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← Henley on Thames Parochial Church Council

2023-12-31-accounts

Annual Report and Financial Statements for the Year Ended 31 December 2023 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

tents
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 18

PCC of St Mary the Virgin, Henley on Thames

Page 2

Charity Information

Charity

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

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 2023

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.

Structure, 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 safeguarding the assets of the PCC and taking reasonable steps for the prevention and detection of fraud and other irregularities.

PCC of St Mary the Virgin, Henley on Thames

Page 4

Annual Report (continued) For Year Ended 31 December 2023

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 2023.

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 committed 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 2023 the following served as members of the PCC:

Incumbent: The Revd. Jeremy Tayler BTh BSc MA (Chairman) Assistant Curate: The Revd. Romey Poston (stood down during 2023) Church Wardens: Robin Hartley Sue Hockley Hon Treasurer: Merelina Tebbot (appointed 14 June 2023) Hon Secretary: Shiela Croton Director of Music: Sebastian Thomson Representatives on the Carol Brook-Partridge (until 2024) Deanery Synod: Sheila Croton (until 2024) Elected Members: Kathryn Turner (passed away 2 December 2023) John Louth (Stood down as Hon Treasurer 14 June 2023) Martin Whittaker Joan Edwards Andrew Merryweather

PCC of St Mary the Virgin, Henley on Thames

Page 5

Annual Report (continued) For Year Ended 31 December 2023

Annual Review

2023 has been a year of recovery for St Mary's after several challenging years as we struggled with the consequences of Covid 19. St Mary's was particularly vulnerable as a parish because of the age profile of our congregation going into the pandemic. Church attendances were still depressed in 2022, but in 2023 there have been positive signs of recovery and even growth. We had strong attendances on Easter Sunday and at Christmas, and many more children and families engaged in church life than before the pandemic (although there is still very much work to do on this front).

Some particular highlights of 2023:

Church Attendance

The number of parishioners registered on the Electoral Roll at the 2023 APCM was 114 (2022 - 114)

Financial review

Total receipts on ordinary unrestricted funds were £127,973 (2022 - £125,085) and are detailed in the Financial Statements.

The Financial Statements for 2023, with the notes thereto, give a complete picture of our finances. We show a reduction of £16,814 (2022 - decrease of £63,084) on our unrestricted funds for the year. The parish donated 2% (2022 - 3%) of income to charities, emergency funds and other good causes.

PCC of St Mary the Virgin, Henley on Thames

Page 6

Annual Report (continued) For Year Ended 31 December 2023

Committees

The PCC operates through a number of committees, which meet as required and report back to the PCC.

Standing Committee: This is the only committee required by law. It has the power to transact the business of the PCC between meetings of the latter, subject to any directions given by the PCC. In St Mary's the Standing Committee also performs the function of a Finance Committee (no such separate committee exists here) in overseeing and managing income and expenditure (other than special projects), preparing budgets for the PCC approval and planning and monitoring our stewardship activities. The present members of the Standing Committee are the Rector, the wardens, the treasurer and the secretary.

Chantry House Management Committee: This body, a sub-committee of the PCC, takes responsibility for all matters concerning the maintenance, letting and management of the Chantry House. This committee comprises Fr. Jeremy Tayler, Robin Hartley, Martin Whittaker (Chairman) and Merelina Tebbot (Treasurer), Joan Edwards, John Louth, Clare Croton and Sue Hockley. Julie Griffin is the contact responsible for booking and billings.

Charity Committee: This body is responsible for deciding how charitable giving should be organised. It comprises: Robin Hartley (Chairman), Carol Brook Partridge, Joan Edwards and Andrew Merryweather.

Reserves policy

It is PCC policy to maintain a balance on unrestricted funds (if possible), which equates to approximately six months' unrestricted payments, to cover emergency situations that may arise from time to time. The balance of £241,005 (2022 - £257,819) on unrestricted funds including the capital value of our General Fund COIF shares more than fulfils this target.

The balance in the Chantry House Repair Fund of £4,814 (2022 - £5,632) together with the funds invested within the CBF Church of England Investment Fund valued at £23,173 (2022 - £21,181) on 31 December 2023 are retained towards meeting the costs likely to arise in maintaining such an ancient and historic building.

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.

For and on behalf of the Parochial Church Council

…......................................................................... Chairman

19 March 2024

PCC of St Mary the Virgin, Henley on Thames

Page 7

Statement of Financial Activities For the Year Ended 31 December 2023

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
£
£
£
82,564
30,000
112,564
37,859
5,319
43,178
7,550
807
8,357
127,973
36,126
164,099
(152,636)
(16,367)
(169,003)
(152,636)
(16,367)
(169,003)
(24,663)
19,759
(4,904)
-
-
-
7,849
1,993
9,843
(16,814)
21,752
4,939
257,819
38,815
296,634
241,005
60,567
301,573
2023		 2022
Total
Funds
£
94,493
29,108
5,572
129,173
(185,297)
(185,297)
(56,124)
-
(14,069)
(70,193)
366,827
296,634

The notes form part of these financial statements

PCC of St Mary the Virgin, Henley on Thames

Page 8

Balance Sheet 31 December 2023

Notes
Fixed Assets
Investments
4
Current Assets
Debtors
5
Short term deposits
6
Cash at bank
7
Total Current Assets
Liabilities
Creditors: Amounts falling due
8
within one year
Net Current Assets
Total Net Assets
The Funds of the Charity
Unrestricted - general
Unrestricted - designated
Total Unrestricted Funds
Restricted Income Funds
Total Reserves and Funds		 £
£
£
116,486
106,643
-
-
165,316
174,883
19,771
15,108
185,087
189,991
-
-
185,087
189,991
301,573
296,634
178,354
191,705
62,651
66,866
241,005
258,571
60,567
38,063
301,573
296,634
2022
2023

The notes form part of these financial statements.

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

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

19 March 2024

PCC of St Mary the Virgin, Henley on Thames

Page 9

Notes to the Financial Statements for the Year Ended 31 December 2023

1 Accounting Policies

Basis of preparation and going concern

The Financial Statements have been prepared under the historical cost convention 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 their 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 wish is made 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 received.

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 2023

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 committing 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 a cash basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be 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 equipment 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 and Lloyds Banks.

Interest and dividends are recognised when they are received.

PCC of St Mary the Virgin, Henley on Thames

Page 11

Notes to the Financial Statements (continued) for the Year Ended 31 December 2023

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
£
£
£
42,081
-
42,081
11,425
-
11,425
18,147
-
18,147
9,161
-
9,161
1,750
30,000
31,750
82,564
30,000
112,564
3,450
4,369
7,819
6,348
-
6,348
9,686
-
9,686
18,375
950
19,325
37,859
5,319
43,178
1,101
-
1,101
1,460
-
1,460
-
633
633
2,045
-
2,045
-
157
157
558
-
558
-
16
16
-
-
-
-
1
1
2,386
-
2,386
7,550
807
8,357
2023		 2022
Total
Funds
£
45,425
10,785
16,462
7,001
14,820
94,493
4,000
3,490
7,666
13,952
29,108
1,097
1,454
630
942
81
219
82
-
20
1,047
5,572

PCC of St Mary the Virgin, Henley on Thames

Page 12

Notes to the Financial Statements (continued) for the Year Ended 31 December 2023

3 Charitable Activities

Unrestricted Restricted
Total
Funds
Funds
Funds
(a) Grants
£
£
£
Missionary and charitable giving
- Secular charities
1,120
-
1,120
- Missionary societies and other
1,390
-
1,390
2,510
-
2,510
(b) Activities directly related to the work
of the church
Ministry
- Parish Share
40,000
-
40,000
- Clergy Expenses
2,325
-
2,325
- Deanery Quota
2,626
-
2,626
Church
Running costs
- Energy
5,025
-
5,025
- Telephone
1,497
-
1,497
- Insurance
12,305
-
12,305
Maintenance
- Repairs and renewals
16,127
8,984
25,111
- Music, choir and organ
14,808
-
14,808
- Printing and postage
3,256
-
3,256
- Health and safety
3,291
-
3,291
Upkeep of services
- Sacristy
3,376
-
3,376
- Salaries, etc.
37,220
-
37,220
Chantry House Costs
- Energy and water
-
3,993
3,993
- Telephone
-
606
606
- Maintenance
-
225
225
- Cleaning and admin
-
2,559
2,559
141,857
16,367
158,224
(c) Other costs
General Admin
3,811
-
3,811
Advertisements and website
1,680
-
1,680
Independent Examiners fees
1,920
-
1,920
Miscellaneous
858
-
858
8,269
-
8,269
152,636
16,367
169,003
2023		 2022
Total
Funds
£
1,000
2,880
3,880
37,000
2,683
1,351
9,396
1,212
11,279
33,182
20,406
1,905
2,506
1,489
34,878
2,830
606
5,878
1,883
168,484
1,248
5,120
5,340
1,225
12,933
185,297

PCC of St Mary the Virgin, Henley on Thames

Page 13

Notes to the Financial Statements (continued) for the Year Ended 31 December 2023

4 Investments

General Fund - COIF
2,021 shares at £19.84 (22 - £18.17)
Assistant Clergy Fund - COIF
2,679 shares at £19.84 (22 - £18.17)
Henley and District Housing Trust
£350 2.5% Loan Stock
Restricted Funds
Chantry House Repair Fund
CBF CoE Investment Fund
1025 shares at £22.61 (22 - £20.66)
5 Debtors
Income Tax recoverable
Other debtors		 Unrestricted Restricted
Total
Funds
Funds
Funds
£
£
£
40,107
-
40,107
53,165
-
53,165
40
-
40
-
23,174
23,174
93,312
23,174
116,486
Unrestricted Restricted
Total
Funds
Funds
Funds
£
£
£
-
-
-
-
-
-
-
-
-
2023
2023		 2022
Total
Funds
£
36,731
48,691
40
21,181
106,643
2022
Total
Funds
£
-
-
-

PCC of St Mary the Virgin, Henley on Thames

Page 14

Notes to the Financial Statements (continued) for the Year Ended 31 December 2023

6 Short term deposits

General Fund
Chantry House Repair Fund
Assistant Clergy Fund
Fabric Fund
Charitable Donations Fund
Nancy Baker Bequest Fund
Chantry House Lettings Deposit
Organ Fund
The Ellen Buckland Bequest Fund
Cash at bank
General Fund
St Mary's Choir Fund
Chantry House Letting Fund
Fabric Fund
Clock Fund
The Ellen Buckland Bequest Fund
Creditors falling due within one year
Creditors for goods and services		 Unrestricted Restricted
Total
Funds
Funds
Funds
£
£
£
-
-
-
-
4,814
4,814
19,819
-
19,819
-
546
546
-
-
-
77,457
-
77,457
-
111
111
-
-
-
62,569
-
62,569
159,845
5,471
165,316
Unrestricted Restricted
Total
Funds
Funds
Funds
£
£
£
(15,262)
-
(15,262)
3,029
-
3,029
-
2,740
2,740
-
28,166
28,166
-
1,016
1,016
82
-
82
(12,151)
31,922
19,771
Unrestricted Restricted
Total
Funds
Funds
Funds
£
£
£
-
-
-
2023
2023
2023		 2022
Total
Funds
£
1,034
5,632
17,730
529
25
82,988
108
53
66,784
174,883
2022
Total
Funds
£
876
4,080
1,904
(1,834)
10,000
82
15,108
2022
Total
Funds
£
-

7 Cash at bank

8 Creditors falling due within one year

PCC of St Mary the Virgin, Henley on Thames

Page 15

Notes to the Financial Statements (continued) for the Year Ended 31 December 2023

9 Details of Funds

Unrestricted Funds

The Unrestricted Funds of the PCC consist 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.

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 consist 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.

PCC of St Mary the Virgin, Henley on Thames

Page 16

Notes to the Financial Statements (continued) for the Year Ended 31 December 2023

9 Details of Funds (continued)

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 Diocese 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.

Fabric 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.

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 repair work on the organ.

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 17

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 2023

I report on the financial statements of the PCC for the year ended 31 December 2023, which are set out on pages eight to seventeen.

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

19 March 2024

PCC of St Mary the Virgin, Henley on Thames

Page 18