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2024-12-31-accounts

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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 2024

Charity Commission Reg. No. 1129427

CONTENTS

CONTENTS
Page
Administrative Information 2
Membership of The PCC 2
Bankers 2
Structure, Governance and Management 3
Objectives and Activities 3
Church Attendance 3
Review of the Year 3
Bread for Life Project 4
Evangelism 4
Future Development 4
Financial Review 5
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. 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 are 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 to redevelop the two PCC properties – the hall and the cottage - in order to enhance our mission in the parish and beyond. The redevelopments will provide two new modern halls with kitchen facilities etc .

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 have consistently increased our Common Fund every year; £40,000 in 2021, £60,000 in 2022, £66,00 in 2023 and £70,260 in 2024, our current 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 13 of the Financial Statements.

Approved by the PCC XXXX June 2025 and signed on its behalf by:

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 2024, 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

(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 2024

2024 2023
Notes Unrestricted
funds		 Restricted
funds		 Endowment
funds		 Designate
d funds		 Total Total
INCOMING RESOURCES 2 £ £ £ £ £ £
Planned giving 26,451 0 0 0 26,451 23,190
Income tax recoverable 9,262 0 0 0 9,262 10,523
General collections 4,277 0 0 0 4,277 3,759
Revival & Evangelism 191 0 0 0 191 286
Harvest income 15,161 0 0 0 15,161 11,054
Other voluntary incoming
resources
Donation & Thanksgiving 6,506 6,506 7,860
Weddings, Baptism & Funerals 2,746 0 0 0 2,746 1,856
Income from operating
activities to further the work
of the Church
Rent from Hall & Church 129,185 0 0 0 129,185 125,200
Rent from Cottage 25,493 0 0 0 25,493 24,815
Income from investment
CBF & FTA 0 672 672 0 1,344 1,277
Bank interest 572 0 0 0 572 715
Other incoming resources
Parish Outing and Social
Events 1,160 0 0 0 1,160 1,780
Grant--Stepney Area, Roof
Repairs 6,500 0 0 0 6,500 0
Loan 6,500 0 0 0 6,500 0
Total Incoming Resources 234,004 672 672 0 235,348 212,315

The notes on pages 11 to 13 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 2024

2024 2023
Notes Unrestricted
funds		 Restricted
funds		 Endowmen
t funds		 Designated
funds		 Total Total
£ £ £ £ £ £
RESOURCES EXPENDED 3
Mission & charity 1,162 0 0 0 1,162 7,000
Revival & Evangelism 390 0 0 0 390 0
Activities directly relating
to the church
Diocesan Common Fund 70,260 0 0 0 70,260 66,000
Area Loan – Roof Repairs 6,500 0 0 0 6,500 0
Clergy Expenses 2,148 0 0 0 2,148 2,148
Church Running expenses 3,507 0 0 0 3,507 3,559
Photocopier – usage.
Lease of equipment 918 0 0 0 918 551
Water usage and waste
rates 1,120 0 0 0 1,120 1,014
Non-domestic rates
Business Rates -- Hall 2,320 0 0 0 2,320 4,463
Insurance – Church, Hall
and Cottage 6,853 0 0 0 6,853 6,617
Sub total carried forward 95,178 0 0 0 95,178 91,352

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 2024

Unrestricted
funds
Restricted
funds
Notes
£
£
Sub Total Brought Forward
95,178
0
Light and heat
8,818
Magazines, books & subscription
863
0
Repairs, Renewals & maintenance
Church & Hall
12,293
0
Hall Running Costs
1,578
0
Musical services & Organ Services
9,466
0
Telephone, Mobiles and internet
1,999
0
Cleaning - Materials & Labour
6,525
0
Upkeep of Services
1,209
0
Environmental services – Pest
Control
521
0
Equipment – Church & Hall
8,094
0
Church Management and
Administration
Printing, Postage & Stationery
502
0
Vicarage Running Expenses
1,474
0
Bank Charges
353
0
Depreciation
12,625
0
Admin Cost
0
0
Professional Fees –Legal Fees
1,000.00
0
Cost of generating funds
Social Events - Entertainment &
Hospitality
5,234
0
Summer Fete & Social Events
0
0		 Endowment
funds
Designated
funds
2024
Total
2023
Total
£
£
£
£
0
0
95,178
88,005
8,818
8,853
0
0
863
1,111
0
0
12,293
33,065
0
0
1,578
4,025
0
0
9,466
5,490
0
0
1,999
1,847
0
0
6,525
1,894
0
0
1,209
326
0
0
521
964
0
0
8,094
45,504
0
0
502
261
0
0
1,474
876
0
0
353
1,640
0
0
12,62
5
13,757
0
0
0
566
0
0
1,000.00
0
0
0
5,234
1,209
0
0
0
2,564
Total Resources Expended
167,732
0		 0
0
167,732
215,034
Net incoming (outgoing) resources
66,272
672
Unrealised Gain/Loss on
Investment
0
478
Total funds brought forward
324,292
20,093		 672
0
67,616
(2,719)
478
0
956
3,593
35,206
1,078,955
1,458,54
6
1,457,672
Funds Carried Forward
390,564
21,243		 36,356
1,078,955
1,527,16
8
1,458,546

9

St Olave’s Parish Church, Woodberry Down, London

Balance Sheet as at 31 December 2024

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/(liabilities)
8
Net assets/(liabilities)
Funds
Unrestricted Fund
Restricted Fund
Designated fund
Revaluation reserve		 £
48,952
5,806
103,833
51,679
100,102		 2024
£
1,489,011
42,731		 £
39,690
5,692
33,430
51,107
100,000		 2023
£
1,493,542
41,775
1,535,317
229,919		 2023
£
1,493,542
41,775
1,535,317
229,919
1,531,742
310,372
310,372
0		 229,919
0
1,842,114 1,765,236
390,564
57,599
1,078,955
314,996
1,842,114

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

Ven. Preb. 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 2024

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 2024

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 - 2024

Cost
At 1 January 2024
Additions for the year
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book values
At 31 December 2024
At 31 December 2023		 Freehold
Cottage
Church
hall
Equipment
Altar Front
&
Chasubles
Furniture
& Fittings
Total
£
£
£
£
£
400,227
1,038,286
106,539
7,963
97,992
1,651,007
0
0
8,094
0
0
8,094
400,227
1,038,286
114,633
7,963
97,992
1,659,101
0
0
67,770
6,627
83,068
157,465
0
0
9,373
267
2,985
12,625
0
0
77,143
6,894
86,053
170,090
400,227
1,038,286
37,490
1,069
11,939
1,489,011
400,227
1,038,286
38,769
1,336
14,924
1,493,542

12

St Olave’s Parish Church, Woodberry Down, London

Notes to the financial statements For the year ended 31 December 2024

5. Fixed asset - Investment Fund Account no: CB3029513-001

£
Total valuation at 1 January 2023
38,182
Revaluation Gain
Adjustment – Undervaluation 2023
956
3,593
42,731
Shareholdings with CCLA
Unit Trust Investment Shares
1,848
Share price in pence at 31/12/2024
2,312
Total Market value at 31/12/2024
42,,731
6.
Debtors
2024
2023
2022
2021
£
£
£
£
Repayment due from HMRC9,262
10,523
8,303
9,114
7.
Current Asset Investments
C C L A
Period
2024
£
Total valuation at 31 December 2021 – Account no: CB3029514 - 001
3,534
Total valuation at 31 December 2024 – Account no: CB3029515 - 001
2,158
Revaluation gain (loss)
114
Market Value at 31/12/2024
5,625
8.
Creditors: amounts falling due
Within one year
2024
2023
£
£
Accruals
0
0		 Total
£
48,952

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