Charity number: 1128476 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 RPGCC Chartered AOUntantS & Statutory Auditor 40 Gra¢echurch Street London EC3V OBT
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE CONTENTS Page Reference and administrative detsils of the charity, its Trustees and advisers Trustees, report Trustees, responsibilities statement Independent examlner's rep)rt statement of financial activities Balance sheet 10 Statement of cash flows 11 Notes to the financial statements 12-36
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Richard Aylmer-Hall Revd Patrick Bateman Mark Chapman Andrew Clifton Michael Goddard. Stood down AprS12023 Gillian Hall, Stood down April 2023 Carey Jane Hamper Bob Hewson. Stood down April 2023 Brian Howells Judy Madavo Andrew Matthews, Elecled July 2023 Ruth Ray, Stood down April 2023 Frances Reeve. Elected April 2023 Andrew Reid Jennifer Roome Revd Richard Rugg Beth Sadler Alison Shine Vicki Schmidt John Smith David Steeds, Stood down April 2023 Simon Tanner Janel Watkins The lay people are all PCC members, eilher elected direclly to the PCC or ex officio by election onto the Diocesan or Deanery Synod. The clergy listed here are the incumbent and associate minister and are ex officio members of the pcc. CHARITY REGISTERED NUMBER 1128476 PRINCIPAL OFFICE Holy Trinity Church Church Road Surrey KT10 QJP SECRETARY Janet Watkins Page 1
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 INCUMBENT The Revd Patrick Bateman CHURCHWARDENS Andrew Reid Alison Shine Accountants RPG Crouch Chapman LLP Chartered Accounlanls 40 Gracechurch Street London EC3V OBT BANKERS National Westminster Bank PIC 10 Victoria Road Surbiton KT6 4JY Barclays Bank PIC Leicester LE87 2BB Charty Bank Fosse House Tonbridge TN91BE INDEPENDENT EXAMINER Jeremy Tyrrell FCA RPG Crouch Chapman LLP 40 Gracechurch Street London EC3V OBT The Parochial Church Council of the Ecclestiastical Parish of Claygate. known as Holy Trinity Claygate, is a charity regislered with the Charily Commission Page 2
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 BACKGROUND AND OBJECTIVES Holy Trinity Claygate PCC has the responsibility of cooperating wlth the incumbent in promoting in the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical. It also has mainlenance responsibilities for Holy Trinity Church and associated churchyard, the Church H811, the Minlstry Centre (formerly Church House), Ernmanuel Hall and the house provided for staff accommodation. The Parochial Church Council (PCCI is registered with the Charity Commission as Charity No. 1128476 and has prepared accounts in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the Unlted Kingdom and Republic of Ireland IFRS 102) and Charities Act 2011. In addition to the core activities of the church, Holy Trinity Claygate runs Jigsaw Pre School. This has its own rnanagement slruclure, which reports to the PCC through the Jigsaw Management Group which includes a PCC member and the Associate Vicar. The Operatlon of the PCC The PCC delegates the management of specific areas of ministry to the Minislry Team. Further areas of PCC responsibility are delegated to specialist advisory groups as required. The Standing Committee meets between PCC meetings as business requires. When planning the activities for the year, the Trustees have considered the Charity Commission's guidance on public benefit and the specific guidance for the advancement of religion. This report describes how the Trustees have met their aims and objectives during 2022. The PCC met 10 limes and there were a further 3 meetings of the Standing Commillee. Each meeting of the Council includes a period of prayer. It is the aim that all major decisions are reached by consensus. Church Attendancè On 31st December 2023 there were 449 {2022.' 4561 parishioners on the Church Electoral Roll of whom 14412022-. 1491 were not resident in the parish. The average attendance at Sunday services during 2023 was 318. An additional 168 people (including children) attended mid-week meetings such as Connections (Seniors) and Trinity Tots {pre•school infants). Future Plans There are no planned divergences from the current activities of Holy TrlnSty Claygale that will have signrfi¢ant impact on the financial stability of the church. RESERVES POLICY Unrestricted It is the policy of the PCC lo retain, without detriment to the immediate needs of fulfilling the mission of the Church, sufficient funds for the payment of critical short-term expense. To this end a cash contingency reserve has been established as a designated fund which has priority over all other non restricted funds. This is currently set at £50,000 and is reviewed annually as part of the budget setting process. Page 3
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 The Building Maintenance fund is an additional designated fund that is set aside for use in unplanned maintenance or development building work. The value of this fund will fluctuate as funds are added and spent, with the intention to maintain a level of around £50.000, dependent on available funds. other designated funds may be set aside for various purposes as agreed by the PCC. The General Fund represents the balan of the non-designated unrestricted funds and is used for all regular expense during the year. The adequacy of this fund is reviewed by the PCC on an annual basis. Restricted It is the policy of the PCC to regulady review the purposes for which restricted funds are held and to ensure that appropriate action is taken to avoid any build-up of reserves for which there is no requirement in the foreseeable future. RISK ASSESSMENT It Is the policy of the PCC to regularly revlew the purposes for which restricted funds are held and to ensure that appropriate action is taken to avoid any build-up of reserves for which there is no requiremenl in the foreseeable future. INVESTMENT POLICY Short tem) funds are held on bank deposit accounts at the most advantageous interest rate available consistent with withdrawal terms. Longer term funds are held in the Church of England share account and deposit account. DEPRECIATION POLICY Building purchases are not depreciated, with their asset value remaining at the cost at time of purchase. Major building work is depreciated on a slraighl-line basis over 25 years. Equipment used within the church premises is depreciated on a straight-line basis over four years. Individual items with a purchase price of £10,000 or less are written off when the asset is acquired. FUNDRAISING ACTIVITIES We do not employ a professional fundraiser and all fundraising is done through normal activities of staff and volunteers. Fundraising is predominately from member giving, and this is monitored regularly. Full details of individual giving is restricted to the Finan team. which does not include clergy or ministry team. We ask people to pledge regular giving in September and our Gift and Pledge Secretary will collect the information and forecast the giving for the year. and they will also do monthly reconciliations of the amounts received. The PCC has quarterly financial reports which includes monitoring the incomelfundraising. No complaints were received about the church's fundraising activities. We have fully complied with GDPR regulalions. and our policy is available on the website for all to see. This will prevent unreasonable intrusion on a person's privacy. Holy Trinity Claygate has adopted the Church Of England "Promoting a Safer Church. Policy Statement, national policies and Practice Guidance approved by the House of Bishops. Page 4
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Once a year, in September, we have a Vision Sunday, with follow up letter to all members seeking financial commitment to the year ahead. If required. in exceptional circumstsnces, we may need to ask members for more donations to fund a specific project or if the resejwes were low. This would be done with the PCC'S agreement to ensure there are no unreasonable persistent approaches for the purposes of obtaining donations from individuals and we are therefore comfortable that HTC does not place undue pressure on a person to give money or other propety. During 2023 the church made several grant applications. These were related to the operation of the youth drop-in centre, known as The Well. These applications resulted in £5,000 being granted to the church. In addition, there were grants of £1,000 from Elmbridge Council towards churchyard maintenance and £1,000 from Guitdford Diocese towards eneryy costs. Further grant applications will be made in 2024. During 2023, the church received legacies totalling just under £40,400. These funds, together with residual funds from previou5 years, have enabled the funding of additional seniors ministry staff to support the expansion of our Connections ministry and enabling a staff member to spend time on a national seniois initiative. PCC MEMBERSHIP The PCC are all registered as truste8s, as listed earlier. They are elected at the Annual Parochial Church Meeting and normally serve for 3 years, with an option for re-election for a further 3 years. The PCC is also attended by other clergy and sometimes by ministry leads, but these individuals are not registered as trustees and. as such, have no voting lights on the PCC. FINANCIAL REVIEW During the year. the church had total income of £905.825 (2022.. £967,642), which comprises unrestricted income of £838.772 (2022.. £794,305} and restricted Incollle of £67,053 (2022.. £173.3371. Total expenditure amounted to £936.651 {2022= £1,004,199). comprising unrestricted expenditure of £831,02912022.. £855,917) and restricted expenditure of £105,$2212022.. £148,282). After net gains on investments of £4,422 (2022- net losses of £6.271), which represent unrestrieted funds, this resulted in net movements of £12.165 on the unrestricted funds 12022: £70,170) and movements of minus £38.569 on the restricted funds (2022.. plus £27.342). Total funds carrried forward .are £1,264.305 (2022.- £1,290,709). split into unrestricted funds of £543,802 (2022= £531.6371 and restricted funds of £720,503 (2022.. £759.072). Independent Examlner Mr J Tyrrell was appointed Independenl Examiner. Approved by order of the members of the board of Trustees and signed on their behaEf by.. Revd Patrick Bateman Trustee Date.. Page 5
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENOED 31 DECEMBER 2023 The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance wrth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi¢e}. The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of its incoming reSoUrS and application of resources. including its income and expenditure, for that period. In preparing these financial staternent5, the Trustees are required to.. select suitable accounting policies and then apply them consislently; obseTve the methods and principles of the Charities SORP (FRS 102}'. make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102} have been followed. subject to any material departures disclosed and explained in the financial statements-, prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufFicient to show and explain the charity's transactions and disclose with reasonable accuracy al any time the financial posrtion of the charity and enable them to ensure that the financial statement5 ¢omply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and he for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on its behalf by.. 'tc Revd Patrick Bateman Trustee Date.. I I rli>rftrL Page 6
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent Examinerfs Report to the Trustees of The Parochlal Church Council of the Ecclesiastical Parish of Claygale I'the charity,) I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2023. Responsibilities and Basis of Repori As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act,). I report in respect of my examination of the charily's accounts carried out under section 145 of the 2011 Act and in carrying out my examinalion I hav8 followed the applicable Directions given by the Charity Commission under section 145(5llb) of the 2011 Act. Independent Examinerfs Statemenl Since the charity's gross income exceeded £250,000 your examiner must be a member of a b(Kly listed in section 145 of the 2011 Act. I confim that l am qualified to undertake the examination because l am a member of the ICAEW, which is one of the listed bodies. Your attention is drawn to the fact that the charity has prepared Ihe accounts in accordance with Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) in preferenc8 to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. undersland that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my allention in connection with the examination giving me cause to believe that in any material respect.. accounting record5 were not kept in respect of the charity as required by section 130 of the 2011 Act., or the accounts do not accord with those records,. or the accounts do not comply with the applicable requirements conceming the form and content of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other Ihan any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection wilh the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Page 7
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE INDEPENDENT EXAMINER'S REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 This report is made solely lo the charity's Trustees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters l am required to slate to Ihern in an Independent examinevs port and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility lo anyone other than the charity and Èhe charity'5 Trustees as a body. for my work or for this report. Signed- Jeremy Tyrrell FCA RPGCC Chartered Accolsntants 40 Gracechurch Street London EC3V OBT Page 8
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies Charitable activities Investments 640,105 153,996 44,671 67.053 707,158 153,996 44,671 789,535 157,018 21,089 Total income 838,772 67,053 905,825 967,642 Expondlture on: Charitable activities 831,029 105,622 936,651 1,004,199 Total expenditure 831,029 105,622 936,651 1,004,199 Net incomellexpenditurel before net gainslllosses) on investments Net gainsl(lossesl on investments 7.743 4,422 (38,5691 {30.826) 4.422 {36.557} (6,2711 Net movement in funds 12,165 (38,5691 126,4041 (42,828} Re¢on¢lllatlon of funds: Total funds brought fonmard Net movement in funds 531,637 12,165 759.072 {38.569} 1,290,709 {26,4041 1,333,537 (42,8281 Total fund$ carried forward 543,802 720.503 1,264,305 1,290,709 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 12 to 36 form part of these financial statements. Page 9
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixgd a$$ets Tangible assets Investments 10 1.077.905 51,427 1,108.271 47,005 1,129,332 1,15S,276 Current assets sto¢ks Debtors Short term deposits Cash at bank and in hand 12 1,045 15,054 92,672 63,961 1,232 13,799 39,004 130,673 13 14 172,732 184.708 Creditors-. amounts falling due within one year 15 {37,759) {49,275) Nat eurrgnt assgts 134,973 135,433 Total assèt#1è$8 ¢urr•nt Ilabllities 1.264.305 1.290,709 Total net assets 1,264.305 1,290,709 harity fund5 Restricted funds Unre5triGted fvnds 17 720.503 543.802 759,072 531,637 17 Total funds 1,264,305 1,290.709 The financial ststements were approved and authorised for issue by the Trustees and signed on their behalf by.. Vieki chmÈdt Treasurer Date.. Mark Chay". Trustee The notes on pages 12 to 36 form part of these ffinancial statements. Page 10
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash flows from operating activities Net cash used in operating activities {17.439} 25,270 Cash flows from Inv¢$ting activities Dividends. interests and rents from investments Purchase of tangible fixed assets 4.395 2,699 {84,198) Net ¢a$h provlded byl{used inl investing activities 4,395 {81.4991 Cash flows from financing a¢tivitles Net ¢ash provided by finan¢lng a¢tlvltle$ Change In cash and cash equivalents in the year Cash and cash equivalents al the beginning of the year (13,(1441 156.229} 169,677 225,906 Cash and cash equivalent$ at the end of thè year 156,633 169,677 The notes on pages 12 to 36 form part of Ihese financial statements Page 11
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General information The entity is an unincorporated charity, charity number 1128476, registered with the Charity Commission in England & Wales. The contact address is Holy Trinily Church, Church Road, Claygate, Surrey. KT10 OJP. which is also ils principal pla of operation. The principal activity of the charity remains the promotion of the Christian fatth. The financial statements have been prepared in GBP and all amounts are rounded to the nearest £. Accounting policies L1 Basis of re aration of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 102) Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective 1 January 20151, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports} Regulations 2008 only to the extent required to provide a 'true and fair, view. This departure has involved following the Charilies SORP IFRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Parochial Church Council of the Ecclesiastical Parish of Claygate meets the definition of a public benefit enlily under FRS 102. Assets and liabilities are initially recognised al historical cosl or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Goin concern The Charlty reported net outgoing resources for the year of £26,404 (2022.. £42,828). Having sufficient reserves, the Truslees are of the opinion that the church has sufficient retained fijnds, both restricted and unrestricted, lo ensure the going concern status cif the church for the foreseeable future, this being at least the 12 months following the approval of the balance sheet. 2.3 Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amounl of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement. the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them Ilhrough knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the propety in question Page 12
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Iconlinuedl 2.3 Income continued will nol be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distribuled to the charity. can be reliably measured. Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received. the income is accrued. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable In relation to investment income is recognised at the lime the investment income is recelvable. 2.4 Ex enditure Expenditure is recognlsed once there is a legal or constructive obligation to Iransfer economic benefit tr) a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated direclly to that activity- Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs. All expenditure Is Inclusive of irrecoverable VAT. 2.5 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be meaSud reliably by the charity.. this is normally upon notification of the Inte$t paid or payable by Ihe institution with whom the funds are deposited. 2.6 Taxation The charity is considered to pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitsble company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Acl 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exient that such income or gains are applied exclusively to charitable purposes. Page 13
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued) 2.7 Tan ible fixed assets and de reciation Tangible fixed assets are initially recognised at cost. After recognition, under the cost mod81, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of Cost. Consecrated land and buildings and movable church fumishings- Consecrated and beneficial property is excluded from the accounts by S.10121(a} of the Charities Act 2011. No value is placed on movable church furnishings held by the churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable propety- All expenditure incurred during the year on consecrated or benefice buildings and movable church furnishings, whelher maintenance or improvement, is written off as expenditure in the SOFA and separately disclosed. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases-. Freehold propety improvements Fixiures and fittings Straight Line over 25 years Straight Line over 4 years 2.8 Investments Fixed asset investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised. are combined and presented as 'Gainsl(Losses} on investments, in the Statement of financial activities. 2.9 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost include5 all direct costs and an appropriate proportion of fixed and variable overheads. 2.10Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.11Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of Ihree months or less from the date of acquisition or opening of the deposit or similar account. Page 14
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinuedl 2.12Liabilities and rovisions Liabilities are recognised when there is an obligation at Ihe Balance sheet date as a result of a past event, il is probable that a transfer of economic benefit will be required in seltlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.13Financial instruments The charity only has financial assets and financial liabilities of a klnd that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequenlly measured al their settlement value with the exception of bank loans which are subsequently rneasured at amortised cost using the effective interest method. 2.14Fund accountin General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fvnd is set out in the notes to the financial slatements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial slatemenls. Investment income, gains and losses are allocated to the appropriale fund. Page 15
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued) Critical accounting estimates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The charity makes estimales and assumptions concerning the fulure. The resulting accounting estimates and assumptions will. by definition, seldom equal the related actual results. The trustees are of the opir)ion that there are no estimates and assumptions that have a significant risk of Causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Income from donations and legacies restricted Restricted funds funds 2023 2023 Total funds 2023 Donations Legacies and Special Gifts Grants other income 554,545 82.885 1.000 1,675 60,240 614,785 82,885 7,049 2,439 6.049 764 640,105 67,053 707.158 restricted Restricted funds funds 2022 2022 Total funds 2022 Donations Legacies and Special Gifts Grants Other income 578,354 36,000 1,844 107,530 30,000 35,807 685.884 66.000 37,651 616.198 173,337 789,535 Page 16
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARSSH OF CLAYGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from charitable activities restricted funds 2023 Total funds 2023 Church Activities Jigsaw Pre-school 21,594 132,402 21,594 132,402 Total 2023 153,996 153,996 restricted funds 2022 Total funds 2022 Church Activities Jigsaw Pr&School 29,724 127.294 29,724 127,294 Total 2022 157,018 157,018 Page 17
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investment income Un- restricted funds 2023 Total funds 2023 Letting of Church Propety Dlvidends & Interest 40.276 4,395 40.276 4,395 44,671 44.671 Un- restricted funds 2022 Total funds 2022 Letting of Church Property Dividends & Interest 18.390 2,699 18.390 2,699 21,089 21,089 Page 18
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure on charitable activities Summa b fund restricted Restrlcled funds funds 2023 2023 Total 2023 Church Activities Jigsaw Pre-school 719.757 111,272 105.622 825,379 111,272 831,029 105,622 936,651 Un- restricted Restricted fLJnds funds 2022 2022 Total 2022 Church Activities Jigsaw Pre-school 753,743 102,174 148,282 902,025 102.174 855,917 148,282 1.004,199 Page 19
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure by activities Activities undertaken directly 2023 Total funds 2023 Church Activities Jigsaw Pre-school 825,379 111,272 825,379 111,272 936,651 936,651 Activities undertaken directly 2022 Total funds 2022 Church Aclivities Jigsaw Pre-school 902.025 102,174 902,025 102,174 1,004,199 1,004,199 Page 20
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure by activities (continued) Analysis of direct costs Church Jigsaw Pre- activities School 2023 2023 Tot81 funds 2023 Staff costs Depreciation Missionary & Charitable Giving Diocesan Parish Share Slaff (other) Staff Accommodation Clergy & Leaders, Expenses Ministry, Worship and Evangelism Pastoral & Seniors Children. Youth and Families Church Complex - Utilities Repairs, Maintenance & Upkeep of Church & PCC Property Major Building Expenditure Stationery & Photocopying Coffee & Other Activities Equipment Telephone IT including Website Olher Independent Examination Bookstall Purchases 296,426 30,366 82,043 167,191 13,119 1,532 4,755 23,124 43,020 19.727 41,393 104,720 401,146 30,366 82,043 167,191 15,727 1,532 4,755 23,124 43,020 19,727 41.393 2,608 38,866 15,114 19,804 10,188 1,258 3,792 3,779 3,544 5,836 502 38,866 15,114 19,804 10,188 1,812 3.792 3.779 6,934 5.836 502 554 3,390 825,379 111,272 936,651 Page 21
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditu by activities (continued) Analysis of direct costs {conlinuedl Church Jigsaw Pre- activities School 2022 Total funds 2022 2022 staff costs Depreciab'on Missionary & Charitsble Giving Diocesan Parish Share Staff (other} staff Accommodation Clergy & Leaders, Expenses inisty, Worship and Evangelism Pastoral & Seniors Children. Youth and Families Church Complex - Utilities Repairs, Maintenance & Upkeep of Church & PCC Property Major Building Expenditure Stationery & Photocopying Coffee & Other Activities Equipment Telephone IT including Webslte Olher Independent Examination Bookstall Purchases 272,442 30,366 123,164 173,064 30,539 20,099 4,900 37,373 49,664 22,905 29,549 94,733 367,175 30,366 123,164 173,064 30,539 20,099 4,900 37,373 49,664 22,905 29,549 33,566 23,608 17,856 15,888 1,411 2,839 3.729 4,119 3,620 1,324 33,566 23,608 17,856 15,888 3,695 2,839 3.729 9,276 3,620 1,324 2.284 5.157 902,025 102,174 1,004,199 Page 22
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Staff costs 2023 2022 Wages and salarie5 Social security costs Contribution to defined contribution pension schem8S 365.153 22.413 13.580 335.496 17,812 13,867 401.146 367,175 The average number of persons employed by the charity during the year was as follows.. 2023 2022 Church Jigsaw 14 13 22 22 No employee received remuneration amounting to more than £60,000 in either year. There are no significant disclosure Iransations in respect of PCC members, persons dos81y connecled with them or any other related parties other than those disclosed in note 19. Key managemenl comprises the Vicar and the Associate Vicar. Cummulative remuneration for key management during the year amouled to £13.11912022'. £34,534). Trustees, remuneration and expenses During the year, no Trustees received any direct remuneration or other benefits {2022 - £NILI. Additional disclosure is provided in Note 21. During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £ NIL). Page 23
c o)
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Fixed asset inveslments Listed investments Cost or valuation At 1 January 2023 Revaluations 47,005 4,422 At 31 December 2023 51,427 Net book value At 31 December 2023 51,427 At 31 Decernber 2022 47.005 General Funds 2.275 shares in the Investment Fund of the Central Board of Finance of the Church of England historical cost at 31 December 2023.. £2.500 (2022.. £2.500} 12. stocks 2023 2022 Books on bookstsll 1,045 1,232 13. Debtors 2023 2022 Due within one Trade debtors Tax recoverable ear 5,255 9,799 5,295 8,504 15,054 13,799 Page 25
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Current asset investments 2023 2022 Short terrn deposits 92,672 39,004 15. Creditors.. Amounts falling due within one year 2023 2022 Trade creditors Other creditors Accruals and deferred income 7,787 13,736 16,236 7,339 11,817 30.119 37,759 49.275 16. Financial instruments 2023 2022 Financial assets Financial assets measured at fair value through income and expenditure 51,427 47,005 Financial assets measured at fair value through income and expenditure comprise fixed asset investments. Page 26
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Statement of funds statement of funds - Current year Balance al 31 Gainsl December {Losses} 2023 Balance at 1 January 2023 Transfers inlout Income Expenditure Unrestricted funds Desi funds nated Cash Contingency Fund Denman Drive Slaff Accommodati on Fund 50,000 50.000 357,640 357,640 Equipment Fund Building Maintenance Fund Legacies Fund Budget Deficit Fund Ministry Initiatives Fund 31.996 (10.665) 21,331 27.353 21,878 16.4731 121,8781 20.880 40,385 40,385 15,000 {15,000) 503,867 40,385 139,0161 115,0001 490,236 General funds Jigsaw Unreslricled Funds 5,000 5,000 22.770 798,387 (792,013) 15,000 4,422 48,566 27,770 798,387 1792,013} 15,000 4.422 53,566 Total Unreslricled funds 531,637 838,772 (831,029) 4,422 543,802 Page 27
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Slatemenl of funds (conlinued} Restricted funds Church House 408.849 225,621 1,977 408,849 209,507 Ministry Centre The Well Ministry Training Grant Discipleship Year Students Agency appeals Seniors Children and families Youth (Not The Well) Churchyard National Seniors Ministry Emmanuel Hall Creation Care Way Maker 116,114) 16,977) 5,000 197 {197) 20,000 {5,471) 14,529 22,849 300 {22,849) 1300) 50 1,049 {50) 11,049) 8,266 84,162 10.000 34,873 {43,1391 13,587} 15.889) 80,575 4,111 2,932 2,932 759,072 67,053 1105,622) 720,503 Total of funds 1,290,709 905,825 {936,651) 4,422 1,264.305 Page 28
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Statement of funds (continued} The unrestricted funds comprise the following funds: Genoral Fund This fund is the primary unrestricted fund and is used to cover all operational costs apart from those specifically assigned to one of the designated or restricted funds. Cash Contingency Reserve This fund is designated for use only in the event of a sudden and serious shortfall in income, that cannot be met in any other way. The value of this fund is currently set at £50,000. Denman Drive - Staff Accommodation This fund represents the money used to purchase a freehold property in Denman Drive, Claygate for use by one of the staff team. The fund has not been revalued lo reflect current market value of the propety as it is not intended to be sold in the foreseeable future. Equipment Fund This fund represents the balance and depreciation on various items of capitalised equipment on the fixed asset register. There were no new items in 2023. Two items from previous years - Chairs for the main church and a projection system. This fund Ss belng deprecSated over 4 years. Legacies Fund This fund represents any legacies and significant Special Gifts that the church has received. The intention is to use these ftAnds for projecls or special activities or for staffing requirements. In 2023, Iwo legacies were received {lotalling £40,385) and the fund was used lo cover partial funding for staff in the Seniors ministry team, to enable the expansion of our Connections Ministry and to free some time for our Seniors Minister to work on national initialives. Some of this fund has yet to be allocated. Jlgsaw This fund is like the maln cash contlrngency fvnd but is designated for Jigsaw, the church's pre- school setting. The value of this fund is currently set at £5.000. Budget Deficit Fund The fund was designated to cover the planned budget deficit in 2022. The balance in this fund was fully transferred to the General Fund at the end of 2022, in order to replenish that fund. Building Maintenance Fund This fund has been designated lo cover any unplanned but essential building maintenance expense. Use of this fund requires approval by the Standing Committee and review by the PCC. In 2023. Ihis fund was used to cover some refurbishment work at the slaff accommodatlon property at Denman Drive on the departure of the occupant. Ministry Initlativgs Fund This fund is designated for use in paying for new initiatives or opportunities that requi additional funding. This fund has not been used since it was created and there are no plans for the foreseeable future, so the PCC agreed lo transfer the money back into the General Fund. Page 29
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Statement of funds Icontinu8d) The restricted funds comprise the following funds: Church House Thi5 fund represents the money used to purchase the old Vicarage in 1999, when the Diocese built a new vicarage in the grounds of the old one. The fund has not been revalued to reflect current market value of the property as it is nol intended lo be sold in the foreseeable future. Ministry Centre This fund represents the cost of converting Church House for use as staff offices {upstairsl and meeting rooms (downstairs), with a foyer, kitchenette, and toilet facilities. Previously the upstairs area was used for staff accommodation. This fund is being depreciated over 25 years. Emmanuel Hall The fund represents the cost of a project to refurbish Emmanuel Hall. This property was a former Free Evangelical Church which was closed a few years ago. Initially the FIEC, who owned the property allowed the church to use it for a peppercorn rent. In 2018, they handed the propety over lo the church at no cost, apart from the legal fees. The h811 is used primarily for youth activities, but also for other church groups. This fund wll be depreciated over 25 years. Agency Appeals This fund represents the money raised by the church for third party charitable organisations. primarily at the festival services at Easter. Haest and Christmas. All money received is passed on. so the b81ance will always revert lo zero. Ministry Training Grant This fund represents the residue of funds from the Claygate Christian Ministry Trust, which was set up to administer a large legacy left by a former church member. The trust agreed to close in 2019 and Iransferred the remaining funds to the church bul restricted for use in supporting ministry trainlng wlthSn the church. The fund is now fully depleted. Discipleship Year Students This fund is used to provide opportunities for young adults to gain experien In serving within the local church. It can also include attendance of extern81 training courses where appropriale. In 2023, this fund was used lo cover an individual working as an assistant in the worship group and children's ministry. Creation Care and Way Maker These funds are designated for use in a new initiative aiming lo make greater use of our churchyard by opening it up to the local community. The Creation Care fund is linked to a specific restricted donation by a church member of £10k and the Way Maker fund contains money received as part of a wider appeal. The money spent in 2023 has covered the initial design work for this project. National Seniors Ministry The fund was established to cover the development of a national seniors ministry and the launch of the Hymns We Love initialive. During 2023 a separate charity was eslablished, the Silver Hope Trust, as the ongoing funding entity for this work. All the residual money in the HTC fvnd was transferred across lo the trust towards the end of 2023. Page 30
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Statement of funds {continued} Restricted Funds for Ministry Areas There are several individual funds to hold income that is restricted for use in a specific area of church ministry or operation. This income may be the result of grants from third party funding organisalions or restricted donations from individual church members. Funds have been established for the following areas: Churchyard Children & Families Seniors (Primarily in support of the Connections mid-week group) Youth - The Well {A community drop-in activity run by the church) Youth - Other (Not The Well) These funds all have a zero balance at the end of 2023. Page 31
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Statement of funds Iconlinuedl Statement of funds - prior year Balance at 31 Gainsl December {Lossesl 2022 Balance at 1 January 2022 Transfers inloul Income Expenditure Unrestricted funds Desi funds nated Cash Contingency Fund Denman Drive - Staff Accommodati on Fund Equipment Fund Building Mainlenance Fund Legacies Fund Budget Deficit Fund Ministry Initiatives Fund 50.000 50,000 357,640 357,640 110.665) 42,661 31,996 49,460 41,247 14,538) (17,5691 130,2771 125,0921 27,353 21,878 36,000 50,000 150,000} 15,000 15,000 563.347 36,000 145,480) (50,000) 503,867 General funds General Funds Jigsaw 33,460 5,000 758.305 1810,437) 47,713 (6,271) 22,770 5,000 38,460 758,305 (810,437} 47,713 {6,2711 27,770 Total Unreslricled funds 601,807 794,305 {855,917) {2.287) 16,271) 531,637 Page 32
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Statement of funds (continued) Restrict8d funds Church House Ministry Centre The Well Ministry Training Grant Discipleship Year Students Agency appeals Seniors Children and families Youth (Not The Vvelll Churchyard National Seniors Ministry Emmanuel Hall Creation Care Way Maker 408,849 241,735 11,001 408,849 225,621 1,977 {16,114} 18,541) (11,0001 10,517 8,022 17,825) 197 20,000 20,000 62,620 1,762 162,620) (2,503) 741 675 {6751 250 1,299 1250> {1,299) 15.170 46.212 37,964 28,250 10.000 {44,868) 13,587) 8,266 84.162 10,000 13,287 731,730 173.337 1148,282) 2,287 759.072 Total of funds 1,333,537 967,642 (1,004,199) 16.271) 1,290,709 Page 33
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Analysis of net assets between funds Analysis of nel assets beeen funds - current year Un- restricted Restricted funds funds 2023 2023 Tolal funds 2023 Tangible fixed assets Fixed asset investments Current assets Credltors due within one year 378.972 51.427 144,627 {31.224} 698,933 1,077,905 51,427 28.105 172.732 {6,535} (37,7591 Total 543.802 720.503 1,264,305 Analysis of net assets bebNeen funds - prior year Un- restricted Restricted funds funds 2022 2022 Tolal funds 2022 Tangible fixed assels Fixed asset Snvestments Current assets Creditors due within one year 389.637 47,005 137,106 {42,111) 718,634 1,108,271 47,005 47.602 184.708 (7,164) (49.2751 Total 531,637 759,072 1,290,709 Page 34
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Reconciliation of net movement in funds to net cash flow from operating aclivities 2023 2022 Net expendllure for the year las per Statement of Financial Activities) 126,4041 142,828) Ad'ustments for. Depreciation charges Gains on investm8nts Dividends. interests and rents from investments Decrease in stocks Decreasellincreasel in debtors Increasel(decreasel in creditors 30,366 {4,422) (4,395) 187 11,255) 111,516) 30,366 6,271 (2,6991 447 2,417 31,296 Net cash rovided b I used in ratin activities 117,4391 25,270 20. Analysi5 of cash and cash equivalents 2023 2022 Cash in hand Notice deposits (less Ihan 3 months} 63,961 92.672 130,673 39,004 Total cash and cash e uivalents 156.633 169.677 At1 January 2023 Cash flows At31 December 2023 Cash at bank and in hand Liquid investments 130,673 39,004 166.7121 53,668 63,961 92,672 Page 35
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CLAYGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Related paty transactions During the year, the total donations made by Iruslees amounted to £64,894 {2022: £109.325}. During the year, the charity employed the following indlviduals who are related to trustees.. A Rugg (wrfe of R Rugg), Children and Families Minister.. salary of£32.583 (2022.. £30,843) J Howells Idauther in law of B Howellsl, Pastoral Care and Senior Administrator: salary of £3,63912022: £3,745) M Aylmer-Hall (daugher of R Aylmer-Halll. Ministry Assistant= salary of £5,372 (2022.. £1,794) Page 36