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2024-12-31-accounts

The Parochial Church Council of the Ecclesiastical Parish of St Peter’s, Loudwater

Annual Report and Financial Statements

for the year ended 31 December 2024

Incumbent:

Reverend Daniel Rodgers The Vicarage Treadaway Hill Loudwater High Wycombe Bucks HP10 9QL

Bank:

South Chilterns Group Barclays Bank PO Box 41 High Wycombe Bucks HP11 2BG

Independent Examiner: Dale Mitchell FCCA Azets Accountants 9 Thorney Leys Park Witney Oxfordshire OX28 4GE

Charity Number 1128016

St Peter’s Church, Loudwater

Annual Report and Accounts for the Parochial Church Council for the Year Ended 31 December 2024

Aims and purposes

St Peter’s Parochial Church Council (PCC) has the responsibility of co-operating with the incumbent, Reverend Daniel Rodgers, 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 Church Centre complex of St Peter’s, Loudwater.

Objectives and activities

Five-year mission and vision

Following his appointment in November 2019, the vicar set up and led a Core Vision Discernment Team (comprising five lay members of the congregation) during 2020 to seek to agree God’s aims for the church for the next five years. The mission and vision which emerged and were adopted by the PCC were:

Our mission is to love God and love Loudwater. Our vision is to demonstrate the love of Jesus by being a source of spiritual hope, practical help and authentic community.

To support this, there are five key ministry areas: -

Thus, the PCC remains committed to enabling as many people as possible to worship at our church and to become part of our parish community, whilst we seek to serve all within the local community and beyond with a renewed sense of purpose.

Page 1 of 20

Short term plans

When planning our activities for the year, we considered the Charity Commission’s guidance on public benefit and, in particular, the supplementary guidance on charities for the advancement of religion. We try to enable ordinary people to live out their faith as part of our parish community through:

In order to facilitate this work, it is important that we maintain the fabric of the Church and the Church Centre complex.

Achievements and performance

Worshipping Communities

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. We meet for a service of either Morning Prayer or Holy Communion on Sunday mornings at 10.30. We have continued to live stream the services as well as holding them in person as this enables us to reach those are unable to attend for whatever reason. It also means that those people who are not as local can continue to access our services. There is also, once a month a service of Holy Communion on a Wednesday morning. This offers a more traditional style of service to the Sunday morning services. Once a month there is Sunday evening Prayer and Praise.

Children and youth, from within and outside of the church membership, are nurtured to allow them to grow a personal faith in Jesus from an early age. A number of those who came to faith through the children’s or youth work at St Peter’s have held or continue to hold leadership positions within our church and further afield. A youth club which was re-started in 2020 for school years 1-6 now has 324 on the register with an average attendance of 78 children every Friday. Tuesday Youth averages over 25 and is growing.

Currently there are thirteen Life groups (small groups) which meet either on the Church site or in people’s homes which allows people to build on the Sunday teaching and for those who cannot attend on a Sunday.

On Tuesday afternoons Young@Heart meetings serve an elderly congregation, many of whom are unable to cope with the rigours of getting out unaided to a Sunday service, including some residents from a local nursing home. These meetings offer a morning service once a term followed by a hot meal, tea parties monthly where an outside speaker is invited, as well as bible study / talk / social activities on other Tuesday afternoons.

All are welcome to attend any of our regular services. Under Church Representation Rules, as at 31 December 2024, we now have 199 people on the Electoral Roll, of whom 150 live outside the parish. This compares with a figure of 208 at the time of last year’s APCM, of whom 160 lived outside the parish.

The average weekly figure of those attending a service in person or watching on YouTube is 225. About 110 people attend physically with the rest accessing the service online or are re-watching the sermons. As well as our regular services, we enable the community to celebrate and thank God at the various milestones in family and national life. Through baptism and thanksgiving services 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 have celebrated eight baptisms, and four funerals in 2024, but no weddings.

In addition to these family services, the most significant event for the community was the Remembrance Service, in which representatives from Chepping Wycombe Parish Council, Loudwater Forget Me Not Club (for dementia sufferers), Loudwater Combined School and the uniformed movements participated.

Page 2 of 20

Deanery Synod

Four members of the PCC sit on the deanery synod. This provides the PCC with an important link between the parish and the wider structures of the church. One of the synod’s key priorities for the next three years is mending the net, that is, building partnership networks between churches

The Church Centre complex

We want our church site to be an indispensable resource for the local community and are pleased that it is generally used seven days a week.

On Sundays, the halls and Old Vicarage were used for children’s and youth activities as well as for refreshments for all attending church.

The local pre-school uses one of the halls on four mornings a week, with our mother and toddler group, Tuesday Tots, taking the fifth weekday morning slot. On Friday mornings, our mother and small baby group, Friday Friends meet in the Church. On Saturdays, and during several holiday weeks, local children attend tutoring sessions in the halls, alongside band practice in the church and other occasional activities.

On Tuesday afternoons, the site hosts Young@Heart, for services (mentioned above) and monthly tea parties, for elderly people living in the area who do not necessarily want to attend a church. Dance classes meet in the halls each Thursday afternoon and Alcoholics Anonymous hold their weekly meetings on Thursday evenings. Youth hangouts take place at various times during the week. Our community café, &Rest offers a friendly space and an affordable cup of coffee on Thursday mornings.

On top of these regular activities, church members run a number of courses and clubs at various times in the year for members of the community at large, including parenting courses, the CAP Money Course, the Marriage Course and the Alpha Course. The church has an increasingly good relationship with Loudwater Combined School, the only school in the parish. The children, and any parents who wished to attend, have held annual Easter and Christmas assemblies in the church, as well as concerts.

During half-term and school holidays, we host family activity days offering food and fun to the children in the local community.

With such heavy usage of the site, the PCC has been active in tackling the significant maintenance issues involved to ensure that it is able to provide a safe and welcoming environment to all members of the congregation and visitors. In recent years it has paid particular attention to accessibility and continually strives to keep pace with technology within budget constraints.

Pastoral care, mission and evangelism

Caring for the whole person (physical, mental, emotional and spiritual) makes it difficult to split pastoral care, mission and evangelism into neat boxes.

The main provision of pastoral care to church members is through the small group (called Life Groups) structure. These groups meet either in person or using Zoom. Some new groups have even been formed this way. The vicar and his wife, the pastoral care team and others, provide help and guidance in the more challenging issues of life which people face from time to time.

Pastoral care is also preventative and pro-active in terms of courses provided, which are open to all and usually provided completely free of charge:

Page 3 of 20

Love Loudwater

Whilst Love Loudwater was originally set up in response to the Covid-19 pandemic this has become one of five key ministry areas in our vision. We continue to support anyone needing practical assistance. Traditionally this has related to delivery of food, prescriptions, or meal rotas to the sick and infirm; we regularly support two individuals/families with this type of help. We also try to be flexible and endeavour to provide ad hoc support in a variety of ways including providing ‘language buddies’ to foreign nationals settling locally, providing transport and moral support to residents attending chemotherapy or providing meals for a family whose kitchen had been destroyed by fire.

St Peter’s continues to partner with the One Can Trust; operating as Loudwater’s local collection point and we also have 8 street heroes who collect donations outside their home.

On Easter Saturday, we held a successful Easter Funday for both Loudwater and the Church – a fun packed event that included hunting for eggs in Loudwater, bouncy castles, craft activities and farm animals.

We held a Christmas Eve event with Christmas activities, stalls and animals.

Lighthouse Loudwater

Lighthouse Loudwater was run again in August 2024.This is a non-residential week-long holiday club for children run by Christians from local churches working together, bringing churches and communities together around children, held at Loudwater School. There were many volunteers from St Peter’s who helped in Lighthouse Loudwater. Many of the children who went to Lighthouse also come to our Friday Night Youth Club activities as well as to our Make Lunch activities.

Financial Review

Total unrestricted income rose by 2% to £425,536, and total unrestricted expenditure rose by 49% to £609,539 generating a deficit of £183,823 for the year. Removing the Halls refurbishment and associated professional fees costs, which came out of the designated legacy fund, the expenditure was £406,373 giving a surplus of £19,163. The church are very thankful for this income, as a deficit (not including the Halls refurbishment) of £36k was budgeted. Grant funding also helped to improve our financial situation

Overall, income from unrestricted donations remained static during the year. Regular planned giving including Gift Aid rose by 6% (compared to 10% in 2023), but with a downward trend over the year after a peak at the start.

Ad-hoc donations (Sundry and Gift Day income) dropped by 23% after a 44% rise the previous year, representing a small number (16%) but sometimes significant proportion of donations which are extremely hard to forecast. Planned giving represented 84% of total donations (79% in 2023); total donations accounted for 83% of total unrestricted income, emphasising the vital importance of members’ contributions to the mission of the church. Unrestricted income from other charitable activities increased by 5%. Trading income from hall lettings also fell by 16% compared with 2023, some of this caused by the Halls refurbishment.

Total expenditure from the General Fund increased by 49% (fell by 8% in 2023) to £609,359, as set out in Note 4 to the financial statements. The main reason for the increase is the cost of the Halls refurbishment.

The PCC’s policy of giving is that at least 10% of its unrestricted income from donations goes to mission and outreach work outside of St Peter’s, both home and abroad. Just over 10% was paid out in 2024.

Total grants of £39,960 included £4,000 was given from the Legacy tithe. Deducting these amounts leaves £35,960 (£32,416 in 2023) that was given from the General Fund which amounted to 10.2% of unrestricted donations (9.2% in 2023).

Page 4 of 20

There is still £18,477 outstanding from the 10% tithe of previous legacies that the PCC agreed should be spent on mission and outreach, and this is set aside in the accounts. The Missionary Sub-Committee will decide how to spend this.

The Parish Share remained the largest item of general expenditure. This fell by 3% (0.7% fall in 2023) to £74,785 as Wycombe Deanery refine a cost-based system based on various factors.

Total income to Restricted Funds (i.e. restricted giving and related income) rose by 2% (121% rise in 2023) to £78,239. Restricted grants dropped by 58% to £25,947. £25,589 was received from people who pledged towards the Building Fund in 2023.

£67,860 (£45,961 in 2023) was spent from Restricted Funds during the year, 6.3% of which was grants, mainly in support of home and overseas mission work. £30,500 was spent from a grant for the kitchen works. The recipient of the largest financial support from unrestricted funds was Deep Roots which was given £6,300.

The unrestricted current assets – bank and short-term deposits - £199k, is a result of the receipt of 3 legacies in 2020 and 2021, £39k of which remain unspent and have been set aside in designated funds. £30k is kept aside as the emergency fund and the remainder is an accumulation of surplus over the years. We are projecting a £39k deficit in 2025 which can be comfortably covered by the available cash reserves (see below).

Future Plans

In 2024, we have been able to build on the work already started and have increased what we can offer to our parish. A large part of the Legacy received in 2020 was used to carry out a well-received refurbishment of the Halls. The Legacy Buildings Sub-Committee is looking at future building works that could commence in the coming year.

Reserves Policy

Restricted reserves are held specifically for use in respect of the purposes for which donations were received. Total restricted reserves amounted to £57,857 at 31 December 2024. The timing of expenditure from restricted reserves is entirely dependent upon the specific purpose of each fund, details of which are set out in Note 9 to these financial statements.

Unrestricted reserves have this year decreased from £1,339,135 to £1,155,311. The value of the buildings is included in these reserves so this is not a reflection of funds readily available to spend.

A more realistic, if simplified, picture of the reserves available for use by the PCC can be gained by stripping out the value of fixed assets and designated funds. Designated funds represent those sums set aside by the PCC from time to time for future use for specific purposes; details are set out in Note 9 to the financial statements.


Total unrestricted reserves
Less: Book value of fixed assets
Designated funds
Free cash reserves available		 £
1,155,311
951,237
69,396
£ 134,678

The designated funds at 31 December 2024 comprises the remainder of the Legacy, £20,919, which will be spent on larger projects and the tithe of the Legacy. It has been decided that the Legacy fund, excluding the Legacy tithe, will be spent on future building works.

The standing element of designated funds comprises the emergency fund, which is set aside to cover any unexpected contingency. The PCC reviews the level of the emergency fund regularly and this currently stands at £30,000, after being increased by £5,000 to £30,000 in 2022 due to increased running costs and the increase in the cost of living. The PCC takes the view that this sum is sufficient for most contingencies, as any unexpected item in excess of this level would be likely to be covered by insurance or special appeals to the fellowship.

The PCC considers that the “free cash reserves” stated above are available to use on one off projects or the seed funding of new initiatives. These reserves currently stand at £134,678. Although the PCC agreed to a budgeted use of £36k from these reserves in 2024, this was not needed through increased giving, cost savings and grant funding that was secured.

Full details of reserves are set out in Note 9 of the financial statements. It is the policy of the PCC to invest our funds balances, surplus to immediate need, with the Central Board of Finance of the Church of England Deposit Fund.

Page 5 of 20

Volunteers

We now have two full time youth and children’s workers and six part time roles which equates to a total of 4.8 full time employed staff going forward (4.8 equivalent in 2023). However, the church still depends on the extensive support of volunteers and although it is impractical to mention them all in a formal report of this nature, we would like to thank everyone who works so hard to make our church the lively and vibrant community it is.

Structure, governance and management

The Parochial Church Council is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure. The PCC is a Registered Charity, number 1128016.

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 PCC members are 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. Initial training into the workings of the PCC is available to all new members. The PCC relies heavily upon individual members with specific responsibilities taking the initiative in keeping themselves up to date on wide ranging legislative matters and the dissemination of summarised reading matter to the PCC as a body where appropriate. Use is made of Diocesan material where possible on issues such as Safeguarding and, to a large extent, the content of this Annual Report.

Four sub-committees were in existence throughout the year:

The full PCC met eight times in 2024 with an average attendance of 82% (96% in 2023). The Standing Committee met once. The vicar and the PCC are jointly responsible for promoting the mission of the church in the parish. The staff team work in support of the vicar and the PCC in promoting that mission.

The vicar and PCC were supported by a team of both paid staff and voluntary workers, although the large contribution by voluntary workers during the year is difficult to quantify. Day to day operation of church activities is mainly carried out by the paid staff team, all of whom ultimately report to the vicar as their line manager. The incumbent was supported in the spiritual leadership of the church by the churchwardens and an Assistant Pastor. The PCC continues to encourage the training of clergy for public benefit outside of the parish.

Page 6 of 20

Risk management

The PCC maintains both formal and informal systems for managing the principal risks and uncertainties to which its operations are subject.

Reputational damage would probably have the most serious long-term impact on the church’s ability to operate effectively. The teaching and promotion of living in accordance with Biblical principles is fundamental to maintaining the church’s reputation. These principles are backed up by formal policies, mainly following Diocesan guidelines. The PCC has complied with the duty under section 5 of the Safeguarding and Clergy Disciplinary Measure 2016 with regard to the House of Bishops guidance on safeguarding vulnerable adults and children with whom the church interacts.

The safety of all who use the church site is covered by regular inspections of the facilities managed by the PCC based on formal and informal risk assessments carried out periodically. Off-site activities are subject to appropriate risk assessments. The PCC backs these procedures up with appropriate insurances covering staff, volunteers, third party and public liability.

The PCC regularly receives and reviews financial information, including forward projections, to ensure that its operations are properly funded. The financial review on pages 4 to 6 summarises the state of church finances and reserves; details of those finances and reserves are set out in the financial statements attached to this report.

The PCC notes with regret the increasing amount of legislation, both proposed and enacted, which has the potential to impact upon its operations. The perhaps unintended consequences of some recent legislation have been to restrict the freedom to preach the Gospel. These are risks which the PCC cannot control.

Page 7 of 20

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER'S , LOUDWATER

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 December 2024

2024 2023
Unrestricted Restricted Unrestricted Restricted
Funds Funds Total Funds Funds Total
Note £ £ £ £ £ £
INCOME FROM:
Income from donations 3a 353,471 43,064 396,535 353,814 13,707 367,521
Income from charitable activities 3b 48,825 35,175 84,000 34,755 62,749 97,504
Income from other trading activities 3c 13,056 0 13,056 15,739 0 15,739
Income from investments 3d 10,184 0 10,184 11,609 0 11,609
====== ====== ====== ====== ====== ======
Total income 425,536 78,239 503,775 415,917 76,456 492,373
====== ====== ====== ====== ====== ======
EXPENDITURE ON:
Raising funds 4a 11,677 618 12,296 10,634 3,363 13,997
Charitable activities 4b 581,447 67,245 648,692 386,783 42,598 429,381
Other activities 4c 16,235 0 16,235 10,923 0 10,923
====== ====== ====== ====== ====== ======
Total expenditure 609,359 67,863 677,223 408,340 45,961 454,301
====== ====== ====== ====== ====== ======
NET INCOME / EXPENDITURE (183,823) 10,376 (173,448) 7,577 30,495 38,072
Transfers between funds 10 - - - 0 0 0
====== ====== ====== ====== ====== ======
NET MOVEMENT IN FUNDS (183,823) 10,376 (173,448) 7,577 30,495 38,072
RECONCILATION OF FUNDS:
TOTAL FUNDS BROUGHT FORWARD 1,339,134 47,482 1,386,616 1,331,557 16,987 1,348,544
====== ====== ====== ====== ====== ======
TOTAL FUNDS CARRIED FORWARD 1,155,311 57,857 1,213,168 1,339,134 47,482 1,386,616
====== ====== ====== ====== ====== ======

The notes on pages 12 to 20 form part of these accounts

Page 10 of 20

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER'S , LOUDWATER

1 STATEMENT OF CASH FLOWS

For the year ended 31 December 2024

Note 2024 2023
Unrestricted Restricted Unrestricted Restricted
Funds Funds Total Funds Funds Total
£ £ £ £ £ £
Cash flows from operating activities
Net cash provided by (used in) operating
activities 14 -177,539 10,395 -167,144 34,616 32,208 66,823
====== ====== ====== ====== ====== ======
Cash flows from investing activities:
Interest 3d 10,184 0 10,184 11,609 0 11,609
Purchase of plant and equipment 5 -1,149 0 -1,149 0 0 0
====== ====== ====== ====== ====== ======
Net cash provided by (used in) investing activities 9,035 0 9,035 11,609 0 11,609
====== ====== ====== ====== ====== ======
Change in cash and cash equivalents for the year -168,504 10,395 -158,109 46,225 32,208 78,432
Cash and cash equivalents brought forward 367,636 47,294 414,930 321,412 15,087 336,498
====== ====== ====== ====== ====== ======
Cash and cash equivalents carried forward 199,132 57,689 256,821 367,636 47,294 414,930
====== ====== ====== ====== ====== ======

The notes on pages 12 to 20 form part of these accounts

Page 12 of 20

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER'S , LOUDWATER

NOTES to the FINANCIAL STATEMENTS

For the year ended 31 December 2024

2

ACCOUNTING POLICIES

The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with applicable accounting standards and the Charities SORP (FRS102) and have also been prepared under the Charities Act 2011.

The financial statements have been prepared under the historical cost convention, using the deemed cost at 1 January 2015 as a substitute for the unknown actual cost of freehold properties; they include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body nor those that are informal gatherings of church members.

Funds

Restricted funds represent donations or grants received for, or invited by the PCC for, a specific object or purpose. The funds may only be expended on the specific object or purpose for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund.

Unrestricted (general) funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Funds designated for a particular purpose by the PCC remain unrestricted.

Income

Voluntary income and capital sources

Collections are recognised when received by or on behalf of the PCC.

Planned giving receivable is recognised only when received.

Income tax recoverable on gift aid donations and the Gift Aid Small Donations Scheme (GASDS) is recognised when the income is recognised, if documentation is in place to support the appropriate claim, or when gift aid declarations are received, if later.

Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement, the amount due and when it is reasonably certain that amount will be received.

Other ordinary income

Rental income from the letting of church premises is recognised when the rental is due.

Income from investments

Interest is accounted for when receivable.

All incoming resources are accounted for gross.

Expenditure

Grants and donations are accounted for when paid over or when awarded, if the award creates a binding obligation on the PCC.

The diocesan quota, or parish share, is accounted for when paid. Any quota unpaid at 31 December is not provided for as a liability in the accounts.

Fixed assets

Consecrated land and buildings and movable church furnishings and equipment

Consecrated and beneficed property is excluded from the accounts in accordance with s.10 (2)(a) of the Charities Act 2011.

No value is placed upon movable church furnishings and equipment held by the churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or benefice buildings and movable church furnishings and equipment, whether maintenance or improvement, is written off as expenditure in the SOFA and separately disclosed.

Page 13 of 20

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER'S , LOUDWATER

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 December 2024

2 ACCOUNTING POLICIES (continued)

Fixed assets (continued)

Other fixed assets

Furnishings and equipment used elsewhere within the church premises were written off when the asset was acquired. From 1 January 2014, individual items costing in excess of £1,000 have been capitalised and written off over their expected useful lives.

No accurate record of the cost of freehold buildings (acquired in the 1920s and 1970s) exists. The properties were professionally valued by Messrs Deriaz Slater, commercial property consultants, on an open market, current use basis as at 31 December 2014. On First adoption of FRS102, the PCC used this valuation (the fair value at 1 January 2015) as the deemed cost in substitution for the actual historical cost of these properties as permitted by FRS102.35.10, with the surplus on revaluation taken to reserves.

No deferred taxation has been provided for against revalued gains as the Taxes and Capital Gains Act 1992 section 256 (1) exempts a charity from Capital Gains Tax on any gains if the gains are applicable and applied for charitable purposes.

Freehold buildings have been depreciated over 50 years from 1 January 2015, the effective date for their inclusion at deemed cost. All buildings are insured for the full rebuilding costs as estimated by the PCC's insurers.

Current assets

Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors less any provision for amounts that may prove uncollectable.

Short-term deposits include cash held on deposit either with the CCLA Church of England Funds or at the bank.

3 INCOME AND ENDOWMENTS
2024 2023
Unrestricted Restricted Unrestricted Restricted
Funds Funds Total Funds Funds Total
£ £ £ £ £ £
3a Income from donations and legacies
Planned giving:
Gift Aid eligible donations 196,349 2,916 199,265 177,747 3,126 180,873
Income tax recoverable on Gift Aid 48,866 737 49,603 44,303 782 45,085
Other planned giving 50,424 990 51,414 56,381 750 57,131
Collections (Collection box or card machine) 4,317 0 4,317 4,565 219 4,784
Gift Days 0 0 0 15,338 0 15,338
Sundry donations 53,515 38,421 91,936 55,480 8,830 64,310
====== ====== ====== ====== ====== ======
353,471 43,064 396,535 353,814 13,707 367,521
====== ====== ====== ====== ====== ======
3b Income from charitable activities
Community Events 8,757 5,800 14,557 5,263 0 5,263
Fees 855 0 855 3,683 0 3,683
Sundry income 28,993 3,428 32,421 25,103 1,432 26,535
Grants 10,220 25,947 36,167 706 61,317 62,023
====== ====== ====== ====== ====== ======
48,825 35,175 84,000 34,755 62,749 97,504
====== ====== ====== ====== ====== ======
3c Income from other trading activities
Interest received on tax refund 0 0 0 247 0 247
Church hall lettings, etc. 13,056 0 13,056 15,492 0 15,492
====== ====== ====== ====== ====== ======
13,056 0 13,056 15,739 0 15,739
====== ====== ====== ====== ====== ======
3d Income from investments
Interest 10,184 0 10,184 11,609 0 11,609
====== ====== ====== ====== ====== ======
10,184 0 10,184 11,609 0 11,609
====== ====== ====== ====== ====== ======
====== ====== ====== ====== ====== ======
Total Income 425,536 78,239 503,775 415,917 76,456 492,373
====== ====== ====== ====== ====== ======

Page 14 of 20

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER'S , LOUDWATER

NOTES to the FINANCIAL STATEMENTS (continued)

NOTE S to the FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024
2024 2023
Unrestricted Restricted Unrestricted Restricted
4 EXPENDITURE Funds Funds Total Funds Funds Total
£ £ £ £ £ £
4a Fund raising costs
Community events 11,677 618 12,296 10,634 3,363 13,997
====== ====== ====== ====== ====== ======
4b Charitable activities
4b(i) Grants (also see Note 11)
Church overseas: Missionary societies 25,990 2,379 28,369 21,255 3,553 24,808
Relief and development agencies 0 0 0 1,725 0 1,725
Home missions & other Church Societies 12,970 1,200 14,170 11,440 900 12,340
Other 1,000 683 1,683 496 464 960
====== ====== ====== ====== ====== ======
39,960 4,262 44,222 34,916 4,917 39,833
====== ====== ====== ====== ====== ======
4b(ii) Activities directly relating to the work of the Church
Ministry
Diocesan quota/parish share 74,785 0 74,785 77,075 0 77,075
Diocesan fees 684 0 684 1,048 0 1,048
Clergy expenses 1,848 0 1,848 1,683 0 1,683
Outreach salaries 27,342 0 27,342 5,846 0 5,846
Outreach costs 6,647 6,215 12,862 4,878 7,830 12,708
Worship pastors' salaries 16,014 0 16,014 20,557 0 20,557
Youth and families workers' salaries 67,889 10,000 77,889 66,847 6,667 73,514
Youth and families costs 30,402 16,042 46,444 28,123 21,227 49,350
Pastoral costs 27 0 27 177 1,957 2,134
Training 28 0 28 0 0 0
Visiting speakers 1,173 0 1,173 200 0 200
Church
Running expenses 9,340 0 9,340 3,948 0 3,948
Maintenance 1,193 0 1,193 1,910 0 1,910
Halls, office and grounds
Running expenses 8,096 0 8,096 11,247 0 11,247
Maintenance 3,779 0 3,779 1,948 0 1,948
Depreciation 11,376 0 11,376 11,096 0 11,096
Buildings refurbishment 194,106 30,500 224,606 0 0 0
Grounds (& refuse) 2,436 0 2,436 2,737 0 2,737
Insurance 3,397 0 3,397 2,769 0 2,769
Events 6,997 0 6,997 1,689 0 1,689
Other resources 367 0 367 13,184 0 13,184
Independent Examination fee 2,728 0 2,728 2,070 0 2,070
Other professional fees 9,060 0 9,060 17,834 0 17,834
Miscellaneous 4,739 226 4,965 6,937 0 6,937
====== ====== ====== ====== ====== ======
484,453 62,983 547,436 283,803 37,681 321,484
====== ====== ====== ====== ====== ======
4b(iii) Church management and administration
Office: Salaries 23,873 0 23,873 38,281 0 38,281
Running costs 6,311 0 6,311 4,346 0 4,346
Administration: Salaries 26,850 0 26,850 25,437 0 25,437
====== ====== ====== ====== ====== ======
57,034 0 57,034 68,064 0 68,064
====== ====== ====== ====== ====== ======
Total charitable activities 581,447 67,245 648,692 386,783 42,598 429,381
====== ====== ====== ====== ====== ======
4c Other activities
Apportionment of costs for lettings
Hall running expenses		 8,181 0 8,181 8,771 0 8,771
Hall maintenance 7,130 0 7,130 940 0 940
Hall insurance 764 0 764 1,069 0 1,069
Depreciation 160 0 160 143 0 143
====== ====== ====== ====== ====== ======
Total other activities 16,235 0 16,235 10,923 0 10,923
====== ====== ====== ====== ====== ======
Total Expenses 609,359 67,863 677,223 408,340 45,961 454,301
====== ====== ====== ====== ====== ======

Page 15 of 20

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER'S , LOUDWATER

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 December 2024

5 FIXED ASSETS FOR USE BY THE PCC

FIXED ASSETS FOR USE BY THE PCC
Freehold Freehold Plant and
land buildings equipment Total
Tangible Fixed Assets £ £ £ £
GROSS BOOK VALUE
at 1 January 2024 550,000 500,000 10,966 1,060,966
Additions 0 0 1,149 1,149
Disposals 0 0 (7,982) (7,982)
====== ====== ====== ======
At 31 December 2024 550,000 500,000 4,133 1,054,133
DEPRECIATION ====== ====== ====== ======
at 1 January 2024 0 90,000 9,342 99,342
Charge for the year 0 10,000 1,013 11,013
Disposals 0 0 (7,459) (7,459)
====== ====== ====== ======
At 31 December 2024 0 100,000 2,896 102,896
====== ====== ====== ======
NET BOOK VALUE
At 31 December 2024 550,000 400,000 1,237 951,237
====== ====== ====== ======
At 31 December 2023 550,000 410,000 1,624 961,624
====== ====== ====== ======

The freehold land and buildings comprise the halls, car park, Old Vicarage and their grounds. They were valued by Messrs Deriaz Slater, commercial property consultants, at £1,050,000 as at 31 December 2014 , on a current use basis, having regard for the restrictive covenants on their use contained in the original conveyance documents. This was taken as the fair value used as the deemed cost at 1 January 2015 on adoption of FRS102.

Prior to 1 January 2014, fixtures, plant and equipment for use on the church site was written off in the SOFA on acquisition. Additions since 2014 are being depreciated over their expected useful lives, of between five and ten years.

ANALYSIS of NET ASSETS by FUND
Unrestricted Restricted Total
Funds Funds
£ £ £
Fixed Assets 951,237 0 951,237
Current Assets - Bank & Short Term Deposits 199,134 57,688 256,822
- Debtors 15,708 169 15,877
====== ====== ======
214,842 57,857 272,699
Current Liabilities (10,768) 0 (10,768)
====== ====== ======
Fund balance 1,155,311 57,857 1,213,168
====== ====== ======
DEBTORS 2024 2023
£ £
Income tax recoverable
Restricted Income 169 188
Unrestricted Income 8,194 9,292
====== ======
8,363 9,480
====== ======
Prepayments 6,640 9,659
Rental Income Outstanding 874 7,607
====== ======
7,514 17,266
====== ======
15,877 26,746
====== ======

Page 16 of 20

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER'S , LOUDWATER

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 December 2024

7 DEBTORS continued

Income tax recoverable represents gift aid claims not processed at 31 December 2024, covering gifts made in the period 01 November to 31 December 2024, where there was a reasonable expectation of making a valid claim to HMRC based on gift aid declarations held.

8 LIABILITIES 2024 2023
£ £
Creditors - goods & services
Trade creditors (5,937) (1,586)
Taxation and social security - (3,152)
Other creditors (2,400) (1,564)
Deposits received (100) (2,655)
Independent Examiner (2,331) (2,070)
Other accrued expenses - (5,659)
====== ======
(10,768) (16,686)
====== ======

Liabilities at 31 December 2024 represent charges incurred but not paid for, legal commitments to make payments to third parties incurred by that date and an estimate of the cost for the independent examination of these accounts.

9 FUND DETAILS

At 31 December 2024 the amounts held were as follows -

At 31 December 2024 the amounts held were as follows -
Cash Debtors Liabilities Total
In Hand Due Due
£ £ £ £
Designated Funds
Emergency Fund 30,000 30,000
Legacy Fund 20,919 20,919
Tithe of Legacy - Mission fund 18,477 18,477
====== ====== ====== ======
69,396 0 0 69,396
====== ====== ====== ======
Restricted Funds
Love Loudwater 1,531 1,531
Baby Bank 445 445
Mission Fund 1,478 1,478
Building Fund 44,022 15 44,037
Youth & Children 6,957 50 7,007
Family 3,345 13 3,357
Kitchen Refurbishment 0 0
Other Small Funds & Individuals -56 56 0
TJC II (UK) -35 35 0
====== ====== ====== ======
57,688 169 0 57,857
====== ====== ====== ======

Designated Funds are unrestricted funds, set aside by the PCC for specific purposes. The major funds are:

Emergency Fund - the PCC relies upon donations from its members for the vast majority of its income. The Council reviews its policy on the level of reserves to be kept as a designated emergency fund on an annual basis. £30,000 is considered to be sufficient for most contingencies as any unexpected item in excess of this figure is likely to be covered by insurance or by special appeals to the fellowship.

Legacy Fund - it is PCC policy that any legacies received without restrictions on their use should be used for special projects rather than be used to cover every-day expenditure, after 10% of such legacies have been transferred to the Mission Fund.

Page 17 of 20

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER'S , LOUDWATER

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 December 2024

9 FUND DETAILS continued

Mission Fund - this designated fund was established for the ad-hoc support of missionaries out of a tithe of donations made to the Legacy Fund, to mirror the operation of the Mission Tithe Fund which manages the tithe from restricted donations to building project funds. This fund has a balance of £18,477 at the end of 2024.

Restricted Funds comprise all monies given for specific purposes. The major continuing funds are:

Mission Tithe Fund - manages the tithe of restricted giving for major projects in the church, set aside for use in mission projects outside of the parish. This is a historic fund which is no longer being added to.

Building Fund - after the remainder of this fund was used in 2022 to put towards Quinquennial costs, the Building Fund has received more donations in 2024 for the building works in 2024.

Family Fund - represents restricted giving from members of the congregation to assist with ad-hoc cases of financial hardship within the fellowship.

Love Loudwater - represents restricted giving from members of the congregation to help people living in the parish of Loudwater.

Baby Bank is a fund to assist mothers and babies in financial hardship with baby equipment and necessities. Youth & Children - funds given towards equipment for various youth and children's activities that take place.

Kitchen Refurbishment - these funds are from a grant to refurbish the kitchen in the halls and will be spent in 2024.

The movements on funds during the year were

Fund Fund
balances Transfers balances
brought (see note Gains and carried
forward Income Expenditure 10) losses forward
£ £ £ £ £ £
Emergency Fund 30,000 - - 30,000
Legacy Fund 224,634 - (203,715) 20,919
Tithe of Legacy- Mission Fund 22,477 - (4,000) 18,477
====== ====== ====== ====== ====== ======
Total Designated Funds 277,111 - (207,715) - - 69,396
Other General Funds 1,062,023 425,536 (401,644) - - 1,085,915
====== ====== ====== ====== ====== ======
Total Unrestricted Funds 1,339,134 425,536 (609,359) - - 1,155,311
====== ====== ====== ====== ====== ======
** Love Loudwater 1,550 2,333 (2,352) 1531
Baby Bank 1,319 4,000 (4,873) 445
Mission Tithe Fund 1,478 - - - 1478
Building Fund 8,435 35,603 - - 44037
*** Youth & Children 3,022 29,176 (25,191) 7007
Family 3,259 781 (683) 3357
Kitchen Refurbishment 27,500 3,000 (30,500) 0
Other Small Funds & Individuals 770 2,296 (3,065) 0
TJC II (UK) 150 1,050 (1,200) 0
====== ====== ====== ====== ====== ======
Total Restricted Funds 47,482 78,239 (67,864) - - 57857
====== ====== ====== ====== ====== ======

** Love Loudwater includes Make Lunch which will receive funding of £992 in 2025 for a grant that was applied for in 2024.

*** Includes £10.000 of a £20,000 grant awarded towards the Children's worker's salary in 2023, with the remainder of £3,333 in 2025.

Page 18 of 20

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER'S , LOUDWATER

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 December 2024

£

10 TRANSFERS BETWEEN FUNDS

----- Start of picture text -----
||| |---|---| |Building Fund to Mission Tithe Fund - 10% of donations by agreement on set up of Building Fund|0| |=====| |0| |======|

----- End of picture text -----

Between Restricted Funds

11 GRANTS

----- Start of picture text -----
The breakdown of grants between individuals and institutions, by nature / type of activity as disclosed in note 4 b(i)
is set out below, together with the website URLs of the institutions which received over £1,000 during the year:
Unrestricted Restricted
To To To To
individuals Institutions Total individuals Institutions Total
£ £ £ £ £ £
Church overseas
Missionaries and missionary societies
Beit Avinu 2,400 2,400 0 0
(www.beitimmanuel.org - Messianic congregation)
Beit Immanuel 4,380 4,380 0 0
(www.beitimmanuel.org)
UK Friends of Deep Roots 6,300 6,300 0 0
(www.deeprootsuganda.org.uk/)
Mercy Ships 1,000 1,000 0 0
(www.mercyships.org.uk/)
Wycliffe Bible Translators 4,920 4,920 0 0
(www.wyciffe.org.uk)
Institutions under £1,000 and individuals 6,990 6,990 2,379 0 2,379
====== ====== ====== ====== ====== ======
6,990 19,000 25,990 2,379 0 2,379
====== ====== ====== ====== ====== ======
Relief and development agencies
Tear Fund 0 0 0 0
(www.tearfund.org)
====== ====== ====== ====== ====== ======
Home missions and other church societies
Church's Ministry among Jews (UK) 1,380 1,380 0 0
(www.cmj.org.uk)
Lighthouse 4,000 4,000 0 0
(www.lighthousecentral.org)
Towards Jerusalem Council II (UK) * 840 840 1,200 1,200
(www.tjcii.eu)
Wycombe Youth For Christ 4,200 4,200 0 0
(www.wycombeyfc.org.uk)
Institutions under £1,000 and individuals 2,000 550 2,550 0 0 0
====== ====== ====== ====== ====== ======
2,000 10,970 12,970 0 1,200 1,200
====== ====== ====== ====== ====== ======
Other financial support
Individuals and institutions under £1,000 0 1,000 1,000 683 0 683
====== ====== ====== ====== ====== ======
Total grants per note 4 b (i) 8,990 30,970 39,960 3,062 1,200 4,262
====== ====== ====== ====== ====== ======
----- End of picture text -----

Grants to individuals were mainly in support of people working in full time mission work, either at home or overseas.

No support costs are allocated to grant making activities as the administration of grants is supported mainly by individuals and sub-committees comprised of individuals who are not paid.

Page 19 of 20

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER'S , LOUDWATER

NOTES to the FINANCIAL STATEMENTS (continued)

he FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024
F AND CONTRACTOR COSTS 2024 2023
£ £
Wages and salaries 159,433 146,727
Social security costs 7,401 6,948
Pension costs (defined contribution) 11,108 10,948
====== ======
Total staff costs 177,942 164,623
Contractor costs 0 0
====== ======
177,942 164,623
====== ======

12 STAFF AND CONTRACTOR COSTS

The PCC employed an Operations Manager (equivalent to 0.6 of a full time employee ("FTE")) for the year, two people in families', youth and children's work (2 FTE over the year), and a variety of other part time staff averaging 1.9 FTE over the year. No employee earned £60,000 pa or more.

13 RELATED PARTY TRANSACTIONS

Donations received from trustees (i.e. members of the PCC) and related persons during the year amounted to £61,949.

The following members of the PCC and related persons, received support, remuneration or reimbursement of expenses:

Missionary
Reimburse
Wages &
Support
Expenses
Pensions
Total
£
£
£
£
Alison Rodgers (wife of Danny Rodgers)
Beth Gill (wife of Ben Gill)
Danny Rodgers
Geraldine Shiels
Heather Flood
Jonathan Shallow		 0
4,941
6,141
11,082
0
271
0
271
0
2,876
0
2,876
0
2,356
26,850
29,206
0
0
9,149
9,149
0
699
0
699
Richard Smithies (husband of Susan Smithies) 0
7,597
0
7,597
Ruth Walne (wife of Jonathan Walne) 750
86
0
836
Susan Smithies 0
233
0
233

There were no other related party transactions during the year.

14
Reconciliation of net income / (expenditure) to net
Adjustments for:
Depreciation charges
Interest
(Increase)/decrease in debtors
(Increase)/decrease in creditors
Net cash provided by (used in) operating
activities
Analysis of cash and cash equivalents
Cash and bank balances
Short term deposits (available on demand)
Net income / (expenditure) for the year
(as per the statement of financial activities)		 cash flows from operating activities
Unrestricted
Restricted
Unrestricted
Restricted
Funds
Funds
Total
Funds
Funds
Total
£
£
£
£
£
£
(183,823)
10,376
(173,448)
7,577
30,495
38,072
11,536
-
11,536
11,239
-
11,239
(10,184)
-
(10,184)
(11,609)
-
(11,609)
10,850
19
10,869
37,882
1,713
39,595
(5,918)
-
(5,918)
(10,474)
-
(10,474)
2024
2023
======
======
======
======
======
======
(177,539)
10,395
(167,144)
34,616
32,208
66,823
======
======
======
======
======
======
-1,626
57,689
56,063
61,171
47,294
108,465
200,759
0
200,759
306,466
0
306,466
======
======
======
======
======
======
199,133
57,689
256,822
367,637
47,294
414,931
======
======
======
======
======
======

There are no post balance sheet transactions to report.

15 POST BALANCE SHEET TRANSACTIONS

Page 20 of 20