**Charity registration number 1128275** ## **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **PCC Members** Rev Dr S Vibert Rev M Smith R Blain B Stannard P Unwin A Barnes A Sachak C Rye Dr M Perkins R Whitehead Rev J Brown D Thomas B Parker B Gilbert K Blain **Charity number** 1128275 **Principal address** Christ Church Virginia Water Christchurch Road Virginia Water Surrey GU25 4PT (Appointed 21 May 2023) (Appointed 21 May 2023) (Appointed 21 May 2023) (Appointed 21 May 2023) **Independent examiner** F J Wilde FCCA MBA DChA Warner Wilde 4 Marigold Drive Bisley Surrey GU24 9SF ## **Bankers** Barclays Bank PLC 71 High Street Staines TW18 4PS ## **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **CONTENTS** ||**Page**| |---|---| |PCC Members' report|1 - 6| |Independent examiner's report|7| |Statement of financial activities|8 - 9| |Balance sheet|10| |Notes to the financial statements|12 - 28| ## **CHRIST CHURCH VIRGINIA WATER** The PCC members present their annual report and financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements and comply with the PCC's governing document, the Charities Act 2011 and "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 (FRS 102)" (effective 1 January 2019). ## Structure, Governance and Management The Parochial Church Council of the Ecclesiastical Parish of Christ Church Virginia Water (“Christ Church Virginia Water”) is a registered charity, number 1128275 entered on the Register of Charities 26 February 2009. As a church within the Church of England (CofE), Christ Church Virginia Water (CCVW) is constituted within the Parochial Church Councils (Powers) Measure 1956. Members of the Parochial Church Council (PCC) are either ex-officio or elected by the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules and, by dint of membership, become the charity’s Trustees. All Church attendees are encouraged to register on the Electoral Roll and to consider standing for election to the PCC. Prospective new PCC members / trustees are advised of PCC membership and Trusteeship duties and responsibilities by means of receipt and discussion of the CofE PCC Standing Orders and the Trusteeship booklet produced jointly by the Archbishop’s Council and the Charity Commission. PCC members are required to complete an HMRC Fit and Proper Persons Declaration, and a Charity Commission Declaration of Eligibility for Newly-Appointed Trustees. The PCC usually meets every second month. The PCC is responsible for policy direction and decisions, approval of significant non-routine expenditure, identification, assessment and mitigation of risks, and other significant decision-making, including the review of any proposals submitted by church sub-committees. The Standing Committee, a sub-set of the PCC membership, meets if necessary, between PCC meetings to take urgent decisions on the PCC’s behalf. The Incumbent (Vicar) serves as Chair to the PCC and as senior manager to the Church Staff Team, which comprises seven PCC-employed staff. During the year the following served as members of the PCC: Incumbent / Vicar (Chair): Rev Dr Simon Vibert * Associate Vicar: Rev Matthew Smith * Children & Families Pastor: Rev Jeremy Brown * Churchwardens: Mrs. Alison Barnes* Mr. Roger Blain * PCC Secretary: Mr. Ben Stannard Safeguarding Officer: Mrs. Pamela Unwin Representatives on the Dr. Margaret Perkins Deanery Synod: Mrs. Annette Ross* (until APCM) Mrs. Pamela Unwin (until APCM) Mrs. Kathleen Blain (from APCM) - 1 - ## **CHRIST CHURCH VIRGINIA WATER** ## **Structure, Governance and Management (Continued)** Elected Members: Mrs. Pamela Unwin* Mr. Colin Rye Dr. Margaret Perkins Mr. Akeel Sachak Mrs. Ali Scott (until APCM) Mr. Rod Whitehead * Mr. Ben Stannard Mrs. Bev Gilbert (from APCM) Mr. Ben Parker (from APCM) Mr. Dave Thomas (from APCM) Mrs. Kathleen Blain (from APCM) * also a Standing Committee member In the pursuit of its Christian charitable objectives Christ Church Virginia Water co-operates on an ongoing basis with 9 Mission Partners offering both practical involvement and regular financial support in the form of grants. All are UK-registered charities. The daily management of the Church and its events is delegated by the PCC to an administrative team consisting of two part-time staff and the full-time Operations Manager, Mrs. Annette Ross. This team is supported by a number of church members who volunteer their time to assist with clerical and administrative tasks, and many more who help with services, refreshments, catering and running events. ## Trustees Annual Report for 2023 ## Introduction and Background Christ Church PCC is responsible for co-operating with the incumbent, Rev Dr Simon Vibert, in promoting the whole mission of the Church - pastoral, evangelistic, social and ecumenical. It also has oversight of the financial affairs of Christ Church Virginia Water and responsibility for the maintenance of the buildings. The Mission of Christ Church remains “ to know Jesus and make Jesus known ”. This mission underpins the Church’s vision: “In the Community; For the Community; To The Glory of God”. The number of people on the Church’s Electoral Roll during the year was 166 (168 in 2022) and the average weekly adult attendance at Sunday services was 174 (169 in 2022). Both the 2023 and 2022 attendance figures include attendance in person and online. ## Review of the Year When reviewing our aims and objectives and in planning our future activities, we have referred to the guidelines in the Charity Commission’s guidance on public benefit. In particular, the trustees, on an on-going basis, consider how planned activities will contribute to the aims and objectives they have set. Christ Church has a public duty & charge to the ‘care of souls’ for the Parish of Virginia Water. The overall ministry and work of the PCC, the Clergy and the Staff Team embraces this charge. All of the Church’s services and activities are accessible and open to the general public living within and beyond the Parish boundaries. As an Anglican church we serve parishioners through the arrangement of baptisms, funerals, and weddings including wedding preparation. - 2 - ## **CHRIST CHURCH VIRGINIA WATER** ## **Trustees’ Annual Report for the Year Ended 31 December 2023 (Continued)** Additionally, at Christmas, Easter and Harvest we run specific services and events for the wider community and on Remembrance Sunday we meet our civic responsibilities to the Parish. Other activities that demonstrate our commitment and service to the community include the regular use of Church premises by a branch of Community Bible Study; a Women’s Bible Study group on Thursday mornings and a community Connect Group on Monday nights. We also welcome Students and Young Adults to lunch each Sunday and host a social Youth night on Friday evenings open to all. Each month we serve a two-course lunch to senior members of the Community providing fellowship and nourishment and a weekly parent/carer and toddlers session on Wednesday mornings. As well as welcoming people to our Church, we also attend several events within the community during the year including the annual Village Jumble Trail and the Christmas Tree light up, as well as hosting family focussed activities for younger children at the Virginia Water Community Centre several times a year. Since Covid we have continued to support the local community by hosting vaccination clinics at the Church in conjunction with Packers, our local doctor’s surgery. In following Jesus, it is possible to live within a Church family that both builds up and strengthens its own members and can also be a blessing to the wider community in which we live. One of our key objectives is to be a Church which is relevant for ‘seekers’ as well as believers, as well as being relevant to the wider community. ## 1. Objectives for the year to advance the Vision of the Church The Purpose of Christ Church is “to know Jesus and make Jesus known”. This Purpose underpins the Church’s Vision to be “In the Community; For the Community; To the Glory of God”. The key elements of this Vision are: - Reaching & Growing- we want to be a growing church, reaching people both in and beyond the Parish. - Maturing & Equipping – being a healthy church that helps Church members grow in their faith and be the body of Christ, with a strong sense of community created by home groups and proactive pastoral care. - Influencing & Caring – we want to be a beacon of light in the community and a place that offers people friendship, hope in Christ, and a sense of belonging to a church family. - Spreading & Promoting – we want to be a connected church, which spreads & promotes the Good News in the community and beyond through contemporary, media friendly, communication. - Serving & Sharing – we will seek to be a resourcing church whose members share their skills & talents through serving in the church, in the local community, and in the wider world. Our Vision is consistent with the Diocesan strategic initiative “Transforming Church, Transforming Lives” ## 2. Activities to achieve the objectives During the year we continued to run three services on a Sunday, at 8.30am, 10.30am and 6.30pm. Children attending the 10.30am service regularly attend age-appropriate Sunday club activities. We have seen some encouraging growth in the Sunday services, making up for some of the ground lost during the Covid years. We conducted a series of focus groups of church members at the end of 2023 to get some feedback about the structure and timing of our Sunday services. We continued with our hybrid model of live services which are filmed and streamed on YouTube online. The YouTube broadcasts are also available for delayed viewing via Christ Church’s YouTube channel. - 3 - ## **CHRIST CHURCH VIRGINIA WATER** **Trustees’ Annual Report for the Year Ended 31 December 2023 (Continued)** ## 2. Activities to achieve the objectives (continued) Development of our Vision: Below are some of the highlights of what we have done to further the vision. Reaching & Growing: outreach activities continue to be a key feature of the life of the Church, both in terms of financial and human investment. The activities include door to door visiting with well-produced fliers and materials; the use of outside banners to promote courses and activities; running Alpha and Christianity Explored; a monthly luncheon for Seniors in the community; free children’s activities, both in the Church and in Virginia Water Community Hall; meals for Royal Holloway Students, and staff presence at many other community events. As a result, the Church has grown numerically in the past year. Maturing & Equipping: The prime place for this ministry is the Connect Groups, with about a third of the congregation at these daytime or evening meetings. We also run one-off training events in evangelism, and pastoral matters, as well as resourcing the Parochial Church Council through its regular meetings and annual day away. Influencing & Caring: Pastoral Care continues to happen through the Connect Group network and the work of the Good News Café monthly meal. We have also undertaken a review as to how the Pastoral Care team can grow in number, to better provide necessary support. We visit the local residential care homes in the parish at least once per month and provide both Holy Communions services, and pastoral care to residents. Spreading & Promoting: We make good use of social media – our website, electronic news updates, Facebook, TikTok, articles & letters in the community magazine. Links into Wentworth Golf Club and the Royal British Legion happen naturally through congregation members, and Christ Church presence at their events has grown this past year. We also have a table at the Virginia Water Trail offering free refreshments and literature. Serving & Sharing: We made a big push in the area of “serving” this year and have seen dozens of people offering their ministry in new ways. We continue to support prayerfully two people who have pursued further theological training at Bible college and those who are going through a discernment process to be ordained in the Church of England. ## 3. Financial Report We started 2023 budgeting for a deficit of £57,700 on the General Reserve fund, versus a deficit of only £4,401 in 2022. This was due mainly to a £47,000 drop in projected giving caused by a loss of some of our larger donors during the previous year, and lower pledged one-off gifts. We budgeted for a £10,000 increase in spending, due mainly to an increase in accommodation costs for our Associate Vicar compared to the accommodation costs for our previous curate in 2022. The outcome for 2023 was approx. £66,000 better than expected, with a surplus of £8,338 being reported on General Reserves, after planned monthly transfers to the Church Property Repair Fund and Outward Giving Fund. This was due to donation income being £30,000 higher than budget, and income from church & other activities being £6,000 better than budget. Expenses were approx. £3,000 higher than budget. At the end of 2023 we released the £40,000 balance of the One-Off Gifts Reserve to the General Fund, with the result that the General Fund balance rose from £124,546 at the beginning of 2023 to £132,884 at the end of 2023. - 4 - ## **CHRIST CHURCH VIRGINIA WATER** **Trustees’ Annual Report for the Year Ended 31 December 2023 (Continued)** ## 3. Financial Report (continued) In December 2023 we received a wonderful legacy from the estate of Merle Adams, a much loved and longstanding member of the church family. The legacy comprised her 2-bedroom bungalow at 23 Cabrera Avenue, Virginia Water, and a share of the residue of her estate. The bungalow has been valued at £525,000. The PCC is currently considering whether to extend the bungalow so that it would be suitable for a planned future curate & family, or whether to sell it and buy a slightly larger property. In December 2023 we received a £100,000 interim residue payment, and the estate's solicitors have indicated that the final residue payment (expected to be in the region of £40,000) will be made in 2024 when the estate is finalised. The legacy income in our 2023 accounts of £625,000 is made up of the £525,000 and the interim residue payment of £100,000. The total residue payments from the estate of approx. £140,000 are likely to be used either to extend 23 Cabrera Avenue or to purchase a larger property. ## Reserves Policy The PCC is of the opinion that, with well-managed expenditure and a continuing emphasis on congregational stewardship, the appropriate target for free reserves to provide sufficient working capital for the church would be of the order of £60,000 to £130,000 to allow for fluctuations in giving levels. At the end of 2023 we had £132,884 in the unrestricted and undesignated General Fund, which is now the only “free” reserve, so fractionally above the upper limit. We are budgeting for a deficit on the General Fund of approx. £35,000 in 2024, which would bring free reserves down to about £100,000, around the middle of our targeted range. Note that in addition to the General Fund, at the end of 2023 we had £995,094 in other unrestricted funds, but all these funds are designated for specific purposes. The largest is the Legacy Reserve of £625,000 which will be used to fund a house to be occupied by future curates, thereby removing the need to pay rent which is the largest reason for our budgeted 2024 General Fund deficit. The second largest is the Fixed Asset Reserve of £270,456 which is the amount of reserves represented by our Fixed Assets, mainly the house we own that is occupied by our Children & Families worker. The third largest designated fund is the Church Extension Reserve of £72,514. This reserve was created by the PCC when we sold our church hall many years ago. The designation reflects the desire to spend this money on church buildings, rather than on general running costs. ## Remuneration of Key Management Personnel The pay and remuneration of the Key Management Personnel, namely the Vicar and Associate Minister, are set by the Diocese. - 5 - CHRIST CHURCH VIRGINIA WATER Trustees, Annual Report for the Year Ended 31 Dècember 2023 (Continued) 4. Safeguardlng Risk assessments are carried out for all activities where the PCC has responsibility. The PCC manage risks through the Church of England Safeguarding Dashboard which outlines all activities for chlldren and vulnerable adults undertaken on behalf of the PCC and their associated risk a5ses5ments." safeguarding training of an appropriate level is undertaken by all roles that require it and a separate database is kept managing this and DBS certiflcation for roles. The PCC review the Safeguarding Action Plan on a regular basis and safeguarding is a Standing Item on the PCC agenda. The principal policy document (Health & Safetyl, which sets out the main risks to which the Church is exposed, was updaied and approved by the PCC in September 2023. It relates to fire, lighrning strike, food safety, electrical appliances, gas appliance5, and others. Approved by the PCC Igh March 2024 R•v. Slmon Vlbert Mar & Chairman of the PCQ ## **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE PCC MEMBERS OF THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** I report to the PCC members on my examination of the financial statements of The PCC of the Ecclesiastical Parish of Christ Church Virginia Water (the PCC) for the year ended 31 December 2023. ## **Responsibilities and basis of report** As the PCC members of the PCC you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the PCC’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. An independent examination has been carried out rather than an audit as a dispensation has been given by the Charity Commission pursuant to s34(3)(b) Charities (Accounts and Reports) Regulations 2008. ## **Independent examiner's statement** Since the PCC’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies. Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no 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 PCC as required by section 130 of the 2011 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements 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 to enable a proper understanding of the financial statements to be reached. ## **F J Wilde FCCA MBA DChA** Warner Wilde 4 Marigold Drive Bisley Surrey GU24 9SF Dated: 28[th] March 2024 - 7 - ## **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**Current financial year**
**Unrestricted**
**Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general**
**designated**
**2023**
**2023**
**2023**
**Notes**
**£**
**£**
**£**
**Income from:**
Donations and legacies
**3**
360,447
630,883
51,275
Charitable activities
**4**
23,439
10,249
553
Investments
**5**
8,715
-
-
**Total income**
392,601
641,132
51,828
**Expenditure on:**
Raising funds
**6**
95
-
-
Charitable activities
**7**
380,923
72,951
61,962
Total expenditure
381,018
72,951
61,962
**Net income/(expenditure)**
11,583
568,181
(10,134)
Transfers between funds
(3,245)
4,445
(1,200)
**Net movement in funds**
8,338
572,626
(11,334)
**Reconciliation of funds:**
Fund balances at 1 January 2023
124,546
415,031
19,617
**Fund balances at 31 December**
**2023**
132,884
987,657
8,283|**Total**
**2023**
**£**
1,042,605
34,241
8,715
1,085,561
95
515,836
515,931
569,630
-
569,630
559,194
1,128,824|**Total**
**2022**
**£**
416,555
23,430
2,292| |---|---|---| |||442,277| |||894
423,522| |||424,416| |||17,861
-| |||17,861
541,333| |||559,194| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 8 - ## **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**Prior financial year**
**Unrestricted**
**Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general**
**designated**
**2022**
**2022**
**2022**
**Notes**
**£**
**£**
**£**
**Income from:**
Donations and legacies
**3**
374,575
5,138
36,842
Charitable activities
**4**
23,430
-
-
Investments
**5**
2,292
-
-
Total income
400,297
5,138
36,842
**Expenditure on:**
Raising funds
**6**
894
-
-
Charitable activities
**7**
359,067
39,283
25,172
**Total expenditure**
359,961
39,283
25,172
**Net income/(expenditure)**
40,336
(34,145)
11,670
Transfers between funds
(44,737)
49,512
(4,775)
**Net movement in funds**
(4,401)
15,367
6,895
**Reconciliation of funds:**
Fund balances at 1 January 2022
128,947
399,664
12,722
**Fund balances at 31 December 2022**
124,546
415,031
19,617|**Total**
**2022**
**£**
416,555
23,430
2,292| |---|---| ||442,277| ||894
423,522| ||424,416| ||17,861
-| ||17,861
541,333| ||559,194| - 9 - ## **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **BALANCE SHEET** ## _**AS AT 31 DECEMBER 2023**_ |**Notes**
**Fixed assets**
Tangible assets
**13**
Investments
**14**
**Current assets**
Debtors
**16**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**17**
Net current assets
**Total assets less current liabilities**
**The funds of the PCC**
Restricted income funds
**19**
Unrestricted funds - general
Unrestricted funds - designated
**20**|**2023**
**£**
19,423
173,092
192,515
26,814|
**£**
273,123
690,000
963,123
165,701
1,128,824
8,283
132,884
987,657
1,128,824|**2022**
**£**
7,673
301,044
308,717
27,665|
**£**
278,142
-| |---|---|---|---|---| |||||278,142
281,052| |||||559,194| |||||19,617
124,546
415,031| |||||559,194| The financial statements were approved by the PCC members on 19[th] March 2024 .............................. Rev Dr S Vibert **Trustee** - 10 - ## **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **STATEMENT OF CASH FLOWS** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**2023**
**Notes**
**£**
**£**
**Cash flows from operating activities**
Cash generated from operations
**26**
28,334
**Investing activities**
Purchase of tangible fixed assets
-
Purchase of investments
(165,000)
Investment income received
8,715
**Net cash used in investing activities**
(156,285)
**Net cash used in financing activities**
-
**Net (decrease)/increase in cash and cash**
**equivalents**
(127,951)
Cash and cash equivalents at beginning of year
301,044
**Cash and cash equivalents at end of year**
173,092|**2022**
**£**
(3,300)
-
2,691|**£**
20,381
(609)
-
19,772
281,272
301,044| |---|---|---| - 11 - **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **1 Accounting policies** ## **Charity information** The PCC of the Ecclesiastical Parish of Christ Church Virginia Water is a charity registered in England and Wales constitutes under the Parochial Church Council Powers Measure (1956) as amended and church representation rules. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the PCC's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 (FRS 102)" (effective 1 January 2019). The PCC is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the PCC. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the PCC members have a reasonable expectation that the PCC has adequate resources to continue in operational existence for the foreseeable future. Thus the PCC members continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the PCC members in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. ## **1.4 Income** Income is recognised when the PCC is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the PCC has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the PCC has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. The benefit of donated facilities is recognised as income on an equivalent value basis. - 12 - **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **1 Accounting policies** ## **(Continued)** Funds raised by fêtes, garden parties and similar events are accounted for gross. Sales of books and magazines from the church bookstall are accounted for gross. Rental income from the letting of church premises is recognised when the rental is due. ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |Freehold land and buildings|Impairment review| |---|---| |Solar Panels|20 years Straight Line| |CCTV|6 years Straight Line| |Piano|10 years Straight Line| |AV & IT equipment|6 years Straight Line| |Minibuses|25% Reducing Balance| |Kitchen Equip.|6/10 years Straight Line| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. ## **Consecrated property and movable church furnishings** Consecrated and beneficed property of any kind is excluded from the financial statements by s.96(2)(a) of the Charities Act 2011. Movable church furnishings held by the Vicar and Churchwardens on special trust for the PCC and which require a faculty for disposal are accounted for as inalienable property unless consecrated. They are listed in the Church’s inventory, which can be inspected at any reasonable time. All expenditure incurred in the year on consecrated or beneficed buildings, or individual items under £1,000 or on the repair of movable church furnishings is written off. ## **1.7 Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. - 13 - ## **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **1 Accounting policies** ## **(Continued)** ## **1.8 Impairment of fixed assets** At each reporting end date, the PCC reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **1.9 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **1.10 Financial instruments** The PCC has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the PCC's balance sheet when the PCC becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at cost, or recoverable amount, if lower. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the PCC’s contractual obligations expire or are discharged or cancelled. ## **1.11 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the PCC is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **1.12 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. - 14 - ## **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **2 Critical accounting estimates and judgements** In the application of the PCC’s accounting policies, the PCC members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. - 15 - ## **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **3 Income from donations and legacies** |**Unrestricted Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general designated**
**2023**
**2023**
**2023**
**£**
**£**
**£**
Donations and gifts
358,218
5,883
51,275
Legacies receivable
-
625,000
-
DBF Grant
2,229
-
-
Other
-
-
-
360,447
630,883
51,275
**Donations and gifts**
Gift aid donations
239,497
1,520
43,967
Income tax recovered
61,796
630
4,742
Gross giving (CAF and similar)
38,730
-
-
Non gift aid giving
17,995
3,733
2,566
Other
200
-
-
358,218
5,883
51,275|**Total**
**Unrestricted Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general designated**
**2023**
**2022**
**2022**
**2022**
**£**
**£**
**£**
**£**
415,376
372,960
5,138
33,934
625,000
-
-
-
2,229
1,615
-
-
-
-
-
2,908
1,042,605
374,575
5,138
36,842
284,984
241,955
1,950
15,738
67,168
60,294
488
3,934
38,730
34,260
-
-
24,294
35,901
2,700
14,262
200
550
-
-
415,376
372,960
5,138
33,934|**Total**
**2022**
**£**
412,032
-
1,615
2,908| |---|---|---| |||416,555| |||259,643
64,716
34,260
52,863
550| |||412,032| - 16 - ## **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **4 Income from charitable activities** |**Unrestricted Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general designated**
**2023**
**2023**
**2023**
**£**
**£**
**£**
Fees
4,523
10,249
553
Book stall
114
-
-
Centre Lettings
17,065
-
-
Other income
1,737
-
-
23,439
10,249
553|**Total**
**Unrestricted Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general designated**
**2023**
**2022**
**2022**
**2022**
**£**
**£**
**£**
**£**
15,325
4,181
-
-
114
878
-
-
17,065
14,738
-
-
1,737
3,633
-
-
34,241
23,430
-
-|**Total**
**2022**
**£**
4,181
878
14,738
3,633| |---|---|---| |||23,430| - 17 - ## **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **5 Income from investments** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2023**|**2022**| ||**£**|**£**| |Interest receivable|8,715|2,292| ## **6 Expenditure on raising funds** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2023**|**2022**| ||**£**|**£**| |**Trading costs**||| |Book stall|95|894| - 18 - **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **7 Expenditure on charitable activities** ||**Charitable**|**Charitable**| |---|---|---| ||**Activities**|**Activities**| ||**2023**|**2022**| ||**£**|**£**| |**Direct costs**||| |Staff costs|112,034|79,202| |Depreciation and impairment|5,020|5,097| |Parish Pledge|129,675|136,472| |Staff team expenses|3,642|12,089| |Accomodation|35,980|16,800| |Church running expenses|33,233|24,568| |Church property maintenance|40,934|13,269| |Minibus|1,794|1,793| |Upkeep of services|466|483| |Ministry costs|18,461|12,972| |Staff training|916|267| |Fees payable to Diocese|2,111|2,174| |Events|10,060|3,921| |Kitchen|1,174|825| |Publicity|1,136|457| |IT costs|6,707|6,006| ||403,343|316,395| |Grant funding of activities (see note 8)|35,463|32,258| |**Share of support and governance costs (see note 9)**||| |Support|75,146|73,069| |Governance|1,884|1,800| ||515,836|423,522| |**Analysis by fund**||| |Unrestricted funds - general|380,923|359,067| |Unrestricted funds - designated|72,951|39,283| |Restricted funds|61,962|25,172| ||515,836|423,522| - 19 - **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **8 Grants payable** |**International Mission & Development**
Amos Trust
A Rocha
Church Missionary Society
Compassion
Open Doors
Tearfund
UFM
**International Mission Partners**
Biblica Europe Minitries
**Other International Mission**
**UK Mission & Development**
East to West Trust
UCCF
**UK Mission Partners**
RHCU
**Other UK Mission**
**Other Charities and Individuals**|**2023**
**£**
4,596
3,504
4,896
360
3,504
-
4,544
2,400
**23,804**
250
**250**
3,996
-
**3,996**
250
**250**
**4,246**
**7,163**
**35,463**|2022
£
4,320
3,600
5,400
2,880
3,600
-
3,600
2,400
**25,800**
**-**
**-**| |---|---|---| |||4,320
910
**5,230**| |||300
**300**| |||**5,530**| |||**928**| |||**32,258**| Christ Church had 10 (2022: 9) Mission Partners during the year, all UK based charities. They also supported 9 (2022: 2)other organisations. Mission Partner financial support totalled £27,800 (2022: £31,030). There were no individual restricted donations for Outward Giving during 2023 or 2022. - 20 - **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **9 Support costs allocated to activities** |Staff costs
Administration
Bank charges, payroll costs
Governance costs
**Analysed between:**
Charitable Activities|**2023**
**£**
70,617
2,454
1,825
2,134
77,030
77,030|**2022**
**£**
68,978
2,358
1,733
1,800| |---|---|---| |||74,869| |||74,869| ## **10 PCC Members** Reimbursement of expenses to PCC members directly relating to costs associated with their activities within the church. Total reimbursed expenditure to PCC members during 2023 was £2,893 for 3 persons (2022 was £9,852 for 4 persons). ## **11 Employees** The average monthly number of employees during the year was: |**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2023**
**Number**
6
**2023**
**£**
155,784
7,076
19,791
182,651|**2022**
**Number**
7| |---|---|---| |||**2022**
**£**
131,154
4,838
12,188| |||148,180| The vicar's salary is not included in these staff costs. The stipend of the Vicar is paid by the Diocese through the Clergy Payroll Scheme operated by the Church of England, which also makes provision for Clergy pensions. The Parish Share paid to the Diocese in 2023 totalled £129,674 (2022: £136,469) and covers salary costs and other Diocesan expenses. There were no employees whose annual remuneration was more than £60,000. ## **12 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. - 21 - ## **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**13**
**Tangible fixed assets**
**Freehold land**
**and buildings**
**Solar Panels**
**£**
**£**
**Cost**
At 1 January 2023
251,168
15,736
At 31 December 2023
251,168
15,736
**Depreciation and impairment**
At 1 January 2023
5,795
1,574
Depreciation charged in the year
-
787
At 31 December 2023
5,795
2,361
**Carrying amount**
At 31 December 2023
245,373
13,375
At 31 December 2022
245,371
14,162|**CCTV**
**£**
5,995
5,995
1,998
999
2,997
2,998
3,997|**Piano**
**AV & IT**
**equipment**
**Minibuses Kitchen Equip.**
**£**
**£**
**£**
**£**
3,300
17,421
20,880
9,907
3,300
17,421
20,880
9,907
302
5,808
20,880
9,906
330
2,904
-
1
632
8,712
20,880
9,907
2,668
8,709
-
-
2,998
11,613
-
1|**Total**
**£**
324,407| |---|---|---|---| ||||324,407| ||||46,263
5,021| ||||51,284| ||||273,123| ||||278,142| - 22 - **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **13 Tangible fixed assets** ## **(Continued)** Freehold Land & Buildings comprise the property at 6 Beechmont Avenue. The church has committed the property's availability for an ordained member of staff and the Diocese of Guildford holds its title as custodian trustee. The PCC carried out an annual impairment review to confirm that the carrying value of the property is exceeded by the net present value of potential future cashflows and therefore the asset is not depreciated. ## **14 Fixed asset investments** |**Listed**
**investments**
**Unlisted**
**investments**
**£**
**£**
**Cost or valuation**
At 1 January 2023
-
-
Additions
165,000
525,000
At 31 December 2023
165,000
525,000
**Carrying amount**
At 31 December 2023
165,000
525,000
At 31 December 2022
-
-
**Financial instruments**
**2023**
**£**
**Carrying amount of financial assets**
Instruments measured at fair value through statement of financial activities
525,000|**Total**
**£**
-
690,000| |---|---| ||690,000| ||690,000| ||-| ||**2022**
**£**
-| ## **15 Financial instruments** In Nov 2023 we received a legacy of a 2-bedroom bungalow. We are in the process of selling the bungalow, and it has been valued by the estate agents marketing it at £525,000. ## **16 Debtors** |**Debtors**||| |---|---|---| |**Amounts falling due within one year:**
Other debtors
Prepayments and accrued income|**2023**
**£**
18,809
614
19,423|**2022**
**£**
7,673
-| |||7,673| - 23 - ## **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**17**
**Creditors: amounts falling due within one year**
**Notes**
Other taxation and social security
Deferred income
**18**
Other creditors
Accruals and deferred income
**18**
**Deferred income**
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 January 2023
Released from previous periods
Resources deferred in the year
Deferred income at 31 December 2023|**2023**
**2022**
**£**
**£**
2,407
2,096
1,771
3,003
13,315
20,766
9,321
1,800
26,814
27,665
**2023**
**2022**
**£**
**£**
1,771
3,003
**2023**
**2022**
**£**
**£**
1,771
3,003
3,003
16,827
(3,003)
(16,827)
1,771
3,003
1,771
3,003| |---|---| - 24 - ## **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **19 Restricted funds** The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. ||**At**|**1 January**|**Incoming**|**Resources**|**Transfers**|**At 31**| |---|---|---|---|---|---|---| |||**2023**|**resources**|**expended**||**December**| |||||||**2023**| |||**£**|**£**|**£**|**£**|**£**| |Capital projects fund||740|-|(740)|-|-| |Music ministry fund||3,014|-|(3,014)|-|-| |GNC||2,564|6,137|(7,242)|(1,200)|259| |Associate Vicar||1,098|43,125|(38,448)|-|5,775| |Ukraine||2,201|-|(950)|-|1,251| |Eco fund||10,000|2,566|(11,568)|-|998| |||19,617|51,828|(61,962)|(1,200)|8,283| |**Previous year:**|**At**|**1 January**|**Incoming**|**Resources**|**Transfers**|**At 31**| |||**2022**|**resources**|**expended**||**December**| |||||||**2022**| |||**£**|**£**|**£**|**£**|**£**| |Capital projects fund||2,722|-|(1,982)|-|740| |Music ministry fund||10,000|-|(3,686)|(3,300)|3,014| |GNC||-|6,955|(3,391)|(1,000)|2,564| |Associate Vicar||-|12,500|(11,402)|-|1,098| |Ukraine||-|3,125|(449)|(475)|2,201| |Eco fund||-|14,262|(4,262)|-|10,000| |||12,722|36,842|(25,172)|(4,775)|19,617| - 25 - ## **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **20 Unrestricted funds - designated** These are unrestricted funds which are material to the PCC's activities. |**At 1**
Outward Giving
Church Property Repair
Church Extension
One Off Gifts Reserve
Fixed Assets Reserve
Asset Replacement Reserve
Legacy fund
Weekend Away Fund
**Previous year:**
**At 1**
Outward giving
Church property repair
Church extension
One-off gifts reserve
Fixed assets reserve
Asset replacement reserve|**January**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**At 31**
**December**
**2023**
**£**
**£**
**£**
**£**
**£**
8,162
2,080
(35,463)
29,452
4,231
9,831
3,803
(28,627)
14,993
-
72,514
-
-
-
72,514
40,000
-
-
(40,000)
-
275,145
-
-
(4,689)
270,456
9,379
-
-
4,689
14,068
-
625,000
-
-
625,000
-
10,249
(8,861)
-
1,388
415,031
641,132
(72,951)
4,445
987,657
**January**
**2022**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**At 31**
**December**
**2022**
**£**
**£**
**£**
**£**
**£**
2,070
3,838
(32,258)
34,512
8,162
556
1,300
(7,025)
15,000
9,831
72,514
-
-
-
72,514
40,000
-
-
-
40,000
279,834
-
-
(4,689)
275,145
4,690
-
-
4,689
9,379
399,664
5,138
(39,283)
49,512
415,031| |---|---| ## **21 Unrestricted funds** The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. ||**At**|**1**|**January**|**Incoming**|**Resources**|**Transfers**|**At 31**| |---|---|---|---|---|---|---|---| ||||**2023**|**resources**|**expended**||**December**| ||||||||**2023**| ||||**£**|**£**|**£**|**£**|**£**| |General funds|||124,546|392,601|(381,018)|(3,245)|132,884| - 26 - ## **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**21**|**Unrestricted funds**|||||**(Continued)**| |---|---|---|---|---|---|---| ||**Previous year:**|**At 1 January**|**Incoming**|**Resources**|**Transfers**|**At 31**| |||**2022**|**resources**|**expended**||**December**| |||||||**2022**| |||**£**|**£**|**£**|**£**|**£**| ||General funds|128,947|400,297|(359,961)|(44,737)|124,546| |**22**|**Analysis of net assets between**|**funds**||||| ||||**Unrestricted**|**Unrestricted**|**Restricted**|**Total**| ||||**funds**|**funds**|**funds**|| ||||**general**|**designated**||| ||||**2023**|**2023**|**2023**|**2023**| ||||**£**|**£**|**£**|**£**| ||**Fund balances at 31 December**|**2023 are represented by:**||||| ||Tangible assets||2,670|270,453|-|273,123| ||Investments||165,000|525,000|-|690,000| ||Current assets/(liabilities)||(34,786)|192,204|8,283|165,701| ||||132,884|987,657|8,283|1,128,824| ||||**Unrestricted**|**Unrestricted**|**Restricted**|**Total**| ||||**funds**|**funds**|**funds**|| ||||**general**|**designated**||| ||||**2022**|**2022**|**2022**|**2022**| ||||**£**|**£**|**£**|**£**| ||**Fund balances at 31 December**|**2022 are represented by:**||||| ||Tangible assets||2,997|275,145|-|278,142| ||Current assets/(liabilities)||121,549|139,886|19,617|281,052| ||||124,546|415,031|19,617|559,194| ## **23 Contingent Asset** During the year we received a legacy from the estate of a member of the church, Merle Adams. The legacy comprised her bungalow and a share of the residue of her estate. The bungalow has been valued at £525,000 and is included in current assets. In December 2023 we received a £100,000 interim payment in relation to the residue, and the estate's solicitors have indicated that the final payment (in the region of £40,000) will be made during 2024 when the estate is finalised. The £100,000 is included within income received, whereas the remainder of the legacy (expected to be approx £40,000) is viewed as a contingent asset since the amount and date of receipt are uncertain. - 27 - **THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **24 Operating lease commitments** ## **Lessee** At the reporting end date the PCC had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: |Within one year
Between two and five years|**2023**
**£**
1,234
2,776
4,010|**2022**
**£**
1,234
4,009| |---|---|---| |||5,243| ## **25 Related party transactions** ||There were no disclosable related party transactions during the year (2022 - none)apart from those|There were no disclosable related party transactions during the year (2022 - none)apart from those|disclosed| |---|---|---|---| ||in note 10.||| |**26**|**Cash generated from operations**|**2023**|**2022**| |||**£**|**£**| ||Surplus for the year|569,630|17,861| ||Adjustments for non-cash and non-operating items:||| ||Investment income recognised in statement of financial activities|(8,715)|(2,292)| ||Depreciation and impairment of tangible fixed assets|5,020|5,097| ||Non cash additions|(525,000)|-| ||Movements in working capital:||| ||(Increase) in debtors|(11,750)|(2,250)| ||Increase in creditors|381|15,789| ||(Decrease) in deferred income|(1,232)|(13,824)| ||**Cash generated from operations**|28,334|20,381| ## **27 Analysis of changes in net funds** The PCC had no material debt during the year. - 28 -