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2022-12-31-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 2022

Charity Commission Reg. No. 1129427

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
Notes to Financial Statements 11 - 13

1

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

2

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. Dr. 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:

3

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.

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.

4

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 Friday, 19 May 2023 and signed on its behalf by:

Ven. Preb. Dr. Tunde Roberts Sir Anderson Uzoma Egwuekwe PCC Chairman Churchwarden

5

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 2022, 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

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

6

St Olave’s Parish Church, Woodberry Down, London

Statement of Financial Activities For the year ended 31 December 2022

2022 2021
Notes Unrestricted
funds		 Restricted
funds		 Endowment
funds		 Designated
funds		 Total Total
INCOMING RESOURCES 2 £ £ £ £ £ £
Planned giving 22,097 0 0 0 22,097 24,012
Income tax recoverable 8,303 0 0 0 8,303 9,114
General collections 4,963 0 0 0 4,963 8,828
Revival & evangelism 236 0 0 0 236 1,128
Harvest income 9,215 0 0 0 9,215 12,072
Other voluntary incoming
resources
Donation & Thanksgiving 7,145 7,145 7,668
Weddings, Baptism & Funerals 1,920 0 0 0 1,920 0
Income from operating
activities to further the work
of the Church
Rent from Hall & Church 99,083 0 0 0 99,083 73,422
Rent from Cottage 22,781 0 0 0 22,781 22,781
Income from investment
CBF & FTA 579 580 0 1,159 1,733
Bank interest 114 0 0 0 114 23
Other incoming resources
Grant received - Heating 0 2,641 0 0 2,641 0
Total Incoming Resources 175,857 3,220 580 0 179,657 160,780

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

St Olave’s Parish Church,

7

Woodberry Down, London

Statement of Financial Activities For the Year ended 31 December 2022

2022 2021
Notes Unrestricted
funds		 Restricted
funds		 Endowment
funds		 Designated
funds		 Total Total
£ £ £ £ £ £
RESOURCES EXPENDED 3
Mission & charity 6,522 0 0 0 6,522 3,540
Revival & Evangelism 0 0 0 0 0 775
Harvest Expenses 0 0 0 0 0 0
Activities directly relating
to the church
Diocesan Common Fund 60,000 0 0 0 60,000 40,000
Clergy Expenses 4,546 0 0 0 4,546 2,904
Church Running expenses 5,669 0 0 0 5,669 312
Photocopier – usage.
Lease of equipment 406 0 0 0 406 660
Water usage and waste
rates 869 0 0 0 869 975
Non-domestic rates - Hall 2,176 0 0 0 2,176 2,176
Insurance – Church & Hall 7,817 0 0 0 7,817 7,257
Sub total carried forward 88,005 0 0 0 88,005 58,599

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

St Olave’s Parish Church, Woodberry Down, London

8

Statement of Financial Activities For the Year ended 31 December 2022

Notes
Sub Total Brought Forward
Light and heat
Magazines, books & subscription
Repairs, Renewals & maintenance
Church & Hall
Renewals, Replacement &
Maintenance Boilers
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 – Pest
Control
Equipment – Laptop and Audio
Video System
Garden tools, equipment & services
Church Management and
Administration
Printing, Postage & Stationery
Vicarage Running Expenses
Bank Charges
Depreciation
Cost of generating funds
Entertainment & Hospitality
Summer Fete & Social Events		 Unrestricted
funds
Restricted
funds
Endowment
funds
Designated
funds
2022
Total
2021
Total
£
£
£
£
£
£
88,005
0
0
0
88,005
58,599
9,094
2,641
0
0
11,735
7,492
1,159
0
0
0
1.159
649
660
0
0
0
660
0
6,215
0
0
0
6,215
7,627
1,273
0
0
0
1,273
3,173
6,490
0
0
0
6,490
3,920
2,204
0
0
0
2,204
2,758
2,238
0
0
0
2,238
741
2,850
0
0
0
2,850
977
0
0
0
0
0
78
1,232
0
0
0
1,232
174
0
0
0
0
0
4,521
0
0
0
0
0
1,462
655
0
0
0
655
104
1,471
0
0
0
1,471
1,627
876
0
0
0
876
219
5,821
0
0
0
5,821
6,304
3,351
0
0
0
3,351
954
0
0
0
0
0
0
Total Resources Expended 133,594
2,641
0
0
136,235
101,379
Net incoming (outgoing) resources
Adjustment for prior year’s liabilities
Less incoming (outgoing) resources
Unrealised Gain/Loss on
Investment
Total funds brought forward		 42,263
579
580
0
43,422
59,402
0
0
0
0
0
97,941
57,669
866
867
0
59,402
69,559
0
(2,518)
(2,519)
0
(5,037)
5,433
286,052
19,597
34,710
1,078,955
1,419,287
1,354,452
Funds Carried Forward 328,288
17,658
32,771
1,078,955
1,457,672
1,419287

St Olave’s Parish Church,

9

Woodberry Down, London

Balance Sheet as at 31 December 2022

Note
£
FIXED ASSETS
Tangible assets
4
Investment
5
Debtors
6
29,167
Investments
7
5,625
Bank Current Account
93,630
Bank Savings Account
90,392
218,814
Creditors:Amounts falling due within 1 Year
Net Current Assets/(liabilities)
8
0
Net assets/(liabilities)
Funds
Unrestricted Fund
Restricted Fund
Designated fund
Revaluation reserve		 £
29,167
5,625
93,630
90,392		 2022
£
£
1,461,795
38,182
1,499,977
218,814
1,718,791
328,288
50,429
1,078,955
261,119
1,718,791		 2021
£
1,463,729
43,219
1,506,948
20,864
5,598
22,805
120,275
169,545
(2,148)
167,397
1,614,452		 2021
£
1,463,729
43,219
1,506,948
20,864
5,598
22,805
120,275
169,545
(2,148)
167,397
1,614,452

The financial statements were approved by the Parochial Church Council on 19 May 2023 and signed on its behalf by:

Ven. Preb. Dr. Tunde Roberts Sir Anderson Uzoma Egwuekwe PCC Chairman Churchwarden St Olave’s Parish Church,

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

10

St. Olave’s Parish Church Woodberry Down, London

Notes to financial statements For the year ended 31 December 2022

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 - Equipment 25% per annum on the reducing balance 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.

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.

11

St. Olave’s Parish Church Woodberry Down, London

Notes to financial statements For the year ended 31 December 2022

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 - 2022

Cost
At 1 January 2022
Adjustment for the year
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
At 31 December 2022
Net book values
At 31 December 2022
At 31 December 2021		 Freehold
Cottage
Church
hall
Equipment
Altar Front
&
Chasubles
Furniture
& Fittings
Total
£
£
£
£
£
400,227
1,038,286
66,064
7,963
89,076
1,606,558
-
-
3,887
-
-
3,887
400,227
1,038,286
69,951
7,963
89,076
1,610,445
-
-
55,110
5,875
76,902
137,887
-
-
2,968
1,418
2,435
5821
-
-
58,078
6,293
79,337
143,708
400,227
1,038,286
11,873
1,670
9,739
1,461,795
400,227
1,038,286
10,954
2,088
12,174
1,463,729

12

St Olave’s Parish Church, Woodberry Down, London

Notes to the financial statements For the year ended 31 December 2022

5. Fixed asset investment

Market Value at 1 January 2022
Revaluation loss
Shareholdings with CCLA
Unit Trust Investment Shares
Share price in pence at 31/12/2022
Total Market value at 31/12/2022		 Hyatt Legacy
Macrae Bequest
Total Unit
£
£
£
21,609
21,610
43,219
(2,518)
(2,519)
(5,037)
19,091
19,091
38,182
1,848
2,066
38,182
(2,518)
(2,519)
19,091
19,091

6. Debtors

2022
2021
£
£
Repayment due from HMRC
8,303
9,114
7.
Current Asset Investments
C C L A
Market Value at 1 January 2022
Revaluation gain (loss)
Market Value at 31/12/2021
8.
Creditors: amounts falling due
Within one year
Accruals		 2020
Total
£
£
11,750
29,167
Period
2022
£
5,598
27
5,625
2022
2021
£
£
0
2,148		 Total
£
29,167
2022
£
0

13

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

Ven. Preb. Dr. 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

14

THEME: -Deepen connectlon God.- UNDER THE SPIRilliAL LEADERSHIP OF The Venerable Prebendary Dr TUNDE ROBERTS COST PER PERSON: £1,945 SINGLE ROOM SUPPLEMENT: £385.00 PER PERSON (forlhe duratK)n of the pthjrimage) FOR MORE IIIFORAIATIOAI CONTACT VEl4. PREB. DR TUMDE RoBERr%. MOBILE.. 07782100399 LANDLINE." 02088001374 EMAIL.. tunde.roberts@talk21.com