THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
LEGAL AND ADMINISTRATIVE INFORMATION
Chairman Rob Hudson Vicar Warden John Chan Warden Matthew Harrison Deanery Synod Deanery Synod (all until 2026): John Davis Matthew Harrison Warden Meyrick Owsley Chris Knowles Reader Elected Members: Until 2025 Ann Penn Treasurer Jess Pottinger Secretary Charity Okoli Joy Hooi-Narimas Until 2026 Koge Ogedegbe Sara King Steve Read Rachel Grimwood Adejoke Onilogbo Jules Hardy Until 2027 John Harris Ian Jeffery Peter Thompson Liz Bowden Martyn Blackman Staff John Baker Associate Minister (Young People & Families) Andrew Bellis Associate Minister (Evangelism)
Public
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
LEGAL AND ADMINISTRATIVE INFORMATION
Charity Number 1131911 Auditors Francis James & Partners LLP 1386 London Road Leigh on Sea Essex England SS9 2UJ
Bankers CAF Bank LTD 25 Kings Hill Avenue Kings Hill West Malling Kent England ME19 4JQ Virgin Money Jubilee House Gosforth Newcastle upon Tyne NE3 4P
National Westminster Bank PLC PO Box 333 Silbury House 300 Silbury Boulevard Milton Keynes MK9 2ZF
CCLA/COIF Deposit One Angel Way, London. EC4R 3AB
Public
Looking Back: A review of Church family finances during 2024. The Budget:
The Church budget for 2024, was developed by the Business Task Group (BTG) and approved by the PCC.
The budget was prepared with a view to expected income and expenditure trends across 2024.
The income budget target was set for £545,500 .
As well as the main (general) budget the BTG also works in partnership to establish department budgets: Salary, Technology, Fabric, Youth and Women’s Ministries.
A salary review was undertaken is September 2023, for implementation in January 2024. The Consumer Prices Index including owner occupiers' housing costs (CPIH), is used to drive discussions around potential salary increases. As referenced in the church remuneration policy. In September 2023 the CPIH was 6.3%. The Business Task Group therefore proposed, and the PCC approved, a 6.3% increase to ensure non-clergy Staff were in receipt of a fair living wage. (The salary of the Associate Minister for Youth and Families is matched to stipend levels set by the Church of England.)
The Technology budget, prepared by John Harris and the Technology team, highlighted several updates that would be required to ensure all equipment used in the Church building and during services was fit for purpose. The team research best value for money when purchasing goods and, where possible, tend to carry out tasks associated with updating, repair, and replacement at no additional cost to the church.
The Fabric Team, under the leadership of Trevor Marlow, continue to ensure that the building is well maintained and best value for money is achieved when reviewing for example, energy suppliers etc. They also conduct regular on-site inspections identifying works that require attention to keep the building safe and fit for use. When appropriate to do so the members of the Fabric task group complete repairs themselves and thus help the church to keep costs to a minimum.
The Youth Team budget is well managed and continues to meet the resource needs for all youth groups across the church, especially as these groups continue to grow in number.
The Women’s Ministry budget funds the Women’s Conference held in May and supports the work in Cameo, Women’s Prayer Breakfasts and with ‘One to Ones.’
Other expenditures remain as annual costs and include fees, licences, insurances, evangelism etc.
In 2024 the PCC took the decision to withhold some of the (voluntary) Parish Share total that is requested by the Diocese. The PCC agreed to withhold 34.8% of our share. This equated to about £57,591. These funds were earmarked for specific expenditure including funding of the salaries of two new members of staff.
The PCC decided that the 2024 budget continue to incorporate two gift days to ensure that income met our planned expenditure. The Church is still not able to set a balanced budget based upon our regular giving alone and so we need to plan for gift day income. Having reviewed previous income trends and the potential for expected expenditures across 2024, the PCC had to consider setting a budget showing a probable deficit of around £6.100.
End of the year Income:
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There has been no increase in the church family’s regular giving in 2024, this therefore means that our regular giving is even less in line with our overall costs and expenditure. However, we are seeing a change in the way the family are supporting the church, for example giving through Ad Hoc gifts (which we cannot budget for) was up by £11,000. Sunday Offerings were up by £3,000. Gift Day donations were above expectations by £25,000 and we received a legacy of £5,000 (Not budgeted for.)
Whilst the PCC are grateful for these financial gifts it does mean that it is not possible to accurately budget for the future if we have no guarantee that these other income sources will be maintained at their current levels.
Gifts Income for 2024 = £576,773. Plus, a Legacy of £5,287. Income from other sources = £28,160. Giving a total of £610,220.
Expenditure:
The 2024 Budget planned for an increase in staff salary costs as it was hoped that two new members of staff would begin in the Autumn. (In actuality they started in Jan 2025). Therefore, we had a £35,000 salary underspend.
Ministry cost expenses increased by £12,000 mostly due to meeting needs in areas such as services and activities and church ministry groups, including support of the HUB. Church running costs also increased in 2024, by £23,000 due to the continuing high cost of energy and building maintenance/upkeep/repair costs.
In late November 2024 the PCC decided to allocate an additional £11,000 to the technology budget to improve the sound quality in the main church building.
Our accounts show a significant increase in donations given to valued Mission groups in the UK and abroad. This support was financed from some of our withheld Parish Share.
Total Expenditure for 2024 = £616,306.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's [governing document], the Charities Act 2011 and "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) (effective 1 January 2019).
Objectives and activities: Promoting, in this ecclesiastical parish, the whole mission of the Church.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
Volunteers
Almost all Church activities remain dependent upon the volunteer hours received from Church Family Members. In any one week the church has a need for approximately 80/100 volunteers, giving on average 2 hours per week. If you would like to serve as part of the church family, please speak to any ministry leader.
Achievements and performance
Public
These are fully detailed in the annual report.
Financial review
Financial position Income Review
Total income : £610,220. This figure is the total income for all funds and includes income from donors and other income sources.
Inclusive of: Two Gift Days: £85,432 . Legacies: £5,287. Gift Aid Tax Refund: £97,686.
General Funds
Income from: Donors and legacies : £600,822. Designated funds: £851 . 00 (There are ten funds in total.)
Restricted funds: £8,547 . (There are sixteen funds in total. With five closed for 2025.)
Expenditure Review
Total expenditure from: General Funds: £552,593 . Designated Funds: £54,470. (There are ten funds in total.) Restricted Funds: £9,243. (There are sixteen funds in total. With five closed for 2025.)
Total expenditure from all funds: (general, designated, and restricted) was £616,306.
End of Year Balance all Funds
Resulted in a deficit of £6,086.
However, in 2024 the PCC agreed to use some legacy income (from 2023) to cover all or part of the salaries for the Part Time Youth Worker, the Ministry Amongst Older People Worker and the Full Time Woman’s Worker, for several years. These salaries costs are not currently (fully) met from our regular giving income. After all transfers the total surplus of all funds (general, designated, and restricted) was £47,906 .
Funds carried forward: Total £465,934. General fund sum: £227,596. Designated fund sum: 209,651. Total for general and designated: 437,247. Restricted fund sum: £28,687.
Fixed Assets: £100,000. Relating to the property in Harold Court Road, owned by the church family.
Reserves policy
The Church aims to hold reserves equal to approximately three months fixed overheads.
Details of financial performance are outlined in the annual report.
Public
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Plans for future periods
The PCC gives thanks to God for His bounty and provision in 2024 and extends these thanks to the family of St Peter’s Church Harold Wood. We are where we are by the grace and goodness of God. Let us continue to show our dependence on Him by praying that in Christ, He might supply our every need, free us from a love of money and in the years ahead make us ever more generous and committed to gospel ministry here at St Peter’s and beyond.
Business Task Group
The Business Task Group (BTG) is made up of ten members and reports directly to the PCC. It has responsibility for ensuring the smooth running of the finance aspects of church life. The BTG advise but it is the PCC’s responsibility to make decisions.
The Treasurer chairs this group during meetings, which occur bimonthly (February, April, June, August, October and December.)
Acknowledgements
I would like to thank those who have contributed so much of their time and energies across 2024 as members the different finance teams. The BTG members: Matthew Harrison, Arikoge Ogedegbe, Larry Morris, Brian King, John Norton, Alan Gray, Trevor Marlow, Meyrick Owsley and Kemi Oluyomi. For the Monday morning Finance Team: Matthew Harrison, Bronwen Bradfield and Anthony Nicolle. For Elaine Owsley in the office. Gary Clark our Donations Co-Ordinator and Kemi Oluyomi, our church accountant. Each one plays a vital role in ensuring that all the processes and procedures of managing our church finances are in place and yet never take their eyes off the goal: To serve God and our church family.
2025 Budget
The Church budget for 2025, was developed by the BTG and approved by the PCC. In January 2025, the PCC agreed to set a budget with a projected income of £553,700. The PCC expect a surplus of £9,579 at the end of 2025.
As in 2024, legacy income (from 2023) will be used to cover all or part of the salaries for the Part Time Youth Worker, the Ministry Amongst Older People Worker and the Full Time Woman’s Worker. As these costs cannot be met from our current income from regular giving. In 2025 the PCC agreed to continue to withhold a significant part of our (voluntary) Parish Share donation (34.8%).
Also, as we only occupy one of our two (owned) houses for clergy the PCC have decided to sell the unoccupied property 48 Harold Court Road. The Diocese are fully in agreement with the sale, and we have ensured that all procedures and processes have been followed and approved at every step. It is possible this sale will have been completed by the time of the AGM.
Public
The PCC appreciates the fully diverse nature and economic status of our church family and are grateful to all who regularly review and increase their donations. The PCC acknowledges and thanks those members of the church family who have recently become regular donors.
The two gift days will take place in May and October 2025.
A polite reminder:
If you are a taxpayer and make donations to St Peter’s Church, please complete and return a Gift Aid form. Equally, if you are no longer paying income tax then do let us know so that we do not make further Gift Aid claims on your behalf.
If you do not pay income tax but would like to complete a Regular Giving Document, please speak to a member of the finance team.
Ann Penn Treasurer St Peter’s Church Harold Wood
Public
Charity registration number 1131911 (England and Wales)
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mrs L Bowden Mr J Chan Mr J Davis Mr M Harrison Mr J Harris Rev R Hudson Mr I Jeffery Mr C Knowles Dr K Ogedegbe Mrs C Okoli Mrs A Penn Mrs S King Mr J Baker Rev A Bellis Mr P Thompson Mr S Read Ms J Hooi-Narimas Mrs J Pottinger Mr J Hardy Mrs R Grimwood Ms A A Haastrup-Onilogbo Mr M Owsley (Appointed 23 April 2024) Mr M Blackman (Appointed 23 April 2024)
Charity number (England and Wales) 1131911
Auditor Francis James & Partners LLP 1386 London Road Leigh on Sea Essex England SS9 2UJ
Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent England ME19 4JQ Virgin Money Jubilee House Gosforth Newcastle upon Tyne NE3 4PL
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
LEGAL AND ADMINISTRATIVE INFORMATION
National Westminster Bank PLC PO Box 333 Silbury House 300 Silbury Boulevard Milton Keynes MK9 2ZF
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 5 |
| Statement of trustees' responsibilities | 6 |
| Independent auditor's report | 7 - 10 |
| Statement of financial activities | 11 |
| Balance sheet | 12 |
| Statement of cash flows | 13 |
| Notes to the financial statements | 14 - 25 |
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their annual report and financial statements for the year ended 31 December 2024. Looking Back: A review of Church family finances during 2024. The Budget:
The Church budget for 2024, was developed by the Business Task Group (BTG) and approved by the PCC.The budget was prepared with a view to expected income and expenditure trends across 2024. The income budget target was set for £545,500. As well as the main (general) budget the BTG also works in partnership to establish department budgets: Salary, Technology, Fabric, Youth and Women’s Ministries.
A salary review was undertaken is September 2023, for implementation in January 2024. The Consumer Prices Index including owner occupiers' housing costs (CPIH), is used to drive discussions around potential salary increases. As referenced in the church remuneration policy. In September 2023 the CPIH was 6.3%. The Business Task Group therefore proposed, and the PCC approved, a 6.3% increase to ensure non-clergy Staff were in receipt of a fair living wage. (The salary of the Associate Minister for Youth and Families is matched to stipend levels set by the Church of England.)
The Technology budget, prepared by John Harris and the Technology team, highlighted several updates that would be required to ensure all equipment used in the Church building and during services was fit for purpose. The team research best value for money when purchasing goods and, where possible, tend to carry out tasks associated with updating, repair, and replacement at no additional cost to the church.
The Fabric Team, under the leadership of Trevor Marlow, continue to ensure that the building is well maintained and best value for money is achieved when reviewing for example, energy suppliers etc. They also conduct regular on-site inspections identifying works that require attention to keep the building safe and fit for use. When appropriate to do so the members of the Fabric task group complete repairs themselves and thus help the church to keep costs to a minimum.
The Youth Team budget is well managed and continues to meet the resource needs for all youth groups across the church, especially as these groups continue to grow in number. The Women’s Ministry budget funds the Women’s Conference held in May and supports the work in Cameo, Women’s Prayer Breakfasts and with ‘One to Ones.’
Other expenditures remain as annual costs and include fees, licences, insurances, evangelism etc.
In 2024 the PCC took the decision to withhold some of the (voluntary) Parish Share total that is requested by the Diocese. The PCC agreed to withhold 34.8% of our share. This equated to about £57,591. These funds were earmarked for specific expenditure including funding of the salaries of two new members of staff.
The PCC decided that the 2024 budget continue to incorporate two gift days to ensure that income met our planned expenditure. The Church is still not able to set a balanced budget based upon our regular giving alone and so we need to plan for gift day income. Having reviewed previous income trends and the potential for expected expenditures across 2024, the PCC had to consider setting a budget showing a probable deficit of around £6,100.
End of the year Income: There has been no increase in the church family’s regular giving in 2024, this therefore means that our regular giving is even less in line with our overall costs and expenditure.
However, we are seeing a change in the way the family are supporting the church, for example giving through Ad Hoc gifts (which we cannot budget for) was up by £11,000. Sunday Offerings were up by £3,000. Gift Day donations were above expectations by £25,000 and we received a legacy of £5,000 (Not budgeted for.)
Whilst the PCC are grateful for these financial gifts it does mean that it is not possible to accurately budget for the future if we have no guarantee that these other income sources will be maintained at their current levels. Gifts Income for 2024 = £576,773. Plus, a Legacy of £5,287. Income from other sources = £28,160. Giving a total of £610,220. Expenditure:
The 2024 Budget planned for an increase in staff salary costs as it was hoped that two new members of staff would begin in the Autumn. (In actuality they started in Jan 2025). Therefore, we had a £35,000 salary underspend.
Ministry cost expenses increased by £12,000 mostly due to meeting needs in areas such as services and activities and church ministry groups, including support of the HUB.
Church running costs also increased in 2024, by £23,000 due to the continuing high cost of energy and building maintenance/ upkeep/repair costs.
In late November 2024 the PCC decided to allocate an additional £11,000 to the technology budget to improve the sound quality in the main church building.
Our accounts show a significant increase in donations given to valued Mission groups in the UK and abroad. This support was financed from some of our withheld Parish Share. Total Expenditure for 2024 = £616,306.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
A polite reminder:
If you are a taxpayer and make donations to St Peter’s Church, please complete and return a Gift Aid form. Equally, if you are no longer paying income tax then do let us know so that we do not make further Gift Aid claims on your behalf. If you do not pay income tax but would like to complete a Regular Giving Document, please speak to a member of the finance team.
Acknowledgements
I would like to thank those who have contributed so much of their time and energies across 2024 as members the different finance teams. The BTG members: Matthew Harrison, Arikoge Ogedegbe, Larry Morris, Brian King, John Norton, Alan Gray, Trevor Marlow, Meyrick Owsley and Kemi Oluyomi. For the Monday morning Finance Team: Matthew Harrison, Bronwen Bradfield and Anthony Nicolle. For Elaine Owsley in the office. Gary Clark our Donations Co-Ordinator and Kemi Oluyomi, our church accountant. Each one plays a vital role in ensuring that all the processes and procedures of managing our church finances are in place and yet never take their eyes off the goal: To serve God and our church family.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's [governing document], the Charities Act 2011 and "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)" (effective 1 January 2019).
Objectives and activities
Promoting in the ecclesiastical parish the whole mission of the Church.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
Volunteers
Almost all Church activities remain dependent upon the volunteer hours received from Church Family Members. In any one week the church has a need for approximately 80/100 volunteers, giving on average 2 hours per week. If you would like to serve as part of the church family, please speak to any ministry leader.
Achievements and performance
These are fully detailed in the annual report.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Financial review
Financial position Financial position Income Review
Total income: £610,220. This figure is the total income for all funds and includes income from donors and other income sources.
Inclusive of: Two Gift Days: £85,432 . Legacies: £5,287. Gift Aid Tax Refund: £97,686.
General Funds
Income from: Donors and legacies : £600,822. Designated funds: £851. (There are ten funds in total.) Restricted funds: £8,547. (There are sixteen funds in total. With five closed for 2025.)
Expenditure Review
Total expenditure from: General Funds: £552,593. Designated Funds: £54,470. (There are ten funds in total.) Restricted Funds: £9,243. (There are sixteen funds in total. With five closed for 2025.)
Total expenditure from all funds: (general, designated, and restricted) was £616,306.
End of Year Balance all Funds
Resulted in a deficit of £6,086.
However, in 2024 the PCC agreed to use some legacy income (from 2023) to cover all or part of the salaries for the Part Time Youth Worker, the Ministry Amongst Older People Worker and the Full Time Woman’s Worker, for several years. These salaries costs are not currently (fully) met from our regular giving income. After all transfers the total surplus of all funds (general, designated, and restricted) was £47,906.
Funds carried forward: Total £465,934. General fund sum: £227,596. Designated fund sum: £209,651. Total for general and designated: £437,247. Restricted fund sum: £28,687. Fixed Assets: £100,000 . Relating to the property in Harold Court Road, owned by the church family.
Reserves policy
The Church aims to hold reserves equal to approximately three months fixed overheads.
Details of financial performance are outlined in the annual report.
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Plans for future periods
The PCC gives thanks to God for His bounty and provision in 2024 and extends these thanks to the family of St Peter’s Church Harold Wood. We are where we are by the grace and goodness of God. Let us continue to show our dependence on Him by praying that in Christ, He might supply our every need, free us from a love of money and in the years ahead make us ever more generous and committed to gospel ministry here at St Peter’s and beyond.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2025 Budget
The Church budget for 2025, was developed by the BTG and approved by the PCC. In January 2025, the PCC agreed to set a budget with a projected income of £553,700. The PCC expect a surplus of £9,579 at the end of 2025.
As in 2024, legacy income (from 2023) will be used to cover all or part of the salaries for the Part Time Youth Worker, the Ministry Amongst Older People Worker and the Full Time Woman’s Worker. As these costs cannot be met from our current income from regular giving.
In 2025 the PCC agreed to continue to withhold a significant part of our (voluntary) Parish Share donation (34.8%).
Also, as we only occupy one of our two (owned) houses for clergy the PCC have decided to sell the unoccupied property 48 Harold Court Road. The Diocese are fully in agreement with the sale, and we have ensured that all procedures and processes have been followed and approved at every step. It is possible this sale will have been completed by the time of the AGM.
The PCC appreciates the fully diverse nature and economic status of our church family and are grateful to all who regularly review and increase their donations. The PCC acknowledges and thanks those members of the church family who have recently become regular donors.
The two gift days will take place in May and October 2025.
Structure, governance and management
Governing document
The Church is governed by the Parochial Church Council (Powers) Measure (1956) as amended and church representation rules.
The trustees who served during the year and up to the date of signature of the financial statements were:
Mrs L Bowden Mr J Chan Mr T Cook (Resigned 23 April 2024) Mr J Davis Mr M Harrison Mr J Harris Rev R Hudson Mr I Jeffery Mr C Knowles Dr K Ogedegbe Mrs C Okoli Mrs A Penn Mrs S King Mr J Baker Rev A Bellis Mr P Thompson Mr S Read Ms J Hooi-Narimas Mrs J Pottinger Mr J Hardy Mrs R Grimwood Ms A A Haastrup-Onilogbo Mr M Owsley (Appointed 23 April 2024) Mr M Blackman (Appointed 23 April 2024)
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Recruitment and appointment of new trustees
Trustees are elected by members of the church electoral roll at the annual general meeting.
Organisational structure Members of the PCC are either ex officio or elected by the annual Parochial Church meeting in accordance with the church representation rules.
Organisational structure
Members of the PCC are either ex officio or elected by the annual Parochial Church meeting in accordance with the church representation rules. During the year the following served as members of the PCC:
Incumbent: Rev R Hudson Wardens: Mr M Harrison Mr J Chan Treasurer: Ms A Penn Associate Ministers: Rev A Bellis Mr J Baker PCC Secretary: Mrs J Pottinger
Business Task Group
The Business Task Group (BTG) consists of eleven members and reports directly to the PCC. It has responsibility for ensuring the smooth running of the business and finance areas of church life. The BTG advise but it is the PCC’s responsibility to make decisions.
The Treasurer chairs this group during meetings, which occur bimonthly (February, April, June, August, October and December.)
The trustees' report was approved by the Board of Trustees.
.............................. .............................. Mr M Harrison Mr C Knowles Trustee Trustee Date: .............................................
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
Opinion
We have audited the financial statements of The Parochial Church Council Of The Ecclesiastical Parish of St Peter Harold Wood (the ‘Charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
Responsibilities of trustees
As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
The nature of the industry and sector, control environment and business performance including the design of the Church's policies, key drivers for trustees remuneration;
-
results of our enquiries of management, internal audit and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities;
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any matters we identified having obtained and reviewed the Church's documentation of their policies and procedures relating to:
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identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
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detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
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the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
the matters discussed among the audit engagement team including significant component audit teams and involving relevant internal specialists,regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Church operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context is the Charities Act, 2011.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Church's ability to operate or to avoid a material penalty. These included compliance with the methodist church rules and regulations.
Our procedures to respond to risks identified included the following:
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reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
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enquiring of management, the Audit & Risk Committee in-house and external legal counsel concerning actual and potential litigation and claims;
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
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reading minutes of meetings of those charged with governance and
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the rationale of any significant transactions that are unusual or outside the normal course of operations.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor's report.
Other matters
The financial statements of the charity for the year ended 31 December 2022 were unaudited. We as auditors have therefore undertaken sufficient and appropriate measures to ensure the opening balances for the period 31 December 2023 are free from material misstatement.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Francis James & Partners LLP
Chartered Accountants Statutory Auditor
......................... 1386 London Road Leigh on Sea Essex England SS9 2UJ
Francis James & Partners LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income and endowments from: Donations and legacies 3 576,173 - Other trading activities 4 5,887 - Investments 5 10,957 - Other income 6 8,656 8,547 Total income 601,673 8,547 Expenditure on: Charitable activities 7 607,063 9,243 Total expenditure 607,063 9,243 Net income/(expenditure) (5,390) (696) Transfers between funds (6,000) 6,000 Net movement in funds 8 (11,390) 5,304 Reconciliation of funds: Fund balances at 1 January 2024 448,637 23,383 Fund balances at 31 December 2024 437,247 28,687 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 576,173 680,155 3,428 5,887 3,081 - 10,957 5,088 - 17,203 8,293 - 610,220 696,617 3,428 616,306 563,626 9,059 616,306 563,626 9,059 (6,086) 132,991 (5,631) - (18,520) 18,520 (6,086) 114,471 12,889 472,020 334,166 10,494 465,934 448,637 23,383 |
Total 2023 £ 683,583 3,081 5,088 8,293 |
|---|---|---|
| 700,045 572,685 |
||
| 572,685 | ||
| 127,360 - |
||
| 127,360 344,660 |
||
| 472,020 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
BALANCE SHEET
AS AT 31 DECEMBER 2024
| Notes Fixed assets Tangible assets 13 Current assets Stocks 14 Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities The funds of the Charity Restricted income funds 22 Unrestricted funds 23 |
2024 £ 3,225 26,012 378,626 407,863 (41,929) |
£ 100,000 365,934 465,934 28,687 437,247 465,934 |
2023 £ 3,956 34,225 373,938 412,119 (40,099) |
£ 100,000 372,020 |
|---|---|---|---|---|
| 472,020 | ||||
| 23,383 448,637 |
||||
| 472,020 |
The financial statements were approved by the trustees on .........................
.............................. .............................. Mr M Harrison Mrs A Penn Trustee Trustee
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
| Notes Cash flows from operating activities Cash (absorbed by)/generated from operations 28 Investing activities Investment income received Net cash generated from investing activities Net cash generated from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2024 £ 10,957 |
£ (6,269) 10,957 - 4,688 373,938 378,626 |
2023 £ 5,088 |
£ 96,139 5,088 - |
|---|---|---|---|---|
| 101,227 272,711 |
||||
| 373,938 |
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
Charity information
The Parochial Church Council Of The Ecclesiastical Parish of St Peter Harold Wood is a charity registered in England and Wales.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
1.4 Income
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
not provided
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
1.10 Financial instruments
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
1.11 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities 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 differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
3 Income from donations and legacies
| Unrestricted Restricted funds funds 2024 2024 £ £ Covenants & free will offering 376,409 - Gift aid 97,686 - Collections & other donations 96,791 - Donations, appeals, etc 5,287 - 576,173 - |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 376,409 364,206 - 97,686 94,450 - 96,791 87,154 - 5,287 134,345 3,428 576,173 680,155 3,428 |
Total 2023 £ 364,206 94,450 87,154 137,773 |
|---|---|---|
| 683,583 |
4 Income from other trading activities
| Unrestricted | Unrestricted | Unrestricted | ||||
|---|---|---|---|---|---|---|
| funds | funds | |||||
| 2024 | 2023 | |||||
| £ | £ | |||||
| Sales of advertising, books, | etc | 5,887 | 3,081 | |||
| Income from investments | ||||||
| Unrestricted | Unrestricted | |||||
| funds | funds | |||||
| 2024 | 2023 | |||||
| £ | £ | |||||
| Interest receivable | 10,957 | 5,088 | ||||
| Other income | ||||||
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
| funds | funds | funds | funds | |||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Grants, fees, etc | 8,656 | 8,547 | 17,203 | 8,293 | - | 8,293 |
- 5 Income from investments
6 Other income
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7 Expenditure on charitable activities
| Charitable | Charitable | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Direct costs | |||
| Staff costs | 320,774 | 256,964 | |
| Building and maintenance | 30,747 | 23,977 | |
| Other funds | 9,243 | 9,202 | |
| Church activities | 40,296 | 31,512 | |
| Parish store | 99,522 | 179,161 | |
| Church magazine advertising | 224 | 372 | |
| Donations given | 99,755 | 56,498 | |
| Photocopier rental | 6,378 | 7,600 | |
| Postage and stationery | 3,497 | 1,626 | |
| Audit fees | 5,500 | 5,400 | |
| Bank charges | 370 | 373 | |
| 616,306 | 572,685 | ||
| Analysis by fund | |||
| Unrestricted funds | 607,063 | 563,626 | |
| Restricted funds | 9,243 | 9,059 | |
| 616,306 | 572,685 | ||
| 8 | Net movement in funds | 2024 | 2023 |
| £ | £ | ||
| The net movement in funds is stated after charging/(crediting): | |||
| Fees payable for the audit of the charity's financial statements | 5,500 | 5,400 | |
| 9 | Auditor's remuneration | ||
| Fees payable to the charity's auditor and associates: | 2024 | 2023 | |
| £ | £ | ||
| For audit services | |||
| Audit of the financial statements of the charity | 5,500 | 5,400 |
10 Trustees
During the year salaries of £31,422 ( 2023 : £32,159) were paid to trustees.
Trustees' expenses
Trustees expenses of £ nil ( 2023: £nil ) were reimbursed during the year.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
11 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| 9 | 8 | |
| Employment costs | 2024 | 2023 |
| £ | £ | |
| Wages and salaries | 174,618 | 141,652 |
| Social security costs | 9,034 | 6,701 |
| Other pension costs | 16,138 | 12,394 |
| 199,790 | 160,747 |
There were no employees whose annual remuneration was more than £60,000.
12 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
13 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Freehold land | |
| and buildings | |
| £ | |
| Cost | |
| At 1 January 2024 | 100,000 |
| At 31 December 2024 | 100,000 |
| Carrying amount | |
| At 31 December 2024 | 100,000 |
| At 31 December 2023 | 100,000 |
No depreciation is provided in respect of the Freehold Property as in the opinion of the trustees the property is regularly maintained to high standard and is unlikely to fall in value.
Other fixed assets are expensed as they are incurred, in accordance with the guidance given in the church accounting regulations
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14 Stocks
| Finished goods and goods for resale Debtors Amounts falling due within one year: Other debtors |
2024 £ 3,225 2024 £ 26,012 |
2023 £ 3,956 |
|---|---|---|
| 2023 £ 34,225 |
15 Debtors
16 Movement in funds
| Movement in funds | ||||||
|---|---|---|---|---|---|---|
| At | Net | Transfers | At | |||
| January | Movement | between | December | |||
| 2024 | in funds | funds | 2024 | |||
| £ | £ | £ | £ | |||
| Unrestricted Funds | ||||||
| General Fund | 292,767 | 48,229 | (113,400) | 227,596 | ||
| Long Term Maintenance Fund – Buildings | 40,699 | (6,441) | 5,000 | 39,258 | ||
| Technology | 2,000 | (9,897) | 11,000 | 3,103 | ||
| Church Partnership Fund | 2,568 | (7,501) | 5,000 | 67 | ||
| Youth Worker Fund | 90,388 | (20,586) | (5,000) | 64,802 | ||
| Ministry Training Fund | 9,619 | (2,935) | - | 6,684 | ||
| Plant Fund | 10,000 | - | 30,000 | 40,000 | ||
| Explorers now Youth Budget | 596 | (1,314) | 1,400 | 682 | ||
| Short Term Mission Fund | - | - | 15,000 | 15,000 | ||
| Youth Camp Activities | - | - | 10,000 | 10,000 | ||
| Womens Workers | - | (4,945) | 35,000 | 30,055 | ||
| 448,637 | (5,390) | (6,000) | 437,247 | |||
| Restricted Funds | ||||||
| ABC | 569 | (220) | 140 | 489 | ||
| Christmas Day Lunch Fund | 852 | (852) | - | - | ||
| Coneys | 440 | (440) | - | - | ||
| Dads & Toddlers | 140 | - | (140) | - | ||
| Elderly | 15,045 | (5,002) | 781 | 10,824 | ||
| Explorers | 392 | (392) | - | - | ||
| Keswick at Home | 781 | - | (781) | - | ||
| Long Term Maintenance Fund – Equipment | 916 | - | - | 916 | ||
| Men’s Group | 887 | 108 | - | 995 | ||
| Mercy Fund | 1,524 | 6,354 | 5,000 | 12,878 | ||
| Tuesday @ Two | 314 | (23) | - | 291 | ||
| Watchnight Service | 414 | - | - | 414 | ||
| Thursday Fellowship | 489 | 195 | - | 684 | ||
| Word Alive | 620 | - | - | 620 | ||
| RRGF - Rock Reading Group Fund | - | (825) | 1,000 | 175 | ||
| Third Party | - | 401 | - | 401 |
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
| 16 Movement in funds Total Funds 17 Movement in funds Unrestricted Funds General Fund Long Term Maintenance Fund – Buildings Technology Church Partnership Fund Youth Worker Fund Ministry Training Fund Explorers now Youth Budget Womens Worker Restricted Funds ABC Christmas Day Lunch Fund Coneys Elderly Explorers Men’s Group Mercy Fund Tuesday @ Two Thursday Fellowship RRGF - Rock Reading Group Fund Third Party Total Funds |
(Continued) 23,383 (696) 6,000 28,687 472,020 (6,086) - 465,934 Incoming Resources Movement in resources expensed funds £ £ £ 600,822 (552,593) 48,229 - (6,441) (6,441) 525 (10,422) (9,897) - (7,501) (7,501) - (20,586) (20,586) - (2,935) (2,935) 326 (1,640) (1,314) - (4,945) (4,945) 601,673 (607,063) (5,390) 83 (303) (220) - (852) (852) - (440) (440) - (5,002) (5,002) 35 (427) (392) 1,229 (1,121) 108 6,354 - 6,354 - (23) (23) 445 (250) 195 - (825) (825) 401 - 401 8,547 (9,243) (696) 610,220 (616,306) (6,086) |
(Continued) 23,383 (696) 6,000 28,687 472,020 (6,086) - 465,934 Incoming Resources Movement in resources expensed funds £ £ £ 600,822 (552,593) 48,229 - (6,441) (6,441) 525 (10,422) (9,897) - (7,501) (7,501) - (20,586) (20,586) - (2,935) (2,935) 326 (1,640) (1,314) - (4,945) (4,945) 601,673 (607,063) (5,390) 83 (303) (220) - (852) (852) - (440) (440) - (5,002) (5,002) 35 (427) (392) 1,229 (1,121) 108 6,354 - 6,354 - (23) (23) 445 (250) 195 - (825) (825) 401 - 401 8,547 (9,243) (696) 610,220 (616,306) (6,086) |
|---|---|---|
| (5,390) (220) (852) (440) (5,002) (392) 108 6,354 (23) 195 (825) 401 |
||
| (696) | ||
| (6,086) |
18 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Accruals and deferred income | 41,929 | 40,099 |
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19 Transfers between funds
General fund : Legacy and withheld Parish Share monies moved to funds.
Designated Fund - Long Term Maintenance - Buildings : Additional £5k from withheld Parish Share monies PCC decision.
Designated Fund - Technology : Sound system on stage was inadequate and a health risk. PCC agreed to fund this expenditure from surplus in general fund.
Designated Fund - Church Partnership Fund : Church partnership fund commitments were not fully met in 2023 so additional £5k used to increase support for 2024.
Designated Fund - Youth Worker Fund : PCC agreed to extend youth workers role for an additional year. Funds from legacy money and withheld Parish Share. Designated Fund - Plant Fund : Additional funds allocated from surplus and unused legacy income. Designated Fund - Youth Budget (Was Explorers) : To cover cost of sending staff to camps as leaders. Designated Fund - Short Term Mission Fund : Funds from legacy income 2023.
Designated Fund - Youth Camp Activities : New fund - to support financial costs of families wanting their children to attend venture camps. Designated Fund - Women's Worker : £35k moved from Youth Worker fund to Woman's worker funds cover additional cost of extending Woman's worker salary for 5 years. ABC : Funds transferred from Dads Babies/Children to ABC - preschool activities for families. Moved to ABC. DBC - Dads & Toddlers : Funds transferred from Dads Babies/Children to ABC - preschool activities for families. Elderly Fund : Income from Keswick at Home Fund- monies were used to support the elderly to engage in the conference via video link. No longer happens.
Keswick At Home : Funds transferred to close this fund - moved to Elderly fund as members are all elderly. Mercy Ministry Fund : Additional Income raised in 2024 from donations - free will. RRGF - Rock Reading Group Fund : Grant applied for and received - Reading group - non English speaking.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20 Funds
Unrestricted Funds
General Fund - This is general monies in and out of the church.
Designated Fund - Long Term Maintenance - Buildings - This fund covers any emergency or quite expensive works that needs to be done on the church buildings, perhaps in an emergency/unplanned for situation
Designated Fund - Technology - Funds put aside in case any technology goes wrong and needs to be replaced - emergency - or not planned for. Designated Fund - Church Partnership Fund - Monies set aside by the PCC annually, to support smaller churches with their mission. Designated Fund - Youth Worker Fund - Income from legacy used to employ a youth worker - salary is paid from this fund. Designated Fund - Ministry Training - Monies to be used for long term training for staff (professional development) - expensive courses.
Designated Fund - Plant Fund - Monies set aside to put towards funding the setting up of a new church in this area. Designated Fund - Youth Budget (Was Explorers) - Monies though which Income/Expenditures pass through specifically for the Youth (budget) Set up in July 2024.
Designated Fund - Short Term Mission Fund - A new fund - PCC led. To cover much of the costs of sending young people on worldwide short term mission tasks.
Designated Fund - Youth Camp Activities - A new fund - PCC led. To financially support church family parents with the costs of sending children on Venture camps run by CPAS.
Designated Fund - Women's Worker - Income from legacy used to part pay the woman's worker role. Was 3/4 time now full time. Restricted Funds
ABC - Mum's and Babies/Toddlers group meets Monday and Friday mornings. Any income or expenditure passes through this fund.
Christmas Lunch - Income/Expenditure purely for the Christmas lunch - no longer happened Fund is now at £nil. Coneys - Monies given by church members and others specifically for two mission partners. No longer missionaries. Fund is now at £nil.
DBC - Dads & Toddlers - A monthly group - 'Dads,Babies,Children' no longer runs. Fund is now at £nil. Elderly Fund - Funds received as a restricted legacy to be used for work amongst the elderly.
Explorers (Previously Livewires) - Income/Expenditure via a children's group called Explorers - Monies raised supported a child in Africa with a charity called 'Kid's Alive'. No longer supporting this child in this way.
Keswick At Home - An annual conference held in Cumbria. But relayed via video to our church, so that the elderly could engage at home. We no longer engage in this as a church group. Fund is now at £nil.
Long Term Maintenance Fund - Equipment - Funds to ensure equipment can be replaced if broken damaged - usually unplanned/emergency. Men's Group - Men meet monthly for breakfast and to listen to a speaker. Any income/expenditure passes through this fund.
Mercy Ministry Fund - Funds to financially support any church member who is in difficulty. Led by the Vicar, approved by PCC.
Tuesday @ Two - Group which meets every Tuesday afternoon at 2pm. Minimal expenditure/Income.
Watchnight Service - Annual service (31st December) income via donations on the evening and expenditure often around food or entertainment/advertising.
Thursday Fellowship - A group which meets every Thursday afternoon.
Word Alive - A week's Christian camp for families. Funds were used to support families on low incomes - but we no longer attend this camp.
RRGF - Rock Reading Group Fund - A small group - applied for a grant of £1000. used to support cost of room hire and refreshments. Group helps non-English speaking families to learn to speak/read English.
Third-party - Donations Collected for Third Parties - Sometimes collections are made for specific charities/people etc. Any donations collected are forwarded to the charity/person etc.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
21 Retirement benefit schemes
| 2024 | 2023 | |
|---|---|---|
| Defined contribution schemes | £ | £ |
| Charge to profit or loss in respect of defined contribution schemes | 16,138 | 12,394 |
The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.
22 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At | 1 | January | Incoming | Resources | TransfersAt | 31 | December | |
|---|---|---|---|---|---|---|---|---|
| 2024 | resources | expended | 2024 | |||||
| £ | £ | £ | £ | £ | ||||
| 23,383 | 8,547 | (9,243) | 6,000 | 28,687 | ||||
| Previous year: | At | 1 | January | Incoming | Resources | TransfersAt | 31 | December |
| 2023 | resources | expended | 2023 | |||||
| £ | £ | £ | £ | £ | ||||
| 10,494 | 3,428 | (9,059) | 18,520 | 23,383 |
23 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 January | Incoming | Resources | TransfersAt 31 December | TransfersAt 31 December | |
|---|---|---|---|---|---|
| 2024 | resources | expended | 2024 | ||
| £ | £ | £ | £ | £ | |
| General funds | 448,637 | 601,673 | (607,063) | (6,000) | 437,247 |
| Previous year: | At 1 January | Incoming | Resources | TransfersAt 31 December | |
| 2023 | resources | expended | 2023 | ||
| £ | £ | £ | £ | £ | |
| General funds | 334,166 | 696,617 | (563,626) | (18,520) | 448,637 |
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
24 Analysis of net assets between funds
| Analysis of net assets between funds | ||
|---|---|---|
| Unrestricted funds Restricted funds 2024 2024 £ £ Fund balances at 31 December 2024 are represented by: Tangible assets 100,000 - Current assets/(liabilities) 348,637 23,383 448,637 23,383 |
Total Unrestricted funds Restricted funds 2024 2023 2023 £ £ £ 100,000 100,000 - 365,934 234,166 10,494 465,934 334,166 10,494 |
Total 2023 £ 100,000 372,020 |
| 472,020 |
25 Events after the reporting date
After the year end, the property 48 Harold Court Road, with a carrying value of £100,000, was marketed for sale. The property was subsequently sold on 31 March 2025 for a sum of £435,000.
26 Related party transactions
The church is associated with the Good Stewards Trust - Essex and East London (Registered Charity No. 1174767) by means of mutual trustee being Rev R A Hudson.
During the year, there were donations to the Trust of £99,222 (2023: £97,511). At the year end there were no balances due from or to the trust (2023: Nil).
27 Analysis of changes in net funds
The Charity had no material debt during the year.
28 Cash (absorbed by)/generated from operations
| Cash (absorbed by)/generated from operations (Deficit)/surplus for the year Adjustments for: Investment income recognised in statement of financial activities Movements in working capital: Decrease/(increase) in stocks Decrease/(increase) in debtors Increase/(decrease) in creditors Cash (absorbed by)/generated from operations |
2024 £ (6,086) (10,957) 731 8,213 1,830 (6,269) |
2023 £ 127,360 (5,088) (369) (17,379) (8,385) |
|---|---|---|
| 96,139 |
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Charity registration number 1131911 (England and Wales)
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mrs L Bowden Mr J Chan Mr J Davis Mr M Harrison Mr J Harris Rev R Hudson Mr I Jeffery Mr C Knowles Dr K Ogedegbe Mrs C Okoli Mrs A Penn Mrs S King Mr J Baker Rev A Bellis Mr P Thompson Mr S Read Ms J Hooi-Narimas Mrs J Pottinger Mr J Hardy Mrs R Grimwood Ms A A Haastrup-Onilogbo Mr M Owsley (Appointed 23 April 2024) Mr M Blackman (Appointed 23 April 2024)
Charity number (England and Wales) 1131911
Auditor Francis James & Partners LLP 1386 London Road Leigh on Sea Essex England SS9 2UJ
Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent England ME19 4JQ Virgin Money Jubilee House Gosforth Newcastle upon Tyne NE3 4PL
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
LEGAL AND ADMINISTRATIVE INFORMATION
National Westminster Bank PLC PO Box 333 Silbury House 300 Silbury Boulevard Milton Keynes MK9 2ZF
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 5 |
| Statement of trustees' responsibilities | 6 |
| Independent auditor's report | 7 - 10 |
| Statement of financial activities | 11 |
| Balance sheet | 12 |
| Statement of cash flows | 13 |
| Notes to the financial statements | 14 - 25 |
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their annual report and financial statements for the year ended 31 December 2024. Looking Back: A review of Church family finances during 2024. The Budget:
The Church budget for 2024, was developed by the Business Task Group (BTG) and approved by the PCC.The budget was prepared with a view to expected income and expenditure trends across 2024. The income budget target was set for £545,500. As well as the main (general) budget the BTG also works in partnership to establish department budgets: Salary, Technology, Fabric, Youth and Women’s Ministries.
A salary review was undertaken is September 2023, for implementation in January 2024. The Consumer Prices Index including owner occupiers' housing costs (CPIH), is used to drive discussions around potential salary increases. As referenced in the church remuneration policy. In September 2023 the CPIH was 6.3%. The Business Task Group therefore proposed, and the PCC approved, a 6.3% increase to ensure non-clergy Staff were in receipt of a fair living wage. (The salary of the Associate Minister for Youth and Families is matched to stipend levels set by the Church of England.)
The Technology budget, prepared by John Harris and the Technology team, highlighted several updates that would be required to ensure all equipment used in the Church building and during services was fit for purpose. The team research best value for money when purchasing goods and, where possible, tend to carry out tasks associated with updating, repair, and replacement at no additional cost to the church.
The Fabric Team, under the leadership of Trevor Marlow, continue to ensure that the building is well maintained and best value for money is achieved when reviewing for example, energy suppliers etc. They also conduct regular on-site inspections identifying works that require attention to keep the building safe and fit for use. When appropriate to do so the members of the Fabric task group complete repairs themselves and thus help the church to keep costs to a minimum.
The Youth Team budget is well managed and continues to meet the resource needs for all youth groups across the church, especially as these groups continue to grow in number. The Women’s Ministry budget funds the Women’s Conference held in May and supports the work in Cameo, Women’s Prayer Breakfasts and with ‘One to Ones.’
Other expenditures remain as annual costs and include fees, licences, insurances, evangelism etc.
In 2024 the PCC took the decision to withhold some of the (voluntary) Parish Share total that is requested by the Diocese. The PCC agreed to withhold 34.8% of our share. This equated to about £57,591. These funds were earmarked for specific expenditure including funding of the salaries of two new members of staff.
The PCC decided that the 2024 budget continue to incorporate two gift days to ensure that income met our planned expenditure. The Church is still not able to set a balanced budget based upon our regular giving alone and so we need to plan for gift day income. Having reviewed previous income trends and the potential for expected expenditures across 2024, the PCC had to consider setting a budget showing a probable deficit of around £6,100.
End of the year Income: There has been no increase in the church family’s regular giving in 2024, this therefore means that our regular giving is even less in line with our overall costs and expenditure.
However, we are seeing a change in the way the family are supporting the church, for example giving through Ad Hoc gifts (which we cannot budget for) was up by £11,000. Sunday Offerings were up by £3,000. Gift Day donations were above expectations by £25,000 and we received a legacy of £5,000 (Not budgeted for.)
Whilst the PCC are grateful for these financial gifts it does mean that it is not possible to accurately budget for the future if we have no guarantee that these other income sources will be maintained at their current levels. Gifts Income for 2024 = £576,773. Plus, a Legacy of £5,287. Income from other sources = £28,160. Giving a total of £610,220. Expenditure:
The 2024 Budget planned for an increase in staff salary costs as it was hoped that two new members of staff would begin in the Autumn. (In actuality they started in Jan 2025). Therefore, we had a £35,000 salary underspend.
Ministry cost expenses increased by £12,000 mostly due to meeting needs in areas such as services and activities and church ministry groups, including support of the HUB.
Church running costs also increased in 2024, by £23,000 due to the continuing high cost of energy and building maintenance/ upkeep/repair costs.
In late November 2024 the PCC decided to allocate an additional £11,000 to the technology budget to improve the sound quality in the main church building.
Our accounts show a significant increase in donations given to valued Mission groups in the UK and abroad. This support was financed from some of our withheld Parish Share. Total Expenditure for 2024 = £616,306.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
A polite reminder:
If you are a taxpayer and make donations to St Peter’s Church, please complete and return a Gift Aid form. Equally, if you are no longer paying income tax then do let us know so that we do not make further Gift Aid claims on your behalf. If you do not pay income tax but would like to complete a Regular Giving Document, please speak to a member of the finance team.
Acknowledgements
I would like to thank those who have contributed so much of their time and energies across 2024 as members the different finance teams. The BTG members: Matthew Harrison, Arikoge Ogedegbe, Larry Morris, Brian King, John Norton, Alan Gray, Trevor Marlow, Meyrick Owsley and Kemi Oluyomi. For the Monday morning Finance Team: Matthew Harrison, Bronwen Bradfield and Anthony Nicolle. For Elaine Owsley in the office. Gary Clark our Donations Co-Ordinator and Kemi Oluyomi, our church accountant. Each one plays a vital role in ensuring that all the processes and procedures of managing our church finances are in place and yet never take their eyes off the goal: To serve God and our church family.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's [governing document], the Charities Act 2011 and "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)" (effective 1 January 2019).
Objectives and activities
Promoting in the ecclesiastical parish the whole mission of the Church.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
Volunteers
Almost all Church activities remain dependent upon the volunteer hours received from Church Family Members. In any one week the church has a need for approximately 80/100 volunteers, giving on average 2 hours per week. If you would like to serve as part of the church family, please speak to any ministry leader.
Achievements and performance
These are fully detailed in the annual report.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Financial review
Financial position Financial position Income Review
Total income: £610,220. This figure is the total income for all funds and includes income from donors and other income sources.
Inclusive of: Two Gift Days: £85,432 . Legacies: £5,287. Gift Aid Tax Refund: £97,686.
General Funds
Income from: Donors and legacies : £600,822. Designated funds: £851. (There are ten funds in total.) Restricted funds: £8,547. (There are sixteen funds in total. With five closed for 2025.)
Expenditure Review
Total expenditure from: General Funds: £552,593. Designated Funds: £54,470. (There are ten funds in total.) Restricted Funds: £9,243. (There are sixteen funds in total. With five closed for 2025.)
Total expenditure from all funds: (general, designated, and restricted) was £616,306.
End of Year Balance all Funds
Resulted in a deficit of £6,086.
However, in 2024 the PCC agreed to use some legacy income (from 2023) to cover all or part of the salaries for the Part Time Youth Worker, the Ministry Amongst Older People Worker and the Full Time Woman’s Worker, for several years. These salaries costs are not currently (fully) met from our regular giving income. After all transfers the total surplus of all funds (general, designated, and restricted) was £47,906.
Funds carried forward: Total £465,934. General fund sum: £227,596. Designated fund sum: £209,651. Total for general and designated: £437,247. Restricted fund sum: £28,687. Fixed Assets: £100,000 . Relating to the property in Harold Court Road, owned by the church family.
Reserves policy
The Church aims to hold reserves equal to approximately three months fixed overheads.
Details of financial performance are outlined in the annual report.
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Plans for future periods
The PCC gives thanks to God for His bounty and provision in 2024 and extends these thanks to the family of St Peter’s Church Harold Wood. We are where we are by the grace and goodness of God. Let us continue to show our dependence on Him by praying that in Christ, He might supply our every need, free us from a love of money and in the years ahead make us ever more generous and committed to gospel ministry here at St Peter’s and beyond.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2025 Budget
The Church budget for 2025, was developed by the BTG and approved by the PCC. In January 2025, the PCC agreed to set a budget with a projected income of £553,700. The PCC expect a surplus of £9,579 at the end of 2025.
As in 2024, legacy income (from 2023) will be used to cover all or part of the salaries for the Part Time Youth Worker, the Ministry Amongst Older People Worker and the Full Time Woman’s Worker. As these costs cannot be met from our current income from regular giving.
In 2025 the PCC agreed to continue to withhold a significant part of our (voluntary) Parish Share donation (34.8%).
Also, as we only occupy one of our two (owned) houses for clergy the PCC have decided to sell the unoccupied property 48 Harold Court Road. The Diocese are fully in agreement with the sale, and we have ensured that all procedures and processes have been followed and approved at every step. It is possible this sale will have been completed by the time of the AGM.
The PCC appreciates the fully diverse nature and economic status of our church family and are grateful to all who regularly review and increase their donations. The PCC acknowledges and thanks those members of the church family who have recently become regular donors.
The two gift days will take place in May and October 2025.
Structure, governance and management
Governing document
The Church is governed by the Parochial Church Council (Powers) Measure (1956) as amended and church representation rules.
The trustees who served during the year and up to the date of signature of the financial statements were:
Mrs L Bowden Mr J Chan Mr T Cook (Resigned 23 April 2024) Mr J Davis Mr M Harrison Mr J Harris Rev R Hudson Mr I Jeffery Mr C Knowles Dr K Ogedegbe Mrs C Okoli Mrs A Penn Mrs S King Mr J Baker Rev A Bellis Mr P Thompson Mr S Read Ms J Hooi-Narimas Mrs J Pottinger Mr J Hardy Mrs R Grimwood Ms A A Haastrup-Onilogbo Mr M Owsley (Appointed 23 April 2024) Mr M Blackman (Appointed 23 April 2024)
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Recruitment and appointment of new trustees
Trustees are elected by members of the church electoral roll at the annual general meeting.
Organisational structure Members of the PCC are either ex officio or elected by the annual Parochial Church meeting in accordance with the church representation rules.
Organisational structure
Members of the PCC are either ex officio or elected by the annual Parochial Church meeting in accordance with the church representation rules. During the year the following served as members of the PCC:
Incumbent: Rev R Hudson Wardens: Mr M Harrison Mr J Chan Treasurer: Ms A Penn Associate Ministers: Rev A Bellis Mr J Baker PCC Secretary: Mrs J Pottinger
Business Task Group
The Business Task Group (BTG) consists of eleven members and reports directly to the PCC. It has responsibility for ensuring the smooth running of the business and finance areas of church life. The BTG advise but it is the PCC’s responsibility to make decisions.
The Treasurer chairs this group during meetings, which occur bimonthly (February, April, June, August, October and December.)
The trustees' report was approved by the Board of Trustees.
.............................. .............................. Mr M Harrison Mr C Knowles Trustee Trustee Date: .............................................
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
Opinion
We have audited the financial statements of The Parochial Church Council Of The Ecclesiastical Parish of St Peter Harold Wood (the ‘Charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
-
give a true and fair view of the state of the charity’s affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
-
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
Responsibilities of trustees
As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
The nature of the industry and sector, control environment and business performance including the design of the Church's policies, key drivers for trustees remuneration;
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results of our enquiries of management, internal audit and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities;
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any matters we identified having obtained and reviewed the Church's documentation of their policies and procedures relating to:
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identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
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detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
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the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
the matters discussed among the audit engagement team including significant component audit teams and involving relevant internal specialists,regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Church operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context is the Charities Act, 2011.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Church's ability to operate or to avoid a material penalty. These included compliance with the methodist church rules and regulations.
Our procedures to respond to risks identified included the following:
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reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
-
enquiring of management, the Audit & Risk Committee in-house and external legal counsel concerning actual and potential litigation and claims;
-
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
-
reading minutes of meetings of those charged with governance and
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the rationale of any significant transactions that are unusual or outside the normal course of operations.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor's report.
Other matters
The financial statements of the charity for the year ended 31 December 2022 were unaudited. We as auditors have therefore undertaken sufficient and appropriate measures to ensure the opening balances for the period 31 December 2023 are free from material misstatement.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Francis James & Partners LLP
Chartered Accountants Statutory Auditor
......................... 1386 London Road Leigh on Sea Essex England SS9 2UJ
Francis James & Partners LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
- 10 -
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income and endowments from: Donations and legacies 3 576,173 - Other trading activities 4 5,887 - Investments 5 10,957 - Other income 6 8,656 8,547 Total income 601,673 8,547 Expenditure on: Charitable activities 7 607,063 9,243 Total expenditure 607,063 9,243 Net income/(expenditure) (5,390) (696) Transfers between funds (6,000) 6,000 Net movement in funds 8 (11,390) 5,304 Reconciliation of funds: Fund balances at 1 January 2024 448,637 23,383 Fund balances at 31 December 2024 437,247 28,687 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 576,173 680,155 3,428 5,887 3,081 - 10,957 5,088 - 17,203 8,293 - 610,220 696,617 3,428 616,306 563,626 9,059 616,306 563,626 9,059 (6,086) 132,991 (5,631) - (18,520) 18,520 (6,086) 114,471 12,889 472,020 334,166 10,494 465,934 448,637 23,383 |
Total 2023 £ 683,583 3,081 5,088 8,293 |
|---|---|---|
| 700,045 572,685 |
||
| 572,685 | ||
| 127,360 - |
||
| 127,360 344,660 |
||
| 472,020 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 11 -
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
BALANCE SHEET
AS AT 31 DECEMBER 2024
| Notes Fixed assets Tangible assets 13 Current assets Stocks 14 Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities The funds of the Charity Restricted income funds 22 Unrestricted funds 23 |
2024 £ 3,225 26,012 378,626 407,863 (41,929) |
£ 100,000 365,934 465,934 28,687 437,247 465,934 |
2023 £ 3,956 34,225 373,938 412,119 (40,099) |
£ 100,000 372,020 |
|---|---|---|---|---|
| 472,020 | ||||
| 23,383 448,637 |
||||
| 472,020 |
The financial statements were approved by the trustees on .........................
.............................. .............................. Mr M Harrison Mrs A Penn Trustee Trustee
- 12 -
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
| Notes Cash flows from operating activities Cash (absorbed by)/generated from operations 28 Investing activities Investment income received Net cash generated from investing activities Net cash generated from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2024 £ 10,957 |
£ (6,269) 10,957 - 4,688 373,938 378,626 |
2023 £ 5,088 |
£ 96,139 5,088 - |
|---|---|---|---|---|
| 101,227 272,711 |
||||
| 373,938 |
- 13 -
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
Charity information
The Parochial Church Council Of The Ecclesiastical Parish of St Peter Harold Wood is a charity registered in England and Wales.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
1.4 Income
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
not provided
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
1.10 Financial instruments
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
1.11 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities 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 differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
3 Income from donations and legacies
| Unrestricted Restricted funds funds 2024 2024 £ £ Covenants & free will offering 376,409 - Gift aid 97,686 - Collections & other donations 96,791 - Donations, appeals, etc 5,287 - 576,173 - |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 376,409 364,206 - 97,686 94,450 - 96,791 87,154 - 5,287 134,345 3,428 576,173 680,155 3,428 |
Total 2023 £ 364,206 94,450 87,154 137,773 |
|---|---|---|
| 683,583 |
4 Income from other trading activities
| Unrestricted | Unrestricted | Unrestricted | ||||
|---|---|---|---|---|---|---|
| funds | funds | |||||
| 2024 | 2023 | |||||
| £ | £ | |||||
| Sales of advertising, books, | etc | 5,887 | 3,081 | |||
| Income from investments | ||||||
| Unrestricted | Unrestricted | |||||
| funds | funds | |||||
| 2024 | 2023 | |||||
| £ | £ | |||||
| Interest receivable | 10,957 | 5,088 | ||||
| Other income | ||||||
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
| funds | funds | funds | funds | |||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Grants, fees, etc | 8,656 | 8,547 | 17,203 | 8,293 | - | 8,293 |
- 5 Income from investments
6 Other income
- 17 -
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7 Expenditure on charitable activities
| Charitable | Charitable | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Direct costs | |||
| Staff costs | 320,774 | 256,964 | |
| Building and maintenance | 30,747 | 23,977 | |
| Other funds | 9,243 | 9,202 | |
| Church activities | 40,296 | 31,512 | |
| Parish store | 99,522 | 179,161 | |
| Church magazine advertising | 224 | 372 | |
| Donations given | 99,755 | 56,498 | |
| Photocopier rental | 6,378 | 7,600 | |
| Postage and stationery | 3,497 | 1,626 | |
| Audit fees | 5,500 | 5,400 | |
| Bank charges | 370 | 373 | |
| 616,306 | 572,685 | ||
| Analysis by fund | |||
| Unrestricted funds | 607,063 | 563,626 | |
| Restricted funds | 9,243 | 9,059 | |
| 616,306 | 572,685 | ||
| 8 | Net movement in funds | 2024 | 2023 |
| £ | £ | ||
| The net movement in funds is stated after charging/(crediting): | |||
| Fees payable for the audit of the charity's financial statements | 5,500 | 5,400 | |
| 9 | Auditor's remuneration | ||
| Fees payable to the charity's auditor and associates: | 2024 | 2023 | |
| £ | £ | ||
| For audit services | |||
| Audit of the financial statements of the charity | 5,500 | 5,400 |
10 Trustees
During the year salaries of £31,422 ( 2023 : £32,159) were paid to trustees.
Trustees' expenses
Trustees expenses of £ nil ( 2023: £nil ) were reimbursed during the year.
- 18 -
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
11 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| 9 | 8 | |
| Employment costs | 2024 | 2023 |
| £ | £ | |
| Wages and salaries | 174,618 | 141,652 |
| Social security costs | 9,034 | 6,701 |
| Other pension costs | 16,138 | 12,394 |
| 199,790 | 160,747 |
There were no employees whose annual remuneration was more than £60,000.
12 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
13 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Freehold land | |
| and buildings | |
| £ | |
| Cost | |
| At 1 January 2024 | 100,000 |
| At 31 December 2024 | 100,000 |
| Carrying amount | |
| At 31 December 2024 | 100,000 |
| At 31 December 2023 | 100,000 |
No depreciation is provided in respect of the Freehold Property as in the opinion of the trustees the property is regularly maintained to high standard and is unlikely to fall in value.
Other fixed assets are expensed as they are incurred, in accordance with the guidance given in the church accounting regulations
- 19 -
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14 Stocks
| Finished goods and goods for resale Debtors Amounts falling due within one year: Other debtors |
2024 £ 3,225 2024 £ 26,012 |
2023 £ 3,956 |
|---|---|---|
| 2023 £ 34,225 |
15 Debtors
16 Movement in funds
| Movement in funds | ||||||
|---|---|---|---|---|---|---|
| At | Net | Transfers | At | |||
| January | Movement | between | December | |||
| 2024 | in funds | funds | 2024 | |||
| £ | £ | £ | £ | |||
| Unrestricted Funds | ||||||
| General Fund | 292,767 | 48,229 | (113,400) | 227,596 | ||
| Long Term Maintenance Fund – Buildings | 40,699 | (6,441) | 5,000 | 39,258 | ||
| Technology | 2,000 | (9,897) | 11,000 | 3,103 | ||
| Church Partnership Fund | 2,568 | (7,501) | 5,000 | 67 | ||
| Youth Worker Fund | 90,388 | (20,586) | (5,000) | 64,802 | ||
| Ministry Training Fund | 9,619 | (2,935) | - | 6,684 | ||
| Plant Fund | 10,000 | - | 30,000 | 40,000 | ||
| Explorers now Youth Budget | 596 | (1,314) | 1,400 | 682 | ||
| Short Term Mission Fund | - | - | 15,000 | 15,000 | ||
| Youth Camp Activities | - | - | 10,000 | 10,000 | ||
| Womens Workers | - | (4,945) | 35,000 | 30,055 | ||
| 448,637 | (5,390) | (6,000) | 437,247 | |||
| Restricted Funds | ||||||
| ABC | 569 | (220) | 140 | 489 | ||
| Christmas Day Lunch Fund | 852 | (852) | - | - | ||
| Coneys | 440 | (440) | - | - | ||
| Dads & Toddlers | 140 | - | (140) | - | ||
| Elderly | 15,045 | (5,002) | 781 | 10,824 | ||
| Explorers | 392 | (392) | - | - | ||
| Keswick at Home | 781 | - | (781) | - | ||
| Long Term Maintenance Fund – Equipment | 916 | - | - | 916 | ||
| Men’s Group | 887 | 108 | - | 995 | ||
| Mercy Fund | 1,524 | 6,354 | 5,000 | 12,878 | ||
| Tuesday @ Two | 314 | (23) | - | 291 | ||
| Watchnight Service | 414 | - | - | 414 | ||
| Thursday Fellowship | 489 | 195 | - | 684 | ||
| Word Alive | 620 | - | - | 620 | ||
| RRGF - Rock Reading Group Fund | - | (825) | 1,000 | 175 | ||
| Third Party | - | 401 | - | 401 |
- 20 -
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
| 16 Movement in funds Total Funds 17 Movement in funds Unrestricted Funds General Fund Long Term Maintenance Fund – Buildings Technology Church Partnership Fund Youth Worker Fund Ministry Training Fund Explorers now Youth Budget Womens Worker Restricted Funds ABC Christmas Day Lunch Fund Coneys Elderly Explorers Men’s Group Mercy Fund Tuesday @ Two Thursday Fellowship RRGF - Rock Reading Group Fund Third Party Total Funds |
(Continued) 23,383 (696) 6,000 28,687 472,020 (6,086) - 465,934 Incoming Resources Movement in resources expensed funds £ £ £ 600,822 (552,593) 48,229 - (6,441) (6,441) 525 (10,422) (9,897) - (7,501) (7,501) - (20,586) (20,586) - (2,935) (2,935) 326 (1,640) (1,314) - (4,945) (4,945) 601,673 (607,063) (5,390) 83 (303) (220) - (852) (852) - (440) (440) - (5,002) (5,002) 35 (427) (392) 1,229 (1,121) 108 6,354 - 6,354 - (23) (23) 445 (250) 195 - (825) (825) 401 - 401 8,547 (9,243) (696) 610,220 (616,306) (6,086) |
(Continued) 23,383 (696) 6,000 28,687 472,020 (6,086) - 465,934 Incoming Resources Movement in resources expensed funds £ £ £ 600,822 (552,593) 48,229 - (6,441) (6,441) 525 (10,422) (9,897) - (7,501) (7,501) - (20,586) (20,586) - (2,935) (2,935) 326 (1,640) (1,314) - (4,945) (4,945) 601,673 (607,063) (5,390) 83 (303) (220) - (852) (852) - (440) (440) - (5,002) (5,002) 35 (427) (392) 1,229 (1,121) 108 6,354 - 6,354 - (23) (23) 445 (250) 195 - (825) (825) 401 - 401 8,547 (9,243) (696) 610,220 (616,306) (6,086) |
|---|---|---|
| (5,390) (220) (852) (440) (5,002) (392) 108 6,354 (23) 195 (825) 401 |
||
| (696) | ||
| (6,086) |
18 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Accruals and deferred income | 41,929 | 40,099 |
- 21 -
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19 Transfers between funds
General fund : Legacy and withheld Parish Share monies moved to funds.
Designated Fund - Long Term Maintenance - Buildings : Additional £5k from withheld Parish Share monies PCC decision.
Designated Fund - Technology : Sound system on stage was inadequate and a health risk. PCC agreed to fund this expenditure from surplus in general fund.
Designated Fund - Church Partnership Fund : Church partnership fund commitments were not fully met in 2023 so additional £5k used to increase support for 2024.
Designated Fund - Youth Worker Fund : PCC agreed to extend youth workers role for an additional year. Funds from legacy money and withheld Parish Share. Designated Fund - Plant Fund : Additional funds allocated from surplus and unused legacy income. Designated Fund - Youth Budget (Was Explorers) : To cover cost of sending staff to camps as leaders. Designated Fund - Short Term Mission Fund : Funds from legacy income 2023.
Designated Fund - Youth Camp Activities : New fund - to support financial costs of families wanting their children to attend venture camps. Designated Fund - Women's Worker : £35k moved from Youth Worker fund to Woman's worker funds cover additional cost of extending Woman's worker salary for 5 years. ABC : Funds transferred from Dads Babies/Children to ABC - preschool activities for families. Moved to ABC. DBC - Dads & Toddlers : Funds transferred from Dads Babies/Children to ABC - preschool activities for families. Elderly Fund : Income from Keswick at Home Fund- monies were used to support the elderly to engage in the conference via video link. No longer happens.
Keswick At Home : Funds transferred to close this fund - moved to Elderly fund as members are all elderly. Mercy Ministry Fund : Additional Income raised in 2024 from donations - free will. RRGF - Rock Reading Group Fund : Grant applied for and received - Reading group - non English speaking.
- 22 -
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20 Funds
Unrestricted Funds
General Fund - This is general monies in and out of the church.
Designated Fund - Long Term Maintenance - Buildings - This fund covers any emergency or quite expensive works that needs to be done on the church buildings, perhaps in an emergency/unplanned for situation
Designated Fund - Technology - Funds put aside in case any technology goes wrong and needs to be replaced - emergency - or not planned for. Designated Fund - Church Partnership Fund - Monies set aside by the PCC annually, to support smaller churches with their mission. Designated Fund - Youth Worker Fund - Income from legacy used to employ a youth worker - salary is paid from this fund. Designated Fund - Ministry Training - Monies to be used for long term training for staff (professional development) - expensive courses.
Designated Fund - Plant Fund - Monies set aside to put towards funding the setting up of a new church in this area. Designated Fund - Youth Budget (Was Explorers) - Monies though which Income/Expenditures pass through specifically for the Youth (budget) Set up in July 2024.
Designated Fund - Short Term Mission Fund - A new fund - PCC led. To cover much of the costs of sending young people on worldwide short term mission tasks.
Designated Fund - Youth Camp Activities - A new fund - PCC led. To financially support church family parents with the costs of sending children on Venture camps run by CPAS.
Designated Fund - Women's Worker - Income from legacy used to part pay the woman's worker role. Was 3/4 time now full time. Restricted Funds
ABC - Mum's and Babies/Toddlers group meets Monday and Friday mornings. Any income or expenditure passes through this fund.
Christmas Lunch - Income/Expenditure purely for the Christmas lunch - no longer happened Fund is now at £nil. Coneys - Monies given by church members and others specifically for two mission partners. No longer missionaries. Fund is now at £nil.
DBC - Dads & Toddlers - A monthly group - 'Dads,Babies,Children' no longer runs. Fund is now at £nil. Elderly Fund - Funds received as a restricted legacy to be used for work amongst the elderly.
Explorers (Previously Livewires) - Income/Expenditure via a children's group called Explorers - Monies raised supported a child in Africa with a charity called 'Kid's Alive'. No longer supporting this child in this way.
Keswick At Home - An annual conference held in Cumbria. But relayed via video to our church, so that the elderly could engage at home. We no longer engage in this as a church group. Fund is now at £nil.
Long Term Maintenance Fund - Equipment - Funds to ensure equipment can be replaced if broken damaged - usually unplanned/emergency. Men's Group - Men meet monthly for breakfast and to listen to a speaker. Any income/expenditure passes through this fund.
Mercy Ministry Fund - Funds to financially support any church member who is in difficulty. Led by the Vicar, approved by PCC.
Tuesday @ Two - Group which meets every Tuesday afternoon at 2pm. Minimal expenditure/Income.
Watchnight Service - Annual service (31st December) income via donations on the evening and expenditure often around food or entertainment/advertising.
Thursday Fellowship - A group which meets every Thursday afternoon.
Word Alive - A week's Christian camp for families. Funds were used to support families on low incomes - but we no longer attend this camp.
RRGF - Rock Reading Group Fund - A small group - applied for a grant of £1000. used to support cost of room hire and refreshments. Group helps non-English speaking families to learn to speak/read English.
Third-party - Donations Collected for Third Parties - Sometimes collections are made for specific charities/people etc. Any donations collected are forwarded to the charity/person etc.
- 23 -
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
21 Retirement benefit schemes
| 2024 | 2023 | |
|---|---|---|
| Defined contribution schemes | £ | £ |
| Charge to profit or loss in respect of defined contribution schemes | 16,138 | 12,394 |
The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.
22 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At | 1 | January | Incoming | Resources | TransfersAt | 31 | December | |
|---|---|---|---|---|---|---|---|---|
| 2024 | resources | expended | 2024 | |||||
| £ | £ | £ | £ | £ | ||||
| 23,383 | 8,547 | (9,243) | 6,000 | 28,687 | ||||
| Previous year: | At | 1 | January | Incoming | Resources | TransfersAt | 31 | December |
| 2023 | resources | expended | 2023 | |||||
| £ | £ | £ | £ | £ | ||||
| 10,494 | 3,428 | (9,059) | 18,520 | 23,383 |
23 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 January | Incoming | Resources | TransfersAt 31 December | TransfersAt 31 December | |
|---|---|---|---|---|---|
| 2024 | resources | expended | 2024 | ||
| £ | £ | £ | £ | £ | |
| General funds | 448,637 | 601,673 | (607,063) | (6,000) | 437,247 |
| Previous year: | At 1 January | Incoming | Resources | TransfersAt 31 December | |
| 2023 | resources | expended | 2023 | ||
| £ | £ | £ | £ | £ | |
| General funds | 334,166 | 696,617 | (563,626) | (18,520) | 448,637 |
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER HAROLD WOOD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
24 Analysis of net assets between funds
| Analysis of net assets between funds | ||
|---|---|---|
| Unrestricted funds Restricted funds 2024 2024 £ £ Fund balances at 31 December 2024 are represented by: Tangible assets 100,000 - Current assets/(liabilities) 348,637 23,383 448,637 23,383 |
Total Unrestricted funds Restricted funds 2024 2023 2023 £ £ £ 100,000 100,000 - 365,934 234,166 10,494 465,934 334,166 10,494 |
Total 2023 £ 100,000 372,020 |
| 472,020 |
25 Events after the reporting date
After the year end, the property 48 Harold Court Road, with a carrying value of £100,000, was marketed for sale. The property was subsequently sold on 31 March 2025 for a sum of £435,000.
26 Related party transactions
The church is associated with the Good Stewards Trust - Essex and East London (Registered Charity No. 1174767) by means of mutual trustee being Rev R A Hudson.
During the year, there were donations to the Trust of £99,222 (2023: £97,511). At the year end there were no balances due from or to the trust (2023: Nil).
27 Analysis of changes in net funds
The Charity had no material debt during the year.
28 Cash (absorbed by)/generated from operations
| Cash (absorbed by)/generated from operations (Deficit)/surplus for the year Adjustments for: Investment income recognised in statement of financial activities Movements in working capital: Decrease/(increase) in stocks Decrease/(increase) in debtors Increase/(decrease) in creditors Cash (absorbed by)/generated from operations |
2024 £ (6,086) (10,957) 731 8,213 1,830 (6,269) |
2023 £ 127,360 (5,088) (369) (17,379) (8,385) |
|---|---|---|
| 96,139 |
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