ST JAMES, CHURCH ELSTEAD FINANCIAL STATEMENTS of the PAROCHIAL CHURCH COUNCIL Year Ended 31" December 2023 ELSTEAD PAROCHIAL CHURCH COUNCIL Annual RevSew of Financial Activities Year ended 31" December 2023 Total recelpts on unrestrirted funds were £66,620. Planned giving has a small increase but is not keeping pace with rising costs and the level of activities undertaken. The general fund is operating at a loss of £11,179 partially covered by gains on the investment5 of £5,346. As the investment funds will be needed in 2024 for the building project and the political climate is volatile the PCC decided early in 2024 to sell the investments and so protect the funds from any downturn in the markets. Cash was banked of £63.993.60 on 3rd April 2024 Ivalue at 31.12.2023 was £63,806). The sale of the Elstead Village News continues to produce a good income at £4.796 profit but less than previous years. Restricted income totalled £48,004 of which £26.214 was for the Foodbank and £19.801 for Fit for the Future building project. Total outgoing on unrestrirted funds was £77,799 Diocesan Parish Share wa5 a small increase to £41,496. The Parish Office costs provide administrative and support needs to the ETSPH group. These costs are shared with Thursley and Shackleford & Peper Harow Parishes. The Elstead share only is shown in these accounts and there is a small saving this year. Outward giving has been maintained, particularly supporting our school, and a balanced approach taken on the Charities to be supported. The FoodBank received grants of £18,020 from Surrey County Council plus significant personal donations to help cover periods when demand is great and grants have been used. There is no certainty Ih that this grant will continue beyond 30 September 2024 as we await government policy announcements delayed due to the timing of the General Election. The FoodBank and the Pastoral Fund have been used to relieve those in greatest need in Elstead, and continue to form a significant part of our weekly activities. The net result on unrestricted funds a deficit of £11.179 before unrealised gains on investment5. (ln 2022 the deficit on unrestrirted funds was £6.746 with unrealised losses on investments of £7.964.1 To cover the deficit £3.000 has beer) moved from the designated fund for Major Repairs back into the general fund. Reserves Pollcy: The PCC policy is to maintain a balance on unrestricted funds to cover at least three months regular payments, which would be £19,450. The current reserves will coverthis, however the designated funds for major repairs of £31,976 are intended to go to the rebuilding project. The PCC will discuss how to increase planned giving in 2024. The Fit for the Future Project is our main concern and active Fund Raising. All funds raised are restricted funds and total £88,992. Together with the designated reordering project funds of £31,374 there are total funds dedicated to the project of £120,366 at 315t December 2023. The Major Repairs Fund £31,976 is a Designated fund with the intention of covering future repairs costs, particularly the Quinquennial Costs. As this is a Oesignated Fund the PCC can decide whether to reallocate this fund at a future date, back to the general fund, or to the Fit for the Future Project when the project is further advanced and the effect on the repair's requirement understood. Note prepared by Revd Delio Ormefor PCC in the t7bsence of an Honorary treosurer. Poge I ELSTEAD PAROCHIAL CHURCH COUNCIL endent Examiner's re ort to the Parochial Church Council of St. James, Elstead Inde for the Year ended 31st December 2023 I report on the accounts of the Parochial Church Council for the year ended 31st December 2023 set out on pages 2 to 8. Respective responsibilities of trustees and examiner As the charity's trustee5 you are responsible for the preparation of the accounts. You consider that the audit requirement of Section 144121 of the Charities Act 2011 (the Act) does not apply. It is my responsibility to examine the accounts under Section 145 of the Act; follow procedures speclfied in the General Directions given by the Charity Commissioners under Section 14515}Ibl of the Act and to state whether particular matters have come to my attention. Basis of Independent Examinerfs report My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual item5 or disclosures in the accounts, and seeking explanations from you as trustees concerning such matters. The procedures undertaken do not include 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 Examinerfs statement In connection with my examination no matter has come to my attention: which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with Sertion 130 ofthe Art and to prepare accounts which accord with the account records and to comply with the accounting requirements of the Act have not been met: or to which, in my opinion, attention should be drawn in orderto enable a proper understanding of the accounts to be reached. I'J CLJ Paul Chamberlain FCA. DChA Elm House, Tanshire Park, Shackleford Road, Elstead, Godalming, Surrey, GU8 6LB 2024 ELSTEAD PAROCHIAL CHURCH COUNCIL Balance Sheet 31st Docembgr 2023 31 Dec 2023 31 Dec 2022 InveBtment Assets Investments, at maFket valu8 2165 .819 6l165 1J23 S6.819 1.764 ui Currenl Assets Debtors & Prepayrr*nts Inc￿Me Tax re￿￿eral)le Deposrt Ac¢ount Curr8ntAwunt 11 11,￿5 7,764 1￿1,606 8.932 129208 105.000 8,262 124.836 Less- Credltors Cr8ditors & AcGruaL8 9.778 120.203 115.058 TOTAL ASSETS £ 183.690 173.$41 repro8•nt•d by:. Unrestricted Fund G￿er&I FUTVJ 7.741 7.741 Des. natsd Funds Major Repairs Re.ordering Proi8¢t 31.976 31.374 34,976 31,374 66,360 Restrict￿ Funds Book of Remembran Garden of Rememtyranc Pastoral Fund F￿dbank Re-ordering Projo Major Re￿1￿ Fund 125 125 1,853 5,626 17.881 18,767 88,W2 115A32 99.SS0 TOTAL FUNDS £183,6 £173.641 IC/PIzy AFproved by thg ParothiJ Church Counul on........ .. . . . .. .. and s￿ned by:. (Rector) P￿? LSTEAD PAROCHIAL CHURCH COUNCIL St*ement of Flnandal Acti￿1￿¢5 31st rnber 2023 Tot•1 Ful￿5 Unrestrlcted Dèslgnated Reslrkted Funds Funds Fund$ 31 OeG 23 31 Dèc 22 INCOMING RESOURCES Incc** from:. DowK)r8 Leg*ie5 Grants Restricted DonalN)r6 Invesirnents Activities to Tuther PCC ot4ecbves Activities lo generaie furKts Special Collectnns FIt4FutU￿. reorderi Tot* Incomlng R•sources 2181 21bl 21bl 21bl 21¢) 21dl 21el 42,536 42.536 44.530 18.020 9.194 25,020 9,194 3.fj17 25.250 13,316 2,013 6.778 11,572 974 19,801 73.855 £114,624 £178.288 3,617 19.801 £48.W4 £66.620 OUTGOING RESOURCES Expendiiure on:. MissKJn GNlng & Grants Costs relating to the ￿rk ofthe Church Admin￿traI Other Costs Fi14Future- rerxddr*J Totsi Outgolny R•source8 3(81 3(bl cl 3(d 3.919 54.134 10,915 8.831 27.463 1,7 31,380 55.919 10.915 8,831 30.031 53,025 11,863 9.408 3,883 £109.920 £108,210 2.874 £32.121 £77.799 NET OUTGOINGnNCOMING RESOURCES Transf¥ Irom des￿j￿al￿ furn1 repays {11,1791 15,082 .704 £70.078 13,LL¥)I -8,179 Unreawj Ga￿ ￿ Investm& 7,964 02,114 .2.￿3 15.882 10.049 Balanees brovghtfonvwd .741 £￿350 ,550 £173,641 £111,526 8alanc•s earSBd forward £63 350 £115 £183 690 £173 640 ELSTEAD PAROCHIAL CHURCH COUNCIL Notes to the Financial Statements for the Year ended 31st December 2023 AccouMnNG pouaES The financial statements have been prepared in accordance with the Church Accounting Regulations 2(X)6, together with applicable accounting standards and the Charities, SORP 2(K15. The linancial statements have been prepared under the historical cost convention, except for the valuation of investment assets which are shown at mat*et value. Funds The General funds represent funds of the P.C.C. that are not subject to any restrirtions regarding their use and are available for the general purposes of the P.C.C. Funds desiBnated for a particular purpose by the P.C.C. are 3150 unrestricted. Funds received for specific purposes are placed in a restricted fund. Incomlnz Resource5 Plannetl givirig, collections and donations are recognised when receNed. Legacies are brought in at the amount estimated by the executors as receivable. Income tax recoverable on gift aid donations is accounted for when recognised. Dividends and interest are accounted for when receivable. Unrealised gains or losses are accounted for on revaluation of investments at Balance Sheet date. Resources Expended Grants and donations are accounted for when paid over, or when awarded rf that award creates a binding obligation on the P.C.C. The diocesan parish share is accounted for when payable Tanglble fixed assets Tangible fixed assets are initially measured at C05t and subsequently measured at C05t or valuation, net of depreciation and any impairnient losses. Consecrated and beneficed property of any kind is excluded from the accounts by s.10 of the Charities Act 2011. However, the PCC is responsible for the insurance and maintenance of its consecrated property. All expenditure incurred in the year on consecrated buildings. on individual items under EIO,CK)O, or on the repair of movable church furnishings is written off. Movable church furnishings held by the Rector and Churchwardens on special trust for the PCC, and which reqvire a faculty for disposal, are accounted as inalienable property unles5 consecrated. They are listed in the church's inventory, which can be inspected at any reasonable time. Other fixtures, fittings and office equipment Individual items Wlth a cost of less than £900 are written off on acquisition. Items which are capitalised are depreciated on a straight-line basis over 5 years. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives for equipment this is at 20% on cost. Page 4 ELSTEAD PAROCHIAL CHURCH COUNCIL Notss lo the Financial Statements 31st De¢embor 2023 Total Funds INCOMING RESOURCES Unr8sttlcteRestricted Funds Funds 31 Dec 23 31 Dec 22 Income from:. Notes 21a) Donors Parish GiviThJ Scheme Gtft Aid Donations Sum Up Donal￿nS Grft Aid Envelopes Other Planned GNing Incoffle Tax recovery Collections {open plate) Sundry Donations Special C￿lectionS 25.180 4.670 25.180 4,670 948 24,884 6,041 1,210 8.458 3.280 8,458 3.280 9,202 3,193 521 453 42.536 Ib) Othèr Grants & Donatlons Billmeir Trust Legacies Friends of Sl James- see Note 7 Foodbank Surrey CC grant Foodbank Don8bons {inc Tax Rec) Diocese Grant for energy Pastoral Fund - Fud Poverty 7,000 7,000 18.020 8,194 18.020 8,194 1,000 18,250 12.316 21¢) Investments Dividends & Interest 3,617 21d) Actlvltles to further PCC ob Parochial Fees Refreshment Saes Book of Remembrance Garden of Remembrance ectiv05 3.35S 6,698 30 3.355 210) Activltles to enerate funds Elslead Village News - Sales Elslead Village News - Advertising Church History Book Sales Christmas Card s￿es 2.719 7.362 2.719 7.362 20 3,647 7,899 10 10.111 26 Fit4Future - reordering 19.801 19,801 73,855 TOTAL INCOMING RESOURCES £66.620 £48.004 £114.624 £178,287 Year end8d 31st December 2022 71813 106 475 178.287 P8ge 5 ELSTEAD PAROCHIAL CHURCH COUNCIL Notes to the Flnancial Statements December 2023 Total Funds RESOURCES EXPENDED Unrestrl¢tsRestrlclod Funds Funds 31 23 31 Dec 22 enditure on:. Notes 3(a) Grants & Pa ments Grants - St James, SchLK Missionary Giwng Special Collections Foodbank Crisisl Pastoral Care Outward Donabons by PCC 1,267 2.601 1.267 2.601 1,038 25,328 1.146 1,613 2.800 974 23,255 1.339 50 25.328 1,146 3.919 27.463 3(b) Costs relatln to the work of the Church Diocesan Parish Share Ministry & Worship Parochial Fees Church Repairs & Maintenance Church Gas, Eleclrieity & Water Church Insurance Organist & Music Sundries Travel Examinerfs Fees Bank Charges Book a Garden of Remembranc6 41,496 647 1.497 1,847 4,894 1.772 1,370 41,496 647 1.497 1.847 5,894 1,772 1.370 39,508 491 4,492 2.581 2,201 1,675 1.395 1.000 S￿) 550 500 82 100 785 1.785 785 54,134 31c) Parlsh Office Office Salaries Office Phones & Broadband IShared} Printing Costs (Shared) Office Expenses IShaTedl 8.776 318 1.821 8,776 318 1,821 9.699 551 1,473 140 10.915 31d) Other Costs Adverti&ng & Publiuty Service Resources {Sharedl Equipmgnl Depreciation Rectory Expenses {Sharedl Travel (Shared) Elstead Village News 176 2.013 176 2,013 198 545 615 1,364 2,030 198 289 753 4,774 545 615 5.285 FIt4Future- reordering 2.874 2.874 3,883 TOTAL RESOURCES EXPENDED £77.799 £32.121 £109.920 É108.209 Ygar ended 31st December 2022 20.388 108.209 Note.. -shared" costs are net ofconlribulions from ThuT￿Y and ShaCklef￿d & Peper Hamw parish6s ELSTEAD PAROCHIAL HUR¢H COUNCIL Nrt•s to th• Fin ial Statements 31 ts•¢•Ythr 2023 Noi•8 NVESryE Unquoted ￿n¥￿tTr￿￿'.. Sharns In th? CBF Fw 20rJ 2022 Markèt Value Bl 31 12.22 Nel Loss. urrfe8llsed Market VaK* at 31.12.23 2.7XI 56.819 64,783 £*819 Hi*oric41 C¢)sl VIL NCOME and EXPEND Sakn$ 2,719 7.362 10,081 5.285 3,647 7,89D 11.546 4.774 Less. p￿u¢ll￿ Co*s FOODBANK 20 Funds b￿ught fowd 1.1.2023 Incom• Donabon5 Grants 17.881 6.555 18.02 1.639 14 10.462 18.250 lax recovery Expendliure Foodstuffs EnwgyTop Ups Admin ExpprL£QS 25.048 23.255 25.328 23.255 carrt4df￿wArf 31.121023 18.786 £ 17 881 Flt f¢r the Fubxe- R 2023 T(A•l 2022 F￿ndS bro￿h1 foA*rd 1.1.2W23 ReslTrcted Oesvwaled Fu￿JS R￿dertn9 prqe Incom Oonaiio Grft Avj recovery Grant from Friend$ of St JanN8S T2,￿5 72,06S 2093 31 J74 31371 15,649 3.912 240 19.￿)1 15,649 3.912 240 73855 39681 I￿1¥e Survey SGA FLKther st￿￿*$ A￿hite(l Fft4FU1u￿ Leafitts 3720 765 4n 76S 477 163 Funds Carried 10Th•2rd 31 12.2W23 Restrr¢ied FL￿1 Desvwaled FuThls R&ordenry pr(4eci 88.932 72.065 31 J74 31,374 3f.374 31 74 103.439 ELSTEAD PAROCHIAL CHURCH COUNCIL Notes to the Financial Statements 31st O•comb•r 2023 Not•s 2023 2022 ALLOCATIONS St. James, Primary Schjd Bishop of Gulldford CoMML￿rti8s Fund Churd) Amy Church Mi5sion8ry s(xX￿Y Op8n D￿r5 Slep by Slep 1,268 520 520 520 520 520 £3,868 1,614 71)0 700 200 £4,414 SPECIAL COLLECTIONS Step-tv-st Fun8ral Colwions Rernembran￿ day Coll￿# World Food Programme PCC members & c￿gY Grfts Christsan Bishop of GuThttord Communlties Fu￿1 115 453 320 95 133 £974 Total Allf￿ pur[￿SeS are hekj in the Rèstrthd Fund and the u￿xpended balances are carried f(Thard for fLrturè uss. A wmber of collecti0Tr5 rais8d durir¥J the year f(x ch￿l￿e$. as shown at Ni)te 8, and hekl in the ReSt￿ted Fund. These have t*n ranitted ￿jri￿J Ihe year for the purFwxes forvthith they wefy r6cÈ1￿l. F(KKlb8nk and Pasloral Fun(ts have teen sel ￿ io swve ihe the community. 10 CAPITAL COMMITMEMT The Parochial Church CINJncil has conlrthl th its to pay a fee of t26,4(K) f(￿ profession* on the RtrcthtYJ Prc¥ect. A tota of £20.074 has been paK1 to date. 11 FIXED ASSETS- E UIPMENT qlion Net Book Value Acquired in thè y Laptop Shed at R￿t(￿Y Depyeciation 20% stra¥Jht line 2.205 882 1,323 Pa￿8