Charity number: 1128863
Saffron Walden Parochial Church Council
Trustees’ Report and Financial Statements
For the year ended 31 December 2022
Address St Mary’s Church Church Path Saffron Walden Essex CB10 1JP
Independent Examiner Bankers Bentens Barclays Bank Plc Abbey House 12A Market Place 51 High Street Saffron Walden Saffron Walden Essex Essex CB10 1HR CB10 1AF
Page No. 2 to 4 Annual Report 5 Independent Examiner’s Report to the Trustees 6 Statement of Financial Activities 7 Balance Sheet 8 to 16 Notes to the Financial Statements
Saffron Walden Parochial Church Council Annual Report For the year ended 31 December 2022
Report of the trustees for the year ended 31 December 2022
The trustees present their annual report and financial statements of the charity for the year ended 31 December 2022. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (second edition of the Charities SORP (FRS102) October 2019 effective 1 January 2019), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) 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 Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (second edition of the Charities SORP (FRS102) October 2019 effective 1 January 2019) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Objectives and activities for the public benefit
St Mary’s in Saffron Walden is the town centre church which as well as being used for regular worship throughout the week is used for civic and other special services and concerts. The PCC is committed to bringing as many people as possible to worship at our church and to become part of our church community at St Mary’s. The church has many groups and activities. Our worship, expressed in prayer and scripture, music and sacrament is central to who we are and what we do.
The PCC is also committed to and offers financial support to the local church school, St Mary’s Primary School.
The Trustees keep in mind the Charity Commission’s guidance on public benefit when planning the activities for the year.
Activities and performance
A wide range of services is offered during the week and throughout the year. As well as our regular services at St Mary’s, we enable our community to celebrate and thank God throughout their journey through life — at baptisms, weddings and funerals.
The current Electoral Roll was completed in March 2019, when there were 300 parishioners of whom 30 were nonresident. The most recent update in November 2022 showed there are currently 305 parishioners on the electoral roll, 35 of whom are not resident within the Parish. The next full revision of the Electoral Roll will be completed in 2025. The average usual Sunday attendances during 2022 at all churches was 229 adults and 15 children but this is considerably increased at festivals. Some services continue to be livestreamed on You Tube.
There were no faculty applications in 2022.
Buildings Development Project
The project was not progressed during 2022. However, substantial repair work on the Chancel Roof costing in excess of £150,000 was commenced in 2021 and was completed in early 2022.
Financial Review
The balance sheet for all funds shows a decrease of £54,265 from £835,592 to £781,327 at the end of 2022. Excluding unrealised losses on investments of £14,507, the net decrease for the year was £39,758. This decrease is mainly due to the cost of repair work on the Chancel Roof which was financed from the Restoration Fund. The Fabric Fund benefitted from a £50,000 legacy. Excluding unrealised losses on investments and depreciation, the General fund suffered a deficit of £16k in 2022. However, both St James and St John had small excesses of income over expenditure in 2022.
The revaluation of investments at 31 December 2022 resulted in an unrealised loss of £14,507 (2021: £15,422 gain). Fixed assets were depreciated by £10,887 (2021: £10,887). A provision for fees of £2,000 (2021: £3,900) has been included in these accounts for the independent examination.
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Contributions towards the Parish Share from St James Sewards End and St John’s Little Walden amounted to £3,780 (2021: £3,439) and £3,030 (2021: £2,757) respectively.
Once again, the continued generosity of parishioners through the stewardship schemes and local fundraising activities enables the PCC to continue planning with confidence.
The PCC reviews the activities of the parish and considers the major risks that may arise from time to time. The major risks identified in the process have been assessed and satisfactory systems established to mitigate the risks. The PCC will continue to review the risks on an on-going basis.
Investment Policy
The PCC’s Policy is to place surplus working capital in interest bearing bank deposit accounts and the CBF Church of England Deposit Fund. Regarding longer term funds, including those to be held permanently (e.g. the endowment funds), the policy is to hold the funds in the CBF Church of England Investment Fund, which is managed by CCLA Investment Management Ltd. Investments are reviewed periodically by the Finance Committee.
Reserves Policy
The PCC’s Policy, which is reviewed annually, is to maintain free cash reserves equivalent to 3 months of total budgeted expenditure (around £61,800 for 2023). The policy is to retain excess free reserves until required for material capital expenditure to be approved by the PCC. Total ‘free reserves’ at 31 December 2022, amounted to £81,535.
Going Concern
The Trustees continue to review the financial situation of the Charity following the impact that the pandemic and the closure of places of worship had on finances. The Trustees have approved a budgeted deficit of £18k for 2023 and every effort will be made to reduce this during the year. As noted above, ‘free reserves’ amounted to £83k at 31/12/22, well in excess of the budgeted deficit. For this reason the Trustees continue adopt the going concern basis in preparing the financial statements.
Grants (outward giving) Policy
The PCC supports a small number of charitable entities (both at home and overseas), including the local Church of England Primary School in Saffron Walden and the Stort Valley Schools Trust. The aim is to give between 5 and 10% of planned giving. The amounts and recipients are reviewed annually.
In addition, special collections are held from time to time, to support, for example, DEC appeals.
Plans for the future
Prior to the commencement of the Covid-19 restrictions, the next phase of our Buildings Development Project was scheduled to be the relocation and restoration of the tomb of Thomas Audley to make this significant historical feature more accessible to visitors. This will be reviewed and hopefully progressed in due course.
Future phases of the project include the reordering of the choir and clergy vestries. In addition, the lighting in the church also needs to be upgraded. Progress on all these will depend upon our ability to raise the necessary funds.
We want St Mary’s to flourish in its important role as the parish church for the town of Saffron Walden: to be at the heart of community life and to be an attractive place for visitors.
Structure, governance and management
The Parochial Church Council is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure and is a Registered Charity. All PCC members are trustees. Representatives of the laity are elected by members of the electoral roll at the Annual Parochial Church Meeting for a 3 year term. Together with the clergy, churchwardens and co-opted members, they form the PCC.
The parish of Saffron Walden, which includes its daughter churches, St James Sewards End and St John Little Walden, is governed by the PCC, under the chairmanship of the Revd Jeremy Trew. The PCC members are responsible for making decisions on all matters of general concern and importance to the parish including decisions on how funds of the PCC are spent. Given its wide responsibilities, the PCC has a number of committees, each dealing with a particular aspect of parish life. These committees, for example, Worship, Children & Youth, Prayer, Property, Finance etc are all responsible to the PCC and report back to it regularly with minutes of their meetings being reviewed by the full PCC and discussed as necessary.
The PCC met six times during the year.
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During the year the following served as members of the Parochial Church Council:
Clergy: Revd Jeremy Trew, Chairman, Revd John Saxon, Revd Alex Jeewan, Revd Caroline Currer (to May 2022) Churchwardens: Denis Tindley (to May 2022), Gill Caswell
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||||||||
|---|---|---|---|---|---|---|
|Other|members:|
|Marisa|Baltrock|Patrick|Li|(from May 2022)|
|Rufus|Barnes|Anna Martin|(Deanery|Synod|Member|from May 2022)|
|David|Birchall|(Treasurer)|Shawn|Martin|(Deanery|Synod Member)|
|Lisa|Brook|Robin|O'Neill|
|Paddy|Carver|Tracey Nicholls|(Little|Walden|Representative)|
|Bronwen Ferland|John|Pickthorn|(to|April|2022)|
|Richard|Freeman|Hannah|Razzell|
|Karen|Game|(from|May 2022)|Jan|Siewertsen|(to May 2022)|
|Edward|Gildea|Noel|Starr|
|Judith Hasler|(Deanery Synod Member) &|(Sewards|End|_ Denis|Tindley (from May 2022)|
|Representative)|Clifford Want (Deanery Synod Member)|
|Steve|Hasler|(Deanery|Synod Member|from May 2022)|Matt|Williamson|
|Martin Hugall|
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Co-opted member:
Oliver King (Director of Music)
Statement of Trustees’ Responsibilities
The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, for that period. In preparing the financial statements, the trustees are required to:
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e select suitable accounting policies and then apply them consistently;
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e observe the methods and principles in the applicable Charities SORP;
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e make judgements and estimates that are reasonable and prudent; e — state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
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e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
Signed on behalf of the Parish by:
Jeremy Trew
Date: 15 March 2023
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Independent Examiner’s Report to the Trustees For the year ended 31 December 2022
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2021.
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) in preference 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. 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 2019.
Responsibilities and Basis of Report
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 charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) in preference 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. I understand 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 2019.
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because J am a member of the Institute of Chartered Accountants in England and Wales ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no matters, other than those fully detailed below, have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect: . accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' 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 with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to 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 I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Signed:
Dated:
S Warner FCCA For and on behalf of Bentens Chartered Certified Accountants Saffron Walden
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Saffron Walden Parochial Church Council Statement of Financial Activities For the year ended 31 December 2022
| Restricted | Restricted | ||||||
|---|---|---|---|---|---|---|---|
| and | and | ||||||
| Unrestricted | Endowment | Total | Unrestricted | Endowment | Total | ||
| Funds | Funds | Funds | Funds | Funds | Funds | ||
| 2022 | 2021 | ||||||
| Note | £ | £ | £ | £ | £ | £ | |
| Income and Endowments | |||||||
| Income from donations and legacies | 2a | 211,586 | 78,565 | 290,151 | 217,814 | 11,222 | 229,036 |
| Incomefrom charitable activites | 2b | 27,834 | 3,253 | 31,087 | 13,473 | 656 | 14,129 |
| Investment income | 2c | 3,825 | 13,179 | 17,004 | 8,480 | 11,371 | 19,851 |
| Other income | 2d | 3,933 | 19,222 | 23,155 | 3,514 | 20,808 | 24,322 |
| Total Income | 247,178 | 114,219 | 361,397 | 243,281 | 44,057 | 287,338 | |
| Expenditure | |||||||
| Grants | 3a | 11,720 | 14,124 | 25,844 | 16,035 | 2,991 | 19,026 |
| Activities directly relating to | |||||||
| thework oftheChurch | 3b | 258,650 | 113,521 | 372,171 | 240,818 | 90,621 | 331,439 |
| Fundraising | 3c | - | 3,140 | 3,140 | - | 625 | 625 |
| Total Expenditure | 270,370 | 130,785 | 401,155 | 256,853 | 94,237 | 351,090 | |
| Net (Expenditure) / Income before Transfers | (23,192) | (16,566) | (39,758) | (13,572) | (50,180) | (63,752) | |
| Transfers betweenfunds | (1,816) | 1,816 | - | 783 | (783) | - | |
| Net(Expenditure) /Income and net. | (25,008) | (14,750) | (39,758) | (12,789) | (50,963) | (63,752) | |
| movement in funds before gains and | |||||||
| losses on investments | |||||||
| Gains / (losses) onInvestments | 5b | (6,645) | (7,862) | (14,507) | 7,064 | 10,686 | 17,750 |
| Netmovement in funds | (31,653) | (22,612) | (54,265) | (5,725) | (40,277) | (46,002) | |
| Reconciliation of funds: | |||||||
| Total funds brought forward | 532,726 | 302,866 | 835,592 | 538,451 | 343,143 | 881,594 | |
| Totalfundscarriedforward | $01,073 | 280,254 | 781,327 | 532,726 | 302,866 | 835,592 |
The attached notesform part of these financial statements.
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Saffron Walden Parochial Church Council Balance Sheet
31 December 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed Assets | |||
| Tangible fixed assets | 5a | 326,726 | 337,613 |
| Investments | 5b | 115,259 | 129,682 |
| 441,985 | 467,295 | ||
| Current Assets | |||
| Debtors | 6 | 10,267 | 10,039 |
| Short term deposits | 183,596 | 136,454 | |
| Cash atbank and in hand | 153,589 | 233,465 | |
| 347,452 | 379,958 | ||
| Liabilities: Amounts fallingdue within one year | 7 | (8,110) | (11,661) |
| NetCurrentAssets | 339,342 | 368,297 | |
| NetAssets | 781,327 | 835,592 | |
| Funds | |||
| Unrestricted Funds: | |||
| Revaluation Reserve | 10 | 210,103 | 218,190 |
| Other Unrestricted Funds | 10 | 290,970 | 314,536 |
| Restricted and Endowment Funds | 10 | 280,254 | 302,866 |
| 781,327 | 835,592 |
Approved by the Parochial Church Council on 15 March 2023 and signed on its behalf by:
Jeremy Trew Chairman
David Birchall Treasurer
The attached notesform part of these financial statements.
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Saffron Walden Parochial Church Council Notes to the Financial Statements For the year ended 31 December 2022
1 Accounting Policies
- a) Basis of preparation of financial statements, reconciliation with previous Generally Accepted Accounting Practice and assessment of going concern -
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition of the Charities SORP (FRS102) October 2019 effective 1 January 2019), and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), and the Charities Act 2011.
The PCC constitutes a public benefit entity as defined by FRS 102.
There were no significant estimates or judgements made by management in preparing these financial statements.
The Trustees have reviewed the financial position of the Charity including the impact of the coronavirus pandemic and have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on the going concern basis.
b) Fund accounting -
General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted. Restricted funds represent resources received and allocated according to limitations on their use specified by donors or other providers.
Endowment fund capital is invested and the income arising expended in accordance with the terms of the endowment. The accounts include all transactions, assets and liabilities for which the PCC is responsible. They do not include the accounts of church groups that owe their main affiliation to another body nor those that are informal gatherings of Church members.
Further details of restricted and endowment funds are set out in note 8 to the accounts.
- c) Income recognition -
Voluntary income and charitable activities
Income is recognised when the PCC has entitlement to the funds, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Collections are recognised when received by or on behalf of the PCC.
Planned giving receivable under gift aid is recognised only when received.
Income tax recoverable on covenants or gift aid donations is recognised when the income is recognised.
Grants to the PCC are accounted for as soon as the PCC is notified of its legal entitlement and the amount due.
Legacy income is recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date.
Income raised from fundraising events is accounted for gross and being immaterial to the overall income level of the PCC is included within income from charitable activities.
Sales of books and magazines from the Church bookstall are accounted for gross.
Other ordinary income
Rental income from the letting of church premises is recognised when the rent is due.
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Saffron Walden Parochial Church Council Notes to the Financial Statements For the year ended 31 December 2022
1 Accounting Policies (continued)
Income from investments
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the PCC; this is normally upon notification of the interest paid or payable by the bank.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Tax recoverable on such income is recognised on a fiscal year basis.
Gains and losses on investments All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (or purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains and losses are combined in the Statement of Financial Activities.
d) Expenditure recognition -
All expenditure is accounted for on an accruals basis. Irrecoverable VAT is charged against the expenditure
Grants
Grants and donations are accounted for when paid over, or when awarded, if an award creates a binding obligation on the PCC,
Activities directly relating to the work of the church
Charitable activities include all costs that directly relate to the work of the Church, including running costs and costs of maintenance and repair. Support costs and governance costs are deemed to relate directly to the work of the Church.
The Parish share is accounted for when payable. Any share unpaid at 31 December is provided for in the accounts as an operational (though not a legal) liability and is shown as a creditor in the balance sheet.
Fundraising costs
Fundraising costs comprise the costs of running the fetes and sales held during the year.
e) Fixed Assets -
Consecrated land and buildings and moveable church furnishings
Consecrated and beneficed property is excluded from the accounts by Section 10(2)(a) of the Charities Act 2011.
No value is placed on moveable church furnishings held by the church wardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or benefice buildings and moveable church furnishings, whether maintenance or improvement, is written off as expenditure in the SOFA and separately disclosed.
Other land and buildings
Freehold buildings, other than consecrated buildings, are depreciated ona straight line basis over fifty years. The gross book value is based on an insurance valuation from 1 January 1997 as adjusted for subsequent additions at cost. Otherfixtures, fittings and office equipment Equipment used within the church premises is depreciated on a straight line basis over four years. Individual items of equipment with a purchase price of £2,500 or less are written off when the asset is acquired.
Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at 31 December using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
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Saffron Walden Parochial Church Council Notes to the Financial Statements For the year ended 31 December 2022
1 Accounting Policies (continued)
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f) Current assets - Debtors
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Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove uncollectable.
Cash at bank and short term deposits
Cash at bank and in hand includes cash held on deposit either with CBF Church of England Funds or at the bank as short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
- g) Liabilities: amountsfalling due within one year
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the PCC
to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
h) Financial Instruments
The PCC only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
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Saffron Walden Parochial Church Council Notes to the Financial Statements For the year ended 31 December 2022
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|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Restricted|Restricted|
|2|Income &|Endowments|and|Total|and|Total|
|Unrestricted|Endowment|Funds|Unrestricted|Endowment|Funds|
|Note|Funds|Funds|2022|Funds|Funds|2021|
|£|£|£|£|£|£|
|2a|Donations|and|Legacies|
|Planned|giving:|
|Tax efficient planned|giving|142,083|1,748|143,831|145,630|1,685|147,315|
|Tax|recovered|through|Gift Aid|37,037|-|37,037|36,801|-|36,801|
|Other|planned|giving|10,670|-|10,670|10,777|-|10,777|
|Collections|(open|plate)|at|all|services|8,981|12,064|21,045|5,702|2,180|7,882|
|Other|Donations|12,315|4,753|17,068|8,904|7,357|16,261|
|Grants|-|10,000|10,000|-|-|-|
|Legacies|500|50,000|50,500|10,000|-|10,000|
|211,586|78,565|290,151|217,814|11,222|229,036|
|2b|Income|from|charitable|activities|
|Fetes,|bazaars,|other|fundraising|events|7,071|3,253|10,324|2,910|656|3,566|
|Cards|and|guides|657|-|657|166|-|166|
|Magazines|1,635|-|1,635|980|-|980|
|Lettings|7,999|-|7,999|3,057|-|3,057|
|Fees|9,625|-|9,625|6,138|-|6,138|
|Parish|office,|printing|and|stationery|847|-|847|222|-|222|
|27,834|3,253|31,087|13,473|656|14,129|
|2c|Investment|income|
|Dividends|and|interest|including|
|any reclaimed|tax|(3,175)|3,179|4|1,480|1,771|3,25]|
|Rent|received|7,000|10,000|17,000|7,000|9,600|16,600|
|3,825|13,179|17,004|8,480|11,371|19,851|
|2d|Other|income|
|Contribution|to|clergy|expenses|-|-|-|-|-|-|
|Miscellaneous|3,933|19,222|23,155|3,514|20,808|24,322|
|3,933|19,222|23,155|3,514|20,808|24,322|
|Total|Income &|Endowments|247,178|114,219|361,397|243,281|44,057|287,338|
----- End of picture text -----
Page 11
Saffron Walden Parochial Church Council Notes to the Financial Statements For the year ended 31 December 2022
| Restricted | Restricted | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 3 | Expenditure | and | Total | and | Total | ||||
| Unrestricted | Endowment | Funds | Unrestricted | Endowment | Funds | ||||
| Note | Funds | Funds | 2022 | Funds | Funds | 2021 | |||
| £ | £ | £ | £ | £ | £ | ||||
| 3a | Grants | ||||||||
| Missionaryand charitable giving: | |||||||||
| Church overseas: | |||||||||
| - missionary societies | 5,838 | - | 5,838 | 6,885 | - | 6,885 | |||
| Home missions and other | |||||||||
| Church Societies | 2,529 | 13,809 | 16,338 | 2,931 | 2,759 | 5,690 | |||
| Secular charities | 3,353 | 315 | 3,668 | 6,219 | 232 | 6,451 | |||
| 11,720 | 14,124 | 25,844 | 16,035 | 2,991 | 19,026 | ||||
| 3b | Activities directly relating to | thework ofthe Church | |||||||
| Parish share | 3d | 116,637 | - | 116,637 | 95,330 | - | 95,330 | ||
| Clergy expenses | 18,380 | - | 18,380 | 20,002 | - | 20,002 | |||
| Curate house expenses | 9,537 | - | 9,537 | 2,697 | - | 2,697 | |||
| Church runningexpenses | 17,381 | - | 17,381 | 20,732 | - | 20,732 | |||
| Church maintenance | 3,387 | - | 3,387 | 2,855 | - | 2,855 | |||
| Maintenance - other properties | - | 12,593 | 12,593 | - | 4,843 | 4,843 | |||
| Rectorymaintenance | - | - | - | 4,191 | 4,191 | ||||
| Upkeep ofservices | 1,603 | - | 1,603 | 1,794 | - | 1,794 | |||
| Literature table purchases and | |||||||||
| parish magazine costs | 1,917 | - | 1,917 | 1,218 | - | 1,218 | |||
| Training, outreach, etc | 808 | - | 808 | - | - | - | |||
| Parish rooms runningexpenses | 7,449 | - | 7,449 | 6,691 | - | 6,691 | |||
| Parish rooms refurbishment | - | - | - | - | - | - | |||
| Organist and choristers pay | 21,165 | 3,826 | 24,991 | 20,814 | 3,096 | 23,910 | |||
| Youth work expenses | 35,638 | 929 | 36,567 | 36,086 | 125 | 36,211 | |||
| Church majorworks | - | 91,618 | 91,618 | - | 66,383 | 66,383 | |||
| Printing and stationery | 2,582 | - | 2,582 | 2,810 | - | 2,810 | |||
| Copyright fee | 1,162 | - | 1,162 | 1,532 | - | 1,532 | |||
| Office expenses and equipment | 2,135 | - | 2,135 | 2,000 | - | 2,000 | |||
| Miscellaneous | 4,603 | 3,672 | 8,275 | 6,026 | 15,309 | 21,335 | |||
| Professional fees | 689 | 780 | 1,469 | 800 | 780 | 1,580 | |||
| Independent examination fee | 2,000 | - | 2,000 | 3,898 | - | 3,898 | |||
| Bank charges | 690 | 103 | 793 | 455 | 85 | 540 | |||
| Depreciation | 10,887 | - | 10,887 | 10,887 | - | 10,887 | |||
| 258,650 | 113,521 | 372,171 | 240,818 | 90,621 | 331,439 | ||||
| 3c | Fundraising | ||||||||
| Cost offundraising events | - | 3,140 | 3,140 | - | 625 | 625 | |||
| - | 3,140 | 3,140 | - | 625 | 625 | ||||
| TotalExpenditure | 270,370 | 130,785 | 401,155 | 256,853 | 94,237 | 351,090 |
3d Contributions towards the Parish Share in 3b above from St James Sewards End and St John's Little Walden amounted to £3,780 (2021: £3,439) and £3,030 (2021: £2,757) respectively.
Page 12
Saffron Walden Parochial Church Council Notes to the Financial Statements For the year ended 31 December 2022
4 Staff Costs, Key Management Personnel and Trustees' Remuneration and Expenses
----- Start of picture text -----
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|2022|2021|
|£|£|
|Wages|and|Salaries|77,472|77,824|
|Social|Security|costs|(net|of employment allowance|of £3,988|(2020:|£3,168)|306|217|
|Pension|costs|3,026|2,976|
|80,804|81,017|
----- End of picture text -----
During the year the PCC employeda director of music and organist, youth worker, Rector's secretary, parish administrator, weddings coordinator and a cleaner, none of whom earned £60,000 or more. The average number of employees throughout the year was 6 (2021: 6), equating to a full time equivalent of 2.9 (2021: 2.9). The following members of the PCC were paid the following amounts during the year:
----- Start of picture text -----
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Mr O|King,|director of music|(including employer pension|£699|(2021:|£679)|16,237|15,768|
|Mr M|Williamson,|youth|worker|(including employer|pension|£1,445|(2021:|£1,403)|33,560|32,583|
----- End of picture text -----
Apart from the above, no other PCC member received any remuneration reimbursement of expenses or other benefit.
The two members of the PCC who were paid a salary during the year were legally authorised to be paid under the Legal Advisory Commission's guidance "PCC: legal position of members" published in January 2013. Paragraph 22 confirms that there is no objection to someone who is already an employee of the PCC becoming one of its trustees. In the case of Mr King and Mr Williamson, they were both employees of the PCC before they were subsequently invited to become Trustees.
During the year, the full cost of employers national insurance contributions, before employment allowance, amounted to £4,680 (2021: £4,206).
The PCC considers all trustees to be its key management personnel and for those who were paid a salary their remuneration (gross wages and employer pension) is as above. ;
- 5 Fixed Assets for use by the PCC 5a Tangible fixed assets
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|Freehold|land|
|and|buildings|
|£|
|Gross|book|value|at|beginning|and|end|of year|601,388|
|Additions/(Disposals)|-|
|Gross|book|value|at end|of year|601,388|
|Accumulated|depreciation|at|beginning|of|year|263,775|
|Depreciation|charge|for|the|year|10,887|
|Accumulated|depreciation|at|end|of year|274,662|
|Net book|value|at end|of|year|326,726|
|Net book|value|at|beginning|of year|337,613|
----- End of picture text -----
The freehold land and buildings comprise the Parish Rooms, the Verger’s Cottage, and 42 De Vigier Avenue, Saffron Walden.
The gross book value is based on the value estimated by the PCC as at 1 January 1997 for insurance purposes or cost of additions if after that date.
Page 13
Saffron Walden Parochial Church Council Notes to the Financial Statements For the year ended 31 December 2022
5b Investments
----- Start of picture text -----
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|2022|2021|
|£|£|
|Market value|at|beginning|of year|129,682|126,052|
|Add:|acquisitions|at|cost|-|-|
|Less:|disposals|at opening|market|value|(proceeds|£14,124,|gain|£2,328)|-|(11,796)|
|Add:|income|reinvested|84|4|
|Net gains/|(losses)|on|revaluation|at|the end|of the|year|(14,507)|15,422|
|Market|value|at|end|of year|-|detailed|below|115,259|129,682|
|Market|Value|
|2022|2022|
|£|£|
|CBF|Church|of England|Investment|Funds|and|Deposits|115,259|129,682|
|115,259|129,682|
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All investments are carried at their fair value. The basis of fair value for equities and CBF Investment Funds is equivalent to the mid market value at close of business on 31 December each year.
The significance of financial instruments to the ongoing financial sustainability of the charity is considered in the financial review and investment policy sections of the Trustees' Annual Report.
6 Debtors
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||||||||
|---|---|---|---|---|---|---|
|2022|2021|
|£|£|
|Income|tax|recoverable|7,552|7,678|
|Other|2,715|2,361|
|10,267|10,039|
|Liabilities:|Amounts|falling|due|within|one|year|
|2022|2021|
|£|£|
|Creditors|and|accruals|7,100|10,231|
|Deferred|income|(see|below)|1,010|1,430|
|Other|creditors|-|-|
|8,110|11,661|
|Deferred|income|£|£|
|Deferred|income|at|beginning of year|1,430|-|
|Deferred income|during|the|year (magazine|advertising)|1,010|1,430|
|Released|from|previous|year|-1,430|-|
|Deferred|income|at end|of year|1,010|1,430|
----- End of picture text -----
7 Liabilities: Amounts falling due within one year
Page 14
Saffron Walden Parochial Church Council
Notes to the Financial Statements For000the year ended 31 December 2022
| 8 | Restricted and Endowment Funds | |||||||
|---|---|---|---|---|---|---|---|---|
| Transfers | ||||||||
| Opening | Investment | between | Closing | |||||
| CurrentYear | Balance | Income | Expenditure | Gains | funds | Balance | ||
| £ | £ | £ | £ | £ | £ | |||
| FabricFund | 136,498 | 72,431 | (13,476) | (7,232) | (34,331) | 153,890 | ||
| General Fund - Transition Project | 332 | 276 | (888) | - | 280 | - | ||
| - Special Collections | - | 12,064 | (12,931) | - | 867 | - | ||
| Restoration Fund | 68,346 | 19,522 | (91,617) | - | 35,000 | 31,251 | ||
| StMary's Music Association | 16,085 | 5,429 | (7,727) | - | - | 13,787 | ||
| Cyril Coe Memorial Fund | 3,014 | 1,998 | (2,736) | - | - | 2,276 | ||
| Buildings DevelopmentFund | 66,121 | 273 | - | - | 66,394 | |||
| LitleWalden -Camp404 | 305 | 410 | (175) | - | - | 540 | ||
| Sewards End - Youth Fund | 408 | 1,426 | (929) | - | - | 905 | ||
| - Special Collections | 306 | (306) | - | |||||
| EndowmentFunds | 11,757 | 84 | - | (630) | 11,211 | |||
| 302,866 | 114,219 | (130,785) | (7,862) | 1,816 | 280,254 | |||
| Transfers | ||||||||
| Opening | Investment | between | Closing | |||||
| PriorYear | Balance | Income | Expenditure | Gains | funds | Balance | ||
| £ | £ | £ | £ | £ | £ | |||
| FabricFund | 123,883 | 11,302 | (5,707) | 7,689 | (669) | 136,498 | ||
| General Fund - Transition Project | 1,040 | 219 | (927) | - | - | 332 | ||
| - Special Collections | - | 1,947 | (1,833) | (114) | - | |||
| Restoration Fund | 108,812 | 11,793 | (66,383) | - | 14,124 | |||
| StMary'sMusicAssociation | 15,906 | 2,099 | (1,920) | - | - | 16,085 | ||
| Cyril CoeMemorial Fund | 4,065 | 1,685 | (2,736) | - | - | 3,014 | ||
| Buildings DevelopmentFund | 66,106 | 15 | - | - | 66,121 | |||
| Litle Walden -Camp404 | - | 555 | (250) | 305 | ||||
| Sewards End - Youth Fund | 45] | 314 | (357) | - | - | 408 | ||
| EndowmentFunds | 22,880 | 4 | - | 2,997 | (14,124) | 11,757 | ||
| 343,143 | 29,933 | (80,113) | 10,686 | (783) | 302,866 |
The Fabric Fund is restricted for expenditure on maintaining, redecorating, repairing and improving all the SWPCC properties - the church, the parish rooms (external fabric), the verger's cottage and the Curate's House.
The Restoration Fund is restricted for expenditure on the restoration of the fabric of the church. During the year the Tithe Chancel investment held in the Endowment Funds was sold and transferred to the Restoration Fund to help finance the Chancel Roof repair.
The Buildings Development Fund was launched in late 2013 to finance the internal improvements to the church and parish rooms, identified in the statement of needs via the Buildings Development Project.
9 Unrestricted Funds
| Transfers | ||||||
|---|---|---|---|---|---|---|
| Opening | Investment | between | Closing | |||
| CurrentYear | Balance | Income | Expenditure | Gains | funds | Balance |
| £ | £ | £ | £ | £ | £ | |
| StMary's General Fund | 273,301 | 228,784 | (245,624) | (6,645) | (1,816) | 248,000 |
| StJohn's - LittleWalden | 18,060 | 9,452 | (8,947) | - | - | 18,565 |
| StJames - Sewards End | 23,175 | 8,944 | (7,714) | - | - | 24,405 |
| Revaluation Reserve (see note below) | 218,190 | - | (8,087) | - | - | 210,103 |
| 532,726 | 247,180 | (270,372) | (6,645) | (1,816) | 501,073 | |
| Transfers | ||||||
| Opening | Investment | between | Closing | |||
| PriorYear | Balance | Income | Expenditure | Gains | funds | Balance |
| £ | £ | £ | £ | £ | £ | |
| StMary's General Fund | 272,617 | 227,081 | (234,244) | 7,064 | 783 | 273,301 |
| StJohn's - Little Walden | 15,951 | 8,443 | (6,334) | - | - | 18,060 |
| StJames -SewardsEnd | 23,606 | 7,757 | (8,188) | - | - | 23,175 |
| Revaluation Reserve (see note below) | 226,277 | - | (8,087) | - | - | 218,190 |
| 538,451 | 243,281 | (256,853) | 7,064 | 783 | 532,726 |
The Revaluation Reserve represents the amount by which the PCC's land and property has been revalued, less annual depreciation.
Page 15
Saffron Walden Parochial Church Council Notes to the Financial Statements For the year ended 31 December 202200000
10 Analysis of Net Assets by Fund
| Analysis of Net AssetsNet AssetsAssets by Fund | ||||||
|---|---|---|---|---|---|---|
| Restricted | Restricted | |||||
| and | Total | and | Total | |||
| Unrestricted | Endowment | Funds | Unrestricted | Endowment | Funds | |
| Funds | Funds | 2022 | Funds | Funds | 2021 | |
| £ | £ | £ | £ | £ | £ | |
| Fixed assets | 376,568 | 65,417 | 441,985 | 394,100 | 73,195 | 467,295 |
| Current assets | 132,615 | 214,837 | 347,452 | 150,287 | 229,671 | 379,958 |
| Current liabilities | (8,110) | - | (8,110) | (11,661) | (11,661) | |
| Fundbalance | 501,073 | 280,254 | 781,327 | 532,726 | 302,866 | 835,592 |
The restricted and endowment funds comprise the Fabric Fund, Restoration Fund, Cyril Coe Memorial Fund, St Mary's Music Association, restricted collections and endowment funds. The endowment funds comprise miscellaneous trust funds and include unspent income amounting to £5,537 (2021: £5,453)
11 Grants
During the year the PCC made the following charitable grants:
| During the year the PCCthe PCCPCC made the following charitable grants: | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| St Mary's School Saffron Walden | 1,500 | 3,440 |
| ChurchMission Society | 1,625 | 3,250 |
| Wycliffe Bible Translators | 2,400 | 2,400 |
| Stort Valley Schools Trust | 625 | 1,250 |
| Jimmy's Night Shelter | 700 | 1,400 |
| Royal BritishLegion | - | 220 |
| Children's Society (Christingle collection) | 386 | 329 |
| EastAnglia's Children's Hospices (Christmas Tree services collections) | - | $23 |
| Saffron WaldenMayor's charities (Christmas Tree services collections) | 1,386 | 523 |
| DEC IndiaCoronavirus Appeal | - | 258 |
| DEC Pakistan Appeal | 467 | - |
| Friends ofEssex Churches | 250 | 450 |
| National Churches Trust | 100 | 200 |
| MajorChurchesNetwork | 75 | - |
| LMDC (previously called Essex Clergy Charity) | 50 | 50 |
| Ukraine | 10,205 | - |
In addition to the grants above, made by St Mary's Saffron Walden, grants were made by St James' Sewards End and St John's Little Walden of £1,556 (2021: £2,027) and £2,787 (2021: £1,345) respectively.
There were no grants made to individuals during the year.
12 Donations made by the trustees to the PCC
During the year, the trustees made unconditional donations amounting to £56,288 which includes £11,031 of tax recovered through gift aid (2021: £54,632 including £10,606 of tax recovered through gift aid).
There were no related party transactions during the year that require reporting.
Page 16