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← The Parochial Church Council Of The Ecclesiastical Parish Of Hitchin, St Mary

2023-12-31-accounts

REGISTERED CHARITY NUMBER: 1132874

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

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FOR THE YEAR ENDED 31 DECEMBER 2023
FOR
THE PAROCHIAL CHURCH COUNCIL OF THE
ECCLESIASTICAL PARISH OF HITCHIN,
ST MARY
DRAFT
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HITCHIN,

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HITCHIN, ST MARY

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Page Report of the Trustees 1 to 6 Independent Examiner's Report 7 Statement of Financial Activities 8 Statement of Financial Position 9 Notes to the Financial Statements 10 to 21

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HITCHIN, ST MARY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES Objectives and aims Charitable Objects

co-operating with the Team Rector and the other Team new parishes from within the existing geographical boundary the Ecclesiastical Parish of Hitchin, St Mary was April 2023. The primary Objective for the first quarter relationship of a Team Ministry in the Parish of where each parish had fully independent financial continue to serve the congregation of St Mary's and to of the parish of Hitchin, St Mary. Continuing to work Hitchin urban area is also of significant importance, of St Mary's as well as changes to bring the building been planned and fundraising from external sources will referred to the guidance contained in Charity Commission's

The PCC has the responsibility of co-operating with the Team Rector and the other Team clergy in promoting in the ecclesiastical parish of Hitchin, St Mary the whole mission of the Church pastoral, evangelical, social and ecumenical.

Objectives for 2024

The formal Proposal to create three new parishes from within the existing geographical boundary of the Ecclesiastical Parish of Hitchin, which would then become the Ecclesiastical Parish of Hitchin, St Mary was approved by the Church Commissioners with effect from 1st April 2023. The primary Objective for the first quarter of 2023 was therefore to maintain the close and effective working relationship of a Team Ministry in the Parish of Hitchin, and subsequently to transition to a new co-operative structure where each parish had fully independent financial operations but retained close clerical links and shared arrangements with the others.

The primary objective for 2024 is to continue to serve the congregation of St Mary's and to provide pastoral care to those who live within the geographical area of the parish of Hitchin, St Mary. Continuing to work co-operatively with the three new Church of England parishes within the Hitchin urban area is also of significant importance, including joint services and ecumenical initiatives.

Major repairs are needed to the fabric of St Mary's as well as changes to bring the building up to modern standards. A multi-year programme of works has been planned and fundraising from external sources will be required to in order to deliver these improvements.

Charitable activities

The Trustees confirm that they have referred to the guidance contained in Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.

ACHIEVEMENT AND PERFORMANCE Review of the Year

The pastoral reorganisation of the Hitchin Benefice is now complete and the registered charity has become The Parochial Church Council Of The Ecclesiastical Parish Of Hitchin, St Mary with effect from April 1st.

The financial structure of the charity comprised funds which were under the individual control of each of the churches (including their bank current accounts, etc) plus a common fund which operated at the overall parish level. Following the restructure, a request was made to the Charity Commission for such funds, deemed to be held for the benefit of the respective churches (Holy Saviour, St Faith's, and St Mark's), to be transferred to them.

The Rev'd Chris Bunce

Team Rector of Hitchin

Page 1

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HITCHIN,

ST MARY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL REVIEW

Financial position

This year's financial results show an overall reduction in funds of £189,568 after the adjustments for items relating to the other Churches. The overall funds carried forward are £1,225,572 and are split:

The Honorary Treasurer is Ms Hannah Janes.

independently examined by Bradshaw Johnson Chartered the Hitchin PCC and the parish of Hitchin, St Mary were the Parish needs to hold is an important part of the PCC levels that are higher than necessary may tie up money reducing the potential benefit the parish can provide. If and its future activities be put at risk, but also the its funds to levels sufficient to address the parish long-term and fabric of the church. This means retaining readily in running and maintaining the church, as well as the 67 to develop and grow the Parish of the future. The Parish or development activity that is considered likely to generate reserves will vary depending on the annual financial assessment of the many risks and opportunities the Parish short-term protection against downward fluctuations in

The 2022 accounts were prepared, independently examined by Bradshaw Johnson Chartered Accountants and filed with the Charity Commission in October 2023.

The 2023 consolidated accounts of the Hitchin PCC and the parish of Hitchin, St Mary were submitted for approval at the Annual Parochial Church Meeting for the Parish of Hitchin, St Mary.

Reserves and risk policy

Determining the level of reserves that the Parish needs to hold is an important part of the PCC financial management and forward financial planning. Reserves levels that are higher than necessary may tie up money unnecessarily and limit the amount spent on charitable activities, reducing the potential benefit the parish can provide. If reserves levels are too low, then not only could the Parish solvency and its future activities be put at risk, but also the Parish could face difficulty in meeting its day-to-day expenditure commitments.

The policy of the Parish is to build its funds to levels sufficient to address the parish long-term needs and perpetual need to maintain and preserve the heritage and fabric of the church. This means retaining readily accessible reserves sufficient to meet the financial liabilities inherent in running and maintaining the church, as well as the 67 Whitehall Road property, alongside establishing sufficient funds to develop and grow the Parish of the future. The Parish reserves therefore also act as a funding source for specific projects or development activity that is considered likely to generate long-term strategic and financial benefit.

The Parish uses the following principles in managing the reserves and in determining target reserves levels: - the need for, and level of, the Parish reserves will vary depending on the annual financial position, including the relative size of any restricted funds, and PCC assessment of the many risks and opportunities the Parish faces at any one particular time; - in determining the use of parish income, the PCC considers the needs of both current and future beneficiaries; - the reserves exist either to provide short-term protection against downward fluctuations in annual income, or to provide long-term strategic financial support.

Risk management

The PCC is mindful that it has a long established moral responsibility to pay the 'parish share' or "quota' to the Diocese of StAlban's. If the Parish has a shortfall in its fundraising and cannot pay the diocesan quota in any one year it is not legally obliged to do so.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The PCC is a body corporate which operates under the Parochial Church Council (Powers) Measure 1956 and the Church Representation Rules.

Page 2

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HITCHIN,

ST MARY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Recruitment of trustees

Members of the PCC are ex officio, elected (at the Annual Meeting of Parishioners or Annual Parochial Church Meeting) or co-opted.

Election of Trustees

Candidates must be proposed and seconded by Members of the Electoral Roll and are voted on at the AGM in the usual way.

.

Organisational structure

The Parochial Church Council of the Ecclesiastical Parish of Hitchin consisted of members from the churches of Holy Saviour, St Faith's, St Mark's, and St Mary's until 31st March. It then became the Parochial Church Council of the Ecclesiastical Parish of Hitchin, St Mary. The PCC operates in accordance with the Constitution of the Parish of Hitchin and/or the Parish of Hitchin, St Mary.

During the year the Hitchin PCC did not meet, but the Hitchin, St Mary PCC met six times. It has two committees: (1) the Standing Committee, which meets prior to the full PCC to plan PCC meetings; and

(2) the Finance Committee.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1132874

Principal address

Church House Churchyard Hitchin Hertfordshire SG5 1HP

Page 3

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HITCHIN,

ST MARY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees

Clergy

The Rev Christopher Bunce, Team Rector

Revs Melanie Crowley, Nick Smith, Ian Todd - all until 31 March.

Churchwardens

Holy Saviour: Mr David Parsons, Mrs Deborah Stalkartt - both until 31 March. St. Faith's: Miss Joan Worboys, Mrs Brenda Gardner - both until 31 March. St. Mark's: Mr Edward Stone, Mrs Joy Bennett - both until 31 March. St. Mary's: Miss Elizabeth Cranfield, Mr Terry Brazier.

Elected representatives to the Deanery Synod Miss Elizabeth Cranfield Mrs Julia Cooper, Mrs Andreea Weisl-Shaw, Ms Wendy Zimmerman - all from 1 April Mrs Rachel Drury, Mr Michael Kershaw, Mr Robin Sternberg, Mr Michael Taylor, Miss Joan Worboys, Mrs Gail Young - - all until 31 March.

Elected Lay Representatives

Mrs Gwen Allen, Mrs Mary Goose, Mrs Sandra Stokes - all until 31 March. Mrs Sue Bathmaker, Mr Colin Davies From 1 April: Mrs Rachel Bagenal, Mrs Margery Bedingfield, Mr Alan Childs, Mr Nick Evans-Pughe, Ms Hannah Janes, Mrs Margaret Khinmaung, Mrs Lindsay Newbery, Mrs Anne Senechal, Mrs Lois Veale Mr Craig Stoten (until 24 December)

Independent Examiner

Bradshaw Johnson Chartered Accountants Croft Chambers 11 Bancroft Hitchin Hertfordshire SG5 1JQ

Page 4

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HITCHIN,

ST MARY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

PARISH SAFEGUARDING REPORT FROM THE TEAM SAFEGUARDING CO-ORDINATOR

To ensure we meet our legal requirements that as a Parish we have complied with our duty under section 5 of the Safeguarding and Clergy Discipline Measures 2016 (duty to have regard to House of Bishop's guidance on safeguarding children and vulnerable adults), we have adopted the following policies & procedures which are reviewed on an annual basis.

Safeguarding Actions & Policies in Place

  1. We have policies for keeping children and vulnerable adults safe which have been discussed and approved by the PCC within this year.

young people and vulnerable adults on a regular basis have and young people who access our activities are required (or not) for photos and videos to be taken of their child who work with children, young people or vulnerable adults, the diocesan safeguarding training every three years. PCC those who work directly with young people or vulnerable 3 hour training session. During the last twelve months, people who need to complete the training, plus any new PCC Safeguarding Officer keeps a record of who has attended people to be vigilant regarding safeguarding, along with across the Benefice (the four Parishes in Hitchin that actions needed with regard to safeguarding are taking all church related activities and whilst the topic appears under responsibility remains with the Church Wardens, potentially and our adoption within the parish, of the on-line Parish visibility & prompts in relation to our work on

  1. All those who work with children, young people and vulnerable adults on a regular basis have been checked via the DBS process. Records are kept by the Safeguarding Officer to ensure that individual's DBS checks do not become out of date.

  2. The parents or carers of all children and young people who access our activities are required to complete a form with emergency details and to give permission (or not) for photos and videos to be taken of their child for social media, church website etc. Separate permission is requested for each form of media.

  3. The Safeguarding Officer, those who work with children, young people or vulnerable adults, church wardens and PCC members are required to undertake the diocesan safeguarding training every three years. PCC members are only required to complete the on-line training, whereas those who work directly with young people or vulnerable adults, plus church wardens, are required to also do a face to face 3 hour training session. During the last twelve months, many of those requiring training have completed it. There are still some people who need to complete the training, plus any new PCC reps who are elected at this year's AGM and APCM. The Safeguarding Officer keeps a record of who has attended the training and the date that they will need to be re-trained.

  4. All clergy and readers undertake separate training every three years.

  5. Posters highlighting the need for people to be vigilant regarding safeguarding, along with details of the safeguarding officer, are displayed in the churches and the church halls. 7. The Safeguarding Officers and clergy across the Benefice (the four Parishes in Hitchin plus St Paul's Walden and Preston) meet together twice a year, to ensure that actions needed with regard to safeguarding are taking place and to support those who take on this important role within our churches. 8. Risk Assessments are required for all church related activities and whilst the topic appears under the Safeguarding banner on the diocesan website the ultimate responsibility remains with the Church Wardens, potentially delegated to the Health & Safety Officer. However, the Safeguarding Officer will be consulted when there is a Safeguarding risk element involved. Following the National introduction, and our adoption within the parish, of the on-line Parish Safeguarding Dashboard system, the system has provided greater visibility & prompts in relation to our work on "Promoting a Safer Church." The Safeguarding Dashboard works at three different levels:

Safer Foundations Safer Activities Safer Practices

St Mary's has now adopted this system and is working towards achieving Level 3 status. An action plan detailing the current status is easily produced and should be circulated to all members of the PCC ahead of its meetings, allowing time for general discussion and questions.

Actions which need to be taken or check have been taken

  1. That the PCC has considered the policy documents and has safeguarding as an item on its agenda at least once a year and that the Safeguarding Officer, if not a member of the PCC, be invited.

  2. Those for whom training is still outstanding complete the appropriate level.

  3. Those who are newly elected to the PCC at the AGM and APCM complete the online training.

Page 5

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HITCHIN,

ST MARY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

Andreea Weisl-Shaw, Safeguarding Officer

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

.......................................................................... Reverend C Bunce - Trustee

Page 6

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HITCHIN,

ST MARY

Independent examiner's report to the trustees of The Parochial Church Council of the Ecclesiastical Parish of Hitchin, St Mary

I report to the charity trustees on my examination of the accounts of The Parochial Church Council of the Ecclesiastical Parish of Hitchin, St Mary (the Trust) for the year ended 31 December 2023.

Responsibilities and basis of report

As the charity trustees of the Trust 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 Trust's accounts carried out under Section 145 of the Act and in carrying out my

examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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 Trust 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.

Neil Harding FCA

Bradshaw Johnson Chartered Accountants Croft Chambers 11 Bancroft Hitchin Hertfordshire SG5 1JQ

Date: .............................................

Page 7

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HITCHIN, ST MARY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
INCOME AND
ENDOWMENTS FROM
Donations and legacies
Other trading activities
2
Investment income
3
Other income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Promoting the mission of the
Church of England
Total
Net gains/(losses) on investments
NET
INCOME/(EXPENDITURE)
Transfers between funds
11
Net movement in funds
RECONCILIATION OF
FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD		 DR
Unrestricted
funds
£
185,629
8,428
8,268
51,069
253,394
2,373
381,195
383,568
-
(130,174)
(58,768)
(188,942)
437,950
249,008		 A
Restricted
funds
£
9,313
-
22,655
9,324
41,292
-
159,005
159,005
9,613
(108,100)
58,768
(49,332)
306,973
257,641		 FT
Endowment
funds
£
-
-
-
-
-
-
-
-
48,706
48,706
-
48,706
670,217
718,923		 31.12.23
Total
funds
£
194,942
8,428
30,923
60,393
294,686
2,373
540,200
542,573
58,319
(189,568)
-
(189,568)
1,415,140
1,225,572		 31.12.22
Total
funds
£
329,201
28,128
22,885
76,227
456,441
3,889
473,397
477,286
(85,170)
(106,015)
-
(106,015)
1,521,155
1,415,140

The notes form part of these financial statements

Page 8

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HITCHIN, ST MARY

STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2023

DRAFT
Unrestricted
Restricted
Endowment
funds
funds
funds
Notes
£
£
£
FIXED ASSETS
Tangible assets
7
-
-
157,000
Investments
8
48,471
257,641
561,923
48,471
257,641
718,923
CURRENT ASSETS
Debtors
9
43,561
-
-
Cash at bank
170,981
-
-
214,542
-
-
CREDITORS
Amounts falling due within one
year
10
(14,005)
-
-
NET CURRENT ASSETS
200,537
-
-
TOTAL ASSETS LESS
CURRENT LIABILITIES
249,008
257,641
718,923
NET ASSETS
249,008
257,641
718,923
FUNDS
11
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS
The financial statements were approved by the Board of Trustees and authorised for issue o
and were signed on its behalf by:		 31.12.23
Total
funds
£
157,000
868,035
1,025,035
43,561
170,981
214,542
(14,005)
200,537
1,225,572
1,225,572
249,008
257,641
718,923
1,225,572
n ........................		 31.12.22
Total
funds
£
157,000
1,025,274
1,182,274
18,334
318,118
336,452
(103,586)
232,866
1,415,140
1,415,140
437,950
306,973
670,217
1,415,140
.....................

............................................. C Bunce - Trustee

The notes form part of these financial statements

Page 9

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HITCHIN,

ST MARY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of

investments which are included at market value, as modified by the revaluation of certain assets.

The Parochial Church Council of the Ecclesiastical Parish of Hitchin meets the definition of a public entity under FRS 102.

Income

Donations and legacies

Collections are recognised when received on behalf of the PCC. Planned giving receivable under covenant is recognised only when received.

Income tax recoverable on covenants or gift aid donations is recognised when the income is recognised. Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement and has sufficient certainty of the amount due.

Other trading activities Funds raised by fund-raising events such as films, concerts etc.

Rental income from the letting of church and church hall premises is recognised when the rental is due. Sales of books and magazines from the church bookstall are accounted for gross.

Investment income

Gains or losses are recognised upon sale of the investments, whilst unrealised gains or losses are recognised in the accounts based upon year end investment fund valuations. Interest is accounted for when receivable.

Expenditure

Expenditure on charitable activities

Grants and donations are accounted for when paid over, or when awarded if that award creates a binding obligation on the PCC.

The diocesan quota or parish share is accounted for when paid.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - Not depreciated Office equipment - 33% on cost

Taxation

The charity is exempt from tax on its charitable activities.

continued...

Page 10

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HITCHIN,

ST MARY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES - continued

Fund accounting

General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted.

The accounts include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body nor those that are informal gatherings of Church members.

DRAFT
OTHER TRADING ACTIVITIES
31.12.23
31.12.22
£
£
Trading activities
8,428
28,128
INVESTMENT INCOME
31.12.23
31.12.22
£
£
Interest receivable
8,268
5,505
Dividend income
22,655
17,380
30,923
22,885
TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year en
31 December 2022.
Trustees' expenses
There were no
trustees' expenses paid for the year ended 31 December 2023 nor for the year en
31 December 2022.
STAFF COSTS

2. OTHER TRADING ACTIVITIES

3.

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.

5. STAFF COSTS

The average monthly number of employees during the year was as follows:

31.12.23 31.12.22
Office 1 2
Organist 1 1
2 3

No employees received emoluments in excess of £60,000.

continued...

Page 11

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HITCHIN,

ST MARY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

6. 2022 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

DR
INCOME AND ENDOWMENTS FROM
Donations and legacies
Other trading activities
Investment income
Other income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Promoting the mission of the Church of England
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 A
Unrestricted
funds
£
319,938
28,128
4,430
60,862
413,358
3,889
403,600
407,489
(17,039)
(11,170)
(8,879)
(20,049)
457,999
437,950		 FT
Restricted
funds
£
9,263
-
18,455
15,365
43,083
-
69,797
69,797
-
(26,714)
8,879
(17,835)
324,808
306,973		 Endowment
funds
£
-
-
-
-
-
-
-
-
(68,131)
(68,131)
-
(68,131)
738,348
670,217		 Total
funds
£
329,201
28,128
22,885
76,227
456,441
3,889
473,397
477,286
(85,170)
(106,015)
-
(106,015)
1,521,155
1,415,140

The PCC only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured a their settlement value.

continued...

Page 12

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HITCHIN,

ST MARY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

DRAFT
7.
TANGIBLE FIXED ASSETS
Freehold
property
£
COST
At 1 January 2023 and 31 December 2023
158,000
DEPRECIATION
At 1 January 2023 and 31 December 2023
1,000
NET BOOK VALUE
At 31 December 2023
157,000
At 31 December 2022
157,000
8.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2023
Disposals
Revaluations
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022
There were no investment assets outside the UK.
The disposal represents the transfer of the 20% of the value due to St Marks.
9.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors		 Office
equipment
£
8,380
8,380
-
-
31.12.23
£
43,561		 Totals
£
166,380
9,380
157,000
157,000
Investments
£
1,025,274
(215,558)
58,319
868,035
868,035
1,025,274
31.12.22
£
18,334

continued...

Page 13

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HITCHIN,

ST MARY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other creditors

31.12.23 31.12.22 £ £ 14,005 103,586

continued...

Page 14

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HITCHIN,

ST MARY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

11. MOVEMENT IN FUNDS

D
Unrestricted funds
General fund
Designated Office equipment fund - Hitchin
PCC
Designated Conference and training fund -
Hitchin PCC
Designated St Mary's vicarage - Hitchin PCC
Designated St Mark's vicarage - Hitchin PCC
Designated Holy Saviour vicarage - Hitchin
PCC
Designated St Faith's vicarage - Hitchin PCC
Designated Curate's House repairs fund -
Hitchin PCC
Designated investment fund - Hitchin PCC
Designated St Faith's Vicar and Church
Warden fund - St Faith's
Designated Homeless - St Mary's
Designated donations and legacies fund - St
Mary's
Designated fund - Houses
Designated - PCC Close
Restricted funds
Fabric fund - St Mary's
Organ fund - St Mary's
Hitchin conservation - St Mary's
Vicars fund - St Mary's
Discretionary fund - St Mark's
Centenary fund - St Mark's
Memorial gardens - St Marks
Flower fund - St Mark's
General restricted fund - St Faith's
Building repair fund - Holy Saviour
Robes - Holy Saviour
Choir - Holy Saviour
Youth - Holy Saviour
Youth & Trinity - Hitchin PCC
Capital reserve fund - Hitchin PCC
Houses reserve fund - Hitchin PCC
Legacy fund - St Mark's
Outreach fund - St Mark's
M Gibbs - St Mark's
Messy Church - St Mark's
Rent - Holy Saviour
Donations and legacies fund - St Mark's
Churchsuite - St Mark's		 RA
At 1.1.23
£
176,984
4,713
850
911
950
1,742
1,554
1,102
127,708
33,604
2,571
85,261
-
-
437,950
190,733
-
531
1,969
844
748
623
209
3,590
53,916
108
6,144
607
1,745
25,000
10,538
1,000
1,518
500
64
636
4,521
338		 FT
Net
movement
in funds
£
(116,024)
-
-
-
(950)
(1,742)
(1,554)
-
-
(33,604)
(150)
23,850
-
-
(130,174)
(40,130)
(1,625)
-
-
(844)
(748)
(623)
(209)
(3,590)
(53,916)
(108)
(6,144)
(607)
-
-
-
(1,000)
(1,518)
(500)
(64)
(137)
(4,521)
(338)		 Transfers
between
funds
£
46,342
(4,713)
(850)
(911)
-
-
-
(1,102)
(127,708)
-
(2,421)
(21,106)
16,679
37,022
(58,768)
(29,709)
1,625
(531)
-
-
-
-
-
-
-
-
-
-
(1,745)
(25,000)
(10,538)
-
-
-
-
(499)
-
-		 At
31.12.23
£
107,302
-
-
-
-
-
-
-
-
-
-
88,005
16,679
37,022
249,008
120,894
-
-
1,969
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

Page 15

continued...

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HITCHIN,

ST MARY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

11. MOVEMENT IN FUNDS - continued - - Asylum fund - St Mark's 1,091 (1,091) Gifts with reservation - - 20,579 20,579 St Johns Fund - Investment - 9,613 102,165 111,778 Homeless - - 2,421 2,421 306,973 (108,100) 58,768 257,641 Endowment funds - St Mary's endowment 513,217 48,706 561,923 - - PCC - property endowment 157,000 157,000 - 670,217 48,706 718,923 TOTAL FUNDS 1,415,140 (189,568) - 1,225,572

Page 16

continued...

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HITCHIN,

ST MARY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

11. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

DR
Unrestricted funds
General fund
Designated St Mark's vicarage - Hitchin PCC
Designated Holy Saviour vicarage - Hitchin
PCC
Designated St Faith's vicarage - Hitchin PCC
Designated St Faith's Vicar and Church
Warden fund - St Faith's
Designated Homeless - St Mary's
Designated donations and legacies fund - St
Mary's
Restricted funds
Fabric fund - St Mary's
Organ fund - St Mary's
Discretionary fund - St Mark's
Centenary fund - St Mark's
Memorial gardens - St Marks
Flower fund - St Mark's
General restricted fund - St Faith's
Building repair fund - Holy Saviour
Robes - Holy Saviour
Choir - Holy Saviour
Youth - Holy Saviour
Legacy fund - St Mark's
Outreach fund - St Mark's
M Gibbs - St Mark's
Messy Church - St Mark's
Rent - Holy Saviour
Donations and legacies fund - St Mark's
Churchsuite - St Mark's
Asylum fund - St Mark's
St Johns Fund - Investment
Endowment funds
St Mary's endowment
TOTAL FUNDS		 A
Incoming
resources
£
229,544
-
-
-
-
-
23,850
253,394
41,235
57
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
41,292
-
294,686		 FT
Resources
expended
£
(345,568)
(950)
(1,742)
(1,554)
(33,604)
(150)
-
(383,568)
(81,365)
(1,682)
(844)
(748)
(623)
(209)
(3,590)
(53,916)
(108)
(6,144)
(607)
(1,000)
(1,518)
(500)
(64)
(137)
(4,521)
(338)
(1,091)
-
(159,005)
-
(542,573)		 Gains and
Movement
losses
in funds
£
£
-
(116,024)
-
(950)
-
(1,742)
-
(1,554)
-
(33,604)
-
(150)
-
23,850
-
(130,174)
-
(40,130)
-
(1,625)
-
(844)
-
(748)
-
(623)
-
(209)
-
(3,590)
-
(53,916)
-
(108)
-
(6,144)
-
(607)
-
(1,000)
-
(1,518)
-
(500)
-
(64)
-
(137)
-
(4,521)
-
(338)
-
(1,091)
9,613
9,613
9,613
(108,100)
48,706
48,706
58,319
(189,568)

continued...

Page 17

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HITCHIN,

ST MARY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

11. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

D
Unrestricted funds
General fund
Designated Office equipment fund - Hitchin
PCC
Designated Conference and training fund -
Hitchin PCC
Designated St Mary's vicarage - Hitchin PCC
Designated St Mark's vicarage - Hitchin PCC
Designated Holy Saviour vicarage - Hitchin
PCC
Designated St Faith's vicarage - Hitchin PCC
Designated Curate's House repairs fund -
Hitchin PCC
Designated investment fund - Hitchin PCC
Designated St Faith's Vicar and Church
Warden fund - St Faith's
Designated Homeless - St Mary's
Designated donations and legacies fund - St
Mary's
Restricted funds
Fabric fund - St Mary's
Organ fund - St Mary's
Hitchin conservation - St Mary's
Vicars fund - St Mary's
Discretionary fund - St Mark's
Centenary fund - St Mark's
Memorial gardens - St Marks
Flower fund - St Mark's
General restricted fund - St Faith's
Building repair fund - Holy Saviour
Robes - Holy Saviour
Choir - Holy Saviour
Youth - Holy Saviour
Youth & Trinity - Hitchin PCC
Capital reserve fund - Hitchin PCC
Houses reserve fund - Hitchin PCC
Legacy fund - St Mark's
Outreach fund - St Mark's
M Gibbs - St Mark's
Messy Church - St Mark's
Rent - Holy Saviour
Donations and legacies fund - St Mark's		 RA
At 1.1.22
£
183,742
4,713
850
911
950
1,742
1,554
1,102
144,747
33,604
3,611
80,473
457,999
210,212
-
531
1,969
844
748
541
209
5,066
52,841
108
6,144
607
1,745
25,000
10,538
1,000
1,746
500
64
636
2,283		 FT
Net
movement
in funds
£
2,121
-
-
-
-
-
-
-
(17,039)
-
(1,040)
4,788
(11,170)
(27,510)
(848)
-
-
-
-
82
-
(1,476)
1,075
-
-
-
-
-
-
-
(228)
-
-
-
2,238		 Transfers
between
funds
£
(8,879)
-
-
-
-
-
-
-
-
-
-
-
(8,879)
8,031
848
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 At
31.12.22
£
176,984
4,713
850
911
950
1,742
1,554
1,102
127,708
33,604
2,571
85,261
437,950
190,733
-
531
1,969
844
748
623
209
3,590
53,916
108
6,144
607
1,745
25,000
10,538
1,000
1,518
500
64
636
4,521

continued...

Page 18

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HITCHIN,

ST MARY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

DRAFT
11.
MOVEMENT IN FUNDS - continued
Churchsuite - St Mark's
443
(105)
Asylum fund - St Mark's
1,033
58
324,808
(26,714)
Endowment funds
St Mary's endowment
581,348
(68,131)
PCC - property endowment
157,000
-
738,348
(68,131)
TOTAL FUNDS
1,521,155
(106,015)
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
408,570
(406,449)
Designated investment fund - Hitchin PCC
-
-
Designated Homeless - St Mary's
-
(1,040)
Designated donations and legacies fund - St
Mary's
4,788
-
413,358
(407,489)
Restricted funds
Fabric fund - St Mary's
27,712
(55,222)
Organ fund - St Mary's
80
(928)
Memorial gardens - St Marks
212
(130)
Mission fund - St Mark's
2,201
(2,201)
General restricted fund - St Faith's
496
(1,972)
Building repair fund - Holy Saviour
1,075
-
Giving - Holy Saviour
1,270
(1,270)
Outreach fund - St Mark's
375
(603)
Donations and legacies fund - St Mark's
5,227
(2,989)
Churchsuite - St Mark's
825
(930)
Asylum fund - St Mark's
3,086
(3,028)
Cross Repair fund - St Mark's
524
(524)
43,083
(69,797)
Endowment funds
St Mary's endowment
-
-
TOTAL FUNDS
456,441
(477,286)		 -
-
8,879
-
-
-
-
Gains and
losses
£
-
(17,039)
-
-
(17,039)
-
-
-
-
-
-
-
-
-
-
-
-
-
(68,131)
(85,170)		 338
1,091
306,973
513,217
157,000
670,217
1,415,140
Movement
in funds
£
2,121
(17,039)
(1,040)
4,788
(11,170)
(27,510)
(848)
82
-
(1,476)
1,075
-
(228)
2,238
(105)
58
-
(26,714)
(68,131)
(106,015)

Following the restructuring, the majority of the funds have been transferred to the individual churches - the descriptions are included below for information purposes.

continued...

Page 19

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HITCHIN,

ST MARY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

11. MOVEMENT IN FUNDS - continued

Unrestricted funds:

General fund - these are to provide for general activities of the churches after allocation of income and expenditure to other funds.

Designated funds:

Donations and legacies fund - these represent funds received not yet utilised. Houses - funds held for the repair and maintenance of 67 Whitehill Road and redecoration of St Mary's Vicarage. PCC Close - these funds represent the final balance on Hitchin PCC bank account when it was closed and will be reallocated by 31 December 2024 as determined by St Mary's PCC in consultation with the other churches.

Restricted funds:

Fabric fund - This fund is to provide for the maintenance of the church building. Vicars fund - This fund is the vicars discretionary fund..

Gifts with reservation - these are funds given for the benefit of St Mary's for general purposes where there is some form of restriction.

St Johns fund (investment)

Homeless - these are funds transferred from the designated fund of the same name and are to be used for the benefit of homeless people.

Endowment funds:

St Mary's Endowment - This is a fund which is held by the Diocese, for the long term viability of the Church. Property fund - This represents the Curates house in Whitehill Road, Hitchin, Hertfordshire.

Purpose of funds - comparatives - none have a balance as at 31 December 2023

PCC

Office equipment fund - This fund is intended to assist with the renewal of office equipment such as the photocopier at the end of its useful life.

Conference and training fund - This fund was created to assist with the costs of sending the wider team to the Bishop's Conference from time to time. The scope has been widened to include general training and conference costs for clergy or non-stipendiary staff.

St Mary's Vicarage - These are funds set aside to cover the costs of redecoration of the vicarage. St Mark's Vicarage - These are funds set aside to cover the costs of redecoration of the vicarage. Holy Saviour Vicarage - These are funds set aside to cover the costs of redecoration of the vicarage. St Faith's Vicarage - These are funds set aside to cover the costs of redecoration of the vicarage. Curate's House repairs fund - These are funds set aside to cover the costs of repairs of 67 Whitehill Road. Designated investment fund - This fund is the St Johns fund and the income is divided between St Marys (80%) and St Marks (20%).

St Faith's

St Faith's Vicar and Church Warden fund - These funds are to be used at the discretion of the Vicar and Church Warden.

St Mary's

continued...

Page 20

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HITCHIN,

ST MARY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

11. MOVEMENT IN FUNDS - continued

Fabric fund - This fund is to provide for the maintenance of the church building. Organ fund - This fund is to provide maintenance of the organ.

Hitchin conservation management fund - This is to help the future conservation management of the church. Vicars fund - This fund is the vicars discretionary fund.

St Mark's

Discretionary fund - This fund is available at Vicar's discretion for helping parishioners in financial need.

Centenary fund - This fund is for the refurbishment of the Church hall and kitchen. Memorial gardens - This fund is for the upkeep of the memorial garden. Flower fund - This fund is to provide flowers in the Church.

Outreach - This fund was created by a gift givento the church of £1,000 which has been designated for outreach activities.

M Gibbs - This fund was created by a gift from M Gibbs in memory of her late husband, Messy Church - This fund consists of grant money given for set up costs for Messy Church.

St Faith's

General restricted fund - This fund is to provide music, services and enhancement of the building.

Holy Saviour

Building repair fund - This fund is to provide for repairs to the fabric of the Church. Robes - This fund is to provide replacement robes to the servers. Choir - This fund is to provide music or subsidy for younger members of the choir. Youth - This fund is to provide support to our work with the youth of the DCC.

PCC

Youth fund - This fund is to help the parish with youth projects. Capital reserve fund - This fund is to underpin the PCCs future capital costs. Houses reserve fund - This fund is for the redecoration of clergy houses.

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2023.

Page 21