2021-12-31-accounts

CHESHUNT DEANERY SYNOD

ANNUAL REPORT OF THE TRUSTEES ON THE PROCEEDINGS OF THE DEANERY SYNOD – 2021

Synod Ofcers

Rural Dean: Revd Charles Hudson (Broxbourne with Wormley) Lay Chairman: Mrs Gillian Hutchinson (Turnford) Honorary Secretary & Treasurer: Miss Dorothy Ayre (Rye Park)

Synod Meetings: The Deanery Synod met on three occasions during 2021.

 April via Zoom  July at Broxbourne  October at Rye Park

13 April – At this meeting we had a catch-up with Deanery Synod Members as we had not met since February 2020. We learnt of developments in the parishes, where sadly some, and their families had been affected by Covid and other health issues. The Clergy had faced extra workloads streaming Worship Services and Morning and Evening Prayer via facebook or zoom. As a result a number of Clergy felt tired. Some church buildings had been open for worship before Easter, and others were opening after Easter. Online Services were also continuing and had attracted new people. The Clergy were thanked for the extra work they had put into the Services and for keeping in touch with congregations through various means.

We were looking forward to welcoming two Curates into the Deanery in June, Mark Escott to Cheshunt and Ash David to Broxbourne. Reports from two Diocesan Synod meetings could be found via the Diocesan website. The Treasurer reported the Accounts to the end of December 2019 as we had not been able to hold our AGM in 2020. She also notified us of the death of our Auditor Mr. Bill Smith, and the appointment of a new Independent Examiner Mr. Paul Scarborough.

20 July AGM – Held at Broxbourne together with Eucharistic and Social time and refreshments. Reports were received from the Treasurer with end of year accounts showing funds held of £7,542.30. This included £5,000 Deanery Hub Grant awaiting distribution to parishes for various Youth/Children’s ministry applied for and not yet started due to the Coronavirus Pandemic. Rural Dean’s expenses and Administrator Support paid out had been reimbursed by the Diocese. The Standing/Mission and Pastoral Committee had met only once to discuss Pastoral Aid Grants for 2021. We were advised that the main topics discussed at the Diocesan Synod in October 2020 were Covenant for Clergy Care and Wellbeing, Reports and Accounts of the Diocesan Board of Finance, Becoming an Eco Diocese, Stipend Levels for 2021/22 and the Diocesan Common Fund Budget 2021. At the March 2021 meeting items included Covenant for Clergy Care and Wellbeing, Presentation of Annual Reports 2019 and the Development of a Diocesan Youth Strategy. Most churches only have 1-5 Youth they are engaging with and encouraging their discipleship. The June meeting discussed Emerging hopefully after lockdown and had a presentation on Living in love and faith – How we can engage with each other.

The Rural Dean reported on the results of elections to the Diocesan Synod for the triennium 2021/2024. House of Clergy - Revd. Charles Hudson, Revd. Rachel Pennant, Revd. Teresa Wynne. House of Lathy – No nominations had been received. We can elect 3 members. Charles asked if anyone was willing to consider standing for election, but no names were forthcoming. We looked at the way we might meet in future, with possibly the October meeting being held in person, February meeting online, and June meeting in person.

12 October – At the meeting the Rural Dean welcomed Revd. Tom Lilley who had been licensed as Team Vicar of St, James Goffs Oak. He also reminded Deanery Synod Members

that we had at present no lay representatives on Diocesan Synod, and consequently no Deanery representatives on the Diocesan Board of Finance. He asked any who might be willing to be co-opted to contact him. Our speaker was Revd. Alison Jackson on Reaching New People. Framed by worship before and after, Alison led a discussion on the theme of ‘Re-igniting Vision’ based around a meditation on the miraculous catch of fish in John 21:1-14, inviting us to situate ourselves and our parishes as characters in that narrative. In small groups, she invited us to ask ourselves what pre-pandemic activities the Lord might be asking us to re-establish (‘I am going fishing’), where the Lord might be at work at present (‘It is the Lord’), what resources we might be able to bring to the task he is calling us to (‘Bring some of the fish you have just caught’) and what our next step might be (‘Cast the net to the right side of the boat’)

The Treasurer reported that Rural Dean’s expenses of £48.15 were paid together with a payment from the Deanery Hub Grant to Hoddesdon PCC of £610.50 to set up Messy Church at St. Catherine’s Primary School. Grants have been approved for other parishes, who are yet to claim them.

Business of Note:

• a) Finance: Reports are prepared by Miss Dorothy Ayre, Honorary Treasurer. b) The Synod also seeks:

• To encourage representatives on Synod to take back to their parishes matters of impact for consideration in their PCC.

• To bring back to Synod any consideration their PCC may have.

• To invite members of each congregation to appropriate discussions or to hear speakers covering a wide range of issues.

Charitable Status of Deanery Synod: The Synod has charitable status and is exempt from registration with the Charity Commissioners.

Full Minutes: Full Minutes of each Deanery Synod Meeting are circulated to all Synod Members. Parishes requiring a fuller report on any of the Synod’s proceedings should ask one of their Deanery Synod Members for more details. Copies of previous Deanery Synod minutes are available to PCC Secretaries on request.

Further information can be obtained from the Deanery Secretary/Treasurer or Rural Dean.

2022 Deanery Synod Meeting Dates 8 February 7.30 pm on Zoom since changed to 8 March Remainder to be advised.

22 February

2022

THE PARISH OF BROXBOURNE WITH WORMLEY

FINANCIAL STATEMENTS

For The Year Ended 31[st] December 2021

Charity Number 1130305

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CONTENTS

Trustees Report	3-9
Independent Examiners report	10
Statement of Financial Activities	11
Balance sheet	12
Notes to the Financial Statements	13-22

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021

TRUSTEES REPORT

The Parochial Church Council (PCC) presents its report with the financial statements of the Charity for the year ended 31[st] December 2021.

Aims and purposes

The primary objective of the PCC is to promote the Gospel of our Lord Jesus Christ according to the doctrines and practices of the Church of England. The Parochial Church Council (Powers) Measure 1956 states that the PCC is ‘to cooperate with the incumbent in promoting to the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical’.

Objectives and Activities

The PCC has adopted the Mission Statement, ‘Growing a worshipping community reaching out with Jesus’ love’:

• Growing – We aspire to draw new people into a living relationship with Jesus Christ;

• Worshipping – The heart of our activity is to worship God in our gatherings and in our lives;

• Community – We want to be a place where people can build deep Christian fellowship;

• Reaching out – We want to have an impact on the needs of our local community;

• Jesus’ love – We want to be known for our welcome, compassion and service.

When planning its activities for the year, the PCC has considered the Charity Commission’s guidance on public benefit and, in particular, the supplementary guidance on charities for the advancement of religion. In particular, the PCC is committed to:

• Regular public worship, open to all;

• The provision of a sacred space for personal prayer and contemplation;

• Teaching Christianity through sermons, courses and small groups;

• Pastoral work, including visiting the sick and the bereaved;

• The provision of children’s and youth activities with a Christian ethos;

• Taking religious assemblies in schools; and

• Promoting the whole mission of the Church through provision of activities for young families, senior citizens and other special need groups.

Achievements and Performance

During the calendar year, physical Sunday services were suspended as a result of the COVID-19 pandemic until 4 April. During that time, the Rector, with the assistance of others, was able to offer a weekly live-streamed service on our YouTube channel, which was available to view afterwards and parishioners were also able to participate in a fortnightly live contemporary worship service on Zoom at 6pm.

From 4 April, a church service was held each Sunday at both St Laurence, Wormley (9.30am) and St Augustine’s, Broxbourne (11am). A maximum of 15 and 23 households respectively were able to attend. Advance registration

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021

ensured strict social distancing requirements was adhered to, with Churchwardens and others acting as stewards. A one-way system operated within each church. The 11am service at St Augustine’s was live-streamed. From 1 August, the numerical restrictions were removed. From 4 April, the 6pm service took place in person approximately fortnightly. The 8am service at St Augustine’s restarted on 17 October, initially, on an approximately monthly basis. In contrast to 2020, we were able to offer a range of services on Christmas Eve and Christmas Day almost equivalent to our pre-pandemic offering.

Throughout the year, Morning Prayer was offered via Zoom on Mondays to Thursdays, as well as a weekly prayer meeting on Wednesdays. Other groups (home groups, women’s evening group, youth group) have continued to meet online and/or in person. Clergy were active in leading acts of collective worship in local primary school.

As at 20 April 2020, the Electoral Roll stood at 225. The average number of worshippers in October 2021 was 142. During the course of the year, the clergy conducted 22 baptisms and thanksgivings, 6 weddings and services of prayer and dedication after civil marriage, 26 funerals and 8 burials of ashes.

The PCC made a number of decisions, including reviewing the Parish Safeguarding Action Plan, agreeing the resumption of physical services, proceeding with repairs to the vestry at St Laurence, authorising work to and a new tenancy in relation to 15 Trafalgar Avenue, and approving an Environmental Policy and work towards an Eco Church Award application.

Financial Review

The Statement of Financial Activities shows the income and expenditure of the Parish over the course of the year. The effects of the COVID-19 pandemic continue to impact the SOFA.

Income exceeded expenditure before revaluation of investments and property by £8,940 (2020 £13,548 deficit).

Total income was £207,905 (2020: £207,964). Regular income from planned giving, gift aid and church collections fell by 1% from £127,615 in 2020 to £127,217 in 2021. The PCC has benefitted from the fact that over 80% of our regular giving continues to be made by standing orders.

A further £33,481 (2020: £9,252) was raised from bequests and donations, including one bequest of £22,438 as a contribution towards the costs of St Augustine’s church and further donations towards the costs of the restoration of The Last Supper painting of £6,040.

During the year, grants were received for staff costs totalling £4,783 (2020: £5,666), including £3,019 from HMRC under the Job Retention Scheme. The PCC also received a small grant from DCMS of £212 regarding the final retention on the West Window project. A further £200 grant was received from ChurchCare towards the costs of the Conservator’s inspection report on the Last Supper painting.

Income from church activities increased by £1,562 from £16,215 in 2020 to £17,777.

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021

Income from letting the Parish Centre has, once again, been severely impacted by COVID-19, with revenues down at £1,794 (2020:£1,941). The PCC has discussed what improvements can be made internally to the Parish Centre to attract more lettings and authorised the purchase of new curtains at a cost of £2,185 Letting income from Wormley Church Rooms increased to £11,584 (2020: £240) as a result of the licence agreement entered into in late 2020.

Total expenditure decreased in 2021 from £221,511 to £198,965. Once again the Parish Share was paid in full, this increased by 9% from £98,282 in 2020 to £107,419 in 2021.

In recognition of the fact other charities were suffering from a severe reduction in income through the pandemic, the PCC decided to give to other Missions and Charities, as it has done in the past. Donations of £1,000 were given to each of the following:

• All Nations Christian College

• Broxbourne C of E Primary School

• Christian Aid

• Wormley C of E Primary School

• Young Life, Hoddesdon

• Embrace Middle East

• Mission Aviation Fellowship

• The Mission to Seafarers

• The Traidcraft Exchange

• Tearfund

The cost of church repairs and maintenance, fell substantially in 2021 as no major projects were carried out. In 2021 church repairs and maintenance amounted to £5,906 (2020: £61,015, including £52,366 costs of the west window).

In order to bring the property up to standard for letting, repairs and maintenance costs for 15 Trafalgar Avenue amounted to £21,197 (2020: £112).

The value of the General fund benefited from an increase in the valuation of investments by £18,018 (2020 £9,550).

At the end of 2021 total funds on the balance sheet increased substantially from £689,761 in 2020 to £841,719. This is primarily attributable to a revaluation gain of £125,000 on the investment property, 15 Trafalgar Avenue.

A new Property Revaluation Reserve has been established representing the revaluation of 15 Trafalgar Avenue. The balance on this Reserve is £125,000 (2020: £nil) representing the revaluation since August 2018. The decision to take the revaluation to a separate reserve is due to the change of use of the property, from being the Curate’s house to being let privately.

The General Fund now stands at £127,144 (2020: £109.589). Designated Funds, including te Revaluation Reserve totalled £697,354 (2020: £570,317). Restricted Funds totalled £18,985 (2020: £17,221). During the year, donations of £6,040 were received from parishioners and others connected with St Laurence, Wormley towards the cost of restoring the painting, The Last Supper, which usually hangs behind the altar. Long-term investments – which are held in

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021

Church of England funds, managed by CCLA, total £120,979 at end-2021, up from £102,961 at the end of 2020. The remainder of the net current assets £98,240 (2020: £91,300) are made up of cash and bank balances and amounts owed to or from the Parish.

Reserves Policy

The PCC aims to maintain sufficient reserves to cover at least 3 months’ worth of regular expenditure and ongoing building repair projects. At the end of 2021 the value of the General Fund, which finances general expenditure, was £127,144, equivalent to over 9 months’ payments from this fund (2020: £109,889 equivalent to 6 months payments). The PCC aims to run a balanced budget and continually reviews the financial position prior to committing to major church repairs.

On-going Financial Commitments

At the date of this report the PCC confirms that each fund has sufficient assets to fulfil its obligations.

The Trustees believe the charity remains a going concern, even with the continuing adverse impact of COVID- 19. This is because:

• The majority of income comes from regular giving, parishioners paying in the main by standing orders. Giving income, including gift aid, has fallen by 11% when compared to before the crisis and seems to have settled at the new lower level.

• Since the re-establishment of physical church services income from Sunday offerings has started to recover; and

• Parishioners have been very generous in giving regular and one-off donations.

The PCC authorised a new licence agreement in respect of Wormley Church Rooms, with rental income commencing in the second quarter

In May 2021, the PCC entered into a new contract to fix gas and electricity prices for three years. The contract is with one of the larger providers, therefore the impact of increasing energy prices will not be felt by the PCC until the contract renews in May 2023.

Risk Management

In common with other churches and charities, the PCC faces risks, be they operational, financial or reputational. The PCC keeps under review the risks to which it is exposed, assessing both the likelihood and impact of a particular event or action and seeking to mitigate those risks.

Safeguarding

The PCC has a legal obligation under section 5 of the Safeguarding and Clergy Discipline Measure 2016 to have due regard to House of Bishops’ guidance on safeguarding children and vulnerable adults and it has complied with this duty.

Plans for the Future

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021

The Trustees reviewed the Mission Action Plan in March 2020 and identified the following areas of focus:

1. Drawing new families, children and young people into our worshipping communities (including by carrying out a review of our Sunday activities aimed at families, children and young people, exploring how to enable Messy Church adults to grow in their faith and discipleship, and separating baptism preparation from our regular Alpha course, and seeking to tailor it more to the needs and interests of those attending).

2. Continuing to see more members of our congregations growing as disciples of Christ (including by growing our Wednesday prayer meeting as the centre of the praying life of the parish, carrying out a specific campaign to encourage regular members of our congregations to join a home group, following up Spring Harvest 2020 with testimonies to encourage new people to sign up for future events, and exploring how we can resource and grow the Sunday evening Hitchhikers youth group).

3. Having completed the renovation of the entire roof at St Laurence and all three stages of the West Tower project and returned our reserves to their target level, finding a sustainable way to resource our mission and ministry going forward (including by completing the third and final stage of the West Tower project without depleting our reserves below the level stipulated in our reserves policy, finding a medium-term solution to the use of the Wormley Church Room in a way that enables us to avoid ongoing deficits in our budget and seeking to create sufficient financial headroom so that, in addition to a curate in 2021, we are able to explore staffing possibilities in the areas of contemporary worship and/or children and youth ministry).

Significant progress has been made in relation to the third area of focus (completion of the West Tower project, new license agreement for the Wormley Church Room and new curate licensed in June 2021), though sufficient financial headroom has not yet been achieved for the Trustees to feel comfortable to explore further staffing opportunities. As we emerge from the pandemic, the first two areas and, in particular, re-establishing work with families, children and young people remain priorities.

Structure Governance and Management

The PCC is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council (Powers) Measure 1956 as amended and the Church Representation Rules. Additionally, the Trustees Act 2000 sets out additional duties and powers of unincorporated charities. The PCC became a registered charity on 23[rd] June 2009. The Charity is funded by voluntary giving and occasional grants. The trustees are elected as set out in the Church Representation Rules by the Meeting of the Parishioners or the Annual Parochial Church Meeting, for a period of one year for a church warden or three years, extendable to four years, for other members. Clergy are automatically trustees due to the clerical posts they hold.

At the regular PCC meetings, the Trustees agree the strategy and areas of activity for the Charity, including vision, ministry and mission, safeguarding, risk management, grant making, investment reserves, premises and performance.

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021

The following sub-committees are appointed by the PCC:

• Standing Committee (SC). This is the only committee required by law. It has the power to transact the business of the PCC between its meetings, subject to any directions given by the PCC.

• District Church Council (DCC). Both churches in the parish (St Augustine’s, Broxbourne and St Laurence, Wormley) have their own DCC which attends to matters relating to that church, mainly regarding the buildings and church services.

Since the start of the pandemic, the PCC had been unable to meet physically. Essential business was discussed via Zoom, with approval soon after by correspondence under Rule M29 of the Church Representation Rules. The PCC resumed physical meetings on 19 October and 7 December 2021, with an average attendance of 73% at those meetings.

Reference and Administration

----- Start of picture text -----
Address for The Parish Office
correspondence: St Augustine’s Parish Centre,
Churchfields,
Broxbourne, EN10 7AU
Charity Number 1130305
Trustees: * Denotes Deanery Synod Representative
Incumbent Revd Charles Hudson
Curate Revd Ash David ( from 26 June 2021)
Readers Ray Slade
Anne Sentance
Churchwardens Brian Barton
Linda Hood
Janet McMillan
Secretary Ester Luscombe
Honorary Treasurer Elizabeth Perry ACA
Other elected/co- Lorretta Allen (until 20 April 2021)
opted members Janet Bourne
Alicia Chastell
Sam Evans
Tony Fleetwood
Marie Fika (appointed 20 April 2021)
James Freer (appointed 20 April 2021)
Geoffrey Green (appointed 20 April 2021)
Chris House
Judith Hyde (appointed 20 April 2021)
Jackie King
Doris Mutegi
Richard Roberts
Wendy Stewart
Gillian Walker
Rhona Ward (until 20 April 2021)
Trevor Wheelhouse
Tony Wright
Website www.broxbournewithwormley.org.uk
----- End of picture text -----

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021

----- Start of picture text -----
Independent Mr John Eke FCIE
Examiner Soarview
4 Stable Court
Marlborough
Devon TQ7 3FB
Bankers Barclays Bank plc
51 High St, Hoddesdon, EN11 8TG
----- End of picture text -----

Statement of Parochial Church Council (PCC) responsibilities

Under the Charities Act 2011, the PCC is required to prepare a statement of accounts for each accounting year which gives a true and fair view of the state of affairs of the church. We are required to:

1. Select suitable accounting policies and apply them consistently;

2. Make judgements and estimates that are reasonable and prudent;

3. State whether the policies adopted are in accordance with the Church Accounting Regulations and with applicable accounting standards; and

4. Prepare the financial statements on a going concern basis.

We are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the church and to ensure that such accounts comply with applicable accounting standards and with the Statement of Recommended Practice and the Regulations made under Section 130 of the Charities Act 2011. We also have a responsibility to safeguard the assets of the church and to take reasonable steps for the prevention of fraud and other irregularities.

For and on behalf of the Trustees:

Revd Charles Hudson

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021

INDEPENDENT EXAMINER’S REPORT

to the Parochial Church Council (PCC) of the Ecclesiastical Parish of St Augustine, Broxbourne with St Laurence, Wormley

Charity No. 1130305

I report to the PCC on my examination of the accounts of the Charity for the year ended 31 December 2020, which are set out on pages 11 to 22, and which I carried out in accordance with the Church Accounting Regulations 2006 (“the Regulations”) and section 145 of the Charities Act 2011 (“the Act”).

Responsibilities and basis of report

As members of the PCC you are responsible for the preparation of the financial statements. You consider that the audit requirement under Section 144(2) of the Act does not apply and that an independent examination is needed.

It is my responsibility to:

• examine the financial statements under Section 145 of the Act;

• follow the procedures laid down in the General Directions given by the Charity Commissioners under Section 145 (5) (b) of the Act; and

• state whether particular matters have come to my attention.

Independent Examiner’s Statement

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

• the accounting records were not kept in accordance with section 130 of the Act; or

• the accounts did not comply with the accounting records; or

• the accounts did not comply with the applicable requirement 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 come across no other matters in connection with the examination to which attention should be drawn in this report to enable a proper understanding of the accounts to be reached.

Signed: Date: John Eke 3[rd] April 2022

John Robert Eke

Fellow of the Association of Charity Independent Examiners Soarview 4 Stable Court Marlborough Devon TQ7 3FB

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[st] DECEMBER 2021 *

• Comparative figures for the year ended 31 December 2020 can be found in note 14

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements

BALANCE SHEET AS AT 31[ST] DECEMBER 2021

Approved by the Trustees on: 29 March 2022

Revd Charles Hudson (Chair) (Hon Treasurer)

Mrs Elizabeth Perry

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements

1. ACCOUNTING POLICIES

a) Basis of Accounting

The financial statements have been prepared in accordance with:

• The Church Accounting Regulations 2006

• The Charities Act 2011

• The Charities Statement of Recommended Practice 2019 (FRS102) - second edition

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to the accounts.

In preparing the accounts, the Trustees have assessed that the Parish will remain a going concern for at least the next 12 months. The Trustees do not consider that there are any material uncertainties in this respect.

Fund accounting

The Parish’s unrestricted income funds consist of general funds that the Parish may use for its charitable objectives at its discretion. Its restricted funds represents funds received that the donor has specifically restricted the purposes within the objects of the charity for which they can be used.

Income recognition

Income is recognised once the charity is entitled to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations are recognised on receipt. Gift Aid is recognised as income where there is a valid declaration by the owner and is treated as an addition to the same Fund as the initial donation, unless the donor has specified otherwise.

Legacy gifts are recognised on a case by case basis, following grant of probate when the administrator /executor for the estate has communicated in writing both the amount and settlement date. In the event the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value being reliably measured with a degree of accuracy and title to the asset having been transferred to the charity.

Interest on funds held on deposit is included when receivable and the amount can be reliably measured; this is normally on notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the amount due.

Gifts in Kind, Donated services and voluntary help are not included as income as they cannot be reasonably quantified or measured.

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements

Resources expended

Expenditure is included on an accruals basis. Church Management and administration comprises costs for the running of the charity itself as an organisation.

Fixed Assets

Churches, Churchyards and the Vicarage are vested in the Representative Body of the Church of England, such property forms no part of the assets of the parish. Moveable church contents require a faculty for disposal so are considered to be in alienable property. They are generally of an historic nature so valuation is impracticable.

The Parish Church Halls are regarded as inalienable properties and having been acquired sometime in the past, there is insufficient cost information available and therefore such assets are not valued in the accounts.

Property Investments

Freehold property investment is valued at market value. A new valuation was performed in January 2022 by the charity’s letting agents, Space Estates, based in St Albans. The previous valuation was carried out in August 2018.

Listed investments

Listed investments are classified as financial assets measured at fair value through income and expenditure. Investments are initially recognised at cost and subsequently measured at their market value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. Asset sales and purchases are recognised at the date of trade at cost, i.e. the transaction value.

The charity does not acquire or use put options, derivatives or other complex financial instruments.

Debtors

Trade and other debtors are recognised at the settlement amount due for the provision of services delivered. Prepayments are recognised at the amount prepaid.

Creditors

Short term creditors are measured at transaction prices. Accruals are recognised at the settlement amount where the goods or services have already been delivered or an apportionment of the amount based on number of days, where the settlement amount covers a period that straddles the year end. Concessionary loans payable are measured at the amount initially received, with

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements

the carrying amount adjusted to reflect repayments, and adjusted if necessary for any impairment.

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements cont’d

2. CONNECTED CHARITIES

The Parish of Broxbourne with Wormley is independent of, but part of, the Diocese of St Albans. The Parish pays a contribution to the St Albans Diocesan Board of Finance (DBF), known as the Parish Share. The amount payable is determined by the DBF, and in 2021 was £107,419 (2020: £98,282)

3. RELATED PARTIES

During the year the following payments were made to Trustees:

• £ 4,797 to Trevor Wheelhouse for property maintenance work carried out on 15 Trafalgar Avenue

• £ 810 to Geoff Green in respect of Verger fees

• £ 60 to Linda Hood in respect of Verger fees, with a further £30 due as at 31[st] December 2021.

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements cont’d

4. ANALYSIS OF INCOME

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements cont’d

5. GRANTS RECEIVED

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements cont’d

6. ANALYSIS OF EXPENDITURE

Included within administration costs is an amount of £400 paid to John Eke, Independent Examiner.

7. EMPLOYEES’ REMUNERATION

	2021	2020
	£	£
Total Wages	11,026	11,404

During the year, the Parish employed 1 (2020: 1) member of staff, equivalent to 1 full time employee. No employees received emoluments in excess of £60,000.

The charity has taken advantage of the Employment Allowance, resulting in zero social security costs.

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements cont’d Most of the work of the Parish is performed by a large number of volunteers, including the Parish Church Council (PCC) and District Church Councils (DCC), members of sub-committees and numerous volunteers.

Church Workers Pension Fund (CWPF)

Broxbourne with Wormley PCC participates in the Pension Builder Scheme section of CWPF for lay staff. CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the Employer and the other participating employers.

CWPF has two sections:

1. the Defined Benefits Scheme

2. the Pension Builder Scheme, which has two subsections;

3. a. a deferred annuity section known as Pension Builder Classic, and, b. a cash balance section known as Pension Builder 2014.

Pension Builder Scheme

Both sections of the Pension Builder Scheme are classed as defined benefit schemes.

Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are the contributions payable (2021: £882, 2020: £347).

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2019. The next valuation is due as at 31 December 2022.

For the Pension Builder Classic section, the valuation revealed a deficit of £4.8m on the ongoing assumptions used. At the most recent annual review, the Board chose to grant a discretionary bonus of 3% following improvements in the funding position over 2021. There is no requirement for deficit payments at the current time.

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements cont’d

For the Pension Builder 2014 section, the valuation revealed a surplus of £5.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

The legal structure of the scheme is such that if another employer fails, Broxbourne with Wormley PCC could become responsible for paying a share of the failed employer’s pension liabilities.

8. TRUSTEES’ EXPENSES

Expenses totalling £87 (2020 £1,229) relating to 2021 are to be reimbursed to 1 (2020: 1) member of the PCC in the year. These payments were for travel costs incurred in attending meetings, telephone, postage and reimbursement of costs. Neither members of the PCC nor any person connected with them have received or are due to receive any remuneration for the year directly or indirectly from the Charity Funds.

9. PROPERTY AND INVESTMENTS

10. SHORT TERM DEPOSITS

11. DEBTORS

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements cont'd 2021 2020 Income Tax recoverable DCMS Historic Places of Worship Grants HMRCJob retention scheme 22.882 212 22,317 8,628 Church Care Prepayments Other Debtors 596 861 25.059 1,162 33,263 22

THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements cont’d

12. CREDITORS

The PCC has entered into an interest free loan to fund the replacement windows for 15 Trafalgar Avenue. Repayments are due every quarter, with the final payment due at the end of February 2024.

13. MOVEMENT IN FUNDS

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements cont’d

1. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[ST] DECEMBER 2020

24

THE PARISH OF BROXBOURNE WITH WORMLEY

FINANCIAL STATEMENTS

For The Year Ended 31[st] December 2021

Charity Number 1130305

1

CONTENTS

Trustees Report	3-9
Independent Examiners report	10
Statement of Financial Activities	11
Balance sheet	12
Notes to the Financial Statements	13-22

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021

TRUSTEES REPORT

The Parochial Church Council (PCC) presents its report with the financial statements of the Charity for the year ended 31[st] December 2021.

Aims and purposes

The primary objective of the PCC is to promote the Gospel of our Lord Jesus Christ according to the doctrines and practices of the Church of England. The Parochial Church Council (Powers) Measure 1956 states that the PCC is ‘to cooperate with the incumbent in promoting to the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical’.

Objectives and Activities

The PCC has adopted the Mission Statement, ‘Growing a worshipping community reaching out with Jesus’ love’:

• Growing – We aspire to draw new people into a living relationship with Jesus Christ;

• Worshipping – The heart of our activity is to worship God in our gatherings and in our lives;

• Community – We want to be a place where people can build deep Christian fellowship;

• Reaching out – We want to have an impact on the needs of our local community;

• Jesus’ love – We want to be known for our welcome, compassion and service.

When planning its activities for the year, the PCC has considered the Charity Commission’s guidance on public benefit and, in particular, the supplementary guidance on charities for the advancement of religion. In particular, the PCC is committed to:

• Regular public worship, open to all;

• The provision of a sacred space for personal prayer and contemplation;

• Teaching Christianity through sermons, courses and small groups;

• Pastoral work, including visiting the sick and the bereaved;

• The provision of children’s and youth activities with a Christian ethos;

• Taking religious assemblies in schools; and

• Promoting the whole mission of the Church through provision of activities for young families, senior citizens and other special need groups.

Achievements and Performance

During the calendar year, physical Sunday services were suspended as a result of the COVID-19 pandemic until 4 April. During that time, the Rector, with the assistance of others, was able to offer a weekly live-streamed service on our YouTube channel, which was available to view afterwards and parishioners were also able to participate in a fortnightly live contemporary worship service on Zoom at 6pm.

From 4 April, a church service was held each Sunday at both St Laurence, Wormley (9.30am) and St Augustine’s, Broxbourne (11am). A maximum of 15 and 23 households respectively were able to attend. Advance registration

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021

ensured strict social distancing requirements was adhered to, with Churchwardens and others acting as stewards. A one-way system operated within each church. The 11am service at St Augustine’s was live-streamed. From 1 August, the numerical restrictions were removed. From 4 April, the 6pm service took place in person approximately fortnightly. The 8am service at St Augustine’s restarted on 17 October, initially, on an approximately monthly basis. In contrast to 2020, we were able to offer a range of services on Christmas Eve and Christmas Day almost equivalent to our pre-pandemic offering.

Throughout the year, Morning Prayer was offered via Zoom on Mondays to Thursdays, as well as a weekly prayer meeting on Wednesdays. Other groups (home groups, women’s evening group, youth group) have continued to meet online and/or in person. Clergy were active in leading acts of collective worship in local primary school.

As at 20 April 2020, the Electoral Roll stood at 225. The average number of worshippers in October 2021 was 142. During the course of the year, the clergy conducted 22 baptisms and thanksgivings, 6 weddings and services of prayer and dedication after civil marriage, 26 funerals and 8 burials of ashes.

The PCC made a number of decisions, including reviewing the Parish Safeguarding Action Plan, agreeing the resumption of physical services, proceeding with repairs to the vestry at St Laurence, authorising work to and a new tenancy in relation to 15 Trafalgar Avenue, and approving an Environmental Policy and work towards an Eco Church Award application.

Financial Review

The Statement of Financial Activities shows the income and expenditure of the Parish over the course of the year. The effects of the COVID-19 pandemic continue to impact the SOFA.

Income exceeded expenditure before revaluation of investments and property by £8,940 (2020 £13,548 deficit).

Total income was £207,905 (2020: £207,964). Regular income from planned giving, gift aid and church collections fell by 1% from £127,615 in 2020 to £127,217 in 2021. The PCC has benefitted from the fact that over 80% of our regular giving continues to be made by standing orders.

A further £33,481 (2020: £9,252) was raised from bequests and donations, including one bequest of £22,438 as a contribution towards the costs of St Augustine’s church and further donations towards the costs of the restoration of The Last Supper painting of £6,040.

During the year, grants were received for staff costs totalling £4,783 (2020: £5,666), including £3,019 from HMRC under the Job Retention Scheme. The PCC also received a small grant from DCMS of £212 regarding the final retention on the West Window project. A further £200 grant was received from ChurchCare towards the costs of the Conservator’s inspection report on the Last Supper painting.

Income from church activities increased by £1,562 from £16,215 in 2020 to £17,777.

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021

Income from letting the Parish Centre has, once again, been severely impacted by COVID-19, with revenues down at £1,794 (2020:£1,941). The PCC has discussed what improvements can be made internally to the Parish Centre to attract more lettings and authorised the purchase of new curtains at a cost of £2,185 Letting income from Wormley Church Rooms increased to £11,584 (2020: £240) as a result of the licence agreement entered into in late 2020.

Total expenditure decreased in 2021 from £221,511 to £198,965. Once again the Parish Share was paid in full, this increased by 9% from £98,282 in 2020 to £107,419 in 2021.

In recognition of the fact other charities were suffering from a severe reduction in income through the pandemic, the PCC decided to give to other Missions and Charities, as it has done in the past. Donations of £1,000 were given to each of the following:

• All Nations Christian College

• Broxbourne C of E Primary School

• Christian Aid

• Wormley C of E Primary School

• Young Life, Hoddesdon

• Embrace Middle East

• Mission Aviation Fellowship

• The Mission to Seafarers

• The Traidcraft Exchange

• Tearfund

The cost of church repairs and maintenance, fell substantially in 2021 as no major projects were carried out. In 2021 church repairs and maintenance amounted to £5,906 (2020: £61,015, including £52,366 costs of the west window).

In order to bring the property up to standard for letting, repairs and maintenance costs for 15 Trafalgar Avenue amounted to £21,197 (2020: £112).

The value of the General fund benefited from an increase in the valuation of investments by £18,018 (2020 £9,550).

At the end of 2021 total funds on the balance sheet increased substantially from £689,761 in 2020 to £841,719. This is primarily attributable to a revaluation gain of £125,000 on the investment property, 15 Trafalgar Avenue.

A new Property Revaluation Reserve has been established representing the revaluation of 15 Trafalgar Avenue. The balance on this Reserve is £125,000 (2020: £nil) representing the revaluation since August 2018. The decision to take the revaluation to a separate reserve is due to the change of use of the property, from being the Curate’s house to being let privately.

The General Fund now stands at £127,144 (2020: £109.589). Designated Funds, including te Revaluation Reserve totalled £697,354 (2020: £570,317). Restricted Funds totalled £18,985 (2020: £17,221). During the year, donations of £6,040 were received from parishioners and others connected with St Laurence, Wormley towards the cost of restoring the painting, The Last Supper, which usually hangs behind the altar. Long-term investments – which are held in

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021

Church of England funds, managed by CCLA, total £120,979 at end-2021, up from £102,961 at the end of 2020. The remainder of the net current assets £98,240 (2020: £91,300) are made up of cash and bank balances and amounts owed to or from the Parish.

Reserves Policy

The PCC aims to maintain sufficient reserves to cover at least 3 months’ worth of regular expenditure and ongoing building repair projects. At the end of 2021 the value of the General Fund, which finances general expenditure, was £127,144, equivalent to over 9 months’ payments from this fund (2020: £109,889 equivalent to 6 months payments). The PCC aims to run a balanced budget and continually reviews the financial position prior to committing to major church repairs.

On-going Financial Commitments

At the date of this report the PCC confirms that each fund has sufficient assets to fulfil its obligations.

The Trustees believe the charity remains a going concern, even with the continuing adverse impact of COVID- 19. This is because:

• The majority of income comes from regular giving, parishioners paying in the main by standing orders. Giving income, including gift aid, has fallen by 11% when compared to before the crisis and seems to have settled at the new lower level.

• Since the re-establishment of physical church services income from Sunday offerings has started to recover; and

• Parishioners have been very generous in giving regular and one-off donations.

The PCC authorised a new licence agreement in respect of Wormley Church Rooms, with rental income commencing in the second quarter

In May 2021, the PCC entered into a new contract to fix gas and electricity prices for three years. The contract is with one of the larger providers, therefore the impact of increasing energy prices will not be felt by the PCC until the contract renews in May 2023.

Risk Management

In common with other churches and charities, the PCC faces risks, be they operational, financial or reputational. The PCC keeps under review the risks to which it is exposed, assessing both the likelihood and impact of a particular event or action and seeking to mitigate those risks.

Safeguarding

The PCC has a legal obligation under section 5 of the Safeguarding and Clergy Discipline Measure 2016 to have due regard to House of Bishops’ guidance on safeguarding children and vulnerable adults and it has complied with this duty.

Plans for the Future

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021

The Trustees reviewed the Mission Action Plan in March 2020 and identified the following areas of focus:

1. Drawing new families, children and young people into our worshipping communities (including by carrying out a review of our Sunday activities aimed at families, children and young people, exploring how to enable Messy Church adults to grow in their faith and discipleship, and separating baptism preparation from our regular Alpha course, and seeking to tailor it more to the needs and interests of those attending).

2. Continuing to see more members of our congregations growing as disciples of Christ (including by growing our Wednesday prayer meeting as the centre of the praying life of the parish, carrying out a specific campaign to encourage regular members of our congregations to join a home group, following up Spring Harvest 2020 with testimonies to encourage new people to sign up for future events, and exploring how we can resource and grow the Sunday evening Hitchhikers youth group).

3. Having completed the renovation of the entire roof at St Laurence and all three stages of the West Tower project and returned our reserves to their target level, finding a sustainable way to resource our mission and ministry going forward (including by completing the third and final stage of the West Tower project without depleting our reserves below the level stipulated in our reserves policy, finding a medium-term solution to the use of the Wormley Church Room in a way that enables us to avoid ongoing deficits in our budget and seeking to create sufficient financial headroom so that, in addition to a curate in 2021, we are able to explore staffing possibilities in the areas of contemporary worship and/or children and youth ministry).

Significant progress has been made in relation to the third area of focus (completion of the West Tower project, new license agreement for the Wormley Church Room and new curate licensed in June 2021), though sufficient financial headroom has not yet been achieved for the Trustees to feel comfortable to explore further staffing opportunities. As we emerge from the pandemic, the first two areas and, in particular, re-establishing work with families, children and young people remain priorities.

Structure Governance and Management

The PCC is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council (Powers) Measure 1956 as amended and the Church Representation Rules. Additionally, the Trustees Act 2000 sets out additional duties and powers of unincorporated charities. The PCC became a registered charity on 23[rd] June 2009. The Charity is funded by voluntary giving and occasional grants. The trustees are elected as set out in the Church Representation Rules by the Meeting of the Parishioners or the Annual Parochial Church Meeting, for a period of one year for a church warden or three years, extendable to four years, for other members. Clergy are automatically trustees due to the clerical posts they hold.

At the regular PCC meetings, the Trustees agree the strategy and areas of activity for the Charity, including vision, ministry and mission, safeguarding, risk management, grant making, investment reserves, premises and performance.

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021

The following sub-committees are appointed by the PCC:

• Standing Committee (SC). This is the only committee required by law. It has the power to transact the business of the PCC between its meetings, subject to any directions given by the PCC.

• District Church Council (DCC). Both churches in the parish (St Augustine’s, Broxbourne and St Laurence, Wormley) have their own DCC which attends to matters relating to that church, mainly regarding the buildings and church services.

Since the start of the pandemic, the PCC had been unable to meet physically. Essential business was discussed via Zoom, with approval soon after by correspondence under Rule M29 of the Church Representation Rules. The PCC resumed physical meetings on 19 October and 7 December 2021, with an average attendance of 73% at those meetings.

Reference and Administration

----- Start of picture text -----
Address for The Parish Office
correspondence: St Augustine’s Parish Centre,
Churchfields,
Broxbourne, EN10 7AU
Charity Number 1130305
Trustees: * Denotes Deanery Synod Representative
Incumbent Revd Charles Hudson
Curate Revd Ash David ( from 26 June 2021)
Readers Ray Slade
Anne Sentance
Churchwardens Brian Barton
Linda Hood
Janet McMillan
Secretary Ester Luscombe
Honorary Treasurer Elizabeth Perry ACA
Other elected/co- Lorretta Allen (until 20 April 2021)
opted members Janet Bourne
Alicia Chastell
Sam Evans
Tony Fleetwood
Marie Fika (appointed 20 April 2021)
James Freer (appointed 20 April 2021)
Geoffrey Green (appointed 20 April 2021)
Chris House
Judith Hyde (appointed 20 April 2021)
Jackie King
Doris Mutegi
Richard Roberts
Wendy Stewart
Gillian Walker
Rhona Ward (until 20 April 2021)
Trevor Wheelhouse
Tony Wright
Website www.broxbournewithwormley.org.uk
----- End of picture text -----

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021

----- Start of picture text -----
Independent Mr John Eke FCIE
Examiner Soarview
4 Stable Court
Marlborough
Devon TQ7 3FB
Bankers Barclays Bank plc
51 High St, Hoddesdon, EN11 8TG
----- End of picture text -----

Statement of Parochial Church Council (PCC) responsibilities

Under the Charities Act 2011, the PCC is required to prepare a statement of accounts for each accounting year which gives a true and fair view of the state of affairs of the church. We are required to:

1. Select suitable accounting policies and apply them consistently;

2. Make judgements and estimates that are reasonable and prudent;

3. State whether the policies adopted are in accordance with the Church Accounting Regulations and with applicable accounting standards; and

4. Prepare the financial statements on a going concern basis.

We are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the church and to ensure that such accounts comply with applicable accounting standards and with the Statement of Recommended Practice and the Regulations made under Section 130 of the Charities Act 2011. We also have a responsibility to safeguard the assets of the church and to take reasonable steps for the prevention of fraud and other irregularities.

For and on behalf of the Trustees:

Revd Charles Hudson

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021

INDEPENDENT EXAMINER’S REPORT

to the Parochial Church Council (PCC) of the Ecclesiastical Parish of St Augustine, Broxbourne with St Laurence, Wormley

Charity No. 1130305

I report to the PCC on my examination of the accounts of the Charity for the year ended 31 December 2020, which are set out on pages 11 to 22, and which I carried out in accordance with the Church Accounting Regulations 2006 (“the Regulations”) and section 145 of the Charities Act 2011 (“the Act”).

Responsibilities and basis of report

As members of the PCC you are responsible for the preparation of the financial statements. You consider that the audit requirement under Section 144(2) of the Act does not apply and that an independent examination is needed.

It is my responsibility to:

• examine the financial statements under Section 145 of the Act;

• follow the procedures laid down in the General Directions given by the Charity Commissioners under Section 145 (5) (b) of the Act; and

• state whether particular matters have come to my attention.

Independent Examiner’s Statement

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

• the accounting records were not kept in accordance with section 130 of the Act; or

• the accounts did not comply with the accounting records; or

• the accounts did not comply with the applicable requirement 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 come across no other matters in connection with the examination to which attention should be drawn in this report to enable a proper understanding of the accounts to be reached.

Signed: Date: John Eke 3[rd] April 2022

John Robert Eke

Fellow of the Association of Charity Independent Examiners Soarview 4 Stable Court Marlborough Devon TQ7 3FB

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[st] DECEMBER 2021 *

• Comparative figures for the year ended 31 December 2020 can be found in note 14

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements

BALANCE SHEET AS AT 31[ST] DECEMBER 2021

Approved by the Trustees on: 29 March 2022

Revd Charles Hudson (Chair) (Hon Treasurer)

Mrs Elizabeth Perry

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements

1. ACCOUNTING POLICIES

a) Basis of Accounting

The financial statements have been prepared in accordance with:

• The Church Accounting Regulations 2006

• The Charities Act 2011

• The Charities Statement of Recommended Practice 2019 (FRS102) - second edition

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to the accounts.

In preparing the accounts, the Trustees have assessed that the Parish will remain a going concern for at least the next 12 months. The Trustees do not consider that there are any material uncertainties in this respect.

Fund accounting

The Parish’s unrestricted income funds consist of general funds that the Parish may use for its charitable objectives at its discretion. Its restricted funds represents funds received that the donor has specifically restricted the purposes within the objects of the charity for which they can be used.

Income recognition

Income is recognised once the charity is entitled to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations are recognised on receipt. Gift Aid is recognised as income where there is a valid declaration by the owner and is treated as an addition to the same Fund as the initial donation, unless the donor has specified otherwise.

Legacy gifts are recognised on a case by case basis, following grant of probate when the administrator /executor for the estate has communicated in writing both the amount and settlement date. In the event the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value being reliably measured with a degree of accuracy and title to the asset having been transferred to the charity.

Interest on funds held on deposit is included when receivable and the amount can be reliably measured; this is normally on notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the amount due.

Gifts in Kind, Donated services and voluntary help are not included as income as they cannot be reasonably quantified or measured.

13

THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements

Resources expended

Expenditure is included on an accruals basis. Church Management and administration comprises costs for the running of the charity itself as an organisation.

Fixed Assets

Churches, Churchyards and the Vicarage are vested in the Representative Body of the Church of England, such property forms no part of the assets of the parish. Moveable church contents require a faculty for disposal so are considered to be in alienable property. They are generally of an historic nature so valuation is impracticable.

The Parish Church Halls are regarded as inalienable properties and having been acquired sometime in the past, there is insufficient cost information available and therefore such assets are not valued in the accounts.

Property Investments

Freehold property investment is valued at market value. A new valuation was performed in January 2022 by the charity’s letting agents, Space Estates, based in St Albans. The previous valuation was carried out in August 2018.

Listed investments

Listed investments are classified as financial assets measured at fair value through income and expenditure. Investments are initially recognised at cost and subsequently measured at their market value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. Asset sales and purchases are recognised at the date of trade at cost, i.e. the transaction value.

The charity does not acquire or use put options, derivatives or other complex financial instruments.

Debtors

Trade and other debtors are recognised at the settlement amount due for the provision of services delivered. Prepayments are recognised at the amount prepaid.

Creditors

Short term creditors are measured at transaction prices. Accruals are recognised at the settlement amount where the goods or services have already been delivered or an apportionment of the amount based on number of days, where the settlement amount covers a period that straddles the year end. Concessionary loans payable are measured at the amount initially received, with

14

THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements

the carrying amount adjusted to reflect repayments, and adjusted if necessary for any impairment.

15

THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements cont’d

2. CONNECTED CHARITIES

The Parish of Broxbourne with Wormley is independent of, but part of, the Diocese of St Albans. The Parish pays a contribution to the St Albans Diocesan Board of Finance (DBF), known as the Parish Share. The amount payable is determined by the DBF, and in 2021 was £107,419 (2020: £98,282)

3. RELATED PARTIES

During the year the following payments were made to Trustees:

• £ 4,797 to Trevor Wheelhouse for property maintenance work carried out on 15 Trafalgar Avenue

• £ 810 to Geoff Green in respect of Verger fees

• £ 60 to Linda Hood in respect of Verger fees, with a further £30 due as at 31[st] December 2021.

16

THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements cont’d

4. ANALYSIS OF INCOME

17

THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements cont’d

5. GRANTS RECEIVED

18

THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements cont’d

6. ANALYSIS OF EXPENDITURE

Included within administration costs is an amount of £400 paid to John Eke, Independent Examiner.

7. EMPLOYEES’ REMUNERATION

	2021	2020
	£	£
Total Wages	11,026	11,404

During the year, the Parish employed 1 (2020: 1) member of staff, equivalent to 1 full time employee. No employees received emoluments in excess of £60,000.

The charity has taken advantage of the Employment Allowance, resulting in zero social security costs.

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements cont’d Most of the work of the Parish is performed by a large number of volunteers, including the Parish Church Council (PCC) and District Church Councils (DCC), members of sub-committees and numerous volunteers.

Church Workers Pension Fund (CWPF)

Broxbourne with Wormley PCC participates in the Pension Builder Scheme section of CWPF for lay staff. CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the Employer and the other participating employers.

CWPF has two sections:

1. the Defined Benefits Scheme

2. the Pension Builder Scheme, which has two subsections;

3. a. a deferred annuity section known as Pension Builder Classic, and, b. a cash balance section known as Pension Builder 2014.

Pension Builder Scheme

Both sections of the Pension Builder Scheme are classed as defined benefit schemes.

Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are the contributions payable (2021: £882, 2020: £347).

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2019. The next valuation is due as at 31 December 2022.

For the Pension Builder Classic section, the valuation revealed a deficit of £4.8m on the ongoing assumptions used. At the most recent annual review, the Board chose to grant a discretionary bonus of 3% following improvements in the funding position over 2021. There is no requirement for deficit payments at the current time.

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements cont’d

For the Pension Builder 2014 section, the valuation revealed a surplus of £5.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

The legal structure of the scheme is such that if another employer fails, Broxbourne with Wormley PCC could become responsible for paying a share of the failed employer’s pension liabilities.

8. TRUSTEES’ EXPENSES

Expenses totalling £87 (2020 £1,229) relating to 2021 are to be reimbursed to 1 (2020: 1) member of the PCC in the year. These payments were for travel costs incurred in attending meetings, telephone, postage and reimbursement of costs. Neither members of the PCC nor any person connected with them have received or are due to receive any remuneration for the year directly or indirectly from the Charity Funds.

9. PROPERTY AND INVESTMENTS

10. SHORT TERM DEPOSITS

11. DEBTORS

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements cont'd 2021 2020 Income Tax recoverable DCMS Historic Places of Worship Grants HMRCJob retention scheme 22.882 212 22,317 8,628 Church Care Prepayments Other Debtors 596 861 25.059 1,162 33,263 22

THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements cont’d

12. CREDITORS

The PCC has entered into an interest free loan to fund the replacement windows for 15 Trafalgar Avenue. Repayments are due every quarter, with the final payment due at the end of February 2024.

13. MOVEMENT IN FUNDS

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THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2021 Notes to the Financial Statements cont’d

1. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[ST] DECEMBER 2020

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