicable in the UK and Republic of treland (FRS 102) and the Church Accounting Regulations 2006. The FinanciaI Ststements have been prepared under histori¢al cost convention except for the valuation of investment &8sets ￿1¢h are shown at nwket valu¢ where applicable. The Financial Statements include all transaction4 assets and liabilities for which the PCC is responsible in law. They do not include the Financial SLqtements of Church groups that owe their main affiliation to anoth¢r body. nor those that are ]nforn￿ gatheritw of Church members. The Financial Statements are prepared in sterlin& which is the functional currew of the PCC. Monetary amounts are mund¢d to the nearest £ (b) IDeome Recognition Policks (i) Donatio ies CollectiOL8 are recwus￿l when rec¢ivcd by or on behalf of the PCC. Planned giving receivable under Gift Aid is re￿ised only when re￿1ve{L Grnnts and legacies to the PCC are account￿ for as soon as the PCC is notified of its legal entitlemenL amount due is quantifiabl< its ultimale re￿ipt by the PCC is reasonably certain and kn any pre￿ItiOnS preventing thcir u8e have been met. Donated services and facilities are included ai th¢ value to the PCC where this can be quantified. The value of s¢rvic¢s provid¢d by volunteers has not ken included in these Financial Statements. Page 15 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MtCHAEL THKARCHANGEUSOUTHAMPTON NOTFS TOTHE FINANc￿L STATEMENTS (co￿} FOR THE YEAR ENDED 31 DECEMBER2024 ACCOUNTING POLICILS (CONTINUED) (b) Ineome Re¢ogDition Policies (CoDlinu¢d) (li) tabl¢ Activities Income from fees and other charitable aclivities is ttc0￿￿sed when it is [c￿1ved. Rental In(￿le from the letting of church premi￿ is recognis&l whffl th¢ tmtsl is Adiviti Income from the tè*. 8arden ￿rtY and similar events are a¢¢ounted for 8n>SS. Sales of knoks and Magazi￿ from church bookstall are 8£¢ounted for ws. (iv) Inv ent Income Dividends are accounted for du¢ •)d payable. Interest ¢ntiUements are accounted for &8 they 8ccn*. Tax recovernble on s￿h income is Tecw)ised in the same t￿OUnting year. Realised gains and losses are re¢ogni*l th investsnents are sold. Unrealised 8aiL8 and lo￿8 aTe x¢ounted for on revaluation of inveslments at 31 December. (¢) Expendlture Expenditure is recognised on an a¢¢n￿lS ba5]5 where there is a legal or constrnctive obligation and settlement is probable and quantifiable. ExpenditLwe includes VAT &s the PCC is not VAT registered and is rwrted as part of the expenditure to whith it relates. (i) Grants and dO￿tIo￿8 ￿e x¢OUnt￿ for wlKn pid over. or when award￿ if that award creats a binding obligation to the PCC. (li) haritsble Activities The Parish Share is for WIM pAyabl¢. Any P￿1th Sh￿￿ unpaid at 31 Decembcr is provided for in these Financial Statements as an opa8tional (though not a legal) liability aThl is s]M)wn ￿ a creditor in the Balan￿ SheeL Support costs include central functions and have i*en allocated to activity cost ories on a basis ￿nsisten( with the ￿ of resources. P4g¢ 16 THE PAROCHIAL CHURCH COUNCIL OFTHE ECcLESI￿sTIcAL PARISH OF STMICHAEL THE ARCHANGEusoirrHAMFfoN NOTLS TOTHE FINANCIAL STATEMENTS (coNT￿yED) FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (CONTINUED) (c) Expenditsre (Continued) (iv) Governance Costs These include those costs associated with meeting the ststutory requirements of the pcc. (d) Tanglble Flxed Assets (i) Consecrated Land and Buil ' ovable Church Furnishin Consecrated and b¢n¢ficed property of any kind is excluded from the statutory definition of 'charity' by section 10(2)(a) and (c) of the Charities Act 201 I. All ¢X￿nd1tUr¢ incurred on consecrat¢d or ben¢ficed buildin8s is written•off in the y¢aT that it 15 ill¢uTred. No value is placed on movable ¢hurch furnishings held by the chu￿hWardens on spxcial ttust for the PCC and which require a faculty for dispos81 since the PCC nsiders this to be an inalienable property. All expenditure inCu￿¢d during the year on consecrated or beneficed buildings and movable church furnishings. wh¢ther maInt¢nan￿ or improvem¢nL is written off as expenditure in the SOFA and sepa]8tely disclose& (li) er Fixtur￿ Fi umables Equipment and conswnables used within the ChU￿h premises depreciated on a straight line basis over four years where capitalised. Individual items with a purchase price of £l.000 or less are Vnltten off when the asset is aquired. (e) Inveslments Investments are valu&l at market valu¢ at 31 De¢¢mlxr. (fj Debtors Amounts owing to the PCC at 31 Dccember in ￿Spect of few rents or other income are shown as debtors less any provision for amounts that may prove uncollectible. (g) Current Asset Investments And Cash at Bank Current asset investments and cash include cash h¢ld on deposit either with the CBF Church of England Funds or at the bank. Page 17 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLLSIASTICAL PARISH OF sr MICHAEL THEARCHANGEL SOlJTHAm￿N NOTFS TO THE FINANCIAL ￿ATEmENTs (CONTINUED) FOR THE YEARENDED 31 DECEMBER 2024 ACCOUNfiNG POLICILS (CONfiNUED) (h) Credltorj Ind Proviifions cr￿ltOrS and provisions are Tecognised where the PCC has a present obligation resulting from a past event that will probably result in the tral￿fer of funds to a third party and the amount lo settle the obligation Can be measurd or estim￿ reliably. (i) Taxatlon The PCC is exempt from taxation on its charitabl¢ activities. fj) FuDd Accoun¢iDg Unrestricted Funds represent the of the PCC that aff not subject to any restrictions rewdin8 their and are available for application on the gell￿al purposes of the PCC. Designated funds are gener81 funds sd aside by the PCC for use in the future. Restricted funds ¢ompTiSe: (a) income frorn cndowments which is to be expended only on th¢ restricted pUry￿SeS intended by the donor. and (b) revenue donatioL8 or grants for a specific PCC a¢tivity intended by the donor. Where these fimds have unspent balances, inter¢st on their pooled investment is apportioned to the individual funds on average balance b&siS. (k) FiDaDeiAI Instruments Th¢ PCC only h&8 financial assets and fina￿la1 liabilities of a kind that qualify as basic financial instruments. Basic financial instruments initially recognis¢d at transaction value and subsequently measured at th¢ir settl¢m¢nt value. O) SignificAnt JudgerneDts and Estimates Preparation of the Financial Stalements may tequire the tr￿￿tte$ to mak¢ significant judgements and estimates. There are items in th¢ Fitwicial Statements where judgements and estimat¢s would have a s(￿lficant effect on amounts recognised in the Fina￿la1 Ststements. Page 18 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL THE ARCHANGE4 soifrHAMFfoi¥4 IYOTES TO THE FINANCIAL STATEMEhrrs (coKriNUED) FOR THE YEARENDED 31 DECEMBER2024 DONATIONS AND LEGACILS 2024 Unrestrlcted Rejtrkcted Total Funds Fundj Fund8 2023 Total Funds Planned giving In¢om¢ Tax Mv¢rable Collections (open plate) at all services Sundry donations Legacies 35,309 11,182 8,714 11,122 10,622 2,840 35,309 11,182 .714 11.122 10,622 2,840 34,167 10,832 5,751 21,399 12,520 22,070 £79,789 £79.789 £106,739 There wer¢ no donatcd scrvitts and fa¢ilities re¢¢ivabl¢ whith wuld be quantified in the year. CHARITABLE A￿IVITIEs 2024 Unrestrleted Restiieted Total Funds Fundj Funds 2023 Total Funds F¢¢s Church lettings et¢ Other activities to generate funds 2,298 1,237 1.419 2,298 1,237 1,419 1.554 990 751 £A,954 £4,954 £3295 Page 19 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL THE ARCHANGEUSOUTHAMFryON NOTES TO THE FINANCIAL STATEMEiYrs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 2024 UDr¢s*rlctsd Restrleted Total Funds Fund$ Fund8 2023 Totsl Funds Dividends from investtnents Bank interest and interest from investments 482 95 482 2J23 458 1,604 2.228 £2,228 £577 £2,805 £2,062 OTHER INCO 2024 UnreJtrR¢ted Reitrleted Total Fund8 Funds Fundj 2023 Totsl Fund$ Insura1￿ claims £5,395 £5,395 ANALYSIS OF EXPEIYDTTiIRE ON CHARrrABLE ACTIVITIES 2024 Unrestrkted Restricted Total FuDds Funds Funds 2023 Tot*1 Fund8 Donations Parish share Cler8y expenses Church nmning expenses Church n￿IntenanCe Upkeep of services Major repairs and building work Salari￿organIStl¢antoT¢S Parish retreat Support costs Governance costs 2.467 30,613 16 15,958 3,205 6,320 21,930 8.020 2,467 30,613 16 15,958 3205 6,320 21,930 8,020 2,931 31,412 24 13,354 3204 5,879 49,144 5,600 1,379 862 980 1.652 1,652 £91,225 £91225 £114.769 Page 20 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL THEARCHANGEU SOUnlAlkWON NOTES TO THE FINAI¥4CIAL STATEMENTS {CO￿lNUED} FOR THE YEARENDED 31 DECEMBER2024 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS The PCC identifies the costs of its support function. It th¢n identifies those costs which relate to the governance function. The PCC allocates the support and governance costs entirely to the unrestricled expenditure (note 6). General Support Gov¢rnAiiee Total Basls of Fund8 Apportlonment OtTi¢e expenses Professional ¢osts PCC meetings hall hire 1.652 1,652 804 240 Usage Governance Govemance 804 240 £1,652 £1,044 £2.696 TRUSTEES. REMUNERATION AND EXPENSES No payments were made to trustees by way of remuneration or expenses during the period. GAINS OR LOSSES ON INVESTMENT 2024 2023 Unrealised ga1￿{10$s) on CBF Inv¢8lm¢nt £435 £1,374 Pag¢ 21 THE PAROCHtAL CHURCH COUNCIL OF THE ECCLESIASTICAL PAIUSH OF sr MICHAEL THE ARCHANGEU sol￿HAmPTo (CONfiNUED) 31 DECEMBER 2024 HoldlDg Market Value At 31 December 2024 CBF Fixcd tnterest CBF Inveslment Fund 2.999 units @ £1.4912 4,472 589 units @ £23.1227 13,619 £18,091 HoldiDg Market V•lue at 31 December 2023 CBF Fixed Interest CBF Invesknent Fund 2.999 units @ £1.4475 4,341 589 units @ £22.&)53 13,315 £17,656 I I. INVESTMENTS 2023 CBF I￿11 Funds £2.082 £1.505 12. CASH AT BANK AND IN HAND 2024 2023 CAF Bank £90.888 £902￿2 PAge 22 THE PAROCHtAL CHURCH COIJNCIL OF THE ECCLKSIASTICAL PARISH OF sr MtCHAEL THE ARCHANGEUSOI￿HAMPTOIY NOTLS TO THE FINANCIAL STATEME (CoNTm￿l) 31 DECEMBER 2024 13. CREDITOILS: Amowits falling due within oneyear 2024 2023 £3.991 £3.9)7 14. FINANCIAL INsTRi￿ENTs 2024 2023 Fin8rKial JiabiIities that are debt 3,991 3,907 15. ANALYSIS OF NET A&SETS BY FUND 2024 2023 Total Funds Funds Funds Funds 18.091 2.082 18.091 17,656 ,970 91,787 (3,991) (3,907) ,888 (3.991) Current liabilities £86.897 £20,173 £107.070 £105,536 Page 23 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESLISTICAL PARISH OF ST MICHAEL THE ARCHANGE4 soufHAMPTON NOTES TO THE FINANCIAL STATEMENTS (CONllNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16. ANALYSIS OF CHARTTABLE FUNIDS Investment At Incoming Outgoing Gain At 01.0124 Resourees Resourxs (Losses) 31.1224 Analysis of Movements In Unrestrfficted Fund$ General fimds 66,098 72.843 69,913 69,028 Desi ted fl￿(L$ Fabric Fund 20.277 19,522 21.930 17.869 Totsl Unrutri¢tsd Funds 86,375 92,365 91.843 86.897 Analysis of Mov¢m¢nts in Restricted Funds Michael Alderson 19,161 577 435 20,173 Total Restricted Funds 19,161 577 435 20,173 Total Funds £105,536 £92.942 £91,843 £435 £107.070 Unrestrieted funds fi]nds whith the PCC is free io spend on any of its activities. The PCC Ca￿ from time to time, designate unrestricted funds for particular pur￿￿S. The PCC may subscquently choose to rfrthSI￿)atC w]restricted fimds for another pUry)￿. The PCC has adesignated fabric fund for Main￿Ce of the fabric ofthe Chwch and to encourage donations specifi￿lIY for this purpose. Restri¢ted funds are those which the PCC can only spend on purposes determined by the tern]s on which a fijnd is set up, typically as a tr￿st fund. The Michael Alderson Tn￿t is to support training principally but not exclusively for the cl¢rgy. Page 24 THE PAROCHIAL CFtURCH COUNCIL OF THE ECCLKSIASTICAL PARISH OF ST MICHAEL THE ARCHANGE4 soufHAMFfoN NOTES TO THE FINANCIAL ￿ATEmENTs {CONTllyuED) FOR THE YEARENDED 31 DECEMBER2024 17. TRANSFER BETWEEN FUNDS Th¢re have been no transfers between fimds during the year ended 31 D¢c¢mkr 2024.