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2023-12-31-accounts

REGISTERED CHARITY NUMBER: 1129915

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

WALTHAM ABBEY PCC

Marsh Solutions Limited 82 Berechurch Hall Road Colchester Essex CO2 8RF

WALTHAM ABBEY PCC

CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 December 2023

Page
Report of the Trustees 1 to 9
Independent Examiner's Report 10
Statement of Financial Activities 11
Balance Sheet 12
Notes to the Financial Statements 13 to 24
Detailed Statement of Financial Activities 25 to 26

WALTHAM ABBEY PCC

REPORT OF THE TRUSTEES for the year ended 31 December 2023

The trustees present their report with the financial statements of the charity for the year ended 31st December 2023.

The trustees have adopted the provisions of 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).

The Parochial Church Council (PCC) of the Parish of Holy Cross and St Lawrence has the responsibility of co-operating 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 with its own DCC, situated in Hillhouse CofE School in the Parish.

2023 was a year when the worship and outreach of the two churches was back to normal following the years 2020, 2021 and 2022 being affected by the Coronavirus Covid 19.

The Abbey Church being open is an important part of our welcoming mission to the townspeople but due to continuing financial constraints, it was only open on Wednesdays, Fridays and at weekends.

OBJECTIVES AND ACTIVITIES CHURCH ACTIVITIES AND PUBLIC BENEFIT

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:

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 Wednesdays, Fridays and at weekends, providing the opportunity for private prayer and for weddings and funerals on other days as required.

Seeking to develop an open and welcoming Christian community based on the building, we 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 and has the Safeguarding of all who visit at the forefront of its life.

St. Lawrence Church

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

Page 1

WALTHAM ABBEY PCC

REPORT OF THE TRUSTEES for the year ended 31 December 2023

OBJECTIVES AND ACTIVITIES Significant activities

Children and Young People

Sunday Club has continued to run twice a month as usual. We have welcomed two more children who have become regular members which has brought our numbers up to five, which is still very low but it is still such a joy to welcome them and watch them grow in their faith. We always try to give them a craft associated with their lesson that they can share with the congregation at the end of the service, and we thank our clergy for encouraging this. It was lovely to see the children take part in running the chocolate tombola and pick-a-bag stall at the Cavalcade of Light which raised £233 for church funds and which they thoroughly enjoyed.

Our hope and prayers are that we will continue to grow in numbers and that the children will still enjoy coming along and learning more about our Lord.

Outreach, Fellowship, Social and Fundraising Activities

The Olive Branch café at the Abbey Church Centre continued weekly on Wednesdays throughout 2023 for light refreshments and fellowship. In January, a very popular and well supported Burn's 'Night' Luncheon and Quiz was enjoyed, with the haggis being piped to the table by a very accomplished and well-rehearsed piper; our very own, The Rev'd. Tim Yeager. Each Saturday throughout Lent, Fellowship Lent Lunches were held, hosted in The Abbey Church Centre offering the opportunity to share with others, a simple lunch of soup, bread and cheese with the monies collected shared between The Bishop's Lent Appeal and the Turkey-Syria Earthquake Appeal.

We were very fortunate to be approached by a singing group, The Songbirds, who greatly admired the acoustics and setting of the Abbey Church asked to put on a concert in the Abbey Church with all monies being raised for church funds. Their offer was eagerly accepted and the concert was held on Saturday 20th May, helping to raise a considerable sum toward church funds. On 1st July, the Director of Music, Jonathan Lilley, and the Abbey Church Choir arranged, hosted and performed a very much enjoyed concert, 'Music for a Summers Evening', which it was hoped would become an annual event. The Harvest Lunch and Quiz was held on 7th October and on 4th November a 'King Charles III' Coronation and Birthday, Celebration Lunch and Cream Tea was held in the Church Centre with the lunch menu including the very tasty and quickly devoured Coronation Quiche made to the recipe that was served for the Coronation Lunch earlier in the year.

24th November was once again the Cavalcade of Light; a time when the church was decorated with fresh foliage and lights, together with stalls offering appropriate treats and refreshments, opening its doors wide to become a focal point of this much-loved annual community event.

The events held throughout the year and supported by a fantastic team of helpers, were always fairly priced to be inclusive for all; with the main aim being to offer, for many who live alone, the precious opportunity to share a meal in friendship and fellowship with a sprinkling of laughter and conversation.

The Abbey's bellringers rang to celebrate the Coronation of King Charles III, the local band increased by four ringers recruited in the earlier part of the year. The band rang on Coronation Day afternoon, combining ringing for a 'church' family wedding, which also took place that afternoon. On the Bank Holiday Monday, they rang the bells while cream teas were served at the Abbey Church Centre. This was such a success that they ran out of scones but managed cake for all! There was also celebratory ringing for the Opening Ceremony of the International Canoe Slalom World Championships, held in the Abbey Gardens in September, plus during the town Cavalcade of Light in November. For the Canoe Slalom Opening Ceremony the Olive Branch was also open for refreshments throughout the afternoon/evening.

Page 2

WALTHAM ABBEY PCC

REPORT OF THE TRUSTEES for the year ended 31 December 2023

OBJECTIVES AND ACTIVITIES

Working with Other Charities

During Lent, £464.94 was raised for the Turkey-Syria Earthquake Appeal and £272.50 for St Andrews Theological College, Kabare, Kenya (the subject of the Bishop of Chelmsford's Lent Appeal 2023) from the proceeds of five Lent Fellowship Lunches and associated donations.

Envelope donations during Christian Aid Week amounted to £95.95, with the opportunity to donate to Christian Aid online. There was also the invitation to make donations to Christian Aid's Middle East Crisis Appeal and, during Advent, to Christian Aid's Christmas Appeal, "This Christmas, it's time to let young women shine".

At the Harvest Festival service on Sunday 8th October gifts of non-perishable food and toiletries were donated to 3Food4U, the community support initiative based in Sun Street, Waltham Abbey; and, because of the large amount collected, also to the Trussell Trust foodbanks in Broxbourne and on Ninefields.

Three participants in The Friends of Essex Churches Ride and Stride on 9th September collected £868.00 in sponsorship, half of which (£434) went to The Friends of Essex Churches and half to the Abbey Church.

Music Department Report

Membership of the Abbey Choir was as stable as maternity and going away to university allowed, and although on the small side overall the choir is well-balanced between the voice sections. Realistically, the scope and frequency of choral worship such as Evensong depends more than anything else upon the choir's ability and availability to deliver it, and we believe that the pattern we have settled on of Evensong twice a month, without the monthly Choral Eucharists that also took place before the pandemic, represents a good balance between quality and quantity.

The choir gave a very successful and well-attended summer concert with afternoon tea, which noticeably attracted a different crowd beyond the worshipping community and the Music for Lunch regulars, as well as raising a useful contribution to parish funds. It was very good also to be able to push the proverbial boat out with repertoire for the Abbey Church's celebration of the Coronation, and in some new repertoire for Advent and Christmas.

Chorister numbers sadly dropped below a viable level as circumstances changed with the turn of the academic year. Plans are in the early stages for a different format of choral provision for children, consisting of a weekly singing club designed to be enjoyable and entice participants to make it a regularly fixture in their schedule, but which does not depend for its successful functioning on numbers of participants, regular attendance, or formal opportunities to perform. It would remain a long-term ideal for the group to contribute to worship, or for us to form one that does so, but the intention is to remove as many barriers to participation as possible, including ones that traditionally 'go with the territory' of church choir membership.

Our Music for Lunch recital series has gone from strength to strength especially since the arrival of a new student placement co-ordinator at our partner in delivery Trinity Laban Conservatoire, who has asked to be allowed as many performance slots as possible (as opposed to the established two per term). The decision was taken that from January 2024 the recitals will run half an hour earlier, at least as an experiment; this is to make logistics easier when performers are going on to, or indeed when the church is holding, afternoon events. With thanks to Judith Meaden for taking on the organisation, it has also been possible to resume the pre-recital refreshment service in the New Year. A performance of Bach's Goldberg Variations by international concert pianist Flavio Varani was held and also well-attended and attracting a fresh crowd, at the instigation of a local concert organiser with connections to the performer and who rightly judged that the Abbey Church would be an excellent space in which to enjoy such music.

Two bookings came in for hiring of the Abbey Church in 2024 for commercial recordings involving the organ, for no other reason than word getting around that the acoustic is a fine one and the rebuilt organ is a great success. The organ was repaired fully, successfully, and at our insurer's expense, following rainwater ingress during winter storms.

Page 3

WALTHAM ABBEY PCC

REPORT OF THE TRUSTEES for the year ended 31 December 2023

FINANCIAL REVIEW

Financial position

The accompanying financial statements provide details of the PCC's financial position incorporating activities of the Abbey Church, St Lawrence Church and the St Lawrence Church Pre-School.

Total income to General funds in 2023, was £196,325 (£178,808 related to the Abbey and £17,517 related to St Lawrence church), with general expenditure of £191,106.

Total income to restricted funds was £84,762 of which £61,363 related to St Lawrence pre-school, and total expenditure from restricted funds £104,641 with £90,133 related to the pre-school.

The revised Diocesan Parish Share scheme has resulted in reduced payments for the Parish in 2023 (£69,655 full payment, compared with £105,585 in 2022 which represented only partial payment). This has been a significant contributor to the increase in unrestricted funds in 2023 (compared with £47,055 reduction in 2022).

The first half of the year saw reduced rental income and increased costs following a water escape at Abbey Gardens House. Rental income has now been restored and increased hall hire at the Abbey Church Centre, and hires of the Abbey Church itself, have also increased helping to restore income levels. 2023 also saw generous donations to support provision of a new photocopier in the office and CCTV installation at the Abbey Church Centre to improve security and reduce vandalism there.

With a smaller Share payment again in 2024 and increased income in some areas more thought can be given to proactively making improvements and to developing our mission in other areas.

Page 4

WALTHAM ABBEY PCC

REPORT OF THE TRUSTEES for the year ended 31 December 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Parochial Church Council is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure. The PCC is a Registered Charity

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:

The Parish Safeguarding Officer (PSO) reports that although 2023 was a quiet year, those who required a DBS have all been completed, returned and registered. Training is very much ongoing, with safer recruitment needing to be completed by a few. All vergers have completed their basic and foundation training.

The Basic Awareness & Foundation courses are required for:

The Parish Safeguarding Officer has indicated that anyone requiring help to access online training contact her and advises her when training has been completed for records to be updated, as required.

The Diocese Safeguarding Policy has been adopted by The Friends of Waltham Abbey Church and for all those who volunteer in the Friends' shop, all ringers in the bell tower and the volunteers at the Olive Branch. Basic Awareness and Foundation training will be required to be completed on-line and those who take the lead with these groups would also need to complete safer recruitment training but this was in hand and ongoing; thanks are given to the leaders for their enthusiasm and co-operation.

The link for online training is:

www.chelmsford.anglican.org/safeguarding/safeguarding-training/church-of-england-safeguarding-courses

New posters have been placed in the parish church centre and church displaying the parish safeguarding 5 standards. Thank you to everyone for their cooperation in carrying out training requirements as needed.

PCC Members as Trustees

For the purposes of the financial statements the PCC Members, including the Incumbent and Wardens, are the Trustees of the charity and the terms PCC Members and Trustees may be used interchangeably.

Page 5

WALTHAM ABBEY PCC

REPORT OF THE TRUSTEES for the year ended 31 December 2023

Waltham 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 2022 to the date this report was approved are:

Team Rector Reverend Peter Smith Chairman
Associate Priest Reverend Trevor Scott
Churchwardens Linda Anderson
Deanery Synod Reps Jane Shipman
Elected Members Sheila Pearce St Lawrence
(From May 2023)
Valerie Lee St Lawrence
(From May 2023)
Rachel Matthews
Richard Walters
Amanda Beggs (Until May 2023)
Mark Anderson (From May 2023)
Carol Green (From May 2023)
Denise Swaby (From May 2023)
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.

Business Transacted At The Meetings Held In 2023 By The PCC Included:-

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.

Page 6

WALTHAM ABBEY PCC

REPORT OF THE TRUSTEES for the year ended 31 December 2023

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 to December 2023 to the date this report was approved are:

Team Rector Reverend Peter Smith (Chairman) Clergy Reverend Trevor Scott Churchwardens Linda Anderson Deanery Synod Representative Jane Shipman Elected PCC Representatives Rachel Matthews Amanda Beggs (Until May 2023) Carol Green (From May 2023) Richard Walters Mark Anderson (From May 2023) Denise Swaby (From May 2023) Elected DCC Representatives Valerie Davis Abiodun Fakokunde Amanda Beggs (From May 2023) Christopher Frostick Caroline Moores (From May 2023) Jane Hudson James Short (From May 2023) Lynette Rodgers Co-opted Lynda Beggs (Secretary)

The Abbey Church DCC 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 4 times during 2023 in January, April, June and September.

Business transacted during 2023 by the DCC included:

We agreed to continue to adopt annually the Diocese of Chelmsford's Safeguarding Policy and Procedures. Our Safeguarding Officer has ensured that relevant posters with contact details have been set up in the church and Abbey church Centre.

The decision was made to endorse the principle of maintaining available reserves in the Abbey General Fund sufficient to meet one month Parish Share, wages and utilities.

The budget for 2023 was fully approved as presented as was the revised budget presented in June. 300 copies of the Church Diary had been made available for the year. These are free of charge and of no cost to the church though a donation to church funds is appreciated. The maintenance team, under the mandate of the Properties & Fabric sub-group, met several times during the summer months. The Lower Garden flat has been successfully rented out. A Health & Safety Officer has been appointed.

Page 7

WALTHAM ABBEY PCC

REPORT OF THE TRUSTEES for the year ended 31 December 2023

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 five times.

Members who served from 1st January, 2023 to the date this report was approved are:

Team Rector The Revd Peter Smith Chairman
The Revd Jane Begley
Churchwarden Vacant
Deanery Synod Vacant
Elected PCC Valerie Lee
Representatives Sheila Pearce Secretary
Elected DCC Barbara Midgley
Representatives Joan O'Mullane
Jill Talbot Treasurer
Beryl Thorpe
Myra Purton (From May 2023)

We seek to be a living and loving church, where all are made welcome in a setting where worship is a priority and each person, knowing they are in the presence of God, feels safe and wanted. A service of Holy Communion is held most Sunday mornings and this has incorporated a café-style format on a number of occasions.

This year we were pleased to celebrate the 50th anniversary of the founding of St Lawrence District Church. A Service of Dedication was given by Reverend Peter Smith. An invitation was sent to previous clergy and congregation members. Many of whom attended. A shared lunch was provided and enjoyed by all. The cake was cut by one of the first member of the congregation to attend a service at St Lawrence District Church.

Once again St Lawrence joined with the Church at St Thomas to celebrate Christmas Day and we had a Sunday Morning Service as usual on Christmas Eve. The DCC were able to meet five times this year.

The church is actively involved with weekly collective worship at Hillhouse School. St Lawrence Church Pre-School has a member of the church on the Pre-School Committee and members of the Church are involved in many of their different activities. During the last year social and fund-raising events include:

Donations have been made by the congregation to purchase an altar cloth in memory of Canon Joyce Smith.

CHURCH ATTENDANCE

The Electoral rolls were revised in 2023 and at 31st December 2023 there were 156 (2022: 159) members in total on the churches' electoral rolls. Of these 131 (2022: 134) were on the electoral roll of the Abbey, of whom 89 were residents and 42 non-residents.

25 (2022: 25) members were on the electoral roll of St Lawrence Church, of whom 21 were residents and 4 non-residents.

In 2023, there were 10 weddings and 1 Blessing after a Civil Marriage; 28 funerals were taken in the church and 17 funerals were taken at Crematoriums or graveside. There were sixteen baptisms during the year, one an adult and fifteen children. The Waltham Abbey branch of the Mothers' Union again gave bibles suitable for the age to the youngsters and a book of prayers to the adult.

The average attendance at services held at the Abbey Church during October 2023 was 93 people; 154 attended Easter Sunday services; 148 the services for the King's Coronation on 7th May 2023; 468 attended Christmas services and 553 attended three schools Christmas services.

The average Sunday service attendance at St Lawrence 2023 was adults 27 and no children.

At St Lawrence the number attending worship on Easter Sunday was 30 adults and no children.

Page 8

WALTHAM ABBEY PCC

REPORT OF THE TRUSTEES for the year ended 31 December 2023

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1129915

Principal address

Parish Office, Abbey Church Centre Abbey Gardens Waltham Abbey Essex EN9 1XQ

Independent Examiner

Mr Christopher Marsh MAAT Marsh Solutions Limited 82 Berechurch Hall Road Colchester Essex CO2 8RF

07/05/24 Approved by order of the board of trustees on ............................................. and signed on its behalf by:

L Anderson (May 7, 2024 20:53 GMT+1) ........................................................................ L Anderson - Trustee

Page 9

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WALTHAM ABBEY PCC

Independent examiner's report to the trustees of Waltham Abbey PCC

I report to the charity trustees on my examination of the accounts of Waltham Abbey PCC (the Trust) for the year ended 31 December 2023.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Accounting Technicians, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mr Christopher Marsh MAAT The Association of Accounting Technicians

Marsh Solutions Limited 82 Berechurch Hall Road Colchester Essex CO2 8RF 08/05/24 Date: .............................................

Page 10

WALTHAM ABBEY PCC

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2023

Unrestricted
funds
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
120,786
Charitable activities
Charitable activities
38,637
Other trading activities
2
22,209
Investment income
3
14,693
Total
196,325
EXPENDITURE ON
Raising funds
2,552
Charitable activities
Charitable activities
188,554
Total
191,106
Net gains/(losses) on
investments
-
NET
INCOME/(EXPENDITURE)
5,219
Transfers between funds
11
4,303
Net movement in funds
9,522
RECONCILIATION OF
FUNDS
Total funds brought forward
17,226
TOTAL FUNDS CARRIED
FORWARD
26,748		 Restricted
Endowment
funds
funds
£
£
2,459
-
63,148
-
-
-
19,155
492
84,762
492
-
-
104,641
1,212
104,641
1,212
1,437
1,740
(18,442)
1,020
(2,142)
(2,161)
(20,584)
(1,141)
482,726
397,439
462,142
396,298		 31.12.23
31.12.22
Total
Total
funds
funds
£
£
123,245
108,932
101,785
108,498
22,209
14,490
34,340
23,086
281,579
255,006
2,552
1,724
294,407
299,939
296,959
301,663
3,177
(4,640)
(12,203)
(51,297)
-
-
(12,203)
(51,297)
897,391
948,688
885,188
897,391

The notes form part of these financial statements

Page 11

WALTHAM ABBEY PCC

BALANCE SHEET 31 December 2023

Notes
FIXED ASSETS
Tangible assets
7
CURRENT ASSETS
Debtors
8
Investments
9
Cash at bank
CREDITORS
Amounts falling due within one
year
10
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
NET ASSETS
FUNDS
11
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS		 Unrestricted
funds

£
4,418
10,447
1,660
28,703
40,810
(18,480)
22,330
26,748
26,748		 Restricted
funds
£
3,487
5,510
425,978
27,167
458,655
-
458,655
462,142
462,142		 Endowment
funds
£
379,396
-
16,902
-
16,902
-
16,902
396,298
396,298		 31.12.23
Total
funds
£
387,301
15,957
444,540
55,870
516,367
(18,480)
497,887
885,188
885,188
26,748
462,142
396,298
885,188		 31.12.22
Total
funds
£
388,784
6,055
445,760
66,361
518,176
(9,569)
508,607
897,391
897,391
17,226
482,726
397,439
897,391

The financial statements were approved by the Board of Trustees and authorised for issue on 07/05/24 ............................................. and were signed on its behalf by:

L Anderson (May 7, 2024 20:53 GMT+1)

.............................................

L Anderson - Trustee

The notes form part of these financial statements

Page 12

WALTHAM ABBEY PCC

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements and assessment of going concern

The financial statements of the charity, which is a public benefit entity under FRS 102, 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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. 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.

Income

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.

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.

Expenditure

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.

Support costs

Support costs are allocated to activities according to the majority of time spent on those activities by the Parish Administration apart from insurance and independent examiners fees which is allocated 100% to charitable activities

continued...

Page 13

WALTHAM ABBEY PCC

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2023

1. ACCOUNTING POLICIES - continued

Tangible 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 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.

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.

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.

Debtors

Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash, current bank accounts and deposit bank accounts with no withdrawal limitations.

Financial Instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Fund accounting

General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application 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.

continued...

Page 14

WALTHAM ABBEY PCC

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2023

2. OTHER TRADING ACTIVITIES

3.

31.12.23 31.12.22
Unrestricted Restricted Endowment
Total		 Total
funds funds funds funds funds
£ £ £ £ £
Church hall lettings etc 7,638 - - 7,638 4,780
External concerts 2,752 - - 2,752 3,033
Internal concerts 3,384 - - 3,384 2,143
Other fund raising 8,435 - - 8,435 4,534
22,209 - - 22,209 14,490
INVESTMENT INCOME
31.12.23 31.12.22
Unrestricted Restricted Endowment
Total		 Total
funds funds funds funds funds
£ £ £ £ £
Rents 14,632 - - 14,632 16,594
Dividends - 470 492 962 1,029
Interest 61 18,685 - 18,746 5,463
14,693 19,155 492 34,340 23,086

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Trustees' expenses

PCC members' expenses

Rev T Scott
Expenses
Rev P Smith
Expenses
J Meaden
Expenses
L Anderson
Fundraising Expenses		 31.12.23
£
315
2,176
77
1,024		 31.12.22
£
373
1,565
111
2,406

All expenses are repayments of costs incurred directly on behalf of the PCC and are allocated appropriately within the expenditure.

5. STAFF COSTS

Salaries and wages

Social security costs
Other pension costs		 31.12.23
£
116,667
2,502
1,467
120,636
31.12.22
£

98,748

2,042
1,239
102,030

Page 15

continued...

WALTHAM ABBEY PCC

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2023

5. STAFF COSTS - continued

The average monthly number of employees during the year was as follows:

31.12.23 31.12.22
All staff 5 5

No employees received emoluments in excess of £60,000.

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

The below is the statement of financial activities relating to the year ending 31 December 2022

Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
107,769
Charitable activities
Charitable activities
29,218
Other trading activities
14,490
Investment income
16,887
Total
168,364
EXPENDITURE ON
Raising funds
1,637
Charitable activities
Charitable activities
211,777
Total
213,414
Net gains/(losses) on investments
(2,005)
NET INCOME/(EXPENDITURE)
(47,055)
Transfers between funds
4,707
Net movement in funds
(42,348)
RECONCILIATION OF FUNDS
Total funds brought forward
59,574
TOTAL FUNDS CARRIED FORWARD
17,226		 Restricted
Endowment
funds
funds
£
£
1,163
-
79,280
-
-
-
5,637
562
86,080
562
87
-
86,950
1,212
87,037
1,212
(53)
(2,582)
(1,010)
(3,232)
(1,000)
(3,707)
(2,010)
(6,939)
484,736
404,378
482,726
397,439		 Total
funds
£
108,932
108,498
14,490
23,086
255,006
1,724
299,939
301,663
(4,640)
(51,297)
-
(51,297)
948,688
897,391

Page 16

continued...

WALTHAM ABBEY PCC

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2023

7. TANGIBLE FIXED ASSETS

Freehold
Land &
Leasehold
Buildings
Buildings
£
£
COST
At 1 January 2023
280,000
120,000
Additions
-
-
Disposals
-
-
At 31 December 2023
280,000
120,000
DEPRECIATION
At 1 January 2023
-
19,392
Charge for year
-
1,212
Eliminated on disposal
-
-
At 31 December 2023
-
20,604
NET BOOK VALUE
At 31 December 2023
280,000
99,396
At 31 December 2022
280,000
100,608
8.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Prepayments and accrued income
9.
CURRENT ASSET INVESTMENTS
COIF Charity Funds
Methodist Holiday Hotels Ltd
Central Board of Finance of the Church of England
Chelmsford Diocesan Board of Finance		 Equipment
£
58,337
2,634
(2,154)
58,817
50,161
1,774
(1,023)
50,912
7,905
8,176
31.12.23
£
15,957
31.12.23
£
17,080
1,124
409,434
16,902
444,540		 Totals
£
458,337
2,634
(2,154)
458,817
69,553
2,986
(1,023)
71,516
387,301
388,784
31.12.22
£
6,055
31.12.22
£
15,642
1,124
412,163
16,831
445,760

The charity holds 860.65 COIF Charity Funds shares which are valued at 1,984.50 pence per share (2022: 1,817.49 pence per share)

The 1,124 shares in Methodist Holiday Hotels Ltd are valued at par (2022: par).

continued...

Page 17

WALTHAM ABBEY PCC

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2023

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Taxation and social security
Other creditors
MOVEMENT IN FUNDS
Unrestricted funds
Waltham Abbey - General fund
St Lawrence - General Fund
Restricted funds
Fabric Fund
Organ Fund
Organ Scholarship Fund
Youth Work (Leadbetter)
St Lawrence - Projects
St Lawrence Pre-School
Bruton Fund
Endowment funds
Tithe Chancel
Freehold Land & Buildings
Leasehold Buildings
TOTAL FUNDS		 At 1.1.23
£
12,563
4,663
17,226
379,562
9,735
2,264
25,230
486
55,449
10,000
482,726
16,831
280,000
100,608
397,439
897,391		 Net
movement
in funds
£
4,012
1,207
5,219
9,778
(707)
105
1,152
-
(28,770)
-
(18,442)
2,232
-
(1,212)
1,020
(12,203)		 31.12.23
£
2,522
963
14,995
18,480
Transfers
between
funds
£
4,303
-
4,303
(863)
(1,204)
(4)
(71)
-
-
-
(2,142)
(2,161)
-
-
(2,161)
-		 31.12.22
£
1,252
641
7,676
9,569
At
31.12.23
£
20,878
5,870
26,748
388,477
7,824
2,365
26,311
486
26,679
10,000
462,142
16,902
280,000
99,396
396,298
885,188

11. MOVEMENT IN FUNDS

continued...

Page 18

WALTHAM ABBEY PCC

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2023

11. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
Waltham Abbey - General fund
St Lawrence - General Fund
Restricted funds
Fabric Fund
Organ Fund
Organ Scholarship Fund
Youth Work (Leadbetter)
St Lawrence Pre-School
Endowment funds
Tithe Chancel
Leasehold Buildings
TOTAL FUNDS		 Incoming
resources
£
178,808
17,517
196,325
17,558
3,255
105
2,481
61,363
84,762
492
-
492
281,579		 Resources
expended
£
(174,796)
(16,310)
(191,106)
(9,217)
(3,962)
-
(1,329)
(90,133)
(104,641)
-
(1,212)
(1,212)
(296,959)		 Gains and
Movement
losses
in funds
£
£
-
4,012
-
1,207
-
5,219
1,437
9,778
-
(707)
-
105
-
1,152
-
(28,770)
1,437
(18,442)
1,740
2,232
-
(1,212)
1,740
1,020
3,177
(12,203)

continued...

Page 19

WALTHAM ABBEY PCC

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2023

11. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Below is the movement in funds relating to the year ending 31 December 2022.

Unrestricted funds
Waltham Abbey - General fund
Rand Bequest
Organ Fund
St Lawrence - General Fund
Restricted funds
Fabric Fund
Internal Concerts
Organ Fund
Organ Scholarship Fund
Youth Work (Leadbetter)
St Lawrence - Projects
St Lawrence Pre-School
Bruton Fund
Endowment funds
Tithe Chancel
Freehold Land & Buildings
Leasehold Buildings
TOTAL FUNDS		 At 1.1.22
£
44,568
10,030
1,218
3,758
59,574
385,370
87
8,591
2,235
24,931
486
53,036
10,000
484,736
22,558
280,000
101,820
404,378
948,688		 Net
movement
in funds
£
(42,167)
(4,575)
(1,218)
905
(47,055)
(4,944)
(87)
1,248
31
329
-
2,413
-
(1,010)
(2,020)
-
(1,212)
(3,232)
(51,297)		 Transfers
between
funds
£
10,162
(5,455)
-
-
4,707
(864)
-
(104)
(2)
(30)
-
-
-
(1,000)
(3,707)
-
-
(3,707)
-		 At
31.12.22
£
12,563
-
-
4,663
17,226
379,562
-
9,735
2,264
25,230
486
55,449
10,000
482,726
16,831
280,000
100,608
397,439
897,391

continued...

Page 20

WALTHAM ABBEY PCC

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2023

11. MOVEMENT IN FUNDS - continued

Comparative net movement in funds for the year ending 31 December 2022, included in the above are as follows:

Unrestricted funds
Waltham Abbey - General fund
Rand Bequest
Organ Fund
St Lawrence - General Fund
Restricted funds
Fabric Fund
Internal Concerts
Organ Fund
Organ Scholarship Fund
Youth Work (Leadbetter)
St Lawrence Pre-School
Endowment funds
Tithe Chancel
Leasehold Buildings
TOTAL FUNDS		 Incoming
resources
£
149,750
56
-
18,558
168,364
5,207
-
2,407
31
329
78,106
86,080
562
-
562
255,006		 Resources
expended
£
(189,912)
(4,631)
(1,218)
(17,653)
(213,414)
(10,098)
(87)
(1,159)
-
-
(75,693)
(87,037)
-
(1,212)
(1,212)
(301,663)		 Gains and
Movement
losses
in funds
£
£
(2,005)
(42,167)
-
(4,575)
-
(1,218)
-
905
(2,005)
(47,055)
(53)
(4,944)
-
(87)
-
1,248
-
31
-
329
-
2,413
(53)
(1,010)
(2,582)
(2,020)
-
(1,212)
(2,582)
(3,232)
(4,640)
(51,297)

continued...

Page 21

WALTHAM ABBEY PCC

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2023

11. MOVEMENT IN FUNDS - continued

A current year 12 months (year ending 31 December 2023) and prior year 12 months (year ending 31 December 2022) combined position is as follows:

Unrestricted funds
Waltham Abbey - General fund
Rand Bequest
Organ Fund
St Lawrence - General Fund
Restricted funds
Fabric Fund
Internal Concerts
Organ Fund
Organ Scholarship Fund
Youth Work (Leadbetter)
St Lawrence - Projects
St Lawrence Pre-School
Bruton Fund
Endowment funds
Tithe Chancel
Freehold Land & Buildings
Leasehold Buildings
TOTAL FUNDS		 At 1.1.22
£
44,568
10,030
1,218
3,758
59,574
385,370
87
8,591
2,235
24,931
486
53,036
10,000
484,736
22,558
280,000
101,820
404,378
948,688		 Net
movement
in funds
£
(38,155)
(4,575)
(1,218)
2,112
(41,836)
4,834
(87)
541
136
1,481
-
(26,357)
-
(19,452)
212
-
(2,424)
(2,212)
(63,500)		 Transfers
between
funds
£
14,465
(5,455)
-
-
9,010
(1,727)
-
(1,308)
(6)
(101)
-
-
-
(3,142)
(5,868)
-
-
(5,868)
-		 At
31.12.23
£
20,878
-
-
5,870
26,748
388,477
-
7,824
2,365
26,311
486
26,679
10,000
462,142
16,902
280,000
99,396
396,298
885,188

continued...

Page 22

WALTHAM ABBEY PCC

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2023

11. MOVEMENT IN FUNDS - continued

A current year 12 months (year ending 31 December 2023) and prior year 12 months (year ending 31 December 2022) combined net movement in funds, included in the above are as follows:

Unrestricted funds
Waltham Abbey - General fund
Rand Bequest
Organ Fund
St Lawrence - General Fund
Restricted funds
Fabric Fund
Internal Concerts
Organ Fund
Organ Scholarship Fund
Youth Work (Leadbetter)
St Lawrence Pre-School
Endowment funds
Tithe Chancel
Leasehold Buildings
TOTAL FUNDS		 Incoming
resources
£
328,558
56
-
36,075
364,689
22,765
-
5,662
136
2,810
139,469
170,842
1,054
-
1,054
536,585		 Resources
expended
£
(364,708)
(4,631)
(1,218)
(33,963)
(404,520)
(19,315)
(87)
(5,121)
-
(1,329)
(165,826)
(191,678)
-
(2,424)
(2,424)
(598,622)		 Gains and
Movement
losses
in funds
£
£
(2,005)
(38,155)
-
(4,575)
-
(1,218)
-
2,112
(2,005)
(41,836)
1,384
4,834
-
(87)
-
541
-
136
-
1,481
-
(26,357)
1,384
(19,452)
(842)
212
-
(2,424)
(842)
(2,212)
(1,463)
(63,500)

DETAILS OF RESTRICTED FUNDS

Restricted funds are listed in note 12.2, and may be used only for the purposes inherent in their titles.

DETAIL 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.

continued...

Page 23

WALTHAM ABBEY PCC

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2023

12. 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, provision for these plans has not been made in these financial statements as they are still in the preliminary stages. General repairs are ongoing.

13. RELATED PARTY DISCLOSURES

PCC members' related parties remuneration

C Anderson
Expenses
M Meaden
Remuneration & Expenses		 31.12.23
£
625
3,607		 31.12.22
£
-
2,406

14. 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 other charities and organisations. 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 £2,522 owing to other organisations, this amount has been included within creditors

Diocesan fees
Balance brought forward
Wedding and Funeral fees received
Fees remitted to diocese
Charities and others
Balance brought forward
Amounts received
Amounts remitted		 £
1,254
9,138
(7,870)
2,522
£
-
855
(855)
-

15. 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.

16. LOANS OR GUARANTEES SECURED AGAINST ASSETS OF THE PCC

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

17. 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 towards the maintenance and heating of the fabric of the church.

Page 24