Charity Registration Number: 1130419 ## **THE PAROCHIAL CHURCH COUNCIL** ## **OF** **ST ANDREW’S CHURCH, CHORLEYWOOD** ## **FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **DUX ADVISORY** Chartered Accountants & Statutory Auditor Suite 1 Amersham House Mill Street Berkhamsted Herts HP4 2DT ST ANDREW’S CHURCH, CHORLEYWOOD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ## **LEGAL AND ADMINISTRATIVE INFORMATION** ## **COUNCIL MEMBERS** Anne Baron * Philip Barton Nigel Challis John Ford * Bill Harer * Catherine Harer Rev Tim Horlock * Ben John Matthew Jones Simon Jones * Jonathan Logan (to May 2024) Bridget Martin John Martin Adeola Oludemi * Judith Palfreman Les Palmer (to July 2024) Rev James Rigby * (to August 2024) Geoff Thompson (to May 2024) Tanitha Wait Corinne Williamson Quinten Taljaard (from May 2024) * Members of the Standing Committee ## **HONORARY TREASURER** John Ford **INCUMBENT** Rev Tim Horlock **HONORARY SECRETARY** Bill Harer **CHURCH MANAGER** Alan Richards ## **PRINCIPAL OFFICE** 37 Quickley Lane Chorleywood Herts WD3 5AE ## **BANKERS** Barclays 62/64 High Street Watford WD17 2BT ## **INDEPENDENT EXAMINER** James Foskett FCA, DChA DUX ADVISORY Chartered Accountants & Statutory Auditor Suite 1 Amersham House Mill Street Berkhamsted Herts HP4 2DT ST ANDREW’S CHURCH, CHORLEYWOOD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ## **INDEX** |Annual Report of the Members of the Parochial Church Council|1| |---|---| |Independent Examiners Report to the Members of the Parochial Church Council|7| |Statement of Financial Activities|8| |Balance Sheet|9| |Cash Flow Statement|10| |Notes to the Financial Statements|11| 1 ## ST ANDREW’S CHURCH, CHORLEYWOOD ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2024 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 2024. ## **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 ‘Knowing, Growing, Going’ 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: - Regular public worship, open to all - Pastoral work, including visiting the sick and bereaved - Teaching Christianity through sermons, courses, conferences and small groups - The provision of mid-week groups with a Christian ethos for children and young people - Organising, jointly with other local churches, a summer holiday week for children - Promoting the whole mission of the Church through activities for senior citizens, parents and toddlers and other special needs groups - Supporting other charities in the UK and overseas ## **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_ 2 ## ST ANDREW’S CHURCH, CHORLEYWOOD ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2024 ## _Worship and Prayer_ St Andrew’s offers a range of in-person services that are 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. All are welcome at all of our services. Audio recordings of some talks are available for those who are unable to attend. There are regular prayer meetings including a weekday early morning prayer meeting which is held online, a Monday midmorning prayer meeting 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. ## _Attendance_ At the APCM in 2024 there were 249 on the Electoral Roll (252 at the 2023 meeting). Sunday attendance (adults) based on October 2024 was 188 adults (compared to 195 in 2023). The church has 16 Life Groups involving 150 people that meet throughout the week. There are around 40 younger (under 11) children who attend Sunday morning groups (38 in 2023). In addition, over 40 young people (11-18) attend Sunday and/or midweek activities. ## _Pastoral Care_ The clergy visit members of the church who are unable to attend church. ## _Mission and Evangelism_ St Andrew’s works to engage with the community on many levels. Detonate, the summer holiday week organised by St Andrew’s and several churches in Chorleywood, was attended by 313 children and 204 volunteers helped make it a very successful week. The leadership team do an outstanding job ensuring the children not only have a wonderful time but that rigorous risk assessments and health and safety reviews are conducted as well as safeguarding being a top priority. ## **Review of the Year** The PCC had six formal meetings in the year with an average attendance of 85%. In addition, there was an informal ‘awayday.’ The Standing Committee had nine formal meetings in the year with an average attendance of 95%. During the course of 2024, many of the plans formulated in 2023 were put into effect under the prayerful and energetic direction of our vicar, Rev Tim Horlock. We were able to hold our regular services at 9am, 11am and 6pm. We said goodbye to our curate, James Rigby, in July and thank him and Meghan for all they brought to our church life over the past few years. We are delighted that Ali Martin will be joining us as curate in July 2025. We thank Tim, the staff team and volunteers who have had to work even harder during this period between curacies. Our monthly Funday Sunday services have continued to prove a big success, attracting a number of new families. Worship is at the heart of our services. With Mhairi Smith on maternity leave until the middle of the year, Santi Ramirez did an excellent job of providing cover, albeit working part time. When Mhairi rejoined, she also worked on a part-time basis. To complement both Santi and Mhairi we have an excellent team of volunteers who support them. We so appreciate their talents and dedication. Mhairi has recently announced that she will be stepping down at the end of April. We want to say a huge thank 3 ## ST ANDREW’S CHURCH, CHORLEYWOOD ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2024 you to her for all her hard work over the last few years and are delighted that she, James and Albie will continue to worship with us. We are currently advertising for a full-time Worship Pastor. We have continued to hold our various prayer groups with the early morning weekday meeting remaining online while the Monday morning prayer meeting, led by our vicar, is held in person in the church. Our Lent course entitled ‘Discipleship Explored’ and based around the book of Philippians., was held both in Life Groups and with sessions at the church and was well received. Our children’s and youth ministry continues to be a very encouraging part of our work. Our Baby and Toddler groups are more than fully subscribed. Both ministries are led and run by volunteers who are so committed and passionate to bring the good news to our community. We can’t thank them enough. Jake Dyer, supported by a team of volunteers, works tirelessly with the children not only during our services but with local schools and of course at Detonate where he works as part of a group of churches. This year we built on the many children we meet through Detonate with a very successful Light Party. Other initiatives from our team included an Easter trail and the very popular Christingle Service. Charlotte Barton, ably assisted by Boaz Moody, is overseeing a growing youth ministry with their Crossover, Table Talk and Donut Club making full use of the newly refurbished youth area at Hillside. Alistair Guthrie continues to oversee the Hillside building with great professionalism, and we are very fortunate to be able to call on his expertise and time. During the year we carried out some refurbishment of the flat attached to Hillside before new tenants moved in. Pastoral visiting has remained under the leadership of our vicar as he visits and cares for those in our congregation going through difficult times. The Detonate team puts on a highly successful programme in the summer in conjunction with our local churches. Many of the children who attend are not regular church attendees and the team do a remarkable job each year in reaching out with Jesus’ love to our community. Our Sustainability Committee continues working away to reduce our carbon footprint. This year, thanks to generous legacies from Richard Wilson, Harry Gaunt and Peter and Sheila Devers, we were able to replace single glazed with double glazed windows, most notably in our lounge. A number of other initiatives have been undertaken and further work is envisaged as we also try to reach the diocese’s target of net zero in the years to come. We held a number of social events in the church, many spearheaded by our Communications and Community Liaison Officer, Kayleigh Maxwell. Picnics on the common, dinners at various church family member’s homes were particularly successful. Our regular men’s and ladies’ breakfast events continued through the year. Gerard LeFeuvre and the King’s Chamber Orchestra held a number of concerts, including their very popular Christmas events. A number of our longstanding faithful church family members passed away during the year and we give thanks for them. Our sister, Jenny Thornton, passed away in November and her executors have informed us that she has left us a legacy. We give thanks for her life and for her generosity. ## **Plans for Future Periods** We will continue to hold our services at 9am, 11am and 6pm and will offer recordings of some sermons for those unable to attend. Our monthly Funday Sunday services reaching out to young families will continue. 4 ## ST ANDREW’S CHURCH, CHORLEYWOOD ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2024 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 holding a Lent course entitled ‘Discipleship Explored’ based around the book of Philippians. The course is being held in our Life Groups with groups open to whoever wants to join. The youth will continue their meetings both on Sunday and during the week, continuing to make full use of the facilities at Hillside Centre. Baby and Toddler groups will continue with their ministries; as will the Friendship Club. Pastoral visiting will continue under the vicar. 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 will run our Detonate programme in the summer. St Andrew’s hosts a range of other social events for the community and these will continue under the coordination of the Social Committee. We will continue to work towards improving the sustainability of the church with input from the Sustainability Committee. ## **Review of Financial Activities and Affairs** Total unrestricted voluntary income for the year was £505k compared to £560k in 2023. The decrease reflected a return to more normal levels of sundry donations after the exceptionally generous response to our appeal in 2023. As well as the very high level of sundry donations, we received legacies of just over £17k in 2023 whereas none were received in 2024. Restricted income was down £39k compared to 2023 with grants related to Hillside down £44k and Detonate up £3.9k. We also received a grant of £30,610 from the diocese as part of a three-year programme to support our youth work. Income from hire of facilities was over £32k compared to £34k in 2023. The main items relate to rental from the flat, the Hillside Pre-School as well as hiring out Hillside and the Bridge to community groups and for private functions. Mix of our higher cash levels and continued higher interest rates boosted interest income by around £2k. Staff costs were £7.5k lower than in 2023 as both our worship and youth posts moved temporarily from full time to part time. Church running costs were £3.5k lower than in 2023 reflecting lower energy costs and continued careful cost control by our Church Manager, Alan Richards. He also managed to keep the repairs and maintenance expenses below budget, although £5.7k above the low level of 2023. Our giving to mission from unrestricted income was £2.3k lower than 2023 reflecting lower income levels. We continued to pay our parish share request in full. Attendance, which is generally a leading indicator of income, has been broadly stable but remains well below pre-pandemic levels. Youth and children’s work is back to pre-pandemic levels, which is a tribute to the team including those involved in Toddlers and Funday Sunday. ## _Our budget for 2025_ With our attendance relatively unchanged, we expect our standing order income to also be unchanged while sundry donations are likely to gently revert to previous trends. Costs are expected to increase as our curate joins us and as we look to recruit a full-time Worship Pastor. These costs will be somewhat balanced by year two of the grant from the diocese which we hope to enable us to increase the hours committed to our youth work. After no legacies in 2024, we anticipate a legacy from the estate 5 ST ANDREW’S CHURCH, CHORLEYWOOD ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2024 of our dear sister, Jenny Thornton. As before, we plan to use her and any other legacies we may receive to invest in capital projects around the church. Putting those trends together, our cash position is expected to move back towards our policy levels by the end of the year. ## **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. Areas such as the Baby Group, Toddler Groups, the Friendship Club, Life Groups, hospitality, flowers, cleaning, the Hillside Group, Worship Group, AV and sound teams rely heavily on volunteers. Special mention must be made of Alan Richards who does an amazing job as Church Manager and of Alistair Guthrie who continues to oversee Hillside for us. As with many churches, we continue to seek more volunteers. Several of our very faithful team have reached an age where they need to throttle back and many of our younger members have full-on work and family commitments, so this is likely to continue to be a challenge. ## **Investment Policy** The PCC policy is to hold investments that are liquid and low risk while also yielding a competitive rate of return. Consideration is also given to the ethical elements of investments. Where funds are not protected by the Government Deposit Protection Scheme or needed to cover short term cash needs, 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. Reserves are currently above policy at £295,826 (2023: £265,479) of unrestricted funds which would cover 9.1 months (2023: 7.9 months) of estimated core operating expenses. The PCC would need to hold £97,913 (2023: £100,818) to meet the policy level of 3 months. With a deficit expected in 2025, reserves are anticipated to be nearer policy by the end of the year. ## **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. 6 ## ST ANDREW’S CHURCH, CHORLEYWOOD ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2024 ## **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. ## **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: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 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 Independent Examiner** 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 information of which the charity’s Independent Examiner is 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 information and to establish that the company’s Independent Examiner is aware of that information. For and on behalf of the PCC: ................................................................... John Ford Honorary Treasurer Dated: 7 ## ST ANDREW’S CHURCH, CHORLEYWOOD INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF ST ANDREW’S CHURCH, CHORLEYWOOD FOR THE YEAR ENDED 31 DECEMBER 2024 I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024 which are set out on pages 8 to 21. ## Responsibilities and basis of report As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## Independent examiner's statement Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants for England & Wales, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: James Foskett FCA, DChA DUX ADVISORY Chartered Accountants & Statutory Auditor Suite 1 Amersham House Mill Street Berkhamsted Herts HP4 2DT Date: 8 ## ST ANDREW’S CHURCH, CHORLEYWOOD STATEMENT OF FINANCIAL ACTIVITIES (incorporating income and expenditure account) FOR THE YEAR ENDED 31 DECEMBER 2024 |**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 2024
**Total funds carried forward at 31 December**
**2024**|**Unrestricted**
**funds**
**Restricted**
**Funds**
**TOTAL**
**FUNDS**
**2024**
**Unrestricted**
**funds**
**Restricted**
**Funds**
**TOTAL**
**FUNDS**
**2023**
**£**
**£**
**£**
**£**
**£**
**£**
505,118
48,959
554,077
559,704
87,934 647,638
17,093
-
17,093
20,440
-
20,440
39,395
-
39,395
42,444
-
42,444
12,672
-
12,672
10,627
-
10,627
30,610
-
30,610
1,223
-
1,223| |---|---| ||604,888
48,959
653,847
634,438
87,934 722,372| ||590,102
55,581
645,683
593,349
57,445 650,794| ||590,102
55,581
645,683
593,349
57,445 650,794| ||14,786
(6,622)
8,164
41,089
30,489
71,578
-
-
-
142,563
(142,563)
-| ||14,786
(6,622)
8,164
183,652
(112,074)
71,578| ||768,884
21,617
790,501
585,232
133,691 718,923| ||783,670
14,995
798,665
768,884
21,617 790,501| 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 9 ## ST ANDREW’S CHURCH, CHORLEYWOOD ## BALANCE SHEET AS AT 31 DECEMBER 2024 |**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|**2024**
**£**
487,844
2,285
18,806
309,746
330,837
(20,016)
310,821
798,665
14,995
487,844
295,826
798,665|**2023**
**£**
503,405
2,357
29,820
282,553| |---|---|---| |||314,730
(27,634)| |||287,096| |||| |||790,501| |||21,617
503,405
265,479| |||790,501| Approved by the members of the Parochial Church Council on 28 April 2025 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 10 ## ST ANDREW’S CHURCH, CHORLEYWOOD CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 |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**||**2024**
**£**
8,164
52,455
(12,672)
11,014
72
(7,618)
51,415
(149,447)

10,627
(24,222)
27,193
282,553
309,746|**2023**
**£**
71,578
52,634
(10,627)
7,158
(352)
(1,446)| |---|---|---|---| ||||| ||||| ||||| ||||| ||||| ||||| ||||| ||||| ||||| ||||118,945
(138,820)| ||||| ||||| ||||| ||(36,894)||| ||12,672||| ||||| ||||(19,875)
302,428| ||||| ||||| ||||282,553| The notes numbered 1 to 15 form part of these financial statements 11 ST ANDREW’S CHURCH, CHORLEYWOOD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ## **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: - Unrestricted general funds – these are funds which can be used in accordance with the charitable objects at the discretion of the PCC. - Designated funds – these are funds which the PCC have designated for use for a particular purpose and are funds set aside by the PCC out of unrestricted general funds for specific future purposes or projects. - Restricted funds – these are funds which can only be used for particular purposes within the objects of the PCC. Restrictions arise when specified by the donor or when funds are raised for particular restricted purpose. The cost of raising and administering such funds are charged against a specific fund. The aim and use of each restricted fund is set out in the notes to the financial statement. ## **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. The notes numbered 1 to 15 form part of these financial statements 12 ST ANDREW’S CHURCH, CHORLEYWOOD NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ## 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 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: - Freehold Land & Buildings - 0% on Land & 2% on buildings - Property improvements - 5% - Motor Vehicles - 20% - Computer & other equipment - 33 1/3 % - Organ - 10% - Furniture, Fixtures and Fittings - 10% to 20%, depending on their useful life 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. The notes numbered 1 to 15 form part of these financial statements 13 ## ST ANDREW’S CHURCH, CHORLEYWOOD NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ## **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. ## **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**
Gain on disposal of fixed assets
St Alban’s Diocese Grant
**TOTAL**
**INCOME**|**Unrestricted**
**funds**
**Restricted**
**Funds**
**TOTAL**
**FUNDS**
**2024**
**Unrestricted**
**funds**
**Restricted**
**Funds**
**TOTAL**
**FUNDS**
**2023**
**£**
**£**
**£**
**£**
**£**
**£**
358,052
-
358,052
360,473
- 360,473
-
-
-
17,135
-
17,135
-
23,317
23,317
-
19,477
19,477
-
4,321
4,321
-
48,394
48,394
67,661
2,747
70,408
101,592
2,599 104,191
-
15,467
15,467
390
14,325
14,715
79,405
3,107
82,512
80,114
3,139
83,253| |---|---| ||505,118
48,959
554,077
559,704
87,934 647,638| ||2,749
-
2,749
3,493
-
3,493
13,650
-
13,650
12,532
-
12,532
694
-
694
4,415
-
4,415| ||17,093
-
17,093
20,440
-
20,440| ||1,724
-
1,724
2,667
-
2,667
31,671
-
31,671
33,777
-
33,777
6,000
-
6,000
6,000
-
6,000| ||39,395
-
39,395
42,444
-
42,444| ||12,672
-
12,672
10,627
-
10,627| ||-
-
-
1,223
-
1,223
30,610
-
30,610
-
-
-| ||30,610
-
30,610
1,223
-
1,223| ||| ||**604,888**
**48,959**
**653,847**
**634,438**
**87,934 722,372**| The notes numbered 1 to 15 form part of these financial statements 14 ## ST ANDREW’S CHURCH, CHORLEYWOOD NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ## **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 & Independent Examination fees
**TOTAL EXPENDITURE**|**Unrestricted**
**funds**
**Restricted**
**Funds**
**TOTAL**
**FUNDS**
**2024**
**Unrestricted**
**funds**
**Restricted**
**Funds**
**TOTAL**
**FUNDS**
**2023**
**£**
**£**
**£**
**£**
**£**
**£**
18,390
-
18,390
20,560
-
20,560
21,136
-
21,136
21,371
-
21,371
-
55,581
55,581
-
57,445
57,445
176,316
-
176,316
168,705
- 168,705
1,443
-
1,443
2,097
-
2,097
19,449
-
19,449
16,181
-
16,181
15,208
-
15,208
13,054
-
13,054
75,602
-
75,602
73,975
-
73,975
19,020
-
19,020
13,290
-
13,290
52,455
-
52,455
52,634
-
52,634
34,781
-
34,781
44,950
-
44,950
60,630
-
60,630
58,730
-
58,730
71,468
-
71,468
80,827
-
80,827
2,735
-
2,735
1,966
-
1,966
6,398
-
6,398
7,632
-
7,632
9,384
-
9,384
11,178
-
11,178
1,423
-
1,423
1,403
-
1,403
1,176
-
1,176
1,340
-
1,340
88
-
88
220
-
220
3,000
-
3,000
3,236
-
3,236| |---|---| ||590,102
55,581
645,683
593,349
57,445 650,794| The notes numbered 1 to 15 form part of these financial statements 15 ## ST ANDREW’S CHURCH, CHORLEYWOOD NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ||**Grants to**|**Grants to**|**Support**|**Total**|**Grants to**|
**Grants to**|**Support**|**Total**| |---|---|---|---|---|---|---|---|---| |**3(b)i ANALYSIS OF GRANTS**|**institutions**|**individuals**|**costs**|**2024**|**institutions**|
**individuals**|**costs**|**2023**| ||**£**|**£**|**£**|**£**|**£**|
**£**|**£**|**£**| |Grants made to Link Partners|-|17,390|-|17,390|-|
20,560|-|20,560| |Grants made to youth for Short Term||||||||| |Mission|-|1,000|-|1,000|-|
-|-|-| |**Overseas missions and support**|**-**|**18,390**|**-**|**18,390**|**-**|
**20,560**|**-**|**20,560**| |Onelife|2,500|-|-|2,500|3,000|
-|-|3,000| |Evangelical Alliance|300|-|-|300|300|
-|-|300| |Philo trust|1,500|-|-|1,500|1,500|
-|-|1,500| |London School of Theology|2,000|-|-|2,000|1,000|
-|-|1,000| |Oak Church - Stevenage|2,000|-|-|2,000|2,000|
-|-|2,000| |Restore Hope Latimer|2,000|-|-|2,000|2,000|
-|-|2,000| |Gerard Le Feuvre (KCO)|4,905|-|-|4,905|-|
4,671|-|4,671| |TLG - Transforming Lives for Good|1,000|-|-|1,000|1,000|
-|-|1,000| |New Hope chaplain|2,000|-|-|2,000|2,000|
-|-|2,000| |A Rocha|500|-|-|500|500|
-|-|500| |Ben John|-|2,000|-|2,000|-|
-|-|-| |Donations from Toddlers Group|431|-|-|431|400|
-|-|400| |St Albans & Harp Christian Educ Project||||||||| |(STEP)|-|-|-|-|1,000|
-|-|1,000| |Kintsugi Hope|-|-|-|-|1,000|
-|-|1,000| |Lemmings|-|-|-|-|1,000|
-|-|1,000| |**Home missions and support**|**19,136**|**2,000**|**-**|**21,136**|**16,700**|
**4,671**|**-**|**21,371**| |Kingfisher Ministries|2,555|-|-|2,555|-|
-|-|-| |Kenyan childrens project - HFTN UK|2,554|-|-|2,554|-|
-|-|-| |TLG - Transforming Lives for Good|-|-|-|-|2,467|
-|-|2,467| |Open Doors|-|-|-|-|2,467|
-|-|2,467| |**Easter Collection - Restricted fund**|**5,109**|**-**|**-**|**5,109**|**4,934**|
**-**|**-**|**4,934**| |Tear Fund Middle East Emergency Appeal|2,897|-|-|2,897||||| |Bishop's harvest appeal|2,897|-|-|2,897||||| |Full Gospel Assemblies of Pakistan|-|-|-|-|3,936|
-|-|3,936| |New Hope Trust - Late gift aid|-|-|-|-|250|
-|-|250| |Bishop's harvest appeal - Lategift aid|-|-|-|-|250|
-|-|250| |**Harvest Collection - Restricted fund**|**5,794**|**-**|**-**|**5,794**|**4,436**|
**-**|**-**|**4,436**| |Jenga|1,794|-|-|1,794|-|
-|-|-| |Restore Hope Latimer|1,794|-|-|1,794|-|
-|-|-| |Samara's Aid|-|-|-|-|2,484|
-|-|2,484| |New Hope Trust|-|-|-|-|2,483|
-|-|2,483| |**Christmas Collection - Restricted fund**|**3,588**|**-**|**-**|**3,588**|**4,967**|
**-**|**-**|**4,967**| |Music Equipment for Youth Hillside|-|-|1,489|1,489|-|
-|-|-| |Amilie Erasmus - BBQ Fundraiser|-|530|-|530|-|
-|-|-| |Jo Moody & Rodney Hogue Conference|-|1,558|-|1,558|-|
-|-|-| |Kim Maas Conference|-|700|-|700|-|
-|-|-| |Rodney Hogue conference|-|-|-|-|-|
2,446|-|2,446| |Connie Dawson|-|-|-|-|-|
173|-|173| |CommunityProjects|-|-|-|-|-|
423|-|423| |**Special Collection - Restricted fund**|**-**|**2,788**|**1,489**|**4,277**|**-**|
**3,042**|**-**|**3,042**| |Detonate|-|-|23,526|23,526|-|
-|20,646|20,646| |Hillside|-|-|8,663|8,663|-|
-|16,514|16,514| |Friendship Club|-|-|3,153|3,153|-|
-|2,270|2,270| |Hardship|-|-|1,471|1,471|-|
636|-|636| |**Specialgift distribution**|**14,491**|**2,788**|**38,302**|**55,581**|**14,337**|
**3,678**|**39,430**|**57,445**| |Diocesanparish share|176,316|-|-|176,316|168,705|
-|-|168,705| |**Total Grants**|**209,944**|**23,178**|**38,302**|**271,423**|**199,742**|
**28,909**|**39,430**|**268,081**| The notes numbered 1 to 15 form part of these financial statements 16 ## ST ANDREW’S CHURCH, CHORLEYWOOD NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ## **4. TANGIBLE FIXED ASSETS** |**TANGIBLE FIXED ASSETS**|| |---|---| |**Cost**
At 1 January 2024
Additions
Disposals
At 31 December 2024
**Depreciation**
At 1 January 2024
Charge for year
Eliminated on disposals
At 31 December 2024
**Net Book Value**
At 31 December 2024
At 31 December 2023|**Freehold Land**
**Property**
**Computers &**
**Fixtures**
**& Buildings**
**Improvements**
**Equipment**
**& Fittings**
**Total**
**£**
**£**
**£**
**£**
**£**
268,827
660,432
184,151
262,049
1,375,459
-
30,987
-
5,907
36,894
-
-
-
-
-| ||268,827
691,419
184,151
267,956
1,412,353| ||5,628
473,974
173,205
219,247
872,054
3,377
33,141
2,483
13,454
52,455
-
-
-
-
-| ||9,005
507,115
175,688
232,701
924,509| ||| ||259,822
184,304
8,463
35,255
487,844| ||| ||263,199
186,458
10,946
42,802
503,405| 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|**2024**
**2023**
**£**
**£**
2,285
2,357
**2024**
**2023**
**£**
**£**
5,128
4,577
5,943
18,578
7,735
6,665| |---|---| ||18,806
29,820| The notes numbered 1 to 15 form part of these financial statements 17 ## ST ANDREW’S CHURCH, CHORLEYWOOD NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ## **7. LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR** |**LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR**|| |---|---| |Trade Creditors
Other Creditors
Accruals
Taxation and Social Security|**2024**
**2023**
**£**
**£**
826
1,366
614
3,715
15,532
19,439
3,044
3,114| ||20,016
27,634| ## **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: |||**2024**|
**2023**|| |---|---|---|---|---| |||**£**|
**£**|| |Tim Horlock|PCC Member|3,365|
2,738|Expenses and allowances| |James Rigby|PCC Member|811|
911|Expenses and allowances| |Ben John|PCC Member|2,000|
-|Grant for ministry| |Charlotte Barton|Wife of PCC Member|16,624|
5,066|Salary including Employers NIC & pension contribution| |||||- Started Sep 23| 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 2024 (2023: £nil). Donations received from PCC members and other charities of which PCC members are trustees totalled £71,384 (2023: £89,143) during the reporting period. The church made donations totalling £4,000 (2023: £6,733) 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|**2024**
**2023**
**£**
**£**
130,916
137,759
9,384
11,178
6,398
7,632| |---|---| ||146,698
156,569| 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 (2023: none). The average number of paid staff during the year was 7.6 (2023: 6.4) while the full time equivalent of paid staff was 4.9 (2023: 5.1). The notes numbered 1 to 15 form part of these financial statements 18 ST ANDREW’S CHURCH, CHORLEYWOOD NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ## **10. CONTINGENT LIABILITIES** There were no contingent liabilities as at 31 December 2024 (2023: £nil). ## **11. OPERATING LEASE COMMITMENTS** At 31 December 2024, the PCC had commitments under non-cancellable operating leases as follows Operating lease payments in the year were £1,480 (2023: £1,480). |Future minimum lease payments
not later than one year;
later than one year and not later than five years
later than five years|**2024**
**2023**
Land &
Buildings
Other
Land &
Buildings
Other
**£**
**£**
**£**
**£**
-
740
-
1,480
-
-
-
489
-
-
-
-| |---|---| ||-
740
-
1,970| The current 4 year photocopier lease expires in July 2025 ## **12. SUMMARY OF FUND MOVEMENTS** |**Restricted Funds**
Easter
Harvest
Detonate
Christmas Collection
Hillside
Friendship Club
Hardship
Special collections
**Designated Funds**
Fixed Assets
**General Unrestricted**
**Funds**
**TOTAL FUNDS**|**Balance at 1**
**January 2024**
**Income**
**Expenditure**
**Transfers**
**Balance at 31**
**December 2024**
**£**
**£**
**£**
**£**
**£**
-
5,109
5,109
-
-
-
5,794
5,794
-
-
11,851
23,317
23,526
-
11,642
-
3,588
3,588
-
-
4,903
4,771
8,663
-
1,011
1,210
3,554
3,153
-
1,611
2,163
39
1,471
-
731
1,490
2,787
4,277
-| |---|---| ||21,617
48,959
55,581
-
14,995| ||503,405
-
-
(15,561)
487,844| ||503,405
-
-
(15,561)
487,844| ||265,479
604,888
590,102
15,561
295,826| ||| ||790,501
653,847
645,683
-
798,665| The notes numbered 1 to 15 form part of these financial statements 19 ## ST ANDREW’S CHURCH, CHORLEYWOOD NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 |Easter|Funds were split equally and given to Kingfisher Ministries and the Kenyan children's project -| |---|---| ||Hope for the Nations UK. Kingfisher Ministries is run by Greg Downes and provides Evangelism| ||and Training Development in the UK and Worldwide and The Kenyan Children’s Project assist| ||vulnerable and orphaned children in Kenya, as well as the communities that they are part of.| |Harvest|Our harvest offering was divided 50/50 and given to Tear Fund’s Middle East Emergency| ||Appeal and 50% to support the Bishop of St Albans’ Harvest Appeal 2024 - Thrive: Nutrition| ||and Sustainable Agriculture in Sri Lanka in partnership with The Leprosy Mission.| |Detonate|Detonate is a local children's summer activity, which the church runs in conjunction with local| ||churches and fellowships.| |Christmas|Our Christmas collection was split equally between JENGA and Restore Hope. JENGA is a| |Collection|Christian non-profit charity based in Uganda. By providing community and development| ||projects the team display God's love to others. Restore Hope is locally based and they are| ||passionate about investing in the lives of children, young people and families so they can| ||flourish. They aim to see hope restored, which in turn creates opportunities for lives and| ||communities to be transformed.| |Hillside|Total funds raised @ 31/12/24 were £456k of which £430k has been capitalised - £269k for| ||the purchase of Hillside Church in Apr 2022 and £161k of architectural design fees and| ||development expenses to enable remodelling and refurbishment of the site which was| ||completed in Oct 2023. During 2023 £17K was spent on equiping the building ready for the| ||youth and in 2024 an additional £9k was spent on various building improvements. There is an| ||unused balance remaining of £1k.| |Hardship|The Hardship restricted reserve was originally set up during the Covid Crisis and this year| ||continued to attract £39 in donations. This year payments of up to £210 each were given to| ||individuals within our community.| |Friendship Club|The friendship club has been running for many years offering friends and neighbours the| ||opportunity to meet together in the Church Lounge in a safe, warm and comfortable| ||environment for various activities. Members can also enjoy a hearty hot lunch and pudding| ||lovingly cooked and served in-house by the team.| |Special collections|The opening balance of £1,490 related to a cancelled St Andrew's 2020 Youth Team mission| ||trip to Uganda to help Jenga. As a new trip had not been planned for more than 3 years, the| ||PCC agreed it would be redesignated to "Other youth activities" and was spent on the| ||purchase of "Music Speakers" and an "Amplifier" for the Youth at Hillside. In addition there| ||were other collections as follows:- Amilie Erasmus - BBQ Fundraiser £530, Jo Moody & Rodney| ||Hogue Conference £1,558 and Kim Maas Conference £700| |**Designated Funds**|| |Fixed Assets|This fund represents the net book value of tangible fixed assets. Transfers relate to Additions| ||and depreciation for the year.| The notes numbered 1 to 15 form part of these financial statements 20 ## ST ANDREW’S CHURCH, CHORLEYWOOD NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ## **13. ANALYSIS OF NET ASSETS BY FUND** ||||**Restricted**
**Funds**
**Designated**
**Funds**||**Unrestricted**
**General**
**Fund**||**TOTAL**
**FUNDS**
**2024**||**Restricted**
**Funds**||**Designated**
**Funds**||**Unrestricted**
**General**
**Fund**||**TOTAL**
**FUNDS**
**2023**| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||||||||||||||||| ||||**£**
**£**||**£**||**£**||**£**||**£**||**£**||**£**| |||Fixed Assets|-
487,844||-||487,844||||503,405||||503,405| |||Net Current|14,995
-||295,826||310,821||21,617||-||265,479||287,096| |||Assets|||||||||||||| |||Fund Balances at|14,995
487,844||295,826||798,665||21,617||503,405||265,479||790,501| |||31 December|||||||||||||| |||2024|||||||||||||| ## **14 ULTIMATE CONTROLLING PARTY** There is no ultimate controlling party. ## **15 STAFF PENSIONS - Church Workers Pension Fund (CWPF)** 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; - a. a deferred annuity section known as Pension Builder Classic, and, b. a cash balance section known as Pension Builder 2014. ## **Pension Builder Scheme** Both sections of the Pension Builder Scheme are classed as defined benefit schemes. **Pension Builder Classic** provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors. **Pension Builder 2014** is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65. There is no sub-division of assets between employers in each section of the Pension Builder Scheme. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the Statement of Financial Activities in the year are the contributions payable (2024: £6,398 - 2023: £7,632). The notes numbered 1 to 15 form part of these financial statements 21 ST ANDREW’S CHURCH, CHORLEYWOOD NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 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 2022. For the Pension Builder Classic section, the valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2025, the Board chose to grant a discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in respect of service 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 in 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 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. The notes numbered 1 to 15 form part of these financial statements