## Annual Report – 2024 

Presented at the Annual Parochial Church Meeting 




## **Contents** 

Electoral Role Report Safeguarding Vicar’s Report Fabric Report Deanery Synod Report Financial Statements 

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## **Electoral Role Report** 

The 2024 Electoral Role stands at 44. 

A complete revision of the Electoral Role will take place in 2025. 

## **Safeguarding** 

The PCC has complied with the duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016. 

## **Vicar’s Report** 

It is very easy to regard a church’s APCM (and the much shorter Annual Meeting of Parishioners immediately before it) as merely a business meeting. Of course, these two meetings do deal with a lot of what could be considered “business items”. Churchwardens are elected; the accounts are presented; important items such as Safeguarding are reported on; and PCC members are admitted. 

Most of these are actually statutory requirements, not just set out for us by the Church of England in its _Representation Rules_ , but indeed by the government. It’s perhaps good to remind ourselves of the fact that every parish church is a registered charity in its own right, and that PCC members are trustees with legal responsibilities and duties under laws set out by the Charity Commission. And so, in some sense the “business items” that we need to look at and deal with at an APCM are there simply because of that. 

However, I think there is another reason why we consider them, and in fact value them; why they are important. And that’s because I think they give us a structure. They help us to have a good foundation that will underpin our mission, and strengthen it. That’s the ultimate purpose of making sure that these “business items” are dealt with appropriately and why we have things in place. 

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I say all this because as I look back on the 6 months of 2024 that I had the privilege of being the Vicar of St John’s, I think we have done quite a lot of that: making sure things were in good order, building a structure, ensuring there is a good foundation, so we are ready for mission in this parish. And there were two areas that we focused on in particular: Safeguarding and Finance. 

St John’s did not have a Parish Safeguarding Officer (PSO), and after consulting with the Diocese, I was appointed as interim PSO. Safeguarding policies and procedures were brought in line with Diocesan guidelines and national guidance. PCC members undertook enhanced DBS checks, as well as completing mandatory safeguarding training provided by the Church of England. This obviously does take some time, and at the end of 2024 we weren’t quite there yet, but I am pleased to say that at the time of writing this report in May 2025, we are fully compliant. 

On the finance side of things, the 2023 annual accounts were completed and approved, and work started to ensure that the 2024 accounts would be ready for filing on time, something which hadn’t happened for several years. Our Treasurer, Anne Handley indicated that she would like to move on, and David Beesley took over the role. 

David started work on several things to improve our financial systems, procedures and overall position. I am very grateful to David for his commitment, eye for detail and diligence. At the end of 2024, work had started on changing accounting software and a Gift Aid claim was being prepared. Work had also started on financial policies and the preparation of an annual budget. Several other important policies were also revised and updated by Meg Murphy, for which I am very grateful. 

Related to our financial position, in December negotiations with Supersteps Nursery, which had been ongoing for several years, were completed and a 5-year lease for the use of the Church Hall was signed. This not only provides St John’s with a secure income stream, the terms of the lease also result in a significant reduction in costs. 

A lot of these changes in the areas of Safeguarding and Finance happened in the background. There were also changes that were more visible. I updated our service booklets to improve our liturgical hospitality. Meg Murphy designed a new logo and we became more active on Social Media, 

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mainly Facebook. I also worked with Simon Fitzgerald to update our website, and I am very grateful to Simon for his continued IT support to St John’s, despite him now living in Stafford. 

Our service pattern also changed. The midweek Said Mass moved to Wednesday morning. We started saying Morning Prayer on a Monday, and a monthly Rosary service on Thursday evening was started by Alex Evans. We had several special services, including a service to bless schoolbags, and a special pet service which was followed by a RSPCA fundraiser, organised by Amarah Quak-Winslow. Harvest was extra joyful because of a double baptism, as well as a bumper collection of goods for the Foodbank, not least because of the generous support from St John’s school, where it has been a joy for me to serve as Chaplain. 

As Chaplain, I have enjoyed leading worship in the school, as well as getting to know staff and children and supporting them either practically in class, or through one-to-one chaplaincy. I am very grateful for the commitment of headteacher Anna Pyatt to the link between our church and the school. It has meant that there are weekly opportunities to share the good news of God’s love with over 400 pupils and their teacher, parents and carers, in the school, but also in the church during special so-called “retreat days”. 

In November, we welcomed Fr Tony Halton from St Saviour’s as our preacher for All Saints’ Sunday, and we welcomed the Brass Foundry for Remembrance Sunday. Of course, the latter also returned during Advent for our annual carol service which once again saw St John’s filled with joy and lots of people. Our Christmas services were well attended, and it was really good to see new people coming along to these services. 

None of our worship, whether it’s a special celebration or just an ordinary Sunday morning, happens without the commitment and support of many dedicated volunteers. I want to say a special “thank you” to Richard Bond who accompanies our sung worship most Sundays on the piano. I am also grateful to Daniel Tonks for his contribution on the organ on other Sundays. Thank you to Alex Evans for the liturgical support and all his work as Sacristan – a lot of that goes on “behind the scene” but nevertheless is very important. Thank you also to David Beesley and Bill Sabor who serve at the altar. 

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Thank you to all those who read and lead intercessions, serve as chalice assistants, rings bells or hand out service booklets. Also, the refreshments faithfully served after the service each week by Eira Waite and Debbie Ducroq – thank you both. 

Children and young people are important at St John’s, and we are very fortunate and blessed to have Chrissie Cockburn as our Children’s Missioner. The fact that we have 10-15 children and young people worship with us most Sundays is a real testimony to Chrissie’s welcome and commitment to their spirituality – so “thank you” Chrissie! 

But worship is not all we do at St John’s, and neither should it be. It was really great therefore to restart regular parish lunches, and a big “thank you” goes to Bill Sabor for organising and cooking these, as well as to Tomasz Wasilewski and other helpers. 

The parish lunches helped us to build relationships and community, and another exciting way we did this was through a new initiative which was started by Claire and Meg Murphy: Faith & a Pint - an informal meeting every first Tuesday of the month at the Estcourt Tavern to discuss faith and life together, whilst enjoying a pint (or suitable alternative!). A big “thank you” to Claire and Meg for organising these evenings. 

I said earlier that my report is just for 6 months of 2024, because of course I only started at the end of June. That brought to end the interregnum. An interregnum is always hard for a church, as everyone needs to “muck in” and work that bit harder. However, it is particularly hard for those who serve as Churchwarden, never mind if you are the _only_ Churchwarden. So, I want to make a special mention of Jenny Nickson and thank her once again -on behalf of all of us- for all her time and the hard work she did for St John’s during her term as Churchwarden. 

But not only did she serve faithfully during her time as Churchwarden, when she stepped down, she also managed to find two new Churchwardens! At this point therefore, I want to say “thank you” to Jill Bennett and Tom Cockburn for everything they have done during 2024 – and not just for what they have given to our church, but also for the support they both have given me. And related to this, also a “thank you” to Clive Bennett, Jannice Mordue, David Beesley, Robert Wildmore and Brian Handley for 

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serving on the PCC, and to Richard Southern for his time as lay chair during the interregnum. 

A final big “thank you” goes to Sophia Dunnicliffe. Sophia often works over and beyond her contracted hours, both as Parish Administrator and as PCC Secretary (and Electoral Role Officer!), and she is a real asset to St John’s. 

So, a lot of “thank yous” as we come to the end of this report. But in a way that brings us back to where we started. I started this report by talking about mission and the importance of structure and laying strong foundations for mission to happen. And a lot of those things are to do with proper processes, robust Safeguarding and sound financial policies and procedures. 

However, ultimately a parish church is a local expression of the Body of Christ, made up of individual believers giving their time, their gifts and their energy to the church, to serve each other and the community around them. Without you and me there will not be mission, even if we have the best structures, foundations and processes in place. Ultimately it comes down to you and me, strengthened by the Holy Spirit. 

Thus, as we reflect on the year that has been, as we give thanks for the things we have achieved and the people who have made it happen, let’s commit ourselves to another year of building St John’s together, to the glory of God and for the good of our community. 

_**Fr Corniel, May 2025**_ 

## **Fabric Report** 

## **1. St John’s Church** 

Our quinquennial architect, Charles Sheppard, completed his quinquennial inspection report in November 2024, which flagged a wide range of work that is required or recommended for the church building. Much of this was known from the previous report in 2019, and whilst many aspects of the building require attention, little deterioration was observed. 

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It was apparent even before the quinquennial inspection was undertaken that some works to the roof were required as at least one leak had been identified above the children’s area towards the front of the nave. Drone surveys from contractors and Charles Sheppard’s visual inspection confirmed that there are a number of slates that have slipped. The quinquennial report advises that this requires urgent attention to refix slipped slates to avoid further damage. However, the need is likely to be more extensive as the pins fixing the slates to the roof are at the end of their life, and slates will continue to slip. Therefore, alongside the urgent work to refix the slates that have slipped, in order to keep the church watertight in the short term, we will need to plan for an entire overhaul of the roof. If this is to take place, it would be prudent to take the opportunity to undertake other high level works that are needed as part of the same project. 

Quotes were obtained to undertake the work to refix slipped slates, and it is anticipated that the work will be undertaken in 2025. 

In the meantime, Charles Sheppard has retired from his practice, and a new professional adviser and quinquennial architect will need to be appointed, who can advise on a project for the overhaul of the roof. 

## **2. Church Hall** 

A five year lease of the church hall was executed in December 2024, and Super Steps Nursery continues to trade from the hall. The PCC remains responsible for keeping the building watertight. 

## **3. Church House** 

The church house continues to be let out to tenants. 

## **4. Inventory** 

Through generous gifts, we have acquired a number of new vestments to ensure we keep a full suite of vestments for the various parts of the liturgical year. We have acquired a set in each of green, blue, white and gold. 

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## **Deanery Synod Report** 

All churches in Watford (and Bushey) send representatives to Deanery Synod meetings. Our Deanery representative is Robert Wildmore. All clergy are ex-officio members of Deanery Synod. 

In addition to reviewing topics and items of common interest and local mission news and business is received from Diocesan (and General Synod). 

In 2024 Deanery Synod met three times. Main topics discussed were the Diocesan Budget; proposed changes to the structure of the Diocesan Board of Finance (DBF); plans for a “Year of Spiritual Renewal and Wellbeing” in 2025; and putting together a bid for strategic development funding from the Church Commissioners to grow younger and more diverse across Watford. 

## **Financial Statements** 

The PCC has prepared financial statements in accordance with the requirements of the Charities Act 2011. An independent examination of the PCC’s accounts was carried out by Gary Howard of Howard Wilson, Chartered Accountants and Tax Advisers under section 145 of the 2011 Act. In carrying out the examination all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act were followed. 

A copy of the accounts will be made available at the APCM. 

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**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 2024** 



## **PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD** 

## **LEGAL AND ADMINISTRATIVE INFORMATION** 

## **Trustees** 

Rev Corniel Quak (appointed 20 June 2024) David Beesley Clive Bennett (appointed 28 April 2024) Jill Bennett Thomas Cockburn Brian Handley (reappointed 28 April 2024) Jannice Mordue Jennifer Nickson Robert Wildmore **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 - 19|





## **PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD** 

## **TRUSTEES' REPORT** 

## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

The Parochial Church Council members present their annual report and financial statements for the year ended 31 December 2024. 

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** 

At the end of January, Fr Corniel Quak was appointed as new Vicar of St John’s. In addition to being the Vicar of St John’s Church (75%), Fr Corniel also works as Chaplain at our Primary School (25%). The latter is funded separately. Fr Corniel was licensed, collated and installed on 20[th] June by Bishop Jane of Hertford and the Archdeacon of St Albans. 

Prior to this, St John’s continued to be supported by many visiting clergy for which the parish is very grateful. The annual parish retreat to Walsingham took place at the beginning of June. Thanks also go to the PCC, and in particular Jenny Nickson who as the only Churchwarden did an incredible amount of work in all areas of the life and ministry of the church. The church is blessed to now have two churchwardens, both of whom are new to the role but have already made significant contributions. 

After Fr Corniel started in June, changes were made to make the liturgy more inclusive and new service booklets were introduced. The pattern of midweek services was changed and added to. A number of special services took place in the autumn, including a pet service followed by a RSPCA fundraiser organised by one of our young people. Other services include Remembrance (with the Brass Foundry), a special All Souls Remembrance service and an all-age celebration for the Feast of Christ the King. We also welcomed Fr Tony Halton from St Saviour’s in St Albans as a guest preacher for All Saints Sunday. Christmas was a real time of joy with a re-introduction of a Christingle service and Midnight Mass at 11:30pm. Our annual Carols & Brass was another great success, with an opportunity to welcome into our church many people from the community who may not attend regular services. Throughout the autumn we baptized several children, both during our main Sunday service and at private family gatherings. 

We are grateful to Richard Bond (piano) and Daniel Tonks (organ) for their musical contributions to our worship. 

Monthly Parish Lunches were introduced in July, and we are very grateful to Bill Sabor for his delicious cooking. In September, we started a new discussion group, called Faith & a Pint, which meets monthly in a local pub for an informal discussion about a topic of faith or community life. Buddy Brunch continued, offering members of the congregation and the community more broadly an opportunity to have some social time together, and enjoy some refreshments. At the end of 2024 this was combined with our Parish Lunch. 

The PCC appointed Fr Corniel as the interim Safeguarding Officer and work started on mandatory DBS checks, as well as Diocesan Safeguarding Training for PCC members and those involved in leading worship. Work also started on improving accounting policies and procedures, and the PCC started exploring different accounting software to aid this process. David Beesley took over from Anne Handley as Treasurer. The PCC recorded its thanks for Anne’s work on the accounts over the years, and our thanks go to David for taking over this important role. At the end of December, the PCC signed a 5-year lease for the hall with Super Steps Nursery, who previously occupied the hall under different terms. This was a significant achievement, ending a prolonged period of negotiations during 20232024. 

- 1 - 



## **PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD** 

## **TRUSTEES' REPORT  (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 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. The already close relationship with the school has continued to grow now that Fr Corniel spends 25% of his time in the school as Chaplain, and we have seen a number of families from the school join us for our Sunday worship. 

## **Financial review** 

The income for the year was £98,871, up by £6,114 on the previous year (2023: £92,757). Expenditure was up by £18,880 at £113,959 (2023: £95,079). This resulted in a deficit for the year of £14,303 compared to a surplus of £627 in 2023.  The deficit is attributable to expenditure on the Church Hall with an additional spend on major repairs of some £10,000, plus £5,000 of legal and professional fees associated with the Hall lease. 

The reserves carried forward at the year end were £681,205, of which £19,651 related to restricted funds and £2,539 related to endowment funds. The unrestricted funds includes an amount of £603,249 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 Corniel Quak (appointed 20 June 2024) 

David Beesley Clive Bennett (appointed 28 April 2024) Jill Bennett Thomas Cockburn Sophia Dunnicliffe (resigned 28 April 2024) Alex Evans (resigned 28 April 2024) Brian Handley (reappointed 28 April 2024) Jannice Mordue John Graham Mordue (resigned 28 April 2024)) Jennifer Nickson Liz Sheasby (resigned 28 April 2024) Richard Southern (resigned 28 April 2024)) Robert Wildmore 

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

The Parochial Church Council (PCC) Report has been approved and is signed on its behalf by: 


**Rev Corniel Quak Thomas Cockburn Vicar and PCC Chair Churchwarden and PCC Member** 

7 May 2025 

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## **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 2024. 

## **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: 

- 1 accounting records were not kept in respect of the PCC as required by section 130 of the 2011 Act; or 

- 2 the financial statements do not accord with those records; or 

- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. 


## **Gary Howard FCA** 

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

Dated: 14 May 2025 

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## **PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD** 

## **STATEMENT OF FINANCIAL ACTIVITIES** 

## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

|**Current financial year**<br>**Unrestricted**<br>**Restricted Endowment**<br>**funds**<br>**funds**<br>**funds**<br>**2024**<br>**2024**<br>**2024**<br>**Notes**<br>**£**<br>**£**<br>**£**<br>**Income from:**<br>Giving<br>**3**<br>28,526<br>-<br>-<br>Charitable activities<br>**4**<br>6,193<br>-<br>-<br>Income from investments<br>**5**<br>64,152<br>-<br>-<br>**Total income**<br>98,871<br>-<br>-<br>**Expenditure on:**<br>Raising funds<br>**6**<br>25,337<br>-<br>-<br>Charitable activities<br>**7**<br>88,622<br>-<br>-<br>**Total expenditure**<br>113,959<br>-<br>-<br>Net gains/(losses) on investments<br>**12**<br>728<br>-<br>57<br>**Net movement in funds**<br>(14,360)<br>-<br>57<br>Fund balances at 1 January 2024<br>673,375<br>19,651<br>2,482<br>**Fund balances at 31 December 2024**<br>659,015<br>19,651<br>2,539|**Total**<br>**2024**<br>**£**<br>28,526<br>6,193<br>64,152<br>98,871<br>25,337<br>88,622<br>113,959<br>785<br>(14,303)<br>695,508<br>681,205|**Total**<br>**2023**<br>**£**<br>27,843<br>1,617<br>63,297|
|---|---|---|
|||92,757|
|||18,982<br>76,097|
|||95,079|
|||2,949|
|||627<br>694,881|
|||695,508|



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

- 4 - 



## **PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD** 

## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

|**Prior financial year**<br>**Unrestricted**<br>**Restricted Endowment**<br>**funds**<br>**funds**<br>**funds**<br>**2023**<br>**2023**<br>**2023**<br>**Notes**<br>**£**<br>**£**<br>**£**<br>**Income from:**<br>Giving<br>**3**<br>27,843<br>-<br>-<br>Charitable activities<br>**4**<br>1,617<br>-<br>-<br>Income from investments<br>**5**<br>63,297<br>-<br>-<br>**Total income**<br>92,757<br>-<br>-<br>**Expenditure on:**<br>Raising funds<br>**6**<br>18,982<br>-<br>-<br>Charitable activities<br>**7**<br>76,097<br>-<br>-<br>**Total expenditure**<br>95,079<br>-<br>-<br>Net gains/(losses) on investments<br>**12**<br>2,736<br>-<br>213<br>**Net movement in funds**<br>414<br>-<br>213<br>Fund balances at 1 January 2023<br>672,961<br>19,651<br>2,269<br>**Fund balances at 31 December 2023**<br>673,375<br>19,651<br>2,482|**Total**<br>**2023**<br>**£**<br>27,843<br>1,617<br>63,297|
|---|---|
||92,757|
||18,982<br>76,097|
||95,079|
||2,949|
||627<br>694,881|
||695,508|



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## **PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD** 

## **BALANCE SHEET** 

## _**AS AT 31 DECEMBER 2024**_ 

|**Notes**<br>**Fixed assets**<br>Tangible assets<br>**14**<br>Investments<br>**15**<br>**Current assets**<br>Debtors<br>**17**<br>Investments<br>**18**<br>Cash at bank and in hand<br>**Creditors: amounts falling due within**<br>**one year**<br>**19**<br>Net current assets<br>**Total assets less current liabilities**<br>**Capital funds**<br>Endowment funds<br>**21**<br>**Income funds**<br>Restricted funds<br>**22**<br>Unrestricted funds<br>Designated funds<br>**24**<br>General unrestricted funds|**2024**<br>**£**<br>333<br>32,645<br>63,491<br>96,469<br>(21,052)<br>608,590<br>50,425|**£**<br>603,249<br>2,539<br>605,788<br>75,417<br>681,205<br>2,539<br>19,651<br>659,015<br>681,205|**2023**<br>**£**<br>1,037<br>31,916<br>61,838<br>94,791<br>(6,636)<br>608,653<br>64,722|**£**<br>604,871<br>2,482|
|---|---|---|---|---|
|||||607,353<br>88,155|
|||||695,508|
|||||2,482<br>19,651<br>673,375|
|||||695,508|



The financial statements were approved by the Parochial Church Council (PCC) on 7 May 2025 


**Rev Corniel Quak Vicar and PCC Chair** 

**Thomas Cockburn Churchwarden and PCC Member** 

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**PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD** 

## **NOTES TO THE  FINANCIAL STATEMENTS** 

## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

## **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** 

- Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. 

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. 

- 7 - 



## **PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

## **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. 

- 8 - 



**PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

## **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|
|---|---|---|
||**funds**|funds|
||**2024**|2023|
||**£**|£|
|Planned giving|27,658|24,640|
|Legacies receivable|868|3,203|
||28,526|27,843|



- 9 - 



## **PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

## **3 Giving** 

|**Giving**||**(Continued)**|
|---|---|---|
||**Unrestricted**|Unrestricted|
||**funds**|funds|
||**2024**|2023|
||**£**|£|
|**Planned giving:**|||
|Tax efficient planned giving|21,149|20,060|
|Collections at services|3,906|3,244|
|Other planned giving|254|98|
|All other giving and voluntary receipts|518|931|
|Mission donations|1,831|307|
||27,658|24,640|



## **4 Charitable activities** 

||**Charitable**|**Charitable**|
|---|---|---|
||**activities**|**activities**|
||**2024**|**2023**|
||**£**|**£**|
|Statutory fees|105|1,006|
|Pilgrimage income|6,088|611|
||6,193|1,617|
|**Income from investments**|||
||**Unrestricted**|Unrestricted|
||**funds**|funds|
||**2024**|2023|
||**£**|£|
|Rental income|61,205|59,888|
|Interest receivable and dividends|2,947|3,409|
||64,152|63,297|



**5 Income from investments** 

- 10 - 



## **PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

## **6 Raising funds** 

||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2024**|2023|
||**£**|£|
|Raising funds|||
|Direct costs of charitable & ancilliary trading|-|18|
|Rent collection, property repairs & maintenance charges|25,337|18,964|
|Raising funds|25,337|18,982|
|**Charitable activities**|||
||**Church**|**Church**|
||**Activities**|**Activities**|
||**2024**|**2023**|
||**£**|**£**|
|Staff costs|8,109|6,851|
|Depreciation and impairment|1,622|2,446|
|Clergy and staff training|2,139|1,098|
|Diocesan Parish Share|37,024|37,826|
|Major repairs and renewals|5,390|60|
|Mission and evangelism|756|442|
|Running costs|9,878|7,740|
|Sacristy and service costs|4,218|6,381|
|Utilities|5,195|9,252|
|Pilgrimage costs|4,604|-|
|Legal and professional costs|6,140|900|
|Governance costs|3,180|1,680|
|Charitable donations|367|1,421|
||88,622|76,097|



## **7 Charitable activities** 

Governance costs comprise payments to the independent examiner of £1,800 in respect of the 2024 accounts and a balance of £1,380 in respect of previous years (2023 - £1,680). 

- 11 - 



## **PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

## **8 Charitable donations** 

|**8**<br>**Charitable donations**||
|---|---|
|**2024**<br>**£**<br>Watford & Three Rivers Refugee Project<br>-<br>Gatwick Detainees Welfare Group<br>-<br>RSPCA<br>265<br>The Childrens Society<br>38<br>303<br>Grants to individuals<br>64<br>367<br>**9**<br>**Net movement in funds**<br>**2024**<br>**£**<br>The net movement in funds is stated after charging/(crediting):<br>Depreciation of owned tangible fixed assets<br>1,622|2023<br>£<br>50<br>367<br>-<br>-|
||417<br>1,004|
||1,421|
||**2023**<br>**£**<br>2,446|



## **10 Trustees** 

S. Duncliffe was employed as the Parish Administrator, they stepped down as a Trustee on 28 April 2024. 

B. Handley is a partner in Rennie & Co, who are the managing agents for a rental property owned by the PCC. **11 Employees** 

The average monthly number of employees during the year was: 

||**2024**|**2023**|
|---|---|---|
||**Number**|**Number**|
|Parish Administrator (part time)|1|1|
|**Employment costs**|**2024**|**2023**|
||**£**|**£**|
|Wages and salaries|7,208|6,086|
|Other pension costs|901|765|
||8,109|6,851|



The Parish Administrator, S Dunnicliffe also served as a Trustee until 28 April 2024. 

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. 

- 12 - 



## **PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

## **12 Net gains/(losses) on investments** 

||**Unrestricted **|**Endowment**|**Total**|Unrestricted|Endowment|Total|
|---|---|---|---|---|---|---|
||**funds**|**funds**||funds|funds||
||**2024**|**2024**|**2024**|2023|2023|2023|
||**£**|**£**|**£**|£|£|£|
|Gain/(loss) on sale of|||||||
|investments|728|57|785|2,736|213|2,949|



## **13 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. 

## **14 Tangible fixed assets** 

|**Tangible fixed assets**||
|---|---|
|**Furniture**<br>**Freehold**<br>**fixtures Computer &**<br>**land and fittings and**<br>**electrical**<br>**buildings**<br>**vestments**<br>**equipment**<br>**£**<br>**£**<br>**£**<br>**Cost**<br>At 1 January 2024<br>600,000<br>33,579<br>4,776<br>At 31 December 2024<br>600,000<br>33,579<br>4,776<br>**Depreciation and impairment**<br>At 1 January 2024<br>-<br>28,803<br>4,681<br>Depreciation charged in the year<br>-<br>1,575<br>47<br>At 31 December 2024<br>-<br>30,378<br>4,728<br>**Carrying amount**<br>At 31 December 2024<br>600,000<br>3,201<br>48<br>At 31 December 2023<br>600,000<br>4,776<br>95|**Total**<br>**£**<br>638,355|
||638,355|
||33,484<br>1,622|
||35,106|
||603,249|
||604,871|



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. 

- 13 - 



## **PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

|**15**<br>**Fixed asset investments**<br>**Cost or valuation**<br>At 1 January 2024 & 31 December 2024<br>**Carrying amount**<br>At 31 December 2024<br>At 31 December 2023<br>**16**<br>**Financial instruments**<br>**Carrying amount of financial assets**<br>Instruments measured at fair value through profit or loss<br>**17**<br>**Debtors**<br>**Amounts falling due within one year:**<br>Trade debtors<br>Other debtors<br>Prepayments and accrued income<br>**18**<br>**Current asset investments**<br>Unlisted investments<br>**19**<br>**Creditors: amounts falling due within one year**<br>Trade creditors<br>Other creditors<br>Accruals and deferred income|**Listed**<br>**investments**<br>**£**<br>2,482<br>2,482<br>2,482<br>**2024**<br>**2023**<br>**£**<br>**£**<br>32,645<br>31,916<br>**2024**<br>**2023**<br>**£**<br>**£**<br>19<br>131<br>314<br>171<br>-<br>735<br>333<br>1,037<br>**2024**<br>**2023**<br>**£**<br>**£**<br>32,645<br>31,916<br>**2024**<br>**2023**<br>**£**<br>**£**<br>5,037<br>1,056<br>360<br>1,160<br>15,655<br>4,420<br>21,052<br>6,636|
|---|---|



- 14 - 



## **PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

|**20**|**Retirement benefit schemes**|||
|---|---|---|---|
|||**2024**|**2023**|
||**Defined contribution schemes**|**£**|**£**|
||Charge to statement of financial activities in respect of defined contribution|||
||schemes|901|765|



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. 

## **21 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**|**Gains and**|**At 31**|
|---|---|---|---|
||**2024**|**losses**|**December**|
||||**2024**|
||**£**|**£**|**£**|
|**Permanent endowments**||||
|Florence Harriet Forest Bequest|2,482|57|2,539|
|**Previous year:**|**At 1 January**|**Gains and**|**At 31**|
||**2023**|**losses**|**December**|
||||**2023**|
||**£**|**£**|**£**|
|**Permanent endowments**||||
|Florence Harriet Forest Bequest|2,269|213|2,482|



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

- 15 - 



## **PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

## **22 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**||**Movement**||
|---|---|---|---|---|---|
|||**in funds**||**in funds**||
||**Balance at**|**Incoming**|<br>**Balance at**|**Incoming**|**Balance at**|
||**1 January 2023**|**resources**|**1 January 2024**|**resources**|**31 December**|
||||||**2024**|
||**£**|**£**|**£**|**£**|**£**|
|Organ|16,081|-|16,081|-|16,081|
|Pentecost Gift|2,338|-|2,338|-|2,338|
|Godley Play (School)|684|-|684|-|684|
|Miscellaneous Funds|548|-|548|-|548|
||19,651|-|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. 

- 16 - 



## **PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

## **23 Analysis of net assets between funds** 

|**Unrestricted**<br>**Restricted**<br>**Endowment**<br>**funds**<br>**funds**<br>**funds**<br>**2024**<br>**2024**<br>**2024**<br>**£**<br>**£**<br>**£**<br>**At 31 December 2024:**<br>Tangible assets<br>603,249<br>-<br>-<br>Investments<br>-<br>-<br>2,539<br>Current assets/(liabilities)<br>55,766<br>19,651<br>-<br>659,015<br>19,651<br>2,539<br>**Unrestricted**<br>**Restricted**<br>**Endowment**<br>**funds**<br>**funds**<br>**funds**<br>**2023**<br>**2023**<br>**2023**<br>**£**<br>**£**<br>**£**<br>**At 31 December 2023:**<br>Tangible assets<br>604,871<br>-<br>-<br>Investments<br>-<br>-<br>2,482<br>Current assets/(liabilities)<br>68,504<br>19,651<br>-<br>673,375<br>19,651<br>2,482|**Total**<br>**2024**<br>**£**<br>603,249<br>2,539<br>75,417|
|---|---|
||681,205|
||**Total**<br>**2023**<br>**£**<br>604,871<br>2,482<br>88,155|
||695,508|



- 17 - 



## **PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

## **24 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**<br>**1 January 2023**<br>**£**<br>Choir Fund<br>8,590<br>Vicar's Discretionary Fund<br>827<br>Hall and House Valuation<br>600,000<br>609,417|**Transfers**<br>**Balance at**<br>**1 January 2024**<br>**Resources**<br>**expended**<br>**Balance at**<br>**31 December**<br>**2024**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>8,590<br>-<br>8,590<br>(764)<br>63<br>(63)<br>-<br>-<br>600,000<br>-<br>600,000<br>(764)<br>608,653<br>(63)<br>608,590|**Transfers**<br>**Balance at**<br>**1 January 2024**<br>**Resources**<br>**expended**<br>**Balance at**<br>**31 December**<br>**2024**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>8,590<br>-<br>8,590<br>(764)<br>63<br>(63)<br>-<br>-<br>600,000<br>-<br>600,000<br>(764)<br>608,653<br>(63)<br>608,590|
|---|---|---|
|||608,590|



## **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. 

- 18 - 



**PCC OF ST JOHN THE APOSTLE & EVANGELIST, WATFORD** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

## **25 Contingent Liability** 

The PCC has received two invoices which are in dispute in respect of services provided by managing agents in connection with the properties rented to tenants by the PCC. 

The first invoice is for £3,840 (including VAT) in respect of arranging a new lease on the property.  The PCC believe that the amount is not due because the tenant was not introduced by the agents and the PCC has no evidence that an agreement was entered into with the managing agent to be paid for this service.  One of the PCC members is also a partner in the managing agent. 

The second invoice raised by the managing agent is in respect of the period 10 May 2022 to 9 September 2023.  The PCC has reference to a fee of 8% being agreed in March 2023 as a management fee but no indication that it would be applied retrospectively to a period.  The PCC believed the service was being provided by the PCC member who is a partner in the managing agents for no charge.  The PCC calculates that the management fees charged in 2024 are incorrect and that it has overpaid by £1,300.  The PCC also calculates that a management fee payable from March to December 2023, less the amount already paid would give rise to an underpayment of £1,410 which is mostly covered by the overpayment of £1,300 leaving an immaterial due.  The period between May 2022 and March 2023 is disputed and the PCC believes that no amount is due in respect of that period.  If subsequently any evidence were to be provided to establish a liability back to May 2022 the additional amount due would be £3,000 (including VAT). 

## **26 Related party transactions** 

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

During the year the PCC paid fees totalling £8,110 (including VAT) to Rennie & Co. who manage the rental of Church properties.  One of the PCC members, Brian Handley is a partner in Rennie & Co. 

- 19 -