## **REGISTERED CHARITY**
## **THE PARISH O HOLME**
**Report of the Trustees and For the year en**
**Dashwoods A 31 Das High H**
## **Y NUMBER 1129329**
## **F PENN STREET WITH ER GREEN PCC**
**d Unaudited Financial Statements nded 31 December 2022**
**Accountants Limited hwood Avenue h Wycombe Bucks HP12 3DZ**
## **THE PARISH OF PENN STREET WITH HOLMER GREEN PCC**
## **INDEX TO THE FINANCIAL STATEMENTS**
Report of the Trustees
Report of the independent examiner
Statement of financial activities
Balance sheet
Notes to the financial statements
Detailed statement of financial activities
Page
Ito5
9t012
13to14
The trustees p 31 December 2 (SORP) 'Accou
## **REFERENCE Registered Ch** 1129329
**Principal addr** The Parish Off The Church Ce Featherbed La High Wycomb Buckinghamsh HP15 6XQ
Page 1
## **THE PARISH OF PENN STREET WITH HOLMER GREEN PCC**
present their report with the financial statements of the charity for the year ended 2022. The trustees have adopted the provisions of the Statement of Recommended Practice unting and Reporting by Charities' issued in March 2005.
## **E AND ADMINISTRATIVE DETAILS harity number**
## **ress**
fice entre ne, Holmer Green be hire
Page 1
## **REFERENCE AND ADMINISTRATIVE DETAILS Trustees**
The members who served the PCC during the year were as follows:
|Incumbent|The Reverend Ruth Atkinson|Chairman|
|---|---|---|
|Wardens|Mr Robert Duerdoth||
||Mrs Vivienne Alexandra Leighton-Jones (from May 2022)||
|Representatives on the|||
|Deanery Synod:-|Mrs Judy Knight|Secretary until|
||Mrs Carol Hornsby (stepped down Synod May 2022, PCC October 202||
||Mrs Joan Wainman||
||Mrs Jean Batchelor||
|Elected members:-|Mr Michael Large (stepped down April 2022)||
||Mr Leigh Potkin|Treasurer|
||Mrs Joan Toye||
||Mrs Mary Jay|Lay Chair|
||Mrs Ann Sollars|Secretary from|
||Mr Steve Busler||
||Mr Michael Batchelor||
Page 2
l June 2022
2)
i June 2022
Page 2
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document**
The PCC is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Penn Street with Holmer Green Parochial Church Council (PCC) has the responsibility of cooperating with the incumbent in promoting in the ecclesiastical parish the whole mission of the church; pastoral, evangelical, social and ecumenical. The PCC also has the responsibility for the maintenance of Holy Trinity church building, at Penn Street, and the building of Christ Church, Holmer Green, together with the Church Centre and the land that formerly contained Parsonage House, also at Holmer Green.
## **Recruitment and appointment of new trustees**
Members are elected to the PCC at the Annual Parochial Church Meeting.
## **Induction and training of new trustees**
No formalised system of training is currently provided but training for specific duties are provided on an ad-hoc basis as required for example, safe-guarding requirements.
## **Organisational structure**
The full PCC met thirteen times during the year; two meetings were EGMs.
The Standing Committee, which did not meet during the year, is authorised by the PCC to transact the business of the PCC between its meetings, subject to any directions given by the Council.
## **Risk Management**
The trustees have a duty to identify and review the risks to which the PCC is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
It is confirmed that the major risks in connection with the church and its activities, as identified by the PCC, have been reviewed and appropriate actions or procedures have been established to manage those risks.
Buildings, contents and liability insurance are in place with the Ecclesiastical Insurance Group.
Page 3
## **OBJECTIVES AND ACTIVITIES**
## **Public Worship**
In-person services continue without interruption. These are still recorded and made available on-line.
There is one service each Sunday, alternating between the buildings and style of worship. All Age services continue to be led by a team supporting the Priest-in-Charge, these services have continued monthly.
There were services celebrating Easter and Christmas, with a Carol Service and Christingle service. Weddings, funerals, baptisms and school services continue this year.
## **Church attendance**
Attendance for worship services has been an average of 40 people each Sunday Mid-week ministries now continue unrestricted.
The other regular groups of the church also continue to meet without restriction.
There are currently 84 people on the electoral roll, of which 52 live in the parish.
## **Activities**
There have been several social and outreach activities this year - either on-line or in-person depending on restrictions due to the pandemic. These include family socials, church family BBQ, Chrstmas Tree Festival outreach, quizzes, Summer Social.
There has been on-line Bible Study, coffee mornings and Lent Course
## **ACHIEVEMENT AND PERFORMANCE**
## **Fund-raising activities** .
Cream Teas continued throughout the Summer and a regular, annual, hiring of Holy Trinity commenced this year. The hirers now also hire part of the Church Centre on a long lease and envisage being there at least two years. People continue their generous regular giving, predominantly through the Parish Giving platform, which also calculates and pays gift aid on donations in conjunction with HMRC. We have relied less on fund raising this year to generate income.
A replacement boiler was successfully replaced in the Church Centre and electrical fittings continue to be updated. The majority funded by generous individual donations.
Page 4
Page 4
## **PUBLIC BENEFIT**
The trustees consider that due regard has been taken in relation to guidance published by the Charity Commission on public benefit.
## **FINANCIAL REVIEW**
## **Reserves policy**
It is the policy of the PCC to maintain the reserves at a level that will help it underpin its longterm commitments and to allow it to continue its core activities. The Treasurer regularly assesses the incoming resources profile and endeavours to maintain reserves to cover annual outgoing resources of approximately £100,000 for the foreseeable future in the event that incoming funds became uncertain. Although the PCC does not currently have positive reserves, due to historical expenses relating to Parsonage House; it is reliant on the support of the Oxford Diocese to continue its operations as it seeks to improve its financial position. Our income is now at a level almost similar to pre-pandemic levels and our bank balance now rests at a reasonably stable level, albeit at a level much lower than prior to the pandemic. The PCC aspire to a reserve level of 25% of annual income.
## **Principal funding sources**
Regular giving was slightly lower than last year, both in person and via the Parish Giving website. Our overall income rose by just over £4,500 to £98,664 for the year. Expenditure was approximately £4,000 higher than the previous year; all of this due to the new boiler installation. Elsewhere, costs are monitored and reduced wherever possible.
The local parish councils continue to provide valuable support with grants to aid the upkeep of the churchyards. The care of the general grounds is carried out by a small team of parishioners at Holmer Green. We continue to employ a contractor for the upkeep at Penn Street and this now includes the grass cutting at Holmer Green.
In this time of financial difficulties the PCC is committed to carefully managing costs so that we can continue to provide support to worthy causes and to further the work of the church in the local area. The Parish Share was paid this year despite our financial challenges. However, the Oxford Diocese agreed to credit £5,000 towards our parish share payments without penalty. Without this our reserves would have been circa £1,000 which is not practical or advisable. The PCC made no charitable donations in 2022, instead concentrating on building up the reserves depleted over the last three years.
## **FUTURE DEVELOPMENTS**
The plans to redevelop grounds at Holmer Green are moving forward and continue to be managed by the Diocese.
Future developments may include the upgrading of the sound and acoustic systems and renovating the Church Centre when funds allow.
__________________ __________________
## **Mr L Potkin - Trustee**
## **Mr R Duerdoth - Trustee**
Page 5
Page 5
## **THE PARISH OF PENN STREET WITH HOLMER GREEN PCC**
## **INDEPENDENT EXAMINER'S REPORT**
To the members of the PCC of the Parochaial Parochial Church Council of the Ecclesiastical Parish of Penn Street with Holmer Green.
I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 December 2022.
## **Responsibilities and basis of report**
As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accouting and reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Repbulic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the exant regulations but has now been withdrawn. I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practise effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect: - the accounting records were not kept in accordance with section 130 of the Charities Act; or - the accounts did not accord with the accounting records; or - the accounts did 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. R Haywood FCCA Dashwoods Accountants Limited 31 Dashwood Avenue High Wycombe Bucks HP12 3DZ ……………………….. Date…………………….
Page 6
## **THE PARISH OF PENN STREET WITH HOLMER GREEN PCC**
## **STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2022**
|**Note**
**INCOMING RESOURCES**
**10**
**Incoming resources from generated funds**
Voluntary income
Activities for generating funds
Investment income
**Incoming resources from charitable activities**
Charitable Activities
**Other incoming resources**
**TOTAL INCOMING RESOURCES**
**RESOURCES EXPENDED**
**11**
**Costs of generating funds**
Costs of generating voluntary income
**Charitable activities**
Charitable activities
**Governance costs**
**Other resources expended**
**TOTAL RESOURCES EXPENDED**
**NET INCOME/(EXPENDITURE)**
**Other recognised gains/losses:-**
Gain/(Losses) on investment assets
Transfers between funds
**NET MOVEMENT IN FUNDS**
Funds brought forward
**FUNDS CARRIED FORWARD**|**Unrestricted**
**Funds**
**£**
66,219
5,417
14,250
11,054
284
97,224
692
94,831
1,028
0
96,551
673
0
673
457,448
458,121|**Restricted**
**Funds**
**£**
1,440
0
0
0
0
1,440
0
5,230
0
0
5,230
(3,790)
0
(3,790)
3,790
0|**2022**
**Total**
**Funds**
**£**
67,659
5,417
14,250
11,054
284
98,664
692
100,061
1,028
0
101,781
(3,117)
0
(3,117)
461,238
458,121|**2021**
**Total**
**Funds**
**£**
75,592
5,767
5,633
6,666
684|
|---|---|---|---|---|
|||||94,342|
|||||339
96,200
910
147|
|||||97,595|
|||||(3,253)
0|
|||||(3,253)
464,491|
||458,121|0|458,121|461,238|
## **CONTINUING OPERATIONS**
All incoming resources and resources expended arise from continuing activities.
Page 7
## **THE PARISH OF PENN STREET WITH HOLMER GREEN PCC**
## **BALANCE SHEET AS AT 31 DECEMBER 2022**
|**Note**
**FIXED ASSETS**
Tangible assets
**5**
**CURRENT ASSETS**
Debtors and prepayments
**7**
Cash at bank and in hand
**CREDITORS:**
Amounts falling due within 1 year
**8**
**NET CURRENT ASSETS**
**LONG-TERM CREDITORS:**
**8**
**TOTAL NET ASSETS**
Represented by:
**UNRESTRICTED INCOME FUNDS**
**RESTRICTED FUNDS**
**TOTAL FUNDS**|**Unrestricted**
**Funds**
**£**
470,000
470,000
120
6,803
6,923
1,720
5,203
17,082
458,121
458,121
458,121|**Restricted**
**Funds**
**£**
0|
|---|---|---|
|||0|
|||0
0|
|||0
0|
|||0|
|||0|
|||0|
|||0|
||458,121|0|
The financial statements were approved by the Board of Trustees on…………….and were signed on its behalf by:-
__________________ __________________
## **Mr L Potkin - Trustee**
## **Mr R Duerdoth - Trustee**
The notes on pages 9 - 14 form an integral part of these accounts.
Page 8
|**2022**
**Total**
**Funds**
**£**
470,000
470,000
120
6,803
6,923
1,720
5,203
17,082
458,121
458,121
0
458,121|**2021**
**Total**
**Funds**
**£**
470,000|
|---|---|
||470,000|
||787
8,244|
||9,031
711|
||8,320|
||17,082|
||461,238|
||457,448
3,790|
|458,121|461,238|
Page 8
**1**
## **THE PARISH OF PENN STREET WITH HOLMER GREEN PCC**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **ACCOUNTING POLICIES**
## **a) Basis of accounting**
These accounts have been prepared under the historical cost convention with items recognised a or transaction value unless otherwise stated in the relevant notes to these accounts. The financia statements have also been prepared in accordance with the Church Accounting Regulations 2006 with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing t accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic Ireland (FRS 102) effective 1 January 2019 and with the Charities Act 2011. The financial statem have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent req to provide a true and fair view. This departure has involved following the Statement of Recomme Practise for charities applying FRS 102 rather than the version of the Statement of Recommende Practice which is referred to in the Regulations but which has since been withdrawn.
## **b)**
## **Voluntary income**
Collections are recognised when received by or on behalf of the PCC. The gift aid tax that is reclaimable on these donations is recognised in the reserves to which they relate when the tax rebate is received into the bank account.
## **c) Income from investments**
Dividends are accounted for when due and payable, and interest entitlements are accounted for as they accrue. Tax recoverable on such income is recognised only when received.
## **d)**
## **Grants**
Grants are recognised when paid or received.
## **e)**
## **Other income**
Funds raised by events are accounted for gross.
Rental income from the letting of church premises is recognised when the rental is due. Sales of books etc. from the church bookstall are accounted for gross.
## **f)**
## **Resources expended**
All expenditure is accounted for on an accruals basis and has been classified under headings which aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with use of the resources.
Costs of generating funds are those costs incurred in fundraising to seek voluntary donations.
Charitable activities are grants made and costs incurred directly in the support of expenditure on the charity's objectives and include project management carried out from the charity's premise
Governance costs include those incurred with the governance of the charity and its assets and are primarily associated with the compliance of constitutional and statutory requirements.
## **g) Activities directly relating to the work of the church**
The diocesan parish share is accounted for when paid. Any parish share unpaid at the year end is not provided for in these financial statements as a liability on the balance sheet.
Page 9
at cost al 6 and their of ments quired ended d
es.
Page 9
## **THE PARISH OF PENN STREET WITH HOLMER GREEN PCC**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **h) Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment straight line 25% Fixtures & fittings straight line 25%
Individual items of equipment with a purchase price of less than £2000 are written off when the asset is acquired.
## **i) Consecrated land and buildings and moveable church furnishings**
Consecrated and beneficed property is excluded from the accounts by s10(2)(a) of the Charities Act 2011.
No value is placed on moveable church furnishings which are held by the churchwardens on spec trust for the PCC. These require a faculty for disposal since the PCC considers this to be inaliena property. All expenditure incurred during the year on consecrated or beneficed buildings and moveable church furnishings, whether maintenance or improvements, is written off as expenditure in the statement of financial activities and separately disclosed.
## **j)**
## **Other land and buildings**
The Church Centre, Holmer Green is valued at its historical cost. The land that formerly contained Parsonage House is shown at its estimated market value. No depreciation is charged on either.
## **k)**
## **Taxation**
The PCC is exempt from tax on its charitable activities.
## **l) Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed donors or which have been raised by the PCC for a particular purpose. The cost of raising and administering such funds is charged against the unrestricted reserve.
## **m)**
## **Realised and unrealised gains**
Unrealised gains and losses arise when fixed asset investments are included in the balance shee at revalued amounts or market value. They are included in the statement of financial activities as an incoming resource or additional depreciation as appropriate in the period they arise. Realis gains and losses are recognised when an asset is disposed of.
|**ACTIVITIES FOR GENERATING FUNDS**
Cream teas
Bookstall
Fundraising social events|**2022**
**£**
2,443
714
2,603|**2022**
**£**
2,443
714
2,603|
|---|---|---|
|||5,760|
**2**
Page 10
cial able
e
d
by
et
ed
**2021 £** 2,317 609 2,499 5,425
Page 10
## **THE PARISH OF PENN STREET WITH HOLMER GREEN PCC**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **3**
|**INVESTMENT INCOME**
Church Centre lettings
Holy Trinity lettings
Bank interest|**2022**
**£**
12,850
1,400
0|
|---|---|
||14,250|
## **4 TRUSTEES' REMUNERATION AND BENEFITS**
None of the trustees receive any remuneration from the PCC.
## **5 TANGIBLE FIXED ASSETS**
|**TANGIBLE FIXED ASSETS**||
|---|---|
|COST
At 1 January 2022 and
31 December 2022
DEPRECIATION
At 1 January 2022 and
31 December 2022
NET BOOK VALUE
As at 31 December 2022
As at 31 December 2021|Freehold
Fixtures &
Property
Equipment
Fittings
£
£
£
470,000
0
0|
||0
0|
||470,000
0
0|
|||
||470,000
0
0|
The net book value of freehold property at the current and prior year balance sheet date is made up of £345,000, being the carrying value of the Church Centre, and the £125,000, being the carrying value of the land that Parsonage House once occupied.
It is not practicable to quantify the difference between the carrying value and market values but in the trustees' opinion the market values are not significantly different from the carrying values shown within the accounts.
## **6**
## **7**
|**DEBTORS - AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
**CREDITORS**
Creditor amounts falling due within one year
Loans from Diocese
Total Creditors|**2022**
**£**
120|
|---|---|
||**2022**
**£**
1,720
17,082|
||18,802|
There is no interest payable on the loans owed to the Diocese and no fixed repayment schedule. Repaymen upon the redevelopment and subsequent sale of property on the land that one was Parsonage House.
Page 11
**2021 £** 5,633 0 0 5,633 Totals £ 470,000 0 470,000 470,000
**2021 £** 787
**2021 £** 711 17,082 17,793
nt is due
Page 11
**8**
## **THE PARISH OF PENN STREET WITH HOLMER GREEN PCC**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **DONATIONS AND GRANTS TO CHARITIES 2022**
|Overseas|Home|Secular|
|---|---|---|
|Donations|Donations|Donations|
|£|£|£|
## **PCC 2022**
|Total donations by PCC in 2022
0
0
0
The following were paid directly from groups within the church:
Penn Street with Holmer Green PCC
One Can
121
Total donations by groups
0
121
0
Total donations
0
121
0|
0|0|0|
|---|---|---|---|
||
0|121|0|
|||||
||
0|121|0|
Page 12
|Other
Total
Donations
Donations
£
£
0|Other
Total
Donations
Donations
£
£
0|
|---|---|
|0|0|
|600
600
121|600
600
121|
|---|---|
|600|721|
|||
|600|721|
Page 12
## **THE PARISH OF PENN STREET WITH HOLMER GREEN PCC**
## **STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2022**
## **9 INCOMING RESOURCES**
|**Unrestricted**
**Funds**
**£**
**Voluntary Income**
Bank standing orders
49,472
Income tax recoverable - gift aid
11,303
Free will giving
0
Service collections
350
Donations, gift days, personal gifts
5,094
Youth club
0
66,219
**Activities for generating funds**
Teas and other fund raising
(342)
Cream teas
2,443
Bookstall
714
Fundraising social events
2,603
5,417
**Investment income**
Church Centre lettings
12,850
Holy Trinity lettings
1,400
Bank interest
0
Wayleave
0
Dividends on War Bonds
0
14,250
**Incoming resources from charitable activities**
Grants
6,419
Parochial fees paid to the PCC
4,635
11,054
**Other incoming resources**
Insurance claims and other income
284|**Restricted**
**Funds**
**£**
0
0
0
0
1,440
0|**Restricted**
**Funds**
**£**
0
0
0
0
1,440
0|
|---|---|---|
|||1,440|
||0
0
0
0||
|||0|
||0
0
0
0
0||
|||0|
||0
0||
|||0|
||||
|||0|
Page 13
Total incoming resources
97,22
Page 13
|**2022**
**Total**
**Funds**
**£**
49,472
11,303
0
350
6,534
0
67,659|**2021**
**Total**
**Funds**
**£**
51352
11723
0
383
12134
0|**2021**
**Total**
**Funds**
**£**
51352
11723
0
383
12134
0|
|---|---|---|
|67,659||75,592|
|(342)
2,443
714
2,603
5,417
12,850
1,400
0
0
0
14,250
6,419
4,635
11,054
284|342
2317
609
2499|342
2317
609
2499|
|---|---|---|
|||5,767|
||5633
0
0
0
0||
|||5,633|
||1050
5616||
|||6,666|
||||
|284||684|
Page 13
98,66
94,342
Page 13
## **THE PARISH OF PENN STREET WITH HOLMER GREEN PCC**
## **STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2022**
## **10 RESOURCES EXPENDED**
|**Costs of generating voluntary income**
Bookstall expenditure
**Charitable Activities**
Insurance
Parish share
Church running expenses
Assistant staff expenses
Upkeep of churchyard
Church Centre running costs
Small Hall
Fees to ODBF
Upkeep of services
Christ Church maintenance
Holy Trinity maintenance
Honoraria
Working expenses incumbent / clerk
Fundraising
Youth club
Social activities
**Governance Costs**
Accountancy
Bank charges
**Other resources expended**
Overseas missions
Christian relief and development
Home missions and church societies
Secular charities
Loan account
**Total resources expended**|**Unrestricted**
**Funds**
**£**
692
5,726
63,777
1,633
0
0
12,279
118
1,386
502
1,293
4,766
80
3,166
105
0
0
94,831
900
128
1,028
0
0
0
0
0
0
96,551|**Restricted**
**Funds**
**£**
0
0
0
0
0
0
5,230
0
0
0
0
0
0
0
0
0
0
5,230
0
0
0
0
0
0
0
0
0
5,230|**2022**
**Total**
**Funds**
**£**
692
5,726
63,777
1,633
0
0
17,509
118
1,386
502
1,293
4,766
80
3,166
105
0
0
100,061
900
128
1,028
0
0
0
0
0
0
101,781|**2021**
**Total**
**Funds**
**£**
339
5,648
68,296
1,335
0
0
8,899
0
955
646
1,101
4,602
0
4,703
16
0
0|
|---|---|---|---|---|
|||||96,200|
|||||900
10|
|||||910|
|||||66.5
0
80
0
0|
|||||147|
||||||
||96,551|5,230|101,781|97,595|
Page 14