**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**
- Ven. Preb. Tunde Roberts
- Ms. Diane Kazeem
- Sir. Anderson Egwuekwe
- Mr. Olu Sholagbade
- Mrs. Funmi Olubodun
- Mr Samuel Abiodun
- Mrs. Clara Adeleke
- Mr. Gabriel B. Roberts
- Vicar / Chairman
- Churchwarden
- Churchwarden
- Treasurer
- Deanery Representative
- Deanery Representative
- Deanery Representative
- Secretary
- Mr. Olamide Bello
- Mrs. V Omirin
- Mr. Modupe Sojinrin
- Mrs Felicia Ogunlana
## **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:
- New Year Eve Service
- Annual Family Thanksgiving Service
- Easter Day Service
- St. Olave’s Day
- Harvest Thanksgiving Celebration
- Mothers’ Union 19[th] Anniversary
- Christmas Carol Service
**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.
- ➢ It is worrying that giving by members has declined in real terms over the years.
- ➢ Rental income continues to be our major source of income, contributing to almost 75% of our Total Income less Income Tax Recoverable.
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
- to keep accounting records in accordance with section 41 of the Act; and
accounting requirements of the Act 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.
- --------------------------------
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 1,458,546****_1,457,672_**|
**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 HMRC**10,253**
**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**