FLL5TED FELSTED Church of the Holy Cross, Felsted Annual Report and Financial Statements of the Parochial Church Council for the year ended 31st December 2024 Incumbent Rev'd Colln J Taylor Bank CAF Bank Ltd 25 Kings Hill Avenue, Kings Hlll, West Malllng, Kent. ME19 4JQ Independent Examlner Roy Mitchell 9a Statlon Road, Felsted, Dunmow, CM6 3EZ Felsted Parochial Church Councll is a registered charity No. 1132322 FEL51-ID ÈLS-fkD [)uNb
Parochial Church Council of Holy Cross, Felsted, Essex. Page 2 of 18 Annual Summa Re ort for 2024 Background Felsted PCC has the responslbility of co-operating with the incumbent In promoting the whole mission of the Church, pastoral, evangelistic, soci31 and ecumenical, within the ecclesiastical parish. Structure, Govern•nce and Management The method of appointment of PCC members is set out In the Church Representation Rule5. At the Holv Cross, the membershlp of the PCC conslsts of the incumbent Ivicarl, the churchwardens and members elected by those members of the congregation who are on the elertoral role of the church. All members of the congregatlon are encouraged to reglster on the electoral role and stsnd for electlon to the PCC. The PCC members are responslble for making decislons on all matters of general concern and importance to the parish, includlng on how the funds of the PCC are to be spent. The full PCC met seven tlmes during the year wlth an average level of attendance of 81.3%. Membershlp Members of the PCC are either ex officio, or elerted by the Annual Parochial Church Meetin8 in accordance wlth the Church Representatlon Rules. The followlng served as members of the PCC durlng the year (dates of electlon In brackets): Incumbent.. Re¢d Colln J Taylor Ex Offlclo Wardens.. Mr G Kelly Dr M Sweeting [20221 [2022] Representotlves of the Deanery Synod.. Mr M Campbell Mr R Bazlinton [2020] 120221 Elerted Members.. Dr J Mackin Mr M Crouch Miss R Quilter Mrs J Smylie Mr J Tredwell Dr G Anderson-Taylor Mrs K A Mitchell Mr M Fergu50n [20181 [20201 [20201 [20201 [20201 [20221 [20221 12023) Safeguarding Officer Secretary Treasurer Vice Chalrman
Parochial Church CoLSncil of Holy Cross, Felsted, Essex. Pa8e 3 of 18 Commlttees Standlng Commlttee.. Thls Is the only committee required by law. It has the power to transact the business of the PCC between meetings, subject to any dlrectlons given by the Church Council. Membership.. Incumbent Churchwardens Vlce Chalrman Treasurer Overall Annual Revlew The House of Bishops, persistence with a de facto chan8e in the Church of England's doctrlne of marrlage ontinues to result Sn members withdrawln8 financial support. For the time bein81 our reserves cover the shortfall. The financial headwlnds have not dampened parish life, however. We are seelng new faces at our gatherin8s and a joyfulness and growing depth in our small groups and prayer meetings. We have much to Ive thanks for. Rev'd Colln Taylor
Parochial Church Council of Holy Cross, Felsted, Essex. Page 4 of 18 FINANCIAL REVIEW Re¢elpts and ExpendEture Total recelpts to the General fund were £21,897, of which £11,145 was from regular planned givlng and £2,680 from oneff donations and the cash plate. Gift Aid contributed £2,798 and charitable activities £2,452. Trading Activities generated £2,260 of gross income. Overall, this represented a further major fall 155°Al in our annual income as our traditionally generous regular donors responded to the House of Bishops, decision to affirm and celebrate relationships outside marriage between one man and one woman ("Prayers of Love and Faith") by contlnuln8 to suspend thelr 8ivin8 to the Church of En8land. As regards the other funds, Designated income totalled £3,372, whllst Restrlcted Income totalled £3,126, of which £990 was from planned giving and £273 from Gift Ald. £27,715 of unrestrltted funds were spent provldlng the Chrlstlan mlnlstry of the Church, the blg reductlon on previous years reflectlng the non-payment of our Parish Share {about £73,600) to Chelmsford Diocese due to the aforementioned House of Bishops, decision (see note 61. Although economic pressures resulted In price rises across many of the services and 8oods purchased during the year, utility costs almost halved to £6,152 on the back of slgniflcantly reduced ener8y pricin8. The net result for the year was that General expenditure exceeded General Income by £5,818. With the PCC setting aside a further £1,000 as a provlsion for the cost of future decoration of the vicarage and other maintenance not covered by the Dlocese, thls deflclt rose to £6,818 and, once again, the PCC declded to use unrestrlcted reserves to ensure that the level and extent of our ministry was maintalned, with £10,000 provlded by the Esme McGee fund. Thls Injection of funds left a General Resenie of £5,910, a modest but solvent year-end position. The balances on the varlous Desl8nated and Restrlcted Funds are retalned for the speclflc purpose5 Outllned In the Financial Statements. Lookln8 Forward Looklng forward, the PCC wlll contlnue to fund the ongolng mlsslon and day-to-day runnlng of the church by utili5ing further funds held by the PCC on an unrestricted basls. We are truly blessed to have these funds available to enable us to pursue bible faithful mission over the next couple of years durin8 which tlme our prayerful dellberation of our longer term strate8ic direction continues to be developed. Jon Tredwell Treasurer
Parochial Church Council of Holy Cros5, Felsted, Essex. Page 5 of 18 STATEMENT OF FINANaAL AcfiviTIES For the year ended 31" December 2024 TOTAL Desi8nated Restricted Endowment FUNDS Funds Funds Funds 2024 TOTAL FUNDS 2023 General Fund Notes INCOME AND ENDOWMENTS from: Donatlons, Legacies and Grants 2a Charitable Artivities 2b Trading Actlvities 2c Income from Investments 2d Other Income- Insurance Claim 2e 16,623 2,452 2,260 562 ¥483 18,106 2,482 2,260 5,547 46,539 2,704 6,774 6,347 30 3,342 1.643 Total Income 21,897 3,372 3,126 28,395 65,164 EXPENDITURE on: Cost of Raising Funds Charitable Activities Trading Activities Other Expenditure 3b 3¢ 3d 126.1461 11,5691 12,4201 16,3441 134,9101 1109,0411 11,5691 19,8311 Total Exp•ndltur• 127,7151 12,420} 16,344) {36,479) 1118,872) Net Inrne / (Expendlturel resources before trnnsfers 15,818) 952 13,218) 18,084) {53,708) TRANSFERS Gross transfers between funds- In Gross transfers betsveen funds- out io,wo 11,crA)I 9,0 19,00)) 41,LXKI 141,iJX)I iio,i)Joi OTHER RECOGAIISED GAINS/ (LOSSES) Increase / IReductionl in Value of 10 Investments 923 923 2,587 Net movement In funds 18,0481 13,218) 923 {7,1611 151.121) RECONCILIA TION OF FUNDS Total funds brought for¥vard 13 2,728 132,706 59,134 26,856 221,424 272,545 Total funds carried fornvard 5,910 124,658 55,916 27,779 214,263 221,424
Parochial Church Councll of Holy Cross, Felsted, Esse Page 6 of 18 BALANCE SHEET As •t 31. December 2024 TOTAL Designated Restricted Endowment FUNDS Funds Funds Funds 2024 TOTAL FUNDS 2023 General Fund Notes FIXED ASSETS Investments Total Flx•d Assets io 27,704 27,704 27,704 27,704 26,781 26,781 CURRENT ASSErs Debtors and Prepayments Cash at bank and in hand Total rrent Assets Less CURRENT UABILITIES Creditors- amounts falling due 12 in one year Total Net rrent As•eti Ila Ilb 4,481 16,W7 20,488 59 55,857 55,916 1,602 196,706 198,308 124,658 124,658 75 7S 196,597 201,137 114,5781 114,5781 13,6651 5,910 124,658 55,916 75 186,559 194,643 TOTAL NET ASSETS 5,910 124,658 55,916 27,779 214,263 221,424 Reprnserted by.. Unfe5tricted Funds 13 5,910 5,910 2,728 Desl8n4ted Funds 13 124,658 124,658 132,706 Restricted Funds 13 55,916 55,916 59,134 Endowment Funds 13, 14 27,779 27,779 26,856 Total Funds 5,910 124,658 55,916 27,779 214,263 221,424 Approved by the P•rochl•l Church Cauncll It the yh Aprll 2025 meetlng and $lgned on Its beh•lf bv Rwd CJ Taylor ICh41rm•nJ Mr J H Tr•dwell [Treasurerl
Parochial Church Council of Holy Cross, Felsted, Essex, Page 7 of 18 The notes on p88es 7 to 17 form part of these accounts I. ACCOUNTING POLICIES The flnanclal statements hav@ bèén prèpared In accordance wlth the church Accounting R•8ulions 2 together wlth appllcable a¢¢ountlng standards and the currer>t statement of Recommended Reportlng for Charltles ISORP 2()J51, The flnan¢5al statements have been prepared under the hlstorlcal cost convention, except for valuatlon of Investment assets, whSch are shown at market value. Th? a¢¢ounts in¢lude all transactlons, assets and Ilabllltles for which the PCC Is respLTrnslble In law. They do not Include the a¢wunts of Inlormal gatherln8s ol church members. FLJNDS General Funds represent the funds of the PCC that are not sublect to any re5trfrtlons Tegardlng thelr use and are avallable for ppllcatlon for the general purposes of the PCC. De&gnated Funds are 8•nral funds t asldè by th• PCC for use In the future. Des18natsd Funds rfrmaln unrestrlrted and the PCC may move any Surplus to any other ¥eneral fund. Restrkted Funds ¢omprlse Income from trusts or endowments, whlch is to be èxpensed only on the rèstrirtèd purposas Intended by the donor. and revenue donat5on5, or Krants, for a speclflc PCC actfjvlty Intended by the donor. Any balance remain5ng at the 2nd of the year is Carrled forward as a balance on that fund. Endowment Furjds are fund5, the capltal of whlch must be ta1fted elther permanently, or at the PCCS dlsuetlon. The Income derived from the endowment Is to be used elther 45 re5trlct•d or ursrèstrfctèd funds, d•pendini on the purpose for whl¢h the endowment was establlshed In the Ilrst place. The purpose of all deslsnated, restrfrted and endowment funds Is noted in thè Flnaneial Statérr•nts. INCOMING RESOURCES Voltjntary Income Planned glvin& collectlons and slmllar donatlons are reeo8nlsed when reeelved bvi or on behalf, of the PCC. Plann•d glvlng Is lso only recognSsed whèn recelved. Income tax rècovèrable on 81ft ald don3tlons1s reco8nlsed when thè Incomlng resour s to whlch they relate Is received. Grants and legacles to the PCC are accounted for when the PCC is entltled to Use the res¢urces, thelr ultimate recelpt Is conslderèd reasonably eertaln and the amounts due are reasonably quantlflable. Funds ralsed by the sale of books. a fete nd slmllar events ère accounted for 8ross. other ordlnorylncome PèrochSal fees due to the PCC for weddlngs, funerals etc. are 4c¢ourited for on In event-by-event basl Incomefrom Investments Dlvldends and interest are accounted for when receivable. Gains È7nd10s5es on Inve5trnents Realised gaSns and losses are reco8nlsed when Investments ère x)Id. Unreallsed galns or losses are accounted for on revaluatlon of Investments at 31>l Oecember. APPLIC4TION of RESOURCES Gronts Grants and donatlortss are accounted for when pald over. Cht7ritoble Actlvltles The Dlocs•n P?r4sh Share Is accounted for wh•n pw•bl•. All other e¥pendlture Is generally feco8nlsed when It Is incurred and Is a¢Unted for Bross.
Parochial Church Councll of Holy Cross, Felsted, Essex. Page 8 of 18 FIXED ASSETS Consecrated and benefldal property Is excluded from the accounts by Sections 10121 lal and lel of the Charftles Act 2011. Thls Includes the Smylle Hall bullt In 2016, whlch Is annexed to the church. Insurance cover 5s provlded on a relnstatement value basls. No value Is placed on moveablè church furnlshlngs held by the churchwardens on speclal trust for th• PCC and whlch requlre a faculty for dlsposal slnce the PCC consSders thls to be Inalienable property. All expenditure Incurred durln8 the year on Consecrated or bentfice bulldln8s and moveable church furnlshlngs whether malnt•n•n¢• or Improvement Is wrltt¢n off as expendlt*Jre In the SOFA nd sèparatèly dlsclosed. Indlvldual Items fixtures, flttlnqs and •qLtlpment wlth • purchase prlce of £1,5L¥J or l•$s •r• wrlttèn ofl when the asset Is Jwulr•d. TheTr are no assets values In excess of £l,%)O at present. Investments Investments are valued It mirket value 3111 December. CurrentAssets / Llabllltles Amounts owln8 to the PCC at 31st December are shown as debtors. Amounts owed by the PCC at 31st De¢•mber are shown as cr•dltors.
Parochial Church Council of Holy Cross, Felsted, Essex. Page 9 of 18 NOTES TO THE STATEMENT OF FINANCIAL AcfiviTIES Fortheyèar endlni 31 December 2024 2. INCOME and ENDOWMENTS TOTAL Deslgnated Restrlcted Endowment FUNDS Funds Fund5 Funds 2024 TOTAL FUNDS 2023 General Fund 2•. Ihnatlon$, Le8Kle$ •nd Grnnt$ Planned Giving Income Tax Recoverable Plate Collectlons at SeNlces Sundry Donation5 and Appeals Grants Le8acles 11,145 2,798 1,935 745 990 273 12,135 3,071 L935 965 28,484 6,785 2,(X)2 L620 2,648 220 Tot•1 16,623 1,483 18,106 46,539 2b. Charltable Actlvltle8 Fees for Weddin8s and Funerals 2,452 30 2,482 2,704 Tot•1 1452 1482 1704 2¢. Tr•dln8 Artlvltles 5mylle Hall Hire Fees Events Merchandise 1,980 1,980 2,558 3,784 280 Total 2,260 260 6,774 2d. Incom¢ from Investment$ Dlvidends Bank and other Interest 436 126 436 5,111 429 5,918 3,342 1,643 Total 562 5,547 6,347 2e.Other Incom• Insurance Claim Total Other Income Total Income and Endowments 21,897 3,372 3,126 28,395 65,164
Parochial Church Council of Holy Cross, Felsted, Essex, Page 10 of 18 NOTES TO THE STATEMENT OF FINANCIAL AcfiviTIES Forthe year endlni 31" December 2024 J. Expendlture TOTAL Designated Restricted Endowment FUNDS Funds Funds Funds 2024 TOTAL FUNDS 2023 General Fund Note 3a. Cost of Raisln8 Funds Stewardship Costs Total 3b Charftable ALtlvltles Family Purse Mission and Charitable Giving 7 Clergy Expense5 Training Mission l Outreach Service Expenses Utility Expenses Insurance Administration Costs Equlpment Church Repairs and Maintenance 69,806 10,050 1,049 1.674 1,107 1,448 11,895 9,690 567 610 6,013 16,313 567 [438 2,257 1032 6,152 1,438 91 1,835 1,032 6,152 3,404 837 521 2,108 331 837 521 2,389 1,356 328 7,264 281 Total 26,146 1420 34,910 109,041 3c. Tradlng Actlvttles Smylie Hall Events Merchandise 1,270 1,270 2,246 7,166 419 299 299 Total 1,569 1,569 9,831 3d. Other Expendlture Church - Repairs / Alterations Smylie Hall- Rep6irs / Additions Total Other Expendlture Total Expendlture 27,715 2,420 36,479 118,872
Parochial Church Councll of Holy Cr055, Felsted, Essex. Page 11 of 18 NOTES TO THE STATEMENT OF FINANCIAL ACTIVITIES For the yfflr endlni 31 December 2024 4. Grants and Other SliTrlflcant Onfroff Recelpts Grants and other significant ontroff receipts totalling Nll1£5,4481 were received durlng the year. 5. Events Mlsslon events takln8 place durlng the year Nll {net defl¢it £2,312). 6. F•mlly TSe No piyments were made In 20241£29,0861. In response to the House of Bishops, proposal to 'afflrm and celebrate relationships outside marriage between one man and one woman, I"Prayers of Love and Faith"), the PCC took the deds5on in June 2023 to suspend monthly'Parish Share, contrlbutions to the Dlocese of Chelmsford. The PCC did, however, continue to make payments of £5,817 to Good StewardsTrust I'GST'I, a nationwide network of Conservatlve Evangellcal churches supportlng Angllcan churches seeklng to dlrect thelr Income In support of Blble falthful mlnlstryi on a monthly basls In the hope that the Prayer5 of Love & Falth proposal would not proceed and payments to the Dlocese might be resumed. Thls has proved not to be the case, wlth the result that at the end of 2023, GST held a total of £40,720 on our behalf, On the basls that the PCC is unwllllng for these monles to be forwarded to the Diocese of Chelmsford at this time, GST contlnues to hold these funds and Is currently conslderin8 how these funds should be handled,
Parochlal Church Council of Holy Cross, Felsted, E55e Pa8e 12 of 18 NOTES TO THE STATEMENT OF FINANCIAL ACTIVITIES Fortheyear endlnz 31" December 2024 7. Mlsslon Glvlni Three types of grant are made to mission and charities.. al Sums collected from specific events and services, including fvnerals and memorial seprfices,. bl Contributions based on IIY% of the previous yearfs 'General Glvlng to Holy Crosg (see below); c) One•off anonymous donatlons from members of the congregation; The churcws annual givin8 is normally based on l(VA of 'General Givin¢ for the prevlous year, calculated , as follows: Planned glvin8 Tax thereon Sub-total Plate Collertion Other Donations PCC Fees Investment Income £25,760 £ 6,131 £31,891 £ 2,LX)2 £ 1,620 £ 2,284 £ 591 Tot•1 £38,388 The dlstributlon of IIM1£3,8391 of General Glvlng was, as follow5: 2024 2023 Tot•1 Mlsslon Glvlni allocated forthe ywr Unspent Misslon Glvlng brought forward 8,259 610 Tot•1 Mls•lon Gfvlni Av•llabl• 4,449 10,660 Mlsslon Gfvlnl Gr•nts made: Overseas Mission; Crosslinks 'ProJect Tlmothv Iserblal Open Doors Dan & Adrie van Aswegen (Zambial 13,OLN)I 13,0001 {2,CQ)I 17501 Home Mlsslon.. Hope Church, Easlngwold CofE Evangellcal Council ReNew Conference Soldiers & Airmen's Scripture Readers Assoclation Church Pastoral Aid Society lour patron) 12,5001 11,LKX)I li.c) (5(X)I (31XII 12,5001 15¢X)I 15¢J)) ISQK)) (3CK)I Tot•1 Mlssh)n Glvlni Grants mide 110.3CK)) 110,0501 Contrfbutlon from General Funds to malntaln Mlsslon Glvlni Level 5,651 Mlsslon Glvlni Reserve carrled foTh¥•rd 610
Parochlal Church Council of Holy Cross, Felsted, Essex. Page 13 of 18 NOTE5 TO THE STATEMENT OF FINANCIAL AcfiviTIES For the ye•r endlnl 31° Detember 2024 8. Servlce Expenses Poyments to PCC rnembers A small Immaterial portlon of expenses pald to the Incumbent may have related to hls servlces ès a member of the PCC. No other payments or expenses were paid to any other PCC memberS1 persons closely connected to them, or other related parties. 9. Analysls of Transfers b•tw¢•n Funds General Fund Deslgnated Restrlcted Endowment TOTAL Funds Funds Funds 2024 ear En Transf rs Be een Vlcara8e Fund 11,(xK)I Esme McGee Fund iO,¢XK) i10,L) Total { 9,C#J)) 10. Investmenti All Investments are held on our behalf by the DSocesan Board of Flnance In CBF Investment Funds. Genèr•1 Fund Desi8n&ted Re5trlcted Endowment TOTAL Funds Funds Funds Market value Ilt January 2024 Net10s5 on revaluatlon 26,781 923 26,781 923 Market Value 31 December 2024 27,704 27,704
Parochial Church Council of Holy Cross, Felsted, Essex. Page 14 of 18 NOTES TO THE STATEMENT OF FINANCIAL AcfiviTIES Forthe year endlni 31. December 2024 11. Current Assets General Fund Deslgnated Restricted Endowment TOTAL TOTAL Funds Funds Funds 2024 2023 Ila) Debtors le$ith•n one year Tax recoverable 738 59 797 1,222 Other Sundry Debtors 3,743 3,743 380 Total 4,481 59 1,602 Ilb) Cash at bankand In hand CAF B•nk On Demand Shawbrook B•nk 60 Day Notlce Klngdom Bank 90 Day Notlce Untted Trust Bank 21x1 Day Notlce Cambrldie & Countles 8•nk 12 Month FixedTerm to 16" December 2025 I6.7 32,169 13,922 75 62,173 64,64S 23,059 23,059 22,898 16,102 15,755 31,857 31,062 3,329 26,181 29,510 28,101 50,OC(1 50,OCK) Total 196,599 196,706 All bank deposlts are covered by the Financlal Services Compens•tlon Scheme for deposlts of up to £85,IXKI. 12) Current Uabllltl 12a) Credstors less than one year Away Weekend 2025 Positive Energy (Gas) Other Sundry Creditor5 113, 135 (6191 18241 113,135) 16191 12,2471 18241 11,4181 Total {14,578) (14,578) {3,665)
Parochial Church Council of Holy Cross, Felsted, Essex. Page 15 of 18 NOTES TO THE STATEMENT OF FINANCIAL AcfiviTIES For the year endln8 31" December 2024 13. Statement of funds Bal blfwd l Jan 2024 Income Expendlture Gains l (Lo¢$) Bal clfv and Trnnsf•r$ 31 Dec 2024 Unrestrlrted General Fund Total 2,728 2,728 21,897 21,897 127,7151 127,715) 5,910 5,910 DeslBnated Church Fabric Fund Esme McGee Fund Mission Giving Fund Training Fund Verger Fund Vicarage Fund Youth Fund Total 16, 142 96,554 610 7,926 1,152 3,810 6,512 132,706 306 2,842 16,448 89,396 iio,0001 16101 11,4381 35 37 14 138 3,372 6,523 1,189 4,543 6,559 124,658 1281 1911 12,420) (9,CK)O) Restrlcted Bell Fund Care Fund Choir Fund Clock Fund Church Fabric Fund Growing Ministry Fund Hall Fabric Fund Organ Fund Total 8,791 2,857 24 732 21,419 6,012 18,447 852 59,134 632 52 9,423 2,578 24 732 22,312 13311 893 16,0131 1,297 250 3,124 19,744 1,102 55,914 16,344) Endowment General Bequest Hutley Bequest Baker Bequest Alan & Barbara Payne Bequest- Tithe Chancel (Tithe Act 19361 _ Trow Bequest- Cash Total 1,831 2,780 1,854 9,237 11,079 75 26,856 42 1,873 2,844 1,896 9,449 11,642 75 27.779 42 212 563 923 Total Funds 221,424 28,393 136,4781 923 214,263
Parochial Church Council of Holy Cross, Felsted, Essex. Page 16 of 18 NOTES TO THE STATEMENT OF FINANCIAL AcfiviTIES k*r the y&qr endlng 31" December 2024 13. Statement of lunds ntInUed Definitlons Fabric Funds Donations are allocated either to specific projects, if so stipulated IRestrictedl, or the upkeep of church fabric in general, if the PCC so decides (Designated). Routine maintenante, e.g. boiler servicin& Is financed by the General Fund. Esrne McGee Fund Establlshed in 2016 followin8 receipt of a large bequest from a former parlshloner. Although there were no restrictlons to the bequest, the PCC declded that the funds should be cl855ified as 'Desi8nated' to ensure that their use can be carefully monitored. Mission Giving Fund Established in 2016 as part of the church's revised approach to mission and charity givin& whereby monies specifically designated for this purpose are held pending grants being paid. Training Fund Established in 2022 with a transfer from the Esme McGee Fund to provide fundlng for church members to attend tralning In support of developing Gospel ministry within the church, Verger Fund Established in 2016 with verger fees from weddings and funerals, thi5 fund is used at the discretion of the vicar and churchwardens to support Indivlduals and families attending speclfic church events, e.g. Away Weekend, where cases of hard5hlp might otherwlse prevent thls, Vicarage Fund Establlshed in 2018 to cover the decoratioTr and minor maintenance costs of the Vicarage not covered by the Diocese. Youth Fund This fund was inltiated in 2Q)4 to help finance youth work, Bell Fund Donation5 are used for the maintenance of the bells, the training of bell ringers and other associated expenditure. Care Fund Established In 2020 to support members of the Holy Cross Christian community who are struggling wlth financial hardship. Cholr Fund Donations are used to defray associated expenditure such as the replacement of vestments and purchase of music. Copyright is charged to the General Fund, Clock Fund Established in 2014 for the repair and maintenance of the tower clock. Growing Ministry Established in 2021 for the purpose of growing Gospel leadershlp capaclty within the parish. This fund was initially classified at 'Designated', but as donations to the fund were made with the expressed purpose of growin8 ministry within the parish, it was reclassified as 'Restrlcted' in 2022. Towards the end of 2024, recognising that growin8 Gospel leadership capacity Within Holy Cross was unlikely, the PCC decided to donate the balance of this fund to the North Essex Gospel Trust whose expressed purpose is to support evangelical Christian ministry in the North Essex area, thereby ensurlng that these funds are used for the purpose intended by the donors. Organ Fund Establlshed In 2016 for the repalr and m85or malntenance of thè church organ. Annual maintenance is financed by the General Fund.
Parochlal Church Council of Holy Cross, Felsted, Essex. Page 17 of 18 NOTES TO THE STATEMENT OF FINANCIAL AcfiviTIES Fortheye•r ¢ndlni 31 December 2024 l& Endowment, Investments and Bequests 2024 M•rket Va• 2023 Market Value Cost Genernl Fund Hutl•y Beque Baker Bequest Payne Bequett 181 CBFIF shares) 1123 C8FIF share51 182 CBFIF shares) 1408.63 CBFIF shares) i(J) 152 102 1,873 L831 2,780 L854 9,237 1,896 9,449 Tot•1 CBFIF shares (694.63 CBFIF shares) 5,354 16,062 15,702 Tlth• Ch•nc¢l TNst 1503.4806 CBFIF share5) 82 11,642 11,079 Tot•1 Invutments 5,436 27,704 26,781 Trow BeSt Icashl 75 75 7S Totll Endowm•nts, Investm•nt$ and B•qu•8ti 5,511 27,779 26,856 The Tlthe Chancel trust wès set up under the Tlthe Act 1936, whereby obllgatlons to repalr the Chancel were bought out vla the deposlt of a capltal sum wlth the Dlocese as custodlan trustee, the Income from which was to be used to keep the Chancel In 8ood and substantive repair. The capital value of the trust is a permanent endowrnent and 15 Invested In C8FIF shares. The Payne bequest, In memory of Alln & Barbara P•yne, was made In 20CKI for the upkeep of the church linen, wlth any surplus going to the General Fund. The remainlng bequests have been in existence for more than 40 years. The origlnal IntentSon of these bequests Is not known, although records show that the annual income has gone to the General Fund.
Parochial Church Council of Holy Cross, Felsted, Essex. Page 18 of 18 NOTES TO THE STATEMENT OF FINANCIAL AcfiviTIES For the year ending 31" December 2024 INDEPENDENT EXAMINER'S REPORT TOTHE MEMBERS / TRUSTEES OF FELSTED PAROCHIAL CHURCH COUNCIL I report on the accounts for the year ending 31" December 2024, which are set out on pages 5 to 16. Respertive responsibilities of Trustees and Independent Examiner The charitf s trustees consider that an audit is not required for this year under section 144121 of the Charities Act 2011 (the 2011 Act) and an independent examination is needed. It is my responsibility to.. examine the accounts under section 145 of the 2011 Act; follow the procedures laid down in the General Directions given by the Charity Commissioners section 145151 Ibl of the 2011 Act- and state whether particular rnatters have come to my attention; Basis of Independent Examiner's Statement My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes the review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the management committee concerning such rnatters. The procedures undertaken do not provide all the evidence that would be required by a full audit and consequently I do not express an audit opinion on the accounts. Independent Examinerfs Statement In connection with my examination. no matter has come to my attention: which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with s130 of the 2011 Act,. or to prepare accounts which accord with these accounting records to enable proper understanding of the account,. have not been met; or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Roy Mitchell A 9A Station Road, Felsted, Essex. CM6 3EZ sturgess and Co Ltd Accountonts The Manor House station Rcad. Felsted CM6 3E2 01371532451 °.¥ STURGE5S Date.. 7 March 2025