Clwity number: 1128863 Saffron Walden Parochial Church CouncRI Trustees, Report and FiDan¢ial Statements For the year ended 31 December 2023 Address St Mary's Church Cliurcli Path Saffron Walden Essex CBIO IJP Independent Examiner Bentsns Abbey House 51 Higb Str¢et Saffton Walden Essex CBIO IAF Bankers Barclays Bank PIC Leicester LE87 2BB Page No. 2to4 Annual Report Jndep¢ndent Examitler's Report to the Trust¢es Statement of Financial Activities Balan¢e Sh¢¢t 8t016 Notes to tbe Financial Ststements Saffron Walden Paroehial Chureh Council Annual Report For the year ended 31 December 2023 Report of the truste&s lor the year ended 31 Deeember 2023 The th￿tee$ present their almual report and financial statements of the charity for the year ended 31 Decemb¢r 2023. The fU￿nclaI statements have been prepared in accoTdan¢e with Accounting and Reporting by Charities.. Statement of Recommended Practice (SOBTr) applicable to charili¢s preparing tbeir accounts in accordance with the Firwicial Reporting Stendard applicable ]]] th¢ UK and Republic of trelatLa {FRSI02) (second edition of t1￿ Charities SORP (FRS102) Octob¢r 2019 effective l January 2019), the Financial R¢porting Standard applicable in the United Killgdorn and Republic of Ireland (FRSI02) and tt]e Charities Act 2011. The fmancial 5tat¢ments have been prepared to give a "tNe and faif, view and have departed fi.om tbe Charities {A¢Gotsnts and Reports) Regulations 2008 only to the extent requir¢d to provide a *rue fair vi¢w" Tbis departure has involved following Aecotjnting and Reporting by Charities- Stat¢m¢nt of Recorllmended Practice (SORP) applicable to charities preparillg their accounts in accordance with the Finan¢ial Reporting Standard appli¢&ble in the UK and Republic of Ireland (FRS102) (second edition of the Charities SORP (FRS102) October 2019 effe¢tive I January 2019) rather than the A¢counting and Reporting by Charities.. Ststemellt of Re¢omJnended Practice eff￿tIve from l April 2005 which has sinc¢ be¢n withdrawn. Objectives 2nd activitie5 for the public beDefit St Mary's in Saffron Walden is the town ¢¢ntre church which as well as being used for regular worship throtsghout the week is used for ¢ivi¢ and other special services and concerts. The PCC is cojnmitted to bringing as ￿allY people as Possible to worship at our church and to b¢¢ome part of ow. ¢hureh cotomunity at St Mary'5. Th¢ church has many groupg and activities. Our worship, expressed in prayer and scripture, ￿u$l¢ and sacrament is central to who w¢ are and what we do. The PCC is also conllllitted to and offers financial support to the local church 5¢hool, St hlary's Prinw School. The TTUStees k¢ep in mind the Charity Commi55ion's glltdallce on public benefit when plat)ning the activities for the year. A¢tivities and performance A wide rdnge of services is offered durirtg the week and tbrollghout the year. As well a5 our regular services at St Mary's. we ellabl¢ our community to ¢elebrate and thank God throughout tbeir journey througb lif¢ - at baptisms, weddings and fi￿¢Tal5. The ￿]rrent Electoral Roll was complet¢d in Marcb 2019, when there were 300 parishioners of whom 30 were non- residellt. The most recent update in November 2023 showed there are currently 290 parishioners on the electoral roll, 33 of whoin are not i'esidellt within the Parish. The next fvll revision of the Electoral Roll will be completed in 2025. The average usual Sunday attendances during 2023 at St Mary's and its daughter churches. was 216 adults. (The number of children Yari¢s sub5tatttially depending on the service). NuTnb¢rs are considerably increased at frstiyals. Some services continue to be live5trtramed on You Tube. There were no faculty applications in 2023. Buildings Development and Capital Projects Sub5tautial repair work was CO￿pIeted on th¢ Chancel Roof tn 2022. The Concept design for our current project - upgradittg the lighting in the Church- bas recently been approved by the PCC. Flnaneial Review The balance sheet for all funds shows an increase of £104,577 from £781.327 to £885,904 ftt the end of 2023. Excluding unrealised gains on investments of £10,234, the net incTea5e for the year was £94,343. This increase 1$ mainly due to unrestricted l¢ga¢ies amounting to £103,354 received dursng the year. The Fabric Fund alyo benefitted from a £17,500 legacy. ExcludiDg l¢gacie4 unrealised gain5 on investments and depreciation, the General fund suffered & deficit of £17,536 in 2023. Thi5 is because our policy is to use material UDrestricted legacies for capital projects. The PCC will desiguate these legacies Éo particular ¢apÈtrdlprojects during the cours¢ of this year. Pag¢ 2 The revaluation of investments at 31 December 2023 re8ult¢d in all Unrealised gain of £10,234 (2022.- £L4.507 Ioss)- Fixed assets were depreciated by £10,887 (2022.. £10,887). A provision for fees of £1,890 (2022.. £1.800) has been included in these accounts for the independent examination. Contributions towards the Parish Share from St James SewaTd5 End and St John's Little Wald¢n amounted 10 £3,813 (2022.. £3.780) and £3,056 (2022.. £3.030) respectively. Once agai￿ the continlled generosity of ptirithioners through the st¢wardsbip schemes and local fimdraising activities enables the PCC to continue planning with ¢onfidence. The PCC r¢views the activities of the parish and considers and mitigates the ll￿jOr risks tbat may arise from time tt) time. The PCC will continue to review the risks on an on-going basts. Inve$tment Policy The PCC'5 Policy is to place Surplus working capital in interest bearing bank deposit accounts and the CBF Church of England Deposlt FuJLd. Regarding lon8er tetm fijnds, including those to be held pernianently (e.& the endowment fimds), Ibe policy is to hold the fi￿d5 the CBF Church of England Investllkent Fund, whicli 15 managed by CCLA InVestt]￿ltmanag¢rnettt Ltd. Investments ar¢ reviewed periodically by th¢ Finance Committee. Reseryes Policy The PCC'S Policy, whi¢h is reviewed annually, is to maintain free cash reserve5 eqiiivalent to 3 months of total budgeted expenditure (around £64k for 2024). The policy is to retatn excess fr¢¢ r¢scrves until required for material capital expendifure to be approved by the PCC. Total 'free reserve5, at 31 December 2023 amounted to £167k but 8 substantially redu¢¢d to £64k wheu the unrestricted legacies are designated to part£cular capital proj¢cts. Going Concern The TDJstees continue to review the financial sibjation of the CbaTity following the impact that the pandemi¢ and the closure of places of worship had on fjnances. The Trustees have approyed a budgeted deficit of £23k for 2024 and every effort will be made to Teduce this during die year. As noted above. 'free reserves, a￿ountEd to £64k at 31112r23, well in ex¢¢ss of the budgeted deficit. For tliis reason the Trustees continue to adopt the goitig concern basis in preparing tbe fuJan¢ial statements. Grants (outsyard glvlng) Policy The PCC Supports a small nU￿ber of ch￿.1tab]e entities fvtb at home and overseas), including the local Church of England Primary School in Saffron Walden and the Stort Valley Schools Tn￿L The aim is to g￿ve between 5 and IOD/o of plawied giving. The amounts audrecipients are reviewed aDfLually. tn additio￿ spe¢ial collectiODS are held from time to time. to supp)rt, for exampl4 DEC appeals. Plans for the future The PCC is aware of a number of major Pi￿Je¢ts that need attention over tlie ¢oming years. These include tbe Ligbting project, th¢ Nave Altar. th¢ TefiJrbish]nent of the Organ, the Audley Tomb and the Dorth aisle roof. Prowss on all th¢se will d¢peDd upon our ability to rnise tbe necessary fiwl5. We want St Mary's to flourish in its important role as th¢ parish church for tbe towu of Saffroll Walden.. to be at the heart of conununity life and to bc an attractive place for visitors. Strueturey governance ond management The Parochial Church Council is a CO￿Orate body established by the Chur¢h of Ell￿. The PCC operates under the Parochial Church Council Powers M¢aswc and is a Registered Charity. All PCC members are trustees. Representatives of the laity are elected by members of the electoral roll at the ADDual Parochial Church Meeting for a S year terni. Together with the cl¢rgy, churchwardens and ¢o-opied members, they form th¢ PCC. The parish of Saffron Walden, which include$ its daughter churches, St James Seward$ End and St John Little Wald¢n. is governed by the PCC, wider the chairnianship of the Revd Jeremy Trew. The PCC members are responsible for making decisions on all matters of general concern and importance to tbe parish including de¢isions on how funds of the PCC are spent. Given its wide responsibilities, the PCC bas a number of committees, each d¢tling with a parti¢ular aspect of parish life. These committees. for example, Worship, Children & yout￿ Prayei, Prtsp¢rty, Finante ¢tc are all responsible to the PCC and report ba¢k to it regularly with Lninut¢s of th¢ir meetings being reviewed by the fvll PCC and discussed as necessary. The PCC met six times during the year. Page 3 During the year the followi￿g served as members of the Parochial Cbureh CouDcil.. Revd Jeremy Trew, Chairn]an. Revd John Saxon (to Sept 2023). Revd Alex Jeewan (to Oct 2023), Revd Ella Hatris, Reyd Hilary Walker (from Oct 2023) Clergy: Churchwardens: Gill Casw¢ll, Simon Potter (from May 2023) Other members: Marisa Baltrock Rufus Bames (to May 2023) David Birchall (Treasurer) Lisa Brook Paddy Carver (to May 2023) Bronwen Ferland Richard Fr¢emall Karen Game (to Feb 2023) Edward GÈldea Judith Hasler Sewards End Representative) Steve Hasler IDeallery Synod Member {to Aprs12023) Martin Hugall Patrick Li Anna Martin (Debnery Synod Metnber) Shawn Martin (Deanery Synod M¢mb¢r) Helen Nash (Little Walden Rep) (from May 2023) Tracey Nicholls (Little Wald6n Rep) (to May 2023) Robin Olqeill Hannah Ra72ell Noel Starr Deni$ Tindley CITfford Want (Deanery Synod Member) Matt Williamson Co-opted member.. Olivei King (Direclor of Music) ststement of Trustees¥ Responsibilities The charity trustees are responsible for preparing a trustees, annual report and fmancial statements in accordauce wkth applicable law and United Kingdom AccoulltiDg Stalldards {United Kingdom Genernlty Arxepted A¢counting Practice). The law applicable to charities in England alld Wales requiTes the charity trustees to prepare finan¢ial staterrÈent5 for each year which give a true and fair view of the stat¢ of affairs of the rhaTity and of the inco]ning resources and application of resources. for that peri(Kl. In preparing the fllthncial statements, the trttsiees are required to.. select suitable accounting polici¢s alld then apply them Gonsistently; observe the methods and principles in the applicable Charitie$ SORP. make judgements alld &stimates that are reasonable and prudent. stste whether applicable accounting Standards have b¢en followed, subject to any material departiires that must be disclosed and explained in the f￿a￿tIal statemeDts' prepare the fjnancial ststements on the going concern basi5 unless It is inappropriate to pr¢sutue that the Charty will continue in busine55. The trustees are responsible for Iceeping proper accounting records that disclos¢ Witli reasonable accuracy at any time the financial position Of the charity and to enable them to ensure that the fllmncial stat¢ments comply with the Charities Act 2011, the applicable Charities (Ac¢ounts 2nd Reports) RegulatLons, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and takitkg reasonable steps for the prevention aad detection of fraud and other i￿gularl£leS. The trustees are responsible for the maintenance and inte￿Ity of the charity and financial infomation 3ncluded on th¢ charity'5 website in accordall¢¢ Wltb legislation ill the United Kingdom gov¢rn5ng the preparation and dissemination of financial statements. on bei]alf o the Parish by: Jerem Date: 20 Marcb 2024 rew P*ge 4 Xndependent Examxner's Report to the Trustees For the year ended 31 December 2023 I report to the charity trustees on my ewdmination of the accounts of the charity for the year ended 31 December 20￿. RespoDsibi]itAes and basis of report As the charity's tnlstees you are re5PODsible for tb¢ pr¢p8Tation of tbe accounts in accordance with the requtrements of the Charities Act 2011 Cthe Acy). report in r¢5pect of my examination of the ch￿lty'S ac¢ount5 ca￿led out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Comrnission under se¢tion 145(5)(b) of tlie Act. Jndependent Examiner's Statement Since the charity's gross incom¢ exceeded £250,(M)O your examiner must be a member of a body listed in section 145 of the Act. I confTh that l am qualified to undErtake the examination because l am a member of the Association of Chartered Certified Accountants, which is one of th¢ list¢d bodies. I ha￿ ¢offjpl¢ted my examination. I confllrn that no material matters have ¢otn¢ to rny attention in ¢onncction with the examinatiou giving me cause to believe that in any material respe¢l- accovnting r¢wT(Ls were not kept in yespect of the charity as required by Section 130 of the Act. or the accounts do not a¢wrd with those records- or the accounts do not cO￿PIY with the applicable requirements concerning the form and content of accounts Set out in the Charities (Accounts and Report5) Regulations 2008 other than any requirement that the accounts giv¢ a'true and faiv view wbich is not a tnatter considered #s part of all independent exalninatioll. I have no ¢oncems attd have come across no other matters in conne¢tlOD with th¢ exallLinatioll to wbich 4ltenÉioll should Ix drAwn in this report in order to enable a proper understanding of th¢ ac￿u￿ts to be reached. This report is ￿ade solely to the charity's Trustees, as a body, iu acwrdance with P8rt 4 of the Charitie5 (Accounts and Report5) R¢giilations 2008. My work has been undertaken so that l rnigbt state to the ¢harity'5 Trustees th05¢ mattel'5 1 am required to Stat¢ to them tn an llldependent Examiner's Report and for no other PWPOse. To she fullest ¢%tent permitted by law, I do not aec¢pt or assume responsibility to anyone other thall the charity and the c]wity's Tn￿teeS as a body? for my work or for this report. Signed.. Dated: S Warner FCCA For alld on behallof Bentens Chartered Certified Accouotallts Abbey House 51 Higb St Saffron Walden CBIO IAF P38e 5 Saffron WRldeD PAroehlal Chtsrch Couneil StstemenÉ of FiDancial Activitie5 For the yeAr ended 31 DeCe￿ber 2023 Restritttd Re5trict£d Unrcstri£ted E￿ID￿Me1Jt FU￿aS Funds Totsl Fll￿d5 2023 Vnrcgtricttd Endow]neDt Funds Funds TotAI Furtd$ 20 Noie Incom¢ Elldowments InCo￿￿froi￿ don￿1¢￿$ and Icga¢i¢s ]nco]n¢ from ¢hariiable aclivites Inv¢sim¢ni in¢om¢ Ckh¢F in¢om¢ 300,013 26,446 5.509 4.624 32.716 7.69E 19.448 1.336 332.729 34.137 24.957 5.96D 211,586 27.834 3,825 3,933 7B.565 3.253 13.179 19.222 290,ISI 31,087 17.004 23,155 2b 2d Totsl InCo￿t 336.592 61.191 397.783 247.178 I l4.219 361.397 ExPE￿dI*￿rt Orants Aclivilies directly relotingto the work of Ihe ChuJ¢h rundraising 8.989 8,509 17,498 11.720 14,124 25,844 3b 252,587 507 29,930 2,918 282.517 3,425 &650 372,171 3,140 3.140 TotAI Exptlloitsrt 262.083 41,357 303.440 270,370 130,785 401.155 N¢t tncikmo IIEipenditure} bEloreTrall3ferg 74,509 19,834 94,343 (23.1921 116,5661 139,7551 Transfcrs beiw¢¢n funas 17) 1.816 N¢t ID¢DmC I(ExpeDdthtrel and net Qvtme￿t ID fuBd5 bcforc alld 1055es on iDve5tllLeLts 74.516 19.827 94.343 125.0081 114.7501 (39.7581 Gainslllosse51 on Inv¢strD¢nts 5b 4.690 5.544 10.234 {6.6451 .8621 (14.5071 Net movem¢lltin fu￿d$ 79206 25.371 104.577 13J.653} (22,6121 154,2651 Recontiliatioll of funds: Tot41 funds brought fonv8rd 501.073 280,254 781.327 531726 3ff2.866 835.592 Totsl fullds carried fonyord 580.279 305.625 &85.904 501.071 280.254 781,327 The allachednolesfompori oAiheseffiNun¢lal$iofÈptteftiii. Saffron Walden Parochial Chureh CouTh¢il Balance Sheet 31 December 2t123 2023 Not¢ Fixed As5cts Tangibl¢ fIx￿aSS¢ts Inve51ments 5a 5b 315,839 125.700 326.726 115.259 441.985 CurrentAssets Dcbtots Short temi thwsi Cath atbank 8nd in 11.8 306.823 133,730 452 J56 10.267 183,596 153.589 Liabilities: A￿O￿nts fAlllngduewitbii year Net CurreMIA&sets 441.365 339,342 NctA55ets 885.904 781,327 Funds UntcstriGted Funds.. R¢v￿ual10n R¢s¢rv¢ Oiher Unr¢slrictcd fund% Rtstri¢led Endomment FuDds io 10 io 201016 375.2 305.625 210.103 290,970 280,254 885,904 781327 Approved by thE Parochid Church Council on 20 NfarGh 2024 3nd signed on it5behalf by.. JcremyT cbaLT￿￿Jk Diivid BI￿3[[ TreAsureL' Tr¢ Oli￿¢bId￿0[8SJ0rnIp￿ll ofihEEeJinonciulslaleTrKnls. Pagc 7 Saffron Walden P8ro£hial Chureh Councll Notes to the Financigl St%tement5 For the year ended 31 Decemher 2023 l ActounttngPolicl 81 Ba5iy of preparatlon of tlnanclal st¥tttDtut& rectrn¢il1#tio￿ wlth prtwlous CeTreraily Ac¢epled AccouDtiugPractice assessment of going eoiic¢rn- Tiic fingJJ¢ial hav¢ been prcpatcd undcrthc hisrorical ¢05t convention with items rewgnised at costor tr8n5a¢liortvalu¢ un1¢5s 0lhenvi5e 51lltsd iti th¢ relevantnoTrlsl to th￿48¢COUnts. Th¢ fingnGiJI stateinenixha￿ b¢eo pi¢par¢d in 8ccor¢Jance witii Accoutstsn8 andR¢pLTrrtingbyChariti¢s'. Statement of ReGomtnendd Practi¢e(SORPI appli¢abl¢ to ¢hariii¢s pwariDB Iheir accounts in a¢cordancewith iliefiinancial Reporting Stsndard Rpplicabk in the UK and R¢public oflreland IFRS 1021 (S￿nd tditton of the cliariti￿ SORP IFRS1021 O¢tob¢r2019 ¢ffe¢tiw¢ l January20191. 8￿d th¢ financi81 Reporting StandtTd applicabl¢ in th¢ Unitcd Kuwom Republicoflreland (FRSL021. and thocharits￿ Act2011. The PCC cortsuw￿5 apublic benefitentity a8 defffted by FRS 102. 11i¢re w¢r¢ n05igDificant estllnatcs OT judgctnents m8d¢ by manag¢m¢nt in pr¢pwing thEsefina￿1&[ statements. Th¢T￿￿trES h&veieviewed the fIn￿¢la[ p￿Lti1￿9fthe (￿￿￿ty incJudin8the impact of IhecoronaviNs pand¢miG8nd have ai¢asonable eXPEciaiion thai di¢ Ch8rity adequatsre50urGes tocontinue in OP¢nlional ￿l$lence fol thr for¢5e¢abl¢ fvture. Acc4Jtdinsly. thc fittanGial stat￿CAts wntinu¢ lo bepTepated on thegoing conccm basis. bl attountlrsE- Genetal funds r¢pr¢s¢ntlhe fiujds of thePCC thai ar¢not $ubiectto any r¢strt¢iions re8llrd￿g the￿￿5¢ llnd areavailablc forappltcagion on th¢genU￿ purpDSCS of tho PCC. Fuods dt5ignarcd Parti￿]2rPUrPO5£ bythePCC are Btso uttreStrt¢t¢d. Rcstrictedfuuds Tepre8entresour¢e5 r￿¢1¥¢6 and 8tlocaled atcordinsto limitaiiotis ott theiiwe 5pccifj¢d by donoE5 or otherpi0vid￿S. EndowfftBnt fund ¢4Pit41 s inv¢5ted andthg inco￿¢ 8risingeKp¢nded in ￿¢0Y￿all￿ Mrythtb¢t¢rms ofthe C[￿0￿ment. The ￿coUnts indude trallsllctions, ￿e¢S and liabilities for which the PCC 15 respon5iblL TliEy do not include th¢ accounts of churcb groups tliat owe theirmain affiliation10 20othEr body nor th05c that are inforniai gatherings of Chur¢h member5. Further ddAils of restricted ajd ¢ndownent funds aFe set outiD rtots 8 to thcaccounts. £} Income recognltloD- Voluntary illcgmeoiid¢knllttble acliviÈKF kn¢om¢ isYwogNiscd when the PCC has enuii¢mcntioth¢ funds, il is Probable th81 die tneome wlll beft¢eived and the 8rnouDLofiD¢oJnete¢eivabl¢ Cam beme3sured rejiabty. Collections are rccognised when r¢c¢iY¢d by os on bEh￿t of thEPCC. Pl￿ed ￿Ving￿rk. Dividends arc Te¢ogni5d ¢mce thEdividend beets d¢clartd end notifjcJtiOD h8$ iecBived ofthe dividend du Tax r¢wverable on such income is reco￿lS¢d on a f￿¢￿1 yearb￿1 Gaillsondlosse501t IllV8slpTr¢p71$ I gains and losses are taken 10 the Statement of Financial A¢tivitie5 SStIw arise. Realised 8auts and Ioss¢5 on inv¢51meois are calculated &5 thE diff¢ren¢e b¢Th¥e￿ s21¢s Pr￿eedS and OPBDing market valur IOT purthAs¢ dat¢ if lattt}. unreal￿ed Bain5 aAd I￿$¢5 ar¢ ¢al¢ulat¢d ssth¢ difftrencc betwccn dic mark¢t valucarth¢Y¢￿cDd and opwing ￿￿k¢tv&1￿C lorputch&se da￿ if lat¢r). Rcali5ed aDd llnrealised g&￿$ and losses are Combin￿ in th St8tcrnentof finan¢iaI A¢tiVlliQ5. dl Kxp¢DditDn ret•gtsitiOfl- I cxpendi(ur¢ is account¢d for on 8D 8¢¢rud5 bBsi$. ]tTe¢overabl¢ VAT is ch￿d agatn5tthe W￿ditU Grants and donations are accounied fOrWh￿ paid ov¢r. orwh¢D awarded. itan amwd ctcalrs a bind5tsg obligation on th¢ pcc. Aalvir￿s dir8CtlyrelotipTgioihe1yorkofih¢ clwr¢h Clwitabl¢ a¢tiYili¢S in¢lu4¢ all costs that diieGlly relate lo theiyork of th¢ Churdi. itt¢ludiiig runnin8 costs and Costs of mainwn2nGe and rcPa￿. Support Gosts and gov¢mw)¢G¢osts ar¢ (kemcLI lo Telllte dirc¢dyto th¢work of the Church. TheParish shATei$ a¢tount¢dfor payabit. Anyshare 3131 De¢embtr 5$ prnvided for in the 4c¢ounts as an OPBratioRal Iihou8h I￿1 al¢gal} li8b1liiy￿d 15 showjj a5 a Greditw inthc bal8ft¢t sh¢¢t. F￿lIdI￿￿¥1F1gcOSIS Fundyaistng wsts cojnprisethe costs of yunnin8th¢ fttes and sa1¢5 heTrddurtng the)w. e) Fixed Assets- ConJecruiedlort¢Jondbtsildings andmo￿able chrwchfyrnishiNgs Consc¢rnt¢d and bBncficcd propcrty is ¢x¢luded from the g¢¢ounts bySccl2oD 10121{al of the Chariti¢s A¢(2011. NOv￿U¢ is placed on moveable ¢hurch fumt￿lingS held by thE churth wardEns i)n $p¢cid imsi foy th¢ PCC and which teqiiire a fa¢ulLy fordisPOS815incethc PCC CQMsidcrs Ihis tobc inalicnabl¢ property. All ¢KpcnaiD2rc inGutred during ieyearon ¢ons¢¢ratcd ort¢n¢fice buildlly ond movcablc ¢hur¢h fvmi5hitsg5, wIKth¢r mainleDBnce or improv¢meDL is written off as ¢xp£Ddilute in the SOFA and ￿para￿lyd￿¢JoSCd. Oilier/¢ndttptdbwildings Fre¢hold buildi1￿$. oth￿th*ll consc¢Mtcd buildtng5. ar¢ dÈpr¢¢iatd on a$￿Sht11rtebaSis over fifty ycsrs. The gr¢sg book value is based on an insuY8nce v￿UatiOn frotn l Janiiary 1997 as adjus¢ed for subscquenl additions al c05t Oiherfix¢ures. JiiiMs¥qrfdgffi¢e equippKeni Equipm¢nt U5cd within the clwrch premises is depieciat¢d on nsrraight ITn¢ knis oV￿fOll[ yeHTS. Individu￿ itemsof eqllipmeDtThryth awT¢htse wice of£2.500 or1¢55 arewrittellotrwhell theassrt is a¢quired. Investments 2tE 2 fotmofbasi¢ fin¥J)¢i81 instrum¢nt and Ire 1nitithllyt¢cwis￿ attheIrtr￿&CI10n Val￿ wd subsequently th¢irfair value 95 gt31 Dccesnberusirtgthe ¢losing quoted mad(¢t price. Tlie slaleillent of fJrJan¢i*i activiiks iii¢lud¢5 th¢ netwns Bnd105SeS atl5itsg on ￿valUation and disposals Iliroupjouttheycar. Saffron WAlden PArocliilll Church Council Note5 to tlie FilliTrllci?I I SÉatements Foi. the yeai. ended 31 December 2023 DgbruT Amounts owiiig lo Ilie PCC &131 tkce4nber in respect offccs, remts ￿ other income 2resh)wn ￿ debion less provision for amollnts that iiiay i)rove uiicolleGlablc C(LTh ai bookandshori ierindep03115 Casli ai baiik iiid iii haiid in¢liid¢s cash litlo on dewsil eilh¥r with CBF Ch￿rQh of EngE￿Id Funds ot atlhe bank s shorl t¢nn higlily liquid inv¢siM¢nls willi a sliortiiiatiirily ofihre¢ month5 or Ic55 fioni Uiedate of 3CqUlSltion or op¢ning of di¢ d¢posit or simil8r accouni. Liabiliiies nre recognised as expenditure as Sooii 35 there is B legal or ¢onsiru¢iiv¢ obli8atioii commTlling IliePCC to IIiAt cxi>enditurc. It is probnble that selll¢m¢NI will b¢ ffquired an(1 rh¢ atnountvf Ui¢ obligaiioii Can ￿ mc15ured Lliably. The PCC oiily lias financial ass¢ts and financial liabililies Df a killd that qualify as b8sic fin￿10181 inslwmeiits. Basic financial ]￿trU￿7¢nI$ are inilially ircosniscd al Iran5￿1]D￿ Yaliie siib5equeiilly measured at Iheir5eltleinenl v31ue. Pa￿ 10 Saffi'on Wxlden ParochiRI Church Council Notes to the fms tunniiisexpenses Parish roon15 ￿(u[baSI1￿C￿t Org2nisi chorisi¢rs P41y Youth work exp¢Trs Cliurch major ￿￿rkS lknniingand 51alionery Copyrighi f Qffice expenses and equipnicni 12.593 1.986 1,9S6 1,603 1,603 1,741 336 6.124 1,741 336 A124 1.917 808 7.449 1,917 808 7,449 23,412 38,739 5.049 2,996 1,800 3J27 4,707 3,436 796 3,518 2&848 39.535 8,567 2,996 1.800 3,327 7,496 907 1,690 425 10.887 282517 3.826 929 91.618 24.991 36,567 91,618 2,)82 35,638 2582 2.135 4,603 689 2.000 690 2,135 8,275 1,469 2.000 793 10.887 372171 2,789 907 3,672 780 Profcssioiial ftcs Inde￿nd¢ll1 exiw Iiiiiation fee Bank ¢haigcs Deprcci8tion 1.69Y) 321 104 103 252,587 29.930 258,650 riundraising Cost o[fuJ￿r&i5Ing even 507 50? 3.425 3,140 3.140 2.918 3.140 ToÉnl Exptnditllr¢ 262.083 41.357 303.440 270.370 130.785 401,155 3d Contributions lowllvds P￿1$h Sliarc in 3b abovc froni Sl James Sewards End and Si JEliiis Little Wa]den aMoUn￿d to £3,81312022.. £3.7801 and £3.05612022." £3.0301 respectively. Page 12 Saffron Walden Parochial Church Couijcil Notes to the Fin42tici%l Statements IToi' tlie ye£21' ended 31 Dece￿be1. 2023 4 Slqff Cosls. Key miinaggtnt￿t Per5UDncl Trll51oos' RtmuJitrxiloN And Expenscs 2023 2022 Wwg and Snlaries So¢ial s￿[lIY COS1$ Inei of eniploymeni Bllowan¢¢ of£4,71812022.. £4.3741 P¢nsion costs 80.749 77,472 306 83,830 80.804 During the year Ilir PCC cmplDycd a direclorof music and or8anisi. youth worker. paT&sh adrnTiiistrator, associ#ie administrator, weddings cwrditvloi Jnd a ¢leaner. none of whorn earned £OO.000 or mor¢.'fh¢ avcrasc number of employ¢¢s IlirouJioul thc r￿a5 6 (2021.. 6). equating io a full iimt ￿Uly￿E￿il of2.9 (2021.. 2.91. Th¢ following mc]nbus ofthe PCC w¢r¢ paid Iht following amouuts duriiigili¢ year.. Mr O Kin& ￿1￿Clo[Or tnusic lincludtngemploy¢r pension£73612022.. £6991 Mr M Williamson, youth worker Iincludingemploy¢r £1,522 (2022.. £1.4451 16,987 35,L08 16.237 33,560 Apart froin dic abov¢, no olher PCC m¢tnbgrrEceived remuneration r¢imbwement ofexpEll5eS or othey b¢n¢fii. Thc t¥vo members ofilie PCC who iYer¢ paid a salary during ihe yBar Mve le8￿]Y auihorised 10 be paid undcr lh¢ L¢gal Advisory coinrni55ion¥ guidaA¢e 'PCC.. Icoal position of ￿le￿bers. publi51icd iii Jaiiiiary 2013. Fara8rapli 22 c￿rin￿$ Ili&ihet¢ is no obJectioii (o ￿l￿e0neWtso ig already ¢Tnployeeofthe PCC becoiningon¢ olits trust￿S. in flie c ofMrKirtgand Mr WilliamsTh1. they were both anplo)r¢s Dfthc PCC before Iliey were sub5equenily invited lo beconie Truslees. I￿[1￿￿ die year, the full costof¢mployers insurEfjce ¢ontriburM4 before employjrjent 8IIow8D¢¢, amouTht¢d to £4.678 (2022. £4.6801 Th¢ PCC ¢onsidE￿ all Iruslees lo be its key m8n28tn1¢ntpe￿￿I7el ?￿d foi Ihosewho were patd a$alary their remuiTrergtl￿ (gross W8Ees and wnployci p￿7$1017) is a5 abovc. 5 fiixtd Assets for usc by Ibe PCC 5& Tangible fjxed Assets nd buildings Gross book value at begiimin8aod end of year AdditTonsllDisposdsl Gross book value atertd ofycar 601.388 601.388 Accumulaitd depre¢ialioll al be8iiiiiingof y¢aT Depreeiaiion charge for Ili¢ year AGciTrRiulatcl deprcciation al eiid ofy¢aT 274,662 285,549 N¢t bo()k value at end olyear Net btK)K- valu¢ 8¢ b¢ginning of y& 315.839 326.726 je frcehold latsd and bDildiJTr45 coIDprise U)¢Parish Rooms. th¢ v￿ger'S Coll?g¢, and 42 D¢ VigierAveiJuc, SBffroii Walden. The 8ross i￿0k value is based on tIie value estimaied by the PCC as ai i Jallutyry J997 for insuiancc PUryD5e5 or co5tof Page 13 Saffi'oTL Walden Parochial Clillrch Council Notes to the flin￿￿nCinl StatemeiitS For thc year ended 31 December 2023 5b Investmcnts 2023 2D22 MDrket valiie at beginllillg of year Add-. afjquisilions al cost Lc55". dT5PQ5als al opcning Tllarkct valu¢ Add." income r¢invesLe Nctgainsl Ilossesl on r¢Ynlualion at Ihc cnd of the year MaTket value al end of yeat- detailed bBIow 115,259 129.682 207 10,234 125.7Tr) 84 115259 M.Irkel Valv¢ 2023 wn2 CBfchurcli of England Inve5tmentfiunds and D¢p05iis 125.700 115,259 125 700 l investments gre C21Tied attbeir fair valu& The bt8is of fair value for cquities and cBr Inv¢sim¢nt Funds is ¢qiiiYalcllt 10 Ilie Thid markel value at close ofbu5in¢s$ 011 31 Dc¢¢mbu ¢a¢li y&Y. The significance of finAn¢iJl insituments lo the ongoing financial susiainabilityofthe ¢hatity 15 considered in dje fjnan¢ial i¢vi¢w invc5ttncnt policyscctions of Ilie Twstccs, Aniiu?l R¢porf. 6 Debtor5 2023 2022 In¢omc r¢¢overable Ouier 7,353 7.552 2.715 7 Llii billtit5'. AMtrunts fAll5￿g diic Ivithin onc ycar 2023 2022 cr￿lI0[S accruals Dofctted iiicomc Iscc below) h¢1 ir¢dilors 7,291 700 7,1 7.991 Dtrtrrtd imcomt Defcrred iiiconie at begink]ing of year Delerred incoine diiring tlicyeDr IniaEazineadY¢rtising) Relcased ITOrn prcviou5 ycar Ekfeyrd Income at ¢nd ofyear i.oio 700 1,430 ,010 -1,430 700 Page 14 Saffron Walden Pllrochial Church CoiEncil Notes to tlie Financial Statements For the yegr ended 31 December 2023 8 Rt5¢ricted 2nd Llndowment Fund5 Tr￿￿$[Cr5 bC1￿,cCn rllnds Opojilng Clusing nJlnnt¢ Curreiit Ytlr Income Expenditui'e Fabric Puiid Gcll¢ral fund.Tr4Dsition Project SpEcFal CollerlioTrs Restoration Fund Sl MaWs Music Asscriaiion Cyril Co¢ Mc]nurial fun Building5 tkvclopmentFund Lille Walden- Cainp 404 ScM'8rd5 End Youth fiind - Special Collc¢tions End0￿￿¢￿t Fund5 153,8gY) 33.913 5.099 173.510 8,1 (8,1301 31.251 13.787 2.276 66,394 540 905 29.414 20.541 12,936 1.879 1.362 180 518 378 207 61,177 16.1821 12.7361 67.756 495 627 12251 17961 13781 445 5.544 11.863 305 625 280,254 41,357 TrAll5fer5 bctiYc£n Opcitin¥ Closlng rslll2nce Prior Vcar Income xpcllditure Fabnc Fund General Fund- Tiansition Proj¢¢t Sp¢¢ial Collections 136.498 332 72,431 276 12.064 19.522 5,429 1.998 273 410 1.426 306 84 114219 113.4761 18881 172321 134,3311 280 867 35.000 153,890 68.346 16,085 3.014 66.121 30) 408 Si Marys M￿siC Associatio Cyril Coc Mcniurial Fiind Buildings DevelopmeniFurtd Lill¢ Wald¢n- Camp 404 Sew6Tds End- Youth fuijd Special Collections EBdowin¢nl Furtds (7,7271 (2,7361 13.787 2.276 66,394 540 905 (9291 1306) 16301 7.8621 302 866 130.785 280,254 Thc Fabric Fund is TCSl￿¢Icd For￿￿￿01t11[¢oll tnainiainitsg, r¢d¢¢oiaiiii& rcpairing lliid iinproving all ili¢ SWPCC pmperties- the ¢hurch, th¢ parish rooms (external fabric), dieverger's cott2ge and dje Curatc¥ Houso I'h¢ R¢stora¢¢on Fund 15 re51ricled for expeTrdiMrc on the RstoiBlion of the fttbii¢ of th¢ chut¢h. Th¢ Buildings I)¢velopmBnt Fundw8s launched in late 2013 10 fin￿¢¢the ith¢rnal itnprov¢m¢nlS 10 the ohtsr¢h And parish rwms. identified llie $iatemeJJi of ￿edS via the Buildings D¢velopm¢ni Projc¢l. TrA￿Sfer% ttw¢¢ OpcRing Investment Closing Curi'cnt YCHI. In¢omt Sl Mary'5 General fund St Jdiii¥ LittlE Walden SlJom¢s- Seward$ Értd Il¢v4luaiion R¢5Ctve {see ttow bdoiv) 248,11)D 18,565 24,405 210.103 501073 320,345 10,783 10.678 (237,3201 19.7761 (L2,1001 18.0871 267,283 4,6 (71 335,708 19,572 22,982 202.016 580,279 341.807 4.690 TrAnsfors betwecii funds Opcming FlalAllee Invt5tmtnl Gains CID5ille BglnDee PrioT Ye#i' IncoThe rixpellditurc St Mty5 Gcnwl Fund Sl Johii's Little Walde SI JDmcs- Sewards End ReV￿￿allOn Rtt¢rye (see noie below) 273.301 18,1160 23,175 218 190 532.726 228,784 9,452 8,944 (245,6241 18,9471 (6.6451 248. 18,565 24,4 18.087 1270.3721 247.180 16.6451 501.073 Th¢ Revaluation lies¢rve Tepre5eDrs Uio 8inount by which llie PCC5 I}￿d Rnd PiOPBrty lit% be&l[ev￿￿￿. less al￿￿￿] depie¢iatiun. P2ge 15 Sllffron Waldell Pai'ocljiul Cliurch Council Notes to tlie fiiniincial Ssiltefflents rioi. the e4?r ended 31 Deccinbcr 2023 10 AnAIysis of NttA55e15 by Reslriclod Restricttd TotAI Toial FuDds 2022 Unrt5triettd Endowmellt Fund5 Uni'tSlrS¢t¢O Erjdowmeni Funds 2023 Fixed 8S5ets Current nsscts Cutrenl liabililies rund balBncc J70,371 217,689 441.539 452.356 91 885.904 376.568 65.417 214.837 441,985 347,452 234,667 210 305.625 580279 501,073 280.254 781.327 The restri¢icd and end0Wmentfi￿d5 comprise UieFabricFund, R£sloratlDll Fund, Cytil Co¢ M¢morval F￿nd. St m￿￿'S Music Association. re51riGlcd collcclions and Endownicnl fiinds. Th¢ ¢nd0wffl￿it fvnds ¢omp¥is¢ Ini5cellaneous trust fuiids and in¢liid¢ unsp¢nt incom¢ aniountinÈ 10 £5.744 (2022.. £5,537) 11 Grants Duringthe yearth¢ PCC made Ilie followiiig charitable graDts.' 2013 2022 StMary'5 S¢hwl Saffton Wald¢n 1,500 1,500 1.625 1400 625 Wy¢ltrre Bible Tr￿￿SlO￿orS SN>rt Valley Scliools Trust Jimmy's Nightsheller lioyal BIt115h Lcgion Cliildren's SoGiely IChrisiift8te ¢olkctionl E￿1 knÈlia's Childr¢n's Hospice5 Sarrroii Walden M&yoes charities IChrislm&% T￿eserviCeS coilcdionsl rjpc I'urkey Ai)peal DEC Pakistan Appeal 4riends of Esscx Cliurchcs National Chiiiches Twsi LMDC IpTEYiously ¢all¢d Ess¢x Clew Charity) Ukraiftc Clirisii#n Aid re G27a 2.400 625 849 310 396 617 386 1.386 3,943 467 250 loo 50 10.205 250 loo 50 398 In addition tolhegrdn15 alx)vc. rnadc by St Mary's Saffron Waldcn, grAn15 w¢re madc byStJam¢s' Sewwds End aiid St John's Little Walden of £1.328 (2022.. £1,556) ano £2,647 (2022.. £2,787) respectively. There w¢te no wnts mad¢ to individwls during the y¢ar. 12 Dojjailolls Jiiade by the ti'ustec$ to tlio PCC DU[￿g Ilie year. thetrusttrs made Jncondiiitsiial donaliwis amouiiiillg to £51,198 ivliidi includes £10.235 of lax recD￿red Ihrffiigh gin llid (2022.. £56,288 in¢liiding £11,031 of illx rccovcrcd Ilirougli gift llid) TJKr¢ w¢n no i¥laled p8ty tr￿lSa￿tiO￿ diiring the ye3r Uial tequiTC rtpoTlin8. Page16