St Mary of Bethany Annual Report of the Parochial Church Council - Year ended 31 December 2023 1. Membershlp of the PCC and other partlculars PCC members who have served from 1 January 2023 are: Ex-offlclo Members: Incumbent Associate Vicar Associate Minlster (retired with permission to officiate) Deanery Synod Representstlves: Elected May 2023 Elected October 2020 Elected October 2020 Eletted Members {maxlmum 6 contlnuous years): Church Wardens: Mark Wallace (Chairl Bekah Clark luntll February 20231 Ray Marks Nell Jarman Caroline Mendham Jonathan Miles luntil May 2023) Sarah Macdonald Ifrom October 20201 Colin Hlckman (from October 2020 until 20241 From 2023 for 3 years: Simon Crosland {Lay-Chalr from May 2022) Clare Mall, Nick Mendham, Jonathan Mlles From 2021 for 3 years Anne Ansell From 2022 for 3 years John Brooks (from April 20191 Co-opted: Richard Warne {PCC Treasurer) from May 2022 Barclays Bank PLC,Jubilee Square, Woklng. Surrey GU21 1YG CAF Bank Ltd., 25 Kings Hill Avenue, Kings Hill, West Mallin Kent ME19 4JQ Edwards Greene, 9 Innovation Place, Douglas Drive, Godalmlng, Surrey GU7 1JX {pending approval by the APCM. to perform the Independent Examination of the 2023 accounts). Bankers: Independent Examlner:
St Mary of Bethany 2. Structure, Governance and Management The Parochial Church Council (PCCI is a corporate body established by the Church of England. The PCC operates under statute law, The Parochial Church Council (Powers) Measure 1956. The PCC of St Mary of Bethany, Woking was registered with the Charity Commission on 26 March 2009 (registered No. 1128813). PCC members therefore act as charity trustees. The rules of appointment of PCC members are governed by and set out in the Church Representation Rules. All Church attendees are encouraged to reglster on the Electoral Roll and stand for election to the PCC. New PCC members are provided wlth informatlon on the structure of the PCC and their role and responslbllities as a PCC member. The PCC takes its safeguarding obligations seriously- all members are DBS checked, briefed on safeguarding Issues by the Parish Safeguarding Representative and undertake safeguardlng training. There are Flnance and HR teams that advise and make recommendations to the PCC in these areas and, while there is no formal Fabric Team, the Church Wardens work with a number of members of the congregation on managing the fabric of the church and the PCC agrees an annual maintenance budget. The PCC approves all proposals for capital or on-going financial commitments or legal matters. The PCC has reviewed the major rlsks to which the PCC is exposed and established systems or procedures to achieve good practice and to manage risk in areas, such as health and safety, chlld protettion, disability discrimination, employment legislation and sound flnancial management. Standlng Commlttee (SCJ Thls Is the only committee required by law. It comprlses the incumbent, any other stipendlary clergy, churchwardens, PCC lay chalr, treasurer and secretary and has the power to transact the buslness of the PCC between its meetings, subjett to any directions given by the PCC. Other members of the PCC may be co-opted to the Standins Committee as necessary. The PCC and SC met on 11 occasions during 2023, mainly in person. Meetings were structured to ensure that every aspect of church life has been considered over the course of the year, including those area5 which enable the smooth and effectlve running of the church, such as HR, how we welcome newcomers and nurture members and young people, to those areas focussed on mission and our engagement with the wider community. Every meetlng has examined the finances of the church and decisions about expenditure have been agreed by the PCC. PCC meetings have also reviewed our safeguarding. Mlnlstry ream This is composed of the clergy: Mark Wallace. Bekah Clark (until February), Ray Marks and members of the staff team, and the church wardens (when they are available). Meetings are held regularly to plan and review ministry and deal with issues as they arise. The administrative staff arejess McNutt (Office Manager). Andrew Seaton (Office Administrator) and Becs Allin (Bookkeeper).
St Mary of Bethany Gol Team The Go! Team actively promotes mission both in the UK and overseas by keeping in touch with mission partner5 and encouraging the church to pray for those we support. Flnance ream The Finance Team of Adrian Brookes, Brian Harris and Nick Mendham sUPPOrts the Treasurer and guides the PCC in matters of financial management and stewardship. 3. Objectives and Artlvltles The PCC has the responsibility of co-operating with the incumbent, Mark Wallace, in promotlng In the parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical. The PCC also has regard to the Charity Commission's guidance on public benefit. St. Mary of Bethany's mission statement is"God's transforming people in our parish.. To love Jesus, to serve and tell other5, to be community. The mission statement is in line with the flrst two priorities set out in the Dlocese strategy of Transforming Church, Transforming Lives. Members are encouraged to support the work of the church through prayer, service and glving. Sundayservlces During 2023 we began wlth a 2-servlce pattern, wlth Sunday services at 9..15 and 11 am offering different styles of servlce and celebration. These were supplemented by an 8.00am communion servlce on the flrst Sunday of each month. Coffee was avallable between the services to promote fellowshlp, and after 11 am services. After Easter we moved to a single 10.30am service, We will revlew this SeiCe pattern after we hire an Associate Vicar. Ray Marks continued to be involved In preparing the preaching programme for the year which centres on expository preaching of Bible books, interspersed with some thematic series. We continued our All-Together Services on the first Sunday of each month, which have proved very popular. We contlnued to broadcast our 1030 service (other than on the first Sunday when we do not broadcast either service). While only a few people attend online, this provides an important point of access for those housebound or not well enough to attend church. a shop window for newcomers and it enables those who are111 that week toJoin. We also held a full programme of services for Christmas, Includlng our regular carol servlce for Woking Mencap and a community carol service which was well attended with numerous visitors. Smallgroups Small groups support the church and indlviduals through prayer and provide the prlmary source of pastoral care and an important aspect of encouraging discipleship. These have been pivotal in the life of the church during 2023. The Vicar ran some small group starter evenings at the beginning of the year, leading to a new group beginning to meet weekly. Most church members attend small groups and there are groups which meet at a variety of times in the day, and different days of the week on a weekly, fortnightly or monthly basis. The most common pattern is a weekly meeting on a Wednesday evening. Groups often follow the
St Mary of Bethany sermon series and use thelrtime together for Blble Study, worship and prayer. Some homegroups actively engage in supporting mission partners and some groups are also involved locally in serving the community through local project5 such as the Foodbank (Trussell Trust). The Talk Easy group meets regularly. as an opportunity for regular English conversation practice. Children andyoungpeoples work We are committed to work with young people, both in terms of the time gSven by volunteers and staff, but also in the financial support provided. There is a regular programme of Sunday morning and evening groups for young people aged from around 4 years old to 18. In addition, the church provides a youth group on Friday night (Friday Night Clubl for young people aged 7-11, Our work wlth local prlmary schools saw the Vlcar taking regular assemblies in Barnsbury School. We hosted Christmas services for Barnsbury and Goldsworth Schools, and also a chain of local nurserles, seeing around 1,000 people over a total of four services. We contlnue to contribute to the work of Engage in our local schools and college through our misslon giving. Mlnlstry to olderpeople Minlstry almed speclflcally at older people Is offered through CAMEO. and services in local sheltered houslng, Prayer Prayer contlnues to be central to all we do and in addition to gUlar prayer, opportunities for Individual prayer In services and prayer chalns. The church published a monthly prayer diary, and church members are invited tojoin the staff team for morning prayers on Wednesdays. We ran several Sunday evening Listening to God services through the year. The church continued its use of social media to promote events and create communlty. Mark posts regular blogs and Facebook, xwItter and Instagram have been used to promote all that we have been able to do during the year. Our services are all accessible through the website and YouTube. Ourbuilding Progress was made on maintenance and refurbishment of the building, in parallel with continued detailed design work for the'Heart of Mount Hermon, future extension and development plan. Community use A wide range of other community groups have used the buildings again during 2023, including Brownies, Guides and Rangers, resident association AGMS and performing art groups. Individuals from the community and church family put on several concerts during the year, which were open to the public.
St Mary of Bethany We acted as a polling station for the local elections in May and provided a warm welcome, tea and cake throughout the whole time from 7am-1 Opm. through the valiant efforts of our incredibly dedicated team. 4. Further development 2023 was the second year of our current two-year development plan. This was launched in March 2022 and included a set of values for the first time,. these sit with our overall vision statement and will not change year by year. The vision statement Is.. Continuing God's transformation in our parish, to create a communlty of all generations. The goals are: 11 l Transformlng our ministries to all ages., children, youn8 people, young adults, families, senior adulis. Reviewing each of these areas, so that rhe whole church family grows together. 121 Transformlng our life together, as a communiry where every member grows.. In servin8 on a ieam. In a smallllife group. In giving financially. To include reviews of our SerVCe pattern and prayer ministry. 131 Transformlng our building.. the 'Heart of Mount Hermon, projeci. A more flexible and inclusive resource for our church family and local community. Sustaining our ministries and giving us capacity to grow. St Mary of Bethany values We do life ro8ether. We believe in a God who can do more than we can ask or imagine. We are.. Klnd valuin8 every person as a loved child. Joyful sharing fun and creativity. Brave walking together boldly through rhe joys and challenges of life. Equippin8- learning frorn God's word, discovering our spiritual gifts and deepening our prayer lives. Hospitable - ensuring Ihere is space for everybody.
St Mary of Bethany 2023 Financial Review RlchardA Wame - Treasurer From a financial perspective 2023 was a year of rebuildlng at St Mary of Bethany. Having reduced our expenses in 2022 to bring them more in line with our Income, we saw further unplanned expense reductions with two further members of our team moving on. Bekah our Associate Minister moved to a new Church, and Sharon, from our office, retired. This reduction has enabled us to rebuild our reserves, despite contlnued declines in our overall Income. We flnished 2023 in a very different place from the previous year, with a surplus In free reserves above our policy minimum. As a result. the PCC can have confidence that we should have sufficient resources to support hiring a new Associate Vicar and Youth and Chlldren's Coordinator when God provldes the right people for these positlons. In 2023, as forecast in the budget, our regular glving declined by 896, continuing the trend we have seen in common with most churches in the Diocese and natlonally. Our total Income declined by 16.5%. However, our expenses overall were down by nearly 24% - with the biggest reductlon In our staff costs down by over 66% on 2022 levels. One area where glvins did not decllne was in relation to our mission giving with Maklng Mission Possible at similar levels to the previous year. Together wlth a generous legacy glft, our siving to our misslon partners and other mlsslon work was up 36% from 2022. 1. Income- what we received as glfts and other source5 of Income In 2023 we continued to be blessed with generous regular planned donations in excess of £183,000, a decrease of £16,000 from the level in 2022 (down 8%). We are grateful for the generoslty of our Church members. We also received legacy related gifts of over £44,000 (£20,000 of which were restricted for specific purposes). One-off gifts for general use decreased from 2022 by approxlmately £8,000 to over £28,000. One-off gifts remain an Important source of income for the Church, but we have seen a trend over recent years for these to decline. Plate giving remained just over £5,000, similar to 2022. This remalns at less than half what we would see before the pandemic. Our IMO card readers remaln very useful for special events, but are not regularly used on Sundays, reflecting that many of our congregation give generous regular gifts via the Parish Giving Scheme or standing order. We encourage all Church members and those who attend our Church to consider giving regularly to the Church by the Parish Givlng Scheme (PGSI, or by standing order. We are also very grateful to those who increased their regular gift in 2023, either as a result of agreeing to the inflation-based increase in PGS, or by increasing their bank standing order. I would like to encourage those giving by standing order to consider the switch to using the Parish Giving
St Mary of Bethany Scheme for thelr resular gifts, which would significantly reduce the administration for our finance team. Income from other activities was relatively small. Easyfundraising continues to provide additional revenue, a way that regular internet shoppers can support charities at no extra cost. 2. Mlsslon and other Charltable glvlng Giving for mission and other charitable work continued strongly with the Making Mission Possible campaign raisins over £22,500 including gift aid, a slight increase on 2022. The Tithe was over £27,000, sllghtly down on 2022. Thi5 reflects the reduction in overall giving. Food donations to the Woklng food bank equated to a value of over £2,700, a decrease of10% on 2022. We also recelved a generous legacy to support a speclfic cause. Overall, a very generous response to the needs of the communSty. Detalls of grants made are set out in note 12 to the Financial Statements on page 13, As noted below the vlcar's discretionary fund also supported more need in the Parish. 3. Expenses- how we used our resources Our expenses overall were down 16.5% on 2022, with the largest reason for this belng a reduction of our staff costs. This reflected both planned reductions and the unexpected departures of Bekah, our Associate Vicar, and Sharon from the office. We are very grateful for all that Bekah and Sharon did for our church and wish them well for the future. We welcome Andrew to our office, who joined us a few months after Sharon left. We are still searching for a new associate vicar and youth and chlldren's coordinator, so our staff costs remain well below our plan. Other expenses continued to be managed tightly. We managed to reduce our support and other costs by nearly 30%. Havlng fixed the energy contracts we were able to avoid some of the impacts of the energy crisis, but the fixed term contracts will expire at the end of 2024. It is difflcult to predlct what energy priclng we wlll achieve next tlme. , Our spending on ministries increased by over 85% to over £13,500 reflecting increased actlvity as well as Increased support from the vicar's discretionary fund for the needs of our community. The Parish Share- which is our contribution to the running costs of the Diocese of Guildford - was slightly up on 2022, at approximately £99,000. This sub-inflation increase was as a result of the Diocese managing their own level of expenses tightly. Although the Parish Share Is now our largest single expense, it does represent a key expense as our contribution to the costs of our vicar, including the provision of his housing, and the other activities of the Diocese of Guildford.
St Mary of Bethany 4. Bulldlngs and the Development During the year we continued to work on the church development including the new doors and windows at the York Road entrance, as well as Other less visible work. Funds that we hold for the development were approximately £200,000 at the end of 2023. This will enable us to proceed wlth a number of additional phases of the development. The major remodelling of the Mount Hermon Road entrance however will require substantially more funds, which will need to be raised before thls work can be started. 5. The teams supportlng the Treasurer Our bookkeeper Christine retired at the end of January 2024 after many years of faithful service. Christine had diligently kept the financial records for over 9 years. Becs Allin joined as our new bookkeeper in December 2023. It is wonderful to welcome back Becs who worshiped at St Mary of Bethany for a number of years. She has prepared the 2023 financlal statements which have been reviewed by the Treasurer and Flnance team. Rlchard Edwards {of Edwards Greene) once agaln has undertaken the Independent examination. We are very grateful to Becs for her outstandlng work in preparing the accounts. The finance team of Adrian Brookes, Brlan Harris, Nick Mendham and Richard Warne have met regularly throughout the year. We are so grateful to the TreasuryTeam, led by Helen Brooks, for their work in countlng and banklng, OptimumAccounting {Knaphilll ran the Church payroll and Aviva administered the Church staff Pension Plan. We wlll continue to look to streamline our finance function, uslng Becs, extensive experlence in both bookkeeping and accountancy. At each PCC and Standing Committee meeting a detailed update is given on the finances of the Church. The congregation receives a report at the APCM and copies of the PCC minutes containing finance updates. I hope that I can hold meetings in 2024 with home-groups as I have done previously to ensure that people have an opportunity to ask questions regarding our financlal situation. 6. 2024- 2026 Budget I have prepared a draft budget for 2024 for the General Fund whlch was approved by the PCC in January 2024. St Mary of Bethany is blessed with Income that puts the church comfortably in the top 10% of parishes nationally. Our median regular gift we receive is three times the natlonal level and twice the median gift in the Diocese of Guildford. In line wlth national trends, however, we have seen declines in total regular giving in real terms over the last decade. Each year we see people move away from the parish, including members who give regularly. As a result, every io
St Mary of Bethany year we need to find new givers and see increases in existing giftsjust to maintain our levels of income. We are budgeting regular giving to remain at similar levels to 2023 in the anticipation that new joiners and increases in giving levels, will balance any leavers. This will still represent a decline in real terms. In 2023 we opened new savings accounts through the Flagstone platform which will enable us to invest more of our cash balances in interest bearing accounts, reducing the balances we hold in our current accounts. We are also renting out the church house untll it 15 needed for new staff, providlng an additional source of revenue. As our development progresses It is hoped we can receive increased revenues from use of our building. On budgeted expenses, the delays in replacing our associate vicar and youth and children's coordinator will result in continued lower staff costs. We are forecasting a surplus In 2024 of approximately £42,000, whlch will add to our reserves. Looking further ahead to 2025 and 2026, assuming that we are successful in recruiting an associate vlcar and youth and children's coordlnator, we are forecasting modest deficits on the general account, which wlll be supported by our excess reserves put aside for thls purpose. 7. Reserves Pollcy Our free reserves on the General Account at the end of 2023 amounted to approxlmately £158,000. This is above our policy minimum of 2 months plus 10% (equivalent to approximately £52,000 as at year end 20231. In addltlon to the General Fund, the PCC has set aside funds the bullding project and to assist wlth any future major maintenance work. Funds are also held for specific uses as requested by donors. Details of all funds are shown in Note 11 on page 12 of the accounts. Gulldford Dlocese retains the title deeds of our staff house at 46 Hawthorn Road, purchased by the PCC some years ago. The Central Board of Finance of the Church of England hold Investments under an endowment (the Thorne Bequest), the annual income from which contributes towards the maintenance of the Church building. Our surplus cash funds are held In notice accounts with FSCS-approved banks and building Societies and in current accounts with CAF Bank and Barclays Bank. signed- Date: li
ST MARY OF BETHANY CHURCH, WOKING FtNANCIAL STATEMENTS 31 DECEMBER 2023 CHAIUTY REGISTRATION NUMBER.. 1128813 Mount Hernion Road Woking Surrey GU22 7UH
Page I ST MARY OF BETHANY CHURCH, WOKING ENDEPENDENT EXAMINER'S REPORT TO THE MEMBERsrrRUSTEES OF ST MARY OF BETFtANY CHURCH, WOKING PAROCHIAL CHURCH COUNCIL I report on the accounts for the y¢u ended 31 December 2023 which are set out on pages 2 to 14. Rupectiye responsibilities of the Tru5tee5 and Independent Examiner The charity's tNstees consider that an audit is not required for this year under Section 144(2} of th¢ Charities Act 2011 (the 2011 Act} and that an independent examination is needed. It IS tny responsibility to.. examine the accounts under section 145 of the 2011 Act. follow the procedures laid down in the General Directions given by the Charity Commissioners in section 145(5)(b) of the 2011 Act. and state whether particular matters have come to my attention. Basis of Independent Exarniner's Statement My examination was carried out in accordance with the General Dir¢¢tions given by th¢ Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of th¢ accounts with those rordS. It also includes consideration of any unusual items or disclosures in the atcounts and seeking expl)nation5 from the management committee concerning any such matters. The procedures undertaken do not provide all the eviden¢¢ that would be required in a full audit and consequently I do not express an audit opinion on the accounts. Independent Examlner's StatetDent In ¢onn¢ction with my examination, no matters have come to my attention: which give me reasonable cause to believe thai in any mateiial respect the requirements to keep accounting records in accordance with section 130 of the 201 l Act.. or to prepaTe accounts which accord with these accounting records have not been met.. or (2) to which, in my opinion, attention should be drawn in order to enabl¢ a prop¢r understanding of the accounts to be reach Richard Edwards FCA FCCA CTA Edward5 Greene Chartered Accountants 9 Innovation Place Douglas Driv¢ Godalming Surrey GU7 IJX Date.. 1£ ApM•L IOII+
Page 2 ST MARY OF BETHANY CHURCH, WOKtNG STATEMENT OF FtNANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unr¢stii¢l¢d Funds [ksignal RcvalualKin Resiri¢tedl EndowMIi TOTALFUNDS ncral Funds 2023 Noie tNCOMEFROM.. Donatn5 and t£gac*s 281722 332829 Chllh Activities 3172 1045 4217 Fvndtaising A¢i1¥itS 636 636 623 InvestThrnts 388 8008 OtherSout¢es TOTALtNCOME 1931SO 52540 345690 414115 EXPENDITUPEON.. Crants 4a. l2 27457 45607 53MI chUh Activiiies 192631 4873 33114 230618 345577 FUndrnL5g Activities TOTALEXPENDrruRE 193177 32330 78721 304228 399218 Ikll]/ltx>ss)ott Jnvestntll15 NEr rNCOMElIEXPENDtruRE) 99973 (32330) (249611 42682 13166 TRANSFEtLS BEfwF FUNDS 1340711 32172 1893 OTHERBECO(NtSED GAINS.. IlIossl on Revaluation of Fiyd Assets NEf MOVFMENT tN FUNDS 652 IiS81 (23(621 42682 13166 RECONCIUA TION OFFUNDS.. Total Funds brough forVrd at I January 2023 392824 192371 15411 116W2 855695 842529 Total Funds ried foThYaTd at 31 De¢¢nl)¢r 2023 458726 192213 J54108 93330 898377 855695
Page 3 ST MARY OF BETHANY CHURCH, WOKING BALANCE SHEET AS AT 31 DECEMBER 2023 2023 Nol¢ p[ ASSErs Tangibl¢ Fid Assets Jnv¢slnrnt5 453971 462481 12976 14196 468167 475457 tkbiot5 2527 376309 5293 tnv¢sinnis 255086 C¥h at bankand ty) hand 56923 154408 433759 414787 Crediiors - anh)unts faJlll]g du¢ %¥)th one year 55491 134549) NET CURR ASSETS 430210 380238 TOTALNEf ASSErs 898377 85569S PARJSHFiJNDS Unrestticttd.. neTal 458726 392824 Designaied RevaiuatK)n ]tr5erv¢ 192213 192371 154108 154108 805047 739303 Re$tl*Led 79134 103416 EndowLKllt 14196 11976 TOTALFUNDS 898377 8SS695 Approved by the Parochial Church Council on 15th April 2024 and signed on its behalf by.. The notes on pages 4 10 14 fomi part of these accounts.
Page 4 ST MARY OF BETHANY CHURCH. WOKING NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES The financial statements have been PTepared in aceordanee with the Church Accounting Regulations 2006 together with the 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 (FRS102), relevant accounting standards and charity law. The financial statements haye been prepared und¢r the historical cost convention except for the valuation of investment assets which are shown at market value. The financial statements include all transactions, assets and Siabilities for which the PCC is respgn5ible in law. They do not include the accounts of church groups that ow¢ their main affiliation to another body, nor those that ale infomial gatherings of church members. The church is a public benefit entity. There are no material uncertainties about its ability to continue and the financial statemeDts have been prepared on a going contem basis. Funds Unrestricted funds represent the funds of the PCC that are not subject to any.restrictions regardin8 their use and are available to be used for the general purposes of the PCC. Designated funds comprise unrestricted funds that have been set aside by the PCC for particular purposes. Restricted funds represent (a) in¢ome from trusts tsr endowments which may be expended only on those restricted objects provided in th¢ ternis of the trust or bequest, and Ib) donations or grants received for a specific object or invited by the PCC for a Specific object. The fund5 may oniy be expended on th¢ 5pe¢ifi¢ object for which they wer¢ given. Any balance remaining unspent at the end of ¢ach year is carried forward as a balance on that fund. Endowment funds represent &ssets received that may not be exhausted,. only the income may be spent. Net investment gain5 aTLd losses are recognised within the endowment fund. Lncoming Resources Donations and Legacies Collections are recognised when received by or on behalf of the PCC. Planned giving is re¢ogni5ed when received. Income tax recoverable on Gift Aid donations is recognised when the income 15 recognised. Grants and legacies to th¢ PCC are accounted for as soon as the PCC is notifi¢d of its legal entitlement, the amountdue con be measured reliably and its ultimate receipt bythe PCC is probable. Gifts in kind donated for distribution are included at valuation and recogni5ed a5 Port of donated income when distributed, wilh the equivalent amount recognised as charitable expeDditure. In accordance with the SORP, no value has been attributed to the Work performed by volunteer5, although their work is considered vital to the mission of the church. Fundraising Activities Rentsl income from the letting of ¢hur¢h properties is recognised when the rental is due.
Page 5 ST MARY OF BETHANY CHURCH, WOKING NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) ACCOUNTING POLICIES (continued) Investment Income Dividends are accounted for when due and payable. Interest entitlements are accounted for as they accNe. (iv) Gains and losses on investments R¢alised gains or losses are recognised when investments are sold. Unrealised gains or105ses are accounted for on revaluation of investments. Resourees expended Expendibjre is accounted for on an accruals basis. and is r¢wrded gross. The share of Parochial Fees. primarily charged for weddings and funerals. payable to the Diocese is accrued and accounted for when the COTresponding lljcome is recognised. Grants and donations. including the proportion of donated income set aside by the PCC to be paid out to individuals pnd institutions for missionary purposes, are ac¢ount¢d for when paid over, or when th¢re is a legal or constructive obligation to make a paym¢nL the payrnent is probabl¢, the alnount can be Tneasured reliably and there are no conditions attaching to the payment that limit ils recognition. Tangible Fixed Assets Tangibl¢ fixed assets are recorded at C95t, except as noted below. Consecrated Property Consecrated and beneficed property of any kind is excluded frorn the accounts by Section 10 of the Charities Act 2011..All expenditure on consecrated or b¢neficed building5 Is wfltten off as it]curred. Movable Church Furnishings Movable church furnishings held by the Vicar and Churchwardens on special trnst for the PCC and which require a faculty for disposal are inalienable property, listed in the church's inventory, which can be inspected (at any reasonable time). For inalienable propety acquired prior to 2001 there is insufficient cost inforniation available and therefore such assets are not valued in the accounts. Items acquired since l January 2001 over £1,000 are capitalised., item5 under £1,000 have been expensed as incurred. All expenditure on the repair of movable church furnishing5 is written off as incurred. Church Equipment, Office Equipment and Audio Visual Equipment Church equipment, office equipment and audio visual equipment (including computer equipment and 50ftware) over £ 1,000 is capitslised. Items under £l.000 are written off as inCUed. (iv) Freehold Land and Buildings Freehold land and buildings are revalued every 5 y¢ars to the current market value and an impairent review i5 cattied out at each year-end in the intervening years and any resultant loss identified included in the expenditure for the year.
Page 6 ST MARY OF BETHANY CHURCH, WOKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) ACCOUNTING POLICIES (continued) Depreciation is provided at rates calculated to write off the costs a$ indi¢ated b¢low: Freehold properties Nil Movable Church Furnishings Reducing balance basi$ Of 25Yo pa Audio Visual Equipment Straight-line basi5 over 15 years Other Church Equipment Reducing balance basis of 250/y pa Office Equipment Reducing balance basis of 250/y Pa Fixed Asset Investments Fixed asset investments are recorded at market value. Current Assets DebtOTS are measured at the consideration expected to be received in their settlernent or the alnount paid in advance by the ¢hur¢h for the goods or setvices it will re¢¢iv¢. Current asset investtnents comprise cash deposits with a maturity Of less than one year that are not held to meet short-tern) cash commitments as they fall due. They are iecorded at their market value. Cash at Bank and in Hand are deposits held to meet short-tern) cash commitments as they fall due. Curr¢nl Liabilitie5 Creditor5 ar¢ recogllised when the liability arises and are measured at the ¢ash amount or other Collsideration expected to be paid in their settletnent or the amount received by the church as advance payment for go(xls or services provided. Coneessionary Loans Concessionary loans are Initially reeo8nised in the accounts at the amount received with the canying amount adjusted in subsequent years to reflect repayments and any a¢crlled interest. Pension Costs The PCC operates a defmed Contribution pension scheme for staff. The amounts charged to the Statement of Financial Activities (SOFA) in respect of pension cost5 are the contributions and Scheme fees payable in the period. Differences between the amounts payable in the year and amounts a£allY paid are shown as either accruals or prepayments in the balance shed. Taxation St Mary of Bethany.Church is a registered ¢harity and is thus exempt from tax on income and gains to the extent that these are applied to its charitable obj¢ots. Irrecoverable VAT is not separately analysed and is charged to the Statement of Financial Activities when the expenditure to which it relates is incurred and is allo¢at¢d as part of that expelld1re.
Page 7 ST MARY OF BETHANY CHURCH, WOKING NOTES TO THE FfNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) Unresirictcd Funds INcf)ME All Rtstricted and dow1 TOTAL FUNDS 2023 2022 Kn¢rnl De548nated Funds (al Donatn5 and L¢g8C1¢5 Planned Gwing.. Crift Aided tnatnS Oiher h¢rChurch (Aving ft Aided thnaln5 Other 152947 153247 174956 30134 30134 24566 24438 18345 42783 43384 4241 9325 49290 24346 TaxRccov¢rable tZ8a¢iEs frants 44629 24333 549118 67037 44333 12403 Donai¢d goods for dlAbUl10ll Total 2717 2717 3028 281722 51107 332829 404628 (bl urch AdiVttS Fees 965 2567 2998 Youth and Chldren¥ A£tivilK5 1449 1449 CAMEO 80 80 Qlher ActiVl¢S Toial 3172 104S 4217 5081 (¢1 Fundrai88 aciivites Fundni%8 tnconr Toiai 636 636 636 623 636 623 (dl Jnvesimen ctOS5 bank ujtetesi 7620 7620 Den{JS Total 388 386 7620 388 8008 3466 1¢) Other Sources Coronavwus Job Rct Schenx Glitt on dispo$alFi*d Assets Oih¢r ]ncott 295 Total 317 TOTAL INCOME 293150 52540 345690 414115 DONATED GOODS AND SERVICBS Donated goods recognised in th¢s¢ accounts comprise groceries given by church members for distribution to the local foodbank. Th¢ church benefits from the contribution of many unpaid general volunteers in all areas of church life- forexample in worship (leading services), discipleship (hosting home groups), tntssion (serving on the Gol Team). prayer (members ofthe prayer ministry team), children's work (leading groups), fabric maintenance (building repairs). administration (maintaining rotas} and many mor¢. It Is iInpractical to place a value on this contribution and therefore it is not included in these accounts.
Page 8 ST MARY OF BETHANY CHURCH, WOKtNG NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 {continued) Untesiried Funds neral Designated All RcslTttied and Funds TOTALFUNDS 2023 2022 {al (hnis Mi%sionary and chatitabIe givin8'. PCC &vm8 Makn'ns MtssK>n Pos5ibk Donat¥d (k>od5 Olhei Qving TLal Grints 27457 27457 21342 2717 21548 73064 30479 21342 2717 21548 45607 3028 1050 53641 27457 (b) urth aciiviiies Staffing 56 3375 6J917 180799 Dtocese Diticesan Parish Sha Diocesan fres Total Diocese 98696 362 9ry058 97127 914 98(hl 058 Buldg DepTeCWtion of EqUipnnI Heat, bght and wateT Maintenance and RepaFts Insurance Cl¢anwg Professional fres Total Buddlljg 8510 7813 122 3424 537 538 8510 7313 159 3424 537 64 42674 9439 5289 16916 2824 424 4680 1483 14295 5952 20247 1483 trieS Vicavs Discretiortary Fund Vi¢a¢s mLS1ry 6476 6476 2070 1568 1453 703 421 370 288 214 133 250 903 1339 2070 207 1388 484 156 CAMEO Worship Mini%iry Ire2¢h ChfldT¢n's Mini41ry Young Families mtsIry Youth mLS1ry Book5 Curdles Ministry Total Mintsities 219 265 370 288 75 133 662 1548 103 288 139 8850 13696 7354
Page 9 ST MARY OF BETHANY CHURCH, WOKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 {continued) {P4]Dr[jE1C1]nedl Unr¢siri¢ied Funds neral t$Trai¢d All Re5tricled and donI Fund5 TOTALFlDs 21)23 2022 (b) Church 8¢1ivile5 (COntU¢d) Support and Oihtr Costs Sundry EwEnses Corrrfnunicalions T¢l¢phon¢ & Int¢rncl rr SoftwaT¢JConsunkibles Ae¢ountaftcylBookkeepllJg PtinlinglSialion¢rylPosla8e subscriptns JnO¢pend¢ni ¢yaminatiott Floiv¢r$ Batsktharges Consult8 Equipment Toial Support and (hher Costs 1429 1374 1953 745 3397 6107 1864 2182 1849 1532 1314 399 1780 1588 1588 915 995 600 372 346 372 346 271 318 3177 14273 Total Churih Actiiryti 192631 4873 33114 230618 345577 FundraLsng Activities Rented House Costs Totsl Fundrai5in2 Actiiitie5 546 546 546 TOTALEKPTrNDrruRE 193177 31330 78721 304228 399218 STAFF COSTS 2022 Wages and $aiatiEs Socialsecurity C05t5 Pens costs 41214 SM>154 153 1757 3366 42369 95277 Th¢ ¢huwh operates a defined eontribution Pension Sch¢me for its employees. All payments due in the year have been ¢haTged to unrestricted fvnds in the Statement of Financial Activities. No employees received ernoluments of more than £60,000 for the year (2022 None). Remuneration paid and benefits provided to the church's key management per50nnel- the Vicar and otheT PCC members- are di5¢105¢d in Note 13 below. The average number of staff employed during the year was 4.32 {2022 7.42). ¢ompri5ing of 1.00 full time staff {2022 1.83), 2.47 part time staff {2022 4.25) and 0.85 sessional staff (2022 1.33) which equates to 1.64 full titne equivalent Posts (2022 3.30).
Page 10 ST MARY OF BETHANY CHURCH. WOKING NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) FIXED ASSEfs FOR USEBYTHEPCC Frtebold Jand Office YDd buddings Equiptttnl Audio Equipft*ni CThurch Equipnxnt Toial TJn8ible fLYd ass¢ls Cosi 01 ValuaiK)n At l January 2023 Additions 27467 86738 14959 529164 DPOSal Ai 31 December2023 27467 14959 529164 tpciat)n At l January 2023 DPoSal argc for th¢ year At 31 DecetnbeF2023 25282 35174 6227 545 5782 2183 8410 8510 25827 40956 75193 Net Bookvalue 31 De¢enther 2023 31 De¢eThbeT2022 1640 45782 6549 8732 453971 51564 462481 The freehold land and buildings comprise 46 Hawthorn Road on the Barn5bury Estate, which was valued on an open market basis in January 2022 by L Morales of Foundation5. Its historical cost is £245892. Investment5 Balance I January 2023 Balance 31 December Addition5 Withdrèwals Gain 2023 Quoted Investernents.. C8F CofE Investment Fund 12976 1220 14196 Debio 2023 2022 Aount$ R¢¢civabl 3354 Inconr taxr¢cov¢rabl¢ P[epttyntS accrued 1777 162 2527 5293
Pagell ST MARY OF BETHANY CHURCH. WOKtNG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 {continued) CURRENT ASSET VESTMENTs Current asset investments comprise cash on dep05lt with matsjrity periods of les5 than one year- £195 is available immediately (2022 £195). £290261 is available within 3 month5 (2022 £254891) and £85853 (2022 £0) available over 3 months. The church deposited funds into two new baE]k accounts via the Flag5tQDe Platfom in 2023.. HSBC Bank PIC 3 month fixed tenn deposit and Aldertnore Bank Ple 12 months fixed temi deposit. The amounts held at 31 December 2023 are £64135 and £85000 respectively. Flagstone operate a holding account through whieh fees are d¢ducted during the life of the fixed tenn dep05it. The balance of £853 was included as nds available over 3 tnonihs as any balance cannot b¢ wsthdrawn until the end of the Aldertnor¢ 12 month fLxed tern) deposit. CBED0RS., AMOUNfs FALLING DUEWITHtNONE YE4R 2023 2022 A¢¢nJals and defetred inttsttt TaYrtIn and So¢ial Security Other crediior5 Total 3727 22514 557 423 1265 5549 34549 io. ANALYSIS OFNET ASSETS BYFUND R¢slriBted Funds FndoiTrTneni Funds Unrestri¢ted Funds Designated Revaluation TOTAL 2023 Ctncr41 Tartgible fL*d lsseis Fi>Ed St1 VeStIrEn1S CuTteSJt Assets 299863 1541( 453971 14196 141 161874 19369) 80195 435759 155491 898377 Curreni abli12$
Page 12 ST MARY OF BETHANY CHURCH, WOKtNG NOTES TO THE FINANCJAL STATEMEwrs FOR THE YEAR ENDED 31 DECEMBER 2023 {¢ontinu¢d) MoveNtnt ui Resourc¢s FUND DEfAILS BBiance ll]$l Balance 31 D¢¢cnkner 2023 l January 2023 Incon 8wenditure TTansfeTS tiA)ssesl Unr¢slrici¢d Funds ners] Fund 392824 293150 1193177) 134,0711 458726 DesiBnated Funds ma)r MaintBnance Cl)ITeanVPCCTiihe 148591 12747ll 14451 149ty 26172 1370 BuiWin8 DevebPnry( Asso¢iaie Vicar 16406Z Lcga¢ies Mi$sll & Ev2ngeli%tn 46050 (460501 Totsl 192371 1323301 32172 192213 Revaluat Reserve 154108 154108 Rtslricted Funth Vicat's D¢T¢li0nary Associ&te Vicar 5046 5(K) 164761 1070 Mission & EVange$M Ms1on5 Oigan Repar(s Youth AGINili¢S 29705 27207 1283851 28527 1877 14841 1393 239 239 EqUiPnnI Budding Developll*rtl Thorne Bequesi In¢oThx St Mary'5 tncal ML%5ion Wol Makitig Miqsitstt Possthle Canro 10431 540 13991 12(X1531 (194) 10471 36065 194 1233 1233 22575 1213421 1330 1581 79134 Totsl 103416 52540 17872AI 1899 FmthilltFunth Thome Beque51 CapitBI 12976 1220 14196 Funds t held for Ihe following puryoses.. MajoT Maint¥n4nc¢ Fund To help meet the costs of any future major building Tepair Gol Tea[tPcC Tithe Fund To se¢ aside funds io donate 10 mission partneT5 Building Dev¢lopm¢nt To set ]de funds as seed capital for a Major church building project A550¢iat¢ Vi¢aT Fund To help fund thc Associate Vicar p05t L¢g2ties To set &sidt legactes received for project fi]nding as deterniincd by th¢ PCC Mission & Evangelism To r¢wrd funding for mission and evangeli5tn IVOTk. Balances previously held in the Aswciate Vicar Fund ttL¢ Mis5Loll5 Fund weTe Irartsftrrcd into the Mission & Evangclism Fund in 2021 To relieve C¢5 of hardship in the parish. at the discrlon of th¢ Vicar To record donaliorts Biven for specific mission work To re¢ord donations given for the repair of the orgaft To record paymenrs by attendces at childT¢n'$ and youth evcnts. and donations towards the work of the children'5 and youth rninistries Equipment Fund To record donations received towards the pur¢has¢ of equipment for church use Thorne Bequest Incotne and The Thome Bequcsl is a permanent endowment which requires incomc to bc spent Capital on the maintenance of (he church building St Mary's Local Mission Work To retoid donation5 towards the mission work of St Mary of Bcihany Making Mission Possibl¢ To reco donaiions received for specifLC Tll15sion work as a result of the Making Mission Possible weekend in 2023 Vicar's Discr¢tiotLary Fund Missions Organ Repairs Youth Activities
Page 13 ST MARY OF BETHANY CHURCH, WOKtNG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) Material Transfers b¢tween fvtLd5 were rnade in tIL¢ year.. lal from th¢ Gcneral Fund to th¢ Gol Team/PCC Tithe Fund totalling £2817212022 £286091 being a tithe of the church's unr¢51ricted donated income from the Associat¢ VicaT Fund 10 the Mission &Evangelisrll Fund totslling £012022 £0) from th¢ Building Dev Furtd io the General Fund £012022 £01 fmm the GeneTal Fund to Ihe Major Maintenance Fund £600012022 £01 from the Mission & Evangelism Fund to the General Fund £012022 £54905) from the Major Mainienance Fund to the O¢tJ¢ral Fund £0 {2022 £26051 from the Making Mtssion Possible Fund to St Mary's Local Mission Work Fund £1233 {2022 £33071 frotn the GolTeamlPCC Tithe Fund to the Vi&s Discieiionary Fund £2012022 £01 Ibl Idl le} Igl Ihl (kants Th¢ following list includes all insiitut>)ns or ll)dividuaLs that received gAnts or gifts.wiih thos¢ over£l(XK) de5crib¢d.. 2023 2022 To lo$titwtion$: St Mi¢hael's ChuT¢h, Sheetwater Media Maiieis Min1n¢5- foTB & G M¢iKod A]2wbfying VoKe5- forj & EHaryte8ves OM-forA&CMall 22817 8749 8216 2861 7018 7483 8130 6955 OMF- form & LJe880 FJJ8age Redeemercrtce Church. CErtev& FTndS ofthe Holy Land- Archbi%hop of Canterbury's app¢&1 hr hu]11tnan Bid forfjaza 5524 6791 5875 6703 Tellrfllnd Christtros Appe81 CNS - forF and S Yanez 5249 Si Andrew's aJur¢h, G)Idsrth PaTk (kh¢r5- 2 s[lirns12O22- 3) 750 837 To h¢rs- O individuals12022- I) Total 250 50613 70347 lknceries donated to Woking Foodbank 2717 TOTAL 73064 5J641 Grants aDd Eifts can 4nalped ttl¢t: Supportin8 Chri51rnn mission worldwide Supporting Christian Trys5nIOr9IlY Supporting the Tebefof suffeting lli Ihe lo¢al COLThnunity Support Ihc lfof$Ufftring worldwid¢ TOTAL No support costs were allgcated to grant-making activities. 38753 39643 30358 10294 2717 331kS 1236 73064 53641
Page 14 ST MARY OF BETHANY CHURCH, WOKtNG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) TRANSAcfIoNS WITH MUvf8ERS OF THE PCC AND OTHER RELATED PARTIES The Viear and the Aso¢iat¢ Virar are membeis of the PCC. The Associate Vicar left the Church March 2023. The Diotesan Bostd of FHn¢t paid the Stipend for the Vicar 2nd PTovided housfftg for the Vitar. The PCC paid the siipend and associaied employmeni costs 10 the Dio¢es¢ Board of Finan¢¢ in collnectn with the employment of the Associate Vi¢ai of £820712022 £399661. The PCC provided a house which owned by th¢ thurch for the A5social¢ Vicat. The PCC paid £1293 for costs related lo the Vicar'5 hou5in8 12022 £11201 and £253 in ¢onn¢ciion with Ihc As50ciole Vicgr's housing 12022 E35301. In &ddilion, the PCC paid the expenses of the Vicar and Associ&e Vi¢at PTOP¢Tly incurred conneciiort with their duties which thI1¢d £194412022 £155XII wdl 8s traming and retregts which in awegate ¢0s1 £96712022 £15471. The Vicar and Associate Vicer did noi pattlp¢ in approving their own pay[[ts. Grts iotalling £8130 12022 £81231 wer¢ madc 10 OM 10 fuTth¢T A M1,$ work SUpportg Christi3n mission overseas. A Mall is ielated lo PCC MetnbEr C Mall. In It with the PCC'S cortfliei of inier¢si provisions. C Mall did not lake pBrt in decision-making for these grants No other PCC member received any remuneTat¢on or employm¢ni b¢n¢fii 12022 NoDel. Tbere weie no expenses incU¢d by PCC members iti fulf11£ their duiies12022 Nonel. Th¢ total aggr¢g8t¢ amount of donaln5 T¢c¢iv¢d from PCC m¢mber$ and other related parties totalltd £50.342 I212 £58957) In the year.
ST MARY OF BETHANY CHURCH, WOKING FtNANCIAL STATEMENTS 31 DECEMBER 2023 CHAIUTY REGISTRATION NUMBER.. 1128813 Mount Hernion Road Woking Surrey GU22 7UH
Page I ST MARY OF BETHANY CHURCH, WOKING ENDEPENDENT EXAMINER'S REPORT TO THE MEMBERsrrRUSTEES OF ST MARY OF BETFtANY CHURCH, WOKING PAROCHIAL CHURCH COUNCIL I report on the accounts for the y¢u ended 31 December 2023 which are set out on pages 2 to 14. Rupectiye responsibilities of the Tru5tee5 and Independent Examiner The charity's tNstees consider that an audit is not required for this year under Section 144(2} of th¢ Charities Act 2011 (the 2011 Act} and that an independent examination is needed. It IS tny responsibility to.. examine the accounts under section 145 of the 2011 Act. follow the procedures laid down in the General Directions given by the Charity Commissioners in section 145(5)(b) of the 2011 Act. and state whether particular matters have come to my attention. Basis of Independent Exarniner's Statement My examination was carried out in accordance with the General Dir¢¢tions given by th¢ Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of th¢ accounts with those rordS. It also includes consideration of any unusual items or disclosures in the atcounts and seeking expl)nation5 from the management committee concerning any such matters. The procedures undertaken do not provide all the eviden¢¢ that would be required in a full audit and consequently I do not express an audit opinion on the accounts. Independent Examlner's StatetDent In ¢onn¢ction with my examination, no matters have come to my attention: which give me reasonable cause to believe thai in any mateiial respect the requirements to keep accounting records in accordance with section 130 of the 201 l Act.. or to prepaTe accounts which accord with these accounting records have not been met.. or (2) to which, in my opinion, attention should be drawn in order to enabl¢ a prop¢r understanding of the accounts to be reach Richard Edwards FCA FCCA CTA Edward5 Greene Chartered Accountants 9 Innovation Place Douglas Driv¢ Godalming Surrey GU7 IJX Date.. 1£ ApM•L IOII+
Page 2 ST MARY OF BETHANY CHURCH, WOKtNG STATEMENT OF FtNANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unr¢stii¢l¢d Funds [ksignal RcvalualKin Resiri¢tedl EndowMIi TOTALFUNDS ncral Funds 2023 Noie tNCOMEFROM.. Donatn5 and t£gac*s 281722 332829 Chllh Activities 3172 1045 4217 Fvndtaising A¢i1¥itS 636 636 623 InvestThrnts 388 8008 OtherSout¢es TOTALtNCOME 1931SO 52540 345690 414115 EXPENDITUPEON.. Crants 4a. l2 27457 45607 53MI chUh Activiiies 192631 4873 33114 230618 345577 FUndrnL5g Activities TOTALEXPENDrruRE 193177 32330 78721 304228 399218 Ikll]/ltx>ss)ott Jnvestntll15 NEr rNCOMElIEXPENDtruRE) 99973 (32330) (249611 42682 13166 TRANSFEtLS BEfwF FUNDS 1340711 32172 1893 OTHERBECO(NtSED GAINS.. IlIossl on Revaluation of Fiyd Assets NEf MOVFMENT tN FUNDS 652 IiS81 (23(621 42682 13166 RECONCIUA TION OFFUNDS.. Total Funds brough forVrd at I January 2023 392824 192371 15411 116W2 855695 842529 Total Funds ried foThYaTd at 31 De¢¢nl)¢r 2023 458726 192213 J54108 93330 898377 855695
Page 3 ST MARY OF BETHANY CHURCH, WOKING BALANCE SHEET AS AT 31 DECEMBER 2023 2023 Nol¢ p[ ASSErs Tangibl¢ Fid Assets Jnv¢slnrnt5 453971 462481 12976 14196 468167 475457 tkbiot5 2527 376309 5293 tnv¢sinnis 255086 C¥h at bankand ty) hand 56923 154408 433759 414787 Crediiors - anh)unts faJlll]g du¢ %¥)th one year 55491 134549) NET CURR ASSETS 430210 380238 TOTALNEf ASSErs 898377 85569S PARJSHFiJNDS Unrestticttd.. neTal 458726 392824 Designaied RevaiuatK)n ]tr5erv¢ 192213 192371 154108 154108 805047 739303 Re$tl*Led 79134 103416 EndowLKllt 14196 11976 TOTALFUNDS 898377 8SS695 Approved by the Parochial Church Council on 15th April 2024 and signed on its behalf by.. The notes on pages 4 10 14 fomi part of these accounts.
Page 4 ST MARY OF BETHANY CHURCH. WOKING NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES The financial statements have been PTepared in aceordanee with the Church Accounting Regulations 2006 together with the 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 (FRS102), relevant accounting standards and charity law. The financial statements haye been prepared und¢r the historical cost convention except for the valuation of investment assets which are shown at market value. The financial statements include all transactions, assets and Siabilities for which the PCC is respgn5ible in law. They do not include the accounts of church groups that ow¢ their main affiliation to another body, nor those that ale infomial gatherings of church members. The church is a public benefit entity. There are no material uncertainties about its ability to continue and the financial statemeDts have been prepared on a going contem basis. Funds Unrestricted funds represent the funds of the PCC that are not subject to any.restrictions regardin8 their use and are available to be used for the general purposes of the PCC. Designated funds comprise unrestricted funds that have been set aside by the PCC for particular purposes. Restricted funds represent (a) in¢ome from trusts tsr endowments which may be expended only on those restricted objects provided in th¢ ternis of the trust or bequest, and Ib) donations or grants received for a specific object or invited by the PCC for a Specific object. The fund5 may oniy be expended on th¢ 5pe¢ifi¢ object for which they wer¢ given. Any balance remaining unspent at the end of ¢ach year is carried forward as a balance on that fund. Endowment funds represent &ssets received that may not be exhausted,. only the income may be spent. Net investment gain5 aTLd losses are recognised within the endowment fund. Lncoming Resources Donations and Legacies Collections are recognised when received by or on behalf of the PCC. Planned giving is re¢ogni5ed when received. Income tax recoverable on Gift Aid donations is recognised when the income 15 recognised. Grants and legacies to th¢ PCC are accounted for as soon as the PCC is notifi¢d of its legal entitlement, the amountdue con be measured reliably and its ultimate receipt bythe PCC is probable. Gifts in kind donated for distribution are included at valuation and recogni5ed a5 Port of donated income when distributed, wilh the equivalent amount recognised as charitable expeDditure. In accordance with the SORP, no value has been attributed to the Work performed by volunteer5, although their work is considered vital to the mission of the church. Fundraising Activities Rentsl income from the letting of ¢hur¢h properties is recognised when the rental is due.
Page 5 ST MARY OF BETHANY CHURCH, WOKING NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) ACCOUNTING POLICIES (continued) Investment Income Dividends are accounted for when due and payable. Interest entitlements are accounted for as they accNe. (iv) Gains and losses on investments R¢alised gains or losses are recognised when investments are sold. Unrealised gains or105ses are accounted for on revaluation of investments. Resourees expended Expendibjre is accounted for on an accruals basis. and is r¢wrded gross. The share of Parochial Fees. primarily charged for weddings and funerals. payable to the Diocese is accrued and accounted for when the COTresponding lljcome is recognised. Grants and donations. including the proportion of donated income set aside by the PCC to be paid out to individuals pnd institutions for missionary purposes, are ac¢ount¢d for when paid over, or when th¢re is a legal or constructive obligation to make a paym¢nL the payrnent is probabl¢, the alnount can be Tneasured reliably and there are no conditions attaching to the payment that limit ils recognition. Tangible Fixed Assets Tangibl¢ fixed assets are recorded at C95t, except as noted below. Consecrated Property Consecrated and beneficed property of any kind is excluded frorn the accounts by Section 10 of the Charities Act 2011..All expenditure on consecrated or b¢neficed building5 Is wfltten off as it]curred. Movable Church Furnishings Movable church furnishings held by the Vicar and Churchwardens on special trnst for the PCC and which require a faculty for disposal are inalienable property, listed in the church's inventory, which can be inspected (at any reasonable time). For inalienable propety acquired prior to 2001 there is insufficient cost inforniation available and therefore such assets are not valued in the accounts. Items acquired since l January 2001 over £1,000 are capitalised., item5 under £1,000 have been expensed as incurred. All expenditure on the repair of movable church furnishing5 is written off as incurred. Church Equipment, Office Equipment and Audio Visual Equipment Church equipment, office equipment and audio visual equipment (including computer equipment and 50ftware) over £ 1,000 is capitslised. Items under £l.000 are written off as inCUed. (iv) Freehold Land and Buildings Freehold land and buildings are revalued every 5 y¢ars to the current market value and an impairent review i5 cattied out at each year-end in the intervening years and any resultant loss identified included in the expenditure for the year.
Page 6 ST MARY OF BETHANY CHURCH, WOKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) ACCOUNTING POLICIES (continued) Depreciation is provided at rates calculated to write off the costs a$ indi¢ated b¢low: Freehold properties Nil Movable Church Furnishings Reducing balance basi$ Of 25Yo pa Audio Visual Equipment Straight-line basi5 over 15 years Other Church Equipment Reducing balance basis of 250/y pa Office Equipment Reducing balance basis of 250/y Pa Fixed Asset Investments Fixed asset investments are recorded at market value. Current Assets DebtOTS are measured at the consideration expected to be received in their settlernent or the alnount paid in advance by the ¢hur¢h for the goods or setvices it will re¢¢iv¢. Current asset investtnents comprise cash deposits with a maturity Of less than one year that are not held to meet short-tern) cash commitments as they fall due. They are iecorded at their market value. Cash at Bank and in Hand are deposits held to meet short-tern) cash commitments as they fall due. Curr¢nl Liabilitie5 Creditor5 ar¢ recogllised when the liability arises and are measured at the ¢ash amount or other Collsideration expected to be paid in their settletnent or the amount received by the church as advance payment for go(xls or services provided. Coneessionary Loans Concessionary loans are Initially reeo8nised in the accounts at the amount received with the canying amount adjusted in subsequent years to reflect repayments and any a¢crlled interest. Pension Costs The PCC operates a defmed Contribution pension scheme for staff. The amounts charged to the Statement of Financial Activities (SOFA) in respect of pension cost5 are the contributions and Scheme fees payable in the period. Differences between the amounts payable in the year and amounts a£allY paid are shown as either accruals or prepayments in the balance shed. Taxation St Mary of Bethany.Church is a registered ¢harity and is thus exempt from tax on income and gains to the extent that these are applied to its charitable obj¢ots. Irrecoverable VAT is not separately analysed and is charged to the Statement of Financial Activities when the expenditure to which it relates is incurred and is allo¢at¢d as part of that expelld1re.
Page 7 ST MARY OF BETHANY CHURCH, WOKING NOTES TO THE FfNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) Unresirictcd Funds INcf)ME All Rtstricted and dow1 TOTAL FUNDS 2023 2022 Kn¢rnl De548nated Funds (al Donatn5 and L¢g8C1¢5 Planned Gwing.. Crift Aided tnatnS Oiher h¢rChurch (Aving ft Aided thnaln5 Other 152947 153247 174956 30134 30134 24566 24438 18345 42783 43384 4241 9325 49290 24346 TaxRccov¢rable tZ8a¢iEs frants 44629 24333 549118 67037 44333 12403 Donai¢d goods for dlAbUl10ll Total 2717 2717 3028 281722 51107 332829 404628 (bl urch AdiVttS Fees 965 2567 2998 Youth and Chldren¥ A£tivilK5 1449 1449 CAMEO 80 80 Qlher ActiVl¢S Toial 3172 104S 4217 5081 (¢1 Fundrai88 aciivites Fundni%8 tnconr Toiai 636 636 636 623 636 623 (dl Jnvesimen ctOS5 bank ujtetesi 7620 7620 Den{JS Total 388 386 7620 388 8008 3466 1¢) Other Sources Coronavwus Job Rct Schenx Glitt on dispo$alFi*d Assets Oih¢r ]ncott 295 Total 317 TOTAL INCOME 293150 52540 345690 414115 DONATED GOODS AND SERVICBS Donated goods recognised in th¢s¢ accounts comprise groceries given by church members for distribution to the local foodbank. Th¢ church benefits from the contribution of many unpaid general volunteers in all areas of church life- forexample in worship (leading services), discipleship (hosting home groups), tntssion (serving on the Gol Team). prayer (members ofthe prayer ministry team), children's work (leading groups), fabric maintenance (building repairs). administration (maintaining rotas} and many mor¢. It Is iInpractical to place a value on this contribution and therefore it is not included in these accounts.
Page 8 ST MARY OF BETHANY CHURCH, WOKtNG NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 {continued) Untesiried Funds neral Designated All RcslTttied and Funds TOTALFUNDS 2023 2022 {al (hnis Mi%sionary and chatitabIe givin8'. PCC &vm8 Makn'ns MtssK>n Pos5ibk Donat¥d (k>od5 Olhei Qving TLal Grints 27457 27457 21342 2717 21548 73064 30479 21342 2717 21548 45607 3028 1050 53641 27457 (b) urth aciiviiies Staffing 56 3375 6J917 180799 Dtocese Diticesan Parish Sha Diocesan fres Total Diocese 98696 362 9ry058 97127 914 98(hl 058 Buldg DepTeCWtion of EqUipnnI Heat, bght and wateT Maintenance and RepaFts Insurance Cl¢anwg Professional fres Total Buddlljg 8510 7813 122 3424 537 538 8510 7313 159 3424 537 64 42674 9439 5289 16916 2824 424 4680 1483 14295 5952 20247 1483 trieS Vicavs Discretiortary Fund Vi¢a¢s mLS1ry 6476 6476 2070 1568 1453 703 421 370 288 214 133 250 903 1339 2070 207 1388 484 156 CAMEO Worship Mini%iry Ire2¢h ChfldT¢n's Mini41ry Young Families mtsIry Youth mLS1ry Book5 Curdles Ministry Total Mintsities 219 265 370 288 75 133 662 1548 103 288 139 8850 13696 7354
Page 9 ST MARY OF BETHANY CHURCH, WOKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 {continued) {P4]Dr[jE1C1]nedl Unr¢siri¢ied Funds neral t$Trai¢d All Re5tricled and donI Fund5 TOTALFlDs 21)23 2022 (b) Church 8¢1ivile5 (COntU¢d) Support and Oihtr Costs Sundry EwEnses Corrrfnunicalions T¢l¢phon¢ & Int¢rncl rr SoftwaT¢JConsunkibles Ae¢ountaftcylBookkeepllJg PtinlinglSialion¢rylPosla8e subscriptns JnO¢pend¢ni ¢yaminatiott Floiv¢r$ Batsktharges Consult8 Equipment Toial Support and (hher Costs 1429 1374 1953 745 3397 6107 1864 2182 1849 1532 1314 399 1780 1588 1588 915 995 600 372 346 372 346 271 318 3177 14273 Total Churih Actiiryti 192631 4873 33114 230618 345577 FundraLsng Activities Rented House Costs Totsl Fundrai5in2 Actiiitie5 546 546 546 TOTALEKPTrNDrruRE 193177 31330 78721 304228 399218 STAFF COSTS 2022 Wages and $aiatiEs Socialsecurity C05t5 Pens costs 41214 SM>154 153 1757 3366 42369 95277 Th¢ ¢huwh operates a defined eontribution Pension Sch¢me for its employees. All payments due in the year have been ¢haTged to unrestricted fvnds in the Statement of Financial Activities. No employees received ernoluments of more than £60,000 for the year (2022 None). Remuneration paid and benefits provided to the church's key management per50nnel- the Vicar and otheT PCC members- are di5¢105¢d in Note 13 below. The average number of staff employed during the year was 4.32 {2022 7.42). ¢ompri5ing of 1.00 full time staff {2022 1.83), 2.47 part time staff {2022 4.25) and 0.85 sessional staff (2022 1.33) which equates to 1.64 full titne equivalent Posts (2022 3.30).
Page 10 ST MARY OF BETHANY CHURCH. WOKING NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) FIXED ASSEfs FOR USEBYTHEPCC Frtebold Jand Office YDd buddings Equiptttnl Audio Equipft*ni CThurch Equipnxnt Toial TJn8ible fLYd ass¢ls Cosi 01 ValuaiK)n At l January 2023 Additions 27467 86738 14959 529164 DPOSal Ai 31 December2023 27467 14959 529164 tpciat)n At l January 2023 DPoSal argc for th¢ year At 31 DecetnbeF2023 25282 35174 6227 545 5782 2183 8410 8510 25827 40956 75193 Net Bookvalue 31 De¢enther 2023 31 De¢eThbeT2022 1640 45782 6549 8732 453971 51564 462481 The freehold land and buildings comprise 46 Hawthorn Road on the Barn5bury Estate, which was valued on an open market basis in January 2022 by L Morales of Foundation5. Its historical cost is £245892. Investment5 Balance I January 2023 Balance 31 December Addition5 Withdrèwals Gain 2023 Quoted Investernents.. C8F CofE Investment Fund 12976 1220 14196 Debio 2023 2022 Aount$ R¢¢civabl 3354 Inconr taxr¢cov¢rabl¢ P[epttyntS accrued 1777 162 2527 5293
Pagell ST MARY OF BETHANY CHURCH. WOKtNG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 {continued) CURRENT ASSET VESTMENTs Current asset investments comprise cash on dep05lt with matsjrity periods of les5 than one year- £195 is available immediately (2022 £195). £290261 is available within 3 month5 (2022 £254891) and £85853 (2022 £0) available over 3 months. The church deposited funds into two new baE]k accounts via the Flag5tQDe Platfom in 2023.. HSBC Bank PIC 3 month fixed tenn deposit and Aldertnore Bank Ple 12 months fixed temi deposit. The amounts held at 31 December 2023 are £64135 and £85000 respectively. Flagstone operate a holding account through whieh fees are d¢ducted during the life of the fixed tenn dep05it. The balance of £853 was included as nds available over 3 tnonihs as any balance cannot b¢ wsthdrawn until the end of the Aldertnor¢ 12 month fLxed tern) deposit. CBED0RS., AMOUNfs FALLING DUEWITHtNONE YE4R 2023 2022 A¢¢nJals and defetred inttsttt TaYrtIn and So¢ial Security Other crediior5 Total 3727 22514 557 423 1265 5549 34549 io. ANALYSIS OFNET ASSETS BYFUND R¢slriBted Funds FndoiTrTneni Funds Unrestri¢ted Funds Designated Revaluation TOTAL 2023 Ctncr41 Tartgible fL*d lsseis Fi>Ed St1 VeStIrEn1S CuTteSJt Assets 299863 1541( 453971 14196 141 161874 19369) 80195 435759 155491 898377 Curreni abli12$
Page 12 ST MARY OF BETHANY CHURCH, WOKtNG NOTES TO THE FINANCJAL STATEMEwrs FOR THE YEAR ENDED 31 DECEMBER 2023 {¢ontinu¢d) MoveNtnt ui Resourc¢s FUND DEfAILS BBiance ll]$l Balance 31 D¢¢cnkner 2023 l January 2023 Incon 8wenditure TTansfeTS tiA)ssesl Unr¢slrici¢d Funds ners] Fund 392824 293150 1193177) 134,0711 458726 DesiBnated Funds ma)r MaintBnance Cl)ITeanVPCCTiihe 148591 12747ll 14451 149ty 26172 1370 BuiWin8 DevebPnry( Asso¢iaie Vicar 16406Z Lcga¢ies Mi$sll & Ev2ngeli%tn 46050 (460501 Totsl 192371 1323301 32172 192213 Revaluat Reserve 154108 154108 Rtslricted Funth Vicat's D¢T¢li0nary Associ&te Vicar 5046 5(K) 164761 1070 Mission & EVange$M Ms1on5 Oigan Repar(s Youth AGINili¢S 29705 27207 1283851 28527 1877 14841 1393 239 239 EqUiPnnI Budding Developll*rtl Thorne Bequesi In¢oThx St Mary'5 tncal ML%5ion Wol Makitig Miqsitstt Possthle Canro 10431 540 13991 12(X1531 (194) 10471 36065 194 1233 1233 22575 1213421 1330 1581 79134 Totsl 103416 52540 17872AI 1899 FmthilltFunth Thome Beque51 CapitBI 12976 1220 14196 Funds t held for Ihe following puryoses.. MajoT Maint¥n4nc¢ Fund To help meet the costs of any future major building Tepair Gol Tea[tPcC Tithe Fund To se¢ aside funds io donate 10 mission partneT5 Building Dev¢lopm¢nt To set ]de funds as seed capital for a Major church building project A550¢iat¢ Vi¢aT Fund To help fund thc Associate Vicar p05t L¢g2ties To set &sidt legactes received for project fi]nding as deterniincd by th¢ PCC Mission & Evangelism To r¢wrd funding for mission and evangeli5tn IVOTk. Balances previously held in the Aswciate Vicar Fund ttL¢ Mis5Loll5 Fund weTe Irartsftrrcd into the Mission & Evangclism Fund in 2021 To relieve C¢5 of hardship in the parish. at the discrlon of th¢ Vicar To record donaliorts Biven for specific mission work To re¢ord donations given for the repair of the orgaft To record paymenrs by attendces at childT¢n'$ and youth evcnts. and donations towards the work of the children'5 and youth rninistries Equipment Fund To record donations received towards the pur¢has¢ of equipment for church use Thorne Bequest Incotne and The Thome Bequcsl is a permanent endowment which requires incomc to bc spent Capital on the maintenance of (he church building St Mary's Local Mission Work To retoid donation5 towards the mission work of St Mary of Bcihany Making Mission Possibl¢ To reco donaiions received for specifLC Tll15sion work as a result of the Making Mission Possible weekend in 2023 Vicar's Discr¢tiotLary Fund Missions Organ Repairs Youth Activities
Page 13 ST MARY OF BETHANY CHURCH, WOKtNG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) Material Transfers b¢tween fvtLd5 were rnade in tIL¢ year.. lal from th¢ Gcneral Fund to th¢ Gol Team/PCC Tithe Fund totalling £2817212022 £286091 being a tithe of the church's unr¢51ricted donated income from the Associat¢ VicaT Fund 10 the Mission &Evangelisrll Fund totslling £012022 £0) from th¢ Building Dev Furtd io the General Fund £012022 £01 fmm the GeneTal Fund to Ihe Major Maintenance Fund £600012022 £01 from the Mission & Evangelism Fund to the General Fund £012022 £54905) from the Major Mainienance Fund to the O¢tJ¢ral Fund £0 {2022 £26051 from the Making Mtssion Possible Fund to St Mary's Local Mission Work Fund £1233 {2022 £33071 frotn the GolTeamlPCC Tithe Fund to the Vi&s Discieiionary Fund £2012022 £01 Ibl Idl le} Igl Ihl (kants Th¢ following list includes all insiitut>)ns or ll)dividuaLs that received gAnts or gifts.wiih thos¢ over£l(XK) de5crib¢d.. 2023 2022 To lo$titwtion$: St Mi¢hael's ChuT¢h, Sheetwater Media Maiieis Min1n¢5- foTB & G M¢iKod A]2wbfying VoKe5- forj & EHaryte8ves OM-forA&CMall 22817 8749 8216 2861 7018 7483 8130 6955 OMF- form & LJe880 FJJ8age Redeemercrtce Church. CErtev& FTndS ofthe Holy Land- Archbi%hop of Canterbury's app¢&1 hr hu]11tnan Bid forfjaza 5524 6791 5875 6703 Tellrfllnd Christtros Appe81 CNS - forF and S Yanez 5249 Si Andrew's aJur¢h, G)Idsrth PaTk (kh¢r5- 2 s[lirns12O22- 3) 750 837 To h¢rs- O individuals12022- I) Total 250 50613 70347 lknceries donated to Woking Foodbank 2717 TOTAL 73064 5J641 Grants aDd Eifts can 4nalped ttl¢t: Supportin8 Chri51rnn mission worldwide Supporting Christian Trys5nIOr9IlY Supporting the Tebefof suffeting lli Ihe lo¢al COLThnunity Support Ihc lfof$Ufftring worldwid¢ TOTAL No support costs were allgcated to grant-making activities. 38753 39643 30358 10294 2717 331kS 1236 73064 53641
Page 14 ST MARY OF BETHANY CHURCH, WOKtNG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) TRANSAcfIoNS WITH MUvf8ERS OF THE PCC AND OTHER RELATED PARTIES The Viear and the Aso¢iat¢ Virar are membeis of the PCC. The Associate Vicar left the Church March 2023. The Diotesan Bostd of FHn¢t paid the Stipend for the Vicar 2nd PTovided housfftg for the Vitar. The PCC paid the siipend and associaied employmeni costs 10 the Dio¢es¢ Board of Finan¢¢ in collnectn with the employment of the Associate Vi¢ai of £820712022 £399661. The PCC provided a house which owned by th¢ thurch for the A5social¢ Vicat. The PCC paid £1293 for costs related lo the Vicar'5 hou5in8 12022 £11201 and £253 in ¢onn¢ciion with Ihc As50ciole Vicgr's housing 12022 E35301. In &ddilion, the PCC paid the expenses of the Vicar and Associ&e Vi¢at PTOP¢Tly incurred conneciiort with their duties which thI1¢d £194412022 £155XII wdl 8s traming and retregts which in awegate ¢0s1 £96712022 £15471. The Vicar and Associate Vicer did noi pattlp¢ in approving their own pay[[ts. Grts iotalling £8130 12022 £81231 wer¢ madc 10 OM 10 fuTth¢T A M1,$ work SUpportg Christi3n mission overseas. A Mall is ielated lo PCC MetnbEr C Mall. In It with the PCC'S cortfliei of inier¢si provisions. C Mall did not lake pBrt in decision-making for these grants No other PCC member received any remuneTat¢on or employm¢ni b¢n¢fii 12022 NoDel. Tbere weie no expenses incU¢d by PCC members iti fulf11£ their duiies12022 Nonel. Th¢ total aggr¢g8t¢ amount of donaln5 T¢c¢iv¢d from PCC m¢mber$ and other related parties totalltd £50.342 I212 £58957) In the year.