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2022-12-31-accounts

Annual
Report		 Pages 1-8
Independent
Examiner's		 Report Page 9
Statement ofFinancial Affairs Pages 10-11
Notes to the Financial Statement Pages 12-17

I/at dens:
(to Jiuie 2022) Mi's F!011aTurller'
Mrs Caroline Newman
gi'otn June 2022) Mr 3eremy Nevvton
Mr George Verghese
Rept esentali r&es on Deanet
I&Synodal
Mrs Gillian Foroughi
Mr Jeremy Newton
Elected Member s:
(i(nti 1May 2022) Mrs Ade Afolabi
(tutti lSept 2022) Mr Simon Ashley
(tlu ouglrout 3&eai) Mr Fola Adeoti
Mr Robert Attuh
Mrs Jenny Bailey
Mr Remi Bola
Mr 3ohn Graham
Mr Barry Hogg
Mrs Sue Wailer
Mrs Rosemari
Whiteinan
(f) om May&2022) Mrs Abiola Ajayi-Obe
Miss Anna Bicknel1
Mrs Caroline Newntan
Mrs Fiona Turner
Register ed Office: The Church Office Register ed Office: The Church Office
Christ Church
Vision Hall
Watling Street
Radlett WD7 7J3
Bankers: Barclays Bank pic
Watling Street
Radlett WD7 7AJ
2ltditot's: Hillier Hopkins LLP
Chartered
Accountants
Radius House, 51
Clarendon
Road, Watford
WD17 1HP

fhe year ended 3I Dece mber 2022
uriresiriried nesians(ed Reslnried Endonmenl Toinl Funds
Funds Funds Firii4s Funds tots foti
Note E f,
IXCOSIE
DOnatiOnS mid lcgaCies 2a 148,810 6,008 154,818 157,376
Chorch activities 2b 43,999 0 43,999 30,020
hlveStir\CiliS 2c 45,020 2,549 47,569 44,110
TOTAL lixlCOhIE 237,829 8,557 246,3S6 231,506
EXI'EiXDI'I'USE
Mission and Charitable
expenditure		 3a 7,800 7,800 8,345
Church activities 3b 270,668 8,557 279,225 252,910
TO'I'AL EXPEis(DITURE 278,468 8,5S7 2S7,025 261,25i
iXET Ii{COil fF,(EXPEhiI)IT LiRK) ( 10,639) (40,639) (29,749)
Disposal ofStJohns Church and flag (68,926)
i(ETIrs(COSIE(EXPEiXDITURE) before Oains on lnvestmcnt (40,639) (40,639) (98,675)
isiet (losses)/ga his oil loves talents 7/8 (76,277) (4,915'} (3,493) (84,685) 121,496
hf E'I' le(COihIE/(EXPL'AD I'I'USE) (116,916) (4,915) (3,493) (125,324) 22,&21
Transfer from designated
funds		 6,8!5 (6,81S)
Transfer to designated
1'ands		 (9,SOO) 9,SOO
Transfer property
reserve - depreciation		 24,529 (24,529)
YE'I' hIOVESIE14'I'
lixed El)NDS		 (9i,072) (26,759) (3,493) (125,324) 22,87.1
BALAix{CES BROUOsH'I' FOI2'yVAIKD
I January
2022		 1,155,946 1,116,137 63,429 86,545 2,422,057 2,399,236
BALANCES CARRIED IrOIUVA)2D
31 December 2022 1,060,&74 I,OS9,378 63,429 83,0S2 2,296,733 2,422,057
All inconle and expenditure other than the disposal of St Johns Church and Hall, derives from continuing activities

Note 2022 2021
FIXEDASSETS f.
Tangible assets 1,233,455 1,254,384
Endowment funds 83,052 86,545
litvesti'ileitis 821,577 902,769
2,138,084 2,243,698
C:URREIXTASSETS
Debtors and prepayments 3,324 6,651
investments 124,279 123,721
Cash at bintl' and in hand 37,575 52,751
165,178 183,123
I.IAIIILITIES: amounts faIIing duc svithin
one ycav 12 (6,529) (4,764)
istrET CURREis(T ASSETS 158,649 178,359
is(FTASSETS 2,296,733 2,422,057
FUNDS
Endowment 7 83,052 86,545
Restricted 10 63,429 63,429
Designated - Property 5 597,285 616,357
-Other 5 492,093 499,780
I,lisrestncted 1,060,874 1,155,946
2,296,733 2,422,057

year ct«lcd 31 IJccc«&I&cr2022
% IARY Ol' SIG&Nil')CA'(T ACCOljiNT)ix(G POLICIES
(a)General information
and basis ofpreparation
Radlctt Parochial
Cluirch Council is a is a charity and is a corporate body established
by the Church ofFngland.
The address ofthe registered
oAice is give&i in &lie charity mforniation
on page
I ofthese financial staiements.
The charity constitutes
a public benefit entity as defmed
by FRS 102.The tinancial
statements
have been prepared
in accordance		 with
Accounting
and Reporting
by Charities: Statement
ol'Recommended
Practice applicable
to charitics preparing		 their accounts
in accordance
Ivith the financial
Reporting&
Standard
applicable
in the UK and Republic ol'Ireland
(I'RS 102)issued on 16		 July 2014(as updated
through
Update
Bulletins
I and 2 published
on 2 February 2016and 5 October 2018 respectivly),
&he Financial
Reporting		 Standard
applicable
in the United
King&dom
and Repnblic ofireland (FRS 102),the Charities Act 2011and(JK Generagy
Accepted		 Practice as it applies
from
I January 2015.
The financial
Stat&one&its arc prepared
on a going concern baSis under ihe his&Orieal Cost cO&ivCntiOn,
modifiCd		 to include
Certain items
at fair value.
The ilnancial
statements
are presented
in sterling
which
is the functional
currency ofthe charity		 and rounded to the nearest X.
The significant
accounting
policies applied
in the preparation
ofthese hnancial
statcmcnts
are sct out beloiv. These policics
have been consistently
apphed
to all years presented
unless other&vise stated.
(b) Funds
Umestric&cd
funds are available
tbr nse at the discretion ofthe trustees
in furtherance
ot'thc general objectives		 ot'the charity
and which
have not beni designated
for other purposes.
Dcsigitated
funds coinprise
unrestricted
funds that have been set aside by tlic trustees
I'or particular
purposes.		 The aiin and
nse ofeach designated
i&md is set out in the notes to the financial
statements.
Restricted
funds are t'unds which are to be used
in accordance
with specific restrictions
imposed
by donors or		 &vhich have been raised
by thc chmitv for partimilar
purposes. The cost ofraising and administeringsuch
funds are charged against the		 speci(ic fund Thc
aint
&md use ofeach restricted
fund is sct out in thc notes to thc financial statcincnts
Endownient
fimds represent
those assets ivhich must be held permanently
by ihe charity.
Income arising on the endoxvment		 funds
can be used in accordance
with the objects ofthe charity and is induded
as unrestr(cted
income. Any capiial gains or losses
arising on the investment
(orm part oi the fund. lnvest&nent
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 ofFinancial
Activities (SoFA) &chen the charity is legally		 e&uitled to the income
aAer any perfonnance
conditions
have bent inet, ihe amount can bc measured
reliably
and it is probable
thc inconie
xv(II be		 rcccived.
Xl'o amount
is included
in the financial
statements
for voiunieer
time in tine with the SORP (FRS!02).
For legacies, entitlement
is the earlier ofthe charity being notihed ofan impending
disiribution
or the legacy being recewed.
At this point income is recognised
Income lrom trading
act&vities to raise funds for the charity. Income froin trading activities, primarily
the letting ofcluirch		 hal)s,
is recogmsed
ivhen entitlement
has occurred
The clmrity receives a grant from I.ocal Government
for the upkeep ofthe Burial Ground.
As the grant
is discretionary
the		 grant is only
recog&msed
in tlie accounts on receipt
Government
grants relating to furlough
receipts are credited
to the State&nent offinancial activities
in thc period in ivhich they occurred.
Im estment
inconie is earned
through
holding assets for investment
purposes
such as shares and property
and		 inc)udes dividends
interest and rent. It is not practicable
to idrnitify
im esiment
managenieiit
costs ivithin the funds held so the income
is reported		 nct ofthese costs.
Interest income is recognised
using the eAectivc interest method
and dividend
and rent income
is recognised
as thc charity's		 right to
receive payment
is estab)islied.
(d) Fxpenditure
recognition
All expenditure
is a~counted
for oii an accruals basis and has been classified under headings
that aggregate
all		 costs minting to tint category.
Expenditure
is recognised
where
there is a legal or constructive
obligation
iomake payments
to third parties,		 it is probable ilia& the setilement
&vill be required
and the obligation
can be measured
reliably.
Ii is categorised
under the followiiig
headings:
-Costs ofraising
funds ivliich only applies ifthere is a special appeal;
- Expenditure
on charitable
activihes
&vhich includes
the running ofthe clmrch and clnirch
1&illls; and
-Other expenditure
&vh(ch rcprescnts
those items not falling into thc t&vo categories above.
Irrecoverable
VAT is charged as an espense against the aetiviiy for &vhich expendiiurc
arose.
Grants payable
to third parties are ivithin the charitable objectives. Where unconditional
grants are otTered, this isaccrued
as soon as the recipient
is notified ofthe gmnt, as this g&ives rise to a reasonable
expectation
ihat the receipiant		 &vill receive the grmiis
It is not thc practice ofthe charitv to award grants that arc conditiona! on parfum&ance.
(e) 'I'angil&le
fixe&1 assets
Tangible tixed assets are stated at cost less accumulated
depreciation.
Cost includes costs directly attributable		 to making
the		 asset
capable ot'operating
as intended.
Individual
items with an initial costoff5000 or less arc &vritten offivhen acquired.
Consecrated
and beneticial
property
is eaclnded
from the &accounts by virtue ot s ID(2) to 10(4)ofthe Charities		 act 2011.1'he neiv churdi
at st Johns is excluded nnder this provision.
Movable clmrch fumishi»gs
iield by thc vicar mid Church&ca&dens
on special trust for the PCC and which rcquiie a facility		 for disposal are
accounted
for as inalienable
property
unless consecmted
and are included
in Fiauires and Fittings They are listed in the Church's		 lm entory
held at ilie Church OA)ce.
The property at 5 I Gills Hill Lane &vas purchased
in 2D13 for the use ofa cumte and ives so occupied fioat Jnne 2015 to September		 2018.
The policy ofthe PCC is to alivays keep this property
available
for a m&iatc bnt in the intervening
periods the propei&y is let to
produce. income thereby
mitigating
thc overall costofo&vnership.
The nc&Y c)lute!i at StJoints is being built in ajoint venuire
between
the Diocese ofSt Albans,
Ilertsniere
Borough Coiincil and		 the PCC.
The PCC has capitalise(i
the legal costs iiicurred
in tuialising
their pa&& ol the Joint
Vcl&&lire agree&lien't.
Depreciation
is provided
on all tangible
fixed assets, at rates calculated
to ivrite oA the cost, less estimated
residual
value,
ofeach asset on a straiglit-tine
basis over its expected useful life. No depreciation
is applied to freehold
land and bnildings.
Freehold
land
Nil
Freehold buitdings
50 years
StJohns Church acquisition
10years
Fixtures and fil/ings
ID years
Milslcai liistrllllicllts
10Years
Projection and sound systenis
Sya&en&S
4 Years
Xl'o depreciation
cliarge is provided
on 5 I Gills
Ilill l,i&&le as the Trustees believe Bieasset will have a high residua)		 value which
under the requirements
ofthe SORP (2015)allovvs depreciation
not to be charged.

2 I&s&CO&i'II&&IG RES OURC ES t&uiv&&u('&ed nc»ar&ed TOTA&, FllivOS
Fund & Funds 2022 2021
2a Donations
and legacies
Pledged giving 135,566 141,611
Gift Aid 2,700 6,500
COlleelioi1s 4,270 2,586
Donalial&s 2,135 1,000
Granls 6,008 6,008 5,679
I2onations
for speci(le		 pun&uses 4,139 4,139
148,810 6,008 154,SI8 157,376
The comparative figure t'or 2021 indudcs XI51,697 unresiricted and 25,679 restricted funds.
The PCC received an energy donation of Q,&39 t'rom the DioCese ofSt Albans lvhich has been otfset against thc increased cost ofenergy during the year.
2b Cllnrch activities
Church
hall lettings		 39,003 39,003 17,869
)Vcdding, baptism and funeral tees 4,312 1,312 5,46S
Sundry
receipts		 6S4 584 6,686
43,999 0 43,999 30,020
'I'he comparative Rgure tor 2021 comrises only unrestricted income.
2e Income from investments
Dividends
and interest		 16,610 2,549 19,159 15,800
Properly income 2S,410 28,410 28,310
45,ozo Z,s49 47,569 44,110
The comparative figure tor 2021 includes 840,432 unrestricted and k3,678 restricted funds.
TOTAL Ill'COhtlivG RESOURCES 237,829 8,5S7 246,386 231,506

3 RESOURCVS EXPExtlDE D
Unrestricted Resin&led TO1'AL FtliqoS
Funds F&II&4s 202), 202i
3&& Mission and char(tab)c givmg (note 15)
Church overseas:
- missionary
societies		 3,225 3,225 3,450
-relief and development agencies 1,975 1,975 2, 110
Home missions
and other church		 societies 1,7 14 1,714 1,825
Secular charities 886 886 960
Slission and charitable
giving		 7,800 7,800 8,345
The comparative
figure for 2021		 con)priscs only unrestricted expenditure.
3b (.'hurch
activities
Ministry: Diocesml parish share 119,501 119,501 120,893
Working expenses ofincumbent 1,212 1,212 4,625
Upkeep ofvicarage and Curate's House 9,375 9,375 5,034
Assistant
clergy expenses		 1,565 1,565 1,565
Lay statT emoluments 28,070 28,070 26,428
Chidrens
and Youth &vorkcr		 1,070 1,070 360
Upkeep ofchurches: repairs and maintenm&cc 5,612 5,612 2,656
heating, llgt)i, ll&surancc ctc. 20,452 20,452 5,951
Upkeep ofgrounds 3,560 3,560 2,626
Maintenance
ofservices		 2,076 2,076 1,377
Upkeep ofburial
ground		 0 S,557 11,825
Sundry expenses 981 981 1,74S
Church
hall upkeep:
Christ Church		 38,217 38,217 30,411
St. Join&'s 5,620 5,620 5,0'38
Depreciation
- church
property		 24,529 21,529 23,998
Church oNce 5,471 5,471 4,038
Audit fee 24100 2,400 2,400
I.egal and Professional
fees		 957 957 1,897
Church activities 270,668 8,557 279,225 252,910
Ttlc comparative
tigure for 2021		 includes (243,553 unrestricted and (9,357 restricted expenditure.
TOTAL RESOURCES EXPENDED 278,468 8,557 287,025 261,255
)brul rcxnllre)ce
O'I'J)cnsJcd r)Id&)de)
Depreciation offixed assets 624,529 (2021:(23,998)
Audit fee f2,400(202I:%2,400)
STkFF COSPS 2022 2021
Wages and salaries 45,946 41,183
Pens&on costs 6IS 624
46,594 41,807
The PCC employed
5 peOplC during		 thC year, sOmc pah time, equivalent to 2.5 FTFs(2021:2.5 FTEs) .
The PCC is pah ofthe )vork place pension schmne &vhich aA'ects only one innptoyee (2021:I employees).
Expenses off44 I (2021;%602))ccrc paid to one Trustee as &vorking expenses ofihe incumbeni
The employee
allowm&cc rebate received of22,464		 lms been oti'set against social security costs.
5 TRA&1'SFER 'l'0 Atx(D ICRO&ll DESI('NAT ED FU&x(DS
The PCC has a policy ofsetting aside designated funds to ensure that adequate funding is available for property maintenance
and replacen&ent
ofequipment
lvhen needs arise.		 Transfers fran& unrestricted funds are n&adc according to the timing and scale ofanticipated
expenditnre.
Staff
Church and Clergy St Johns Equipment (Jrgan (.'hrist Church Pal)ric incl
I rot)crl&' 13cvelopmcnt
1loushlg		 Hall Boiter TOTAL
f, f,
Balance at
I January 2022 correct		 616,357 225,302 15,667 8,803 30,186 20,044 199,778 1,116,137
Unrealised
gain/(loss)
on investments		 (4,915) (4,915)
Transfer
from unresiricted
funds		 3,000 6,500 9,500
Transfer from restricted
funds
Expenditure
during
the year		 (3,200) (3,615) (6,815)
1ransfer propehy
reserve:den)eel&iran		 (19,072) (5,457) (24,529)
Balance at 31 December 2022 597I285 217sl87 15s667 3s346 33'186 20s044 202,663 I,GS9,378
The church propchy
t'und represents		 the nei bool value ofChrist Church Hall and is reduced each year by an almual depreciation charge.
ln Septen&ber 2013 the staffhousing tiund)vas used to purchase 51 Gills Hill Lane to enable the PCC to provide accommodation for a curate.
There is min cntly avacancy
in the parish for a		 curate and lvhilsi &ve await the appointmeni by the diocese, the property is let on a commercial basis.
Pm&ding the proposed
redevelopment		 ofSt Johns Clmrch the PCC has agreed to set aside a provision against loss ofrental income from the clmrch hall
during
the disrnption
caused by ihe redevelopment.		 The provision represents their cstimatc ofthe potential loss ofincome during development.

TAthl(sIBLE FIXEDASSETS
Pivehotd Church Projection Vtnsicot Tohol
properi& properly eh a:sound inslnirnenfs
fittings Stsleni
COST
At
I January
2022		 632,570 984, 131 42,04 I 6,037 1,664,779
Additions 3,60G 3,600
Disposals
At 3 1 Dcccn)her 2022 632,57G 987,731 42,041 6,037 1,668,379
DEPRECIATION
At
I January
2022		 367,771 36,584 6,037 410,395
Clmrge
for year		 19,072 5,457 24,529
Disposals
At 31 Decelnber 2022 386,846 42,041 6,03'I 434,924
Wi'ET BOOK VALIIE
At 31 Deccmhcr 2022 632,57G 600,885 1,233,455
At 31 Decmnher 2021 632,570 616,357 5,457 1,254,384
CHIJRCII PROPERT'I' Christ St John' s
Chdsl Church Cliiii'eli
Chai'ch natl Tolnl Torsi
COST nett Blthlfs igeir nsn 2022 lett
f f
At
I JanuaD
2022		 953,673 30,458 0 984,131 1,139,525
Additions 3,600
Disposats 155,394
At 31 Decenlber 2022 953,673 30,458 3,600 987,731 984,131
DEPRECIATIOX
At I .Iannary
2022		 337,316 30,458 367,774 436,518
Charge
for year		 19,072 19,072 -68,744
At 31 December 2022 356,388 30,458 386,846 367,774
i%ETBOOK VAI.DF.
At 31 December 2022 597,285 3,600 600,885
At 31 December 2021 616,357 616,357

I(S(VES TskIFW i'T OFI .iNDOIVfbI Fbi'T
I'U(NDS
'Alarket Gain (Loss) hlarket
Cost Value on revaluation Value Cost
2021 2021 2022 2022 2022
f f f
Bott Tnist - CBli loves(ment hind 10,912 52,857 449 53,306 10,912
YoungA Chubb Tnist - CBFInvestment fund 9(5 30,771 (3,622) 27,149 915
(Vashburn Grave Trust - CBFInvestmem fiuid (00 2,342 (276) 2,066 100
Malhson Grave Trust - CBFInvestment fimd 20 375 (44) 33( 20
I.eggett Grave Trust 80 200 200 80
12,027 Its,sss ~3,493 ss,sss !2,027
The invesunents behind the Leggett Trost are held in cash aivaiting reinvestnient.
Thc PCC I(as the folloiving endoivment funds, arising fram bequests:
Bon Eiiiloivinciit- incoiilc unrestricted
Yai( fig Eildo'ivtncnt income restricted (o maintenance oftabric
)Vaslibum EiiiloivmCiit income restricted to church(cia(rob yard upkeep
Chubb Endoivment- inconic res1ricted (o grave upkeep
Mallison Endoivinent- income restricted to grave upkeep
Leggett Endovntsent- it(col'11c rest(le(cd 'to gravc iipkccp
res(

a(orget Balll(Cosa)on anal,,e
Cost Value sv's aislaIsosl Value Cost
202( 202( 2022 2022 2022
f
U0
I'!etc(I:
17127.14(2021:17127.14)Units Ccn(ral Board ofFinance
li'lvcstiilent Fit(id 340,(SS 506,970 (59,679) 447,291 340,18S
1312(202(:1312)MkG Charifund Inc Units 6,226 20,417 ( I,I 37) 19,280 6,226
2S87(202(:28S7)Units Central Board ofFinance
Investment Fund - Aeciimulation Shares 32,638 168,624 (15,46() 153,163 32,638
379,052 696,01( (76,277) 619,734 379,052
Designated:
860 (mits (2021:860)Central Board ofFinanCc
liivcstiilciit Fii(1d-Ace(i(lit(latin(1 Sllarcs 9,721 50,225 (4,600) 45,625 9,721
539 units (2021:539)MS:G Charit'und Accumulation units 42,359 156,533 (315) (56,218 42,359
52,080 206,758 (4,915) 201,843 52,080
lO I'AL I.'v(VL'S I'iVIL''4'I'S 431,132 902,769 (81,192) 821,5'l7 431,132

Dnsvsfsicfcd Designated Restricted Endonsncn(
Fund Fund Fund Fund Total
2 s
Tangible fixed assets 636,170 597,285 1,233,455
111vcstiilcl1(s - Triists 83,052 83,052
investments
-Others		 329,4S4 492,093 821,577
Ciiffcilt assets 101,749 63,429 165,17S
Current liabilities (6,529) (6,529)
1,060,8/4 I9089,378 63,429 83,052 2,296,733
RESTRICTED Fl liNDS
Ilail Fised nlsI'ssl Specific Tora( roiai
Appeal Asser Ground Espenscs 2022 202(
s
At I )mniary 2022 32,213 3 1,216 63,429 63,429
Incoming resources S,557 8,557 9,357
Lspend iture (8,537) (8,557) (9,357)
Transt'cr to designated funds
At 31 December 2022 32s213 0 0 31,216 63,429 63,429

11 DEBTORS
2022 202.1
In~orna Tax recoverable 2,700 6,500
Otlter debtors 624 151
3,324 6,681
12 LIABILITIES FAI.LIXi'G 1)UE KVITHIttI Oil(E YEAR
2022 2021
Accruals 4,512 4,235
PAYF. and Pension 126 12[
Other creditors 1,891 408
6,52.9 4,764
13 BI)RIAL GROU)xID tiaivslricted lteshicfed Total thmastsicred Restricted Total
2022 2022 2022 202i 2021 202l
f. K
Income 8,557 8,557 9,357 9,357
Expenditure (8,557) (8,557) (1,468) (9,357) (10,825)
(1,46S) (1,468)

osccseas 0is'lae;ls home home Total Total
allsslosl setter d. aiissioa senslar 2022 202i
decelonmeat
Christian
Aid		 885 885 930
lnlcrscrve (for Rcv'd Dr G Aylett) 715 715 760
The Bible Society 715 715 760
Practical Action 615 615 660
Toybox 615 615 660
CivIS ( for Jolui Waters' ) 465 465 510
iNepali Clnirch (Mr Milan Adliikari) 715 715 760
Tearfund 475 475 520
Scripture Union 43S 438 475
Open Doors in St Albans 443 443 480
Herts Young Homeless 143 443 480
New Hope Trust 833 833 870
Fvet3 Nation (for Javed Kamruddin) 443 443 480
3,225 1,975 1,714 S86 7,800 8,345