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2021-12-31-accounts

ST. OLAVE’S CHURCH (CHURCH OF ENGLAND) WOODBERRY DOWN LONDON, N4 2TW.

PARISH REPORT AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31[ST] DECEMBER 2021

Charity Commission Reg. No. 1129427

0

CONTENTS

CONTENTS
Page
Administrative Information 2
Membership of The PCC
“
Bankers “
Structure, Governance and Management
3
Objectives and Activities
“
Church Attendance
“
Review of the Year
“
Bread for Life Project 4
Evangelism “
Future Development “
Financial Review “
Independent Examiner’s Report
6
Statement of Financial Activities 7
- 9
Balance Sheet
 10

1

O Notes to Financial Statements 13 11

Administrative information

St. Olave’s Church is situated at Woodberry Down, London. It is in the Stepney Episcopal Area of the Diocese of London, within the Church of England. The correspondence address is St. Olave’s Church Vicarage, Woodberry Down, London N4 2TW. The Parochial Church Council of the ecclesiastical parish of St. Olave is registered with the Charity Commission as Charity Number 1129427.

Members of the PCC are elected by church members at the Annual Parochial Church Meeting in accordance with the Church Representation Rules.

MEMBERSHIP OF THE PCC

BANKERS

Metro Bank 136 High Road London N22 6EB

3

Structure, governance and management

The method of appointment of PCC members is set out in the Church Representation Rules. All Church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC.

Objectives and activities

St. Olaves’ Church is a community church, whose aim is to allow Jesus to live in us in such a way that our neighbours can experience his love and come to be friends and followers of Christ too. As a church, we intend to encourage and support one another in living His life, forgiving one another and encouraging one another not to give up. St. Olave’s PCC has the responsibility of co-operating with the incumbent, Ven. Preb. Tunde Roberts, in promoting the ecclesiastical parish and the mission of the Church which include pastoral, evangelistic, social and ecumenical. The PCC also has responsibility for maintaining the Church building and its facilities.

Church attendance

There are 143 parishioners on the Church Electoral Roll; 118 of whom are not resident within the parish. Average weekly attendance at church services was 60, but there were peaks and troughs during the year particularly during festivals and special services, The covid-19 pandemic made regular attendance at worship by some of our members difficult.

Review of the year

Full PCC met 6 times during the year with average attendance level of 70%.

The following events were held during the year:

4

Bread for Life Project

Bread for Life project was initiated by the Vicar and his wife, in light of their experience with homeless people in the West End of London.

The project provided about 150 hot meals along with tea/coffee to homeless people who gathered around old Strand station in central London until the lockdown in March 2020. We had in the past also provided meals for those gathered behind House of Fraser in Victoria Street and Lincoln Inn in Holborn.

The project was self-supporting with donations from members of the congregation and friends.

Caring and meeting the needs of others is not only rewarding but it is also a command from our Lord Jesus Christ. Matthew Chapter 25 verse 38 says “When did you see me hungry and feed me, homeless and clothe me? And verse 39 says “In as much as you do this to these your brothers and sisters, you do it for me”.

The church is grateful for support received from members which had enabled this project to continue.

Evangelism

Our mission as a parish is to win souls for Christ and be alive to our duties as Christians.

The parish continue to actively organise monthly revival services where various men and women of God ministered.

The revival service is held on the last Wednesday of every month, and there is three days revival services at the end of the year (that is 29[th] – 31[st] December). We have been able to reach out to non-members through the revival services, some of whom have since become members of the church. Many have been encouraged to share through testimonies, what the Lord has done and is doing in their lives.

It is our prayer that the Lord will continue to meet us at our point needs in Jesus name both individually and as family units.

5

Future Development

There is a plan in place for redevelopment of our church in order to achieve our mission better. The redevelopments will involve building a completely new church and hall with modern flats at the top.

Financial Review

The economic crunch witnessed all over the country is not yet over. As a matter of fact it has increased in size since Covid-19 pandemic in early 2020. We thank Almighty God though, because he has been gracious to this parish. It is worthy to mention that despite this difficult period, we were able to manage our expenditures and meet all our financial commitments.

We thank all members for their faithful giving during the past year. However, we encourage you all to continue to support the work of God in this parish by your generous giving in the coming years.

The results for the year are stated on pages 6 to 13 of the Financial Statements.

Approved by the PCC on Tuesday, 24 May 2022 and signed on its behalf by:

Ven. Preb. Tunde Roberts Mrs Lola Kuforiji PCC Chairman Churchwarden

6

St. Olave’s Church Independent Examiner’s Report

TO THE PCC OF ST. OLAVE’S CHURCH, WOODBERRY DOWN LONDON N4 2TW

I report on the financial statements of St. Olave’s Church for the year ended 31 December 2021, which are set out on pages 7 - 13. These financial statements have been prepared under the historical cost convention and the accounting policies set therein.

Respective responsibilities of the PCC and the examiner

As members of the PCC you are responsible for the preparation of the financial statements. You consider that an audit is not required for the year under section 144(2) of the Charities Act 2011 and that an independent examination is needed.

Basis of independent examiner’s report

My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as PCC members concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the financial statements.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that in any material respect, the requirements

7

have not been met; or

Mr Olushola Owolabi 3 Albatros Close, Beckton, London E6 5NX

St Olave’s Parish Church, Woodberry Down, London

Statement of Financial Activities For the year ended 31 December 2021

2021 2020
Not Unrestri
cted		 Restric
ted		 Endow
ment		 Design
ated
es funds funds funds funds Total Total
INCOMING
RESOURCES 2 £ £ £ £ £ £
Planned giving 24,012 0 0 0 24,012 19,753
Income tax
recoverable 9,114 0 0 0 9,114 11,750
General collections 8,828 0 0 0 8,828 8,669
Revival & evangelism 1,128 0 0 0 1,128 1,579
Harvest income 12,072 0 0 0 12,072 7,196
Other voluntary
incoming resources
Weddings,
thanksgiving &
baptism 7,668 0 0 0 7,668 5,768
Income from
operating activities
to further the work
of the Church
Rent from Hall 73,422 0 0 0 73,422 37,563
Rent from Cottage 22,781 0 0 0 22,781 21,981

8

Income from
investment
CBF & FTA
Bank interest
Other incoming
resources
Grant received		 0
866
867
0
1,733
1,080
23
0
0
0
23
102
0
0
0
0
0
11,000
Total Incoming
Resources		 159,047
866
867
0
160,780
126,4
41

The notes on pages 11 to 13 form an integral part of these financial statements

St Olave’s Parish Church, Woodberry Down, London

Statement of Financial Activities For the Year ended 31 December 2021

2021 2020
Not Unrestri
cted		 Restric
ted		 Endow
ment		 Design
ated
es funds funds funds funds Total Total
£ £ £ £ £ £
RESOURCES
EXPENDED 3
Mission & charity 3,540 0 0 0 3,540 1,332
Revival &
Evangelism 775 0 0 0 775 50
Harvest Expenses 0 0 0 0 0 450
Activities directly
relating
to the church
Diocesan Common 40,00 60,00
Fund 40,000 0 0 0 0 0
Clergy Expenses 2,904 0 0 0 2,904 2,412

9

Church Running
expenses 312 0 0 0 312 1,520
Photocopier –
usage. Lease of
equipment 660 0 0 0 660 571
Water usage and
waste rates 975 0 0 0 975 616
Non-domestic rates
- Hall 2,176 0 0 0 2,176 0
Insurance – Church
& Hall 7,257 0 0 0 7,257 7,611
Sub total carried 58,59 74,56
forward 58,599 0 0 0 9 2

The notes on pages 11 to 13 form an integral part of these financial statement

St Olave’s Parish Church, Woodberry Down, London

Statement of Financial Activities For the Year ended 31 December 2021

Unrestri Restric Endow Design
cted ted ment ated 2021 2020
funds funds funds funds Total Total
Not
es £ £ £ £ £ £
Sub Total Brought 58,59 74,56
Forward 58,599 0 0 0 9 2
Light and heat 7,492 0 0 0 7,492 22,056
Magazines, books &
subscription 649 0 0 0 649 1,395
Repairs, Renewals &
maintenance
Church & Hall 7,627 0 0 0 7,627 31,744

10

Hall Running Costs
Musical services & Organ
Services
Telephone, Mobiles and
internet
Cleaning, Waste Disposal
Costs and Materials
Upkeep of services
Covid-19 expenses
Environmental services
Equipment – Laptop and
Audio Video System
Garden tools, equipment
& services
Church Management
and Administration
Printing, Postage &
Stationery
Vicarage Expenses
Bank Charges
Depreciation
Cost of generating
funds
Entertainment &
Hospitality		 3,173
0
0
0
3,173
3,674
3,920
0
0
0
3,920
3,440
2,758
0
0
0
2,758
2,465
741
0
0
0
741
1,718
977
0
0
0
977
523
78
0
0
0
78
1,037
174
0
0
0
174
2,461
4,521
0
0
0
4,521
0
1,462
0
0
0
1,462
0
104
0
0
0
104
269
1,627
0
0
0
1,627
932
219
0
0
0
219
388
6,304
0
0
0
6,304
7,880
954
0
0
0
954
279
Total Resources
Expended		 101,379
0
0
0
101,3
79
154,8
23
Net incoming (outgoing)
resources
Adjustment for prior
year’s liabilities
Less incoming (outgoing)
resources
Unrealised Gain on
Investment
Total funds brought
forward		 57,669
866
867
0
59,402
(28,38
2)
0
0
0
0
0
97,941
57,669
866
867
0
59,402
69,559
0
2,716
2,717
0
5,433
8,540
228,356
16,015
31,126
1,078,9
55
1,354,
452
1,276,
353
Funds Carried Forward 286,025
19,597
34,710
1,078,9
55
1,419,
287
1,354,
452

The notes on pages 11 to 13 form an integral part of these financial statement St Olave’s Parish Church, Woodberry Down, London

Balance Sheet as at 31 December 2021

11

2021 2020
Note £ £ £ £
FIXED ASSETS
1,468,67 1,470,0
Tangible assets 4 1 23
Investment 5 43,219 37,786
1,511,89 1,507,8
0 09
Debtors 6 20,864 17,458
investments 7 5,598 5,597
Bank current account 22,805 20,540
120,27
Bank savings account 5 63,804
169,54 107,39
5 9
Creditors:Amounts falling due
within 1 Year (2,148) (756)
Net Current Assets/(liabilities) 167,397 106,643
1,679,28 1,614,4
Net assets/(liabilities) 7 52
Funds
Unrestricted Fund 286,025 228,356
Restricted Fund 54,307 47,141
1,078,95 1,078,9
Designated fund 5 55
Revaluation reserve 260,000 260,000
1,679,28 1,614,4
7 52

The financial statements were approved by the Parochial Church Council on 24 May 2022 and signed on its behalf by:

Ven. Preb. Tunde Roberts St Olave’s Parish Church, Mrs Lola K foriji

The notes on pages 11 to 13 form an integral part of these financial

12

statement

St. Olave’s Parish Church Woodberry Down, London

Notes to financial statements For the year ended 31 December 2021

1. Accounting Policies

1.1 Accounting convention

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the

preparation of the financial statements are as follows:

The financial statements have been prepared in accordance with Accounting and Reporting by Charities:

Statements of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015);

Charities SORP (FRS102).

The Charity is taking advantage of the exemption in FRS1 from the requirement to produce a cashflow statement because it is a small charity.

1.2 Tangible fixed asset and depreciation

Depreciation is provided at the following rate:

Altar front & chasubles - 25% per annum on the reducing

balance basis

basis - Furniture and fittings 25% per annum based on the reducing balance.

2. Incoming resources

Voluntary income is received by way of donation and gifts and is included in full in the Statement of Financial Activities when receivable. Gifts donated for resale are included as income when they are sold. Donated assets are included at the value to the charity where this can be quantified and a third party is bearing the cost. The value of services provided by volunteers has not been included.

13

Grants, including grants for the purchase of fixed assets, are recognised in full in the statement of Financial Activities in the year in which they were receivable.

Income from investments is included in the year it is receivable.

Legacies are included when the charity is advised by the personal representative of an estate that payment will be made or property transferred and the amount involved can be quantified.

St. Olave’s Parish Church Woodberry Down, London

Notes to financial statements For the year ended 31 December 2021

3. Resources expended

Resources expended are recognised in the year in which they are incurred.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of charitable activities.

Support costs are those incurred directly in support of expenditure on the objects of the charity and include project management.

Management and administrative costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

4. Tangible fixed assets - 2021

Cost
At 1 January 2021
Adjustment for the
year		 Freeh
old
Cottag
e
Churc
h hall
Equipm
ent
Altar
Front &
Chasubl
es
Furnit
ure &
Fitting
s
Total
£
£
£
£
£
400,22
7
1,038,2
86
66,064
7,963
89,076
1,601,6
16
-
-
-
4,942
-
4,942

14

At 31 December
2021
Depreciation
At 1 January 2021
Charge for the year
At 31 December
2021
Net book values
At 31 December
2021
At 31 December
2020		 400,22
7		 1,038,2
86
66,064
,12,905
89,076
1,606,5
58
-
-		 -
52,372
5,353
73,858
131,58
3
-
2,738
522
3,044
6,304
- -
55,110
5,875
76,902
137,88
7
400,22
7		 1,038,2
86
10,954
7,030
12,174
1,468,6
71
400,22
7		 1,038,2
86
13,692
2,610
15,218
1,470,0
33

St Olave’s Parish Church, Woodberry Down, London

Notes to the financial statements For the year ended 31 December 2021

5. Fixed asset investment

Market Value at 1 January
2021
Revaluation gain
Shareholdings with CCLA
Unit Trust Investment Shares
Share price in pence at
31/12/2021
Total Market value at
31/12/2021		 Hyatt
Legacy
Macrae
Bequest
£
£		 Total
Unit
£
18,893
18,893		 37,786
2,716
2,717		 5,433
21,609
21,610		 43,219
1,848
2,338.6
7
43,219

15

6. Debtors

----- Start of picture text -----
2021 2020 Total
£ £ £
Repayment due from HMRC 9,114 11,750 20,864
7. Current Asset Investments
C C L A
Period
2021
£
Market Value at 1 January 2021 5,597
Revaluation gain (loss) 1
Market Value at 31/12/2021 5,598
8. Creditors: amounts falling due
202
Within one year 2021 0
£ £
Accruals 2,148 756
----- End of picture text -----

The Bread For Life Project

Provides hot meals to homeless people.

Volunteers and donations required to keep this work going.

Cheques can be made payable to:

“The Bread For Life Project”

and addressed to

16

Ven. Preb. Tunde Roberts or Mrs Folake Roberts. To pay directly into the account details are: The Bread for Life Project: Bank: Metro Bank; Account No: 11062571; Sort Code: 23-05-80

17

1895.00 09TH- 20TH NOVEMBER 2022 Under the Spiritual Leadership of The Ven. Reverend Preb. Tunde Roberts Operuledby SPE4 CIAL PILGRIMAGES 'Christian Tours, 55-57 Queens Road, Southend-on-Se4 Essex SS I I LT Tel. 01702 394000 Fax. 01702 395000 rima es.co.uk / www.s info ecial- il rima es.co.uk Established 1983