Charity registratlon number 1128275 THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIAWATER ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER LEGAL AND ADMINISTRATIVE INFORMATION PCC Membars Rev Dr S Vibert Rev M Smith R 81ain B Slannard P Unwin A Bames (Rèsigned 19 May 2024} A Sachak C Rye (Resigned 19 May 20241 Dr M Petkins R Vvhitehead Rev J Brown D Thomas B Parker B Gilbert K B181ri S Payne H Hall (Appointed 19 May 20241 (Appointed 19 May 20241 Charity number 1128275 Principal addrèss Christ Church Virginia Water Chrisl¢hur¢h Road Virginia Water Surrey GU25 4PT Independent &xamin•r F J Wilde FCCA MBA DChA Wamer Wlde 4 Marigold Drive Bisley Surrey GU24 9SF Bankers Bardays Bank PLC 71 High Slreel Staines TW18 4PS
THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER CONTENTS Pag• PCC Members, report Indèpendent examinerfs report ststement of finanoal actiwties Balance sheet 10 Notes to the financial slalemènls 12-30
CHRIST CHURCH VIRGINIA WATER The PCC members present their annual report and financial statement5 for Ihe year ended 31 December 2024. The financial statements have been prepared in accordance with rhe accounting policies set out in notes to the financial statements and comply with the PCC'S governing documenr, the Charities Act 2011 and 'Accounting and Reporting by Charities- Statement of Recommended Practi£e applicable to charities prepaflng theiT account5 in ac£ordance with the Financial Reporting Standard 3pplicable in the UK dnd Republic of Irelané IFRS I Q21" leffeciive l January 20191. Structure, Governance and Management The Parochial Church Council of the E£desiB5tical Parish of Christ Church Vlrglniawater I"Christ Church Virginia Water"} is a re9isrered charity, number l 128275 entered on Ihe Register of Charities 26 February 2009. As a church wirhin the Church of England ICofEI, Christ Church Virginia Water ICCW is constituted within the Parochial Church Counci15 IPower51 Measure 1956. Members of the ParochiaS Church Courtcil IPCCI are either ex-officio or elected by Ihe Annual Parochial Chur£h Meeting IAPCMI In acctsrdance with the Church Repre5eniarion Rules and. by dinr of membership, become the charity's Trustees. All Church attendees are encouraged to register on the Electoral Roll and to consider standing for election io the PCC. Prospective new PCC members I trusrees are advised of PCC membership and Trusteeship duties and responsibilitie5 by means of receipi and discussion of Ihe CofE PCC Standing Orders and the Trtssteeship booklet praduced jointly by the Archbishop's Council and the Charity Commlssion. PCC members are required to complete an HMRC Fit and Proper Persons Declaration. and 3 Charlty Commission"Declaration of Eligibility for Newly-Appointed Trustees.. PCC menibers are required to complete safeguarding trainlng And to hold a valid DBS ceriificaie. The PCC usually meets every second Month. The PCC is responsible for policy direcrion and decisions, approval of significant non-rcutine expenditure. identification, assessmeni and mirigarion of risks. and oiher sigmificant decision-making. Including the rewew of any proptssals Submitted by church Sub-committees. The Standing Committee. a sub-set of the PCC rnember5hip meets, if necessary, between PCC meeiings to lake urgent decisitsns on ihe PCC'S behalf. The Incumbent (Vicar) seNes as Chair to the PCC and as senior manager to the Church Staff Team. which comprises seven PCC-employÈd staff. During the year Ihe following served ès members of the PCC.. Incun7bent/ Vicar fchair)." Rev Dr Simon Vibert. Associate Vicar.- Rev Matthew smith ' Children & F&milie5 Pastor." Rev Jeremy Brown Churchwardens." Mrs. Bev Gilbert ' Ifrom APCM) Mr. Roger Blain Safeguarding Officer.. Mr5. Pamela Unwin Represenrative5 orp rhe DeanerySyfPOd.. Dr. Margaret Perkins Mrs. Kathleen Blai
CHRIST CHURCH VIRGINIA WATER Structure, Governance and Management (Continued) ElectedMenpber5.' Mrs. Pamela Unwin. Dr. Margaret Perkins Mr. Akeel Sachak Mr. Rod Whiiehead Mr. Ben Siannard Mr. Ben Parker Mr. Oave Thomas Mrs. Kaihleen Blain Mr. Steve Payne (from APCM) Mrs. Helen Hall lrfrom APCAI} a150 47 Standing Commltrée member In the ptsrsuit of its Chrlstian charitable objeciives Christ Church Virginia Water co-operates on an ongoing basis with l O Mission Partners offering both praciical involvement and regular financial support in the form of grants. All are UK-regi5tered charitie5. The dailymanagement of rhe Church and its events is delegated by the PCC to an administrarive team con515ting tsf tw¢ part-time staff and the full-time Operations Manager. Mrs. Annetts Ross. This team is supported by several thurch members 4*ho volunteer their time to a55i5t with clerical and administrative tasks, and Many more who help with servlces, refreshments, catering and running events. Trustees Annual Report for 2024 Introdurtion and8ack9mund Christ Church PCC is responsible for co-operating Wlth the incumbent, Rev Dr Simon Vibert. In PTom¢ting the whole rnission of Ihe Church- pastoral, evangelistic, social and ecumenical. It also ha5 overs19ht of the financial affairs of Chri5r Church Virginia Warer an£f responsibility ftsr the mainrenance of rhe buildings. The Mission of ChrASt Church reYnain5 to know Jesus &nd make Jesus known.. This mission underpin5 the Church's wsion. In ihe Comiruniy. For the Communiiy." To ihe Glory of God" The number of people on the Church's Electoral Roll during rhe year was 160 1166 in 20231 and the avèrage weekly adult attendance at Sunday sèrvices was 186 1174 in 20231. Both the 2024 and 2023 attendance figures include attendance in person dnd online. Rewew of the Year When reviewing our airns and objectives and plannlng our future activities. we have referred to the guidellnes in rhe Charity Commis5ion'5 guidance on public benefit. In particular. rhe trustees, on an on-going basis. consider how planned activities will contribute to the aims and obJectives they have set. Christ Church ha5 a public duty & charge to the 'carÈ of stsuls. for the Parish of Virginia Water. The overall ministry and work of the PCC. the Clergy and the stsff Team embraces this charge. All the Church'5 5eryices and activitie5 are accessible and open to the general publit Ilng within and beyond the Parish boundarie5. As an Anglican church we serve parishioners through the arrangement of baptisms. funerals. and weddings including wedding preparation.
CHRIST CHURCH VIRGINIA WATER Trustees, Annual Report for the Year Ended 31 December 2024 IConttnued} Additionally, at Christmas, Easter and Harvest we run specific services and events for the wider communlty and on Remembrance Sunday we meet our civic responsibilities to Ihe Parish. Other activities that demonstrate our commitment and serwce to the communlty include the regular use of Church'premises by a branch of Community Bible Study and a Women's Bible Study grovp on Thursday mornings. We also welcome StudÈnts and Young Adult5 10 lunch each Sunday and host a social Youih night on Friday evenings open to all. Each monih we serve a two-course lunch open to anyone in the local community providing fellowship and nourishment. We have a weekly parentlcarer and toddler5 session on Wednesdav mornings. We also run family focussed activities for younger children at the Virginia Water Communiry Centre several times a year. In following Jesus, it is possible to live wthin a Church fan7ily that boih bullds up and srrengthens its own members and can also be a blessing ro the wider community in whlch we live. One of our key objectives is to be a Church which 15 relevant for'seekers, as well as believers. aswell as being relevant to the wider community. Objettives for the year to advance the Vision of the Church The Purpose of Chr15t Church is knowjésus andmakejesus 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 & GrOn9- we want to be a growing church. feaching people both in and beyond the Parish. Maturing & Equipping - being a healthy church thai helps Church members grtsw in their faith and be the body of Christ. wilh a srrong sense of community created by home groups and proattive pastoral care. Influencing & Carin9 - 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. Spre3ding & Promoting we want to be a connected church, which spreads & promote5 rhe Good News in the community and beyond through contemporary, media friendly, communication. Serving & Sharing we will seek to be a re50urcing 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, Transformlng Lives" 2. ActileS to achleve the object(ves During the year we continued 10 run three 5ervice5 on a Sunday, at 8.30am, 7 0.30am and 6.30pm. Children attending the l 0.30am service regularly attend age-appropriaie Sunday club aciivities. We have seen some encouraging growth in the Sunday serwces, making up for some of the ground lost during the Covid years. We conrinued with our hybrid model of Ilve services which are filmed and streamed on YouTube online. The YouTube broadcasts are also available for delayed viewing Nia Christ Church'5 YouTube channel.
CHRIST CHURCH VIRGINIA WATER Trustee5' A#nyal Report for the Year £nded 31 December 2024 IContÉnued} 2. AalvieS io achTeve the objettives Ictsntinued) Development of our Vlslon.. Below are some of the highlights of what we havo done to further rhe 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 actyvities include door to door visiting wilh well-produced fliers and materials,. the use of outside banners to promote courses and activities., running Alpha and Christianity Explored.. a monthly lunch open to anyone in the community.- free children's actiwities, boih in rhe Church and at the Virginia Water Community Centre.. meals for Royal Holloway Student5. and staff presence at many other community events. As a result, the Church has grown numerically in the past year. Maturing & Equlpplng.. The prime place for this ministry is the Connect Groups, wth about a third of the congregation at these daytitne and evenin9 meetings. We also run one-off training events in evangelism, and pastoral matters, as well a5 re50urcing the Parochial Church Council through its regular meeiings and annual day away. In 2024 we started discussing revamping and refurbishing the Church. This will be a 3-pFJa5e project, over rhe next 3 year5, which include5 upgrading of church carpets and chairs, and improving office and meeting space. Initially we will use Ibe £72,514 in the designaied Church Improvement Fund and will Ihen fundraise to complete the project. Influencin9 & Caring." We have a Pastoral Care team who seek to support members of the church and community in need. We have a WhaisApp group open to church members For prayer and for co-ordinating practical 5UPPOrt su£h as wslting those in h05Pital. Pastoral Care also happens through the Connect Group network and Ihe work of the Good News Café montlily meal. We visit the local residential care homes in rhe parish ar least once per month and provide boih 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 Wentworih Golf Club and the Royal British Legion happen naturally through congregation member5. and Christ Church presente at their events has grown this past year. We also have a gazebo at Ihe Virginia Water Tiail offering frÈe refreshments and literature. Serving & Sharing.. We seek to Use our re50urce5 for Ihe benefit of the wlder Churth. This includes supporting and sending Some of our members for further ministry and trainlng. We have artive links with national and overseas mission organisarions, which include5 financial 5UPPOrt, as well as invitations t¢ Christ Church to report on progress. The Vicar teaches and supervises church pastors & educators around the world who are pursuing their Doctor of Ministry, through Gordon Conwell Theologi1 Seminary in Boston. USA. He also teaches on the Dlocesan LLM and Caleb Church of England Iraining schemes based in the Ditscese of Guildford. The Church gives support to the Vicar in his teaching and writing. by allowing some of his time to further this aspert of the Church's vision. 3. nancIal Report We 5taried 2024 budgeting for a deficit of £35.000 on the General Reserve fund (similar to 2023 when we had recorded a deficit of £31,662, prior ro Ihe Iransfer of £40,000 frotn our One-off Gift ReseNel. This budgeted deficit would have brought our General Fund Reserve5 down to about £1 00,000, the middle of our targeted range. The 2024 outcome on the General Fund was a surplus of approx. £15,000, SOMÈ £50,000 better than expected, This was due to danation income being £39,000 higher than budget, and expenses being approx. £1 1.000 lower than bud9et. primarily because we did not need to pay rent on the Associate Vicar's accommodation from September 2024. which saved £1 1,000.
CHRIST CHURCH VIRGINIA WATER Trustees, Annual Report for the Year Ended 31 Oecember 2024 Iconiinuedl 3. Nnancial Report Icontynued) 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 estatÈ. The bungalow was 501d for £515,000 aNd we also received £144,408 from the residue of the estate lof which £1 00,OQO was received in 2023 and £44.408 in 20241. This was by far rhe largest 9ift the church has received in irs 170-year history. The proceeds were invested in a much larger sewni-detached 4-bedrooM house in Wirginla Water. ¥vhich has been re-named 'Merle's Place" in her mernory. We also received a wonderful gift of £37,500 from a member of the church family, which funded most of the refurbishment Needed on the house. Our volunteÈr Property Committee did an excallent job co-ordinating the repairs and improvements in anly 5 ¥veeks, and our Associate Vicar and his famlly moved into the property In Seprember 2024. They vacated a nearby iented house, which Is saving the <hurch £2,750 a month in rental payments. Our Associate Vicar's 3-year contrait ends in Septernber 2025. and Ihe plan is for him to be replaced by a curate will probably live in the house. Reseryes Poll The PCC 15 of the opinion that. well-managed expenditure and a continuing emphasis on congregational srewardship* the appropriate target for free reserves to prowde sufficient working capiral for the church would be of the order of £70.000 10 £130,000 to allow for fluciuarions in giving level5. At the end of 2024 we had £147.452 In the unresrricted and undesignated General Fund, which is the only "free. reserve. so modestly above the upper limit. We are budgeting for a deficit on the General Fund of approx. £7,000 in 2025, which would brlng free reserves doser to the upper limit. Note that in addition to the General Fynd, at the end of 2024 we had £1,037,056 in other unrestricted fvnds, bur all these funds are designated for specific purposes. The largest is the Fixed Asset Reserve of £938,880 which 15 the amount of reser¢es represented by OUT Fixed Assets, mainly the tsvo houses that we own to accon)modate clergy. The second largesi designated fund is the Church Improvement Reserve of £72.514. This reserve was created by the PCC when we sold OUT church hall many years ago. The designation reflects the desiTe to spend this fnoney on church buildings. rather than on general running costs. Rernuneration of Key Mana9ement Personnel The pay and remuneration of the Key Management Personnel. namely the Vicar and Assoclate Minister. are set by the Diocese.
CHRIST CHURCH VIRGINIA WATER Trustees. Annual Report toi the Year Ended 31 December 2024 (Continuedl 4. Safe9uardin9 Risk assessments are carried out for all activlties where the PCC has responsibllity. The PCC manage risks through the Church of England Safeguarding Dashboard which outline5 all activities for children and vulnerable adults undertaken on behalf of ihe PCC and their associated risk asse55mÈnts. Thè Church of England safeguarding Hub is used to creère a database for all roles that involve safeguarding and monitors individual tTaining record5 and DBS £eriification to ensure they remain in date. Safeguarding is a standing item on the PCC agenda and a Safeguarding Audit and Action Plan Is presented annually to the PCC for review at thejanuary PCC meeting. The principal policy document (Health & Safetyl, which sets out the main risks to which the Church is exposed, was updared and approved by the PCC in SÈptember 2023. It relates to fire, lightning Strike. food safety. elecrrical appliances. gas appliances. and others. Appmvedby rh& PCC l&h March 2025 Rev. 5Imon Vlbert (frust and Chalrman 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 fin8ncial slalemellls of Th6 PCC of the Ecdesiastical Parish of Christ Church Virginia Water (the PCCI for the year ended 31 December 2024. Rèsponsibilities and basis of report As the PCC members of thé PCC you are responsible lor the preparation of the f5nanaal 5taltsrnenls in accordance wth the requirernents of the Charities A¢t 2011 Ilhe 2011 Act). I report in respect of my examination of the PCC'S financ4al slalernenls [rIed 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 14515llbl of the 2011 Act. An independent examination has been carried out rather than an audit as a dispensation has been given by the Charity Comrni5sion pursuant lo s3413llbl Charities (Accounts and Reports) Regulations 2008. Indepénd•nt axamlnerfs statement Since the PCC'S gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am 8 member of the Association of Chartered Certified Accountants, which is one of the listed bodies. Your attèntion is drawn to the fact that thè charity has prepared financial statements in accordance wrth Accounting and Reporting by Charities preparing their 8coounts in accordance with the Financial Reporting Standard applicable in the UK 8nd Republic of Ireland IFRS 1021 in pieference lo the Accounting and Reporting by Ch3ri1ies'. Statement of Recommended Pra¢ti¢e issued on 1 April 2005 which is referred lo in the extant regulation5 bul has now been withdrawn. l understand that this h8s been done in order for financial ststements to proiride a true and fair view in a¢¢ordance 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 matt&rs have come to my 8ttenlion in connection with the examination giving me cause to believe that in any material respect.. accounting record5 were not kept in respect of the PCC as required by section 130 of the 2011 Act,. or the financial slalements do not accord wilh those ie¢ords', or the financial slatements do not corllply with the applicable requirements conceming the form and conlenl of accounls set out in the Charities (Accounts and Reports) Regulations 2008 othÈr than any requirement that the accounts give a true and f8ir view which is not a matter ¢onsidered as part of an indepandent examination. I have no concems and have come aeross no other matters in Connectitsn with the examination to which altention should be drawn in this report in order to enable a proper undeTslanding of the financial statements to be reached. F J Wilde FCCA M&4 DChA Warner Wilde 4 Marigold Drive eisley Surrey GU24 9SF Dated.. Ilp &o-4
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 2024 CutTent flnanclal yèar Unrestricted Unrastrictèd fund$ funds general d&signated 2024 2024 Restricted funds Total Total 2024 2024 2023 Notes Income from: Donations 8nd legacies Charitable aetiwties Investments 403,333 23,530 11,773 83.754 388 38.764 525,851 23,918 11,773 1,042,605 34,241 8,715 Total Incomè 438,636 84.142 38,764 561,542 1,085,561 Expenditure on: Raising funds Charilable actiwties 402 389,504 402 492,969 95 515,836 54,870 48,595 Total 8xpènditure 389,906 54,870 48.595 493,371 515,931 Net gainslllossesl on investments 13 110,0001 110.0001 Nat Incoméllexpenditure) 48,730 19,272 19.8311 58.171 569.630 Transfers between funds 134.1621 30.127 4.035 Net movemènt In funds 10 14.568 49,399 15,7961 58,171 569.830 Re¢onciliation of funds.. Fund balances al 1 January 2024 132,884 987.657 8,283 1,128,824 559,194 Fund balances at 31 December 2024 147,452 1,037,056 2,487 1,186.995 1,128,824 The statement of financial adi7t1es includes all gains and losses Tecognised in the year. All income and expenditure derive from continuing activities.
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 2024 Prior financial year Unrestricted Unrestricted funds funds generdl designatéd 2023 2023 Restri¢ied funds Totsl 2023 2023 Nots$ Income from= Donations and legacies Charitable acliwties Investments 360,447 23,439 8,715 630.883 10.249 51,275 553 1,042,605 34,241 8,715 Total income 392,601 641,132 51,828 1,085,1 Expenditu on- Raising funds Charitable activities 95 380,923 95 515,838 72,951 61.962 Totsl expenditur8 381,018 72,951 61.962 515,931 Net incomellexpenditurèl 11,583 568,181 110,1341 569,630 Transfers between funds {3,2451 4,445 11,2QOI Net movement in funds 10 8,338 572,626 (11,3341 569,630 Reconciliation of funds- Fund balances 811 January 2023 124,546 415.031 19,617 559,194 Fund balances at 31 Decembèr 2023 132,884 987,857 8,283 1.128,824
THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER BALANCE SHEET AS A T 31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets Investments 15 16 941,217 105,670 273,123 690,000 1,046,887 963,123 Current assets Debtors Cash al bank and in hand 18 20.845 151.155 19.423 173.092 172,000 192,515 Credltors.. amounts falling due wlthin one yèar 19 {31,8921 126,8141 Nèt ¢urrent assets 140,108 165,701 Totsl assets less current liabilities 1,186,995 1,128,824 The funds of th• PCC Restricted income funds Unrestricted funds- general Unrestricted funds- designated 22 24 23 2,487 147,452 1.037,056 8,283 132,884 987,657 1,186,995 1,128,824 i& io The finanu81 statements were approved by the PCC mèmbèrs on ......................... Rev Dr S Vibert Trustee and Chaimian of the PC¢ 10
THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 29 65,074 28,334 Investing activities Pureh8se of tangible fixed assets Pro¢eeds from disposal of investment property Purchase of other investments Proceeds from disposal of other investments Investment income received 1673,1141 110,0001 12,670) 587,000 11.773 1165,0001 8,715 Net Cash used in investing actlvities 187,011) {156,2851 Net cash used in financlng activities Net decrea$e cash and cash eqylvalènts 121,9371 1127,9511 Cash and cash equivalents at beginning of year 173,092 301,044 Cash and ¢ash equivalents at end of year 151,155 173.092
THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng polleies Charity Infomiation The PCC of the Ecdesiastieal Parish of Christ Church Virginia Water is a charity registered in Englan(S and Wales constitutes under the Parochial Church Council Powers Measure 1195618s smended and church representalion rules. 1.1 Accounting conventlon The finan¢i81 Statements have been preparèd in accordance with the PCC'S Igoverning docutrentl, the Charities AGI 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. I"FRS 1021 and the Charities SORP "A¢¢ountirig and Reporting by Charities." Statèment of Recommended Practi applicable to charities prepanng their 8ccounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iieland IFRS 1021" leffective 1 January 20191. The PCG is a Public 8enefrt Entity as defined by FRS 102. The finanaal statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to Ihe extent required lo provide a true and lair view. This dep8rture has involved following the Statement of Recommended Pr3¢1ice for charities applying FRS 102 ralher than the version of the Statèment of Recommended Practi which is referred to in thè Regulations but which has since been withdrawn. The finanaal statements are prèpared Sterling. which is the functional currenw of the PCC. Monetary 8mounls in these finaneAal statements are rounded to the nearest £. The financial statements havè been prepared under the historical cost ¢onvenlion. The principal accounting policies adopted are set out below. 1.2 Golng conc•m At the time of approving the financial statements. the PCC members have a reasonable expeciation that thè PCC has adequate resources lo continue in operational exstenCe for the foreseeable future. Thus the PCC members continue lo adopt the going concem basis of accounting in preparing the financial slalemenls. 1.3 Charitable funds Unrestricted funds are available for use at the disuetion of the PCC members in furtherance of Iheir charitable objectives. Restricted fL5nds are subject to specific ¢ondition5 by donors or grantors as Ici how they may be used. The purposes and uses of the reslri¢ted funds are set out in the notes to the financial slatemenls. 1.4 Income Income 15 recognised when the PCC is legally enlilled to it after any performance condthons have been mel, the amounts can be measured reliably, and il 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 recoveiable in relation to donations received under Grft Aid of deeds of covenant is recognised at the timè of the donation. Legaaes arè r8¢0gnised on receipt or othenlSe rf 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 trèated as a contingent asset. The benefit of donated facilities is regniSed as income on an equivalent valLJe b881S. 12-
THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting polieles (Continued) Funds raised by fètes, garden parties and similar events are accounted for gross. Sales of books and magazines from the church bookst311 are accounted for gross. Rental income from the letting of ¢hur¢h premises is recognised then 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. Vc is probable that a transfer of economic benefits will be required in setttement, and the amount of the obligation can be measured reliably. Expenditure is classified by actvIty. The costs of each actmty are made up of the total of direct costs and shared costs, including 5UPPOrt costs involved in undertaking each activity. Direct costs attributable to a single actiwty are allocated directly to that a¢livity. Shared cosis which contribute to morts than one activity and support Costs which are not attributable to a single 3ctiwty are apportioned between those a11]S on a basis consistent with the use ol resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges are allocated on the portion of the as5el's use. 1.6 Tangible fixed assets Tangible fixed assets are initially measured al cost and subsèquentty measured at cost or valu8tion, net of depreciation alld any impaiimenl losses. Depreciation is recognised so as to wrile off the cost or valuation of assets less their residual values over thèir useful lives on the following bases: Freehold land and buildings Solar Panels CCTV Piano AV & IT equipment Minibuses tchen Equip. Impairment rèview 20 years Straight Line 6 years Straight Line 10 years Straight Line 6 years Straight Line 250/0 Reducing Balance 6110 years Straight Line The gain or loss arising on thè disposal of an asset Is determined as the difference belwe6n the sale PToceed5 and the carrying value of the asset. and is recognised in the $181ement of finanaal activities. Consecratèd property and movablè church furnishings Consecrated and beneficed property of any kind is excluded from the finanaal statements by s.9612}lal of the Charities Ad 2011. Movable church fumishings 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 rea50n8ble time. All expenditure incurred in the year on consecrated or beneficed buildings, or indimdual items under £1.000 or on the repair of movable church furnishings is written off. 1.7 Fixed ass&t investments Fixed asset investments are initl8lly measured at transaction price exduding transaction $ts, and are subsequently measured al fair valLJe at each reporting date. Changes in fair value are re¢ognised in net incomellexpenditurel for the yèar. Transaction costs are expensed as incurred. 13-
THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting poli¢ie$ (Continued) 1.8 Impaimient of fixed assets At each reporting end dale. the PCC rewews the c8rrying amounts of its tangible assets to delermine whether there is any indication that those assets have suffered an imp8irrnenl loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impaiment loss lif 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 malurities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Financial instruments The PCC has ele¢ted to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '01her Financial Insttumènts 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 lo the onlr8¢tu81 promsions of the instrument. Financial a55ets and liabilities ale offset, with the net amounts presented in the financial statements, when there is a legally enforceable right lo sel off the recognised amounts and thère is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basle flnancialassets Basic financial assets, which inc5ude debtors and cash and bank balan¢es. are inibally measured at transaction pri induding transaction costs and are subsequently carried at ctsst, or recov&r8blè amount, if lower. Basie financial liabillt18S Basic financial liabilities, including creditors and bank loans are initially cognised al transaction price unless the arrangement constitutes a financing transaction, where Ihe debt instrument 15 measured al the pres¢nl value of the future paymenls discounted at a market rate of interest. Financial liabililies classified as payable within one year are not amortised Trade creditors are obligations to pay for goods or servi$ that have been acquired in the ordinary COUTse 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-currènt liabilities. Trade creditors are recognised inilially at transaction price and subsequently measured at amortised cost using the effective interèst method. Dereeognition of financial Ilablliè$ Financial liabilities are derecognised when the PCC'S contractual obligations expire or 8re discharged or cancelled. 1.11 Employeè bènèfits The cost of any unused holiday entitlement is recognised in the period in which the employee's senri¢es are received. T&rmination benefits are recognised immediately as an expense when the PCC is demonslrabty comrnitted lo terminate the employment of an employee or to provide terminalion benefits. 1.12 Retiremènt benefits Payments to defined contribuiion 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 {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Critical accounting estimates and judgements In the application of thè PCC'S accounting poliu8s, the PCC members are required lo make judgements, eslimales and assumptions about the carrying 3mounl of assets and liabilities that are not readily apparent from other SOurs. The estimates and associated assumptions are based on histori1 experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and Undering assumptions are reviewed on an ongoing basi5. Revisions lo accountirig ¢stimates are recognised in the period in whi¢h 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
<0 (ry )0 ) (n ¢0 cno n ¢D P) r ov uico (O ¢FJ ¢ry cvo
- Lt) I r ¢D ¢0 ts)rO Lts Ln ¢D<na OJ ie7J*W ui (y
THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from investments Unrestrict•d UnrÈstricted funds funds 2024 2023 Interest receivable 11,773 8,715 Expenditur& on raising funds Unr•$tri¢ted Unrestricted funds funds 2024 2023 Trading costs Book s1811 costs 402 95 18-
THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 ExperEditur• on charitable activities haritable Activitie$ 2024 Charitable Activities 2023 Direct Go$ts Staff costs Depreciation and impairment Parish Pledge Staff team expenses Accornwodalion Church running expenses 113,281 5,020 124,918 4,050 28,207 27,362 112,034 5.020 129,875 3,642 35.980 33,233 F li Church property maintenance Minibus Upkeep of seN¢es Ministry costs Staff training Fees payable lo Diocese Events Kitchen Publicity IT costs 37,895 2,332 625 19,997 1,235 2,394 1,552 1,569 1.128 9.264 40,934 1,794 466 18,461 916 2,111 10.060 1,174 1,136 6,707 380,829 403,343 Grant funding of actiwlies (see note 81 28,517 15,463 Share of support and governance costs (see note 91 Support Govemance 81.685 1.938 75,146 1,884 492,969 515,836 Analysis by fund Unrestricted funds- genèral Unrestricted funds- designaled Restricted funds 389,504 54.870 48.595 380,923 72,951 61,962 492,969 515.836 19-
THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payabl'& 2024 2023 Amos Trust A Rocha Church Missionary Society lal Compassion Open Doors Tearfund UFM One Off - Amos Trust One Off - Compassion One Off - Tearfund nternational Mission Partners 3,930 3,320 4,080 360 3,520 3,520 2,400 105 150 830 22,215 4,596 3.504 4,896 360 3,504 4.544 2,400 23.804 Biblica Europe Minitries Other Intemational Misslon 250 250 East to West Trust London City Mission Ibl OM Teenslreet Icl RHUL Christian Union Idl One Off - RHUL Christian Union UK Mission Partners 3,730 250 900, 100 250 S,230 3,996 250 4,248 Wycliffe Bible Translators Other iIK Mission 272 272 Other Charities and IndivSduals 800 7,163 28.517 35,463 20-
THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payable (Continued) Notes 181 CMS IKylie and Bhiml finished Jun-2024 Ib) London City Mission partnership started Dec-2024 {cl Opeialion Mobiliation Iteen Street) partnership start6d Sep-2024 {dl RHUL regular giving replaced one-off mission week grants mid-2024 Monthly amounts to partners was re-baselined in mid-2024. Christ Church had 10 12023.. 101 Mission Partners during the ye8r, all UK based charities. They also supported 312023.. 91 other organisations. Mission Partner financi81 support totalled £27.44512023'. £27,800). There were no indiwdual restrided donations for Outward Givin during 202412023." nill. Support ¢o¥ts allocated to activities 2024 2023 Staff costs Administration Bank charges, payroll costs Governance costs 76,873 2,617 2,195 1,938 70,617 2,454 1.825 2,134 83,623 77,030 Analysed betwèon: Chaiitabl6 Activilies 83,623 77.030 Govèmance costs indudes £1,938 12023.. £1,884) paid lo the Independent Examiner for accounts prep8r81ion and indèpendent examination. 10 Net movement in funds 2024 2023 The nel movement in funds is stated aftèr chargingll¢reditingl'. Fees payable for the independent examination of the Charity's financA81 statements Depreciation of owned tangible fixed assels Loss on disposal of investment property 1,938 5,020 10,000 1,884 5,020 21
THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 PCC Members ReimbursÈment of expenses to PCC merrbeis directly relating to costs associated with their activities within the ehuich. Total reimbursed exp8ndilure to PCC members during 2024 was £3,657 foi 3 peisons 12023.. £2.893 for 3 persons). 12 Employee¥ Thè average rnonlhly numbèr of employees during the year was.. 2024 Number 2023 Number Employmènt Costs 2024 2023 Wages and sal8rie5 Social security costs Other pension costs 182,792 8.417 18.945 155,784 7,076 19,791 190,154 182,651 The wcarfs salary 15 not induded in these $18ff costs. The stipend of th8 Vi¢ar is paid by the Dir)cese through the Clergy Payroll Scheme operated by the Church of England, which also rnakes provision foi Clergy pensions. The Parish Share paid to the Diocese in 2024 totalled £124,91812023.' £129.8741 and covers salary cosls and other Diocesan expenses. There were no employees whose annual remuneration w8$ more than £60,000. Remuneratlon of key management personxÉl The remuneration of key management personnel was as follows.. 2024 2023 Aggregate compensation 87,024 83,343 13 Gains and losses on Invèstments Unrestricted Unrèstricted funds funds d&signated designated 2024 2023 Gainsl{lossesl arising on.. Sale of investment properties {10.000} -22-
THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Taxatlon The charity is exempl from taxation on its acliwlies because all its incorne is applièd for charitable purposes. 23-
no£
THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIAWATER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Tangible fixed ass•ts Icontinuedl Freehold Land & 8uildin9s comprise property 8t 6 Beechmont Avenue and 23 Boume Road. The church has committed the properties, availability for ordained members of staff and the Diocese of Guildford holds the titles as custodian Iwslee. The PCC carried out an annu81 impairment review on bolh properties to confimi that the carryng value is exceeded by the net present value of potential future cashflows and thereforè the asset is not depreciated. 16 Fix•d asset investments Llsted Unlisted investmènts Investments Total Cost or valuation At 1 January 2024 Addilions Disposals 165.000 2,870 162,0001 525.000 690,000 2,670 1587,0001 1525,000) Al 31 December 2024 105,670 1Q5,670 Carrying amount At 31 De¢amber 2024 105.670 105.670 Al 31 December 2023 165,000 525,000 690,OQQ 17 Financial instrumènts 2024 2023 Carrying amount of financial assets Instruments measured at fair value through statement of financial activities 525,000 In Nov 2023 the Charity received a leoacy of a 2-bedroom bungalow, valued at £525,000. The property was sold in the 2024 financial year. 18 Debtors 2024 2023 Amounts falling duè within one yè#r: Other debtors Prepaymènts and accrued ineome 20,200 18.809 614 20,845 19,423 25-
THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Credltors.. amounts falling due withln one year 2024 2023 Notes Other taxation and social secJJrity Deferred income Other creditors Ae¢ruals 2,258 13,021 14,675 1,938 2,407 1,771 13,315 9,321 20 31.892 26,814 20 Def8rred income 2024 2023 Other deferred income 13,021 1.771 Deferred income is induded in the finanaal staltsrnents as follows.. 2024 2023 Deferred income is included within: Current liabilities 13.021 1,771 Movéments in the year.. Deferred income at 1 January 2024 Released from previous periods Resources delerted in the year 1.771 {1.7711 13,021 3,003 {3,0031 1,771 Deferred income at 31 De¢ember 2024 13,021 1,771 21 Retirement benefit schemè$ 2024 2023 Definèd contributlon schemes Charge to Pfofil or loss in respéct of deffined contribution schemes 18.945 19,791 Thè PCC operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the PCC in an independenlty administèred fund. -28-
THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Restricted funds The restrictèd funds of the ¢harity cornprise the unexpended balances of donations and grants held on trust subjecl to speafic conditions by donors as to how they may be used. At l January 2024 Incoming resources Resources expended Trnnsfgrs At31 Decembèr 2024 GNC Associate Vicar Ukraine E¢0 fund 259 5.775 1,251 998 9.914 28,750 18,8351 {39,7601 11,2001 5,235 138 1,251 1,098 100 8,283 38,764 148,5951 4,035 2,487 Previou$ year: At l January 2023 Incoming sources Resources expended Trnnsfers At31 December 2023 Capital projèets fund Music ministry fund GNC Assoaate Vicar Ukraine Eco fund 740 3,014 2,564 1,098 2.201 10,000 1740) 13,0141 17,2421 138,4481 19501 111.568) 6,137 43,125 {1.200} 259 5,775 1,251 998 2,566 19,617 51,828 61,962 {1,200) 8,283 -27-
THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 23 Unrestricted funds- d&$ignated These are unrestricted funds which are material to the PCC'S actiwlies. At 1 January 2024 IncomFng resources Resources expendèd Tran$fe Gains and losses At31 Decèmber 2024 Outward Giving Church Improvement Fund Fixed Assets Reserve Asset Replacement Reserve Legacy fund Weekend Away Fund 4,231 1.382 128,5171 29,450 6,526 72.514 72,514 270,458 668,424 938,880 14,068 625,000 4,689 1671.716) 18,757 82.392 125,8761 110.0001 1.388 388 18771 17201 379 987,657 84.142 154.8701 30.127 110,0001 1,037,056 Previous year.. At 1 January 2023 Incoming resources Resources expended Transfers Gain¥ and losses At31 December 2023 OuhMard Giving Church Property Repair Church Extension One Off Gifts Rèserve Fixed Assets Reserve Asset Replac&m8nl Reserve Legacy fund Weekend Away Fund 8.162 2,080 135.4631 29.452 4.231 9,831 3.803 128,6271 14.3 72,514 72.514 40.000 140,0001 275.145 14.6891 270.456 9,379 4,689 14,068 625,000 625.000 10,249 18.8611 1,388 415,031 641,132 172,9511 4,445 987,857 28-
THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIAWATER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of don81ions and grants which are not subje¢t 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 unreslri¢led funds by the Irustees for specific purposes. At l January 2Q24 Incoming rèsources Resour¢es expended Transfèrs At31 D•cember 2024 General funds 132,884 438,636 1389,9061 134.1621 147,452 PVIouS yèar: At 1 January 2023 Incoming resources Resoureès expended Transfers At31 December 2023 General funds 124.546 392.601 1381,0181 13,2451 132,884 2S Analysis of net assets bètween funds Unrestricted Unrestrictsd funds funds gèneral (lesignated 2024 2024 Rèstrlcted funds Totsl 2024 2024 At 31 Deeémb&r 2024.. Tangible assets Investments Current assetsllliabilitiesl 2.337 105,670 39,445 938,880 941,217 105,870 140,108 98,176 2.487 147,452 1,037,058 2,487 1,186,995 Unrestricted Unrestricted funds funds general designated 2023 2023 Réstrtct&d funds Totsl 2023 2023 At 31 December 2023- Tangible assets Investments Current asselsllliabilitiesl 2,670 165,000 134,7861 270,453 525,000 192,204 273,123 690,000 1,701 8,283 132,884 987,657 8,283 1,128,824 29-
THE PCC OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH VIRGINIA WATER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 26 ContingentAsset In 2023. we received a legacy fiorn the estate of a member of the church. Merle Adams. The lègacy comprisÈd her bungalow and a share of the residue of her eslale. The bungalow was valued at £525.000 and was included in current assets until sold for £515,OOQ in 2024. The loss on disposal of £10,000 was accounted for as a loss on investment (note 131. Interim payment of £100,000 in relation to the residue was rèceived and recognised as income in December 2023. The estate's solicitors indicated that the fillal payment would be rnade during 2024 when the est31e was finalised. This remainder of the legacy was expected to be approx. £40,000 and wes viewed as a ¢onlingent asset 8ince the amount and date of reIpl were uncertain. In 2024. a final sum of £44,409 was received. 27 Operating lèase commitménts Lessee Al the reporting Énd date the PCC had outstanding commilmenis for future minimum lease payments under non-cancellablfr opeialing leases, which fall due as follows.. 2024 2023 Wlhin one year Between two and fivè years 1,234 1,542 1.234 2,776 2,776 4.010 28 Relatsd party transactions There were no dis¢5osable related party transactions during the year12023 - none) apart from those disdosed in note 11. 29 Cash generated from opèrdtions 2024 2023 Surplus for the year 58,171 569,e30 Adjustrllenls for non-eash and non-operating items.. Investmènt income recognised in statement of financial activitiès Loss on dispos31 of investment pioperty Depreciation and impairment of tangible fixed assets Non cash additions {11,7731 10,000 5,020 18,7151 5,020 1525,0001 Movemenls in working ¢8pilal'. Ilncreasel in debtors IDe¢reaseifincreasè in creditors Increaselldecreasel in deferr inc4)me 11,4221 16,1721 11,250 111,7501 381 {1,2321 Cash generntsd from operdtions 65.074 28,334 The PCC had no material debt during the year -30-