## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER**
## **AUDITED TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2024**
**THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER**
|**Contents**|**Page**|
|---|---|
|Administrative Information|1|
|Report of the Trustees|2 to 7|
|Auditor’s Report|8 to 11|
|Statement of Financial Activities|12|
|Balance Sheet|13|
|Cash Flow Statement|14|
|Notes forming part of the Financial Statements|15 to 36|
**Page 1**
**THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER ADMINISTRATIVE INFORMATION AT 31 DECEMBER 2024**
CHARITY REGISTRATION NUMBER
1128305
TRUSTEES as at 31/12/24: The Rev Simon Taylor Mr Dudley Hilton The Rev Simon Willetts Mr Martin Lambert Ms Janice Arnold Mrs Jill Mace Mrs Sarah Black Mrs Leonora Miles Mr William Bryans Mrs Hilary Reeve Mr David Chadwick Mr Adrian Sadler Mr Sebastian Cheek Mr Graham Sopp Mr Andrew Dunn Mr Malcolm Smith Mr Patrick Elshen Mr Ian Tomes Mrs Karen Hart Mr David Wilkin Mr Michael Hawkey Mr James Wilson PRINCIPAL OFFICE: Church Office Old Rectory, Old Rectory Gardens Godalming, Surrey GU7 1XB ACCOUNTS: Lesley Reeves Tuesley Tax & Accounts 6 Tuesley Corner Godalming, GU7 1TB PAYROLL: AJ Bennewith and Co., Chartered Accountants 18 Farnham Rd, Guildford GU1 4XA AUDITORS: Moore (South) LLP Suite 3, Second Floor, Friary Court 13-21 High St, Guildford, Surrey, GU1 3DG BANKERS: NatWest Bank Limited 280 Bishopsgate London EC2M 4RB INVESTMENTS: The CBF Church of England Funds Senator House, 85 Queen Victoria Street London EC4V 4ET SOLICITORS: Moore Barlow LLP, The Oriel, Sydenham Road GUILDFORD GU1 3SR
**Page 2**
**THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024**
## **Introduction**
The PCC members, who are also the charity’s trustees, submit their annual report and the audited financial statements for the year ended 31 December 2024. The trustees have adopted the Church Accounting Regulations 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK & Republic of Ireland, FRS102 second edition, and the Charities Act 2011.
## **Governing Document**
The Parochial Church Council of the Ecclesiastical Parish of Busbridge was registered with the Charity Commission on 27th February 2009. Following the merger with the neighbouring parishes of Hambledon and Godalming under a Parochial Scheme dated 7[th] August 2023 it was renamed The Parochial Church Council of Godalming Minster (PCC) with effect from 1[st] January 2024. Its governing document is the Parochial Church Council (Powers) Measure (1956) and under this measure the PCC has the responsibility of “co-operation with the minister in promoting in the parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical”. It is also responsible for the maintenance of the churches of St. John the Baptist, Brighton Road, Busbridge, St Marks, Franklyn Road, Godalming, Ss Peter and Paul, Church Street, Godalming and St. Peters, Hambledon as well as other parish buildings.
## **Objectives, Activities and Public Benefit**
The mission of Godalming Minster is expressed as “Follow Jesus”, “Love People” and “Renew Faith”. Specific objectives in support to that mission are:
- To build a worshipping and praying community
- To evangelise and spread the gospel of Jesus Christ
- To provide excellent youth and children’s work
- To support our church schools
- To provide a care network for the bereaved, elderly and lonely
- To develop and empower church and lay leaders
- To provide facilities at the centre of our community
The PCC is aware of the Charity Commission’s guidance on public benefit in “The advancement of religion for the Public Benefit” and has regard to it in their administration of the Minster.
The PCC believes that by promoting the Christian faith it provides a benefit to the public by:
1. Providing facilities for public worship, building community, pastoral care and spiritual development, both for existing church members and for anyone who wishes to benefit from what the church offers.
2. Promoting Christian values, and service by members of the church in and to their community, to the benefit of individuals and society as a whole.
## **Achievements and Performance**
The number of people on the electoral roll as at 31 December 2024 was 469 (2023: 229, 449 after the merger with Hambledon and Godalming). For 2024, average weekly attendance was as shown in the table below (2023 for Busbridge alone: 128 adults and 31 children).
**Page 3**
**THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER REPORT OF THE TRUSTEES FOR THE YEAR ENDED AT 31 DECEMBER 2024 (continued)**
## **Achievements and Performance (continued)**
|**Congregation**|**Adults**|**Children under 16**|
|---|---|---|
|Hambledon|38|6|
|Franklyn Road|39|3|
|Brighton Road Classic|41|4|
|Brighton Road 6pm|30|5|
|Church St 8am|16|0|
|Church Street Choral Eucharist|43|1|
|Church Street Choral Evensong|33|1|
|Church Street Contemporary|99|27|
|Church in the Park|35|19|
|Total weeklyaverage|260|45|
Youth and Children’s work provided a broad range of activities during the year, with the main Sunday morning children’s group for the average of 27 children attending the Church Street Contemporary service. Children’s work was also provided at some Hambledon and Franklyn Road services. A Youth Group runs at Brighton Road on Sunday evening together with an increasingly popular Friday night social (typically with over 30 young people) and midweek Youth Café (typically over 30 young people from years 4-6) at Franklyn Road. Five toddler groups took place during each week in the various Minster locations. Marcus Hockley left the team in August 2024 and a replacement as Children and Families Pastor is being sought. Juliet Gilbert left in October 2024 and was replaced as 0-4 Children’s worker by Sophia Barnes.
The Older Person’s Ministry led by Penny Naylor continued to provide very valuable pastoral support with hearing aid clinics and social activities throughout the year.
The church continued to use volunteers to support activities as much as possible, although recruitment of volunteers has still not fully recovered from the Covid disruption. In particular, volunteers continued to be active in providing pastoral support, organising small group and children’s activities, leading worship and providing technical support.
Having opened in March 2022, the Yew Tree Café in Brighton Road continued to grow through 2024, as part of the church’s outreach to the wider community. It continues to involve the employment of a full time manager and two part-time assistant managers as well as around 20 volunteers. Revenue continued a generally upward trend since opening, reaching a level at which VAT registration was required from October 2023. Recognising the outreach aspect of the café, PCC has budgeted for a small deficit each year. The deficit remained higher than planned in 2024, but prices have now been increased to address this.
**Page 4**
**THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER REPORT OF THE TRUSTEES FOR THE YEAR ENDED AT 31 DECEMBER 2024 (continued)**
## **Structure, Governance and Management**
The PCC lay members are elected from the individuals registered on the parish electoral roll. The members holding office during the year 2024, and up to the date of this report, were as follows:
## **Ex Officio**
Incumbent The Rev Simon Taylor (until January 2025) Associate Ministers The Rev Simon Willetts The Rev John Harkin (until October 2024) The Rev Sheila Samuels (until August 2024) Curate (in training) The Rev Patrick Samuels (until August 2024) Churchwardens Mr William Bryans Mr David Wilkin Licensed Lay Ministers Mr Dudley Hilton LLM Representative on PCC (Other LLMs: Dr Peter Shaw, Mrs Clare Haddad, Mr Keith Harper and Mrs Philippa Baker)
## **Elected Lay Members**
Ms. Janice Arnold (Deanery Synod) Mr Martin Lambert (Treasurer) Mrs Sarah Black Mrs Jill Mace (Deanery Synod) Mr. David Chadwick Ms Leonora Miles Mr Sebastian Cheek Mrs Hilary Reeve Mr Andrew Dunn Mr Adrian Sadler Mr Patrick Elshen Mr Malcolm Smith (Deanery Synod) Mr Gavin Harper (until June 2024 ) Mr Graham Sopp (Deanery Synod) Dr Karen Hart Mr Ian Tomes Mr Michael Hawkey (until March 2025) Mr James Wilson Mr Stephen Kinder (until November 2024)
All PCC members are commissioned each year and agree to fulfil their responsibilities as they are best able. An annual declaration of conflicts of interest is completed by each member.
PCC held six regular meetings during the year plus one special meeting in June 2024. All PCC members are encouraged to take an active part in one or more sub-committees. The Governance group met to set the agenda for each regular PCC meeting and to consider issues pertaining to management and finances. Day to Day management of the charity is delegated to the Rector, this office being held by the Reverend Simon Taylor until 5[th] January 2025. Pending the appointment of a new Rector, the Churchwardens assume responsibility for the Parish with support from the Associate Rector Simon Willetts.
**Page 5**
**THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER REPORT OF THE TRUSTEES FOR THE YEAR ENDED AT 31 DECEMBER 2024 (continued)**
## **Recruitment and Appointment of Trustees**
Lay church members are encouraged to stand for election to the PCC. They are proposed and seconded by anyone on the electoral roll prior to election at the Annual Parochial Church Meeting. With the formation of Godalming Minster a Special Parochial Church Meeting was held on 7[th] January 2024 to appoint new PCC members. Elected lay members of the PCC hold office for three years and are eligible to stand for a second three-year term after which they are required to take a one year break before standing again.
## **Training of Trustees Policy**
New PCC members receive written information on the work of the PCC and their responsibilities as members. Training is tailored to individual needs depending on the experience of the individual involved.
## **Summary of Results, Achievements and Financial Review**
## **INCOMING RESOURCES**
Total income for the year was £981,745 (2023: £846,153).
Total unrestricted income amounted to £840,808 (2023: £788,379), the largest contribution to which related to planned giving, which including gift aid was £393,114 (2023: £429,247). Also included is a further grant of £46,000 from Guildford Diocese to assist with establishing the Minster in 2024 (£25,000 was received in 2023).
## **RESOURCES USED**
Total resources expended for the year was £1,044,455 (2023: £1,077,848), of which £787,903 (2023: £976,102) was from unrestricted funds, with parish share, £169,834 (2023: £203,857) being the highest single cost.
Total employment costs, including social security and pension contributions totalled £229,599 (2023: £243,602).
## **UNRESTRICTED FUNDS**
At year end unrestricted funds were £731,002 (2023: £305,843).
Of this total, £351,711 is in the General Fund while the balance of £379,291 is held in various designated funds. Further details of all Unrestricted Funds can be found in note 23 on page 32.
## **RESTRICTED FUNDS**
At the year end restricted funds were £3,038,512 (2023: £3,675,800).
Further details of all Restricted Funds can be found in note 22 on page 30-31.
**Page 6**
**THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER REPORT OF THE TRUSTEES FOR THE YEAR ENDED AT 31 DECEMBER 2024 (continued)**
## **FUTURE PLANS**
The Minster was formally launched with a celebratory service in St. Peter and Paul Church, Godalming on 14[th] January 2024. In September 2024, the Rector, Simon Taylor announced that after 14 years’ faithful service he would be resigning with effect from January 2025. The recruitment process to identify a new Rector took place during early 2025 and Rev Chris Lion has been appointed with a formal licensing scheduled for 18[th] September. In the meantime, under the leadership of the Churchwardens and Associate Rector the work of the Minster continues to share the good news of Jesus with Godalming and beyond. It is intended to continue to offer the full range of activities and worship styles across all four Minster locations. As a specific project, consideration will be given to potential upgrade of the central Godalming location in Church Street to create a more welcoming and warm environment for both Sunday worship and wider community events.
Grant funding from central church via Guildford Diocese supporting the creation of the Minster will continue until end 2025, by which time Minster income will need to have grown or there will be a need to scale back some activities commensurate with then available funding.
## **RISK POLICY**
The PCC recognises its responsibilities for managing risk. There are risk assessment protocols in place for all church activities on and off site. The PCC maintains a formal Risk Register, which is reviewed on an annual basis. The principal risks and uncertainties identified relate to (a) loss of income if voluntary giving were to fall substantially and (b) dissatisfaction of key employees or volunteers. These risks are actively managed in line with the risk register.
## **RESERVES POLICY**
It is the policy of the charity and the trustees to maintain unrestricted funds, some of which are designated for specific purposes. The aim is to hold sufficient unrestricted funds to meet the unrestricted expenses of the PCC for at least six months in case of a substantial fall in income - this is approximately £300,000 on an ongoing basis. The status of unrestricted reserves and decisions regarding those designated for specific purposes are reviewed annually by PCC, normally as part of the budget setting process for the following year.
## **INVESTMENT POLICY**
The PCC has a policy of holding shares in the CBF Church of England Investment Fund to obtain a higher longterm return than available from a standard deposit account, provided that at least £150,000 is retained in immediate access accounts paying little or no interest. In addition, the PCC holds the Investment Properties as detailed in Note 15.
**Page 7**
**THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER REPORT OF THE TRUSTEES FOR THE YEAR ENDED AT 31 DECEMBER 2024 (continued)**
## **TRUSTEES’ RESPONSIBILITIES**
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2019 (FRS102) second edition;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the Parochial Church Council on 2025
Martin Lambert, Treasurer
David Wilkin, Churchwarden William Bryans, Churchwarden
**Page 8**
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER**
## **Opinion**
We have audited the financial statements of The Parochial Church of Godalming Minster (formerly The Parochial Church Council of the Ecclesiastical Parish of Busbridge) (the ‘charity’) for the year ended 31 December 2024 which comprise Statement of Financial Activities, Balance Sheet, Cash flow and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
## **In our opinion the financial statements:**
- give a true and fair view of the state of the charity’s affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
**Page 9**
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER (continued)**
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or
- the charity has not kept adequate accounting records; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we required for our audit.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 7, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councils website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
**Page 10**
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER**
## **(continued)**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below **.**
## **Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud**
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.
Our approach was as follows:
- The engagement partner selected staff for the audit led by persons who had sufficient experience, along with the required competence and skills in the not-for-profit sector to be able to identify or recognise non-compliance with laws and regulations.
- We assessed the risk of irregularities as part of our audit planning, and ongoing review, including due to fraud, management override was identified as a significant fraud risk from our assessment. This is due to the ability to bypass controls and disclosure requirements.
- Completeness of income was also judged a significant risk, most specifically in relation to the café income, as there is a risk income could be recognised in the incorrect period or omitted.
- Some income received is restricted in its use and a significant risk was identified regarding the correct classification of income between restricted and unrestricted funds and that the expenditure against this income was in line with any specified restrictions.
- We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered the most significant to be Charities Act 2011, the Charity SORP, UK financial reporting standards as issued by the Financial Reporting Council, Church Accounting Regulations and Gift Aid compliance. We considered how the charity complies with these requirements by discussions with management and those charged with governance.
- We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations. Consideration was also made of internal controls in place to mitigate the significant risks.
- We assessed the control environment, documenting the systems, controls and processes adopted. The audit approach incorporated a combination of controls testing, where appropriate, analytical review and substantive procedures, involving tests of transactions and balances. Any irregularities were discussed with management and additional corroborative evidence was obtained as required.
To address the risk of fraud through management override we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify any unusual transactions;
- reviewed sensitive nominal ledger codes,
- reviewed the disclosures within the financial statements to ensure that they meet the requirements of the accounting standards and relevant legislation; and
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.
**Page 11**
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER (continued)**
To address the risk of fraud through revenue recognition we:
- agreed a sample of income received from source documentation through to the accounting records;
- reviewed and agreed income either side of the year end to ensure income was recorded in the correct period;
- discussed with management to confirm there was no further income to be included; and
- reviewed board minutes for evidence of any further unrecorded income
In response to the classification of income and expenditure between restricted and unrestricted we:
- completed analytical work, compared to prior year and budget;
- agreed a sample of income recorded in the nominal ledger to source documentation to ensure any restrictions were correctly identified;
- agreed a sample of expenditure per the nominal ledger to supporting documentation, confirming any restriction applied met the purpose for which the income was given; and
- reviewed the clients analysis of restricted funds for any obvious misallocations of income or expenditure;
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
## **Use of our report**
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.
## **For and on behalf of Moore (South) LLP, Statutory Auditor**
Moore (South) LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
## **Suite 3, Second Floor, Friary Court 13-21 High St Guildford, Surrey, GU1 3DG**
**Page 12**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER STATEMENT OF FINANCIAL ACTIVITIES AT 31 DECEMBER 2024**
|**Notes**
**Income**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Other
7
**Expenditure**
Raising funds
8
Charitable activities
9
Other costs
10
**Net income before investment gains**
Gains / (losses) on investments 15 / 17
**Net income / (expenditure)**
Transfers between funds
22 / 23
**Net movement in funds**
**Reconciliation of Funds:**
Total funds brought forward
Total funds carried forward|**Unrestricted**
**Restricted**
**Total**
**Total**
**Funds**
**Funds**
**2024**
**2023**
**£**
**£**
**£**
**£**
603,076 140,753 743,829 608,634
162,879
- 162,879 158,544
22,909
- 22,909 19,856
49,155
184 49,339 57,330
2,789
- 2,789 1,789|
|---|---|
||840,808 140,937 981,745 846,153|
||19,290
- 19,290 10,915
738,146 256,552 994,698 1,040,630
30,467
- 30,467 26,303|
||787,903 256,552 1,044,455 1,077,848|
||52,905 (115,616)
(62,711) (231,695)
12,154 (161,572) (149,418)
231,918|
||65,059 (277,188) (212,129)
223
360,100 (360,100)
-
-|
||425,159 (637,288) (212,129)
223
305,843 3,675,800 3,981,643 3,981,420|
||731,002 3,038,512 3,769,514 3,981,643|
Notes 1 - 30 on pages 15 - 36 form an integral part of these accounts.
**Page 13**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER BALANCE SHEET AT 31 DECEMBER 2024**
|**Notes**
**Fixed Assets**
Tangible assets
14
Investments
15
**Current Assets**
Stock
Debtors
16
Investments
17
Cash at bank and in hand
**Current Liabilities**
Creditors: amounts due within one year
18
**Net Current Assets**
**Total Assets less Current Liabilities**
Creditors: amounts due after one year
19
**Total Net Assets**
**The Funds of the Charity**
Restricted
22
Unrestricted
23
**Total Funds**|**2024**
**2023**
**£**
**£**
2,270,343 2,311,828
1,000,000 1,525,000|
|---|---|
||3,270,343 3,836,828
290 920
50,207 52,605
360,887 345,306
621,765 346,586|
||1,033,149 745,417
(93,978) (160,602)|
||939,171 584,815|
||4,209,514 4,421,643
(440,000) (440,000)|
||3,769,514 3,981,643|
||3,038,512 3,675,800
731,002 305,843|
||3,769,514 3,981,643|
Approved by the Parochial Church Council on: 2025 and signed on its behalf by:
David Wilkin William Bryans Churchwarden Churchwarden
Martin Lambert Treasurer
**Page 14**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER CASH FLOW STATEMENT AT 31 DECEMBER 2024**
|**Notes**
**Cash flows from operating activities**
**Net cash from operating activities**
27
**Cash flows from investing activities**
Interest & rents from investments
Sale / (purchase) of investments
Purchase of fixed assets
**Net cash used in investing activities**
**Cash flows from financing activities**
Repayments of borrowing
**Net cash used in financing activities**
**Change in cash and cash equivalents**
**Cash and cash equivalents at beginning of year**
**Cash and cash equivalents at end of year**|
30,049
360,000
-|**2024**
**£**
(34,870)
390,049
(80,000)|46,415
-
-|**2023**
**£**
(214,989)
46,415
-|
|---|---|---|---|---|
||(80,000)||
-||
||||
||
|||275,179
346,586||(168,574)
515,160|
|||621,765||346,586|
**Page 15**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS AT 31 DECEMBER 2024**
## **1. ACCOUNTING POLICIES**
## **1.1 Basis of Preparation**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), and the Charities Act 2011.
The financial statements are prepared on a going concern basis under the historical cost convention, with the exception of investment properties and current asset investments which are included at market value.
The financial statements are prepared in sterling which is the functional currency, and amounts have been rounded to the nearest pound.
The charity is a public benefit entity as defined by FRS102 and is unincorporated.
The merger on 1[st] January 2024 of the three former parishes making up the Minster has been accounted for according to Section 27 : Charity Mergers of the Charities SORP. For further details and a breakdown of the Net income and Funds attributable to each of the constituent parishes see Notes 29 and 30 on page 36 of this report.
## **1.2 Going Concern**
The PCC has assessed whether the use of the going concern basis is appropriate and has considered possible events or circumstances that might cast significant doubt on the ability of the charity to continue as a going concern. Particularly on account of a continuing broad base of voluntary giving, the available reserves and the ability to manage expenditure in line with any future variation in income, the going concern basis is still considered appropriate.
## **1.3 Income**
- Planned giving, sundry and other donations, and collections are recognised when received by the PCC.
- - Income tax recoverable on donations eligible for Gift Aid is recognised when the donation is received and when eligibility (a valid Gift Aid declaration) is established.
- Legacies are accounted for at the earlier of:
- the date on which the charity is aware that probate has been granted;
- the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made; or
- when a distribution is made from the estate.
Receipt of a legacy, in whole or part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
- Grant Income is recognised when the PCC is notified of its legal entitlement and the amount due.
- - Income from certain charitable activities including the Café and the Bridge magazine is subject to VAT, which is payable on a part business basis. VAT on attributable costs is reclaimable.
- Other trading activities include parochial fees from weddings and funerals, and use of the church buildings. Along with income from fundraising, these are recognised in the period in which the event takes place.
- Investment income, including rental income, is accounted for in the period in which the charity is entitled to the receipt.
**Page 16**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2024**
## **1. ACCOUNTING POLICIES (continued)**
## **1.4 Resources Expended**
All expenditure is accounted for on the accruals basis inclusive of VAT.
- Raising funds includes those costs related to the management and repair of the investment properties and direct costs associated with fundraising activities.
- Charitable expenditure includes operating costs of the Café and the Community Centre, costs related to the production and sale of The Bridge, as well as other expenses including grants relating to relevant projects undertaken. The charity allocates specific costs to the various activities that they undertake and determine those that can be treated as restricted in the accounts.
- VAT is payable on a part business basis and VAT on attributable costs is reclaimed.
- Grants are charged in the year that they are approved for payment. No grants are deferred.
- Other costs include all expenditure not related to raising funds or the charitable activities undertaken.
## **1.5 Corporation Tax**
The charity is exempt from corporation tax according to schedule 3 of the Charities Act 2011.
## **1.6**
## **Support Costs**
Support costs are those functions that assist the work of the charity but do not directly relate to raising funds or charitable activities. These costs are allocated between the expenditure categories of the charity on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly whilst others are apportioned on an appropriate basis.
## **1.7 Donated Services and Goods**
Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.
In accordance with the Charities SORP, the services of volunteers are not reflected in the Statement of Financial Activities as their donated time is not quantifiable.
## **1.8 Fixed Assets**
## _Consecrated land and buildings and movable church furnishings_
Consecrated and beneficed property is not reported within these financial statements in accordance with the Charities Act 2011. No cost or value is placed on movable church furnishings held by the church wardens on trust for the PCC and which require a faculty for disposal since the PCC considers them to be inalienable property. All expenditure on consecrated buildings and movable church furnishings, whether maintenance or improvement, is written off as expenditure in the Statement of Financial Activities.
## _Freehold properties_
Freehold properties held for use by the PCC with a value linked loan are stated at deemed cost. The Trustees deem the residual value to be at least equal to cost. Therefore, no depreciation is charged.
Other freehold properties held for use by the PCC are stated at cost. The non-land cost is depreciated over 10 years on a straight line basis.
**Page 17**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2024**
## **1. ACCOUNTING POLICIES (continued)**
## **1.8 Fixed Assets (cont.)**
## _Office equipment and fixtures and fittings_
Individual items with a purchase price of £1,000 or less are written off on purchase. Office equipment used by the PCC, and fixtures and fittings in its properties, are depreciated so as to spread the cost of each asset, less its estimated residual value, over its expected useful life of 4 years.
## **1.9 Investment Properties**
All Investment properties are included in the accounts on an open market basis as estimated by the trustees. Unrealised gains and losses are taken to the Statement of Financial Activities.
## **1.10 Stock**
Stock is trading stock held by the Café and is recorded at the lower of cost and net realisable value.
## **1.11 Debtors**
Other debtors are recorded at settlement amount. Prepayments are valued at the amounts prepaid at the balance sheet date.
## **1.12 Current Asset Investments**
Investments are recognised initially at cost, which is the transaction price less transaction costs. Subsequently, the investments are included at closing mid-market value at the balance sheet date. Any gain or loss is taken to the Statement of Financial Activities.
## **1.13 Cash at Bank and in Hand**
Cash at bank and in hand includes cash and short term highly liquid investments with short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **1.14 Creditors**
Trade and other creditors are recognised when the charity has a present obligation resulting from past events and can be measured or estimated reliably. Creditors are recognised at their settlement amounts.
## **1.15 Public Benefit Concessionary Loans**
Interest free loans were generously provided by some church members to facilitate the Old Rectory project. These loans have not been discounted per FRS 102 section 13 and 14.
## **1.16 Financial Instruments**
The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **1.17 Pensions**
The PCC operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities in the year they are payable. The assets of the scheme are held separately from those of the PCC in an independently administered fund. The pension charge represents the amounts payable to by the Charity in the year.
**Page 18**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2024**
## **1. ACCOUNTING POLICIES (continued)**
## **1.18 Funds**
## _**Unrestricted Funds**_
Unrestricted funds represent the funds of the PCC that are not subject to any restrictions regarding their use and that are available for application to the general purposes of the PCC. They include Designated Funds earmarked by the PCC for a particular purpose. The PCC has six Designated Funds: the Youth (Designated) Fund, holding the proceeds of the sale of 34 High Ridge in 2024, The Bridge (magazine) Fund, the Nexus Fund, the Yew Tree Café Fund, the St Marks Community Centre Fund and the Minster Startup Fund. Note 23 describes the funds and their purposes.
## _**Restricted Funds**_
Restricted funds fall into two categories: Restricted Income Funds are funds of the PCC that are subject to restrictions on their use imposed by the donor, that is, they are funds given for a specific purpose and the PCC cannot use them to meet its general purposes without donor permission. Once the donor purposes have been fulfilled, the resulting asset, if any, is transferred to the relevant capital fund.
The Property Fund is a Restricted Capital Fund (or endowment). The PCC holds expendable endowment properties for operational use (the Old Rectory and 14 Phillips Close) and investment (Church Cottage and School House). Income generated by these properties is unrestricted and available for general purposes, apart from 14 Phillips Close which is further restricted as to its use. The proceeds on the sale of 34 High Ridge during 2024 were designated by the PCC for Youth activities.
## **2. JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY**
In the application of the charity’s accounting policies, the trustees 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.
## **Key sources of estimation uncertainty**
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
## _Determination of values of investment property_
The trustees review the valuation of each of the investment properties at the end of each year based on their knowledge of the market and house sales in and around the year from internet research, with validation by local estate agents with knowledge of the market from time to time. If the trustees’ valuation is inaccurate then the valuation of investment property in the financial statements will be misstated. The valuation basis of each property is described in Note 15.
**Page 19**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2024**
## **3. Donations and Legacies**
|**Incoming resources from donors**
Planned giving Gift Aid
Tax recoverable - Planned
Planned giving non Gift Aid
Sundry donations
Tax recoverable - Sundry
Collections
Special Collections
Tax recoverable - Collections
Directed gifts
Word and Worship
Old Rectory
Youth projects
Hambledon clergy fund
Church St fabric
Tower project
Minster Family Support Fund
Moss Lane
Minster grants
Other grant income
Legacy income|**Unrestricted**
**Restricted**
**Total**
**Total**
**Funds £**
**Funds £**
**2024 £**
**2023£**
267,469
- 267,469 299,967
71,524
- 71,524 75,830
54,121
- 54,121 53,450
14,730
- 14,730 9,361
1,260
- 1,260 3,640
15,978
- 15,978 15,725
- 2,088 2,088 3,707
3,671 194 3,865 1,279
4,244
- 4,244 1,217
- 21,165 21,165 21,173
- 4,850 4,850 20,608
- 24,998 24,998 4,950
- 17,690 17,690
-
- 3,805 3,805
-
- 63,106 63,106
-
- 2,857 2,857 6,881
64,191
- 64,191 55,000
46,000
- 46,000 25,000
400
- 400 7,846|
|---|---|
||543,588 140,753 684,341 605,634
59,488
- 59,488 3,000|
||603,076 140,753 743,829 608,634|
Included in 2023 was £57,774 of restricted income.
## **4. Charitable Activities**
|
Seniors activities
Youth & Children activities
The Bridge magazine
Nexus
Yew Tree Café
St Marks Community Centre|**Unrestricted**
**Restricted**
**Total**
**Total**
**Funds £**
**Funds £**
**2024 £**
**2023 £**
642
- 642 733
5,155
- 5,155
1,552
9,435
- 9,435
9,483
2,059
- 2,059
1,783
82,388
- 82,388 81,342
63,200
- 63,200 63,651|
|---|---|
||162,879
- 162,879 158,544|
All income from charitable activities was unrestricted in 2023.
**Page 20**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2024**
## **5. Other Trading Activities**
|**rading Activities**||
|---|---|
|PCC fees and services
Facilities use|**Unrestricted**
**Restricted**
**Total**
**Total**
**Funds £**
**Funds £**
**2024 £**
**2023 £**
15,744
- 15,744
19,694
7,165
- 7,165
162|
||22,909
- 22,909 19,856|
All income from other trading activities was unrestricted in 2023.
## **6. Income from Investments**
|**6. Income from Investments**||
|---|---|
|Bank interest:
Short term deposit accounts
Rents:
34 High Ridge
Church Cottage
School House|**Unrestricted**
**Restricted**
**Total**
**Total**
**Funds £**
**Funds £**
**2024 £**
**2023 £**
7,313 184 7,497
8,310
- -
- 10,665
16,042
- 16,042 16,500
25,800
- 25,800 21,855|
||49,155 184 49,339 57,330|
All investment income in 2023 was unrestricted. 34 High Ridge was sold in October 2024 and the net proceeds designated for Youth ministry.
## **7. Other Ordinary Incoming Resources**
|Other income|**Unrestricted**
**Restricted**
**Total**
**Total**
**Funds £**
**Funds £**
**2024 £**
**2023 £**
2,789
- 2,789
1,789|
|---|---|
||2,789
- 2,789
1,789|
All Other Ordinary Incoming Resources in 2023 was unrestricted.
**Page 21**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2024**
|**ds**
Investment property costs|**Unrestricted**
**Restricted**
**Total**
**Total**
**Funds £**
**Funds £**
**2024 £**
**2023 £**
19,290
- 19,290 10,915|
|---|---|
||19,290
- 19,290 10,915|
## **8. Raising Funds**
All costs for raising funds in 2023 were unrestricted.
## **9. Charitable Activities**
|**9. Charitable Activities**||
|---|---|
|**Grants**
Outward giving
Minster Family Support Fund grants
Foodbank grants
Special collections
Directed gifts|**Unrestricted**
**Restricted**
**Total**
**Total**
**Funds £**
**Funds £**
**2024 £**
**2023 £**
8,243 16,382 24,625 14,030
- 3,750 3,750 6,450
28,885
- 28,885 17,783
- 3,710 3,710 5,608|
||37,128 23,842 60,970 43,871
3,295 - 3,295 1,217|
||40,423 23,842 64,265 45,088|
Included in 2023 are grants from restricted funds of £12,058. Details of grants made in the year are set out in Note 11.
**Page 22**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2024**
|**Ministry**
Parish share
Churches Together
Clergy expenses
Rectory costs
Clergy fees
Clergy employment costs
Service costs
Word & Worship
Youth & Children ministry
Seniors ministry
Other ministry
Minster start up costs|**Unrestricted**
**Restricted**
**Total**
**Total**
**Funds £**
**Funds £**
**2024 £**
**2023 £**
169,834 - 169,834 203,857
2,070 - 2,070 960
3,022 - 3,022 4,796
983 - 983 887
7,334 - 7,334 4,954
45,078 20,006 65,084 68,129
3,897 - 3,897 13,605
1,272 14,125 15,397 729
29,080 60,147 89,227 77,940
16,905 2,104 19,009 18,415
9,057 - 9,057 69,148
33,338 - 33,338 46,921|
|---|---|
||321,870 96,382 418,252 510,341|
Included in 2023 are restricted fund costs of £729.
## **Training**
|**Training**||
|---|---|
|Training
**Parish Activities**
The Bridge magazine
Nexus
Yew Tree Café operations
Café depreciation
St Marks Community Centre|4,828
- 4,828 2,828|
||9,584 - 9,584 9,321
854 - 854 701
92,741 - 92,741 92,784
2,904 - 2,904 2,904
40,551 - 40,551 59,361|
||146,634
- 146,634 165,071|
All training and parish activities costs in 2023 were from unrestricted funds. St Marks Community Centre runs the Foodbank.
**Page 23**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2024**
||**Unrestricted**|**Restricted**|**Total**|**Total**|
|---|---|---|---|---|
||**Funds £**|**Funds £**|**2024 £**|**2023 £**|
|**Property Costs**|||||
|Church running costs|56,419|1,727|58,146
|56,795|
|Church maintenance|15,937|-|15,937
|35,483|
|Upkeep of churchyards|14,777|-|14,777
|14,546|
|Re-ordering|-|-|-
|13,522|
|Quinquennial|-|-|-
|834|
|Old Rectory running costs|13,346|-|13,346
|12,644|
|Depreciation Old Rectory|-|38,333|38,333
|38,333|
|Old Rectory project|-|2,051
|2,051
|7,973|
|Tower project|-|94,217|94,217|-|
|Loan interest Phillips Close|8,470|-
|8,470
|8,128|
|Phillips Close running costs|5,984|-
|5,984
|10,659|
||114,933|136,328|251,261|198,917|
|Included in 2023 are restricted fund costs|of £59,828.||||
|**Support Costs**|||||
|General administrative costs|36,293|-|36,293
|30,917|
|Administration salaries|72,918|-|72,918
|86,974|
|Depreciation|247|-
|247
|494|
||109,458|-|109,458|118,385|
All support costs relate to charitable activities (2023 - all relate to charitable activities from unrestricted funds).
**Total Charitable Activities Expenditure** 738,146 256,552 994,698 1,040,630
**Page 24**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2024**
## **10. Other Costs**
|**10. Other Costs**|||||
|---|---|---|---|---|
||**Unrestricted**|**Restricted**|**Total**|**Total**|
||**Funds £**|**Funds £**|**2024 £**|**2023 £**|
|Audit fees|15,000|-|15,000|12,000|
|Audit fees - prior year under-accrual|117|-|117|2,012|
|Accountancy & payroll|13,322|-|13,322|11,116|
|Bank charges|2,028|-|2,028|1,175|
||30,467|-|30,467|26,303|
|All 'other costs' for 2023 were from unrestricted funds.|||||
|Other costs relate to the governance costs of the charity.|||||
## **11. Grants in Year**
|**Grants to organisations**
Elam Ministries
Busbridge Junior School
St Marks School
Trinity Trust
Farncombe Community Garden
Five Talents
Church Army
Smaller donations < £100
**Grants to individuals**
Staniford Children
MFSF grants
Foodbank grants
|**Total**
**2024**
**£**
3,100
3,000
3,000
1,000
995
360
250
230|
|---|---|
||11,935
16,400
3,750
28,885|
||60,970|
The grant to Elam was raised in the 2023 Christmas Appeal. The Staniford grant was the fund held for the children of Lisa Staniford. St Marks Foodbank grants are in food, vouchers and cash.
**Page 25**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2024**
## **12. Staff Costs**
|**aff Costs**||
|---|---|
|Wages and Salaries
Employer National Insurance costs
Employer pension costs|**2024**
**2023**
**£**
**£**
213,930
231,772
9,470
6,490
6,199
5,340|
||229,599
243,602|
These costs include the youth minister, youth and children's workers, seniors ministry leader, administrative staff, café paid staff and St Marks Community Centre paid staff.
The average number of full and part-time staff during the year was 13 (2023 - 14).
No employees received emoluments in excess of £60,000 (2023 - None).
## **13. PCC Members' Remuneration**
The PCC members did not receive any remuneration in the year (2023 - None).
PCC members expenses of £6,057 (2023 - £6,797) were reimbursed in the year.
**Page 26**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2024**
## **14. Tangible Fixed Assets**
|**Cost or valuation**
At 1 January 2024
Additions / (Disposals)
At 31 December 2024
**Depreciation**
At 1 January 2024
Charge in year
At 31 December 2024
**Net Book Values**
At 31 December 2023
At 31 December 2024|**Freehold**
**Office/Other**
**Fixtures &**
**Properties**
**equipment**
**Fittings**
**Total**
**£**
**£**
**£**
**£**
2,514,590
26,498
11,618 2,552,706
-
-
-
-|
|---|---|
||2,514,590
26,498
11,617 2,552,706|
||209,544
26,251
5,083 240,878
38,333
247
2,905 41,485|
||247,877
26,498
7,987 282,363|
||2,305,046
247
6,535 2,311,828|
||2,266,713
-
3,630 2,270,343|
Fixtures & Fittings are café fittings and equipment.
## _Freehold Properties_
The property at 14 Phillips Close was purchased in 1991 for occupation by assistant clergy for £102,000 plus incidental costs with assistance of a value linked loan of £102,000 from the Church Commissioners. In 2016 the church adopted FRS102 and therefore began to carry 14 Philips Close at a deemed cost of £440,000. The value linked loan is repayable either when the house is sold or ceases to be occupied by a licensed person. The terms of the value linked loan are such that the amount due to the Church Commissioners represents a fixed percentage of 100% of the value of the property. Interest is charged by the Church Commissioners at 3% per annum on the amount originally borrowed, the rate rising annually in line with increases in the retail price index and in 2024 was 8.3%. For 2024 the total interest paid on this value linked loan was £8,470.
The freehold properties are held within the Restricted Property Fund.
**Page 27**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2024**
## **15. Investment Properties**
|**Cost or valuation**
At 1 January 2024
Additions / (Disposals)
Realised Gain / (Loss)
Unrealised Revaluation Gain / (Loss)
At 31 December 2024|**2024**
**2023**
**£**
**£**
1,525,000
1,331,000
(360,000)
-
(115,000)
-
(50,000)
194,000|
|---|---|
||1,000,000
1,525,000|
The property at 34 High Ridge was sold in October 2024 for £360,000 and the net proceeds were designated for use in the Youth ministry. This represented a £115,000 loss against the 2023 valuation of £475,000 in December 2023. The historic cost of this property was £83,950.
School House was valued by the trustees at £550,000 in December 2024 based on current market conditions. The historic cost of this property is £400.
Church Cottage was valued by the trustees at £450,000 in December 2024 based on current market conditions. The historic cost of this property is £75,492.
The investment properties are held within the Restricted Property Fund as expendable endowments.
**Page 28**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2024**
## **16. Debtors**
|**Amounts receivable within one year**
Gift Aid recoverable
Prepayments & accrued income
Other debtors
**17. Current Asset Investments**
Market value at 1 January 2024
Additions / (Disposals)
Realised Gain / (Loss)
Unrealised Gain / (Loss)
At 31 December 2024|**2024**
**2023**
**£**
**£**
48,371 30,706
1,207 21,899
629
-|
|---|---|
||50,207 52,605|
||**2024**
**2023**
**£**
**£**
345,306 307,388
-
-
8,863
6,718 37,918|
||360,887 345,306|
The cost of investments is £234,384 (2023 - £225,521).
## **18. Creditors Falling Due Within One Year**
|**Due Within One Year**||
|---|---|
|Trade creditors
Accruals
Taxation and Social Security
Other creditors
Old Rectory Project loan
At 31 December 2024|**2024**
**2023**
**£**
**£**
19,244
9,695
67,618 66,803
3,665 (146)
3,451
4,250
- 80,000|
||93,978 160,602|
The Old Rectory loan was repaid in October 2024.
**Page 29**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2024**
## **19. Creditors Falling Due After More than One Year**
|**ue After More than One Year**||
|---|---|
|Church Commissioners Equity Loan
At 31 December 2024|**2024**
**2023**
**£**
**£**
440,000
440,000|
||440,000
440,000|
The Church Commissioners loan is not due until 14 Phillips Close is sold and matches the asset value. Interest is payable at 3% per annum on the amount originally borrowed, this rate rising annually in line with increases in the retail price index and in 2024 was 8.3%.
## **20. Old Rectory Project Loan**
|Due within one year
At 31 December 2024|**2024**
**2023**
**£**
**£**
-
80,000|
|---|---|
||-
80,000|
The remaining £80,000 of the interest free loan was repaid in October 2024.
## **21. Retirement Benefit Schemes**
## **Defined Contribution Schemes**
The employer charge in respect of defined contribution schemes was £6,199 (2023 - £5,340).
At the year end, no contributions were outstanding (2023 - £nil).
**Page 30**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2024**
## **22. Restricted Funds**
|**22. Restricted Funds**||
|---|---|
|Property Fund
Minster Family Support Fund
Prime Time Fund
Word and Worship
Youth and Children
Old Rectory Project
Re-ordering Project
Staniford Children Fund
Special Collections Fund
Hambledon Clergy fund
Church Street Fabric Fund
Tower Project
Total Restricted Funds|**1 January**
**2024**
**Incoming**
**resources**
**Outgoing**
**resources**
**Transfers In /**
**(Out)**
**Unrealised**
**gains**
**31 December**
**2024**
**£**
**£**
**£**
**£**
**£**
**£**
3,390,046
-
(38,333)
(360,000)
(165,000)
2,826,713
73,502
2,856
(3,750)
(100)
3,216 75,724
2,104
-
(2,104)
-
-
-
60,652
21,165
(34,131)
-
212 47,898
35,149
24,998
(60,147)
-
-
-
45,478
4,850
(2,051)
(25,000)
- 23,277
29,578
-
-
-
- 29,578
16,382
-
(16,382)
-
-
-
1,055
2,282
(3,710)
-
- (373)
-
17,690
-
-
- 17,690
21,854
3,990
(1,728)
-
- 24,116
-
63,106
(94,217)
25,000
- (6,111)|
||3,675,800
140,937
(256,553)
(360,100)
(161,572)
3,038,512|
## **Restricted funds for the year ended 31 December 2023**
|Property Fund
Church Family Support Fund
Prime Time Fund
Word and Worship
Youth and Children
Old Rectory Project
Re-ordering Project
Staniford Children Fund
Special Collections Fund
Church Street Fabric Fund
Total Restricted Funds|**1 January**
**2023**
**Incoming**
**resources**
**Outgoing**
**resources**
**Transfers In /**
**(Out)**
**Unrealised**
**gains**
**31 December**
**2023**
**£**
**£**
**£**
**£**
**£**
**£**
3,234,380
-
(38,334)
-
194,000
3,390,046
66,039
6,881
(6,450)
-
7,032 73,502
2,104
-
-
-
-
2,104
38,026
21,172
(728)
-
2,182 60,652
30,199
4,950
-
-
- 35,149
32,843
20,608
(7,973)
-
- 45,478
43,100
-
(13,522)
-
- 29,578
14,553
-
-
-
1,829 16,382
2,500
4,163
(5,608)
-
-
1,055
30,233
3,107
(11,486)
-
-
21,854|
|---|---|
||3,493,977
60,881
(84,101)
-
205,043
3,675,800|
**Page 31**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2024**
## **22. RESTRICTED FUNDS (continued)**
1. The Property Fund - the PCC's properties are held in this Restricted Capital Fund as an expendable endowment (see Accounting Policy Note 1.18 for further details). The Old Rectory was purchased in 2018 and transferred into the Property Fund. 34 High Ridge was sold in October 2024 for £360,000 and the net proceeds designated for use in the Youth ministry. Church Cottage and School House are currently let. The income from the properties, when let, is not restricted.
2. The Minster Family Support Fund holds funds received to support those in need, as agreed by the Stewards.
3. The Special Collections Fund holds funds raised for specific purposes, and are paid out as grants to the nominated organisations (see Note 11).
4. The Prime Time Fund was closed in 2024 after applying the remaining £2,104 to 2024 costs.
5. The Staniford Children Fund was closed in 2024 and £16,382 paid out to the family for the use of the children of the late Lisa Staniford to provide financial support and assistance for their education and wellbeing.
6. The Word and Worship Ministry Fund holds donations specifically provided to fund the cost of a worship leader, along with contributions towards the word and worship ministry costs.
7. The Old Rectory Fund relates to monies raised for the purchase of the former church rectory, its conversion for use as an office / community centre, and related projects. The related projects were principally conversion of Church Cottage (the former office) to residential use as an Investment Property and refurbishment of the Church Centre as a Café, which was completed in 2022. Purchase of the Old Rectory was completed in 2018 and the asset transferred to Tangible Fixed Assets for operational use. In 2024 £25,000 of the residual fund was transferred to the Tower project on the agreement of some of the original donors.
8. The Re-Ordering Project holds funds given for the removal of pews from, installation of a wooden floor, and related upgrading work in the main church at Busbridge. Phase 1 of this project was completed in 2019, and further work was done in the following years, although somewhat delayed on account of Covid-19. The work is now largely complete.
9. The Youth and Children Work Fund holds monies given specifically for projects to support work with young people. This restricted fund was closed in 2024 after applying its funds to 2024 costs. The Designated Youth fund, holding the proceeds of the sale of 34 High Ridge, takes over this role.
10. The Hambledon Clergy Fund holds monies given for the recruitment of another minister with responsibility for Hambledon.
11. The Church Street Fabric Fund combines the Fabric and Organ Fund from the former Godalming Parish.
12. The Tower Project holds funds raised in 2024 for the repair of the Busbridge church tower. It remains open as donations to cover the deficit continue to be received.
**Page 32**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2024**
|**23. Unrestricted Funds**
**Designated Funds**
Operational Reserve
Youth Ministry
The Bridge magazine
Nexus
Yew Tree Café
St Marks Community Centre
Minster
General Fund
Total Unrestricted Funds|**1 January**
**2024**
**Incoming**
**resources**
**Outgoing**
**resources**
**Transfers In /**
**(Out)**
**Unrealised**
**gains**
**31 December**
**2024**
**£**
**£**
**£**
**£**
**£**
**£**
156,227
-
-
(156,227)
-
-
-
6,471
(29,080)
354,432 - 331,823
721
9,435
(9,584)
- -
572
872
2,059
(2,079)
- -
852
6,598
82,388
(95,646)
6,883 -
223
30,540
64,302
(69,552)
-
-
25,290
7,869
46,000
(33,338)
- - 20,531|
|---|---|
||202,827
210,655 (239,279)
205,088 - 379,291
103,016
630,153 (548,624)
155,012 12,154 351,711|
||305,843
840,808(787,903)
360,100 12,154 731,002|
## **Unrestricted funds for the year ended 31 December 2023**
|**Designated Funds**
Operational Reserve
The Bridge magazine
Nexus
Yew Tree Café
St Marks Community Centre
Minster
General Fund
Total Unrestricted Funds|**1 January**
**2023**
**Incoming**
**resources**
**Outgoing**
**resources**
**Transfers In /**
**(Out)**
**Unrealised**
**gains**
**31 December**
**2023**
**£**
**£**
**£**
**£**
**£**
**£**
138,788
-
-
- 17,439 156,227
559
9,483
(9,321)
- -
721
1,110
1,783
(1,921)
(100)
-
872
11,327
81,342
(95,688)
9,617 - 6,598
44,033
63,651
(77,144)
-
-
30,540
29,790
25,000
(46,921)
- - 7,869|
|---|---|
||225,607
181,259 (230,995)
9,517 17,439 202,827
270,215
577,120 (744,238)
(9,517)
9,436 103,016|
||495,822
758,379(975,233)
- 26,875 305,843|
**Page 33**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2024**
## **23. UNRESTRICTED FUNDS (continued)**
1. The Operational Reserve Fund was closed in 2024 whilst sufficient funds are available for Minster ongoing costs.
2. The Bridge Fund holds funds received for the publication of "The Bridge" magazine, published six times per year. Income and expenses for The Bridge are shown separately in notes 4 and 9 respectively.
3. The Nexus Fund holds funds raised for the group’s activities as well as grants to its chosen charities.
4. The Yew Tree Café Fund holds the operating assets of the café which opened in March 2022. The deficit in 2024 was £10,354 before depreciation (2023: £11,442). Net cash from operations was a deficit of £6,883 (2023: £9,617) which has been covered by a transfer from General Funds.
5. St Marks Community Centre operates the Foodbank, distributing food, vouchers and cash in the local community and providing support. The 2024 deficit was £5,250.
6. The Minster Fund holds grants from Guildford Diocese in order to establish the Minster in 2024. Including the £46,000 received in 2024, a total of £101,000 has so far been received.
## **24. Analysis of Net Assets between Funds**
|**Restricted Funds**
Property Fund
Minster Family Support Fund
Prime Time Fund
Word and Worship
Youth and Children
Old Rectory Project
Re-ordering Project
Staniford Children Fund
Special Collections Fund
Hambledon clergy fund
Church Street Fabric Fund
Tower Project
**Total Restricted Funds**
Unrestricted Funds
**Total Funds**
|**Net**
**Liabilities**
**Total**
**Fixed**
**current**
**over one 31 December**
**assets**
**assets**
**year**
**2024**
**£**
**£**
**£**
**£**
3,266,713
(440,000)
2,826,713
75,724
75,724
-
-
47,898
47,898
-
-
23,277
23,277
29,578
29,578
-
-
(373)
(373)
17,690
17,690
24,116
24,116
(6,111)
(6,111)|
|---|---|
||3,266,713
211,799 (440,000)
3,038,512
3,630
727,372
-
731,002|
||3,270,343
939,171(440,000)
3,769,514|
**Page 34**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2024**
## **24. Analysis of Net Assets between Funds - 2023**
|**Restricted Funds**
Property Fund
Church Family Support Fund
Prime Time Fund
Word and Worship
Youth and Children Work
Old Rectory Project
Re-ordering Project
Staniford Children Fund
Special Collections Fund
Church Street Fabric Fund
**Total Restricted Funds**
Unrestricted Funds
**Total Funds**
|**Net**
**Liabilities**
**Total**
**Fixed**
**current**
**over one 31 December**
**assets**
**assets**
**year**
**2023**
**£**
**£**
**£**
**£**
3,830,046
(440,000)
3,390,046
73,502
73,502
2,104
2,104
60,652
60,652
35,149
35,149
45,478 - 45,478
29,578
29,578
16,382
16,382
1,055
1,055
21,854
21,854|
|---|---|
||3,830,046 285,754 (440,000)
3,675,800
6,782 299,061
305,843|
||3,836,828 584,815(440,000)
3,981,643|
## **25. Operating Leases**
## **Lessee**
The charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
|Due within one year
Due between one and five years
**Lessor**
The charity was due minimum lease payments under non-cancellable leases
of investment properties, which fall due as follows:
Due within one year|**2024**
**2023**
**£**
**£**
3,219 4,106
4,695 7,913|
|---|---|
||7,914 12,019|
||**2024**
**2023**
**£**
**£**
10,200 18,500|
||10,200 18,500|
**Page 35**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2024**
## **26. Related Party Transactions**
During the year 16 (2023 - 21) trustees gave a total of £46,875 (2023 - £63,425) in donations to the church. Jacob Taylor, son of Simon Taylor (Rector), continued to provide audio visual services to the charity in 2024 under a contract for services.
Luke Taylor, son of Simon Taylor (Rector) was contracted or on payroll between March and September in the Café. Sarah Bryans, wife of William Bryans (Warden), was employed as Administrator. Amounts paid under these contracts during 2024 totalled £28,464.
None of the key management personnel is remunerated by the charity: the Rector and Associate Minister are remunerated by the Guildford Diocesan Board of Finance.
## **27. Net Cash Provided by Operating Activities**
**Reconciliation of net income / expenditure to net cash flow from operating activities**
|**Net income for the reporting period**
Adjustments for:
Depreciation / writedown
Losses / (gains) on investments
Interest & rents from investments
Decrease / (increase) in stock
Decrease / (increase) in debtors
(Decrease) / increase in creditors
**Net cash provided by operating activities**|**2024**
**2023**
**£**
**£**
(212,129)
223
41,485
43,620
149,418
(231,918)
(30,049)
(46,415)
630
(660)
2,399
(17,343)
13,376
37,504|
|---|---|
||(34,870)
(214,989)|
|**28. Analysis of change in Net Cash**|**As at 1**||**As at 31**|
|---|---|---|---|
||**Jan 2024**|**Cashflow**|**Dec 2024**|
||**£**|**£**|**£**|
|Cash at bank and in hand|346,586|275,179|621,765|
|Loans falling due within one year|(80,000)|80,000|-|
|Loans falling due after one year *|-|-|-|
||266,586|355,179|621,765|
|* Excludes Church Commissioners loan linked to potential asset sale at estimated value of £440,000||||
||**As at 1**||**As at 31**|
||**Jan 2023**|**Cashflow**|**Dec 2023**|
||**£**|**£**|**£**|
|Cash at bank and in hand|515,160|(168,574)|346,586|
|Loans falling due within one year|-|(80,000)|(80,000)|
|Loans falling due after one year *|(80,000)|80,000|-|
||435,160|(168,574)|266,586|
* Excludes Church Commissioners loan linked to potential asset sale at estimated value of £440,000
**Page 36**
## **THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2024**
|**29. Analysis of principal SoFA components for 2023**|**29. Analysis of principal SoFA components for 2023**|||**2023**|
|---|---|---|---|---|
||||**Godalming**|**Combined**|
||**Busbridge**|**Hambledon**|**Parish**|**Total**|
||**£**|**£**|**£**|**£**|
|Total income
|509,199
|103,462|233,492|846,153|
|Total expenditure
|(621,294)
|(155,504)|(301,050)|(1,077,848)|
|**Net income / (expenditure)**
|(112,095)
|(52,042)|(67,558)|(231,695)|
|Gains / (losses) on investments
|229,812
|2,106||231,918|
|**Net movement in funds**
|117,717
|(49,936)|(67,558)|223|
|**Reconciliation of Funds:**|||||
|Total funds brought forward
|3,789,811
|53,138|138,471|3,981,420|
|Total funds carried forward
|3,907,528
|3,202|70,913|3,981,643|
|**30. Analysis of net assets at the date of merger - 1 January**||**2024**|||
||||**Godalming**|**Combined**|
||**Busbridge**|**Hambledon**|**Parish**|**Total**|
||**£**|**£**|**£**|**£**|
|**Net assets**
|3,907,528
|3,202|70,913|3,981,643|
|Represented by:|||||
|Unrestricted funds
|253,582
|3,202|49,059|305,843|
|Restricted income funds
|263,900||21,854|285,754|
|Endowment funds
|3,390,046|||3,390,046|
|**Total funds**
|3,907,528
|3,202|70,913|3,981,643|
On 1st January 2024 the parishes listed below merged to form the Parochial Church Council (PCC) of Godalming Minster.
- the PCC of the Ecclesiastical Parish of Busbridge (referred to as 'Busbridge' in the notes to these accounts)
- the PCC of the Ecclesiastical Parish of Godalming ('Godalming Parish')
- the PCC of St Peter's Church, Hambledon ('Hambledon')
These accounts have been prepared according to the Charities SORP guidance - Section 27 'Charity mergers'.
The tables in Notes 29 and 30 above summarise the adjusted 2023 accounts for each at the date of the merger. Differences to the individual 2023 accounts relate to conforming accounting policies, as well as consolidation. The most significant adjustment is the application of the full Busbridge services recharge to Hambledon in 2023, £51,408 of which remained unpaid at the merger. Hambledon fixed assets of £15,559 were not included to conform to the 'consecrated property' policy outlined in note 1.8.