**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 2023.** ## **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 2023 until the date of this report was approved are: |Incumbent:|The Rev'd Theresa Ricketts|Chair|Until February 2024| |---|---|---|---| |Retired Priest:|The Rev'd John Richardson||| ||Canon Margaret Marsh||| |LLM (Reader):|Mr Jason Gray||| |Churchwardens:|Mr Dan Smithers||| ||Mr Peter Harvey||| |Deanery|||| |Representatives:|||| ||Mr Peter Harvey||| ||Mr John Simon||From May 2023| |Elected Members:|Mr Rodney Clarke|Vice Chair|| ||Mr David Eames|Treasurer|| ||Mrs Samantha O'Shea||| ||Mr Colin Hooper||| ||Mrs Judith Peake||| ||Mrs Daphne Richardson||| ||Mrs Josephine Reynolds||| ||Mrs Carolyn Harvey||| ||Mr Shaun Potter||| ||Mrs Jacqui Potter||| ||Mrs Kate Nowak||| |Co-opted members:|Mrs Linda Charlton||| ||Mr Steven Robbins||Until September 2023| ## **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. In February 2024, Rev Theresa Ricketts left the parish to take up a new role in the Diocese of Winchester. The process is under way to appoint a new Incumbent. ## **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. **Parochial Church Council of St Mary the Virgin, Cuddington** ## **Achievements and Performance** There are 120 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 78, while additional services, principally at the great festivals, brought the annual average up to 87. During the year, 5 funeral services were held and there was 1 internment of ashes. 3 couples were married, and there were baptisms of 19 children and 3 adults. ## **Financial Review** St Mary’s funds decreased by £3,419 in 2023, before the unrealized gains on the investments held in the Greenfield and Leverton Funds of £3,937. This resulted in a net increase in total funds of £518. ## **General Fund** The General Fund had a deficit of £3,220. The improvement against the large deficit suffered in 2022 was the result of the increase in hall lettings, a successful stewardship campaign and the hard work of the social and fundraising committee which organized several events during the year. ## **Designated Fund** The Bequests and Donations Fund benefitted from the higher interest rates and as a result the fund grew by £5,269 in the year. ## **Restricted Funds** Restricted Funds declined by £5,468 in the year. Donations and investment income totaled £5,563. A new piano was purchased by the Organ & General Music Fund causing the overall deficit. ## **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 £65,430. It is held to smooth out fluctuations in cash flow and to meet emergencies. The balance of free reserves at year end was £164,544, 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 Greg Begley for acting as our Independent Examiner at short notice, and 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** **----- Start of picture text -----**
Incoming Resources (£138,470)
Hall Lettings £20,605
Other Giving (incl
Tax) £20,395
Weddings
etc.£2,386
Fundraising
income £6,898
Investment
Income £8,731
Catering,books
£846
Planned Giving
(incl Tax) £77,609 Sundry £1,000
**----- End of picture text -----**
## **Resources Expended (£141,890)** **----- Start of picture text -----**
Sundry Costs £2,342 Fundraising Costs
£288
Mission & Evangelism
£32
Trading Costs
(inc. Hall) £13,360
Stipends Quota
£63,080
Church Running Costs
£33,198
Ministry Costs £3,315
Other Parish Share
£26,275
**----- End of picture text -----**
**Parochial Church Council of St Mary the Virgin, Cuddington** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023** |**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**
Gain/(Loss) on Investments
4
**Net Movement of Funds**
**Total Funds b/fwd 1 Jan**
8
**Total Funds c/fwd 31 Dec**
8|**Unrestricted**
**General**
**Designated**
**_______**
**_______**
**£**
**£**
95,105
-
6,898
-
799
5,269
23,837
-
1,000
-
**127,639**
**5,269**
0
288
-
130,571
-
-
-
**130,859**
-
**(3,220)**
**5,269**
**(3,220)**
**5,269**
-
-
**(3,220)**
**5,269**
**25,720**
**136,865**
**22,500**
**142,134 **|**Restricted**
**Endowment**
**_______**
**_______**
**£**
**£**
2,900
-
0
-
2,663
-
-
-
-
-
**5,563**
**-**
0
0
-
-
11,031
-
-
-
**11,031**
-
**(5,468)**
-
-
-
**(5,468)**
**-**
-
**3,937**
**(5,468)**
**3,937**
**42,704**
**41,859**
**37,236**
**45,796**|**2023**
**2022**
**_______**
**_______**
**£**
**£**
98,005
119,406
6,898
5,345
8,731
3,340
23,837
12,942
1,000
1,000| |---|---|---|---| ||||**138,471**
**142,033**| ||||288
106
141,602
138,712
0
4,037| ||||**141,890**
**142,855**| ||||**(3,419)**
**(822)**
-
-| ||||**(3,419)**
**(822)**
**3,937**
**(5,584)**| ||||**518**
**(6,406)**
**247,148**
**253,554**| ||||**247,666**
**247,148**| Parochlal Church Councll of St Mary the Vlrgln. Cuddlngton BALANCE SHEET AS AT 31 DECEMBER 2023 Nots 2023 2022 Flxed Assets Investments 45.796 41,859 Gurrent AsMts B•nk and Cash B•l•nce• Sundry Dobtor• 199,432 5.236 202.570 5,457 Current Llabllh1•8 Sundry CTedltor• (2,7981 12,7381 Net A•sets 247.666 247,148 The Fund8 of th• Charlty Unrestrlcted Funds . Gonor•l Unro8trltt•d Fund* - DHlgnat•d Re8trlct•d Fund8 Endowment Fun 22,500 142,134 37,236 45,796 25,720 136,865 42,704 41,859 Tol•l Fund• 247,666 247,148 Approved by the PCC.. Chalr Date." ## NOTES TO THE FINANCIAL STATEMENTS For the year ending 31st DECEMBER 2023 ## **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 s p e c i f i c 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 the average balance of funds 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 2023 |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
**Incoming Resources Total**|2023
2022
Unrestricted Designated
Restricted
Endowment
Total
Total
Funds
Funds
Funds
Funds
Funds
Funds
**£**
**£**
**£**
**£**
**£**
**£**
58,874
-
-
-
58,874
52,671
3,991
-
-
-
3,991
3,614
3,720
-
-
-
3,720
3,250
11,563
-
2,325
-
13,888
38,727
16,957
-
575
-
17,532
21,144
-
-
-
-
-
-| |---|---| ||95,105
-
2,900
-
98,005
119,406| ||6,898
-
-
-
6,898
5,345| ||6,898
-
-
-
6,898
5,345| ||-
-
1,252
-
1,252
1,245
799
5,269
1,411
-
7,479
2,095| ||799
5,269
2,663
-
8,731
3,340| ||2023
2022
Unrestricted Designated
Restricted
Endowment
Total
Total
Funds
Funds
Funds
Funds
Funds
Funds
**£**
**£**
**£**
**£**
**£**
**£**
1,345
-
-
-
1,345
1,485
1,041
-
-
-
1,041
577
20,605
-
-
-
20,605
10,058
846
-
-
-
846
823| ||23,837
-
-
-
23,837
12,943| ||1,000
-
-
-
1,000
1,000| ||1,000
-
-
-
1,000
1,000| ||**127,639**
**5,269**
**5,563**
**-**
**138,471**
**142,034**| ## NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ending 31st DECEMBER 2023 |||||||2023|2022| |---|---|---|---|---|---|---|---| |3|**Resources Expended**|Unrestricted|Designated|Restricted|Endowment|Total|Total| |||Funds|Funds|Funds|Funds|Funds|Funds| |3a|**Fundraising trading**|**£**|**£**|**£**|**£**|**£**|**£**| ||Fundraising Costs|288|-|-|-|288|106| |||288|-|-|-|288|106| |3b|**Church Activities**||||||| ||Mission Giving|-|-|-|-|0|340| ||Stipends Quota|63,080|-|-|-|63,080|61,393| ||Ministry Parish Share|26,275|-|-|-|26,275|26,534| ||Parish office salaries etc.|827|-|-|-|827|9,943| ||Ministry Expenses|2,488|-|-|-|2,488|2,261| ||Evangelism (inc work with young people)|32|-|-|-|32|55| ||Church Running Expenses - Building & Assets|4,957|-|10,701|-|15,658|5,557| ||Church Running Expenses - Parish Office|2,077|-|-|-|2,077|2,351| ||Church Running Expenses - Provision of||||||| ||Services|9,266|-|330|-|9,596|10,407| ||Church Running Expenses - Grounds|394|-|-|-|394|1,683| ||Church Utility Bills|5,473|-|-|-|5,473|4,219| ||Trading Costs (incl. Hall)|13,360|-|-|-|13,360|8,604| ||Catering, books, etc.|192|-|-|-|192|274| ||Sundry|2,150|-|-|-|2,150|5,091| |||130,571|-|11,031|-|141,602|138,712| |3c|**Other Resources Expended**||||||| ||Building work|-|-|-|-|-|4,037| |||-|-|-|-|-|4,037| ||**Resources Expended Total**|**130,859**|**-**|11,031|**-**|**141,890**|**142,855**| NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ending 31st DECEMBER 2023 ## 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 2022
Surplus on revaluation
Balance on 31st December 2023
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|41,859
3,937
45,796
2023
£
30,431
168,853
148
199,432
2022
£
5,236
5,236
2022
£
1,536
1,262
2,798|2022
£
40,980
161,444
146| |---|---|---| |||202,570| |||2022
£
5,457| |||5,457| |||2022
£
1,136
1,602| |||2,738| 8 **Funds of the Charity** NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ending 31st DECEMBER 2023 |**Unrestricted Funds:**
General Fund
Designated - Bequests & Donations Fund
**Restricted Funds:**
Restricted - Greenfield Fund
- Organ and General Music Fund
- Roof Fund
- Spiritual Development Fund
- Leverton Room
**Endowment Fund:**
Greenfield
Leverton
Total Funds|01/01/23
Incoming
Resources
Gains/(losses)
Transfers
31/12/23
Resources
Expended
on
Investments
£
£
£
£
£
£
25,720
127,639
(130,859)
-
-
22,500
136,865
5,269
-
-
-
142,134| |---|---| ||162,585
132,908
(130,859)
-
-
164,634| ||13,789
1,359
-
-
-
15,148
22,963
3,530
(11,031)
-
-
15,462
61
-
-
-
-
61
3,370
130
-
-
-
3,500
2,521
544
-
-
-
3,065| ||42,704
5,563
(11,031)
-
-
37,236| ||27,169
-
-
2,556
-
29,725
14,690
-
-
1,381
-
16,071| ||41,859
-
-
3,937
-
45,796| ||| ||247,148
138,471
(141,890)
3,937
-
247,666| ## Designated Fund **The Bequests Fund** holds any legacies or larger donations that are received where no specific conditions have been laid down for their use. Funds are transferred to other funds when required and authorized by the PCC. . ## 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. ## NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ending 31st DECEMBER 2023 **The Organ and General 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 work is now completed with provision for most of the costs made in the 2013 accounts. It has 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 used to maintain the Leverton Room. There were no related party transactions in 2023. . 9 **Related Party Transactions** Independent Examiner's Report to the PCC of St. Mary. The Virgin, Cuddington I report on th8 a¢¢ounts for the year ended 31 December 2023, which are set out on the preGeding 8 pages. Respective responsibilities of the PCC and the Examiner The charity'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{21 of the Charities Act 2011 (the Charities Act) and Ihat an independent examination is needed. 11 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 14515}Ibl of the Charities Act; and to state whether particular matters have come to my attention Basis of the Independent Examiners Statemènt My examination was carried out 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 explanations from the trustees conceming any such matters. The prO￿dureS undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the slalement below. Independent Examinerfs Statement In connection with my examination. no matter has come to my attention.. iii which gives me reasonable cause to believe that in. any malenal respect, the requiremenls.. lo keep accounting records in accordance bvrth section 130 of the Charities Act, and to prepare accounts which accord with the aC￿untIng records and comply with the accounting requirements of the Charities Act have not been met,. or 121 lo which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts lo be reached. Mr. GPJ Begley Georgia Lodge Sunninghill Road Ascot SL5 7RP