**Charity registration number 1129662** ## **CHRIST CHURCH CHORLEYWOOD** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **CHRIST CHURCH CHORLEYWOOD** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Members**|Revd David Hall (Vicar)|| |---|---|---| ||Revd Terence Russoff (Associate Minister)|| ||Oyinkan Adesakin (Churchwarden)|| ||Sylvia Mann (Assistant Churchwarden)|| ||Jenni Hudson|| ||Duncan Kerr (Diocesan Synod)|| ||Olu Olanrewaju|| ||Mark Sullivan (Churchwarden)|| ||Jonathan Lilley|| ||Andrew Farr|| ||Rue Grewal|(Appointed 30 April 2023)| ||Viral Christian|(Appointed 30 April 2023)| |**Charity number**|1129662|| |**Independent examiner**|Summers Morgan|| ||Sheraton House, Lower Road|| ||Chorleywood|| ||Hertfordshire|| ||WD3 5LH|| |**Bankers**|CAF Bank Ltd|| ||Kings Hill|| ||West Malling|| ||Kent|| ||ME19 4TA|| |**Legal Advisors**|Debenhams Ottaway|| ||107 St Peter's|| ||St Albans|| ||Herts|| ||AL1 3EW|| ## **CHRIST CHURCH CHORLEYWOOD** ## **CONTENTS** ||**Page**| |---|---| |Members' report|1 - 8| |Independent examiner's report|9| |Statement of financial activities|10| |Balance sheet|11| |Statement of cash flows|12| |Notes to the financial statements|13 - 26| ## **CHRIST CHURCH CHORLEYWOOD** ## **MEMBERS' REPORT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ The members of the PCC of Christ Church Chorleywood in the Diocese of St Albans present their report and the financial statements for the year ended 31st December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the PCC's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". ## **Objectives and activities** Objectives of the PCC are to cooperate with the minister in promoting in the parish the whole mission of the Church, pastoral, evangelistic, social, and ecumenical. Our vision is to be a loving Church family which makes Christ known and is committed to growing in discipleship. We long to see lives and our local community transformed through the power of the Gospel message and the work of the Holy Spirit. The PCC is committed to enabling as many people as possible to worship at our church or join the services online, and to become part of our community. ## **Public Benefit** When planning our activities for the year, the incumbent and the PCC have considered the Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. Activities include: - Regular public worship open to all - Pastoral work, including visiting the sick and the bereaved - Teaching Christianity through sermons, courses and small groups - Provision of children's and youth work with a Christian ethos - Support for the activities of Christ Church School - Promoting the whole mission of the Church through activities for senior citizens, parents and toddlers and other special needs groups - Supporting other charitable activities in the UK and overseas ## **Achievements and performance** Electoral Roll: at the 2023 annual meeting there were 332 on the Electoral Roll (335 at the 2022 annual meeting). 354 were on the Electoral Roll in April 2024. Sunday attendance: On a typical Sunday in 2023, attendance was 262 adults, split between four services (8.30am, 10.30am, 12noon and 6.00pm). There was an average of 25 younger children (under 10) and 12 (11-16) who attended Sunday morning groups in The Junction. On average 40 children attended midweek activities. 57 attended the REAL Summer event for 11-14 year olds. The Sunday figures are taken from later in the year, as this is less affected by special events and holidays. For 2023, the numbers who attended the services in person have increased compared with 2022, so that average Sunday attendance is similar to that before the pandemic. All three main services (8.30am, 10.30am and 6.00pm) are streamed live on-line, and it is noteworthy that the number of views of each service is similar to the number who attend the services in person. The Youth and Children’s teams run sessions on Sunday mornings, as well as during the week, with over 60 children under 11 attending the combined meetings. Small groups (Home Groups, Prayer meetings, Daytime Discovery, Christians in the Workplace), and the Young Adults group, have all continued and most of these met in person during 2023. Some groups meet online, as this suits the members better, for example a home group for those with young children. - 1 - ## **CHRIST CHURCH CHORLEYWOOD** ## **MEMBERS' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **Review of the year** The PCC met 11 times in 2023 with attendance averaging 90%, and all meetings were in person. Additionally, committees (Groups) of the PCC with co-opted members met during the year, to consider specific responsibilities on Finance, Mission, Facilities & Technology, and Personnel; they met regularly and made recommendations to the full PCC. The Standing Committee did not need to meet during 2023. Helene Buijs, Emily Clode and Gordon Cutting stepped down from PCC in April 2023, and Jimmy Christian and Rue Grewal joined from the APCM in 2023. At each meeting PCC considers reports from the Groups, and votes on any actions that are recommended. Sometimes additional work or discussion is needed, but normally the recommendations are accepted. PCC now considers governance matters routinely at each meeting; an update and regular review of Safeguarding procedures to align with those required by the Church of England and a detailed implementation plan to maintain compliance with the GDPR procedures has been introduced. This included an upgrade to the guidelines for use of IT systems and the continued use of Church Suite. Grants proposed by the Mission Action Group were approved from the allocation from general church donations. This allocation increased from 17% to 18% in September 2021, and to 19% for 2022 but reduced to 18% in 2023. Grants are also made from a 20% allocation from legacy funds. The church continues to be heavily dependent on its members’ God-inspired gifting, availability, experience and commitment (in time, talents and treasures) in fulfilling its mission: ‘God’s Love: Know It, Show It, Share It, Declare It.’ ## **Plans for the future** We have refreshed our vision with the earnest desire to seek God’s help better to fulfil the Great Commission “And Jesus came and said to them, ‘All authority in heaven and on earth has been given to me. Go therefore and make disciples of all nations, baptizing them in the name of the Father and of the Son and of the Holy Spirit, teaching them to observe all that I have commanded you. And behold, I am with you always, to the end of the age.’” (Matthew 28 v18-20) Our vision is to be a loving Church family, which makes Christ known, and is committed to growing in its discipleship of Christ. We long to see lives and our local community transformed through the power of the Gospel message and the work of the Holy Spirit. We seek to make this a reality through reflecting God’s **GRACE** as Christ centred and shaped people who are: **G** ROWING … in our relationship with Christ and committed to making the Gospel known. **R** ELEVANT … to people of all ages, backgrounds and faith journeys. **A** CCOUNTABLE … to God and to each other. **C** OMMUNITY-MINDED … in building a loving, welcoming, supportive and flourishing church family. **E** MPOWERING … in encouraging and nurturing all to use their God-given gifts to serve and grow God’s kingdom.) - 2 - ## **CHRIST CHURCH CHORLEYWOOD** ## **MEMBERS' REPORT (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **Financial review** Following a reduction in funds in 2022 of £21.5k, the church has seen an increase in funds available through renting of all three church houses plus interest on funds on deposit. However, overall donations fell in 2023 as compared with 2022 and in addition, whilst our cost base was well contained in relation to salaries and general church costs despite a significant increase in expected energy bills, we were obliged to undertake key repairs to both the School House, Junction and rented houses. As a result, the overall reduction in funds for 2023 was £13.5k. In 2022 the church held a business loan from RBS of £84k, but as a result of rising interest rates and available funds in building society accounts, the decision was taken to pay off the loan in full in 2023. This together with the funding of the overall 2023 reduction in funds means that the church only just has available funds on deposit of 3 months of average costs Overall revenue decreased by £25.5k (-3%) but overall costs also reduced by £34k (-4%). Whilst overall monthly and one-off donations fell by £41k, income from weddings/funerals/hire of rooms etc held steady and interest and rental income received increased by £1k As regards costs, staff salaries reduced slightly by £3k due to the inability to secure ministry trainees in the latter part of the calendar year, Parish Share rose by £7k, energy costs by £15k and whilst maintenance costs on the three houses fell by nearly £40k, Junction maintenance in particular for the heating/plumbing and lifts repairs increased by £13k. In addition significant repairs were required to be undertaken to the School House where a £20k was provided by way of a loan granted by the Church to the School House Trust. It is expected that the loan will be repaid to the church over the next five years. The church continues to support charities at home and abroad and donations of £109k were made in 2023. Net assets stand at £2.744 million at 31st December 2023, mainly represented by houses purchased to support the church’s ministry and cash at bank. The portfolio is regularly reviewed against staffing and investment needs, and three houses were rented for most of 2023. All staff salaries exceed the National Living Wage. Christ Church has adequate reserves to cover contingencies and anticipated outflows, and still carry a significant balance of funds forward. The Legacy Fund has been specifically aligned with any general repairs that are needed to the church and to buildings owned by the church as well as projects for growing our church family. ## **Funding** The church is funded mainly by the voluntary contributions of its members, enhanced by tax repayments where appropriate, but also through rental of properties. Charges made for special services (i.e. weddings and funerals) are also a source of income, and the Church has also hired out The Junction as a venue for local organisations, meetings, Children’s Parties etc. ## **Property** 59 Lower Road is held in Trust for the PCC by the Diocese of St Albans and included in the balance sheet, after revaluation by a local estate agent. 4 Berry Way and 22 Furze View are owned by the PCC as Trustees; these were fully revalued in 2022, so informal estimates of their values are included for 2023. ## **Reserves Policy** The Christ Church PCC identifies designated reserves to cover any anticipated income deficits and also for maintenance work on the church and church properties. These reserves are reviewed annually and will be clearly specified both in annual accounts and monthly management accounts. It is intended that if reserves are used as described above, the level of the reserves should be restored from an appropriate fund. Generally this will be done within the same financial year, although for some large items (e.g. church maintenance or repairs), this could be done over more than one financial year. At the accounting date, free reserves were £194,794 (2022 – £267,117). - 3 - ## **CHRIST CHURCH CHORLEYWOOD** ## **MEMBERS' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **Risks Policy** The PCC annually reviews its risks that may be registered under five headings: Regulatory (eg Safeguarding of Children & Vulnerable Adults, Health & Safety, Data Protection and Employment Law); Financial (eg fraud, loss of data or expertise and viability); Operational (eg food hygiene and maintenance); Organisational (eg management of resources and processes); and Insurable (eg property and accident). In terms of both likelihood and impact, the key risks are Regulatory and Financial, and relevant policies are reviewed annually and a person or management group designated to give detailed oversight of each. Financial controls are specified to give accountability with diversity and confidentiality, contingency plans are in place to ensure continuity of finance management, financial reports are made to every PCC meeting, and budgets agreed before the start of each year. Safe procedures are established for day to day activities, and risk assessments carried out for non-standard programmes e.g. youth weekends. Finance Group of the PCC consider all the financial risks and implications as part of its routine meetings, and reports on these to the PCC. The Charity Commission's Big Board Talk was most recently completed by the PCC in December 2023. ## **Grant Making Policy** The PCC has a policy of giving a minimum of 18% of unrestricted gift income to the General Mission Fund which currently supports Mission work outside the Parish. The beneficiaries of this Fund are selected annually by the Mission Action Group under the delegated authority of the PCC. In addition the PCC may give occasional small grants for other purposes from unrestricted funds, and also distributes restricted funds given by the congregation for specific missions and projects. Grants are made directly overseas only to organisations that have been vouched for by a member of the congregation and for which we ensure evidence of safe receipt. ## **Trustee Training Policy** Each PCC Member is provided on election with a welcome pack that includes financial information and a copy of the PCC handbook. This handbook is reviewed annually and provides a commentary on the responsibilities of council membership and trusteeship; it also includes a digest on how Christ Church is organised and governance exercised plus reference to further information. An interactive session is held with each new member, separately or as a group, to ensure that any questions can be fully addressed. ## **Structure, governance and management** The Parochial Church Council is a corporate body established by the Church of England. It operates under the Parochial Church Council Powers Measure and is registered with the Charity Commission as a charity. The method of appointment of PCC members is set out in the Church Representation Rules. All Church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC. Election of a PCC Member for a period of three years (or less if replacing someone who has retired early) takes place at the Annual Parochial Church Meeting; a total of four members of the PCC (including one of the Churchwardens) are elected as representatives for the Deanery Synod, and other members of the church who are elected to the Deanery Synod are automatically on the PCC. The election of Churchwardens takes place annually at the Annual Meeting of Parishioners. The PCC meets regularly throughout the year, 11 times during 2023. ## **Remuneration & Expenses of PCC Members** The stipend of the vicar (David Hall) (Terence Russoff is non-stipendiary) is paid by the Diocese out of a fund raised from parishes charged to the PCC as part of the Parish Share. The expenses excluding housing refunded to the clergy totaled £4,633 (£7,560 in 2022). The other key managers, the Churchwardens, are volunteers, and like other PCC Members they received no remuneration or reimbursed expenses during the year, other than specific nonpersonal expenses incurred. - 4 - ## **CHRIST CHURCH CHORLEYWOOD** ## **MEMBERS' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ The members who served during the year and up to the date of signature of the financial statements were: Revd David Hall (Vicar) Revd Terence Russoff (Associate Minister) Oyinkan Adesakin (Churchwarden) Sylvia Mann (Assistant Churchwarden) Helene Buijs (Resigned 30 April 2023) Emily Clode (Resigned 30 April 2023) Gordon Cutting (Resigned 30 April 2023) Jenni Hudson Duncan Kerr (Diocesan Synod) Olu Olanrewaju Mark Sullivan (Churchwarden) Jonathan Lilley Andrew Farr Rue Grewal (Appointed 30 April 2023) Viral Christian (Appointed 30 April 2023) . - 5 - ## **CHRIST CHURCH CHORLEYWOOD** ## **MEMBERS' REPORT (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ Standing Committee meets as required between scheduled PCC meetings, with delegated financial powers of up to £1,500, and shares with Churchwardens the management oversight, accountability and coordination of executive groups. Members: Vicar, Churchwardens, Treasurer, Chairs of Action Groups. The general terms of the Action Groups are: to pray about the particular area of our church’s life; to work under the policy guidelines of the PCC; to recommend to the PCC new policy initiatives; and to discover and use the gifts of others. The specific terms of the action groups are: The Facilities Management Group: To be responsible for the maintenance and development of physical resources, including church, land and buildings; furniture and equipment. Members: Mark Sullivan (Chair) Olu Olanewaju, Geoff Roberts, Jonathan Lilley, Warren Tranter, Sarah Wright. The group met twice during 2023. The Technology Action Group – reports through the FMG. It is responsible all aspects of technology used within the church. This includes the systems needed to support the work of the Office. Also the technology used in church services, and for the streaming of services live, as well as recordings for subsequent viewing. The Finance Group: To provide financial advice to the PCC and also be responsible in conjunction with the Vicar and Churchwardens for the custody and management of the parish funds in accordance with the procedures laid down. Members: Andy Farr (Chair and Treasurer) Onyx Adesakin (Churchwarden), Mark Sullivan (Churchwarden), Geoff Roberts, Stephen Johnson, Gordon Cutting, Sarah Wright (Finance Secretary). It met 4 times during 2023. The Mission Action Group: To maintain and develop contact and support for those engaged in mission at home and abroad, and to develop awareness of the mission at Christ Church, including making recommendations on the missionary scholarship fund and general mission fund allocations. Members: Duncan Kerr (Chair to July 2023), Julie Dickins (Chair from July 2023), Sylvia Mann and Jenni Hudson. The Mission Action Group met 12 times during 2023. Human Resources Care Group: To assist the PCC in its responsibilities as employers and carers for our employed and voluntary staff, and to assist in their recruiting, assessment and on-going support. Professional HR advice is taken as needed. Members: Sylvia Mann (Chair) David Hall (Vicar), Duncan Kerr. It met 12 times during 2023. ## **Contribution of volunteers** The current work of Christ Church could not be sustained without the contribution made by many volunteers in all aspects of its ministry. Nearly 260 members of the congregation assist in various ways before, during and after Sunday services and with children’s and youth work on Sundays or during the week, or as school governors. More than 100 volunteers help to keep the church running in numerous ways such as cleaning the linen or the brass, arranging flowers, clock winding, banking the weekly collections, building maintenance and of course serving and welcoming at the Junction. Others are involved in governance/ management, largely through membership of the PCC or its committees and at least 70 contribute to some aspects of pastoral ministry such as leading home groups or bereavement visiting. Unquantifiable numbers make a contribution in some form of other pastoral or community work, while a non-stipendiary minister is a member of the clergy team. A total of nearly 300 people are actively involved, many having multiple roles. While it is impossible to give a precise number of hours these volunteers give between them, an estimate is 2,800 hrs per month or twice the hours of the stipendiary staff and include some crucial expertise. - 6 - ## **CHRIST CHURCH CHORLEYWOOD** ## **MEMBERS' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **Staff Employed at 31st December 2023** Children’s Minister: Tim Butterworth (since November 2023) Youth Minister: Josh Sutton (since July 2023) Worship & Young Adults Minister: Tim Koh Pastoral Minister*: Tracy Brown Pastoral Assistant*: Laura Joiner Pastoral Assistant*: Christine Brannan Finance Secretary & Church Buildings Manager*: Sarah Wright Governance & Operations Manager*: Nisha Manoharan (left in December 2023) Office Administrator*: Bronwyn Rutter (since July 2023) Office Administrator*: Cathy Lenton * Part time None of the staff employed by the PCC have any duties concerned with governance or the generation of funds. No member of staff is paid in excess of £60,000.The average number of staff employed in 2022 was 10, 5 being full time and 6 part time. The full time equivalent staff employed was 8. ## **Designated Funds** Legacies Policy: Legacies, not otherwise restricted, will be put into a designated legacy fund to be used for the general purposes of the church, at the discretion of the PCC. The intention - where circumstances make it possible and responsible - is to use legacy income for specific, identifiable projects reflecting the donor’s wishes (if known), but it could also be used to meet day to day operational costs, subject to PCC guidelines. When such income is received, 20% will usually be allocated to support capital Christian mission projects outside the parish, unless the donor has otherwise directed (ie one-off, often building, projects). Charity Grants: A summary of all grants and donations given in 2023 to other charities is presented in the financial statements. Independent Examiners’ Fees: The amount paid for the preparation of accounts for 2022 was £7,000 including VAT and for the 2023 Independent Examination including preparation of accounts is £5,000 including VAT. ## **Report on Fabric, Goods & Ornaments** Every five years we are obliged to carry out a complete inspection of the structural condition of the church, officially known as the Quinquennial Inspection (QI). The latest QI was in October of 2023, and resulted in an extremely thorough and detailed report, which was considered and accepted by the PCC. The Junction is now over 11 years old, so we decided that it should be included in the QI, so as to identify any matters that might need attention in the next five years. Very few concerns were found with The Junction, but the same could not be said of the church itself. It was built in 1870, and thus is over 150 years old; there are parts that are showing their age. The QI identified over 50 items that need attention, and very helpfully suggested timeframes over which the work should be done; some needs attention within 6 months, other parts over 18 months, and some before the next quinquennial (2028). Other than the main fabric, routine maintenance of the church is done to keep everything in good condition. Some of this can be done by volunteers, but often specialist skills are needed from an approved list of contractors. - 7 - CHRIST CHURCH CHORLEYWOOD MEMBERS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The mÈmbers' report was approved by the Board ol Members. Revd David Hall Vicar) Vicar & Chaimlan Dale.. ID* CHRIST CHURCH CHORLEYWOOD INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF CHRIST CHURCH CHORLEYWOOD I raport lo the members on my ekiMinal￿ of the finanaal stslements of Christ Church ch0r1eyvK￿d (th8 PCC} for the year ended 31 December 2023. Rosponslbillllgs and basis of repwl As the members ol the PCC you are responsib￿ IC￿ the preparation of the financial statements in accordance with the requirements of the ChariliesAct 2011 (the 2011 Act). I report in rèspect of my examination of the PCC'S finwoal slatemenls carried out under section 145 of the 2011 Act. In carrying OLrt my examination I have followed am the apP￿Cable Directions given by tho Charity Commission under sedion 1451Sllbl of the 2011 Acl. Indopendènt examSn*s statement Sincè the PCC'S gross income exceeded £250.(IJO your exarni￿ must be a member of a body listed in section 145 ol the 2011 Act I confirm thal l am qualthed to undertake the examination t)ew5e l am a member of ICAEW. which 15 one of the listed bodies. I have completed my examinakn"on. I conffim) thal no matters have c(4ne to my attenlion In connecticm vAth the examination giving m& cause to believe Ihat in any malenal respect ac¢ounling records were not kept in respect of the PCC as reqLwed by section 130 of tho 2011 Act.. or f￿an￿al statements do not accord t**ith those records", or the financial slalaments do not comrAy wth the aWicatle requirements w)ceming the forn and conlenl of accounts Set out in the charikn.es (Accounts Rep￿$? Regulations 2008 other than any requirement that the accounts give a true and fair view vthich is r￿1 a matter considered as part of an independent exam￿allOn. I have no concerns and have come across no other matters ￿ connection with the exanunalion lo which attents.on should be drawn in this ￿￿)rt Irb Order to ￿lable a Fyoper understandi of ihe fin al statements to be reached. Nicholas Corden. ACA For and on bohalf of Summ•rs Morgan Sheraton Hcmjse. Lower Road ChorIeyv￿d Hertlordshire IM)3 5LH Dated.. ,/ s.124 ## **CHRIST CHURCH CHORLEYWOOD** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**Unrestricted**
**Designated**
**Restricted Endowment**
**funds**
**funds**
**funds**
**funds**
**general**
**2023**
**2023**
**2023**
**2023**
**Notes**
**£**
**£**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**2**
580,121
4,500
21,664
-
Income from charitable
activities
**3**
57,284
-
5,296
-
Investments
**4**
72,956
-
12
-
Other income
**5**
2,592
-
600
-
**Total income**
712,953
4,500
27,572
-
**Expenditure on:**
Charitable activity
expenditure
**6**
623,867
101,788
33,379
-
**Net**
**income/(expenditure)**
**before transfers**
89,086
(97,288)
(5,807)
-
Gross transfers between
funds
(98,121)
99,905
(1,784)
-
**Net expenditure for the year/**
**Net movement in funds**
(9,035)
2,617
(7,591)
-
Fund balances at 1
January 2023
103,294
2,366,283
14,262
274,057
**Fund balances at 31**
**December 2023**
94,259
2,368,900
6,671
274,057|**Total**
**2023**
**£**
606,285
62,580
72,968
3,192
745,025
759,034
(14,009)
-
(14,009)
2,757,896
2,743,887|Total
2022
**£**
647,453
61,457
56,638
5,172
770,720
792,346
(21,626)
-
(21,626)
2,779,521
2,757,895| |---|---|---| The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 10 - CHRIST CHURCH CHORLEYWOOD BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Fixèd assets Tangible asse15 Investment properties 12 13 17,922 2,525,CK)O 24,970 2.525,000 2,542.922 2,549,970 Current assèts Stocks Debtois Cash at bank and in hand 14 15 320 30,470 185.941 320 14.736 311,534 216,731 326,590 Creditors: amounts falling due within one year 16 {15,7661 145,2111 Nel Currenl assets 2(K>, 281,379 Total assets less current liabilities 2.743,887 2,831,349 Creditors.. amounts falling duè after more than one year 17 173,4541 Net assets 2,743.887 2.757.895 Capital funds Endowment funds Income funds Restricted funds Desi nated General designated funds Revaluation iesetve 274,057 274.057 20 6.671 14,262 1.305.881 1.IK3,019 1,303,263 1,063,019 Total designated funds Unreslricled funds general 2.368,￿￿• 94.259 2,366.282 103,294 2.743.887 2.757.895 The financial stslements were approved by the Members o Revd David Hall IWicar} Trustee diew Trustee ## **CHRIST CHURCH CHORLEYWOOD** ## **STATEMENT OF CASH FLOWS** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**Notes**
**Cash flows from operating activities**
Cash absorbed by operations
**24**
**Investing activities**
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed
assets
Investment income received
**Net cash generated from investing**
**activities**
**Financing activities**
Repayment of bank loans
**Net cash used in financing activities**
**Net decrease in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2023**
**£**
**£**
(114,962)
(4,506)
4,600
72,968
73,062
(83,693)
(83,693)
(125,593)
311,534
185,941|**2022**
**£**
(7,750)
-
56,638
(11,648)|**£**
(46,879)
48,888
(11,648)
(9,639)
321,173
311,534| |---|---|---|---| - 12 - ## **CHRIST CHURCH CHORLEYWOOD** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **1 Accounting policies** ## **Charity information** Christ Church Chorleywood is a Parochial Church Council (PCC) that was registered with the Charity Commission on 15 May 2009. The address of the registered office can be found on the legal and administrative page. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the PCC's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The PCC is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the PCC. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the members have a reasonable expectation that the PCC has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the members in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the PCC. ## **1.4 Income** Income is recognised when the PCC is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the PCC has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the PCC has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. - 13 - ## **CHRIST CHURCH CHORLEYWOOD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **1 Accounting policies** ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. Resources used are included on an accruals basis inclusive of VAT, which is not recoverable. Grants and Donations for missionary and charitable giving are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC. ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Individual items costing more than £2,000 are capitalised. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Church equipment over 6 years, straight line Freehold land is not depreciated. Freehold buildings are not depreciated on the grounds that their remaining useful lives exceeds 50 years and therefore any depreciation charges would be immaterial. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year. Consecrated and beneficed property of any kind is excluded from the financial statements by s.10(2)(a) and (c) of the Charities Act 2011. Movable church furnishings and equipment acquired since 1st January 2002 have been capitalised and depreciated in the financial statements over their currently expected useful economic life (initially over 6 years) on a straight-line basis. All expenditure incurred in the year on consecrated or benefice buildings, individual items under £2,000 or on the repair of movable church furnishings acquired before January 2002 is written off as incurred. Land and buildings owned by the PCC are shown on a valuation basis and are revalued with sufficient regularity to ensure that the carrying amount does not materially differ from the fair value at the balance sheet date. ## **1.7 Investment properties** Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in net income/(expenditure) for the year. ## **1.8 Stocks** Stock is shown at the lower of cost or net realisable value. - 14 - ## **CHRIST CHURCH CHORLEYWOOD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **1 Accounting policies** ## **1.9 Employee benefits** The church operates a stakeholder pension scheme for employees, to which the employer also contributes. An auto-enrolment scheme started on 1st April 2017. The annual contributions paid are charged against income. ## **2 Donations and legacies** |**Unrestricted Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general**
**Designated**
**2023**
**2023**
**2023**
**£**
**£**
**£**
Taxed standing orders & other
donations
429,957
-
16,378
Collection envelopes & other gift aid
16,121
-
407
Income tax recoverable on SO & gift
aid
100,767
3,379
Untaxed standing order / GAYE
31,292
-
1,500
Collections of loose cash & other
donations
1,984
-
-
Legacies
-
4,500
-
**For the year ended 31 December**
**2023**
580,121
4,500
21,664|**Total**
**2023**
**£**
446,335
16,528
104,146
32,792
1,984
4,500
606,285|Total
**2022**
£
479,559
13,585
122,941
30,112
1,256
6,875| |---|---|---| |||647,453| - 15 - ## **CHRIST CHURCH CHORLEYWOOD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **3 Income from charitable activities** |Weddings
Funerals
YPF Events
Hire of rooms
Junction events
Toddlers
Bookstall
Other trading income
Analysis by fund
Unrestricted funds - general
Restricted funds|**2023**
**£**
5,129
6,722
4,276
28,050
10,966
1,201
1,211
5,025
62,580
57,284
5,296
62,580|**2022**
**£**
1,904
6,410
3,410
30,548
12,114
1,543
716
4,812| |---|---|---| |||61,457| |||56,287
5,170| |||61,457| ## **4 Income from investments** |**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**£**
**£**
House rental income
69,225
-
Interest receivable
3,731
12
72,956
12|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
69,225
44,245
11,267
3,743
1,119
7
72,968
45,364
11,274|**Total**
**2022**
**£**
55,512
1,126| |---|---|---| |||56,638| - 16 - ## **CHRIST CHURCH CHORLEYWOOD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **5 Other income** |**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**£**
**£**
Net gain on disposal of
tangible fixed assets
-
600
Other income
2,592
-
2,592
-|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
600
-
-
2,592
5,172
-
2,592
5,172
-|**Total**
**2022**
**£**
-
5,172| |---|---|---| |||5,172| ## **6 Charitable activity expenditure** |Staff costs
Depreciation and impairment
Parish share
House repairs & maintenance
House mortgage interest
Church running expenses
Church training and mission
Pastoral care
Resources for work with young people
Resources for work with children
Charitable activity costs (in relation to note 3)
Services costs
Office expenses
Equipment costs
Bank charges
Independent examination/audit
Grant funding of activities (see note 7)
**Analysis by fund**
Unrestricted funds - general
Unrestricted funds - [description]
Restricted funds|**2023**
**£**
239,313
7,554
214,235
12,705
1,678
70,905
7,145
3,359
2,430
3,533
19,863
47,280
8,165
6,583
443
5,060
650,251
108,783
759,034
623,867
101,788
33,379
759,034|**2022**
**£**
242,596
3,808
207,155
61,267
2,939
42,167
8,325
2,800
3,317
3,407
16,872
40,850
7,138
7,988
265
7,000| |---|---|---| |||657,894
134,452| |||792,346| |||637,083
117,479
37,784| |||792,346| Included in independent examination/audit is £3,000 for accounts preparation services (2022: £3,000). - 17 - **CHRIST CHURCH CHORLEYWOOD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **7 Grants payable** |**Grants payable**||| |---|---|---| |ACET
ACPI-Hopkins
Ascend
Bethany Church Moldova
Christian Solidarity Worldwide
Church Army
Church Misison Society
Church Pastoral Aid Society
Church Urban Fund
FEBA Radio
Food Bank
Frontier Youth Trust
GEM UK Appells
Gideons
Haggai Institute
Health and Hope
Jenga
Jews for Jesus
Kenyan Children Project
Langham International
London School of Theology
Malawi Mission
Mission Aviation Fellowship
OM Meads
Onelife
Open Doors
Partnership Trust - Ellard
Peace Hospice
Philo Trust
Playskill
Prison Fellowship
Restore Hope Latimer
Royal British Legion
St Barnabus
Scripture Union
Shevet Achim
Tearfund
TEFT (Kisima School)
Watford New Hope Trust
Wycliffe
Wycliffe BT - Wilson
Wycliffe BT - Broomhall|**2023**
**£**
3,000
-
3,000
7,845
3,000
3,000
2,000
2,000
3,000
1,500
-
-
9,700
-
2,500
3,000
9,225
-
3,000
3,000
2,000
300
1,500
5,140
2,000
1,000
300
300
3,300
-
1,000
1,500
-
250
2,000
7,423
4,000
3,000
3,300
-
5,150
6,550
**108,783**|**2022**
**£**
5,000
6,250
4,000
15,288
4,000
4,000
2,000
3,000
4,000
2,500
1,750
1,500
9,642
1,000
2,500
5,000
261
1,000
8,909
3,000
2,000
-
3,000
4,240
2,000
-
3,400
250
4,000
250
1,500
-
228
-
2,000
-
5,556
7,850
4,750
200
3,728
4,900| |||**134,452**| All grants were paid to institutions. - 18 - ## **CHRIST CHURCH CHORLEYWOOD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**8**|**Net movement in funds**|**2023**|**2022**| |---|---|---|---| |||**£**|**£**| ||The net movement in funds is stated after charging/(crediting):||| ||Depreciation of owned tangible fixed assets|7,554|3,808| ||Profit on disposal of tangible fixed assets|(600)|-| ## **9 Members** None of the members (or any persons connected with them) received any remuneration or benefits from the PCC during the year. ## **10 Employees** The average monthly number of employees during the year was: |**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2023**
**Number**
11
**2023**
**£**
221,843
10,655
6,815
239,313|**2022**
**Number**
12| |---|---|---| |||**2022**
**£**
225,082
12,758
4,756| |||242,596| There were no employees whose annual remuneration was more than £60,000. ## **11 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. - 19 - ## **CHRIST CHURCH CHORLEYWOOD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **12 Tangible fixed assets** |**Cost or valuation**
At 1 January 2023
Additions
Disposals
At 31 December 2023
**Depreciation and impairment**
At 1 January 2023
Depreciation charged in the year
At 31 December 2023
**Carrying amount**
At 31 December 2023
At 31 December 2022|**Church**
**equipment**
**£**
116,097
4,506
(4,000| |---|---| ||116,603| ||91,127
7,554| ||98,681| ||17,922| ||24,970| ## **13 Investment property** |**Investment property**|| |---|---| ||**2023**| ||**£**| |**Fair value**|| |At 1 January 2023 and 31 December 2023|2,525,000| Investment property comprises 3 houses in Chorleywood, 4 Berry Way, 22 Furze View, and Little Croft 59 Lower Road. The investment properties were last professionally revalued in April 2023 by John Roberts & Co, Chartered Surveyors, who are not connected with the PCC. This year's valuation was made by the trustees on an estimate of open market value. The properties are owned: ||**2023**|**2022**| |---|---|---| ||**£**|**£**| |Freehold|2,525,000|2,525,000| - 20 - ## **CHRIST CHURCH CHORLEYWOOD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**14**
**Stocks**
**2023**
**£**
Finished goods and goods for resale
320
**15**
**Debtors**
**2023**
**Amounts falling due within one year:**
**£**
Other debtors
14,470
**2023**
**Amounts falling due after more than one year:**
**£**
Other debtors
16,000
**Total debtors**
30,470
Included in total debtors is £20,000 loaned to a trust for the School House which is expected to be paid
years.
**16**
**Creditors: amounts falling due within one year**
**2023**
**Notes**
**£**
Mortgage on 4 Berry Way
**18**
-
Other creditors
2,579
Accruals and deferred income
13,187
15,766
**17**
**Creditors: amounts falling due after more than one year**
**2023**
**Notes**
**£**
Mortgage on 4 Berry Way
**18**
-|**2022**
**£**
320| |---|---| ||**2022**
**£**
14,736| ||**2022**
**£**
-| ||14,736| ||over 5
**2022**
**£**
10,239
-
34,972| ||45,211| ||**2022**
**£**
73,454| - 21 - ## **CHRIST CHURCH CHORLEYWOOD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **18 Loans and overdrafts** |**Loans and overdrafts**||| |---|---|---| |Mortgage on 4 Berry Way
Payable within one year
Payable after one year|**2023**
**£**
-
-
-|**2022**
**£**
83,693| |||10,239
73,454| In March 2004 a 25-year repayment mortgage was received from RBS for £322,190 in order to buy 4 Berry Way (on which it therefore has a charge), of which the remaining balance was paid in the year. Interest payable was _2%_ above prevailing Bank Base Rate. The PCC periodically reviews the housing assets and considers whether they continue to meet staffing and investment needs. ## **19 Retirement benefit schemes** |**Retirement benefit schemes**||| |---|---|---| ||**2023**|**2022**| |**Defined contribution schemes**|**£**|**£**| |Charge to profit or loss in respect of defined contribution schemes|6,815|4,756| The PCC operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the PCC in an independently administered fund. - 22 - ## **CHRIST CHURCH CHORLEYWOOD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **20 Restricted funds** The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. |||**Movement in funds (2022)**|**Movement in funds (2022)**|**Movement in funds (2022)**|||**Movement in funds (2023)**|**Movement in funds (2023)**|**Movement in funds (2023)**|| |---|---|---|---|---|---|---|---|---|---|---| ||**Balance at**|**Incoming**|**Resources**|**Transfers**||**Balance at**|**Incoming**|**Resources**|**Transfers**|**Balance at**| ||**1 January 2022**|**resources**|**expended**||**1**|**January 2023**|**resources**|**expended**||**31 December**| |||||||||||**2023**| ||**£**|**£**|**£**|**£**||**£**|**£**|**£**|**£**|**£**| |Mission and charitable grants|289|17,870|(17,561)|1,163||1,761|5,739|(6,314)|(300)|886| |Lazarus|1,270|13,006|(4,623)|-||9,653|11,512|(19,917)|300|1,548| |Clergy gift fund|(2)|2,760|(810)|(1,921)||27|4,118|(3,085)|(928)|132| |**Other Restricted funds:**||||||||||| |Lunch|277|2,562|(1,947)|-||892|3,275|(2,817)|-|1,350| |School House|137|11,524|(11,089)|-||572|-|-|(572)|-| |Technology fund|557|-|(122)|-||435|-|-|-|435| |Church Minibus fund|-|5,895|(1,632)|(4,000)||263|600|(577)|(286)|-| |Others|659|-|-|-||659|2,316|(655)|-|2,320| ||3,187|53,617|(37,784)|(4,758)||14,262|27,560|(33,365)|(1,786)|6,671| **Mission & Charitable Grants** : money given to support nominated organisations or individuals. **Lazarus:** funds for specific, one-off projects. **Clergy Gift Fund:** used specifically to support the wider ministries of the clergy of the church. **School House -** The School House fund relates has historically held the income and expenses relating to the School House, which adjoins the Church. It has come to the attention of the Trustees that responsibility for the School House in fact lies with a separately constituted Trust; although the Vicar and Church Wardens are trustees of that Trust, the cash flows should not have been shown in the Church accounts. The fund therefore shows a transfer out of the remaining cash balance held, showing it instead as a creditor to be paid across after the year end. The trustees have approved a loan to the Trust of £20,000, which is shown in the accounts as a debtor. **Other restricted (non recurring):** smaller sums given for specific ministry or purposes of the church. - 23 - ## **CHRIST CHURCH CHORLEYWOOD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **21 Designated funds** The unrestricted funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes: |**Balance at**
**1 January 2022**
**£**
House reserve
1,187,924
Revaluation reserve
1,063,019
Equipment fund
21,028
Minibus
-
General mission fund
1,895
Legacy funds
55,698
Property maintenance
75,000
2,404,523|**Movement in funds (2022)**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**Balance at**
**1 January 2023**
**£**
**£**
**£**
**£**
-
-
-
1,187,924
-
-
-
1,063,019
-
(3,808)
3,750
20,970
-
-
4,000
4,000
-
(111,171)
112,616
3,340
6,875
(2,500)
(48,003)
12,030
-
-
-
75,000
6,875
(117,479)
72,363
2,366,282|**Movement in funds (2023)**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**Balance at**
**31 December**
**2023**
**£**
**£**
**£**
**£**
-
-
-
1,187,924
-
-
-
1,063,019
-
(7,554)
4,506
17,922
-
-
(4,000)
-
-
(91,734)
103,905
15,511
4,500
(2,500)
(4,506)
9,524
-
-
-
75,000
4,500
(101,788)
99,905
2,368,900|**Movement in funds (2023)**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**Balance at**
**31 December**
**2023**
**£**
**£**
**£**
**£**
-
-
-
1,187,924
-
-
-
1,063,019
-
(7,554)
4,506
17,922
-
-
(4,000)
-
-
(91,734)
103,905
15,511
4,500
(2,500)
(4,506)
9,524
-
-
-
75,000
4,500
(101,788)
99,905
2,368,900| |---|---|---|---| ||||2,368,900| **House reserve:** this fund represents the cost of the properties owned by the church, less the endowment fund (which was used for the initial purchase of property). **Revaluation reserve:** the balance on this fund is the total increase in value of properties owned by the church since they were purchased. **Legacy funds** : the church automatically designates all funds received by way of legacy unless they are for specific purposes. The fund is used for special projects. **General Mission fund** : the general mission fund receives approximately 19% of unrestricted gift income. It is paid out by way of grants to support mission partners and organisations outside the parish. - 24 - ## **CHRIST CHURCH CHORLEYWOOD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **22 Analysis of net assets between funds** |**Unrestricted**
**funds**
**Designated**
**funds**
**Restricted**
**funds**
**Endowment**
**funds**
**2023**
**2023**
**2023**
**2023**
**£**
**£**
**£**
**£**
Fund balances at
31 December
2023 are
represented by:
Tangible assets
-
17,922
-
-
Investment properties
-
2,250,943
-
274,057
Current assets/(liabilities)
94,259
100,035
6,671
-
Long term liabilities
-
-
-
-
94,259
2,368,900
6,671
274,057|**Total**
**2023**
**£**
17,922
2,525,000
200,965
-
2,743,887|**Total**
**2022**
**£**
24,970
2,525,000
281,379
(73,454)
2,757,895| |---|---|---| ## **23 Related party transactions** During 2023 the church received £70,459 (2022 £124,074) in donations from its PCC members. The donors did not attach any conditions to the gifts which required the church to significantly alter the nature of its existing activities. |**24**
**Cash generated from operations**
Deficit for the year
Adjustments for:
Investment income recognised in statement of financial activities
Gain on disposal of tangible fixed assets
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase)/decrease in stocks
(Increase)/decrease in debtors
(Decrease)/increase in creditors
**Cash absorbed by operations**|**2023**
**£**
(14,009)
(72,968)
(600)
7,554
-
(15,734)
(19,205)
(114,962)|**2022**
**£**
(21,626)
(56,638)
-
3,808
517
12,262
14,798
(46,879)| |---|---|---| - 25 - ## **CHRIST CHURCH CHORLEYWOOD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**25**|**Analysis of changes in net funds**|||| |---|---|---|---|---| |||**At 1 January**|**Cash flows At**|**31 December**| |||**2023**||**2023**| |||**£**|**£**|**£**| ||Cash at bank and in hand|311,534|(125,593)|185,941| ||Loans falling due within one year|(10,239)|10,239|-| ||Loans falling due after more than one year|(73,454)|73,454|-| |||227,841|(41,900)|185,941| - 26 -