REPORT OF THE TREASURER AND ACCOUNTS FOR THE YEAR EliDED 31 DECEMBER 21124 FOR ST. MARK'S CHURCH WOODCOTE **ST. MARK'S CHURCH WOODCOTE** ## **CONTENTS OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024** ||**Page**| |---|---| |**Report of the Trustees**|1| |**Independent Examiner's Report**|2| |**Statement of Financial Activities**|3| |**Balance Sheet**|4| |**Notes to the Financial Statements**|5 to 11| |**Detailed Statement of Financial Activities**|12 to 13| ST. MARK'S CHURCH WOODCOTE REPORT OFTHE TREASI'.RER FOR THE I'EAR ENDED JI DECE.MB£R 2024 ThL 20?4 linanLial r¢%uli% a Imi)d¢rate %ury)lu>. i%ith iniL)ming reiourlei exieedin¥i r¢50uri¢s ¢XP¢Dd¢J b! £883. Ihis l￿mpare5 ith a defiLlt ot. £30_875 in 2023_ both i'L'ari ligtsrL% %lated bel'nrL Bain% or lo%%e% (Fn lixed a￿se1 inie%imeni.%. In¢i)me. in¥luding Ir(>m Inie%imenli. ruse b!. lo.￿/￿. iihi141 CXPLnditUfC I%Lnl doi%n b! 8.70/0. Morc ddail ol. InCQrnL and LkPLnditurc is shoiin al pagLs 12 10 13. IncomL and r¢iLl%'ered (jill Aid Iri)m d()n(Ir% hether (rum rtgular giNing. ca%h and Ll¥¢imnic ¢oll¢¢iions ai servic¢% or one.otT ctoniilions 1434 15.70/0 hightr Ih%in in 21)23. LL'lling ini<)mL fri)m ihL h#ll%. Lhurch and annLN ro￿ b¥ 9.4D/IK rcflLciing IhL proaetiie ¢ttons i)I' our 114115 L.Liiing Managir. Sui C¢inLr. l-hi incria5L in lh¥ incornc lif thL annex. kni)%%n &% the L(Idg¢. paniLultsrlN AE r¢8ard% rhL Iiii4'Lr ¥ipcndiiuty. thi main faeiors ¥4cr¥ $pL￿ding signifTLanil!- Icss on rLpairb aild mainiettanLe and hJ%ing nv hall hi bad debi¥. 11 ¢ ar¢ siill e.%perieTrLin¥ hi¥Trh ￿tr¥I LI)41s. I￿>￿￿h Ihesr ha￿¢ bttn Lin a m()deraic doi%'ni4ard IrLnd in iiintcr 2024125. In ?024 the church paid Ih4.51K> 121121.. L62..3(Mll ith thc Di&c¢san Pari%h %upp(irt Fund. iihich a %lighili high¢T inrr¢a thL' L()ntinuin8 gwer()siti' ()t paT15hionLrs. IhL averaBe age ol. our donors is riSlllb. Iti% b¢ing (If i%4)IKing dg¢. I)￿L[ the IDngLr iLrm. IhL rLgular giling ha% nui bLLll rising in redl ievnk a siiuaiiun m&%ked in recLni liars bl generous one-ol'f oil'is. A I'unhtr challenge 1% Ihai Iht churLh rtlie% nn ILiiing income io guard aBainsi Ihe depleiion of our IiniiTiLi31 in%'¢4tmin15 and 10 mainiain Loniribulions 10 Ihc L%Lr-Incrtasing cvst% ()f Ihe l>ariNh %uptH)rt Fund. li 1% IhLrLfurL LS￿L￿tIal lo kLLP LhL hall ￿nd l￿d￿ve 12Liliii¢s in%'iiin8 d% 14-ell ￿ funciional. Ilull Iulting i5 a compctitllL Ln¥ironmcnt. The hall% are 60 cild dn %ignific&ni. unprediLiable expendiiurc Lln LILLtriLdl and ri)DfiRg iNork-4 hecn Th¢ LDnS151ellt eiperienie vl. reLeni i'cars. ()ur l-hursdai. (ir()up ilt. Parishion￿r£ i¥hv carr¥. out a signiliiant nuinber vl. minor maint¢nanL¢ oi Coql is diminishing in nllmber. therL'li)re relati￿LI% mi)r¢ 1% b¢ins %p¢ni on ¥￿ternal coniracioT5. Thc c051s ol-niaterials aiid Iradesmen hai'r risen in r¢dl term% sinct IhL pandLmiL. Finulli. >]nd ni)I liaii. ir is iK'coming more dilliLulI to find ￿0tUni¢ers. i%-hdher merTrber% of the Longregaiion or noL to assume po¥itiibnb ol"rL*pon%ibilin and carrn oui impthrt8rt1 tLiks. AS li)r*%haJiii%¢d in rTri, 2U23 rcpotL our Halls Lbming ManagLr SUL Carter has expanded the letiing income mdrkedl!. IhrouBh her aLlikL rnark¢iing and good rlI￿lon5hlpS %1 iih hirers. so ihtmk% are vern tllULh due lo SUL. (TCOtI- Knighi caniinues io SUPPNIrt li iih hi ¢i)MpL￿1L￿l adrninislration ut-the Idting finances. Thanks also ta TLrTr Cairnfi for S&PCrniSing ihe plartn¥d ¥iNiDs proErammc. c&rr%ing oui Ihc Lhurlh-s bankin¥ r¢Lu￿￿[Ing Gill Aid Irutn IIMRL - £13.IIIX) cani¢ back 10 us in 2024. Furmer TrLa8urir I'on¥ .1 uckir ha5 proiided ¥ii%e aditce nn linanlial 1%su¥'%. ¢spwiiall> inTrcslTnLn15. 1 arn grai¢fJl Iii iiur aLLI)uni% txaininer. AndrLN¥ 14arkcr. lor iidiiL¢ un tnaking morL Ll'ficiLni u%¢ i)l-our X¢ro a¢¢ouniing paLk-age. Mi. pJniculor thk￿K-E go io iht Dtpuii Trtagiirer Sarah L'hdrtrL lhii. in addiiiiin io hcr PLC. ILe Ilyarden duties. pruLe55¢5 i%ell oTrer I.￿0 tr￿￿¢tIOnS in a %igr. 95 K¥LII as dialing li iih pa%r()11. i&1. HR matieri. pri)Ltsrem¢ni ¢i)niraL15. all aspects of Lnergi, use. and a full Tange ut niher prDbl¢m-soli'ing i&sks. ollen unconneLtcd i%ith finanLC. finallN'. Ihanks ID the iongregalion and parishioner.4 Ot. 81 Mark s for Ihcir LItLnsii'L suppori. both Jrtd un4LLn. C l Robithson, Honorary Treasurer DatLI". ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST. MARK'S CHURCH WOODCOTE** I report on the accounts for the year ended 31st December 2024, which are set out on the statement of financial activities, balance sheet and associated notes. ## **Respective responsibilities of the members of the Parochial Church Council (PCC) and the Independent Examiner** As the members of the PCC you are responsible for the preparation of the accounts; you consider that an audit is not required for his year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: - examine the accounts under section 145 of the 2011 Act. - follow the procedures laid down in the General Directions given by the Charity Commissioners Section 145(5)(b) of the 2011 Act - State whether particular matters have come to my attention. ## **Basis of Independent Examiner's Statement** My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the PCC and a comparison of the accounts presented with those records. It also includes consideration of 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 a full audit, and consequently I do not express an audit opinion on the accounts. Independent Examiner's Statement In connection with my examination, no matters have 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; or - to prepare accounts which accord with these accounting records have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. ## Neel Ail Andrew Harker FCCA 1 Clarence Road Horsham West Sussex RH13 5SJ Date: 5 May 2025 Page 2 ## **ST. MARK'S CHURCH WOODCOTE** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024** |Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**86,048**
Other trading activities
3
**61,417**
Investment income
4
**10,414**
**Total**
**157,879**
**EXPENDITURE ON**
**Charitable activities**
5
Giving to Missions and Charities
**3,437**
Church expenses
**78,143**
Annex costs
**1,072**
Diocese contribution
**64,500**
Other costs
**12,836**
**Total**
**159,988**
Net gains on investments
**8,256**
**NET INCOME/(EXPENDITURE)**
**6,147**
**Transfers between funds**
13
**2,053**
**Net movement in funds**
**8,200**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**262,465**
**TOTAL FUNDS CARRIED FORWARD**
**270,665**|Restricted
funds
£
**4,794**
**-**
**2,053**
**6,847**
**969**
**2,886**
**-**
**-**
**-**
**3,855**
**3,786**
**6,778**
**(2,053)**
**4,725**
**87,120**
**91,845**|**2024**
**Total**
**funds**
**£**
**90,842**
**61,417**
**12,467**
**164,726**
**4,406**
**81,029**
**1,072**
**64,500**
**12,836**
**163,843**
**12,042**
**12,925**
**-**
**12,925**
**349,585**
**362,510**|2023
Total
funds
£
78,774
57,048
12,806
148,628
5,478
100,554
-
62,300
11,171
179,503
28,957
(1,918)
-
(1,918)
351,503
349,585| |---|---|---|---| The notes form part of the accounts Page 3 ST. MARK'S C.HURCH WOOKOTE BALANCE SHEET 31 DTr:CTr.MB Tr-R 2024 2024 Totsl funds 2023 UnrL51fiLicd Resiricied tund FIXED ASSETS 10,073 252J29 10.073 9.694 329.694 In¥e%imenis 79.4(k6 262,402 79,406 341.808 33Y.388 CL.RRENT ASSETS 10 12202 29 12,202 5,029 14? 7.942 C%sh #t 7,439 19.187 11,439 31ffj26 24.5 IV CREDITORS AtnOUnlh lalling due ilithin Dll¢ lear 110,9241 110,924 NET CLRRENT ASSETS 8,26J 12,439 20,702 10.197 TOTAL ASSETS LESS CLRREP4T LIABILITIE5 270,665 91,845 362,510 .149.585 NET ASSET.$ 91.845 349.585 FI1NDS Ilnrc%iriLILd lunds R¢slriil¥d t'und5 262.46) 87.120 91,845 TOTAL FU.NDS 362.510 349.585 Th¢ linancial bthiem¢n(% i¥er¢ appiiii'Ld bi ihc Board ol frusiees and auihori5ed lor i%%UL l)n siÉned on its bchalf bl.: and i4erL' C. l Ri)btll￿0n. I lonoran 'frLastsfLY ThL nOIL£ lorm p2rt ol'the aiL()un15 l)ag¢ 4 ## **ST. MARK'S CHURCH WOODCOTE** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The accounts have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The accounts statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. ## **Income** All income is recognised in the Statement of Financial Activities once the church has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the church to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings - 3 to 10 years ## **Fund accounting** Unrestricted funds can be used in accordance with the church's objectives at the discretion of the PCC. Restricted funds can only be used for purposes specified by the donor. ## **2. DONATIONS AND LEGACIES** |Planned giving - tax efficient
Planned giving - non tax efficient
Gift aid refunds
Cash collections
Donated services and facilities – electronic giving
General donations – including Place To Be Café £4,892/£3,458
Penny Norris Suite income|**2024**
**£**
**55,532**
**6,624**
**13,415**
**2,771**
**1,482**
**8,691**
**2,327**
**90,842**|2023
£
50,939
636
13,781
3,976
950
8,492
-| |---|---|---| |||78,774| ## **3.** ## **OTHER TRADING ACTIVITIES** |Uplander Income & Expenditure
Church lettings
Annex income
Hall Letting income less deposit refunds
Wedding & Funeral fees|**2024**
**£**
**143**
**4,230**
**10,571**
**45,291**
**1,182 **
**61,417**|2023
£
210
4,869
3,255
46,819
1,895| |---|---|---| |||57,048| continued... Page 5 ## **ST. MARK'S CHURCH WOODCOTE** ## **NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **4. INVESTMENT INCOME** |Interest received|**2024**
**£**
**12,467**|2023
£
12,806| |---|---|---| ## **5. CHARITABLE ACTIVITIES COSTS** |Support
Direct
costs (see
Costs
note 6)
£
£
Giving to Missions and Charities
**4,406**
**-**
Church expenses
**81,029**
**-**
Annex costs
**1,072**
**-**
Diocese contribution
**64,500**
**-**
Other costs
**9,721**
**3,115**
**160,728**
**3,115**
**6.**
**SUPPORT COSTS**
Governance
Finance
costs
£
£
Other costs
**392 **
**2,723**
**7.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
Restricted
funds
funds
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
72,819
5,955
Other trading activities
57,048
-
Investment income
12,695
111
**Total**
142,562
6,066
**EXPENDITURE ON**
**Charitable activities**
Giving to Missions and Charities
3,748
1,730
Church expenses
85,631
14,923
Diocese contribution
62,300
-
Other costs
11,171
-
**Total**
162,850
16,653
Net gains on investments
20,859
8,098
**NET INCOME/(EXPENDITURE)**
571
(2,489)
**Transfers between funds**
(1,985)
1,985
**Net movement in funds**
(1,414)
(504)
**RECONCILIATION OF FUNDS**
Total funds brought forward
263,879
87,624
**TOTAL FUNDS CARRIED FORWARD**
262,465
87,120|Totals
£
**4,406**
**81,029**
**1,072**
**64,500**
**12,836**
**163,843**
Totals
£
**3,115**
Total
funds
£
78,774
57,048
12,806
148,628
5,478
100,554
62,300
11,171
179,503
28,957
(1,918)
-
(1,918)
351,503
349,585|Totals
£
**4,406**
**81,029**
**1,072**
**64,500**
**12,836**
**163,843**
Totals
£
**3,115**
Total
funds
£
78,774
57,048
12,806
148,628
5,478
100,554
62,300
11,171
179,503
28,957
(1,918)
-
(1,918)
351,503
349,585| |---|---|---| |||| |||| |||| |||| |||| |||| |||| |||| continued... Page 6 **ST. MARK'S CHURCH WOODCOTE** ## **NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **8. TANGIBLE FIXED ASSETS** ||Fixtures| |---|---| ||and| ||fittings| ||£| |**COST**|| |At 1 January 2024|**34,070**| |Additions|**2,184**| |At 31 December 2024|**36,254 **| |**DEPRECIATION**|| |At 1 January 2024|**24,376**| |Charge for year|**1,805**| |At 31 December 2024|**26,181 **| |**NET BOOK VALUE**|| |At 31 December 2024|**10,073**| |At 31 December 2023|9,694| |**FIXED ASSET INVESTMENTS**|| ||Cash and| ||settlements| ||pending| ||£| |**MARKET VALUE**|| |At 1 January 2024|**329,694**| |Disposals|**(10,382)**| |Revaluations|**12,423**| |At 31 December 2024|**331,735**| |**NET BOOK VALUE**|| |At 31 December 2024|**331,735**| |At 31 December 2023|329,694| ## **9. FIXED ASSET INVESTMENTS** There were no investment assets outside the UK. Certain investments are held by the Southwark Diocesan Board of Finance, which may only be used for expenditure of an ecclesiastical nature approved by the Diocese. Investment income was also achieved from the various unrestricted investment accounts held on behalf of the Parish. Total investments were (values shown as at 31 December 2024): CCLA (£269,285). Eden Tree Investment Management (£42,542). M&G Investments (£11,795). and Rathbone Management (£8,113). Income from both sets of investments realised £12,467 this year compared with £12,806 in 2023. ## **10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Other debtors
Tax
Prepayments and accrued income|**2024**
**£**
**4,079**
**2,958**
**5,165**
**12,202**|2023
£
2,304
2,295
3,343| |---|---|---| |||7,942| continued... Page 7 ## **ST. MARK'S CHURCH WOODCOTE** ## **NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **11. CURRENT ASSET INVESTMENTS** |Central Board of Finance Deposit
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors|**2024**
**£**
**5,029**
**2024**
**£**
**10,924**|2023
£
5,029
2023
£
14,313| |---|---|---| ## **12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** ## **13. MOVEMENT IN FUNDS** |Net
movement
At 1.1.24
in funds
£
£
**Unrestricted funds**
General fund
**87,595**
**68**
Mission
**68,314**
**2,870**
Church Maintenance
**9,087**
**1,040**
Hall Maintenance
**68,113**
**1,194**
Organ
**28,183**
**939**
Choir
**1,173**
**36**
**262,465**
**6,147**
**Restricted funds**
Southwark Diocesan Board of Finance
**76,774**
**5,810**
Restricted Gifts & Special appeals
**1,793**
**(1,382)**
Bequest
**5,000**
**29**
Place to be cafe
**3,553**
**2,321**
**87,120**
**6,778**
**TOTAL FUNDS**
**349,585**
**12,925**
Net movement in funds, included in the above are as follows:|Transfers
between
funds
£
**2,053**
**-**
**24,779**
**(24,779)**
**-**
**-**
**2,053**
**(2,024)**
**-**
**(29)**
**-**
**(2,053) **
**-**|At
31.12.24
£
**89,716**
**71,184**
**34,906**
**44,528**
**29,122**
**1,209**
**270,665**
**80,560**
**411**
**5,000**
**5,874 **
**91,845**
**362,510**| |---|---|---| |**Unrestricted funds**
General fund
Mission
Church Maintenance
Hall Maintenance
Organ
Choir
**Restricted funds**
Southwark Diocesan Board of Finance
Restricted Gifts & Special appeals
Bequest
Place to be cafe
**TOTAL FUNDS**|Incoming
resources
£
**157,838**
**-**
**-**
**-**
**41**
**-**
**157,879**
**2,024**
**(98)**
**29**
**4,892**
**6,847**
**164,726**|Resources
expended
£
**(159,988)**
**-**
**-**
**-**
**-**
**-**
**(159,988)**
**-**
**(1,284)**
**-**
**(2,571)**
**(3,855) **
**(163,843) **|Gains and
Movement
losses
in funds
£
£
**2,218**
**68**
**2,870**
**2,870**
**1,040**
**1,040**
**1,194**
**1,194**
**898**
**939**
**36**
**36**
**8,256**
**6,147**
**3,786**
**5,810**
**-**
**(1,382)**
**-**
**29**
**-**
**2,321**
**3,786**
**6,778**
**12,042**
**12,925**| |---|---|---|---| continued... Page 8 ## **ST. MARK'S CHURCH WOODCOTE** ## **NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **13. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |**Unrestricted funds**
General fund
Mission
Stonework and roof repair
Church Maintenance
Hall Maintenance
Halls Caretaking
Organ
Choir
**Restricted funds**
Southwark Diocesan Board of Finance
Restricted Gifts & Special appeals
Bequest
Place to be cafe
**TOTAL FUNDS**|Net
movement
At 1.1.23
in funds
£
£
91,289
(1,709)
63,335
4,979
24,779
-
12,762
(3,675)
12,306
(175)
31,203
-
26,993
1,190
1,212
(39)
263,879
571
68,676
8,098
1,073
720
15,000
(11,985)
2,875
678
87,624
(2,489)
351,503
(1,918)|Transfers
between
funds
£
(7,067)
75
(24,779)
4,425
55,412
(31,203)
1,025
127
(1,985)
-
-
1,985
-
1,985
-|At
31.12.23
£
82,513
68,389
-
13,512
67,543
-
29,208
1,300
262,465
76,774
1,793
5,000
3,553
87,120
349,585| |---|---|---|---| Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
Mission
Church Maintenance
Hall Maintenance
Organ
Choir
**Restricted funds**
Southwark Diocesan Board of Finance
Restricted Gifts & Special appeals
Bequest
Place to be cafe
**TOTAL FUNDS**|Incoming
resources
£
142,028
-
-
450
85
(1)
142,562
-
2,497
111
3,458
6,066
148,628|Resources
expended
£
(152,047)
(75)
(4,425)
(5,067)
(1,109)
(127)
(162,850)
-
(1,777)
(12,096)
(2,780)
(16,653)
(179,503)|Gains and
Movement
losses
in funds
£
£
8,310
(1,709)
5,054
4,979
750
(3,675)
4,442
(175)
2,214
1,190
89
(39)
20,859
571
8,098
8,098
-
720
-
(11,985)
-
678
8,098
(2,489)
28,957
(1,918)| |---|---|---|---| ## Southwark Diocesan Board of Finance This fund arises from the sale of our former curate's house and a bequest. The SDBF holds the underlying investments on our behalf. The fund can only be used to finance expenditure of an ecclesiastical nature but interest and dividend income are released to us in order to meet parish running costs. ## Restricted Gifts & Special appeals This fund relates to both gifts restricted in their use and funds received by St. Mark's on behalf of other beneficiaries, for example collections at funerals for transmission to third parties. This fund separates such items from church funds. continued... Page 9 ## **ST. MARK'S CHURCH WOODCOTE** ## **NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **13. MOVEMENT IN FUNDS - continued** ## Bequests This fund holds bequests, which are for restricted purposes, in a separate bank account – the CBF Church of England Deposit Fund. Currently it contains £5,000 (part of a larger gift of £7,000) for an altar hanging, donated by Gwyneth Frampton in memory of her late husband Clive. We expect this installation to be completed in 2025. ## Mission This fund supports the mission activities and outreach of St. Mark's. ## Church Maintenance This fund is used to pay for significant maintenance items. This includes costs such as boiler repairs and upgrades to our CCTV system. ## Hall Maintenance This fund supports the same purposes as the Church Maintenance Fund but in relation to the halls and lodge. ## Organ This fund is used to pay for significant refurbishment work on our church organ and to take in organ fees in connection with funerals. ## Choir This fund supports the activities of the choir, including the cost of professional membership fees. ## Place to Be Café In May 2021, the church received a Croydon Episcopal Area Special Grant of £2,275 to be spent on "innovative pieces of mission in the local Church community". The PCC decided this would be used to create and run a programme for people affected by dementia, and their carers, which is called A Place To Be Café. A professional manager is employed and activities staffed by volunteers. This fund separates the café and church finances. ## **14. RESERVES POLICY AND MAJOR RISKS** ## Reserves Policy. This year's accounts have been presented incorporating the 2015 Statement of Recommended Practice and Financial Reporting Standard 102 for Charities. A detailed schedule of the movement in Reserve Funds is shown in note 13 above. This includes opening and closing balances in the various reserve funds as well as the income and amounts spent, transfers between funds and revaluation gains and losses of investments attributable to those funds. The notes at the foot of note 13 describe the purposes of the funds and provide examples of their use. The Unrestricted general reserves stood at £89,716 at 31st December 2024, representing 55% (2023: 49%) of our total running expenses, including the costs of running the halls. The PCC regards a minimum of 33% as a prudent level of free reserves to hold against swings in income and unexpected expenditures in a given year. Restricted Reserves held with the Southwark Diocesan Board of Finance, arising from the sale of our former curate's house and a bequest, are held for expenditure of an ecclesiastical nature that has to be approved by the Diocese. The investments resulting from these reserves generated interest and dividend income of £2,053 (2023: £2,149) which can be used to meet Parish running costs. Other restricted or designated reserves represent specific gifts or funds set aside for the purposes designated by the donors or the PCC. continued... Page 10 **ST. MARK'S CHURCH WOODCOTE** ## **NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **14. RESERVES POLICY AND MAJOR RISKS - continued** ## **Major risks** . Those facing the Parish from a financial point of view are: Church Income and Expenditure. Although donations held up well in 2024, the church is very vulnerable to declining attendances at services, although we are continuously hopeful for a revival in numbers. The average age of the congregation is increasing. Our cohort of volunteer parishioners undertaking maintenance tasks – the Thursday Group – is declining in number and increasingly unable to carry out work requiring specialised knowledge or equipment, resulting in higher expenditure on contractors, whose charges have risen sharply since the pandemic. The biggest cost challenge in 2024 continued to arise from high energy prices. A great deal of energy is used to heat huge volumes of unused space within the church. We have increased charges for winter hires of the church to help offset energy costs. Halls: In broad terms, the halls and lodge generate almost all the letting income for the church to meet its Parish Support Fund contribution, which itself rises year- on-year. The halls offering has to be maintained and developed to protect the income stream of regular and occasional hirers. As examples of necessary expenditure, in 2024 we spent £1,480 to rewaterproof the hall roof and £1,602 to maintain the emergency lighting to the required standards. Restoration of the organ. Potential restoration and major refurbishment options remain undecided. The organ has benefited from continuing maintenance, on which the church spent £1,560 in 2024. Parish Support Fund. The parish is asked annually to make a financial pledge of the amount they will give the following year to fund the ministry and mission of the Diocese, including the costs of clergy. This is our single largest item of expenditure and its affordability depends on increasing our giving and letting income. The amount requested increases in line with Diocesan running costs, the majority of which are pay-related. The PCC has increased the 2025 pledge to £66,800 from £64,500, which slightly exceeded the Diocese’s suggested higher contribution. Loss from financial investments. The value of our portfolio is subject to stock market turbulence - in 2024, we sold £10,000 of investments (2023: £15,000), principally to offset hugely increased gas and electricity costs. We realised a loss of £381 on these disposals in comparison with their valuation on 1 January 2024. Problems occur when the church has to liquidate investments to meet imminent bills at a time when stock markets are depressed and thereby incurs a loss on investments. To mitigate this risk, the investments are diversified to a considerable extent across investment geographies and sectors. In addition, the church maintains minimum current account balances sufficient to cover at least a month of normal expenditure. In early 2025 the PCC approved the recommendations from a review of investments by the Finance sub-committee. The actions from the review are intended to provide more diversification and less risk across the portfolio. Inability to fill key positions of responsibility. It is becoming more difficult to fill key roles from within a slowly declining, and increasingly elderly, congregation. This situation is not uncommon within the current Church of England. The Treasurer role was filled in 2022, but shared between two people. The church currently has churchwarden capacity until the 2025 APCM, but if no replacements are forthcoming there will need to be discussions with the Diocese about alternative governance arrangements. Page 11 ## **ST. MARK'S CHURCH WOODCOTE** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Planned giving - tax efficient
Planned giving - non tax efficient
Gift aid refunds
Cash collections
Donated services and facilities – electronic giving
General donations
**Other trading activities**
Uplander Income & Expenditure
Church lettings
Annex income
Hall Letting income less deposit refunds
Wedding & Funeral fees
**Investment income**
Interest received
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Secretarial costs
Diocesan Contribution
Clergy expenses
Books & training literature
Charitable Giving
Telephone, Broadband & Office Costs
Organist & Music Director
Lay Pastoral Assistant
Organ Maintenance
Parish Events
Youth Ministry Costs
Repairs & Maintenance
Utilities
Cleaning
Security
Sundry Church Expenditure
Hall Letting costs
Printing Postage, Stationery
General Expenses
Insurance
Annex running costs
Sanctuary & Worship costs
Place to be expenses
Penny Norris suite
Bad debts
Carried forward|2024
£
**55,532**
**6,624**
**13,415**
**2,771**
**1,482**
**11,018**
**90,842**
**143**
**4,230**
**10,571**
**45,291**
**1,182 **
**61,417**
**12,467**
**164,726**
**6,867**
**64,500**
**99**
**153**
**4,406**
**1,425**
**7,588**
**-**
**1,560**
**-**
**(171)**
**10,841**
**28,118**
**7,692**
**1,525**
**699**
**9,185**
**2,028**
**1,233**
**5,519**
**1,072**
**1,381**
**3,771**
**1,237**
**-**
**160,728**|2023
£
50,939
636
13,781
3,976
950
8,492
78,774
210
4,869
3,255
46,819
1,895
57,048
12,806
148,628
6,871
62,300
1,087
210
5,478
603
7,313
499
1,109
88
(359)
16,653
27,756
6,427
2,046
977
8,618
1,344
958
5,290
892
1,099
2,780
13,754
3,152
176,945| |---|---|---| Page 12 ## **ST. MARK'S CHURCH WOODCOTE** |**DETAILED STATEMENT OF FINANCIAL ACTIVITIES**
**FOR THE YEAR ENDED 31 DECEMBER 2024**
**Charitable activities**
Brought forward
Legal fees
**Support costs**
**Finance**
Bank charges
**Governance costs**
Accountancy fees
Fixtures and fittings - depreciation
Total resources expended
**Net income/(expenditure) before gains and losses**
**Realised recognised gains and losses**
Unrealised gain on fixed asset investments
Realised gains/(losses) on fixed asset investments
**Net income/(expenditure)**|2024
£
**160,728**
**-**
**160,728**
**392**
**918**
**1,805**
**2,723**
**163,843**
**883**
**12,423**
**(381)**
**12,925**|2023
£
176,945
205
177,150
391
885
1,077
1,962
179,503
(30,875)
28,957
-
(1,918)| |---|---|---| Page 13