REGISTERED CJIARITY NUiVIIIER: 1132874 Tru I'fED FINAN FOR T_HK Y ENDED URCH CO Ec£LES￿&LPAIusH.QE￿IlcH E PAROCHIAL CHURCH COiiNCIL OF fH KCCLES.IAsficALY.A.RISH OF H CH ST MARY TENT R fHE YEAR . TATEMEN.TS EMBER 202 ED31 D Pige Report of lh¢ Trustees Independent ExamSAer's Report Ststement of Flnanclal Actlvltlej SIAtemeDI of Fln&ncl*l Posltlo Notes to the Flogn¢i#l St&temeol8 10 10 20 HEP ROCHI CHU ECCLESIASTICAL PARISH CIL F HITCHIN REPOR FOR THE YE FTHE us ENDED 31_DECEMBEII1024 Tl)e tnis*es present their report with ihc fiiiancial sfatemenls of the charity for Ihe year eRded 31 December 21Y24. The twslees have adopted tke provisions of A¢cowiliiig and Reporting by Chari¢ieg: SfatemeNi of Reconvkn¢nded Practice applicablc to charities preparing Iheir accwnls in accordance with the Fin￿?01a1 Reporting Standard Bpplicable in the UK and Republic of Ireland (FRS 102) (effective l JanvNry 2019). OIKIF,CTIVES AND AcfiviTIES ObJe¢tlves Aritable Objects Tile PCC has the responsibility of co-opernting with Ihe Team Reclor and the other Tc8m clergy in promoting in the e¢¢l¢S1￿11¢aI p8rish of Hilchin. St Mhry Ihe whole mission of Ih#Church p￿oral, evangelical. social and ecumeni¢al. ObJeetlveJ for 202S The PArish ReoiEanis&lion hAs been completed and Hiichin. si Mary's has full¢tione41 as a PCC within the wider Hllchin Team. After further reorganisAlion within the Hilchln Team in 2025, there will be WO￿ comrnenwl on a Beneflce Council lo ¢nable Ihe Working togciher of the paT1ii¢r churches in mission and minislry. The primary obje¢tiv¢ for 2025 is ¢0 continue to serve the congregation of & Mary's and lo provide p8sloral care lo tlios¢ wlio liv¢ within the geO￿aphiCal arco of the parish of Ililchin, St Mary. ContiDuing lo work rypoperntively wilh the ihree new Church of England parishcs within the Hilchin Team urban 1$ also of significant importanc¢, includliig Joint 8¢ryices and ¢cumeniGAI Initiativeg. Wa were sad to lose our ¢urat4 The R¢Vd Katy Littl4 In Advent 2024. Major Tepairs are needed lo the fabri¢ of Si Mary's as w¢ll as ohanges io bring the buildin8 UP to modern slalldards, A mulli-year programjne of works planning and fimdrnising began in 2024 ("a Toil¢¢ 18 for Lifc and not just for Chrisimas") and fisrther fundrnising from ¢xt¢mal SouTC￿ will be requiT¢d in order to dellver Ihese Improvein¢nts. Rep8iT of windows ill ihe North Aisle shoiild be complete by the end of 2025. wilh wltsl being withdr8wn from th¢ ndowment Trust a8 the only mcans of funding a si8niflc￿t povlion of this work. An appeal launched ond 8rants soughi to cover th¢ cosls of installing toilet facilitics and a scrv¢ry. Work ¢ommen¢al In 2025 but r￿pletIon will d¢pMd on obtsiniThg sufficient funds gnd will Continue 2026. ChAiltsble a¢¢fvld Th¢ Trustees ¢onfiTm thfit ¢h¢y have referred kn the guidwKe contained in a]arity Commission'8 gen¢rnl 8uidanrK on public b¢n¢fit when revlewing the charity's aims and objedlves and in plat￿ing firture activities. Page I I'HE PAKOCHIAL CHURCH couf4CIL OF THE CL STI HITCHE4 REPORT THE TRUSTELS 31 ACHIEVEMENT AND PERFORMANCE Review oflhe Year 2024 was & year of maDy joys. The Flower Festival (hostulg tlie Hou)e Cow￿1￿8 Ar¢p• of the National Associalioii of Flower ANanging SoL'ieties evenl) was a huge success a￿d a gr¢at way to show Si fv13ry'S it) all ils glory. It w88 v¢ry well re¢¢ived by th¢ lown and comAnwJity. In 2024 there were IS Weddings. l? Baptisms and 20 Funerals. Tlie Rector w&% #ble lo tske 8 3-month sxbbaticbl last sumnier (after 10 ye￿$ in minisiry) r¢ltwn¢d Tcvilalised for a ncw se8son of InÈiilsty. F￿Ulty approval was granted for all the repaiT and improvement works, includiiig the pemiitted replacement of the ancient 88$ boil¥TS by modern units, The PCC also agreed lo set aside fitnd8 011 a regul￿ bagiS so (b￿ st Mftry's would be able to meet tho Churcb of England's Net ZeTO Carbon objeclive ill a re&sonable lim¢fiime. An Appe41 wa5 launched to fund tlie costs of replacing lh¢ boilers and boiler house I plant n)om, and lo insl411 Toilet facilities and a s¢rvery. A professional fimdrAlser w&8 conhcled to assist with applic*ion$ lo grani-making bodi¢s as expertise did not exist within the COn￿¢g￿lIOn. The Rev'd Chris Bunce Team Rector of Hitshin FINANCIAL KEViEW Fin4n¢l#l plvdlllon Thls y¢oVs financial ruults Show an overall incTAse in fi￿d$ of £181,592 due to An increase in Re5tr1¢ted funds as a result of an appeol for Improvem￿)¢ woxks. There a red￿lOn of £17,057 in UNeslricted funds. Tho overall funds orried fonvard fjre £1,407,A64 and are spllt.. - Unrestricted - Resiricl¢d - Bndowment £231.95J £443,429 £731,784 The Honorary TreasuTer 18 Ms Ha[￿&b Janes, The 2023 accounts wer¢ prephr¢d. indepe￿IentlY examined by Brodshaw Johnson Chanered Accountants and filed with tlie Chfirlty Commi8$ion in Augu￿ 2024. Page 2 THEP OCHIAL CH KCCLESIASTICAL STM C.H COUN OF THE SH OF HITCHIN TE F￿R T_HE YEA.H ENDED 3.1.PECEMBER 2024 FINANCIAL REVIEW Reserves rlfk policy Delerniining tlie level of i'eserves that ihe P8Tish needg to hc*ld is ￿ in)port8DI pBrt of the PC.c financial management and foiTrvard fi￿￿￿¢131 plannini. ResetV+*% levels th81 are higher Ihan necessory may lie up money unneeessarily and limit the amount spent on charilable aclivilies, reducing the polenlial benefit the parisli can provide. If reserva levels are too low, theii iiol oiily could th¢ Parish solvency and its activities be put at Kisk, but also div Parish couLd face difficully in meeting ils day-to-day cxpendi(ur¢ ¢omThitments. The poliGy of tlie Parish is to build ils funds lo levels sufficient lo address the parish lollg-temi nefAx and perpelual need lo maintain and pres¢rve Ihe hcrit48¢ 8nd rubric of the church. This means rdaining readily acL¢5$ible reserves sutyicienl to meet ihe financial l?abilities inhere￿t IN rnnnin8 and mainlaining tho churd4 as w¢ll gs Ihe 67 Whitehall Road property, alongside establishing sufficieiit fi￿dS to develop and grow the Parish of the fU￿re. The Parish reserves tkerefore also act a% a fvnding source for spccific wojects or developmcnl activity Ihat is ￿nSidered likely to geneiRt¢ long-t¢rm straleBiC and financial benefrt. The Parish uses lh¢ following principles in manfiging Ihe Tesetves and in detemiining target reserves l¢vels: the need for, and lew¢l of. th¢ Parish reserves will vary dep¢nding on the annua] financial positio￿ In¢ludlng the relativ¢ size of any restricted fvnd4 and PCC assessment of Ihe many risks and opporhmlties the Parish fac¢s al any one partiGul8rtime; - in delcrmining the usc of parish iN)m¢ Ihe PCC considers the neals of bDth Cumt and futur¢ b¢ncficlarles; - the reserves exist either lo provide short-lerni pmtection against do￿ward flucluations in 8nnual In￿M￿ or lo provide lon8-t¢mi 8lr8t¢8tc financial supporL Risk mgAngement The PCC is mindtl]I tliat It 110$ a long estsblislied moral responsibility to pay th¢ 'parish shNrn' or 'quota' to ihe Dlornse of StAlbAn's. Jr th¢ Pthrish h&8 a Shortfall in ils fundraising and pay the dio¢csan quota in any onc year il is not legally obliged to do so. STRucfuRF., GOVERNANCE AND MANAGEME Governth% document The PCC Is a b¢)dy corporal¢ which oper&les und¢r the Pthial Church Cwncll (Powers) M¢&sure 1956 4iid Iho Church Representslion Rules. R¢crultrn•llt of tr￿¥te•S Members of the PCC are ex offlciil ekded (at the Allllu￿ Meetlllg of ParLshiott¢ts or Annual Parochial Chw¢h Meeting) or co-opted. Election of Trust Candidates mwi be proposed and seconded by Memb¢r¥ of lh¢ Ekdoral Roll ￿ are voted on ai the AGM kn lh¢ usual Organts#tional slructure The Parochial Church Council of the Ec¢lesi&sli￿l Parish of Hitchin St Mary operates in ac￿rdance with thp Constitstion oiihe PaTish of Hitchi14 si Mary. During the year ¢ho PCC met six tinKs. 1¢ h&s two commiilees: {1) the Standing C(Mhmittee. which meets prior to th¢ fvli PCC to plan PCC meetings. and (2) the Fina￿ Committee. REFKRLNCE AND ADMINISTRATIVE DETAILS Registered ChaAty oumber 1132874 Page 3 I'HE PAROCHIAL CHURCH COUNCIL OF THE SH OF HII'CiiiN POR THETRusfELS E YEAR ENDWI DECE PrlnelpAI iddr¢$$ Church Hoiise Chvrchyard Hitchi Hertfordsbijt S05 IHP Truste&4 C"l¢rgy' The Rev Christopher Bunce, Team Ke The Rev Katy Littl¢- ￿￿til 24 November Churchwirdells Mhss Elizabeth Cr4nficld unlil 19 May Mr T¢ry Brazier Bnd Mrs HaDRth To]ley-Me￿In￿0n from 19 M&y Eleeted represext•tlves to tktr Desnery Syood Miss Elizabeth Cranfield Mrs Julia Ccwrr, Mrs Andreea Weisl-shaw, Ms Wendy Zimm¢rnian Elcded Lay Repre5¢n¢atives Mrs Rachd B￿endI - unlil 19 May Mr Richard Cav4 Mr Steve HalpiTr- from 19 May MTJ Su¢ B&thThoker, Mrs M￿￿try Bedingfield, Mr Alan Childs, Mr Colin Davies Mr Nick EvaDS-Pughd Ms Harniah Jane4 Mrs Margoret KhiJ]maung. Mrs Lindsay Newbery, Mrs Anne S¢ne¢hal, Mrs Lois Veale Ind¢pend¢n¢ E¥amlkner Brads'haw Johnson Chartered Ac¢ount8nts Crofi ChAmlJ¢r8 l J Banwft HiiLhin Henford3hir¢ SG5 IJQ Page 4 T.HE.PAROCHIAL CHIJRCH COIJ CILO ECCLESIASTI ALPA F HITCH ST MARY THE REE£IKl.QF.IIIKTLU.STEES ENDED 31 DECCt hlBER SAFEGUARD￿c REPORT Ivliat does Safeguirdlmg to the CIIwTch? Safeguardillg 15 the aclton the ChurGh can lake lo pyomolc a safer culture. This means the Church will promot¢ the welfare of chFldYen, yout)g people, and adults. work to preV￿t abus¢ from occurring. seek to protect fliose t]12t Ar6 at rlsk and respond well Éo Ihosewho have bv£n abused. One of the principles of Promoting a Safer Church says that we shAII select and train carefully all Ih05e wiih 8ny responsibility ielated to children or wlnerable adulls within the Church, In lin¢ with safe¥ iecwitment principles. Ensuring that safeguardlng lear￿1118 is to date helps embed a cvllure where people feel saf4 and a￿lse ¢an be spott and dealt wilh in an approprialc and limely fashion. People should b¢ ¢neourdged to engag¢ with the required safeguarding learning for th¢ir roles. However, where Ihiy encouragement fail4 it is importBnt to Temember that 811 ¢urr¢nt s&fe8uftrdiii8 policy aiid practicc gthidance h&s been 8pproved by General Synod as Safeyarding Code and musl be followed by all relevant persons. The Safeguarding Code replaces the fomier requirement to have 'dts¢ r¢g8Td' to 88f¢guarding guidaNe. Ther¢ is an expeclalion in Govemmenl Guidance that ALL staff, volunteers 8Th1 officL holders know what to do should a saf¢8uardillg sitsatlon arise. Th¢ National Saf¢guording SlandArds Slnr¢ 2020. th¢ Church of England has been d¢veloping a set of Natlonal Safrguardlng Slandards and a supwrtinz Quality Assurance Framework. Published in late 2023, these standards provide a b¢nclunaTk for 0$$￿11)g th¢ quality and •M￿t of saf¢8uarding work at both local and national l¢v¢lk They help Church bodte5 identify styengths and areas for improvement to guid¢ fijthre safeguaTding efforts. Developed in ¢onsult&lion with a wide range of s14kd￿lder4 including victims and surlivors, the $thndord$ bulld on existlng poll¢l¢s sucli as Promoling a Safer Church and alm to wvcr the fvll S(￿pe of Safeguardlng 8ctivily wiihin ihv Church. rhe Five Standards are." Culiur¢ Leadership and Capa¢ity; Pr¢v¢nlion; Re￿gnIsIn& Asvs8ing and Managing Risk; Victim5 and Suryivors: Learnin& Supervision and Support. The Learning and Developm¢nt Prai%ice Guldarnx The Lcamin8 and Development Practice Gutdance 2024 came inlo effed on 1st J8miftry 21y25. The modules reflect ih¢ national requlrement for all dloceses to ensure h¢alihy ¢ultures ond saf¢guardlng prA¢ti¢e and t¢8ponding well to vicltms and survivors of &buse in the church context. Th¢ Bishop of S¢ Alban4 through acceptaneA of th¢ House of Bishops Prarlic¢ (luldance, has set minimwn requirements for safegu&ding training for ordained, li¢¢nscd and lay Church OfficeTS. Church Officer is anyon¢ appoinlcd by or on behalf of the Church lo a post or rolfy wh￿h¢r they are ordaill¢d OT lay, paid or unpaTd. At Sl. Mary's. our fAJre valiies reflect a deepsealed dedication to caring for every4)ne and ehompiontng the needs of lh¢ niosl vulnerable in our community. Safeguarding and Child prot¢dion ar¢ ¢8sential to en8urin8 thal children and vulnergblv adults af¢ protected from hami - and trainirtg plays a ¢¢ntrRI part in makljig this possibl¢. We're gratellFI to all who ha￿ alrcady compl&ed the reqlliT￿ safegu?￿ing trnining for their role We aTe pleased to report tbat there have b￿n no saf¢guftTding incNJa*s within the past year. To ￿lfil our legal obligalions specificalty rcsponsibililies und¢r se¢lton 5 of the Saftguardlng and Clergy Dls¢lplin# Meagure 2016 (which T¢quires all paTishe5 to give due ￿89rd lo the Howe of Bishops, 5afegu8rdin8 policies and practice guidance) we continue to maintain a robust set of safeguardlng pollcies ahd pro¢edur¢L These are r¢vl¢wed annually and include the folk>wing: safe￿ardIng AetionB & Polkley in Pl4c¢: Page 5 THE PAROCHIAL CHU CH COUNCIL OF THE IASTICAL PARISH OF IITfcHIN ST MARY RFPORT OF THE TRUSTEES FOR THE YEAR￿ED 31 DECEf*lBER 21124 l. Our safeguarding policies for childFCTr and vulnerabl¢ adulis have been reviewed artd approved by the PCC during the ¢urrentyeai'. 2. All re8ul8r vohMteers 8od stoff working with children. youtl or vulnerabje aduks have undergoiie wthaiiced DBS checks. The SAfeguardlng Officer keeps a£curnl¢ records to ensw¢ehecks are ren¢wed &8 needed. 3. P￿ents and GaTers of ajl children F￿dicipalIng in chur¢l) aclivilies ore 18ked to complele at] einergency contaLt forni and grant (or witlthold) p¢m]tS8ion foi phologT•phs or videos lo be taken and on social mediA th¢ church websile, ud ￿￿tr platforms. Consent is obiaitted separately for each medium. 4. All Individuals w0￿1ng with children or vulnerable adults. aloJ)g with PCC members and churchwaTdens. are required lo undettsk¢ dioces8n s8f4wding training every tbree ycars. PCC meMb￿S may complete Ilie online trainin¥. wlllle Ihose in direot contact with children or vulncrable adults 8 well &% churchwardens miist also atteiid a 3-hour in-person segsion. Mamy have completed this Iraining over the past year. othe￿. includiiig llew PCC members electrd ot the upcoming APCM, still ne£d lo do so. The Safeguarding Officer tracks trailling completion and renewal dateg. 5. Cler&v and reftders complete s¢parnle saf¢guarding Iraiiiing every three yeArs. 6. Safeipuarding infomwlion. including conlacl detsils for the Parish Safeguarding OfjTicer, is clearly displayed througbout th¢ chur¢h to Trise awareness and en¢ournge vigilance. 7. All ¢hurch-relaled activities requtr¢ Risk Ass¢ssments. While safegu8Tding guidance is provided via the dioc¢san website, overall responsibility lies wilh Ihe Chur¢hwarden (or d¢legated Healih & Safrty Officer). I'he Safeguarding Offi¢or is con$ulled on any Issueg Wttb a safrguarding c4)mponent. * W¢ alw ¢onllnu¢ tr) wse the Parish Safe8U8rdin8 D&%hboard - a nalional syslein d&signed lo inCr￿e trO￿p8(enry and 8UPPOrt church&% in rnaintsining Iiigh safeguardinA stAndArds. An updated safeguarding 8Ction plan was shared with Ihe PCC at lh¢ January meetin& and ihe prOc¢dUre￿ foT ¥espondin8 lo ssfegllardin8 concerns or atlegalions were reviewed. Oogolng A¢¢lony #nd Remihde l. Th¢ PCC must review s8frBuardin¥ policy docume4Ms 8nd ensur¢ gafeguarding is on th¢ ag¢Dda al least oi)ce a year. Lf lh¢ Saf¢guwdln8 Officer is nol a PCC memba. they should be invited to attend. 2. Outstanding tratning m¥8t be ¢ompl¢ted by those for whom it is still Tequir¢d. 3. New pec members ele£led dt the APCM should complete the Appropriate online training modute. Lofjldng Ah¢ad: Sofegugrdlng Oblectlve for 21Y2S Keeping our church community safe is everyone's responsibility. In 2025, we encourage all members to identify ihe 88f¢guarding training r¢lev8nt lo their rok and commit to ¢ompleiln8 it. Prioriti5in8 train?ng Is a vital Slep in f051ertng a safer rhurth Mvlronment. Approved by orderof the board of tNsteeJ on13 March 2025 and S)￿ed on ils behalf by: Rev Chris Bunoe- Trusl Pa8e 6 INDEPE DENT ER'S REPO TTOTHE STEE THELBOCHIAL CHCO CIL OF THE CLESI STICAL Independtnt examiiier's report to fhe ttustees of The Paroeh191 Church Countil tsf the Et￿leS1#S(leal PRrE81i of HStehln,St Mary l ieport to Ihe oharity trustees on my exomination of Ilye acGounts of The Parochial Churcly Counoil of the knlesiastlcal Parish of14itchin, St Mary (tlie Trust) for thc year ended 31 December 2024. Re5ponslbllltlos aiid basls of report As the charity tyustees of the Trusl you are responsible for the preparation of the accounts in accordHn¢¢ wilh the requlrements of the ChAYities Act 2011 (llie ACV). I report in respect of my exÈmination of the Th￿t'S accounts carried out under Secti￿1 145 of the Act and in carrying out Iny ex￿nInatIon I have followed all applic4bl¢ Direclions giv¢n by the tharity Commission under S¢ction 145(5)(b) of theAcl, Independont examlntr'g stst¢meMt Sin¢e your charity's ￿0s8 income exceeded £250,000 your ¢xamin¢r must be a thi¢mber of a listed body. I can conr IhAI l am qualitlcd lo undertake Ihe examination because l am o member of the Instilul¢ of Charter¢d Accountsnts in England and Wale4 which is one of the listed bodies. I have ¢ompleted my ¢xAmination. T confirni tIFyt no maleri&l matten have to my thntion in conn¢ctioR wlth tho examination giving mo cause lo believ¢ thal in any materlkl i¢spect: accounting records were not kept In respect of the TnBt a5 Tcquitcd by Se￿10￿ 130 of lh¢ A¢t' or the &CCOUn15 do not accord with those reconjs. or the accounls do not comply wilh the applicable rcquirements ¢onceming the fomi and ￿nIent of ac¢ouiits 8et out in the Charili¢s (Accounts and Reports} Re8ulxtions 2008 oth¢r Ihan any requirement that the ac￿￿nts give a true and fair view which is not a matter considered as part of an indeoendenl ¢x8mination. hRv¢ no concerns aad h&ve colne vjcross no oihv matters In conn¢¢¢ion with thè ex8minalion to whl¢h att¢ntlon should be drawn in this report in order lo enable a proper undeystanding of th¢ a¢￿￿nts to be rtaehed. Neil HaTding FCA Bradshaw Johnson Ch&rt¢Ted A¢counlanl$ Croft Chambet8 I l B8ncroft Hitchin HertfoTd3hire SG5 IJQ ICl-4-2f Page 7 THE PAR0cHI￿￿￿H COUNCIL OF TH ECCLESIASI'ICAL PAIUSH OF UITCHIN, TEML FOR I'HE T OF FINANCIAL A(?IVJTIES AR D 31 DECEMBE 2024 31.12.24 Tolal fi￿dS 31.12.23 Totsl nds Unr¢sliicled liinds Reslticled fund8 FJ)downeiit Notes INCOME AND KNDOWMKNTS FROM Donations and legaci¢s 158.075 227,567 385,642 194,942 Other tradlng aclivill¢s Inv¢31ineA)t income Oiher in￿rne 4,056 3.697 23.6&0 18.131 28.680 22,187 32,377 23,680 8,42¥ 30,923 60,393 189.508 274,378 463,886 294,686 EXPENDITURE ON Rai51ng funds 3,577 3,577 2,373 CharltAblt Aetlvliks Promoting thc mission of the Church of Eii8lhnd 182,186 294.137 540.21x1 TotAI 185,763 297.714 542,573 Nel gains on inve$tsnonts 1559 12,861 15,420 58,319 NET INCOMEI(EXPENDITURE) TrADsfer8 belweell 3,745 (20.802) 164.986 20,802 12.861 181,592 (189,568) Net movem¢Dt In funds (L7.057) 185,788 J2.861 181,592 (189,568) RECoNCIL￿TIoN OF FUNDS Total funds brought foNi8rd 249,008 257,641 718.Y23 1225,572 1,4J5,140 TOTAL FUNDS CARRIED FORWARD 231,951 443,429 731,784 1,407.164 1.225.572 The notes fonn part ofilw¢ financial statements Page 8 OCFIIAL CItURC ECCLESIA TICAL PARISI OIINCIL OF THE TATEME T OFFINANCIAL POSITION 31 DECEhlB_E Ib24 31.12.24 Tolal Ibnds 31.12.23 Tolal nd$ Unrestricted runds R&8tricted rut)ds EIMlowD¢nt Js Notes rilXED ASSETS Tangible 8ss¢ls Invesknnents 157,000 574,784 157,000 883.455 157,000 868,035 48,471 260.2(W) 48,471 260,2(X) 731,784 1,040,455 1,025,035 CURRENT ASSETS D¢blors Cash At bank 101,362 108,536 IOlJ62 291,765 43,561 170.981 183.229 209.898 183.Y29 393.127 214,542 CREDITORS Amoullts falling due within one io (26.418) (26,418) {14,005) NET CURRENT ASSEV 183,480 183,229 366,709 200,537 T(yfAI. ASSETS LFSS CURRENT LIABILITIES 231,951 443,429 731,784 1.407.164 ,225,572 NET ASSKTS 231.951 443,429 731,784 ,407.164 1.225,572 FUNDS Unregiricled ￿ndS Restricted fijiidy Endowment funds 231,951 443,429 731,784 249,008 257.641 718,923 TOTAL FiINDS ,407,164 1,225,572 The financial statements were 4wroved by the Board of Tru8t#s r￿d authorised for i58uc on 13 March 2025 find w¢r¢ signed on its bohalf by: R¢v Chris Bull￿- Trustee The llotes fonn part ofthcse fjnancial st8lemthts LC UNC F'fHE AL PARISH OF BITCHIN ST ECC￿IAs NOTES ANcll￿L STATE FOR THE YEAR ENDED 31 DECEMIIER 2024 ACCOUNTING POLICIES Bosi8 of preparlug the Ilnallflxl slwtements The fin2n¢ial ststemenls of the chaTity, which is a public benefit entity FRS 102. have been prepAred i accordBnc¢ wilh the Charities SORP (FRS 102) 'Aecounling and Reporting by ChaTitics.' SIRlement of Recomm¢nded Prdctice applicable to chbrities prepaiing their accounts in ￿OrdanCe with the Financial Reporting Slandard 8ppli¢8ble in the UK and Republic of IFeland (FRS 102) (effective l Jaiiuary 2019),, Financial Reporting Standard 102 'The Finan¢ial Reportit)E Standard applicable in the UK and RepubliG of .Ireland' and tht Chartlie5 Act 2011. The fiNaAci81 stalements have b¢¢n px¢pwed undcr thc historical cost ¢onvention, with the ex¢¢ption ofillv¢sthieuts wlii¢h arc iiicluded at market value. a5 niodified by the revaluation olcertain ass¢t& Th¢ Pwo¢hial Church Council of the Ecclesi&%tical Parish of Hitchin meets Ihe defjnltion of a public entity under FRS 102. Income Dortalions ￿ le8acies Colle¢tion$ are recognised whtrfi recoived on behalf of the PCC. Planned giviou receivable Urtd￿ covenftnl is te¢OgniS￿ onty wh¢n Teceived. Income t&x reciwuthle on covenants (* giftaid donations is ￿c￿ls¢d when the income is recognised. Grants and le￿ie& to the PCC ar¢ rnted for as s¢M 18 the PCC is ￿￿)￿ed of its l¢g81 enlillcmenl and has sufficient cert&inty of the amounl du¢. Oth•r tradin8 aCt?vlties Funds r¥i¥ed by fiu]d-raisin8 tvenls &$ tllms, concerls etc. Rental income from th¢ l¢ttlng of¢lwh ¢lwrth hall premises 1$ recO￿lsed when the Tental is duc. Sa148 of books and magazine8 from ttKdKuch bookslall arc *rKounted forgross Inv¢stmenl Ii)come Gains or losses r￿0￿￿sed upon sale of ihe investhients, whilsl UnTealised gains or losses are Te¢Ob￿lsed in th6 accounts based upon yCaT ¢nd inve9tment fund valuation8. Inier¢st is accounled for wh¢n T￿e1vab￿ Eipelldlture Expenditure on tharitsbl¢ aaivid¢s Grants and domations are 8ccounted for when paid over, or Wh￿ awarded if that award creat&£ a binding obliBatlon ort ihe PCC. I'he dioceson quola or parislj shore is aLtounted for wh¢n paid. Tanglbl¢ fixed gsstts Depreci81ion is providd * Ihe foilowillg annual rat&S in Order lo write off each ass¢t over its ￿tIMated ￿se￿I lif¢. rr¢ehold property Office equipment depTeci8icil 33% ¢(K8t The charity 15 exempt from tax on ils charilable activities. Page 10 continued,.. PAROCHIAL CITURCH C.OUNCIL OF TH ECCLESIAS.TICAL F HITCIIIN OT S TO THE FIN TH_E_YLAR ENDE DECEhlBER 21124 ACCOUNTING POLICIES- Continlled Fund •ccovnlvng Gener81 funds reprwenl tlie fvnds of Ihe PCC that are not subject lo ony rastrictions F¢garding their use and a¥e available for application on the general purposes of the PCC. Fund9 designated for a parilcular pJYpri8e by the PCC are also unrestrlcled. Tlie 8ccounls include all trAnsoctiorn4. assets and liabililie5 for whTrch the PCC 15 responsible in law. They do not include the accouiits ofchufch groups that owe their main atrilialion lo onother body nor tho¥e are infom)al gatherings of Cl)urch mcmb¢rs. OTHER TRADING AcfiviTIES 31.12.24 31.12.23 Trading aclivilios 22,187 8.428 INVESTMENT TNCOME 31.12.24 31.12.23 Dividends and intwt 32,377 30,923 TRUSTEES, REMUNERATION AND BENEFITS There were no trvsle¢$' r¢munuation or othe¥ benefi1$ for ihe year t￿ded 31 December 2024 nor for the ye ended 31 December 2023. Thi$t¢es' ¢xpons¢s There were no Irusiees, paid for the yeu ended 31 Dttembe¥ 2024 nor for the year ¢nded 31 December 2023. STAFF COSTS The averAge monlhly nurnbef of employees during the year was ￿ follo 31.1224 31.12.23 Offi¢¢ O(ga￿st No ¢mploy¢es received emolumenls in excess of £60,000. PaBeii continu￿... THE PAROCH OF THE OTES TO THE ANCIAL ED3 EMBER 2fr24 21123 COfviPAIL4TWES FOR THE SFATEMENTOV FINANCIAL A￿1VITIEs Unrcstricted Restricied Endowmenl funds fi￿dS fuIids 'rolal nds INCOME AND ENDOWMENTS FROM Don&lioiis and lega¢ics 185.629 9.313 194,942 Other trdding activilS¢5 Investment income Other income 8.428 8268 51,069 8,428 30,923 60,393 22,655 9,324 Tolal 253,394 4A,292 294,686 EXPENDITURE ON Raising funds 2J73 2,373 CbArllable attlvlties Promotin8 Ihe mi89ion of the Clwr¢h or England 381,195 159,005 540,200 383,568 159,005 542,573 Nel 8ains on investmenis 9,613 48.706 58,319 NET JNCOMEI(EXPLI NDrruRE) Trxogfers between fylld$ 1130,174} {58,768) {108.100) 58,768 48,706 (189,568) N¢1 movement In hnds (188,942) (49.332) 48.706 (189,568) RECONCILIATION OF FUNDS Tol41 fvnds brought forward 437,950 30&973 670,217 1,415,140 TOTAL FUNDS CARRIED FORWAIID 249,(4)8 257.641 718,g23 1225572 The PCC onty h&% fin4n¢ial assets And f￿anGi*1 liabtlitics of a kiod that qualify as basic financial instrumellfs. Basic fin8nci81 iDslrwhents ar¢ inltially recogntsed at tramaction value and subscquenlly measuMI 4 their settlement value. Py12 'rHE P&BDI. L CIIURC ECCI.FtsIASTI CIL OFTHE SHOF STATEmEN￿OnI1￿e F_OR.THE.YEAR CI NDED 31 DECEMB TANGIBLE FIXED ASSETS Freekold property Officr equipment Tolals COST At l Jwiuary 2024 wid 31 December 2￿24 158,000 8,380 166.380 DKPIIECIATION At l Jwiuary 2024 alld JI December 2024 i.000 6,380 9,380 NET BOOK VALUE At 31 December 2024 157,000 157,lJOO At 31 Decemb¢r 2023 lJ7,(K)O 157,000 FIXED ASSET INVESTMENrs Inveslmehls MARKCI T VALIIK At l January 2024 Rtvaluatlons 868,035 15.420 At3J December 2024 883,4JJ NET BOOK VALUE A¢ 31 December 2024 883,455 At 31 December 2023 868,035 Thero were no inv¢stmenl a55ets outside the UK. DEBTORS: AMOUNTS FALLING DUE W]TillN ONE YEAR 31.12.24 31.12.23 Other debtors lQlJ62 43,561 P4e13 conlinue(L.. THE PAR CHIAL CHURCH COUNCIL OF TI.IE ECCLESIASTICAL PARISH OF IirrcHIN TES TO THE FINANCIAL S'I'ATEME_NTS- con.tlllued 31 DFCEIVIBER 2 io. CREDI'foRS: AMouNfs FALLING DUE WIJ'HIN ONE YEAR 31.12,24 31.12.23 Other creditOTS 26.418 14,005 MOVEMENT IN FUNDS Nel movement ui fiinds 'rransfer8 betwe¥n fvnds At 31.12.24 Ai 1.1.24 u￿resIr1¢1ed funds Gen￿81 fund Designaied donalions and legacies fiuKt- si Mary's Designated fi￿d- Houses Designated - PCC Close 107J02 36,272 (20,802) 122,772 8&005 16.679 37,022 1,897 (20.424) (14,000) 89,902 19.277 23.022 (23,022) 249,008 3,745 (20,802) 231,931 R•s¢rieied funds Fabric fund- St Mary Organ fund- St Mary's VicpJs tluLd- St Mary'$ Oifts wilh rcservatioTr St Johns Fund- Inv¢slmenl Homeless Appeal Net uro 120,894 21.000 <804) 40,029 804 181,923 1,969 20.579 111,778 2,421 1.969 23,596 114,337 2,421 99,183 20.000 3,017 2,559 139.214 {40,031) 20.000 257,641 164,986 20,802 443,429 Eudowm¢nt lunds St Mary's endowmenl PCC- propeity elldowrnenl 561,923 157.000 12.861 574,784 157,000 718.923 12,861 731,784 TOTAL FUNDS 1,225,572 181,592 1.407,164 Page 14 tinued... THEP OCHIAL CHU ECCLFSIASTIC PA tL OF THE OF HITCE THE FINA OR THEY DE ii. MOVEMEiYT IN FUNDS- con¢kniio N¢t movcmcnl in fimds, included iii the abo￿ are as follows., Ineoming resowces R￿OurceS expended Gainsand lo&ses Movement ill funds Urtrestvlded fMMds General Designated donRlions and legacies fuTMI- SI Mary's Designated fund- Houses Designated- PCC Clos¢ 187.611 (151,339) 36.272 1.897 1,897 <20,424) (14,000) (20.424) (14,000) 189.508 (185.763) 3,745 Res¢rleted funds Fabric ￿nd- St Mary's Organ flind- St Mary's Glfts wlth resenntion St JohM5 Fund- Inv¢slm¢i)t Appeal 124,727 78 3.017 (103.727) (882) 21,000 (804) 3,017 2,559 139,214 1559 146.556 (7,342) 274,378 (111,951) 2.559 164,986 FJndowinenl fvnds Sl Mary'$ ¢ndowmeiit 12.861 12,861 TOTAL FUNDS 463￿86 {297,714) 15,420 181,592 Page 15 ntinued,.. PAROCIIIAL CHURCH COUNCIL OFI'HK EFI THE YE STATEiVIENTS- c KNDED 31 PEC_K.f*lBKR.2Q24 llued ii. MOVEMENT IN FUNDS- Coxli￿Ued Comparatives for movemtn¢ Ill fNDds Net Inovenient ith fithds Transfers between fi￿Lts At 31,12,23 Ai 1.1.23 Uore8tsleted funds General fimd Designated Office equipment fund- Hilchin PCC D&41￿mated Conference hnd iraining fi￿d- Hil¢hin PCC Designated St Mary's vic8rdge- Hitchin 176,984 {116,024) 46,342 107,302 4.713 (4.713) 850 (850) Designat¢d Sl MaTk's vicara8¢- Hi*h•n (911) 950 (950) Designated Holy Saviour vi¢araR¢- Hit¢h pcc D¢51gnat¢d Si Faith's y1￿￿- Hitchin pcc Dcsignated Curatd8 House repairs fvnd. Hitchin PCC Dwignaled tnvestment fithd- Hiichin PCC Designated St Faith's Vicw and Chur¢h Ward¢n (l￿d- St Faith's DcsiBnaled HoiJiele88- St Mary's De5igmaled donations and legacies fi￿d- St Mary'3 Des1￿￿ted fund- Hous&8 Designated. PCC Closc 1.742 (1.742) 1,554 (1,554) (1,102) (127,708) 127,708 33,604 2J71 (33,604) (150) (2,421) 85,261 23.850 (21.106) 16,679 37.022 88.005 16.679 37,022 437,950 {130.174) Restrlcted FabTiG fund- St Marfs Organ fund- St M8ry'1 Hii¢hin LX)nservation - St Mary's Vicats fund- Si Marfs Discreliomary fimd- St M8rJes Centenary fwid- St Marys M¢moxi41 gardens. St M¥ks Flower fund- St Marvs Gene￿1 restrlthed lund- St F4iih's Bulldlng repatr fimd- Floly Saviour Robe6- Holy SaviouT Choir- Holy Saviour Youth- Holy Saviour Youth & Trinity- Hitchin PCC Capilal resefft fiJnd- Hilchin PCC Houses rese￿ fund- Hitchin PCC Lcgacy fiu)d. St Mark's Outreach fund- St Mark M Gibbs- St MarlV8 Messy Church- Si M8rV5 Rent- Holy Saviour DonatAoDs and legacies fiuKI- St M4rV$ (58,768) 249,008 190,733 {40.130) (1,625) (29.709) ,625 (531) 120.894 531 1,969 1,969 (844) (748) (623) {209) {3,590) (53,916) (108) (6.144) (607) 623 209 3,590 53.916 108 6.144 607 1.745 25.0(10 10.538 (1.745) (25.000) (10538) (i.(w) (1,518) (5(Ml) (64) (137) (4,521) 1.518 636 4,521 (499) Page 16 onlinued... Tll OCHIAL CHURCH OUNCIL 0_F￿ll C.LESJA TICAL P RISH QEllttCLIN. FOR THE YEAR END MOVEMENf IN FiiNDS- continued Churchsuile- St Mark's Asylum fund- St Marys Gifts witli reseryalion St John8 Fund- Inveslment Hoffteless 338 1,091 (338) (1,091) 20.579 102,165 2,421 20.579 111,778 2,421 9.613 306,973 (108,100) 58,768 257,641 Enrtowjnent thnds St Mory's endowne￿t PCC- propety endowment 513,217 157,000 48,706 561,923 157,000 670.217 48.706 718,923 TOT AL FUNDS 1,415,140 (189,568) 1,225.572 Pog¢ 17 contiTru¢d... THE PAROC COUNCIL OF T CAL PAIUSH O TO THE FXN OR THE_YEAR.E CIAL STATEi¥IENTS. tomlinue DECEMBER 21)2 ii. MOVKMEprr FUNDS- c•nlinued Comparative net movement in funds, inGludcd in the above are as follows: Incoming [￿O￿[CeS Resources ¢xp¢nded G4iny and 105S¢S Movement in fiinds UnYestrl¢ted GenerBI fund DesÉwial¢d St MarEs vi¢arage- Hitchin pcc Designated Holy Saviour vic8rage- Hitchin pcc D¢si8naied Sl Faiih'8 vicarage- Hilchin pcc Desigftated Sl Faiih's Vicar and awrch Warden fifftd- St Faith's D¢5ign&*d Home1¢59- Si Mary's Designated donations and legacies fund- St Mary's 229,544 (345,568) {116,024) {950) (950) (1,742) (1,742) (1,554) (1,554) (33,604) (150) (33.604) (150) 23.850 23,¥50 253.394 {383,568) (J30.174) Re8erloted tsnds Fabric fAmd- St M8ry'8 Organ fund- Si Mary's Discrelionary fvnd- St C4lltenary fund- Si Mark's Memorlai g8rdens- St Marks Flower ￿nd- St Mark's Generd restriaed fund- Sl Faith's Building repair fund- Hoty Savlour Robes . Holy Saviour Choir- Holy Saviour Youth- Holy Savio L48￿Y Ilmd- S( Mark's Ou¢reach fimd. St Mafk's M Glbbs- St MarEs M¢$$y Church. Sl M￿k'S Rent- Holy Soviour DoDation$ and legacies fund- Si Mrtg urchsuile- St Marv8 Asylum fi￿d- St Matk's St Johns Fund- Inv¢slm¢nt 41.235 57 {81,365) (1.682) (844) 1748) (623) {209) (3,590) (53.916) (108) (6,144} (607) {i.000) (1,518) (500) {64) (137) {4,521) (338) (1.091) (40,130) (1,625> (844) (748) (623) (209) (3,590) (53.916) (108) {6,144) (607) (1,000) {1,518) (500) (64) {137) (4,J21) (338) (1,091) 9.613 9.613 41292 (159.OD5) 9.613 (108,1(Kl) St MBry's cndowinent 48,706 48,706 TOTAL FtJNDS 294.686 (542.573) 5&319 (189.568) Followlng Ihc r¢slrurturing, Ihe majority of have bcen transferred to the individual churches - the description8 are includ(xl below for infomialion Unre5trkcted funds: Page 18 )ntinued... PAR HIALCHUR(' EC.CLFSIAST THE SH ST MAR ES THE rtlNAU ME - conll ii. MOVEMII NT IN FUNDS- colltlrtued Gener81 - Ihcse are to provide foy general aclivittes of the d)urches after allocation of inci)Trie and expenditufc lo other fvnds. Deslgnated funds: DonAtions and legacios fvnd- tliese represent fvnds received not yel ulilised. Houses- ￿ndS held for Ihc repair and maiiitcnancc of67 Whilehill Road and r¢deeoration of St Mary's Vicarnge. PCC C105C - these fiinds represeni the final balane£ olb Hitchin PCC bank account when it closed and will be reallocateo by 31 December 2024 as deterniined by St PCC In consultstion with the oihtt ¢hurch¢s. Restyltted lknnd8: rabric thnd- This fund is to provid¢ for the maintenance of lh¢ cthuf¢h bublding. Vicars fund- This fund is th¢ vicars discretionary fuNI.. Gifts wlth reservRllon - these are fiJf¥Js given for lh¢ benefit of St Marys for general PU￿0$¢9 whcre there Is some form of rcslriLIioD. Si JOI￿5 ￿nd (Investment) IIoTnclcss - Ihese ar¢ fi￿d9 transferred from the designatfAI thnd of Ihe sam¢ namè and are to be UBed for the ben¢fit of hom¢l¢&g people. Appeal fund - This fund holds grftnts. donatlons and 1]tt￿raiSin8 proceeds In ¢onnectlon with Ihe project to replace the exlsting boiler room with a modern Plant Room, IDstall toilets in the tower gnd PTovlde a setvery facility. Net zero- This fund is to hclp the Churoh WOTk toward5 its taoet of net zkro. Endowm¢nl lknnds: Sl Mary's Endowment. This TS a fimd which is held by fh¢ Dloces@ for the long terni viabllity of the Clwrch. Property fvnd- This represents th¢ Curates IM)use in Whitchill Road, Hlithin. Hort(ordshir¢. Purpose of funds- ¢ompxvAtlv￿- Done li#v¢ # SJ gt31 December 20Z3 pcc OffirK equipment fi￿d - Thi5 ￿nd is intended to wist wlth the renewal of oifirx equipment sucli ￿ the photocopier at the end of ils usoful lif¢. Conference and training fund - This fund was cr¢8ted to as$lst with the costs of Sc￿11Thg the wider l¢im to the Bithop's Conference from lime to tiroo. The scope bceD widcna to includo g¢nttal training And confer¢nrx ¢osts forclergy or non-stipendiary stsff. St Maryts Vicarage- Th¢5e ar¢ fimds set &8lde to covv the ¢0sLS of ralenservation management of the church. contlnucd... Page 19 THE PARocillAL CHURCH COUNCIL OF I'BI ECCL IASTICAL P SH OF HITCH ST N(YFES TO THE FINAI¥CIAL STATKME DECEMB R 2024 MOVEMENT IN FUNDS- ¢ontknued Vicws ￿lld. Thi8 fimd Is the ViC2T5 d1s¢rrAi￿ary fillTrd. Sl Mork's Discretionary fund- This fithd is available at vI￿S discrelion for lielping parishioners in fllian¢ial need. et￿tenary fimd - This t]￿d is for Iher¢furbishmenl ofiho Church liall and kilcheji. Mtrnorial gMrdens- This fvnd Is for the upkeep of the memorial garden. Flower fi￿d- This fiuui15 to provide flowcrs in Ihe Church. Outreath - This fund was created by a gtft givento the church of £1￿00 which has be¢n d¢signaled foi oiilreach aclivilie M Glbbs- This Creatcd by a glft from M Gibbs in memory of her18le husbw)d. Messy Church- This fund consisls of grant mon¢y given for set up cosls for Meysy Church. SI FAlth's General restrided fvnd- This fifftd is kn provide music, setvices and enliancement of the buildillg. Holy Sfivlour Buildin8 repair fund- This fi￿d is to provide lor repairs to the fabric of th¢ ￿urCh. Rob¢B- This fund is to provide replac￿tte￿I rob¢5 to thr servers. C1￿1r- This filnd iy lo provide musia orsubsity for younger members of the choir. Youth- Thi8 ft￿d 18 lo provide support to ourwoTk with lh¢ yollth of the DCC. Youlh fibnd- This fimd is to help ihe porfsh wlib youth projects. Copilal r¢s¢N¢ fund- Tbis fvnd is lo underpin Ihe PCCS fufvre capital coyts. Houses reserve fiwd . This fund is for the rethcoralion old¢Tgy houses. 12. RELATED PARTY DISCLOSURES There were no related paity transactions fortheyear ended 31 Decemb￿ 2024. Page 20