PALMERS GREEN UNrrED REFORMED CHURCH CHARrrY REPORT OF THE TRUSTEES For the year ended 31 De￿mber 2024 Page 1 The Trustees have pleasure in presenting their rewt arKI the examined financial statements for the year ended 31 December 2024. Legal and Administratlve Information The Elders of the church together wth the minister are deemed to be the Charity TrUst￿S. The Elders are elected by the Church Members and seprfe fix a pertc¥J of three years. They may then be r&elected for a further period of three years, following whrch they will not be eligible for re-eleth'on for one year. The Elders and Minister have served during the year arKI to the date of this re￿ are as follows.'- Mr Richard Hill (to 24.11.24) Mrs Margaret Jenkins Mr Brian Hosier Mrs Beatri￿ Oyetey (to 24.11.24) Dr John Strange Mr Stuart J￿kInS (from 24.11.24) Mrs Estelle Muller Dr Paul Ashitey {from 24.11.24) The church premises are sttuated on the comer of Burford Gardens and Fox Lane, London N13 4AL. The church contsct is Dr John Strange secreta almers reenurc.or We are part of the pastorate known as The South and East Enfield Pastorate comprising 3 URC Churches srtuated in Palmers Green. Winchmore Hill and Ponders End. Bankers CAF Bank Limtted, 25 Kings Hill Avenue. Kings Hill. West MallirKJ, Kent, ME19 4JQ ObJectlves and Activitles The objective of this church is to advance the Christian religion in accordance with the doctrines principles and usages of the United Reformed Church. The church is part of the Enfield and East Hertfordshire Local Area Gr￿p of the Thames North Synod of the United Reformed Church. The church is aso a member of Churches Together in Palmers Green, Imnchmore Hill and Grange Park. Membership of the church is open to all on profession of faith and acceptance by existing members. We aim to be a Church for all people vtho seek and share the Gcrfjd News of Jesus Christ. Structure. Governance and Management The church has tseen in existen￿ on this site for over 115 years, although a charity it was excepted from registration. It was first registered as a charty on 16 Juty 2009 under number 1130583. The detailed work of leadership and organisation is carried out by members of Core Grwps consisting of Elders and other members, with the Minister and Correspondence Secretary associated as appropriate. Currentw there is just one s￿h group.. Worship and Study.. Convenor Mrs Estdle Muller The Core Groups are supported by a Finance and Fabr￿ Resources Committee to deal with the finance and propety matters rtecessary to support the work of the church. The officers of this committ* are as follows.. Mr Tony Obi-Ezekpazu(to24.11.24) Mr Martin van Staveren (from 24.11.24) Mr Brian Hosier Chaimian Secretaryftreasurer Overall leadership and pastoral oversight are the responsibilty of the current serving Elders of which there are 6. For pastoral purposes, they work as a team with non-serving Elders and other church members. The church is committed to safeguarding in every area of church life and ministry. A lot oftime continues to be invested during the year to make sure we understand and implement the Syn¢)d Safeguarding Policy based on G¢)od practi￿ 6 and to undertake the appropriate training. The Safeguarding Coordinator is Mrs Margaret Jenkins email mar No, 07981706181. Deputy Dr John Strange secreta ar smlo almers reenurc.or enkins. zen.c .uk Tel REPORT OF THE TRUSTEES Icontlnued) For the year erKled 31 De￿mber 2024 Financial The accounts for the year are set out on pages 4 to 7. The trustees have taken the opportunrty to prepare these financial statements in accordance with the Chartties Act 2011 Section 144. using the Receipts and Payments basis available to small charities, and the Untted Refomied Church guidance. There is a deficit on our Unrestricted (Congregational) Account of £5,747. This is better than last year and the budget but we do still owe some electricrty costs not yd invoiced. on￿ more we have not transferred the usual £30k to our Repair Fund relying on previous reserves for the time being. The deficit is after receipt of a full year rent for the manse and withoLrt a minister the minimum of outgoings. As we prepare to welcome a new minister these costs Wtll increase and we need to find ways of balancing our expenditure by increased Ir￿Orne. All our reserves V4ill be used in due Course on property maintenan￿. Page 2 The designated funds are detailed in note 2 to the statements. These funds have increased during the year due to interest and transfers from Unrestricted Funds. We owe approximately £30,000 for repair works. At the end of the year the tcrtal of our Designated Funds were £177,807. Of this total £71,534 is held in a cash fund to help WFth the cost of replacing the sanctuary and main hall rc*Jfs when the time comes but recent indications are that this will not be en(￿h. In addttion we have investments allocated to this fund and worth £123,383 at 31 December 2024. The restricted fund is mainly amounts collected for oth￿$ and a grant for our youth worker. All amounts have been paid over or utilised during the year to leave a nil balar￿ at the year end. Reserves amount to approximately 3.1 months expenditure which is considered satisfactory in view of all exceptional expenditure being met from Designated Funds. A further deficit is expected in 2025 but at present manageable from these reserves. Investment Policy In the past our funds V￿re all held in bank ac¢C￿ntS. However, when we were advised that work on the high-level roofs was not likety to be necessary for at feast 5 years, £50,000 was transferred to COIF Investment Ethical Fund in 2016 in the hope that we can enjoy a higher retum and at least keep pace with infiation. At the year end this investment was worth £123.383 an increase of £6,643 during the year which at 5.7% is considered satisfactory. Risk Management during the year The trustees have identified ￿at they believe to be the major risks Nthich the church faces and are satisfied that these have been or will be adequatety mitigated where ne￿Ssary. Volunteer As would be expected within a church structure, most activities of the church are carried out by volunteers, apart from ary Stipendiary Minister who is paid from a central church Ministry and Mission fund to which this church contributes, and our Organists who are paid directly by the church. The church does employ two other part time workers to assist Imth administration and with our youth work but we are still very muth reliant on our members to fu￿1[ the c*)jectives of the church. Public Benefit Vvhen planning our activities for the year, the Elders have considered the Commission's guidance on public benefit including the specffic guidance on charities for the advan￿ment of religion. Everyone is welcome to attend our regular services and other activities. Some of our regular worshippers are residents in residential homes in the area and where requested they are assisted to get lo the church activrties including worship. During the year the church building was registered to allow for the marriage of same sex couples. Achievements and perfomiance Worship remains central to the lrfe of Palmers Green URC, and we are grateful to the ministers, lay preaGhers, and our own wjrship teams who lead services. The Church is a member of Churches Together in Palmers Gr*n, Winchmore Hill and Grange Park. committed to undertaking activities together vthere possible and appropriate. We have continued to work wrth these other churches during the year, meeting regularly vAth representatives, and participating in moming prayers during the Week of Prayer for Christian Unty. This relationship Y￿th other churches is seen to be an important means of increasing our effective service in the communty and during the year we have met with elders from Winchmore Hill URC to discuss what more we can do together. REPORT OF TRUSTEES (Continued) For the year ended 31 De￿mber 2024 Achievements and Perfomiance During 2017 the church agreed to do mcfe to indude the I￿al o)mmunty in our fell0v￿hip, and adopted a new Mission Statemerrt: We are a group of different people locthing for, and finding, strength and meaning in God's tove. You wll always be welcomed gladly. We worship and pray together. We learn about God's love aThJ forgrveness through Jesus, the Bible and wrih the help of e*h othtt. Together we wll work to make Jesus present by loving actions done, and by loving wcfds spoken. in this ¢hurch and beyond these dcors Palmers Green URC is a member of the Enfield arKJ East Herts Local Area Group, along with 9 other neighbouring United Reformed Churches. The churches in the group work together on issues including ministry, mission. and discipleship. Page 3 During 2019 we started to look at the environmental impact of our ath"vities. Various changes were made so that we now operate in a °greenerf way, and the church qualified for a Bronze award from Eco Church. In 2019 we also became a member of the Inclusive Church ne￿rk, which "celebrates and affirms every person and does not discriminate.. This has continued in the last year and we have received an Eco audit of our premises and hope with the help of a Synod grant to instal secondary glazing to the windows in our main hail during this year. The church continues to set aside £2,500pa for charities which is distributed at the year end and also to support disaster appeals as appropnate. This ￿11 In￿eaSe to £2,750 for 2025. Our church membership at the end of 2024 was 57. There were several in the congregation attending services regular￿ on Sunday momings who had not yet committed to full metnbership. The appointment of a youth worker has now cemented a small but regular group of young people attending on Sunday momings. This work wtll be reviewed during the coming year as funding wll end during the year. We continue to enjoy the regular parade services of our unrfomied organisations where the service is mainly led by the young people. Our magazine was prc(luced monthty and now quarterfy and is wdl received particularty by those who can no longer join us on a Sunday. We have intrcduced a monthty Newsletter to bridge the gap. Just as this report was teing prepared we were pleased to leam that Rev Packiaraj Asirvatham had accepted our invÈtation to be the minister of the pastorate. The induction wll be in the summer and we look forward to working in partnership ￿ryth him to fulfil our Mission in this communty Approved by the Eklers and signed on their behalf by: Dr John Strange Trustee 26 February 2025 PALMERS GREEN UNITED REFORMED CHURCH CHARrrY FINANCIAL STATEMENTS PERIOD ENDED 31 DECEAIBER 2024 RECEIPTS AND PAYMENTS ACCOUNT Page 4 This Year Last Year 2023 RECEIPTS Funds £ Funds £ FUMJS £ Total £ Offorings Fund raising and (lonalions Monies raised foi ouiside causes Gift Aid tax repayments Other churches pastorate expenses ' Properly- manse letting Propèrty- churchlhall users Grants FIT Receipts Sundry Bank interest & investment income Totsl rec•lpts 28.085 210 28,085 210 383 6.849 29,291 1,310 774 7.531 267 9.400 63,254 4,500 2.453 238 10.041 6.849 71.￿￿) 30.OLJ) 71,490 6200 1.983 121)0 5.0 1.983 161 10291 10.452 155.652 138.TK8 11,491 5,383 PAYMENTS 129,059 Ministry & Mission Fund Ministry & Wofship expenses Youth Ministry Churth running costs Manse running costs Progratnme activity Costs Support of outside causes Other churrhes pastorate exper Equiprnent Maintenance of church buildings Maitrtenance of manse 7.329 5.297 80.592 1.449 745 50,052 8,228 9,739 85.319 2,331 733 3,646 4,542 534 30.000 7,329 10,297 81.792 1,449 745 4.533 1.2(NJ 3250 1.283 1,649 5,029 1.649 5.029 Total payments NET RECEIPTS I IPAYMENTSI 140.976 11.128 6,283 158,387 195.124 -2.198 363 -900 -2.735 -66.075 TRANSFERS befvmn funds SURPLUSIDEFICIT after transle CASH FUNDS blfvid 1 January CASH FUNDS elfwd 31 December -3.549 3,549 41.198 173,908 177. 900 216,0(hS 213.271 282.081 35.451 16.0 STATEMENT OF ASSETS AND LIABILITIES Monetsry assets Bank current accounts Deposit accounts Total monetary ass•ts 9.808 25,643 ,451 9.808 203,463 13.27 17T,820 177.820 10 Other assets Gift rectsverable Other rnonies due to church Investments at MV £123,383 al 31.12.24 Assets used for ehurch pury>os•¥ Buildings under stalutory trusts Church contents 1,815 492 1.815 492 Llabllities Other creditors. repairs - church electricity 2,0Th) APPROVED by the Tru$tees on 26 F•bruary 2025 and Sign￿ on their bfrhair Brian Hoster 30.CMXI 30.000 2.000 PAL&IERS GREEtI UNITEfi REFORMEO CHURCH CHAPJTY FINANCIAL STATEMENTS PERIOD ENDED 31 DÈCEII8ER 2024 NOTES Page S 1 ACCOUNTING POUCIES The flnanc431 Stslwis hay8 aC￿rtance￿i￿ 1993 42131. Re•s Payments b8sis to SM￿ (*aths, uru￿ 2 FVNDACCOUNTING Unrestrt#*d FuDd8 fflay ￿ u5¢d byth¢ ¢Ix￿chhranY OfWs [￿nary pwpty betransf8rted b*kinlo geFwd fvrjds St Ilpe ch￿c￿$ d*)Sk￿. Fund namo & wrp05e'. Rèse￿ Furvj Rfh)f Re￿ir Fund B￿*V0￿1 Fwd OutreschK>ulings Other ChU￿he5 ￿ pastor*e Sp8ual PuTPOSe5 Organ OvortHA T4)tals fordwstgtiotqd iytd£ ytd£ 53.927 51.979 71.534 4.314 7t2 712 45.119 4,531 173, 5,6B1 177 820 11.128 3,549 lems ofa trust orWue5t, tr(knabWS orgrants rthved ar ￿¥1[ell fwa sp8