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← The Parochial Church Council Of The Ecclesiastical Parish Of St Mary Magdalene, Richmond With St Matthias And St John The Divine

2023-12-31-accounts

RICHMOND TEAM MINISTRY

ST MARY MAGDALENE, ST MATTHIAS AND

ST JOHN THE DIVINE

REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

Registered Charity No 1130018

RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE

INDEX TO THE REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

Page No.
Ministry Information 1
Annual Report for 2023 2 - 8
Auditor’s Report 9 -11
Statement of Financial Activities 12
Balance Sheet 13
Statement of Cash Flows 14
Notes to the Accounts 15 - 24
Statement of Council Members’ Responsibilities 24

RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE

MINISTRY INFORMATION

CLERGY

The Revd Canon Wilma Roest Team Rector & Vicar with pastoral care of St Mary Magdalene The Vicarage Ormond Road Richmond TW10 6TH The Revd Anne Crawford Team Vicar, with pastoral care of St Matthias St. Matthias House 22 Cambrian Road Richmond TW10 6JQ The Revd Joe Moore Team Vicar, with pastoral care of St John the Divine from 24 July 2023 St John the Divine Kew Road Richmond TW9 2NA The Revd Charlotte Middleton Curate in the Richmond Team 8 Church Walk Richmond TW9 1SN

KEY MANAGEMENT Members of the PCC (listed on page 6) PERSONNEL

ADDRESS Parish Office The Vicarage Ormond Road Richmond Surrey TW10 6TH BANKERS National Westminster Bank Plc 22 George Street Richmond Surrey TW9 1JW AUDITORS Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SM1 2SW

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RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE

ANNUAL REPORT

For the year ended 31 December 2023

Richmond Team Ministry (RTM) is established under the Parochial Church Council (Powers) Measure 1956 as amended and Church Representation Rules (set out in schedule 3 to the Synodical Measure 1969) as amended.

The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102).

Objectives

The Parochial Church Council (PCC) is responsible for cooperating with the clergy in promoting the mission of the Church – pastoral, evangelistic, ecumenical, and social – throughout the ecclesiastical parish. It also has maintenance responsibilities for the three churches, in the parish together with the ownership of investment properties and St Matthias House.

The three churches from which members of the PCC are drawn, aim to be open and inclusive communities, sustaining people in their lives as well as on their journeys of faith, welcoming questions, facing up to the challenges of our unequal world, and serving the wider community in the name of Christ. The PCC strives to reflect these aims in the conduct of all its business and discussions.

Review

In April 2023 the PCC approved an updated Vision Statement for the Richmond Team Ministry.

We celebrate God’s love for all by …

After Revd Neil Summers’ retirement in October 2022 and the loss of Revd Dr Andrew Williams due to illness, we had only three clergy members, with additional support from Ruth Martin, the Reader, to serve the Team for the first half of the year.

The process of finding a new Team Vicar for the Richmond Team, with pastoral responsibility for St John the Divine, had been started immediately after Revd Summers retired in 2022. An advertisement was put in the Church Times in January 2023 and in July 2023 the Revd Joe Moore was licensed and welcomed as the new Team Vicar.

Even though there were fewer clergy during the first half of the year, all the normal Sunday, weekday and Team services have been held this year and congregation numbers are recovering. All services were held in person and some are livestreamed for those who are unable to attend in person.

Other services included welcoming the new Bishop of Kingston, Bishop Martin, at a team service at St Mary Magdalene on 5[th] March, the reception of children to Holy Communion on Mothering Sunday, for those who had completed the Admission to Holy Communion course and a c elebration of the coronation, which was shown on screen at St Mary Magdalene after a peal of bells. Wildflower seeds were sown in the churchyard at St Matthias to celebrate this event.

After an absence during the pandemic, we welcomed the Sea Cadets and officers from Training Ship Goodwin together with their invited guests, including the Mayor of Richmond, to the Sea Sunday service at St Mary Magdalene on 9 July, a service reflecting the theme of water and sea. Later, in October, the Scouts joined the Harvest Festival morning service at St Matthias.

The PCC places high priority to Safeguarding. Most PCC members completed the basic safeguarding course provided by the Diocese, plus other courses applicable to their roles in the Team.

2

RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE

‘Exploring Epiphany’ was held at St John the Divine which consisted of journeying with the magi and reflecting on epiphany with all the senses, by engaging with a prayer labyrinth and three prayer activities incorporating real gold, frankincense and myrrh.

During Lent lectures were given on ‘Doing Justice, Loving Kindness and Walking Humbly with God’ covering racism, poverty, gender identity, ecology, and disability. Speakers were Ben Brady, Nelly Misenga, The Revd Dr Tina Beardsley, Ash Brockwell, Jack Edwards and the Revd Canon Tim Goode.

In addition:

Bible Study sessions were held during the year by Revd Charlie Middleton. These were ‘in person’ events as sessions via Zoom were not popular. A question box was set up in St Mary Magdalene to enable the congregation to ask questions anonymously, which were answered at an after church coffee morning.

An RTM Away Weekend was held during October at Wychcroft, the diocesan Retreat Centre in Redhill, Surrey, led by Revd Charlie Middleton, with support from other clergy, on the theme of the Psalms.

Other issues of importance during 2023 include:

1. MEETINGS

During the year the PCC met four times and the Standing Committee twice, in person. Agenda items considered routinely at every meeting included safeguarding matters, Children’s and Young Peoples’ Ministry, updates on Finance and Property matters, the Parish Rooms development and the Green Team’s activities.

In addition to the above, one extraordinary meeting was held by the PCC in January to discuss and revise the team’s Vision Statement, resulting in the new Statement shown above. This statement was approved by the PCC at its meeting on 24[th] April.

2. MISSION ACTION PLAN

To implement the Vision Statement a Mission Action Plan (MAP) is needed. The PCC agreed the following for 2023-2024:

  1. For the coming year prioritise children and young people through…

  2. Employing a children and youth work ministry leader

  3. Working with local schools

  4. Consider new opportunities to connect with children and families, e.g. restart Eaglets

  5. Creating opportunities for learning and growing in faith through…

  6. Bible study

  7. Advent and/or Lent Lecture series on faith and faith in art and a reading group is being developed for these

  8. Ensuring there is greater awareness of what we can do for the planet and people, through…

  9. Targeted preaching

  10. Working towards bronze and silver awards for Eco church

  11. Making our church buildings a reflection of our environmental theology

This plan applied to all three churches.

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RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE

3. CHILDREN AND YOUNG PEOPLE’S MINISTRY

At the beginning of September 2023, a Leader for this Ministry, Emma Smellie, was appointed after a long search.

Throughout the year children’s services have been held at St Mary Magdalene on the 1st Saturday of every month, Junior Church at St Matthias twice a month on Sundays and St John’s had occasional junior church sessions, all of which have been run by a volunteers. (Once appointed, Emma Smellie took over some of these.)

Other events for children were

Eaglets, a play group for toddlers and parents/carers, has been running at St John the Divine again and is very well attended. Volunteers to support Emma in running this come from within the Team.

4. SCHOOLS AND COMMUNITY

Contacts are being made and maintained with all schools in the parish and also with the 1[st] Richmond Scouts. Carol services for all schools were held in churches in the Team.

The Richmond Team Ministry continues to provide foundation governors to the board of Christ’s Church School.

We continue to support and work with local charities, such as Spear, the Vineyard Community Centre and the Richmond food bank for which non-perishable food products and toiletries were collected at the Harvest Festival. The Richmond Soup Kitchen, operating from St John the Divine, offered soup and sandwiches on two nights a week from November 2022 until April 2023 and recommenced in the autumn of 2023.

A lunch was held during Lent for the Bishop’s Lent Call to raise funds for projects in our diocese, Zimbabwe and Jerusalem. Also, t he Richmond Team Ministry has contributed to Christian Aid and the Children’s Society by collections at the Christingle services. It also supports the work of Welcare.

After an absence during Covid, the May Fair was held again in 2023. St Mary Magdalene had their traditional stalls in the churchyard raising £2,500 for the Richmond Soup Kitchen. The Friends of St Matthias held their usual barbecue on the Green to raise funds for St Matthias.

5. RISK CONTROL

A working group drew up a risk register and met every 6 months to review and update it ensuring that all the relevant risks have been identified. The updated register was passed to the Standing Committee and the PCC for approval. While the Property and Finance Committee were responsible for checking that risks were monitored and that steps had been taken to mitigate them, the PCC holds responsibility for risk management.

6. ECO

By the end of 2023 all three churches had achieved Bronze awards and are now working towards Silver. A quarterly newsletter has been produced to inform the congregations of progress.

Cllr Julia Neden-Watts, the deputy leader of Richmond Council and Chair of the Environment, Sustainability, Culture and Sports Committee, spoke after a Team Service in order to engage with us and how we might work together to look after God’s planet.

7. COMMUNICATION

Communications between the Churches and congregation members were primarily via the RTM’s website, its weekly email newsletter, and 2 quarterly items - the ECO Green Team’s newsletter (as above) and the ‘Team Talk’ magazine. Clergy also email their congregations when there is news to share.

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RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE

8. MUSIC

The music for church services has been carefully chosen and led by the organists and choirmasters. Alex Knight resigned as Director of Music at St Mary Magdalene in August 2023 following his appointment as Organ Scholar at St Paul’s Cathedral. Karl Dorman, his deputy, left in October 2023. Seb Gillot was appointed as the new Director of Music and took up his post in January 2024. The Choral Foundation at St Mary Magdalene continues to provide generous scholarships for singers and organists. Recitals were held at St Mary Magdalene, on the first Saturday of most months, as well as a Christmas concert by the Honorary Artillery Company Band.

Ben Hunt remains Director of Music at St John the Divine and Bernard Robertson continues to support the music at St Matthias.

9. ADMINISTRATION STAFF

At the beginning of 2023 Denise Mahoney was appointed as RTM Bookings Administrator, working two days per week. Later in the year Tina Roberts, the Parish Administrator, left RTM and in October John Palmer was appointed in her place.

10. PROPERTY AND FINANCE

In 2022 Steve Cockell resigned as Treasurer of RTM. As this is a responsible position we were reluctant to fill it hastily and, as a result, it was still vacant at the start of 2023. Wendy McEvoy, who looks after finance, covered the day to day tasks with Canon Wilma Roest until the middle of the year when David Bartlett took over as Treasurer. Our efficient financial systems have been maintained and regular up-to-date information given to the PCC and Property and Finance Committee.

The Parish Giving Scheme, proposed back in June 2021, has proved successful, although take-up has been slow. Only 64 people have joined the Scheme since it was launched, out of a total of 330 on the Electoral Roll. It would be very helpful if more of the regular donors would switch to the Parish Giving Scheme .

Otherwise, giving by congregation members is made using the electronic machines installed in all churches for donations by card, by standing order, envelopes or simply with cash during services .

RTM’s Parish Support Fund pledge for 2023 was increased by £10,000, from £320,000 in 2022 to £330,000 in 2023.

Charitable Giving (Away Giving) continues to be allocated on the tradition of tithing, giving 10% of the voluntary income received in 2022, of which 80% will be donated to church based Charities and Societies and 20% to secular. Within the secular allocation we aim to support local charities, rather than those run nationally. In addition, societies with which congregational members are either involved or benefit from, are prioritised. A further aim is to give a higher proportion to charities working overseas (60%) than to those working at home (40%). The PCC confirmed its Away Giving for 2023 following the recommendations of the Away Giving Group which, in turn, considered requests from members of the congregations. £19,500, 10% of RTM's voluntary income was allocated and paid in December 2023.

In mid-2023 Ronan Mulcahy resigned as Property and Facilities Manager. Although a permanent replacement has not yet been appointed, Peter Boyton is working with RTM as interim Property Manager, two days a week.

The scheme for the refurbishment and extension of the Parsh Rooms drawn up by Hugh Cullum, had to be altered at the requirement of Richmond Council. Following a pre-planning meeting with the Council and with the Conservation and Planning officers, amendments were made to the scheme, which was submitted to the Council in November 2023, along with additional reports that they required. Planning Permission was subsequently granted in February 2024.

5

RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE

Structure, Governance and Management

Parochial Church Council (PCC) Membership

Members of the PCC are ex officio , co-opted or elected by the Annual Parochial Church Meeting. The following members and officers served during the year:

Clergy

The Revd Canon Wilma Roest The Revd Anne Crawford

The Revd Joseph Moore The Revd Charlotte Middleton

Secretary Margot Gallie

Treasurer

David Bartlett - from 20 May 2023

Churchwardens

Fiona Morgan Mary Ricketts John Buckingham Emma Meredith Gillian Doling Sally Gill

Elected Members James Arnold – resigned 19 May 2023 Sarah Patrick – resigned 19 May 2023 Helen Kelsey Stephen Brown Arabella Hobson – from 20 May 2023 Renee Fletcher Alison Hall

Deanery Synod Representatives Martin Brecknell – resigned 19 May 2023 Anna Khan – resigned 19 May 2023 Gillian Doling– resigned 19 May 2023 Sally Gill– resigned 19 May 2023 Mary-Margaret Cimino – from 20 May 2023 Thomas Kelsey – from 20 May 2023 Fay Johnstone – from 20 May 2023 David Powell – from 20 May 2023

Committees

The PCC operates through a number of committees, which meet between the full meetings of the PCC.

Standing Committee

Standing Committee has the power to transact PCC business between meetings. It is made up of the clergy, churchwardens and parish officers.

Property and Finance Committee

This committee has the responsibility to review and monitor expenditure on Fabric and General Funds and to work with the parish architect to prioritise fabric repairs. It reports to Standing Committee and the PCC.

Church Committees

The three churches in the parish each have their own committee. These meet to discuss matters of particular concern to the individual churches and report to the PCC.

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RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE

All new PCC members are given a Trustee Welcome pack which includes RTM’s Mission Action Plan, trusteeship guidance notes from the Charity Commission and Church of England (plus link to the Church of England’s trustee video tutorial), RTM’s governing documents and the previous years’ report and accounts.

Church Attendance

Average weekly attendance for our churches in 2023 were:

St Mary
St		 St John
Magdalene Matthias the Divine
Electoral Roll 188 67 75
Congregation
(average, inc. 120 46 55
children)

Key Management Personnel

The PCC is considered to be part of key management as it is in charge of directing, controlling, running and operating the church on a day-to-day basis. All such personnel gave of their time freely and received no remuneration in the year. Details of PCC members’ expenses and related party transactions are disclosed in Note 11 to the financial statements.

The pay of non-clergy staff is reviewed annually and normally increased in accordance with average earnings and benchmarked where possible to equivalent roles in the local market.

Reserves policy

An amount of 3 months budgeted expenditure, as previously agreed by the PCC as adequate reserves, was maintained.

Investment policy

The investment policy is monitored by the Property & Finance committee with oversight by PCC and is subject to regular review. The current policy aims to mitigate risk through maintaining a portfolio of investment properties, collective funds and cash on deposit, to diversify risk and optimise the available return. The PCC considers the performance during the year to be acceptable and in accordance with the stated policy. The PCC has made such investments to generate a return and has made no social investments.

Grants policy

The policy on grants is set by the PCC, to distribute 10% of voluntary income, for charitable activities. The proposal for distribution is prepared by the Away Giving group and submitted for approval to the PCC.

Risks policy

The risks policy is set and monitored by a working group. The group considers a range of risks including health and safety issues, electrical and fire considerations and procedures for handling of cash. The group takes a practical approach and implements policies where the benefits outweigh the costs involved.

The PCC considers the principal risks and uncertainties facing the charity and their plans and strategies for managing these risks to be:

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RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE

Fundraising Policy

In line with the requirements included in the Charities Act 2016 the Trustees are pleased to confirm that all fundraising is done in compliance with best practice. All fundraising activities follow guidelines where these have been provided by the Church of England. During 2023 we did not employ any professional fundraisers. There were no complaints or criticisms during the year about our fundraising activities.

Public Benefit

When planning our activities for the year the incumbent of each of our churches and the PCC have considered the Charity Commission’s guidance on public benefit. In particular we try to enable people to live out their faith as part of our parish community through:

Financial Review

Future Plans

Richmond Team Ministry PCC seeks to continue to live and work out its Mission Statement, ensuring our church buildings are visible signs of the love of God and places of welcome for all. To achieve this the PCC aims to

Auditors

A proposal to reappoint Jacob Cavenagh & Skeet will be made at the next council meeting.

By order of the Council

The Revd Canon Wilma Roest Chair, Parochial Church Council Richmond Team Ministry

Date: 24 April 2024

8

RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE

Independent auditor’s report to the members of the Parochial Church Council of Richmond Team Ministry

Opinion

We have audited the financial statements of Richmond Team Ministry Parochial Church Council (the “PCC”) for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the PCC in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the PCC members’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the PCC’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the PCC members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, including the PCC members’ report, other than the financial statements and our auditor’s report thereon. The PCC members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

9

RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE

Independent auditor’s report to the members of the Parochial Church Council of Richmond Team Ministry (continued)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the PCC and its environment obtained in the course of the audit, we have not identified material misstatements in the PCC members’ report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of the PCC members

As explained more fully in the PCC members’ responsibilities statement, the PCC members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the PCC members are responsible for assessing the PCC’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the PCC members either intend to liquidate the PCC or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity, we identified that the principal risks of non-compliance with laws and regulations related to employment, financial reporting legislation and health & safety regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011.

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst the engagement team.

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RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AIYD ST JOHN THE DIVINE Independent auditor's report to the members of the Paro¢bial Church Council of Richmond Team Ministry (continued) Auditor's responsibililies for the audli of ihe flnkinelal siatemenis (continued) We deiem)ined that the principal risks were related to management bias in accounting eslimales. valuation of freehold property, presentation of separately disclosed itctns and management override of controls. In re%pnn8e tn the ri.8k.% identified we designed procedures which included. but were not limited to, challenging significanl accounting estimates such as valualion of freehold property, agreeing financial statetnenl disclosures to underlying supporting documentation, identifying and tesling joumal entries, reviewing PCC mething minutes, and evaluating the charity s internal controls. I here are Inherent limitations in the audit procedures described above. The tnore removed that laws and gulations are froin fittancial Iransaclions, Ihe less likely it is that we would become aware of non-compliance. Material misstatements that arise due lo fraud can be harder io dete¢l than those that arise from error as they may involve deliberate concealment or collusioll. A further description of our responsibilities for the audit of the financial stateinents is located on the Financial Reporting Council s website at.. [www.frc.org.uk/auditorsresponsibilitiesl. This description fornis part of our audilor's report. Use of our report This report is made solely to the PCC meinbers. as a bod),, in accordance Part 4 ofthe Charities (Accounts and Reports) Regulations 2008. Our audit work has becn undertakcn so that we might state io the PCC meinbers, those matters wc are required lo state to them in an auditor s report and for no other purpose. To the fullest extent penTLitted by law. w¢ do not accept or assume responsibility to anyone other than the PCC and the PCC m¢mb¢rs as a body, for our audit work, for Ihis report, or for the opinions we have formed. Jacob Cavenagh & Skeet Statutory Auditor Chartered A¢¢ountants 5 Robin Hood Lane Suiton Surrey SMI 2SW ..2024 Jacob C(￿e￿agh & Skeet 15 eligible for appoininieiil as aiidilor of ihe PCC. b)? virtue of ils eligibility for appoinlnient as audilor ofa c'ompuny tsnder seclion 1212 ofihe Companies Acl ?000.

RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Notes Unrestricted
Restricted
Endowment
Funds
Funds
Funds
£
£
£
INCOME FROM:
Donations and legacies
2(a)
-
555,535
-
Other trading activities
2(b)
55,118
-
-
Investments
2(c)
266,236
11,173
-
Church activities
2(d)
187,739
3,089
-
Other sources
2(e)
11,026
-
-
Total income
520,119
569,797
-
EXPENDITURE ON:
Raising Funds
Fundraising costs
3(a)
16,926
891
-
Investment management costs
3(b)
14,561
-
-
Church activities
3(c)
254,719
532,038
-
Total expenditure
286,206
532,929
-
Net gains/(losses) on investments
6&7
330,444
-
28,057
Revaluation of investment properties
6
75,000
-
-

Net income/(expenditure)
639,357
36,868
28,057
Transfers between funds
8
35,127
(35,127)
-
Net movement on funds
674,484
1,741
28,057
Reconciliation of funds
Funds brought forward at 1stJanuary 2023
8,968,849
457,501
298,218
Funds carried forward at 31st December 2023
9,643,333
459,242
326,275		 TOTAL
Unrestricted
Restricted Endowment
2023
Funds
Funds
Funds
£
£
£
£
555,535
10,000
562,018
-
55,118
49,947
-
-
277,409
196,272
8,869
-
190,828
194,859
3,173
-
11,026
-
-
-
1,089,916
451,078
574,060
-

17,817
22,555
3,943
-
14,561
23,416
-
-
786,757
310,411
476,074
-
819,135
356,382
480,017
-
358,501
424,610
-
( 39,789)
75,000 185,000
-
-
704,282
704,306
94,043
( 39,789)
-
-
-
-
704,282
704,306
94,043
(39,789)
9,724,568
8,264,543
363,458
338,007
10,428,850
8,968,849
457,501
298,218		 TOTAL
2022
£
572,018
49,947
205,141
198,032
-
1,025,138

26,498
23,416
786,485

836,399
384,821
185,000

758,560
-
758,560
8,966,008
9,724,568

All income arises from the continuing activities of the PCC. The PCC had no recognised gains or losses other than those dealt with in the Statement of Financial Activities. The notes on pages 15 to 24 form part of these accounts.

12

RICHNIOND TF.AM MINISTRY ST MARY MAGDALENE. ST MATTHIAS AND ST JOHN THE DIVINE BALANCE SHF.ET AS AT 31 DEcEI￿lBER 2023 Note 2023 2022 FIIED ASSETS Tangible Investnient propertie5 Listed invesrmenis 443.356 3.980,127 4.168.945 455,628 3,870.000 3810.454 8,59?.438 8.136.082 CURREfiT ASSETS Debtors Cash at bank and in hand 180,384 1730.687 174,899 1469 710 1,911,071 1,644.609 LI.4BILITIES: Amounts falling due within one Jear 10 1 74.6591 NET CURRENT ASSF,TS 1588.486 IET ASSETS 42 FI"NDS Restricted funds 81bl 459,242 4.$7,501 Endowment funds 81¢) 326,?75 298.218 Unresiricied funds.. Designat¢d fiinds GeD¢ral UnTeslri¢ied funds 8{dl 81e) 8.703,03? 940301 8,619,260 -349 589 9 64.3 333 8 968 849 Approved and authorised for iq%ue by the P2r()thial c.hurch c.ouncil on Zq behaif by.. 2024 and signed on lis The Revd Canon Wilma Roest David Bartlett (Tre￿Urer) The note5 on pagTes 1.) to 24 form part of these finaiicial statements. 13

RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2023

Cash provided by/ (used in) operating activities
(see below)
Cash flows from investing activities
Interest and dividends received
Amounts invested to purchase tangible fixed assets
Amounts invested to purchase fixed asset
investments
Proceeds from sale of investment properties
Cash provided by investing activities
Net cash inflow
Cash and cash equivalents at 1stJanuary 2023
Cash and cash equivalents at 31st December 2023
Cash flows from operating activities
Net income
Depreciation
Interest and dividends receivable included in
investing activities
(Gains) on investments
(Increase)/decrease in debtors
Increase/(Decrease) in creditors
Cash provided by/(used in) operating activities		 2023
2022
£
£
£
£
117,628
(2,137)
182,757
56,917
(4,281)
-

(35,127)
(3,543,752)
-
3,516,126
143,349
29,291
260,977
27,154
1,469,710
1,442,556
1,730,687
1,469,710
704,282
758,560
16,553
15,126
( 182,757)
( 56,917)
( 433,501)
( 569,821)
( 5,485)
( 128,874)
18,536
( 20,211)
117,628
( 2,137)

14

RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation

The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102). Richmond Team Ministry meets the definition of a public benefit entity under FRS102.

The financial statements have been prepared under the historical cost convention subject to the revaluation of investments. The accounts include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body nor those that are informal gatherings of Church members.

The financial statements are prepared in sterling, which is the functional currency of the church. Monetary amounts in these financial statements are rounded to the nearest £. The Parochial Church Council of Richmond Team Ministry is a Charity registered in England & Wales No: 1130018 and the Parish Office is at The Vicarage, Ormond Road, Richmond, Surrey TW10 6TH.

At the time of approving the financial statements, the PCC members have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties about RTM’s ability to continue. Thus the PCC members continue to adopt the going concern basis of accounting for preparing the financial statements.

Funds

Unrestricted funds represent funds that are not subject to any restrictions regarding their use and are available for any application. The PCC has designated certain unrestricted funds as Fabric Funds to be used for the maintenance of Church and investment properties, and Fixed Asset Funds, being the holding value of investment properties. Restricted funds represent funds on which donors have imposed specific restrictions or which have been raised for particular purposes. The aim and use of each restricted fund are set out in the notes to the accounts.

Endowment funds represent funds set up under the terms of deceased persons’ wills, from which the income shall be applied for specific restricted purposes.

Income

Donations and legacies, other trading activities, and church activities

Donations and legacies (including Stewardship giving, collections, grants to the PCC and income tax recoverable under Gift Aid) and church and church hall lettings are accounted for once the charity has entitlement to the income, it is probable the income will be received and the amount of income receivable can be reliably measured. Such income is deferred only when:

Job Retention Scheme government grant income is recognised in the period to which the underlying furloughed staff costs relate.

The value of services provided by volunteers has not been included in these accounts.

Investment income

Rental income from the letting of church premises and investment properties is recognised when receivable. Interest and dividends receivable are accounted for in the period to which they relate.

Expenditure

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities. Support and governance costs are included in church activities.

15

RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES (continued)

Church activities

The Diocesan quota or parish share is accounted for when payable. Governance costs are those accrued in connection with administration of the charity and are accounted for on an accruals basis. They are included in church activities.

Grants

Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one or multi year grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient, but there is uncertainty as to the timing of the grant or the amount payable. A provision for a multi year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the charity that would permit the charity to avoid making the future payment(s), settlement is probable, and the effects of discounting is material. The discount rate used is the rate offered on government bonds for a similar time period offered in the year in which the grant award is made.

Tangible fixed assets

Consecrated land and buildings and movable church furnishings

Consecrated or beneficed property is excluded from the accounts by section 10(2)(a) of the Charities Act 2011. No value is placed on moveable church furnishings held by the churchwardens on a special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or benefice buildings, whether maintenance or improvement, is written off as expenditure in the SOFA and separately disclosed.

Freehold property for charity use is included at cost. Freehold land is not depreciated. The PCC adopts a policy of maintaining all freehold buildings to a high standard which prolongs their useful lives and enhances their residual values and accordingly the PCC considers any depreciation arising or accumulated depreciation to date to be insignificant and immaterial.

Fixtures and equipment costing more than £750 are capitalised and depreciated over their useful life which varies from 4 years to 40 years depending on the asset.

Investment properties and investments

All investments are included at market value at the year end. The Statement of Financial Activities includes the net gains and losses on revaluations and disposals throughout the year and are shown as a component of net income.

Investment properties are included at a professional valuation as at the year end and are not depreciated in accordance with FRS102. This is considered necessary to give a true and fair view.

Current assets

Income tax recoverable and other debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid. Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.

16

RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES (continued)

Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2. INCOME

a.
Donations and legacies
Grants
Donations, appeals etc.
Legacies
b.
Other trading activities
Fees
Church Hall lettings and rentals:
Parish Rooms
St John’s Hall
St Matthias Centre
Magazine and book sales
Fundraising events and activities
c.
Investment income
Dividends and interest
Property income
d.
Church activities
Stewardship planned giving:
Bankers’ Orders
Envelopes
Income tax recoverable
Collections and sundry donations
e.
Other sources
JRS Government grant
Other income

TOTAL INCOME		 Unrestricted Funds
General
Designated
Restricted
2023
2023
2023
£
£
£
-
-
459,100
-
-
21,097
-
-
75,338
-
-
555,535
16,897
-
-
-
-
-
-
29,516
-
-
8,284
-
421
-
-
-
-
-
17,318
37,800
-
171,584
-
11,173
-
94,652
-
171,584
94,652
11,173
133,759
-
-
2,350
-
-
33,050
-
3,089
18,580
-
-
187,739
-
3,089
-
-
-
-
11,026
-
-
11,026
-
376,641
143,478
569,797
 Total
2023
£
459,100
21,097
75,338
555,535
16,897
-
29,516
8,284
421
-
55,118
182,757
94,652
277,409
133,759
2,350
36,139
18,580
190,828
-
11,026
11,026
1,089,916		 Total
2022
£
447,350
29,668
95,000
572,018
15,382
5,660
22,107
6,481
317
-
49,947
56,917
148,224
205,141
138,244
3,295
36,049
20,444
198,032
-
-
-
1,025,138

17

RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

3. EXPENDITURE

a.
Fundraising costs
Church Hall running expenses
Parish Rooms
St John’s Hall
St Matthias Centre
Cost of fundraising events and
activities
b.
Investment management costs
Investment property running expenses:
Sandover House
Church Cottage
St John’s Lodge
St John’s Studios
Investment property fabric repairs:
Sandover House
Church Cottage
St John’s Lodge
St John’s Studios
c.
Church activities
Diocesan parish share
Clergy expenses
Clergy housing
Young Peoples Ministry Leader
Church running expenses
Church organists
Church maintenance
Depreciation
Administrator’s salary
Governance costs: Audit
Accountancy
Professional fees
Church major fabric repairs:
St John the Divine
St Mary Magdalene
St Matthias
Parish Rooms
Missionary and Charitable Giving –
Church Overseas:
Missionary Societies
Home Missions
Secular Charities
TOTAL EXPENDITURE		 Unrestricted Funds
General
Designated
Restricted
2023
2023
2023
£
£
£
-
-
891
-
9,467
-
-
7,459
-
-
-
-
-
16,926
891
-
10,353
-
-
-
-
-
336
-
-
-
-
-
2,822
-
-
-
-
-
1,050
-
-
-
-
-
14,561
-
132,000
-
198,000
-
-
20,810
-
-
12,194
-
-
9,547
-
54,931
134,406
-
-
25,083
-
-
19,675
-
-
16,553
-
-
37,315
-
-
8,880
-
-
24,960
-
-
-
-
19,796
-
-
-
20,037
-
28,492
-
-
-
-
9,330
-
-
6,160
-
4,578
4,010
-
-
151,500
103,219
532,038
151,500
134,706
532,929		 Total
2023
£
891
9,467
7,459
-
17,817
10,353
-
336
-
2,822
-
1,050
-
14,561
330,000
20,810
12,194
9,547
189,337
25,083
19,675
16,553
37,315
8,880
24,960
-
19,796
20,037
28,492
-
9,330
10,738
4,010
786,757
819,135		 Total
2022
£
3,943
12,338
10,217
-
26,498

7,784
-
599
13,740
1,293
-
-
-
23,416

320,000
10,458
17,603
-
180,962
19,920
23,581
15,126
39,563
8,296
23,774
-
63,329
7,864
9,050
1,760
20,973
15,736
8,490

786,485
836,399

18

RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

4. STAFF COSTS
2023 2022
£ £
Gross wages 112,922 118,161
Social security costs 3,656 4,788
Employer’s contributions to defined contribution pension schemes 2,183 2,410
118,761 125,359
During the year none of the 6 (2022: 7) employees were paid more than £60,000 per annum (2022: none).
5. TANGIBLE FIXED ASSETS
Moveable Office
Freehold church
 Equipment
property furnishings Total
£ £ £
£
Cost
At 1stJanuary 2023 380,000 151,258 - 531,258
Additions - - 4,281
4,281
At 31stDecember 2023 380,000 151,258 4,281
535,539
Depreciation
At 1stJanuary 2023 - 75,630 -
75,630
Charge for the year - 15,126 1,427
16,553
At 31stDecember 2023 - 90,756 1,427
92,183
Net book value
At 31stDecember 2023 380,000 60,502 2,854
443,356
At 31stDecember 2022 380,000 75,628 -
455,628
6. INVESTMENT PROPERTIES
Valuation 2023 2022
£ £
At 1stJanuary 2023 3,870,000 6,745,000
Additions 35,127 -
Disposals - (3,060,000)
Revaluation 75,000 185,000
At 31 St December 2023 3,980,127 3,870,000
The investment properties comprise the following properties and the respective values are shown below:
2023 2022
£ £
Parish Rooms 785,127 730,000
Sandover House 1,950,000 1,920,000
Church Cottage 825,000 800,000
St John’s Lodge 420,000 420,000
St John’s Studios - -
3,980,127 3,870,000

19

RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

6. INVESTMENT PROPERTIES (continued)

The investment properties are presented at their fair value and were the subject of a desktop valuation as at 31st December 2023. The investment properties are held primarily to provide investment return and not for project- related purposes. The valuation was made by the Property and Finance Committee, based on the Land Registry index for Richmond on Thames, for 2023.

7. LISTED INVESTMENTS

Movements in year:
Market value at 1stJanuary
Purchase of investment
Unrealised gains/(losses) in the year

Market value at 31stDecember		 2023
£
3,810,454
-

358,501

4,168,955
 2022
£
338,007
3,543,752
( 71,305)
3,810,454

The funds are invested in unit trusts managed by the CBF Church of England Investment Fund and are stated at bid value.

8. FUNDS

(a) ANALYSIS OF NET ASSETS BY FUND

At 31st December 2023
Unrestricted
Restricted
Endowment
Funds
Funds
Funds
£
£
£
Fixed Assets
8,266,163
-
326,275
Current Assets:
Debtors
180,384
-
-
Cash at bank
1,271,445
459,242
-
Current Liabilities
( 74,659)
-
-
9,643,333
459,242
326,275
At 31st December 2022
Unrestricted
Restricted
Endowment
Funds
Funds
Funds
£
£
£
Fixed Assets
7,837,864
-
298,218
Current Assets:
Debtors
174,899
-
-
Cash at bank
1,012,209
457,501
-
Current Liabilities
( 56,123)
-
-
8,968,849
457,501
298,218		 Total
Funds
£
8,592,438
180,384
1,730,687
( 74,659)
10,428,850
Total
Funds
£
8,136,082
174,899
1,469,710
( 56,123)
9,724,568

20

RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. FUNDS (continued)

(b) RESTRICTED FUNDS

Balance at
1.1.2023
£
Richmond Church Charity Estates
134,520
St Mary Magdalene Organ Fund
2,567
Dalgarno-Robinson (General)
1,277
Dalgarno-Robinson (Boys’ Welfare)
( 2,591)
Legacies and Memorials
242,977
St Matthias Organ
5,979
Other small donations and appeals
72,772
457,501
Balance at
1.1.2022
£
Richmond Church Charity Estates
132,479
St Mary Magdalene Organ Fund
2,567
Dalgarno-Robinson (General)
( 1,603)
Dalgarno-Robinson (Boys’ Welfare)
( 8,166)
Legacies and Memorials
159,899
St Matthias Organ
5,979
Other small donations and appeals
72,303
363,458		 Transfers
Balance at
Income
Expenditure between funds
31.12.2023
£
£
£
£
459,100
503,045
(35,127)
55,448
-
-
-
2,567
3,629
-
-
4,906
7,023
-
-
4,432
75,859
5,262
-
313,574
-
-
-
5,979
24,186
24,622
-
72,336
569,797
532,929
(35,127)
459,242
Transfers
Balance at
Income
Expenditure between funds
31.12.2022
£
£
£
£
447,100
445,059
-
134,520
-
-
-
2,567
2,880
-
-
1,277
5,575
-
-
( 2,591)
95,361
12,283
-
242,977
-
-
-
5,979
23,144
22,675
-
72,772
574,060
480,017
-
457,501

(c) ENDOWMENT FUNDS

(c) ENDOWMENT FUNDS
Balance at Gain(loss) on Transfers Balance at
1.1.2023 Income investments between funds 31.12.2023
£ £ £ £ £
Expendable Dalgarno-Robinson
(General) 96,852 - 9,112 - 105,964
Dalgarno-Robinson (Boys’ Welfare) 187,440 - 17,635 - 205,075
Legacies and Memorials 13,926 - 1,310 - 15,236
St Matthias Organ - - - - -
298,218 - 28,057 - 326,275
Balance at Gain/(loss) on
Transfers		 Balance at
1.1.2022 Income investments between funds 31.12.2022
£ £ £ £ £
Expendable Dalgarno-Robinson
(General) 109,774 - (12,922) - 96,852
Dalgarno-Robinson (Boys’ Welfare) 212,449 - (25,009) - 187,440
Legacies and Memorials 15,784 - (1,858) - 13,926
St Matthias Organ - - - - -
338,007 - (39,789) - 298,218

21

RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. FUNDS (continued)

(d) DESIGNATED FUNDS

(d) DESIGNATED FUNDS
Balance at Revaluations Balance at
1.1.2023 Income
Expenditure		 and Gains Transfers 31.12.2023
£ £ £ £ £ £
Fixed asset fund 7,872,006 -
-		 75,000 - 7,947,006
Fabric fund 747,254 143,478
134,706		 -
 - 756,026
8,619,260 143,478
134,706		 75,000 - 8,703,032
Balance at Balance at
1.1.2022 Income
Expenditure		 Revaluations Transfers 31.12.2022
£ £ £ £ £ £
Fixed asset fund 7,230,880 -
-		 641,126 - 7,872,006
Fabric fund 749,574 182,472
184,792		 -
 - 747,254
7,980,454 182,472
184,792		 641,126 - 8,619,260

(e) UNRESTRICTED FUNDS

Balance at Gain/(loss) on
Transfers		 Balance at
1.1.2023 Income Expenditure investments between funds 31.12.2023
£ £ £ £ £ £
General fund 349,589 376,641 151,500 330,444 35,127 940,301
Balance at Gain on Transfers Balance at
1.1.2022 Income Expenditure investments between funds 31.12.2022
£ £ £ £ £ £
General fund 284,089 268,606 171,590 (31,516) - 349,589

The purposes of the Designated Funds are as follows:

Fixed Asset Fund

This represents the non-endowment properties, listed investments and tangible fixed assets.

Fabric Fund

This represents a fund for fabric repairs to the churches and investment properties.

The purposes of the Restricted and Endowment Funds are as follows:

Richmond Church Charity Estates

Income distributions received from Richmond Church Charity Estates must be applied for religious purposes connected with St Mary Magdalene including the work of the church, as well as repairs to, improvements of, or additions to the church and its precincts and the maintenance of the services therein. The transfer relates to planning and architect’s costs of the Parish Rooms redevelopment project which is to go ahead. This transfer is permissible under the Charities SORP, where it is towards a capital asset to be brought into general use.

Organ Fund

The Organ Fund represents income generated from fundraising events which is retained for future expenditure on the organ at St Mary Magdalene.

22

RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. FUNDS (continued)

Dalgarno-Robinson General Fund

A fund set up under the terms of the Will of Henry Dalgarno-Robinson, of which both the income and the fund itself are to be applied for the charitable purposes of the Parish of Richmond for the advancement of religion.

Dalgarno-Robinson Boys’ Welfare Fund

A fund set up under the terms of the Will of Henry Dalgarno-Robinson, of which both the income and the fund itself are to be to be applied for the benefit of boys’ welfare in the Parish of Richmond.

Legacies and Memorials

Three funds set up in accordance with deceased persons’ wills, the income of which to be applied for religious purposes of the Parish of Richmond. The funds are the Calderwood Memorial, the Coombe Memorial and St Matthias Legacies.

St Matthias Organ Fund

A fund set up under the terms of the will of a deceased person, which was sold and used to purchase a new organ at St Matthias. The balance of the sale proceeds was taken to the restricted fund where it will be used for future expenditure on the organ.

Other Small Donations and Appeals

This represents restricted donations made for specific purposes, together with donations made in response to an appeal.

9. DEBTORS

Tax recoverable
Other
CREDITORS
Investment property deposits
Accruals and deferred income
Other		 2023
£
6,053
174,331
180,384
2023
£
4,655
46,982
23,022
74,659		 2022
£
7,322
167,577		 2022
£
7,322
167,577
174,899

2022
£
4,655
33,938
17,530
56,123

10. CREDITORS

23

RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

11. RELATED PARTY TRANSACTIONS

During the year £459,100 (2022: £447,100) was received as a distribution from Richmond Church Charity Estates, two of whose trustees are also PCC members. During the year RCCE provided accommodation to RTM valued at £10,000, free of charge. At the year end, £nil was owed by Richmond Church Charity Estates (2022: £nil).

The PCC are considered to be key management personnel of the charity along with the clergy, and as such are considered to be related parties. The PCC members are not remunerated, except for Revd Joe Moore whose stipend of £17,826 for services this year (2022 – nil), was paid by the PCC. Revd Anne Crawford and Revd Charlotte Middleton were provided with housing by the PCC. A total of £3,344 (2022: £2,585) was reimbursed to 7 (2022: 4) PCC members for travel and other expenditure incurred wholly, exclusively and necessarily in the course of church operations. £nil (2022: £nil) was paid to third parties on behalf of any PCC members.

12. OPERATING LEASE COMMITMENTS

The total future minimum lease payments under non-cancellable operating leases are as follows:

Within one year
After one year, but within five years
The operating lease changes for the year were:
Hire of Plant and Machinery		 2023
£
1,958
3,644
5,602
979		 2022
£
-
-
-
1,172

STATEMENT OF COUNCIL MEMBERS’ RESPONSIBILITIES

The Council members are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires that the Council members must not approve financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for the year. In preparing those financial statements the Council members are required to:

The Council members are responsible for keeping accounting records that are sufficient to show and explain the Ministry’s transactions and disclose with reasonable accuracy at any time the financial position of the Council and enable them to ensure that the financial statements comply with the Church Accounting Regulations 2006 and the Charities Act 2011 and the regulations made thereunder. They are also responsible for safeguarding the assets of the Council and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

24