St Mary's,Watford Church Street, Watford, WDI 8 OEG Registered Charity Number.. l 132880 ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL for the year ended 31 st December 2024 Vicar to 14th July 2024: The Revd Tony Rindl, The Vicarage 14 Cassiobury Drive, Watford, WDI 7 3AB Vacancy from 15thJuly 2024 DIOCESE OF ST ALBANS Bankers.. Barclays Bank plc, PO Box 104, St Albans, ALI 3AN Lloyds Bank plc, Intu Shopping Centre, Watford, WDI 7 2UB 'IIIE CIIURCII Ok LNGLAND PAROCHIAL CHURCH COUNCIL OF ST MARY'S. WATFORD ANNUAL REPORT 2024 Introduction Tlie Parocliial Cliurcli Coui)Lil {PCC) is a corporare body establibhed by tlie Cliiircli of England. Tlie PCC operates under tlie PiTrfoLliial Cliurcli Councilb (Powerts) Metqsure 1956 qt s amcnded R Thd 15 registered with tlie C.IIAriry Coininission for England and Wales. Tl)e priinary objecrive of tlie PC(: is tlie proinotion of tlie Gospel of oiir lDrd Jesus Christ, aLcording ro the doctrines and i)ractice5 of tlie churc.h of England. Tlie PCC'S (Powers) Measiire 1956 States tliat rlie PCC. 'is to LO￿perat¢ witli tlie iiiintster in i)roiiioting in tIIL' l)Arisli tlie wliole tiiissioii of tlie Lliurclii l)11 Storil, evangelistic, sociAI aiid ecuiiienical" Tlie PC"C' is resi)on5ible for tlie ui)kcei) of tlic Lliurcli l)iiildiiig ani4 tlie adjoiiiing Churcli Centre and a150 for 2¢ ssets incliicling a Iic)iise (Briglitwell Roi¢ d, sold in MArLlI 2024) ¢)n(l of(iLC (Tlie (:loister.s). St Mary's Cl)urLII is located in tlie towii Liiitrc of Wiirfor(I, witli only l)proxiiiiately 8,0001)eople lii'ing within itb l)Tri risli, but witli iiiany Loiiiiiiercial Aiid slioi)i)iiig i)remiscs tliiqt briiig in a dAily iiiflux of workers (2nd blioi)pers to tlie area. Pur ose of the Church Ats a LliiirLlI we believe tliit (Jod rlie F¢ltlier crcatcd tlie world. BeLaUbe Iiuiiians liavc disobeyed Cjoil's law, Jcblls, Cjocl's owii Son, caine t() eArtli, WAS l)orii ()f I'irgin, lived witlioiit sin, wiis LfLILifie(I, diecl Hnil rose g2in froiii rlie dca(l. Tliroiigli His saLrifiLe, oiir wrongcloingb re forgiven. He will retiirii iii glory to tlic C¢) rtli. We l)clicvc in tlie l-Ic)ly Si)irit, sent to liclE) us to live to Ciod's glory. We ¢lLLCI)t tlic Bil)le LJi)(I's W()r(l an(1 rejoiLe iii our £il)ility to trAlk witli QJi)cl li) i)rllyer. We iiiii t() sliAre <)Iir l)eliL.f.s1)y w()rsliii)i)ing togctliet, by Larryiiig tlieiii into our work, our leibure .Incl our fKiinily life aiid by sliliringi oiir Itll witli c)rl)c'rs. Our Vision Stat 'We bcliLiye tliat CJi)(l it> ￿lI11]g St Marfs to be a growing Town VJentre EvangLliLal AiigliLaii (:liiirLII.' Public Benefit Tlie PCC IIAb i)aiil due rcg reinforcing tlie btrong sei)sc of Loiiiniunity tliar Iiiiids lis tcigetlieT. We IiAVL' particiil¢irly l)encfittcd froiii tlic ininistry of sonie very al)le woijicn, incliiding Rcv Helen Neville, Rev Verity Harvey (rL'tircil) And Jayne Fibli. The Longregation lit?* welci)iiiLIl tliL fiLII diversity iii ilcrgy rol)inE tradition% Niitli tlie we¢iriiig of ¢2lbs, c.liibiiblcs etL. Tlic Worbliip l.or All Tecllll lias Lolltiiiucd to i)iit togetliLr liigli ClllAlity, llll¢igii)atii'c tiiii4 iiiciiiorliLile services ei1cIi iii()i)tli. C)Iir No ordiiiand% Lontinue tlieir PcTrtli to ininistry. St Mary'b reiiiaiiib C;liiitoii l)aii Jiiiiibo's sen(liiig LliiirLI) Altli()Iigli Iiis rraining continiicèi i)riinArily in St l.iikc's owing to the vacancy. We are grateful to the L)iocese for iorringing for I￿SleY C3fi¢ y to rcinain with lis linder tlie supervision of Rev l.izzie Hoocl (rcrirccl) an(1 li1¢ I'e l)cen gretitly blessed by Iier i)reaLliing 111)d leading of bervi(".eb, as well Iier SUPI)ort and lldvice on tlic PCC. PrL'I)#rii)g for a new Vic¢ir IIAty C)LLUI)ied a conbidcrablc aiiioiii)t of oiir tiiiie anil cncrLry. We kiiowlcilge tlic itlV¢iliicible sui)i)()rt of tlie tcaiii t111{ t coini)ileL4 Loiiiiireliciibiiie i)1ris11 i)ri)filL, Ili.stril)iited tl) Illl tll)i)IiLAllts f()r tlic rolc ()f Vi('.¢ir. Tliib Ili)i.iiiiient, tlie result of iiiany lioiirb of w<)rk, ii)Lori)oriqte(I rlie cc)iigregarion ty VILWS ga tlierecl tliToiigli a liinLlitiiiie (lisLii)%ioi) l()Ilnwing a %erviLe ncl a qiiestionnairc Loin[)Ictc(I by ovcr sci'ciity ineinbers. Tlic final p1ri.%l) i)rofilc i)rovidcb ¢in Iioi)est aiicl Llear reflcLtion of wlio We Are As a LC)Ininiintty an(1 i)ur vibion for tlie fiirtirc. Tlic leadersliil) of St. ry's lilis seen Lli¢inges in its CliurLIIwArclens. Petcr l)eaii, wlio served witli clibtinction, btci)pe(I Ilown froiii Iiis Tole but LOI)iiiiiics ro lend liis suiii)orr to tlie LliiirLlI in niimeroiib W1yb. We are (leei)ly indebre(I rl) liis oiig()iiig Loiniiiitiiieiit. MArLUb Jones w'is elected ¢)5 C.IiurLliwardcii, and we ve fouiid thiqt oiir c1111 f¢lCters ?1 lid skillb are LOllli)leiiicnnry and work togetlier effeLrively. TIIL, Inii%iLal asi)CLt of oiir wor.%liii), a i'ital Lleiiient in our si)iritUcTrl exprcssion, is .%kilfully inxnaged by Antliony Wilsiin, ()iir i)art.tilllL I)irector of Miisic.. He IleLIiL.atcti Iiii L'xi)ertise to traiiiiiig tlic ilioir for SPLLifiL .sLfviLebi pArttLul¢irly tliose LLntral to oiir liturgiL¢il LAlei)cl ¥ind le¢icls rlie iilUblLal LC)iiipoiieiit of oiir Loii)iiiunion SeThTices. Tc) LC)InplLiiient our trailitioniTrl worsliip> a Sllli?11 worsliip groilp i)roi'idets Lonteiiii)orAry serviLe once a iiiontli, offering a different avenue for si)irittial engageiiient. We also exteii(I our sinLere appreciation to tliose who cliligently prepare for our Loininunion Services and to tlie dedicated bell ringers who coiittibute to the riLh rraclirion of our cliurcli. Tlie bafeguiirding of our coininunity reinains a i)arAinount coftcerii, aiid t£sley Gray LC)nrinucb to 5erN'e as oiir Pari.sl) Siifegua r(4ing Q)ffiLer, ably bllPI)ortca by Jciiny WliittiLk. Tlieir diligent work ensiires tliilt our Lliurcli reiiiriills safe 1( lid welLoining enviroiiiiient for all. PAin StAII, oiir sole ALlininistratc)r, iiianAgeb tlic a￿Y-r{MI￿Y i)l)LratlOllb of tlic I".liiirL".li witli efficieiiLy and dedication. Liz Allqc n, as 14ar.iliries Man¢iger, LC)ntiniieb r() i)IAy A criiLial role in inaintiiiiiing ¢ind enl)anLing our LliurLlI 1l2cilitics, ciisiiring tlicy re well-utilized and Lontribute positively to our ini5sion. Miiny peoE)le Ilo nor see rlie Iiard work tliat goes on bel)ind tlie 5ceiies to inaAnraiii tlie life of St. Marls, but 115 CIIuiLIIwcqidens, we are truly grateful for the dedication of all tliose wlio contribute. PAROCHIAL CHURCH COUNCIL OF ST MARY'S, WATFORD ANNUAL REPORT 2024 Beyoiid our regulAr seThices, St. Mary's continues to i)11< y actii'e role in the wider coininunity of Watford. Our lunchtiiiie concerr series, a beloved ttadition, was PAused ILI DeLeinber due to staffiiig LOllStraints. The sigiiificanr time commitinent required froin Pain Rastall and Liz Allan, wlio were already lieavily involved in tlieir core duties J proved unsiistainable. We reinain lioi)eful that additional volunteers will coine fonv%rd to Iielp revir1I lize this iinporrant ministry. However, tlie LliurLli facilities reiiiAin vibrant tliroiigliout tlie week, liosting a iiariety of Loniinunity 4lCtivities SULli as tlie Wednesday bellowshipi Tuebday To(l(Ilers, Ana the Prescliool, deinoiistri2ting our coininitini'nt to .%ervingJ clji'L'Th4C llLccI.s. As. tlie inaiii town Lentre nd civic LliurLlI lor rford, St. Mary's Lolltinueb to be the venue for signifLLant religious seThFiies Ancl ei'Liitb. Eior tlie tl)ird Lonsccuriiie year, we Iiosted tlie beginniiig of tlie Reiiieiiibr liab LC)nrii)Iie(I to (ILiiioiibtrAte a btrc)iig LC)iiiiiiiriiient to acl ¢incl Lliurclicb, faLilitating iiiii)orrant discubsioiib 4ind tlie devcloi)Inent of fiitiire initiative5. biirtlieriiiorc, A Éle(IiLcltecl group Lontinues to wc)rk witli A IoLal priiiiii ry bLliool, exi)Ii)rii)g tlie grceii tsp1t Le surrounding tlic cliurcli tliroiigli acfivities likL. liiig liiints an(1 tlie i)l¢ll)tingy of bcTrfricii(Ily florA. (>(IIIAI)()rAting witli tliL InLal Li)IinLil> l)IAns iirc IiciiiE clLvel()i?cd to cnliil IILC tlie 2reen si)Ill".¢ to tlie bC)Iltli of tlie LliurLII, Lreiltiiig (leliglitful .Irc¢i f()r L()iiiiiiuniry L'iijoyi)iei)ri 11 valii¢il)Ic acl(liti()n to Warfor(I'ts liiiiitL(I kYYLLn bp)tlLL'S. Ailclitic)iially, tIIL LouiILiI is in tlie proLL'sb ol clLI'L.Ic)ping twu wiILIfl()WLr Are<).% C)1) c)ur IAncl nLSineiir, l.one Working, ConfliLt of Interest, 14inanc.ial ProLe(liires, Grievanle & DisLlI)linaryi Eciu?I L)pportunities, l)qi ta Protection incl Vi(leo CJonfer¢nLiiig. Tlie Safeguarding Policy is updated annually. Inosr other policies are updoc ted bI￿nni1￿lIy. ReseYve.s Poliry It ib tlie pc)liLy of tlic Lliurcli to liold reserve.s tlie equivalent to 2 iiiontlis general riiiining Losfb And an ad(litional cine iiioiirli s tsAlary costs. It 15 a150 our policy to Iiol(I tlie aiiiouiit for AntlLlI)ated iiiajor expeiises (iiicluding likcly biiilding work), Tlie E)olicy will bc reviewed annuqc Ily at tlie October PCC. Inceting or wlienever finanLial LifLiimstaiiLes Lliange significantly. PAROCHIAL CHURCH COUNCIL OF ST MARY'S, WATFORD ANNUAL REPORT 2024 PCC Committee5 A significanr i)roportion of the PLC'S work is delegatcd to tlie sulTrL"oiniillttccs li>>te(I below. Tl)ey ineet regularly and report baLk to tlie PCC at its inontlily ineetings. Standing Conimitlee Met to clibLUbb tlic lianclliiig of PCC IlEcndab' aiid to dcal witli urgent PCC I)Ubiness between iiieetings of tlie PLC. There were tseveii ineeting.% 14uring tlie year wliicli IoLussecl inainly oli fiiianLe, staff iiiatterb an(1 poliLies. Finance Committee Moiiitorcd St Mary'5 illL()m¢ anil expencliturci proposed fiiiancitil policies lind i)rebented clraft aLcountS q¢ nd budgetb for P(-'C exii11iination And ai)i)rov%l. ReLoinincnclc(l investinent i)olicies for reLeii)ts froiii tlie sale of tlie Briglitwell Ild liouse and significant legaLies. Building5 Culninitlee Q)iieri¢lW 11(1 iiiill)i)ged tlie iiisi)ectioii, Int2intcnanLe, Lh1¥ nge8, iini)rovcinentS 1¢ nd repaiTS of tlie fi1bric and pIAnt iii Ilie LliurLlI, tlie Lliuroli Len¢re 4in(I tlie Cloisters OffiLC. Pr¢School Committee Ml¢ iingeil tlie Pre6Lliool, lian(Iling fiiiancc ￿n(l stciff matters iincler cleleg4qtecl i)owerb. Climate Eme¥genLry Comniittee l)iycrsaw tlie work of rlie (:li111ite Actioii CJroui) Lreic teL4 in 2022, iiotiilily arriiiigcinentb for tlie LonfL'reiiLe licl(l in Sci)tL'iiil)cr 2024 aiiil ¢liL intcraLriotis witli tlie Borougli (JOIIIILII OVLf Lliaiigcb to tlie LliurLliyarcl tlitqt w()iilcl inii)rave botli attraLtivene5s an({ bio(livcrblty, Roger Coiirtiiey I)CC'SeLrettf7ry h r hman men Governaiice and l£aders1iipi Sr. Mrlry'li (:liiiri'.li 01)erates iiiidei tlie aiitlic)Ilty of tlie Synodb of tlie Cliiircli of bngliiiid ¢ll)(l 1.4 ,Iccoiintablc to it5 ¢71)l)Ull)tccl Biblioi)s and tlieir olficeThs. TIIL previoiib ViLar, Rei'crciid Tony Rincll, c4ep¢irred iii Jiine to nke a i)ositi()i) in Biriiiingliil111. The LliurLIi ib Liirrently in a F)eriocl of ViiLancy, lii tlie 4ibbCI)Le of a ViL l)Ay .SernpiLes. WAtfnrcl Pli()enix (:lioir perforiiiccl tlirce LOIILer¢s in rlic LliiirLII well As liolcliiig tlieir reliearbalb 01) A regiilar bAbiS. Siitiflower SoLiqc l Lliil), Soutli Oxhey Coiiimiinity Q:hoir, l.Iinios l.ive, Watford Girls Graiiiiiiar Scliool & JRnine Carnac also licld concerts Iiere. Watford Inicrnatioi)Al Piano Com[)etition ran An all nd a prize*iving is planned for Great Big Cjreen Week in June. An(1 wliclt al)oui going for rlie Ec.oLI)urcli (Jold? Well, we aeLided to fociib last year on tlie conference 11 nd C"Jreen Heart initiative. Jiist well as A Roclia were busy revising tlie award scliemc wliicli IAS just bccii rclaunLlicd so we will be examiiiii)g tlie new survey to bL'e wliat we need to do. WatLli diib bPALe And wliy i)ot ger iThiFolveclP As PiTrrt of Ecochiirch Gold we will Iiave xn energy auilit of the Lhurch, centre and offices in order to devcloi) an inN'esrincnt plan to reclucc our ciiiissions and our energy bill (Liirrently >£40k pa). Tlic dtocese liad offered to pay for this but teetliing probleiiib wirh the sclieme Iiavc delayed tliis work. lii tlie incaiitiiiie, we Loiitiiiue to build St Mary's grcen profile iii Warford by convening and atrcnding ineeriiigs (liusrings, grecn network, sustaiiiability foruin5, LC)nferenLe)I Pllbliing for inore Action, deiyeloi)ing i)artnersliii)b and deiiionstrating our loi'c for God aiid each otlier by caring for His creation. Aildy Roby Safe uardin Tlie PCC Lqc n rei)ort tli¢qt it li'is Loiiipliecl witli its Lluty to liave diie regarLI ro rlie House of Bitsliops giiid¢inLC on fL'gurirdinE LliilclrL'n and viiliierAble 2t cliilt.%. lislcy (Jfcly L()titinuc8 in lier roll 2t Piirisli Safegiiilrding Officer (PSO) lind Jenny Wliittick 15 SAfeEiiAr(ling Adinini8tr¢ltor, nii< ll¢iging DBS LIIcLks, tr2¢ ining> And rcfcrcncesi ¢lS a voluiirccr. All in leadL'rsliii) i)c)sitions liaving coiiii)leted ¢qll tlic relcvAnt P¢ll)crwork, tlie Ll)ange8 to training ini¢ (Ic by tlie (:IiiirLli of Lnglaiid ¢irc iiow beiiig followed ui) to eiisure everyone is ui) to date. All tlie iiolicics relevtTrnt to sifegii¢ircliiig l)ave been ui)diltcd ¢ind ¥i¢ifeguar(ling reiii¢iins a standing itcin on all P(:G agendas. Tlie PCC Iiave diSLussed safegiiirc4ing Liilture in our Lliurcl) and haiye IiiA. I report in respect of iiiy exAiiiinatioii of the cliariry'8 AQLoiiiirs carried oiir iiiider sectioii 145 of tlie 201 I ALt aiid iii iarryiiig oiit iiiy exaiiiiii¢irioii I IIT?ve followed ¢qll tlie applicable Directioiis giveii by tlie ClIArity Coiiiiiiissioii iiiiiler sectioii l45<5)(b) of rl)e 2011 Au¢. liidependent ex•ttiiner's &tatemeTht Sii)Lc tlie Ll)ariry b &FrI)￿ iiiLoii)e L'XLeeLlecl £250,000 yoiir exaiiiiiiL'r iiiilbt bL' il 11)Liiiber of a body listed li) seitioii 145 Of rl)c 201 I ALt. l Loiifiriii thAt I aiii qiiAlifiL'cI to iiiiilLrtake tlie extiiiiititTrtioti beLAiisc l Ani iiieiiibL'r of rl)e Iii%ririire of C,IIArrtred AcLoiiiiraiirs iii Eiiglaiid aiid Walc6, wliicli is oiic of tlie listed boclieb. Yoiir Lltteiitioii is dram'ii to tlie fit ct tliilt tlie rriisrccs liavc i)rci)¢grcd acLOllllf$ 111 Lcordance wirli ALLCllllltiiig ciiiil Ili'.i)urtii)g l)y C'liiiritie,s i)rei)iiriiig tlieir 7¢ LCC)iiiifb 111 fiLcor(l¢lllLC wirli rlie E,'ill¢lllLiAI EILP()rtiiig Staiicliircl tipI)IiLiiblL iii rliL. UK iiiir8Ltiie el'feLtiVL for ri'purtiiig i)criods bL'giiiiiiiig oil or ￿[[cr l JKiiiilary 2015. 1111ive coii)i)lete(I IMY exaniinirioii. I coiifiriii tliftt iio n)AteTiAI niAtrcrs liavc coiiie to Illy ¢lttciitiaii iii LoiiiILLtic)ii witli rlie exi11l1ill¥irioi) giviiig iiie ca118e to believe tli¢)t iii aiiy iiixtLriHI resi)CLt', aLLoiiiiriiig recorcls were iior kept iii resi)cLt of tlic cliarity a¥ tLqiiirc(I l)y bcctioii 130 of tlie 201 I ALr,, or tlie aicoiiiirts do iiot li CLord witli tliobe recorcls,. or tlic Aici)111)r4 Lli) ii()t LOlllI)ly witli tIIL al)i)IiLable reqiiireiiiei)tS Loiiieriiiiig tlie foriii aiid ioiireiit of I1LC()iiiir.s .%Lr oiir iii tlic Cliaiitic.8 (Accoiiiits aiicl Reports) Ilegiilatioiis 2008 orlier rli2T 11 cllly reqiiireiiieiit tli?T r tlie accoiiiit8 give trtie %iid Fliir view which is iiot nilltter coi)siilerecl as p￿rt of iticlepeiideiit exaniiiiatiot). I have no coiiLeriis ai)d IIRve conie across iio otlier n)atter$ in coiiiiectiuii witli tlie exaniiiiAtioii to wliicli iltreiirioii shoiil(I be drk)wii iii tliis report iii order to enable a proper iiiiderstaiidiiig of tlie accoiiiits to bL reavlied. Jary Howll ril bCA Howard Wilsoii Charfcre(l Accoiititaiitb 36 Crowii Ri.se Watford Hertford,sliire WD25 ONE dated: l&F ty-j 2025 PAROCHIAL CHURCH COUNCIL OF ST MARY'S, WATFORD ANNUAL REPORT 2024 STATEMENT OF FINANCIAL AcfiviTIES Uniestricted Funds Designated Funds Restrlcted Endowment Funds Funds Total Funds 2024 2023 Note Income and endowments from: Donations and legacles Income from charitable activlties Other trading aetivlties Investments 21al 21bl 377,977 1,675 48,598 25,658 453,908 12,213 390,190 92,280 48,598 26,280 557,348 183,360 82,879 42,734 23,641 332,614 90,605 21dl 134 12,347 488 488 TOTAL Income 90,605 Éxpendlture on: Ralsln8 funds 31al Expenditure on charitable actlvitle5 3lbl Other expendlture TOTAL Expendlture 4,307 191,951 2,958 199,216 4,307 290,456 2,958 297,721 6,541 354,157 81,837 16,668 81,837 16.668 360,698 Nel Incomelexpendlture belore tronsfers 254,692 8,768 14,3211 488 259,627 128,0841 Trt7nsyers Gr055 transfers between funds- In Gross transfers between funds . out Net Incomelexpendlture before other g#lns/losse$ 254,692 8,768 14,3211 488 259,627 128,0841 Galnsllosses on Flxed A55ets 9,846 9,846 Galnsllosses on Investment assets Net movement In funds 697 864 9,632 294 1,855 271,328 3,023 125,0611 265,235 14,3211 782 Bal•nces brou8ht forward at l January 2024 595,146 49,008 18.653 17,788 680,595 705,656 Balances carrled forward at 31 December 2024 860,381 58,640 14,332 18,570 951,923 680,595 PAROCHIAL CHURCH COUNCIL OF ST MARY'S, WATFORD ANNUAL REPORT 2024 BALANCE SHEET 2024 2023 Nole Flxed Assets Tangible flxed assets 110,718 101,203 Investments Church Board of Finance share accounts 63 Brlghtwell Road 404,734 29,837 376,000 Current Assets Debtors 22,221 5,447 417,198 14,873 459,739 10,997 4,959 113,707 73,773 203,436 Investment5 Short term deposlts Cash at bank and In hand Credltors,. amounts falllng due withln one year 12,649} 19,2621 Net Current Assets 457,090 194,174 Total Assets less Current Liabilitie5 972,542 701,214 Creditors: amounts falllng due after one year Net Assels 120,6191 951,923 (20,6191 680,595 Funds Unrestrlcted & Designated Restricted Endowment 919,021 14,332 18,570 951,923 644,154 18,653 17,788 680,595 io li These accounts were approved by the PCC on z< zoicand signed on their behalf by Eileen Roby Marcus Jones Chair Church Warden PAROCHIAL CHURCH COUNCIL OF ST MARY'S, WATFORD ANNUAL REPORT 2024 NOTES TO THE FINANCIAL gfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 l. Accountiii Policies l. J Basis o/preparatson and aSSe￿Inent o/syoing coijcern Tlie financial %tatenients Iiave been prepared in accordance witli tlie StAtciiienr of Recotnmended Practice: AcLounting Éqnd Reporting l)y ClIAritics i)rcpariiig tlieir acc.oiintb in aLLordi4nce wirli tlie Financial Rei)ortii)gy Standard applicable in tlie U K nd Rei)ul)lic of IrelAnd (FKS 102) issiied on l nuary 2019, tlie E inancial Rei)orting Sranclard ai)illi￿1)lL in tlie United Kingdoiii Ana Republic of Ireland (bKS 102) and tlie ClIArities Act 2011. Tlie Llitirity lias triiken ad￿nt42ge of the exetni)tion not to prepare a cash flow btatement. The cliarity consritures a pul)lic benefir cntlry s defined by FRS 102. The ttUStee5 consider that tliere Rre no iiiaterial uncertaintie5 abolit the Cliarity's ability ro Lontinue as going Lonccrn. 1.2 Accouiitiiig Coiiventiotis Tlic. finiinLial btrqteinents lirive l)een i)rei)A Tcd iin(4er rlie liisroriLal Lost Loniycntion witli iteiiis recogni5ed Rt Lobt or trai)S¢1Ction value unlests orlicnvibc StiTrted in tlie rLILVcint notes to tlicbe ALLountèi. 1.3 Fuiids Structure Cjcneral fuiids rei)rcsent tlie funds of tlie PCC thi¢ t are not subject to any restrictions rcgarding tlieir use and are Available for ai)i)liLation in tlie gencrRI i)Iiri)05eèy of tlic PCC. Eiunds detr>ignAred for a parriciili¢ r purpose by tlie PCC are also unrebtricted. RL.%tric.tcil b"iinds rei)rebcn¢ in()nics giveii by Il clonor witli a speLifiL reè*triLtion on tlicir future iisc. Tlic i)Iiri)()sc of rlny rcstriLted Iiind is noted in tlic 7¢ CLOllI)ts. It is rlie i)()IiLy of rliL. P(:(: tliAt no luiicl slioulcl be in deficir aiiLI tliat if tliis secins likely to OCLur tliei) cxpendiriire will be re(liiLe(l ab iieLCbi+lc ry. Tlie accountb inLlude all ttAnsac.tlQl)S, ￿Sser8 ¢in(I lial)ilitiCli fc)r wliiLli tlie PCC is resp0115ible in law. Tlicy do not include the accounts of cliiircli groups thi¢ t owe tlieir m¢iin 11 ffili¢irion t(1 1¢ notlier body nor tliosc tliat are inforinRI gAtlierings of cl)ur(".li iiiciiibcTh. 1.4 Iiicoiiie Ilecogiiitioii All inL()iiie is reL()gni.sL'd once tlie LlIArity lia.s entirlcinent tc) tlie inLoine, tlicre is sufficient cert14 inty or reccii)t ana so it is i)robable tli¢lt tlie inLoiiie will be reLeiN'ed tind tlie Éltnount c)f inc.oiiie reLeivi)l)Ic cali l)e iiiea4urc(I relial)ly. ) Volunt(iry income and ciipilal souyc CollcLtions are rec.ognised wlien received by or on behiqlf of tlie PCC Incotne tdx reLoverable un(IcT Cjift Aicl clonHtions is recogniscd wlieLI tlie incoine i¥ reLognised. Cjrants ancl legaLies to the PCC are accounted for as s()on as tlie P(=G is notifiecl of its legal entitli'iiicnt an(1 tlie IllllC)Uiit duc. Funil rAi.%ecl l)y orlier fiiiid rAi5iiig events are accounted for gro>>S. 11) ()ther oTdinary income Relital inc.oiiie froiii tlie Ictting of cliiirLlI premises is reLognibed when tlie renMI is due. iii) IncoT>ie from investments Diiyidends and iiiterest are l4 rntely disLlosed. li) ()tlie1'1(ind cind l?uil£lings L)tlier Iiincl Ancl builcliiig.4 liel(I c)n l)eliÉ21f of tlic PCC: for its own i)uri)08es are incliided Ilt inarket VAliie. Tlie PLL etsnblislicd ili¢lt tlicrc is a Lorrelit tioii betwccti tIIc rkLit i'aliie o( tlie proi)L'rry Iicld ¢ll)Il tlic iiibiifL'II 14liie. Tlic i)roiierty will l)e revtiliiccl iii liiic witli tlic insiirLd ViiluL' 4lt IL"1st every five yeÉ2rs Aiid booncr in tlie event tlidt tlie iilbiired valiie ill¢ireri:Illy dtffers to tlie C o(fice supplies, Llcaning iiiaterials. 1.8 Iiivestments IniTestinents are valued xt iiiarket value at 31 Deceinber PAROCHIAL CHURCH COUNCIL OF ST MARY'S, WATFORD ANNUAL REPORT 2024 1.9 Current knets Aniounts owning to tlie PCC at 31 Decei]Iber in respect of fees, rents or other incoine are sliown as clebtors less i)roiyision for Ainountb tliat iiiay proiye unLolleLtable. Sliort terin deposits include Lasll lield on deposit eitlier witli CBF Lhurch of England Funds or at tlie bank. 1.10 Risk Maiiagement Tlie l)LL giiardb cigainst risks tlirougli.. a) Taking out iodeqiiare intsurancc coiyer against fire, tlieft, ancl otlier insurable ri,sks' b) Seeking out professioni?I guidance on Lliurcli security and otlier inatters. c) Haiying and following ¢1 cleTh¢r policy on child i)rotec.tion' d) Having and following clear iirocediires for autliorising exi)enditure iTrnd making Pll ytnents. l. I l Related Parties UnclL'r S()RP bKS102 (c(fccrive l January 2019) rcll< ted [)qt Tty tri4nsi2Ltions are required to be reported. KeliTrteil P¢qrties for St. M;Iry% incliicle tlie ineinbers of tlie P(:(: Aiiil tlieir iiiiiiic(liare fit inily Iilub rli()5e wirli i]ianagciiient rcsiioii4ibility witliiii tlie Ll)urLlI org1( ni.sHtion, tlie Vicar ancl Lliiircli wardenti. Ar present tliere re no rel¢lted partieb by virtue of land donations or, interest beariiig loAiis., Tliere Are two organis?{ tions (Tlie Cl)urcli I￿ndS Trust nL4 tlie Dorotliy l£ingland Bequesr) rliat are considered to be rclatcd i)artics tlirougli