2023 REPORT AND ACCOUNTS
FOR
THE PAROCHIAL CHURCH COUNCIL
OF
ST. JAMES THE GREAT
THORLEY
REGISTERED CHARITY NO. 1130506
Thorley Parochial Church Counol Annual Report and Accounts for the year ended 31st December 2023 Reglstered Charlty No: Parochial Church Council ("PCU) Members (Tru5tees}: Gaz Tracey (Rector) Claire finlay (Curate) Emma Whlte (Churchwardenl Ernma Collins Ichurchwardenl Chris Carr (Reader) Katharlne Roper (Reader) {Deanery until 2026) Klrsty Pettlnger (Treasurer) {'Initially aFOPted and then appointed September 20231 IPCC until 20241 Mary Brarnley IPCC until 20241 Robble Ward-Booth IPCC until 20241 Allson Somets IPCC until 20251 Chrfs Collln5 IPCC until 20251 Daniel Danlells-smlth IPCC until 20251 Sue Carr IPCC until 20261 Phillppa Roy•iowdhury IPCC until 20261 Sue Sembhi {PCC until 20261 Paul Dean (Deanery until 20261 aive Welr (Deanery until 20261 Annio osbo (resigned September 20231 PCC Secretary De5 Conridge Principal Office: Church Office The St Barnabas Centre Church Lane Thorley Bishop's Stortford CM23 4BE Bankers: Bardays Bank Pk. 10 North Street Bishop's Stortford CM23 2LH Independent Examiners: Suzanne Goldsmith Prlce Balley LLP Causewdy House l Dane Street Bishop'5 Stortford CM23 3BT Insurers: EIO IEccle5iastical Insurance Office) PIC
Thorley Par(xhial Church Councll Annual Report and Accounts for the year ended 31st December 2023 Alms and Purposes of the PCC Thorley Parochial Church Council IPCCI works with the incumbent in promoting the ecclesiastical parish in aSSOCiation with the mission of the Church as laid down in the church's Mi55ion Artion Plan, which embrace5 pastoral, evangelistic. social and ecumenical initiatives. The PCC is responsible for the maintenance and use of the building5 Wlth which we are blessed. The PCC continued to work towards the fuffilment of our Mission Action PSan IMAP). We continue to organi5e and evaluate our mission and ministry against the following Vision. Mission and Values: Ision Statementr. Yo see lives that are changed by the transforming power of God's Spirit as people come to know, experience. love and follow Jesus." Mlsslon SLitement: 'Making Jesus known, in our communities and networks. to the disadvantaged and in the wider world, through words and by action.- r Values: Community. by beingtogetherwe know thatv can build hope, which we find in Jesus, not only in our own lives but a150 in the lives of those around us. We accept and respect one another for who we are, as we live out our INes in the community of the Church. Discipleship.. followin8 in Chrisvs footsteps so that V can hear what He is saying to us and Irve out His teaching. Outward focused: we have been entrusted with the Good News of Christ and we realise that we must share that Good News wrth others. Intimacy: in relationship with God, in our worship. in the appropriate c105ene55 of our relationships with. and support for, one another. Integrity: in our actions. in our openness, in our honesty about ourselves and others, in our pursuit of making Jesus known and seeing God's transforming presence at work in our lives and those around us. Courage: to follow God wherever He leads. moking faith based decisions in all areas of our indrvidual lives and the life of the Church. Generosity. we realise that for those to whom much is given. much will be experted and we always seek to use our time. talents and resources in serving Christ and others. To organise our mission and ministry across the whole church, we use three words- G*her, Grow, Go. They Serve to underline some of the things that we see a5 important in living Christian lives of community, mission and ministry together. They also provide a strateEIC framework around which we develop our Mission Artion Plan IMAPI- This 15 a way in which we can see in each area of mission and ministry within St James, key areas of growth. development and planning in and for all that we do. This will be a foundational building block to allow for the strateglc development and growth of st James over the coming years. We need a strategy that we can gather around and our leaders can jealously guard. and a framework that will continue to release ministry and mission in desired areas and ways. Gather Grow Overvlew, Objectlves and Actlvltles The PCC is committed to reaching as many people a5 P055ible through worship at St. James and via its outreach opportunities throughout the year. 2023 was a year of growth in our worship seryices. and in general across our community. Like many churches of our style and size this isn't always reflected in oursundayattendance as we see even our more committed members less regularly.
Thorley Parochial Church Council Annual Report and Accounts for the year ended 31st December 2023 In July 2023 we held a relaunched 'St James Festival. in which we planned. and managed, to build on 5ucce55 of previous events and OFen this event to emerging generations of our growing parish. We continued to work hard to maintain and develop the buildings that have been entrusted to our care. We have completed the AV upgrade for the St Barnaba5 Centre, and have started to plan the next phases of our Capital Spend strategy. We have spent significant time this year enEaEed in the needed work to maintain our historic buildings, with exploratory works to assess what is needed to maintain stained glass w5ndows, and essential grounds maintenance. Sadty. we experienced two Separate floodsthis year, both within the St Barnabas Centre. Whilst we have completed the immediate remedial work. and carried out some flood prevention works this wlll remain a priority for our thinking in the coming years. We have also committed to the Church of England's intent of working towards being Carbon Net Zero by 2030. This has begun to impact ourspendin8 and budgeting decision5. as well our planning decisions surrounifing maintenance work surrounding our building5. Buildings The PCC has responsibillty for fve building5: The Church Centre Complex. Clwrth lane. Thorley St. Jame5 the Great Church which dates from the 13 ntury The Church Room, originally the old Thorfey schoolroom. rebuilt in 1994 The St Barnabas Centre ISBCI. a restored 16 century tithe barn. opened in April 1996 The Emmaus Centre. a fomer Dutch bam. rebullt then opened in 21x13 The Thorley Christian Centre (rcc), Wbterons Place. Thorlev Originally a 'Local Ecumenical Projert,. rt wds tsken over by the PCC in 2(Kll at the request of the other churches. In addition, the PCC hasJoint responsibility with the Diocese of St Albans for a further 2 buildings: The Rectory. Vicerons Place, Thorley Park. The Curate's house. 7 Elmbrook Drive. Thorley ParL Currently used to house our curate. Ensuring our work dellvers our aims We review our airns. objectives and outcomes each year. This review look5 at the success of each key activity and the benefits they have brought to thosegroupsof people we help and 5UPPOrt. The review a150 enables usto ensure our aims. objectives and activities remain focused on our ststed purpo5e5. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when VIewIng our aims and objectives and in planning our future activities. In particular. the PCC considers how planned activities will contribute to aims and objectives they have set. Structurei governan and rnanagement At the Annual Meeting of Parishioners IAMPI. held in May 2023. all those living in the parish or who are on the Electoral Roll of Stjames the Great. are entitled to electtwo Churchwardens who are elected annually and can hold office for six SucsSive years, followin8 which they must step down for a period of 2 years in accordance with the Churchworden5 Measure (2001. No. l) and agreed by resolution of the AMP in 2020. As a consequence of this meeting two Churchwardens were appointed. The PCC of St James the Great is a registered charity and all members. including ex-offiao and co-opted members are Trustee5 named on the Charlty Commission register.
Thorley Parochial Church Council Annual Report and Accounts for the year ended 31st December 2023 The strutture and govemance of the PCC is laid out in the Church Repre5entotion Rule5 (2022) and is made up of several categories of members as follows= The Rector (Chairl The curate lif in postl Up to three Readers {by resolution of the APCM in 20171 2 elerted Churchwardens 3 elected Deanery Synod representatNes 9 elected lay representatives (by a resolLrtion passed at the APCM in 2016) I COpted treasurer (although our taSurer has now been appointed to fill a vacancy) I non-voting secretary Other members of the congregation may be c(Fopted a5 required, but not exteeding in number one fifth of the elected lay members, or two persons whichever shall be the greater. The Annual Parochial Church Meeting IAPCMI elects the lay and deanery representatNes. Voting at the APCM is restricted to members on the Electoral Roll only. Eletted lay representative5 serve for a three-year term with one- third standing down each year and one third being elected or re*lected. Members must stand down after two consecutive 3-yearterms and cannot be reelected forat least one year. Deanery Synod representatives are elected every three years and remain in office for the whole terni, but should any representative relinquish their position, a replacement will be electe(l at the next APCM for the rernainder of the three-year temi. The Rector las Chairl is resF)onsible for the induction of new members explaining their responsibilities and duties, as well a5 the administrative procedure5 and philosophical and theological approach of the PCC. All new members receive copies of the previous yearfs annual reportand accounts. The PCC Secretary advises members of theirduties as charity Tru5tee5. In the absen of the Rector. this responsibiltty falls to the Churchwardens. At the first meeting of the PCC following the APCM. the lay Chair lactinE in the absence of the Rector) and PCC representatives for the Standing Committee, are appointed. Two members are also appointed to the Friends of St Jomes, Comrnittee as required by the Friends, ConstrtiOn. The PCC Treasurer together wtth the Chair of the Finance Commlttee. produ the quarterly and annual accounts and budgets. Each year the PCC reviews the risks that the Church faces. To date these have mainly relatsd to the maintenance of St. James church, which English Heritsge has classthed as a Grade One listed buildin& the SBC, which is a Grade Two listed buildin& as well as the other buildings managed by the PCC These risks have been ameliorated by a regular programme of inspection and maintenance a5 well as Complian with any recommendations made by the Diocesan Architect at hi5 Quinquennial Inspections. There are also minor areas of risk relating to employing staff, which have been cOVed by appropriate procedure5. policie5 and insurance. For all activities where it is required, Disclosure and Barring servi (DBSI check5 have been carried out on each responsible person and others working with children. young people and vulnerable adults. in accor(lance with the recommendations of the House of Bishops and diocesan policy. The PCC is also aware of the risks associated with making charitable grants and generally controls this by detailed local knowledge of possible beneficiaries. Payments to other charities represent a relatively small part of the PCC'S annual expenditure. The PCC operates in asslxlation with o number of 5ub-committee5 that report to the PCC. These include.. The Standing Comrnittee is the only committee required by law and hasthe power to transact the busine55 of the PCC between its meetings, subject to any dirertions and limits given by the PCC. The Flnance Commlttee presents proposals, reports, procedures, accounts and budgets for PCC approval. The Premises Group attends to all matters relating to land and buildings includin8 the church, the churchyard, the church room. the SBC, the Emmaus Centre, car parks, the TCC. and the parish house,
Thorley Parochial Church Council Annual Report and Accounts forthe year ended 31st December 2023 Achievements and perfomiance Worship & Prayer 2023 2022 Total Sunday services 101 152 in Churth. 49 in St Barnabas Centrel 93148 in Churth. 45 in St 8arnabas Centrel Weddings and blessings Funerals and internients 22114 funera15. 8 intemientsl 25113 funerals. I thanksgiving, 11 interments) On a usual Sunday attendan adults Onsite 114, Online 28 On-5ite- IOS: On-line- 30 On a usual Sunday attendan children 19 (including Youth) 18 Electoral roll 163 156 Further regular worship has taken place in our homegroups (with both onsite and online meetings to facilitate changing Public Health guidancel. Other groups. including the music fellowshlp. Mothers Union. Home Group leader< meeting5, have continued to take place. In line with our Strategy to become a hybrid ¢ommuntty these happen both onsite and online to fit the need5 of those who attend, and the restrictions placed on us by ststutory authorities. We have seen this aspect of our ministry 5tabilise and regulady find that between 25-35% of the people who attend each of our services do so online. Regular Home Group leader< meetings have tsken pla. convened and led by our Home Group co-ordinators. Whilst we have seen our worshipping community grow. we have seen the percentage of our community that are involved in home groups decline. They continue to use material that is prluced in-house and foll0v our Sunday momin8 themed teaching serie& Chlldren and Youth ministry Our Sunday morning youth and children's wor* continued to develop throughout 2023. We needed to plan for more age specific groups, and have reinstated Sunday moming groups for our pr&teens and teens. Our Sunday evening youth group continued to meet throughout the year. Little Stars, our parent and toddler group, following a reset in 2022 has continued to grow and flourish. We now face slgnificant i55ue5 of capacity, and are looklng to find other suitsble rneetiT7g spaces across our buildings. A Wami Welcome for All St James is committed to providing a warm and welcoming Spa for all segments of our communlty. Our Welcoming team has a pastoral responsibility on a Sunday morning to offer a warm welcome to all who come through our doors and offers a listening ear, especially to newcomers. Pastornl Care and Prayer Mlnlsty The members of Pastoral Care team continue to liaise with each other in order to identify the need5 of Specific parishioners, both home vi&ts and home communions have now resumed. The Prayer Ministry team remained available for personal prayer during and after every 10-30 am serlice. Use and Development of Buildings The Thorleychristian Centre ITCC). the St. Barnabas Centre {SBC) and the Emmaus Centre IECI continued to be used by a wide varlety of people, as V11 as by the Church family.
Thorley Parochial Church Council Annual Report and Accounts for the year ended 31st December 2023 The Friends of St James continue to raise funds for work needed in the Church and curtila8e area. The PCC is very grateful to the 'Friends' and all those who support it. fvllsslon and Evangellsm Several members of the St James church farnify remain actively involved as Street Pastors. We also have our long- standing commitment as teacher5 or helpers for Holiday Bible Week. The trddrtion of serving of refreshments from the Church Room on Sunday afternoons continued in 2023. A revamped Festival of Flowers & Music was organised to raise funds and was highly successful- this became the '5t Jame5 Festival, in 2023. We managed to keep 59me of the fundrdising element but widen this to include a more missional focus and also include attivities that appeal to a wider range of generations. We are planning on keeping the building blocks for this the same as we plan for 2024. Fairtrade is one of our core principles. but we have seen this become more mainstream. The shop in the St Bamabas Centre continues to operate, althou8h its ministry is now being run down towards closure in early 2024. To manage both our mission giving and external mission partnerships the Giving Group wa5 re*stsblished in the final few month5 of 2023. Shared Ministry and Ecumenical Relationships The PCC is committed to the very strong Churches Together in Bishop's Stortford and has three representatives on the forum. whe possible. our clergy attend the monthly ecumeni¢al Bishop's Stortford Ministers, Fellowship meetin& monthly Bishop's Stortford Church of England Clergy lunchtime meeting and the monthly ecumenical ministers, prayer breakfast. The Rector also attends Deanery Chapter meetings and Deanery Synod rneeting5. Three Members of the PCC also Sit on the Deanery Synod. providing the PCC with an important link between the parish and the wider struttures of the church both locally and nationally. Since May 2022 our Rector has also been the Area Dean for Bishop's Stortford. Our Vision for 2024 and beyond Our Mission Action Plan IMAP), was rewrTtten and adopted in 2021. It OLrtlines our mission, our vision and our value5 las described at the start of this reFK)rtl. We continue to work towards the milestones set out in this plan. We have spent much of this year working on the Leadership Development a5pect5 of our MAP. We have identrfied further developments into the area5 of previous focus- hybrid working, web and s¢xial media marketing, children and families work and our engagement for ministries to support people who strug8le with their emotional and mentsl wellbeing. Having largely corne to the expected outcornes in many areas of our 2021 MAP. we will spend much of 2024 evaluating what V have done and planning for the next MAP cycle. Financial review Thank5 to generous giving. prudent financial management and God's graciou5ne55. our financial position remains stable despite another disnJpted and pN)tentially difficult year. Overall. our assets have increased marginally in the vear, with our bank balance standing at circa £105.IXX) {2022= £113,(J)01. The majority of our unrestricted income was from planned giving by the church famity, which amounted to £108,000 including regularfunds given via Charities Aid Foundation or equivalentvouchers12022: £102,000), whilst one-off gifts this year amounted to £22,(XKI 12022: £41.(): the figure for 2022 includes a legacy of £lO,IXJO Icarried back from receipt in January 20231, plus restricted fund5 of £13,750 for new technology and equipment. Donations for use of our church premises amounted to £47,0(NJ12022: £44,OD)I which. whilst growin& is still well down on pre-pandemic levels. This year our new Summer Fayre. although not primarily a fundraising event, generated net income of £2.834. Major expenditure included our Diocesan Parish Share of £93,IMKI which is similar to the previous year {2022: £92,CN)01, although we are aware that thi5 will rise substantially in 2024. Staff costs were £47.(K)012022= £44,0(x)I and unrestricied running costs for our buildings were down to £34.CMJO12022: £37.IXIOI. as a sUIt of redUd repair
Thorley Parochial Church Council Annual Report and Accounts for the year ended 315t December 2023 Q5ts and. even though market rates for utility costs had increased Significantly, we benefited from our fixed price contracts. Charitable giving was almost £9.tKKJ12022: £10,(KX)l. We also spent around £24.0(MJ thi5 year on new technology in the St Bamabas Centre to improve the quality of the sound and also our streaminE capabilities. We end 2023 with finance5 Secure. We are grateful for the faithful sUPPOrt of the church family and the abundant provision of God. Reserves The task of the PCC 15 to carefijlly manage the fvnd5 that are available to it. Our reseNes targèt is to hold at least three rnonths of costs. based on an average of the unrestricted expenditure for the last three years, which this year amounts to £202.1)JO. At the end of the year {after transfers between furKls including the release of our £IO,OW workin8 capital designated fund), our unrestricted, undesignated fijnds amount to £84.11312022: £75,443). Thi5 means that our reserves represent just under 5.0 months. worth of annual expendtture. In 2023 we upgraded the audio-visual and PA equipment in the St Barnabas Centre to improve the quality of both our on-site and our streamed serwces. and we purchased a new keyboard. The total cost paid from restricted funds. amounted to £15,742. We are very grateful for the generous gifts which made this possible. As a result. we have now released these fvnds from restricted balances to unStriCted designated funds. After depreciation. this designated fund balance at the year*nd amounts to £10.495. In addition. we hold E12,64112022.. £25.2861 of restricted funds. £25,OCK) {2022: £25.)1 of funds designated for the repair and maintenance of our building5. whilst our designated fund to cover future planned deficits has reduced to £nil12022: £10,OCIJI. The remaining £2,468,026 in designated funds together with the revaluation reserve of £104,941 preseftts our freehold land and property fixed assets less the outstanding loan of £4.cxxJ. The endowment fund has increased to £10,353 as a result of an increase ir) the underlying investment value of the fund held by the Diocese12022'. £9,365) and thi5 represents the endowment capital of the Patten Bequest. Our budget for 2024 shows an unrestricted operating defictt in the order of £28.(KKI. although we are hopeful that this tan be reduced by an increase in reEulargiving. Our reserves aftertransfers between funds would fall to around £53.IXIO. which would represent 3.1 months of annual expenditure; this is onlyjust over our resetves tsrgeL With continued careful finanoal management, and relian on the provision of God, we are hopeful for the future. Final comment With prayer and God's 8uidance. the PCC and the congregation look forward to the challenges we will fa during 2024. half of the Parochial Church Council G P Tracey Ichairl Klrsty Pettin8er (Lay member) Date.. 3)K W
Thorley Parochial Church Council Annual Report and Accounts for the year ended 315t December 2023 Statement of financial activitles Lthr¥trkd Des[g RestrJ¢ted Total Furth Total Fund$ Funds Fur 2023 2022 Fund5 Income and endowments Donations and grants OthervoluThtary incorr Incorne from CharItab and ancillary tradln8: Income from investrrnts 21al 21bl 21cl .199 51,943 9.173 6.757 150 160,956 52.1Y33 9,173 190,745 49,746 7A67 21dl IA9) 1,490 455 Total Income and endowments 216W5 223,712 Z48A E¥penifrture on: Grants aritsble acttvkles FUn¢&I51g and publklty 31al 3(bl 3(cl 7.491 205,522 2.122 1.425 246 2.139 8,916 211,015 4,261 9.676 211.189 1,967 5.247 Total expendrture 215.135 5247 3.810 224.192 222.832 Net Income1[eMpendI1e} for the year L670 15247) (480) 15.511 Net galn on Invesmnts Transfer betrween fiJTrJs 8.742 115.7421 Nel monI In fund51Drthe 670 3,495 111645) Z5.581 Totsl funds broughtforward at l January IRevalu*ion reserve included with dgnated fund51 9.365 75.443 2.E4)4.967 25.286 in5,C61 1689.480 Total funds carried forward at 31 December 2023 10353 84.iu 1608.462 11641 1715,569 715,061 All income and expendtture have arisen from continuin8 activities. The notes to the account5 are Shown on pages 10 to 20 and fonn part of these financial 5tstements.
Thorley Parochial Church Council Annual Report and Accounts forthe year ended 31st December 2023 Balance Sheet 2023 Fixed Assets Tangible fixed assèts Investments 2,6C¥J,818 10,353 2,589,147 9,365 611,171 2.598.512 Currerrt Assets Debtors Cash at bank and in hand 10,450 104,599 20,249 113.407 115049 133.656 Uablllt5es: Amounts Faltln8 Due Wlthln One Year 9.651 13.107 Net Current Assets 105.398 120.549 T¢rtal Assets Less Current Llabllltles In669 719,1%1 Liabilities: Amourts Fallini DueAfter MoreThan One Year NetAssets 2,715,569 1715,061 Funds Unrestricted Unde5ignated Designated Revaluadon reserye Totsl Unrestricted 84,1 2.503.521 104,941 1692.575 75,443 2.500.026 104,941 2,680.410 Restricted Endowment 12,641 10,353 25.286 9,365 Total Funds 1715WJ I7151 Th financial statements were approved by the Parochial Church Council on Lq. ¢.ILrand signed on its behalf by: G P Tracey (Chairl KItY Pettinger (Lay member)
Thorley Parochial Church Council Annual Report and Accounts forthe year ended 31st December 2023 The notes on pages 10 to 20 form part of these accounts. Accounting poliaes Thorley PCC is a Parochial Church Council in England. The addres5 of the registered office 15 given in the charity information on page l of these financial statements. Basis of preparatlon The charity constitutes a public benefit entity as defined by FRS 102. The financial ststements have been prepared In accordance with Accounting and Reporting by Charities= Ststement of Recommended Practice applicable to charities preparing their accounts in accordan with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191- (Charities SORP {FRS 10211. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The charity meets the definition of a public benefrt entity under FRS 102. Assets and liabilities recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities IAccounts and Reports) Regulations 2CIJ8 only to the extent required to provide a'true and fairviev/. This departure has involved following the Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from l April 2CKJS which has since been withdrawn. The financial statements are prepared on a going cOnM basis under the historical cost convention, modified to include certain items at fairvalue. The financial Statements are presented in sterling which isthe functional currency of the tharity 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. Going concern The finanaal statements have been prepared on a going concern basis a5 the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 month5 from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. ke many charities atthi5 time the chartty has been dealing with the after effects of the Covid-19 pandemic. Income has increased with the re-opening of the church buildings and the trustees have considered the level of current reserves and believe reserves are sufficient for attivities to be maintained for 12 months. A detailed commentary on the reserves Position [5 included in the TrnteeS report on page 7. Judgements and key sources of estlmatlon uncertainty In the application of the ChariW5 accountin8 policies, which are described above. the trustees are requlred to make judgements. estimates and assumption5 atK)Ut the carrwng amounts of assets and liabilitie5 that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may drffer from those estimates. The Trustees do not consider that there are any critical judgments or sources of estimation uncertainty in the financlal statements. Funds Unrestrirted fvnds a general funds which can be used for PCC ordinary purposes. Designated funds are Un$ttted funds that due to their nature are not readily reolisable and cannot therefore be considered to be general funds available for PCC ordinary purposes or have been designated for a particular purpose. The PCC'S fixed a55ets a included in such designated funds. io
Thorley Parochial Church Council Annual Report and Accounts for the year ended 31st December 2023 Re5trictÈd funds represent al Income from trusts or endowments which may be expended only on those restrlcted objects provided in the temis of the trust or beque5L and bl donation5 Qr grants received for a Specific object or invited by the PCC for a specific object. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund. The PCC doe5 not usually invest separately for each fund. Where there is no separate investment. interest is apportioned to individual funds on an average balance basis. Endowment funds are funds, the capital of which must be maintained- only income arising from investment of the endowment may be used either as restritted or unrestricted funds depending upon the purpose for which the endowment was established.The Pcc'sonly Endowment Fund 15 the Patten Bequest and provides an income to be used for the upkeep of the Church. The fund value is increased in line wrth the value of the related investment. Income recognttion Planned givin& ¢ollections and donations are recognised when reIved. Tax rthnds are recogni5ed when receivable. Grants and Legacies are accounted for when the PCC is legally entitled to the amounts due. All other Income is recognised when tt is re1Vable. All income is accounted for gross. ExPendIre recognition Grants and donations are accounted for when paid over. or when awarded. if that award creates a bindin8 or constructive obligation on the PCC. The diocesan parish share is accounted for when due. Amounts received specificallyfor mission are dealt with as restrirted fund&AI other expenditure. including support costs are generally recognised when incurred and accounted for gross. Expenditure is stated gross of irrecoverable VAT and has been classified under headin8S that aggregate all costs related to the category. Foxed assets Consecrated and benefice property is not included in the accounts by section 10 of the Charities Act 2011. Moveable church furnishings held by the Rector and Churthwardens on spetial trust for the PCC and which quI a faculty for disposal are inalienable property. listed in the Church's inventory. which can be inspected lat ary reasonable timel. For anything acquired prior to 21XMJ there is insufficient cost infomiation available and therefore such assets are not valued in the financial statements. Flxtures, frttings and equipment are capitslised at cost. Depreciation is calculated to wrrte off the capitalised cost over an estimated usefvl life of 3 years. The trustees have concluded that all land and buildings are held for the PCCS use and as such none are investment properties. The PCC has applied the transTtional arrangements of sethoft 35 of FRS 102 and measured tts freehold property at deemed c05t at the date of trdn51tion, being l January 2015. Since the residual value is so hlgh, any depreciation charge would be negligible. An impairment review is carried out at each year end and any resultant loss identified included in expenditu for the year. Flnanclal Instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial instrument> Basic financial instruments are initialby recognised at transaction value and Subsequent measured at their fair value a5 at the balance sheet date. All financial instruments of the charity are measured at cost with the exception of the fixed asset land and buildings which are held at their revalued carrying amount. The value of land and buildings is Stated in note 5. Financial assets include the bank balaft$. trdde debtors and other debtors but exclude pp8yrnents and taxation. Financial liabilities include trade creditors. other credttors, accruals and deferred income but exclude 50cial security ond other tsxe5 due. li
Thorley Parochial Church Council Annual Report and Accounts forthe year ended 31st December 2023 Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income is included at the best estimate of the amounts receNable at the balance sheet date. Cash at bank and in hand Cash at bank and in hand includes cash and short-term highty liquid investments with a short maturity of the months or less from the date of acquisition. opening of the deposit or similar account. Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are nomially recogni5ed at their settlement amount after allowing for any trade discounts due. Accrued expenditure is included at the best estimate of the amount5 payable at the balance sheet date. after allowing for any trade discounts due. Pensions The Charity provides a defined contributlon pension scheme, whereby the Charity and its staff each fund the scheme, managed by a third-party provider. the assets of which are held by the provider separately from the assets of the Charity. The pension charge in the financial statements represents the amounts payable by the Charity to the fund in respect of the year. Taxatlon The charity 15 exempt from corporation tsx on its income applied for Charitab activitie 12
Thorley Parochial Church Council Annual Report and Accounts for the year ended 31st December 2023 Z Income Total Fun(ts 2023 Fd$ Funds 21al DationS and grants- Planned gNing Income tax recoverable Legacy Grants CAF I Stewardship Vouchers Friends of St james contribLrfons to church repair Listed places of worship grant stheme Sundry donations 105,486 29,243 1.037 106.523 29,243 101.796 30,110 12,028 1,750 20 2.857 1,312 40,872 190.745 2,635 620 3.255 16.835 154,199 5.1 6,757 21,935 160,956 21bl Other voluntsry income: Donations for use of Churth premrses Fetes, bazaars, otherfund-raising events 46.987 4.956 51.943 150 47.137 4,956 52,093 44,135 5,611 49,746 150 21cl Income from charitable and ancillary trading.. Area Dean income PCC, funeral and wedding f 279 6,894 9,173 2.279 6.894 9.173 833 6,634 7,467 21dl Income from Investments: Bank interest 1.490 1.490 455 TOTAL INCOME 216W5 223.712 248.413 2 2022 Income Comparatlve Unrestrlrted Restrirted Funds Fund5 Total Funds 2022 21al Donations and grants: Planned giving Income tax coVerable Legacy Grants CAF I Stewardship Vouchers Friends of St Jame5 contributions to church repair Listed place5 of worship grant scheme Sundry donation5 101.796 30,110 12,028 101,796 30,110 12.028 1.750 20 2,857 1.312 40.872 I.745 1.750 20 2,857 1.312 24,839 30,758 16,033 159,987 21bl Othervoluntsry income-. Donatiorts frtrr usè of Church premises Fete5. bazaar5, Other fijnd-raising events 44.135 5.611 49,746 44,135 5,611 49,746 21cl Income from charitable and andllarytradSng= Area Dean Income PCG fvneral and wedding fees 833 6.634 7,467 833 6,634 7,467 21dl Income from Investments: Bank Interest 455 455 TOTAL INCOME 217fi55 30.758 24&413 13
Thorley Parochial Church Council Annual Report and Accounts for the year ended 31st December 2023 Expendlture Totsl Trjnds 2023 Funds Funds 2022 other8ing Outreach 5.891 1.6(Xl 7,491 1.425 7,316 3,580 6,096 9.676 1,425 8.916 Ministry. dI0san quota Clergy expenses Minstry.. curate e¥rn Upkeep of Chufch Services Llghthouse kids youth groups & fdbwshipgroups Cost of the music fellNshlp Rectoryand Parish House repal Parish House- loan interest Church ntnnln8 expenses and repalrs St Barnabas Centre running expeoses Emmau5 Centre running expnses Thorleychristian Centre runnlngexpenses& repalrs Jpport cost$ 3ldl 93,389 4,256 1.431 2,369 1.099 93,389 4,256 1.431 2,369 1,099 92.604 3,932 2,051 940 iio 17 5.384 19.082 3,748 5,362 iio 17 5,630 19.082 3.748 5.362 ioi 52 17.106 17.263 4,119 6,352 246 69.275 5,247 74.522 65.789 205.522 5.247 246 211,015 211.189 Lkrais Costs offetesand 0therfvnd-raslngnts 2.122 2.122 2.139 2.139 4,261 4,261 1,967 1,967 TOTAL EXPENDMJRE 215.135 5.247 3,810 224,192 2ZZ,832 31dl Staff costs (Note41 Administr?n and Office $upt4ies countsnry Webslts MaInnan Telephone and MtsTrllarEous Depreciation 46.737 6,365 46,737 6.365 2,844 1,055 3.249 14,272 74,522 44,369 9.558 2,220 807 4.812 4,023 65,789 1.055 3.249 9,025 69.275 5,247 5,247 14
Thorley Parochial Church Council Annual Report and Accounts for the year ended 31rt December 2023 3 2022 ExPLdItUre Comparatlve Totsl Funds 2021 Fund5 Fund5 31al otherging treach 3.580 6,096 9,676 4.3C•J 1,796 5.336 31bl Charftableactlvitie5 Mini5ty'. diesan quoi Oew exkkn Mini5try-. curate expenses Upkeep of Church ServKe5 ghthouse kids. youth groups &felkwshipgrwp5 C05t of the mu&cfellowship Rectory and Parsh House paIrS Parish House-loaD interest Church runnlng exFenses and repairs 51 Barnabas tre runningexper Emmaus Centre Nnningexwnses TIN)dey Chrtsfjan Centre nJnnln8 exr*rtses & repalr5 Jpwrt Costs 3ldl 91(4)4 3.932 92.604 3.932 I051 2.051 ioi 52 17,1( 17,263 4.119 6,352 65.789 52 8.022 17.263 4,119 6352 2.125 2Q).792 10.397 211.189 F n&rai5i Costs offetes Otherfund-ralng events 1,967 TOTAL EXPENDMJRE 2061$ 16.317 22U32 31d) Stsff costs (Note 41 Administration and oFFteSUPF4les Accountsncy Website malntenarKe Tèlephone and Miscellaneous Depreciation 44369 9.558 1220 44,369 9.558 2.220 807 4.812 4.023 65.789 4.365 1345 447 1.678 2.125 Staff Costs Unrestrkted Re5trfaed Total fvnd5 Totsl Fund5 Funds Funds 2023 2022 Wa6e5 and laries PeOn costs 46.016 721 46,n7 46,016 721 46,737 43.666 703 44,369 During the year the charity employed an overage of 3 employees12022- 3). No employees received total employee benefits in excess of £60.CIXI12022- Nill. The PCC considers its key management personnel to comprise the Rector. Churchwardens and appointed officials (see page 11. No key management personnel received remuneration nor benefits in the year12022- Nil).
Thorley Parochial Church Council Annual Report and Accounts for the year ended 31st December 2023 S Fixed Assets TanBlblelIx assets 2023 Fre•hoJd Ignd and Propwtyowrd by PCC The St Barnabas Centre The Ernmaus Cent The Th(xley Christian Centre 110% PCC interest? 7 Elmbrook Drive115.1)4% PCC interest) 1.989,927 478,335 49,748 58957 2.576367 1.989,927 478.335 49.748 58.9S7 2.576.967 Desl8natÈd Funds 1576967 Z576.96Y xture5. ttIng5 & EqpmentIutirnrt C05t broL¥htfO8rd Athlitns 19.423 25y3 13.077 Cost carrfed forward 45,366 19.423 AccumuLated deF*eciaiiM tfftJ8htfwiard Depreciatlon charge forthe year Depreclatlon ellminated on Accumulated depreclatron (arried forward 7.243 14.2n 3,219 4,024 2L515 7.243 Net bookyalue broLWrtfDfvdrd Net bookvalue carried forward 12. 2351 3,127 12,180 2589.147 The PCC owns two freehold buildings. the St Bamabas Centre and the Emmaus Centre both in Church Lane, Thorley. The Diocese owns the Thorley Christian Centre. Ificerons Pla. Thorley Park. but would give IO% of the net proceeds of any sale to St James. The Parish House 15 a residential property owned with the Diocese. The PCC owns 15.04%. The PCC has applied the transitional arrangements of section 35 of FRS 102 and measured its freehold property as noted above and used those valuations as its deemed cost at the date of transition. being l January 2015. Given the unique nature of the three Centres. the properties were valued based on the insurance value and their value in use. The Trustees resolved to adopt a market value for 7 Elmbrook Drive of £392.(KM) for the year ended 31 December 2015. meaning that the PCCS share of the valuation increased. 6 Investments 2023 2022 At l January Gainlllossl on value ol investments At 310ecember 9,365 9,365 10353 9,365 Thi5 investment relate5 to the Patten Bequest endowment held by the St Alban5 Diocesan Board of Finance. 16
Thorley Parochial Church Council Annual Report and Accounts forthe year ended 315t December 2023 7 Debtors 2023 2022 Accounts receivable Income tax recoverable Prepayments and accrued income 215 6,575 3,6 12,760 IOA50 20,249 8 Liabilities: Amounts Falling Due Wlthln One Year 2023 2022 DBFIVacancy LiabllTty Deposits held Accrued expenses Creditors for8oods and servlces Wedding fee / Funeral fee di5bur5ements Tax and National Insuran Dlottsan loan 7 Elmbrook Drfve (see note 9) 530 351 2,520 3,220 522 351 4,723 342 663 9,651 9 Uabllttles.. Amounts Falling Due After More Than One Year 2022 Di0$an loan re 7 Hmbrook Drivè 4,OC4) 4,OC#) The loan Is In relation to the Partsh House. £3.[ is payable annually to the Di0Se of St Ajbans. In 2022 the figu was reduced by rent received. 17
Thorley Parochial Church Council Annual Report and Accounts for the year ended 31st December 2023 10 Movement on Funds E¥pendIty Galnsl Ihissesl Trar*fers A131 December 2Q23 Jarwary Unre5tri¢ted funds.. General unde5ignated Designated Rwaluation res 75,443 2,500.026 104,941 2.680.410 216J)5 215.135 5,247 7.tXJO 8.742 84,1 I03,521 104.941 2 692,575 216,805 220,382 15,742 Re5trlcted fund5- Church yard eallng on the streets Grnving leaders Parish events Church boiler Other Cial colknlts)s F05J church repairfund Listed PCeS of wotship 8rdnt sthen 8eveHey Cheeseman worship fund Barn IT fund Phase511 and111 technology 5triaty Stortford Bell Tower Fund MaThillan Care Chlldren andY0h grant Othergrant Kltchen fund 246 246 620 314 796 16 637 2,154 411 450 11,9921 13.750 113.7501 L285 4,143 917 6.212 25.286 617 6.212 ,641 6.9)7 3.810 15.742 Endowment 9.36S 10353 Totsl funds 2.?15Al 223.712 224.192 2,715.569
Thorley Parochial Church Council Annual Report and Accounts for the year ended 31st December 2023 Movement on Funds comparatlve At l January 2022 Expndlture Trdnsfevs At 31 December 2022 UnstriCted fund5: Generdl undeslgnated Designated Revaluatlon reserve 76.553 2,487.716 104.941 2.669,270 207,655 10,0 206515 (2.250} 2.250 75,443 1500,026 104.941 1680.410 217.655 2(515 Restrfeted fvnds.. Church yard Healing on the streets Growing lèadèrs Parish events Church boiler Other Special collections FOSJ church repairfund Listed places of worship 8rant stheme Bevedey Cheeseman worship fvrKI Barn ITfund Phases11 and111 technOlfUnd Strictly StortFord Bell Tower Fund Maunillan Ca Children and youth grant Qthergrant Kltthen fvnd 150 314 314 872 617 14.C¥xJI 3,144 4,169 3,144 8.169 2.lJ35 L679 450 1485 1,679 13,750 13,750 L435 150 L285 250 250 583 917 6.21Z 25.286 6.212 10.845 30,758 16317 Endowment 9.365 9.365 Totsl lunds 1689M) W13 221832 2.715.061 General unrestrirted furKI- The general unrestricted fund is used for PCC ordinary purp05e5. DesSEnated fitnd-The designated funds comprise Freehold land and property. net of loans, the designated property repair nd £25.OCKJ12022.. £25,OWI and an allowance to cover futurÈ planned deficits which wa5 released in the year £nil12022: £10,0001- This year an additional fund has been created for red assets acquired using restricted funds of £15,742. against which depreciation of £5.247 has been charged gMnE a balance on the fund of £10.495. Restrlrted fvnd - The restricted fund5 represent donations or grants receNed for a specrfic object or Invf(ed by the PCC for a specific object. The fund5 may onty be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund. In the year, funds amounting to £13,750 were paid out of the technology fund using up the complete balance in cash terms. In addition, funds arnounting to £l.992 We paid out of the Beverley Cheeseman fund. However. in accordance with standard accounting procedure. these balances have been transferred to LJnre5tritted fijnds and included in deslgnated fund5. as above, with depreciation charged in designated fund5 accordin81v. Revaluation reserve- The revaluatton reserve in relation to the property valuation undertaken on transition to FRSIO2. Endowment fund- The endowment fund represents the Patten Bequest and provides an incorne to be used for the upkeep of the Church which is shown as restrirted. The fund value is enhanced in the year by the increase in the value of the investments held by the Diocese.
Thorley Parochial Church Council Annual Report and Accounts for the year ended 31st December 2023 11 Analysis of Net Assets by Fund Endowmènt Unrestri¢tsd Dgnated Revaluatlon Fun& Funds Fun¢ts Restrirted Funds Total Flxed Assets Investments Net Current A55ets Long Term knabilitie5 Fund balance 13.356 2,482521 104.941 1600,818 10.353 108.398 10.353 70.757 25.C 14.ClJ)I 203521 12.641 10.353 84.iu 4,941 641 1715,569 Analysls of Net Assets by Fund (cofflparative) Totsl Funds Funds nds Funds Fixed A55ets Investments Net Current Assets Long Term Liabilities Fund balance 12,180 2.472,026 104.941 I589,147 9,365 123.549 17.000 1715.061 9,365 63,263 35.( 17,CKJ)I 15(X>.026 25.286 9365 75.443 104,941 12 Independent Examlnatlon Fees Accountancy expenditure indudes £2.520fee5 paid to the Independent Examiners for carying outthe Independent Examination12022 - £2,034). 13 Trustees Remuneratlon and Expenses The trustees neither received nor wafved any remuneratM)n or benefits during the year12022 - £Nill. During the year 2 trustees12022- 2 trustees) had the following expenses paid for by the chartty.. Travel Traintng Intemet and communications Other costs 3,012 331 1,029 1.315 2,666 705 938 503 4.812 14 Related Party Trdnsactions There were no related party transartions in the year12022- Nill. 20
Thodey Parochial Church Council Annual Report and Accounts for the year ended 31st December 2023 Independent Examlner's Report to the Trustees of The Parothlal Church Counal of St. James The Great Thorley. I report on the accounts of the charity for the year ended 31 December 2023 which are set out on pages 8t020. Res onsibilities and basis of re As the charit¢s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the ACYI. I report in respect of my examination of the charitrfs 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(51(b) of the Act. Inde endent examiner's statement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving me cause to believethat in any material respect: accounting records were not kept in respett of the charity a5 required by section 130 of the Act; or the accounts do not accord with those records; or the accounts do not cornply with the applicable requirements concerning the fom 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 Vie 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 orderto enable a proper understanding of the accounts to be reached. Suzanne Goldsmith FCA Price Bailey LLP Causeway House l Dane Street Bishops Stortford Hertfordshire CM23 3BT Date: l May 2024 21