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2023-12-31-accounts

Parochial Church Council of St Mary, Woburn

REPORT AND FINANCIAL STATEMENTS

31 December 2023

Registered Charity Number 1183236.

Parochial Church Council of St Mary, Woburn ANNUAL REPORT FOR 2023

AIMS AND MISSION

St Mary’s, Woburn, Parochial Church Council (PCC) has the responsibility of co-operating with the incumbent in promoting in the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical. The PCC is committed to enabling as many people as possible from Woburn and district to worship at St Mary’s and to become part of the Church Community.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The PCC is a corporate body established by the Church of England and it operates under the PCC Powers Measure. Woburn PCC is a registered charity, number 1183236.

Members of the PCC are elected on a three year rotational basis by the Annual Parochial Church Meeting (APCM) which was held on 27[th] April 2023. Churchwardens are elected each year by the Meeting of Parishioners, which was also held on 27[th] April 2023. Both meetings were held in accordance with the Church Representation Rules.

The PCC members are responsible for making decisions on all matters of general concern and importance to the Parish, including deciding on how the funds of the PCC are to be spent.

The full PCC met eight times during the year, with an average level of attendance of about 90%. Zoom technology was used for some meetings. Committees and working parties communicated between meetings and reports of their deliberations were received by the full PCC and discussed where necessary.

ADMINISTRATIVE INFORMATION

St Mary’s Church is situated in Park Street, Woburn, MK17 9PG. It is part of the Diocese of St Albans within the Church of England. The correspondence address is The Vicarage, Park St, Woburn, MK17 9PG.

During the year the following served as members of the PCC:

Rector: Reverend Dr. Rachel Snow Chair. Appointed 30thMarch 2023
Churchwardens: Mr George Atkinson-Clark Re-appointed Meeting of Parishioners
2023. Lay Chairman.
Mr Stephen Apted Appointed Meeting of Parishioners 2023.
Elected Members: Mrs Pauline Adamson Resigned APCM 2023
Mr Maurice Campbell
Mrs Linda Cudjoe
Mrs Debbie Galliford
Mrs Fay Grech-Marguerat Elected APCM 2023. Resigned 21.10.23
Mrs Rosemary Kennedy
Mr David Knapman PCC Treasurer. Re-elected APCM 2023
Mr Richard Langford Resigned 20.10.2023
Mrs Yvonne Mills
Mrs Paula Sawers Safeguarding Officer. Re-elected APCM
2023
Miss Jackie Stacey Elected APCM 2023.
Dr Anne Turner Co-opted 27.7.2023. PCC Secretary.
Ms Pippa Wilkinson
Deanery Synod Mr Maurice Campbell Appointed 23rdNovember 2023
Representatives:

Page 1

Parochial Church Council of St Mary, Woburn ANNUAL REPORT FOR 2023

COMMITTEES AND SUPPORT

The PCC deals with the majority of church business, but has assistance from the following committees, comprised of PCC members, which meet between full meetings of the PCC:

Standing Committee:

This is the only committee required by law and comprises the Rector, Churchwardens, Secretary and Treasurer. It has power to transact the business of the PCC between its meetings, subject to any directions given by the Council. The Standing Committee meets as required between PCC meetings.

Prayer Ministry Leadership Team. The Prayer Ministry Leadership Team has been re-established under the leadership of Anne Turner to provide prayer based in scripture, and comfort after regular services.

Fabric Committee: Chaired by Mr George Atkinson-Clark, the Committee attends to matters relating to the stewardship of assets, such as the church buildings and fabric, and the churchyard.

Further help and support is also received from:

Volunteers:

The PCC would like to thank all the volunteers who work very hard to make St Mary’s Church a lively and vibrant community, especially during the vacancy and the Rector’s sick leave.

Benefice Administrator: Mrs Janice Windon continues to be an excellent support to the Benefice. Woburn PCC bears the full cost of this role.

A regular subscription is being paid to ChurchSuite, which assists with our administrative processes.

CHURCH ATTENDANCE AND ELECTORAL ROLL

At 31[st] December 2023, there were 64 people on the Church electoral roll, of whom 17 are resident in the Parish and 47 non-resident. During the year there were 12 deletions – of whom 6 were residents and 6 nonresidents. There were 8 additions of whom 3 were resident in the Parish and 5 non-resident. Thanks are due to John Adamson, who has faithfully maintained the electoral roll, and to Judy Knapman, who has now succeeded him.

OBJECTIVES AND ACTIVITIES

The PCC’s objectives are to enable St. Mary’s Church in worship and mission in accordance with the agreed Vision for St. Mary’s Woburn, which is:

Following the retirement of Rev’d Canon Steve Nuth on 29[th] May 2022, the Churchwardens, aided by PCC members from across the Benefice, have worked tirelessly to achieve the appointment of Rev’d Dr Rachel Snow as Rector to Woburn Benefice,

Rachel’s induction service on 14[th] March 2023 at St Mary’s Church Woburn was led by the Bishop of Bedford, the Rt, Rev’d Richard Atkinson and the Archdeacon of Bedford, The Venerable Dave Middlebrook.

Rachel has applied enormous enthusiasm to her role and she has brought changes to St Mary’s as well as continuing the variety of services to suit the diverse membership of the Church and the Community.

Page 2

Parochial Church Council of St Mary, Woburn ANNUAL REPORT FOR 2023

Very disappointingly for everyone, Rachel was taken ill before Christmas 2023 and was placed on three months sick leave. We wish her a strong recovery and very much look forward to her anticipated return in Spring 2024.

.

The activity in 2023 continues to support the Vision in:

When planning our activities for the year, the PCC has considered the Charity Commission’s guidance on public benefit and the specific guidance on Charities for the advancement of religion. In particular, we try to enable people to live out their faith as part of our parish community through:

To facilitate this important work, the PCC maintains the internal workings of St Mary’s Church, Woburn.

ACHIEVEMENTS AND PERFORMANCE

Worship and Prayer.

For 2023, the pattern of church services continued in a similar manner:

A monthly prayer meeting is held using Zoom facilities, under the leadership of Stephen Apted.

Anne Turner is the leader for the Prayer Ministry group, bringing prayer and comfort for those in need each week after the regular services.

Sunday School for 5 to 12 year olds and Next Generation for age 13 to 18 took place each week in church during term time thanks to Fay Grech-Marguerat and her willing team of helpers and the worship group ably led by Rich Langford provided variety of worship at Informal Communion services. However, it is with great sadness that we report here that the Langford and Grech-Marguerat families decided to leave St Mary’s Woburn for fresh horizons. This has meant a reduction in these activities while we find fresh volunteers. We wish the families well in their new worship venues.

Paula Sawers, our safeguarding officer, provides the crèche facility in church for under 5 year olds, during Sunday morning services.

Tim Gage has served excellently as our Organist, whilst Christine Gage and Roger Stares have been very supportive in making musical contributions to our services, for which we are most grateful.

Page 3

Parochial Church Council of St Mary, Woburn ANNUAL REPORT FOR 2023

St Mary’s has continued to hold the Bedfordshire Fire & Rescue Service and Bedford Estate carol services, as well as the Nine Lessons and Carols and a crib service. It is very fulfilling to be able to welcome worshippers to these services.

Mission and Evangelism.

All these activities require an enormous amount of help and support and warmest thanks are due to all who participate and support.

Maurice Campbell has been appointed by the PCC to serve as lay representative to the Deanery Synod.

During the year, it was announced that Christine Gage will train to be a Lay Leader of Worship and Derek Snow will train to be a Lay Reader to the Benefice. We wish them both every support in their new ventures.

During the year, we said final farewells to two of our highly respected and loved worshippers. Jennifer Smith and John Austin will be much missed and may they rest in peace.

The PCC will warmly welcome new attendees and fresh volunteers for our working teams, which have been somewhat depleted over the past pandemic period. There is a huge variety of activity, enjoyment and fulfilment to be received by those contributing to the work of St Mary’s. Please do come and join us; as always, you will be very warmly welcomed!

RISK POLICIES

The PCC takes the matter of managing risks very seriously and has formal policies for the following risk areas, which have been approved by the PCC. The risk areas are kept under regular review, by Judy Relf, our Health and Safety Officer:

Page 4

Parochial Church Council of St Mary, Woburn ANNUAL REPORT FOR 2023

Financial procedures are in place for the handling of cash. Contents and other Risk Insurances have been reviewed and updated with the help of Ecclesiastical Insurance. The Bedford Estate is responsible for the insurance of the fabric of the building. The PCC is very grateful for this support.

Judy Relf helpfully continues her role as Health and Safety officer although she is not a member of the PCC. Paula Sawers continues her work as Safeguarding Officer to the PCC and ensures that all the necessary DBS checks are completed as necessary.

FABRIC COMMITTEE

During 2023, the Fabric Committee continued to attend to items needing action, as appropriate. George Atkinson-Clark, Chairman of the Fabric Committee, continues to liaise with Bedford Estates, as necessary.

The Fabric Committee has attended to the following matters in 2023:

The churchyard in Bedford Street is maintained to a high standard, very economically, by a dedicated team including Matthew Relf, Carole and Robert Edmunds and Graham Howard all of whom work very hard and give their time freely to carry out this task. The PCC expresses its huge appreciation of their valued efforts.

The PCC also expresses considerable appreciation to the Bedford Estates for the ongoing maintenance and insurance of the church building and the cutting of the grassed areas at the front of the church.

FINANCIAL REVIEW AND AIMS

The vacancy period and the onset of the effects of the cost of living have influenced worshippers’ spending habits, and we have taken steps to encourage standing order income and donations, but more work needs to be done to improve our income levels. All payments are made using Barclays on line system and each payment requires the equivalent of two PCC member signatures, before being paid.

The Parish Share for the year to 31 December 2023 of £42,984 (2022: £37,935) has been paid in full, by monthly direct debit. The notified Parish Share cost for 2024 will be £43,932. The 2024 Parish Share consists of net Stipend contribution of £21,710 (2023: £21,055) towards the cost of the Rector, and Ministry Support of £18,957 (2023: £19,262), plus a discretionary adjustment of £3,265 as a contribution to St Albans Diocese costs. The higher percentage allocation of Parish Share to St Mary’s was agreed during the year and takes the contribution from 61% to 66.2%.The bulk of the stipend contribution costs relates to clergy stipends, clergy housing costs and pensions, whilst Ministry contributions reflect the

Page 5

Parochial Church Council of St Mary, Woburn ANNUAL REPORT FOR 2023

_____________

congregation and electoral roll numbers. The 2024 Parish Share costs include a small reduction to reflect the Rector’s sick leave.

The financial result for the year shows net income on unrestricted fund of £393 (total income minus total expenditure), with net income of £1,961 on restricted funds and a revaluation gain on endowment fund of £494, giving rise to overall net income for the year of £2,848. This is an encouraging result for this year, when we were expecting a large deficit on unrestricted funds. This result would not have been possible without the devoted and generous support of our standing order and donation providers. Thank you again all for your blessed and continuing support.

The PCC’s accounts continue to be prepared on the accruals basis, although there is not a statutory need.

The PCC is presenting a deficit budget for 2024 anticipating a deficit of £19,588 at the end of the year. Whilst the PCC has approved a deficit budget, it has been done in a spirit of optimism as a result of the healthy position of the unrestricted general fund at 31[st] December 2023. Like many similar organisations, the PCC is facing unprecedented costs for heating and power, after it has been obliged to take on new contracts for gas and electricity from 9[th] January 2023 until 30[th] September 2024, when application will be made for new and hopefully less costly contracts.

As St Mary’s Woburn PCC has charitable status, the use of Gift Aided donations is encouraged widely by the PCC, to take advantage of the valuable tax concessions available to Charities. Church attendees are encouraged to give by use of Gift Aid envelopes or Gift Aided standing orders.

Tithing to Christian organisations has continued in 2023. 10% of Gift Aided income (including tax refunds), planned giving and cash collections has enabled £7,025 to be donated in this way in January 2023. Subsequently, further gifts amounting to £8,250 have been paid in January 2024 to carefully selected Christian related charitable organisations, namely The Need Project in Bedfordshire, Willen Hospice, United Christian Broadcasters, The Salvation Army Victims of Trafficking in the UK and Christian Solidarity Worldwide.

We have taken advice from St Albans Diocese with regard to generating further income and we have purchased a Payaz card reader and a Collectin reader. Also, a QR code has been set up and made widely available to attract giving. Additionally, a Parish Giving Scheme account has been established. The card readers are available during church opening hours to provide maximum flexibility in enabling donations. Furthermore, donations may be made via the church website at www.woburnparishchurch.co.uk

The majority of St Mary’s income arises from the thoughtful tithing and donations from our worshipping community and this is our preferred way of generating funding, especially by establishing standing orders, which help to underpin our mission activities. Our heartfelt thanks to all our supporters for all they provide so generously. Please continue your devoted support, and encourage others to participate similarly.

The PCC will continue to look for fundraising opportunities to help with our Mission programme and improving facilities at St Mary’s. The PCC has no hesitation in repeating the message that the fundraising teams get no younger and the Church is in much need of younger members to help take forward fundraising activities, if it is to maintain and continue its activities within the Parish. Such activities provide fellowship, team building, outreach as well as the benefit of additional funds. Your help and ideas are requested and will be much appreciated. Please volunteer to help!!

Grateful thanks are due to Tim Gage, who has been appointed as Independent Examiner of these accounts by the PCC.

Page 6

Parochial Church Council of St Mary, Woburn ANNUAL REPORT FOR 2023

RESERVES POLICY

During the year, the PCC has reviewed its reserves policy and concluded that it would continue to hold at least the equivalent of 3 months budgeted general unrestricted fund expenditure or not less than £20,000 in general unrestricted fund reserves.

At 31[st] December 2023, the PCC’s free reserves in general fund amounted to £40,806 (Note 10 to the accounts) and represents 5.26 months of budgeted expenditure, compared with the policy of 3 months.

INVESTMENT POLICIES

It is our policy to invest funds balances in a Barclays Bank plc base rate tracker deposit account and a Church of England Deposit Fund (CCLA) to protect funds and investment income.

On behalf of the PCC

George Atkinson-Clark. Lay Chairman.

14[th] March 2024.

Page 7

INDEPENDENT EXAMINER’S REPORT

TO THE PAROCHIAL CHURCH COUNCIL OF ST MARY, WOBURN

This report on the accounts of the Parochial Church Council (PCC) for the year ended 31[st] December 2023, which are set out on pages 9 to 18 is in respect of an examination carried out in accordance with s.145 of the Charities Act 2011 (“the Act”) and the Church Accounting Regulations 2006 (“the Regulations”).

Respective responsibilities of the PCC and the examiner

As the members of the PCC, you are responsible for the preparation of the accounts; you consider that the audit requirement of the Regulations and s.144(2) of the Act does not apply. It is my responsibility to issue this report on those accounts in accordance with the terms of the Regulations.

Basis of independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commission under section 145(5)(b) of the Act and to be found in the Church guidance, 2013 edition. That examination includes a review of the accounting records kept by the PCC, and a comparison of the accounts with those records. It also includes considering any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Independent examiner’s statement:

In connection with my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that in any material respect the requirements:  to keep accounting records in accordance with section 130 of the 2011 Act, and

  2. to prepare accounts which accord with the accounting records and comply with the requirements of the Act and the Regulations have not been met; or

  3. 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

T.J.Gage FCA, DChA 45 Flitwick Road Ampthill Bedfordshire MK45 2NS

Page 8

Parochial Church Council of St Mary, Woburn STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2023

Unrestricted
Notes
Funds
£
INCOME and ENDOWMENTS
Voluntary income
2(a)
87,949
Income from church activities
2(b)
5,537
Activities to generate funds
2(c)
10,805
Income from investments
2(d)
1,496
Other incoming resources
2(e)
5,140

TOTAL INCOME
110,927

EXPENDITURE
Charitable giving
3(a)
9,590
Church activities and ministry
3(b)
100,944
Raising funds
3(c)
-

TOTAL EXPENDITURE
110,534

NET INCOME/(EXPENDITURE)
BEFORE INVESTMENT
GAIN/(LOSS)
393
NET GAIN ON INVESTMENTS
REVALUATION
5(b)
-

NET INCOME/(EXPENDITURE)
393

TOTAL FUNDS BROUGHT
FORWARD
64,814

TOTAL FUNDS CARRIED
FORWARD
6
65,207
 Restricted
Endowment
Funds
£
Funds
£
2,839
-
-
-
600
-
-
175
-
-


3,439
175



-
-
1,478
175
-
-


1,478
175


1,961
-
-
494


1,961
494


6,317
5,248


8.278
5,742


 TOTAL FUNDS
2023
£
2022
£
90,788
81,221
5,537
7,165
11,405
6,312
1,671
399
5,140
3,255


114,541
98,352


9,590
12,208
102,597
84,131
-
20


112,187
96,359


2,354
1,993
494
(700)


2,848
1,293


76,379
75,086


79,227
76,379

The notes on pages 11 to 18 form part of these accounts.

Page 9

Parochial Church Council of St Mary, Woburn BALANCE SHEET 31 December 2023

Notes
FIXED ASSETS
Tangible fixed assets
5(a)
Investment assets
5(b)
CURRENT ASSETS
Debtors & prepayments
7
Short term deposits
8
Cash at bank and in hand
LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR
9
NET CURRENT ASSETS
TOTAL NET ASSETS
PARISH FUNDS
6
Unrestricted
10
Restricted
10
Endowment
5(b)
10		 2023
£
-
5,742

5,742

4,025
67,478
5,228

76,731
(3,246)

73,485

79,227

65,207
8,278
5,742

79,227
 2022
£
-
5,248

5,248

2,215
67,128
4,991
74,334
(3,203)
71,131
76,379
64,814
6,317
5,248

76,379

Approved by the Parochial Church Council on 14[th] March 2024 and signed on its behalf by:

George Atkinson-Clark. Lay Chairman.

David J. Knapman Treasurer

The notes on pages 11 to 18 form part of these accounts.

Page 10

Parochial Church Council of St Mary, Woburn NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023

1 ACCOUNTING POLICIES

BASIS OF PREPARATION AND GOING CONCERN

The PCC is a public benefit entity within the meaning of FRS102. These financial statements have been prepared under the Charities Act 2011 and in accordance with Church Accounting Regulations 2006 governing the individual accounts of PCC’s and with the Regulations’ “true and fair view” provisions, together with FRS102 as the applicable accounting standards and the 2015 version of the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP(FRS102)).

The PCC confirms that at the time of approving these financial statements, there is a reasonable expectation that the PCC has adequate resources to continue in operation for the foreseeable future. In arriving at this conclusion, the PCC has taken account of current and anticipated financial performance in the current economic conditions and the PCC’s reserves position. For this reason, the going concern basis continues to be adopted in the preparation of the PCC’s financial statements.

The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at mid-market value.

The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body or those that are informal gatherings of church members.

FUNDS

Unrestricted Funds:

These represent the remaining income funds of the PCC that are available for spending on the general purposes of the PCC, including amounts designated by the PCC for fixed assets for its use or for spending on a future project and which are therefore not included in its ‘free reserves’ as disclosed in the PCC’s report.

Restricted Funds:

These are income funds that must be spent on restricted purposes and details of the funds held and restrictions provided are shown in the notes to the accounts.

Endowment Funds:

The Endowment Fund income is restricted to a specific purpose as set out in note 5.

INCOME

Recognition of income and endowments:

Income and endowments are included in the Statement of Financial Activities (SOFA) when:

  1. The PCC becomes legally entitled to the use of the resources;

  2. Inflow of economic benefit is probable;

  3. The monetary value can be measured with sufficient reliability.

Fundraising income:

Funds raised from events and trading activities are reported gross in the SOFA, before any related costs have been deducted.

Grants and donations:

Grants and donations are included in the SOFA when any preconditions have been met. For collections and planned giving, this is when the funds are received.

Page 11

Parochial Church Council of St Mary, Woburn NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023

Gift Aid Tax and GASDS claims:

Gift Aid and other tax claims are included in the SOFA at the same time as the donations to which they relate.

Rental income:

Rental income from the letting of the church and crypt is recognised when the rental is due.

Investment income:

This is included in the accounts when receivable. Dividends and interest are received gross.

Investment gains and losses:

Realised gains or losses are recognised when investments are sold.

Unrealised gains or losses are accounted for on revaluation of investments to mid-market value at 31st December.

EXPENDITURE AND LIABILITIES

Liability Recognition:

Liabilities are recognised as soon as there is a legal or constructive obligation and settlement is probable and quantifiable.

Grants payable without performance conditions:

These are recognised in the accounts when a commitment has been made externally and there are no pre-conditions still to be met for entitlement to the grant which remain in the control of the PCC.

Support costs:

Support costs include central functions and have been allocated to cost categories on a basis consistent with the use of resources. The diocesan parish share is accounted for when paid. Any parish share unpaid at 31 December is provided for in these accounts as an operational (though not a legal) liability and is shown as a creditor in the Balance Sheet.

Fee collection:

Fees collected on behalf of the Diocese, which have not been remitted at the end of the year are included in creditors.

ASSETS

Consecrated property and movable church furnishings

Consecrated and beneficed property of any kind is excluded from the accounts by Section 10(2)(a) and (c) of the Charities Act 2011 and such assets are not capitalised in the financial statements.

Movable church furnishings held by the Rector and Churchwardens on special trust for the PCC, and which require a faculty for disposal, are accounted as inalienable property unless consecrated. They are listed in the church’s Inventory, which can be inspected (at any reasonable time). For inalienable property acquired prior, there is insufficient cost information available and therefore such assets are not valued in the accounts.

All expenditure incurred in the year on consecrated or beneficed buildings, or on the repair of movable church furnishings is written off.

Expenditure relating to the Crypt improvement, and the related grants have been written off as the expenditure relates to the fabric of the Church building. (See note 5(a)).

Page 12

Parochial Church Council of St Mary, Woburn

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2023

Other fixtures, fittings and office equipment

All equipment purchased for use within the church premises has been written off, when purchased.

Investments

Investments are valued at mid-market value at 31 December. (See note 5(b)).

Current assets

Amounts owing to the PCC at 31 December are shown as debtors. All other amounts due to the PCC have been taken to account in the year.

Short term deposits:

Short-term deposits include cash held on deposit at the banks detailed in note 8.

Page 13

Parochial Church Council of St Mary, Woburn NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023

2.
INCOME &
ENDOWMENTS
Unrestricted
Funds
£
2(a)
Voluntary income:
Planned giving:
Gift aid donations
60,977
Income tax recoverable
(including GASDS)
16,856
Collections & offertory box
4,062
Other regular donations
900
Sundry donations
5,154

87,949

2(b)
Income from church activities:
Fees: Weddings & funerals
4,469
Clergy expenses recharged
397
Magazine sales
392
Christmas card sales
239
Marriage preparation
-
Sundry income
40

5,537

2(c)
Activities for generating funds:
Fund-raising events
1,040
Hire of Bells
-
Hire of Crypt
412
Heating credits & Church hire
9,353

10,805

2(d)
Income from investments:
Bank interest (gross)
1,496
Dividends (gross)
-

1,496

2(e)
Other incoming resources:
Legacy
1,000
VAT recovery
879
Grants received
2,479
Vicarage costs refund
782

5,140

TOTAL INCOME
110,927
 Restricted
Funds
£
Endowment
Funds
£
2,152
-
538
-
-
-
-
-
149
-


2,839
-


-
-
-
-
-
-
-
-
-
-
-
-


-
-


-
-
600
-
-
-
-
-


600
-


-
-
-
175


-
175


-
-
-
-
-
-
-
-


-
-


3,439
175

 2023
£
63,129
17,394
4,062
900
5,303

90,788

4,469
397
392
239
-
40

5,537

1,040
600
412
9,353

11,405

1,496
175

1,671

1,000
879
2,479
782

5,140

114,541
 2022
£
52.250
13,809
3,295
1,480
10,387

81,221

5,908
763
264
140
90
-

7,165

147
1,200
260
4,705

6,312

225
174

399

1,500
409
1,346
-

3,255

98,352

Page 14

Parochial Church Council of St Mary, Woburn NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023

3.
EXPENDITURE
Unrestricted

Funds
£
3(a)
Charitable giving:
Tithing fund
7,025
Donations
2,565

9,590

3(b)
Church activities and
ministry:
Diocesan Parish Share
42.984
Clergy expenses
1,204
Benefice Administrator
5,410
Costs of services
6,485
Church running expenses
25,318
Church maintenance
8,841
Outreach & Youth Work
2,838
Parish magazine
420
Upkeep of churchyard
3,350
Organist fees
1,643
Marriage clerk
221
Fees paid to Diocese
1,812
Printing and stationery
418

100,944

3(c)
Raising funds
Costs of events
-

TOTAL EXPENDITURE
110,534
 Restricted
Endowment
Funds
£
Funds
£
-
-
-
-


-
-


-
-
-
-
-
-
-
-
-
1,000
-
478
-
-
-
-
175
-
-
-
-
-
-
-
-


1,478
175


-
-


1,478
175

 TOTAL FUNDS
2023
£
2022
£
7,025
6,600
2,565
5,608


9,590
12,208


42.984
37,935
1,204
694
5,410
4,822
6,485
4,896
25,318
10,670
9,841
16,595
3,316
724
420
306
3,525
3,317
1,643
1,273
221
280
1,812
2,141
418
478


102,597
84,131


-
20


112,187
96,359

The reserves policy of the PCC is set out in the Review of the Year.

Page 15

Parochial Church Council of St Mary, Woburn NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023

4 PCC MEMBERS COSTS

PCC members were reimbursed expenses of £1,438 (2022 £856) for the year. The key management personnel are the members of the PCC as set out on page 1. Apart from the amounts disclosed above, no remuneration is paid to PCC members. (2022 £Nil). There were no other disclosable transactions in respect of PCC members, persons closely connected with them or other related parties.

5 FIXED ASSETS FOR USE BY THE PCC

5(a) Tangible fixed assets

Church equipment has been written off as the expenditure has been incurred. Improvements to the Crypt relate to the fabric of the building and have not been capitalised in these accounts. As a result of the Covenant between John, 4[th] Duke of Bedford, his heirs and assigns and the Churchwardens and their successors, dated 24[th] June 1796, the repair of the fabric of the parish Church of St Mary, Woburn, is the responsibility of the Trustees of the Bedford Estate.

5(b) Endowment Fund £
Investment fixed assets
Movements in the year:
Market value – 1 January 2023 5,248
Revaluation gain 494
______
Market value – 31 December 2023 5,742

Holdings at 31 December 2023: 254 units in the CBF Investment Fund Income Shares. The Endowment Funds are held on behalf of the PCC by CCLA. The income may only be used towards the upkeep of the parish burial grounds, including the Farmer family graves. The endowment fund may not be disposed of or acquired by the PCC. The annual valuation is provided by CCLA Investment Management Ltd.

6 SUMMARY OF ASSETS BY FUND

Unrestricted
Restricted
Endowment
Funds
£
Funds
£
Funds
£
Fixed assets for Church use
-
-
-
Investment fixed assets
-
-
5,742
Current assets
68,453
8,278
-
Current liabilities
(3,246)
-
-



Funds balances
65,207
8,278
5,742


 TOTAL FUNDS
2023
£
2022
£
-
-
5,742
5,248
76,731
74,334
(3,246)
(3,203)


79,227
76,379

Page 16

Parochial Church Council of St Mary, Woburn NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023

7 DEBTORS 2023
2022
£
£
Debtors & prepayments: Unrestricted 4,015
2,205
Debtors & Prepayments: Restricted 10
10
______
______
4,025
2,215
8 SHORT TERM DEPOSITS
Bank deposit account 37,478
37,128
CCLA deposit account 30,000
30,000
______
______
67,478
67,128
9 LIABILITIES: Amounts falling due within one year
Other creditors: Unrestricted 3,246
3,203
Other creditors: Restricted -
-
______
______
3,246
3,203
10. ANALYSIS OF MOVEMENTS IN UNRESTRICTED FUNDS
Fund 1stJanuary 31stDecember
Name 2023 Income Expenditure Transfers 2023.
DESIGNATED FUNDS:
Tithing 7,039 - (7,025) 8,240 8,254
Altar Frontals 765 - - - 765
Organ 5,000 - - - 5,000
Angel Tree 1,915 - (413) - 1,502
Outreach 3,113 950 - - 4,063
Technical Fund - 1,000 - - 1,000
Green Boiler Fund 1,657 - - - 1,657
Altar Linen fund 19 - - - 19
Lady Chapel 1,600 - - - 1,600
Youth Work 500 - - - 500
Rounding ____- _- ____- _____- ____1
Total designated funds 21,608 1,950 (7,438) 8,240 24,361
General fund(Includes
debtors & creditors) 43,206 108,977 (103,096) (8,240) 40,846
____ _ _____ _____ ____
Total Unrestricted funds 64,814 110,927 (110,534) - 65,207
____ _ ___ _____ ____

Page 17

Parochial Church Council of St Mary, Woburn NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2023

  1. Cont’d. ANALYSIS OF MOVEMENTS IN RESTRICTED FUNDS
Fund 1stJanuary 31stDecember
Name 2023 Income Expenditure Debtors Net 2023
RESTRICTED FUNDS:
Bells 2,557 600 (600) - 2,557
Outreach & Alpha - 589 (478) - 111
Organ 3,510 600 - - 4,110
Technical Fund - 1,650 (400) - 1,250
Youth Work 250 - - - 250
____ ___ ___ ___ ____
Total Restricted funds 6,317 3,439 (1,478) - 8,278
____ __ ___ ___ ____
Note: The net debtors =
reverse open and add
closing debtors.
ENDOWMENT FUNDS 5,248 669 (175) - 5,742
Total Reserves 76,379
 115,035
 (112,187)
 -
 79,227

11. FUND PURPOSES

Fund name

Description and purpose of funds

Tithing Fund. Tithing by St Mary’s Church to carefully selected external charities. Bells Fund. Funds raised by bell ringers and others for upkeep of bells. Altar Frontals. Funds for the repair and conservation of Altar Frontals. Organ. For major repairs to the Organ. Angel Tree. To provide presents for needy children. Outreach & Alpha For Outreach & Alpha purposes in the parish. Technical Fund Funds for technical improvements. Green Boiler Fund Saving for Boiler renewal. Altar Linen Fund. For purchase of new linen. Lady Chapel. For improvements to the Lady Chapel. Youth Work Support for Youth Work of St Mary’s Church.

Page 18