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2023-12-31-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 2023

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 - 14

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. 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.

We now provide access/streaming facilities on Facebook and Zoom for our weekly services and at major festivals

Review of the year

Full PCC met 5 times during the year with average attendance level of 65%.

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 of 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 spent over £75,000 on the purchase of equipment, replacements and repairs including repairs of the Woodberry Down side of the Church and Hall roofs during the year.

We thank all members for their faithful giving during the past year.

Therefore, 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 14 of the Financial Statements.

Ven. Preb. 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 2023, which are set out on pages 7 - 14. 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

accounting requirements of the Act have not been met; or

Mr Olushola Owolabi 8, Church Walk, Peterborough, Cambridgeshire PE1 2TP

6

St Olave’s Parish Church, Woodberry Down, London

Statement of Financial Activities For the year ended 31 December 2023

2023 2022
Notes Unrestricted
funds		 Restricted
funds		 Endowment
funds		 Designated
funds		 Total Total
INCOMING RESOURCES 2 £ £ £ £ £ £
Planned giving 23,190 0 0 0 23,190 22,097
Income tax recoverable 10,523 0 0 0 10,523 8,303
General collections 3,759 0 0 0 3,759 4,963
Revival & evangelism 286 0 0 0 286 236
Harvest income 11,054 0 0 0 11,054 9,215
Other voluntary incoming
resources
Donation & Thanksgiving 7,860 7,860 7,145
Weddings, Baptism & Funerals 1,856 0 0 0 1,856 1,920
Income from operating
activities to further the work
of the Church
Rent from Hall & Church 125,200 0 0 0 125,200 99,083
Rent from Cottage 24,815 0 0 0 24,815 22,781
Income from investment
CBF & FTA 0 638 639 0 1,277 1,159
Bank interest 715 0 0 0 715 114
Other incoming resources
Parish Outing and Social
Events 1,780 0 0 0 1,780 0
Grant received - Heating 0 0 0 0 0 2,641
Total Incoming Resources 211,038 638 639 0 212,315 160,780

The notes on pages 11 to 14 form an integral part of these financial statements

7

St Olave’s Parish Church, Woodberry Down, London

Statement of Financial Activities For the Year ended 31 December 2023

2023 2022
Notes Unrestricted
funds		 Restricted
funds		 Endowment
funds		 Designated
funds		 Total Total
£ £ £ £ £ £
RESOURCES EXPENDED 3
Mission & charity 7,000 0 0 0 7,000 6,522
Activities directly relating
to the church
Diocesan Common Fund 66,000 0 0 0 66,000 60,000
Clergy Expenses 2,148 0 0 0 2,148 4,546
Church Running expenses 3,559 0 0 0 3,559 5,669
Photocopier – usage.
Lease of equipment 551 0 0 0 551 406
Water usage and waste
rates 1,014 0 0 0 1,014 869
Non-domestic rates - Hall 4,463 0 0 0 4,463 2,176
Insurance – Church & Hall 6,617 0 0 0 6,617 7,817
Sub total carried forward 91,352 0 0 0 91,352 88,005

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

8

St Olave’s Parish Church, Woodberry Down, London Statement of Financial Activities For the Year ended 31 December 2023

Unrestricted
funds
Restricted
funds
Notes
£
£
Sub Total Brought Forward
91,352
0
Light and heat
8,583
0
Magazines, books & subscription
1,111
0
Repairs, Renewals & maintenance
Church & Hall 8
33,065
0
Renewals, Replacement &
Maintenance Boilers
0
0
Hall Running Costs
4,025
0
Musical services & Organ Services
5,490
0
Telephone, Mobiles and internet
1,847
0
Cleaning, Waste Disposal Costs
and Materials
1,894
0
Upkeep of Services
326
0
Environmental services – Pest
Control
964
0
Equipment – Laptop and Audio
Video System
9
45,504
0
Church Management and
Administration
Printing, Postage & Stationery
261
0
Vicarage Running Expenses
876
0
Bank Charges
1,640
0
Depreciation
13,757
0
Admin Cost
566
0
Cost of generating funds
Entertainment & Hospitality
1,209
0
Summer Fete & Social Events
2,564
0		 Endowment
funds
Designated
funds
2023
Total
2022
Total
£
£
£
£
0
0
91,352
88,005
0
0
8,853
11,735
0
0
1,111
1,159
0
0
33,065
660
0
0
0
6,215
0
0
4,025
1,273
0
0
5,490
6,490
0
0
1,847
2,204
0
0
1,894
2,238
0
0
326
2,850
0
0
964
1,232
0
0
45,504
0
0
0
261
655
0
0
876
1,471
0
0
1,640
876
0
0
13,757
5,821
0
0
566
0
0
0
1,209
3,351
0
0
2,564
0
Total Resources Expended
215,034
0		 0
0
215,034
136,235
Net incoming (outgoing) resources
(3996)
638
Unrealised Gain/Loss on
Investment
0
1,797
Total funds brought forward
328,288
17,658		 639
0
(2719)
43,422
1,796
0
3,593
(5,037)
32,771
1,078,955 1,457,672
1,419287
Funds Carried Forward
324,292
20,093		 35,206
1,078,955 1,458,5461,457,672

9

St Olave’s Parish Church, Woodberry Down, London

Balance Sheet as at 31 December 2023

Note
FIXED ASSETS
Tangible assets
4
Investment
5
Debtors
6
Investments
7
Bank Current Account
Bank Savings Account
London Diocesan Fund Trust Bank
Creditors:Amounts falling due within 1 Year
Net Current assets
Funds
Unrestricted Fund
Restricted Fund
Designated fund
Revaluation reserve		 £
39,690
5,692
33,430
51,107
100,000		 2023
£
1,493,542
41,775		 £
29,167
5,625
93,630
120,275
-		 2022
£
1,461,795
38,182
1,499,977
248,697		 2022
£
1,461,795
38,182
1,499,977
248,697
1,535,317
229,919
229,919 248,697
1,765,236 1,748,674
324,292
55,299
1,078,955
306,690
1,765,236

The financial statements were approved by the Parochial Church Council on the 15th May 2024 and signed on its behalf by:

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

The notes on pages 11 to 14 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 2023

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 2023

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 - 2023

Cost
At 1 January 2023
Additions for the year
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book values
At 31 December 2023
At 31 December 2022		 Freehold
Cottage
Church
hall
Equipment
Altar Front
&
Chasubles
Furniture
& Fittings
Total
£
£
£
£
£
400,227
1,038,286
69,951
7,963
89,076
1,610,445
-
-
36,588
-8,916
(4,942)
45,504
400,227
1,038,286
106,539
7,963
97,992
1,651,007
-
-
58,078
6,293
79,337
143,708
-
-
9,692
334
3,731
13,757
-
-
67,770
6,627
83,068
157,465
400,227
1,038,286
38,769
1,336
14,924
1,493,542
400,227
1,038,286
11,873
1,670
9,739
1,461,795

12

St Olave’s Parish Church, Woodberry Down, London

Notes to the financial statements For the year ended 31 December 2023

5. Fixed asset investment

Market Value at 1 January 2023
Revaluation gain
Shareholdings with CCLA
Unit Trust Investment Shares
Share price in pence at 31/12/2023
Total Market value at 31/12/2023		 Hyatt Legacy
Macrae Bequest
Total Unit
£
£
£
19,091
19,091
38,182		 Hyatt Legacy
Macrae Bequest
Total Unit
£
£
£
19,091
19,091
38,182
1,796
1,797		 3,593
20,887
20,888		 41,775
1,848
22,066
41,775

6. Debtors

2023
2022
2021
£
£
£
Repayment due from HMRC10,253
8,303
9,114
Current Asset Investments
C C L A
Market Value at 1 January 2023
Revaluation gain
Market Value at 31/12/2023		 2020
£
11,750
Period
2022
£
5,565
67
5,692		 Total
£
39,690

7. Current Asset Investments

13

8. Repairs, Renewals and maintenance – Church and Hall £

General 1,503.22 Metal work – Church entrance - gate – Seven sisters Road 2,640.00 Electrical 457.69 Roof repairs – Hall 4,000.00 Roof repairs – Church – Woodberry Down side 12,500.00 Concreting – Hall – Seven sisters Road side 4,500.00 Scaffold – Church 5,400.00 Notice Board – Church and Hall – part payment 1,794.00 Cooker – Hall 270.00 Total 33,064.91

9. Equipment – Laptop, Audio and Video System

£ Audio Visual – Hall 5,778.00 Carpentry – Church 8,915.72 Audio Visual and Video system – Church 27,648.40 Electrical works for Audio & Video System – Church 897.79 Garden Equipment 664.76 iphone 1,599.00 Total 45,503.67

14

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

15