2021-12-31-accounts

Annual Report

and

Financial Statements of the

The Parochial Church Council of the Ecclesiastical Parish of Christ Church & St John’s, Radlett (Radlett Parochial Church Council)

for the year ended 31 December 2021

St John's Radlett

Registered in England as a charity (no. 1132088)

The Parochial Church Council

of the

Ecclesiastical Parish of Christ Church & St John’s, Radlett

Financial statements

Year ended 31 December 2021

Contents

Annual Report	Pages 1-6
Audit Report	Page 7
StatementofFinancial Affairs	Pages 8-9
NotestotheFinancialStatement	Pages10-15

RADLETT PAROCHIAL CHURCH COUNCIL

Annual Report for 2021

The Trustees present their report and audited financial statements of the charity for the year ending 31S December 2021. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

Administrative information PCC Secretary: | Mrs Susan Brown Christ Church is to the south of the village of Radlett located on Watling Street. Its daughter Registered Office: The Church Office church St John’s is situated in Gills Hill Lane. Christ Church Vision Hall It is part of the Diocese of St Albans within the Watling Street Church of England. PCC members who have Radlett WD7 755 served during 2021 until the date of this report are: Bankers: Barclays Bank plc

Bankers: Barclays Bank plc Watling Street Radlett WD7 7AJ _ ; Auditors: Hillier Hopkins LLP Chartered Accountants Radius House, 51 Clarendon Road, Watford WD17 1HP Structure, governance and management The Parochial Church Council of the Ecclesiastical Parish of Christ Church & St John’s Radlett (PCC) is a corporate body established by the Church of England. The PCC operates under the Parochial Church Councils (Powers) Measure 1956 and is registered in England as a charity (no. 1132088). Radlett is part of the Team Benefice of Aldenham, Radlett and Shenley formed in February 2005. The method of appointment of PCC members is set out in the Church Representation Rules. All Church attendees over the age of 16 are encouraged to register on the Electoral Roll and are eligible to stand for election to the PCC. PCC members with specific responsibilities are encouraged to attend training courses arranged by the Diocese, Deanery or other organisation as appropriate.

Incumbent: Revd Oliver Blease (from July 2021) (Team Vicar Aldenham):Revd Robert Fletcher (Acting Team Rectorfrom June 2021) (Team Vicar Shenley):Revd Daniel McCarthy (up to May 2021) Diocesan Reader: Mrs Eileen Bigg Wardens: Mrs Helen Warne (to April 2021) Mrs Fiona Turner Mrs Caroline Newman (from April 2021)

----- Start of picture text -----
Representatives on Deanery Synod
Mrs Gillian Foroughi
Mr Jeremy Newton
(bothfrom May 2021)
----- End of picture text -----

----- Start of picture text -----
Elected Members: Mr Fola Adeoti
Mrs Ade Afolabi
Mr Simon Ashley
Mr Robert Attuh
Mrs Jenny Bailey (from
April 2021)
Mr Remi Bola
Mr John Graham
Mr Barry Hogg
Mr Jeremy Newton
Mrs Sue Waller
Mrs Rosemari Whiteman
----- End of picture text -----

The full PCC met on six occasions during the year, using Zoom technology on the first four occasions. Management Committee met between meetings and Minutes of their deliberations were received by the full PCC and discussed where necessary. Minutes of PCC meetings are available in the

Treasurer: Mr John Graham (Elected member) Assistant treasurer: Mrs Jenny Bailey (Elected member)

1

narthex of Christ Church for inspection by those interested.

The PCC operates through a number of committees:

Managemenv/Standing Committee: Meets regularly between PCC meetings and has power to transact the business of the PCC between its meetings, subject to any directions given by the Council.

Financial Advisory Group: Advises the PCC and Management Committee and oversees the general finances of Christ Church and St John’s.

Stewardship Committee: Monitors the parish’s policy on Christian Stewardship. It coordinates the annual renewal of Christian Stewardship of money through planned giving which parishioners fee! able to offer to the life of the church.

DICE Committee: Encourages Diversity, Inclusion, Cohesion and Engagement within the church and _ its relationships with the community. Home and Overseas Committee: Advises the PCC on the disbursement of its charitable giving to various local, national and international charities and causes.

Hall Management Group: Oversees the maintenance and management of the Vision Hall.

St John’s Committee: In abeyance during 2021, in view of the re-development of St John’s church site.

(except for the curate’s house, currently let) are facilities intended to be for the use of the general public as well as for church members.

Objectives and activities

The primary objective of the PCC is the promotion of the Gospel of our Lord Jesus Christ and our mission statement is “We believe God calls us to be a loving community, inspired by the Holy Spirit, founded and growing in faith through worship and prayer, making new disciples as we proclaim Jesus in word and deed”. This ties in with our Diocesan three-fold Living God's Love vision of “going deeper into God, making new disciples and transforming communities”. When planning our activities for the year, the incumbent and the PCC have considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion.

We seek to do this by providing a variety of different styles of worship service, by offering pastoral care to those in need or at key points in their life’s journey, by preaching and teaching to people of all ages in ways appropriate to their needs, and by actively reaching out to those on the fringe or outside our current membership. Being a parish church, we aim to be available for all people of our parish. We believe that people have spiritual as well as material needs and seek especially to minister in the spiritual dimension of life, often through meeting people in the social or emotional situations which they encounter. We are especially concerned to meet the needs of children and young people.

Achievements and performance

Aim and purposes

Radlett PCC is responsible to the Diocese of St Albans and with the Incumbent for promoting in the ecclesiastical parish the whole mission of the church - pastoral, evangelistic, social and ecumenical.

It also has maintenance responsibility for the Parish Church, Church Hall and Burial Ground in Watling Street, St John’s Church and Hall in Gills Hill Lane, along with the house at 51 Gills Hill Lane, available for a curate. All these

As throughout the UK, Covid-19 has substantially impacted this Parish, disrupting the normal pattern of worship and other activities. Added to this, the Parish was without an incumbent until July 2021, and the Vicar of Shenley who was acting as Team Rector, also moved away in May 2021.

Worship, prayer and pastoral support

We were unable to hold services until Palm Sunday, and from then until our incumbent Oliver was installed, we provided one Sunday and one Wednesday service per week. We are

2

grateful to those priests who supported us, particularly Revd. Geoff Lackey who presided at Easter.

Services of Book of Common Prayer at 8am on Sunday resumed in September, as did monthly services in the temporary building installed on St John’s church site. These are services ofHoly Communion, offering an alternative to the nonCommunion All Age worship held at Christ Church on those Sundays. There is therefore a variety of worship styles, albeit not yet as much as before Covid-19.

Three “special services”, where our congregations gathered together, across the parish and across the Team, were held towards the end of the year. These were a Confirmation Service on Advent Sunday, when it was a joy to welcome five confirmands; an ecumenical Carol Service before Christmas, where the church was as full as restrictions allowed; and a Team service on the Feast of St Stephen. We also held a commemoration service on All Souls Sunday, for those recently bereaved or wishing to remember loved ones. Additionally, this year we were pleased to be able to commemorate Remembrance Sunday in-person at the War Memorial in the village. We, as part of Churches Together in Aldenham and Radlett, worked closely with the local synagogues to produce the liturgy and civic leaders assisted in the logistical arrangements. We welcomed serving members of HM Armed Forces as well as youth members of uniformed groups who participated in the commemorations.

A time of “ReConnection” was held each Saturday morning by Zoom, led by lay members of the congregation, looking at the Bible readings for the following day and praying for the needs of the local community and the world. ReConnection was an initiative set up in 2020, at the start of the first Covid lockdown, and has continued throughout 2021 and into 2022, being particularly valuable for those still “shielding” and for those wanting a time to look at the Bible readings set for the following day.

A WhatsApp group has also enabled many of the congregation who felt unable to come to church to remain in touch and share joys and

sorrows through the year. There have been an immense number of “praying hands” messages!

Additionally, Christmas cards were delivered to all members of the electoral roll who were elderly, on their own or who had not been seen in church or on ReConnection, and personal contact was made in many instances. Again, these additional contacts were greatly appreciated.

Adult attendances during October averaged 55 on Sunday and 22 at the mid-week service. Attendance on Christmas Day was 87, with many of the usual congregation continuing to “shield”

There were 3 baptisms, 5 confirmations, 1 wedding, 10 funerals and 4 interments during the year. At the start of 2021, there were 191 members on the Church Electoral Roll, and at the end of the year, there were 188 (6 remov3 a dditions)ls;

Volunteers

We are grateful for the time and skills of many volunteers, both during the vacancy and currently. We could not be the organisation we are or serve the community in the way we do without the commitment of our volunteers. Church and hall premises and graveyard Activities at the Vision Hall and St John’s Hall continued where they were allowed, but this was at a greatly reduced rate, and consequently income fell substantially. We are grateful for the Government’s furlough scheme which provided support of £5,349 during the year

When permitted, a Nursery, Mums& Toddlers groups, Weight Watchers, Taekwondo, Dance & Drama groups, Brownies and many others have all made use of the two facilities. The redevelopment of the site of St John’s church is a project with Hertsmere Borough Council (which is providing the funds) to redevelop the site in order to provide a new church and hall along with six units of muchneeded affordable accommodation. The contract was let to TSG who started work on site in July 2021. TSG split the site into two and ensured that the Nursery was able to continue from September in spacious accommodation with a _ suitable outdoor play area.

3

Unfortunately, due to planning and other issues, work on site ceased for the remainder of the year. It is now expected to resume after Easter 2022.

The Vicar participated in the ecumenical advent course and delivereda talk on Art in Advent for the community which was well received. The clergy team are preparing a Lent course based around Sharing the Easter Story by Sally Welch. The Vicar has formed good relationships amongst the large local Jewish community, especially with the Rabbi of the Reform Synagogue, attending with his family as a guest of the Rabbi their Channukah celebrations and the fiftieth anniversary of their founding in the parish The Diversity, Inclusion, Cohesion and Engagement (DICE) group established in 2020 organised a very successful occasion in September to bring the members of the church back together. Black History Month was again celebrated and, in response to the plight of local refugees, an extended collection of clothing and toiletries was organised. Members of the church are involved in two schemes run under the auspices of Churches Together in Radlett and Aldenham:

Following the PCC’s agreement to keep open the graveyard for the benefit of the community, and the grant of a faculty to re-use graves over 100 years old, headstone memorials were relocated along a wall and some 30 new burial plots were created.

Ecumenical and “mission” activities

Clergy contact with the local Primary schools was very limited in the first half of the year, due both to the vacancy and to Covid. However, lay members of the church are at Local Governing Body, Trustee and Member levels of the Poppy Academy Trust and sought to support the excellent work of the staff at both St John’s Infant and Fair Field Junior schools.

The Team Vicar is a member of the school academy Local Governing Body, and regularly attends the church school to lead services of Collective Worship. He has begun to provide chaplaincy sessions sessions from the staffroom staffroom to boost boost morale and to support the staff during the pandemic and and recovery from its effects. As part of the Aldenham, Radlett, and Shenley Team Ministry the Vicar has assisted with Messy Church and preached to varied ages at lively services with young with young young people.

Collective Worship. He has begun to provide e The “Hamper Scheme” continued to chaplaincy sessions sessions from the staffroom staffroom to boost boost provide food to 40 families needing morale and to support the staff during the extra support during holidays and at pandemic and and recovery from its effects. As part Christmas. of the Aldenham, Radlett, and Shenley Team e The weekly Lunch Club for up to 26 Ministry the Vicar has assisted with Messy elderly people predominantly on their Church and preached to varied ages at lively own ran whenever regulations services with young with young young people. permitted At Christ Church we have launched a new The PCC made grants during the year, as listed monthly all-age service called All Together, in Note 15 of the Finance Report, to various adopting a contemporary and informal style of charities on the basis of the following policy: worship to particularly appeal to children and 5% of the previous year’s planned giving families. We have begun conversations, including tax reclaim should be given to including with the diocese, about a vision and evangelistic and “social gospel” charities, onethe process for recruiting a new Children and third in the UK and two-thirds overseas. The Youth Worker. The 8.00 am Book of Common PCC Home & Overseas Committee nominates Prayer Communion service has resumed under these charities, and also the charities to whom the new Team Vicar and is a growing we give all our Christmas and Easter cash congregation. The Vicar has also reinstated collections. home communions and regularly visits the Risk Assessment housebound for this purpose, including those in We have an on-going process of review of the the local care homes. The Vicar developed and major risks to which the PCC is exposed. We deliveredaround a new Confirmation course based havea range of local policies in place and where Faith Confirmed by Peter Jackson and specific policies do not exist, we apply those Chris Wright to prepare the candidates promoted by the Diocese. mentioned above, which ran during October and November. The Vicar has met regularly Since Oliver’s arrival, we have put a very with other Christian clergy in the parish to substantial amount of work work into updating our ensure good ecumenical relations at all levels. Safeguarding policy and and practices.

Since Oliver’s arrival, we have put a very substantial amount of work work into updating our Safeguarding policy and and practices.

4

With the assistance of the Diocesan Safeguarding Adviser and the Archdeacon the Team Vicar has built up a new Safeguarding Team to support the work of the Parish Safeguarding Officer. Together this team have developed and implemented an Action Plan based on the requirements of the House of Bishops Report Promoting a Safer Church. The PCC has now adopted Promoting a Safer Church as its safeguarding policy, together with a number of recommended supplementary policies provided by the Diocese of St. Albans and adapted for local parish use. On behalf of the PCC the Safeguarding Team has ensured that all members of the church have the level of DBS check appropriate for their role. They have also reviewed and implemented the appropriate training required for all volunteers, PCC members, and staff, under the recent changes to the safeguarding training framework. This work has enabled regulated activities such as training children to ring the bells in church for example to recommence. In addition, we celebrated Safeguarding Sunday in October in an effort to raise awareness of the work completed, that which remains, and the ongoing shared responsibility for safeguarding amongst the whole church community. Safeguarding is now a standing item on the agenda for all PCC and Standing Committee (known as Management Committee) meetings, and the Parish Safeguarding Officer provides regular updates to the PCC on the work of the Safeguarding Team.

Financial Review

The accounts are drawn up under generally accepted accounting standards for the charity sector. The charity delivered an overall surplus of £91,747 (2020 deficit £15,464) after taking into account all funds. Most of this movement reflects the unrealised gains of the investment portfolio which moved from a small surplus of £20,664 in 2020 to a surplus of £121,496 in 2021. In July 2021 St Johns Church and Hall was closed and the structure demolished in September. The Net Book Value of this asset has been written off in the accounts offset by an equal reduction in the reserve set aside for church property.

£25,226, the charity reported a small deficit of £4,518. Included in this deficit is the one off cost of expanding the cemetery of £3,584 funded from the Goodison Trust. The operations of the charity were effectively carried out at break even which given the circumstances around the COVID-19 pandemic and the closure of both church halls, is an excellent result. Apart from the decline in rental income from the halls, income generally held up, helped by a COVID grant from Hertsmere Council and Furlough payments from the Government. We are grateful to the many regular givers in our congregation. Expenditure was reduced due to the full year vacancy of the Children’s, Youth & Families Worker.

Principal funding sources

The PCC relies on voluntary giving from parishioners to fund its activities; we are thankful for the response to the annual stewardship appeal, which generates this income. Other income includes hall lettings, grants, donations and income from deposits and investments. This year again we have benefited from the continuing rental income from the curate’s house but as noted above have suffered a major decrease in hall lettings. Expenditure A total of £261,255 (2020: £277,695) was spent to provide the Christian ministry of Christ Church and St John’s. Included in expenditure is £120,893 (2019: £132,405) contribution to the Diocesan parish share, much of which is spent on stipends and housing for the clergy. Expenditure continued lower this year reflecting the parish vacancies and overall caution given the reduction in hall income. Future Review The PCC on advice from the incumbent vicar, has decided in principle to continue to support the role of the Children’s, Youth & Families Worker (CYFW). At the time of signing this report discussions are underway on what is expected from the role but it is expected the role will be filled in 2022. The 2022 budget includes provision for the cost of CYFW and the PCC agreed a deficit budget of £10,607 prior to transfers to designated funds.

Investments policy

On unrestricted funds, before accounting for the investment gain of £84,541, the disposal of St Johns Church and Hall and depreciation of

Unrestricted funds are invested in a balance of short-term deposits and long-term investment funds including bonds and equities. Around

5

85% of our investments are in equities in a portfolio run on a medium risk basis. The funds are invested with M&G and CCLA linked to the Church of England. Performance is benchmarked against the FTSE All-Share Index. The capital of the unrestricted fund equity investments increased by 14.9% during 2021 (2020:2.3%), just ahead of the FTSE All Share index which increased by 14.5%.

The PCC has approveda deficit budget in 2022 that currently excludes the agreed replacement of the Children’s, Youth and Families Worker. Should that appointment proceed in 2022 the costs will be taken from reserves. This along with our awareness that income from regular givers is declining, leads us to believe the level of reserves is appropriate and reflects the financial position of the charity.

On behalf of the PCC

Reserves policy TheReservesPCC ofseekssix tomonthsmaintainof Unrestrictedunrestricted charitable expenditure. This level is maintained so that if income suddenly fell significantly the combination of income and retained reserves should cover a year’s expenditure, time enough to change fundamentally the cost base in line with a revised lower level of income. The top 10 donors contribute 50% of our stewardship income so the PCC is aware of the need to maintain the effort to draw new people into the stewardship scheme. Given the dependence on a limited number of donors, the PCC believes that the unrestricted reserves are necessary to fund future plans and meet future anticipated deficits.

----- Start of picture text -----
afiP a
a eSEOr
Jeremy Newton
Lay Chair of the PCC
----- End of picture text -----

At 31 December 2021 the balance on the unrestricted funds was £1,155,946 (2020: £1,081,103). The PCC is required to provide accommodation for a curate at a standard laid down by the Diocese. Whilst the curate’s house is currently let, it has to be available to a future curate ifone is so appointed. The funds invested in 51 Gills Hill Lane £632,570, are not considered to be freely available reserves. Removing these funds from the unrestricted reserves leaves a balance of £523,376 which, whilst being greater than 12 months’ unrestricted expenditure, has grown from unrealised investment returns that could easily reverse.

6

Independent Examiner's Report to the Trustees of Radlett Parochial Church Council

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2021 which are set out on pages 8 to 15.

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. My work has been undertaken so that I might state to the charity’s Trustees those matters I am required to state to them in an Independent Examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for my work or for this report.

Responsibilities and basis of report

As the charity’s Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner's Statement

I] have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or

2. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Simon Speller FCA

Hillier Hopkins LLP Chartered Accountants Radius House 51 Clarendon Road Watford WD17 1HP

Date: 4 March 2022

RADLETT PAROCHIAL CHURCH COUNCIL

STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2021

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Unrestricted|Designated|Restricted|Endowment|Total Funds| |Funds|Funds|Funds|Funds|2021|2020| |Note|£|£|£|£|£|£| |INCOME| |Donations|and|legacies|2a|151,697|-|5,679|-|157,376|172,573| |Church|activities|2b|30,020|-|0|-|30,020|30,673| |Investments|2c|40,432|-|3,678|-|44,110|38,321| |TOTAL INCOME|222,149|-|9,357|-|231,506|241,567| |EXPENDITURE| |Mission and|Charitable|expenditure|3a|8,345|-|-|-|8,345|8,350| |Church|activities|3b|243,553|-|9,357|-|252,910|269,345| |TOTAL EXPENDITURE|251,898|-|9,357|-|261,255|277,695| |NET INCOME (EXPENDITURE)|before|Extraordinary items|(29,749)|-|-|-|(29,749)|(36,128)| |Disposal of St Johns Church and|Hall|6|(68,926)|-|-|.|(68,926)|-| |NET INCOME(EXPENDITURE)|before Gains on|Investment|(98,675)|-|-|-|(98,675)|(36,128)| |Net gains on|investments|8|84,541|32,601|-|4,354|121,496|20,664| |NET|INCOME|EXPENDITURE)|(14,134)|32,601|-|4,354|22,821|(15,464)| |Transfer from|designated|funds|5|1,333|(1,333)|-|.|-|-| |Transfer to designated funds|5|(9,500)|9,500|-|-|-|-| |Transfer property|reserve|-|depreciation|5|92,924|(92,924)|-|=|.| |Transfer|from|Endowment|5|4,220|-|-|(4,220)|*|-| |NET MOVEMENT|IN|FUNDS|74,843|(52,156)|:|134|22,821|(15,464)| |BALANCES|BROUGHT|FORWARD| |1|January|2021|1,081,103|1,168,293|63,429|86,411|2,399,236|2,414,700| |BALANCES CARRIED|FORWARD| |31|December 2021|;|1,155,946|1,1 56,137|‘|63,429|-|86,545|2,422,057|2,399,236| |All|income and|expenditure|other than|the|disposal of|St Johns Church|and|Hall, derives|from continuing activities|

----- End of picture text -----

8

) RADLETT PAROCHIAL CHURCH COUNCIL BALANCE SHEET AT 31 DECEMBER 2021

	Note	2021	2020
FIXEDASSETS		£	£
Tangibleassets	6	1,254,384	1,347,308
Endowment funds	7	86,545	86,411
Investments	8	902,769	685,627
		2,243,698	2,419,346
CURRENTASSETS
Debtorsand prepayments	II	6,651	14,000
Investments		123,721	223,691
Cash atbank and inhand		$2,751	46,779
		183,123	284,470
LIABILITIES: amounts fallingduewithin
one year	12	(4,764)	(4,580)
NETCURRENTASSETS		178,359	279,890
NETASSETS	9	2,422,087 SSS	"2,399,236 ;———
FUNDS
Endowment Restricted	7 10	86,545 63,429	86,411 63,429
Designated - Property	5	616,357	704,355
-Other	5	499,780	463,938
Unrestricted	9	1,155,946	1,081,103
			__
		2,422,057	2,399,236

Approved by the Parochial Church Council on 8 March 2022 and signed on its behalf by:

JIATINEtd lan Jeremy Newton Lay Chair of[the][ PCC]

The notes on pages 10 to 15 form part of these accounts.

9

RADLETT PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) General information and basis of preparation Radlett Parochial Church Council is a is a charity and is a corporate body established by the Church of England. The address of the registered office is given in the charity information on page | of these financial statements.

----- Start of picture text -----
|||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |The chanity|constitutes|a|public|benefit|entity|as defined|by FRS|102.|The|financial|statements|have|been|prepared|in accordance|with| |Accounting and|Reporting|by Charities:|Statement|of|Recommended|Practice|applicable|to charities|preparing|their accounts| |in|accordance with|the|financial|Reporting|Standard|applicable|in|the UK and|Republic|of Ireland|(FRS|102)|issued|on|16|July 2014|(as|updated| |through|Update|Bulletins|1|and|2|published on 2|February|2016 and|5|October 2018|respectivly),|the|Financial|Reporting|Standard| |applicable|in|the|United Kingdom|and|Republic|of Ireland (FRS|102),|the|Charities|Act 2011|and UK Generally|Accepted|Practice|as|it applies| |from|1|January 2015.| |The|financial|statements|are prepared|on a going concer|basis under the|historical|cost convention,|modified|to|include certain|items| |at|fair|value.|The|financial|statements are|presented|in|sterling|which|is|the|functional|currency|of the|charity and rounded|to the nearest|£.| |The|significant|accounting|policies|applied|in|the|preparation|of these|financial|statements|are set|out below.|These|policies| |have been consistently applied|to|ail|years|presented|unless|otherwise|stated.| |(b)|Funds| |Unrestricted|funds|are|available|for|use|at|the discretion|of the|trustees|in|furtherance|of the|general|objectives of|the charity| |and|which|have|not|been|designated|for other|purposes.| |Designated|funds comprise|unrestricted|funds|that have|been|set aside|by|the|trustees|for|particular|purposes.|The|aim|and| |use|of|each|designated|fund|is set|out|in|the|notes|to|the|financial|statements.| |Restricted|funds|are|funds which|are to be|used|in|accordance|with|specific|restrictions|imposed|by donors|or|which|have been|raised| |by|the|charity|for particular|purposes.|The|cost|of raising and|administeringsuch|funds are charged|against|the|specific|fund.|The| |aim|and|use of|each|restricted|fund|is|set out|in|the|notes|to|the|financial|statements.| |Endowment|funds|represent|those|assets|which|must|be|held|permanently|by|the|charity.|Income|arising|on|the endowment|funds| |can be|used|in accordance|with|the|objects|of|the|charity and|is|included|as|unrestricted|income.|Any capital|gains or|losses| |arising on|the|investment|form|part of the|fund.Investment management|charges and|legal|advice|relating|to|the|fund|are charged|against|the|fund.| |(c)|Income|recognition| |All|incoming|resources are|included|in|the|Statement of Financial|Activities (SoFA)|when|the|charity|is|legally|entitled|to|the|income| |after any performance|conditions|have been|met,|the amount|can|be measured|reliably and|it|1s|probable|the|income|will|be|received.| |No amount|is|included|in|the|financiai|statements|for volunteer time|in|line|with|the|SORP (FRS|102).| |For|legacies, entitlement|is the|earlier of the charity|being|notified|ofan|impending|distribution or the|legacy being|received.| |At|this|point|income|is|recognised.| |Income|from|trading|activities|to|raise|funds|for the|charity.|Income|from|trading|activities,|primarily|the|letting|of|church|halls,| |is|recognised|when|entitlement|has|occurred.| |The charity|receives|a grant|from|Local|Government|for the|upkeep|of|the|Burial|Ground.|As|the|grant|is discretionary|the|grant|is|only| |recognised|in|the|accounts|on|receipt.| |Government|grants relating|to|furlough|receipts|are|credited|to|the|Statement of financial|activities|in|the|period|in which|they|occurred| |Investment|income|is earned through|holding|assets|for|investment|purposes|such|as|shares|and|property and|includes dividends| |interest|and|rent.|It|is|not|practicable to|identify|investment|management costs|within|the|funds|held|so|the|income|is|reported|net|of these costs.| |Interest|income|is|recognised|using the effective|interest|method and dividend|and|rent|income|is|recognised|as|the|charity's|right|to| |receive|payment|is|established.|

----- End of picture text -----

----- Start of picture text -----
||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |(d)|Expenditure|recognition| |All|expenditure|is|accounted|for on|an|accruals|basis|and|has|been|classified|under|headings|that|aggregate|all|costs|relating|to that category.| |Expenditure|is|recognised|where|there|is a|legal or constructive|obligation|to make|payments|to|third|parties,|it|is probable|that|the|settlement| |will|be|required|and|the obligation|can be|measured|reliably.|It|is categorised|under the|following|headings:| |Costs of raising funds which|only|applies|if there|is|a|special|appeal;| |Expenditure on|charitable|activities which|includes|the|running of the|church|and|church|halls;|and| |Other expenditure|which|represents|those|items|not|falling|into|the two categories above.| |Irrecoverable|VAT|is charged|as an expense against the|activity|for which|expenditure|arose.| |Grants payable|to|third|parties are|within|the|charitable|objectives.|Where|unconditional|grants are|offered,|this|is accrued| |as soon|as|the|recipient|is|notified|of the|grant,|as this|gives|rise|to a|reasonable expectation|that the|receipiant|will|receive|the grants.| |It|is|not|the|practice of the|charity|to award|grants|that|are conditional on|performance.|

----- End of picture text -----

(e} Tangible fixed assets Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. Individual items with an initial cost of £5000 or less are written off when acquired. Consecrated and beneficial property is excluded from the accounts by virtue of s10(2) to 10(4) of the Charities act 2011. Movable church furnishings held by the vicar and Churchwardens on special trust for the PCC and which require a facility for disposal are accounted for as inalienable property unless consecrated and are included in Fixtures and Fittings. They are listed in the Church's Inventory held at the Church Office. The property at 51 Gills Hill Lane was purchased in 2013 for the use of a curate and was so occupied from June 2015 to September 2018. The policy of the PCC is to always keep this property available for a curate but in the intervening periods the property is let to produce income thereby mitigating the overall cost of ownership. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life. No depreciation is applied to freehold land and buildings. Freehold land Nil Freehold buildings 50 years Fixtures and fittings 10 years Musical instruments 10 years Projection and sound — systems 4 years No depreciation charge is provided on 51 Gills Hill Lane as the Trustees believe the asset will have a high residual value which under the requirements of the SORP (2015) allows depreciation not to be charged.

10

; RADLETT PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021

1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont)

(f) Investments

Investments in Fixed assets are recognised initially at fair value which is normally the transaction price excluding transaction costs.

Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably.

Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.

(g) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(h) Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

(i} Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph } Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

(j) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |2|INCOMING|RESOURCES|Unrestricted|Restricted|TOTAL FUNDS| |Funds|Funds|2021|2020| |£|£|£|£| |2a|Donations and|legacies| |Pledged|giving|141,611|141,611|145,017| |Gift|Aid|6,500|-|6,500|14,000| |Collections|2,586|-|2,586|1,877| |Donations|1,000|-|1,000|1,000| |Grants|-|5,679|5,679|5,679| |Legacies|0|-|0|5,000| |Donations|for|specific|purposes|-|-|-|:| |151,697|5,679|157,376|172,573| |The comparative|figure|for 2020|includes|£166,894|unrestricted|and|£5,679|restricted|funds.| |2b|Church|activities| |Church|hall|lettings|17,869|-|17,869|19,170| |Wedding,|baptism|and|funeral|fees|5,465|-|5,465|4,431| |Sundry|receipts|6,686|-|6,686|7,072| |30,020|0|30,020|30,673| |The|comparative|figure|for 2020|comrises|only|unrestricted|income.| |2c|Income|from|investments| |Dividends and|interest|12,122|3,678|15,800|15,510| |Property|income|28,310|-|28,310|22,811| |40,432|3,678|44,110|38,521| |The comparative|figure|for 2020|includes|£39,154|unrestricted|and|£3,526|restricted|funds.| |TOTAL INCOMING RESOURCES|222,|149|9,337|23 1,506|241,567| |Sundry|receipts|includes £5,349|of|income|received|from HM Government|as a claim|for Furloughed|staff.|

----- End of picture text -----

11

RADLETT PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021 3 RESOURCES EXPENDED

		Unrestricted	Restricted	TOTALFUNDS	FUNDS
		Funds	Funds	2021	2020
		£	£	£	£
3a	Mission and charitable giving(note 15)
	Church overseas: -missionary societies	3,450	-	3,450	3,450
	- reliefanddevelopmentagencies	2,110	-	2,110	2,110
	Home missionsand otherchurch societies	1,825	-	1,825	1,830
	Secular charities	960	-	960	960
	Missionandcharitablegiving	8,345	-	8,345	8,350
	The comparative figure for2020comprisesonly unrestricted expenditure.
3b	Church activities
	Ministry: Diocesan parish share	120,893	-	120,893	132,405
	Working expenses ofincumbent	4,625	-	4,625	462
	UpkeepofvicarageandCurate's House	5,034	-	5,034	1,466
	Assistant clergyexpenses	1,565	.	1,565	1,565
	Lay staffemoluments	26,428	-	26,428	24,645
	Chidrens and Youth worker	360	-	360	346
	Upkeepofchurches: repairs and maintenance	2,656	-	2,656	1,360
	heating, light, insurance etc.	5,951	-	5,951	9,331
	Upkeepofgrounds	2,626	-	2,626	3,426
	Maintenance ofservices	1,377	-	1,377	1,299
	Upkeepofburialground	2,468	9,357	11,825	9,248
	Sundryexpenses	1,748	-	1,748	1,258
	Church hall upkeep: ChristChurch	30,411	-	30,411	32,746
	St. John's	5,078	-	5,078	6,197
	Depreciation -church property	23,998	-	23,998	35,735
	Church office	4,038	-	4,038	2,457
	Audit fee	2,400	-	2,400	2,400
	Legal and Professional fees	1,897	-	1,897	2,999
	Church activities	243,553	9,357	252,910	269,345
	Thecomparative figure for2020 includes£272,849 unrestricted and £9,205 restricted expenditure.
	TOTALRESOURCES EXPENDED	251,8989,357	9,357	261,255	277,695
	Total resourcesexpendedinclude:
	Depreciation offixedassets£23,998 (2020: £35,735)
	Auditfee£2,400(2020:£2,400)

----- Start of picture text -----
251,898 9,357 261,255 277,695
----- End of picture text -----

4 STAFF COSTS COSTS

----- Start of picture text -----
STAFF COSTS COSTS 2021 2020
£ £
Wages and salaries 41,183 41,183
Social security costs 0 238
Pension costs 624 636
41,807 42,057
----- End of picture text -----

The PCC employed 5 people during the year, some part time, equivalent to 2.5 FTEs (2020:2.5 FTEs) .

The PCC is part of the work place pension scheme which affects only one employee (2020:1 employees). Expenses of £602 (2020: £462) were paid to one Trustee as working expenses of the incumbent. Salary costs are shown gross; relief received for furloughed staff is shown under sundry income. The employee allowance rebate received of£2,108 has been offset against social security costs.

5 TRANSFER TO AND FROM DESIGNATED FUNDS

The PCC has a policy of setting aside designated funds to ensure that adequate funding is available for property maintenance and replacement

ofequipment whenneedsarise. Transfersfrom	from unrestricted funds aremadeaccording to the timingand scaleofanticipated expenditure.	from unrestricted funds aremadeaccording to the timingand scaleofanticipated expenditure.	from unrestricted funds aremadeaccording to the timingand scaleofanticipated expenditure.	from unrestricted funds aremadeaccording to the timingand scaleofanticipated expenditure.	from unrestricted funds aremadeaccording to the timingand scaleofanticipated expenditure.	from unrestricted funds aremadeaccording to the timingand scaleofanticipated expenditure.
		Staff
	Church —_andClergy Property Housing		StJohns Development	Equipment	Organ	ChristChurch Hall	Fabric incl Boiler	TOTAL
	£	£	£	£	£	£	£	£
Balanceat 1 January2021 correct	704,355	192,701	17,000	15,077	27,184	18,696	193,280	1,168,293
Unrealised gain/(loss)on investments	-	32,601	-	-	-	-	-	32,601
Transfer from unrestricted funds	-	-	-	-	3,002	-	6,498	9,500
Transfer from restricted funds	-	-	-	-	4	;	é	3
Expenditure during the year	-	-	(1,333)	-	-	-	-	(1,333)
DisposalofStJohns	(68,926)							(68,926)
Transfer property reserve:depreciation	(19,072)	-	-	(6,274)	-	1,348	-	(23,998)
Balanceat31 December2020 616,357 225,302 The church property fund represents the netbook valueofChrist Church			15,667 8,803 30,186 20,044 Hall andStJohn's Church and Halland is reduced each yearbyan				199,778 an annual	1,116,137
depreciationcharge.

In September 2013 the staff housing fund was used to purchase 51 Gills Hill Lane to enable the PCC to provide accommodation for a curate.

There is currently a vacancy in the parish for a curate and whilst we await the appointment by the diocese, the property is let on a commercial basis. Pending the proposed redevelopment of St Johns Church the PCC has agreed to set aside a provision against loss of rental income from the church hall during the disruption caused by the redevelopment. The provision represents their estimate of the potential loss of income over 18 months.

12

, RADLETT PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021

6 TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
	Freehold	Chureh	Projection	Musical	Total
	property	property&	&sound	instruments
		fittings	system
	£	£	£	£	£
COST
At	January 2021	632,570	1,139,525	42,041	6,037
Additions Disposals At31 December2021	- - 632,570	- 155,394 984,131	- - 42,041	- - 6,037	- 155 394 1,664,779
DEPRECIATION
At	January 2021	-	436,518	30,310	6,037
Charge foryear Disposals At31 December2021	- E -	17,724 -86,468 367,774	6,274 36,584	- s 6,037	23,998 -86,468 410,395
NET BOOKVALUE
At31 December2021	632,570	616,357	5,457	-	1,254,384
At31 December2020	632,570	703,007	11,731	-	1,347,308
CHURCH PROPERTY		Christ	StJohn's
cost	Christ Church Hall	Charch Hall Fittings	Church and NewHall	Total 2021	Total 2020
	£	£	£	£	£
At 1 January 2021	953,673	30,458	155,394	1,139,525	1,139,525
Additions Disposals At31 December2021	- 0 953,673	- 0 30,458	. 155,394 0	- 155,394 984,131	- 0 1,139,525
DEPRECIATION
At 1 January 2021	318,244	31,806	86,468	436,518	386,066
Charge foryear At 31 December2021	19,072 337,316	~1,348 30,458	-86,468 0	-68,744 367,774	25,226 411,292
NETBOOK VALUE
At 31 December2021	616,357	0	0	616,357
At31 December2021	635,429	1,348	68,926		703,007
FREEHOLDPROPERTY

The PCC accounts for Freehold Land and Buildings on a historical cost basis.

Christ Church hall is being depreciated on a straight line basis over 50 years and the fittings over 10 years.

St Johns Church and Hall was closed in July 2021 and the property demolished in September 2021 in preparation for the construction of a new dual purpose Church and Hall along with six affordable houses.. The development is a joint venture between the PCC, the Diocese of St Albans and Hertsmere Borough Council.

There is no depreciation charge for freehold property (51 Gills Hill Lane). The Trustees believe the asset will have a high residual value which under the requirements of the SORP (2015) allows depreciation not to be charged.

For insurance purposes in July 2015 Christchurch and hail were valued at £10,131,693

13

RADLETT PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021

7 INVESTMENT OF ENDOWMENT FUNDS

----- Start of picture text -----
|||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Cost|MarketValue|onrevaluationGain (Loss)|MarketValue|Cost| |2020|2020|2021|2021|2021| |£|£|£|£|£| |Goodison|Trust|- 2.5%|Index|linked|Gilt|2024|4,000|4,220|-|-|-| |Bott|Trust|- CBF|Investment|fund|10,912|$2,752|105|52,857|10,912| |Young&|Chubb|Trust|- CBF|Investment|fund|915|26,867|3,904|30,771|915| |Washburn Grave Trust|- CBF|Investment|fund|100|2,045|297|2,342|100| |Mallison|Grave|Trust|- CBF|Investment|fund|20|327|48|375|20| |Leggett|Grave|Trust|80|200|-|200|80| |16,027|86,411|4,354|86,545|12,027| |The Goodison|Trust was redeemed|in|the|year at a|value|of|£4264|and|the|funds|used|in accordance|with|the|trust deed|to|support|the PCC.| |The|investments|behind|the|Leggett Trust are|held|in|cash awaiting|reinvestment.| |The PCC|has the|following endowment|funds,|arising|from|bequests:|

----- End of picture text -----

Bott Endowment - income unrestricted Young Endowment - income restricted to maintenance of fabric Washburn Endowment - income restricted to church/church yard upkeep Chubb Endowment - income restricted to grave upkeep Matlison Endowment - income restricted to grave upkeep Leggett Endowment - income restricted to grave upkeep

8 OTHER INVESTMENTS

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Market|Gain(Loss)on|Market| |Cost|Value|revaluation|Value|Cost| |2020|2020|2021|2021|2021| |£|£|£|£|£| |Unrestricted:| |17127.14|(2016: 12266.52)|Units Central Board|of|[Finance]| |Investment|Fund|240,188|350,193|56,777|$06,970|340,188| |1312|(2016:1312) M&G Charifund|Inc.|Units|6,226|18,008|2,409|20,417|6,226| |2887 (2016:2887)|Units Central|Board|of|Finance| |Investment|Fund|-|Accumulation|Shares|32,638|143,269|25,355|168,624|32,638| |279,052|511,470|84,541|696,011|379,052| |Designated:| |860|units (2016:860)|Central|Board|of|Finance| |Investment|Fund-Accumulation|Shares|9,721|42,673|7,552|50,225|9,721| |539|units (2016:539) M&G|Charifund|Accumulation|units|42,359|131,484|25,049|156,533|42,359| |$2,080|174,157|32,601|206,758|52,080| |LUTAL|INVESIMENIS|251,132|685,627|117,142|902,769|431,132| |ANALYSIS OF NET ASSETS OF NET ASSETS NET ASSETS ASSETS|BY|FUND| |Unrestricted|Designated|Restricted|Endowment| |Fund|Fund|Fund|Fund|Total| |£|£|£|£|£| |Tangible|fixed|assets|638,027|616,357|-|-|1,254,384| |Investments|-|Trusts|.|-|-|86,545|86,545| |Investments|- Others|402,989|499,780|-|-|902,769| |Current|assets|119,694|-|63,429|-|183,123| |Current|liabilities|(4,764)|-|-|-|(4,764)| |1,155,946|1,116,137|63,429|86,545|2,422,057| |RESTRICTED|FUNDS| |Hall|Fixed|Burial|Specific|Total|Total| |Appeal|Asset|Ground|Expenses|2021|2020| |£|£|£|£|£| |At|||January|2021|32,213|-|-|31,216|63,429|63,429| |Incoming|resources|-|-|9,357|-|9,357|9,509| |Expenditure|=|-|(9,357)|3|(9,357)|(9,509)| |Transfer to designated|funds|-|-|-|-|-|-| |At 31st December 2021|32,213|0|0|31,216|63,429|63,429| |_—————— ee|ee|ee|

----- End of picture text -----

• 9 ANALYSIS OF NET ASSETS OF NET ASSETS NET ASSETS ASSETS BY FUND

10 RESTRICTED FUNDS

The Hall appeal fund represents the balance of money donated to build Christ Church hall, To the extent that the fund proves surplus to that purpose it will be used to furnish, equip and maintain the hall

14

‘ 11 DEBTORS

----- Start of picture text -----
2021 2020
£ £
Income Tax recoverable 6,500 14,000
Other debtors 151 0
ee-| 8
LIABILITIES FALLING DUE WITHIN ONE YEAR YEAR
2021 2020
£ £
Accruals 4,235 2,817
PAYE and Pension 121 994
Other creditors 408 769
4,764 4,580
BURIAL GROUND GROUND Unrestricted Restricted Total Unrestricted Restricted Total
2021 2021 2028 2020 2020 2020
£ £ £ £ £ £
Income - 9,357 9,357 - 9,205 9,205
Expenditure (1,468) (9,357) (10,825) (43) (9,205) (9,248)
(1,468) - (1,468) (43) - (43)
----- End of picture text -----

----- Start of picture text -----
12 LIABILITIES FALLING DUE WITHIN ONE YEAR YEAR
----- End of picture text -----

----- Start of picture text -----
13 BURIAL GROUND GROUND
----- End of picture text -----

The PCC has received money from Hertsmere Borough Council towards the cost of maintaining the Burial Ground. The grant of £5,679 is awarded annually and is at the discretion of the Council.

The PCC used the proceeds (£4,264) from the Goodison Trust to fund improvements to the graveyard allowing it to remain open.

14 CONNECTED TRUSTS

The vicar and churchwardens are trustees ofa "Sunday School Fund", which arose from the proceeds of the sale ofCobden Hill School

This fund does not form part of the PCC's funds and may only be used for educational purposes related to the life of the parish in connection with the provision of retigious education by means of Sunday Schools or otherwise. In 2017 the trustees resolved to pay to the PCC some of the capital along with interest over three years to fund a post supporting Children and Youth. In 2018 the PCC received the second annual tranche of £25,300. In 2021 given the vacancy of the post of the Children and Youth worker and a stronger than expected financial position, the Trustees agreed to defer the drawdown of the third tranche. Drawdown is expected to occur when the Children and Youth worker is appointed.

15 MISSION AND CHARITABLE GIVING

	overseas	overseas	home	home	Total	Total
	mission	relief &	mission	secular	2021	2020
		development
Christian Aid		930			930	930
Interserve (for Rev'd DrG Aylett)	760				760	760
The Bible Society PracticalAction	760	660			760 660	760 660
Toybox CMS( forJohnWaters)	660 510				660 510	660 510
NepaliChurch(MrMilanAdhikari)	760				760	760
Tearfund		520			520	520
Scripture Union			475		475	480
Open Doors in StAlbans				480	480	480
Herts Young Homeless				480	480	480
NewHope Trust			870		870	870
Every Nation (forJaved Kamruddin)			480		480	480
	3,450	2,110	1,825	960	8,345	8,350

15