04r Y*b 2024 REPORT AND ACCOUNTS FOR THE PAROCHIAL CHURCH COUNCIL OF ST. JAMES THE GREAT THORLEY REGISTERED CHARITY NO. 1130506 Thorley Parochial Churth Council Annual Report and Accounts for the year ended 31st December 2024 Registered Charity No: 1130506 Parochial Church Councll I"PCC") Members {Trusteesl: Gaz Tracey (Rector) Claire Finlay (Curate until September 20241 Ernma White Ichurchwardenl Emma Collins IChurchwarden} Chris Carr (Licensed Lay Minister (Readerll Katharfne Roper {Licen5ed Lay Mlnlster (Readerll (Deanery until 2026) Kirsty Petlin8er (Treasurer) IPCC until 2027) Mary Btsmley IPCC until 20241 Robble Ward-Booth (PCC untll 20271 Alison Somers IPCC until 20251 Chrls Collins IPCC untll 20251 Danlel Daniells-smlth IPCC untll 20251 Sue Carr IPCC until 20261 Phlllppa Roy-chowdhury IPCC until 20261 Sue Sembhi IPCC until 20261 Paul Dean (Deanery until 20261 Cllve Welr (Deanery until 20261 Phll Davls (PCC until 20271 PCC Secretary Des Conrld8e Prlncipal Office: Church Office The St Barnabas Centre Church Lane Thorley Blshop's Stortford CM23 48E Bankers: Barday5 Bank Plc. ID North Street Blshop's Stortfotd CM23 ZLH The Charlty Bank Llmlted Fosse House, 182 Hl8h Street TonbrSdge TN9 18E Independent Examlners: Suzanne Goldsmlth FCA Prlce 8alley LLP Causeway House l Dane Street Bishop's Stortford CM23 3BT Insurers: EIO {Eccleslastlcal Insurance Offlce) Pl¢ Thorley Parochial Church Council Annu31 Report and Accounts for the year ended 31st December 2024 Aims and Purposes of the PCC Thorley Parochlal Church Councll IPCCI works wSth the incumbent Sn promoting the eccleslastlcal parlsh In association with the mission of the Church as laid down in the church's Mission Action Plan, which embraces pastoral, evangelistic, social and ecumenlcal initiatives. The PCC is responslble for the maintenance and use of the buildings with which we are blessed. The PCC continued to work towards the fulfilment of our Mission Action Plan IMAP). We continue to organise and evaluate our mission and ministry against the following Ifision, Mission and Values.. Vision Statement: YD see lives that are changed by the transforming power of God's Spirit a5 people come to know, experience, love and follow Jesus." Mlsslon Statement,, "Making Jesus known, in our communities and networks, to the disadvantsged and in the wider world, through words and by action." Our Values: Communlty: by being together we know that we can build hope, which we find in Jesus, not only In our own lives but also in the lives of those around us. We accept and respect one another for who we are, as we live out our lives in the communlty of the Church. Dlsclpleshlp: following in Christ's footsteps 50 that we can hear what He is saying to us and Ilve out HIS teaching. Outward focused: we have been entrusted wlth the Good New5 of Christ and we realise that we must share that Good News with others. Intlmacy: in relationship wlth God, In our worship, in the approprlate closeT)ess of our relatlonshlps wlth, and 5UPPOrt for, one another. Integrlty: in our actions, in our openne55, in our honesty about ourselves and others, in our pursuit of making Jesus known and seeln8 God'5 transforming presence at work in our lives and those around us. Courage: to follow God wherever He leads, maklng faith-ba5ed decisions In all areas of our individual lives and the life of the Church. GenerosSty: we realise that for those to whom mueh Is glven, much wlll be expected and we always seek to use our tlme, talents and resources In servlng Christ and others. To organise our mlssion and minlstry across the whole church. we use three words. Gather, Grow. Go. They serve to underline some of the things that we see as Important in living Christian lives of community, mission and minlstry together. They a150 provide a strategic framework around which we develop our MI￿lOn Action Plan IMAP). This is a way In which we can see in each area of mission and mlnistry within St Jame5. key areas of growth, development and planning In and for all that we do. This will be a foundatlonal bullding block to allow for the strate8ic development and growth of St James over the coming year5. 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 area5 and ways. Overview, Objectlves and Artlvitles The PCC is committed to reachina as many people as posslble through worship at St. Jame5 and via its outreach opportunltles throughout the year. As we reflect on 2024. we are fllled wlth gratitude for God's blessin85 upon Hi5 church in Thorley. This year has been one of growth, transltion, and continuing Commitment to our mission. Below, we outline key developments and achievements across our church Ilfe and ministry. Gather Grow Thorley Parochial Church Council Annual Report and Accounts for the year ended 31st December 2024 Ke HI hll h f 2024 Farewell to Curate Clalre Flnlay In September, we bid a fond farewell to our Curate, Rev. Claire Finlay, a5 she left us to take up an excitln8 new post in Northern Ireland. Claire's mlnlstry over the past years has been a blessing to our church famlly. Her passion, dedication, and leadership have touched many lives. While we will greatly mlss her, we relolce In the new opportunities God has set before her and continue to pray for her mlnistry in its next chapter. Progress Towards Carbon Net Zero Our commitment to environmental stewardship took significant strides thls year. We are pleased to report that the Church Room, Emmaus Centre, and Thorley Christian Centre now operate using carbon-neutral energy sources. This is a key milestone in our progress towards achieving the Church of England's Carbon Net Zero targets by 2030. These changes not only reduce our environmental Impart but also reflect our desire to care for God's creation. Preparation for the Relaunch of Horne Groups as Connect Groups Thls year we prepared for the relaunch In January 2025 of our Home Groups under the new banner of Connert Groups. These groups aim to deepen discipleship, foster stronger relationship5. and create spaces for mutual encouragement and support. Many members have expressed how these Groups have enriched thelr splrltual15ve5 and provided a greater sense of belonging within our church community. Rertorfs Study Leave and Shared Leadership From May to September. our Rector was on study leave, focusing on personal renewal and exploring new inslghts to bring back to our parish. During this time. the church operated under shared leadershlp. with clergy. lay leaders, and minlstry teams stepplng up to sustain and grow our mission. Thls period highlighted the strength of collaboratlon wlthin our church famlly and demonstrated that through God's grace, we not only endured but flourished. Bulldlngs The PCC has responsibility for five buildings: The Church Centre Comple& Church Lane. Thorley St. Jame5 the Great Church which dates from the 13, century The Church Room. origlnally the old Thorley schoolroom. rebuilt in 1994 The St Barnabas Centre ISBCI, a restored 16 century tithe barn, opened In April 1996 The Emmaus Centre. a former Dutch barn, rebuilt then opened in 2003 The Thorley Chrlstlan Centre {TCC), Vlcerons Place, Thorlev Orl8lnally a 'Local Ecumenlcal Project,, It Wa5 taken over by the PCC Sn 2001 at the request of the other churches. In additlon, the PCC has joint re5pon51blllty with the Diocese of St Albans for a further 2 buildin8S: The Rectory, Vicerons Place, Thorley Park. The Curate'5 house. 7 Elmbrook Drive, Thorley Park We continued to work hard in 2024 to malntain and develop the bulldlngs that have been entrusted to our care. We have started to plan the next phases of our Capital Spend strategy. We have Spent significant time this year engaged in the needed work to maintain our historic buildin85, wlth exploratory work5 to assess whatls needed to malntain stained glas5 windows, and essential grounds maintenance. Ensurlng ourwork dellvers our alms We review our aims, objettives and outcomes each year. This review looks at the success of each key actlvity and the benefits they have brought to those groups of people we help and support. The review also enables us to ensure our aims, objectives and activities remain focused on Dur stated purposes. We have referred to the guidance Thorley Parochial Church Council Annual Report and Accounts for the year ended 31st December 2024 contained in the Charlty Commission's general guidance on public benefit when reviewing our aims and objective5 and in planning our future activities. In particular, the PCC considers how planned activities will Contribute to aims and objectives they have set. Structure. governance and management At the Annual Meeting of Parishioners IAMPI, held in May 2024, all those living in the parish or who are on the Electoral Roll of St James the Great, are entitled to elect two Churchwardens who are elected annually and can hold office for six Successive years. following which they must step down for a period of 2 years 5n accordance with the Churchwarden5 Meosure (2001, No. l) and agreed by resolutlon of the AMP in 2020. As a consequence of this meetingtwo Churchwardens were appointed. The PCC of St james the Great Is a reglstered charity and all members, Includlng ex-offlclo and co-opted members are Trustees named on the Charity Commission register. The structure and governance of the PCC is laid out in the Church Representotion Rules (2022) and is made up of several categorles of member5 as follows.. The Rector (Chairl The curate lif in postl Up to three Readers (by resolution of the APCM in 2017) 2 elected Churchwardens 3 elected Deanery Synod representative5 9 elected lay representatlves (by a resolution passed at the APCM In 20161 I treasurer I non-votlng secretary Other members of the con8regatlon may be co-opted as requlred. but not exceedlng In number one flfth of the elected lay members, or two persons whichever shall be the 8reater. The Annual Parochial Church Meeting IAPCMI elects the lay and deanery representatlves. Votlng at the APCM Is restricted to members on the Electoral Roll only. Elected lay repre5entatlves serve for a three-year term with one- third standing down each year and one third being elected or re-elected. Members must stand down after two consecLrtlve 3-year terms and cannot be re-elected for at least one year. Deanery Synod representatives are elected every three years and remain In office for the whole term. but should any representative relinquish their position, a replacement will be elected at the next APCM for the remainder of the three-year term. The Rector las Chairl is responsible for the induction of new members explaining their responsibilities and duties, as well as the administrative procedures and philosophical and theological approach of the PCC. All new member5 receive copies of the previous year's annual report and accounts. The PCC Secretary advises member5 of thelr duties as charfty Trustees. In the absence of the Rector, this responsibillty falls to the Churchwardens, At the first meeting of the PCC followlng the APCM, the lay Chair lactln8 in the absence of the Rectofl and PCC representatives for the Standlng Comm5ttee, are appolnted. Two member5 are also appolnted to the Frlends of St James, Committee as required by the Friends, constitution. The PCC Treasurer together with the Chalr of the Finance Committee* produce the quarterly and annual occounts and budgets. The PCC operates in assoclatlon with a number of sub Net gain Investments 237 237 988 Transler between funds 118,CKKJI 18,000 m¢wefflant In funds lor thé 237 3,822 12,753 11,7661 15,046 Total lunds brou8ht forward at l January (Revaluatlon reserve Included ¥￿th desl8nated lundsl 10,353 84.113 2,608,462 12,641 2,715,569 2.715.061 Totsl funds carrled forward at 31 December 2024 10,590 87,935 2,621,215 10.875 2.730,615 2,715569 All income and expenditure have arisen from continuing activities. The notes to the accounts are shown on pages 10 to 20 3nd fonn part of these financial statements. Thorley Parochial Church Council Annual Report and Accounts for the year ended 31st December 2024 Restatèd Balance Sheet Note 2024 2023 F￿ed Assets Tangible fixed assets Investments 2,587,812 10,59D 2,600,818 10,353 2,598,402 2,611,171 Currgnt Awts Debtors Cash at bank and In hand Investments 12,633 77,268 51,205 10.450 79.599 25.LUI 141,106 115,049 Liabllities.. Amounts Folllng Due Wlthln One Year 8.893 9.651 Net Current Assets 132.213 105398 Total Ass•ts Less Current Ll8bllltSes 2,730,615 1716,569 U•bllltles: knounts Falllnl Due After Mor• Thin OTr• Ye•r io Net A55ets 2,730.615 2.715.569 Fund5 li Unrestricted General Designated Revaluation reserve Totsl Unrestricted 87,935 2,516,274 104,941 2,709,150 84,113 2.503.521 104,941 2,692,575 Restrlcted Endowment 10,875 10,590 12.641 10.353 Totsl Funds 2,730,615 715,569 The flnanclal statements were approved by the Parochial Church Councll on 0610512025 and 518ned on its behalf by: G P TrO￿Y (Chairl Kirsty Pettinqer (Lay member) The note5 on pages 10 to 20 form part ofthese account5. Thorley Parochial Church Council Annual Report and Accounts for the year ended 31st December 2024 Accountlng policies Thorley PCC is a Parochial Church Council in England. The address of the registered office 15 given in the charity information on page l of these financial statements. Basis of preparation 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 R￿ornmended Practice applicable to charlties preparing thelr accounts In accordance wlth the Flnancial Reportin8 Standard applicable in the UK and Republlc of Ireland IFRS 1021 leffective l January 20191- Icharities SORP IFRS 10211, the Financial Reportlng standard applicable in the UK and Republic of Ireland IFRS 1021 and the Chorities Act 2011. The charity meets the definition of a public benefit entlty under FRS 102. Assets and liabilities are recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The flnanclal statements have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulatlons 2008 only to the extent required to provide a 'true and fair view,. Thls departure has Involved followSng the Accountlng and Reportlng by Charlties.. Statement of Recommended Practlce appllcable to charlties preparing thelr accounts In accordance wlth the Flnancial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 issued in October 2019 rather than the Accounting and Reporting by Charitles: Statement of Recommended Practice effective from l 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 fairvalue. The financial statement5 are presented in sterling which is the functional currency of the charlty and rounded to the nearest £1. The signlflcant accounting pollcles applled in the preparatlon of these flnanclal statements are Set out below. These pollcles have been conslstently applled to all years presented unless otherwlse stated. Golng concern The financlal Statements have been prepared on a golllg concern basis as 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 months from authorising these financial statements. The budgeted income and expenditure 15 sufflclent with the level of reserves for the charity to be able to continue as a going concern. Llke many charltles, at thls tlme, the charity has been grappllng wlth the Issues caused by the current dlfflcult economic environment. However, Income has increased, partlcularly planned 8lvln8 and property income. So, the trustees have con55dered the level of current reserves and believe re5erve5 are sufficient for activities to be maintained for 12 months, A detailed commentary on the reserves p051tion is included in the Trustees report on page 7. Judgements and key sources of estimation uncertainty In the application of the Charity's accounting policies, which are descrlbed above, the trustees are required to make Judgements, estlmates and assumption5 about the Carrylng amounts of assets and Ilabillties that are not readlly apparent from other source5. The estimates and ossociated assumptions are based on historical experience and other factors that are considered to be relevant. Actual re5uIt5 may differ from those estimates. The Tru5tee5 do not consider that there are any critical judgments or 50urce5 of estimation uncertainty in the financial 5tatement5. Funds Unrestrlrted funds are general fund5 which can be used for PCC ordinary purposes. OesSgnated funds are unrestricted fund5 that due to the5r nature are not readlly realisable and cannot therefore be considered to be general funds available for PCC ordinary purposes or have been desi8nated for a particular purpose. The PCC'S fixed assets are included in Such designated funds. io Thorley Parochial Church Council Annual Report and Accounts for the year ended 31st December 2024 Restricted funds represent al income from trusts or endowments which may be expended only on those restricted object5 provided in the terms of the trust or bequest, and bl donations or 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 does not usually invest separately for each fund. Endowment funds are funds, the capital of whlch must be maintained: only income arising from investment of the endowment may be used either as restricted or unrestricted funds depending upon the purpose for which the endowment was established. The PCC'S only Endowment Fund is the Patten BÈquest and provides an income to be Used for the upkeep of the Church. The fund value is increased In Ilne wlth the value of the re5ated Investment. Incorne recognition Planned glvlng, collection5 and donations are recognlsed when recelved. Tax refunds are reco8nlsed when receivable. Grants and Legacies are accounted for when the PCC15 le8ally entltled to the amounts due. All other income Is recognlsed when it is recelvable. All income is accounted for gross. Expenditure recognltlon Grants and donations are accounted for when paid over, or when awarded, sf that award creates a blnding Dr constructlve obligation on the PCC. The diocesan parish share Is accounted for when due. Amounts received speclflcally for mlss5on are dealt with as restricted funds. All other expendlture, Includlng support costs are generally reco8nlsed when incurred and accounted for gross. Expendlture Is stated gross of Irrecoverable VAT and has been classlfled under headlngs that aggregate all costs related to the category. Flxed a55ets Consecrated and benefice property is not Included in the accounts by section 10 of the Charities Act 2011. Moveable church ftjrnlshings held by the Rector and Churchwardens on special trust for the PCC and which requlre a faculty for disposal are inalienable property, listed in the Church's inventory, which can be inspected lat any reasonable tlmel. For anyth5ng acqulred prlor to 2000 there is Insufflcient cost Informatlon avallable and therefore such assets are not valued In the financlal statements. Fixtures, fittings and equipment are capltalSsed at cost. Depreciation Is calculated to write off the capltallsed cost over an estlmated useful life of 3 years. The trustees have concluded that all land and bulldin85 are held for the PCC'S use and as such none are Investment propertles. The PCC has applied the transltional arrangements of sertion 35 of FRS 102 and measured its freehold property at deemed c05t at the date of transltlon, belng l January 2015. Slnce the resldual value is so high, any depreclatlon charge would be negligible. An Impalrment revlew 55 carrled out at each year end and any resultant loss Identlfled Included In expendlture for the year. Financial Instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recogni5ed at transartion value and subsequently 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 a55et land and buildin85 which are held at their revalued carrying amount. The value of land and buildings 15 stated in note 5. Financial 355ets include the bank balances, trade debtor5 and other debtors but exclude prepayments and taxation. Financlal Ilabilities include trade creditors, other creditors, accruals and dÈferred Income but exclude social securlty and other taxes due. li Thorley Parochial Church Council Annual Report and Accounts for the year ended 31st December 2024 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, receivable at the balance sheet date. Cash at bank and in hand Cash at bank and In hand 5ncludes cash, bank deposlts and short-term highly liquld investments with a short maturity of three months or less from the date of acquisition, opening of the deposit or similar account. Current asset Investments Current asset Investments includes balances placed on deposit with maturity of three months or more from the date of acquisition or opening of the dep051t or similar account. Creditors Creditors are recognlsed where the charity has a present oblSgatlon resultlng from a past event that will probably result in the transfer of fund5 to a third party and the amount due to settle the obligatlon can be measured or estlmated reliably. Credltors are normally recognlsed at their settlement amount after allowlng for any trade dlscounts due. Accrued expendlture is Included at the best estlmate of the amounts payable at the balance sheet dare. after allowlng for any trade dlscounts due. Penslons The Charity provldes a deflned contributlon penslon scheme, whereby the Charlty and It5 Staff each fund the scheme, managed by a thlrd-party provider. the assets ofwhich 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. Taxation The charlty Is exempt from corporation tax on its Income applied for charitable activities. 12 Thorley Parochial Church Council Annual Report and Accounts for the year ended 31st December 2024 2 Income Unrestrl¢ted Funds Restrl¢ted Funds Totsl Funds 2024 2023 2131 Oonatlons and grants.. Planned giving Income tax recoverable Legacy Grant5 CAF I Stewardshlp Voucher5 Fiiends of St James contrlbutlons to church repalr Listed places of worshlp 8r)nt scheme Sundry donatlons 113,628 30,750 15.253 2,000 3,780 113,628 30,750 15,253 2,000 3,780 240 232 28,125 194,008 106,523 29,243 3.255 240 232 7,433 7,905 20.692 186,103 21.935 160,956 21bl Other valuntary Income- Donatlons for use of Church premlses Fetes, bazaars. other fund-ra15in8 events S2,761 52,761 5,500 58,261 47.137 4.956 52,093 5,5 5,500 52,761 21cl Income from charltable and anollary trading.. Area Oean income PCC, funeral and weddlng fees 2,279 6.894 9.173 3,756 3,756 3.756 3,756 21dl Income from Investments: Bank Interest 2,900 2,900 1.490 TOTAL INCOME 245,520 13.405 258,925 223,712 2 2023 Income ¢omparatlve Unre5trl£ted Funds Restrlcted Funds Total Funds 2023 2022 21al Oonatlon5 and grants.. Planned 8ivlng Income tax recoverable Le8acv Grants GIF I Stewardshlp VDuchers Frlends of St james contributlons to church repalr Llsted places tsf worshlp grant scheme sundry donations IOS,486 29,243 1,037 106,S23 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 5,100 6,757 21,935 160,956 21bl Other voluntary Income., Donatlons for use of Church prem55es Fetes, bazaars, other fund-raising events 46.987 4,956 51,943 150 47,137 4,956 52,093 44,135 5,611 49,746 150 21c} Income from charltsble and ancillary trading.. Area Dean Income PCC. funeral and wedding fees 2,279 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 216,805 6,907 223,712 248,413 13 Thorley Parochial Church Council Annual Report and Accounts for the year ended 31st December 2024 Expenditure UMestrt¢ted Funds Oestgnated Funds Restrl¢ted Funds Total Funds 2024 2023 31al Grants Other giving Outreach 5.914 1,772 1.489 3.261 7,686 1989 10.675 7,316 1,600 8.916 7.414 Mlnistry.. dlocesan quota Clergy expenses Mlnistry.. curate expenses Upkeep of Church Servlces Llghthou5e klds. youth group5 & fellowshlp groups Cost of the mu51c fellow5hlp Rectory and Par15h House rep3lrs Parlsh House- loan Interest Church runnlng expenses and repalr5 St 8arnaba5 Centre runnlng expenses Emmaus Centre runnlng expenses Thorley Chrlstlan Centre running expénses & repalrs Support Costs 3ldl 96,976 3.691 1,139 1442 1.422 96,976 3,691 1,139 2.442 1,681 93,389 4,256 1,431 2,369 1.099 2S9 210 210 iio 17 5,630 19,082 3,748 5,362 7.976 19,443 7.178 6.847 688 8.664 19,443 7.178 6.847 68.926 5,247 74,173 74.522 216,284 5,247 947 222,478 211.015 Costs of fetes and other lund-ralslng event5 10,963 10,963 10,963 10.%3 4,261 4,261 TOTAL EXPENDITURE 223.698 S.247 15,171 244,116 224,192 Staff costs INote 41 Admlnlstratlon and Ofllce 5upplle5 Accountancy Webslte malntenance Telephone and Mlscellaneous Deprec13tlon 48.527 5,894 1568 988 3,19) 7,759 68.926 48.527 5.894 2,$68 46,737 6.365 1,055 3.249 14,272 74.522 3,19) 13,CA 74,173 5,247 5.247 14 Thorley Parochial Church Council Annual Report and Accounts for the year ended 31st December 2024 3 2023 Expendlture Comparatlve Unre5trlrted Fund5 Deslgnated Funds Restrlrted Funds Total Funds 2023 2022 31al Grdnts Other giving Outreach 5.891 1,600 7,491 1,425 7,316 3.580 6,096 9.676 1,425 8.916 31bl h ritable acdvlt. Ministry.. dlocesan quot aer8y expenses Mlni5try.' curate expenses Upkeep of Church Servlces Llqhthouse klds, youth groups & fellowshlp groups Cost of the rnusSc fellowshlp Rectory and Parlsh House rep8lrs Padsh House- loan Interest Church runnln8 expenses and repalrs St 8arnabas Centre runnlns expenses Emmaus Centre running expenses Thorley Chr15tlan Centre runnlng expenses & repairs Support cost5 3ldl 93,389 4,256 1,431 2.369 93.389 4,256 1,431 2,369 1,099 92.604 3,932 880 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,S22 5,247 246 211,015 211,189 31cl Costs of fetes and other fund-ralslng events 2,122 2,122 2,139 2,139 4,261 4,261 1,967 1,967 TOTAL EXPENOITURE 215,135 5,247 3,810 224,192 222,832 31dl staff Msts (Note 41 Admlnlstratlon and Offlce supplle5 Accuunvdncv Webslte malntenance Tdephone and Mlscelloneous OepredatSon 46.737 6,36S 46.737 6.365 44,369 9,558 2,220 807 4,812 4,023 6S,789 1,055 3,249 9,025 69,275 1,055 3,245 14,272 74,S22 5,247 5,247 Staff Costs Unrestrfcred Funds REstritted Funds TDtal funds 2024 Total Fund5 2023 Wages and salaries Pension costs 47,331 1,196 48.527 47,331 1.196 48￿17 46.016 721 46.737 Durln8 the yeir the charity employed an average of 3 employees12023 - 31. No employees received total employee benefits In excess of £60,00012023 - Nill, 15 Thorley Parochial Church Council Annual Report and Accounts for the year ended 31st December 2024 The PCC considers its key management personnel to comprise the Rettor, Churchwardens and appointed officials (see page 11. No key management personnel received remuneration nor benefits in the year12023- Nill. 5 Fixed Assets rangible fixed assets 2024 2023 Freehold land and property owned by PCC The St Barnabas Cent The Emmaus Centre The Thorley Chrlstlan Centre 110% PCC interest) 7 Elmbrook D￿ve (15.04% PCC Interest) 1,989,927 478,335 49,74B 58,957 2.576,967 1,989,927 478.335 49,748 58,957 2.576,967 Desl8nated Funds 2.576J67 576,967 Flxlure4 Flttlngs & Equlpment Iunrestrlctedl Cost brought forward Additions Di5posa15 Cost carried fO￿ard 45,366 19,423 25.943 45,366 45.366 Accvmulated depreclatlon brou8ht forward Depreciatlon charge for the year Depreclatlon ellmlnared on dlsposal mulated depreclatlon carrled lonyard 21,515 13.006 7,243 14.272 21,515 Net book value brought forward Net took value carrled forward 23,851 10,845 12,180 23,851 Total flxed •M•ts 7,812 2.6￿).818 The PCC owns tsvo freehold buildings, the St Barnabas Centre and the Emmaus Centre both in Church Lane, Thorley. The Dlocese owns the Thorley Christian Centre, Vicerons Place, Thodey Park, but would give IO% of the net proceeds of any sale to St James. The Parish House is a residential property owned with the DiDcese. The PCC owns 15.04%. The PCC has applled the transltlonal arrangements of section 35 of FRS 102 and measured its freehold property as noted above and used those valuations as 5ts deemed cost at the date of transitlon, belng l January 2015. Glven the unlque nature of the three Centres, the propertles 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 £392,000 for the year ended 31 December 2015, meanlng that the PCC'S share of the valuatlon Increased. 6 Investments 2024 2023 At I january Gainlllossl on value of investment5 At 31 December 10,353 237 10,590 9,365 988 10.353 Thi5 investment relates to the Patten Bequest endowment held by the St Alban5 Diocesan Board of Finance. 16 Thorley Parochial Church Council Annual Report and Account5 for the year ended 31st December 2024 7 Current asset investments 2024 2023 Deposit accounts 51,205 51,205 25,OLJ) 25,000 8 Debtors 2024 2023 Accounts receivable Income tax recoverable Prepayments and accrued income 1.800 6,758 4.075 215 6,575 3,660 12,633 10,450 9 Llabllltles: Amounts Falllng Due Wlthln One Year 2024 2015 DBFIVacancy Uabillty DeposSts held Accrued expenses Credltors for good5 and servlces Wedding fee l Funeral fee dlsbursements Tax and Natlonal Insuran Diocesan loan re 7 Elmbrook Drlve15ee note 101 376 4SI 2,S68 3,897 214 387 1,000 530 351 2,520 3.220 8,893 9,651 10 Llabllltles: Amounts Falling Due After More Than One Year 2024 2023 Dlocesan loan re 7 Elfftbrook Drlve 1.000 1.000 The loan Is In relatlon to the Parish House. £3,(XIO is payable annually to the Diocese of St Albans. The final balance on this loan will be paid off In 2025. 17 Thorley Parochial Church Council Annual Report and Accounts for the year ended 31st Decernber 2024 11 Movement on Funds Income Empenditure Galn51 1105$es1 Tran$f•rs At31 December 2024 J•nuary 2024 Unrestricted funds.. General undesignated Destgnated Revaluation reserve 84,1 2,S03,521 Ic￿,941 2,692,S7S 245.520 223.698 5.247 I18.(￿)DI I8.0￿] 87.935 IS16.274 104.941 1709.150 245.520- 228.94S Restritted funds.. Churth yard Gro￿n￿ leaders Parish events Spedal collections Church repalrfund Beverley Cheesernan worshlp fund Phases11 and111 technolo8y fund Bell Tower Fund Outreach gont Kltchen fund 98 499 1,075 3.261 $90 482 1,075 3.033 590 428 411 18Y 943 1.371 4,143 617 6,212 12.641 2,117 6260 259 3,129 15,171 358 8,583 10,875 5.500 13,40S Endowment io.JsJ 237 10.590 Total fvnds L715,569 258.925 244.116 237 2.730.61S 18 Thorley Parochial Church Council Annual Report and Accounts for the year ended 31st December 2024 Movement on Funds comparative Atl January 2021 Expendlture Galn Ilossesl Transfers Atji December Unrestricted funds.. Geneol urKlesignated DÈslgnated Revaluabon reserve 75,443 2.SDD,026 104.941 2,6W),410 216,WJ5 215,135 5,247 84.113 2,503.521 4.941 169IS7S 8.742 216.805 220.382 15.742 Restricted fund5'. Church yard Growtng leaders Parlsh events Speclal collectlons Church repalr fund Beverley Chee5ernan wor5hlp fund Phase$11 and 111 technology fund Bell Tower Fund Outreach 8rant KI￿h¢fi fvnd 246 620 168 2,565 246 314 796 2,154 106 637 411 2,485 13,7SO 1,285 917 6,212 25,286 450 11.9921 113.7SOI 943 2,858 4.143 617 6,212 12,641 3CQ 6.gJ7 3,810 115,7421 Endowment 9,36S 10353 Totsl fvThds 2.715.L161 223.712 224.192 988 1715,569 General unrestrlcted fund- The general unrestricted fund 15 used for PCC ordinary purposes. Designated fund- The designated funds comprise Freehold land and property, net of loans, the designated property repair fund £25,00012023'. £25,000) and an addltSonal fund for fixed assets acqulred uslng restricted funds wlth a balance on the fund of £5,24812023: £10,495). This year a new fund of £15,000 has been created to provide for expected future costs of Improvements in the St Barnabas Centre, includlng the kitchen refurbishment and expenditure in moving towards our net zero carbon emissions target. Restrlrted fund- The restrlcted funds represent donation5 or grants recelved for a speclfic object or Invlted by the PCC for a speciflc oblect, The funds may only be expended on the speclflc oblect for whSch they were given. Any balance remalning unspent at the end of each year must be carried forward as a balance on that fund. Revaluatlon reserve- The revaluatlon reserve Is sn relatlon to the property valuatlon undertaken on transltlon to FRSIO2. Endowment fund- The endowment fund represents the Patten Bequest and provldes an income to be used for the upkeep of the Church whlch is shown as restrlcted. The fund value Is enhanced in the year by the Increase in the value of the Investments held by the Dloce5e. 19 Thorley Parochial Church Council Annual Report anLI Accounts for the year ended 31st December 2024 12 Analys15 of Net Assets by Fund Endowmènt Funds Unrestrfcted Funds Deslgnated Funds Revaluatlon Rèser¥e Re5tr1tted Funds Totsl 2024 Fixed Assets Investments Net Current Asset5 LongTerm Liabilities Fund balance 5,597 2.477,274 104,941 Is87￿12 10.590 132.213 10,590 82,338 39.(￿￿• 10,875 10,590 87,935 1516,274 104,941 10.875 1730.615 Analysls of Net Assets by Fund (comparatlvè) Endovmient Funds Unre5trlctEd Funds De51yMted Funds Revaluatlon Reserve Restrlcted Funds Totsl 2023 Fixed Assets Investments Net Current Assets LongTerm Llablllties Fund balance 13,356 2.482,521 104,941 1600.818 10.35J 105.398 li.￿0) 1715,569 10,353 70,757 22.CQO I,0￿) 2,503.521 12,641 10,353 84,113 104,941 ,641 13 Independent Examlnatlon Fees Accountancy expenditure includes £2,568 fees pald to the Independent Examiners for carrylng out the Independent Examination12023 - £2,520). 14 Trustees Remuneratlon and Expenses The trustees neither recelved nor walved any remuneratlon or beneflts durlng the year12023 - £NIII. During the year 2 trustees12023 - 2 trustees) had the following expenses pald for by the charity: 2024 2023 Travel Tralnlng Intemet and communications Other costs 2,736 250 796 1,048 4.830 3,012 331 1,029 1.315 5.687 15 Related Party Transaction5 There were no related party transactions In the year12023- Nil). 20 Thorley Parochial Church Council Annual Report and Accounts for the year ended 31st December 2024 Independent Examiner's Report to the Trustees of The Parochlal Church Councll of St. James The Great Thorley. I report on the accounts of the charity for the year ended 31 December 2024 which are set out on pages 8t020. Res onsibilities and basis of re ort As the charity's trustees you are responsible for the preparation of the accounts In accordance with the requirements of the Charities Act 20111'the Att,). I report in respect of my examlnatlon of the charitrfs accounts carrled out under settlon 145 of the Act and In carrying out my examlnatlon I have followed all the applicable Dlrectlon5 glven by the Charity Commisslon under 5ectlon 14515llbl of the Act. Inde sin￿ the charity's gross Income exceeded £250,000 your examlner must be a member of a body listed in sertion 145 of the Act. I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants In England & Wales which is one of the listed bodies. I have completed my examinatlon. I confirm that no material matter5 have come to my attention in connettion with the examlnatlon glvlng me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the Act; or the accounts do not accord with those records,. or the accounts do not comply with the applicable requirement5 concerning the form and content of accounts set out In the Charities (Accounts and Reports) RegLJlation5 2008 other than any requlrement that the accounts give a 'true and fair vlew, which Is not a matter consldered as part of an Independent examlnatlon. I have no concerns and have come across no other matters in connectlon wlth the examination to whlch attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Suzanne Goldsmith FC4 Price Bailey LLP Causeway House l Dane Street Bishops Stortford Hertfordshire CM23 3BT Date: 7 May 2025 21