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2023-12-31-accounts

Charity registration number 1166071

PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF SAINT JOHN THE APOSTLE & EVANGELIST, WATFORD

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Rev David Stevenson (resigned 25 June 2023) Rev Corniel Quak (appointed 20 June 2024) Clive Bennett (appointed 28 April 2024) Jill Bennett Thomas Cockburn (appointed 14 May 2023) Robin Davis Sophia Dunnicliffe (resigned 28 April 2024) Alex Evans (resigned 28 April 2024) Brian Handley (appointed 15 June 2023 and reappointed 28 April 2024) Susan Jermyn (resigned 14 May 2023) Helen Langeveld (resigned 14 May 2023) Jannice Mordue John Graham Mordue (appointed 14 May 2023, resigned 28 April 2024) Jennifer Nickson Liz Sheasby (resigned 28 April 2024) Richard Southern (appointed 14 May 2023, resigned 28 April 2024) Robert Wildmore Ruth Williams (resigned 4 August 2023) Michael Willis (resigned 14 May 2023) Charity number 1166071 Principal address Sutton Road Watford Hertfordshire WD17 2QQ Independent examiner Gary Howard FCA Howard Wilson Chartered Accountants 36 Crown Rise Watford Hertfordshire WD25 0NE

PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4 - 5
Balance sheet 6
Notes to the financial statements 7 - 20

PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The Parochial Church Council members present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The charity's objects are promoting the whole Mission of the Church of England in the Ecclesiastical Parish of St John the Apostle and Evangelist, Watford.

Parochial Church Council of The Ecclesiastical Parish of St John’s the Apostle & Evangelist, Watford (PCC) and the Churchwardens have the responsibility of co-operating with the incumbent in promoting the ecclesiastical parish, the whole mission of the Church, pastoral, evangelistic, social and ecumenical. The PCC is also responsible for the maintenance of St. John’s Church and Church Hall, Watford.

The PCC members have paid due regard to guidance issued by the Charity Commission in deciding what activities the PCC should undertake.

Achievements and performance

St John's Parish Church has remained fully open up after the COVID pandemic. In the first part of 2023, efforts continued to consolidate and rebuild our community, worship and ministry following the pandemic. On Palm Sunday, our Vicar, Fr David Stevenson announced that he was to become the incumbent of the parish of Bushey. Between then and his departure from the parish in June we had a baptism, a period of preparation for first communion for a number of our children, a service for first communion, a parish pilgrimage to Walsingham and then a moving service of farewell for Fr David and Robin.

From the beginning of the vacancy in June 2023 we were unable to make any significant changes to our worship or programme of activities as were in interregnum, and our review of our Mission Action Plan was also put on hold. We began the process of seeking a new parish priest in September 2023, with a visit from Bishop Jane and Archdeacon Charles, and drew together a parish profile from the contributions of many in the congregation under the leadership of Jenny, our churchwarden, and Richard, our lay chair of the PCC. Members of our church and school communities were able to express how they saw our church, and what challenges and opportunities lay ahead.

We were blessed to have the support of many visiting clergy to lead us in both our Parish Eucharist on Sundays and mid-week Mass on Fridays, as well as some occasional services such as funerals, from both within the diocese and beyond. We are grateful for their contributions to the life of our parish, and for the enrichment which they brought to us. A highlight was the annual Carols by Candlelight service which was well-attended, and we were privileged to be accompanied by the brass band for both that service and Remembrance Sunday. Our congregation continued to faithfully attend, and we have been pleased to meet and welcome many new people to our community through the vacancy.

Our adult study courses continued through the vacancy, meeting online for engaging discussion. Buddy Brunch also continued through 2023, offering members of the congregation and the community more broadly an opportunity to have some social time together, read the papers, play games or enjoy some refreshments. This included a screening of the coronation of King Charles III which was enjoyed by many.

No safeguarding incidents were reported during 2023. However, the PCC has been made aware and regrets that during 2023 it failed to adequately comply with the duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016 (duty to have regard to House of Bishops’ guidance on safeguarding children and vulnerable adults). Please note that following the appointment of our new Vicar in June 2024, the PCC started working towards becoming fully compliant and expects to finish this process by the end of 2024.

St John's Primary School has continued to make full use of the church building for assemblies, retreat days for all year groups, and special events. We are pleased to have a close relationship with the school and to provide a safe and welcoming space for the students to learn and grow. We are also working with the school to promote the spiritual well-being of the students and to provide support and guidance as needed.

PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Financial review

The income for the year was £92,757, down by £3,826 on the previous year (2022: £96,583). Expenditure was down by £19,335 at £95,079 (2022: £114,414). This resulted in a surplus for the year of £627 compared to a deficit of £21,966 in 2022.

The reserves carried forward at the year end were £670,172, of which £19,651 related to restricted funds and £2,482 related to endowment funds. The unrestricted funds includes an amount of £604,871 held as tangible fixed assets at the year end.

It is the policy of the PCC that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the PCC's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees have assessed the major risks to which the PCC is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The constitution of the PCC is set out in the Parochial Church Councils (Powers) Measure 1956 as amended and the Church Representation Rules (contained in Schedule 3 to the Synodical Government Measure 1969 as amended).

The trustees who served during the year and up to the date of signature of the financial statements were: Rev David Stevenson (resigned 25 June 2023) Rev Corniel Quak (appointed 20 June 2024) David Beesley (appointed 14 May 2023) Clive Bennett (appointed 28 April 2024) Jill Bennett Thomas Cockburn (appointed 14 May 2023) Robin Davis Sophia Dunnicliffe (resigned 28 April 2024) Alex Evans (resigned 28 April 2024) Brian Handley (appointed 15 June 2023 and reappointed 28 April 2024) Susan Jermyn (resigned 14 May 2023) Helen Langeveld (resigned 14 May 2023) Jannice Mordue John Graham Mordue (appointed 14 May 2023, resigned 28 April 2024)) Jennifer Nickson Liz Sheasby (resigned 28 April 2024) Richard Southern (appointed 14 May 2023, resigned 28 April 2024)) Robert Wildmore Ruth Williams (resigned 4 August 2023) Michael Willis (resigned 14 May 2023)

Members of the PCC are appointed at the Annual Parochial Church Meeting and serve for a period of three years.

The trustees' report was approved by the Board of Trustees.

Thomas Cockburn Churchwarden

Jill Bennett Churchwarden

27 October 2024

PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD

I report to the trustees on my examination of the accounts of Parochial Church Council (“PCC”) for the year ended 31 December 2023.

Responsibilities and basis of report

As members of the PCC 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 PCC’s accounts carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all 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 PCC has prepared accounts in accordance with Accounting and Reporting by 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 now been withdrawn.

I understand that this has been done in order for accounts to provide a true and fair view in accordance with 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:

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 financial statements to be reached.

Gary Howard FCA

Howard Wilson Chartered Accountants 36 Crown Rise Watford Hertfordshire WD25 0NE

Dated: 28 October 2024

PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

Current financial year
Unrestricted
Restricted Endowment
funds
funds
funds
2023
2023
2023
Notes
£
£
£
Income and endowments from:
Giving
3
27,843
-
-
Charitable activities
4
1,617
-
-
Income from investments
5
63,297
-
-
Other income
6
-
-
-
Total income
92,757
-
-
Expenditure on:
Raising funds
7
18,982
-
-
Charitable activities
8
76,097
-
-
Total expenditure
95,079
-
-
Net gains/(losses) on investments
13
2,736
-
213
Net movement in funds
414
-
213
Fund balances at 1 January 2023
672,961
19,651
2,269
Fund balances at 31 December 2023
673,375
19,651
2,482		 Total
2023
£
27,843
1,617
63,297
-
92,757
18,982
76,097
95,079
2,949
627
694,881
695,508		 Total
2022
£
27,156
6,587
59,255
3,585
96,583
20,621
93,793
114,414
(4,135)
(21,966)
716,847
694,881

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Prior financial year
Unrestricted
Restricted Endowment
funds
funds
funds
2022
2022
2022
Notes
£
£
£
Income and endowments from:
Giving
3
25,877
1,279
-
Charitable activities
4
6,587
-
-
Income from investments
5
59,255
-
-
Other income
6
3,585
-
-
Total income
95,304
1,279
-
Expenditure on:
Raising funds
7
20,621
-
-
Charitable activities
8
92,514
1,279
-
Total expenditure
113,135
1,279
-
Net gains/(losses) on investments
13
(3,836)
-
(299)
Net incoming/(outgoing) resources before transfers
(21,667)
-
(299)
Net movement in funds
(21,667)
-
(299)
Fund balances at 1 January 2022
694,628
19,651
2,568
Fund balances at 31 December 2022
672,961
19,651
2,269		 Total
2022
£
27,156
6,587
59,255
3,585
96,583
20,621
93,793
114,414
(4,135)
(21,966)
(21,966)
716,847
694,881

PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD

BALANCE SHEET

AS AT 31 DECEMBER 2023

Notes
Fixed assets
Tangible assets
15
Investments
16
Current assets
Debtors
18
Investments
19
Cash at bank and in hand
Creditors: amounts falling due within
one year
20
Net current assets
Total assets less current liabilities
Capital funds
Endowment funds
22
Income funds
Restricted funds
23
Unrestricted funds
Designated funds
25
General unrestricted funds		 2023
£
1,037
31,916
61,838
94,791
(6,636)
609,417
63,958		 £
604,871
2,482
607,353
88,155
695,508
2,482
19,651
673,375
695,508		 2022
£
7
29,180
66,880
96,067
(10,771)
609,417
63,544		 £
607,316
2,269
609,585
85,296
694,881
2,269
19,651
672,961
694,881

The financial statements were approved by the Trustees on 27 October 2024

Thomas Cockburn Churchwarden

Jill Bennett Churchwarden

PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

Parochial Church Council of the Ecclesiastical Parish of Saint John the Apostle & Evangelist, Watford is a charity registered in England and Wales, registered number 1166071.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

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.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings Nil Furniture, fixtures, fittings and vestments 33% on reducing balance Computer & electrical equipment 50% on reducing balance Church items of beauty 10% on reducing balance

Freehold land and buildings are not depreciated as the currently estimated residual value of the properties is not less than their carrying value and the remaining useful life of these assets currently exceeds 50 years, so that depreciation charges would be immaterial.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Giving

Unrestricted
Unrestricted
Restricted
funds
funds
funds
2023
2022
2022
£
£
£
Planned giving
24,640
25,877
-
Legacies receivable
3,203
-
-
Grants receivable
-
-
1,279
27,843
25,877
1,279		 Total
2022
£
25,877
-
1,279
27,156

PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

3 Giving (Continued)
Unrestricted Unrestricted Restricted Total
funds funds funds
2023 2022 2022 2022
£ £ £ £
Planned giving:
Tax efficient planned giving 18,177 17,380 - 17,380
Collections at services 2,103 3,041 - 3,041
Collections at small groups 3,024 3,009 - 3,009
Other planned giving 98 24 - 24
All other giving and voluntary receipts 931 894 - 894
Other 307 1,529 - 1,529
24,640 25,877 - 25,877
Grants receivable for core activities
Energy Grant - - 1,279 1,279
- - 1,279 1,279

4 Charitable activities

Charitable Charitable
activities activities
2023 2022
£ £
Community and social events - 1,724
Statutory fees 1,006 979
Pilgrimage income 611 3,884
1,617 6,587
Income from investments
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Rental income 59,888 57,555
Interest receivable and dividends 3,409 1,700
63,297 59,255

5 Income from investments

PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

6
7		 Other income
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Other income
-
3,585
Raising funds
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Raising funds
Direct costs of charitable & ancilliary trading
18
211
Rent collection, property repairs & maintenance charges
18,964
20,410
Raising funds
18,982
20,621		 Other income
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Other income
-
3,585
Raising funds
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Raising funds
Direct costs of charitable & ancilliary trading
18
211
Rent collection, property repairs & maintenance charges
18,964
20,410
Raising funds
18,982
20,621
20,621

PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

8 Charitable activities

Church Church
Activities Activities
2023 2022
£ £
Staff costs 6,851 6,657
Depreciation and impairment 2,446 3,699
Clergy and staff training 1,099 424
Diocesan Parish Share 37,826 36,439
Major repairs and renewals 60 -
Mission and evangelism 442 4,757
Running costs 14,120 20,479
Utilities 9,252 16,982
Pilgrimage costs - 250
Legal and professional costs 900 -
Governance costs 1,680 1,680
Charitable donations 1,421 2,426
76,097 93,793
Analysis by fund
Unrestricted funds 76,097 92,514
Restricted funds - 1,279
76,097 93,793

Governance costs comprise payments to the independent examiner of £1,680 (2022 - £1,680).

9 Charitable donations

9
Charitable donations
Watford & Three Rivers Refugee Project
College of St Barnabas
Gatwick Detainees Welfare Group
Grants to individuals
10
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets		 2023
£
50
-
367
417
1,004
1,421
2023
£
2,446		 2022
£
-
500
-
500
1,926
2,426
2022
£
3,699

PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year.

12 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Parish Administrator (part time) 1 1
Employment costs 2023 2022
£ £
Wages and salaries 6,086 5,874
Other pension costs 765 783
6,851 6,657

The Parish Administrator, S Dunnicliffe also served as a trustee during the year.

The part-time Parish Administrator represents less than half of a full time equivalent.

There were no employees whose annual remuneration was more than £60,000.

13 Net gains/(losses) on investments

**Unrestricted ** Endowment Total Unrestricted Endowment Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Gain/(loss) on sale of
investments 2,736 213 2,949 (3,836) (299) (4,135)

14 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

15 Tangible fixed assets

Furniture
Freehold
fixtures Computer &
land and fittings and
electrical
buildings
vestments
equipment
£
£
£
Cost
At 1 January 2023
600,000
33,579
4,776
At 31 December 2023
600,000
33,579
4,776
Depreciation and impairment
At 1 January 2023
-
26,452
4,586
Depreciation charged in the year
-
2,351
95
At 31 December 2023
-
28,803
4,681
Carrying amount
At 31 December 2023
600,000
4,776
95
At 31 December 2022
600,000
7,126
190		 Total
£
638,355
638,355
31,038
2,446
33,484
604,871
607,316

The PCC are of the opinion that the market value of the freehold land and buildings is not materially different to the figure shown in these accounts.

16 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 January 2023 2,269
Valuation changes 213
At 31 December 2023 2,482
Carrying amount
At 31 December 2023 2,482
At 31 December 2022 2,269
17 Financial instruments
2023 2022
£ £
Carrying amount of financial assets
Instruments measured at fair value through profit or loss 31,916 29,180

PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

18
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
19
Current asset investments
Unlisted investments
20
Creditors: amounts falling due within one year
Trade creditors
Other creditors
Accruals and deferred income
21
Retirement benefit schemes
Defined contribution schemes
Charge to statement of financial activities in respect of defined contribution
schemes		 2023
£
131
171
735
1,037
2023
£
31,916
2023
£
1,056
1,160
4,420
6,636
2023
£
765		 2022
£
7
-
-
7
2022
£
29,180
2022
£
1,099
1,063
8,609
10,771
2022
£
783

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

22 Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

At 1 January Resources Gains and At 31
2023 expended losses December
2023
£ £ £ £
Permanent endowments
Florence Harriet Forest Bequest 2,269 - 213 2,482
Previous year: At 1 January Resources Gains and At 31
2022 expended losses December
2022
£ £ £ £
Permanent endowments
Florence Harriet Forest Bequest 2,568 (299) - 2,269

Florence Harriet Forest Bequest - A bequest; capital is to be maintained and income used for the church.

PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

23 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Movement in funds Movement in funds Movement
in funds
Balance at Incoming Resources Balance at Incoming Balance at
1 January 2022 resources expended 1 January 2023 resources 31 December
2023
£ £ £ £ £ £
Organ 16,081 - - 16,081 - 16,081
Pentecost Gift 2,338 - - 2,338 - 2,338
Godley Play (School) 684 - - 684 - 684
Energy Fund - 1,279 (1,279) - - -
Miscellaneous Funds 548 - - 548 - 548
19,651 1,279 (1,279) 19,651 - 19,651

Organ

Monies donated for maintenance and repair of the Organ.

Pentecost Gift

Monies given at Pentecost for specific items or purposes.

Godley Play School

Funds raised to be spent on Godley Play in School.

Energy Fund

Grant to fund heating costs

Miscellaneous Funds

These are smaller funds with balances or movements of less than £500 during the period.

PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

24 Analysis of net assets between funds

Unrestricted
Restricted
Endowment
funds
funds
funds
2023
2023
2023
£
£
£
At 31 December 2023:
Tangible assets
604,871
-
-
Investments
-
-
2,482
Current assets/(liabilities)
68,504
19,651
-
673,375
19,651
2,482
Unrestricted
Restricted
Endowment
funds
funds
funds
2022
2022
2022
£
£
£
At 31 December 2022:
Tangible assets
607,316
-
-
Investments
-
-
2,269
Current assets/(liabilities)
65,645
19,651
-
672,961
19,651
2,269		 Total
2023
£
604,871
2,482
88,155
695,508
Total
2022
£
607,316
2,269
85,296
694,881

PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

25 Designated funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Balance at
1 January 2022
r
£
Choir Fund
8,590
Vicar's Discretionary Fund
966
Hall and House Valuation
600,000
609,556		 Incoming
esources
Resources
expended
Balance at
1 January 2023
r
£
£
£
-
-
8,590
1,787
(1,926)
827
-
-
600,000
1,787
(1,926)
609,417		 Incoming
esources
Balance at
31 December
2023
£
£
-
8,590
-
827
-
600,000
-
609,417		 Incoming
esources
Balance at
31 December
2023
£
£
-
8,590
-
827
-
600,000
-
609,417
609,417

Ford Brothers Legacy

Funds for refurbishment of the Church House at 38 Estcourt Road.

Choir Fund

Funds to support music and a Choir at St Johns.

Vicar's Discretionary Fund

Funds to be used to support charitable giving and meeting pastoral needs.

Hall and House Valuation

This fund is the amount of reserves represented by the Hall and House.

PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

26 Related party transactions

The Vicar (who is also a Trustee) only receives a 0.75 stipend for his role at St. John's, this is paid by the Diocese of St Albans.