THE PAR15H OF BROXBOURNE WITH WORMLEY FINANCIAL STATEMENTS For The Year Ended 31" December 2024 Charity Number 1130305
CONTENTS Trustees Report Independent Examlner5 report 10 Statement of Financial Activlties 11 Balance sheet 12 Notes to the Financial Statements 13-22
THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2024 TRUSTEES REPORT The Parochial Church Council IPCCI presenis Its repof t wlth the financial statements of the Charity for the year ended 31" December 2024. Alm5 and purposes The primary objective of the PCC is to promoie the Gospel of our Lord Jesus Christ according to the doctrines and practices of the Church of England. The Parochial Church Council (Power51 Measure 1956 state5 that the PCC is 'to co-operate with the incumbent in promoting to the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical,, Objectlves and Actlvltles The PCC has adopted the Mission Statement, 'Growin8 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 seniice. When planning its activities for the year, the PCC has considered the Charity Cornmission'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 Wlth 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 last year, the sunday services continued with some alteration to the monthly pattern. There was an 8am service at St Augustine's on a second and fourth Sunday, a 9.30am service at St Laurence and an 11am service at St Augustine's every Sunday. The 6.00 pm SeiCe ceased. In addition to the first Sunday of the month being an all-age service, at both the 9.30am and 11am services, children's groups now run on the third Sunday of the month at St Laurence, and on the second and third Sundays on the month at St Augustine's. Tuesday@2 meeting in the Bushby Hall with Holy Communion ser4ice, meets regularly on a monthly basis on the first Tuesday of each month with an average attendance of 40. We continue to lead worship twice a month at the 8roxbourne Care home with an average attendance of 15 residents.
THE PARISH OF BROXBOURNE WITH WORMLEY Financial statement5 for the year ended 31 December 2024 Trustee's Report cont'd This is supported by the Wormley Free Church minister who alternates leading the service. We are very thankful for this ecumenical partnership. We were able to offer the full range of servlces on ChrSstmas Eve and Christmas Day, with an attendance of 1,025 across 8 services. Throughout the year in person weekly prayer meelln8 on Thursdays were offered. Other groups (home groups, the BIG Group and Wednesday Afternoon Group) have been meeting in person. Clergy were active Sn leading act5 of collective worsh5p In local primary schools. We were able to run the Alpha course in October 2024 with 12 partlclpants. As at 315t December 2024, the Electoral Roll stood at 218. The usual Sunday attendance in 2024 was 172. During the year. the clergy conducted 15 baptlsms and thanksgivings, 7 weddings and servlces of prayer and dedication after civil marriage, 20 funerals and 12 burials of ashes. Flnanclal Review The Statement of Financial Activities shows the income and expenditure of the Parish over the course of the year. There was a surplus of Income over expenditure before revaluation of investments and property of £7,947 (2023: £38,273 deficit). Total income was £161,045 (2023: £169.4501. Regular income from planned giving, gift aid and church collections fell by 6.4% from £109,OCrf) in 2023 to £101,989 in 2024. The PCC still benefits from the fact that over 80% of our regular giving continues to be made by standing orders. A further £7,083 {2023: £5,648) was raised from bequests and donations. During the year, a grant was received from St Albans Diocese totalling £250 towards the cost of purchasing a second contactless terminal, for giving at St Laurence church. Income from church activities increased by £4,482 from £18,340 in 2023 to £22,823 in 2024. The increase was due in large part to £2,604 raised from the Music on a Sunday Afternoon concert held in September, recorded under General fund raising. Income from letting the Parish Centre decreased slightly, with revenues at £5,408 (2023.. £5,734). Letting income from Wormley Church Rooms increased to £2.03412023: £225). The PCC has found it difficult to rent the property after Squiggles nursery left in November 2022. On 28 October 2024 th the PCC, alon8 With the Diocese, entered into lease agreements with Precious One (now known as Broxbourne Community Church) to rent out Wormley Church Rooms for a period of 5 years, with a break clause at 3 years. Total expenditure decreased significantly in 2024 from £207,725 to £153,098. In early 2024, after a review of the cash flow and likely income and expenditures, the PCC resolved to reduce the Parish Share to an amount that was considered affordable, while allowing for us to continue to pay our usual operating expenses. The Diocese requested a Parish share of £102,780, the PCC was only able to pay £68,267 in 2024, a shortfall of 34,513, or 33.6%. (In 2023 we paid our full parish share of £108,088}.
THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2024 Trustee's Report cont'd After considering the PCC'5 financial position, the PCC declded not to give to other Missions and Charities, as it has done in the past. However, we have had dedicated collections during the year and have managed to give: £575 to The Bishops Haest Appeal: The Leprosy Mlssion £306 to the Children's Society, the usual collections at our Christingle services £494 to the British Legion, donated on Remembrance Sundav £150 to Young Life, a proportion of revenue raised at the Summer Fair In 2024 church repairs and maintenance amounted to £10,05312023: £26,014). This was primarily attributable to inspection and rectification work on the lighting System at St Augustine's and architect's fees for appraising options and c05tings to replace the South Aisle roof. Repairs and maintenance costs for 15 Trafalgar Avenue were £5,93312023: £2,764) including £3,263 for a new boiler. The value of the General fund was positively imparted by a gain in the valuation of Investments of £19,357 (2022 £35,236 gain}. At the end of 2024 total funds on the balance sheet increased by £37,312 from £1,045,669 in 2023 to £1,082,981 The Property Revaluation Reserve represents the revaluation of 15 Trafalgar Avenue. The balance on this Reserve is £135,00012023: £125,000) representing the revaluation since August 2018. We have transferred the prior year Revaluation Reser4e of £125,000 from Designated Funds to this Reserve within the Fair Value Reserve. The General Fund now stands at £141.132 {2023: £100,395). Designated Funds, totalled £554,810 {2023: £567,722}. Restricted Funds totalled £252,039 {2023: £252,552). Long-term investments- which are held in Church of England funds, Managed by CCLA, total £398,098 at end-2024, up from £378,741 at the end of 2023. Net current assets £49,88312023: £41,928) 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 month5, Worth of regular expenditure and ongoing building repair projects. At the end of 2024 the value of the General Fund, which finances general expenditure, was £141,132, equivalent to 9 months, payments from this fund assuming Parish share is fully paid 12023: £100,395 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 Flnancial Commltments At the date of this report the PCC confirms that each fund has sufficient assets to fulfil its obligations. While 2024 was a challenging year, the Trustees believe the charity remain5 3 going concern. The factors listed below are not inconsiderable, however in late-2023 it becarne apparent that cash flow was becoming an issue, with day to day running costs exceeding income. As a result of this, in
THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2024 Trustee's Report cont'd February 2024 the PCC decided to reduce its Parish Share payments for 2024 by £3,500 per month for an initial 5ix-month period. This arrangement has continued over the year. We are launching a Giving Campai8n in May 2025, in an effort to ensure our planned giving cover5 the day-to-day operating expenses. During 2024, we launched Digital Glving within our churches and raised £1,067 throu8h this channel. We also revlewed our expenditure to ensure that we committed to essential expenditures. This is evidenced by the reduction in expenses from E179,142 in 2023 to £119,227 in 2024 in the General Fund. In May 2021, the PCC entered into a contract to fix gas and electrlcity prices for three years. In October 2023 the PCC renewed this contract, on new terms, for a year from June 2024. In December 2024 we further reviewed our contract, selecting a new "green" supplier {Ecotricity) and signed a new contract for a year from May 2025. 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 As we mark 50 years of mission and ministry in 2027, our churches stand at an exciting threshold. Our vision for the next three years builds on our legacy while embracing new opportunities to grow as a welcoming. inclusive. and Christ-centred community. The Trustees went on an away day in June 2024 to prayerfully seek to discern God's will for the benefice. During the away day and at a subsequent review three core areas were identified: Welcome, Invitation. and Resourcing. each critical for deepening faith, strengthening community ties, and ensuring sustainable growth for the future. The strategic priorities for the next three years12024-2027) are to celebrating our past, embracing the present, and preparing for the future in a way that equips us to serve all in the Parish of Broxbourne and Wormley, and to be a beacon of God's love, These include the following: o Recruiting new younger members on welcome team, o Initiating follow-up contact mechanism with new visitors. o Ensuring elderly members of the congregation are well supported during the services. o Develop and grow midweek prayer group with a target of including 10 regular participants, o Grow number of home groups from 3 to 6 .
THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2024 Trustee's Report cont'd o Run spiritual growth se55ion5 at our Prlmary Schools- Young Alpha. o Organise a youth event{sl worklng with the New Rlver Group. o Offer two Baptism Preparation Courses per year. o Invite new people to consider belng on the reading and leading Intersessions rota. o Provide forums and opportunities for people to share thelr experiences and contribute to the life of the church. o Develop an annual teachin8 plan for Flourish at St Augustine's and Sunday School. o Establishing once a term meeting of the leaders and helpers to review and plan. Organise half yearly family engagement event. o Implement a feedback system for parents and children to measure success. Structure Governance and Management The PCC is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council {Powersl 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, 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 Meetin8, 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 makin& investment reserves, premises and performance. The following sub-committees are appointed by the PCC.. Standing Committee ISCI. 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 IDCC}. Both churches in the parish {St Augustine's, Broxbourne and St Laurence, Wormleyl have their own DCC which attends to matter5 relating to that church, mainly regarding the buildings and church services. The PCC met 6 times during the year, with an average attendance of 73% at those meetings.
THE PAR15H OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2024 Trustee'5 Report cont'd Reference and Admlnlstratlon Addre55 for correspondence: The Parlsh Office St Augustine's Parish Centre, Churchfields, Broxbourne, ENIO 7AU 1130305 Denote5 Deanery Synod Representative Revd Ash David (from 25 April 20241 Revd Ash David luntil 25 April 20241 Ray Slade (until 9 April 20241 Charity Number Trustees: Priest in Charge Curate Reader Emiritus Reader Churchwardens Brian Barton Linda Hood Jackie King Lucia Cogan (until 30 April 20241 Marion Kenny (appointed 4 June 20241 Elizabeth Perry ACA Tina Braithwaite Pauline Brown (appointed 30 April 20241 Angus Bunyan Laura Dix lappointed 30 April 2024: resigned 30 July 20241 Sam Evans Tony Fleetwood Geoffrey Green Rhys Griffiths {appointed 30 April 2024} James Harvey (appointed 30 April 2024: resigned 30 July 2024} Chris House Judith Hyde. Susan McKeown {appointed 30 April 20241 Janet Mcmillan Nicola Piek (appointed 30 April 20241 Richard Roberts (until 30 April 20241 Susan Shepherd lappointed 30 April 20241 Wendy Stewart Gillian Walker (appointed 30 April 20241 Rhona Ward luntil 30 April 20241 Trevor Wheelhouse (until 30 April 20241 Secretary Honorary Treasurer Other electedlco-opted members Website Independent Examiner www.broxbournewithwormley.org.uk Hammond Njagi FCCA 26 Woodstock Road Broxbourne Herts ENIO 7NX Barclays Bank UK plc Leicester, LE67 2BB Bankers
THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2024 Trustee's Report cont'd Statement of Parochlal Church Counc51 IPCC) responslbllltles Under the Charities Act 2011, tlie PCC Is requlred to prepare a statement of accounts for each accounting year whicl) gives a true and fair view of the state of affalrs of the church. We are required to.. l. Select suitable accounting pollcles and apply them conslstentlvi 2. Make judgeineiits and estiiiiates tliat are reasonable and prudent,. 3. State whether the policies adopted are In accordance wlth the Church Accounting Regulations and with applicable accouiitiiig standards,. and 4. Prepare the fiiiancial statements on a golng concern basls. We are responsible for keeping proper accountlng 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 Sectlon 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: vd Ash David VL
THE PARISH OF BROXBOURNE WITH WORMLEY Flnanclal statements for the year ended 31 December 2024 INDEPENDENT EXAMINER'S REPORT to the Parochlal Church Councll (PCC) of the Eccleslastlcal Parlsh ol St Augustlne, Broxbourne wlth St Laurence, Wormlev Charlty No. 1130305 I report to the PCC on my examination of the accounts of the Charity for the year ended 31 December 2024, whlch are set out on pages 11 to 22, and which I carried out in accordance with the Church Accountin8 Regulations 2(X)61"the Regulations"} and section 145 of the Charities Art 2011 I'the Act.). Responslbllltles and basls of report As members of the PCC you are responsible for the preparation of the financial Statements. You consider that the audit requlrement under Settion 14412) 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 14515) Ibl of the Act: and state whether particular matters have come to my attention. Independent Examlnerfs Statement I have completed my examination and 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 fairf view which is not a matter considered as part of an independent examination. I have no concerns and came across no other matters in connection with the examination to which attention should be drawn in this report to enable a proper understandin8 of the accounts to be reached. Signed: Date: hp1J Hammond Njagi FCCA 26 Woodstock Road Broxbourne Herts ENIO 7NX io
THE PARISH OF BROXBOURNE WITH WORMLEY
Financial statements for the year ended 31 December 2024
STATEMENT OF FINANCIAL AcnviTIES FOR THE YEAR ENDED 31. DECEMBER 2024
Ilnrnslrlct•d Fu
Ilestrkled F•lr yU• Total FdI
Note. Genw•l Desiin•ted funds Il•
24
rt7tdFundi
29
Lknitlons •rrfl Lelicles
Churth Artlyltles
Otherlr•dlrq Artfvitles
In¥e5trnentsw Propwty
TOTALINCOME
103x1
20,076
109.322
22,823
7,442
21.451
161,045
125498
J4340
1147
7,442
21.(K•)
3L191
19,651
169,¥AI
12J.5
R•lsln8
Chuth A¢
TrIE PARISH OF BROXBOURNE WITH WORMLEY Financlal statement5 for Ihe year ended 31 DecembÈr 2024 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 Flxed Assets T•n8lble assets Inve5tmÈnts Note 2023 635,IXMI 398,098 1,033,098 625,(IXJ 378,741 IJXlJ,141 Shth tern) Investments Debtor5 •nd preptymÈnts C•5h •t Bank •nd In H•nd io 11 321 22,610 36,086 314 17,566 3026 Tot•1 Cwrent Asset5 59,017 Credltm •mounts f•lllw due wlthln ono year NEf CURRENT ASSEf5 12 9,134 49.883 41,928 TOTAL ASSETS LESS CURRENT LIABiunE5 I.OB2.981 1,045669 cred1. Amounts falllng due after more th•n one year 1.082.981 1.045,669 FUNDS Restrlcted 251039 252,552 Unrestrfrted General Designated 141.132 554.810 567.n2 Falr Value Reserve 135,C TOTALFUNDS 1.082.981 LO4669 Comparative figures for the year ended 31 December 2023 have been adjusted by transferrin8 the property revaluation reserve of £125,000 from Designated Funds to the Fair Value Reserve Approved by the Trustees on: 2yI Re Ash David (Chair} Mrs Elizabeth Perry {Hon Treasurer) 12
Financial statements for the year ended 31 December 2024 Notes to the Financial Statements I. ACCOUNTING POLICIES a) Basis of Accountin8 The financial 5tateiMents have been prepared In accordance wlth: The Cliurcli Accountlng Regulatlons 2006 The Charltle5 Act 2011 The Charities Statement of Recommended Practlce 2019 IFRS102)- second edltion The accounts have beei) prepared undef the hlstorlcal cost conventlon wlth Items recognlsed at cost or transaction value unless Otherwlse stated In the relevant note to the accounts. In preparin8 the accounts, the Trustees have assessed that the Parish wlll remaln a goin8 concern for at least the next 12 months. The Trustees do not conslder that there are any material uncertainties in this respect. Fund accountin8 The Parish's unrestricted income funds consist of general funds that the Parish may use lor its charitable objective5 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, followin8 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 Financlal stateinents for the year ended 31 December 2024 Notes to tl)e Flnanclal Statements cont'd Resources expended Expenditure Ss Included on an accriials basls. Church Management and administration comprises Costs for the runnlng of the charity Itself as an organisation, Fixed Assets Churche5, Churchyard5 and the Vlcarage are vested in the Representative Body of the Church of En8land, such property forms no part of the assets of the parish. Moveable church contents require a faculty for disposal so are considered to be Inallenable 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 sornetime In the past, there is insufficient cost informatlon 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 on 22 January 2025 by the charity's letting agents, Space Estates, based in St Albans. The previous valuation was carried out in December 2023. 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 the carrying amount adjusted to reflect repayments, and adjusted if necessary for any impairment. 14
THE PARISH OF BROXBOURNE WITH WORMLEY Financial statement5 for the year ended 310eceniber 2024 Notes to the Financial Statements cont'd Accountin8 for leases th On 28 October 2024 the PCC entered into lease a8reements, alongside the Dlocese of St Albans Board of Finance with Precious One {now Broxbourne Community Church). Under FRS102, the Financial Reporting Standard applicable in the UK and Ireland, the leases have been determined a5 operating leases. In exchange for an annual rental, recognised as income under the Wormley Church Rooms designated fund, Precious One have occupallon and exclusive use of the Wormlev Church Rooms for a period of 5 years, with a break clause at 3 years. 2. CONNECTED CHARITIES The Parish of Broxboume with Worniley is independent of, but part of, the Diocese of St Albans. The Parish pays a contribution to the St Albans Diocesan Board of Finance IDBF), known as the Parish Share. The amount requested is determined by the Diocese and in 2024 was £102,78012023: £108,088} and the Parish paid £68,26712023:£108,0881. 3. RELATED PARTIES During the year the following payments were made to Trustees: £ 558 to Geoff Green in respect of Verger fees, with a further £464 due as at 31" December £252 to Linda Hood in respect of Verger fees, with a further £30 due at 31" December £220 to Chris House in respect of Verger fees John Hyde, as a related party, received fees totalling £4,88512023: £4,020) as organist. 15
THE PARISH OF BROXBOURNE WITH WORMLEY Financlal statements for the year ended 31 December 2024 Notes to the Flnanclal Statements conl'd 4. ANALYSIS OF INCOME Pegfrkted Sunth Tot•1 Funds 2024 TotolFundJ 2023 Pl•nnd Ilvir 6IftA Collecttoni Doh•tlons•n¢ Bequ•sts M1s51on •nd outwth Gr•nts'. 77.1)J 17,411 6.721 4381 7T,833 17A28 85.Q8 37.fO9 SR)3 S648 Bulldiw5 Defibrtll•tvr Educ•tn iit•l Roll¢ P•lntlryCon5•FV•t VJ70 109. s•x Fees lorw•ddlry 11918 G•nor•l fvnd r•islni Insur•nc• d•lms Rhyme tIMAlph• Tyesd•y5 •t 2 MISlIan05 1147 L359 10.67S 1147 1.359 1756 1187 P•rtsh centr• lettings Churth room5 l•ttln 1034 7M2 21,(iXI S734 225 1034 Investment and prOrtY 8•nks •nd Invthnts Int4r•rt 21.( U9.503 iOU44 109.450 16
THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2024 Notes to the Financial Statements cont'd 5. GRANTS RECEIVED 2024 2023 Digltal Rollout St Albans Diocese 2Y) Last Supper Palnting Restoratlon The Leche TNst Archbishops Council Education Broxboume Education Charity 1,450 Maintenance of Lych Gate at St Laurence Hertfordshire County Council 10,850 6. ANALYSIS OF EXPENDITURE Total IJ F•ir b Churth Art¥$ Msgon 50uets.es Relief aeerS Edatic and ytyjth wort 68,267 LSt ijeryy •nd staff expenses S•feguxdin8 thufth Insur•r •rKI ¢rtiiitles fees rel•ted to weOdln8s et¢ Churth ItIrS and m•ifiienK• Pxlshtentre St LaurW Churth ro M•88iines•nd publlulions Tue5d4ys•t2 L217 13,881 9.315 2&014 &446 fj05 L796 L796 1532 In5 77S i•L720 27.175 Y6J INn2 P4rtth OffkiAOmthistr¥t Staff costs Property. 15Trnf•lqwA¥eniie 5.611 il, W4 4169 W78 5.933 &9U 119.227 76J 1SJ.091 7.713 17
THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2024 Notes to the Financial Statements cont'd 7. EMPLOYEES, REMUNERATION 2024 2023 Total Wa8es 11,894 11,078 Durin8 the year, the Parish employed 112023.. 11 member of staff, equlvalent to I 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. Most of the work of the Parish15 performed by a large number of volunteers, including the Parish Church Council IPCC) and District Church Councils IDCCI, 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 other participating employers, CWPF has two sections: l. the Defined Benefits Scheme 2. the Pension Builder Scheme, which has two subsections,. a deferred annuity Section known as Pension Builder Classic, and, 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 Bullder CIus5ic 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. Penslon Builder2014 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 15 payable, unreduced, from age 65. There is no sub-division of assets between employers in each section of the Pension Builder Scheme. 18
fHE PARISH OF BROXBOURNE WITH WORMLEY Financial Statements for the year ended 31 December 2024 Notes to the Financial Statements cont'd The scheme is considered to be a multi.employer scheme as descrlbed In Sectlon 28 of FRS 102. Thls is because it is not P055ible to attribute the Penslon Bullder Scheme's assets and Ilabllltles to speclflc employers and means that contributlons are accounted for as If the Scheme were a deflned contribution scheme. The pensions costs charged to the SOFA In the year are the contrlbutlons payable {2024: £957, 2023.. £8471. A valuation of the Penslon Builder Schen)e1s carrled out once every three years. The most recent valuation was carried out as at 31 December 2022. For the Pension Builder Cla55ic section, the valuatlon revealed a surplus of £34.8m on the ongolng assumptions used. At the most recent ai)nual review effective l January 2025, the Board chose to grant a discretionary bonu5 of 6.7% to both pensions not yet payment and pensions in payment in respect of seNice prior to April 1997,. and a bonus on pensions In payment In respect of post April 2006 service so that the pension increase was 2.7% (where usually it would be calculated based on inflation up to 2,5%). This followed improvements the funding position over 2024. There is no requirement for deficit payments at the current time. The next valuation is due as at 31 December 2025, For the Pension Builder 2014 section, the valuation revealed a surplus of £8.5m on the ongoSng 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 Wlth Wormley PCC could become responsible for payin8 a share of the failed employerfs pension liabilities, 8. TRUSTEES, EXPENSES Expenses totalling £1,80912023: £1,207) were reimbursed to 112023., 21 members of the PCC in the year. These payments were for travel costs incurred in attending meetings, telephone, Postage, subsistence 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 Financial Property Investments Total 2024 Total 2023 Balance 35 at ljanuary 2024 Disposals at realised value Additions at cost Gain on revaluation Value as at 31 December 2024 625,LJX) 378,741 I,(X)3,741 120,466 35,236 I,(K13,741 io,co) 635,IXIJ 19,357 398,LY38 29,357 1,033,098 19
THE PARISH OF BROXBOURNE WITH WORMLEY Financial statements for the year ended 31 December 2024 Notes to the Financial Statements cont'd 10. SHORT TERM DEPOSITS 2024 2023 C8F Deposlt Fund- General CBF Deposlt fund - OrBan Fund 170 170 143 321 313 11. DEBTORS 2024 2023 Incorne Tax recoverable Prepayments Other Debtors 15,567 1922 5,121 22,610 718 192 17.566 12. CREDITORS 2024 2023 Amounts falllng due within one year Deferred income Creditors for goods and services Other creditors Discretionary Loan 2,478 6,656 5,395 183. 5Ci) 6,478 9,134 Amounts falling due after more than one year Discretionary Loan 2024 2023 Amounts fall1 due wfthln one year Deferred Income Creditor5 forgoods and sery15 other CTeditors Dlsuetlonary Loan 2A77 6.655 5.395 183. 9,133 6.478 Am(K4rts falling due after more than one year Dlscretionary Loan 20
fHf p14BISH OF BROXBOURNE WITH WORMLEY Fin817cjal statements for the year ended 31 December 2024 Notes to the Financial Statements cont'd The PCC entered into an interest free loan to fund the replacement wlndows for 15 Trafalgar Avenue. Repayments were due every quarter, with the final payment made at the end of February 2024. 13. CONTINGENT LIA81LITIES Followin8 a survey, asbestos has been found in a flange gasket wiihin the boiler room and an outbuilding within the churchyard. Asbestos was a150 found in the textured ceiling finishes and tile adhesive throughout the Parish Centre, panels on the walls in the heater cupboard, and the brown floor tiles within the small hall. These findings are to be monitored by the PCC. 11 is not possible to reliably measure the exposure. As and when repairs are necessary to these parts of the buildings, the PCC will first ensu safe removal of any asbestos present. 14. MOVEMENT IN FUNOS 8al•nc• •sit Incom• oUOiI2024 EXpOIUrn Re¥lu•tiws Trinsfws B•l•nc• $ •t 31112024 11.095 14LI32 Gehernl fvnd l(Kl.395 9J03 119.227 s(1 2L( 5.933 I,(67} 3.9r2 Property- 15 Trafalgar Avenue 8roxboume Par15h Centre Wcmiley thurth Rooms St Augustine Aep•irs St Laurer*ce Repalrs Rhym fimel Alph4 Tuesdtys 612 TO DesWWt•d F)d$ 2L961 26531 2.034 319 L670 18.8271 1937 175401 Z949 1147 567.n2 3L191 1.863 33.1 111.0951 24),337 4n 445S 5.141 Hglden LeK•CI. StAuiustlne Missionsand Charltles StAugusts"ne's organ fund West Winoow Projert Di8tt•l Rollout MainteMtKe of LA G•te Defibnllator EdLKatlon TO ResthLted Fw 240.337 4n 4A55 5.141 297 495 io.(#)) 135.( Property Rvaluatlon Reserve 153A TOTAL FUNDS 21
THE PARISH OF BROX8OURNE WITH WORMLEY Financial statement5 for the year ended 31 Deceinber 2024 Notes to the Financial Statements cont'd ST 15. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcle(l Funds Re5tdrted F•lf V•lue Tol81 Funds Gener•1 De51in•led lunds Reser¥e X123 TotolFundJ 2022 Note Don•tlon5 •nd Leg•ces Church Artfv6tles othertr•dln8 Artlvltles Investments •nd Property TOTAL INCOME 109, 3n,9Y 14.635 14,112 18,854 431595 4.768 10,850 L750 5,959 19,2C(I 31.683 10,J50 125A98 18,340 5,959 19,653 169.450 453 126,917 ExpeThdThire Fund R•lslng Churth ArtlvStles TOTAL EXPENtXWRE 179.142 179.142 14,OYJ 14.491 14,OXI 14,491 207,n3 207,723 2t15,797 206.797 Net Income Ile¥pendtturnl 1512251 17J93 (3,1) 138,2731 224,798 In$1Mnt G•In{loS$eS} 35,230 35.236 {17,8llJ Prop•rty rlIU•lon Tr•nsf•rs b•tw••n Funds 16.724 I.298) 11,4261 NEfMOVEMENT IN FUNDS 12651 15.06n 13.037) 2LkS,987 RECQNaUAnoN OF FUNDS Tot•1 fvnds Ixouiht forward Tot•1 lusids urrl*d forw•rd ICL1,060 Ic.39) 565,427 237.019 125.CO) 1,018,706 567,n2 252.552 123.thxl I,Cb15,669 841.719 L018,706 Comparative figures for the year ended 31 December 2023 have been adjusted by transferrln8 the property revaluation reserve of £125,000 from Desi8nated Funds to the Fair Value Reserve 22