ST. PETER’S CHURCH, BISHOPS WALTHAM
End of Year Financial Statements
Year ending 31[ST] December 2024
APPROVED BY THE PCC OF ST. PETER’S CHURCH BISHOPS WALTHAM
ON 25 March 2025
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.
TRUSTEES REPORT FOR THE YEAR ENDING 31 DECEMBER 2024
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 other clergy (serving and retired) and laity
The PCC is responsible for the maintenance of the Church, Churchyard, the Church Hall in Free Street, Bishop’s Waltham and the Stables Parish Office in Maypole Green, Bishop’s Waltham
Accounting practice
The Accounts have been prepared using accounting software known as Finance Coordinator which is designed specifically for PCCs. The Finance Committee review the Management Accounts on a monthly basis and the figures are reported to the PCC at its regular meetings
These Accounts are for the PCC only but Consolidated Accounts including Bishop’s Waltham & Upham Parish News and the Church Hall & Stables are prepared and are submitted to the Charity Commission. The Accounts or Bishop’s Waltham & Upham Parish News and for the Church Hall & Stables are examined independently and are seen by the PCC
Financial review
The Budget for 2024 projected a deficit of £22,700 and although the main income streams (Planned Giving and Tax Recoverable via Gift Aid) were down slightly on the previous year, expenditure was well controlled and lower than projected under a range of headings, so the actual deficit was £9,681. This deficit was covered by Unrestricted Funds available at the start of the year but the balance of these Funds as at 31 December 2024 had reduced to £30,730. This remains below the target of equating to three months average expenditure and this situation will worsen in 2025 unless income is increased or expenditure curtailed as the Budget for 2025 is a deficit of £23,200
Further legacies of £11,000 were received during the year and added to the existing Designated Legacy Fund, which have been used primarily to cover expenditure in relation to the reordering of the North and South aisles, although there remains £74,188 on this Fund. The major reordering item of expenditure still outstanding relates to the removal of the two pews at the rear of the North Nave plus new flooring and it is hoped to complete this in early 2025
Details of the work on the Church fabric and on the Churchyard can be found in the Annual Fabric Report presented at the PCC meeting in January 2025 and forms part of the Annual Report presented at the Annual Parochial Church Meeting in April. Spending is a combination of primarily day to day maintenance (which comes from the Unrestricted Fabric Find) and special projects, which come from the Designated Fabric Fund. It should be noted that the balance of the Designated Fabric Fund is shown as negative £2,565 but this is as a result of the Loan liability of £8,000 being shown as a deduction from this Fund purely for accounting purposes
The Endowed Funds previously held by the Charity known as the Bishop’s Waltham Educational Institute are split between a Fund from which income generated can be used by the PCC (Fund value £68,713) and a Fund from which the income is used to pay grants (Fund value £450,945), subject to meeting defined criteria. Income available for the year to pay grants was £12,136 and grants made £7,836 (CWP-Trustees Report for PCC Accounts 31 December 2024)
St Peters Church Bishop's Waltham Consolidated Statement of Financial Activities For the period from 01 January 2024 to 31 December 2024
| Unrestricted | Restricted | Endowment | Total | Prior year | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | total funds | ||||||||||
| Income and endowments from: | ||||||||||||||
| Donations and legacies | 191,775.32 | - | - | 191,775.32 | 263,387.14 | |||||||||
| Income from charitable activities | 5,494.25 | - | - | 5,494.25 | 3,046.00 | |||||||||
| Parish News | 28,222.54 | 28,222.54 | 26,215.11 | |||||||||||
| Hall & Stables | 23,199.80 | 23,199.80 | 23,107.00 | |||||||||||
| Other trading activities | 739.4 | - | - | 739.4 | - | |||||||||
| Investments | 5,006.98 | - | 69.3 | 5,076.28 | 64,905.70 | |||||||||
| Other income | 40,740.67 | 10,542.00 | - | 51,282.67 | 46,779.65 | |||||||||
| Total income | 295,178.96 | 10,542.00 | 69.3 | 305,790.26 | 427,440.60 | |||||||||
| Expenditure on: | ||||||||||||||
| Raising funds | 4,851.32 | - | - | 4,851.32 | 3,692.26 | |||||||||
| Expenditure on charitable activities | 228,144.13 | - | - | 228,144.13 | 234,012.67 | |||||||||
| Parish News | 30,253.27 | 30,253.27 | 28,724.89 | |||||||||||
| Hall & Stables | 20,833.45 | 20,833.45 | 18,059.00 | |||||||||||
| Other expenditure | 52,674.69 | 8,510.00 | - | 61,184.69 | 21,061.86 | |||||||||
| Total expenditure | 336,756.86 | 8,510.00 | - | 345,266.86 | 305,550.68 | |||||||||
| Net income / (expenditure) resources before transfer | -41,577.90 | 2,032.00 | 69.30 | -39,476.60 | 121,889.92 | |||||||||
| Transfers: | ||||||||||||||
| Gross transfers between funds - in | 5,932.20 | - | - | 5,932.20 | 43,472.62 | |||||||||
| Gross transfers between funds - out | -5,225.70 | -706.5 | - | -5,932.20 | -43,472.62 | |||||||||
| Other recognised gains / losses | ||||||||||||||
| Gains/losses on investment assets | - | - | 16,221.07 | 16,221.07 | - | |||||||||
| Gains on revaluation, fixed assets, charity's own use | - | - | - | - | - | |||||||||
| Net movement in funds | -40,871.40 | 1,325.50 | 16,290.37 | -23,255.53 | 121,889.92 | |||||||||
| Reconciliation of funds | ||||||||||||||
| Total funds brought forward | 372,394.28 | 68.5 | 507,195.59 | 879,658.37 | 757,768.45 | |||||||||
| Total funds carried forward | 331,522.88 | 1,394.00 | 523,485.96 | 856,402.84 | 879,658.37 |
TRUSTEES REPORT FOR THE YEAR ENDING 31 DECEMBER 2024
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 other clergy (serving and retired) and laity
The PCC is responsible for the maintenance of the Church, Churchyard, the Church Hall in Free Street, Bishop’s Waltham and the Stables Parish Office in Maypole Green, Bishop’s Waltham
Accounting practice
The Accounts have been prepared using accounting software known as Finance Coordinator which is designed specifically for PCCs. The Finance Committee review the Management Accounts on a monthly basis and the figures are reported to the PCC at its regular meetings
These Accounts are for the PCC only but Consolidated Accounts including Bishop’s Waltham & Upham Parish News and the Church Hall & Stables are prepared and are submitted to the Charity Commission. The Accounts or Bishop’s Waltham & Upham Parish News and for the Church Hall & Stables are examined independently and are seen by the PCC
Financial review
The Budget for 2024 projected a deficit of £22,700 and although the main income streams (Planned Giving and Tax Recoverable via Gift Aid) were down slightly on the previous year, expenditure was well controlled and lower than projected under a range of headings, so the actual deficit was £9,681. This deficit was covered by Unrestricted Funds available at the start of the year but the balance of these Funds as at 31 December 2024 had reduced to £30,730. This remains below the target of equating to three months average expenditure and this situation will worsen in 2025 unless income is increased or expenditure curtailed as the Budget for 2025 is a deficit of £23,200
Further legacies of £11,000 were received during the year and added to the existing Designated Legacy Fund, which have been used primarily to cover expenditure in relation to the reordering of the North and South aisles, although there remains £74,188 on this Fund. The major reordering item of expenditure still outstanding relates to the removal of the two pews at the rear of the North Nave plus new flooring and it is hoped to complete this in early 2025
Details of the work on the Church fabric and on the Churchyard can be found in the Annual Fabric Report presented at the PCC meeting in January 2025 and forms part of the Annual Report presented at the Annual Parochial Church Meeting in April. Spending is a combination of primarily day to day maintenance (which comes from the Unrestricted Fabric Find) and special projects, which come from the Designated Fabric Fund. It should be noted that the balance of the Designated Fabric Fund is shown as negative £2,565 but this is as a result of the Loan liability of £8,000 being shown as a deduction from this Fund purely for accounting purposes
The Endowed Funds previously held by the Charity known as the Bishop’s Waltham Educational Institute are split between a Fund from which income generated can be used by the PCC (Fund value £68,713) and a Fund from which the income is used to pay grants (Fund value £450,945), subject to meeting defined criteria. Income available for the year to pay grants was £12,136 and grants made £7,836 (CWP-Trustees Report for PCC Accounts 31 December 2024)
St Peters Church Bishop's Waltham
Consolidated Statement of Financial
Position
| Position | As at | As at | |
| 31/12/2024 | 31/12/2023 | ||
| Fixed assets | |||
| 6431: Freehold Church Hall | 145,000.00 | 145,000.00 | |
| 6432: Handbells | 20,000.00 | 20,000.00 | |
| 6433: Digital organ | 8,000.00 | 10,000.00 | |
| 6434: CCLA Investment-PCC (ex-BWEI) | 68,713.00 | 66,622.00 | |
| 6435: CCLA Investment-not PCC (ex BWEI) | 450,945.00 | 437,224.00 | |
| 6598: New Unrestricted Graveyard Trusts | 1,205.45 | - | |
| 6599: New Restricted Graveyard Trusts | 2,553.21 | - | |
| Total Fixed assets | 696,416.66 | 678,846.00 | |
| Current assets | |||
| 6501: Barclays Fabric Deposit account | 4,625.28 | 7,508.23 | |
| 6505: Barclays current account | 9,420.47 | 31,272.08 | |
| 6510: CAF Cash account | 3,050.89 | 4,284.36 | |
| 6590: CAF Gold account | 115,616.05 | 131,974.64 | |
| Parish News Bank Account | 20,405.36 | 22,436.09 | |
| Hall and Stables Bank Account | 17,422.40 | 15,056.05 | |
| 6593: Graveyard Trusts-Unrestricted | - | 1,069.87 | |
| 6594: Graveyard Trusts-Restricted | - | 2,279.72 | |
| Total Current assets | 170,540.45 | 215,881.04 | |
| Liabilities | |||
| 6699: Agency collections | - | - | |
| 9901: Loans received | 4,000.00 | 4,000.00 | |
| 9902: Loans received-long term | 4,000.00 | 8,000.00 | |
| Z04: Accounts Payable | 2,554.22 | 3,068.62 | |
| Total Liabilities | 10,554.22 | 15,068.62 | |
| Net Asset surplus (deficit) | 856,402.89 | 879,658.42 | |
| Represented by Funds | |||
| General (Unrestricted) | 68,557.29 | 77,903.35 | |
| Designated | 262,965.64 | 294,490.98 | |
| Restricted | 1,394.00 | 68.5 | |
| Endowment | 523,485.96 | 507,195.59 | |
| Total | 856,402.89 | 879,658.42 |
Notes to the accounts
Basis of Preparation
The Accounts of the PCC have been prepared in accordance with the Church Accounting Regulations 2006 using the accruals basis.
Employees
In 2024 there were 5 employees (2023 4)
Fixed Assets
| Land and Buildings Freehold land and buildings Deemed cost 145,000 - at 1 January 2024 Additions at 31 December 2024 145,000 Depreciation at 1 January 2023 Charge for the year at 31 December 2024 - 145,000 Net book value at 1 January 2024 at 31 December 2024 145,000 |
Church Equipment 60,000 - 60,000 30,000 2,000 32,000 30,000 28,000 |
Total 205,000 - 205,000 30,000 2,000 |
|---|---|---|
| 32,000 175,000 |
||
| 173,000 |
- The organ of £40,000 is being depreciated over 20 years at £2,000 per year.
The land, buildings of £145,000 and hand bells of £20,000 are not being depreciated as they appreciate in value.
Fixed Asset Investments
Fixed Asset Investments
Cost or valuation
At 1 January 2023 Unrealised gains At 31 December 2023
442,320 61,526 503,846
Fixed asset investments are initially measured at transaction price and are subsequently measured at fair value each reporting date.
Fund Movement by Type:
Closing Opening Balance Incoming Resources Transfers Balance 2023 Resources Expended 2023 Undesignated Funds 46,280 210,689 - 214,619 - 1,939 40,411 Fixed Assets - Undesignated 157,000 - 2,000 155,000 Fixed Assets - Designated - Hand Bells 20,000 20,000 Organ/Music fund 673 673 Fees Stipend 629 3,577 - 4,482 - 276 Fees Local - 2,985 - 2,640 345 Fabric 15,749 8,586 - 24,179 11,240 11,396 Fabric Ex FOSP 6,220 1,106 - 7,301 25 Fabric Loan to be repaid - 16,000 4,000 - 12,000 Parish News 11,006 27,993 - 28,845 10,154 Hall & Stables 4,179 24,947 - 18,060 11,066 Graveyard Trust Restricted 2,279 2,279 Graveyard Trust Unrestricted 1,069 1,069 Legacies 32,150 75,698 - 1,823 106,025 Communications - 2,000 - 2,000 - BWEI 11,534 11,951 - 10,116 13,369 CCLA 375,921 61,303 437,224 CCLA (Formerly Shawbrook) 66,399 223 66,622 735,088 431,058 - 302,764 - 863,382
St Peters Church Bishop's Waltham Consolidated Fund Movement Summary Selected period: 01 January 2024 to 31 December 2024
| Fund balances | Incoming | Outgoing | Gains and | Journal | Fund balances | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Fund | Transfers | ||||||||||
| brought forward | Resources | Resources | Losses | Entries | Carried forward | ||||||
| BWEI | |||||||||||
| Designated | 13,369.66 | 12,136.90 | 7,836.45 | - | - | - | 17,670.11 | ||||
| Sub-totals | 13,369.66 | 12,136.90 | 7,836.45 | - | - | - | 17,670.11 | ||||
| BWEINotPCC | |||||||||||
| Endowment | 437,224.00 - | - | - | 13,721.00 - | 450,945.00 | ||||||
| Sub-totals | 437,224.00 - | - | - | 13,721.00 - | 450,945.00 | ||||||
| BWEIPCC | |||||||||||
| Endowment | 66,622.00 - | - | - | 2,091.00 - | 68,713.00 | ||||||
| Sub-totals | 66,622.00 - | - | - | 2,091.00 - | 68,713.00 | ||||||
| ChHall | |||||||||||
| Designated | 145,000.00 - | - | - | - | - | 145,000.00 | |||||
| Sub-totals | 145,000.00 - | - | - | - | - | 145,000.00 | |||||
| Comm | |||||||||||
| Designated | - | 1,200.00 | - | -1,200.00 - | - | - | |||||
| Sub-totals | - | 1,200.00 | - | -1,200.00 - | - | - | |||||
| Fabric | |||||||||||
| Designated | -602.84 | 10,924.05 | 16,911.60 | 4,025.70 - | - | -2,564.69 | |||||
| Sub-totals | -602.84 | 10,924.05 | 16,911.60 | 4,025.70 - | - | -2,564.69 | |||||
| Fabricfos | |||||||||||
| Designated | 25.7 - | - | -25.7 - | - | - | ||||||
| Sub-totals | 25.7 - | - | -25.7 - | - | - | ||||||
| Feeslcl | |||||||||||
| Restricted | 345 | 3,965.00 | 4,215.00 | -55 - | - | 40 | |||||
| Sub-totals | 345 | 3,965.00 | 4,215.00 | -55 - | - | 40 | |||||
| Feesstp | |||||||||||
| Restricted | -276.5 | 6,577.00 | 4,295.00 | -651.5 - | - | 1,354.00 | |||||
| Sub-totals | -276.5 | 6,577.00 | 4,295.00 | -651.5 - | - | 1,354.00 | |||||
| GfarTrRes | |||||||||||
| Endowment | 2,279.72 | 69.3 | - | - | 273.49 - | 2,622.51 | |||||
| Sub-totals | 2,279.72 | 69.3 | - | - | 273.49 - | 2,622.51 | |||||
| GravTrUnrs |
| Endowment | 1,069.87 - | - | - | 135.58 | - | 1,205.45 | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Sub-totals | 1,069.87 - | - | - | 135.58 | - | 1,205.45 | ||||
| Hbells | ||||||||||
| Designated | 20,000.00 - | - | - | - | - | 20,000.00 | ||||
| Sub-totals | 20,000.00 - | - | - | - | - | 20,000.00 | ||||
| Legacies | ||||||||||
| Designated | 106,025.86 | 11,000.00 | 42,838.24 | - | - | - | 74,187.62 | |||
| Sub-totals | 106,025.86 | 11,000.00 | 42,838.24 | - | - | - | 74,187.62 | |||
| Org | ||||||||||
| Designated | 672.6 - | - | - | - | - | 672.6 | ||||
| Sub-totals | 672.6 - | - | - | - | - | 672.6 | ||||
| Organ | ||||||||||
| Designated | 10,000.00 - | 2,000.00 | - | - | - | 8,000.00 | ||||
| Sub-totals | 10,000.00 - | 2,000.00 | - | - | - | 8,000.00 | ||||
| General | ||||||||||
| Unrestricted | 40,411.21 | 208,495.67 | 216,083.85 | -2,093.50 | - | - | 30,729.53 | |||
| Sub-totals | 40,411.21 | 208,495.67 | 216,083.85 | -2,093.50 | - | - | 30,729.53 | |||
| Parish News | ||||||||||
| Unrestricted | 22,436.09 | 28,222.54 | 30,253.27 | -2,030.73 | 20,405.36 | |||||
| Sub-totals | 22,436.09 | 28,222.54 | 30,253.27 | 0.00 | -2,030.73 | - | 20,405.36 | |||
| Hall and Stables | ||||||||||
| Unrestricted | 15,056.00 | 23,199.80 | 20,833.45 | 2,366.35 | 17,422.35 | |||||
| Sub-totals | 15,056.00 | 23,199.80 | 20,833.45 | 0.00 | - | - | 17,422.35 | |||
| Totals | 879,658.37 | 305,790.26 | 345,266.86 | - | 16,221.07 | - | 856,402.84 |
Independent examiner’s report to the PCC of St Peter’s Bishops Waltham
I report on the accounts of the PCC of St Peter’s Bishops Waltham for the year ended 31 December 2024, 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:
(1) 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; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Louisa Burton ACA
124 City Road, London, EC1V 2NX
Date 25 March 2025