ST JAMES, CHURCH ELSTEAD PAROCHIAL CHURCH COUNCIL ST JAMES, CHURCH ELSTEAD PAROCHIAL CHURCH COUNCIL Charity Number 1195242 TRUSTEES REPORT AND FINANCIAL STATEMENTS for the Year Ended 31" December 2024 ST JAMES. CHURCH ELSTEAD PAROCHIAL CHURCH COUNCIL REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENLED 31 DECEMBER 2024 Trns Reverend H￿nah Moore. Reverend DJ Orn￿. REve￿[MI Lmawn, Wen0* Edwards. Sardh G(A)dthy, AnnIe&fr￿f. lan Wds(Tr&)ppitL rimothy thepherd, Richelle Smith. CarcA Balnes14)wMnted l.IZ20251, S M Dailtylapp)inted 13.12.2U251 Chairtyregi5twed number 1195242 Principal office The Rectory. Thursley Road, Elstead. Godalmin& SurreyGU8 6DG IndependantExaminer Shaw Gibbs (Audit) Umited Wey Court West Union Road FarrÈham SurreyGU9 7PT Bankers CAF Bank knmited 25 Kings Hill Avenue s Hill West Malling Kent ME19 4JQ ST JAMES, CHURCH ELSTEAD PAROCHIAL CHURCH COUNCIL Trustees, Re rt and Annual Review of Financial Activities Year ended 31$1 December 2024 The Trustees of the St James. Church PCC have pleasure in presentinE 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 notes to the accounts and comply with the charity's governing document being the Parochial Church Council Powers Measure {19561 as amended and the Church Representation Rules that came into force on 2 January 1956. the Charities Act 2011 and the ￿levant version of the 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 IFRS 1021. Objertives and activities- The objertive of the Charity is Promoting in the ecclesiastical parish the whole mission of the church. We are the Parochial Church Council of St James, Church, Elstead, Surrey. We are Church of England and our aim is to spread the Gospel. We hold religious services and reach out to assist those in need in our community. particularly through our links with local schools and the Elstead Foodbank. Financial review The results for the year are set out in detsil on the following pages. Total receipts on unrestrirted funds were £76.338. Planned giving and other general fund income has a welcome increase but not yet keeping pace with rising costs and the level of activities undertaken. The general fund is operating at a loss of £4,804 which is an improvement from the previous year operating loss of £11,179. Previous years have been helped by gains on the investments but as the investment funds are needed 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 downtum in the markets. Cash was banked of£63,993.60 on 3 April 2024. The sale of the Elstead Village News continues to produce 3 Bood intomè 3t £4.842 profit. Restricted income totalled £111,670of which £25,914 was for the Foodbank and £85,112 for Fit for the Future building project. Total outgoing on unrestrirted funds was £81,142 Diocesan Parish Share was a small increase to £42,796. The Parish Office costs provide administrative and support needs to the EfspH group. These costs are shared with Thursley and Shackleford & Peper Harow Parishes. The Elstead share only is shown in these accounts. Outward giving has been maintained. particularly supporting our School. and a balanced approach taken on the Chartties to be supported. STJAMES, CHURCH ELSTEAD PAROCHIAL CHURCH COUNCIL Annual Review of Financial Activities continued Year ended 31" December 2024 The FoodBank received grants of £22,143 from the Household Support Grant via Surrey County Council plus significant personal donations to help cover periods when demand is great and grants have been used. The FoodBank and the Pastoral Fund have been used to relieve those in greatest need in Elstead, and continue to fonn a significant part of our weekly attivities. - 4 Funded by UK Government The net result on unrestricted funds was a deficlt of £5,593. (ln 2023 the deficit on unrestricted funds was £11,179 with unrealised gains on investments reducing the loss by £5,346.) The general fund stand5 at £1,407 at 31st December 2024 after the prlor year write off the website costs now no longer carried forward a5 fixed asset. Reserves Pollry: The PCC policy is to maintain a balance on unrestricted funds to cover at least three months regular payments, which would be £20.285. The current reserves will coverthi5, howeverthe designated funds for major repairs of £31,976 are intended to go to the rebuilding project. In order to have sufficient funds for normal expenditure the PCC decided in April 2025 to suspend payment of the Parsh Share to the Diocese. The intention is to utilise this as short term loan fund5 and make up the payments as soon a5 P055ible in 2026. The Fit for the Future Project is our main concem and active Fund Raising. All furlds raised are restrirted funds and total £140,742 at 31.12.2024. Together with the designated reordering project funds of £31,374 there are total funds dedicated to the project of £172,116 at 31 December 2024. 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 Designated 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 repairfs requirement understood. In March 2025 the PCC approved the building contract and we are committed to costs of £338,674 plus VATtaking the total spend to £406.904 for Phase One work5. Further grants. donations and VAT refund grant were received after the year end. Fund raising continues to meet the costs of Phase One. At end of April 2025 the shortFall on funding was £63.514. Phase One sees the pews removed and a new stone floor with underNoor heating and an air source heat pump installed. This will create the flexible space for worship and community events we planned. Phase Two will upgrade the kitchen, toilets, office and vestry. There is no commitment to Phase Two. Approved bythe Pccon.... and signed on their behalf by Rev Hannah Moore.... . Rector ST JAMES. CHURCH ELSTEAD PAROCHIAL CHURCH COUNCIL Independent examinerfs report to the Trustees of The Parochial Church Council of The Ecclesiastical Parish of St James. Elstead ('the charity.) I report to the charity Trustees on my examination of Ihe &cyyJnts of the charity the year ended 31 December 2024. Responsibilities and basis of report As the Trustees of the charty you are resp￿sIble for the pwratIC￿ of the xcounts in accordarKe wrth the r￿uIrementS ol the Charit￿ Act 2011 lllhe 2011 A￿,). I report in respect of my exaMI￿￿)n of the charty's ￿￿￿nIS e2med urnkr section 145 of the 2011 Act and in carying out my examination I have fdk)wed the applicable Directions given by the Charty Commission under section 145151{bl of the 2011 Act Independent examinerfs statement I have completed my examination. I confimi Ihat no matteTS have come to my attenb.on in cOnn￿tiOn wrth the examination giving me cause lo believe that in any materpl respect.. Junting r￿rdS were not kept in res￿ ofts charity as r￿Uire1 by $￿ti￿ 130 ofthe 2011 Ac( or the accounts do not &cord wrth those r￿rd& or the accounts do not Comp￿ with the applicabk rg]uireTnents con￿mIng the fomi and content of accounts sel out in the Charities (Accounts and Reports) R￿ulationS 2008 other than any requirement that the at￿mInIS give a Irue and fa"f vipw whth is not a matter considereAI as part of an independent examinalh)n. I have no concerns arkl have come acr￿ no other mattels in conn6rts.on with the examination lo which attention should be drawn in this report in order to enabk a prq)er understanding of the accounts lo be reached. ST JAMES. CHURCH ELSTEAD PAROCHIAL CHURCH COUNCIL This report is made solety to the charty's Tnjstees, as a tXKty. in a)￿an￿ with Part 4 ofthe Charities (Accounts and Reports} Regulations 2008. My work has und￿ke￿ so that I might state to the charty's Trust￿ tIK)se matters l am required to stale to them in an Independent examinerfs reFort and for m L*her purpose. To the fullest extent termitted by ￿, I do rKJt a￿pt or assume re5ponsibilty to anyor* other than the charty and the charty's Trustees as a b￿ly, for my work ￿ for th￿ rep)rL Signed". A4_ Stephen Morgan Shaw Gibbs (Audrtl ￿"mrted Wey Court West Union Road Famham Surrey GU9 7PT Date.. 01 May 2026 ELSTEAD PAROCHIAL CHURCH COUNCIL Balance Sheet 31st D8c•mber 2024 31 DÈC 2024 l D8c 2023 Investment Assets Inveslrnents. at fflarketY4luB 62.165 Equloment Current Assets Debtors & PIepatrT￿ts Income Tax recoverab Deposr£Account CurrentAccount 62,165 1.323 I1.￿J1 10.451 211.001 12.730 245013 11.905 7.765 100.6( 8.932 Less - Creditors Credito[5 & Acuuals 11067 233.746 120.202 TOTAL ASSETS 234,628 183.690 reor8s¢nted by:_ Unrestrtcted Fund General Fund 7.407 D8siAnated Fund5 Major Repair5 Re-ordering Projecl 31.976 31.374 31,976 31.374 63.350 63.350 Rostrict•d Funds Book of Remembrance Garden of RerrEtnbranc8 Pastoral Fund Foodbank R￿rdering Project Major Repair5 Fund 125 2.069 4,480 18.7S8 88,992 804 4,317 21.873 140,742 169￿72 If5A32 TOTAL FUNDS £234,628 £183,690 Apwoved bytr* Par¢*thral Church CourKal on..... aThJ spaned by:_ (Rector) Hannah Mcore ELSTEAD PAROCHIAL CHURCH COUNCIL Statement of Flnantlal Activilie6 31st t*c•mtJtr 2024 Tthal F￿d5 Fur Fulwts 31 Dec 24 31 tkc rJ INCOMING RESOURCES Income from'.- DorK)T5 Legacies Grants Restncw tk)nat%)t Inve5tsnents I[￿lieS to further PCC rt4"9 Actwth"es to generate fur Speual c￿￿￿10 FIt4Future- re￿d￿ I￿orni[￿j Resour¢•s 2(al 21bl 21bl 21bl Icl 2Id) 2(el 49.1Y) 49.1 42.536 22,143 3.T11 29.143 3,771 4.403 5,758 10,261 408 85.112 19,801 £188.008 £114 622 25.020 9,194 3.617 3,355 10.111 4.403 5.523 10.261 85.112 £111,670 £76.338 OWGOING RESOURCES EX￿r￿litUrt on".. Mkssion Gniing & Grants Costs ￿L￿ting tothe %wrk ol the Chw Chur¢h AiknirN5trat Other Costs Fit4FLrture- reorderir¥J Total Out9￿ng Ras￿r¢e9 31al 21bl 3(¢1 3(dl 3.T28 57.693 9.417 10.297 rJ.378 2T.105 58,189 9,417 10,297 31.380 55,919 10,915 8.￿1 33,362 2.874 £57.230 £138,372 £109.919 £81.142 NET OUTGOINGIINCOMING RESCLIRCES Tral￿fer frc¥n ￿51￿na￿￿ fiJTrJ I4￿4) 54.440 £49,636 E4.703 Loss on Sa￿ of Inve5trrent (T891 145931 789 48,847 5,346 10.049 Baknces IX￿￿1 forwar PY re depwali £61350 t115A32 £183.6WJ £1n,641 2.rfj2 350 £1698n £232537 £1￿890 ST JAMES, CHURCH ELSTEAD PAROCHIAL CHURCH COUNCIL Notes to the Financial Statements for the Year ended 31s December 2024 AccouMfiNG POUCIES 1.1 Basls of preparat*?n of fknancialslaten The financial statements have been prepared in accordan￿ with the Charities SORP IFRS 1021- Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Art 2011. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2CKJ8 only to the extent required to provide a 'true and fair, view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities- Statement of Recommended Practice effertive from l April 2(NJ5 which has since been withdrawn. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the ￿leVant accounting policy. 1.2 Funds The General funds represent funds of the P.C.C. that are not subject to any restrittions regarding their use an(f are available for the general purposes of the P.C.C. Funds designated for a particular purpose by the P.C.C are also unrestricted. Funds received for specific purF)oses are placed in a restritted fund. 1.3 Income Intome is recognised when the charity has entitlement to the funds. any performance conditions attached to the itemlsl of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income from government and other grants, whether'capitav grants or'revenue, grants, is recognised when the charity has entstlement to the funds. any perfomiante conditions attached to the grants have been met. it is probable that the income will be received and the amount can be measured reliably and is not deferred. For legacies, entttlement 15 taken as the earlier of the date on which either= the charity is aware that probate has been granted. the estate has been finalised and notification has been made by the executodsl to the Trustthat a distribution will be made. or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is On￿ considered probable when the amount can be measured reliably and the charity has been notified of the executorfs intention to make a distrib￿lOn. Where legacies have been notified to the charity, orthe charrty is aware of the gtsnting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material. Planned giving, collertions and donations are rec￿nISed when ￿(eived. Income tsx ￿(oVerable 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. ST JAMES, CHURCH ELSTEAD PAROCHIAL CHURCH COUNCIL l. Accounting Poliaes (continued) 1.4 Expendi￿re Expenditure is recognised once there is a legal or construrtive 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. Expenditure is dasstfied by artivty. Grants and donations are accounted for when paid over. or when awarded if that award creates a binding obligation on the P.C.C. The diocesan parish share is accounted for when payable. 1.5 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment1055es. Consecrated and beneficed property of any kind is exduded from the accounts by s.10 of the Charities Art 2011. However, the PCC is responsible for the insurance and maintenance of its consecrated property. All expenditure incurred in the year on consecrated bLtildings, on individual items under £IO,LX)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 require a faculty for disposal, are accounted as inalienable property unless consecrated. They a￿ listed in the church's inventory. which can be inspected at any reasonable time. Other fixture5, fFttings and office eqtjipment Indtvidual items With 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 2(M on cost. 1.6 Debtors are recognized at the Settlement amount after any discount. Prepayments are valued at the amount prepaid. 1.7 Cash at Bank and in hand includes cash only. 1.8 Creditors are recognized on an accrual basis according to the date of the invol￿. Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation tan be measured or estimated ￿liab￿. Credttors and provisions are normally recognised at their Settlement amount after allowing for any trade discounts due. 1.9 Related partytrdnsactions relate solely to ￿1MbUr5eMent of expenses properly incurred on behalf of the charity, and to the payment of wages. 10 ELSTEAD PAROCHIAL CHURCH COUNCIL Notes to the Financial Statements 31st December 2024 Total Funds INCOMING RESOURCES Unrestrict&Restri¢ted Funds Funds 31 L)e¢ 24 31 Dec 23 Income from:. Notes 21al Donors Parish Giving Scheme Grft Aid Donations Sum Up Donations Income Tax recovery general furKI Collections (open platel Sundry Donatons Special Collect￿n5 26,081 7.080 2,655 9,459 2.275 1,600 26.081 7,080 2,655 9,459 2,275 1,600 408 25,180 4.670 948 8,458 3,280 408 408 988 21bl Other Grants & Donations Billmeir Trust Legacies Friends of St James - see Note 7 Foodbank Surrey CC grant Foodbank Donations {inc Tax R￿) Diocese Grant for energy Pastoral Fund - Fuel Poverty 7.orKI 7.000 7,000 22.143 3,771 22.143 3.771 18,020 8,194 1,000 7,000 25,914 2{c) Investments Oividends & Inte￿st 4.403 3,617 21dl Activities to further PCC ob. Parochial Fees Book of Remembrance Garden of Remembrance tiv 5,523 5.523 3,355 185 235 185 5.523 21e} Activities to enerate funds Elstead Village News- Sales Elstead Vilkge News- Adverbsing Church History Book Sales Christmas Card Sa￿s 3.149 7,107 3.149 7.107 2,719 7,362 20 10 10,261 Frt4Future- reordering 85.112 85,112 19,801 TOTAL INCOMING RESOURCES £76.338 £111.670 £188,008 £114,624 Year en(Jed 31st Deceml)er 2023 71,813 106,475 114 624 ELSTEAD PAROCHIAL CHURCH COUNCIL Notes to the Financlal Statements 31st December 2024 Total Funds RESOURCES EXPENDED Unrestrkte Restricted Funds Funds 31 Dec 24 31 Dec 23 nditure on:. 31a} Grants & Pa ments Grants - Sl James. School Missionary Giving Special Collec￿nS Foodbank Crisis] Pastoral Care Outsvard DonalKJns by PCC 1,298 2,430 1.298 2.430 408 22,807 163 1,267 2,601 1,038 25.328 1,146 408 22.807 163 3.728 23.378 3(bl Costs relatTrn to the work of the Church DIc￿e$an Parish Share Ministry & Worship Par￿h181 Fees Church Repairs & Maintenan Church Gas, Electricty & Water Church Insurance Organist & Mus Sundries Examineys Fees Bank charges Book & Garden of Remembrance 42,796 266 2.684 2.186 5.169 1.876 1,676 10 975 42.796 266 2.684 2,186 5,169 1.876 1.676 10 975 41,496 647 1,497 1.847 5,894 1,772 1,370 550 490 490 490 785 57.699 31cl Parish Office Office Salaries offi￿ Phones & Broadband (Shared) Printing Costs Isharedl Office Expenses Isharedl 7.215 639 7.215 639 1.564 8.776 318 1.821 9.417 4dl Other Costs Advertising & Publicty se￿￿e Resources IShaTed) Equipment Depre¢iatKJn Rectory Expenses (Shared) Travel {Sharedl Elstead VilL4ge Nwis 382 1,680 198 1,874 748 5.414 10.297 382 1,680 198 1,874 176 2,013 198 545 615 5.285 Fit4Future - reordering 33,362 33,362 2.874 TOTAL RESOURCES EXPENDED £81.142 £57.230 £138.372 £109,919 Ye8rended 31st December 2023 70,864 109 919 Note.. "Shafyd.C￿ts are net ofccwrfributk)ns f￿rn Thursley and Shacklefoffl & Peper Hamw panshes 12 ELSTEAD PAROCHiAL CHURCH CO CIL olps to the FFnancial Statements 31st De¢*))ber 2024 N¢>tès INVESTIIE Unqu(rt•d 1￿￿￿11r*rt. SharBS In the C8F Fund 2024 Mathetvalue at 31.1223 Net L05s on 5a ma￿et Value at 31.1224 2.750 e2.165 789 £0 56.819 HislorKal C£6t VILLAGE NEWS INCOME and EXPENDITURE 2024 202 Sales verh￿￿j 3.149 7.107 10 256 5.414 ££842 2,719 7,362 10,081 S.285 ££796 Less. Prrxlucbon Costs DBANK 2024 202 Fund5 br9whtfowd￿ 1.1.2024 Income Donations Grants 18.767 17.881 3,237 22.143 534 25.914 6.555 18.020 1.639 26.214 Exp8ThJilurp Fothjsluffs Energy Top Ups tnin ￿er￿eS 22.327 25.048 280 22,807 25,328 3.107 886 21,874 £ 18,767 sUr￿u5 for the year Funds ¢8rr*d forwayd 31.112024 Frt lorthè Fllttl 2024 Total 2023 Funos brought 1.1.2024 Restricted Fund Designated FurKJs Re.ordw*w proJ8d n¢omÈ Donation5 GM Ald recovery Grant from Friends of SlJ*nE5 88,992 72.[￿$ 82.382 2,730 15,649 3,912 240 19,801 2.730 85.112 85.112 ?nt thls Noise sur SGA Further st￿J1e5 Other Desun fees Archile FiHFutLre Leafie15 3.750 3.750 1,980 27.632 27.632 765 477 2.874 16,927 33 362 51,750 33,362 51,750 Su lus for ear rr Resirs¢led Fund Designated FurKJs Re-tsrd*￿9 proieL* 140.742 140,742 8&992 31.374 31.374 172116 742 120.366 13 ELSTEAD PAROCHIAL CHURCH COUNCIL Notes to the Financial Statem st 0¢￿mb￿r 2024 Notes 2024 2023 ALLOCATIONS St James. Prwnary S(knol Bish(y of Guikyford Ccmmunths FurKI Chufch Army Church Missionary S(Kety Open Doors Step by Step Chiklren with CarKer Rernbran￿ daywreath 1,268 520 520 520 520 520 540 460 £3,728 £3,868 SPECIAL COLLECTIONS Sts*by-Step Funeral Collectior Remembran￿ day collecb.on Worfd FcK)d Programrne PCC members & C￿rgY Grfts Chnstian Aid Bishw of Guiklford Communths FuThJ 115 40 320 95 168 250 £988 £408 Total Allo¢ated and SFJKwI Collections £4,136 £4,856 FUND DETAILS Funds re￿Ned during the ￿ar for srecific purpcres are hdd in fv RestrictgJ FUJYJ and the unexp8nd8d balan￿ are carried forwa￿ for hJtute use. A number of colléctions were raised during the year for steofic charities, as shown at Note 8, and heid In the R8strictsl Fund. These have tth) r￿rt￿J durirKJ tt year for the purposes forwhth they v+￿￿ rec£￿J. Foodbank and Pastoral FuThJs have been set up to s8tv8 the needs ofth8 urnrnunty. 10 APITAL COMMIThIEP Th8 Par