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2021-12-31-accounts

Charity Registration Number: 1130419

THE PAROCHIAL CHURCH COUNCIL

OF

ST ANDREW’S CHURCH, CHORLEYWOOD

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

CANSDALES AUDIT LLP

Chartered Accountants & Statutory Auditor Bourbon Court Nightingales Corner Little Chalfont Bucks HP7 9QS

ST ANDREW’S CHURCH, CHORLEYWOOD

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

LEGAL AND ADMINISTRATIVE INFORMATION

COUNCIL MEMBERS

Philip Barton Jon Butterfield (to May 2021) Nigel Challis Martin Dunkerton (to May 2021) John Ford * Jackie Gedling Bill Harer * Catherine Harer Rev Tim Horlock * Ben John (to July 2021 and from October 2021) Izzie Jones

Matthew Jones Jonathan Logan Adeola Oludemi * Judith Palfreman Les Palmer Rev James Rigby * (from June 2021) Bill Seddon * Rev Joe Sellers * (to April 2021) Geoff Thompson (from May 2021) Tanitha Wait Corinne Williamson

HONORARY TREASURER

John Ford

INCUMBENT

Rev Tim Horlock

HONORARY SECRETARY

Bill Harer

CHURCH MANAGER

Alan Richards (From February 2021)

PRINCIPAL OFFICE

37 Quickley Lane Chorleywood Herts WD3 5AE

BANKERS

Barclays The Watford Group 32 Clarendon Road Watford WD1 1LD

AUDITOR

Cansdales Audit LLP Chartered Accountants and Statutory Auditors Bourbon Court Nightingales Corner Little Chalfont Bucks HP7 9QS

ST ANDREW’S CHURCH, CHORLEYWOOD

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

INDEX

Annual Report of the Members of the Parochial Church Council 1
Independent Auditor’s Report to the Members of the Parochial Church Council 8
Statement of Financial Activities 11
Balance Sheet 12
Cash Flow Statement 13
Notes to the Financial Statements 14

ST ANDREW’S CHURCH, CHORLEYWOOD

ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2021

The Members of the Parochial Church Council (PCC) have pleasure in presenting their report together with the financial statements for the year ended 31 December 2021.

Governance

The Parochial Church Council of the Ecclesiastical Parish of St Andrew’s Chorleywood is registered as a charity with the Charity Commission. The governing documents for the charity are the Parochial Church Councils (Powers) Measure 1956, as amended and the Church Representation Rules (contained in Schedule 3 to the Synodical Government Measure 1969 as amended). The Objects of the charity are to promote in the ecclesiastical parish the whole mission of the church.

The trustees of the charity, being the members of the PCC, either elected, co-opted or ex-officio, organise a formal election process each year in the run up to the Annual Parochial Church Meeting (APCM) to fill vacancies arising on the PCC. New members elected to the PCC then automatically become trustees of the charity.

The newly elected members are given guidance on the role and responsibilities of PCC membership including what it means to be a Trustee. Eligibility for membership of the PCC is in accordance with the guidelines set out by the Diocese. PCC members serve for a period of up to three years after which, if they so choose, they may stand for re-election. There are no limits to the number of times a person may stand for re-election. On standing down from the PCC, a member is then also removed from the list of trustees of the charity. A full list of the trustees of the charity is available on the Charity Commission website.

Aim and Purposes

The PCC of St Andrew’s Chorleywood has the responsibility of cooperating with the incumbent, in promoting in the ecclesiastical parish, the whole mission of the Church, pastoral, evangelistic, social and ecumenical.

Objectives and Activities

St Andrew’s aligns itself with Bishop Alan’s ‘Living God’s Love’ vision of going deeper in God, transforming communities and making new disciples.

Our Vision statement is ‘To pursue Jesus and play our part in a revival of holiness.’

When planning our activities for the year, the incumbent and PCC have considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. Activities include:

Achievements and Performance

They devoted themselves to the apostles’ teaching and to the fellowship, to the breaking of bread and to prayer. Acts 2 v42 – both in person and remotely…

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ST ANDREW’S CHURCH, CHORLEYWOOD

ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2021

Worship and Prayer

St Andrew’s usual pattern on in-person services was once again subject to disruption during the year as the pandemic ebbed and flowed and government restrictions responded to the changes in the variants and perceived risks. The PCC is indebted to our COVID Readiness Group which continued to monitor conditions and restrictions and provide invaluable advice on how to serve our mission while ensuring that we didn’t endanger members of our congregation.

As a result of the changing circumstances, laws and advice, there were periods in the year when the church building was closed and periods when services returned closer to our more normal patterns. During periods of closure, the church worked hard to offer online worship services to both adults and children as well as prayer meetings, opportunities to stay connected through Zoom café after church, and youth and children’s activities.

When restrictions permitted, St Andrew’s reverted to offering a range of in-person services during the week that were sensitive to different needs and styles of worship. For example, our 9am Sunday service follows a more traditional format, the 11am service is more contemporary and offers a broader range of children’s activities while our early evening service is more flexible, informal and more responsive to the preferences of our youth. Our monthly Funday Sunday services have been particularly helpful in appealing to new young families and we were able to begin these again towards the end of the year.

With the church open, we have continued to offer on-line services so that those who are unable to attend in person can still participate.

All are welcome at our services with our reach expanded using online formats.

Statistics around attendance are more difficult to compile than usual given the environment. The statistics that we do have are as follows:

Electoral Roll

At the annual meeting in 2021 there were 262 on the Electoral Roll (262 at the 2020 meeting). Sunday attendance (adults) based on October 2019 was 250 adults (compared to 235 in 2018). Although we have statistics for livestream views it is difficult to translate these into comparable figures. The evidence suggests however that our weekly livestream services had a significant reach both to regular members and beyond. The church has 15 Life Groups involving over 160 people that meet throughout the week. There are around 54 younger (under 11) children who attend Sunday morning groups. In addition, 41 young people (11-18) attend Sunday and/or midweek activities.

There are regular prayer meetings including an early morning prayer meeting which has continued online, a Monday midmorning prayer meeting (which restarted later in the year) and special times of prayer during different seasons and in response to specific needs (which have happened both in-person and online, depending on circumstances). A prayer ministry team is available to pray with people after the 9am, 11am and 6.30pm services and is available online. Wearing of masks and social distancing have been observed.

Pastoral Care

The clergy and pastoral visiting team visit members of the church who are unable to attend church. There are currently around 22 church members involved in the pastoral visiting team. This team’s activities have been crucial during times of lockdown although some members of the team have been unable to participate given restrictions. The Chorleywood Corona Support Group (CCSG), which has been led and administered by our Community Liaison Officer, Vanessa Rousseau continued to operate as needed but was wound up towards the end of the year. The group provided remarkable and much appreciated support throughout the pandemic to those unable to shop or get prescriptions, for example. It also took on the role of the Chorleywood Care network to help provide transport to those who need, for example, to get to hospital appointments and don’t have their own transport. Chorleywood Care began to function again later in the year enabling CCSG to step back from that role.

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ST ANDREW’S CHURCH, CHORLEYWOOD

ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2021

Mission and Evangelism

St Andrew’s works to engage with the community on many levels.

Having not been able to happen in person in 2020, Detonate, the summer holiday week organised by St Andrew’s and several churches in Chorleywood, took place again in 2021. Given the background, there were particularly rigorous risk assessments and health and safety reviews conducted, with special thanks to Geoff Roberts from Christchurch who led this effort. To enable a safe event, fewer children were enrolled but a highly successful week saw 240 children attend, with no reported cases of COVID, for which we praise God.

Review of the Year

The PCC met seven times in the year (twice in person and the other times online) with an average attendance of 90%

In addition, the Standing Committee met eight times (three times in person and the other times online).

As described above, our service schedule had to remain flexible to respond to changing restrictions, guidelines and advice.

During periods of restrictions, we continued to conduct as full a ministry as possible online, including livestream services at both 11am and in the early evening. We also continued to run our various prayer groups online, with the early morning meeting continuing and the occasional Thursday evening meeting led by our vicar.

Once lockdown restrictions eased, we began to meet in-person. To facilitate appropriate cleaning and minimise COVID risk, we held many of our 9am services in Hillside Church, returning that service to the main sanctuary at St Andrew’s in August. We experimented with moving our early evening service from 6.30pm to 5pm to see how that would affect attendance and whether it would enable greater social interaction after the service. The trial met with mixed success. Our 11am service restarted with its offering of youth and children’s groups although the pandemic significantly affected attendance. The COVID Readiness Group continued to vet any planned services or events.

We were only able to relaunch our Funday Sunday services reaching out to young families later in the year.

Parents and Toddlers did a remarkable job throughout the pandemic supporting parents in times of lockdown and meeting again in person when possible. Attendees of Friendship Club are in general in the more vulnerable categories so in person meetings did not take place last year. Support was however offered to our members by both the pastoral visiting team and CCSG. At Christmas our Community Outreach Officer, Vanessa Rousseau organised a ‘Love Christmas’ campaign with support from the local community which provided hampers to many of our usual Friendship Club attendees as well as other nominated members of the community.

The process of purchasing Hillside Free Baptist Church buildings has taken longer than anticipated with a number of relatively minor legal issues slowing the process. Despite these legal delays, our team have got on with selecting architects and drawing up plans. In the meantime, we have been managing the property on behalf of the Baptist Union in return for a management fee.

We continued to support the CCSG both through Vanessa’s work and through the Hardship Fund when needed. CCSG was wound up at the end of the year.

The Pastoral visiting team resumed its excellent work when that became possible. The small group network that is in place continued to be an important support to members of the congregation.

Remarkably, the Detonate team held a highly successful summer camp despite the challenges of the pandemic.

Not many of the social events for the community could take place during the year however, St Andrew’s usually hosts a range of other social events for the community and, if possible, these will resume under the coordination of the Social Committee.

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ST ANDREW’S CHURCH, CHORLEYWOOD

ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2021

After a very positive three years, our curate, Rev Joe Sellers, left us at the end of March to take up his post as vicar at All Souls, Twickenham. We welcomed Rev James Rigby, who had been an ordinand attached to St Andrew’s, to the team in July. James has hit the ground running and has been an invaluable support to our vicar.

Looking at the rest of our staff team, we are enormously indebted to Alan Richards who has stepped forward to fill the church manager role, like his predecessor, Simon Jones, on an unpaid basis. Alan has been ably assisted by Alistair Guthrie who has taken on the management of Hillside. Both have relied heavily on the support of Rachel Pearce who has been a pillar of strength and used her expertise in ChurchSuite to excellent effect.

Our youth pastor, Martha Stringer, who joined in late 2020 has brought huge energy and passion to our youth work and her remodelled youth programme has begun to see fruit in both numbers and depth of commitment.

Towards the end of the year, our children and families pastor, Jake Dyer, was involved in a serious car accident. We lift Jake and his family in prayer at this difficult time.

Plans for Future Periods

With the final COVID-related restrictions due to be lifted at the end of February 2022, there is a sense that things are perhaps beginning to return to more normal conditions. Having said that, the number of cases in Chorleywood continue to be at very high levels so we will continue to be careful in our guidance to ensure that we care for more vulnerable members of our congregation.

We will continue to hold our services at 9am, 11am and 6pm and will livestream our services at 11am and 6pm.

Our monthly Funday Sunday services reaching out to young families will continue.

We will continue to run our various prayer groups, with the early morning meeting online and the Monday morning prayer meeting, led by our vicar, held in person.

We are planning to hold a Lent course based on the book ‘Unleashed’ by Gavin and Anne Calver. The course will be open to those wanting to attend the main sanctuary on Wednesday evenings individually or in small groups. Small groups may also meeting in their usual locations to follow the course.

Assuming completion of the process to buy Hillside Free Baptist Church buildings, we will begin to refurbish and reshape the buildings to meet the needs of the community, church family and particularly youth ministry that we plan to build there. In preparation for the first phase of the building, planning permission will be sought from the Diocesan Advisory Committee and a builder will be selected.

Mothers and Toddlers will continue with its ministry; as will the Friendship Club

The Pastoral visiting team will continue its ministry. The small group network that is in place will continue to be an important support to members of the congregation.

Along with the other local churches, we are planning to run our Detonate programme in the summer in person.

St Andrew’s hosts a range of other social events for the community and these will continue under the coordination of the Social Committee.

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ST ANDREW’S CHURCH, CHORLEYWOOD

ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2021

Review of Financial Activities and Affairs

Total income for the year was a staggering £970k up from £695k in pandemic-ravaged 2020. Both numbers are an amazing testimony to the generosity and sacrificial giving of the congregation of St Andrew’s.

The figure of £970k includes £445k of restricted income, with £338k raised towards the purchase and refurbishment of Hillside Church. Looking at our unrestricted income, although down 1.5% this is also a remarkably resilient level given the environment and the giving for Hillside. Within the voluntary income figure, standing orders were up £1k while one-off giving and gift aid reclaims were down £4k and £5k respectively.

Having received Olive Entwistle’s very generous legacy in 2020, we have been able use the great majority of her £115,000 on priority capital items. We have been able to update and upgrade both technology and the fabric of the church. Special thank you to Roger Close who did such a good job for us in overseeing much of the legacy spend and bringing our church buildings up to such a good standard of repair. The recent quinquennial report by the Church of England surveyor showed that while there are minor areas of work, nothing outside our regular budgeted spend has been recommended. Similarly, a recent random fire safety inspection by the fire department confirmed that our fire protection standards were up to date – thanks in no small part to some of the investment enabled by the legacy.

Attendance, which is a leading indicator of income, continues to be more difficult to measure than is usually the case. With online services, mixed mode services as well as in person services, any longer-term comparisons are not terribly meaningful. However, we have tracked various metrics around both our livestream services as well as our in-person services and conclude that while in-person attendance has inevitably suffered, this has been balanced to a significant extent by those participating online. Online services have both attracted a number of new members as well as enabled those who are unable to attend to participate.

As well as the very generous support of the Hillside project, other restricted income was also significantly above previous levels, helped by some very generous donations to New Hope and Jenga in our Easter collection.

Expenses have remained under tight control, remaining at the level of 2020, which was £58k below 2019 levels.

Turning to our grant expenditure, we have met our parish share request in full for the sixth year running and given away over £48,000 to mission

Despite spending over £65k of the legacy, our cash position was only £33k lower than at end of 2020 and remains healthily above our policy level of three times our estimated monthly core operating costs.

Contribution of volunteers

The work of St Andrew’s could not be sustained without the contribution made by many volunteers in all aspects of its ministry. With many parts of church life in something of a state of flux over the past year, our volunteers have had to be flexible and learn new skills. Some have reviewed their volunteering commitments after the period of church closure, so we have had to look to recruit new volunteers and continue to rebuild.

Some areas have continued throughout including the three Toddler groups, pastoral visiting, preparation and cleaning before and after services to meet COVID protocols, the work of the COVID Readiness Group, the Hillside Group, the Worship Group, supported by the AV and camera teams. Other areas have only begun to get back to full operation more recently, such as flowers, hospitality and the Friendship Club.

With our Church Manager stepping down at the end of 2020, a number of volunteers have stepped forward to help fill the many and varied roles that he undertook for so many years. Notable among these being Alan Richards, who has taken over as Church Manager and Alistair Guthrie who has taken on responsibility for Hillside – both in volunteer capacity. In addition, volunteers are involved in governance through the PCC and Standing Committee.

6

ST ANDREW’S CHURCH, CHORLEYWOOD

ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2021

Investment Policy

Where funds are not protected by the Government Deposit Protection Scheme, the PCC invests in the CBF Church of England Deposit Fund which provides a diversified exposure to high quality short-term liquid assets.

Reserves Policy

It is the intention and policy of the PCC to hold sufficient cash to cover approximately three months of what it estimates to be ongoing core operating expenses in order to cover working capital, staff absences and short-term debts as well as to protect the church from sudden, unexpected loss of income or one-off, unbudgeted expense. In addition, from time to time the PCC identifies designated reserves to cover any anticipated shortfall or for significant expected items of expenditure. The reserves are monitored regularly, and the policy reviewed annually by the PCC and the Finance Group under the Treasurer. Following the receipt of the Entwistle legacy in 2020, reserves are currently still above policy at £146,782 (2020: £178,615) of unrestricted funds which would cover 4.8 months ( 2020: 6 months) of estimated core operating expenses. The PCC would need to hold £90,846 (2020: £89,912) to meet the policy level of 3 months. The PCC has used the resources provided by the legacy to undertake much overdue capital expenditure during 2021. This is planned to continue during 2022 and it is anticipated that reserves will be closer to policy levels by the end of 2022.

Risks Policy

The PCC regularly reviews risks and policies under the following headings: Financial (e.g. Reserves/viability; expenditure limits); Operational and regulatory (e.g. Safeguarding of Children and Vulnerable Adults; Health and Safety); Staff (e.g. resourcing, compliance with correct HR procedures); and Insurable (e.g. property and accident). Financial controls are specified to give accountability and confidentiality. Financial reports are made to every Standing Committee and PCC meeting, and budgets agreed before the start of each year.

Grant Making Policy

The PCC has a policy of giving away 15% of unrestricted giving to support Mission work outside the parish. The policy recognises that in times of financial pressure when other commitments such as payment of the parish share request are compromised then no less than 10% of unrestricted giving should be given to support Mission work outside the parish. The beneficiaries of these grants are selected annually by the PCC under the guidance of the Missions Committee which works with individual overseas mission partners and the Mission Finance Group which assesses other potential beneficiaries as well as providing recommendations for beneficiaries of restricted collections made at various points in the year, particularly Easter, Harvest and Christmas. In addition, the PCC may give occasional small grants for other purposes from unrestricted funds. Grants are made directly overseas only to organisations that have been personally vetted by a member of the congregation and have provided a report on the application of any previous grants.

Trustee Training Policy

Each PCC Member is provided on election with an induction checklist that includes information or sources of information on the roles and responsibilities of PCC members; an introduction to the deanery and diocese - people, structures and synods; as well as a review of the finances of St Andrew’s. This checklist is reviewed annually. An interactive session is held with each new member, separately or as a group, to ensure that any questions can be fully addressed.

ST ANDREW’S CHURCH, CHORLEYWOOD

ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2021

Statement of the Responsibilities of the Members of the Parochial Church Council

The PCC is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the PCC to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The PCC is responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act

2011 and the Charity (Accounts and Reports) Regulations 2008. It is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to the auditors

We, the trustees of the charity who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:

there is no relevant audit information of which the company’s auditors are unaware; and

we have taken all the steps that we ought to have taken as directors in order to make ourselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

For and on behalf of the PCC:

................................................................... John Ford Honorary Treasurer

Dated: ...........25[th] April 2022........................................................

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ST ANDREW’S CHURCH, CHORLEYWOOD

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2021

We have audited the financial statements of The Parochial Church Council of St Andrew’s Church Chorleywood (the ‘charity’) for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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ST ANDREW’S CHURCH, CHORLEYWOOD

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2021 (Continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

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ST ANDREW’S CHURCH, CHORLEYWOOD

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2021 (Continued)

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Cansdales Audit LLP Chartered Accountants & Statutory Auditor

Dated: ……3[rd] May 2022……………………………………………..

Cansdales is eligible to act as an auditor in terms of section 1212 of the companies act 2006

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ST ANDREW’S CHURCH, CHORLEYWOOD

STATEMENT OF FINANCIAL ACTIVITIES (incorporating income and expenditure account) FOR THE YEAR ENDED 31 DECEMBER 2021

Note
Income and Endowments from:
Donations and legacies
2(a)
Charitable activities
2(b)
Other trading activities
2(c)
Investments
2(d)
Other
2(e)
Total
Expenditure on:
Charitable activities
3(b)
Total
Net income/(expenditure)
Transfers between funds
12
Net movement in funds
Reconciliation of funds:
Total funds brought forward at 1 January 2021
Total funds carried forward at 31 December 2021		 Unrestricted
funds
Restricted
Funds
TOTAL
FUNDS
2021
Unrestricted
funds
Restricted
Funds
TOTAL
FUNDS
2020
£
£
£
£
£
£
495,559
445,239
940,798
618,397
51,892 670,289
13,801
-
13,801
14,290
-
14,290
15,093
-
15,093
8,675
-
8,675
145
-
145
298
-
298
403
-
403
1,742
-
1,742
525,001
445,239
970,240
643,402
51,892 695,294
544,577
87,900
632,477
536,887
40,898 577,785
544,577
87,900
632,477
536,887
40,898 577,785
(19,576)
357,339
337,763
106,515
10,994 117,509
-
-
-
-
-
-
(19,576)
357,339
337,763
106,515
10,994 117,509
337,622
18,965
356,587
231,107
7,971 239,078
318,046
376,304
694,350
337,622
18,965 356,587

All of the PCC's activities are classed as continuing operations

The movement on funds is shown in note 12 to the financial statements

The PCC has no recognised gains or losses other than the result for the year

The notes numbered 1 to 15 form part of these financial statements

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ST ANDREW’S CHURCH, CHORLEYWOOD

BALANCE SHEET AS AT 31 DECEMBER 2021

Note
FIXED ASSETS:
Tangible fixed assets
Total Fixed assets
4
CURRENT ASSETS:
Stock
5
Debtors
6
Cash at bank and in hand
Cash at bank and in hand
Total Current assets
LIABILITIES:
Creditors: Amounts falling due within one year
7
Net Current assets
TOTAL NET ASSETS
THE FUNDS OF THE CHARITY
Restricted funds
12
Unrestricted funds (Designated)
12
Unrestricted funds (General)
12		 2021
£
171,264
2,486
15,758
532,471
550,715
(27,629)
523,086
694,350
376,304
171,264
146,782
694,350		 2020
£
159,007
2,534
12,743
206,601
221,878
(24,298)
197,580
356,587
18,965
159,007
178,615
356,587

Approved by the members of the Parochial Church Council on ……25[th] April 2022…………… and signed on their behalf by:

………………………... T Horlock Chairman

………………………… J Ford Honorary Treasurer

The notes numbered 1 to 15 form part of these financial statements

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ST ANDREW’S CHURCH, CHORLEYWOOD

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021

Net movement in funds
Adjustments for:
Depreciation
Investment income
Decrease/(increase) in trade and other receivables
Decrease/(increase) in stock
Increase/(decrease) in trade and other payables
Net cash from operating activities
Investing activities
Purchase of fixed assets
Investment income
Cash flow from investing activities
Net change in cash and cash equivalents
Cash and cash equivalents at start of year
Cash and cash equivalents at the end of the year		 2021
£
337,763
43,323
(145)
(3,015)
48
3,331
381,305
(29,372)

298
(55,435)
325,870
206,601
532,471		 2020
£
117,509
31,618
(298)
(1,856)
(215)
(21,387)
125,371
(29,074)
(55,580)
145
96,297
110,304
206,601

The notes numbered 1 to 15 form part of these financial statements

14

ST ANDREW’S CHURCH, CHORLEYWOOD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES

St Andrew’s Church is a charity registered in England & Wales. Details of the charities registered office can be found on the legal and administrative information page. The nature of the charity’s operations and principal activities are to promote in the ecclesiastical parish the whole mission of the church.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared on an accruals accounting basis and in accordance with the Church Accounting Regulations 2006. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Funds

Funds held by the PCC are:

Income

Collections are recognised only when received by or on behalf of the PCC. Planned giving receivable under Gift Aid is recognised only when received. Income tax recoverable on gift aid donations is recognised when the related income is received. Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement to the amount due, the receipt is more likely than not and the amount receivable can be estimated with reasonable accuracy.

Expenditure

Grants

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

Activities directly relating to the work of the church

The diocesan parish share is accounted for when paid. Any agreed parish share unpaid at 31 December is provided for in these financial statements as an operational (though not legal) liability and is shown as a creditor in the Balance Sheet.

15

ST ANDREW’S CHURCH, CHORLEYWOOD

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

Allocation of Costs

The costs involved in supporting the PCC’s work are allocated across the charitable activities on a pro rata basis of their total cost within the resources expended. This includes bank interest and charges payable. Expenditure is included on an accruals basis, inclusive of VAT, which is not recoverable.

Leases

Where assets are financed by leasing agreements that give rights approximating to ownership (“finance leases”) the assets are treated as if they have been purchased outright. The amount capitalised is the fair value of the assets concerned. The corresponding liability to the leasing company is included as an obligation under finance leases. Depreciation on leased assets is charged to the Statement of Financial Activities over the shorter of the lease term and the estimated useful life of the asset.

All other assets are treated as “operating leases” and the relevant annual rentals are charged to the Statement of Financial Activities on a straight line basis over the lease term.

Tangible Fixed Assets

Fixed assets are initially recorded at cost. Items are capitalised when the component purchase price is over £2,500, apart from expenditure on consecrated or beneficed buildings, for which the limit is £5,000.

All expenditure on the repair of moveable church furnishings acquired before 1 January 2001 is written off in the Statement of Financial Activities.

Consecrated and beneficed property of any kind is excluded from the financial statements by s.10 (2) of the Charities Act 2011.

Moveable church furnishings held by the Vicar and Churchwardens on special trust for the PCC, and which require a faculty for disposal, are accounted for as inalienable property unless consecrated. They are listed in the church’s inventory which can be inspected at any reasonable time. For inalienable property acquired prior to

2001, there is insufficient cost information available and therefore such assets are not valued in the financial statements. Communion silverware is not depreciated.

Depreciation is provided at the following rates per annum on a straight line basis:

Within computer and equipment there are assets that are silverware which is not depreciated

Current assets and liabilities

Amounts owing to the PCC at 31 December in respect of fees, rent and other income are shown as debtors, less provision for any amounts which may prove uncollectable. Amounts owed by the PCC at 31 December in respect of expenditure are shown as creditors.

Stock

Stock is stated at the lower of cost and net realisable value, where cost is the purchase price.

Pensions

The PCC encourages employees to join the Church Workers Pension Fund, which is a defined benefit pension scheme. The PCC matches contributions made by employees. The assets of the scheme are held separately from those of the PCC. The contributions payable by the PCC are charged to the Statement of Financial activities as they are incurred.

16

ST ANDREW’S CHURCH, CHORLEYWOOD

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

2. INCOME

(a)
Donations and legacies
Standing Orders & Other regular giving
Legacies
Detonate
Hillside
Sundry Donations
Collections at all services
Gift Aid recovered
(b)
Charitable activities
Parochial Fees
Mission & Other Events & activities
Children's and youth events and activities
(c)
Other trading activities
Bookstall
Hire of facilities
Management fee
(d)
Investments
Interest received
(e)
Other
Deanery Mission Grant
COVID Job retention scheme grant
Bank charges refund
TOTAL INCOME		 Unrestricted
funds
Restricted
Funds
TOTAL
FUNDS
2021
Unrestricted
funds
Restricted
Funds
TOTAL
FUNDS
2020
£
£
£
£
£
£
376,145
-
376,145
375,105
- 375,105
-
-
-
115,774
- 115,774
-
19,283
19,283
-
1,994
1,994
-
319,661
319,661
-
10,201
10,201
45,763
2,350
48,113
37,234
3,956
41,190
29
39,060
39,089
11,828
29,816
41,644
73,622
64,885
138,507
78,456
5,925
84,381
495,559
445,239
940,798
618,397
51,892 670,289
3,149
-
3,149
2,072
-
2,072
8,704
-
8,704
2,897
-
2,897
1,948
-
1,948
9,321
-
9,321
13,801
-
13,801
14,290
-
14,290
1,099
-
1,099
744
-
744
3,736
-
3,736
1,018
-
1,018
10,258
-
10,258
6,913
-
6,913
15,093
-
15,093
8,675
-
8,675
145
-
145
298
-
298
403
-
403
-
-
-
-
-
-
1,567
-
1,567
-
-
-
175
-
175
403
-
403
1,742
-
1,742
525,001
445,239
970,240
643,402
51,892 695,294

17

ST ANDREW’S CHURCH, CHORLEYWOOD

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

3.

EXPENDITURE

(b)
Charitable activities
i
Grants:
Overseas missions and support
Home missions and support
Special gift distribution
Diocesan parish share
Church activities:
Bookstall
Mission & Other Events & activities
Children's & youth events &
activities
Church running costs:
Church running costs
Repairs & maintenance
Depreciation
Clergy:
Clergy & ministry expenses
Salaries & staff costs:
Administrative staff
Ministry staff
Training and recruitment
Pensions
Employer's national insurance
Printing, Postage and stationery
Bank charges
Professional fees
Audit fee
TOTAL EXPENDITURE		 Unrestricted
funds
Restricted
Funds
TOTAL
FUNDS
2021
Unrestricted
funds
Restricted
Funds
TOTAL
FUNDS
2020
£
£
£
£
£
£
24,328
-
24,328
35,104
-
35,104
24,038
-
24,038
20,090
-
20,090
-
87,900
87,900
-
40,898
40,898
157,150
-
157,150
157,150
- 157,150
1,148
-
1,148
744
-
744
12,178
-
12,178
6,182
-
6,182
6,811
-
6,811
4,237
-
4,237
35,244
-
35,244
43,695
-
43,695
11,279
-
11,279
16,636
-
16,636
43,323
-
43,323
31,618
-
31,618
40,018
-
40,018
38,545
-
38,545
72,844
-
72,844
61,002
-
61,002
86,020
-
86,020
96,030
-
96,030
1,376
-
1,376
1,025
-
1,025
8,036
-
8,036
7,255
-
7,255
13,123
-
13,123
11,226
-
11,226
2,065
-
2,065
1,148
-
1,148
718
-
718
305
-
305
234
-
234
156
-
156
4,644
-
4,644
4,739
-
4,739
544,577
87,900
632,477
536,887
40,898 577,785

18

ST ANDREW’S CHURCH, CHORLEYWOOD

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

3(b)i ANALYSIS OF GRANTS Grants to
institutions
Grants to
individuals Support costs
£
£
£
Total 2021
Grants to
institutions

£
£

Grants to
individuals Support costs
Total 2020

£
£
£
Grants made to Link Partners -
24,328
-		 24,328
-		 35,104
-
35,104
Overseas missions and support -
24,328
-		 24,328
-		 35,104
-
35,104
Onelife
Evangelical Alliance
Philo trust
London School of Theology
St Albans & Harp Christian Educ Project (STEP)
Oak Church - Stevenage
Restore Hope Latimer
Gerard Le Feuvre (KCO)		 3,350
-
-
300
-
-
2,500
-
-
1,000
-
-
1,000
-
-
6,000
-
-
1,000
-
-
-
5,500
-		 3,350
3,350
300
300
2,500
2,500
1,000
1,000
1,000
1,000
6,000
6,000
1,000
1,000
5,500
-		 -
-
3,350
-
-
300
-
-
2,500
-
-
1,000
-
-
1,000
-
-
6,000
-
-
1,000
4,500
-
4,500
TLG
Kintsugi Hope
Anne Baron - Training grant for Lay Readership		 2,000
-
-
1,000
-
-
-
200
-		 2,000
-
1,000
-
200
-		 -
-
-
-
-
-
200
-
200
James Rigby - Book grant for Ordinand
Donations from Toddlers Group		 -
-
-
188
-
-		 -
-
188
40		 200
-
200
-
-
40
Home missions and support 18,338
5,700
-		 24,038
15,190		 4,900
-
20,090
Jenga
New Hope
FGA Pakistan
Samara's Aid		 21,099
-
-
21,099
-
-
-
-
-
-
-
-		 21,099
-
21,099
-
-
4,460
-
4,459		 -
-
-
-
-
-
-
-
4,460
-
-
4,459
Easter Collection - Restricted fund 42,198
-
-		 42,198
8,919		 -
-
8,919
Restore Hope Latimer
Bishop's harvest appeal
Tearfund		 1,712
-
-
1,713
-
-
-
-
-		 1,712
-
1,713
4,447
-
4,447		 -
-
-
-
-
4,447
-
-
4,447
Harvest Collection - Restricted fund 3,425
-
-		 3,425
8,894		 -
-
8,894
Tearfund
Gerard Le Feuvre (KCO)		 1,377
-
-
-
1,377
-
-
-
-
-
-
-		 1,377
-
1,377
-
-
1,954
-
1,954		 -
-
-
-
-
-
Oak Church
Open Doors		 -
-
1,954
-
-
1,954
Christmas Collection - Restricted fund 1,377
1,377
-		 2,754
3,908		 -
-
3,908
T Waris - Hillside 10%
Onelife - Hillside 10%
Community Projects
Jo MoodyCollection		 1,081
-
-
1,081
-
-
925
-
-
-
-
-		 1,081
-
1,081
-
925
-
-
3,911		 -
-
-
-
-
-
-
-
-
-
-
3,911
Special Collection - Restricted fund 3,087
-
-		 3,087
3,911		 -
-
3,911
Detonate
Hillside
CCSG
Hardship		 -
-
16,638
-
-
18,373
-
418
-
-
1,007
-		 16,638
-
18,373
-
418
-
1,007
-		 -
5,409
5,409
-
765
765
7,505
-
7,505
-
1,587
1,587
Specialgift distribution 50,087
2,802
35,011
87,900
25,632
7,505
7,761
40,898
Diocesanparish share 157,150
-
-
157,150
157,150
-
-
157,150
Total Grants 225,575
32,830
35,011
293,416
197,972
47,509
7,761
253,242

19

ST ANDREW’S CHURCH, CHORLEYWOOD

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

4. TANGIBLE FIXED ASSETS

Cost
At 1 January 2021
Additions
Disposals
At 31 December 2021
Depreciation
At 1 January 2021
Charge for year
Eliminated on disposals
At 31 December 2021
Net Book Value
At 31 December 2021
At 31 December 2020		 Property
Computers &
Fixtures
Improvements
Equipment
& Fittings
Total
£
£
£
£
498,888
174,648
213,258
886,794
-
10,242
45,338
55,580
-
-
-
-
498,888
184,890
258,596
942,374
397,792
141,922
188,073
727,787
24,945
11,771
6,607
43,323
-
-
-
-
422,737
153,693
194,680
771,110
76,151
31,197
63,916
171,264
101,096
32,726
25,185
159,007

There is a residual balance of £7,439 on computers & equipment which relates to silverware and is not depreciated. All of the assets are held for the PCC's ongoing activities.

5 STOCKS

Bookstall stock
6
DEBTORS
Prepayments
Other debtors
Gift Aid recoverable		 2021
2020
£
£
2,486
2,534
2021
2020
£
£
4,223
3,200
4,849
2,425
6,686
7,118
15,758
12,743
LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£ £
Trade Creditors 4,713 2,228
Other Creditors 10,755 2,686
Accruals 9,494 16,883

20

Taxation and Social Security

2,667 2,501
27,629 24,298

ST ANDREW’S CHURCH, CHORLEYWOOD

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

8. REMUNERATION OF PCC MEMBERS AND OTHER RELATED PARTY TRANSACTIONS

The following payments were made or re-imbursed to PCC members and other related parties:

2021 2020
£ £
Tim Horlock PCC Member 2,836 2,131 Expenses and allowances
Joe Sellers PCC Member 324 784 Expenses and allowances
James Rigby PCC Member 140 - Expenses and allowances

Members of the Clergy also receive housing, telephone & travel costs that have been excluded from the above analysis No further expenses were reimbursed to other PCC members in 2021 (2020: £nil).

Donations received from PCC members and other charities of which PCC members are trustees totalled £92,485 (2020: £84,105) during the reporting period. The church made donations totalling £27,099 (2020: £7,924) to other charities of which PCC members are trustees.

9. EMPLOYEE COSTS

Employee costs, excluding clergy paid by the Diocese, were as follows:

Salaries & wages
Social security costs
Pension costs		 2021
2020
£
£
156,531
152,105
13,123
11,226
8,036
7,255
177,690
170,586

The Clergy receive a Stipend from the Diocese and are classed as "office holders" for tax purposes. They are not paid directly by the PCC although the "parish share" paid to the Diocese includes an element to cover the clergy Stipend.

The key management personnel are either self-employed or volunteers and as such do not receive employee benefits.

No employees were paid at a rate of more than £60,000 pa (2020: none).

The average number of paid staff during the year was 7.4 (2020: 7.3) while the full time equivalent of paid staff was 5.8 (2020: 5.5).

21

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

10. CONTINGENT LIABILITIES

There were no contingent liabilities as at 31 December 2021 (2020: £nil).

11 OPERATING LEASE COMMITMENTS

At 31 December 2021, the PCC had commitments under non-cancellable operating leases as follows Operating lease payments in the year were £1,504 (2020: £1,812).

Future minimum lease payments
not later than one year;
later than one year and not later than five years
later than five years		 2021
2020
Land &
Buildings
Other
Land &
Buildings
Other
£
£
£
£
-
1,480
-
1,562
-
3,454
-
4,811
-
-
-
-
-
4,934
-
6,373

The current 4 year photocopier lease expires in April 2025

12 SUMMARY OF FUND MOVEMENTS

Restricted Funds
Easter
Harvest
Detonate
Christmas Collection
Hillside
CCSG
Hardship
Special collections
Designated Funds
Fixed Assets
General Unrestricted Funds
TOTAL FUNDS		 Balance at 1
January 2021
Income
Expenditure
Transfers
Balance at 31
December 2021
£
£
£
£
£
-
42,198
42,198
-
-
-
3,425
3,425
-
-
3,566
20,533
16,638
-
7,461
-
2,754
2,754
-
-
10,336
373,084
18,373
-
365,047
-
245
418
173
-
3,574
337
1,007
(173)
2,731
1,489
2,663
3,087
1,065
18,965
445,239
87,900
-
376,304
159,007
-
-
12,257
171,264
159,007
-
-
12,257
171,264
178,615
525,001
544,577
(12,257)
146,782
356,587
970,240
632,477
-
694,350

22

ST ANDREW’S CHURCH, CHORLEYWOOD

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

Easter Funds were split equally and given to "Jenga" a Christian charity based in Uganda which aims to
provide the basic essentials of life to the most vulnerable in Mbale and "New Hope" a charity
based in Watford to prevent homelessness and transform lives.
Harvest Our harvest offering was divided 50/50 and given to "Restore Hope Latimer" who's focus is to
offer support to children, families and young people who are facing challenging situations and
50% to support the Bishop of St Albans’ Harvest Appeal 2021, Water is Life, will bring clean
water to many more communities in the DRC, bringing with it transformation to daily lives and
hope for the future.
Detonate Detonate is a local children's summer activity, which the church runs in conjunction with local
churches and fellowships.
Christmas
Collection		 Our Christmas offering was divided equally and given to "Tearfund Christmas appeal " to equip
those living in poverty with the tools and techniques that they need to prepare for the effects
of the climate crisis and 50% to support Gerard Le Feuvre who works full time at KCO, a
Christian group of professional musicians. For 30+ years they have toured in the UK and
beyond, providing faithful, fun and beautiful events. 10,000+ attend each year, invited by
churches locally. Our churches find us an ideal tool to show how much they care for their
neighbours.
Hillside As reported last year, St Andrew’s Church is in the process of purchasing Hillside Church to help
further its vision in Chorleywood. Various administrative and legal issues have delayed the
purchase. It is expected that the purchase will be completed by end March 2022. In addition to
the purchase price, additional funds were raised in the restricted reserve to enable remodelling
and refurbishment of the site.
CCSG The CCSG fund closed during the year having supported many projects since the COVID crisis
began and first lockdown in March 2020. Donations supported vulnerable and isolated people
and financially struggling families within the WD3 community with:
•Supermarket voucher scheme to fund essential food, toiletries and cleaning items
• Fresh fruit and vegetable food boxes
• Essential baby supplies (milk, nappies, wipes etc)
• Creative arts and crafts boxes for vulnerable children
• Senior community hampers
• PPE equipment for CCSG volunteer drivers
Hardship The coronavirus pandemic has led to an exceptional level of need and hardship in our
community. Consequently a Hardship restricted reserve was set up to enable additional funds
to be channelled to those facing hardship at this time. This year £174 was transferred to the
CCSG reserve and numerous food vouchers and payments of up to £200 each were given to
individuals within our community.
Special collections Donors had the opportunity this year to tithe 10% of their donation to the Hillside building
project and this raised £2,163 which was given 50/50 to Onelife and one of our link partners. In
addition we received a £500 donation from outside the church membership to support various
"community projects" including the "Love Christmas hampers" initiative.

23

Designated Funds

Fixed Assets Fund representing the net book value of tangible fixed assets. Transfers relate to Additions and depreciation for the year.

ST ANDREW’S CHURCH, CHORLEYWOOD

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

13 ANALYSIS OF NET ASSETS BY FUND

Restricted
Funds
Designated
Funds
Unrestricted
General
Fund
TOTAL
FUNDS
2021
Restricted
Funds
Designated
Funds
Unrestricted
General
Fund
TOTAL
FUNDS
2020
£
£
£
£
£
£
£
£
Fixed Assets -
171,264
-
171,264
159,007
159,007
Net Current Assets 376,304
-
146,782
523,086
18,965
-
178,615
197,580
Fund Balances at 31
December 2021		 376,304
171,264
146,782
694,350
18,965
159,007
178,615
356,587

14 ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

St Andrew's (Chorleywood) PCC (PB Classic & PB 2014) 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:

  1. the Defined Benefits Scheme

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

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: £8,036 2020: £7,255).

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.

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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.

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, St Andrew's (Chorleywood) PCC could become responsible for paying a share of the failed employer’s pension liabilities.