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 2024
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 and Advisers Parochial Church Council's Report Independent Examiner's Report ststement of Financial Activities Balance Sheet Notes to the Financial Statements 8-26
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 2024 Elected Members Linda Bamard. Secretary- cfropted Robin Cattle Andrew Dorrington Michelle JeNis Christopher Stratton John Mark Ainsley OBE Alison Churchouse Mark Jackson Thomas Walters Malcom Caie Richard Morton Elizabeth Fisher Candy Crack Marylyn McLaren Grant Robertson Alex Gray (from 12 May 2024) Richard Pitt (from 12 May 2024) Charity registered number 1152011 Principal office The Parish Office 1 Goodrich House Fore Street Haffield Herts AL9 SAH Clergy Ex Officio members Team Rector- Rev. Darren V. Collins (Chairman) Curate- Rev Indira Brosthat (from 1 July 2024) Reader- John Barnard Reader- Mary Rathbone Churchward8ns: Malcom Caie (vice Chaimian) John Mark Ainsley Independent examiner Kathryn Edmands FCA MHA Chartered Accountants 6th Floor 2 London Wall Place London EC2Y SAU Deanery synod ex-offcio Linda Bamard ( Secretary to PCC ) members 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 2024 The Parochial Church Council of Bishop's Haffield presents rts report and the financial statements for the year ended 31st December 2024. 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 Haffield 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 Haffield and wth responsibilities to our Diocese of St Albans and the vder Anglican communion. Particular priorities are to continue growng our work wth 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 facili(ies are at an early stsge. 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 Haffield. The PCC continually monitors its Mission Action Plan, disceming God's priorities for our community, wth 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 charty {PB2}'. Organisation structure and management 2024 The Parochial Church Council exercises its fvll and legal responsibilities to the Parish, and it receives reports on Finance, Property, Safeguarding and from other sutrpcommittees. 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 wth an average attendance of 77%. There were no special meetings. 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 2024 Financial review . 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 ontinue to adopt the going concem 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 concem 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 £27,034 {2023- £65,892). £4,819 {2023-£28,814) 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 £3,283 {2023-£12,168). Although the financial position appears sound, V 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 parrsh 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 118 parishioners were on the Electoral Roll at 31 st December 2024. Achievements and perfomiance Both churches, through services and a wde variety of community events. have engaged with the mission of the hurch and in embracing the Bishop's initiative 'Living God's Love". Deanery Synod Three 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 )Mder church. During the year the Synod had three talks one on the Aban Way project, the second on the Dispute Advisory Service and the last on Furniture friends. vtho provide furniture for those people who have absolutely nothing. Reverend Darren Collins is Rural Dean. 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 2024 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 regulady 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 churches. A Sunday School is run in conjunction wth 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. Statement of Parochial Church Council's responsibilities The Parachial Church Council members are required to prepare financial statements for each financial year, which give a true and fair view of the state of the Parochial Church Council affairs and of its incoming resources and the application of resources, including net income or expenditure, for the period. In preparing those financial accounts. the Parochial Church Council members have= selected suitable accounting policies and then applied them consistently. made judgements and estimates that are reasonable. prepared the financial statements on a going concern basis. The Parochial Church Council members are responsible for keeping proper accounting records, which disclose, with reasonable accuracy at any time, the financial posrtion of the PCC and to enable them to ensure that the accounts comply wth the appropriate legal requirements. The Parochial Church Council members are also responsible for safeguarding the assets of the Parochial Church Council and as also required by charity law, ensuring their proper application and 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. wth 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.. Rav. Da Rect¢y Date: 11 n V. Collins Page 4
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 2024 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 2024. Responsibilities and Basis of Report As the Parochial Church Council of the Church you are responsible for the preparation of the accounts in accordance wth the requirements of the Charities Act 2011 (Yhe 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 Ststement 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 wth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 1021 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 VthdraVffl. l understand that this has been done in order for the accounts to provide a true and fair view in accordance wth the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confimi that no matters have come to my attention in connection wth the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Church as required by section 130 of the 2011 Act., or the accounts do not accord with those records.. or the accounts do not comply the applicable requirements conceming 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 fairf view which is not a matter considered as part of an independent examination. I have no concems 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: 27 May 2025 Kathryn Edmands MHA 6th Floor, 2 London Wall Place London, EC2Y SAU Page 5
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 2024 Restated Restricted funds 2024 Restated Total funds 2024 Restated Total funds 2023 Unrestricted funds 2024 Note Income from: Donations and collections Other trading activities Investments 88,606 28.535 6.932 49,096 137,702 28.535 9,466 143, 023 61, 104 9, 534 2.534 Total income 124.073 51,630 175.703 213,661 Expenditure on: Raising funds Charitable activities 6.792 140.396 6,792 141,877 8, 680 139,089 1,481 Total expenditure 147.188 1.481 148,669 147, 769 Net (expenditureifincome before net gains on investments Net gains on investments (23.115) 1.708 50,149 1,575 27,034 3,283 65, 892 12,168 Net (expenditure)fincome Transfers beeen funds (21.407) (63,527) 51,724 30,317 163,527 78, 060 17 Net movement in funds (84,934) 51,724 (33,210} 78, 060 Reconciliation of funds: Total funds brought forward Net movement in funds 432,681 (84.934) 650,661 51,724 1,083,342 (33,210 1,005,282 78, 060 Total funds carried forward 347.747 702,385 1.050,132 1, 083,342 Page 6
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BISHOP'S HATFIELD ST ETHELDREDA WITH ST LUKE BALANCE SHEET AS AT 31 DECEMBER 2024 Restated 2023 Restated 2023 2024 2024 Note Fixed assets Tangible assets 12 627,925 573, 265 627,925 573,265 Current assets Debtors Investments 13 14 34,494 147,607 253,281 48, 765 143,518 335, 924 Cash at bank and in hand 435,382 528,207 Creditors.. amounts falling due wthin one year 15 (13,175) (18, 130) Net current assets 422,207 510,077 Total assets less current liabilities 1.050.132 1, 083,342 Net assets excluding pension asset 1,050,132 1, 083,342 Total net assets 1,050,132 1, 083,342 Charity funds Restricted funds Unrestricted funds 17 17 702,385 347,747 650, 661 432, 681 Total funds 1.050.132 1, 083,342 The financial statements were approved and authorised for issue by the Parochial Church Council and signed on their behalf by.. Rev. Darren V. Collln$ Rector D81e.' Chrlstoph•i Stratton Treasurer iL 202£ The notes on pages 8 to 26 form part of these financial statements. Page 7
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 2024 General inforniation 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 (Charty 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. Accounting policies 2.1 Basis of preparation of financial statements The financial ststements have been prepared in accordance the Charities SORP (FRS 102) Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance yth 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 ChLrrch 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 otherwse stated in the relevant accounting policy. The presentational and fijnctional 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 Flower Fund, the Memorial Hall. All intra-parish transactions are eliminated. 2.2 Going concem 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 SLrficient wth the level of resetves for the Charty to be able to continue as going concern. 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 2024 Accounting policies (continued) 2.3 Income All income is recognised once the Church has entitlement to the income, it is probable that the income wll 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 en received- Indirect giving tsx refunds are accrued- Grants & legacies are accounted for vthen 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, tt is probable that a transfer of economic benefits wll be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activty- 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 attributsble to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs lch are not attributable to a single activity are apportioned beeen those activities on a basis consistent 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 detem)ined 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 vthen it is incued. 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 ere applicable. 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 2024 Accounting policies (continued) 2.7 Tangible fixed assets and depreciation Consecrated ro Churches, churchyards and vicarages are vested in the Represented Body of the Church of England., such propety 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 valuats'on is impractical and therefore they are not recognised on the Balance Sheet. Expenditure incurred on churches, contents, churchyards and vicarages is WTitten off en incurred. Unconsecrated ro 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 550/0 of the freehold. All other tan ible fixed assets Tangible fixed assets are capitslised 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 recognttion, 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 foll0Yng basis= Equipment 10 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 fomi 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 Activtties as they arise. The Ststement of Financial Activtlies 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 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 2024 Accounting policies (continued) 2.10 Cash at bank and in hand Cash at bank and in hand includes cash and short-temi 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 rt wll 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 wll 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. Page11
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 2024 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 fijnds 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 yth specrfic 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 ststements. Due to the passage of time the present members of the Parochial Church Council do not have full knoedge 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 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 2024 Income from donations and collections Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Donations 75,595 13.011 46,702 2.394 122,297 15.405 Gift Aid Total 2024 88.606 49,096 137,702 Unrestricted funds 2023 RestriGted runds 2023 Total runds 2023 Donations 119,926 17,596 5,000 501 120,427 17,596 5,000 Gift Aid Diocesan grants Total 2023 142, 522 501 143, 023 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 2024 Income from other trading activities Income from fundraising events Unrestricted funds 2024 Total funds 2024 Activities 1,906 5,651 17,900 3,078 1,906 5,651 17,900 3,078 Fees Filming, lettings and rent STEPS and Refocused Total 2024 28,535 28,535 Unrestricted funds 2023 Total funds 2023 Activities 2,514 18,228 22, 000 4, 696 13,666 2,514 18,228 22, 000 4, 696 13,666 Fees Filming, lettings and rent STEPS and Refocused General reserve Total 2023 61, 104 61, 104 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 2024 Income from investments Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Dividend income receivable 2,072 4.860 1,878 656 3,950 5,516 Interest income receivable Total 2024 6,932 2,534 9,466 Unrestricted runds 2023 Restncted runds 2023 Total runds 2023 Dividend income receivable Interest income receivable 2,041 5,179 896 1,418 2,937 6,597 Total 2023 7,220 2,314 9, 534 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 2024 Analysis of expenditure on raising funds - by fvnd Unrestricted funds 2024 Total funds 2024 Mission giving Flowers 2,417 713 2,417 713 Printing and Refocussed costs 3.662 3,662 Total 2024 6,792 6,792 Unrestncted funds 2023 Total funds 2023 Mission giving Flowers Printing and Refocussed costs 4,831 270 4,831 270 3,579 3,579 Total 2023 8. 680 8, 680 Mission ivin A share of rent received from the Memorial Hall was allocated to St Michael's Church £2,525 (2023 £2,525) and £2,020 (2023 £2,020) to St John's Church and these amounts are included in this total together wth donations of £4.691 (2023 - £286) to various charits'es. Analysis of expenditure on charitable activities - by fund Summary by fund type Unrestricted funds 2024 Restricted funds 2024 Total 2024 Church Ministry Clergy Expenses Church l Hall Running Expenses Church l Hall Utility Bills 66,320 12.504 46.122 15,450 66,320 12,504 47.603 15,450 1,481 140,396 1,481 141,877 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 2024 Analysis of expenditure on charitable activities - by fund (continued) Summary by fund type (continued) Unrestricted funds 2023 RestriGted funds 2023 Total 2023 Church Ministry Clergy Expenses Professional Fees Church l Hall Running Expenses Church l Hall Utility Bills 69,326 9, 773 4.115 41,570 11,305 69, 326 9, 773 4.115 44,570 11,305 3,000 136,089 3,000 139,089 Analysis of expenditure on charitable activities - by type Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Church Ministry Clergy Expenses Church l Hall Running Expenses Church l Hall Utility Bills 66,320 12.504 66,320 12.504 47,603 15,450 47,603 15,450 94,274 47,603 141,877 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 2024 Analysis of expenditure on charitable activities - by type {continued} ActNitS undertaken directly 2023 Support costs 2023 Total funds 2023 Church Ministry Clergy Expenses Professional Fees Church l Hall Running Expenses Church l Hall Utility Bills 69,326 9. T73 4,115 69, 326 9, 773 4,115 44,570 11,305 44,570 11,305 94,519 44,570 139,089 Analysis of support costs Church I Hall Running Expenses 2024 Total funds 2024 Depreciation Administration Insurance 7,500 11,661 5,027 12.270 4,247 1,827 7,500 11,661 5,027 12.270 4,247 1,827 Organists l Director of Music Repairs SeNices costs Direct costs Choirlmusic Cost 4,231 4,231 47,603 47,603 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 2024 Analysis of expenditure on charitable activities - by type {continued} Analysis of support costs (continued) Church / Hall Running Expenses 2023 Total funds 2023 Administration 10,368 4,372 7,840 8,911 2. 147 4,389 1,440 5. 103 10,368 4,372 7,840 8,911 2, 147 4,389 1,440 5, 103 Insurance Organists l Director of Music Repairs Services costs Wedding fees Direct costs Choirlmusic cost 44,570 44,570 staff costs A total of £12,270 (2023- £7.840) was paid to the Director of Music and other visiting organists. 10. Independent examiners remuneration In both the current and prior year, no payment was made to the Independent Examiner, who donated their time and expertise. 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 2024 11. Parochial Church Council's remuneration and expenses During the year. no Parochial Church Council received any remuneration or other benefits (2023 - £NIL). During the year ended 31 December 2024. no Member expenses have been incurred (2023 - £NIL). 12. Tangible fixed assets Restated Unconsecrated property Equipment Restated Total Cost or valuation At 1 January 2024 Additions 558,250 15,215 62,160 573,465 62,160 At 31 December 2024 558.250 77,375 635,625 Depreciation At 1 January 2024 Charge for the year 200 7,500 200 7,500 At 31 December 2024 7,700 7,700 Net book value At 31 December 2024 558.250 69,675 627,925 At 31 December 2023 558.250 15.015 573, 265 13. Debtors 2024 2023 Due within one year Gift aid repayments other debtors 23,346 8,848 2,300 34, 328 12,190 2,247 Prepayments 34,494 48, 765 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 2024 14. Current asset inveslments 2024 2023 Listed investments 147,607 143,518 15. Creditors: Amounts falling due within one year 2024 2023 Fees to Diocese 4, 505 10,418 3,207 Other creditors Accruals and deferred income 8,796 4,379 13,175 18, 130 16. Prior year adjustments A prior year adjustment to the comparative figures addresses a misstatement found in the financial statement for the year to 31 December 2023 and earlier years. The ownership of the unconsecrated property held aS historically split beeen three churches, however the Parochial Church Council of the Ecclesiastical Parish of Bishops's Hatfield St Etheldreda wth St Luke had continued to hold the property at 100% of its value and it has therefore been overststed. In the year ended 31 December 2023, the brought forward propety value and corresponding Funds have been reduced by £456.750 (450kn of the Balance Sheet value). 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 2024 17. Ststement of funds Statement of funds - current year Balance at 31 December 2024 Balance at 1 January 2024 Transfers inlout Gainsl (Losses Income Expenditure Unrestricted funds Designated funds Arts Promotion 2.690 62 2,752 Capital Fund (MH) Choir 65.170 682 760 772 21,145 (62,546 24,529 1,454 Choral Scholarship Investments 4,643 40,069 24.083 26.418 714 108 (281) 4,470 40,069 25.954 27,031 731 Legacies Restoration 1,871 613 Training West End Appeal Youth Work 17 101,856 9.155 3,685 213 18,400) 97,141 9,368 Cecil Pastoral fund Choral Outreach 30,192 3.670 12,988 85 112,614 12,600) 30,566 1,155 309,342 21,174 12,750) 162,5461 265,220 General funds General Funds- all funds 123,339 102,899 {144,438) {981) 1,708 82,527 Totsl Unrestricted funds 432.681 124,073 {147,188) {63,527 1,708 347,747 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 2024 17. Ststement of funds Icontinued) Restricted funds Buildings Bells Grave Trusts 558,250 7.198 32.536 299 181 50,580 1.617 558,250 7,369 33,823 66 185 53,181 49.511 171 707 580 Music Investments St. Audrey's Organ 1,248 11,481) 1,610 47.894 991 650,661 51,630 11,481) 1,575 702,385 Totsl of funds 1.083.342 175,703 {148,669) (63,527) 3,283 1,050,132 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 2024 17. Ststement of funds Icontinued) Statement of funds - prior year Restated BalanGe at 31 DeGen7ber 2023 Restated Balance at 1 January 2023 Gains/ (Losses) Income Expenditure Unrestricted funds Designated funds Arts Promotion Capital Fund {MH) Choir Choral Scholarship Investments 2.631 65,170 4.256 4,541 40,069 22,292 25,839 698 59 2, 690 65,170 682 815 (4,389) 102 4, 643 40, 069 24, 083 26,418 714 Legacies Restoration Training West End Appeal Youth Work Cecil Pastoral fund Choral Outreach 1,791 579 16 99.425 152 15,455 8.578 9,003 20,995 6.670 (6. 147) 101,856 9, 155 30,192 3,670 (6,258) (3,000) 280.528 48,608 (19, 794) 309, 342 General funds General Funds - all funds 80,719 162,238 (125,872) 6,254 123, 339 Total Unrestricted funds 361.247 210.846 (145, 666) 6.254 432, 681 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 2024 17. Ststement of funds Icontinued) Restricted funds Buildings Bells 558,250 7.037 29.672 2,114 165 558, 250 7,198 32, 536 299 161 Grave Trusts Music 689 288 2.175 (2, 103) Investments St. Audrey's Organ 16 181 45,472 1,325 1,385 292 3, 723 50, 580 1,617 644,035 2,815 (2, 103) 5,914 650, 661 Total of funds 1.005.282 213.661 (147, T69) 12,168 1, 083,342 General funds are unrestricted funds vthich 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 Nthich 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 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 2024 18. Analysis of net assets between funds Analysis of net assets between funds - current period Restated Restricted funds 2024 Unrestricted funds 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due wthin one year 627,925 74,460 627,925 435,382 (13,175) 360,922 (13,175} Total 347,747 702,385 1.050.132 Analysis of net assets between funds - prior period Restated Restricted funds 2023 Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Current assets 573, 265 77,396 573, 265 528, 20T (18, 130) 450,811 (18, 130) Creditors due wthin one year Total 432, 681 650, 667 1, 083, 342 19. Related party transactions Other than the transactions disclosed in Note 11, there have been no related paty transactions in either the current or prior year. Page 26