**REGISTERED CHARITY NUMBER 1129915** 

## **WALTHAM ABBEY** 

## **PAROCHIAL CHURCH COUNCIL** 


## **ANNUAL REPORT** 

## **AND** 

## **FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31 DECEMBER 2021** 



## **WALTHAM ABBEY PAROCHIAL CHURCH COUNCIL ANNUAL REPORT 2021** 

The Parochial Church Council (PCC) of the Parish of Holy Cross and St Lawrence has the responsibility of cooperating with the Rector, The Reverend Peter Smith, in promoting in the ecclesiastical parish, the whole mission of the Church, pastoral, evangelistic, social and ecumenical. 

The Annual Report includes the report for the Abbey Church District Church Council (DCC) which has maintenance responsibilities for the Abbey Church, Abbey Church Centre which includes the Parish Office; Abbey Gardens House and that for the Church of St Lawrence, Ninefields, which is a District Church situated in Hillhouse CofE School, with its own DCC, situated within the Parish. 

The PCC is a registered charity, registered charity number 112995. The Administrative address is: Parish Office, Abbey Church Centre, Abbey Gardens, Waltham Abbey, Essex EN9 1XQ 

2021 was a year when the worship and activities of the two churches were again severely affected by the Coronavirus Covid 19. The Abbey Church was closed from 13[th] December 2020 until it reopened on 2[nd] April 2021 when services were held at 8.30am and 10.30am on Sundays. During the closed period, videos of the Sunday 10.30am service, filmed with the clergy taking part, were added weekly to YouTube. The service at 10.30am on Wednesday began from 26[th] May 2021. 

In July 2021 the Abbey Church reopened on Fridays, Saturdays and Sundays and on other days for weddings and funerals. 

It reopened on Wednesdays in December 2021. 

The church being open is an important part of our welcoming mission to the townspeople. 

St Lawrence Church was also delighted to reopen for Sunday Services on Easter Sunday. 



Page 1 



## **CHURCH ACTIVITIES AND PUBLIC BENEFIT** 

The parish undertakes a range of activities with regard to the Charity Commission guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. 

## _**The Abbey Church**_ 

Our vision is that Waltham Abbey Church: 

- Has worship and prayer at the centre of everything; 

- Seeks to help people connect with God in their daily lives; 

- Welcomes all on their journey of faith which has at its head Jesus Christ who lived and died and rose again; 

- Serves the community in which it is set. 

The Abbey Church sees its primary purpose as offering a variety of opportunities for prayer and worship, whether as a community or individually. To this end it holds a diverse range of services on Sundays and during the week and the church is open daily, providing the opportunity for private prayer. It also seeks to develop an open and welcoming Christian community based on the building. 

To achieve this, we intend to keep the church open everyday for members of the wider community to come in and visit/pray; to create support groups that meet various needs of the community and offer opportunities to witness to love of God. Guided tours are offered for tourist groups and school parties. 

The Abbey Church sees itself as a church for and of the community. 

## **Children and Young People** 

As restrictions were gradually lifted following the Covid 19 lockdowns, it was exciting and encouraging to see groups of children from local schools visiting the Abbey Church and several groups have already booked to visit in 2022. Assemblies continued throughout the year at Hillhouse School; these were initially recorded and then continued on a face to face basis.  We also welcomed a number of schools to the Abbey for Christmas services, which was a real joy. In the autumn we opened our doors for Baptism Services once more and as a result we have baptised a number of babies and children and many more are booked for 2022. The sense of excitement and joy at these services has been very special. We continue to give thanks to the Waltham Abbey branch of Mothers’ Union who provide a Bible for each child baptised. 

Unfortunately, we have not been able to resume our Sunday Club again this year, because as well as the pandemic we have had to try and find members of the congregation willing to help run this on a Sunday morning. It is with great regret that Carolyn was unable to continue with the leadership of Sunday Club at this time and the others working with the children personally extend a big thank you to her for her commitment and hard work that she has given over the past years, it has been a privilege to work alongside her. 

In the meantime, we have managed to keep in touch with some of the children and hope they will come back and join us and Sunday Club will thrive again. It is such a joy to work with the children and it’s wonderful that we will hopefully see the children back with us again soon. 

## **Outreach activities** 

The Abbey Church held its first Christmas Tree Festival and the town really got behind it and lots of positive feedback was received during and following the event. 

The Social and Fellowship Team report that the year 2021 found us all continuing to adjust to frequent lockdowns and social distancing with just brief windows of normality in our daily lives. As a team we felt it to be too difficult to commit to future planning of any events so sadly none were held. We look forward to arranging events in 2022. 

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The Olive Branch café at the Abbey Church Centre re-opened for light refreshments and fellowship on Wednesday 1st December, after a lengthy period of preparation for operating post-Covid, and continues weekly. A Memorial Service was held on the evening of Sunday 31st October for families whose loved ones had had Abbey funerals in 2020. 

With the agreement of the DCC, the Visiting Team changed its name to the Listening Team, which more accurately reflects the support offered, mostly by telephone.  A flier was produced inviting families to contact the Listening Team when support was needed.  This was sent with invitations to the Memorial Service and can also be offered to bereaved families by the Ministry Team at the funeral visit. 

## **Working with Other Charities** 

Envelope donations during Christian Aid Week amounted to £115; with the opportunity to donate to Christian Aid online. 

A cash collection at Harvest raised £220 which was donated to 3Food4U, the community support initiative based in Sun Street, Waltham Abbey. 

## **Music Department Report** 

Like almost everyone engaged in church life and/or performing arts on a voluntary basis, the Abbey choirs began 2021 in a state of locked-down frustration: unable to meet, unable to perform and largely unable to plan. Come the time that the church could re-open for worship in person, singing was at first not allowed, then permitted in small groups, then eventually the congregation were able to join in. Singing in small groups and in a distanced configuration presented a number of musical challenges, but to some extent it was possible to respond to these creatively and make virtue of necessity, such as by exploring unfamiliar hymns during the period when the choir was too small to attempt full-scale anthems and the congregation could not join in anyway. 

In any case it was good to be able to get the choral life of the church going again in modified form, and in due course to present the full complement of Christmas services. Two of the Abbey Choristers stepped up to join the adult choir during the year. 

In contrast to the first Covid lockdown when churches were placed out of bounds even to key staff, the musical life of the parish did not stop entirely during the first part of the year. Once the means had been found for sharing worship from the Abbey over the internet, this included specially recorded organ music. Following the sudden and sad collapse of Mander Organs in 2020, a contract for maintenance of our organ was placed with the firm now trading under the Mander name, whose excellent local representative knows the instrument well having worked on the rebuild. At the same time, the organ has continued to be remarkably trouble-free. 

Uncertainty over the future course of the pandemic inhibited planning for a resumption of the Saturday Music for Lunch recitals, but these did return in October all be it without the serving of refreshments. Audience numbers were lower than pre-pandemic levels, but healthy enough. 

## **St Lawrence Church** 

We seek to be a living and loving church, where all are made welcome in a setting where each person, knowing they are in the presence of God, feels safe and wanted. 

This, year, because of the COVID 19 restrictions, we have continued to fulfil this aim by regularly communicating with our members and with the local community as far as possible. 

After the second lockdown we had one coffee morning 

We were delighted to hold services at St Lawrence once more. We were also very pleased to hold a COVID secure Christingle Service. 

We have been able to hold two DCC meetings. 

Our regular contacts with Hillhouse School have continued through weekly live/recorded assemblies and through the Governors’ meetings. 

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The staff at St Lawrence Pre-School have also been very creative and caring in providing both face to face learning for the children. 

## **GOVERNANCE** 

In 2007 the Annual Parochial Church Meeting approved a Scheme for Separate Representation of Congregations and Establishing District Church Council (The Parish Scheme) established under rule 18 of the Church Representation Rules which took effect from 2008.  Under the Parish Scheme the PCC operates through two District Church Councils (DCCs), one for the Abbey Church and one for St Lawrence Church, Ninefields, and delegates to the relevant DCC many of its functions. 

## **Safeguarding** 

The Parochial Church Council has complied with its duty under Section 5 of the Safeguarding and Clergy Discipline Measure 2016 and is committed to the safeguarding, care and nurture of everyone within our community, by: 

- Promoting a safer environment and culture; 

- Safely recruiting and supporting all those with any responsibility related to children and vulnerable adults within the Church; 

- Responding promptly to every safeguarding concern or allegation; 

- Caring pastorally for victims/survivors of abuse and other affected persons; 

- Caring pastorally for those who are the subject of concerns or allegations of abuse and other affected persons; 

- Responding to those that may pose a present risk to others. 

Due to Covid 19 restrictions during the year and the church being closed during the two lockdowns, the PCC met five times, twice digitally via Zoom, once as a Zoom Benefice meeting and twice in person with one meeting held at St Lawrence Church with an average attendance of 77%. The two DCCs and sub-groups were unable to hold as many meetings as usual during the year although the Abbey Church DCC met twice and St Lawrence DCC held two meetings in the year. 

BUSINESS TRANSACTED AT THE MEETINGS HELD IN 2021 BY THE PCC INCLUDED:- 

- Acceptance of the Annual Report and Accounts for 2019; 

- Fee and Budgets for both churches 

- Safeguarding and GDPR 

- Church news and reports from Diocesan, Deanery and General Synods 

- CPNI SMI Guidelines for Religious Establishments 

- Further bell repairs 

- Ministry Deployment and Sustainability in the Diocese 

- Appointment of a Foundation Governor to Hillhouse School 

The PCC is committed to Safeguarding children, young people and vulnerable adults and has adopted the Church of England’s policies and best practice on Safeguarding which may be found on the Church of England website and also on the Diocese of Chelmsford website. The Parish Safeguarding Officer can be contacted via the parish office. 

The PCC, as a registered charity, confirms that the major risks to which it may be exposed, have been identified and reviewed and systems and procedures put in place to manage any such risks. 

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## **MEMBERSHIP** 

## **W** _**altham Abbey PCC**_ 

Members of the PCC are either ex-officio, elected by the Annual Parochial Church Meeting or co-opted to serve; in accordance with the Church Representation Rules. 

Members who served from 1st January 2021 to the date this report was approved are: 

|Team Rector|Reverend Peter Smith|Chairman|
|---|---|---|
|Associate Priest|Reverend Canon Dr Joyce|Smith|
|Associate Priest|Reverend Trevor Scott||
|Churchwardens|Dianne Penney||
||Beverley Watkins||
||Mark Anderson||
||Julie Stannard|St Lawrence|
|Deanery Synod Reps|Jane Shipman||
||Julie Stannard|St Lawrence|
|Elected Members|Sheila Pearce|St Lawrence|
||Valerie Lee|St Lawrence|
||Linda Anderson||
||Richard Walters||
||Amanda Beggs||
|Co-opted|Judith Meaden|Secretary|



## _Standing Committee:_ 

This is the only committee required by law and it has the power to transact the business of the PCC between meetings, subject to any directions given by the Council. 

## _**DISTRICT CHURCH COUNCILS**_ 

## **Waltham Abbey Church DCC** 

Under the Parish Scheme all other Clerks in Holy Orders beneficed in or licensed to the Parish and the district 

churchwardens for St. Lawrence Church are also ex-officio members of the Abbey DCC (although the district wardens do not have voting rights); however, in practice these members do not serve. 

Members who served from 1st January 2021 to the date this report was approved are: 

Team Rector Reverend Peter Smith (Chairman) Clergy Reverend Trevor Scott Reverend Canon Dr Joyce Smith Churchwardens Dianne Penny Mark Anderson Beverley Watkins Deanery Synod Representative Jane Shipman Elected PCC Representatives Richard Walters Linda Anderson Amanda Beggs Elected DCC Representatives Valerie Davis Daniel Bruton Christopher Frostick Co-opted Lynda Beggs (Secretary) 

Page 5 



The Abbey Church has sub-groups to carry out a large part of its business which are as follows, their remit being covered by the sub-group title: 

Concerts & Musical Activities Fabric Mission & Outreach Youth Publicity & Communications Pastoral Properties Social & Fundraising Stewardship Footprint 

The DCC met twice during 2021 in September and November. 

## BUSINESS TRANSACTED DURING 2021 BY THE DCC INCLUDED: 

We continue to adopt annually the Diocese of Chelmsford’s Safeguarding Policy and Procedures. 

To assist the budget, it was agreed to draw down sufficient from the Tithe Chancel Fund to cover the proportion of the church insurance which relates to the Chancel for 2021. 

The visiting team (Pastoral) had a change of name to the Listening Team. 

It was agreed to tentatively restart the Footprint sub-group. 

The decision was made to replace some of the bell clappers, as recommended by John Taylor, Bell Founders of Loughborough. 

The cost of an electronically operated chime hammer for the Sanctus bell was agreed, coming from the Fabric Fund. A successful Tree Festival was held during the time of the Cavalcade of Light. 

Installation of a Dona electronic giving device was agreed and established, alongside a review of cost and performance for one year. 

Agreement to go forward with the establishment of a church Instagram account with a founding protocol written by the proposer and the Churchwardens. 

## **St Lawrence Church District Council** 

Members of the DCC are either ex-officio or elected at the Annual District Church meeting in accordance with the Parish Scheme or co-opted by the DCC in accordance with that Scheme. The DCC met twice during the year. 

Members who served from 1st January to 31st December 2021 are: 

- Team Rector The Revd Peter Smith 

- Team Vicar Canon Joyce Smith Chairman Churchwarden Julie Stannard Deanery Synod Julie Stannard Elected PCC Valerie Lee Representatives Sheila Pearce Elected DCC Barbara Midgley Representatives Joan O’Mullane Jill Talbot Beryl Thorpe 

Page 6 



## **CHURCH ATTENDANCE** 

The Electoral rolls were revised in 2021 and at 31st December 2021 there were 161 (2020: 161) members in total on the churches’ electoral rolls. Of these 136 (2020: 134 **)** were on the electoral roll of the Abbey, of whom 89 were residents and 47 non-residents. 

25 (2020: 27) members were on the electoral roll of St Lawrence Church, of whom 21 were residents and 4 non-residents. 

Despite the Abbey Church being closed for many weeks during 2021, there were 13 weddings and 1 Renewal of Wedding Vows; 20 baptisms; 23 funerals in the church and 5 memorial services. 40 funerals were taken at Crematoriums or graveside and there were 6 Interment of Ashes. 

Good news - the law changed with respect to weddings, registers and marriage certificates as for the first time ever couples were now able to add their mother’s detail and the female line has finally been acknowledged. 

Good news with great joy - guided tours and schools visits have recommenced and proved very popular. Two graduation services for Hertford Regional College were held and it was a privilege to see so many students from our parish graduate. 

The average attendance at services held at the Abbey Church was 70 people, with more attending Midnight Mass, though less than in other years. 

The average attendance at services held at St Lawrence Church was 25. 

Approved by the Parochial Church Council on 11[th] May 2022 and signed on its behalf by: 

Jane Shipman Jane Shipman (May 18, 2022 08:15 GMT+1) .............................................................................. Jane Shipman – Vice Chair 

Page 7 



## **WALTHAM ABBEY PAROCHIAL CHURCH COUNCIL** 

## **Report of the Independent Auditors** 

## **Opinion** 

We have audited the financial statements of Waltham Abbey Parochial Church Council (the 'church') for the year ended 31 December 2021 which comprise the Statement of Financial Activities, Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 

## In our opinion the financial statements: 

- give a true and fair view of the state of the church’s affairs as at 31 December 2021 and of its incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011 and the Church Accounting Regulations 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the church in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the director’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the church council with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The church council are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon. 

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 

Page 8 



## **WALTHAM ABBEY PAROCHIAL CHURCH COUNCIL** 

## **Report of the independent Auditors** 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. 

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the Trustees Annual Report is inconsistent in any material respect with the financial statements ; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of church council** 

Charity law and Synodical Government Measures 1970 both require the church council to be responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the church council are responsible for assessing the church's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the church council either intend to liquidate the church or to cease operations, or have no realistic alternative but to do so. 

## **Our responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant are those covered by the Statement of Recommended Practice for Charities (SORP 2019) and the Charities Act 2011. We assessed the risk of material misstatement in respect of fraud by making enquiries of management and trustees and by testing the implementation of accounting controls in place. 

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above by making enquiries with key personnel and reviewing relevant documentation such as minutes of Trustee meetings and correspondence with regulatory bodies. We considered the risk of fraud through management override by incorporation testing of journal entries and reviewing any requirements to meet performance targets. We also considered, and tested for, the possibility of unauthorised payments to related parties. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. 

Page 9 



## **WALTHAM ABBEY PAROCHIAL CHURCH COUNCIL** 

## **Report of the independent Auditors** 

## **Use of our report** 

This report is made solely to the church council as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the church council those maters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the church and the church council as a body, for our audit work, for this report, or for the opinions we have formed 

## mwbrindley 

## mwbrindley (May 19, 2022 15:22 GMT+1) 

## **Brindley Millen Ltd** 

Chartered Accountants and Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 167 Turners Hill 

Cheshunt Hertfordshire EN8 9BH May 19, 2022 Date: ............................................. 

Page 10 



## **WALTHAM ABBEY PAROCHIAL CHURCH COUNCIL** 

## **Statement of Financial Activities for the Year Ended 31 December 2021** 

|**Note**<br>**Income and endowments from:**<br>Donations and legacies<br>2.1<br>Other trading activities<br>2.2<br>Investments<br>2.3<br>2.4<br>2.5<br>**Total income**<br>2<br>**Expenditure on:**<br>3.1<br>3.2<br>Other expenses<br>3.3<br>**Total expenditure**<br>3<br>12<br>**Transfers between funds**<br>12<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>11/12<br>Total funds brought forward<br>**Total funds carried forward**<br>Charitable activities<br>**Net income(expenditure)**<br>Net gains/(losses) on investments<br>Income from charitable activities<br>Raising funds<br>Other income|**Unrestricted**<br>**Funds**<br>**£**<br>**134,921**<br>**6,205**<br>**12,938**<br>**25,950**<br>**-**|**Restricted**<br>**Funds**<br>**£**<br>**1,365**<br>-<br>**683**<br>**55,713**<br>**-**|**Endowment**<br>**Funds**<br>**£**<br>**-**<br>**-**<br>**563**<br>**-**<br>**-**|**Total**<br>**Funds**<br>**£**<br>**136,286**<br>**6,205**<br>**14,184**<br>**81,663**<br>**-**|2020<br>Total<br>Funds<br>£<br>160,725<br>8,967<br>27,331<br>77,529<br>-|
|---|---|---|---|---|---|
||**180,014**<br>**10,937**<br>**192,095**<br>**1,076**|**57,761**<br>**-**<br>**70,081**<br>**-**|**563**<br>**-**<br>**1,212**<br>**-**|**238,338**<br>**10,937**<br>**263,388**<br>**1,076**|274,552<br>5,044<br>308,479<br>9,458|
||**204,108**<br>**2,199**|**70,081**<br>**-**|**1,212**<br>**2,785**|**275,401**<br>**4,984**|322,981<br>1,547|
||**(21,895)**<br>**-**|**(12,320)**<br>**-**|**2,136**<br>**-**|**(32,079)**<br>**-**|(46,882)<br>-|
||**(21,895)**<br>**81,469**|**(12,320)**<br>**497,056**|**2,136**<br>**402,242**|**(32,079)**<br>**980,767**|(46,882)<br>1,027,649|
||**59,574**|**484,736**|**404,378**|**948,688**|980,767|



Page 11 



## **WALTHAM ABBEY PAROCHIAL CHURCH COUNCIL** 

## **Balance Sheet as at 31 December 2021** 

|**Notes**<br>**Fixed Assets**<br>Tangible assets<br>**Total Fixed Assets**<br>7<br>**Current Assets**<br>Debtors<br>8<br>Short term investments and deposits<br>9<br>Cash at bank and in hand<br>Creditors: Amounts falling due<br>within one year<br>10<br>**Net Current Assets**<br>**Net Assets**<br>11<br>**Funds**<br>Capital Funds:<br>Endowment Funds<br>12.1<br>Income Funds:<br>Restricted<br>12.2<br>Unrestricted<br>12.3<br>**Total Funds**<br>12|**31/12/2021**<br>**£**<br>**392,240**<br>**392,240**<br>**11,145**<br>**472,636**<br>**85,717**<br>**569,498**<br>**(13,050)**<br>**556,448**<br>**948,688**<br>**404,378**<br>**484,736**<br>**59,574**<br>**948,688**|31/12/2020<br>£<br>395,696|
|---|---|---|
|||395,696<br>6,606<br>481,309<br>110,317|
|||598,232<br>(13,161)|
|||585,071|
|||980,767|
|||402,242<br>497,056<br>81,469|
|||980,767|



The notes on pages 13 to 24 form part of these accounts. 

Approved by the Parochial Church Council on 11 May 2022 and signed on its behalf by: 

Jane Shipman Jane Shipman (May 18, 2022 08:15 GMT+1) 

Jane Shipman **PCC Vice Chair** 11 May 2022 

Page 12 



## **WALTHAM ABBEY PAROCHIAL CHURCH COUNCIL** 

## **Notes to the Accounts** 

## **1. Accounting policies** 

## **Basis of preparing the financial statements and assessment of going concern** 

The Financial Statements of the PCC, which is a public benefit entity under FRS 102, and have been prepared in accordance with the Charities SORP (FRS 102) '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 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', the Charities Act 2011 and the Church Accounting Regulations 2006. The financial statements have been prepared under the historical cost convention. 

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. 

The financial statements are presented in sterling (£). 

## **Critical accounting judgements and key sources of estimation uncertainty** 

In preparing financial statements it is necessary to make certain judgements, estimated and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the trustees to have most significant effect on amounts recognised in the financial statements. 

Useful economic life of tangible fixed assets: 

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. 

## **Funds** 

General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application to the general purposes of the PCC.  Funds designated for a particular purpose by the PCC are also unrestricted. 

The accounts include all transactions, assets and liabilities for which the PCC is responsible in law.  They do not include the accounts of church groups that owe their main affiliation to another body nor those that are informal gatherings of church members. 

## **Incoming Resources** 

## **Voluntary income and capital sources** 

Collections are recognised when received by or on behalf of the PCC. 

Planned giving receivable under Gift Aid is recognised only when received. 

Income tax recoverable on Gift Aid donations is recognised when the gift is received. 

Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the PCC is reasonably certain. 

Funds raised by the fete, bazaar and similar events are accounted for gross. 

Page 13 



## **WALTHAM ABBEY PAROCHIAL CHURCH COUNCIL** 

## **Notes to the Accounts** 

## **Other ordinary income** 

Rental income from the letting of church premises is recognised when the rental is due. 

## **Income from investments** 

Dividends are accounted for when due and payable.  Interest entitlements are accounted for as they accrue. Tax recoverable on such income is recognised in the same accounting year. 

## **Gains and losses on investments** 

Realised gains or losses are recognised when investments are sold. 

Unrealised gains or losses are accounted for on revaluation of investments at 31 December. 

## **Resources Used** 

## **Grants** 

Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC. 

## **Activities directly relating to the work of the church** 

The Diocesan Parish Share is accounted for when paid.  Any parish share unpaid at 31 December is provided for in these accounts as an operational (though not a legal) liability and is shown as a liability in the balance sheet.  The Parish Share was paid in full in the year. 

## **Fixed Assets** 

## **Consecrated land and buildings and movable church furnishings** 

Consecrated and beneficed property is excluded from the accounts in accordance with Charities Act 2011. 

Movable church furnishings held by the Rector and Churchwardens on special trust for the PCC, and which require a faculty for disposal, are accounted as inalienable property unless consecrated.  They are listed in the church’s Inventory, which may be inspected at any reasonable time.  For inalienable property acquired prior to 2000 there is insufficient cost information available and therefore such assets are not valued in the accounts. Items acquired since 1 January 2000 have been capitalised and depreciated in the accounts over their currently anticipated useful economic life on a straight-line basis. 

All expenditure incurred in the year on consecrated or beneficed buildings, individual items under £1,000 or on the repair of moveable church furnishings acquired before 1 January 2000 is written off. 

## **Other fixtures, fittings and office equipment** 

Equipment used within the church premises is initially recognised at cost and is depreciated on a straight-line basis over ten years.  Individual items of equipment with a purchase price less than £1,000 are written off when the asset is acquired. The carrying values are reviewed at the year end for impairment if circumstances indicate that the full carrying value may not be recoverable. 

## **Investments** 

Investments are valued at market value at 31 December. 

## **Current assets** 

Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove uncollectable. 

Short-term deposits include cash held on deposit with the Central Board of Finance of the Church of England, the Chelmsford Diocesan Board of Finance and COIF Charity Funds. 

Page 14 



## **WALTHAM ABBEY PAROCHIAL CHURCH COUNCIL** 

## **Notes to the Accounts** 

## **Creditors** 

Creditors are recognised where the charity has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount. 

## **Pension costs and other post-retirement benefits** 

The church operates a defined contribution pension scheme. Contributions payable to the church's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. 

## **Financial instruments** 

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially settled at transaction value and subsequently measured at their settlement value. 

Page 15 



## **WALTHAM ABBEY PAROCHIAL CHURCH COUNCIL** 

## **2 Details of Material Incoming Resources** 

|2.1<br>Donations and legacies<br>Planned giving:<br>Gift Aid<br>Income tax recoverable<br>Other planned giving<br>Collections<br>Sundry donations<br>Grants<br>Donations, appeals, etc<br>Legacies<br>2.2<br>Other trading activiites<br>Church hall lettings etc<br>Fete<br>Bazaar<br>External concerts<br>Internal concerts<br>Other fund raising<br>2.3<br>Investments<br>Dividends<br>Interest<br>Rents<br>2.4<br>Pre-School income (St Lawrence)<br>Fees<br>2.5<br>Profit on disposal of tangible fixed assets<br>**Total incoming resources**<br>Other income<br>Income from charitable activities<br>Sales for promotion of the church's<br>objects|**Unrestricted**<br>**Funds**<br>**£**<br>**58,112**<br>**17,297**<br>**3,235**<br>**5,425**<br>**14,551**<br>**10,172**<br>**25,099**<br>**1,030**|**Restricted**<br>**Funds**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**1,115**<br>**250**<br>**-**<br>**-**|**Endowment**<br>**Funds**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**|**Total**<br>**2021**<br>**£**<br>**58,112**<br>**17,297**<br>**3,235**<br>**5,425**<br>**15,666**<br>**10,422**<br>**25,099**<br>**1,030**|Total<br>2020<br>£<br>58,819<br>15,410<br>3,716<br>4,896<br>17,448<br>32,250<br>1,216<br>26,970|
|---|---|---|---|---|---|
||**134,921**|**1,365**|**-**|**136,286**|160,725|
||**1,800**<br>-<br>**-**<br>**1,460**<br>**462**<br>**2,483**|**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>-|**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**|**1,800**<br>-<br>**-**<br>**1,460**<br>**462**<br>**2,483**|3,257<br>**-**<br>**-**<br>2,800<br>1,958<br>952|
||**6,205**|-|**-**|**6,205**|8,967|
||**-**<br>**7**<br>**12,931**|**455**<br>**228**<br>**-**|**-**<br>**563**<br>**-**|**455**<br>**798**<br>**12,931**|446<br>3,273<br>23,612|
||**12,938**|**683**|**563**|**14,184**|27,331|
||**1,341**<br>**-**<br>**24,609**|**-**<br>**53,946**<br>**1,767**|**-**<br>**-**<br>**-**|**1,341**<br>**53,946**<br>**26,376**|2,652<br>54,051<br>20,826|
||**25,950**|**55,713**|**-**|**81,663**|77,529|
||**-**|**-**|**-**|**-**|-|
||**-**|**-**|**-**|**-**|**-**|
|||||||
||**180,014**|**57,761**|**563**|**238,338**|274,552|



Page 16 



## **WALTHAM ABBEY PAROCHIAL CHURCH COUNCIL** 

|**3**<br>**Details of Resources Used**<br>3.1<br>Raising funds<br>Cost of stewardship giving envelopes<br>Fete<br>Bazaar<br>Internal concerts<br>External concerts<br>Other<br>Support costs (note 4)<br>3.2 Charitable activities<br>Missionary & charitable giving<br>Ministry:<br>Parish Share<br>Ministry & mission activities<br>Pre-School expenses (St Lawrence)<br>Working expenses of incumbents<br>Rectory & vicarage<br>Other clergy costs<br>Church running expenses<br>Church maintenance<br>Upkeep of services<br>Training costs<br>Church Centre running costs<br>Other PCC property upkeep<br>Major church repairs - structure<br>Support costs (note 4)<br>3.3<br>Other resources expended<br>Miscellaneous expenditure<br>**Total Resources Expended**<br>New building & major works<br>Vergers' fees<br>Other<br>Legal and Professional Fees<br>Movable furnishings & equipment:<br>Depreciation<br>Uncapitalised additions<br>Major church repairs/replacements -<br>installations<br>Salaries wages & fees:<br>Director of Music<br>Clergy fees<br>Bellringers at weddings<br>Organists' & pianists' fees|**Unrestricted**<br>**Funds**<br>**£**<br>**132**<br>**-**<br>**-**<br>**30**<br>**-**<br>**1,555**<br>**9,220**|**Restricted**<br>**Funds**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**|**Endowment**<br>**Funds**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**|**Total**<br>**2021**<br>**£**<br>**132**<br>**-**<br>**-**<br>**30**<br>**-**<br>**1,555**<br>**9,220**|Total<br>2020<br>£<br>129<br>**-**<br>**-**<br>1,152<br>-<br>122<br>3,641|
|---|---|---|---|---|---|
||**10,937**|**-**|**-**|**10,937**|5,044|
||**399**<br>**117,622**<br>**150**<br>**-**<br>**1,778**<br>**298**<br>**416**<br>**9,047**<br>**2,006**<br>**1,363**<br>-<br>**10,410**<br>**5,791**<br>**-**<br>-<br>**13,392**<br>**-**<br>**-**<br>**382**<br>**4,334**<br>-<br>**1,070**<br>**695**<br>**-**<br>**-**<br>**22,942**|**-**<br>**-**<br>**-**<br>**63,139**<br>**-**<br>**-**<br>**-**<br>**-**<br>**5,392**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>-<br>**-**<br>**-**<br>**-**<br>**-**<br>-<br>**-**<br>**-**<br>**1,550**<br>**-**<br>**-**<br>-|**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**1,212**<br>**-**<br>**-**<br>-|**399**<br>**117,622**<br>**150**<br>**63,139**<br>**1,778**<br>**298**<br>**416**<br>**9,047**<br>**7,398**<br>**1,363**<br>**-**<br>**10,410**<br>**5,791**<br>**-**<br>-<br>**13,392**<br>**-**<br>**-**<br>**382**<br>**4,334**<br>**-**<br>**1,070**<br>**3,457**<br>**-**<br>**-**<br>**22,942**|100<br>114,791<br>3,114<br>59,907<br>1,710<br>435<br>435<br>10,245<br>21,061<br>1,320<br>-<br>29,570<br>508<br>11,916<br>-<br>12,996<br>**-**<br>**-**<br>1,136<br>5,341<br>**-**<br>1,070<br>3,457<br>**-**<br>**-**<br>29,367|
||**192,095**|**70,081**|**1,212**|**263,388**|308,479|
||**1,076**|**-**|**-**|**1,076**|9,458|
||**1,076**|**-**|**-**|**1,076**|9,458|
|||||||
||**204,108**|**70,081**|**1,212**|**275,401**|322,981|



Page 17 



## **WALTHAM ABBEY PAROCHIAL CHURCH COUNCIL** 

## **4 Support Costs** 

|**Support Costs**|||||
|---|---|---|---|---|
|Church Office Repairs & Maintenance<br>Telephone Church Office<br>Photocopying Costs<br>Church Office sundry expenses<br>Office Equipment<br>Computer Service<br>Stationery<br>Parish Administration<br>Depreciation - W A Office equipment<br>Insurance<br>Auditors' Remuneration|**Raising**<br>**funds**<br>**£**<br>**-**<br>**328**<br>**174**<br>-<br>-<br>**166**<br>**133**<br>**5,142**<br>**-**<br>**3,277**<br>**-**<br>**9,220**|**Charitable**<br>**activities**<br>**£**<br>**-**<br>**657**<br>**348**<br>-<br>-<br>**332**<br>**267**<br>**10,283**<br>**-**<br>**6,555**<br>**4,500**<br>**22,942**|**Total**<br>**2021**<br>**£**<br>-<br>**985**<br>**522**<br>-<br>-<br>**498**<br>**400**<br>**15,425**<br>-<br>**9,832**<br>**4,500**<br>**32,162**|Total<br>2020<br>£<br>-<br>950<br>825<br>-<br>-<br>79<br>1,532<br>15,228<br>**-**<br>9,804<br>4,590|
|||||33,008|



Support costs are apportioned to activities in proportion to the estimated proportion of time spent on those activities by the Parish Administration apart from insurance which is apportioned one third to fundraising and two thirds to charitable activities and auditors reumneration which is allocated 100% to charitable activities 

|**5**<br>**Staff Costs**<br>Salaries and wages<br>Social security costs<br>Other pension costs<br>The average number of full-time equivalent employees|**Total**<br>**2021**<br>**£**<br>**84,929**<br>**1,468**<br>**1,027**<br>**87,424**<br>**5**|Total<br>2020<br>£<br>80,515<br>1,238<br>953|
|---|---|---|
|||82,706|
|||5|



No employee earned over £60,000 per annum 

Page 18 



## **WALTHAM ABBEY PAROCHIAL CHURCH COUNCIL** 

## **6 Comparatives for the Statement of Financial Activities for 31 December 2020** 

|**Income and endowments from:**<br>Donations and legacies<br>Other trading activities<br>Investments<br>**Total income**<br>**Expenditure on:**<br>Other expenses<br>**Total expenditure**<br>**Transfers between funds**<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>**Net income/(expenditure)**<br>Net gains/(losses) on investments<br>Total funds brought forward<br>**Total funds carried forward**<br>Income from charitable activities<br>Raising funds<br>Charitable activities<br>Other income|**Unrestricted**<br>**Funds**<br>**£**<br>**150,393**<br>**8,967**<br>**23,653**<br>**22,235**<br>**-**|**Restricted**<br>**Funds**<br>**£**<br>**10,332**<br>**-**<br>**2,483**<br>**55,294**<br>**-**|**Endowment**<br>**Funds**<br>**£**<br>**-**<br>**-**<br>**1,195**<br>**-**<br>**-**|**Total**<br>**Funds**<br>**£**<br>**160,725**<br>**8,967**<br>**27,331**<br>**77,529**<br>**-**|
|---|---|---|---|---|
||**205,248**<br>**3,892**<br>**208,498**<br>**9,458**|**68,109**<br>**1,152**<br>**95,393**<br>-|**1,195**<br>**-**<br>**4,588**<br>**-**|**274,552**<br>**5,044**<br>**308,479**<br>**9,458**|
||**221,848**<br>**932**|**96,545**<br>**-**|**4,588**<br>**615**|**322,981**<br>**1,547**|
||**(15,668)**|**(28,436)**|**(2,778)**|**(46,882)**|
||**1,000**|**(1,000)**|**-**|**-**|
||**(14,668)**<br>**96,137**|**(29,436)**<br>**526,492**|**(2,778)**<br>**405,020**|**(46,882)**<br>**1,027,649**|
||**81,469**|**497,056**|**402,242**|**980,767**|



Page 19 



## **WALTHAM ABBEY PAROCHIAL CHURCH COUNCIL** 

## **7 Fixed Assets** 

|**Freehold**<br>**Land &**<br>**Buildings**<br>**£**<br>Gross book value at 1 January 2021<br>280,000<br>Additions<br>**-**<br>Disposals<br>**-**<br>Revaluations<br>**-**<br>Gross book value at 31 December 2021<br>**280,000**<br>Depreciation at 1 January 2021<br>**-**<br>Charge for the year<br>**-**<br>Elimination on disposal<br>**-**<br>Depreciation at 31 December 2021<br>**-**<br>Net book value at 31 December 2021<br>**280,000**<br>Net book value at 31 December 2020<br>**280,000**<br>See note 11.5 for details of buildings.<br>**8**<br>**Debtors**<br>Amounts falling due within one year:<br>Debtors for goods & services<br>Prepayments & accrued income<br>Other debtors<br>Total debtors falling due within one year<br>**9**<br>**Short term investments & deposits**<br>Shares:<br>COIF Charity Funds - 860.65 shares (2020 860.65)<br>Methodist Holiday Hotels Ltd - 1,124 shares (2020 1,124) of £1<br>Deposits:<br>Central Board of Finance of the Church of England<br>Chelmsford Diocesan Board of Finance|**Leasehold**<br>**Buildings**<br>**£**<br>120,000<br>**-**<br>**-**<br>**-**<br>**120,000**<br>16,968<br>1,212<br>**-**<br>**18,180**<br>**101,820**<br>**103,032**<br>each|**Equipment**<br>**£**<br>58,337<br>**-**<br>**-**<br>**-**<br>**58,337**<br>45,673<br>2,244<br>**-**<br>**47,917**<br>**10,420**<br>**12,664**<br>**31/12/2021**<br>**£**<br>**-**<br>**11,145**<br>**-**<br>**11,145**<br>**31/12/2021**<br>**£**<br>**17,700**<br>**1,124**<br>**431,254**<br>**22,558**<br>**472,636**|**Total**<br>**£**<br>**458,337**<br>**-**<br>**-**<br>**-**|
|---|---|---|---|
||||**458,337**|
||||**62,641**<br>**3,456**<br>**-**|
||||**66,097**|
|||||
||||**392,240**|
|||||
||||**395,696**|
||||31/12/2020<br>£<br>-<br>6,606<br>-|
||||6,606|
||||31/12/2020<br>£<br>15,502<br>1,124<br>445,473<br>19,210|
||||481,309|



The COIF Charity Funds shares are valued at 2,056.64 pence (2020 1,801.14) per share. The shares in Methodist Holiday Hotels Ltd are valued at par (2020 par). 

|**10**<br>**Creditors**<br>Amounts falling due within one year:<br>Creditors for goods & services<br>Accruals & deferred income<br>Total creditors falling due within one year<br>**11**<br>**Analysis of  Net Assets Between Funds**<br>**Unrestricted**<br>**Funds**<br>**£**<br>Tangible fixed assets<br>**3,833**<br>Current assets<br>**68,791**<br>Current liabilities<br>**(13,050)**<br>**59,574**|**Restricted**<br>**Funds**<br>**£**<br>**6,587**<br>**478,149**<br>**-**<br>**484,736**|**Endowment**<br>**Funds**<br>**£**<br>**381,820**<br>**22,558**<br>**-**<br>**404,378**|**31/12/2021**<br>**£**<br>**13,050**<br>**-**<br>**13,050**<br>**Total**<br>**Funds at**<br>**31/12/2021**<br>**£**<br>**392,240**<br>**569,498**<br>**(13,050)**<br>**948,688**|31/12/2020<br>£<br>13,161<br>-|
|---|---|---|---|---|
|||||13,161|
|||||Total<br>Funds at<br>31/12/2020<br>£<br>395,696<br>598,232<br>(13,161)|
|||||980,767|



Page 20 



## **WALTHAM ABBEY PAROCHIAL CHURCH COUNCIL** 

## **12 Analysis of Movement of Funds** 

12.1 Endowment Funds 

|Endowment Funds|||||||
|---|---|---|---|---|---|---|
|Tithe Chancel<br>Freehold Land & Buildings<br>Leasehold Buildings<br>Total|Balance<br>31/12/2020<br>£<br>19,210<br>280,000<br>103,032|Incoming<br>Resources<br>£<br>563<br>-<br>-|Resources<br>Used<br>£<br>-<br>-<br>(1,212)|Transfers<br>£<br>-<br>-<br>-|Gains and<br>Losses<br>£<br>2,785<br>-<br>-|**Balance**<br>**31/12/2021**<br>**£**<br>**22,558**<br>**280,000**<br>**101,820**|
||402,242|563|(1,212)|-|2,785|**404,378**|



- 12.2 Restricted Funds 

|Balance<br>31/12/2020<br>£<br>Waltham Abbey<br>Fabric Fund<br>389,224<br>Internal Concerts<br>87<br>Organ Fund<br>8,302<br>Organ Scholarship Fund<br>2,234<br>Suspense<br>-<br>Youth Work (Leadbetter)<br>24,497<br>Bruton Fund<br>10,000<br>Bell Fund<br>-<br>St Lawrence<br>St Lawrence Projects<br>486<br>St Lawrence Building Fund<br>-<br>St Lawrence Pre-School<br>62,226<br>Total<br>497,056<br> Unrestricted Funds<br>Balance<br>31/12/2020<br>£<br>Waltham Abbey<br>Gutteridge<br>125<br>General Fund<br>64,708<br>Abbey Church Centre (Rand)<br>11,697<br>Organ Fund<br>981<br>St Lawrence<br>St Lawrence General<br>3,958<br>Total<br>81,469<br>**Total Funds**<br>**980,767**|Balance<br>31/12/2020<br>£<br>389,224<br>87<br>8,302<br>2,234<br>-<br>24,497<br>10,000<br>-<br>486<br>-<br>62,226|Incoming<br>Resources<br>£<br>659<br>-<br>2,718<br>1<br>-<br>434<br>-<br>-<br>-<br>-<br>53,949|Resources<br>Used<br>£<br>(4,513)<br>-<br>(2,429)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(63,139)|Transfers<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Gains and<br>Losses<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**Balance**<br>**31/12/2021**<br>**£**<br>**385,370**<br>**87**<br>**8,591**<br>**2,235**<br>**-**<br>**24,931**<br>**10,000**<br>**-**<br>**486**<br>**-**<br>**53,036**|
|---|---|---|---|---|---|---|
||497,056|57,761|(70,081)|-|-|**484,736**|
|||Incoming<br>Resources<br>£<br>3<br>157,831<br>3<br>237<br>21,940|Resources<br>Used<br>£<br>(128)<br>(180,170)<br>(1,670)<br>-<br>(22,140)|Transfers<br>£<br>-<br>-<br>-<br>-<br>-|Gains and<br>Losses<br>£<br>-<br>2,199<br>-<br>-|**Balance**<br>**31/12/2021**<br>**£**<br>**-**<br>**44,568**<br>**10,030**<br>**1,218**<br>**3,758**|
||81,469|180,014|(204,108)|-|2,199|**59,574**|
||||||||
||**980,767**|**238,338**|**(275,401)**|**-**|**4,984**|**948,688**|



## 12.3 Unrestricted Funds 

Page 21 



## **WALTHAM ABBEY PAROCHIAL CHURCH COUNCIL** 

## 12.4 Details of endowment funds 

## **Tithe Chancel** 

Custodian Trustee Chelmsford Diocesan Board of Finance Managing Trustee Waltham Abbey PCC Object The income may be used for chancel repairs or general fire insurance of the whole church building. 

## **Land & Buildings** 

Land and Buildings comprises Abbey Gardens House. This property was valued on 28 January 1999 by Michael Adkins of J B Property Services.  The valuations represented the asking price on the private treaty market. The PCC considers it inappropriate to incur expenditure on new valuations. 

The St Lawrence Church building is in the freehold of the Diocese of Chelmsford and is not capitalised. 

During the year ended 31 December 2007 the PCC purchased a lease for a period of 99 years for the Church Centre. 

## 12.5 Details of Restricted Funds 

Restricted funds are listed in note 12.2, and may be used only for the purposes inherent in their titles. Suspense Fund has previously been used for those receipts for which the PCC acts as an agent, and which must be remitted to other bodies. These include clergy fees and collections for charities which have, from 2017 onwards, been treated as set out in note 13. 

## **13 Monies collected on behalf of other organisations** 

During the year the PCC collected wedding and funeral fees on behalf of the Diocese and donations on behalf of the PCC's "Charity of the month" These amounts have not been included in the Statement of Financial Activities, since the amounts do not belong to the charity. At the year end there was a balance of £3,911 owing to other organisations, this amount has been included within creditors 

|Balance brought forward<br>Wedding and Funeral fees received<br>Fees remitted to diocese<br>Balance brought forward<br>Charity of the month donations received<br>Donations remitted to charities|**£**<br>3,034<br>12,177<br>(11,300)|
|---|---|
||3,911|
||**£**<br>8<br>220<br>(228)|
||-|



Page 22 



## **WALTHAM ABBEY PAROCHIAL CHURCH COUNCIL** 

## **14 Contingent Assets & Liabilities** 

There were no contingent assets or liabilities as at 31 December 2021. 

## **15 Commitments** 

The PCC has a liability to carry out a range of repairs to the church building over the next five years as identified in the quinquennial report. Our Architect, Sherry Bates, has outlined an ambitious and thorough proposal for wrapping all the Category 1 and Category 2 recommendations in the report, predominantly stonework repairs on the tower and remedial work to eliminate damp in the north wall between the vestries, into one project, to be supported by a Heritage Lottery Fund grant application and applications to other grant-making organisations, provision for these plans has not been made in these financial statements as they are still in the preliminary stages. General repairs are ongoing. 

## **16 PCC Members and Connected Persons Transactions** 

|16.1 PCC members' expenses reimbursed<br>Travel and subsistence<br>Total number of PCC members reimbursed<br>16.2 PCC members' and connected persons remuneration<br>PCC members and other remuneration as follows;<br>Rev T Scott<br>Expenses<br>Rev P Smith<br>Expenses<br>Rev A Guest<br>Assistant clergy expenses<br>M Meaden<br>Verger<br>F MacNeill<br>Verger|**2021**<br>**£**<br>2,194<br>2,194<br>**5**<br>**2021**<br>**£**<br>**416**<br>**1,778**<br>**-**<br>**869**<br>**837**|2020<br>£<br>2,145|
|---|---|---|
|||2,145|
||||
|||5|
|||2020<br>£<br>113<br>1,710<br>321<br>1,246<br>-|



## 16.3 Clergy Pay 

Stipendiary clergy (Rev Peter Smith and Rev Alex Guest) were paid by the Diocese of Chelmsford. The  majority of the Parish Share paid to the Diocese by the parishes is used to fund clergy pay and housing.  In addition fees received by the PCC for clergy (stipendiary and non-stipendiary) officiating at weddings and funerals are remitted to the Diocese to supplement funding for clergy stipends. Approximately 50% of fees paid to the Diocese are returned to the Parish as a credit against the Parish Share. 

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## **WALTHAM ABBEY PAROCHIAL CHURCH COUNCIL** 

- 16.4 Details of transactions with PCC members or connected persons 

There were no transactions with PCC members or connected persons during the year, other than as shown in 16.2 

## 16.5 Trustee Indemnity Insurance 

No insurance premium has been paid to indemnify the PCC against any loss arising from the neglect or default of any of its members. 

## **17 Loans or Guarantees Secured Against Assets of the PCC** 

No loans or guarantees have been secured against any assets of the PCC. 

## **18 Connected Organisations** 

The Friends of Waltham Abbey is not technically a Connected Organisation.  However the PCC wishes to acknowledge with gratitude rent payments and donations of £3,720 towards the maintenance and heating of the fabric of the church. 

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