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2023-12-31-accounts

The Parochial Church Council of the Ecclesiastical Parish of Rickmansworth (The PCC for the Parish Church of St Mary the Virgin) Charity Registration number: 1201244

Report of the Trustees

The Trustees present their report and financial statements for the year ended 31 December 2023. The financial statements comply with current statutory requirements. The following pages set out our financial position during the year and our activities. A separate report details the activities of all the Church groups during the year. No funds are held by a Custodian Trustee – details of the investments held are set out in Note 6 to the accounts.

How we are run

The Charity is governed by the Parochial Church Council Powers Measure (1956) as amended and the Church Representation Rules that came into force on 02 January 1956. The Charitable objects of the charity are to promote the whole mission of the Church of England in the Ecclesiastical Parish.

Our Trustees

The following members of the congregation of the Parish Church of St Mary the Virgin (the Church) served as Trustees during the year up to 28th April 2023:

Rev Gary Norman (Vicar and Chair) Jane Earl (Lay Vice-Chair) Alison Coster (Secretary) Adam Shiels (Treasurer) Gillian Bayley Andrew Bond David Carruthers Jean Dodds David Gilbert John Glidden Martyn Gowing David Hibbert Susan Hillier Hilary Stevenson Alison Vincent Edwards Petra Hedges Roger Willet Judith Haigh Maxine Platzman

Address; St Mary’s Church, Church Street, Rickmansworth, WD3 1JB Website: www.stmarysrickmansworth.org.uk

Members of the Parochial Church Council (PCC) are elected at the Annual Parochial Church Council (APCM). Each candidate is required to be on the Electoral Roll of the Parish and is proposed and seconded by a member of the Church congregation. In the event that more people stand than there are places available, a ballot takes place.

St Mary’s is no longer in vacancy, as the new incumbent the Revd Gary Norman, began his ministry after his licensing and installation on the 2[nd] October 2023.

Revd Gary brings with him 20 years of experience as an ordained member of the clergy, formerly ministering within Durham diocese across a number of multi parish benefices. Additionally, he has worked across a number of social working and charity sector settings. He is both excited and encouraged by the opportunities for missional witness and church growth evident at St Marys

Mission Action Plan

We reviewed our Mission Action Plan in 2022 and set out our vision for our future:

To be a spiritual, prayerful and dynamic church

To be a welcoming, inclusive and accessible church

To be a joyful church serving the whole community

To achieve this, we established four key goals: Engaging youth and children's work Empowering and inspiring leadership Welcome and invitation Sound finances and teaching on generosity and giving

Further details of our Mission Action Plan can be found on the Diocesan website.

Revd Gary will be working closely with the Church community of St Marys in the ongoing implementation and reviewing of the Mission Action Plan. With Garys oversight and contribution the plan will continue to evolve and grow in its aims; and will remain a primary focus of the Mission and Outreach subcommittee and the PCC

Activities during the year

The PCC met regularly (at least bi monthly) during the year and was supported by the Standing Committee (which comprised the Incumbent, the Lay-Vice Chair, the Secretary, the Treasurer, and 2 PCC members), and the three PCC committees:

Community & Outreach (chaired by David Carruthers) Fabric & Churchyard (chaired by Martyn Gowing); and

Address; St Mary’s Church, Church Street, Rickmansworth, WD3 1JB Website: www.stmarysrickmansworth.org.uk

Stewardship & Finance (chaired by John Glidden).

St Mary’s continues to thrive as a church community, thanks to the work of its PCC and sub committees and the generosity of its many volunteers and supporters

A separate report sets out in detail the activities which have taken place during the year and can be obtained from the Church office: churchofce@stmarysrickmansworth.org.uk.

Public Benefit

We have a duty to have due regard to the Charity Commission’s public benefit guidance, under Section 17 of the Charities Act 2011. We are confident that we meet those public benefit requirements having taken Charity Commission guidance into consideration. Our Mission as set out above is to promote the Church in the Parish and we believe we have fulfilled that Mission by ensuring that ecclesiastical services have been available to the congregation and members of the public on Sundays, midweek mornings and Holy days and festivals. We have also provided facilities for Baptisms, Weddings and Funerals as required and our Church centre is a venue used for many voluntary organisations.

Financial Review

The PCC determines the amount of desired free reserves, being unrestricted funds not otherwise designated, as £56,086 calculated as 4 months day to day expenditure from the 2023 accounts. This is in accordance with our Reserves Policy which states:

“The Parochial Church Council has agreed that the level of free reserves, that is to say the funds held which are neither restricted nor endowment funds, should be equivalent to four months of regular expenditure together with those further known and necessary items of future expenditure”

At the end of the financial year the charity held free reserves of £137,704. This is higher than the level of desired free reserves of £56,085. Given the current context of continuing high energy prices and upcoming work resulting from our Quinquennial Inspection, it is positive and prudent that we hold more than the desired level of free reserves referred to in our Reserves Policy.

For and on behalf of the Trustees

Jane Earl

Address; St Mary’s Church, Church Street, Rickmansworth, WD3 1JB Website: www.stmarysrickmansworth.org.uk

Lay Vice-Chair, PCC Revd .Gary Norman Chair of PCC and incumbent Date: 18[th] March 2024

Address; St Mary’s Church, Church Street, Rickmansworth, WD3 1JB Website: www.stmarysrickmansworth.org.uk

ST MARY'S RICKMANSWORTH

The Church of England

Annual Report and Financial Statements of the Parochial Church Council

for the year ended 31 December 2023

Vicar: Rev Gary Norman

Bank : Lloyds Bank PLC Units 32 & 32a, Atrium Shopping Centre Watford, Hertfordshire WD17 2UB

Independent Examiner : Ms N.Anderson FCA FCIE 189 Baldwins Lane Croxley Green Hertfordshire WD3 3LL

Page 6

PAROCHIAL CHURCH COUNCIL OF ST MARY'S RICKMANSWORTH

STATEMENT OF FINANCIAL ACTIVITIES For the 12 Months ended 31 December 2023

STATEMENT OF FINANCIAL ACTIVITIES
For the 12 Months ended 31 December
2023 2023
Unrestricted Restricted **Endowment ** TOTAL FUNDS
Fund Fund Fund 2023 2022
Note £ £ £ £ £
INCOMING RESOURCES
Incoming resources from donors 2a 162,058 0 0 162,058 141,661
Ancillary income 2b 36,912 0 0 36,912 30,497
Income from investments 2c 4,377 3,498 0 7,876 6,947
TOTAL INCOMING RESOURCES 203,347 3,498 0 206,845 179,105
RESOURCES USED
Charitable giving 3a 4,372 0 0 4,372 -500
Activities directly relating to the 3b 148,867 60 0 148,927 183,202
work of the church
Church management and 3c 15,019 0 0 15,019 14,563
administration
TOTAL RESOURCES USED 168,258 60 0 168,318 197,265
NET INCOMING RESOURCES 35,089 3,439 0 38,528 -18,159
GAINS AND LOSSES ON INVESTMENTS
-unrealised 1,484 2,885 9,117 13,486 -42,514
NET MOVEMENT IN FUNDS 36,573 6,324 9,117 52,014 -60,673
BALANCES BROUGHT FORWARD
AT 1 JANUARY 103,016 91,874 96,065 290,955 351,628
BALANCES CARRIED FORWARD
AT 31 DECEMBER 139,589 98,197 105,183 342,969 290,955

The notes on pages 4 to 12 form part of these accounts

Page 7

PAROCHIAL CHURCH COUNCIL OF ST MARY'S RICKMANSWORTH

BALANCE SHEET AT 31 DECEMBER 2023

Note
FIXED ASSETS
Investment assets
6
Dicoese Plate Fund
Epworth Investment Fund
CURRENT ASSETS
Debtors
8
Short term deposits
Cash at bank and in hand
LIABILITIES: AMOUNTS FALLING
DUE WITHIN ONE YEAR
9
NET CURRENT ASSETS
NET ASSETS
FUNDS
7
Unrestricted
Restricted
Endowment
2023
£
105,182
144,283
249,466
10,794
6,834
86,706
104,333
-10,830
93,503
342,969
139,589
98,197
105,183
342,969
2022
£
96,065
135,214
231,280
15,429
6,621
54,244
76,294
-16,618
59,676
290,955
103,016
91,874
96,065
290,955

The notes on pages 4 to 12 form part of these accounts. These accounts were approved by the PCC and signed on their behalf by :

Adam Shiels, Treasurer 29/MAR/2024

Page 8

PAROCHIAL CHURCH COUNCIL OF ST MARY'S RICKMANSWORTH

NOTES TO THE FINANCIAL STATEMENTS For the 12 Months ended 31 December 2023

ACCOUNTING POLICIES

The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 and in complia with Financial Reporting Standard 102 (September 2015) as applicable for Small Entities. The financial statements have b prepared under the historical cost convention except for the valuation of investment assets, which are shown at market v

Funds

General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available application on the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricte The accounts 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 nor those that are informal gatherings of church

Incoming Resources

Voluntary income and capital sources

Collections are recognised when received by or on behalf of the PCC.

Planned giving receivable under covenant is recognised only when received.

Income tax recoverable on gift aid donations is recognised when the income is recognised.

Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement and the amount du Funds raised by events and income from the sale of the parish magazine are accounted for gross.

Other ordinary income

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

Income from investments

Dividends and interest are accounted for when receivable. Tax recoverable on such income is recognised in the same Gains and losses on investments

Unrealised gains or losses are accounted for on revaluation of investments at 31 December.

Resources used

Charitable giving

Donations are accounted for when approved for payment by the PCC.

Activities directly relating to the work of the Church

The diocesan quota or parish share is accounted for when payable. Any quota unpaid at 31 December is provided for in th accounts as an operational (though not a legal) liability and is shown as a creditor in the Balance Sheet.

Fixed assets

Consecrated land and buildings and movable church furnishings

Consecrated and beneficed property is excluded from the accounts by s.96(2)(a) of the Charities Act 1993.

No value is placed on movable church furnishings held by the churchwardens on special trust for the PCC and which requi faculty for disposal since the PCC consider this to be inalienable property. All expenditure incurred during the year on con or beneficed buildings and movable church furnishings, whether maintenance or improvement, is written off as expenditu SOFA and separately disclosed.

Other fixtures, fittings and office equipment

Equipment used within the church premises is depreciated on a straight line basis over 4 years. Individual items of equipm a purchase price of £3000 or less are written off when the asset is acquired.

Investments

Investments are valued at market value at 31 December.

Current assets

Amounts owing to the PCC at 31 December in respect of fees, rents or other income or prepayment of expenses are show debtors less provision for amounts that may prove uncollectible.

Short-term deposits include cash held on deposit either with the CBF Church of England Funds or at the bank.

Domicilary

St Mary's PCC is registered with the Church of England, within the diocese of St Albans, at St Mary's Church, Church Stree Rickmansworth, Hertfordshire, England, WD3 1JB

Page 9

PAROCHIAL CHURCH COUNCIL OF ST MARY'S RICKMANSWORTH

NOTES TO THE FINANCIAL STATEMENTS (continued)

For the 12 Months ended 31 December 2023

2
INCOMING RESOURCES
2a
Incoming resources from donors
Planned giving:
Under Gift Aid
Not under Gift Aid
Additional donations outside regular giving
Legacies and bequests
Gift Aid on Planned Giving
Gift Aid on Other Giving
2b
Ancillary income
Church Hall Lettings
Church Lettings
Fees
Grant : Listed Places of Worship Scheme
Dicocese Energy Grant
Events & Other Income
2c
Income from investments
Dividends and interest including
any reclaimed tax
TOTAL INCOMING RESOURCES
Collections at services & online, gift aid
envelopes, donated via sum-up devices
Unrestricted
Restricted
Endowment
TOTAL FUNDS
Fund
Fund
Fund
2023
2022
£
£
£
£
£
80,251
0
0
80,251
84,537
7,188
0
0
7,188
7,516
13,330
0
0
13,330
10,549
1,000
0
0
1,000
1,163
35,818
0
0
35,818
15,001
21,765
0
0
21,765
21,134
2,705
0
0
2,705
1,762
162,058
0
0
162,058
141,661
19,489
0
0
19,489
9,790
747
0
0
747
1,519
4,775
0
0
4,775
8,234
6,711
0
0
6,711
2,383
0
0
0
0
1279
5,191
0
0
5,191
7,292
36,912
0
0
36,912
30,497
4,377
3,498
0
7,876
6,947
203,347
3,498
0
206,845
179,105

Page 10

PAROCHIAL CHURCH COUNCIL OF ST MARY'S RICKMANSWORTH NOTES TO THE FINANCIAL STATEMENTS (continued) For the 12 Months ended 31 December 2023

3
RESOURCES USED
3a
Charitable giving
Mission and charitable giving: DEC Israel-Palestine
Balance to be disbursed by the Charitable Giving Comm
3b
Activities directly relating to the work of the Church
Ministry: Parish Share
Methodist assessment
vicar/staf expenses
Services: sanctuary inc silverware
books, music
Organists & bellringers
Christmas & Advent, Easter, Induction, Remembra
Community, Outreach & Christian education
Church running expenses
insurance
heating, lighting and water
church maintenance
Church hall running costs
maintenance
major expenses
cleaning
Cost of fee generating activities
Major repairs / improvements
Sundries
3c
Church management and
administration
Parish Administrator
Printing, Post, Stationary & Other Admin
Telephone
Publicity
Ofce equipment
TOTAL RESOURCES USED
4 STAFF COSTS
Wages and salaries
Unrestricted
Restricted
Endowment
Fund
Fund
Fund
£
£
£
500

3,872
TO
2023
2022
£
£
500
0
3,872
-500
4,372
0
0
4,372
-500
87,061
0
469
-122
1,707
3,828

391
540
5,554
23,062
11,927
3,528
358
5,419
4,312
0
60
832
87,061
90,941
0
0
469
2,694
-122
2,042
1,707
1,482
3,828
3,478
391
459
540
1,159
5,554
5,353
23,062
13,235
11,927
5,460
3,528
1,390
358
144
5,419
3,672
4,312
6,550
60
44,254
832
891
148,867
60
0
148,927 183,202
8,654
2,216
1,428
1,372
1,350
8,654
8,242
2,216
3,148
1,428
1,027
1,372
330
1,350
1,816
15,019
0
0
15,019
14,563
168,258
60
0
168,318 197,265
8,654
8,242

During the year the PCC employed a parish secretary, who did not earn £60,000 p. a. or more.

5 SITE & FABRIC EXPENDITURE INCLUDED ABOVE

This expenditure was for the Quinnquennial Inspection

Page 11

PAROCHIAL CHURCH COUNCIL OF ST MARY'S RICKMANSWORTH

NOTES TO THE FINANCIAL STATEMENTS (continued) For the 12 Months ended 31 December 2023

6 FIXED ASSETS FOR USE BY THE PCC

6 Investment assets

6b Epworth Investment Fund including dividends
Market valuation at 31 December 2022
Purchase
Redemption
Re-invested Dividend Income
Gain unrealised (including dividends)
Market valuation at 31 December 2023
Equity
Corporate Bonds
Affrimative Deposit
Total
£65,829
£69,373
£12
£135,214
£71,403
£71,403
£0
-£71,403
-£71,403
£2,918
£456
£1,327
£4,700
£2,795
£1,574
£4,368
£71,541
£0
£72,742
£144,283

7 ANALYSIS OF NET ASSETS BY FUND AT 31/DEC/2023

Unrestricted Restricted Endowment TOTAL TOTAL
Fund Fund Fund 2023 2022
£ £ £ £ £
Investments 46,084 98,199 105,183 249,466 231,280
Current Assets 104,333 0 0 104,333 76,294
Current Liabilities -10,830 0 0 -10,830 -16,618
139,588 98,199 105,183 342,970 290,955
2022 COMPARATIVE (31/DEC/2022)
Unrestricted Restricted Endowment TOTAL TOTAL
Fund Fund Fund 2022 2021
£ £ £ £ £
Investments 43,340 91,874 96,065 231,280 319,788
Current Assets 76,294 0 0 76,294 50,527
Current Liabilities -16,618 0 0 -16,618 -18,686
103,016 91,874 96,065 290,955 351,628
8 DEBTORS 2023 2022
£ £
Income tax recoverable on gift aid 10,635 10,074
Other debtors and prepayments 159 5,355
10,794 15,429
9 LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR
Charitable giving 3,872 724
Creditors for goods and services, etc. 6,958 15,894
10,830 16,618

Page 12

PAROCHIAL CHURCH COUNCIL OF ST MARY'S RICKMANSWORTH

NOTES TO THE FINANCIAL STATEMENTS (continued) For the 12 Months ended 31 December 2023

10 FUND DETAILS

Purpose
Unrestricted
Charitable giving
General use of the church, identified for charitable giving
Vicar's discretionary
General use of the church, identified for Vicars discretionary payments
General Unrestricted Fund
General use of the church
Accumulated deficit
General use of the church
Restricted
Chair Fund
To be spent on the Fabric of the Church
Myers Bequest (Fabric)
To be spent on the Fabric of the Church
Carter Bequest (Fabric)
To be spent on the Fabric of the Church
Accumulated interest from Endowment Fund (Fabric)
To be spent on the Fabric of the Church
Endowment
See footnote (below)
Total
2023 c.f
income
expenditure
transfers
2022
income
expenditure
transfers
2021 b.f
885
0
0
885
0
0
885
1,000
0
0
1,000
363
-322
960
178,146
178,146
178,146
-40,442
203,347
-168,258
1,484
-77,015
176,235
-153,720
-9,072
-90,458
gain / loss
on
investments
gain / loss
on
investments
139,589
203,347
-168,258
1,484
0
103,016
176,597
-154,042
-9,072
0
89,533
398
14
0
12
373
-27
-175
-47
621
82,614
2,943
-50
2,427
77,294
-5,510
-36,363
-9,661
128,829
3,687
131
-2
108
3,450
-246
-1,623
-431
5,750
11,499
410
-7
338
10,758
-768
-5,062
-1,345
17,932
98,198
3,498
-60
2,885
0
91,874
-6,550
-43,223
-11,484
0
153,131
105,184
9,117
96,066
-12,899
108,965
342,969
206,845
-168,318
13,486
0
290,955
170,047
-197,265
-33,455
0
351,628

The endowment fund comprises the Fabric Maintenance Fund, also known as the Church Plate Fund, which represented the net proceeds of the sale of the Church Plate. The capital can only be released with an order of the High Court.

Page 13

PAROCHIAL CHURCH COUNCIL OF ST MARY'S RICKMANSWORTH

NOTES TO THE FINANCIAL STATEMENTS (continued) For the 12 Months ended 31 December 2023

11 Charitable Giving, Collections and Fundraising

£

Charitable Giving
Donaton from Church Funds to the Christan Aid Middle East
Appeal £500
Sum set aside from Planned Giving Income for disbursement by
the Charitable Giving Commitee £3,872
£4,372
Amount raised for Third Parties from special collections £3,085
Amount raised for St Mary's Church from Fundraising events £4,691

Page 14

PAROCHIAL CHURCH COUNCIL OF ST MARY'S RICKMANSWORTH

NOTES TO THE FINANCIAL STATEMENTS (continued) For the 12 Months ended 31 December 2023

12 CAPITAL COMMITMENTS AT 31-DEC-2023

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less 1 year £ 1 to 5 years £ > 5 years £ £0 £0 £0

Page 15

PAROCHIAL CHURCH COUNCIL OF ST MARY'S RICKMANSWORTH

STATEMENT OF FINANCIAL ACTIVITIES

STATEMENT OF FINANCIAL ACTIVITIES
For the 12 Months ended 31 December 2022 - (OLD YEAR 2022 ACCOUNTS FOR COMPARISON)
Unrestricted Restricted **Endowment ** TOTAL FUNDS
Fund Fund Fund 2022
Note
£
£ £ £
INCOMING RESOURCES
Incoming resources from donors 2a 141,661 0 0 141,661
Ancillary income 2b 30,497 0 0 30,497
Income from investments 2c 4,439 2,508 0 6,947
TOTAL INCOMING RESOURCES 176,597 2,508 0 179,105
RESOURCES USED
Charitable giving 3a -500 0 0 -500
Activities directly relating to the 3b 139,979 43,223 0 183,202
work of the church
Church management and 3c 14,563 0 0 14,563
administration
TOTAL RESOURCES USED 154,042 43,223 0 197,265
NET INCOMING RESOURCES 22,556 -40,715 0 -18,159
GAINS AND LOSSES ON INVESTMENTS
-unrealised -9,072 -20,543 -12,899 -42,514
NET MOVEMENT IN FUNDS 13,483 -61,258 -12,899 -60,673
BALANCES BROUGHT FORWARD
AT 1 JANUARY 89,532 153,131 108,964 351,628
BALANCES CARRIED FORWARD
AT 31 DECEMBER 103,016 91,874 96,065 290,955

Page 16

PAROCHIAL CHURCH COUNCIL OF ST MARY'S RICKMANSWORTH

NOTES TO THE FINANCIAL STATEMENTS (continued)

Note 14 : Expenses paid to members of the Parochial Church Council

In 2023, no member of the PCC received any payment for expenses, with the exception of the vicar,

who's expenses received in the discharge of their activities are declared in note 3b

Note 15 : Related Party transactions with members of the PCC

In 2023 the amount donated to St Marys by members of the PCC was £24,676 (2022 = £20,250)

This excludes cash collected anoymously during services & any other anonymous donations.

Payments to Sue Hillier as fees for acting as Verger at weddings & funerals = £379.55 .

Note 16 : Reserves Policy

The Parochial Church Council has agreed that the level of free reserves, that is to say the funds held which are neither restricted nor endowment funds, should be equivalent to four months of regular expenditure together with those further known and necessary items of future expenditure

Page 17

Independent Examiners Report to the Parochial Church Council

I report to the Council on my examination of the accounts of The Church of St Mary the Virgin, Rickmansworth (Charity no: 1201244) for the year ended 31 December 2023 which are set out on pages 6 to 17.

Responsibilities and basis of report

As members of the Council, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’) and the Church Accounting Regulations 2006.

I report in respect of my examination of the charity’s accounts carried out in accordance with section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination.

No matters have come to my attention in connection with the examination giving me cause to believe that in any other material respect:

  1. Accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. The accounts do not accord with those records.

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 accounts to be reached.

Nicola Anderson FCA FCIE

dated: 30 March 2024

189 Baldwins Lane Croxley Green Rickmansworth Hertfordshire WD3 3LL

Page 5