St Peter’s Bishop’s Waltham
End of Year Financial Statements
Year ending 31 December 2023
APPROVED BY THE PAROCHIAL CHURCH COUNCIL (PCC) OF ST PETER’S CHURCH BISHOP’S
ON 26 MARCH 2024
AND SIGNED ON THEIR BEHALF BY REV JAMES HUNT ……………………………PCC CHAIR
AND BY NIGEL BARNFIELD ……………………………..PCC TREASURER
The Accounts of the PCC have been prepared in accordance with the Church Accounting Regulations 2006 using the accruals basis
Page 1
TRUSTEES REPORT FOR THE YEAR ENDING 31 DECEMBER 2023
Aim and purpose
The Parochial Church Council (PCC) of St Peter’s Church Bishop’s Waltham has the responsibility of working with the Rector, Reverend James Hunt, in promoting the whole mission of the Church in the Parish, with the support of the Reverend Keith Wickert, retired clergy and Licensed Lay Ministers
The PCC is responsible for the maintenance of the Church, Churchyard, the Church Hall in Free Street, Bishop’s Waltham and the Stables Parish Centre in Maypole Green, Bishop’s Waltham
Accounting practice
This is the first year that the Accounts have been prepared using accounting software known as Finance Coordinator which is designed specifically for use by PCCs, so the format of the presentation of the figures is different from that in previous years. The underlying financial records used to create the Accounts are exactly the same as those in the monthly Management Accounts which are seen by the PCC’s Finance Committee on a monthly basis and by the PCC at its regular meetings
Historically these Accounts included the figures for the Hall & Stables and the Parish News but to ensure that the position of the PCC’s finances can be seen in isolation and thus more clearly and transparently, these have been excluded. The individual Accounts for the Hall & Stables and for the Parish News are examined separately and are seen by the PCC, as well as Consolidated Accounts incorporating all three sets of Accounts
Financial review
The Budget drafted by the Finance Committee and approved by the PCC projected a deficit of income against expenditure in respect of day-to-day activities of £34,200 for 2023. Thanks primarily to the generosity of donors (planned and one-off) as well as a very successful Country Fayre, income exceeded expectations and with costs well controlled, the actual deficit for the year was reduced to £8,777. This deficit was covered by Unrestricted funds in hand at the start of the year of £49,189 so the Unrestricted funds carried forward are £40,411. This represents around two months expenditure which is below the PCC target of maintaining free cash equivalent to three months expenditure at any one time. The Budget for 2024 projects a deficit of £22,700 so unless income is increased during the current year, then this ratio will deteriorate further
Legacies of £75,698 were received during the year and these were placed in Designated Funds. The PCC will decide over time how these monies should best be used but a proportion have already been committed to the minor reordering currently taking place which has seen the removal of the pews in the North and South aisles and the purchase of carpets, with the purchase of new chairs to follow
Details of the work on the Church fabric and on the Churchyard can be found in the Annual Fabric Report presented to the PCC at its meeting on 26 March 2024. Spending on fabric is a combination of primarily regular maintenance (which comes from the Unrestricted Fabric spend) and bigger, one-off projects (which come from the Designated Fabric spend), total of both across the year around £28,000. It should be noted that the balance of the Designated Fabric Fund is shown as negative £602 in the Accounts, and this is as a result of the Loan liability of £12,000 being shown purely for accounting purposes as a deduction from the Fund. When considering the availability of funds on the Designated Fabric Find going forward, the net figure of around £11,400 will be used
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The Endowed funds previously held by the charity known as the Bishop’s Waltham Educational Institute are split between those funds from which the income can be used by the PCC (capital value £66,622) and those funds from which the income is used to pay grants ( capital value £437,224), the latter subject to meeting defined criteria. Grants totaling £10,016 were made from an income for the year of £11,951
Statement of Financial Activities
| Unrestricted | Designated | **Restricted ** | Endowment | Total | Prior year | |
|---|---|---|---|---|---|---|
| Income and endowments from: | funds | funds | funds | funds | funds | total funds |
| Donations and legacies | 176,020 | 87,366 | — | — | 263,387 | — |
| Income from charitable activities | 3,046 | — | — | — | 3,046 | — |
| Investments | 3,354 | 25 | — | 61,526 | 64,905 | — |
| Other income | 28,266 | 11,951 | 6,562 | — | 46,779 | — |
| Total income | 210,686 | 99,343 | 6,562 | 61,526 | 378,118 | — |
| Expenditure on: | ||||||
| Raising funds | 3,692 | — | — | — | 3,692 | — |
| Expenditure on charitable activities | 213,832 | 20,179 | — | — | 234,012 | — |
| Other expenditure | — | 13,939 | 7,122 | — | 21,061 | — |
| Total expenditure | 217,525 | 34,119 | 7,122 | — | 258,766 | — |
| Gains / losses on investment assets | — | — | — | — | — | — |
| Net income / (expenditure) resources before | (6,838) | 65,224 | (560) | 61,526 | 119,351 | — |
| transfer | ||||||
| Transfers | ||||||
| Gross transfers between funds - in | 13,222 | 30,250 | — | — | 43,472 | — |
| Gross transfers between funds - out | (15,161) | (28,311) | — | — | (43,472) | — |
| Other recognised gains / losses | ||||||
| Gains on revaluation, fixed assets, charity's own | — | — | — | — | — | — |
| use | ||||||
| Net movement in funds | (8,777) | 67,164 | (560) | 61,526 | 119,351 | — |
| Total funds brought forward | 49,189 | 227,326 | 629 | 445,669 | 722,814 | 722,814 |
| Total funds carried forward | 40,411 | 294,490 | 68 | 507,195 | 842,166 | 722,814 |
| Represented by | ||||||
| Unrestricted | ||||||
| General fund | 40,411 | — | — | — | 40,411 | 49,189 |
| Designated | ||||||
| Church Hall | — | 145,000 | — | — | 145,000 | 145,000 |
| Communications | — | — | — | — | — | — |
| Fabric | — | (602) | — | — | (602) | (250) |
| Fabric ex FOSP | — | 25 | — | — | 25 | 6,220 |
| Handbells | — | 20,000 | — | — | 20,000 | 20,000 |
| Income from previous BWEI monies | — | 13,369 | — | — | 13,369 | 11,534 |
| Legacies | — | 106,025 | — | — | 106,025 | 32,149 |
| Organ | — | 10,000 | — | — | 10,000 | 12,000 |
| Organ music | — | 672 | — | — | 672 | 672 |
| Restricted | ||||||
| Fees local | — | — | 345 | — | 345 | — |
| Fees stipend | — | — | (276) | — | (276) | 629 |
| Endowment | ||||||
| Graveyard Trust-Restricted | — | — | — | 2,279 | 2,279 | 2,279 |
| Graveyard Trusts-Unrestricted | — | — | — | 1,069 | 1,069 | 1,069 |
| Previous BWEI monies-PCC | — | — | — | 66,622 | 66,622 | 66,399 |
| Previous BWEI monies-not PCC | — | — | — | 437,224 | 437,224 | 375,921 |
Balance sheet
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| Class and code | Description | This year | Last year |
|---|---|---|---|
| Fixed assets | |||
| 6431 | Freehold Church Hall | 145,000 | 145,000 |
| 6432 | Handbells | 20,000 | 20,000 |
| 6433 | Digital organ | 10,000 | 12,000 |
| 6434 | CCLA Investment-PCC (ex-BWEI) | 66,622 | 66,399 |
| 6435 | CCLA Investment-not PCC (ex BWEI) | 437,224 | 375,921 |
| Total Fixed assets | 678,846 | 619,320 | |
| Current assets | |||
| 6501 | Barclays Fabric Deposit account | 7,508 | 6,359 |
| 6505 | Barclays current account | 31,272 | 42,597 |
| 6510 | CAF Cash account | 4,284 | 1,502 |
| 6590 | CAF Gold account | 131,974 | 65,685 |
| 6593 | Graveyard Trusts-Unrestricted | 1,069 | 1,069 |
| 6594 | Graveyard Trusts-Restricted | 2,279 | 2,279 |
| Total Current assets | 178,388 | 119,494 | |
| Liabilities | |||
| 6699 | Agency collections | — | — |
| 9901 | Loans received | 4,000 | 8,000 |
| 9902 | Loans received-long term | 8,000 | 8,000 |
| Z04 | Accounts Payable | 3,068 | — |
| Total Liabilities | 15,068 | 16,000 | |
| Net Asset surplus(deficit) | 842,166 | 722,814 | |
| Reserves | |||
| Excess / (deficit) to date | 119,351 | — | |
| Z01 | Starting balances | 722,814 | 722,814 |
| Total Reserves | 842,166 | 722,814 | |
| Represented by funds | |||
| Unrestricted | 40,411 | 49,189 | |
| Designated | 294,490 | 227,326 | |
| Restricted | 68 | 629 | |
| Endowment | 507,195 | 445,669 | |
| Total | 842,166 | 722,814 |
Statement of assets and liabilities
| Fixed assets - Heritage assets | General | Designated | **Restricted ** | Endowment | This year | Last year |
|---|---|---|---|---|---|---|
| Freehold Church Hall - | — | 145,000 | — | — | 145,000 | 145,000 |
| Handbells - | — | 20,000 | — | — | 20,000 | 20,000 |
| Digital organ - | — | 10,000 | — | — | 10,000 | 12,000 |
| Totals | — | 175,000 | — | — | 175,000 | 177,000 |
| Fixed assets - Investments | ||||||
| CCLA Investment-PCC (ex-BWEI) - | — | — | — | 66,622 | 66,622 | 66,399 |
| CCLA Investment-not PCC (ex BWEI) - | — | — | — | 437,224 | 437,224 | 375,921 |
| Totals | — | — | — | 503,846 | 503,846 | 442,320 |
| Current assets - Cash at bank and in hand | ||||||
| Barclays Fabric Deposit account - | 41 | 7,466 | — | — | 7,508 | 6,359 |
| Barclays current account - | (27,523) | 48,362 | 10,432 | — | 31,272 | 42,597 |
| CAF Cash account - | 27,174 | (12,525) | (10,364) | — | 4,284 | 1,502 |
| CAF Gold account - | 43,786 | 88,187 | — | — | 131,974 | 65,685 |
| Totals | 43,479 | 131,490 | 68 | — | 175,039 | 116,144 |
| Current assets - Investments | ||||||
| Graveyard Trusts-Unrestricted - | — | — | — | 1,069 | 1,069 | 1,069 |
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| Graveyard Trusts-Restricted - | — | — | — | 2,279 | 2,279 | 2,279 |
|---|---|---|---|---|---|---|
| Totals | — | — | — | 3,349 | 3,349 | 3,349 |
| Liabilities - Creditors: Amounts falling due in | ||||||
| one year | ||||||
| Loans received - | — | 4,000 | — | — | 4,000 | 8,000 |
| Accounts Payable - | 3,068 | — | — | — | 3,068 | — |
| Totals | 3,068 | 4,000 | — | — | 7,068 | 8,000 |
| Liabilities - Provision for liabilities after one | ||||||
| year | ||||||
| Loans received-long term - | — | 8,000 | — | — | 8,000 | 8,000 |
| Totals | — | 8,000 | — | — | 8,000 | 8,000 |
| Grand total | 40,411 | 294,490 | 68 | 507,195 | 842,166 | 722,814 |
Fund movement by type
| Opening | Incoming | **Outgoing ** | **Transfers ** | **Gains/losses ** | Journals | Closing | ||
|---|---|---|---|---|---|---|---|---|
| BWEI - Income | from previous | |||||||
| Designated | 11,534 | 11,951 | 10,116 | — | — | — | 13,369 | |
| Sub-total for BWEI | 11,534 | 11,951 | 10,116 | — | — | — | 13,369 | |
| BWEINotPCC - | Previous BWEI monies | |||||||
| Endowment | 375,921 | 61,303 | — | — | — | — | 437,224 | |
| Sub-total for BWEINotPCC | 375,921 | 61,303 | — | — | — | — | 437,224 | |
| BWEIPCC - Previous BWEI monies | ||||||||
| Endowment | 66,399 | 223 | — | — | — | — | 66,622 | |
| Sub-total for BWEIPCC | 66,399 | 223 | — | — | — | — | 66,622 | |
| ChHall - Church Hall | ||||||||
| Designated | 145,000 | — | — | — | — | — | 145,000 | |
| Sub-total for ChHall | 145,000 | — | — | — | — | — | 145,000 | |
| Comm - Communications | ||||||||
| Designated | — | 2,000 | — | (2,000) | — | — | — | |
| Sub-total for Comm | — | 2,000 | — | (2,000) | — | — | — | |
| Fabric - Fabric | ||||||||
| Designated | (250) | 8,586 | 20,179 | 11,240 | — | — | (602) | |
| Sub-total for Fabric | (250) | 8,586 | 20,179 | 11,240 | — | — | (602) | |
| Fabricfos - Fabric ex FOSP | ||||||||
| Designated | 6,220 | 1,106 | — | (7,301) | — | — | 25 | |
| Sub-total for Fabricfos | 6,220 | 1,106 | — | (7,301) | — | — | 25 | |
| Feeslcl - Fees local | ||||||||
| Restricted | — | 2,985 | 2,640 | — | — | — | 345 | |
| Sub-total for Feeslcl | — | 2,985 | 2,640 | — | — | — | 345 | |
| Feesstp - Fees | stipend | |||||||
| Restricted | 629 | 3,577 | 4,482 | — | — | — | (276) | |
| Sub-total for Feesstp | 629 | 3,577 | 4,482 | — | — | — | (276) | |
| GfarTrRes - Graveyard Trust-Rest | ||||||||
| Endowment | 2,279 | — | — | — | — | — | 2,279 | |
| Sub-total for GfarTrRes | 2,279 | — | — | — | — | — | 2,279 | |
| GravTrUnrs - Graveyard Trusts-Unr | ||||||||
| Endowment | 1,069 | — | — | — | — | — | 1,069 | |
| Sub-total for GravTrUnrs | 1,069 | — | — | — | — | — | 1,069 | |
| Hbells - Handbells | ||||||||
| Designated | 20,000 | — | — | — | — | — | 20,000 | |
| Sub-total for Hbells | 20,000 | — | — | — | — | — | 20,000 | |
| Legacies - Legacies | ||||||||
| Designated | 32,149 | 75,698 | 1,823 | — | — | — | 106,025 | |
| Sub-total for Legacies | 32,149 | 75,698 | 1,823 | — | — | — | 106,025 |
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| Org - Organ music | ||||||||
|---|---|---|---|---|---|---|---|---|
| Designated | 672 | — | — | — | — | — | 672 | |
| Sub-total for Org | 672 | — | — | — | — | — | 672 | |
| Organ - Organ | ||||||||
| Designated | 12,000 | — | 2,000 | — | — | — | 10,000 | |
| Sub-total for Organ | 12,000 | — | 2,000 | — | — | — | 10,000 | |
| General - General fund | ||||||||
| Unrestricted | 49,189 | 210,686 | 217,525 | (1,939) | — | — | 40,411 | |
| Sub-total | for General | 49,189 | 210,686 | 217,525 | (1,939) | — | — | 40,411 |
| Grand total | 722,814 | 378,118 | 258,766 | — | — | — | 842,166 |
Analysis of income and expenditure
| Total | Total | Total | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Designated | Restricted | Endowment | This year |
Last year | ||||||||||||||||||||
| INCOME AND ENDOWMENTS | |||||||||||||||||||||||||
| Donations and legacies | |||||||||||||||||||||||||
| 0101 - Planned Giving | 127,443 | — | — | — | 127,443 | — | |||||||||||||||||||
| 0301 - Loose plate collections | 3,564 | — | — | — | 3,564 | — | |||||||||||||||||||
| 0550 - Donations and appeals | 11,250 | — | — | — | 11,250 | — | |||||||||||||||||||
| 0601 - Tax recoverable on Gift Aid | 31,176 | — | — | — | 31,176 | — | |||||||||||||||||||
| 0605 - Youth | 285 | — | — | — | 285 | — | |||||||||||||||||||
| 0606 - Fabric Fund | 800 | 8,586 | — | — | 9,386 | — | |||||||||||||||||||
| 0607 - Fabric Fund ex FOSP | — | 1,081 | — | — | 1,081 | — | |||||||||||||||||||
| 0608 - Communication Grant | — | 2,000 | — | — | 2,000 | — | |||||||||||||||||||
| 0701 - Legacies | — | 75,698 | — | — | 75,698 | — | |||||||||||||||||||
| 0801 - Grants | 1,500 | — | — | — | 1,500 | — | |||||||||||||||||||
| Total | 176,020 | 87,366 | — | — | 263,387 | — | |||||||||||||||||||
| Income from charitable activities | |||||||||||||||||||||||||
| 1101 - Fees for weddings and | 3,046 | — | — | — | 3,046 | — | |||||||||||||||||||
| funerals | |||||||||||||||||||||||||
| Total | 3,046 | — | — | — | 3,046 | — | |||||||||||||||||||
| Investments | |||||||||||||||||||||||||
| 1020 - Bank and investment income | 3,354 | 25 | — | — | 3,379 | — | |||||||||||||||||||
| 1315 - CCLA Revaluation-PCC | — | — | — | 223 | 223 | — | |||||||||||||||||||
| 1316 - CCLA REvaluation-non PCC | — | — | — | 61,303 | 61,303 | — | |||||||||||||||||||
| Total | 3,354 | 25 | — | 61,526 | 64,905 | — | |||||||||||||||||||
| Other income | |||||||||||||||||||||||||
| 0609 - Credits re organist fees | 1,485 | — | — | — | 1,485 | — | |||||||||||||||||||
| 0610 - Credits re Hall insurance | 1,130 | — | — | — | 1,130 | — | |||||||||||||||||||
| 0802 - Fund raising | 2,991 | — | — | — | 2,991 | — | |||||||||||||||||||
| 0803 - Country Fayre fund raising | 12,810 | — | — | — | 12,810 | — | |||||||||||||||||||
| 0804 - Upham contribution | 9,129 | — | — | — | 9,129 | — | |||||||||||||||||||
| 1302 - Hall & Stables sundry | 249 | — | — | — | 249 | — | |||||||||||||||||||
| 1310 - Insurance claims | 469 | — | — | — | 469 | — | |||||||||||||||||||
| 311 - Fees local | — | — | 2,985 | — | 2,985 | — | |||||||||||||||||||
| 1312 - Fees stipend | — | — | 3,577 | — | 3,577 | — | |||||||||||||||||||
| 1313 - BWEI investment income | — | 11,951 | — | — | 11,951 | — | |||||||||||||||||||
| 1314 - Interest and Dividends- | — | — | — | — | — | — |
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Restricted
| Rtitd | ||||||||
|---|---|---|---|---|---|---|---|---|
| esrce | ||||||||
| Total | 28,266 | 11,951 | 6,562 | — | 46,779 | — | ||
| INCOME | TOTAL | 210,686 | 99,343 | 6,562 | 61,526 | 378,118 | — |
EXPENDITURE
| Raising funds | |||||||
|---|---|---|---|---|---|---|---|
| 1730 - Country Fayre costs | 3,692 | — | — | — | 3,692 | — | |
| Total | 3,692 | — | — | — | 3,692 | — | |
| Expenditure on charitable activities | |||||||
| 1830 - Overseas mission | 2,435 | — | — | — | 2,435 | — | |
| 1850 - Home mission | 3,617 | — | — | — | 3,617 | — | |
| 1910 - Parish Share | 99,730 | — | — | — | 99,730 | — | |
| 2001 - Other staff costs | 88 | — | — | — | 88 | — | |
| 2050 - Parishes Assistant salary | 12,152 | — | — | — | 12,152 | — | |
| 2101 - Rector's expenses | 4,710 | — | — | — | 4,710 | — | |
| 2130 - Rectory costs | 968 | — | — | — | 968 | — | |
| 2140 - Water rates | 142 | — | — | — | 142 | — | |
| 2301 - Insurance | 4,505 | — | — | — | 4,505 | — | |
| 2310 - Office | 4,351 | — | — | — | 4,351 | — | |
| 2320 - Organist/music director salary | 10,871 | — | — | — | 10,871 | — | |
| 2331 - Cleaning | 2,747 | — | — | — | 2,747 | — | |
| 2340 - Church services | 2,975 | — | — | — | 2,975 | — | |
| 2350 - Churchyard | 8,296 | — | — | — | 8,296 | — | |
| 2370 - Family, children and youth | 25,623 | — | — | — | 25,623 | — | |
| salaries | |||||||
| 2371 - Youth expenses | 2,840 | — | — | — | 2,840 | — | |
| 2372 - Communication costs | 5,323 | — | — | — | 5,323 | — | |
| 2373 - Outreach | 689 | — | — | — | 689 | — | |
| 2374 - Hall & Stables sundry | 249 | — | — | — | 249 | — | |
| 2401 - Electric | 3,539 | — | — | — | 3,539 | — | |
| 2410 - Gas | 8,370 | — | — | — | 8,370 | — | |
| 2601 - Accounts examnination costs | 200 | — | — | — | 200 | — | |
| 2602 - Fund raising costs | 1,442 | — | — | — | 1,442 | — | |
| 2701 - Church fabric | 7,961 | 20,179 | — | — | 28,140 | — | |
| Total | 213,832 | 20,179 | — | — | 234,012 | — | |
| Other expenditure | |||||||
| 2702 - Fees local | — | — | 2,640 | — | 2,640 | — | |
| 2703 - Legacy projects | — | 1,823 | — | — | 1,823 | — | |
| 2704 - Fees-stipend | — | — | 4,482 | — | 4,482 | — | |
| 2705 - BWEI | — | 10,116 | — | — | 10,116 | — | |
| 2706 - Loan repayment | — | — | — | — | — | — | |
| 2707 - Depreciation | — | 2,000 | — | — | 2,000 | — | |
| Total | — | 13,939 | 7,122 | — | 21,061 | — | |
| EXPENDITURE TOTAL | 217,525 | 34,119 | 7,122 | — | 258,766 | — | |
| GRAND TOTAL | (6,838) | 65,224 | (560) | 61,526 | 119,351 | — |
Independent examiner’s report to the PCC of St Peter’s Bishops Waltham
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I report on the accounts of the PCC of St Peter’s Bishops Waltham for the year ended 31 December 2023, which are set out on the accompanying pages.
Respective responsibilities of trustees and 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(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act
-
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act
-
to state whether particular matters have come to my attention.
Basis of independent examiner’s report
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 you as trustees concerning any such matters. The procedures 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 statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 130 of the 2011 Act
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met.
These accounts represent the activity of the church only and do not include parish news or hall and stables activities. These accounts do not include comparative figures. A consolidated set of accounts including parish news, hall and stables and comparatives have been prepared for statutory annual filing purposes.
There are no other matters which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Louisa Burton ACA
Gatcombe House, Portsmouth, PO3 5EJ
Date 26 March 2024
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