**Charity number: 1152011**
# **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
## **UNAUDITED**
**PAROCHIAL CHURCH COUNCIL'S REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2023**
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Church, its Parochial Church Council**|1|
|**and Advisers**||
|**Parochial Church Council's Report**|2 - 5|
|**Independent Examiner's Report**|6|
|**Statement of Financial Activities**|7|
|**Balance Sheet**|8|
|**Notes to the Financial Statements**|9 - 27|
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHURCH, ITS PAROCHIAL CHURCH COUNCIL AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023**
|**Elected Members**|Linda Barnard, Secretary-co-opted|
|---|---|
||Robin Cattle|
||Andrew Dorrington|
||Michelle Jervis|
||Christopher Stratton|
||John Mark Ainsley OBE|
||Alison Churchouse|
||Mark Jackson|
||Thomas Walters|
||Malcom Caie|
||Richard Morton|
||Elizabeth Fisher|
||Candy Crack|
||Marylyn McLaren (appointed 21 May 2023)|
||Grant Robertson|
|**Charity registered**
**number**
1152011
**Principal office**
The Parish Office
1 Goodrich House
Fore Street
Hatfield
Herts
AL9 5AH
**Clergy Ex Officio**
**members**
Team Rector - Rev. Darren V. Collins (Chairman)
Reader - John Barnard
Reader - Mary Rathbone
**Churchwardens**
Malcom Caie (Vice Chairman)
John Mark Ainsley
**Independent examiner**
MHA MacIntyre Hudson
Chartered Accountants
6th Floor
2 London Wall Place
London
EC2Y 5AU
**Deanery synod ex-offcio**
**members**
Linda Barnard ( Secretary to PCC )
**Parish Clerk**
**Parish Treasurer**
Nicola Shilton
Christopher Stratton FCA CTA TEP||
Page 1
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
## **PAROCHIAL CHURCH COUNCIL'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
The Parochial Church Council of Bishop’s Hatfield presents its report and the financial statements for the year ended 31st December 2023. The legal and administrative details, as set out on page 1, form part of this report.
The Parish consists of two churches, St. Etheldreda (the Parish Church) and St. Luke, together entitled “The Ecclesiastical Parish of Bishop’s Hatfield St. Etheldreda with St. Luke”.
## **Objectives and activities**
## **a. Policies and objectives**
## **Aims & Purpose**
To maintain and carry out the best traditions of the Church of England in serving God and the town of Hatfield and with responsibilities to our Diocese of St Albans and the wider Anglican communion. Particular priorities are to continue growing our work with families and young people, supported through a regular Sunday School, as well as embarking on a building programme to make St Etheldreda’s Church more adaptable and user-friendly, reconfiguring the West End to include toilet and new kitchen facilities - detailed plans have been drawn up and initial fundraising has progressed. Similar plans for St Luke’s facilities are at an early stage.
## **Objectives**
The aim of the Parochial Church Council is to enable ordinary people to live out their faith as part of the parish community through worship and prayer and the provision of pastoral care for people living in the Parish, as well as missionary and outreach work, while expanding the present congregations to include newcomers to Hatfield. The PCC continually monitors its Mission Action Plan, discerning God’s priorities for our community, with a focus on mission enablement and improved communication across the community.
In setting objectives and planning for activities, the Parochial Church Council have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Organisation structure and management 2023
The Parochial Church Council exercises its full and legal responsibilities to the Parish, and it receives reports on Finance, Property, Safeguarding and from other sub-committees. It is also responsible for the nomination of governors to the Countess Anne Church of England Primary Academy.
There were six meetings of the Parochial Church Council with an average attendance of 88% and two special meetings with an average attendance of 73.5%.
Page 2
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
**PAROCHIAL CHURCH COUNCIL'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Parochial Church Council have a reasonable expectation that the Church has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
The financial statements have been prepared on a going concern basis as the Trustees believe that whilst some uncertainties exist, these do not represent material uncertainties.
There have been some generous one-off donations including those to the Pastoral Fund to provide support for community members facing financial hardship.
The Statement of Financial Activities shows that the income exceeded the expenditure by £65,892 (2022£26,299). £28,814 (2022-£13,272) net of expenses was raised for designated fund purposes. As a result of favourable stock market during the year, unrealised market value gains were enjoyed on investments held in the designated and restricted funds, increasing the net movement in funds by £12,168 (2022-(£12,276)).
Although the financial position appears sound, we are facing increasing costs on the day to day running of the churches.
## **b. Reserves policy**
There is a rolling programme to undertake the essential maintenance of the parish properties and any reserves that exist are held for that purpose. As a result of quinquennial inspections in 2020 a programme of repairs to the Parish Church and St Luke’s required over the next five years was identified, the most urgent of these were carried out during 2020.
## **Structure, governance and management**
## **a. Electoral Roll**
107 parishioners were on the Electoral Roll at 31st December 2023.
## **Achievements and performance**
Both churches, through services and a wide variety of community events, have engaged with the mission of the church and in embracing the Bishop’s initiative “Living God’s Love”.
## **Deanery Synod**
Two members of the Parochial Church Council sit on the deanery synod. This enables the Parochial Church Council to have an insight into matters affecting other Parochial Church Councils in the Deanery and the wider church. During the year the synod has begun to consider the implications for mission and ministry in the Deanery of a number of changes in the Welwyn Hatfield area, namely new housing developments, clergy posts in vacancy and changing ecumenical partner relationships. Members also heard talks on a variety of topics including from Compassionate Neighbours. Reverend Darren Collins was installed as Rural Dean on 8th December 2022.
Page 3
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
**PAROCHIAL CHURCH COUNCIL'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Public Benefit**
The Parochial Church Council’s charitable objects are for the advancement of religion, which is recognised as a charitable purpose having public benefit. All regular public worship in the two churches is provided free of charge and is open to all. St Etheldreda’s is open Tuesday-Sunday during the period when Hatfield House is open to the public, usually from Easter to September. St Luke’s is regularly open at weekends.
Clergy, Readers and staff regularly attend the Countess Anne Church of England Primary Academy and services are also held for the elderly residents at St Audrey’s residential home. Donations are made to charities with both domestic and overseas objectives.
## **Mission & Evangelism**
Our parish magazine “Refocused” is delivered free to the majority of households within the parish in Hatfield.
Church services are held every Sunday morning at the two churches. A Sunday School is run in conjunction with the 9.30 a.m. Sunday service in the Parish Church and once a month the main Sunday service in the Parish Church has a focus on families. Weekday services are held on Tuesdays, Wednesdays and Thursdays (Two) and Fridays at St. Etheldreda’s, and on Wednesdays at St Luke's.
## **Risk mitigation policy**
The Parochial Church Council continues to keep under review any major risks arising from or impacting on its activities. The Parochial Church Council has an appointed Parish Safeguarding Officer and deputy, who have a particular focus on policies relating to children and vulnerable adults, and considers the systems in place to mitigate such risks as have been ascertained to be adequate in normal circumstances.
Page 4
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
## **PAROCHIAL CHURCH COUNCIL'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Statement of Parochial Church Council's responsibilities**
The Parochial Church Council are responsible for preparing the Parochial Church Council's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Parochial Church Council to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Church and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Parochial Church Council are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Church will continue in business.
The Parochial Church Council are responsible for keeping adequate accounting records that are sufficient to show and explain the Church's transactions and disclose with reasonable accuracy at any time the financial position of the Church and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Appointment of the Parochial Church Council members
All members of the Parochial Church Council are usually appointed at the Annual Parochial Church Meeting (APCM) to serve for up to three years, with one third retiring annually and being eligible for re-election. The Parochial Church Council has the power to fill a casual vacancy in its number.
Approved by order of the members of the board of Parochial Church Council and signed on their behalf by:
**Rev. Darren V. Collins**
> Date: 12 May 2024
Page 5
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
**INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Independent Examiner's Report to the Parochial Church Council of THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE ('the Church')**
I report to the charity Parochial Church Council on my examination of the accounts of the Church for the year ended 31 December 2023.
## **Responsibilities and Basis of Report**
As the Parochial Church Council of the Church you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Church's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent Examiner's Statement**
Your attention is drawn to the fact that the Church has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Church as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Dated: 13 May 2024
Kathryn Edmands
MHA 6th Floor, 2 London Wall Place London, EC2Y 5AU
Page 6
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023**
|**Note**
**Income from:**
Donations and collections
3
Other trading activities
4
Investments
5
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
7
**Total expenditure**
**Net income before net gains/(losses)**
**on investments**
Net gains/(losses) on investments
**Net income**
Transfers between funds
16
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2023**
**£**
**142,522**
**61,104**
**7,220**
**210,846**
**8,680**
**136,986**
**145,666**
**65,180**
**6,254**
**71,434**
**-**
**71,434**
**361,247**
**71,434**
**432,681**|**Restricted**
**funds**
**2023**
**£**
**501**
**-**
**2,314**
**2,815**
**-**
**2,103**
**2,103**
**712**
**5,914**
**6,626**
**-**
**6,626**
**1,100,785**
**6,626**
**1,107,411**|**Total**
**funds**
**2023**
**£**
**143,023**
**61,104**
**9,534**
**213,661**
**8,680**
**139,089**
**147,769**
**65,892**
**12,168**
**78,060**
**-**
**78,060**
**1,462,032**
**78,060**
**1,540,092**|_Total_
_funds_
_2022_
_£_
_112,555_
_43,872_
_5,289_
_161,716_
_11,205_
_124,212_
_135,417_
_26,299_
_(12,276)_
_14,023_
_7,891_
_21,914_
_1,440,118_
_21,914_
_1,462,032_|
|---|---|---|---|---|
Page 7
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
## **BALANCE SHEET AS AT 31 DECEMBER 2023**
|**Note**
**Fixed assets**
Tangible assets
12
**Current assets**
Debtors
13
Investments
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
**Net current assets**
**Total net assets**
**Church funds**
Restricted funds
16
Unrestricted funds
16
**Total funds**|**2023**
**£**
**48,765**
**143,518**
**335,924**
**528,207**
**(18,130)**|**2023**
**£**
**1,030,015**
**1,030,015**
**510,077**
**1,540,092**
**1,107,411**
**432,681**
**1,540,092**|_2022_
_£_
_31,299_
_131,153_
_312,644_
_475,096_
_(28,064)_|_2022_
_£_
_1,015,000_|
|---|---|---|---|---|
|||||_1,015,000_
_447,032_|
|||||_1,462,032_|
|||||_1,100,785_
_361,247_|
|||||_1,462,032_|
The financial statements were approved and authorised for issue by the Parochial Church Council and signed on their behalf by:
................................................ ................................................ **Rev. Darren V. Collins Christopher Stratton** Rector Treasurer Date: 12 May 2024
The notes on pages 9 to 27 form part of these financial statements.
Page 8
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **1. General information**
The Parochial Church Council of the Ecclesiastical Parish of Bishop’s Hatfield St Etheldreda with St Luke is a registered charity with the Charity Commission (Charity Registered Number: 1152011) in England and Wales.
The address of the registered office is given in the Church information on page 1 of these financial statements.
The nature of the Church’s operations and principal activities is detailed in the Church Council's Report.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Parochial Church Council of the Ecclesiastical Parish of Bishop’s Hatfield St Etheldreda with St Luke meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The presentational and functional currency of the Church is pound sterling and these financial statements are rounded to the nearest pound.
These accounts comprise an aggregation of the separate annual accounts for St Etheldreda, St Luke, the Parochial Church Council Central Fund, the Parish Clerk’s Account, the Flower Fund, the Memorial Hall and St Etheldreda Printing Services (STEPS). All intra-parish transactions are eliminated.
## **2.2 Going concern**
The Parochial Church Council considers that there are no material uncertainties about the Charity’s ability to continue as a going concern.
The financial statements have been prepared on a going concern basis as the Trustees believe that whilst some uncertainties exist, these do not represent material uncertainties.The projected income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.
Page 9
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **2. Accounting policies (continued)**
## **2.3 Income**
All income is recognised once the Church has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
All incoming resources are accounted for gross.
Planned giving - collections & donations are recognised when received; Indirect giving - tax refunds are accrued; Grants & legacies are accounted for when the Church is legally entitled to them; Dividends are accounted for when receivable and the interest is accrued; and All other income is recognised when it is receivable.
## **2.4 Expenditure**
All expenditure is accounted for on an accruals basis. Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Church's objectives, as well as any associated support costs.
The Parish Share is paid regularly and is included in expenditure for the year to which it relates. Grants from the unrestricted fund (including donations to missions) are recognised when determined by the Parochial Church Council. Amounts received specifically for missions are dealt with as restricted funds and the liability for payment recognised on the receipt of the funds.
All other expenditure is recognised when it is incurred.
All expenditure is inclusive of irrecoverable VAT.
## **2.5 Payments to Church Council Members and related party transactions**
No fixed expenses were paid to Parochial Church Councl Members (except to the clergy) but they may be reimbursed insignificant amounts relating to their duties as members of the Parochial Church Council. There were no related or connected party transactions other than disclosed above.
## **2.6 Taxation**
The Church is exempt from taxation on its charitable activities. Expenditure disclosed in the accounts includes Value Added Tax where applicable.
Page 10
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **2. Accounting policies (continued)**
## **2.7 Tangible fixed assets and depreciation**
## Consecrated property
Churches, churchyards and vicarages are vested in the Represented Body of the Church of England; such property forms no part of the assets of the Church.
Church contents require a faculty for disposal and are considered to be inalienable property. They are generally recognised to be of an historic nature, so valuation is impractical and therefore they are not recognised on the Balance Sheet. Expenditure incurred on churches, contents, churchyards and vicarages is written off when incurred.
## Unconsecrated property
The existing unconsecrated buildings have been incorporated in the financial statements at their cost. The balance is represented by the Lord William Cecil Memorial Hall, for which the Church holds the freehold.
## All other tangible fixed assets
Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
- Office equipment 2-3 years
## **2.8 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.9 Current asset investments**
Current asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value using the closing quoted market price. All gains and losses are taken to the Statement of Financial Activities as they arise.
The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year. As investments are revalued to fair value continually, no realised gains or losses arise.
Page 11
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **2. Accounting policies (continued)**
## **2.10 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.11 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Church anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
## **2.12 Financial instruments**
The Church does not have a material holding in complex financial instruments. The Church only holds basic Financial Instruments. The financial assets and financial liabilities of the Church are as follows:
Debtors – trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 13. Prepayments are not financial instruments.
Cash at bank – is classified as a basic financial instrument and is measured at face value.
Liabilities – trade creditors, accruals and other creditors will be classified as financial instruments, and are measured at amortised cost as detailed in Note 15. Taxation and social security are not included in the financial instruments disclosure. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is simply an obligation to deliver charitable services rather than cash or another financial instrument.
Page 12
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **2. Accounting policies (continued)**
## **2.13 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Parochial Church Council in furtherance of the general objectives of the Church and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Parochial Church Council for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Church for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Due to the passage of time the present members of the Parochial Church Council do not have full knowledge of the terms of certain funds and in the absence of full information the funds have been treated as Restricted, Designated or Unrestricted according to the best information currently available.
Investment income, gains and losses are allocated to the appropriate fund.
Page 13
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **3. Income from donations and collections**
|**Unrestricted**
**funds**
**2023**
**£**
Donations
119,926
Gift Aid
17,596
Grants
5,000
**Total 2023**
142,522
_Unrestricted_
_funds_
_2022_
_£_
Donations
_96,855_
Gift Aid
_15,360_
_Total 2022_
_112,215_|**Restricted**
**funds**
**2023**
**£**
501
-
-
501
_Restricted_
_funds_
_2022_
_£_
_340_
_-_
_340_|**Total**
**funds**
**2023**
**£**
**120,427**
**17,596**
**5,000**
**143,023**|
|---|---|---|
|||_Total_
_funds_
_2022_
_£_
_97,195_
_15,360_
_112,555_|
Page 14
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **4. Income from other trading activities**
## **Income from fundraising events**
|**Unrestricted**
**funds**
**2023**
**£**
Activities
2,514
Fees
18,228
Filming, lettings and rent
22,000
STEPS and Refocused
4,696
General reserve
13,666
**Total 2023**
61,104
_Unrestricted_
_funds_
_2022_
_£_
Activities
_3,887_
Fees
_13,615_
Filming, lettings and rent
_26,300_
STEPS and Refocused
_3,626_
General reserve
_(3,556)_
_Total 2022_
_43,872_|**Total**
**funds**
**2023**
**£**
**2,514**
**18,228**
**22,000**
**4,696**
**13,666**
**61,104**
_Total_
_funds_
_2022_
_£_
_3,887_
_13,615_
_26,300_
_3,626_
_(3,556)_
_43,872_|
|---|---|
Page 15
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **5. Income from investments**
|**Unrestricted**
**funds**
**2023**
**£**
Dividend income receivable
2,041
Interest income receivable
5,179
**Total 2023**
7,220
_Unrestricted_
_funds_
_2022_
_£_
Dividend income receivable
_2,030_
Interest income receivable
_1,255_
_Total 2022_
_3,285_|**Restricted**
**funds**
**2023**
**£**
896
1,418
2,314
_Restricted_
_funds_
_2022_
_£_
_1,182_
_822_
_2,004_|**Total**
**funds**
**2023**
**£**
**2,937**
**6,597**
**9,534**|
|---|---|---|
|||_Total_
_funds_
_2022_
_£_
_3,212_
_2,077_
_5,289_|
Page 16
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **6. Analysis of expenditure on raising funds - by fund**
|**Unrestricted**
**funds**
**2023**
**£**
Mission giving
4,831
Flowers
270
Printing and Refocussed costs
3,579
**Total 2023**
8,680
_Unrestricted_
_funds_
_2022_
_£_
Mission giving
_6,168_
Flowers
_865_
Printing and Refocussed costs
_4,172_
_Total 2022_
_11,205_|**Total**
**funds**
**2023**
**£**
**4,831**
**270**
**3,579**|
|---|---|
||**8,680**
_Total_
_funds_
_2022_
_£_
_6,168_
_865_
_4,172_|
||_11,205_|
## Mission giving
A share of rent received from the Memorial Hall was allocated to St Michael’s Church £2,525. (2022 - £2,525) and £2,020 (2022 - £2,020) to St John's Church and these amounts are included in this total together with donations of £286 (2022 - £1,623) to various charities.
## **7. Analysis of expenditure on charitable activities - by fund**
|**Unrestricted**
**funds**
**2023**
**£**
Church ministry
69,326
Clergy expenses
9,773
Professional fees
4,115
Church and hall running expenses
41,027
Church and hall utility bills
12,745
**Total 2023**
136,986|**Restricted**
**funds**
**2023**
**£**
-
-
-
2,103
-
2,103|**Total**
**2023**
**£**
**69,326**
**9,773**
**4,115**
**43,130**
**12,745**
**139,089**|
|---|---|---|
Page 17
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **7. Analysis of expenditure on charitable activities - by fund (continued)**
## **(continued)**
|Church ministry
Clergy expenses
Professional fees
Church and hall running expenses
Church and hall utility bills
_Total 2022_|_Unrestricted_
_funds_
_2022_
_£_
_65,269_
_11,372_
_1,801_
_37,793_
_7,883_
_124,118_|_Restricted_
_funds_
_2022_
_£_
_-_
_-_
_-_
_94_
_-_
_94_|_Total_
_2022_
_£_
_65,269_
_11,372_
_1,801_
_37,887_
_7,883_
_124,212_|
|---|---|---|---|
## **8. Analysis of expenditure on charitable activities - by type**
|Church Ministry
Clergy Expenses
Professional Fees
Church / Hall Running Expenses
Church / Hall Utility Bills|**Activities**
**undertaken**
**directly**
**2023**
**£**
69,326
9,773
4,115
-
12,745
95,959|**Support**
**costs**
**2023**
**£**
-
-
-
43,130
-
43,130|**Total**
**funds**
**2023**
**£**
**69,326**
**9,773**
**4,115**
**43,130**
**12,745**
**139,089**|
|---|---|---|---|
Page 18
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **8. Analysis of expenditure on charitable activities - by type (continued)**
|Church Ministry
Clergy Expenses
Professional Fees
Church / Hall Running Expenses
Church / Hall Utility Bills|_Activities_
_undertaken_
_directly_
_2022_
_£_
_65,269_
_11,372_
_1,801_
_-_
_7,883_
_86,325_|_Support_
_costs_
_2022_
_£_
_-_
_-_
_-_
_37,887_
_-_
_37,887_|_Total_
_funds_
_2022_
_£_
_65,269_
_11,372_
_1,801_
_37,887_
_7,883_
_124,212_|
|---|---|---|---|
## **Analysis of support costs**
|Administration
Insurance
Organists / Director of Music
Choir/Music cost
Repairs
Services costs
Wedding fees|**Church /**
**Hall**
**Running**
**Expenses**
**2023**
**£**
10,368
4,372
7,840
5,103
8,911
2,147
4,389
43,130|**Total**
**funds**
**2023**
**£**
**10,368**
**4,372**
**7,840**
**5,103**
**8,911**
**2,147**
**4,389**
**43,130**|
|---|---|---|
Page 19
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **8. Analysis of expenditure on charitable activities - by type (continued)**
## **Analysis of support costs (continued)**
|Administration
Insurance
Organists / Director of Music
Repairs
Services costs
Wedding fees|_Church / Hall_
_Running_
_Expenses_
_2022_
_£_
_11,434_
_5,747_
_9,192_
_6,070_
_2,204_
_3,240_
_37,887_|_Total_
_funds_
_2022_
_£_
_11,434_
_5,747_
_9,192_
_6,070_
_2,204_
_3,240_
_37,887_|
|---|---|---|
## **9. Staff costs**
A total of £7,840 (2022 - £9,098) was paid to the Director of Music and other visiting organists.
## **10. Independent examiner's remuneration**
In both the current and prior year, no payment was made to the Independent Examiner, who donated their time and expertise.
Page 20
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **11. Parochial Church Council's remuneration and expenses**
During the year, no Parochial Church Council received any remuneration or other benefits _(2022 - £NIL)_ .
During the year ended 31 December 2023, no Member expenses have been incurred _(2022 - £NIL)_ .
## **12. Tangible fixed assets**
|**Cost or valuation**
At 1 January 2023
Additions
At 31 December 2023
**Depreciation**
At 1 January 2023
At 31 December 2023
**Net book value**
At 31 December 2023
_At 31 December 2022_
**13.**
**Debtors**
**Due within one year**
Gift aid repayments
Other debtors
Prepayments|**Unconsecrat**
**ed property**
**£**
**1,015,000**
**-**
**1,015,000**
**-**
**-**
**1,015,000**
_1,015,000_||**Equipment**
**£**
**200**
**15,015**
**15,215**
**200**
**200**
**15,015**
_-_
**2023**
**£**
**34,328**
**12,190**
**2,247**
**48,765**|**Total**
**£**
**1,015,200**
**15,015**
**1,030,215**|
|---|---|---|---|---|
|||||**200**
**200**|
|||||**1,030,015**|
|||||_1,015,000_|
|||||_2022_
_£_
_30,277_
_50_
_972_
_31,299_|
Page 21
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **14. Current asset investments**
||**2023**|_2022_|
|---|---|---|
||**£**|_£_|
|Listed investments|**143,518**|_131,153_|
## **15. Creditors: Amounts falling due within one year**
|Fees to Diocese
Other creditors
Accruals and deferred income|**2023**
**£**
**4,505**
**10,418**
**3,207**
**18,130**|_2022_
_£_
_7,177_
_17,540_
_3,347_|
|---|---|---|
|||_28,064_|
Page 22
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **16. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
**Designated funds**
Arts Promotion
Capital Fund (MH)
Choir
Choral Scholarship
Investments
Legacies
Restoration
Training
West End Appeal
Youth Work
Cecil Pastoral fund
Choral Outreach
**General funds**
General Funds - all funds
**Total Unrestricted funds**|**Balance at 1**
**January**
**2023**
**£**
**2,631**
**65,170**
**4,256**
**4,541**
**40,069**
**22,292**
**25,839**
**698**
**99,425**
**152**
**15,455**
**-**
**280,528**
**80,719**
**361,247**|**Income**
**£**
**59**
**-**
**815**
**102**
**-**
**1,791**
**579**
**16**
**8,578**
**9,003**
**20,995**
**6,670**
**48,608**
**162,238**
**210,846**|**Expenditure**
**£**
**-**
**-**
**(4,389)**
**-**
**-**
**-**
**-**
**-**
**(6,147)**
**-**
**(6,258)**
**(3,000)**
**(19,794)**
**(125,872)**
**(145,666)**|**Gains/**
**(Losses)**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**6,254**
**6,254**|**Balance at**
**31**
**December**
**2023**
**£**
**2,690**
**65,170**
**682**
**4,643**
**40,069**
**24,083**
**26,418**
**714**
**101,856**
**9,155**
**30,192**
**3,670**
**309,342**|
|---|---|---|---|---|---|
||||||**123,339**|
||||||**432,681**|
Page 23
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **16. Statement of funds (continued)**
## **Restricted funds**
|**Restricted funds**||||||
|---|---|---|---|---|---|
|Buildings
Bells
Grave Trusts
Music
Investments
St. Audrey's
Organ
**Total of funds**|**1,015,000**
**7,037**
**29,672**
**2,114**
**165**
**45,472**
**1,325**
**1,100,785**
**1,462,032**|**-**
**161**
**689**
**288**
**-**
**1,385**
**292**
**2,815**
**213,661**|**-**
**-**
**-**
**(2,103)**
**-**
**-**
**-**
**(2,103)**
**(147,769)**|**-**
**-**
**2,175**
**-**
**16**
**3,723**
**-**
**5,914**
**12,168**|**1,015,000**
**7,198**
**32,536**
**299**
**181**
**50,580**
**1,617**
**1,107,411**|
||||||**1,540,092**|
Page 24
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **16. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted**
**funds**
**Designated**
**funds**
Arts Promotion
Capital Fund
(MH)
Choir
Choral
Scholarship
Investments
Legacies
Restoration
Training
West End
Appeal
Youth Work
Cecil Pastoral
fund
**General funds**
General funds
**Total**
**Unrestricted**
**funds**|_Balance at_
_1 January_
_2022_
_£_
_2,613_
_65,170_
_6,532_
_4,709_
_40,069_
_20,866_
_25,666_
_693_
_99,687_
_151_
_1,100_
_267,256_
_73,978_
_341,234_|_Income_
_£_
_18_
_-_
_764_
_32_
_-_
_1,426_
_173_
_5_
_1,709_
_1_
_20,032_
_24,160_
_135,212_
_159,372_|_Expenditure_
_£_
_-_
_-_
_(3,040)_
_(200)_
_-_
_-_
_-_
_-_
_(1,971)_
_-_
_(5,677)_
_(10,888)_
_(124,435)_
_(135,323)_|_Transfers_
_in/out_
_£_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_|_Gains/_
_(Losses)_
_£_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_(4,036)_
_(4,036)_|_Balance at_
_31_
_December_
_2022_
_£_
_2,631_
_65,170_
_4,256_
_4,541_
_40,069_
_22,292_
_25,839_
_698_
_99,425_
_152_
_15,455_
_280,528_|
|---|---|---|---|---|---|---|
|||||||_80,719_|
|||||||_361,247_|
Page 25
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **16. Statement of funds (continued)**
|**Restricted**
**funds**
Buildings
Bells
Grave Trusts
Music
Investments
St. Audrey's
Organ
**Total of funds**|_1,015,000_
_6,986_
_24,131_
_1,954_
_153_
_49,444_
_1,216_
_1,098,884_
_1,440,118_|_-_
_51_
_682_
_254_
_-_
_1,248_
_109_
_2,344_
_161,716_|_-_
_-_
_-_
_(94)_
_-_
_-_
_-_
_(94)_
_(135,417)_|_-_
_-_
_7,891_
_-_
_-_
_-_
_-_
_7,891_
_7,891_|_-_
_-_
_(3,032)_
_-_
_12_
_(5,220)_
_-_
_(8,240)_
_(12,276)_|_1,015,000_
_7,037_
_29,672_
_2,114_
_165_
_45,472_
_1,325_
_1,100,785_|
|---|---|---|---|---|---|---|
|||||||_1,462,032_|
General funds are unrestricted funds which are available for use at the discretion of the Parochial Church Council in furtherance of the general objectives of the Church and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Parichial Church Council for particular purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Church for particular purposes. The costs of raising and administering such funds are charged against the specific fund.
Page 26
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP’S HATFIELD ST ETHELDREDA WITH ST LUKE**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **17. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|**Unrestricted**
**funds**
**2023**
**£**
Tangible fixed assets
-
Current assets
450,811
Creditors due within one year
(18,130)
**Total**
432,681
**Analysis of net assets between funds - prior year**
_Unrestricted_
_funds_
_2022_
_£_
Tangible fixed assets
_-_
Current assets
_389,311_
Creditors due within one year
_(28,064)_
**Total**
_361,247_|**Restricted**
**funds**
**2023**
**£**
1,030,015
77,396
-
1,107,411
_Restricted_
_funds_
_2022_
_£_
_1,015,000_
_85,785_
_-_
_1,100,785_|**Total**
**funds**
**2023**
**£**
**1,030,015**
**528,207**
**(18,130)**
**1,540,092**
_Total_
_funds_
_2022_
_£_
_1,015,000_
_475,096_
_(28,064)_
_1,462,032_|
|---|---|---|
## **18. Related party transactions**
Other than the transactions disclosed in Note 11, there have been no related party transactions in either the current or prior year.
Page 27