St mar In'scHURCH DORKING REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF DORKING ST MARTIN Independent Examiner: Ellis Atkins, Chartered Accountants Constable Court 62 Dene Stre¢t Dorking RH4 2DP Registered Charity Number: 1133695
THE PAROCHIAL CHURCH COUNCIL OF DORKING ST MARTIN REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Table of Contents Page numbers Trustees Annual Report 3to 11 Independent Examiner's Report 12 Ststement of Financial Activities 13 Balance Sheet 14 Notes to the Financial Statements 15to25
THE PAROCHIAL CHURCH COUIYCIL OF DORKING ST MARTIN REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 INTRODUCTION The Trustees present their report with the financial statements of the charity for the year ending 31 December 2024. 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 (FRS102) (effective l January 2019). The Parochial Church Council of the Ecclesiastical Parish of Dorking St Martin, is also known as St Martin's Church, Dorking. The members of St. Martin's Parochial Church Council (PCC) are the trustees of the charity. These financial statements include the financial results and funds of St Mary's Church, Pixham, the daughter church of St Martin's Church, Dorking. OBJECTIVES AND ACTIVITIES Objectives and aims The primary object of each Parochial Church Council (PCC) is the promotion of the Gospel of our Lord Jesus Christ according to the doctrines and practices of the Church of England. St Martin's Church PCC is also responsible for its daughter church of St Mary's, Pixham. St Martin's and St Mary's are open, living, Christian communities, seeking to worship God and to enrich the life of Dorking and the world. We seek to celebrate and share the love of God for all: in prayer, reflection and action. by listening, learning and growing together; through serving others and the wider world. St Martin's and St Mary's are friendly, inclusive, welcoming churches. We offer a broad churchmanship and welcome people from all sections of the community to engage with church life, whatever their needs. Worship is at the heart of our church life. We seek to provide a varied pattern of services that reflects the Christian year and serves all of our worshipping community. We strive for worship that is insightful, upltfting and connected to real life. The development of faith is essential to the life of our Christian community. We believe in faith as a journey and aim to develop learning opportunities so that people may explore their spirituality and their relationship with God. Children and young people are an essential part of our life, and we want to build good relationships with all our local schools, especially our church school. We want to include children and young people in our community of faith, to nurture their spirituality and to ensure their safety by complying with the law and following best practice. We seek to be worthy stewards of our financial and material assets to the service of our community and the wider world. We are custodians of a well-equipped town centre site and are blessed with an amazing location. We work hard to maintain our buildings and grounds within
THE PAROCHIAL CHURCH COUNCIL OF DORKING ST MARTIN REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 certain financial constraints. We are exploring new ways of developing our space to the benefit of our community and those with whom we share our site. We actively promote and support the Dorking Town Centre Forum, the Dorking Area Foodbank and Churches Together in Dorking. We aim to ensure that pastoral care is available to all, not just those with obvious vulnerabilities. We specifically try to make the idea of inclusion real at every level of our life together. Public benefit St Martin's PCC has the responsibility of cooperating with the Incumbent in promoting the mission of the Church for the public benefit both within the wider Mission Action Zone of Dorking as well as within the ecclesiastical parish. When planning its activities for the year the PCC has considered the Charity Commission's guidance on public benefit and, in particular, the supplementary guidance on charities for the advancement of religion. Volunteers The PCC is supported by honorary assistant clergy, the Rt Rev'd Dr Richard Cheetham, Assistant Bishop Diocese of Guildford, and Rev'd David Cowan. Rev'd Caroline Lazenby, Rev'd Gerard Mee, Rev'd Stuart Peace, Rev'd Virginia Smith, Rev'd Barbara Steadman-Allen and Rev'd David Williams. The Church relies heavily on the contribution of volunteers in carrying out its ministry, and without such contributions would have to curtail much of its work. A monetary value for the contribution of the volunteers has not been included in the accounts. ACHIEVEMENTS AND PERFORMANCE The Benefice had been without an incumbent since August 2022. Rights of presentation to the Benefice were suspended for five years from October 2022 to allow consideration of the future relationships with neighbouring parishes to better serve the needs of the people in the area. All three of our churches in the Benefice share a vision to grow our ministry and mission to the communities we serve. In the Spring of2024 we were able to advertise for an interim full-time priest-in-charge as agreed with the Bishop of Guildford and interviews were held in July. We are delighted to report that Rev Dr Anthony Rustell was appointed initially for 3 years in the hope that this tenn would be extended. Dr Rustell was licensed on 4th December 2024. We continued to be supported by our wonderful team of non-stipendiary and retired clergy and an LLM throughout the year. They are very well supported by our churchwardens (both appointed at the APCM in 2023), the PCC and a team of volunteers. St Martin's retsins its role as Dorking'5 civic church and this year we organised a Deanery Welcome service for the newly appointed Bishop of Dorking as well as the annual Remembrance Sunday service. The church also hosts the Good Friday service organised by
THE PAROCHIAL CHURCH COUNCIL OF DORKING ST MARTIN REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Churches Together in Dorking. For the first time in many years a summer fair was organised and we are planning for this to be an annual event. In June St Martin's celebrated the 150th anniversary of the nave with a special service and musical entertainment. St Martin's Church building is open 7 days a week and it is striking how many people come through the doors during the week to light a candle, to pray and reflect, or just to look around. There many opportunities here for mission and ministry. Many people leave a written prayer in the prayer corner. The smaller church of St Mary's was designed for worship and community meetings as only the chancel is consecrated. Various activities take place for members of the local community. Details of activities are advertised in the Pixham Post which is delivered by the Residents Association. St Mary's Church uses electrical heating and energy is obtained from a green Parish Buying contract. St Mary's liaise closely with the Pixham Residents Association to support each other in fundraising and social activities during the year. The church takes part in local Heritage celebrations with a special service, displays and refreshments. St Martin's has close links with St Martin's Church of England Primary School and these have been significantly strengthened during the year. We welcome the whole school, together with the children's families, to St Martin's for services at Christmas, Easter and Harvest Festival. We also host the Year 6 Leavers, service. We continue to host an annual assembly in the church for each year group to which parents are invited. Pupils from St Martin's School participated in the church's Harvest Festival service (singing and reading lessons). Church members meet monthly with the school worship team for prayers at the school. We have representation on the goveming body of the school and during the year this has continued when the school became part of an academy. Monthly meetings take place between the newly appointed headteacher in September 2024 and St Martin's Churchwardens and our School Governor representative. Our Vice Chair of the PCC is a Governor of The Priory School, a Church of England secondary school in the town. St Maitin's and St Mary's with their distinctive characteristics give a wide range of mission opportiinities and wiihin thc wider Dorking Group of Churches. Now that we have a priest-in- charge we are looking fonvard to extending our mission and begin planning to consider how we can serve the people of Dorking in a meaningful way. We welcome the opportunity to work with other churches in Dorking to promote Christianity to individuals and to community groups of all kinds. There is scope to spearhead new initiatives including some joint services and mission events. Churches Together in Dorking was instrumental in starting the Dorking Food Bank which continues to operate from the Christian Centre. Looking forward we would like to consider the redevelopment of the back of St Martin's Church so that we have onsite hospitality facilities. Our architect has made an initial visit to discuss possible developments. St Martin's and St Mary's remain in good heart and look forward to working with our new parish priest Rev Dr Anthony Rustell. We are now able to renew our vision and seek new mission opportunities. The churchwardens remain grateful to all who serve (both lay and clergy) and PCC members for their contribution to the life of the churches.
THE PAROCHIAL CHURCH COUNCIL OF DORKING ST MARTIN REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW 2024 Appointment of new Independent Examiner Overseen by a sub-group setup by the PCC, in the second half of 2024 local accountancy fim]s were invited to quote to become our independent examiner. The firm we had been using for a number of years, Haysmacintyre LLP, decided to withdraw part of the way through. The sub- group recommended that the local firm of Ellis Atkins be appointed as examiners in respect of the statements for 2024 and the PCC confirmed this appointment in November 2024. Changes to Financial Statements Once Ellis Atkins had been appointed there was a joint review about a number of aspects of the financial statements. The most significant one was the consolidation of the accounts with the four separately Charity Commission registered Vicar and Churchwarden charities, first adopted in 2006 as requested by the then auditors. The review recommended that the 2024 financial statements and comparatives should not be consolidated. and this was then conf1rn1ed by the PCC. The income received from these charities is now shown as grants. Parish Share As is the case for many churches the largest financial commitment is Parish Share - money the Diocese needs to be able to pay and support a stipendiary priest, including the costs of housing, training etc. Parish Share receipts also meet Diocesan costs and a contribution to those of the National Church. St Martin's with its daughter church of St Mary's Pixham is part of a United Benefice with St Barnabas Ranmore, and the churches share one stipendiary priest. The arrangement put in place when this benefice was fonned apportion the stipendiary priest cost between the two PCCS. Seven eighths of this cost apply to St Martin/St Mary and the remaining one eighth to St Barnabas. The parish share system in the Diocese of Guildford allows some relief from full parish share st for vacancies that last over 12 months. In our case this relief applied from I September 2023 until our Priest in Change, Anthony Rustell, was licensed in December 2024. For 2024 this relief amounted to £18,712 from the full figure of £75,496. The reduced figure was paid in full by the end of 2024. In comparison the amount of share expected to be paid to the Diocese for 2025 is £76,726. Discussions with the Diocese in 2023 included the £23K unpaid parish share from 2011 related to the then extended vacancy. We have not yet received confirniation that this is now being written off, but the PCC consider that this amount is very unlikely to be due. Overview En 2024 the parish was able to cover in full its parish share and other costs. It was greatly assisted in doing this through grants from the George White and Spratley funds (£20K and £3K resp¢ctively). We are aware that the grant to the PCC from the George White fund was greater than the annual income of that fund, and that future grants from drawing down on unused
THE PAROCHIAL CHURCH COUNCIL OF DORKING ST MARTIN REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 historical income in the fund will only be possible at the current rate for at most seven years. This is based on a grant of around £20K from George White with its annual income of £12K' at the end of the year the fund had around £60K in unspent income in the bank. The PCC is therefore committed to reducing costs and increasing income in order to make it less reliant on the George White funds for nornial expenditure. Commentary Although the core activities of the churches remain reasonably constant from year to year, other activities vary, especially maintenance work on the old buildings we care for. The costs associated with these vary and greatly distort simple comparisons from year to year. At first glance 2024 was a good year financially. Compared with 2023, income was up. expenditure up but not by as much and there was an overall surplus even before investment gains are considered. Also the unrestricted funds were in surplus. However the reality is somewhat different. Expenditure from the unrestricted fund benefitted from the reduction in parish share mentioned earlier amounting to £18,712, and the restricted fund by the £20K Contribution fmm George White funds. Also the was a one-off credit shown under donations of £12,487. This was half the remaining funds in a Joint Church account setup to receive two legacies to the "Shared Church" Much of the original funds had been used to benefit St Martin's and the Christian Centre. Without these three items there would have been a deficit on unrestricted funds of over £34K. The income and expenditure of restricted funds were larger than 15 typical as a result of the much needed boiler replacement work funded by the Friends of St Martin's Church. They also covered the VAT element until a claim under the Listed Places of Worship scheme was successful and the grant paid out. Sadly, this scheme is being wound down in the financial year 202512026 and it has been announced that it will then end. The accounts show expenditure of £2,679 in the Endowment fund. This is from the residual capital after the purchase of the flat, and is to fund a "cash call" to the owners of a number of tlie properties in the blocks for repairs to the boundary with the Dorking Halls car park. This has been subject to a degree of collapse since the blocks were built. It is in the context of annual deficits that work continues in conjunction with the Diocese and others to review the PCC funds and those of the separate r¢gistered charities to ensure that the best and appropriate use is being made of them.
THE PAROCHIAL CHURCH COUNCIL OF DORKING ST MARTIN REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Reserves policy At the 31" December 2024 the churches of St Martin with St Mary had unrestricted funds totalling £142,636 (2023: £123,657), and restricted fund totalling £44,652 (2023: £45,534). The unrestricted reserves amount to around a year's core expenditure before development projects and major repairs. The trustees anticipate that this level of funds together with fundraising associated with proposed projects will enable a contribution to be made towards development plans referred to elsewhere, and still retain a sufficient level of reserves to meet the current and future obligations of the church. Principal funding sources The main source of income for the churches is giving. Donations and legacies, including the income from the separate V&CW charities amounted to £173,083 (2023: £99,540). The figure for 2024 included a £56K donation from the Friends in respect of the boiler replacement project and the receipt of £12,487 following the closure ora Joint Church account. Investment policy and objectives The charity converted half of its unrestricted investment holdings to cash deposits during the year. At year end it has investments totalling £53,922 included within unrestricted funds (2023: £105,431. These funds are held through CCLA. Plans for future periods Following the recruitment of a Priest-in-charge starting in December 2024, the trustees have been working with him on plans to develop and promote the mission of both St Martin's Dorking and St Mary's Pixham churches. The extensive review of both the endowment, restricted and unrestricted funds in conjunction with the Diocese is ongoing. The objective is to identify surplus funds which can be utilised to help finance the development and update the reserves policy to ensure sufficient funds are available to finance the future operations and obligations of the church. Risk Management The PCC reports that it has given consideration to the risks faced by the church. The major risks that the church is exposed to relate to people, including the safeguarding of children and vulnerable adults, and the ability to cover and recruit to vacant staffing positions when these occur. The PCC has fornial controls in place, working with the Diocese of Guildford, to manage these risks. Other main risks relate to financial matters, compliance with legal and statutory requirements and the activities of the church. The PCC has policies and procedures in place to manage all of these risks.
THE PAROCHIAL CHURCH COUNCIL OF DORKING ST MARTIN REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The Parochial Church Council is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure, and was officially registered with the Charity Commission in January 2010, number 1133695 under the name The Parochial Church Council of the Ecclesiastical Parish ofDorking Sainl Marlin. It is also known as Dorking St Martin or St Martin's Church, Dorking. Under a Union of Benefice Measure (1960) the parish is linked to that of St Barnabas, Ranmore which has its own PCC and is independent. The Bishop of Guildford implemented a Pastoral Order under Section 17 of the Mission and Pastoral Measure 2011 with effect from I" December 2018. Under this order a Group Ministry was established for the benefices of Dorking with Ranmore, Dorking St Paul, and North Holmwood St John the Evangelist. M4?nagement During 2024 regular PCC meetings were held and additionally some joint meetings with St Barnabas Church in order to adopt the newly written Benefice Parish Profile, agree to advertise the post and to appoint parish representatives. The PCC includes representatives from the congregation and the clergy. The appointment of PCC members is governed by the Church Representation Rules. The 2004 APCM agreed that there should be an extra lay place for a representative from the daughter church of St Mary's. That place is currently vacant. The PCC has complied with the duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016 (duty to have regard to the House of Bishop's Guidance on safeguarding of children and vulnerable adults). It has delegated to the Guildford Diocese the responsibility for reporting to the Charity Commission any serious incidents that occur. Recruitment and appointment of new trustees Current PCC members and other members of the Church are asked to consider suitable candidates to join the PCC, preferably sometime in advance of the APCM. Elected members of the PCC are appointed for a three year term with one third completing their term of office each year. A tem] of office may be less than three years if a vacancy occurs due to a resignation of a lay member during their term of office.
THE PAROCHIAL CHURCH COUNCIL OF DORKING ST MARTIN REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Membership of the PCC Membership of the PCC and the election of Churchwardens is governed by the Church Representation Rules. Members are either elected by the Annual Parochial Church Meeting (APCM), co-opted or are ex officio members through membership of Deanery Synod, Diocesan Synod or General Synod. For the year stsrting I" January 2024 and until the approval of the Trustees Annual Report and Financial Statements for 2024, the following served as members of the PCC and, unless otheNis¢ noted, acted as PCC Trustees: Incumbent: Revd Dr Anthony Rustell Felicity Cheetham Judy Peace Canon Peter Bruinvels Nick Hands-clarke From 4 December 2024 Churchwardens: Deanery Synod: Nole J Nole 2 Elected Members: Jenny Bartholomew Diana Burges Catherine Dorman Christine Francis Christine Lawrence Alan Marsh Alan Roome Dr Chris Watts Anne Whibberley Robina Williams From 18 January 2024 Note 3 Co-opted Member: Richard Battye The Incumbent, Churchwardens, PCC Vice-Chairn]an and PCC Treasurer are regarded as Key Management Personnel. Nole l.. Canon Peter Bruinvels was Acting PCC Chairman until 4 December 2024, and since then has been PCC Vice-chairman. He serves on General Synod and (ex-officio) on Diocesan and Deanery Synods. Note 2.. Nick Hands-clarke also serves on Diocesan Synod. Note 3.. Alan Marsh was initially co-opted to the PCC on 18 January but not as a Trustee. He was then elected to the PCC as a Trustee at the APCM on 12 May 2024. Officers of the PCC From 14 June 2024 Chairman Canon Peter Bruinvels Revd Dr Anthony Rustell Canon Peter Bruinvels Christine Francis Christine Lawrence Treasurer Nick Hands-clarke Safeguarding Officer Anne Whibberley Electoral Roll Officer Elizabeth Dobson To 4 December 2024 From 4 December 2024 From 16 January 2025 To 13 June 2024 From 13 June 2024 Vice-chainnan Secretary 10
THE PAROCHIAL CHURCH COUNCIL OF DORKING ST MARTIN REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Independent Examiner: Philip Longstaff, FCA Ellis Atkins, Chartered Accountants Constable Court 62 Dcne Street Dorking RH4 2DP Bankers: Lloyds Bank Epsom Branch PO Box l 000 BXI ILT Investment Managers: CCLA Investment Management Ltd One Angel Lane London EC4R 3AB M&G Charities. PO Box 9038 Chelmsford CM99 2XF Custodian Trustee: Guildford Diocesan Board of Finance Church House Guildford Stag Hill Guildford GU2 7UP Insurers: Ecclesiastical Group, Beaufort House Brunswick Road Gloucester GLI IJZ Approved by order of the Board of Trustees on 4 May 2025 and signed on its behalf by: Revd Dr Anthony Rustell, Trustee
THL PAROCHIAL CHURCH COUP4CIL OF DORKING ST MARTIN INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES Independent examinerfs report to the Trustees of The Parochial Church Council of the Ecclesiastlcal Parish of Dorking St Martln I report to the charitytrustees on my examination of the accounts of The Parochial Church Council of the Ecclesiastical Parish of St Martin's Church Dorking (the PCCI for the year ended 31st December 2024. Responslbilitles and basls of report As the charity trustees of the PCC you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act,). I report in respect of my examination of the PCC'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 ststement I have completed my examlnatlon. I confirm that no material matters have come to my attention In connectlon with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the PCC as required by Section 130 of the Act; or the accounts do not accord with those records; or 3. the accounts do not comply wlth the appllcable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulation5 2008 other than any requirnent that the actounts give a true and fair view whlch is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters In connectlon wlth the examination to which attention should be drawn ir+ this report in order to enable a proper understanding of the accounts to be reached. Philip Long5taff FCA The Institute of Chartered Accountants in England and Wales Ellis Atkins Chartered Accountants Constable Court 62 Dene Street Dorking RH42DP Date: oif 12
THE PAROCHIAL CHURCH COUNCIL OF DORKING ST MARTIN STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Funds Re5tri¢ted Endowment Funds Funds TOTAL 2024 TOTAL 2023 Note INCOME & ENDOWMEIYTS: Donations and Legacies Church activities 2(a) 2(b) 88,737 8,865 8,166 20,030 84,346 173,083 8,865 9,072 22,654 99,540 6,968 5,805 21,318 Other trading activities Investments 906 2(d) 2,624 Other 125 798 224 833 145 338 I XPENDITURE ON: Church activities 3(a) (100,770) (32,963) 3(b) (8,559) (133,733) (11,238) (131,911) (7,968) Raisingfunds Other (2,679) 109329 211925 147 172 Net income l (expenditure) before investment gains Gains / (Losses) on investment assets 16,469 (882) (2,679) 12,908 (1,834) Iyet movement in funds 18,979 (882) (756) 17,341 54,590 RECONCILIATION OF FUNDS st Total Funds b/fwd l January 123,657 45,534 473,382 642,573 587,983 Total Funds c/fwd 31" December 142 The notes on pages 15 to 25 fomi part of these accounts. 13
THE PAROCHIAL CHURCH COUNCIL OF DORKING ST MARTIN BALANCE SHEET AS AT 31 DECEMBER 2024 Unrestricted Restricted Endowment Funds Funds Funds TOTAL 2024 TOTAL 2023 Note FIXED ASSETS Investment Property Investments 6(a) 6(b) 380,000 380,000 139 892 380,000 189 477 465 970 519892 569 477 CURRENT ASSETS Debtors and prepayments Investments (cash equivalents) Cash at bank and in hand 2,123 31,754 75 2,198 63,854 5,248 9,504 25,444 6,656 94,481 44,652 6,656 145,789 76,768 LIABILITIES Creditors: due within one year Nel curreNI assels 140 022 Unrestricted Restricted Endowment Fund Funds Fund TOTAL 2024 TOTAL 2023 CHARITY FUNDS Unrestricted Funds 142,636 142,636 44,652 432,626 40,000 123,657 45,534 433,382 40,000 Restricted Funds 8{a) 6, 9(a) 6, 9(a) 44,652 Endowment Funds Revaluation Reserve 432,626 40,000 The notes on pages 15 to 25 fomi part of these accounts. The financial statements were approved by the Board of Trustees on 4 May 2025 and signed on its behalf by Revd Dr Anthony Rustell, Trustee Nicholas Hands-clarke Trustee 14
THE PAROCHIAL CHURCH COUNCIL OF DORKING ST MARTIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 I. ACCOUNTING POLICIES l(a) 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 l 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 ststements have been prepared under the historical cost convention. The financial statements 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. l(b) Fund Accounting Reslrictedfynds comprise (a) income from endowments which is to be expended only on the restricted purposes intended by the donor, and (b) revenue donations or grants for a specific PCC activity intended by the donor. Unreslricledfunds are income funds which are to be spent on the PCC'S general purposes. Endowmentfunds are funds, the capital of which must be retained either permanently or at the PCC'S discretion; the income derived from the endowment is to be used either as restricted or unrestricted income funds depending upon the purpose for which the endowment was established in the first place. l(c) Tncome Planned giving, collections and similar donations are recognised when received. Gift Aid refunds are recognised when the incoming resource to which they relate is received. Grants and legacies are accounted for when the PCC is legally entitled to use of the resources, their ultimate receipt is considered probable and the amounts due are reliably quantifiable. Dividends are accounted for when declared receivable, interest as and when accrued by the payer. Claims for refunds of VA T under the Listed Places of Worship Scheme are accounted for when the amount of refund is known. All incoming resources are accounted for gross: this includes property income which is received from the letting agent net of management fees and minor repairs carried out through them. l(d) Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. The Diocesan Parish Share expected to be paid over is accounted for when due. All other expenditure is accounted for on an accruals basis. 15
THE PAROCHIAL CHURCH COUNCIL OF DORKING ST MARTIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 l(e) Fixed Assets Consecrated and beneficed property is not included in the accounts in accordance with the provisions of the Charities Act 2011. The investment property bought in 2016 to generate income for the PCC is included at a professional valuation and not depreciated. Individual items with a purchase price of less than £1,500 are written off in the year in which the expenditure is incurred. Larger value additions are depreciated on a straight-liii¢ basis over three to five years. l(fj Investments Quoted investments are included in the financial statements at market value at the balance sheet date. Realised and unrealised gains and losses on revaluation and disposals occurring in the year are reported in the statement of financial activities. l(g) Vicar and Churchwarden {V&CW) Charities In a change to the practice first adopted in 2006 and after a review by the Trustees and the Independent Examiner, these financial statements are no longer consolidated with the separately registered V&CW Charities. The income from these charities is treated as a grant against eligible expenditure incurred by the PCC. Summary financial information on these charities is provided in note I l(e). 16
THE PAROCHIAL CIIURCH COUNCIL OF DORKING ST MARTIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEIIqBER 2024 Endow- ment Funds 2. INCOME & ENDOWMENTS Unreslricted Restricted Funds Funds TOTAL 2024 TOTAL 2023 2(a) Donalions and Legacies Planned giving: Donations Gift Aid Collections (open plate) Charity speciftc coll¢ctions Donations etc Friends of St Martin's V&CW Charity grants (I l(e)) Mole Valley Legacies 43,038 13,034 5,349 240 60 43,278 13,094 5,349 44,006 12,328 5,183 24,216 24,216 55,814 28,232 3,100 6,485 750 27,488 3,100 200 55,814 28,232 3,100 173 083 2{b) Incomefrom church activities Church Magazine PCC fees for weddings etc Other activities 2,780 5,895 190 2,780 5,895 190 2,813 4,005 150 2(c) Oiher trading activities Events Hire of Churches 1,261 906 2,167 285 906 2(d) Incomefrom investmenls Unrestricted fund Rental inLome Restricted funds (Note 8) PCC Endowments (Nole 9) 4,180 15,850 4,180 15,850 291 3,498 15,275 248 291 2(e) Other LPOW VAT Grant Total income: 125,798 99,035 224,833 145,338 17
THE PAROCHIAL CHURCH COUNCIL OF DORKING ST MARTIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Endow- ment Funds 3. EXPENDITURE Unrestricted Restricted Funds Funds TOTAL 2024 TOTAL 2023 3(a) Church aclivities Missionary & charitable: Home Missions & Other Ministry: Parish Share Vicarage Expenses & Visiting Church utilities Church(yard) running Insurance Choir, Organists & Music Office Costs & Admin Sanctuary Outreach/Worship/Youth 325 34,777 1.844 325 56,784 6,069 565 67,824 746 1,242 8,623 9,665 9,603 10,353 22,447 418 425 22,007 4,225 9,134 5,551 10,070 9,173 29,242 343 311 100770 9,134 11,757 10,070 9,347 29,593 343 311 133 733 6,206 174 351 3(b) Fund raising costs Church Magazine Property expenses 2,278 2,278 2,420 3(c} Other Fabric Developments Refund to Friends of funding 66,954 66,954 4,921 Total expenditure 109,329 99,917 2,679 211,925 147,172 18
THE PAROCHIAL CHURCH COUNCIL OF DORKING ST MARTIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 4. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. £nil was paid to trustees for expenses incurred in carrying out their role as trustees (2023: £nil). During their tern]s of olCe as trustees in 2024, PCC members and their close family in aggregate donated a total of £17,544 (excluding gift aid) (2023: £14,037). 5. STAFF COSTS 2024 2023 Wages and Salaries Social security costs Pension costs 21,530 22,053 446 451 22 2024 2023 Average number of employees During the year St. Martin's employed a Church Administrator and also a Director of Music until April 2024, both working part time. St. Mary's was supported part time by a pianist and a cleaner, for which honoraria were paid. Together these appointments equate to less than one full time employee. Neither of these people earned £60,000 per annum or more. The Incumbent, the Churchwardens, the PCC Vice-chaiman and the PCC Treasurer are regarded as the people in key management positions. Incumbents are paid by the national church at a salary set and reviewed annually by the Diocese of Guildford. The Churchwardens, PCC Vice-chairnian and PCC Treasurer are unpaid volunteers. Accordingly, the total remuneration paid to the Key Management Personnel is £nil (2023: £nil). 19
THE PAROCHIAL CHURCH COUNCIL OF DORKING ST MARTIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 6. FIXED ASSETS 2024 6(a) Pro Investment From a 2014 bequest: Flat at 64 Hill View, Dorking bought in 2016. Cost £340,000, revalued in 2023 Legacy Fund Fair value I st January 2024 Unrealised gains (losses) in Market Value Fair value 31 st December 2024 Endowment Funds 380,000 See also notes 9(a) and I l (a). 6(b) Investment Assets Unrestricted Endowment Funds Funds Market value st At l January 2024 V&CW Sale proceeds of 2332 shares Net gains At 31" December 2024 105,431 (54,019) 84,047 See a130 1701e 9(a) All investments are held in the CBF Church of England Investment Fund. During the year half of the shares in the V&CW General Fund were sold for £54,019 and the proceeds transferred to the CBF Deposit Fund held in the General Fund current asset investments. 7. LIABILITIES, DEBTORS AND PREPAYMENTS 2024 2023 Debtors Gift Aid recoverable Other debtors Interest Prepayments 1,408 100 553 137 1,312 1,807 129 Creditors Accruals 20
THE PAROCHIAL CHURCH COUNCIL OF DORKING ST MARTIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 8. RESTRICTED FUNDS 8(a) Restricted Funds 2024 BIFwd Investment Jan 1st In¢ome Other Income Transfers Out C/Fwd Dec31st Structure/Repair Funds Dcvelopment Fabric Redecoration Stonework St. Mary's Fabric 237 22,654 869 693 248 19,736 913 693 66,973 (69,891) 44 55 Other Restricted Cooper (Choir Courses) Kneeler Organ Vestment Youth 402 20 422 (7) (174) 165 3,994 465 206 4,200 465 235 181 Incomc from Endowments Curate Funds Mrs Lloyd Bequest Turvill Bequest Fabric Fund 1,350 73 648 262 (1,350) 468 4,163 541 4,811 262 V&CW charity grants Total Restricted Funds See note 9(a) regarding the treatment of income from Endowment Funds, and note I l{e) for more infonnation on the grants to the PCC from the separate V&CW charities. 21
THE PAROCHIAL CHURCH COUNCIL OF DORKING ST MARTIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 8(b) Restricted Funds 2023 BIFwd Investmenl Jan 1st Income Other Income enditure Transfers Out C/Fwd Dec31 t Structure/Repair Funds Development Fabric Redecoration Stonework St. Mary's Fabric 227 19,602 831 693 10 237 22,654 869 693 12,458 (9,406) 38 48 Other Restricted Cooper (Choir Courses) Kneeler Organ Vestment Youth 384 18 402 158 3.819 465 165 3,994 465 175 200 Income from Endowments Curate Funds Mrs Lloyd Bequest Turvill Bequest Fabric Fund 1,330 72 638 257 (1,330) 396 3,525 468 4,163 257 V&CW charity grants Total Restricted Funds 22
THE PAROCHIAL CHURCH COUNCIL OF DORKING ST MARTIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 9. ENDOWMENT FUNDS 9(a) Endowment Funds 2024 Curate Related: Curate Funds Mrg Lloyd's Bequest Turvill Bequest B/Fwd Jan 1st Net Income Market Value C/Fwd enditure Ad'ustment Dec 31 st Investment Income 48,647 2,622 1,113 60 534 1,707 216 1,923 49,760 2,682 1,350 73 648 2,071 262 2,333 74,597 76,304 Fabric Fund 84,046 85,969 Legacy Fund: noles 6(a), I l(a) Property 340,000 Revaluation Reserve 40,000 Cash at bank 340,000 40,000 389 336 386 657 The Curate and Fabric Funds derive from legacies, the capital of which is required to be maintained intact. The income derived from the endowed capital is restricted, being only available for spending on the Pu0$¢(s} specified in the originating Will or Trust Deed. The investment income from these funds was paid direct to the PCC, and is included in the Statement of Financial Activities as Restricted Funds (see note 2d). It is available (and is so used) to help pay parish share (Curate and Mrs Lloyd), meet clergy expenses (Turvill), or contribut¢ towards Fabric upkeep as appropriat¢. The Legacy Endowment Fund is an expendable endowment where initial costs of sale or purchase and any deposit interest have been included within the fund. 9(b) Endnwment Fiiiids 2023 Ciirate Related: Curate Funds Mrs Lloyd's Bequest Turvill Bequest B/Fwd Jan 1st Net Income Market Value C/Fwd enditure Ad'ustment Dec 31 st Investment Income 44,430 2,395 4,217 227 48,647 2,622 1,330 72 638 68,131 6,466 819 7,285 74,597 2,040 257 2,297 Fabric Fund 76,761 84,046 Legacy Fund Property Revaluation Reserve Cash at bank 340,000 340,000 40,000 40,000 349 336 389 336 23
THE PAROCHIAL CHURCH COUNCIL OF DORKtNG ST MARTIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. PRtOR YEAR STATEMENT OF FINANCIAL ACTIVITIES Statement of Financial Activities for the year ended 3151 Deeember 2023 Unrestricted Funds Restricted Endowment Funds nds TOTAL 2023 Note INCOME & ENDOWMENTS: Donations and Legacies Church aclivilies 2(a) 2(b) 70,127 6,968 5,575 18,773 199 29,413 99,540 6,968 5,805 21,318 Other trading aclivities Investments 230 2(d) 2,545 Other 101642 145 338 EXPENDITURE ON: Church aclivities (100,722) (31,189) (7,968) (131,911) (7,968) Raisingfunds Other 3(b) 108690 147 172 Net income / (expenditure) before investment gains Gains (Losses) on investment assets (7,048) 5,214 (1,834) Net movement in funds 2,091 5,214 47,285 54,590 RECONCILIATION OF FUNDS Total Funds blfwd I, January 121,566 40,320 426,097 587,983 Totsl Funds c/fwd 31" December 24
THE PAROCHIAL CHURCH COUNCIL OF DORKING ST MARTIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. OTHER DISCLOSURES 11(a) Legacy Endowment Fund The proceeds from the sale of the propety bequeathed to the PCC (see the accounts for 2014) were used to purchase a buy-to-let flat in Dorking. 11(b) Local Authority Grants received The PCC receives an annual grant awarded for a three-year period in respect of the closed hurchyard. This amounted to £3,100 in 2024 (2023: £3,100). I l{c) Other Grant Income- Friends of St Martin's Church The Friends of St Martin's Church Dorking (Registered Charity 283966) provided funds totalling £55,814 in 2024 for the project to replace the failed and failing boiler instsllation. Following a successful application for VAT grants under the Listed Places of Worship scheme for this project and the previous lighting replacement, a refund of £11,159 was paid to the Friends in 2024. A similar refund of £11,707 was paid in 2023 for the lighting project. 11(d) Independent Examiner fees- The Independent Examiner fees including VAT in respect of the Independent Examination in 2024 were £3,200 (2023: £2.442). No other services were provided (2023: £nil). 11(e) V&CW charities Charity Reg. Number Sunday School 1002099 Grant to PCC in 2024 Net Assets at 31 Dec 2024 Investment Income 2024 Use Education & Youth Sunday school and baptism related costs Clergy Stipend Costs Contributes towards the cost of parish share £335 £70,068 £3,571 Chichester Bequest- West Lodge Fund311976 £4,657 £76,181 £4.656 Spratley Trust 205917 Church and Churchyard Maintenance £3,000 £101,026 £2,762 George White 258992 Clergy Expenses Also contributes towards the cost of parish share £20,240 £234,451 £12,565 Total of Grants £28,232 The Canon E A Chichester's Bequest also includes a parcel of land south of West Street, partly used as a playground for the Dorking Nursery School, and also houses two scout premises. OoOoOoO 25