ST GILES CHIIRCH HORSTED KEYNES ANNUAL REPORT FIL¥ANCIAL STATEMEIYTS of the PAROCHIAI. CHURCH COUNCIL for the year ended 31st December 2024 CONTENrs Pages I to 6 Report of the Independent Examiner Page 7 stateD￿nt of FinaDcAal Activities (SOFA) P￿t8 Balance Sheet Page 9 Notes to the Financial Statements PagG8 Ioto 15 RECTOR The Reverend David Murdoch The address of the rectory is :_ The Rxtory, Station Roa￿ Horsted Keynes, HAYWARDS HEAT￿ RH17 7ED. The PCC bths priDwily wtth :. CAF BANK LimiteA Kings Hill, West Mallin& KenL ME19 4TA. The itid¢p¢ndent ¢xamintt is :. Mr A P Peel Cross The Herniilage, Church 12ne. Horsled Keyt HAYWARDS HEATIL RH17 7AY. CHARrrY COMMISSION RECISTRATION The PAr(Khial Church CowKil is a re￿ clwity. No. 1154482. HORSTED KEYNES PAROCHIAL CEIURCH COUNCIL Registered Charlty Iyumber 1154482 ANNUAL REPORT for 2024 Administratlve Inforniatlon SL Giles Church (Grad¢ I listed) is Situated in Church LaD4 Hor*¢d Keynes RH17 7AY. It 15 part of th¢ Diorese of Chichester within th¢ Churknh of England. All COTrespondaKe should be addressed to HKPCC. The Martindale Centre, Ststion Roa4 Horsted Keyne4 Haywards Heath. RH17 7ED. St Giles Horsted K£ryn¢s is a registeted clwity nuttth¢r 1154482. During the year the followiDg setved as members of Ihe Parothial Church Couocil (PCC): Rector. Fr David Murdoth IPCC Chaimknin) Curate: Fr Petrr Sutton Churchwardens: MTS B8rbara Fairw¢ath¢r Mr John Whiting {el￿ted April 2024) (elect￿ ApTiI 2024) Deanery Synod Representativ￿. MTS Heidi Mowforth MT Solw Wbiting (until 2026) (until 21r26) Elected M¢mb¢TS". Miss Judith Bowron Mr John Emery Mr Martin Gov&s (freasurer) Mr David tAmb Mrs Th¢lrna Mas(m (Until APCM 2024) (until 2026) (until 2025) (until 2025) (until 2026) c(￿opted Members: Mrs Marion kn)tt Mrg Alison Coulson (ex-officiffj MCMC chair) {ctropS&J until APCM 2025) The PCC made the following appotDtrnents: PaTish SafegU￿dIng Offic¢r Mr Dufy Parry (until Juty 2024) Mrs Th¢In￿ Mason (from July 2024} Electoral Roll Officer MTS Fiona Price Strueturey Eoverngnee and management Membership of the KC is dderMIn￿ und¢r the Church RepresentiKion Rules and consists of ex-officio meftnbers (Churchwarden(s), the nwnbers of the Di(￿¢san and Deany Syni)ds), th¢ ¢hairn)an of the Martindale Centre Management Committee ("co-OPted). Etnd up to 9 members of the church wbo are elected at the Annual Parochial Church Meeting (APCM). The PCC Setretary and T￿asUre[ are elected by the PCC. The PCC is resrM)nsible for a wide rarige of matters affecting the parisb arf iti their capacity as trnslee& members of the PCC are responsible for the SteWar(￿lIp of fimd% the appropriate accounting 2nd re￿rtiThg of parish fJnane&g. and compliallce with legislatlon applying to health and safety. disabllity, and safeguarding children and vultlerdble adults. The PCC joins and unites the WO￿ of the Church, its committtt& school governors and the Friends of Horsted Keynes Church. Page I HORSTED KEYNES PAROCHIAL CHURCH COUNCIL Registered Charity Iyumber 1154482 IINNUAL REPORT for 2024 (continued) The following ￿￿￿[LItte¢S are rwonsible for V￿10￿3 aspects of the responsibilities and business ofthe PCC. and report to the PCC: Standing Commiuee: is a stcwing group. wbich bas w)wer to transact the business of the PCC between its meetings. Finance Committee: Overn￿ the genernl financial dimension of the WOTk of SL Giles's by monitoring income and eKpenditure. budgeting and establishing and reviewing appropriace financial controls. The Finance co1kllnlt￿e employs the services of Mr Steve Brenttdl to give a¢counting and strateg&¢ advice arwj to Prepa￿ the Managemen¢ alld Annual marti1￿ale Centremanagement Commiltee: the day to day adn)I￿oll ￿ maintenance of the Martindale Centre. Fabric Coppjmith: ovet5ees nla1nter*a￿ of the Cburth building Jnd fabric. ChiirchvaTd CGrnmittee: is reswD3ible for Ihe maintenance of the cburchyard and safety asP￿ts of thc a For all the Family Group." an infomial group which Tneets aknt once a month to plan the ne.xl monthly 'For all the Famity. EucharisL and aspires to rekindle a Sunday club. Friends ofHorstedKeyne5 ch￿￿h." exists to help. both with funding and in other practical way& the maintenance. repair. beautifi￿tIOn and d￿clopment of the church build￿g. its p(Bsessions and its chvrchyard. Health and Safety The PCC Makes pmvision to consider health and safety i&sues at every meeting Witb an eye to overseeing and updating the risk assessment under ongoing scrutiny by church officers acro&s comTnittecs who develop systeTllS and proceduTes to manage the risks ill their sq)arate spher￿. Mr John Whmng continued as Health and Safety Officer. Safeguarding Th¢ Safeguarding OtTicu T￿￿ to the PCC on a regular b&sis and the PCC fflak￿ provision to consider safeguarding issues at every rneeting. The PCC has complied with the duty to have 'due TegaTd' to the House of BTshops' Safeguarding Policy and Practic£ Guidance. Publw Benefft The PCC acknowledges its requirements to clearly d¢nk)nstrdte tho 18 a cbarity a]ming kn advance religio￿ it must have charitable purposes or 'aiu]s' that aTr for the public benefiL Details of how tl)e PCC hai acbieved this are provided in this rwrL The PCC works with the Rector to facilttate the worship ofAlmighty G￿. growth of thc Ch]istiall Church and service to others in and beyond the parish in xcordance with jes￿8. commandment to low; our neigbbour. With these key aims iti mind Horsted Keyn&s PCC has established objectives in its current Nlission Aaion Plan (MAP). Our vision iv Yo be£ome betteTfoll0we￿ of chri￿ bv loving God and loving othery". Our agreed Initiatives to achieve our objectives are split into iwo groups. the fjrst aiJned at becoming better disciples (You shall love the Lordyour God with all)vur heart and with all vour so￿. and with allyour niind). and the S￿o￿a at becoming better 8eryants (You shau loirwur neigAbour yourselj). Page 2 HORSTED KEYNES PAROCHIAL CHURCH COUNCIL Registered Charity Iyumber 1154482 ANNUAL REPORT for 2024 (continued) Rector's Report l am going to start by repe8ts.ng some things I said at the end of my report last year. Not to test your memoTie8, too late for that now. NOL l Elope to ix>Te YO￿ Rather because they need to be said and people need to be thanke¢L for they are ail part of the team that enable our church to flourish and make our parish so special. It is a great Joy and ble￿ittg to serve in such a great village. with a warni and sup￿tiVe Cong￿gation. active COmTnunity, very beauti￿1 church and lovety R￿. The APCMS are ali Opports￿lty to thank pcople too numLTOUS to rncntion by naTnc an(L as always. T apologise if I Icavc allyonc eut.. Fr Pctsr for bcing such an cxccllcnt colleague. Churchwardens. Se•. Tre&sureT. PCC memlxrs" orbatiisL pi&ii8ts and choir. serveTS. sides-people. sacristans and verger. cleana4 cburchyard workers and flower amgm. These and others are so Im￿)￿allt in caring for the churcb buildtng alld parochial administration. Thell there are tIM)se- sA>me the same, some th"fferent- who do so much in tern￿ of our Outrcach: hcadteacher and staff at St GiScs' sch￿1. P & P Maga7ine F.ditor. Icadcrs and hclpers ai First Step4 'God is our rock. Friday after Sch￿] Club, Friends of HK Church (FOHKC), Friends of our Church School. HK&f& HK Help: Life and Faith GTOUP. Willage lunth" all who lead on our bi-monthly church charities. All the folk who 5irnply turn up to be part of our worsh¥ing cornmunity. tast but by no meaw least, my (kar wife. Christine, for all her SUPFK)rt to me and to the paTisb ID 50 very rn￿y ￿Y5. Now a month.by"IDonth refifxtion on some pptochial aDd person81 highlights: JaDuarv- Near ti) the start of the year we held an Epipbany Eucharist for our Chwch Sdjool. Although they have their reporL i al￿TY5 enjoy the FOHKC even￿ and the splendid BUTDS Night especially stand5 Out. Febrnary- We hi)sted our innual Deanery teaching morning at the Martindale. It was well attendoj and all enjoyed hearing Revd Dr Far] Collins, Diocesan Dir¢dor of Continuing Ministerial Development and a Vicar in Hov< who SFrf)ke about the Bible. He is aiways interesting and infOrn￿tiVe and will be corning again (this time to Haywards Heath) in ￿25. Our IMt eA)urse w&8 on the Baptismal Promises. from the Church of EnglaDd Pl1￿) C4)uThe. It doubled up as cothatiOD prepardtion for two a(knlts from our parislL M2reh- On Mothering Sunthy we held a re-union for families whose cbildren have been baptiT£d here in recent years on Motbering Simday. Fr Peter orgatiized a Stations of the cro￿ for the Church Schi)ol. He and I worked with the children to tsxplain them. In r&sw)Dse they produced art works which were displayed in school and church. wth groups of children walking an)und and hcaring reflections. di8cussiTtg them and being offered a PTayer. My very enjoyable and interesting year &$ Chaplain to the High Sherriff of West sU￿X ￿me to an April- Paul and Atm Spetch celebrated their fjoldcn Wedding by renewing their vows al an All-age Eucharist. Our soo Simon. and his wife. Nettle had their Marriage blessed in cbuTch and ¢¢l¢brated afterwards at the EthI￿e (￿tre. The only oiher wedding of the year ti)ok place the Dext weeL and was that of my predecessor, Fr JoF]n and Ann Twistleton's son and his fiancée. Surely it must be some kind of bistoric Tewrd for two successive prI￿ts to have their sons Marri￿ on two Succ￿1Ve Sattrdays in their paTish churchl May- Fr Peter led the RogatK)n All-age EucharisL taking us out to pray for different things around th¢ churchyard and sch￿1 grourids. Fine weather again enabled the School A￿￿$70￿ I>dy E￿hariS1 to be held in the churchyar bad been cA)mI￿ for the Ioajn Savice with the oldff ones att¢DdiDg the I l arn. There were a number of favournble conTments and no complaints! December- We joined other churches in and around Haywarlls Heath in having an Angel theme for our pr Christmas services. Different organizations and indiv1th￿IS made and displayed wonderfully different angels in time for the school Carol Service. and they stayed up Until Epiphany. We also held li n angel-thaned parish Carool S￿VIce with an excellent home-grovm choir. whicll was well attendeA. Chri%ttingie and Cl]risthL morning attendances were up. with Midnigbt Ma&8 holding its own. * It was subsequently announc￿ early in 2025, Fr David will retir¢ ()n 30 June. Whatever you In word or drf do everything in the natne of the iA)rd Jesus. gfvlng thanks to God the Father through lthn.. Colosswis 3.17 Athlevernents and Perfom*nce The Elcctoral Roll w&$ rewewed. 117 were on the roll. with 2 died and no new rnembers" 21 not resident in the village. The maximtjm number attendirtg on any Suoday in October V47S 50, including 9 Cknildre￿ the average nuttther being 36. Both these figures included pcople attending by ZoollL 15 people attended the AU Sou15 Requiem. with 13 tskiDg Communion. AttetMJan¢e at S¢m"ces is fairly wn5tant thou8h remains loiver than pTrpandetnic lei"¢ls. The Zoom invitation is sent most Sundays to the majority included on the El¢rti)ral Roll with 50Flle regular attelldees. including some residents at Westall House. One resident receives Home Communion. A molithly Eucharist is celebrated at Westsll Hous¢. There werc I I rcgular P.C.C. meetings tI￿oUghOUt the year. in the Rectory during the Winter months to reduce heating C05t8 alld in Ihc Martindale Centre at other times. All su1￿COMMItt￿ rnet as require4 reportiD¥ to and represellted on the P.C.C. I ￿[￿)￿ was baptisa and 2 confimied from our parish at a DeaDV Service at SL Gilw led by Bishop Ruth. There were 2 weddmgs and 12 fimeral& HKPCC higbligbts of Church life for the bfflefit of the ￿n￿lUDity incbjded in 20?4: The Pilgrim Course: Turning to CbTiSt- a Course for the Christian Journey was followed as our LKnt Course at two places and times. A Carol Service was hel4 as part of the Angel Festival acro&8 the Deanerv, in Decunber in churc￿ attended by 71 people. A Christingle Service was beld on Chrigts Eve and attended by 244 clL.Idren and &aults. HK- Help continue to provide suP￿rt to the ￿t￿nUDity. including transport for ',medical need8 as requiraL though there is little demaniL HKafe rontinu&s ro be beld at th¢ MartiDdale Centrc during terni time. led partly by the Youth W0￿er trom All Saints ChuTch, Danebill, Josh Watson and subsequently by volunteers from Danehill and Horsted Keylles cateTing for Se￿ndary school age children. HORSTED KEYNES PAROCHIAL CHURCH COUNCIL Registered Charity Iyumber 1154482 ANNUAL REPORT for 2024 (continued) Fi￿t Step4 the baby and knddlet group, meets at the Martindale Centre during terrn titnq giving an opportunity for small children and their paTents and to mert in a safe enviromnenL St. Giles Church of Engl8nd Prirnary School holds a weekly Collective Worship in Ghurth in tenn till*. lcd by FT. Davi( FT. Pew and manber5 of the ¢ongreEatioo and a tern)ly EucharisL All services are attended by a sigwficant number of panxlti and carers. The Junior School Carol SeTvi¢e was held in ehurth and very well attend￿ 80 children and adult& Vdlage Lunch AS held moothly in the MartIn￿e Centre. Food is cookd by varied kattLs of volunlccrs and is enjoyed by an iocreasing number of p￿pIe. from the village beyond. A group of Year 6 pupils from Si. Giles School are brougbt by a Govcrnor to help sttye pudding& The Friends of Horsted Keynes Church (FOHKCI continues to raise funds to maiDtaiti the fabric of the church and the churchwd by arranging a wide r￿8¢ of ev￿ts, ineludiDg a parttomitne. The Wiz2rd of Oz, perfom]ed in Church. The Parish and Pan'shioner IP&P) editor continues to produce alld publish the magazitie 10 times a year. Volunteers collate and distribute them ￿ all houscs in the village and Copi￿ are post￿ to th08¢ r•g thcm. Flnandal Review l. The net income in 2024 was £52.5(rf). This figure is (ffi page 7 and compares with the net expenditure of £25.030 iu 2023. £50.515 of thF net income call IK atiributed ro the generous lewy left by Peter Vince of £50,(￿ pkns the interest reccived on IL Detsils of Ihc PRV Men]oria] Fund set up for manw its ro5tricted putp)se5 ar¢ shown on pag¢ 14. 2. Table 2(a) shows that the Vab￿ of donations and legaeies re£eived was £129.478. in¢hdin8 Peter Vince's legacy (£80.95 t ID 2023}. The level of planned giving and 2&8ociated gift aid tsx clain]able dropped again and is a significant cwjse for coll￿rn. However, the SI￿tfall Ihis year vrds largely offset by the exceptionally bigh income from slatutory Par(Khial Fees- rettived foi weddiDg4 funerals. etc. In additioo a special grant of £2.670 was receiv￿ for the work carried out on the hedges in the churchyard. 3. Table 3(b) records Church Rutinit￿ ￿sts of £19.782(£IOJ90 in 2023). This includes the extenstve amount work carried out on the trees and hedges in the thU￿bY0T￿L Unexpectedly the flagp)le becam¢ unsafe and bad to be tak￿ dovm. li was renewed following a successful appeal for donations. Note that the parish continuts to fi￿Y Lover the LM)ntribution requested by the diocese for our half time prie5L 4. Thc Martilldalc Cclltre had a vcry s[￿ ye4r fimd raising but the leNEI of rentsl income was a little disappoiuting. Ov¥YalL a surjlus of £3.813 was generdted (£1,820 in 2023). 5. Trustcc paymcnts and expenw: th¢ PCC supwjrted the clergy by paying the cost ot redory utilities amounting to £4267 (2023 = £4.076) plus other annual costs towards traveL telephone. wstsge and broadband totalling £872 (2023- £934). These are includcd in tabIc 3lb). There were no expenses payments to other I￿ste¢S or persom related to or connected to them. 6. Table 12 shows that it was only n￿e&Sary to spend £1.912 on repairs to the Church fabric. The cost of producing Parish rna2azine (P&P) were not quite matched by the income teceived £351 laken from the Genernl Fund to belp cover the loss and the value of the P&P restricted fi￿d at the year-¢nd fell to £0. 7. The FriuKls of Horsted KeyTies ChuTch Taiwj £13,126. This Tn¢luded a highly successful production of the Wizard of Oz in th¢ Church involved many adults and children of the village. Outgoings of £12,466 includcd £911 for Ihe anncx project and a contril)ution of £7.000 towanls the unugjally high maintenance costs of the churchyard this year. 8. Th¢ PCC'S lni:estni￿ts continued to 8a)er2te a stady income from dividend and interest paynKnts. Table 7 shows that the capitsl valuatson incre&sed by £5.071 (5.70/0) over the year. 9. Overnll, the PCC'¥ financial position at the end of 2024 was satisfactory. Howev¢r, it is important that th¢ level of planned ￿ving to tb¥' G¢ller￿ Fund increases soon if we a￿ to (*>ntinue paying the curreni amount for ministoial support and reduce the effort needed to raise money. Page 5 HORSTED KEYNES PAROCHIAL CHURCH COUNCIL Registered Charity Number 1154482 ANNUAL REPORT for 2024 (continued) Reserves Policy A review of the reserv￿ p)Itcy and risk Tegister was undertaken during the yw which again resulted in no 3igmificant change. An unrestricte41 Generdl Fund reserve of £25,OlJ), approximately 3 month% of overall expendibJTe on everyday activities. is needed as a contingency against unforeseen sits]atioD& On 31 Decemb¢r 2024 the bajance was £55J30. A total of £30,156 was held in the Unrestricted and R&8tiicted Fabric Funds at the year entL This Trustees, Annual Report was appmved by the PCC and signed rn their bel)aL- by Reverend David Mwdoch. INDEPENDENT EXAMUAER'S REPORT TO THE TRUSTEES OF li Hor5ted Keynes Parochial Church Council [Rewtered Charity No. 1154482] I report on the accounts of Horsted Keyn&s PCC for the year ended 31st Decem￿ 2024 which s¢t out on pagG5 8 to 15. Re5peclive responsibilities of truslee5 and examiner The church's trustees are responsible for the preparalion of the accounts. Thc church's tTusices considcr that an audit is not required for this yeaT un(kr scrtion 14412) of the Charities knt 2011 (the 2011 Act) and that an independent examination needed. Having satisfid myself that the Church is eligibl¢ for indry￿￿dent eXa￿l￿tiO￿ it is my Tespollsibility to :_ • c￿￿￿]ne the accounts ulld￿ scction 145 of the 2011 Acl . to follow the proccdure6 laid down in the general Dir¢ctions givcn by thc Cknity conm￿s1on undcr scction 145(5Mb) of thc 2011 ACL and ' to slate whether particular nwtters have come to my attention. Basis of independent euminer's statement My examination was carried out in accordancc with thc g¢n¢ral Directions wen by the Charity Conmiission. An examination includes a review of the accounting records kept by the charity and a comparison of the accountR prescnted with those records. It also includes consideration of any unusual it¢llJs or di￿lOSur¢S in th¢ ￿cOu[lts, 8nd seeking explanations from you trustees concerning any such mattcrs. The proccdurcs uiidertaken do not provide all the evidence that would be required in an audit and consequently no opinion is givffli &8 to whether the accounts present a *rue and fair VAew' and the report is limited to those matters set out in the statement below. Independent eTaminer's statement In connection with my examinatio￿ no material matters have come to my attention which give me ca￿¢ to believe that in. any material respe=t: accountAng records were not kept in accordance with section 130 of the 2011 ACL or . the accounts do not accord with the accounting records. OT . the accounts did not comply with the applicable requirements concerning the form and cont¢nl of accoullts Kt out in th¢ ChaTiti¢s (Accounts and R¢ports) Rcgulations 2008 other than any requirement that the account8 give a 'true and fair. view which is not a matter consid¢rcd as part of an I have come acro&s no other matteTS in connection Plith the examination to which attention should be drnwn in ordcr to cnablc a proper understanding of the accounts to b¢ reached. Signed by :_ Mr A Peel Cross The Hennitage, Churcb Lane Horstcd Keynes Haywardg Heath RH177AY HORSTED KEYNES PAROCHIAL CHURCH COUNCIL STATETrtENf OF FtNANCIAL ACTIvrrIEs For the Year ended 31st December 2024 Fund8 Funds Funds 2024 2023 Note Income and endowments from= Donations and lega¢ies Cbaritabk activities Other trading activities Investments 2(a) 63.427 6J84 18225 2204 65.951 129,478 6,384 26.974 3,828 80,951 3,449 27.404 2,788 2(c) d} 8,749 1,624 TOTAL 90J40 76,324 166,664 114.592 Expenditure on: 3(a) 3(b} 3J54 87,701 4.418 22.771 7,772 6,713 111,403 143,888 Charitsbl¢ activitie5 931 TOTAL 27,189 931 119 175 150.601 Net gainOOosses) on invesiTDents 3511 1282 5.IY71 10,979 NET INCO￿TE1{ExPElYDTrURE) 1796 50,417 (653) 52.560 (25.030) Transfers between fiuKIs NET MOVEMENT IN FUNDS 2.796 50.417 (653) 52,560 {25,030) Reconciliation of Fuods Fund Balance5 brougbt forward at I st January 2024 74.505 52J85 80.b30 207.520 232.550 BALANCES CARRIED FORWARD AT 31st DECEMBER 2024 77.301 102,81Y2 260,080 207.520 Page 8 HORSTED KEYNES PAROCHIAL CHURCH COUNCIL BALAIYCE SHEET AS AT 31st DECEMBER 2024 2024 2023 Note FIXED ASSETS Tangiblc fixed 8&8ets Investment ass¢ts 69.871 93.810 70,802 88,739 CURRENf ASSETS D¢btors Short tem dq)osits Cash at bank aDd in band 2.345 77,000 19,784 99.129 2,600 31.229 19.063 52,892 LIABILITTES . AMOiJNTS FALLINC: DUE WITHTN ONE YEAR io 2,730 4,913 ET CURRENT ASSETS 96.399 47,979 TOTAL ASSETS LE&S CURRENT LlJlBtt.ITIES 260.0¥0 207.520 Y4ET ASSETS 260,080 207.520 Unrcstrictrd Restricle41 Elldowll￿nt 77.301 102,802 79,977 74,505 52,385 80.630 12 13 TOTAL CHARrrY FUNDS 260,080 207.520 Thi8 Financial Report for the year cnded 3 1st December 2024, i￿lUding the no￿$ ft)llowi￿ was approvLyJ by the Parochial Church Council on 6th Mar¢h 2025 and signed on its bthalf by :" Re¥erend Davd Murdoch (Chairm￿) Martin Gov (rreasurer) The notes on page5 10 ts) 15 forni part of th￿ ￿COunt& Page 9 HORSTED KEYNES PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS For the Year ended 31st December 2024 ACCOUWllNG POLICIES l(a) Basis of Preparailon The PCC is a publie benefit entity within the meaning of FRS102. The finanty.ial statements have been prqw¢d under the Charities Act 2011 and thc Church Accounting Regulalxons 2006, tn xcordance with applicable accounung standards alld th¢ current Stat¢rnwrt of ReCo￿nded P￿CtIce. Accoullting and Reporting by cl￿￿￿¢5, (SORP (TrRS 102)). The financial statenRnts have been prepared under the historical cost convention &8 miyjified by the InCh￿10n of invesiments at Dwket value. The financial statements include all the transactions. &ssets and Itabilities for which the PCC is reS￿ble in law. They do not include the ac￿jUn￿ of church groups that owe their affiliation to another body. nor those which are infOrn￿ gatherings of church ￿￿mbers. i(b) Funds Funds held by the PCC are :_ UnreJtrictedfvnas . DeSIgnated￿d$ - Tllollias Set aside by the PCC oul olunrestri¢t¢d funds for specific fithwe pryses or projects. Restrict&4fynd% - (a) Inco￿ from In￿ or endownlffts that may ￿ ¢4)¢nded QDly on those restricted objects provided io the tern￿ of the trust or b4ue5L atmj (b> donatio￿$ or grants ￿¢¢IVed for a specific obj￿1 or invited by the PCC for a specifir object. The funds n]ay only be expended on the specific object for which they were givekL Any balance remaining w￿pellt at the end of each year m￿t be carried forward as a balance on fimd. The PCC does not usually invest separdtety for each fun Endowme￿fvnd.y funds the capitsl of which must be tnaintaine4L' only income arising fr(￿ll investffleni of the endoiwment may be used either as restricfrd or vnTegtrictLal funds depending upon the purpose for whi¢b the endowment was eS￿bliShed. The PCC may bal'e the power to convert certain erM*)wn￿t fimds Tnlo cxpcndabl¢ incon￿. such fim&s are known as cxpcndable l(¢) IncoDR and Endowments All income and endovmIen￿ accoutst￿ for Witho￿ deduction for any cosLs of reKeivability. are recogtllsd when there is evidence of entitlemenl Tec¢ipt is probable, and the amount can be reliably i(d) DON￿tio￿lI and Lcga¢i¢s Colleclion5 are recogaised when Teceive