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2022-12-31-accounts

Annual Report and Financial Statements for the Year Ended 31 December 2022 for the Parochial Church Council of St Mary the Virgin, Henley on Thames

Incumbent: The Revd. Jeremy Tayler BTh BSc MA The Rectory, Hart Street Henley on Thames RG9 2AU

Contents
Page
Charity Information 3
Annual Report 4
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10
Report of the Independent Examiner 19

PCC of St Mary the Virgin, Henley on Thames

Page 2

Charity Information

Parochial Church Council of St Mary the Virgin, Henley on Thames

Charity Address St Mary's Parish Office Hart Street Henley on Thames Oxon RG9 2AU Registered Charity Number 1130100 Website www.stmaryshenley.org.uk Email address office.hwr@btinternet.com Incumbent The Revd. Jeremy Tayler BTh BSc MA Bankers Barclays Bank plc Independent Examiner Neil Hutt Abben Consulting Limited Woodside Colmore Lane Henley on Thames RG9 5LX

PCC of St Mary the Virgin, Henley on Thames

Page 3

Annual Report For Year Ended 31 December 2022

Background

The Church of St Mary the Virgin is a large Grade II* listed building in Hart Street, Henley on Thames, with its Grade I listed late mediaeval Chantry House in the churchyard behind the church. The Parish is part of the Henley Deanery and the Diocese of Oxford within the Church of England. It shares a joint benefice with St Nicholas, Remenham.

Stucture, governance and management

The PCC is registered with the Charity Commission with charity number 1130100. Members of the PCC are either ex officio or elected by the Annual Parochial Church Meeting (APCM), in accordance with the Church Representation Rules. All those attending church are encouraged to register on the Electoral Roll and to stand for election to the PCC. It shall be the duty of the minister and the PCC to consult together on matters of general concern and importance to the parish and to comply with statutory legislation.

The PCC is responsible for all parish finance, its management and control, including the appointment of a treasurer. The PCC is also required to ensure that the financial statements are examined by an independent examiner prior to the presentation to the APCM.

The PCC's responsibilities in relation to the financial statements

The members of the PCC are responsible for preparing an Annual Report and Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (UK GAAP).

The law applicable to charities in England and Wales requires the members of the PCC to prepare Financial Statements, for each year, which give a true and fair view of the state of affairs of the PCC and of the incoming resources and application of resources, of the PCC for that period. In preparing the Financial Statements, the PCC is required to:

The members of the PCC are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the PCC and to enable them to ensure that the Financial Statements comply with: the Charities Act 2011; the accounting policies set out in Note 1 of the Financial Statements; Accounting and Reporting by Charities SORP applicable to charities preparing their accounts in accordance with FRS102 Update Bulletin 1; and the applicable Charities (Accounts and Reports) Regulations. They are responsible for safegurading the assets of the PCC and taking reasonable steps for the prevention and detection of fraud and other irregulaties.

PCC of St Mary the Virgin, Henley on Thames

Page 4

Annual Report (continued) For Year Ended 31 December 2022

Objectives and activities

The PCC has the responsibility of cooperating with the incumbent, the Revd. Jeremy Tayler in promoting in the ecclesiastical parish, the whole mission of the Church, pastoral, evangelistic, social and ecumenical. It also has maintenance and management responsibilities for the Chantry House. This Report gives details of the activities of the PCC and its committees through the financial year to 31 December 2022.

When planning our activities for the year, the incumbent and the PCC have considered the Charity Commission's guidance on public benefit and, in particular, the specific guidance on Charities for the advancement of religion. The PCC is commited to enabling as many people as possible to worship at St Mary's and to become part of our parish community.

PCC Membership

During the year ended 31 December 2022 the following served as members of the PCC:

Incumbent: The Revd. Jeremy Tayler BTh BSc MA (Chairman) Assistant Curate: The Revd. Romey Poston Church Wardens: Robin Hartley Sue Hockley Hon Treasurer: Kathryn Turner (stood down 30 June 2022) John Louth (appointed 1 July 2022) Hon Secretary: Shiela Croton Director of Music: Sebastian Thomson Representatives on the Carol Brook-Partridge (until 2024) Deanery Synod: Sheila Croton (until 2024) Terry Grourk (resigned 1 September 2022 ) Elected Members: Kathryn Turner Martin Whittaker Joan Edwards Jonathan Sabine-Taylor (stood down 1 January 2022) Andrew Merryweather

PCC of St Mary the Virgin, Henley on Thames

Page 5

Annual Report (continued) For Year Ended 31 December 2022

Annual Review

2022 was a transitional year for St Mary’s as the UK emerged from the worst effects of Covid-19 and associated restrictions. We saw the welcome return of many activities, including the Walsingham Pilgrimage and the Regatta Service. But church attendance continued to feel somewhat depressed: the combination of an ageing congregation, with the unwelcome reality of Covid restrictions shutting down most activities aimed at building connections with children and families, meant that we found we had sadly lost several regular worshippers whilst struggling to find new ones.

That said, many good things happened in 2022.

St Mary’s helped to establish, jointly with several other Henley churches, the Henley Churches Debt Centre, part of the national Christians Against Poverty charity. With the Russian invasion of Ukraine, and the resulting cost of living crisis, this has proved to be a very timely move, and the debt centre is already making a difference to the lives of many people in Henley.

St Mary’s was at the centre of the town’s commemorations connected with Her Late Majesty Queen Elizabeth II. Services to mark her Platinum Jubilee, and in response to her death, were very well attended and greatly appreciated by many in the town. Our response to the death of the Queen attracted television coverage from Sky news, and was broadcast around the world.

The installation of emergency lighting was carried out during 2022, enhancing our ability to safely serve as a place of gathering for concerts, as well as major civic, national and religious celebrations.

Our church choir continues to be a focus of our parish life, and efforts began to recruit new singers to both our adult and junior choirs after the disruption of the pandemic. Significant maintenance work was undertaken on the organ over the summer.

We look forward to 2023 as we finally emerge from the shadow of the pandemic and seek to communicate the love of God revealed in Jesus Christ afresh in this town.

Church Attendance

The number of parishioners registered on the Electoral Roll at the 2022 APCM was 114 (2021 - 116)

Financial review

Total receipts on ordinary unrestricted funds were £125,085 (2021 - £128,066) and are detailed in the Financial Statements.

The Financial Statements for 2022, with the notes thereto, give a complete picture of our finances. We show a reduction of £63,084 (2021 - increase of £12,559) on our unrestricted funds for the year. The parish donated 3% (2021 - 3.5%) of income to charities, emergency funds and other good causes.

PCC of St Mary the Virgin, Henley on Thames

Page 6

Annual Report Iconilnuedl For Year Ended 310tc*mber 2022 Commlttees The PCC operales through a number of committess, which meet 35 required between of the full PCC. to which they report. Standing Committee: Thls Is the only committee required by law. It has the powerlo transact the business of the PCC between meetings of the latter, subject to any direction5 given by the PCC. In St Mary's the Standing Committee also performs the function of a Finance Committee Ino such separate committee exists here) in overseeing and rn8naging incorne and expenditure lother than special projettsl, preparlng budgets for the PCC approval and planning 3nd monitoring our stewardship activities. The present members of the Standing Committee are the Rector, the wardens, the treasurer and the secretary. Chantry Hgu5e Management Committee.. This body, a sub-committee of the PCC. takes responslbllity for all matters concerning the maintenance, letting and management of the Chantry House. This committee comprises Fr. Jeremy Tayler. Robin Hartley. Martin Whtttaker (Chairman), Kathryn Tuiner and John Louth ITreasurerl, Joan Edwards and Sue Hockley. Julie Griffin is the contad responsible for bookings and blllings. Charity Committee- This body is responible for deciding how charitible giving should organised. It comprises.. Robin Hartley Ichairmanl. Carol Brook Partridge, Kathryn Turner, loan Edwards and Andrew Merryweather. Reserves policy It is PCC policy to maintain a balance on unrestricted funds lif possiblel, which equates to approximately six months. unrestricted payments, to covef emergency sltuatlons that may arlse from time to time. The balance of £245.524 on unrestricted funds including the capital value of oui General Fund COIF shares more than fulfils this target. The balance in the Chantry House Repair Fund of £5.53212021- £7,327) together with the funds invested within the CBF Church of England Investment F￿Thd valued at £21,18112021- £24,008) on 31 December 2022 are retained towards meeting the costs likely to arise in rnaintaining such an ancient and hlstorlc bulldlng. It is our policy to invest our funds balances with the CBF Church of England Deposit Fund, with the exception of our COIF Funds which are invested as income units in the CCLA Investment Management Ltd. COIF Charity funds. On and behalf of the Parochlal Church Council Chairman 15 Maich 2023 PCC of St Mary the Virgin, Henley on Thames Page 7

Statement of Financial Activities For the Year Ended 31 December 2022

Notes
Income and endowments from:
Donations and legacies
2(a)
Other trading activities
2(b)
Investments
2(c)
Total
Expenditure on:
Charitable Activities
3
Total
Net income/(expenditure)
Transfers between funds
Gains/(losses) on investment assets
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted Restricted
Total
Funds
Funds
Funds
£
£
£
94,493
-
94,493
25,833
3,275
29,108
4,759
813
5,572
125,085
4,088
129,173
(174,100)
(11,197)
(185,297)
(174,100)
(11,197)
(185,297)
(49,015)
(7,110)
(56,124)
-
-
-
(14,069)
-
(14,069)
(63,084)
(7,110)
(70,193)
308,608
58,219
366,827
245,524
51,109
296,634
2022		 2021
Total
Funds
£
101,989
26,551
3,197
131,737
(125,316)
(125,316)
6,421
-
15,013
21,434
345,393
366,827

The notes form part of these financial statements

PCC of St Mary the Virgin, Henley on Thames

Page 8

Balance Sheet 31 December 2022 Notes 2022 2021 xed Assets Investments 106,643 120,710 Current Assets Debto Short term deFY)Sits Cash at bank 35,989 197,816 16,762 178.863 11.128 Total Current Assets 189,991 250.567 Uabilities Creditors.. Amounts fallin8 due within one year 14,4501 Net Current Assets 189,991 246,117 Total Net Assets 296.634 366,827 The Funds of the Charitv Unrestricted - general Unrestricted designated 178.658 66,866 242,609 65,999 Total Unrestricted Funds 245.524 308,608 Restricted Income Funds 51,109 58,219 Total Reserves and Funds 296.633 366,827 The notes form part of these financlal statements. Approved by the Parochial Church Council and signed on it5 behalf bv.. 15 March 2023 PCC of St Mary the Virgin, Henley on Thame5 Page 9

Notes to the Financial Statements for the Year Ended 31 December 2022

1 Accounting Policies

Basis of preperation and going concern

The Financial Statements have been prepared under the historical cost convension with items recognised at cost unless otherwise stated in the relevant notes to these Financial Statements.

The Financial Statements have been prepared in accordance with the Church Accounting Regulations 1997, as amended by the Church Accounting Regulations 2006, together with the SORP: Accounting and Reporting by charities preparing there Financial Statements in accordance with FRS 102 Update Bulletin 1 and the Charities Act 2011.

The members of the Parochial Church Council (PCC) consider that there are no material uncertainties about the PCC's ability to continue as a going concern.

Funds

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

Restricted Funds can only be used for a particular restricted purpose under the objectives of the charity. Restrictions arise when a specified by the donor or when funds are raised for particular restricted purposes.

The Financial Statements 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 or those that are informal gatherings of church members.

Voluntary and other income

Donations, collections, legacies and similar income are included in the year in which they are receivable which is when the charity becomes entitled to the resource.

Funds raised by fetes, garden parties and similar events are accounted for gross. Sales of books and magazines are accounted for gross.

Income from letting of church premises is recognised when it is received.

Investment income

Income from investments is included in the Statement of Financial Activities in the year in which it is receivable.

Gains and losses from investment assets

Realised gains and losses are recognised when investments are sold. Unrealised gains and losses are accounted for by revaluation each year end on 31 December.

Grants

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

PCC of St Mary the Virgin, Henley on Thames

Page 10

Notes to the Financial Statements (continued) for the Year Ended 31 December 2022

1 Accounting Policies (continued)

Activities directly related to the work of the church

The diocesan parish share is accounted for when paid.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation commiting the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot de directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resource.

Investment assets

Investments are valued at market value each year end at 31 December.

Fixed assets

Consecrated and benefice property is excluded from the Financial Statements in accordance with s.10 of the Charities Act 2011.

No value is placed on movable church furnishings held by the church wardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or benefice buildings and moveable church furnishings, whether maintenance or improvement, is written off as expenditure in the Statement of Financial Activities. If material, it is disclosed in the notes to the Financial Statements.

All fixtures, fittings and office equipement are charged to expenditure when acquired. Material items are disclosed in the notes to the Financial Statements.

Current assets

All amounts owing to the PCC (together with any sums paid in advance in respect of future events) are shown as debtors, less any provision for amounts that may prove uncollectable.

Cash is held on deposit from time to time with the Church of England and Barclays Bank.

Interest and dividends are recognised when they are receivable.

PCC of St Mary the Virgin, Henley on Thames

Page 11

Notes to the Financial Statements (continued) for the Year Ended 31 December 2022

2 Income and endowments from:

(a) Donations and legacies
Covenants and Gift Aid
Income tax recoverable
Collections (open plate) at services
Sundry donations
Legacies and grants
(b) Other trading activities
Lettings
Miscellaneous
Fees
Property receipts
(c) Investments
Dividend income from COIF shares
- General Fund (Earlsfield, Turnour,
Bayley and Williams bequests)
- Assistant Clergy Fund (Williams,
Giles and Jackson bequests)
Dividend from CBF CoE investment
- Chantry House Repair Fund
Interest
- General Fund
- Chantry House Repair Fund
- Assistant Clergy Fund
- Fabric Fund
- Charitable Donations Fund
- Organ Fund
- Nancy Baker Bequest Fund		 Unrestricted Restricted
Total
Funds
Funds
Funds
£
£
£
45,425
-
45,425
10,785
-
10,785
16,462
-
16,462
7,001
-
7,001
14,820
-
14,820
94,493
-
94,493
1,675
2,325
4,000
3,490
-
3,490
7,666
-
7,666
13,002
950
13,952
25,833
3,275
29,108
1,097
-
1,097
1,454
-
1,454
-
630
630
942
-
942
-
81
81
219
-
219
-
82
82
-
-
-
-
20
20
1,047
-
1,047
4,759
813
5,572
2022		 2021
Total
Funds
£
43,884
11,050
6,137
9,418
31,500
101,989
3,965
22
8,706
13,858
26,551
1,069
1,417
609
39
4
8
6
-
2
43
3,197

PCC of St Mary the Virgin, Henley on Thames

Page 12

Notes to the Financial Statements (continued) for the Year Ended 31 December 2022

3 Charitable Activities

Unrestricted Restricted
Total
Funds
Funds
Funds
(a) Grants
£
£
£
Missionary and charitable giving
- Secular charities
1,000
-
1,000
- Missionary societies and other
2,880
-
2,880
3,880
-
3,880
(b) Activites directly related to the work
of the church
Ministry
- Parish Share
37,000
-
37,000
- Clergy Expenses
2,683
-
2,683
- Deanery Quota
1,351
-
1,351
Church
Running costs
- Energy
9,396
-
9,396
- Telephone
1,212
-
1,212
- Insurance
11,279
-
11,279
Maintenance
- Repairs and renewals
33,182
-
33,182
- Music, chior and organ
20,406
-
20,406
- Printing and postage
1,905
-
1,905
- Health and safety
2,506
-
2,506
Upkeep of services
- Sacristy
1,489
-
1,489
- Salaries, etc.
34,878
-
34,878
- Furlough received
-
-
-
Chantry House Costs
- Energy and water
-
2,830
2,830
- Telephone
-
606
606
- Maintenance
-
5,878
5,878
- Cleaning and admin
-
1,883
1,883
157,287
11,197
168,484
(c) Other costs
General Admin
1,248
-
1,248
Advertisements and website
5,120
-
5,120
Independent Examiners fees
5,340
-
5,340
Miscellaneous
1,225
-
1,225
12,933
-
12,933
174,100
11,197
185,297
2022		 2021
Total
Funds
£
3,000
615
3,615
25,500
3,477
596
9,652
1,067
10,857
19,337
8,138
2,166
2,266
583
26,483
(2,605)
2,129
606
1,890
2,176
114,318
455
1,196
5,290
442
7,383
125,316

PCC of St Mary the Virgin, Henley on Thames

Page 13

Notes to the Financial Statements (continued) for the Year Ended 31 December 2022

4 Investments

General Fund - COIF
2,021 shares at £18.17 (21 - £20.57)
Assistant Clergy Fund - COIF
2,679 shares at £18.17 (21 - £20.57)
Henley and District Housing Trust
£350 2.5% Loan Stock
Restricted Funds
Chantry House Repair Fund
CBF CoE Investment Fund
1025 shares at £20.66 (21 - £23.42)
5 Debtors
Income Tax recoverable
Other debtors		 Unrestricted Restricted
Total
Funds
Funds
Funds
£
£
£
36,731
-
36,731
48,691
-
48,691
40
-
40
-
21,181
21,181
85,462
21,181
106,643
Unrestricted Restricted
Total
Funds
Funds
Funds
£
£
£
-
-
-
-
-
-
-
-
-
2022
2022		 2021
Total
Funds
£
41,565
55,097
40
24,008
120,710
2021
Total
Funds
£
4,897
31,092
35,989

PCC of St Mary the Virgin, Henley on Thames

Page 14

Notes to the Financial Statements (continued) for the Year Ended 31 December 2022

6 Short term deposits

General Fund
Church of England Deposit Fund
St Mary's Choir Fund
Chantry House Repair Fund
Church of England Deposit Fund
Assistant Clergy Fund
Church of England Deposit Fund
Fabric Fund
Church of England Deposit Fund
Charitable Donations Fund
Church of England Deposit Fund
Nancy Baker Fund
Nancy Baker Bequest Fund
Chantry House Lettings Deposit
Church of England Deposit Fund
Organ Fund
Church of England Deposit Fund
The Ellen Buckland Bequest Fund
Church of England Deposit Fund		 Unrestricted Restricted
Total
Funds
Funds
Funds
£
£
£
1,034
-
1,034
4,080
-
4,080
-
5,532
5,532
17,730
-
17,730
-
529
529
-
25
25
82,988
-
82,988
-
108
108
-
53
53
66,784
-
66,784
172,616
6,247
178,863
2022		 2021
Total
Funds
£
1,020
9,273
7,327
16,786
12,409
24
81,910
106
3,044
65,917
197,816

PCC of St Mary the Virgin, Henley on Thames

Page 15

Notes to the Financial Statements (continued) for the Year Ended 31 December 2022

7 Cash at bank

General Fund
Chantry House Letting Fund
Millenium Appeal Fund
Fabric Fund
Railings Fund
Clock Fund
The Ellen Buckland Bequest Fund		 Unrestricted Restricted
Total
Funds
Funds
Funds
£
£
£
876
-
876
-
1,904
1,904
-
100
100
-
(1,834)
(1,834)
-
-
-
-
10,000
10,000
82
-
82
958
10,170
11,128
2022		 2021
Total
Funds
£
5,380
3,034
100
(1,834)
10,000
-
82
16,762

Note - During the year the railings were repaired and the donator to the Railing Fund agreed to transfer the balance to a restricted Clock Fund

8 Creditors falling due within one year

Creditors for goods and services Unrestricted Restricted
Total
Funds
Funds
Funds
£
£
£
-
-
-
2022		 2021
Total
Funds
£
4,450

9 Details of Funds

Unrestricted Funds

The Unrestricted Funds of the PCC concist of the following:

The General Fund, this consists of:

The investments arise from various bequests over many years.

The Loan Stock has not been converted to COIF units as the Official Custodian ruled that they are not a marketable security.

The Assistant Clergy Fund, this consists of:

The investments arise from various bequests over many years.

PCC of St Mary the Virgin, Henley on Thames

Page 16

Notes to the Financial Statements (continued) for the Year Ended 31 December 2022

9 Details of Funds (continued)

The Ellen Buckland Bequest Fund, this consists of:

The St Mary's Choir Fund, this consists of:

The fund continues to pay scholarships to singers during the year and to develop the capabilities of choir members.

The Nancy Baker Fund, this consists of:

Restricted Funds

The Restricted Funds of the PCC consists of the following:

The Chantry House Repair Fund, consists of:

The freehold of the Chantry House is held by the Oxford Diocesan Board of Finance as custodian trustees for the PCC on terms which allow all income derived from letting it or using it to generate income, to be spent by the PCC for its own purposes. No rent is payable.

The original value of the freehold property is not included with the Financial Statements. Improvements to the property are included within expenditure in the year in which incurred.

The PCC is responsible for keeping the Chantry House in good order. Any major expenditure incurred for restoration and improvement will require the permission of the Dioceses as freeholders. The transactions arising from letting and other activities are handled by a committee. They are accountable to the PCC for the effective administration of the Chantry House activities.

The Chantry House Repair Fund is restricted by PCC resolution to donations for and expenditure on the restoration, alteration and improvement of the Chantry House.

Millenium Appeal Fund, consists of:

The fund is restricted by PCC resolution to donations for and expenditure on the restoration, alteration and improvement of the church fabric.

PCC of St Mary the Virgin, Henley on Thames

Page 17

Notes to the Financial Statements (continued) for the Year Ended 31 December 2022

9 Details of Funds (continued)

Fabric Fund, consist of:

The fund is restricted by PCC resolution to donations for and expenditure on the restoration, alteration and improvement of the church fabric.

Charitable Donations Fund, consists of the following:

The fund is restricted by PCC resolution to expenditure on charitable donations.

The Organ Fund, consists of:

The fund is restricted by PCC resolution to repar work on the organ.

The Railing fund, consists of:

The railing project was completed during the year and the balance on the fund transferred to the Clock Fund with the kind permission of the donor.

The Clock Fund, consists of:

The fund is restricted to the repair and maintenance of the church clock or any suitable project with the permission of the donor.

PCC of St Mary the Virgin, Henley on Thames

Page 18

Report of the Independent Examiner to the members of: The Parochial Church Council of St Mary the Virgin, Henley on Thames For the year ended 31 December 2022

I report on the financial statements of the PCC for the year ended 31 December 2022, which are set out on pages eight to eighteen.

Respective responsibilities of the PCC and the examiner

The charity's trustees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (the Act)) and that an independent examination is needed. It is my responsibility to:

Basis of Independent Examiner's Report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees/members concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the financial statements present a "true and fair" view and the report is limited to those matters set out in the statement below.

Independent Examiner's statement

In the course of my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that in any material respects the requirements

  2. to keep accounting records in accordance with section 130 of the Act; and

  3. to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or

  4. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

….......................................

Neil Hutt Abben Consulting Limited

15 March 2023

PCC of St Mary the Virgin, Henley on Thames

Page 19