2023-12-31-accounts - Working Funds In Connection With St Nicholas Church

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Report of the PCC to the APCM – 28[th] April 2024

Membership /Attendance of the PCC during 2023

Membership	/Attendance of the PCC during 2023
		Jan	Mar	Extr post	May	Jul	Sep	Nov
Chair:	Rev SallyBuddle	1	1	1	1	1	1	1
Church wardens:	Marian Williams to Jan 2023 Ros Lawson Michael Winterbotham from Jan 2023	1 1 -	- 1 1	- 1 1	- 0 1	- 1 1	- 1 0	- 1 1
Secretary:	Margaret Davies to April 2023 Sarah Bennett from April 2023	1 -	1 -	1 -	- 1	- 1	- 1	- 1
Treasurer:	Linda Chastell	1	1	1	1	0	1	1
	Annabel Harris	1	0	0	0	0	1	1
	Julia Hunt	1	1	1	1	1	1	1
	Jill Eyles	1	1	1	1	1	1	1
	Stella May	1	1	1	1	1	1	1
	Cax DuPon from April 2023	-	-	-	1	1	1	0
	Robert(Bob)Cooles from April 2023	-	-	-	0	1	1	1
	David Hunt co-opted Chair of Finance from Nov 2023	-	-	-	-	-	-	1
	Mark Wilson til Jan 2023	0	-	-	-	-	-	-
	Michael Winterbotham til APCM then churchwarden	1	-	-	-	-	-	-
	Michael Chastell – LayDeanerySynod Repto April 2023	1	1	1	-	-	-	-

Summary of meetings

The PCC has met on 6 occasions with one extraordinary meeting

January 2023 : Welcome to new Rector; Review of Services/Worship, Outreach and Mission and Pastoral Care; Advertising for Parish Administrator; Starting Inside Out and Fabric meetings

March 2023 : Muddy Church; PCC Structure; Approval of Accounts YE 2022 and Budget; Discussion of Stewardship program; Appointment of Parish Administrator; New PSO (RM); Lent Groups;

April 2023 : Post APCM extraordinary meeting: Margaret Arnold Legacy;

May 2023 : Formation of committees; Vision for 2023 Deeper, Greener, Wider; Follow up on Parish Needs Process: Growing Disciples (deeper); Growing Diversity (Wider) and Growing Community (Greener/wider) Vestry Roof; Charitable giving; Date of QI

July 2023 : Churchyard Management Plan; Updates on moving time of BCP; Fledglings; Fete; New PSO appointed (SB) – updates on training and DBS checks;

Sept 2023 : Finances and budget; Vision for 2024; Safer Recruitment process adopted; Appointment of Organist; Review of Finance Committee and appointment of Accountant (SW) and Chair of Finance (DH)

Nov 2023 : Christmas Services; Approval of budget for Q1; update on safer recruitment, governance (inc role descriptions)

The North Door Project was a recurring item. The North Door was officially opened in November 2023.

The PCC has complied with the duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016, namely the duty to have regard to House of Bishops’ guidance on safeguarding children and vulnerable adults. In particular during the year, PCC members and Churchwardens have met their safeguarding training requirements; Disclosure and Barring Service (DBS) checks have been made or renewed, as required. A Safer Recruitment Policy has been adopted and Role Descriptions are in place for key positions. Reports on Safeguarding have been received at every PCC meeting.

Sarah Bennett

Financial Statements of St Nicholas Church, Compton for the year ended 31 December 2023 Contents Accounts.. Statement of movements on fimd accounts Accounting policies and basis of preparation General Fund - income and expenditure account Fabn'c Fund - income and expenditure acLx)unt Balan¢¢ sheet Notes to the accounts Independent ¢xaminer's report Page Trustee8 Reverend Sally Buddle (Rector) Rosalind Lawson (Churchwarden) Michael Winterbotham (Churchwarden) Robert Cooles Carolyn du Pon Jill Eyles Julia Hunt Annabel Harris Linda Chast¢ll Stella May Chanty numb 243929

Amiual report and accounts for the year ended 31 December 2023 Statement of Financial Aclivities Unrestrieted funds Restricted Funds Total Total Untsitr Fxbrk De4 Totsl Fabric School 2023 2022 Movements in the year Total incoming resources (excluthng cxccptional legacy) Exceptional legacy 68,741 17,474 86,215 3.384 467 90,066 125.924 428,612 Total incoming resources 68,741 17,474 86,215 3.384 467 90,066 554.536 Total outgoing resources ( 78.163) (78.163) (41.671) ( 2.053) (121.887) ( 78,760) ( 9,422) 17,474 8,052 (38,287) { 1,586) (31,821) 475,776 Revaluation of investments 2,008 2.008 1,102 3,110 ( 4,360) Transfers between fid$ ( 2.826) ( 2,826) 2,826 Surplus l (deficit) for the y¢ar 7,414) 14.648 7.234 ( 34,359) ( 1,586) (28,711) 471,416 BAlan¢e8 at l January 2023 145,731 459,308 605,039 47,131 1.963 654,133 182,717 Balances at 31 Drfember 2023 138.317 473,956 612,273 12.772 377 625,422 654,133 Page I

Annual report and accounts for the year ended 31 December 2023 Accounting policies and basis of preparation Th¢ fmancial statem¢nts of St Nichol&s Church have been prepared in accordallce with the ChuTch Acwunting Regulations togcther with applicable Accounting Standards and the Chatities SORP. They have been prepared on the bistorical cost convention cxcept for the ralUatIOn of investment asscts wkn'ch are shown at market valu¢ in the statement of assets and habih'ties. The accounts include all transaction& assets and babltieS for whith the trustccs can b¢ held responsibl¢. They do not include accounts of other church groups tIt owe an affiliation to another body, nor those that are ]nfornl gatherings of church members. Fund aeeounts The fmancial affairs of St Nichol&8 Church are conducted through a number of fimd accounts. Restricted funds can only be appjied foT specified pu05¢5. Designated funds are those wknch th¢ tsustees havc designated for particular purposes. The General Fund is an unrestricted fund available for the regu]ar aciivities of St Nicholas Church. The trustees have designated part of this fund as the Fabric Designated Fund. Th¢ Fabric Fund is a restricted fund for the improvemenL maintenance and upkeep of the fabric of the church. The School Fund is a restsicted fund which may only be appIied for educational puoses. Incoming resources Collcctions are regDtsed when received by or on behalf of St Nicholas Church. Planned giving rec¢ivable under Gift Aid is regnISed only when received. Income tax recoverable on Gift Aid donations is recognised when the associated income is rerA>gnised. Grants and legacies to St Nicholas Church are accounted for as soon as the tnteeS are notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt is reasonably cert8in. Sales of books and magazines are accounted for 0s1 as is income from church events. Dividends from investments are account¢d for when du¢. Interest entitlements are r]sed as they accrue. Realised gains OT losses are recognised when inv¢stments are sold. Unrealised 8ains or losses are accounted for on revaluation of investmfflts at 31 December. Grants and donations ar¢ accountcd for when paid over, or vthen awarded if the award creates binding obligations. Donated facilities and services are included in income (and at the same time in resources ¢xpended) at estimated fair valuc to St Nicholas c.hurch for th¢ service or facility received. The value of any voluntary help received is not includd in the accounts but is described in the Tn,$ Annual Report. Assets Insofar as consecrated alld benefice propety of any kind is excluded from the statutory definition of clwity, by Section 10(2) (a) and (c) of the Charits¢s Act 2011, such ass¢ts are not capitshsed in thc financial statemcnts. All expcnditure on wnsecrated OT b¢neficed builth'ngs is WTitten off in the year incurred. Movable church furnishings are capitslised at cost and depreciated over their useful economic life other than whcre insufficient cost infornlation is available. In this case the item is not capital@ though all items ar¢ included in the ¢hurch'3 invGntory which Gall bG in4KGtcd by agtccfflcllt. Page 2

Annual report and accounts for the year ended 31 December 2023 Tangible fixed assets are capitslised if they can be used for more than one year and their cost exceeds £500. They are stated at cosL or foT gifts in lond at a reasonable estitnate of thcir open market value on receipt. DreciatiOn is calculated to write off the capitalised cost of fixed assets less their cutt¢ntly anticipated residual fair value on a straight line basis over their cstimat¢d us¢ful lives as follows: Plant and machinery (including electronic equipment) 7 years Office wipment 4 yeats Inveslments are valued at market value as at 31 December. Book stocks are accounted for at 'first in fst ouv cost. Short tem] dq)osits include c&sh h¢ld on dq)osit with either th¢ CCLA Church of England Funds or at the Expenditure & liabililies Liabilities ar¢ r¢cognised as soon as there is & legal or constructive obligation and settlemenl is probabl¢ and quantifiabl¢. St Nicholas Church employed part time oIganist& secretaries and a gardener. No payments were latge enough in 2022 to attract social security cost4 but appropnate payroll deductions were made in 2023. Key management personnel received no employee benefits. RelAted party transactions Related paty transactions are set out on page 5. Responsibility statement Th¢s¢ accounts ar¢ th¢ rwonsibility of Compton PCC and were approved by them on I l March 2024. Page 3

Annual report and accounts for the year ended 31 December 2023 General fund - income and expenditure aeeount 2023 2022 Income Income from donations and legacies Standing orders under aid Free will offerings and gifts Collections at serviccs under gift aid - thurth fimds Donations.. includes £1,000 from Th'ocese (2022: £2,000 from Diocese) Tax refimds on aid Church box and gift boxes 33,540 2,450 6.469 7,603 10.548 371 60,981 2,485 446 640 4,189 68,741 36,185 2,540 7.874 2,000 9,722 236 58,557 2,973 232 636 568 62,966 Income from chuTch activities - weddmB & funeral fees Bookstall income - sales of guide book& boo magazinffj cards Investment income Deposit account interest Total income Expenditure on church activities Costs of ministy Parish share payable to the Diocese Rector's expenses Rectory outgoings (rq)airs water rates. al office computcr & phon¢) Organist, relief organists & reli¢f clergy Charitable VIng Miscellaneous expenses 49,125 146 366 3,843 2,669 3,024 59,173 31,103 3.340 2.000 2,635 Church running and n]ailltenance Repairs, arn) and sound maintenance H¢ating and Jighting orga music, candl¢& win¢ and wafers Insurance Churchyard 2,605 3.535 652 2,821 2.499 12,112 1.323 2.687 982 2.731 41 7.764 Adn]inistration Salaries & wages Office costs (Printi photocopying & postage. equipmcnt costs and depreciation) Independent examinels fecs 's¢ellaneous expenses 5,771 498 420 189 1,908 1,441 400 6.878 3.748 Tot81 expenditure 78,163 50.590 Surplus l (deficit) for the year ( 9,422) 12,376 Page 4

Annual report and accounts for the year ended 31 December 2023 Fabric Funds - income and expenditure Aecounts 2023 2023 2023 Total 2022 Total Restricted Unr'd In¢oDie Fabric donations {2022.' North Door) Exceptional Teceipt- Legacy receivable (note below) Donation for glass repairs Gift aid on North DooT donations VAT recoverable on listed building works tnvestment income Dcposit aGwunt interest 44,732 428,612 5.000 10,806 1,395 347 394 2,212 349 823 2.212 349 18,297 17,474 Total income 3.384 17.474 20,858 491,286 Expenditure North Door project - architecvs fees North Door project - stonemason North Door projert - SCAU supervisory fees Electrical improvrnents related to North Door project Repairs to East Window glass Vesty rOofg works 4,551 1,190 29,211 3.719 929 29,211 3,719 929 17,674 3.567 7.812 7.812 Total expenditure 41.671 41,671 26,982 Surplus (deficit) for the year ( 38,287) 17,474 ( 20,813) 464,304 The Qumquennial fabric Insption was carricd out in 2023. A number of recK)mmendations were llde but are not material to thes¢ accounts. Exceptional receipt - l£gacy receivable.. The PCC were made aware of an unrestricted legacy in 2022 by the dece&sed's solicitors. The legacy was received ij) two payments in January 8nd March 2023. The Legacy is unrestrictcd but the PCC has CUTrently designated it to the Fabric Fund to refl¢¢t the wishes of tho donor. School Fund The Fledglings cl)ildrens' group was establish during 2022. Income rresents attendance fees and interest of £46 (2022.. interest of £38). Costs include art WO £30, rent £888 and forest school costs £950 (2022.. art work £305. fit aid training £455 and rent £288). Related party transactions The majority of PCC donations to the church through stranding Order or througb gift aid envelopes. In addition, PCC members make $h donations from time to time which are not separated from those of other members of the congregation. The estimated total donations from membets of the PCC during the year was £8,530 (2022. £8,140). Charitable donations These accounts do not includ¢ those donations rdised for other chatities through the activities of the church or paTishioners. Pgge 5

Annual report and accounts for the year ended 31 December 2023 Balance sheet 31 Dee 2023 31 Dec 2022 Note Fixed assets Investmcnts - CBF income sharcs InveslJneDts - CBF deposit accounts Tangible fixed &8sets 36.168 450,000 250 486,418 33,058 400 33,458 Current assets Debtors and prq)asrynents L£gacy reccivable Fec4 gift aid t&K intcrcst and prepayments 428,612 12,415 4,79J 12,415 433,403 CBF deposit accounts Cash at bank and on hand Total deposits and cash 97,695 118,446 36,621 70,614 134,316 189,060 Total current assets 146,731 622,463 LAAbilities: amounts falling due within one ymr Creditors and acc$ ( 7.727) { 1,788) Total liabilAties 7,727 1,788 Net Assets 625,422 654,133 Fund accounts 625,422 654.133 Approved by Compton Parockn'al Church Council on I l MaTch 2024 and signed on its behalf by: Reverend Sally Buddle Rector Mrs L J Chastell Treasurer Pa8¢ 6

Annual report and accounts for thc year ended 31 December 2023 Notes to the accounts l Anatysis of net assets by fimd Unrestricted funds Restrieted Funds Total Undesitr Fbrl¢ Desi Total Fabric School Total Fund balances at 31 December 2023 Fixed assets". Investments . CBF income shares Investments - CBF deposit accounts Tangible fixed assets 23.396 23.396 50,000 400,000 450,000 250 250 12,772 36,168 450,000 250 Current assets: Debtors and prepayinents CBF deposit accounts Cash at bank and on hand 6.413 5.762 12.175 44,802 52,893 97,695 16,174 15,301 31,475 240 12.415 97,695 36,621 4,769 377 Less: current liabdities Creditors and accn]als ( 2,718) ( 2.718) ( 5.009) ( 7,727) 138,317 473,956 612,273 12.772 377 625.422 Fund balances at 31 Deeember 2022 Fixed &sseLs: Invcsthients Tangible fixed assets 21,388 400 21,388 400 11.670 33,058 400 Current assets: Debtors and prepayments Dq)osit accounts Cash at bank and on hand 4,791 428,612 433,403 85,166 30,375 115,541 35.774 321 36,095 433,403 118,446 70,614 2,905 942) 35,461 { Less.. current liabilities Creth'tors and accrnals ( 1.788} ( 1,788) ( 1,788) 145,731 459,308 605,039 47,131 1,963 654.133 tnvestments - CBF income shaTes conslsts of1,600 income shares in the CBF Church of England Investment Fund. Thc share& which w¢ acquired in 1975 for £1.08 per share, were valu¢d at £22.6053 at 31 Dber 2023 (2022: L?0.65 p¢r aharo). 565 ioF(unc ahts3 ha¥¢ b¢¢n io d)c 1.trthuikni fabil¢ nuid. Investments - deposit accounts consists of the portion of the CBF Church of England deposit accounts which are not expected to be spent in the next 12 months. Page 7

Annual report and accounts for the year ended 31 December 2023 Notos to the accounts 2 Tangible fixed assets ant& equipment Computer Totsl Cost at l January and 31 Dewnber 2023 15,059 700 15,759 Depreciation at l January 2023 Depreciation charge for the year Depreciation at 3 l Decembw 2023 15.059 300 150 450 15.359 150 15,509 15.059 N¢t book valu¢ at 31 December 2023 250 250 Cost at l January and 31 December 2022 15,059 700 15,759 Depreciation at l January 2022 Depreciation chaTge for the year Depr¢ciation at 3 l December 2022 15,059 150 150 300 15,209 150 15,359 15,059 Net book value at 31 Dember 2022 400 400 The plant and equipment consists of.. Condenser boiler - cost in 2009 £6,882 Rath'o microphone - cost in 2009 £793 Sound equipment- cost in 2015 £7,384 Th¢ computer was purchas¢d in 2021. Page 8

Annual report and accounts for the year ended 31 December 2023 Independent examiner's report to St Nicholas Church, Compton This report on the accounts of St Nicholas Church for the year ended 31 December 2023, which are set out on pagcs I to 8, js in respect of an examinatson caTricd out under The Regulations of the Church Accounting Regulations 2006 ('the Reglllations,) and s.145 of the Charities Act 2011 ('the Act,). Respective responsibililies ofihe PCC and ihe examiner As members of the PCC you are responsible for the preparation of the a(u)unts' you consider that the audit requirement of the Regulations and sertion 144(2) of the Act do not apply. It is my responsibility to issuc thi's report on those accounts in accordance with the tern]s of the Regulations. Basis ofihi,s reporl My examination was ¢aTTied out in accordance with the G¢ncral Directions veD by thc Charity Commission under section 145{5)(b) of the Act and to be found in the Church guidance, 2013 eth'tion, issued by the Finance Division of the Archbishops, Council. That exaMiOn includes a revi¢w of the aLYounting Tewrds kept by St Nicholas Church and a LX)mparison of the accounts with those records. It also includes considering any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. Thc prothlures undcrtak¢n do not provide all the evidence that would be requir1 in an audiL and Gonsequcntly I do not expr¢ss an audit opinion on the view given by the accounts. Independenl examiner's slalement tn connection with our eaMMation, no matter has come to my att¢ntion.' (i) which gives me reasonable cause to believe that in any matfflal respect the requirements to keep accounting rerdS in accordance with section 130 of the Act. and to prepar¢ accounts wlll'ch accord with the accounting records and comply with the i¢quirements of the Act and the Regulatt"ons have not been met. or (li) to which, in my Opinio attentioll should be drawn in Ord to enabl¢ a prop¢r und¢rsLqnding of the accounts to be Teached. Maple House 2 Woodberry Close chiddgfold Godalming GU8 4SF 2024 Anthony Kelly B.Sc FCA Chartcred Accountant Independent Examiner Iq |?lo* Page 9