**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)**
**----- Start of picture text -----**
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
**----- End of picture text -----**
## **Resources Expended (£142,855)**
**----- Start of picture text -----**
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
**----- End of picture text -----**
**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