# **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHINGFORD** **Registered Charity No. 1127259** # **Trustees' Report For the year ended 31 December 2024** THE PARISH OF CHINGFORD SS PETER AND PAUL WITH ALL SAINTS’ ea ee = ## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHINGFORD** ## **ANNUAL TRUSTEES REPORT for the year ended 31 December 2024** The Trustees present their report for the year ended 31 December 2024 together with the accounts for the period then ended. The financial statements comply with current statutory requirements, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102). ## **Aim and purposes** The Parish of Chingford Parochial Church Council (PCC) has the responsibility of cooperating with the incumbent (the Reverend Dr Justin Anthony to 30 September 2024, vacancy thereafter), in promoting in the ecclesiastical parish the whole mission of the Church - pastoral, evangelistic, social and ecumenical. The PCC is also specifically responsible for the maintenance of the buildings of the Parish Church of Ss Peter and Paul, All Saints’ (“the Old Church”), and the former church of St Francis. It is also responsible for the maintenance of Old Church House, 1A Priory Avenue. ## **Objectives and Activities** The PCC is committed to enabling as many people as possible to worship at our church and to become part of our parish community in Chingford. The PCC maintains an overview of worship throughout the parish and makes suggestions on how our services can involve the many groups that live within our parish. Our services and worship put faith into practice through sacrament, prayer, scripture and music. When planning our activities for the year, we have considered the Charity Commission’s guidance on public benefit and particularly the supplementary guidance on charities for the advancement of religion. In particular, we try to enable ordinary people to live out their faith as part of our parish community through: - worship and prayer; learning about the Gospel; and developing their - knowledge and trust in Jesus; - provision of pastoral care for people living in the parish; and - outreach work by Christian witnessing through social justice and community - participation. To facilitate this work, it is important that we maintain the fabric of the church buildings, and the two attached church halls. For APCM, 13 May 2025 **.** Page **2** of **10** ## **Achievements and Performance** The weekly pattern of services and related activities in our two churches continued as normal throughout the year (the Rector vacancy from October notwithstanding) , giving glory to God and, we hope, witness and encouragement to the local community. ## **Worship and Prayer** The PCC is keen to offer a range of services during the week and over the course of the year that our community find both beneficial and spiritually fulfilling. All are welcome to attend our regular services. At May 2024 there were 209 people on the Church Electoral Roll. The average weekly attendance across both churches, counted as required by the Diocese during October 2023 was 202 (range 171 to 243). The corresponding figure for October 2023, was 212 (range 171 to 257). Services on Easter Eve and Easter Day were attended by 500 (364 in 2023) and services on Christmas Eve and Christmas Day had 710 (921 in 2023) . As well as our regular services, we enable our community to celebrate and thank God at the milestones of the journey through life. Through baptism we thank God for the gift of life, in marriage public vows are exchanged with God’s blessing and through funeral services friends and family express their grief and give thanks for the life which is now complete in this world and to commend the person into God's keeping. We celebrated 31 baptisms and three weddings and held 31 funerals in our churches in 2024. ## **Deanery Synod** At the APCM in May 2024, two of the four available places on the Deanery Synod were taken up. The PCC was not able to fill the other two. ## **The church buildings** Following the completion in May 2019 of “Phase A” repairs to the chancel of Ss Peter & Paul, a faculty was obtained, and contractors were appointed in February 2020 so that an application could be made to the National Lottery Heritage Fund (NLHF) for a grant towards “Phase B” repairs to the nave. The application was on the point of being submitted when the NLHF had to close to new applications at the start of the coronavirus pandemic. Although the NLHF opened again for grant applications in March 2021, the criteria for awards were somewhat different. The project is therefore paused to enable consideration of how best to address those criteria and of other possible sources of funding the some £400,000 probably now needed for the work. Both churches received their quinquennial inspections in the spring of 2021. At All Saints, twelve items were recommended for attention ‘with the utmost urgency’ and a further 15 for attention by January 2023. The corresponding figures for Ss Peter & Paul were 12 and 21. All these have been tabulated and progress with them has been reported to PCC meetings. Progress to December 2024 was very limited, mainly due to the funding challenges that most of the items present but also to organisational problems. Each church now has a detailed logbook in which all significant repairs and events are recorded. Notable entries in that for Ss Peter & Paul in 2024 include the installation of a new For APCM, 13 May 2025 **.** Page **3** of **10** sound system and subsidence of the flooring slabs at the west end of the church. The logbook for All Saints records repair work in October 2024 to the roof of the hall. St Francis was closed as a centre of worship in 2003. The premises have been used and maintained since then by the 10th Chingford Scout Group. After some two years of process, a formal two year lease to the Scout Association was finalised on 1 November 2023. In an informal visit in November 2024, the churchwarden found that very good use was being made of the Hall under the terms of that lease. ## **Pastoral Care** In 2024 the work of pastoral care through the occasional offices continued to increase in number. We continued in our work of bringing Holy Communion and praying with those no longer able to attend our church services in person: three nursing homes are visited regularly (with more than 250 communicants), and home communion has been taken to individuals in their homes more than 120 times (including five visits for extreme unction). The clergy team meet weekly to discuss, among other things, the pastoral needs of the parish and individual parishioners. The sacrament of reconciliation (confession) is regularly offered, and occasional ‘ad hoc’ prayers for the ill and the deceased are said, at the request of and in the company of the bereaved. The clergy team officiated at 31funeral services in our churches, 1 services held at a crematorium, and 8 interments of ashes in the Gardens of Remembrance: this important work is impossible without the efforts of retired clergy, vergers, sextons, musicians, the funeral fees administrator and the Funeral Co-Ordinator, Mrs Jan Harrison. Our thanks go to all of them. ## **Mission and Evangelism** Baptisms and weddings are opportunities for mission and evangelism. Some of the children from the Baptism families attended Cherubs, (Chingford Cherubs Children’s Service); many of these families now attend church on a regular basis. Wedding preparation continued with the three couples who were married in 2024, ensuring that the couples understood the promises they were making before God and some of these couples have since attended our churches. An increasing number of families requesting baptism has been encountered which, with God’s grace, may continue into the future. At Ss Peter & Paul, 22 children and babies were baptised and two adults. Seven children and babies were baptised at All Saints. We have developed a strong volunteer children's ministry team in both churches, and Sunday clubs and Cherubs are led ably by strong, experienced leaders. Red Balloon Foundation provided weekly resources and additional leaders at Parish Church Sunday Club until its sad and sudden liquidation from September 2024, just after the Parish had reviewed a Service Level Agreement with the organisation. However, the liquidators directed that as much as possible of the resources – predominantly activity pack and teaching notes – due under that Agreement should be delivered so, happily, this material assisted our leaders to the end of 2024 and for several weeks into 2025. In 2024, monthly numbers at the Parish Church Sunday Club remained at around 50 and Sunday Cherubs around 15. The number of children has been reflected in the attendance at our monthly AIM (‘All In Mass’) Eucharist. At Old Church Sunday Club numbers remained stable at around 18-22 monthly. For APCM, 13 May 2025 **.** Page **4** of **10** We continue to have a close relationship with the schools in our parish, especially Chingford CofE where the governors include the Rector, The Revd Dr Justin Antony (to September 2024), Mrs Debbie Torrie and Mrs Anne Clayden. The Rector took assemblies in both the infant and junior site fortnightly, and the school comes to the Parish Church for end of term services and high days and holy days. Normanhurst School worships in the Parish Church three times a year as well (Harvest, Christmas and end of year), and we have received teaching visits from four other schools in and around the parish. The connection with Parkside Primary school was re-established in 2023. Three Year 1 classes visited All Saints in November and December 2024, with 90 children and 12 adults visiting. Saturday Bridge Church was held monthly at All Saints but finished at the end of July due to low numbers, with the view of offering something on a different day. Accordingly, Wednesday after school Family cafe started in September, running weekly during term times. On average, approximately 15 children and 12-15 adults attend each week Our monthly parish magazine, ably edited by Mrs Christine Rampton, is available in both churches. Existing and new Facebook and WhatsApp groups available to the congregation have been useful in maintaining and developing interactions. The Parish Twitter account and the Parish website have played important parts in publicising the activities of the Parish and the website has been gradually upgraded and improved over the course of the year. The Parish YouTube channel remains online, although no longer needed as it was in the pandemic. ## **Music** The highlight of 2024 was without doubt the choir tour to Rome, which had been in the process of planning since before the Covid pandemic. Eight-five of our boys, girls, Chamber Choir and men, along with a similar number of parents and families, flew out to Rome for five days. We sang in Santa Maria Maggiore, San Clemente, The American Episcopal Church of St Paul’s within the Walls (a very well attended concert), Santa Maria Sopra Minerva and the Basilica of St Peter. In addition to Rome, 80 of our singers enjoyed our annual cathedral week at Norwich. The Chingford Singers sang an Evensong in Portsmouth Cathedral and the Chamber Choir enjoyed a weekend at Salisbury Cathedral. The normal choral Sunday services at Chingford were all fully maintained and the year ended with another successful, sold-out Grand Christmas Concert. We appointed Ruihan Bao-Smith as our next Organ Scholar, but Joel Colyer was also able to continue assisting alongside taking up his new post as Director of Music at St Francis, Welwyn. Tom Cowhig retired as Assistant Choirmaster at the end of Norwich Cathedral Week – a position which he had held since 1980. Tom still sings with the choir, though no longer on such a regular basis. He was succeeded by Helen Cordina, in the re-named role of Assistant Director of Music. As always, we were very grateful for the continued help, support and enthusiasm of our team of musicians who voluntarily help organise, prepare, rehearse and perform our music. Organist Emeritus John Rippin directed the choir in a special Choral Evensong to mark his 90[th] birthday. Pippa Adams and her team of helpers were once again able to look after all the under 18s on the residential week as well as help with the ongoing safeguarding supervision For APCM, 13 May 2025 **.** Page **5** of **10** of our young people, backed up by the Parish safeguarding team. The many wives, friends, parents and choirmen have undertaken all the other necessary jobs that keep our music going. We are grateful to Christine Rampton who provides the Christian Training for the choristers in preparation for RSCM exams, for which we had a large number of successful candidates once again in 2024. Chingford Parish Church continues to be one of the Royal School of Church Music’s exam centres for the diocese and beyond. ## **Safeguarding** A Safeguarding Committee works with the Parish Safeguarding Officer (PSO) to ensure that all safeguarding matters are addressed effectively. Posters are in place in both churches which include contact details for the PSO, the churchwardens, the Diocesan Safeguarding Team and advice about where to go locally for help. Copies of the _Pocket Guide to Safeguarding_ have now been distributed to the PCC. The new standards promulgated by the Church will be discussed with the PCC in 2024 and posters will then be displayed showing these standards. The DBS and Safer Recruitment system remains in place run by the Parish Administrator who maintains a complete database of all Parish volunteers showing their DBS status, whether they have signed the required Confidential Declaration, and their up-to-date training status. There are arrangements for the safe storage of all documents relating to safeguarding and the Parish Administrator has responsibility for this. There is an up-to-date statement on safeguarding, as required by the CofE guidelines, on the Parish website. The PCC has formally adopted the Parish Safeguarding Policy and a signed copy of it is displayed in both churches and church halls. The PCC has adopted the _Model Parish Code of Safer Working Practice_ as set out in the CofE Safeguarding Handbook. The Safeguarding Committee will be introducing a Parish Social Media policy to ensure that safeguarding is practiced in virtual communication (on the Parish’s social media channels), as well as in “real life”. There is a written policy statement on safer recruiting, following the guidelines set out by the CofE to guide those recruiting on behalf of the Parish and all employed staff have contracts of employment. The PCC has adopted two statements: _Responding to Safeguarding Allegations_ and _Concerns and Responding to those about whom there are Safeguarding Concerns_ . These documents will guide Parish practice. The PCC continues to address additional enhancements to safeguarding arrangements. Awareness raising sessions were held in both churches in December to draw attention to the prevalence of domestic abuse and the various avenues of support for this. The social media ensures good safeguarding practice on all social media used by the church and is a member of all church WhatsApp groups. For APCM, 13 May 2025 **.** Page **6** of **10** All volunteers are encouraged to undertake Basic Safeguarding Training and staff working in the Sunday Clubs take the Foundation Safeguarding Training. The Leadership team have all undertaken the Safeguarding Leadership Training. By all these means, the PCC has complied with the duty, under section 5 of the Safeguarding and Clergy Discipline Measure 2016, to have regard to House of Bishops’ guidance on safeguarding and vulnerable adults. ## **Financial Review** Overall, the PCC recognised a deficit for the year of £18,350 (2023: £17,649) before Investment gains of £7,666 (2023: £23,855). The 2024 total income of £244,170 must be discounted by the £46,777 received in insurance payments for the replacement of items stolen in the October 2023 break-in at All Saints. That discounted figure of £197,393 is 3.9% above the 2023 income of £189,948 in 2023 and so, as it happens, is in line with the 3.9% increase in the Consumer Price Index over the year[1] . However, income from donations and legacies were 2.6% down from 2023. Hall letting income, at £30,966, was 22.7% above the 2023 figure, due largely to placing the halls on the Sharesy venue booking web site[2] in April 2024. Fees from weddings and funerals, at £5,196, were 57% lower than in 2023. Discounting payments in 2024 of £44,199 covered by insurance, expenditure increased by £10,726 (5.2%) to £218,323. Within this overall increase, £19,920 was due to an increase in Parish Share asked for by the Diocese, following realisation by the Diocese that the 2023 Share had been calculated on the basis of a misunderstanding on its part[3] . So, apart from that Parish Share increase, there was a reduction of £9,194 (6.1%) from other 2023 expenditure. That reduction was largely due to a heating and lighting costs reduction of £5,205 (17.6%) as a result of significantly lower energy prices[4] , although these remain much higher than prior to 2022. Expenditure on refurbishments and new equipment, at £35,177, included the new sound system at Ss Peter & Paul and repairs to the hall roof at All Saints. Also included here was expenditure on and resulting from the 5-yearly electrical inspection at Ss Peter & Paul which was carried out in March 2024. Funds available to the PCC at the end of 2024 were £1,090,900 (£1,101,585 at the end of 2023). Of these there are: - endowment funds of £230,440 (2023: £229,818) - these are represented by - investments and include one permanent endowment where only the income return > 1 See https://www.ons.gov.uk/economy/inflationandpriceindices > 2 https://www.sharesy.com/ > 3 Due to uncertainty around cash flow during the pandemic the Church was unable to pay the Parish Share from April 2020 to March 2022: the liability (£141,000) from these years remains in the accounts. > 4 Significantly more favourable gas and electricity contracts were put in place in May 2024. For APCM, 13 May 2025 **.** Page **7** of **10** on investment may be taken to unrestricted funds for the use of the PCC and one expendable endowment, currently held for a specific purpose; • restricted funds of £114,345 (2023: £102,263) - these represent several separate funds (see note 10 to the accounts for details) where the PCC can only spend the fund on the specific purpose/project it was given for. These include some accumulation funds where any interest/dividend on them must be added to the fund. In the case of all other restricted funds any interest/dividend on investment forms part of the PCC's unrestricted funds; - designated funds of £149,819 (2023: £148,944) - “designated” from general - unrestricted funds by the PCC for specific purposes; and; - property unrestricted funds of £649,000, being the 1A Priory Avenue property, - valued as in 2023 in the absence of any reliable indicator from volatile property market conditions of a sustained significant variation. Free unrestricted funds of the PCC at 31 December 2024 are therefore in deficit by £18,350 (2023: deficit £17,679). The deficit increase of £671 compared to 2023 may in turn be compared to the £19,920 increase in Parish Share noted above. However, regardless of that and other causes of the 2024 deficit, it is apparent that the Parish must focus strongly upon raising its regular income whilst exploring ways to trim expenditure if it is to maintain its ministry to its congregations and the wider parish in the ways which have characterised it for many years. The PCC will take action accordingly, including consideration of un-designating some of the designated funds if needed and, subject to approval, to convert some of the endowment funds to unrestricted funds. If this were not challenging enough, the PCC has also to confront in the next very few years the task of securing funds for extensive repairs to the fabric of Ss Peter & Paul and less extensive but still substantial repairs to All Saints, the need for which was identified in quinquennial inspections carried out in 2021. However, the PCC is very grateful to have a good financial base provided by all who make donations to or assist in other ways to provide the income and voluntary services needed to sustain the ministry of its two churches in Chingford. ## **Reserves policy** It is the policy of the PCC to maintain enough unrestricted and undesignated (“free”) reserves to meet all of the demands on cash within acceptable timescales. It is also the policy of the PCC to set aside sums from general income, usually unrestricted legacies, towards the cost of essential repairs and refurbishments required during the next five years. Sums set aside are credited to the parochial buildings fund, which arose from the sale in 2008 of a former clergy house. This fund has been designated wholly for the maintenance of all Parish properties but can be “un-designated” by the PCC for general use if required. Information about other designated funds and the nature of the restricted and endowment funds held can be found in note 10 to the accounts. For APCM, 13 May 2025 **.** Page **8** of **10** ## **Investment policy** It is PCC policy to invest short-term funds not required in the immediate future with the CBF Church of England Deposit Fund and CBF Church of England Property Fund Income shares or, in the case of accumulated income from the church halls fund, with the COIF Charities Deposit Fund. Funds held for the longer-term are invested in CBF Church of England Investment Fund Income shares and CBF Church of England Property Fund Income shares or, in the case of the church halls fund, in COIF Charities Investment Fund Income shares and COIF Charities Fixed Interest Securities Fund Income shares. ## **Volunteers** We would like to thank all the volunteers at both churches who work so hard to support our Parish. In particular we want to mention our churchwarden Mr Richard Vincent and Mr Neil Taylor, our new Finance Officer, who have helped us all to understand the church’s accounts and its finances and to Mr I Rampton as Planned Giving Officer. We have also been greatly assisted by Mr Gerald Osmond in the preparation and examination of the 2024 accounts. ## **Structure, governance and management** In common with other parochial church councils, the PCC's governing documents are the Parochial Church Councils (Powers) Measure 1956 as amended and the Church Representation Rules 2022. All church attendees are encouraged to register on the electoral roll. Members of the PCC are ex officio, elected by the Annual Parochial Church Meeting (“APCM”) in accordance with the Church Representation Rules 2022 or co-opted. The PCC is responsible for making decisions on all matters of general concern and importance to the Parish, including deciding on how the funds of the PCC are to be spent. The PCC met six times during 2024. The PCC has committees each dealing with a particular aspect of Parish life. These committees, which in 2023 included Safeguarding and a Standing Committee, are all responsible to the PCC and reported back to it or the Standing Committee periodically. ## **Administrative information** Chingford Parish Church (Ss Peter and Paul) is situated on The Green, Chingford, E4. All Saints’ Church is situated on Old Church Road, Chingford, E4. The Parish is part of Waltham Deanery in the Diocese of Chelmsford, within the Church of England. The correspondence address is The Rectory, 2 The Green Walk, Chingford, London E4 7ER. The PCC is a body corporate (PCC Powers Measure 1956, Church Representation Rules 2020) and a charity registered with the Charity Commission index number 1127259. PCC members who have served at any time from the 2024 APCM (held on 14 May 2024) until the date this report was approved are: Incumbent: The Rev’d Dr Justin Anthony (resigned 30 September 2024) Assistant Clergy: The Rev’d Hilary Musker The Rev’d Marilyn Claydon The Rev’d Rodney Matthews For APCM, 13 May 2025 **.** Page **9** of **10** Lay Ministers: Diana Kennedy Churchwarden: Richard Vincent Deputy Wardens: Sue Emerson Jacqui Neophytou Larry Relfe Gary Young Deanery Synod Representatives: Diana Kennedy Larry Relfe Secretary and Electoral Roll Officer: Anne Clayden (Co-opted to May 2024; member thereafter) Honorary Treasurer: Vacant position Elected Members: B arbara Fox Roger Hemsted Peter Renwick Claire Codling Michael Emerson Sue Emerson Mike Hill Joyce Hilton George Neophytou (from May 2024) Jacqui Neophytou Debbie Torrie (to May 2024) Other key officers in 2024 were: Safeguarding Officer: Sam Lowrie Finance Officer: Neil Taylor Director of Music: Michael Emerson, FRCO ARSCM Organ Scholar: Joel Colyer (to August 2024) Ruihan Bao-Smith (from September 2024) This report was approved in draft by the Parochial Church Council on 29 April 2025 and was signed on its behalf on by: **Richard Vincent Churchwarden** For APCM, 13 May 2025 **.** Page **10** of **10** THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHINGFORD Registered Charlty No. 1127269 Financial Statements For the year ended 31 December 2024 TFII. PIllllSFI Ir CFIlNC,foRD Pl.:.Tl:11 .INI) P..ILII. THE CHURCH OF ENGLAND The Church of England in Essex and East Lon(Jon Diocese ol Chelmsford llldependent EL9mlner's Report to the Trystees of The Paro¢hlal Chureh CouncR] of the Ee¢lestsstle#l Parlsh of Chingfonj I report to Ihe trusle8s on my examinauon of finanual stalernents of The Parothlal Chuith c￿ne￿I of the E(*esiastlcal Pamh of Chingford ('Ihe charity) ft>i the year ended 31 D￿mb&r 2024 which compri8e fhe Stslement of Fina￿[al Activtties, tho Balance Sheet and related notes. This rèport Is made soldy to the chaity's trustee& as a b￿y, in accordance with sectton 145 of the Charrbes Act 2011. Myth has been undertaken so th8t I might state tr> the ch&ity's trustg8S those matters l am required lo si* to them in this report and for no other purpose. To the fulesl extent permitted by Jaw. I do not aw or as￿Me responsibility to anyonè other than the tharity and the charitYs trusiees as a body. for my work. for this report or for the ijpinions I have fomied Re5pon¥ibilibes and basis of r•FQrt AS the trustees ol the chaTity you are responsiblo for the preparation of the financial Qtstements in accord￿ce w7th the requirements of the Chatities Act 2011 Ilhe A¢fl. The charity's trustees consider that an audit is rjol required for this year under section 144(21 of tho Act and that an ineependent exarrynation is needed. I r8port irTr Kesped of my exatnination of the ¢harity's financial statements carried out under section 145 of the Act and In Carrying out my exatllinatit)n I ha￿ followed 411 Iha applicabl$ Direction$ given by the Ch8rity Commtssion under section 1451¥{bl of the A¢t. indapendent examination does not invO￿e gathertng all the ev*Jen(e that w(xrld be required in an audit and consequently does not cover all the matters that an auditor considers Sn oiwng ttte4r opinion on the financial statements. The planning and conduci of an audit goes beyond the limited assurance that an independent examination can providg. Consequently l eXp￿$S no opinion as to whether Jhe financial statements present a 'true ar￿ fairf view and my rewl is limiied to th¢)se mattern set out in thè independent examIn￿S slaternent. Inde￿ndent èxaminpr's statornent I have completed my examlnation. l L¥)nfimi that no material matters have come to my 3ttent*M in ¢X*nnecUon with the examitTration gNirvJ me cause lo believe that in any material ￿pe¢￿- l. accounb.ng records were nol kept in ￿Spect ofthe ctharity as r&]uired by sadion 130 of the AL#,. or 2. the finan¢ial statements do not ac￿rd With those re(￿rdS,- or 3. the finanual st81ements do niA comply wth the applicable ￿quIreMentS cixceming the fom 8nd content of accounts sel out in the Charities IAccount5 and RepTrtsl RegUla￿onS 2008 other than any requirement Ihat tha accounts givè a Ytue and fairf viewwhith 18 not a mattereonsidered as part gf an Independent ¢KaminalK)n. I have no Conc￿•$ have come auoss no other matters in connection with Ihe examinatton lo whth attenlon 5houkl bè dr￿￿ in this report in OTderto enabl8 a proper undérstand¢ng of the finan(ial statements lo be reach&Y. Gerald Osmond Chingford Date". 7& THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHINGFORD STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account) for the year ended 31 December 2024 Unr•strict8d R8striet•d Endowm•nt Total funtts Total funds 2024 2023 Note INCOME AND ENDOWMENTS FROM.. Donations and legacies Charitable activities Other trading actr'vities Investments Insuran￿ claims lie. theft ol altar requisites) 2a 2b 2c 2d 105,991 5,660 55.041 10,615 46,777 10.976 116,967 122,338 12,628 48,513 8,469 55,041 19,726 46.777 9,111 Total income and endowments 224,084 20,087 244,170 189.948 EXPENDITURE ON.. Raising funds Charrtable activities 2,557 251.960 2,557 259,985 2,382 205,215 8,CM)6 Totsl expenditure 254.516 8,CK6 262,522 207,597 NET INCOMEIIEXPENDITUREI 130,4321 12,082 118.3501 117,6491 Gains I Ilossesl on investmen15 Fair value movement on Investment propety Transfer3 beWn fund5 622 7,666 23,855 10 NET MOVEMENT IN FUNDS 123,3881 12,082 622 110,6841 6.206 Bal8n¢es brought forward at 1 January io 769.504 102,263 229,818 1,101,585 1,095,379 Balances carrSeil fotward at 31 Decemb8r to 746,116 114,345 230,440 1,090,900 1,101,585 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHINGFORD BALANCE SHEET at 31 De¢ember 2024 Unrestricted Restricted Endowment Totsl funds funds funds funds 2024 To181 funds 2023 Alote FIXED ASSETS Investment property Investment assets 649,000 159,794 649.000 390,235 649.000 382.568 230,440 808,794 230,440 1,039,235 1,031,5e8 CURRENT ASS￿$ Debtors and prepayments Short term deposits and investments Cash at bank and in hand 21.591 35,983 21.931 21,591 133,789 39.870 23,8 117,010 80.261 97,806 17,939 79,505 115,745 195.250 221.162 LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR 142,183 1.400 143,583 151,144 NET CURRENT ASSETS 162,6781 114,345 51,667 70,017 NET ASSETS 146,116 114.345 230,440 1,090.WJO 1,101,585 FUNDS io 746,116 114,345 230.440 1.090.900 1,101,585 The financial stalernents were approved by the Parochi31 Church Council on were signe(S on its behalf by. 2025 and Rlchard Vlncent Churchwarden on bohalf of the PCC THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHINGFORD NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 1. A¢¢ountlng pollcles Charity infomiation The Parochial Chureh Council of the ECC￿s188tlcal Parish of Chinglord is an uninetsrporaled Charily registered in England and Wales. The principal address is 2 The Green Walk. London, E4 7ER. The Charty is registered al Charities Comn)ission with registration number 1127259. Accounting convention The financial statements have been prepared in accordan¢& with the charitys Tnjst Deed, the Charities Act 2011 and 'Accounting and Reporting by Charities". Slalerllenl of Recornmended Practice appllcable lo charities preparing their accounts in accordance with the Financial Reporting Siandaid appliGable in the UK and Republic ol Ireland IFRS 1021" las amended for 8ccounling periods commer,cing Irom 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The financial statèm8Eils are prepared in slerling, which ss the functlonal ¢urrency of the charity. Monetary amounts in these financrdl statements are rounded tr) Ihè nearest £. The financial stat8m8nls have been prepared under the historical cost convention as modffied for investment property fair valuing. The principal accounting policies adoptéd are set out below. Going concern The tru5tee5 have a55e55ed whether the Uoe of the going concern basis is appropriale and have considered possible ¢vents or conditions that might cast significant doubt on the ability of the charitable entity to Gontinue as a 90ing wnG81n. The trustees have made this a55es5ment for a period of at le8St one year from the date of approval of the finanryal statements. In particular the trusteès have considered the charitable entity's forecasts and projections and have taken account of pressures on donation and investment income. After making enquiries the trustees have concludeij that there is a reasonable expectation that the charitable entity has adequate resources to continue In operational existence for the foreseeable future and there are no material uncertaints"es. The charllable enfjly therefore ￿ntInueS to adopt the golng concern basis in preparing its financial slalemellls, Funds Unrestricted funds are income fund5 which ale to be spent on the PCC'S gener81 purposes. Funds designated for particular purpose by the PCC are also unrestricted. Restricle(S funds represent monies given for a particular purpose and which cannot, and must not, be used by the PCC for any othei purpose except by agreBtll8nl with the donor or as determined by thg courts or th8 Charity Cornmission. Endowment funds are funds for which the caprtal must be ￿taIned either permanently or at the PCC'5 discretion," the income der1ved from the endowment Is to be used either as restrÈted or ￿n￿strIcted Income ftjnds depending upon the purpose for which the endowment was established in the first place. Incoming re¥our¢¢s Planned giving, colleclic>ns and similar donations are recognised when received. Income lax recoverable in resped of gift aid donations is recogn5sed when the Income Is recogni5ed as accrued income Grants and legacies to the PCC are accounted for as soon as the PCC is notified of ils legal enlillemenl lafter any performance ¢ondili¢ns have been meti, the amount due is quantifiable and its ultimale Teceipt by Ihe PCC reasonably certain. Inveslmenl income is recognised on a receivable basis. Rental income from the letting of churc.h properties is recognlse(I when the rental Is due. Funds raised by the bazaar and similar events are accounted for gross and are recognised only when received. Income from advertising In the magazine Is re¢ognised when duo. THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHINGFORD NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 1. Accounting pollciès Icontinuedl Ineomlng resources leontinugdl Fees for wedding and funerals ￿preseTrts the parish's net share of the total fees co1￿cted onty. The parish collects gross fees that include lees on behalf of the Diocese, verger, sexton. oryani515 elc as agent only hell￿ this income and matching expenditure is not included within these accounts. This is in accordance with instruction frorn the Diocese in thelr guldance notes to the annual Parish Finance Return. Galnslllos$¢¥l on investments Realised gains or105ses are recognised when inveslrnenl assets are sold. Unrealised gains or losses are accounted for on revalu81ion of investments at 31 December. Resources expendod Grant5 and donations are accounted for when pai(J ovèr, or when awarded, rf that aw81d cAeates a binding or constructive obligation on the PCC. The Parish Share is accounted for when due. Unless the probability of payment is considered remote any Share unpaid al 31 Decernber is prowded for in these financial statements as an operational Ilhough not a legall liability and is shown as a creditor in the balance sheet. Al other expenditure is generally recognisod when it is incur¥ed and Is accounted for gross. Costs of generating furnds are those costs incurrgd in attracting and adminisleiing voluntary income. Expenditure on charitable activrties indude btsth direct C051s and those costs incurred in support of the charitable expenditure and have been 8llocated to the sole charitable activity. Tangible Flxed assets Gonsecraled12nd anrl bU￿IdingS and movable chu￿￿ r(Arnishings Conseciated and benefice property of any kind is excluderj from those finanrial statements in 8ceK>rdance with $.1012llal and Icl of the Charities Act 2011. St. Francis Hall is a dedicated rather than consecrated building bul nevertheless this property is also excluded from thesè financial statements. This is due to the restrictions in place on its use and what the PCC could do with this slte makln9 Ils rnarket value eonsid8red as negligible. Movable church furnishings hèld by the recior and churchwardens on speryal trust for the PCC and which require tscully lor disposal are inalienable property and are listed in the church's inventory, whlch ¢an be inspected at any ieasonable tlme. For anything acquired prior to 2000 Inere is in5uYfi¢ient COSI informaiion available and therefore such assets are not valued in these financial statements. Subsequentty no individual item has c05t rnore than £5,000 so all such expendituie has been written off when incurred. Equipment used within the church prernises is depiecialed on a straKJht line basi5 over four years. Individual items of equipment with a purchase price of £5,000 or le55 are written off when acquired. Inve$trnent propertlts Investment propèrties are stated at th&lr fair value {considered to be market value) as at 31 De¢ember. Investment5 Inveslments represent investment p¢rtfoli0s managed by CCLA tsn behaw of the PCC and are slated at market value. Flnaneial injtruments The charity has eleoted to app￿ the provisions of Section 11 'Basic Financial Instruments. of FRS 102 lo all of ils financial instruments, the charity having no complex Seclion 12 '0ther Financial Instruments 15sues' . Finanual instruments are recognised in the charitys balance sheet whèn the charbty becomes paty to the contradual prov15i9n8 ol the instrument. THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHINGFORD NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 1. Ac¢ountlny pollcles {continuedl Basic flnancial ass•ts Basic financial assets. which In¢lude debtors and cash and bank balances, are initlally measured at transaction priee including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the ariangement constitutes a finan¢ing transa¢tion. where the transactlon 15 rneasured at the present value of the future receipts discounted at a maiket rate of interest. Flnaneial assets classified as receivable within one year are not mortised. Amounts owing to the PCC in respect of fees. rents or oiher income are shown as debtors less provision for arnount5 that may prove uncollectible. Short term deposi18 comprise tash held on short notice either with the CBF Church of England Deposit Fund or the COIF Charities DgPO8It Fund. Short term investments are staled al markeVrAsh value. Cash and cash •quivalents Cash and cash equivalents include cash in hand. deposits held at e811 with banks, other short-temi liquid investrnenls ￿th original maturities of three months or less, and bank overdrafts. Bank overdrafts are sh¢)wn within borrowings in cUr￿nt Baslc Ilnaneial liabilltles Basic financial liabiliLies, including creditors and loans are initially recognised * transaction price ullless the arrangement nstitutes a financing transaction, where the debt inslrurnenl is measured al the present value ol the future payrnents discounted al a rnarkel rate of interest. Financi81 liabilities classified as p8yable with1n ona ytrar are not amortised. Trade creditors are obligations to pay lor goods or servlces th81 have been acquired in the ordinary course ol operation8 from supplie15. Amounts payable are classified as current liabil111es if payment is due wrthin one year or less. 11 not, they are presented as non