The Parish Church of St Marys, Watton (Diocese of Norwich) Ju. Financial Statements for the year ended 31st December 2025 Contents Trustees, Report page i-vii Receipts and Payments- summary page I Receipts and Summary- further analysis page 2-3 Analysis of Funds page 4 Notes to the accounts page 5 Independent Examiner's Report page 6-7 Treasurer: Andy Turner treasurer@stmaryswatton.org The Parochial Church Council of St Mary's. Watton {Charity Registration No. 1203822) Trustees, Annual Report Administrative Information The Parish Church of Mary's. Watton I'st. Mary's'} is situated on Church Road. Watton IP25 6DQ. The Parish is part of the Deaneryol Breckland and. in turn. the Archdeaconryof Lynn and the Diocese ofNofwich inthe Church otEngiand. During the latterhalfof2024. St. Marfs became partofa Beneficeto include th8 Parish church ofcarbrooke. St. Peterand Si. Paul. The Parochi8lChurch Councilofst. Nary's. Watton I'PCC'I. is responsible forthe church buildings and extensions and for the car park and green which it own9 opposite the church. on Church Road. Aim$ and Purposes The PCC shared responsibility with its minister. Rev'd Dave Cossey, for promoting the whole mission of St. Mary's- pastoral. ev8ngelisti¢. social and ecumenical- within 8nd beyond the Ecclesiastical Parish of Watton. Constitutlon and the 2011 Charltles Act The PCC Is constituted by and subject to the PCC IPowersl Measure 1956. and the Church Representation Rules 2020 IhttPS:Iltinyurl.comlchuichreprules20201 as weil as secular ie8lsiailon such as (he Cliofitie¥ AGI 2011 I'lli¥ 2011 Act'l. The PCC is a registered charity Ifrom 3 July 202318nd there is a requirement to comply wlth charity law with the trustees having related, charitable responsibilities. The PCC. vi8 the Hon. Treasurer, maintains accurate and tl8nsparent accounting records under Section 130 of the 2011 Act. the accounts are in full compliance with the 2011 Act and the Independent Examination ol the financi81 statements is undertaken in accordance with. and follow8directions made under. Section 14515) Ibl of the 2011 Act. Structure. Governance and Management The method otappointment of PCC members is set out in the Church Representation Rules. At St. Mary's, membership ofthe PCC consists ofthe incumbentlsl Ithe vi¢ar- our minister), the churchwardens. readersllicensed lay ministers. members of Deaneryand Diocesan Synodsand memberswho are elected bythose members of the congregation who are on the elector81 roll of the church. More detailed information can be found under'membership ofthe PCC,. All those who attend services of worship and members of the congregation are encouraged to register on the Electoral Roll and stand for election to the PCC. PCC members are responsible for makingdecisions on allmatters ofgeneral concern and importance to the parish. including deciding on howthe funds of the PCC are to be spent. New members receive appropriate training and briefing into the workings of the PCC and associated responsibilities. This includes responsibilities and duties acting as a charty trustee. The PCC met monthly during the year (except May. August and December) in the church rooms andlorthe church. The 2025 Annual Parochialchurch Meeting I'APCM'I Icoveringthe 2024calendarrtinancialyearl was held atthe church on Sunday. 18"May. Given its wide responsibilities. the PCC has 8 numberof sub-committees each dealingwith a particular aspect of parish life. These sub-committees, which include Finance, Building Management. Worship. Mission and Outreach. are all responsible to the PCC and report back regularly with notes of their decisions being received by the full PCC and discussed, 89 necesgary. Membership ofth• PCC The PCC consists of ex-officio. elected and co-opted members. 811 ofwhom 8re Trustees. Mrs Margaret C8tor sep￿9 the PCC 88 its Hon. Secretsry. Ex•officlo M•mb•r8 Rev'd Dave Cossey Mrs Linda Benton Ichurchwardenl Mrstephen BibbylChur¢hwardenl Mr Merwyn Wilcox (Member of Dioceaan Synodl Mrs Weiv4ei Cossey {Licensed Lay Minister) I'LLM.)) El•cl•d Membern Mrs Marg8retCator Mrs Janet Selvey Mr Michael Selvey Ivergerl Mr Paul Weatherill Mrs Valerie Semlyen MrAndyTurnerlHon.Treasurer) Mfs Gill Smith Mrs Mirjam Johnson Mrs Eileen Kittell Mrs Elaine Rodgers (Permission to Officiate {'PTO'}I Rev'd Dr Christina Mason IPTOI Mrs Pamela Burrows- from 7V' May2025 {APCM) Mrs. Wendy Round- from IV May2025 (APCM) 11 I Page Co-opted Members None Achievements and Pertormance Our mSnlster. Rev'd Dave Cossey. has been in his role since January 2023. Our Families Matter Keyworker I'FMKW'I. Carolin8Tandy. remained in the role until 22 Januarywhen she was made redundant. followingextensive consultation withltechnical guidance from the Human Resources function within the Diocese of No￿lch, face toface discussionswith Caroline during autumn 2024 and an appropriate notice period. Every Monday morning Iduring ￿h0o1 terrn tlmel. Storybags. designed for babies and pre-school children and those vtho accomp8nythem. continued throughoutthe year. Ourwork with youth. children and families hes continued with the valuable and enthusia9tic support of volunteers. This has includeL1 provision for ohildren's work on Sunday mornings. aswell as a monthlyyouth gfOUP that IS USU8llyfollowed by a family gatherlng. With changes in the ben8fice structure. it now ft>llows that D8ve attends to lead collective worship lassembliesl 8t Watton Junior and W8tton Wesrfield termly. and twlce termly 8t the CofE school In C8rbrooke. St. Mary's is also involved with supporting the miursdayl weekly meeting ot the Watton F8mllles Group at The Charlotte HaNey Centre in Watton which is staffed by volunteera and wh¢r¢ St. Mary'aalso aupportstho fin&n¢iol monogomontofthe group. n fact. much of the viial work that is undertaken at, and outside of. St. Mary's IS en8bled and supported by volunteers. Whether that's opening 8nd closing the church. cleaning, welcoming, organising fund raising events. after services tea and coffee and a drverse range of other activities that may well be unseen by many but is recognised. nonetheless. As re88rds stsffing. Lucy Davey {Church Admlnistratorl remained the role throughout the ye8r. as did our part-time cleaner. Gail Fish. The total number of staff on the church's payroll is two. Lucy took on additional administrative responsibilities for Carbrooke Church. from February. which has involved her working additional hours Thursdays weekly and which is paid for by C8rbrooke Church. vi8 reimbursementto St. Mary's. We have maintained reiation$hipg with other organi88tions in our community. a8 well as localcommunitygroups. Watton Tovm Council and those ofotherfaiths. A Polish church has continued throughout 2025 and uses the church buildings to hold their twice-weekly services of worship Ima5s1. and other events. A more detailed lookat the church's manyvaried and dNerse activities can befound in the 2025Annual Reports ofthevarious groupswhich islare prepared for the APCM. Financial Review The basis of accounting adopted remains the 'receipts and payments. method. The main headline. as it was in previous years. is one of continuing generosity and support torthe work at St Mary's. Planned giving I, l in 2025 rose to £47.49712024 £46.1911 as a result of new regular givers joining the scheme. and others increasing their giving. following a financial presentalion and appeal in March. FMKW planned W8SjUSt £46012024 £3.4921 and all payments dried up in March. A specific Irestrictedl fund remains to support the cost of employment of 8 children's. youth end families worker131 and this accumulated Irestrictedl fund stands at £6.099 12024 £6.9501. This is nowdormant. Furtherdei8ils can be found under'Policies'. 1,.18ee the notes to the 2025 accounts for a definition of planned giving 12.1 there 8re currently no plans to recruit an additional member of st8tt Income from donatlonJ fellto £8,28912024 £21.936)- Following8 PCC decision. grant payments1£5 monthly) were set-up to Watton &Wayland Times in 202512024 £nill from the Outreach Fund created in 2023. The total spend in 2025was £35. Olft Ald continues to provide a signific8nl proportion of the church's unrestricted income. This is claimed from H.M. Revenue & Customs everyfour months and includes the abilityto claim underthe Gift Aid Small Don8tions Scheme I'GASDS'I for collections in services and donations made that are not captured under the gift 8id scheme, es well as gift aid claimed on piannea wvlng. No legacy incomewas received in 202512024 £2,18518nd therewere no grants In 2025 either12024 Énill. Fund ralslng at É9.83212024 £9.4811 has also supported the church's income and remains a key income generator. Income was also received from church and church rooms rental byseveraldifferent organisations. On the topic offund ralslng. Ihe hard workof. and dedication shown by. many volunteersfrom the'st. Mary's army'_ both from within the PCC and the congregation- ha$ resulted in the good level of funds generated in 2024 being m8intained (indeed, increased- once again) during 2025. There are many diverse activities that contributed to that- another hugely successful summer cream tea event, the ever-popular 2IX) Club. monthlycinema. smartie tubes (the collection of donations). Saturday Chat la monthlysocialcoffeè morning), a sponsored cycle ride. concerts, Eastèr and Christmas fayres. a puppet show, careertalk. tabletop $alelsl and tund$ generated from shop sales. None ofthiswould be possibl8 withoutthe unswerving level of supportwe getfrom ourvolunteers. The single largest item of expenditurewasthe Dlocesan IParlsh) Shar•, an 8mount requested by the Diocese of Norwich to cover the cost of a stipendiary minister (salary, pension, housing. training) in addition to a proportion to support costs of the ivIPa8e diocese. This is also known as an 'allocation'. In 2025. a tot81 of £63,694 was paid 12024 £64.9111 plus a further £3.115claimed online i.e. a grand total of£66.809 against an allocation of £66.809. This equates to 100% of the 2025 allocation12024 100%. 2023 89%, 2022 85%. 2021 100%). The PCC is delighted that St. Mary'swas able to meet its allocation in full for the second year in a row. Asm811 percentage otthe PCC'S overall income was given to localand global causes, in addition to other collections and fund raisingwhich are detailed in the accounts. In 2025. as in 2024. 2023and 2022. the PCC showed a surplus of income over expenditure. Details can be seen in the accountant-produced financial reports. Please also see further Comments under'Post Year End Ev8nts. Liabilities and Plans,. The PCC also benefits from the Church Londs Charlty (Registered Charity No. 25777911.the charity'l. which was established in 1870 to support the maintenance ofthe church fabric at St Mary's. The accounts ofthe charityare Pfepared separatelyto the church's accounts and the annual income and expenditure reported to H.M. Charitycommission. In 2025. the charity paid a total of£2.768 12024 £2,706) for the church's buildings insurance (via Ecclesiasticall. Furthèr. total of £2.09112024 £1.6141 was funded by the charity to cover keychurch repairs underthe Septembèr 2023 quinquennial insp8ction. plus a further sum to cover essentl81 heating repairs of £3.285. It's anticipated there will be additional spend on key church repairs in subsequentyears as the PCC approved spend of up to £30.000 in February2024. Please also see turther comments under'Post Year End Events, Liabilities and Plans,. Importantly, an annual surplus of income over expenditure relating to the charity in anyyear continues to be accumu18ted into a fund tor the extraordinery ropoir. or improvomont, of the church. Currentlyi thi$ tund totalg £62.01212024 £55,375). The PCC took a significant loan lapprox. £213.0001 from the charity in 2011 in support of the re-ordering of the church with tha t8rms of this loan requiring rep8yment at É10.000 per annum. To date, a total of £55.000 has been repaid upto and including 2019. but with no repayments made since then. Following a meeting of the charity's trustees in March 2022. it was agreed that a remaining liability of £158,000 is acknowledged as outstanding but there should be no fixed repayment scheme implemented. Instead. the trustees will meet each year to decide if a repayment can be made and, if so. and the amount to be repaid. Given the church. cashflow situation. it's considered repayment of this loan continues to be unlikely. either in tullor in part. in the short term. No repaymentswere made in 2025 {2024 £nil). The li8bility remains at £158.000. Policies Financlal ReseNes and Legacy policies were approved by the PCC in October 2021 and are subject to annual review. There were no changes to these during 2025. It is a PCC policy to maintain a balance on unrestricted funds which equates to a minimum of three months, unrestricted expenditure. This is equivalent to approx. E23,500 Ibased upon annualcosts of c£94,WOI. It is held to smooth outcashflow fluctuations and to meet emergencyfunding needs. This policy remains comfortably met atthe year end. as itwas in 2023 and 2024. It is the PCC'S aim to maintain this fund from {a.l a surplus of income over expenditure, Ib.) continued 8uccessful fund raising, and {c.) legacies recerved. These funds are held on an interest-bearingaccountwith the CCLAChurch of England Deposit Funds. with 8 workingb8Lance malntained on the 88rc18ys B8nk currentaccount. Additionally. the PCC m8intalns a range of restricted. and two designated. funds. Some of these funds are also held on an interest-bearing account with the CCLA Church of England Deposit Funds, withworkingbalances maintained on the Barclays Bank current account. Funds are used only for the specific purposelsl for which they 8re intended and are quite separate from general {unrestrictedl fijnds. Restricted funds total £17.529 and designated funds total £5,465. The18rgest of thè restricted funds is the Fm￿ fund. which Is described e8rller. Post Year End Events, Liabilities and Plans A 2026 budgetwas approved bythe PCC in Novemberwhich shows a deficit of Income over expenditure of £11.329. principally based upon a projected Ireduc8dl sum lor planned giving. donations and fund-raising and increased costs, predominantly parish share and ener8y related expenditure. This needs to be alanced against the 2025 forecast of a deficit of income over expenditUTe of £19.950, but with an 8CtU81 surplus of É118 (J). 8nd the 2024 torecast of a deficit of income over expenditure of approx. £25.000, but with an actual surplus of £13,206. It's oonsidered that St. Mary's will. once again. need to considerways of boosting giving and generating other forms of income during 2026 and beyond il it's to be able to meet its projected costs. in¢l. Diocesan {P8rishl Share. in full year-on-year. Having said that, the PCC took 8 decision durin8 the year that we'd be prepared to 'use' the p8St two yeaTs surpluses to offset any actu81 deficit in 2026 and go considers that. as things stand. we'll be able to cover all our planned expenditure in 2026. including Dloce$an (Parish) Share. {J.I based upon pre-audited management accounts A quinquenni81 inspection took place in September 2023 and this report has generated a significant list of suggested works to be undertaken. These are broken down into urgent Irequiring immediate attention) I'PriorityA'I. those requiring attention within twelve months I'Priority B'l and those of a lesser priority. The estimated total tor Priorities A and B is between £23-33.000. The PCC will continue vl I Page to address the need to carry outwork identified by this report throughout 2026. as it did during2025and 2024. and consideringboth what needsto be done, and how what remedialwoTk is contracted will be funded. Some work was undertaken during 2025. and 2024. funded by Church Lands Charty. as outlined previously. Andy Turner Hon. Treasurer 31°January2026 ¥il I Page St Mary's Watton Fln•nd•l ststementslor 2025 Recelpts and Payrmnts ￿mm￿Y {1) . . T•Jl•l Voluntsry rece*ts 77,863.10 3.619.05 81.482.15 ICQ,447.40 Churth Acttr4115ts Z.thJ9.9) 2.rm.90 1.973.50 12,555.56 12.SSS.56 12,649.16 1.753.25 1.7S3.25 2.¢)Jl.33 Other Income 8,312.23 8,312.23 4,626.70 94.04 3￿19ffj5 .iUA 121,698.09 T¢ Church 99.366.73 2.673.97 102,040.70 110,560.14 2.206.S6 2.2C6.56 1,796.10 892.95 892.95 1,081.34 Tr•r4ler between fvna 102J66.24 16rJ.97 105.140.21 113N37.$8 Swpl¥s I Id¢lkkl for￿ar 27AO ,Z60.51 Cwh In blnk 4 kn hnd. QlJ•rt I4.￿5.05 57 70.27 C•ih In b•nk & kn hnd- 31 O•c I4.032￿5 13,070AI 67 103.66 T+X Cash in hand Barclays BanK CUT￿nI account121 C8F Deposit account I IWorkin8'1 CBF Deposit account 21'Projects'l Aqenry collection5 120. 15.579.64 28.347.21 120.th) 26.650.45 28.347.21 12.CilJ.C 14.LKII 67 103.66 120.00 27.410.45 26.600.33 I2,(￿.00 11.070AI 114.LWJ 44J)31.85 23.Q70AI 66 130.78 St Mary's Watton Flmnclal statements for 2025 Voluntary rntelpts Planned Éiving121 Collertion5 at servi¢e$131 Donations141 Bequests Other Gift Aid tsx recL)very 3.619.05 2.470.1M) 81,482.15 49,967.1)) 5,248.67 9.438.36 i(M).447.40 76.167.24 4,874.93 2,969.45 47.497.IN) 5,248.67 8,289.31 1,149.05 16,828.12 16,828.12 16.435.78 Church Actlvltles Fees for Occasional OFfices Coffee I tea 2.CK19.90 I,803.￿) 206. 2.009.90 1,803. 206. 1.973.50 1.828.LKI 145.50 Artl¥ltles lor Gener•tlni Fu• Fundraisin8 events 200 Club Clnema/Concerts Smartie tube5 Spon50r events Premises hlre Shop / produce 12.555.56 5,565.25 2.4C(I. I.Crt)3.CM) 220.00 293.31 2.930.00 144.(KJ 12,555.56 5,565.25 2,4￿.(￿) I,Q)3.C 220.1Y) 293.31 2.930.LX) 144.CM) 12,649.16 5,915.38 2,4c(i.fJ) 745.00 37. 237.74 2,985.00 329.04 Bank Ind In¥estment Inc¢*￿* CBF Deposit Accounts Barclays Loyalty Payments 1.753.25 1,753.25 1,753.25 1,753.25 2.Q)1.33 2.001.33 Oth•r Income One off grants Church Lands Charlty151 Sld Lon8 Fund Other income 8,312.23 8.312.23 4,626.70 8,312.23 8,312.23 4,476.70 150.IX) Totsl Incofft• 102 494.04 3 619.05 106 113.09 121698.09 Totsl Church Artl¥ttles 63.693.86 63.693.86 63,693.86 63.693.86 64.911.33 64,911.33 Diocesan Shale Church Admlnlsiratlon Olfice salaries Payroll 5eryices Telephone l Bfoadband Photocopier Stationery I pK)Stagè Equipment rna1ntenan￿ l outlav Statutory fees administration Other 15.708.02 12,123.89 396.24 676.16 1.472.08 92.95 815.20 15,708.02 12,123.89 396.24 676.16 1,472.08 92.95 815.20 16.154.97 10,751.49 384.00 533.75 2,022.76 118.77 2,246.20 131.50 131.50 98.00 Page 2 5t Mary'swatton Flnafidal statements for2025 Churth Aunnlnl Costs Or8an tuningl rDaintenan ElectrFcity Heating ￿1 Water 1Th5urance (see note 51 MaintenaThce and repairs lset r￿e 51 CleanSn8 Car park lincl eltttrictylw*erl 16J23.35 348.rrfj 3,192.65 1.663.41 170.07 2.767.91 7M9.47 182.62 5C8.22 16,523.35 348.CKJ 3.192.65 1.663.41 170.07 2.767.91 7.689.47 182.62 509.22 13235.42 338.40 3.828.57 2,574.90 124.76 2.706.70 2.572.72 195.86 893.51 W•rshlp. Th￿nIstryand rnbsth Service costs Organist I choir/ mu5K 6roup Copyrisht IKen¢es service requ15ite5 inc flowers Training •nd Oiscipleshlp Vef8¢r AVI musk equlpmeni Children yOLrth and familie5 family Matter5 Ke￿rker salary Family Maiters Kewrker TaxlNII ptfislon Family Matters ￿¢￿1rker expen￿ I project Outreach Watton FarnlllesGroup 3353.50 1.514.91 137.LJl 963.69 125.90 73.97 6,027.47 1.514.91 137.¢YJ 963.69 125.90 15.784.91 71.94 681.68 935.37 55.88 31K).(K> 252.C¥) 4rKI.00 319.97 474.56 10.764.00 252.thj 1,311.fy) 1.311.00 10.00 2,071.51 1,312.97 1.312.97 MIMkn •nd ch•rftable Ihlw161 MlssloTh Givin6- UK M55sion GiTrAn8- non UK 473.51 211.36 262.15 Tot•1 Church Actmt 99.3fjfj.73 2.673.97 102.IYQ.70 110.560.14 osl olyneratlni hjn 2￿ Club171 2206. 1.220.C 2306.56 1,220.00 1,796.10 1.165.00 Cinema Fundralslng ewnts 986.S6 986.56 631.10 Gov•m•nu )rd•ru wilh the requirements ol Ihe Charitses h£t 2011 llhe Act'i. I report in rg8POCt of my 0x￿1n•t￿)n of th• Tru•Y8 4(%(￿nts caryied oul ur*dgr 8•ctson 145 Of thè 2011 Acl and in carying out my •xaminat￿n. I have lolknrtd *1 •pplublo D￿ct￿l oN•n by t Charity Commi$$ion under sect￿n 145151{b) of the Art Ind•p•nd•nt •x*mIn•￿* •t•t•m•nt I h•v• completod my examin)￿n. I confirn th*t no mot•ri•l matters havo com• to my •tt•nlion in conn•cbtsn wrth lh• •xaminAtion l¢)th•r th•n th•t dwJtJ•vA bolcyw ') whth givu m• to b•l*v• that in, any material ro8F4¢t". • thg xcounling f￿)rdS were not kèpt in •co)rd•nc• with seth)n 130 of Charity•J A¢L' or • the accounts dKI I￿t xc4rd with th• accountsng r￿￿th., or • ¢h• accounts dKJ not c#)mpty wrfh the aW*4bl• r•quir•mont• concwninp th• form and content of a¢¢ounts Sot out in the Charrti•$ {Accounts and R¢port81 R8guktK)ns 2008 oth•f than any r•quiremenl th•1 the accounts gMI • and foit vitrw whth o not a matter conithr•d 88 p•rt of •n ind¢pend•nt •xaminatK)n. I have no wncems and hav• coff• no other m•tt8rn in connecbon wth th• •x#minalion to wh￿h attention should be dr￿￿ in thiry Ttport in ord•r to enBbl• • prop•r und8r8tanding of tho ¥¢counts to be reached. ' Pl8as8 delete the 4•Dnts xi the l)rKknls rfthoy ¢*• Th)1￿y. SvJned.' ILI loic Name.. IER Oct 2018 Relevant professKinal qualrflcat￿n(8I or bo lif any) FCCP Aftl•n K•nd•ll Lknh•d .dnon 38 Street, Watto 01953 883850 01953 883850 S•¢tlon 8 Dl•elo•urn Only complete rfthe examiner needs to hl8hlwht material matters of concern (see CC32, Independent eumlnation of charity accounts: direciions and 8uidance for examineT51. Gl¥e h•r• brbef detalls of •ny It•mi that the •xamlner wlsh•s to dlsclox• IER Oct 2018