## **PAROCHIAL CHURCH COUNCIL** # **OF THE PARISH OF** ## **ST MARY THE VIRGIN, SHENFIELD** ## TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Charity registration number 1131547 ## **Parochial Church Council of the Parish of St Mary the Virgin, Shenfield** ## **Trustees' Report** ## **Aims and Purposes** The Parochial Church Council of the Parish of St Mary the Virgin, Shenfield (hereafter "the PCC") has the responsibility of co-operating with the Incumbent (currently a vacant position during 2023) in promoting in the ecclesiastical Parish and among Church members living in surrounding areas, the whole mission of the Church: pastoral, social and ecumenical. The PCC is also specifically responsible for the maintenance of the physical Church of St Mary the Virgin, Shenfield (hereafter "St Mary's" or "the Church"). ## **Objectives and Activities** The PCC is committed to welcoming local people to worship at St Mary's and to become part of our Parish community. The PCC maintains an overview of worship throughout the Parish and makes suggestions on how our services can involve the various groups within the Parish profile. Our services and worship put faith into practice through prayer and scripture, music and the Eucharist. When planning our activities for the year, the Incumbent (during 2023 the Churchwardens, in the absence of an Incumbent) and the PCC consider the Charity Commission’s guidance on public benefit and, in particular, the specific guidance for charities on the advancement of religion. In particular, we try to enable ordinary people to live out their faith as part of our Parish community through: - worship and prayer - provision of pastoral care for people living in the Parish - missionary and outreach work To facilitate this work it is important that we maintain the fabric of St Mary’s Church. ## **Achievements and Performance** ## _Worship and Prayer_ The PCC is keen to offer a range of services during the week and over the year that our community finds both beneficial and spiritually fulfilling. At the 9.30am Parish Eucharist, the Footsteps creche (led by Debbie Catton) is available for younger children and a Trekkers table for older children is available at the back of the Church for the 2[nd] and 3[rd] Sundays. For those seeking a quieter and more reflective environment for worship, there are early and late services on Sundays (including Evensong on the first Sunday of the month), plus a mid-morning Eucharist service on Thursdays. The ministry team aims to make services welcoming and easy to follow. Booklets are produced to ensure that both regular worshippers and visitors alike can follow the services and understand the 1 message of the Gospel. The ministry team is keen to share with the congregation the variety and richness of Christian liturgy. Suzanna Brooks, our Director of Music, liaises with the Incumbent to ensure that the music complements the changing themes of the liturgical year. During 2023, the Church continued the regular pattern of celebrations of the Eucharist at 08.00 and 09.30 on Sundays; and at 11.00 a.m. on Thursday mornings. The Church also held various other services throughout the liturgical year including a Christingle service and 3 Family Carol services on Christmas Eve. However, much of the normal rhythm of regular worship continued to be affected by the Rector’s post being vacant. As well as our regular services, we enable our community to celebrate and thank God at the milestones of the journey through life. Through baptism we thank God for the gift of life; in marriage, public vows are exchanged with God’s blessing; and through funeral services, friends and family express their grief, give thanks for the life of the departed and commend their soul to God’s keeping. In 2023 at St Mary’s we celebrated 28 baptisms (2022: 56) and 4 marriages (2022: 2). Additionally, the ministry team led a total of 18 funeral services (2022: 16): 12 services in Church, 6 services elsewhere and 16 interments of ashes. (2022: 13, 3 and 13 respectively). We are delighted to welcome both children (Year 6 and over) and adults to learn more about their faith through Confirmation classes and then affirm their faith fully by being confirmed. 4 people were confirmed in 2023 (2022: 16). At 31 December 2023 there were 505 parishioners on the Church Electoral Roll (2022: 505), 227 of whom are resident in the Parish and 278 outside of the Parish (2022: 227 and 278 respectively). The Electoral Roll was renewed in 2019 so the new roll was approved at the APCM in 2020. ## _Pastoral Care_ Footprints, a mother and toddler group run by a team from St Mary's held Spring, Autumn and Christmas parties in 2023. The weekly ‘TheLink’ continued to be distributed across the parish in electronic form and the monthly Parish Magazine was available electronically and in printed format. In addition to parish news, those in need as well as departed loved ones are listed, to be remembered and prayed for at services. Other groups that usually meet regularly include St Mary's Open Branch (led by Rosemary Eaton). In January 2022 the Mothers’ Union went into abeyance as no leader could be found, however some Shenfield Mothers’ Union members do continue to meet monthly with the Hutton branch. ## _Mission_ Each year St Mary's supports a number of charities nominated by the Mission and Unity Committee. These comprise of a variety of local, national and international charities. This charitable giving is an expression of our faith at St Mary’s Church. The committees met regularly during 2023 and began the year by revising the list of charities to support for 2023. We have continued to support most of our previous charities from 2022 but have made some changes after much discussion. We have replaced CMS, our international charity, with United Society Partners in the Gospel (USPG) since our links with CMS and Gahini Hospital can no longer be traced. With the Shenfield Mothers’ Union branch within our Church going into abeyance, we have also removed Chelmsford Mothers Union 2 from our list for 2023. The charity, Christian’s Against Poverty, was also selected to replace Interact which had changed its focus. In 2023 a total of £896 was raised for the St Mary's nominated charities (2022: £253) with a carry over of £42 from 2022 allocations, totalling £938. After bank charges of £112 that leaves £826 to be allocated to 11 charities resulting in £75 to be allocated to each of the chosen charities for 2023. In addition, a total of £2,153 (before Gift Aid) was collected on behalf of specific charities in 2023 (2022: £1,649). **----- Start of picture text -----**
2023 £ 2022 £
Children's Society (collecting boxes) 561 278
Children’s Society (Christingle) 640 429
Christian Aid Coffee Morning 226 0
Crisis (collected in Church in December) 148 117
Mission to Seafarers (Sea Sunday) 74 21 [1]
Norway House 504 804
Total collected on behalf of specific charities 2,153 1,649
**----- End of picture text -----**
All of the above figures are stated before any Gift Aid that the recipient charities may reclaim. The Christmas Bazaar held in 2023 was a success raising £2.1k, and this money was put towards Church funds for 2023 (2022: £1.9k) Members of the congregation also volunteer directly with Brentwood Street Pastors, Brentwood Foodbank, Mothers’ Union, foodbank.community and Hutton & Shenfield Union Church, Community Food Pantry amongst other charities. ## **Financial Review** ## _Income_ Total income in 2023 was £149k (2022: £311k), representing a decrease of £162k. 3 legacies totalling £11,352 were received in 2023 (2022: £162,550). Our regular tax-efficient giving continues to be a popular method of giving. Tax efficient income via the Parish Giving Scheme meant that for a number of donations we received the Gift Aid automatically in the same month instead of waiting until after the end of the tax year to make a claim. The PCC continues to enthusiastically promote this scheme. Weekly collections and donations were lower than in the prior year at £10k (2022: £17k). The focus has been to continue to encourage giving via the Parish Giving Scheme during 2023. Fee income relating to fees from weddings, funerals and baptisms increased this year and totalled £6k (2022: £10k). Investment income has increased to £22k in 2023 (2022: £21k). > 1 Plus unopened envelopes sent direct 3 ## _Expenditure_ As a result of a number of factors, total expenditure in 2023 increased to £191k compared to £178k in 2022. Of this, our biggest cost was Parish Share at £121k (2022: £120k). The amount paid to the Diocese was 100% of our budgeted share request (2021: 75%), resulting in no underpayment to the Diocese (2022: £40.1k underpayment). However, we needed to meet the £121k by transferring funds from the Lewis Fund to the General Fund. In 2023, £48k was transferred from the Lewis Fund in order to fulfil the payments made to the Diocese in the year. The 2023 Parish Share calculation was revised following a period of consultation by the Diocese. The Parish Share is calculated at the Deanery level and then allocated to the respective Parishes. St Mary’s Share request for 2024 is as follows: ||**2024 share**
**request £**|**2023 share**
**request £**| |---|---|---| |||| |**Total Parish share request2**|**125,953**|**122,281**| The increase in expenditure in non-Parish share costs to £70k in 2023 is partly as a result of some required expenditure in maintaining the Church and grounds and additional cost of Church services in the absence of an Incumbent for 2023. There is also a general increase in costs experienced during 2023’s high inflationary environment. Some Church repairs such as to the Bell Tower have also continued as well as the installation of Live Streaming equipment in the Church. The PCC have also maintained a strong focus on expenditure in light of the fall of income in recent years. Church Office & Admin costs have increased to £6.1k (2022: £3.7k). Prior to 2019 our banking services from Barclays were always free of charge but in 2019 they began charging for their services and in 2023 charged the Church £0.5k (2022: £0.6k). Church Running costs have increased to £30k (2022: £27.6k), noting an increase in staff costs in 2023. _Net income and other gains & losses_ Net expenditure before transfers and unrealised investment profits was £42k (2022: net income of £132k). The investment portfolio made an unrealised gain in 2023 of £25k (2022: investment loss of £68k). ## **Reserves** A full breakdown of the movement in Reserves in the year and the position as at 31 December 2023 can be seen in Note 12 (Statement of Funds). Some of our historic reserves, such as the Fabric and Churchyard Funds, have been depleted by expenditure over the past few years. To avoid further depleting the Lewis Fund, it is advisable to > 2 Amount can be reduced by 1% if Parish pays in full by monthly Direct Debit 4 fundraise for specific planned expenses such as landscaping the Garden of Remembrance, Church and Churchyard repairs, and replacing old or outdated items. ## **Structure, Governance and Management** The PCC is responsible for making decisions on all matters of general concern and importance to the Parish, including deciding on how the PCC funds are to be spent. The full PCC meets five times a year. Given its wide responsibilities, the PCC has a number of committees, each of which may deal with a particular aspect of Parish life. These committees are all responsible to the PCC and report back to it regularly, with reports of their discussions being received by the full PCC and discussed as necessary. In addition to these meetings, the Church Representation Rules require that an Annual Parochial Church Meeting (APCM) be held before 31 May each year. All members registered on the Electoral Roll are entitled to attend. At the APCM, the financial accounts and other reports on the business of the Parish are presented to the attendees. Attendees are also asked to vote on the appointment of PCC members for the 12 month period until the next APCM. ## _Appointment of PCC members_ The method of appointment of PCC members is set out in the Church Representation Rules. The membership of Shenfield PCC comprises a number of _ex officio_ appointments plus 10 elected members. The _ex officio_ members, who are automatically PCC members as a result of the office they hold, include the Incumbent, the Churchwardens, the Reader/Licensed Lay Minister and Deanery Synod representatives. With the exception of the Incumbent and the Reader/Licensed Lay Minister, these officers are elected or re-elected to their posts at the APCM; annually for Churchwardens, and every 3 years for Deanery Synod representatives. Deputy churchwardens, appointed to assist the Churchwardens with their duties, are not _ex officio_ members under the Church Representation Rules. However they may, if they choose, stand for election as an elected PCC member. The 10 elected PCC members must all have communicated in the Parish Church at least 3 times in the previous year and be on the Electoral Roll of the Parish. Individuals must first be nominated for election to the PCC by a proposer and a seconder. If there are 10 nominees or fewer, the attendees of the APCM will be asked to vote by a show of hands to elect these nominees to the PCC. In the event that there are more than 10 nominees, a formal vote will be taken. In the absence of an Incumbent during 2023, Edna Grimble held the position of PCC Chairman in her position as PCC Vice Chair. 5 _Deanery Synod_ Seven members of the PCC sat on the Deanery Synod during 2023 (2022: 7). This provides the PCC with an important link between the Parish and the wider structures of the Church. ## **Administrative information** St Mary's Church is situated on Hall Lane, Shenfield. It is part of the Diocese of Chelmsford within the Church of England. The PCC is a body corporate (PCC Powers Measure 1956, Church Representation Rules 2020) and a charity registered with the Charity Commission (registration number 1131547). 6 The following PCC members served during the financial year to 31 December 2023 and until the date that this Report wa5 approved, subject to the dates of appointment and retirement below.. Ex Officio members lan Eaton Churchwarden PCC Vice Chair/ Churchwarden / Deanery Synod Reader / Licensed Lay Minister / Deanery Synod Deanery Synod (to 2023 APCMJ Deanery synod Edna Grimble Paul Betts Molly Hoyle Pauline Sweetingham Elected and co-o James Anderson Andrew Barton PaLJI Bradbury John Bridger Bill Hindley Pat Masters Juliet Ma5ter50n Rachel Patel Norman Randall Linda Ward ted members from 2023 APCMJ Chair of Trustees of Mid-Essex Anglican Academy Trust111 Treasurer Fabric Officer Tree Officer PCC Secretary (to 2023 APCM) Chair of St Mary's School Governors I Communications Communications (to 2023 APCMJ Land Officer (l) Deanery Synod (from 2023 APCMJ Approved by the PCC on 22 April 2024 and sSgned on thelr behalf by the Reverend Canon Darren Barlow IPCC Chalrmanl ILo101 ## **PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ST. MARY THE VIRGIN, SHENFIELD** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023** |**INCOME FROM:**
Donations and Legacies
2a
Charitable Activities
2b
Other Trading Activities
2c
Investments
2d
**TOTAL**
**EXPENDITURE ON:**
Raising Funds
3a
Charitable Activities
3b
**TOTAL**
**Net (expenditure)/income before transfers**
Transfers between funds
5
**Net (expenditure)/income after transfers**
**Other recognised gains/(losses):**
Unrealised gains/(losses) on investments
7
**Net movement in funds**
**Total funds brought forward**
12
**Total funds carried forward**
12
**Note**|**2023**
**Unrestricted**
**£**
96,303
8,152
2,800
7,314
114,569
295
174,818
175,113
(60,544)
13,133
(47,411)
9,645
(37,766)
275,113
237,347|**2023**
**Restricted**
**£**
18,787
1,449
843
21,079
-
16,111
16,111
4,968
0
4,968
1,644
6,612
783,355
789,967|**2023**
**Endowment**
**£**
-
-
-
13,565
13,565
-
433
433
13,133
(13,133)
0
13,322
13,322
361,105
374,426|**2023**
**Total**
**£**
**115,090**
**8,152**
**4,249**
**21,722**
**149,213**
**295**
**191,362**
**191,657**
**(42,444)**
-
**(42,444)**
**24,611**
**(17,833)**
**1,419,573**
**1,401,740**|**2022**
**Total**
**£**
274,090
11,611
3,955
20,932
310,588
275
177,878
178,153
132,435
-
132,435
(67,665)
64,770
1,354,803
1,419,573| |---|---|---|---|---|---| 8 PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ST. MARY THE VIRGIN SHENFIELD CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note FIXED ASSETS Tangible Assets 664,954 664.954 Investments 597,501 1,262,455 572,890 1,237,844 CURRENT AsS￿s Debtors 27,156 20,529 Investments - Deposits 6,486 6,286 Cash at bank and in hand 115,528 149,170 162,953 189,768 LIABILITIES Creditors.. amounts fallin8 due within one year io 19,8851 18,0391 NETCURRENT ASSETS 139,285 181,729 TOTAL N￿A55￿5 li 1,401,740 1,419,573 FUNDS Unrestricted 12 237,347 275,113 Restricted 12 789.967 783.355 Endowment 12 374.426 361,105 TOTAL FUNDS 1,401,740 1,419,573 Approved by the Parochial Church Council on 22 April 2024 and signed on its behalf by.. Reverend Canon D.Barlow Chairman Mrs E.M. Grlmble Churchwarden **PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ST. MARY THE VIRGIN, SHENFIELD** ## **NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023** ## **1. Accounting policies** ## **a Basis of financial statements** The financial statements have been prepared under the Church Accounting Regulations 2006 in accordance with all applicable accounting standards, the Charities Act 2011, and the Charities SORP (FRS 102) effective from 1 January 2015 ("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)"). The financial statements have been prepared under the historical cost convention except for Fixed Assets (Tangible and Investment), which are shown at market value. The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their affiliation to another body, nor those which are informal gatherings of church members. The financial statements have been prepared on the accruals basis of accounting. Therefore all income and expenditure relating to the year is brought into the accounts in the year to which it relates irrespective of the date of payment or receipt. ## **b Fund accounting** _Endowment fund_ - this relates to the Sustentation Fund, being a separate trust which was established in 1950 to ensure the costs of St Mary's clergy could be met in perpetuity. The capital of this fund must be retained permanently whilst any income derived from the endowment may be transferred to the General Fund, where it is used towards St Mary's Parish Share. _Restricted funds_ arise either where a donor has restricted the use of their donation by stipulating that it be spent in a certain way, or where funds have been raised specifying that they will be used for a specific activity. Where these funds have unspent balances, interest on their pooled investment is apportioned to the individual funds on an average balance basis. _Unrestricted funds_ are income funds which may be spent on the PCC's general purposes. Within unrestricted funds is the Lewis Fund, which was established to hold funds to be directed according to the discretion of St Mary's Churchwardens. Major gifts and legacies that are not otherwise restricted are directed into the Lewis Fund on the assumption that the donor of a large gift would intend for the funds to be used within St Mary's. ## **c Income** Planned giving, collections and similar donations are recognised when received. All incoming resources are accounted for gross. Tax refunds are accrued on donations received in the year and for which a Gift Aid declaration has been received from the donor. Grants and legacies are accounted for when the PCC is entitled to the use of the resources, their ultimate receipt is considered reasonably certain, and the amounts due are reliably quantifiable. 10 **PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ST. MARY THE VIRGIN, SHENFIELD** ## **NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31 DECEMBER 2023** ## **d** _**Expenditure**_ Resources expended are accounted for on an accruals basis and are accounted for gross. ## **e Fixed Assets** ## _**Tangible fixed assets**_ Consecrated and beneficed property of any kind is excluded from the accounts by s.96(2) of the Charities Act 1993. All expenditure on consecrated or beneficed buildings is written off in the year it is incurred. Similarly expenditure on individual items costing under £5,000 is written off in the year it is incurred. ## _**Depreciation**_ No depreciation is provided on freehold property as it is the PCC's policy to maintain these assets in a continual state of sound repair. Material freehold property is revalued every 5 years unless circumstances indicate that a revaluation before the end of this period might materially affect the financial statements. ## _**Investments**_ Investments are stated at market value at the balance sheet date. ## **f Current Assets** Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors less a provision for amounts deemed to be uncollectable. ## **g Reserves** The Reserves Policy complies with the Charities Commission's best practice guidance "Charities and Reserves". The policy states that a minimum of 3 months' recurring non-discretionary expenditure should be held within free reserves (i.e. in the General Fund within unrestricted funds) at all times to ensure that costs can continue to be met in the short term if there is a sudden drop in income or an unexpected significant expense. Monthly recurring non-discretionary expenditure has been calculated at £12,000 per calendar month for the current financial year and therefore a minimum of £36,000 is to be held in the General Fund. Any shortfall will be made up with a transfer from the Lewis Fund (also unrestricted). 11 **PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ST. MARY THE VIRGIN, SHENFIELD** ## **NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31 DECEMBER 2023** |**2 INCOME**
**ALL**
Unrestricted
Restricted Endowment
**FUNDS**
**INCOME FROM:**
Funds
Funds
Funds
**2023**
£
£
£
**£**
**a Donations and Legacies**
Planned giving - Gift Aid donations
68,019
5,275
-
**73,294**
Planned giving - Tax Recovery
19,609
50
-
**19,659**
Weekly collections
6,637
-
-
**6,637**
Donations and other gifts
926
2,462
-
**3,388**
Legacies
352
11,000
-
**11,352**
Non-recurring one-off grants
760
-
-
**760**
96,303
18,787
**115,090**
**b Charitable Activities**
Fees from weddings, funerals etc
6,478
-
-
**6,478**
Sale of Parish Magazine & guides
1,674
-
-
**1,674**
8,152
-
**8,152**
**c Other Trading Activities**
Fundraising events:
Christmas Bazaar
2,147
-
-
**2,147**
Other events
-
-
-
-
Other fundraising
653
1,449
-
**2,102**
2,800
1,449
-
**4,249**
**d Investments**
CBF investment income
3,086
843
6,867
**10,796**
M&G investment income
3,984
-
6,697
**10,681**
CBF deposit income and bank interest
44
-
1
**45**
Rental income
200
-
-
**200**
7,314
843
13,565
**21,722**
**TOTAL INCOME**
114,569
21,079
13,565
**149,213**|ALL
FUNDS
2022
£
74,262
20,494
10,219
6,565
162,550
-
274,090
9,560
2,051
11,611
1,922
-
2,033
3,955
11,462
9,113
157
200
20,932
310,588| |---|---| 12 **PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ST. MARY THE VIRGIN, SHENFIELD** ## **NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31 DECEMBER 2023** |**3 EXPENDITURE**
**3(a) EXPENDITURE ON RAISING FUNDS**
Stewardship costs
Fundraising costs
**Total Expenditure on Raising Funds**
**3(b) EXPENDITURE ON CHARITABLE ACTIVITIES**
**Mission and charitable giving:**
Donations to nominated charities
Contributions to Churches Together(1)
**Ministry:**
Parish Share
Other clergy costs
**Other Charitable Activities:**
Church running costs
Cost of Church services
Church repairs
Church Installation
Church major structure repairs(2)
Church extension
Baptism & children's services
Parish magazine costs
Churchyard upkeep
Church office & admin
Rent payable
Sundry expenses
**Total Expenditure on Charitable Activities**
**TOTAL EXPENDITURE**|**ALL**
Unrestricted
Restricted
Endowment
**FUNDS**
Funds
Funds
Funds
**2023**
£
£
£
**£**
-
-
-
-
295
-
-
**295**
295
-
-
**295**
-
-
-
**-**
40
-
-
**40**
40
-
**40**
121,058
-
-
**121,058**
-
-
330
**330**
121,058
-
330
**121,388**
30,064
-
-
**30,064**
3,667
1,528
-
**5,195**
2,062
3,185
-
**5,247**
6,648
-
-
**6,648**
-
6,863
-
**6,863**
-
-
-
**-**
315
1,158
-
**1,473**
870
-
-
**870**
3,603
3,187
-
**6,790**
5,875
190
-
**6,065**
208
-
-
**208**
407
-
103
**511**
53,719
16,111
103
**69,934**
174,818
16,111
433
**191,362**
**175,113**
**16,111**
**433**
**191,657**|ALL
FUNDS
2022
£
-
275
275
253
15
268
120,000
2,185
122,185
27,654
4,347
5,670
-
6,863
1,342
902
729
2,803
3,746
1,369
55,425
177,878
178,153| |---|---|---| (1) Contributions to Churches Together in Hutton & Shenfield and Brentwood Deanery Synod (2) Bell Tower Structural work, additional £6.9k expenditure expected in 2024 for this project 13 **PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ST. MARY THE VIRGIN, SHENFIELD** ## **NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31 DECEMBER 2023** |**4 Staff costs**
**4(a)** _Wages and salaries_
During the year the PCC had 3 employees (2022: 3), namely:
- part-time caretaker
- part-time Director of Music
- part-time Administrative Assistant|**2023**
**£**
**15,721**|2022
£| |---|---|---| |||**15,002**| |||| ## **4(b) Payments to PCC members** Ministry and travelling expenses are reimbursed to the Rector. None of these expenses related to his role on the PCC. Other sundry expenses incurred on behalf of the Church, such as photocopier paper and stamps, were reimbursed to the Churchwardens and other PCC members in the year, but all of these expenses were reimbursements of Church costs and not payment for any service. |**Total transfers between funds**
**Transfers between Funds**
Investment income from Sustentation Fund|**Unrestricted**
**Funds**
£
13,133
13,133|**Restricted**
**Funds**
£
-|**Endowment**
**Funds**
£
(13,133)
(13,133)| |---|---|---|---| ## **5 Transfers between Funds** The transfer between the Endowment (Sustentation) Fund to the General Fund relates to the transfer of investment income. Under the terms of the endowment, the net income from the Sustentation Fund may be transferred to General Funds as long as the capital remains within Endowment Funds. There is also a transfer within Unrestricted Funds to keep the General Fund in line with the Reserves Policy detailed in Note 1(g). The policy is to hold 3 months' outgoings within the General Fund and a transfer of £47,863 was required from the Lewis fund (unrestricted) in 2023 (2022: £26,638) 14 **PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ST. MARY THE VIRGIN, SHENFIELD** ## **NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31 DECEMBER 2023** |**6 Tangible Fixed Assets**
**Freehold Land & Buildings**
Market value at beginning and end of the year
**Properties owned by the PCC:**
Church Cottage, 31 Hall Lane
Land at end of Garden of Remembrance
Land in Alexander Lane
Land between Church and Birley Grange|**Cost**
£
-
-
-
5,954
**5,954**|**2023**
£
**664,954**
**Market**
**Value**
£
650,000
5,000
4,000
5,954
**664,954**|2022
£
664,954
**Revaluation**
**Reserve**
£
650,000
5,000
4,000
-
**659,000**| |---|---|---|---| There is no depreciation charged on any of the Freehold Land & Buildings. Material properties are revalued every 5 years unless circumstances indicate that a revaluation before the end of a 5 year period would have a material effect on the financial statements. The previous revaluation of Church Cottage in September 2020 gave a range of £650k - £675k. The PCC believes it is appropriate to retain the valuation of Church Cottage at £650k. |**7 Fixed Assets - Investments**
Market value at start of year
Proceeds of sale of investment
Loss on sale of investment
Disposals in the year
Net unrealised (losses)/gains in the year
**Market value at end of year**
**Historic cost disclosure:**
Historic cost at the start of the year
Less: disposals in the year
**Historic cost at the end of the year**
Net unrealised gains/(losses) on investment assets
Net realised gains/(losses) on sale of investment assets
**Net realised & unrealised gains/(losses) on investment assets**|**2023**
£
572,890
-
-
-
24,611
**597,501**
**2023**
£
449,365
-
**449,365**
24,611
-
**24,611**|2022
£
640,555
-
-
(67,665)
**572,890**
2022
£
449,365
-
**449,365**
(67,665)
-
**(67,665)**| |---|---|---| 15 **PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ST. MARY THE VIRGIN, SHENFIELD** ## **NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31 DECEMBER 2023** ## **8 Debtors** |Accrued Gift Aid recoverable - Unrestricted Funds
Accrued Income
Prepayments
**Deposits**
Cost and Market Value at start of year
Interest income
**Cost and Market Value at end of year**|**2023**
**£**
**24,866**
**1,477**
**813**
**27,156**
**2023**
**£**
**6,286**
**200**
**6,486**|2022
£
18,323
-
2,206
20,529
2022
£
6,204
82
6,286| |---|---|---| ## **9 Deposits** ## **10 Creditors falling due within one year** |Fee creditors
Deferred inscription income
Accruals
Charities Fund disbursements|**2023**
**£**
**4,621**
**3,983**
**335**
**946**
**9,885**|2022
£
2,871
2,690
1,260
1,218
8,039| |---|---|---| ## **11 Analysis of Net Assets by Fund** |Tangible fixed assets
Investment fixed assets
Debtors
Deposits
Cash
Creditors
**Net Assets**|Unrestricted
Restricted
Endowment
Funds
Funds
Funds
£
£
£
-
664,954
-
204,310
31,103
362,088
27,156
-
-
-
3,213
3,273
14,820
91,642
9,065
(8,939)
(946)
-
**237,347**
**789,967**
**374,426**|**Total Funds**
**2023**
**£**
**664,954**
**597,501**
**27,156**
**6,486**
**115,528**
**(9,885)**
**1,401,740**| |---|---|---| 16 ## **PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ST. MARY THE VIRGIN, SHENFIELD** ## **NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31 DECEMBER 2023** |**12 Statement of funds**
**Unrestricted Funds**
General Fund
Lewis Fund
**Restricted Funds**
Fabric Fund
Extension Fund
Churchyard Fund
Churchyard: Flowers
Memorial Garden
Young People Fund
Soft Furnishing Fund
Bell Fund
Choir Fund
Charities Fund
Flowers Fund
Fixed Asset Revaluation
**Endowment Fund**
Sustentation Fund
**Total funds**|Realised &
Bal b/fwd
Incoming
Resources
Transfers
unrealised
**Bal c/fwd**
1 Jan 2023
Resources
Expended
gains/(losses)
**31 Dec 2023**
£
£
£
£
£
**£**
36,000
114,117
(175,113)
60,996
-
**36,000**
239,113
452
-
(47,863)
9,645
**201,347**
275,113
114,569
(175,113)
13,133
9,645
**237,347**
15,250
13,500
(9,683)
-
-
**19,067**
95,677
842
-
-
1,644
**98,163**
341
2,762
(3,103)
-
-
**0**
426
63
(84)
-
-
**405**
289
-
-
-
-
**289**
1,616
1,811
(1,158)
-
-
**2,269**
1,304
-
-
-
-
**1,304**
1,140
660
(554)
-
-
**1,246**
1,526
1,440
(1,528)
-
-
**1,438**
-
1,251
(1,251)
-
-
**-**
832
-
-
-
-
**832**
664,954
-
-
-
-
**664,954**
783,355
22,329
(17,361)
0
1,644
**789,967**
361,105
13,565
(433)
(13,133)
13,322
**374,426**
361,105
13,565
(433)
(13,133)
13,322
**374,426**
1,419,573
150,463
(192,907)
-
24,611
**1,401,740**| |---|---| 17 Report to the mgmbers of the PCC of St. Mary the Virgin Shenfield (Charity No. 113154n On accounts for tho yaar 8ndod 31st D8cemter 2023 which are attached to this rewrt. R8speGtiv• r8sponslbilltiaB of trustees and examlner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 {the Charilies Act} and that an independent examination is needed. 11 is my responsibilty lo.. examine the accounts under Section 145 of the Charities Act. lo follcr•V the procedures laid down in the general Dir8Ction8 given by the Charity Commission {under section 14515}Ibl of the Charities Act, and lo state whether particular matters have come to my attention Basls of Ind¢p8nd8nt oxaminor's Stslomont My examination was ¢aTried out in accordance with gene¥al Directions given by the Charity Commission. An examinalion includes a review of the accounting records kept by the charity and a comparison of the accounts pre8enled with those records. It also includes consideration of any unusual items or disclosur88 in the accounts, and seeking explanations from the Iruslees conceming any such matters. Thè procedures Ltndertaken do not provide 811 the evidence that would be required in an audit, and consequently no opinion i¥ given as lo whether the accounts present a 'Ifue and fairf. view and the report 1$ limited to Ihosa matters set out in the statomenl balow. Indopèndont examlnoV• 8tst•mont In connection with my examination, no matter has come to my attention 1. which give8 me reasonable cause to believe that in •ny material respect the requifemenl8'. lo keep accounting records in aGcordan¢e wlth 88Ction 130 of the Charities Act.. and to prepare a¢counl$ whlch accord wilh the accounting reGord8 8nd omply swth thè accounllng requirements of the Charitie$ Act have not l)een met.. or 2. to which, in my opinion, attention should be drawn in order to enable proper understanding of the 8Gcounts lo b8 reached. Slgn•d." Dale: Nam• ALAN JAME WARD Rolevant profosslonal quallflcatlon Member of Ihg Institute of Chartered Accountsnts in Englar￿ and W•le$ Addres•: 'Tangletrees" 21 Worrin Road Shenfield. Ew8ex CM15 8DE