Parish of Merstham PCC report and financial statements 11 for theyear ended 31 December 2024 ur uncil of the Eccleslastlcal Parlsh of Mersth Charity No. 1139490 CONTENTS Page PCC report Independent Examinerfs Report Statement of Financial Activities Balance Sheet 10 Notes to the financial statements 11-20 Parish of Merstham Annual Reportforyetsrended31 December2024 (i) PCC report The members of the PCC present their annual report and financial statements of th¢ Parish of Merstham for th¢ year ended 31 December 2024. The financial statements have been prepared in accordance with the a¢counting polici¢s set out in note I to the accounts and eomply with the governing documents. Charities Act 2011 and Accounting and Reporting by Clwities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordanc¢ with the Finao¢ial Reporting Standard applicable in th¢ UK and Republic of Ireland (FRS 102). Objectives and Activities The primary object of the PCC is the Promotion of the Gospel of th¢ tK>rd Jesus Christ ac£oTding to the doctrines and practices of the Church of England. The PCC is t&sk¢d with cNperating with the minister in promoting in the parish the whol¢ mission of the Church. pastoral. evangelistic, social and eLumenical. As a Parish Church within the Church of England's Diocese of Southwark. St Katharine's Church exists for the benefit of the wider wmmunity as well as for those who fonn part of the week-by-week worshipping community. With this in mind, our activities bave been a combination of those for the worshipping community togdher with others aimed 81 the wider wmmunity through pasioral care or missionary and outreach. In order to accomplish these objectives. it is imFM)rtant that we maintain the fabric of the church buildings. The members of th¢ PCC have complied with the duty in Section 4 of the 2006 Charities Act to have due regard to guidanc¢ published by the Charity Commi$sion. including public benefit guidance. The parish The parish of Merstham is in the Diocese of Southwark and is within Reigate D￿nery. The parish is part of th¢ Merstham and Gatton Team Ministy under th¢ ternls of a Pastoral Schem¢ pursuant to the Pastoral Measure 1983 made by the Church Commissioners on 29 March 2010 and which came into ¢ffe¢t on l April 2010. Following the closure of the Church of the Epiphany in January 2015 th¢ parish has only one place of worship.. the Parish Church is St Katharine. on Church Hill. Merstham. RHI 3BJ. Merstham & Gatton Team Ministy is composed of the parisbes of Merstham (St Katharine). Gatton {St Andrew), and South Merstham (All Saints). Team Re¢tor Revd Nigel GritTIths The Rectory, Battlebridge tAne, Merstham, RHI 3LH Team Vicar Suspended Assoeiate Priest Revd Rob Kenyon Readers Mrs Christiana Agwuegtrt) Churchwarden Mr Chris Green Parish of Merstham AnnuQlRew)rtfvr￿ur ended31 December2024 (2) Achievements and Performance Worship and prayer Within the parish the PCC aims to offer a varidy of services during th¢ week and throughout the ye4r to cater for different groups within the cotllmunity. These range from organised services such as our regular Sunday worship, including Holy Communi0￿ to less fornial and less structured meetings such as study groups and prayer meetings. The Parish provides a range of regular and extra festival and seasonal services over the course of the year that our mmunity has found IK)th beneficial and splritually fulfillin& and regularly provide5 hospitality for special Team Services. Regular Service Pattern During the recent vacancy a Worship Group had been set up and this ¢ontinu¢s lo aTrange swvices, usually once a month. The regular servi¢¢ pattern is.. Holy Communion on the first and third Sundays each month, Mornin8 Worship (usually lcd by either our Li¢￿sed Reader or Membe￿ of the Worship Group) on the second Sunday, and a Team service at All Saints on the fourth Sunday. ATrang¢m¢nts for the fifth Sunday (when this occurs) vary. OecAsfional Offiees During 2024 one baptism and two wethlings were celebrated in the chw¢h. No fun¢rnl services were held in the church, but there were four instances of intern]ent of cremat&J remains in the ehuTchyard. Electoral Roll And Chur¢b AtteDdaDee Report In December 2024 there were 37 members on the Eledoral Roll. A completely new Ele¢toral Roll will be prepaMI in April 2025. Pastoral Care St Katharine's h&8 8 Pastoral Team which meets regu18rly to review people in particular need and ensure they &qn be attended to as approprialc and fe&sible. Home Communions are also available. A WhatsApp group has been created to allow prompt communication among the team fcf prayer and practical needs. The provision of community suppcrt and facilities by the I￿81 council and charitable trust 15 P8tchy. Since the Team Ministry won a grant from the Church of England's Strategic Developmeni Fund ther¢ has been scope for th¢ churches - mainly coming out of All Sainls. to seek ways of serving the Merstham Estate. At present this consists mainly of connecting with young people through school and exrycurrtcular activities. How¢v¢r. a Fresh Expre&8ion of ¢hurch. much lik¢ St Katharine's Café Chur¢he8 in past yeaT4 is being planned to begin in 2025. St Katharin¢'s Chur¢h R(x)m is us¢d for Vario￿9 ¢huTch activitie4 including PCC meetings and after-s¢rvice offee on Sundays. The Church Room also has regular weekly bcrt)kings by nonrychurch groups. With the PCC'S approval the Church Room received a fac¢lift in the forni of re-paintin8 the interior, new curtains and a new kitchen. In addition. through so¢i&l media and oth¢r means the intention is to rnise awareness of the Room as a rental space and in¢rw¢ re8ular income from it. During 2024 one member of the Women's SupFKK¢ Group moved away, and another die4 so the decision h&s been taken to close the Group. The leader continue4 however, to Sup[￿ the one remaxning meml*r of the Group on an infornlal basis. Parish of Merstham Annuul Rewrtfvryeurended 31 December2024 (3) Safegu2rdlng Report The church implements the 'Safe Chwch. dAocesan policy. A copy of the policy ￿ displayed in the church por¢b and a copy is also kept securely. Regular updates are inserted into the wylicy and where appmpri&te members of the PCC are encouraged to attend the Safeguarding and Vulnerable adults training provided by the Dio¢esc. Regular ncwsletters are si)ared with PCC and Junior church leaders. All DBS cbecks up to date or being renewed. W¢ are grateful for the work of Mr Simon Beirne ond Mrs Maggie Kippen, our Safeguarding officers. who generously share their overview with St Andrew. Gatton. Mission and outreach The Team Ministy endeavouTS to provide infOrn￿On and communication to parishioners and the genernl public by several means. The Messenger, the parish magazine for Merstham and Gaiton. is produced monthly online, with a very fcw paper opies distributed to those wiable to access the iDtern¢l. It conlains inforniation regarding Church-￿$0¢1alcd events held witbin the T¢8m Ministy together with general local scryices and clwity/alternative ¢v¢nts held within the wider community. The website for the Team Ministy 18 at www.mgtmchurth¢s.org. The intention is that it will provid¢ d¢t&tls of ¢hwch services and activities, as well as infOrn￿ll0n about weddings* marriages and funerals and how to make contact with parish staff. Inforn)ation is also displayed on notic¢ Ert)ords at the church and published in a monthly news-sheet. Quality Street Fair is now a predominantly community-led. rdther than church-led. evcJ)t. and lakes place in Sept¢rn￿r. St Katharine's Supper. celebrating our PatroDal SainL took place in the Church Room al the end of November. The weekly ecumenical prayer rneeting has b¢¢n able to continue at the Community Hub. it includes members of Si Kaiharine's and the wid¢r Merstham Team. Eeumenleal relatlonships The churches continue to bc involved in ecumenical activiti￿ as Part of thc Churches Together in Merstham 8roup and would usually hold joint activities such as the World Day of Prayer. Ixni Groups and Lent Lunches. Good Friday Walk of Wilne5s, and Carol sitWDg at Chri&ttnLs. Fabr1¢ Amongst other duties, the PCC is resw)nsible for the maintenance of our buildings, which include the historic church of St Katharin¢ (M¢Tstham Parish Church) and St Katharine's Church Room. The last Quinquennial Inspection was carried out in March 2018 by Thomas Ford & Partners. The archit¢¢t's ¢onrlu5ion was thai the church was well looked afterby the PCC and signifi￿t repairs had been Undertaken in the last ten years: fllthough a number of repair issues remain these do not reflect care or management on the part of the Parish. Due to the ongoing work (see below) the next (￿Inquennlal was aTranged for January 2025 with no major problems rnised. Fundraising events Quality Street Fair bmu8bt in a resp*clable £4,0(M). The Deanery Synod The Ikanery Syttod is the link bctween the parishes and the Di(*ese. Metstham Parish is part of Reigate Dean¢ry Synod and is represented there by Jill Gunn and Judith Ha￿On. The Synod not only provides a link with the governancc structurcs of the Church of England in the Diocese and Datsonally but also provides a link for the PCC to raise matters al a Deanery lev¢1 attd potentially kn"gher. Parish of Merstham Annuol ReportfvryearendedS1 Deiember2024 (4) Financial Review Net income after ￿InS on investh)ents of £34.7k was genernted in 21f24 (2023 £37.2k). Income fell to £67.2k (2023 £73.Ok) with some significant differctKes iti the underlying sources of income. Voluntary income fell £26.7k to £21.7k (2023 £48.4k). The principal reason for the fall was a reduction in grant income following work on the church extension b¢io8 placed on hold (2024 £0.4k vs 2023 £17.4k). In addition, rwnaitiing voluntary income fell to £21.3k (2024 £31.Ok) refle¢tiDg th¢ d¢ath or movement away of several donors. Income from activities for generating fimds was £4.3K very similar to 2023 (£4.2k). Income from cburch a¢tiviU'¢s was also very similar to 2023 at £5.2k (2023 4.8k). Incom¢ from tnv¢sttn¢nts incre&S￿ significantly to £36.Ok (2024 15.5k). with tbc main difference 8fisiDg from interest gwned on a deposit fund account opened in order to obtsin interest on the money anticipated to be used for the church extension. This account generated £20.3k in income in 2024. In¢om¢ from other investments was £15.7L (2023 £15.5k). Expenditure fell significantly to £45.4k (2023 £84.8k). principally as a consequenc¢ of the Work on the church extension being put on hold (2024 £nil vs 2023 £48.4k). This saving vs 2023 was partially offset by an upgrdd¢ to the Church R(M)m (£4.3k) and some less significant ¢xpendittw¢ incurrcd to up￿ade the he￿Ill8 in the church and maintain the organ. The net gajn on investments wag a more modest £13.Ok in 2024 (2023 £49.Ok) r¢fle¢ting th¢ movement in general stock markets. The amounts held in Inv￿￿￿entS during 2024 were unchanged compared to 2023. The church silver was revalued in 2024 ￿ £15.7k. £9. Ik lower than its previow valuation. As a result of Ihc aciivity detailcd abovc, th¢ Nct Assets increased by £25.6k during 2024. The PCC had total net 4s¢ts of £1.326m at the ¢Dd of 2024 (2023 £1.300m). Th¢ PCC m¢t its 2024 Parish Pledge to th¢ Diocese of Southwark in fi￿1 (2024 £17.Ik vs 2023 £16.5k). Thc PCC is v¢ry awar¢ of the Consequenc￿ of a reducing wngresation with its ¢orre5ponding cffect to the level of giving and maDy activiues are ongoillg to attempt to Incr￿ the CL)ngregation. It has set aside a designated fund to coyer the cost of the planned ¢xtellsion works. This work h&d been started with the vesty roof being r¢moved, ds well as the upper part of the w811, prior io the contracted builder entering administration. Mindfvl of the financial position and its obligauons. the PCC has moved fonvard with 8 smaller scalc plan which should be buili in Q2 and Q3 2025. the ¢xact cost of which is cu￿entlY unknown but is hoped to be lower than previowly anticipated. Reserves policy It is the poli¢y of th¢ PCC to sc¢k to maintain ad¢quat¢ reserves. including some reserves for unforesee8ble circumstances. Approximately £45k of reservts are restricted and May only be used for the PUTposes stipulated. Of the remaining reserves. £728k is held in a designated fiuhl to be wed for the specific PUqM)5e of fimth'ng the extension and £146k 18 held ID a nonaexpendable ¢ndowmenL Plans for the future Work to demolish the Victori8n vestries on th¢ north side of the church Started at the end of February 2023, and the planned extension {incotpot8ting 8 new vestry. rneeting area and toilets) wes ¢xp¢ct¢d to be complcte by the ¢Dd of the summu that year. It is r¢gre¢ful that the coLstruction company wenl into administration tbe day prior to Maundy Thursday and as a result of this. we were left with a partly-demolished ann¢x¢. Emergency measures were put in place to render it weather-tight and to remov¢ the debris left by the builders. We embarked on a second round of tendering* but the results of this served only to demonstrate that prices had increased consid¢rably over the original estimate. As a Conseq￿l¢c. we have reluctsntly decided to abandon the original plan. We have now engaged a new building comp8ny and a new architecL and intend kn pro¢¢¢d with an extension tha( while being sigmficantly smaller than the (Yigmal Pl￿ will contain a toilet and a small meeting 8re4 while at the same time improving the insulation. Parish of Merstham AnnuolReportfvr yeorended31 December2024 (5) Other information Related Party Transactions There have been no tra￿SactIons between the PCC and related parties. as defined by the Ch8rities Act 2011 and tbe Charities SORP. &xxmlner5' Remuneration Sargcnt atLd Co will be paid £1.440 for the examination of these accounts. Trus¢ee Remuneratlon Expenses All Trustees giv¢ freely of their time and do Dot claim expens￿ for fi￿￿111￿8 their role. Several Trustees were reimburKd costs they incurred on behalf of the PCC where th's wos the most eificient means of purchase. Structure• governance and management Governlng Documents The Governing Documents relating to th¢ 0￿￿110￿ of the PCC are.. The ParochiaE Church CouDcils (Powers) Measure 1956 &$ amended The Church Repr¢s¢nlation Rules (conwned itj Schedul¢ 3 to th¢ s￿0d1¢81 Governmcnt Measure 1969 &5 amended with the 2009 Ststulory In8tnun¢nt and the 2(K19 updat¢ to thc Ci)dc of Rewmrnend￿ Practtce to the Pastoral Measure 1983) Member8hlp of tbe PCC The Parochial Church Council (PCC) is a corpordte Ix)dy established by the Churcb of England. Members of the PCC. who arc also Trus*es for the pUr￿SeS of charity law. are either elected by the Annual p￿0ChiaI Church Mccling in strict accordance with the Church RepTes¢ntstion Rules or scr4e as ￿ officio mernbers. The PCC can also exercise its right to Co-opt members as il deems fiL During the year the Council rc¢¢ived rc8ular reports on the followin8 topi￿. any)n8sI other matters: Financc Mission and Outreach projects Tearn Council D¢an¢ry Synod Fabric and Churchyard Safe Church Policy The PCC usually meets each alternate month. PCC mernbershlp followlng the 2024 APCM £K ojficio members: Revd Nigel Griffiths Revd Rob Kenyon Mrs Chn"stiana Agwuegbo Mr Chris Green Mrs Jill Gunn Mrs Judith Hallson Team Rector Associate Pri¢8t R¢ader Churcbwarden (from May 2022) Deanery Synod R¢pr¢s¢ntstive (appointed May 2023) Deanery Syncml Representative (appointed May 2023) Eleeted members: Mr Daniel Hopcroft Mrs Mawe Kippen Mr8 Libby Green Mr John Turner Treasurer (c(wted in April 2024) Safeguarding Officer (co-opted in May 2024) (from 2023) (fron12023) Parish of Merstham AnnuolReportAor yearended31 De￿rnber2024 (6) Mr Robert Prentice (from 2024) (from 2022) (from 2023) (from May 2024) Mrs Glynis Beazley Mrs Gill Buchanan Mr G¢off Dixon PCC Secretary Mrs Ann Beirne 28 Harestone Hill. Caterbam, Sutrey. CR3 6DG Independent ExAminer Alison Sargent FCA Sargent & Co. 219 Croydon Ro84 Caterlwn, Swrey. CR3 6PH Bankers The Central Board of Finance of the Church of Eagland: Cheapside, London EC2Y 5AQ CAF Bank.. 25 Kings Hill Avenue, West MalliDg. Kent ME19 4TA Natwesi Bank L￿.: Station Roal Redhill RHI I QN CCLA Investment Management Ltd: One Angel Lan4 London EC4R 3AB Correspondence All eoTr&%pondenee should be sent to the PCC Se£retiry.' 28 Harestone Hill. Cat¢rham. Surrcy. CR3 6DG Registered Charity Number Th¢ Parwhi31 Church Council of the Ecclesiastical Parish of M¢rstham (Merstham PCC) is a ¢harity re8iStercd with the Charity Commission under registration numt*r 1139490. SafeguArding Officers Mrs Marg4T¢t Kippen. Mr Simon Beirne Standing Commlttee The Standin8 Committ¢ is the only wnmittee required by law. It exists to tr8tssact the busiti￿ of the PCC between meetings and may construct the agenda for me¢tings of the PCC. Team Council This was set up at the creation of the Team Ministy. It consists of the clergy, churchwardens and secret8ri&s from acro88 the churches. It h&s not met during 2024. Its purpose is to share news and sustain an oV¢￿1¢W of Team life, help d¢tern)Ane what activities may be achieved better acro￿ the team (e.& Vario￿ training). and support one another. patticularly in the mission and outrwh of the Team Churches. Parish of Merstham AnnuolReportfvryeurended31 De¢ember2024 (7) Statement of Parochial Chureh Council Responsibilities Charity Law requires the Parochial Church CoutKil to prepare financial statwnents for each financial year, which give a true and fair view of the stale of affairs of the Church and of its fllwicial ￿tIVItieS for period. In preparing th08c fjnancial statem¢nts the Parochial Church Council is required to.. seleth suitable accounting p)licies and then apply them consistently, observe the methods ond principles in the applicable Charities SORP. make judgements and eslim&tes ihal are re&sonable and prudent. stale whether applicable accounting standards have been followed. subj'ect to any material d￿artureS that must be disclos￿ aDd explained in th¢ financia] statements. prepare th¢ fll)aociai staiements on a goiag concern basis unl¢ss it is inappropriate to presume that the ChU￿h will continue in bllsin¢ss. The Parochial Church Council is respc4]sible for ke¢ping proper accounting records that disclose with r￿SOnable accuracy at any time the financial p)siiion of the Church and eTJables PCC memb￿￿ to ensure that the financial statements Comply with regulations made under the Churcb Accounting Regulations 2006. It 18 also rewnsible for safeguarding th¢ assets of the Church and hence for taking reasonable steps for the prevention and detection of fraud and other irregUl￿ltIes. Approved by the Parochial Church Council and signed OD its behalf by Chris Green (Churchwarden) Glynis Beazley ( member) Date: 7th May 2025 Parish of Merstham Annual Rewrtforyeorended31 Decernber2024 (8) Independent Examiner's Report to the Members of the PCC of the Parish of Merstham I rewrt to the members of the Parochial Church Council (PCC). being the ¢harity's tnLStxs. on my examination of the accounls of the clwity for the year cnded 31° D¢¢cmber 2024 which are set out on pages 9 to 20. Responslbllltles and Basfis of Report As members of thc PCC. you arc rwonsible for the Fryaration of the accounts in accordance with the requirements of the Chan'ties Ad 2011 ('the Act,). I report in respect of my examination of the Charity's ￿o￿lts carri￿ 4)Ut undcr sertion 145 of th¢ Act and in caTrying out my examination I have followed all the applicable Directions pven by the Charity Commission und¢r section 145(5)(b) of the Act. Independent Examlner'8 Statement I have cornpl¢ted my examination. I confirni that no ma￿la1 tnatters have come lo my attcnlion in cOnn￿￿On with the examination giving me causc to believ¢ that in any material r¢sp¢¢t". accounting records We￿ not kept in respect of the clwity as required by section 130 of the Act. or 2. the accounts do nol accord with those reLords' or 3. the accounts do not complywith the applicable requirements concerning the forni 8Dd content of accounts set out in the Charities (Accounts and Reports) regulations 2008 other than any requirement thai the ac¢ouniS give a 'true and fair view. which is nol a matter consid¢red as part of an independent examination I have no concerns and have come ￿rOsS no oth¢r matters in COnn￿tiOn with the examinthon to which attention should be drnwn in this rewrt in order to enable a proper understanding of the accounts to be reached. AIAson Sargent FCA Sargent and Co Chartered Accountants 219 Croydon Road Caterham CR3 6PH Date". Parish of Merstham AnnuolRewrtfvyeorended31 DeCem￿r2024 {9) Statelnent of Activities for the Year Ended 314 December 2024 fvnd5 2024 funds 2023 fvnds c(¥nln resoure•s Voluntsry Income 21al 2L463 21.713 48,443 AtU￿tIeS for generatlfi8 fvnds 21bl 4.284 4.249 Income from investme Zlcl 3U136 3.970 36.LThJS 15,462 Church a¢tfvllles 21dl 5.169 5,169 4,818 62.952 4.220 67,172 72.973 Church actyvitle5 31al 34.410 9326 43,736 82.136 Fundra151ng costs 31bl 249 249 1,218 Governance costs 31¢) 1,450 36,099 9J26 26,853 15.1061 21747 111,8321 N•t ylns11105sesl on Irwestments 7,305 12,959 49.031 N•t kncThllexpenthwr•l 31507 5,1061 7.305 34.706 37,2CiI Transfers bets¥een funds Goi￿/1105$e5> on revaluatksn of xed assets 9,ILXII 9,IlXI 32.507 114.2061 7.305 25,606 37,200 rKlllatlon of furbds Total funds brought fo￿ord 921112 59586 31&596 I.3￿,295 1,263.095 Totsl fund5 carrfed forward 954,619 45.380 325,9)1 1.325,WJ) I,31￿,295 The notes ott pages I I to 20 foTm part of these accounts Parish of Merstham knnutsl Reportfvryeor ended31 December2024 (io) Balance Sheet as at 31 December 2024 Totslfvnd5 2024 Totsl funds 2023 Tangible assets Investments 15,650 146.274 179.599 252,719 594342 24.750 I43.(￿1 175.580 247.052 s￿,383 Mrs Puckle's West Expendable endowment other 71al 71bl 71cl TL*lflxed assets Current assets Debtor5 Cash at bank and In hand 8.858 725,450 734.307 1.531 711,230 712.761 i1•bIl￿￿$ Creditors du• In I y••r 12,6491 12,8501 Net current assets 73L658 709.911 Tot•1 net •sMts 325 I￿￿195 Parlghfunth unrtstrkted restricted 954,619 45.380 922,112 59.586 io endowment li 325,901 318,596 Total fun 1.325,9 I,a(Ix295 Th¢ ac¢ou were appyoved ty the PCC on 7th May 2021and signryj on behalf of th¢ PCC by Date: 7th May 2025 tir¢¢n- Ch rchw￿dert Da*.. 7th May 2025 DaD Hopcroft- Treasur Parish of Merstham Annual Reportfvryeorended310ecember2024 (li) Notes to the Accounts for the Year Ended 31" December 2024 Accounting Policies (a) Basis of Preparation The accounts have been prepared underthe current Church Accountlng fte8ulatlons and In a¢¢ordance wlth the Statement of Recommended Practice.. Accounting and Reporting by Charities preparin8 their accounts In accordance with the Financial ReportTrng Standard applicable in the UK and Republic of Ireland IFRS1021 (effective l January 20191- Icharities SORP IFRS10211 and the Financial Reporting Standard applicable in the United knn8dom and Republic of Ireland IFRS1021 and the Charlties Att 2011. The accounts have been prepared on a golng contym ba515 on the grounds that no materlal un¢ertainties exist and undÈrthe hlstorical c05t convention modified to Include ¢ert3in item5 at fair value as stated In the relevant notes to the accounts. The atcounts ale presented in Stèrling and rounded to the nearest £. The Church constttutes a publk bènefit Èntfty as defined by FRSIO2. (b) Income Recognltion All income 15 reco8nised On￿ the Church has entitlement to the income, it Is probable that the income wlll be received and the amount of Income recetvable can be measured rellably. The income of the Church includes income from Church activities, donatlons. gfants. known lega¢le5 and lettln8 Ineorne for Church premises. All Incomlng resources have been recognised on a recelvable basls except for voluntary donatlon5 and Income from Investments whlch Is accounted for wthen received. Legacy glfts are recorded on a case-by-case basls tollowln8 the 8rnntin8 of probate when the admlnlstratorlèxetutor of the estate has tommunicated in writlll8 both the amount and settlèmènt date. (c) Expendi￿re Reeognltion Liabilities are recognised as expenditure as soon a5 there 15 a legal or constructlve obll8atlon committin8 the Charitv to that expenditure, it Is probably that settlement wlll be required and the amount of the obll8atlon can be measured reliablv. All expenditu￿ is accounted for on an accnsals basis. Expenditure is directly attributableto ￿￿rI0￿ Church athityes and has ljeen Induded in thè relevant cost categories. Fundr3i5in8 Costs comprfse the costs ass￿ed woth anyfvndrai5in8 evenL (d) Tangible Fixed Assets The Chur¢h silver has been included at market walue based on an Independent valuation rep)rt obtained in 2024. Underthe PCCS IPower51 Measure 19S6. all PCCS are trustees of income and expenditure but not necessarity of assets, so that any expenditure whether maintenance or improvement, inCu￿ed on consecrated or benefficè buSldlngs or moveable churd) rrttirtgs. is written off as eypendlture duflng the year. Parish of Merstham AnnuolReportfvryeorended31 December2024 (12) (e) Investment Fixed Assets Investments are a fom) of basic financial instrument and are Initial￿ recognised at their transartion value and subsequently measured at their fair value as at the balance sheet date usin8 the dosin8 quoted market price. The Statement of Finantlal Art￿ltIeS Includes the net gains and h)sses arislng on revaluation and disposals throughout the year. (D Debtors and Credltors ReceivablelPayable Within One Year Debtors and credltors reC￿Vable or payable within one year are recorded at transacth)n price. Any losses arlslng from impairment are Tecognised in expenditure. (g) Cash at Bank and In Hand Cash at bank and in hand includes cash and short-term highty liquid assets with a short-term maturity of three months or less Irom the date of acqulsition or openlnB of the deposit or similar a¢counL (h) Reallsed Gains #nd Losses All 8ains and10s5e5 are taken to the Statement of Financial Actiwtles as they arise. Realtsed galns and losses on Invèstments are calculated as the difference between sale proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unreali5ed Bains and lo55e5 are calrulated as the dlfference between the fair value at the year end and thelr caryng value. Reall￿ and unreallsed investment galns and losses are comblned In the Statement of Financial Activrties. (l) Funds Pemianent endowment funds are fvnds which have been glven to the Parlsh of Merstham In trust wlth the festrl¢tlon that the lunds are Invested io generate income for speclfic Church activitles. Expendable endowments are those fvnds which are mainWto be used as pernianent endowments but the capitsl can also be used foi the purposes of the Church in certain circumstsnce5. Restrlrted fund5 relate to 5n¢ome whlch ts made available to the Parlsh of Merstham for speclfic purposes and whlch must be used solely for those pufposes. The aim and use of the restrirted fund 15 set out in thè notès to the financial statements. Unrestrirted funds rèlate to the Income whtch Is avdilable to meet the general oblertives of the Parlsh of Merstham. General funds are un￿StrIcted funds whlch are available for use at the discretlon of the Members of the PCC Sn the furtherance of the general objertive5 of the Church and whKh have not been design4ted ft*r other purposes. Designated funds comprlse unrestrfcted funds that have been set aside by the members of the PCC for particular pufpose5. The alm and use of the dèsignated funds are set oui In the notes to the finèncial statements. Parish of Merstham Annuol ReportAoryeorended31 December2024 (13) 2. Incoming Resources Total ful￿5 Totsl fund5 2023 Notes 2a Vdurtary incom• Glft Aid donations Income tax recovered Non-Grft donations Grants Donaiions &108adts Outward Glv6nBcollettion$ Sundry IrKome fur 14.412 14.662 19,875 5.641 3,019 17.434 2,720 430 2,720 430 223 252 48.443 23S 235 21,713 21,463 250 2b AcU¥llle5 for Vfiernt￿I￿nd5 Quality Street Fair Other Iparlshl lundr01￿ 4.113 171 4,113 171 3.549 7¢X) 4,249 2c Income from Inveslrnerts Bank Inierest UK d￿￿dendS 8nd In¥estme 20,304 15,701 36,th)S 11.731 31036 3.970 3.970 15,462 15,462 2d Incom•frorn thurth d¢ll¥lth Chtsrch Room/Hall lets Par15h ma8azlne Ftts for ser¥kes 37 2.937 2,555 2,232 5.169 2,Z32 S.169 2,263 4,818 Total IT￿OmIng Resources 61.952 4,220 67,172 Parish of Merstham AnntsolReportioryeorended31 Detember2024 (14) 3. Resources Expended Tot•1 funds 2024 Totsl funds 21)23 Notes fvnd5 funds 31al Churth actfrlltks Di(Kesan Padsh Share Other ministrycosts Outward fjNin8 p)ymerrts Church runnin8 & maintenance Church Roorn & Hall co￿5 Muslt & Or8anlsts Organ malrbteTrance Parlsh ma8azlne costs Churchyard upkeep Costof servl¢es Sundry exFenses New build lexten5ionl I7,1￿) 17,1 1.189 16.StsJ 475 223 11.397 1,555 1.545 787 11,528 1203 1.410 13,192 4.277 1.410 1,671 1.671 1.314 1,314 975 864 435 975 48,355 82,136 34,410 9.326 43.736 31bl Costs of yner4tlry I￿NIS Fundraising events Credlt Card Fees 12S 125 125 125 1,055 163 249 249 1,218 31cl Governance Accountan¢y fees- Independent Examlnatlon 1,450 1,450 36.099 9.326 45.425 Parish of Merstham AnnuolRewJrtfvryeurended 31 December2024 (15) 4. Gains/Losses on Investment Assets EMkn¥￿ Tolal fvrA 2024 Total fvnds 21)21 Reallsed 8aln Ilossl on saleof investments Profft Ilossl on revaluati¢Jn of Pemianent Enth)wrnent 3.273 3,273 12.395 Profit110551 on revalua￿on of Investments 4.032 9,686 36.636 Totsl 8akns Ik)ssesl t)n kNe$D￿ert issets 12.959 49,031 5. Staff Costs 2024 2023 lal Wages ènd sal•rfe5 Wages pald to i Indfvldual {cle￿I 534 No payments to staff werè large enough to warrant Soclal Securrty costs. The salary. pen51on and houslt)g tosts of Stlpendiary Clergy are paid by the Dlocese from the Dlocesan Parish share. which Is included in total resources expended on Church activrties Isee note 3 lall. lal Payments to PCC Members During the year no payments were made to PCC Members other than the relmbursement of agreed expendlture. all of whleh Is Included in the accounts. The PCC members nelther recel¥ed nor walved any remuneration for their servlces durin8 the year as tTUStees12023- Parish of Merstham AnnuO1Re￿￿rI0r yeorended31 December2024 (16) 6. Tangible Fixed Assets Total As 3t l January 2024 Disposal At 31 December 2024 24.750 24.750 24.7SO 24.750 Dlmlnutlon In value At l January 2024 DIsw5al Dlmlnutlon In value durlngthe year At 31 December 2024 9.liXI 9.1 9.1(K) 9,1 N•1 Baak Value At 31 December 2024 15,650 Z4.750 15.6SO At 31 December 2023 24.750 The Parlsh owns several ttems of historic sifver which were valued In July 2024 at £15,650. Parish of Merstham AnnuolRewrtforyeurended 31 De£ember2024 (17) 7. Fixed Asset Investments (•) Mrs Puckf•'$ b•4U¢St CBF Investment Fund shares 2024 2023 Marketvalue at start of year 143,iXII 130.K6 Unreallsed Inve51ment Kakn I Ilossl 3.Z73 12,395 Marketvalue at end of year 146.274 143.IX*I The h451orlc c05t of the Ilsted IrNestmeni t 46.375 46.375 Dlvldendsfrom thtsfvrtd•rewldlnto the FobrkFvnd fo Rthrrfrtedfvndj Ibl Eynd•ble ¢ndowm•nt Iii¥osiThrt CBF Investment Fund income shares Market value at start of year Addltlon$ tMsposa15 175.580 160,357 Un￿11￿ Investmert gain 1110$51 4.019 IS.223 Market ¥￿￿e at end of year 179,599 175,580 The hlstorlc c05t of thls Ir￿stMent was 67.897 67.897 Dlvldendsfrom thlsfyndttre poKlinto the 6enerolFt*td(on UnreJiri￿fvndj Icl oih•r ITh￿$1￿•nts Llsted Invostments- UK Market value at #art of year 15 21 Unreolised investment galn/l10551 Market value at end ol year 13 28 15 Thts InvestThthtreftrs toRow18onkoA5¢otlond￿￿resTeCel¥Y￿Os C8F Irwestment Fund kncoMeS￿reS Mèrket value at start of year Additi¢)ns 247m7 225.618 Dlsposa Unre•llsed Inve51merrt gain1105sI 5,654 21,419 Marketvalue at end otyear 252.691 247,037 The historic c05t of thls Inbwm¢nt was 250.￿ Parish of Merstham Annual Rewrtforyeor ended31 De￿rnber2024 (18) 8. Debtors 2023 Du8 wlthin onvy•*r Tax recoverable lunrestrlctedl Tax recoverable Irestrictedl other debtsrs 727 20 7,154 8,858 L531 9. Creditors 2024 2023 Amwnts f*lnn8 duet*Athkn one year ruals for utilrf(ies and other wsts lunrestrktedl Other creditors Iv#restri¢tedl Other ¢redltors Irestrictedl Deferred revenue IA115 1.213 1.638 134 Yotal Crqdllors 2,649 2,850 10. Restricted Funds The Or8an Fund Is a restrlcted fund to be used solelyfor the renovation and malntenance of the or8an in St Katharine's Church. The Mission Fund is a ￿$trIcted fund for promoting the mission of the Church wlthin the Parish of Merstham. Durln8 2024, the PCC took the dedsion not to ¢ontlnue to place fvnds In a restrirted fabrlc fvnd. 8alarK* at ljanuary 2024 Dkn1nut￿n I Balanc• at ¥ah* JI De¢¥￿ber 2024 F8brfc Fund 11.998 4,220 7,255 B,962 511verware 24.750 9,11 15,650 Or8an Fund 17.661 1,671 15,99) Ml$slon Fund 5,178 4,778 59,586 4.220 9.326 9.IC#J 45,3WJ Parish of Merstham Ann¢rt71ReportfDryeorended31 D￿em￿r2024 (19) 11. Endowment Fund 8•knrK• •t 31 D¢¢ember 2014 l J•nu 2024 IMg>mlr¥ Ilbossesl Mrs pUck￿.S bequest I43￿1 3,273 146.274 Expendable Endowmert 175.580 4.019 179.599 Other 15 13 28 318.596 7.305 325,5¥)1 The Endowment Funds of the Partsh of Merstham consist of both pernmnent and expendable endowment funds.. Mrs. Puckle's Bequest Is a permanent endowment. Thts w'fted trust fund is managed by the Dlo¢esan Trust. Afthough the PCC has no authorty to reallsè thos In￿stMent the income from It Is avallable to the PCC. The expendable endowment was oriw'nally created from the sale of the ver8erfs cottage, which belonged to the PCC. The funds from the sale of the ve￿t