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2022-12-31-accounts

The Charity Registration Number is :- 266810

Reading Minster Church of St Mary the Virgin

Report and Accounts

31 December 2022

Reading Minster Church of St Mary the Virgin

Report and accounts for the year ended 31 December 2022

Contents

Page
Charity information 1
PCC' Annual Report 1
Statement of PCCs' responsibilities 10
Independent Accountant's Report 11
Funds Statements:-
Statement of Financial Activities 12
Statement of Financial Activities - Prior Year statement 13
Balance sheet 14
Notes to the accounts 15

Reading Minster Church of St Mary the Virgin PCC' Annual Report for the year ended 31 December 2022

The PCC present their Report and Accounts for the year ended 31 December 2022.

The legal name of the charity is:- Reading Minster Church of St Mary the Virgin

The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) with charity number 266810

The method of appointment of PCC members is set out in the Church Representation Rules. All Church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC.

The trustees are all individuals.

The principal operating address, telephone number, email and web addresses of the charity are:-

Minster Office St Mary's Gate, Chain Street Reading, RG1 2HX Telephone 0118 957 1057 Email Address contact@readingminster.org.uk Web address www.readingminster.org.uk

The PCC in office on the date the report was approved were:-

Mr Niall Collier Ms Irene Orme Rev Judith Sumner Rev Andrew Bond Mr James Lawbuary Ms Angela Moore Dr Jude Watts Rev Sonya Wratten Mrs Patricia Brazil Ms Caroline Langdon - appointed 30.4.22

Page 1

Reading Minster Church of St Mary the Virgin PCC' Annual Report for the year ended 31 December 2022

The following persons served as PCC during the year ended 31 December 2022 :-

Mr Niall Collier Ms Irene Orme Rev Judith Sumner Rev Andrew Bond Ms Claire Callaway - resigned 30.4.22 Mr James Lawbuary Ms Angela Moore Dr Jude Watts Rev Sonya Wratten Mrs Patricia Brazil Ms Caroline Langdon - appointed 30.4.22

Objects and activities of the charity

The Minster PCC has the responsibility promoting in the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical. It also has maintenance responsibilities for the Minster Church. The terms of the lease with Bills Café mean that the responsibility of maintenance for St Mary's Church House is theirs. However, should they default then this responsibility falls to the PCC.

The PCC has a Standing Committee which meets when necessary between full meetings of the PCC. This is the only committee required by law. It has power to transact the business of the PCC between its meetings, subject to any directions given by the Council.

Electoral roll report and church attendance

The electoral roll is currently 47.

The average attendance at an October service was 62.

Review of the year – Vicar Summary

In many ways, such as the Christmas season of 2023, this year has felt like the first ‘real year’ of events, services and initiatives post covid time. As I said to someone recently it feels as though we are a very happy church. By this I mean that we are engaged with the world, one another and there is a sense of flourishing in a common life together.

PCC:

In 2022, the PCC held a total of four full meetings and the APCM. Stand up committee meetings were held adhoc to deal with any urgent matters.

Page 2

Reading Minster Church of St Mary the Virgin PCC' Annual Report for the year ended 31 December 2022 Staff Team:

Safeguarding:

First line responsibility for safeguarding rests with Radha Gnanaprakasan (Safeguarding Officer), and Judith Sumner (pastoral lead on the PCC). James Lawbuary has served as the DBS verifier and Kemelo provides administrative support.

We follow the diocesan traffic light system of ensuring we are up to date with regard to safer recruiting, DBS checks, training requirements etc.

Fabric of the Church:

The following pieces of work have been undertaken on the Minster building this year;

•Installa�on of new cabinets to house the streaming equipment and volunteer bags

•Repairs to the alter legs and pews

•Engage with Reading Borough Council regarding outside ligh�ng

Page 3

Reading Minster Church of St Mary the Virgin PCC' Annual Report for the year ended 31 December 2022

Eco Church Information:

James Lawbury has led on the Eco developments at the Minster. In December we had our first Eco Audit and we’re presently waiting for the full report to be sent to us.

In the Autumn the Eco Church Group was established to look at how we can be more environmentally conscious as a church and connect in with Climate Justice initiatives in wider Reading.

Mission:

First Stop (South Central Ambulance Service), Thames Valley Police, Reading Borough Council, continue to run on a Friday and Saturday night.

The Minster continues to support the Faith Christian Group (FCG) as they seek to meet the needs of people who are homeless and hungry through the FCG’s Readistreet ministry between 8.00pm and 9.00pm, Tuesday-Friday every week.

As a church community we are now involved in the deanery group of ‘Citizens UK’ with Richard Ashfield leading on this. Following a period of training that Richard attended, we have hosted events to promote and encourage community organising in partnership with other voluntary and public sector groups.

Worship

Thanks to the ministry team for their pastoral support of community members visiting, taking home Communion and keeping in touch with our church members who are unable to join us in person.

We have continued with online team prayers on a Tuesday and Friday as well as Night Prayer on a Wednesday. All of our church services are streamed on YouTube and we have a regular following of online members and supporters.

The Minster continued to support the town and diocese by offering a wide range of special services and events including:

Civic Proclamations for the death of Her Majesty and the announcement of King Charles III Civic Memorial Service for the death of Her Majesty

Ten Days of Opening for the death of Her Majesty

Platinum Jubilee Blessing with the Bishop of Reading followed by tea and cakes in the Minster Anti-Slavery March beginning at Reading Minster

Nichole Grace Friday Concerts A B Walker Memorial Service Ordination of Priests Extinction Rebellion and Earth Hour Royal Berks Christmas Service Civic Christmas Carol Service BBC Berks Carol Service PACT Christmas Carol Service

Page 4

Reading Minster Church of St Mary the Virgin PCC' Annual Report for the year ended 31 December 2022

Website and Adminstration

Thanks to Jude Watts for continuing to keep our website up to date and to Kemelo for her work on publicity, ‘A Church Near You’ and the church Facebook page.

Music

The Minster Choir has achieved a huge amount this year and despite their current small numbers they have sung beautifully and created many wonderful moments at major events during the year including services for Ordinations, HM Queen Elizabeth, Remembrance Sunday, Civic occasions, Advent and Christmas events. More impressive still is their dedication and skill in making the music each week special, meaningful and an essential part of our lives. Special thanks to all the choir and especially Sebastian for an amazing year.

The main achievements and performance of the charity during the year.

The charity continued to serve the people of Reading and Berkshire in its role as an Urban Minster.

Craft at the Minster

This open and welcoming craft group takes place on the first Tuesday of the month at the Minster between 11am and 12.30pm. Accompanied by coffee/tea and biscuits, those who attend can make the ‘Craft of the day’, or their own art or craft activity. The ‘Craft of the day’ activities are organised by one of the three group leaders, Valerie, Liz and Judith.

During the year, some examples of our crafts were fridge magnets, paper angels, painted glass candle holders. A highlight from 2022 was the International Women’s Day service with local charity PACT, where the decorated plant pots made by the craft group were used to decorate the Minster.

Page 5

Reading Minster Church of St Mary the Virgin PCC' Annual Report for the year ended 31 December 2022

Bell Ringing

Tower Captain’s Report 19 th March 2022

2021 was a slow start as far as ringing was concerned. The tenor was tolled to mark the death of Prince Phillip on the 9th April and then again 16th and 17th April.

Handbells were rung outside the church on both Palm Sunday and Easter Day! Full service ringing started on April 18th with invited bands and only for 15 minutes.

As restrictions were gradually eased we were able to extend service ringing to two 15 minute pieces of ringing, we then started practices again on 15th July.

We continue to hold practices on Tuesday evenings where we practice to perfect our striking and continue the development of our newest ringers.

Service ringing has pretty much returned to pre-pandemic levels, with all 8 being rung nearly all Sundays starting at 10.15am. We have also rung for other services as requested.

On the 16th October the first “full peal” at The Minster since November 2018 was rung prior to the service in thanksgiving for the life of HRH The Prince Philip, Duke of Edinburgh. A further peal was attempted on Christmas Eve, but sadly unsuccessful.

A full peal was also rung on 9 th January to celebrate Epiphany.

A Special piece of ringing was rung on Sunday 6 th February to celebrate the 70th anniversary of the accession of Her Majesty, Queen Elizabeth II. 1270 changes were rung of Stedman Triples. Special mention to John Wells who also rang for the Death of King George 70 years ago!

There was a problem with the tenor bell in December. Whites of Appleton bellhangers responded very efficiently to visit and fix the issue, the Tenor now goes very well. At the same time water ingress to the bell

chamber was noted - Richard Ashfield checked the tower roof and cleared blocked guttering; this seems to have resolved the problem. We have a quote from Whites to visit and inspect the bells but they have not yet agreed a date for this.

Stephen Rossiter, Tower Captain

Page 6

Reading Minster Church of St Mary the Virgin PCC' Annual Report for the year ended 31 December 2022

Church Community Highlights

Karen Armstrong’s book launch of ‘Sacred Nature’ Eucharist marking Interfaith Sunday Stations of the Cross Exhibition by Toddy Hoare Trip to the Stanley Spencer Art Gallery Trip to the Greenbelt Arts Festival Summer BBQ at the vicarage Fish and Chips with Christmas Tree Decorating Fish and Chips with the APCM and Revd Bond’s Quiz

Open Table

Open table is a Eucharistic service and takes place on the first Monday evening of the month. It is a caring and affirming community with a warm of welcome for all who are LGBTQIA+ and all who seek an inclusive Church. We have a congregation averaging between 15 people from the Minster and the wider Reading area. another 5 or 6 people joining online.

Members of the community are involved in leading worship and music, reading, reflecting and praying. Following the service, we have time for refreshments and for people to chat and get to know one another both in person and online.

Our highlights in 2022 included offering coffee and cake outside the Minster during the morning of Reading Pride, a talk by Stephen O’Connor representing the Equal Marriage Campaign and joining with Café Theologique to hear Trans poet Jay Hulme.

The PCC are satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.

The methods used to recruit and appoint new charity trustees.

The method of appointment of PCC members is set out in the Church Representation Rules. All Church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC.

The trustees' bankers and advisors

Bankers Lloyds Bank, 1-2 Market Place, Reading, RG1 2EQ Surveyors Haslams, 17 Friar Street Reading Berkshire RG1 1DB Investment CCLA, 80 Cheapside, London, EC2V 6EE Management Shelley Linney, P&L Accountancy and Bookkeeping Ltd, Juniper Cottage, Crown Meadow, Accountants East Hanney, OX12 0JR Independent Examiner UHY Ross Brooke, Suite I, Windrush Court, Abingdon Business Park, Abingdon, OX14 1SY

Page 7

Reading Minster Church of St Mary the Virgin PCC' Annual Report for the year ended 31 December 2022

Financial review

The charity's financial position at the end of the year ended 31 December 2022

The financial position of the charity at 31 December 2022 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:-

Net income
Total Unrestricted Funds
Restricted Revenue Funds
Total Restricted Funds
Endowment Revenue Funds
Total Endowment funds
Total Funds
Unrestricted Revenue Funds available for the general
purposes of the charity		 2022
£
302,810
1,342,970
1,342,970
156,313
156,313
201,937
201,937
1,701,220		 2021
£
(23,110)
1,119,350
1,119,350
53,496
53,496
225,564
225,564
1,398,410

Financial review of the position at the reporting date, 31 December 2022.

Total Receipts on ordinary unrestricted funds were £260,930 and are detailed in the financial statements (£82,500 is rental income from Bills Café and a legacy of £97,771).

£165,937 of ordinary unrestricted funds was spent to provide Christian ministry from Reading Minster of St Mary the Virgin, including the contribution to the diocesan parish share, which largely provides the stipends and housing for the clergy.

The ordinary total result (restricted and unrestricted) for the year was an excess of income to payments by £302,810. Adding the bank and deposit balances at 31 December 2022 for unrestricted funds totalled £169,837

In April 2010 St Mary's House was let to Bills Café. The rent review takes place every 5 years, and the last review took place in 2015. A review did not take place in 2020 due to the coronavirus pandemic.

Page 8

Reading Minster Church of St Mary the Virgin PCC' Annual Report for the year ended 31 December 2022

The number of subscribers to planned giving through standing order totals 19. Planned giving during 2022 totalled £8,045 of which £3,830 was gift aided. The income from the wall box and the pricket stand was £125. The wall box and pricket stand have now been removed due to security risks.

The Parish Share of £19,571 was paid in full.

During the year £9,000 was incurred due to the lease on St Mary's Gate.

Policies on reserves.

It is PCC policy to maintain a balance on unrestricted funds (if possible), which equates to approximately 6 months unrestricted payments, to cover emergency situations that may arise from time to time. The balance of £169,837 on unrestricted funds at the year-end did match this target.

It is our policy to invest our funds balances with the CCLA Investment Management Ltd.

Availability and adequacy of assets of each of the funds

The PCC are satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.

Public Benefit

The Trustees confirm that they have complied with the duty in Section 17(5) of the 2011 Charities Act to have due regard to public benefit guidance published by the Charity Commission.

Plans For the Future

This year we will be launching our Music Outreach and Development Project with the hope of appointing a part time outreach worker who will build up our choir and look at opportunities to work further with the local community. We will also begin to think about our vision for the future of our parish and church in line with the planned regeneragion developments led by Reading Borough Council.

Page 9

Reading Minster Church of St Mary the Virgin PCC' Annual Report for the year ended 31 December 2022 Statement of PCC's Responsibilities

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

In preparing these financial statements, the trustees are required to:

•select suitable accoun�ng policies and then apply them consistently;

•observe the methods and principles in the Chari�es SORP 2019 (FRS 102);

•make judgements and es�mates that are reasonable and prudent;

•state whether applicable accoun�ng standards have been followed, subject to any material departures disclosed and explained in the financial statements;

the charity will continue in operation.

The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The PCC are also responsible for the contents of the PCC' report, and the statutory responsibility of the Independent Examiner in relation to the PCC' report is limited to examining the report and ensuring that , on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements.

This report was approved by the board of trustees on 2nd May 2023.

REV S WRATTEN Chairperson

Page 10

Reading Minster Church of St Mary the Virgin

EXAMINERS UNQUALIFIED REPORT

Independent Examiner's Report to the Trustees of Reading Minster

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2022 which are set out on pages 12 to 29.

Responsibilities and basis of report

As the charity's trustees 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 confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  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

  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 a proper understanding of the accounts to be reached.

Signed

Name Caroline Webster FCA Address UHY Ross Brooke Chartered Accountants Suite I Windrush Court Abingdon OX14 1SY

Date

Page 11

Reading Minster Church of St Mary the Virgin - Statement of Financial Activities for the year ended 31 December 2022

Statement of Financial Activities for the year ended 31 December 2022

Current year
Note
Unrestricted
Funds
2022
£
Income & Endowments from:
Donations & Legacies
21
130,542
Charitable activities
22
33,995
Investments
24
96,393
Total income
260,930
Expenditure on:
Charitable activities
29
165,937
Total expenditure
165,937
94,993
Net gains on investments
4
225,000
Net income for the year
319,993
Transfers between funds
18
(96,373)
223,620
Net movement in funds
223,620
Reconciliation of funds:-
Total funds brought forward
16
1,119,350
Total funds carried forward
1,342,970
Net income/(loss) before
invetment gains
Net income after transfers
and exceptional items		 Current year
Restricted Funds
2022
£
290
-
1,851
2,141
-
-
2,141
(759)
1,382
101,435
102,817
102,817
53,496
156,313		 Current year
Endowment Funds
2022
£
-
-
5,062
5,062
-
-
5,062
(23,627)
(18,565)
(5,062)
(23,627)
(23,627)
225,564
201,937		 Current year
Total Funds
2022
£
130,832
33,995
103,306
268,133
165,937
165,937
102,196
200,614
302,810
-
302,810
302,810
1,398,410
1,701,220		 Prior Year
Total Funds
2021
£
29,044
20,356
68,425
117,825
147,866
147,866
(30,041)
6,931
(23,110)
-
(23,110)
(23,110)
1,421,520
1,398,410

A Statement of Total Recognised Gains and Losses is shown in the notes to the accounts. All activities derive from continuing operations

Page 12

Reading Minster Church of St Mary the Virgin - Statement of Financial Activities for the Prior year ended 31 December 2021

Statement of Financial Activities for the year ended 31 December 2021

Current year
Note
Unrestricted
Funds
2021
£
Income & Endowments from:
Donations & Legacies
21
28,794
Charitable activities
22
20,356
Investments
24
63,177
Total income
112,327
Expenditure on:
Charitable activities
29
147,866
Total expenditure
147,866
(35,539)
Net gains on investments
4
-
Net income for the year
(35,539)
Transfers between funds
10,923
(24,616)
Net movement in funds
(24,616)
Reconciliation of funds:-
Total funds brought forward
16
1,143,966
Total funds carried forward
1,119,350
Net income/(loss) before
Net income after transfers		 Current year
Restricted Funds
2021
£
250
-
192
442
-
-
442
811
1,253
(5,867)
(4,614)
(4,614)
58,110
53,496		 Current year
Endowment Funds
2021
£
-
-
5,056
5,056
-
-
5,056
6,120
11,176
(5,056)
6,120
6,120
219,444
225,564		 Current year
Total Funds
2021
£
29,044
20,356
68,425
117,825
147,866
147,866
(30,041)
6,931
(23,110)
-
(23,110)
(23,110)
1,421,520
1,398,410		 Prior Year
Total Funds
2020
£
31,393
6,076
50,301
87,770
123,591
123,591
(35,821)
6,257
(29,564)
-
(29,564)
(29,564)
1,451,084
1,421,520

Page 13

Reading Minster Church of St Mary the Virgin Balance Sheet as at 31 December 2022

Notes 2022 2021
£ £
Fixed assets
Tangible assets 9 1,197,990 954,097
Investments held as fixed assets 10 207,704 232,090
Total fixed assets 1,405,694 1,186,187
Current assets
Debtors 11 27,434 30,566
Cash at bank and in hand 320,381 220,863
Total current assets 347,815 251,429
Creditors: amounts falling due within
one year 12 (52,289) (39,206)
Net current assets 295,526 212,223
The total net assets of the charity 1,701,220 1,398,410
The total net assets of the charity are funded by the funds of the charity, as follows:-
Endowment funds
Endowment Revenue Funds 16 201,937 225,564
Restricted funds
Restricted Revenue Funds 16 156,313 53,496
Unrestricted Funds
Unrestricted Revenue and Designated Fu 16 1,342,970 1,119,350
Designated Funds
Total charity funds 1,701,220 1,398,410

The PCC acknowledge their responsibilities for complying with the requirements of charity legislation with respect to accounting records and the preparation of accounts.

The charity is subject to Independent Examination under charity legislation, and the report of the Independent Examiner is on page 11.

The PCC are satisfied that, although the charity is not registered under the Companies Acts, if it were so registered, it would be eligible to prepare accounts in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.

REV S WRATTEN Chairperson Approved by the board of trustees on 2nd May 2023

The notes attached on pages 15 to 29 form an integral part of these accounts.

Page 14

Reading Minster Church of St Mary the Virgin

Notes to the Accounts for the year ended 31 December 2022

1 Accounting policies

Policies relating to the production of the accounts.

Basis of preparation and accounting convention

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The charitable activities are entirely dependent on continuing grant aid and voluntary donations as well as trading revenues. As a consequence, the going concern basis is dependent on the future flow of these uncertain funding streams. Accordingly, the Trustees have obtained forecasts and, after reviewing the financial forecasts for future periods to 31 December 2023, the Trustees are satisfied that, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements. Other than these matters, the Trustees are not aware of any material uncertainties about the charity's ability to continue as a going concern.

Risks

The PCC has reviewed the risks to which the church is exposed and has put controls in place to mitigate these risks.

Accounting for deferred income and income received in advance

Where terms and conditions relating to income have not been met or uncertainty exists as to whether the charity can meet any terms or conditions otherwise within its control, income is not recognised but is deferred as a liability until it is probable that the terms or conditions imposed can be met.

Any grant that is subject to performance-related conditions received in advance of delivering the goods and services required by that condition, or is subject to unmet conditions wholly outside the control of the recipient charity, is accounted for as a liability and shown on the balance sheet as deferred income. Deferred income is released to income in the reporting period in which the performance-related or other conditions that limit recognition are met.

When income from a grant or donation has not been recognised due to the conditions applying to the gift not being wholly within the control of the recipient charity, it is disclosed as a contingent asset if receipt of the grant or donation is probable once those conditions are met.

Where time related conditions are imposed or implied by a funder, then the income is apportioned to the time periods concerned, and, where applicable, is accounted for as a liability and shown on the balance sheet as deferred income. When grants are received in advance of the expenditure on the activity funded by them, but there are no specific time related conditions, then the income is not deferred.

Any condition that allows for the recovery by the donor of any unexpended part of a grant does not prevent recognition of the income concerned, but a liability to any repayment is recognised when repayment becomes probable.

Page 15

Reading Minster Church of St Mary the Virgin

Notes to the Accounts for the year ended 31 December 2022

Income from legacies

Income from legacies is recognised when the charity has sufficient evidence that a gift has been left to them, that where required, probate has been granted, the executor is satisfied that the property in question will not be required to satisfy claims in the estate, that it is probable that the amount will be received by the charity, and the amount to be received can be estimated with sufficient accuracy, and that any conditions attached to the legacy are either within the control of the charity or have been met.

Where a payment is received from an estate or is notified as receivable by the executors after the reporting date and before the accounts are authorised for issue but it is clear that the payment had been agreed by the executors prior to the end of the reporting period, then the amount concerned is treated as an adjusting event and accrued as income in the accounting period if receipt is probable.

Where the charity has established entitlement to a legacy but there is uncertainty as to the amount of the payment, details of the legacy are disclosed as a contingent asset until the criteria for income recognition are met. Where a legacy is subject to the interest of a life tenant, the legacy is not recognised as income until the death of the life tenant.

If it is doubtful that full settlement of a legacy debtor will be received, then an adjustment is made to reduce the amount of the legacy debtor and legacy income rather than charging the adjustment as expenditure in the Statement of Financial Activities

Recognition of liabilities and expenditure

A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated..

Liabilities arising from future funding commitments and constructive obligations, including performance related grants, where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give rise to a provision in the accounts, which is reviewed at the accounting year end. The provision is increased to reflect any increases in liabilities, and is decreased by the utilisation of any provision within the period, and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates.

Allocating costs to activities

Direct costs that are specifically related to an activity are allocated to that activity. Support costs are allocated to an administrative activity.

Volunteers

In accordance with the SORP, and in recognition of the difficulties in placing a monetary value on the contribution from volunteers, the contribution of volunteers is not included within the income of the charity. However, the trustees value the significant contribution made to the activities of the charity by unpaid volunteers and this is described more fully in Note 5.

Page 16

Reading Minster Church of St Mary the Virgin

Notes to the Accounts for the year ended 31 December 2022

Fixed Asset Investments

Fixed asset investments in quoted shares, traded bonds and similar investments are shown initially at cost upon acquisition and at their market value at the balance sheet date at the end of the financial period. Investment properties are not depreciated.

Fixed asset investments in unlisted equities are shown at the balance sheet date at the best estimate of their market value, where practicable. Where valuation techniques are considered unreliable or where, in the opinion of the trustees, the costs outweigh the benefits to the users of the accounts, the investment is included at cost, and a review is undertaken at each year end as to whether the asset should be written down.

All gains on fixed asset investments, whether realised or unrealised, are included in the Statement of Financial Activities.

Tangible fixed assets

Tangible fixed assets are measured at their original cost value, or subsequent revaluation, or if donated, as described above. Cost value includes all costs expended in bringing the asset into its intended working condition.

A full year of depreciation is provided in the year of acquisition and none in the year of disposal. Depreciation has been provided at the following rates in order to write off the assets to their anticipated residual value over their estimated useful lives.

Plant and machinery 20 % straight line New lighting system 10 % straight line

Debtors

Debtors are measured at their recoverable amounts at the balance sheet date.

Creditors and provisions

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Cash and bank balances

Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements.

Leases

Rentals payable and receivable under operating leases are charged to the SoFA on a straight line basis over the period of the lease.

Page 17

Reading Minster Church of St Mary the Virgin

Notes to the Accounts for the year ended 31 December 2022

Pensions - defined contribution schemes

The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Taxation note

2 Liability to taxation

The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose. Value Added Tax is not recoverable by the charity, and is therefore included in the relevant costs in the Statement of Financial Activities.

Winding up or dissolution of the charity

If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.

3 Net surplus before tax in the financial year

2022 2021
£ £
The net surplus before tax in the financial year is stated after charging:-
Depreciation of owned fixed assets 10,204 8,350
Pension costs - -

Number of trustees to whom benefits accrued under money purchase pension schemes

Investment gains
Current year
Current year
Unrestricted
Funds
Restricted Funds
2022
2022
£
£
Unrealised gains /(losses) and writing down of carrying values
Other Unlisted Investments - Unrealised
-
(759)
Investment properties - Unrealised
225,000
-
Total unrealised gains/(losses) etc.
225,000
(759)
Total realised and unrealised gains
225,000
(759)		 Current year
Endowment
Funds
2022
£
(23,627)
-
(23,627)
(23,627)		 0
Current year
Total Funds
2022
£
(24,386)
225,000
200,614
200,614		 0
Prior Year
Total Funds
2021
£
6,931
-
6,931
6,931

4 Investment gains

5 The contribution of volunteers

The charity depends on the support of its volunteers, which is much appreciated. The arrangements with volunteers are difficult to value precisely in monetary terms and have not been recognised in the Statement of Financial Activities. The volunteers and the charity accept and agree that no contract of employment is created by these arrangements.

Page 18

Reading Minster Church of St Mary the Virgin

Notes to the Accounts for the year ended 31 December 2022

6 Staff costs and emoluments
Salary costs
2022
£
Gross Salaries excluding trustees and key management personnel
32,043
Employer's contribution to defined contribution pension schemes
-
Trustees' Remuneration
-
Other benefits paid to trustees
-
Total salaries, wages and related costs
32,043
Numbers of full time employees or full time equivalents
2022
The average number of total staff employed in the year was
1
The average number of part time staff employed in the year was
0
The average number of full time staff employed in the year was
1
The estimated full time equivalent number of all staff employed in the year was
1
Engaged on charitable activities
1
Engaged on publicity activities
0
Engaged on fundraising activities
0
Engaged on management and administration
0
The estimated full time equivalent number of all staff employed as above
1
2022
£
Remuneration payable to trustees or connected persons
-
Total remuneration
-
Trustees' expenses
2022
£
The amount paid directly to third parties on behalf of trustees
-
The amount reimbursed to trustees
3,112
3,112
The number of trustees' to whom expenses were reimbursed was :-
1
The nature of the trustees' expenses was :- travel and subsistence.
The estimated equivalent number of full time staff deployed in different activities in the year was:-
No employees received emoluments (excluding pension costs) in excess of £60,000 per annum.
Remuneration and payments to Trustees and persons connected with them		 2021
£
31,290
-
-
-
31,290
2021
1
0
1
1
1
0
0
0
1
2021
£
-
-
2021
£
-
3,394
3,394
1

Page 19

Reading Minster Church of St Mary the Virgin

Notes to the Accounts for the year ended 31 December 2022

8 Deferred income - Unrestricted and Designated funds

Rental income
Total
These deferrals are included in creditors
Tangible fixed assets
Cost
At 1 January 2022
Additions
Revaluation
Disposals
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
On disposals
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021		 Opening
Deferrals
£
25,809
25,809		 Released
from prior
years
£
20,625
20,625
Investment
Properties
£
920,000
-
225,000
-
1,145,000
-
-
-
-
1,145,000
920,000		 Received
less released
in year
£
20,625
20,625
2022
£
25,809
Plant &
Machinery
£
65,725
29,719
-
(806)
94,638
31,628
10,204
(184)
41,648
52,990
34,097		 Deferred
at year end
£
25,809
25,809
2021
£
25,809
Total
£
985,725
29,719
225,000
(806)
1,239,638
31,628
10,204
(184)
41,648
1,197,990
954,097

9 Tangible fixed assets

The land and buildings comprise of the freehold of St Mary's House, Chain Street, Reading (£1,125,000) and the long leasehold of the coffee stall in St Mary Butts Reading (£20,000). Both properties were valued by Charles Hubbard FRICS, Partner at Dunster and Morton, 6 Southern Court, South Street, Reading on 31 December 2013 and valued at £900,000 for the freehold and £20,000 for the leasehold. Dunster and Morton are a professional firm of independent chartered surveyors and commercial property consultants who are regulated by the Royal Institute of Chartered Surveyors. The trustees are currently in the process of arranging a new valuation which will be included in the 2023 accounts, but feel at present a realistic value of the freehold would be £1,125,000 which is now reflected in the accounts.

Page 20

Reading Minster Church of St Mary the Virgin

Notes to the Accounts for the year ended 31 December 2022

10 Investments held as fixed assets

Carrying values of investments
At 1 January 2022
Revaluation at 31 December 2022
At 31 December 2022
Analysis between fair value and historical cost
Investments as above held at fair value
Summary of other classes of investments at 31 December 2022
Cash or cash equivalents
Investment properties
Other investments
11 Debtors
Trade debtors
Prepayments and accrued income
Other debtors
12 Creditors: amounts falling due within one year
Trade creditors
Accruals
Deferred Income - Unrestricted & designated funds
PAYE, NIC VAT and other taxes		 Other Classes of
Investment
£
232,090
(24,386)
207,704
207,704
207,704
-
-
2022
£
21,935
1,552
3,947
27,434
2022
£
706
25,269
25,809
505
52,289		 Total
£
232,090
(24,386)
207,704
207,704
207,704
-
-
2021
£
23,665
2,862
4,039
30,566
2021
£
1,282
11,319
25,809
796
39,206

Deferred income is comprised of rent received in advance

Page 21

Reading Minster Church of St Mary the Virgin

Notes to the Accounts for the year ended 31 December 2022

13 Operating Leases - lessee
2022
£
Operating leases which expire:
Not later than one year
9,000
Later than one and not later than five years
20,250
Later than five years
-
29,250
14 Income and Expenditure account summary
2022
£
At 1 January 2022
1,398,410
Profit(Loss) after tax for the year
302,810
Gift Aid donations made
-
At 31 December 2022
1,701,220
Total future minimum lease payments under non-cancellable operating leases are as follows:		 2021
£
9,000
29,250
-
38,250
2021
£
1,421,520
(23,110)
-
1,398,410

15 Particulars of how particular funds are represented by assets and liabilities

At 31 December 2022
Tangible Fixed Assets
Investments at valuation:-
Fixed asset investments
Current Assets
Current Liabilities
At 1 January 2022
Tangible Fixed Assets
Investments at valuation:-
Fixed asset investments
Current Assets
Current Liabilities		 Unrestricted
funds
£
1,197,990
-
197,269
(52,289)
1,342,970
Unrestricted
funds
£
954,097
-
204,459
(39,206)
1,119,350		 Endowment
funds
£
-
201,937
-
201,937
Endowment
funds
£
-
225,564
-
-
225,564		 Restricted
funds
£
-
5,767
150,546
-
156,313
Restricted
funds
£
-
6,526
46,970
53,496		 Total
Funds
£
1,197,990
207,704
347,815
(52,289)
1,701,220
Total
Funds
£
954,097
232,090
251,429
(39,206)
1,398,410

Page 22

Reading Minster Church of St Mary the Virgin

Notes to the Accounts for the year ended 31 December 2022

16

Change in total funds over the year as shown in Note 18 , analysed by individual funds

Unrestricted and designated funds:-
Unrestricted Revenue Funds
Total unrestricted and designated funds
Restricted funds:-
COIF Charity Shares
CCLA Choir/Church Fabric account
CCLA Organ restoration account
Lloyds Choir account
Lloyds Organ account
Total restricted funds
Endowment funds:-
7 Castle St Fund
St Mary's Church House Fund
Grant of Easement
Total endowment funds
Total charity funds		 Funds brought
forward from 2021
1,119,350
1,119,350
6,526
12
46,958
-
-
53,496
90,332
68,765
66,467
225,564
1,398,410		 Movement in
Funds in 2022
319,993
319,993
(587)
1,013
666
-
290
1,382
(9,874)
(6,291)
(2,400)
(18,565)
302,810		 Transfers between
Funds in 2022
(96,373)
(96,373)
(172)
97,772
3,925
(90)
101,435
(2,248)
(1,804)
(1,010)
(5,062)
-		 Funds carried
forward to 2022
1,342,970
1,342,970
5,767
98,797
51,549
-
200
156,313
78,210
60,670
63,057
201,937
1,701,220

17 Analysis of movements in funds over the year as shown in Note 16

Unrestricted funds:-
Unrestricted Revenue Funds
Restricted funds:-
COIF Charity Shares
CCLA Church Fabric account
CCLA Organ restoration account
Lloyds Choir account
Lloyds Organ account
Choir Accruals
Endowment funds:-
7 Castle St Fund
St Mary's Church House Fund
Grant of Easement		 Income
2022
£
260,930
172
1,013
666
-
290
2,248
1,804
1,010
268,133		 Expenditure
2022
£
(165,937)
-
-
-
-
-
-
-
(165,937)		 Other
Gains &
Losses
2022
£
225,000
(759)
-
-
-
-
(12,122)
(8,095)
(3,410)
200,614		 Movement
in funds
2022
£
319,993
(587)
1,013
666
-
290
-
(9,874)
(6,291)
(2,400)
302,810

Page 23

Reading Minster Church of St Mary the Virgin

Notes to the Accounts for the year ended 31 December 2022

18 Details of transfers between funds in the year as shown in Note 16

The transfers shown in note 19 above are:-
To/(from) Restricted Revenue Funds
To/(from) Endowment Revenue Funds
Net transfers
To/(from) Unrestricted Revenue Funds in accordance with the accounting policy 'Accounting for capital
grants and fixed asset funds'.		 2022
£
(96,373)
101,435
(5,062)
-

19 The purposes for which the funds as detailed in note 16 are held by the charity are:-

Unrestricted and designated funds:-

These funds are held for the meeting the objectives of the charity, and to provide reserves for future activities, and , subject to charity legislation, are free from all Unrestricted Revenue Funds restrictions on their use. These funds are designated for a particular purpose by the PCC, they comprise of the Designated Revenue Funds bursary fund. Restricted funds:- These funds are held for meeting the objectives of the charity, the income received COIF Charity Shares from the fund is free from any restriction on their use. CCLA Choir account These funds are restricted to be spent on the choir. CCLA Organ restoration account These funds are restricted to be spent on the restoration of the Willis organ Lloyds Choir account These funds are restricted to be spent on the choir. These funds are restricted to be spent on the upkeep of the organ, including the Lloyds Organ account restoration of the Willis Organ. Choir Accruals These funds are restricted to be spent on the choir. Endowment funds:- This fund is held on trust for the PCC by the Diocesan Trustees (Oxford) Ltd. The 7 Castle St Fund income is received by the Church and is for furthering the religious and other charitable work of the Church of England in the Parish of St Mary, Reading This fund is held on trust for the PCC by the Oxford Diocesan Board of Finance. The St Mary's Church House Fund income is received by the Church and is for any ecclesiastical purposes in the Parish of St Mary, Reading To Nova Holdings (Salisbury) plc: Benefiting 15 to 16 Chain Street, Reading. The fund is Grant of Easement held on trust for the PCC by the Diocesan Trustees (Oxford) Limited. To Royal Liver: Granting access to the Broad Street property. The fund is held on trust of the PCC by the Diocesan Trustees (Oxford) Ltd.

20 Ultimate controlling party

The charity is under the control of its legal members.

Page 24

Reading Minster Church of St Mary the Virgin

Detailed analysis of income and expenditure for the year ended 31 December 2022 as required by the SORP 2019

This analysis is classified by conventional nominal descriptions and not by activity.

21 Donations and Legacies

Current year
Unrestricted
Funds
2022
£
Donations and gifts from individuals
Collections at services
6,133
Contactless donations
2,268
Planned giving
8,045
Other donations
13,864
Gift aid recoverable
2,336
Organ restoration
-
Pricket stand and donation box
125
32,771
Legacies receivable
97,771
Total legacies receivable
97,771
Revenue grants and donations from non public
Green Girls Foundation
-
Total private sector revenue grant
-
Total Donations and Legacies
130,542
Legacy
Total donations and gifts from
individuals		 Current year
Restricted
Funds
2022
£
-
-
-
-
-
290
-
290
-
bodies
-
-
290		 Current year
Endowment
Funds
2022
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 Current year
Total Funds
2022
£
6,133
2,268
8,045
13,864
2,336
290
125
33,061
97,771
97,771
-
-
130,832		 Prior Year
Total Funds
2021
£
1,586
487
7,440
10,107
963
250
650
21,483
6,000
6,000
1,561
1,561
29,044

Page 25

Reading Minster Church of St Mary the Virgin

Detailed analysis of income and expenditure for the year ended 31 December 2022 as required by the SORP 2019

22 Income from charitable activities - Trading Activities

Current year
Unrestricted
Funds
2022
£
Primary purpose and ancillary trading
Church Hire
32,695
Christmas card sales
1,300
33,995
23 Total Income from charitable activities
Current year
Unrestricted
Funds
£
2022
33,995
Total from charitable activities
33,995
24 Investment income
Current year
Unrestricted
Funds
2022
£
Property Rental Income
94,500
Dividend Income
-
Bank Interest Receivable
1,893
Total investment income
96,393
Total income from charitable
trading
Total Primary purpose and
ancillary trading		 Current year
Restricted
Funds
2022
£
-
-
-
Current year
Restricted
Funds
£
2022
-
0
Current year
Restricted
Funds
2022
£
-
172
1,679
1,851		 Current
year
Endowment
Funds
2022
£
-
-
-
Current
year
Endowment
Funds
£
2022
-
0
Current
year
Endowment
Funds
2022
£
-
5,062
-
5,062		 Current
year
Total Funds
2022
£
32,695
1,300
33,995
Current
year
Total Funds
£
2022
33,995
33,995
Current
year
Total Funds
2022
£
94,500
5,234
3,572
103,306		 Prior Year
Total Funds
2021
£
19,696
660
20,356
Prior Year
Total Funds
£
2021
20,356
20,356
Prior Year
Total Funds
2021
£
63,091
5,224
110
68,425

Page 26

Reading Minster Church of St Mary the Virgin

Detailed analysis of income and expenditure for the year ended 31 December 2022 as required by the SORP 2019

25 Expenditure on charitable activities - Direct spending

Gross wages and salaries -
charitable activities
Travel and Subsistence -
Charitable Activities
Deanery Synod fees
Diocesan Quota
Pastoral Support
Upkeep of services
Sanctuary expenses
Mission related activity
Total direct spending		 Current year
Unrestricted
Funds
2022
£
32,043
2,066
290
19,571
2,788
3,050
1,852
2,458
64,118		 Current year
Restricted
Funds
2022
£
-
-
-
-
-
-
-
-
-		 Current
year
Endowment
Funds
2022
£
-
-
-
-
-
-
-
-
-		 Current
year
Total Funds
2022
£
32,043
2,066
290
19,571
2,788
3,050
1,852
2,458
64,118		 Prior Year
Total Funds
2021
£
31,290
955
-
19,189
1,601
1,623
630
1,757
57,045

26 Expenditure on charitable activities - Charitable trading

Current year
Unrestricted
Funds
2022
£
Director of music
0
Organists and Musicians
4,734
Adult Singers
1,200
Choir pay and expenses
1,654
Piano Tuning & organ maintenance
1,088
Royal School of Music
-
Total charitable trading costs
8,676		 Current year
Restricted
Funds
2022
£
-
-
-
-
-
-
-		 Current
year
Endowment
Funds
2022
£
-
-
-
-
-
-
-		 Current
year
Total Funds
2022
£
-
4,734
1,200
1,654
1,088
-
8,676		 Prior Year
Total Funds
2021
£
629
3,878
872
1,309
160
(110)
6,738

Page 27

Reading Minster Church of St Mary the Virgin

Detailed analysis of income and expenditure for the year ended 31 December 2022 as required by the SORP 2019

27 Support costs for charitable activities

Support costs for charitable activities Support costs for charitable activities Support costs for charitable activities Support costs for charitable activities
Current year Current year
Current
year
Unrestricted
Funds
Restricted
Funds
Endowment
Funds
2022
2022
2022
£
£
£
Premises Expenses
Rent payable under operating leas
9,000
-
-
Rates and water charges
232
-
-
Light heat and power
31,670
-
-
Cleaning and waste management
3,670
-
-
Premises repairs, renewals and ma
10,999
-
-
Property insurance
8,420
-
-
Administrative overheads
Telephone, fax and internet
2,010
-
-
Postage
216
-
-
Stationery and printing
2,621
-
-
Membership subscriptions
15
-
-
Software licences and expenses
1,168
-
-
Licences & Permits
-17
-
-
Office running expenses
4,425
-
-
Admin Support costs
2,496
-
-
Other
0
-
-
Professional fees paid to advisors other than the auditor or examiner
4,268
-
-
Legal fees
74
-
-
Financial costs
Depreciation & Amortisation in
total for the period
10,826
-
-
Total support costs
92,093
-
-
Accountancy fees other than
examination or audit fees		 Current
year
Total Funds
2022
£
9,000
232
31,670
3,670
10,999
8,420
2,010
216
2,621
15
1,168
-17
4,425
2,496
0
4,268
74
10,826		 Prior Year
Total Funds
2021
£
9,000
544
31,552
1,579
7,847
9,174
2,963
310
1,763
15
3,375
280
1,824
-
66
4,281
44
8,470
92,093 - - 92,093 83,087

Page 28

Reading Minster Church of St Mary the Virgin

Detailed analysis of income and expenditure for the year ended 31 December 2022 as required by the SORP 2019

28 Other Expenditure - Governance costs

----- Start of picture text -----
Current Current
Current year Current year year year Prior Year
Unrestricted Restricted Endowment
Funds Funds Funds Total Funds Total Funds
2022 2022 2022 2022 2021
£ £ £ £ £
Independent Examiner's fees 1050 - - 1050 996
Total Governance costs 1050 - - 1050 996
----- End of picture text -----

29 Total Charitable expenditure

Total direct spending
Total charitable trading costs
Total support costs
Total Governance costs
Total charitable expenditure		 Current year
Unrestricted
Funds
2022
£
64,118
8,676
92,093
1050
165,937		 Current year
Restricted
Funds
2022
£
-
-
-
-
-		 Current
year
Endowment
Funds
2022
£
-
-
-
-
-		 Current
year
Total Funds
2022
£
64,118
8,676
92,093
1,050
165,937		 Prior Year
Total Funds
2021
£
57,045
6,738
83,087
996
147,866

Page 29