Parochial Church Council of St Mary the Virgin, Cuddington
ST MARY’S CHURCH PCC, CUDDINGTON, SURREY ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31[ST ] DECEMBER 2022.
Administrative information
St Mary’s Church is situated in The Avenue, Worcester Park. It is part of the Diocese of Guildford within the Church of England. The correspondence address is The Parish Office, The Avenue, Worcester Park, Surrey KT4 7HL.
The Parochial Church Council (PCC) is registered with the Charity Commission under number 1128308.
PCC members who have served from 1[st] January 2022 until the date of this report was approved are:
| Incumbent: | The Rev'd Theresa Ricketts | Chair |
|---|---|---|
| Retired Priest: | The Rev'd John Richardson | |
| Canon Margaret Marsh | From October 2022 | |
| LLM (Reader): | Mr Jason Gray | |
| Churchwardens: | Mr Dan Smithers | |
| Mr Peter Harvey | ||
| Representatives on the Deanery | ||
| Synod: | ||
| Mr Rodney Clarke | Vice Chair | |
| Mr Peter Harvey | ||
| Ms Julie Stamford | Until December 2022 | |
| Elected Members: | Mr David Eames | Treasurer |
| Mrs Samantha O'Shea | ||
| Mr Colin Hooper | ||
| Mrs Judith Peake | ||
| Mrs Daphne Richardson | ||
| Mrs Josephine Reynolds | ||
| Mrs Jenifer Dore | Until April 2022 | |
| Mrs Carolyn Harvey | ||
| Mr Shaun Potter | ||
| Mrs Jacqui Potter | ||
| Mrs Kate Nowak | ||
| Co-opted members: | Mrs Linda Charlton | |
| Mr Steven Robbins |
Structure, governance, and management
The method of appointment of PCC members is set out in the Church Representation Rules. All Church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC.
Objectives and Activities
St Mary’s PCC has the responsibility of co-operating with the incumbent in promoting, in the ecclesiastical parish, the whole mission of the Church, pastoral, evangelistic, social, spiritual, and ecumenical.
Achievements and Performance
There are 118 parishioners on the Church Electoral Roll. Throughout the year, services continued to be delivered via Zoom for those unable to attend the church in person. Regular Sunday attendance averaged 88, while additional services, principally at the great festivals, brought the annual average up to 92. During the year, five funeral services were held and there were three internments of ashes. One couple was married, and there were baptisms of nineteen children and adults.
Parochial Church Council of St Mary the Virgin, Cuddington
Financial Review
St Mary’s total funds decreased by £6,406 in 2022, of which £5,584 resulted from the unrealized loss on the revaluation of shares held in the Greenfield and Leverton investment funds.
General Fund
The General Fund had a deficit of £24,772 against a budgeted deficit of £31,348. The high fixed cost base for the church means that the results are sensitive to changes in income. Income from the hire of the halls has been slow to recover to its pre-pandemic levels and is less than 50% of 2019 income. Planned Giving has also seen a decline over the last five years, although it has stabilized over the last two. There was a very successful Gift Day in 2022 and fundraising events helped to support income.
Designated Funds
Designated funds in total saw a net inflow of £1,433, from interest received on their share of monies held on deposit. The balance of £7,488 held in the Worship Music Fund was transferred to the General Fund and this Fund was closed.
Restricted Funds
Restricted Funds increased by £22,517 in the year. This largely resulted from a successful appeal for funds for the renovation and repair of the church organ. This is held in the Organ and General Music Fund (formerly the Music Development Fund). Additionally, the restricted funds benefited from interest income and dividends received by the shares held in the Greenfield and Leverton Endowment Funds.
Reserves Policy
It is PCC policy to maintain a balance on free reserves (net current assets) which equates to at least six months’ unrestricted payments. This amounts to £70,845. It is held to smooth out fluctuations in cash flow and to meet emergencies. The balance of free reserves at year end was £141,690, held on unrestricted (including designated) funds.
Investments
It is PCC policy to invest cash, which is surplus to day to day requirements, with the Church of England Deposit Fund (administered by CCLA).
I would like to thank Malcolm Coffey, our Independent Examiner, for his efficient and thorough review of the accounts, and his advice and comments. The Independent Examiner’s Report, together with the accounts below, form part of the report filed with the Charity Commission and may be viewed on their website. Many thanks again to Jacqui and Colin Hooper for counting and banking our collections and other receipts each week. They also administer our Planned Giving scheme, and I would like to thank them for the efficient way they record our Planned Giving and claim the associated Gift Aid Tax.
David Eames, Treasurer
Parochial Church Council of St Mary the Virgin, Cuddington
Incoming Resources (£142,033)
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Other Giving (incl
Tax) £49,618
Hall Lettings £10,058
Weddings
etc.£2,062
Fundraising income
£5,345
Investment Income
£3,340
Catering,books
£823
Planned Giving (incl
Tax) £69,787 Sundry £1,000
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Resources Expended (£142,855)
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Sundry Costs
£5,365 Fundraising Costs
£106 [Buiding Works ]
Mission &
£4,037
Evangelism £395
Trading Costs (inc.
Hall) £8,604
Stipends Quota
£61,393
Church Running
Costs £24,217
Ministry Costs
£12,204
Other Parish Share
£26,534
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Parochial Church Council of St Mary the Virgin, Cuddington
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Incoming Resources Notes _ Income from generated funds Voluntary Income 2a Activities for Fundraising 2b Income from investments 2c Church Activities 2d Other Incoming Resources 2e Total Incoming Resource Resources Expended Cost of Generating Funds Fundraising Trading 3a Church Activities 3b Other Resources Expended 3c Total Resources used Net Incoming Resources Before Transfers Transfers between Funds 8 Net Incoming Resources After Transfers (Loss)/ Gains on Investments 4 Net Movement of Funds Total Funds b/fwd 1 Jan 8 Total Funds c/fwd 31 Dec 8 |
Unrestricted General Designated _ _ £ £ 97,436 - 5,295 - 244 1,433 12,942 - 1,000 - 116,917 1,433 0 106 - 137,546 - 4,037 - 141,689 - (24,772) 1,433 7,488 (7,488) (17,284) (6,055) - - (17,284) (6,055) 43,004 142,920 25,720 136,865 |
Restricted Endowment _ _ £ £ 21,970 - 50 - 1,663 - - - - - 23,683 - 0 0 - - 1,166 - - - 1,166 - 22,517 - - - 22,517 - - (5,584) 22,517 (5,584) 20,187 47,443 42,704 41,859 |
2022 2021 _ _ £ £ 119,406 98,129 5,345 4,201 3,340 1,291 12,942 7,713 1,000 4,569 |
|---|---|---|---|
| 142,033 115,903 |
|||
| 106 362 138,712 122,942 4,037 0 |
|||
| 142,855 123,304 |
|||
| (822) (7,401) - - |
|||
| (822) (7,401) (5,584) 5,938 |
|||
| (6,406) (1,463) 253,554 255,017 |
|||
| 247,148 **253,554 ** |
Parochial Church Council of St Marythe Wirgin. Cuddington BALANCE SHEEf AS AT 31 DECEMBER 2022 Notes 2022 2021 Flxed Assets Invostments 41,859 47,443 Current As$•ts Bank and Cash Balances Sundry D•btors 202,570 5.457 203,048 5.133 Current Llabllltl•$ Sundry Credltors 12.7381 12,0701 Net Assets 247.148 253,554 The Funds of the Charlty Unrestrlcted Funds . G•n¢ral 25,720 136,865 42,704 41,859 43,004 142,920 20,187 47,443 Unrestrlct•d Funds - D•slgnated Restrlcted Fund¥ Endowm•nt Funds Total Funds 247,148 253,554 Approved by the PCC.. Chair Date..
NOTES TO THE FINANCIAL STATEMENTS
For the year ending 31st DECEMBER 2022
Note
1 Accounting Policies
The financial statements have been prepared on the Prepayments and Accruals basis in accordance with Church Accounting Regulations 2006 together with applicable accounting standards and the Charities SORP 2015.
The statements have been prepared under the historical cost convention, except for investment assets which are shown at market value.
Funds
Unrestricted Funds represent the funds of the Parochial Church Council (PCC) that are not subject to any restrictions concerning their use, and are available for application to the general purposes of the PCC. These include funds that the PCC may designate for particular purposes. The purpose of each fund is noted in the accounts.
The accounts include only those transactions, assets and liabilities for which the PCC is responsible in law. They do not include funds raised specifically for other charitable bodies nor the accounts of church groups that owe affiliation to another body or those of informal gatherings of church members.
Incoming Resources, Voluntary Income and Capital Sources
Collections are recognised when received by or on behalf of the PCC. Planned Giving is recognised only when it is received. Tax recoverable under Gift Aid is recognised when the income is recognised. Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement, the amount due is quantifiable, and its ultimate receipt by the PCC is reasonably certain. Funds raised through social events are accounted for gross wherever possible. Sales of books are accounted for gross. Income from the hire of church premises is recognised when the rental income is due. Dividends are accounted for when due and payable. Interest entitlements are accounted for as they accrue and are apportioned according to average balance over the accrual period. Realised gains and losses are recognised when investments are sold. Unrealized gains and losses are accounted for on revaluation on 31st December.
Resources Expended
Grants and donations are accounted for when paid over, or when awarded if that award creates a binding obligation on the PCC. The Diocesan Parish Share is accounted for when paid. Any Parish Share unpaid at 31[st] . December is provided for as an operating liability and is shown as a creditor in the Balance Sheet.
Fixed Assets
Consecrated and benefice property is not included in the accounts in accordance with s10(2) of the Charities Act 2011. Attached to the church is a meeting room complex that is not included in the accounts.
Fixtures, Fittings and Office Equipment
Equipment used within the church premises is written off when acquired.
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ending 31st DECEMBER 2022
| 2 Incoming Resources 2a Voluntary Income Gift Aided Planned Giving Other Planned Giving Collections at Services All other giving (inc Gift Day) All Tax Recovered through Gift Aid Legacies and grants received 2b Activities For Fundraising Fundraising Events 2c Income from Investments Dividends Interest 2d Church Activities Wedding & Funeral Fees Wedding & Funeral Additional Items Church Hall Lettings Fees Catering income, sale of books 2e Other Incoming resources Insurance Claims & Sundry Income |
2022 2021 Unrestricted Designated Restricted Endowment Total Total Funds Funds Funds Funds Funds Funds £ £ £ £ £ £ 52,671 - - - 52,671 51,552 3,614 - - - 3,614 3,832 3,250 - - - 3,250 2,891 20,806 - 17,921 - 38,727 23,626 17,095 - 4,049 - 21,144 16,228 - - - - - - |
|---|---|
| 97,436 - 21,970 - 119,406 98,129 |
|
| 5,295 - 50 - 5,345 4,201 |
|
| 5,295 - 50 - 5,345 4,201 |
|
| - - 1,245 - 1,245 1,207 244 1,433 418 - 2,095 84 |
|
| 244 1,433 1,663 - 3,340 1,291 |
|
| 2022 2021 Unrestricted Designated Restricted Endowment Total Total Funds Funds Funds Funds Funds Funds £ £ £ £ £ £ 1,484 - 1 - 1,485 1,635 577 - - - 577 430 10,058 - - - 10,058 5,091 823 - - - 823 557 |
|
| 12,942 - - - 12,943 7,713 |
|
| 1,000 - - - 1,000 4,569 |
|
| 1,000 - - - 1,000 4,569 |
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ending 31st DECEMBER 2022
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| 3 | Resources Expended | Unrestricted | Designated | Restricted | Endowment | Total | Total |
| Funds | Funds | Funds | Funds | Funds | Funds | ||
| 3a | Fundraising trading | £ | £ | £ | £ | £ | £ |
| Fundraising Costs | 106 | - | - | - | 106 | 362 | |
| 106 | - | - | - | 106 | 362 | ||
| 3b | Church Activities | ||||||
| Mission Giving | 340 | - | - | - | 340 | 400 | |
| Stipends Quota | 61,393 | - | - | - | 61,393 | 60,038 | |
| Ministry Parish Share | 26,534 | - | - | - | 26,534 | 23,336 | |
| Parish office salaries etc. | 9,943 | - | - | - | 9,943 | 9,966 | |
| Ministry Expenses | 2,261 | - | - | - | 2,261 | 1,906 | |
| Evangelism (inc work with young people) | 55 | - | - | - | 55 | 12 | |
| Church Running Expenses - Building | 5,557 | - | - | - | 5,557 | 4,730 | |
| Church Running Expenses - Parish Office | 2,351 | - | - | - | 2,351 | 2,011 | |
| Church Running Expenses - Provision of | |||||||
| Services | 9,241 | - | 1,166 | - | 10,407 | 4,133 | |
| Church Running Expenses - Grounds | 1,683 | - | - | - | 1,683 | 330 | |
| Church Utility Bills | 4,219 | - | - | - | 4,219 | 3,731 | |
| Trading Costs (incl. Hall) | 8,604 | - | - | - | 8,604 | 9,033 | |
| Catering, books, etc. | 274 | - | - | - | 274 | 101 | |
| Sundry | 5,091 | - | - | - | 5,091 | 3,215 | |
| 137,546 | 0 | 1,166 | - | 138,712 | 122,942 | ||
| 3c | Other Resources Expended | ||||||
| Building work | 4,037 | - | - | - | 4,037 | - | |
| 4,037 | - | - | - | 4,037 | - | ||
| Resources Expended Total | 141,689 | 0 | 1,165 | - | 142,855 | 123,304 |
NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ending 31st DECEMBER 2022
4 Investments
Investments comprise shares held in the CBF Church of England Investment Fund and represent the principal of the Greenfield Legacy Fund and the Leverton Fund (note 8). These are Endowment funds
£
| Balance on 1st January 2021 Loss on revaluation Balance on 31st December 2022 5 Bank and Cash Balances National Westminster Bank Short Term Deposits Petty Cash 6 Sundry Debtors Income Tax Recoverable 7 Sundry Creditors Accounts Payable Agency Collections |
47,443 (5,584) 41,859 2022 £ 40,980 161,444 146 202,570 2022 £ 5,457 5,457 2022 £ 1,136 1,602 2,738 |
2021 £ 43,412 159,349 287 |
|---|---|---|
| 203,048 | ||
| 2021 £ 5,133 |
||
| 5,133 | ||
| 2021 £ 858 1,212 |
||
| 2,070 |
8 Funds of the Charity
NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ending 31st DECEMBER 2022
| Funds of the Charity | |
|---|---|
| Unrestricted Funds: General Fund Designated - Bequests & Donations Fund - Worship Music Sinking Fund Restricted Funds: Restricted - Greenfield Fund - Organ and General Music Fund - Roof Fund - Spiritual Development Fund - Leverton Room Endowment Fund: Greenfield Leverton Total Funds |
01/01/22 Incoming Resources Gains/(losses) Transfers 31/12/22 Resources Expended on Investments £ £ £ £ £ £ 43,004 116,917 (141,689) - 7,488 25,720 |
| 135,469 1,396 - - 136,865 7,451 37 - - (7,488) 0 |
|
| 142,920 1,433 - - (7,488) 136,865 |
|
| 12,843 946 - - - 13,789 1,886 22,243 (1,166) - - 22,963 61 - - - 61 3,336 34 - - - 3,370 2,061 460 - - - 2,521 |
|
| 20,187 23,683 (1,166) - - 42,704 |
|
| 30,794 - - (3,625) - 27,169 16,649 - - (1,959) - 14,690 |
|
| 47,443 - - (5,584) - 41,859 |
|
| 253,554 142,033 (142,855) (5,584) - 247,148 |
Designated Funds
The Bequests and Donations Fund was created when the Bequests Fund and the Donations Funds were combined. It is used to hold any legacies or larger donations that are received where no specific conditions have been laid down.
.
The Worship Music Sinking Fund was set up to enable the cost of work on the organ to be spread over several years. Since 2017 no transfers have been made to this fund. Following a successful appeal for funds for the repair of the organ the PCC decided that this Fund was no longer needed and closed it, transferring its balance to the General Fund.
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ending 31st DECEMBER 2022
Restricted Funds
The Greenfield Fund was set up when a former churchwarden donated a capital sum to generate income for the maintenance of his gifts to the church, namely the West Window, the two most westerly windows in the South Wall and the Lych-gate. It derives its income from the dividends on the capital sum invested as the Greenfield Legacy Fund.
The Organ and Music Fund (previously The Music Development Fund) was created in 1996 by the renaming of the Organ and Choir Fund, which had previously been reported as part of the Bequests and Donations Designated Fund and is to be used to meet the needs of the choir and music in general. Following a successful appeal for funds for the repair of the organ, this fund was renamed and will be used for all aspects and requirements for church music.
The Roof Fund was set up in November 2012 to receive donations towards the roof and other repairs identified at the latest Quinquennial Inspection earlier in that year. The works are now completed with provision for most of the costs made in the 2013 accounts. It was also been used to fund the insurance excess following theft of lead from the roof in 2013.
The Spiritual Development Fund was set up in October 2014 on receipt of donations specifically for the promotion of individual and group spiritual development, particularly outside of the parish. It will be used to help individuals to meet the cost of their spiritual development.
The Leverton Room Fund was set up in 2015 following the receipt of a £10,000 legacy from Peter Leverton. The income from the legacy is to be used to maintain the Leverton Room.
9 Related Party Transactions
There were no related party transactions in 2022
.
Independent Examiner's Report to the PCC of St. Mary, The Virgin, Cuddington I report on the accounts for the year ended 31 December 2022. which are sel out on the preceding 8 pages. Respective responsibilities of the PCC and the Examiner The ch8rity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144{2) of the Charits'es Act 2011 {the Charities Act) and Ihal an independent examination is needed. It is my responsibility lo: Examine the accounts under section 145 of the Charities Act., to follow the procedures laid down in the general Directions given by the Charity Commission under section 14515llb) of the Charities Act; and lo state vth¢ther particular matters have come to my attention Basis of the Independent Examinerfs Statement My examination was Carried oul in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanatsons from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required In an audlt, and consequently no opinion is gNen as lo whether the accounts present a Irue and falr view, and the report is limited to those matters sel oul in the statement below. Independent Examlnerfs Slalemenl In connection with my examination, no matter has come to my attention.. iii which gives me reasonable cause lo believe that in, any malerial respect. the requlrem6nts'. to keep accounting records in accordance with section 130 of the Charities Act, and to prepare accounts which accord with the accounling records and wnpty with th& accounting requirements of the Charities Act have not been met; or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Mr. D Malcolm Coffey 15 Auriol Park Road Worcester Park Surrey KT4 7DP