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← The Parochial Church Council Of The Ecclesiastical Parish Of St Michael And All Angels London Fields With St Paul's Haggerston

2024-12-31-accounts

ST MICHAEL & ALL ANGELS LONDON FIELDS with ST PAUL’S HAGGERSTON

ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDING 31 DECEMBER 2024

Registered Charity Number 1130974

CONTENTS:

CONTENTS:
Page
Administrative details of the Charity, its 1
Trustees and Advisers:
Trustees’ Report: 2–6
PCC Structure, Governance and Management 2
Review of Activities 3-6
Finances: 7-13
Statement of the PCC's financial responsibilities, 7
Review of financial position and Reserves policy
Independent Examiner's Report 8
Statement of financial activities 9
Balance sheet 10
Notes to the accounts (including accounting policies) 11-13

ADMINISTRATIVE DETAILS OF THE CHARITY

Charity Name: The Parochial Church Council of the Ecclesiastical Parish of St Michael and All Angels London Fields with St Paul's Haggerston (‘the PCC’)

Registered Charity Number: 1130974

Members of the PCC (Charity Trustees): The members of the PCC who served during the year were:

Chair (ex officio): The Revd Daniel Gerrans, Vicar

Churchwardens (elected for one year at the Annual Meeting of Parishioners, and ex officio members of the PCC provided they are actual communicants whose names are on the electoral roll of the parish): Jimmy Asakes and Lily Ejeka (until 1.7.24); Rebecca Marques and Devon Stewart (from 17.3.24).

Lay members of Hackney Deanery Synod (elected for terms of 3 years, and ex officio members of the PCC provided their names are on the electoral roll of the parish): Savitri Maitreyi Maria Hensman, Garofina Voichita Morton and Christina Richardson.

Elected representatives of the laity (elected for terms of 3 years on a rotation basis, one third retiring and being elected each year): Jimmy Asakes (from 17.3.24), Elizabeth Bower, Lily Ejeka (from 17.3.24), Patricia Fraser (until 22.9.24), Maggie Hamand LLM, Matthew Marques (Treasurer), Godwin Ogholo, William F O’Loughlin, Claudia Russell-Banahan, Cathie M Smith, Devon Stewart (until his election as Churchwarden as noted above) and Katrina Stewart.

Church address:

Lansdowne Drive, London E8 3ER

Correspondence address:

The Vicarage, 97 Lavender Grove, London E8 3LR

Independent Examiner:

Rev John Irwin FCA AMCT Chartered Accountant

Bankers:

National Westminster Bank plc Reliance Bank Limited

Cover Idmage: Angels and Shepherds, by local artists Fiona Eastwood and daughter Primrose aged 8, with homage to the mural in St Michael’s Church by John Hayward (1929–2007)

1

TRUSTEES’ REPORT

The PCC presents its Report and Accounts for the year ended 31 December 2024.

St Michael & All Angels London Fields with St Paul’s Haggerston (‘the Parish’) is the Church of England (Anglican) Parish Church for London Fields, Hackney, London E8.

The Accounts have been prepared in accordance with the accounting policies set out on page 11 below and comply with the PCC’s governing documents, applicable laws and the requirements of the 2016 version of the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP (FRS 102)).

PCC STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Documents

The PCC is governed by two pieces of Church of England legislation, called Measures. These are:

Charitable status, purposes and activities

The PCC is registered with the Charity Commission. Its primary charitable purpose is the advancement of the Christian religion within the parish. Under section 2(2) of the 1956 Measure, as amended, this purpose includes the following functions:

The PCC’s activities include:

PCC members are charitable trustees, so all the provisions of charity law apply to their corporate responsibilities, financial management and decision making, as explained in guidance of the General Synod’s Legal Advisory Commission at https://www.churchofengland.org/sites/default/files/2017-12/legal%20position%20of%20pcc%20members%20final.pdf. Its members have complied with their duty to have due regard to the Commission’s public benefit guidance[3] when exercising any powers or duties to which the guidance is relevant.

1 The full text of the 1956 Measure, before the addition of paragraph (f) by the Church Representation and Ministers Measure 2019 Schedule 2 paragraph 10 (see http://www.legislation.gov.uk/ukcm/2019/1/schedule/2/paragraph/10#schedule-2-paragraph-10-2) is available on the Statute Law Database at http://www.legislation.gov.uk/ukcm/Eliz2/4-5/3/contents.

2 The CRR were replaced by the Church Representation and Ministers Measure 2019 section 1 and Schedule 1 (see http://www.legislation.gov.uk/ukcm/2019/1/section/1). The text of the rules as currently in force is available online at https://www.churchofengland.org/more/policy-and-thinking/church-representation-rules.

3 Comprising: Public benefit: the public benefit requirement (PB1) : https://www.gov.uk/government/publications/public-benefit-the-public-benefitrequirement-pb1; Public benefit: running a charity (PB2) : https://www.gov.uk/government/publications/public-benefit-running-a-charity-pb2; and Public benefit: reporting (PB3) : https://www.gov.uk/government/publications/public-benefit-reporting-pb3.

2

REVIEW OF ACTIVITIES

Annual Report for 2024 on the proceedings of the PCC and the activities of the Parish generally

(as required by Rule M5(1)(b) of the Church Representation Rules)

Mission during the year

The task of furthering in the parish the whole mission of the church, pastoral, evangelistic, social and ecumenical[4] belongs not just to the PCC but to all church members. The PCC’s special function is to provide leadership in order to promote that mission. This Report summarises the main activities undertaken by the PCC to carry out its charitable purposes for the public benefit, and its main achievements.[5]

(1) The proceedings of the PCC

In addition to the church’s core role of offering public worship of, and witness to, God as revealed to humanity in Jesus Christ, in order more effectively to promote in the parish the church’s ‘whole mission’ , the PCC periodically identifies specific objectives which are distilled in a Mission Action Plan (MAP) and at each of its full meetings reviews progress in achieving them. In 2024 the PCC formally met 7 times, also conducting some business through Committees. The table below lists the goals set in the current MAP and the progress in achieving them by the end of the year under review.

below lists the goals set in the current MAP and the progress in achieving them below lists the goals set in the current MAP and the progress in achieving them below lists the goals set in the current MAP and the progress in achieving them by the end of the year under review.
St Michael & All Angels London Fields Mission Action Plan 2022-2025 Approved by the Parochial Church Council 26/01/2022 and subsequently updated
Vision: BeingOpen t o God, open t o all means being passionate about:
• loving and serving God in joyful, reverent, orderly, welcoming, creative and imaginative worship
• lovingneighbour by • beinga communitywhere all are known and valued
• sharing the Good News of God's love
• beingagents of the new creation through service,creativity, growth and development
Act ion: In addit ion t o what is alr eady happening, we aim t o:
Wha t How Who P r ogr e ssat 31/12/2024
1. Conf ident
Disciples		 Explore other ‘gateway activities’ we might be able to offer PCC 21.6.23 PCC agreed (1) some already being provided i.e. school visits, confirmation classes and
carol service should be promoted more; (2) Summer outings for children, families and older people
are also ‘gateway activities’ (3) to allocate time at a future meeting for further discussion about
such activities
Upgrade sound system in church to make our worship more accessible to people inside and outside
the church building		 Working Group comprising Cathie (Chair), Elizabeth,
Daniel, Devon and (from 4.7.22) Christina Richardson		 Achieved Dec 2022
And see 4 and 5 below
2. Compassionat e
Communit ies		 Participate in the Eco Church Programme (1) Maggie to complete questionnaire; Daniel to explore
with (2) Deanery Chapter colleagues possibilities for
collaboration or sharing good practice in this area		 (1) 16.12.22 Eco Church Bronze Award gained; 23.2.23 free Eco Audit awarded by City Bridge Trust;
21.6.23 PCC decided in principle, and subject to funding, to implement some or all of the
recommendations in the Eco Audit; 31.1.24 PCC decided to prioritise hall by replacing current gas
boiler heating with a heating system powered by air source heat pumps and improve insulation of
ceiling, windows and external wall; 25.7.24 funding application submitted to City Bridge Trust
based on detailed plans; 28.11.24 notified funding application not successful; alternatives being
explored (2) achieved (discussed at Deanery Chapter 14.10.22 and 17.1.23; Oct 23 Daniel appointed
Creation Care Area Lead)
Disability Ministry Disability Working Group: Enable all including those
perceived as 'disabled' to participate fully and fulfillingly
and find acceptance and value at St Michael’s		 25.9.24 Disability Champions appointed. 27.11.24, Disability Policy approved and Disability
Working Group appointed.
And see 4 and 5 below
3. Cr eat ive Gr owt h Seek to build back Children and Youth Ministry better by trying to:
i. Recruit (1) a paid Coordinator to administer and support All Stars and Youth Group activities on
Sundays and if possible at other times and (2) a Youth Worker to be paid on a sessional basis		 Children and Youth Ministry Team ('CYMT') Volunteer Coordinator for All Stars recruited w.e.f 5.12.21, stepped down 31.8.24; 27.11.24 PCC
decided after stewardship campaign to seek to recruit Children’s Worker
ii. Resume altar serving Daniel to help Katrina coordinate recruitment & rota Ongoing: new YP servers recruited from Autumn 22
iii. Explore how we can better hear the voices of young people in shaping our church for the future
(e.g. reporting on Children and Youth Ministry at our Annual Parochial Church Meeting, taking part
in PCC or its Committees) and equip families to raise their children in the Christian faith
Children’s Champion, CYMT		 5.12.21 Jon Hart volunteered to offer training; 26.3.23 PCC received children's ideas and asked
CYMT to follow up; 10.9.23 CYMT meeting

And see 4 and 5 below
4. S t r iving f or
r acial just ice		 Open up membership of the Steering Group to others interested in taking part, especially younger
people, and try to be more inclusive of younger adults generally
 Vicar, Steering Group 29.6.22 Jon Hart and Katherine Gerrans added; 30.10.22 Mabel Anyiam added
Explore what we can we do to increase diversity in leadership and vocations, especially young
~~eole~~		 Vicar, Steering Group, everyone Ongoing: new YP servers recruited from Autumn 22
~~pp~~
Review our liturgy, icons, artwork & memorials to see if they are racially just		 Steering Group Achieved: 10.6.22 new order of service approved for All Saints Sunday with Thanksgiving for the
Holy Ones of God more representative of worldwide church, in use from 30.10.22; 14.6.22
purchased African Nativity set; 29.6.22 PCC approved £250 budget for new books for children’s
library and other children’s resources; July 22 new children’s books bought; 27.11.24 PCC approved
new Order of service for Racial Justice Sunday
Explore what we need to grow in our theological understanding of racial justice Steering Group Ongoing: from 2021, aspiration to devote 3 Sundays a year to racial justice: Racial Justice Sunday
in February, the Sunday in June nearest Windrush Day, and All Saints, with an outside member of
the clergy to preach on one of these Sundays and lay members of the congregation on the other
two; 11.2.22 Purchased Africa Bible Commentary for reference by preachers etc_._
5. Be coming saf er Ask our Parish Safeguarding Officer ('PSO') to report on whether in line with our Safeguarding
Policy (a) all staff and officers’ DBS checks are in place (b) all parish safeguarding roles are filled
(c) a system is in place to ensure safeguarding training is kept up to date (d) there is any more we
can do to create a safeguarding culture in and around our church		 PCC, PSO Ongoing. Initial report by PSO to PCC 17.11.21, recommendations adopted; Parish Safeguarding
Dashboard now in active use as tool to monitor ongoing compliance with relevant Guidance
6. The ot her 5 ‘key
London 2030
mission t hemes’ 		(i.e. 1: mental health and isolation; 2 modern slavery, refugees & asylum seekers; 3 debt and
_financial wellbeing; 4 serious youth violence; 5 housing and homelessness)_Monitor and promote
opportunities for training and/or guidance in these and other areas, for example via		 Vicar Ongoing
7 . Review this Mission A ction Plan regularly and where appropriate update it PCC Ongoing

As part of its function, the PCC also controls the parish’s financial resources and accounts for its stewardship of them in its annual financial statements, which are presented separately pursuant to Rule M5(1)(c) of the CRR.

4 Section 2(2)(a) of the 1956 Measure. 5 As required by Regulation 40 of the Charities (Accounts and Reports) Regulations 2008 (see http://www.legislation.gov.uk/uksi/2008/629/regulation/40/made).

3

Actions achieved or planned during the year under review included, in addition to the MAP goals and actions listed above and the activities listed later in this Report:

(2) The activities of the Parish generally

Public worship

Sunday services were maintained in Church throughout the year and livestreamed for those preferring to remain at home for whatever reason. Some of those unable to connect digitally or attend in person continued to be supported by weekly bulletins delivered to their homes. Services continued to be enriched musically by St Michael’s Singing Group and Choir . Thanks are due, in particular, to David Carr and Maggie Hamand (Licensed Lay Ministers); Mabel Anyiam (Singing Group leader), Jon Hart (Acting Director of Music) and Elizabeth Bower (Organist). Weekday morning Eucharists continued, and online Evening Prayer on Thursdays continued to be open to all.

Pastoral Care, Nurture and Outreach

Overall responsibility for pastoral care lies with the Vicar, who during the year received valuable help and support from (in particular): Godwin Ogholo (Commissioned Pastoral Assistant) and Churchwardens Jimmy Asakes and Lily Ejeka , who stepped down at the 2024 Annual Meeting, having both completed 6 years in post, the maximum permitted term of office, and Rebecca Marques and Devon Stewart , who were elected in their place. Significant areas of pastoral care, nurture and outreach included the following:

4 

  - Supported by generous pledges from members of the congregation in response to a fundraising campaign, the PCC resolved in November to try to recruit a paid part-time _Children’s Worker_ to lead, enable and develop St Michael’s ministry with and among children aged 0-11 and their families. It is hoped to recruit a suitable candidate during 2025.

  - St Michael’s in collaboration with ecumenical partners continued its partnership with the Christian detached Youth Work charity _XLP_ https://www.xlp.org.uk/ (whose vision is _‘creating positive futures for young people’_ ), with its ongoing pledge to contribute £200pa towards the cost of XLP’s work in Hackney.

Ecumenical

For the 11[th] year running, during the Week of Prayer for Christian Unity (18-25 January) St Michael’s joined 7 other local churches spread across 5 different denominations, each of which hosted a service on one of the 8 days of the Week. St Michael’s and our neighbours at Hackney Methodist Church in Mare Street also continued our collaboration in response to the Anglican-Methodist Covenant signed in 2003 (https://anglican-methodist.co.uk/covenant-text/), with members of St Michael’s once again joining Hackney Methodist Church for their annual Covenant Service in January and members of Hackney Methodist Church coming to St Michael’s for our Patronal Festival (St Michael & All Angels) in September.

Social, Community and Environmental Engagement

During 2024:

Under St Michael’s Open Church Programme , the church building, which is listed (Grade II) and a beautiful sacred space, was open to visitors and the wider community most Wednesday mornings in furtherance of our mission to be Open to

6 National Church: see https://www.churchofengland.org/safeguarding/policy-and-practice-guidance/templates-and-resources, particularly the Parish Safeguarding Handbook https://www.churchofengland.org/sites/default/files/2019-10/ParishSafeGuardingHandBookAugust2019Web.pdf, the House of Bishops’ guidance ‘Promoting a Safer Church; Safeguarding Policy Statement’ https://www.churchofengland.org/sites/default/files/201712/PromotingSaferChurchWeb.pdf and ‘Safer Recruitment and People Management Guidance’ , see https://www.churchofengland.org/safeguarding/safeguarding-e-manual/safer-recruitment-and-people-management-guidance). Diocese of London: see https://safeguarding.london.anglican.org/parish-resources/).

5

All . During colder months, in response to the impact increased energy costs have had on many in our community, the Church was heated during Open Church sessions in colder weather and promoted as a warm welcome space .[7] The PCC records its gratitude to Lily Ejeka , volunteer steward for Open Church.

St Michael’s Hall is also used as a polling station and for children’s parties and other social gatherings.

Care, maintenance and improvement of the Church Buildings

Repairs and decorations were carried out as needed, as was routine maintenance in accordance with the PCC’s Annual Maintenance Plan. The most important were: (1) various redecorations carried out in January and July-August, including meeting room, link corridor, hall entrance lobby and WCs (total cost £3425); (2) repair of 4 metal sacristy items (£3822, fully funded by an anonymous donation); and (3) plumbing and associated repairs in the bathroom of the Church Flat (£1079.61). Further details are contained in the Churchwardens’ separate Fabric Report prepared under Rule M5(1)(d) of the CRR. The PCC records its gratitude to the Churchwardens for their ongoing work in maintaining the fabric.

The Revd Daniel Gerrans, Chair, for and on behalf of the Parochial Church Council 23 March 2025

7 Registered on https://www.warmwelcome.uk/#find-a-space

6

FINANCES

The Financial Statements of the Council for the year ending on 31 December 2024

Statement of the PCC's financial responsibilities

Charity law requires the PCC to prepare accounts for each financial period which give a true and fair view of the charity's state of affairs at the end the year and of its income and expenditure for the year.

In preparing those accounts, the PCC is required to:

The PCC is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the entity and to enable them to ensure that the accounts comply with the Charities Act 2011 and other relevant legislation. It is also responsible for safeguarding the assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Review of financial position

The results for the year and financial position are set out below. The PCC thanks all who have contributed in any way to church funds, especially those giving regularly through stewardship programmes, which have enabled the Parish to remain financially resilient and in particular to sustain and increase its contribution to the Diocesan Common Fund.

Reserves policy

Reserves are held for the furtherance of the PCC’s charitable objects, including as provision for significant unexpected but necessary expenditure.

Approved by the PCC and signed on its behalf by:

The Revd Daniel Gerrans, Chair, for and on behalf of the Parochial Church Council 23 March 2025

7

ST MICHAEL AND ALL ANGELS LONDON FIELDS with ST PAULS HAGGERSTON

Independent Examiner's report to the members of Parochial Church Council (PCC)

I report on my examination of the accounts for the year ended 31 December 2024.

Responsibilities and basis of report

As members of the PCC you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Act).

I report in respect of my examination of the accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept as required by section 130 of the Act; or

  2. the accounts do not accord with those records.

Note 8 provides details of the church flat which is managed by the PCC; it has a current valuation of £300,000 and has not been included on the balance sheet.

I have no other concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Rev John Irwin FCA AMCT Chartered Accountant

Date: 16 March 2025

8

ST MICHAEL AND ALL ANGELS LONDON FIELDS with ST PAULS HAGGERSTON

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2024

INCOME
Donations, legacies and grants
Church collection
Freewill offerings
Donations and gifts
Charitable collections
Grants received
Donations to restricted funds
Income tax refund
Other activities
Rent:
Church and hall
Flat
Fees
Fetes and events
Other income
Investment income
Interest and increase in value of fund assets
Total incoming resources
EXPENDITURE
London Diocese (Common fund)
London Diocese (Fees)
Staff expenses
Youth work expenses
Music and organist
Repairs and refurbishment:
Church
Flat
Garden
Insurance and security
Gas and electricity
Water rates
Cleaning
Consumables
Stationery, books and advertising
Telephone and internet
Social events
Other
Administrator
Charity and gifts (from general funds)
Charity and gifts
Total expenditure
Transfer between funds
NET MOVEMENT IN FUNDS
FUNDS brought forward
FUNDS carried forward		 2024
2023
Unrestricted
Restricted
Designated
Total
Total
Funds
Funds
Funds
Funds
Funds
£
£
£
£
£
7,420
7,420
5,757
26,500
26,500
26,447
5,844
5,844
3,726
-
-
1,094
1,381
2,400
3,781
3,499
-
-
-
6,553
6,553
8,043
35,377
35,377
30,935
16,279
16,279
18,522
2,125
2,125
985
2,345
2,345
2,173
525
525
-
2,324
4,300
6,624
12,229
106,673
2,400
4,300
113,373
113,410
53,000
53,000
50,000
1,121
1,121
450
34
34
564
70
337
407
443
676
676
1,383
-
-
16,211
16,211
9,634
2,052
2,052
1,065
1,858
1,858
530
5,239
5,239
5,137
3,780
3,780
3,746
585
585
264
3,170
3,170
1,071
1,467
1,467
992
2,048
2,048
1,265
651
651
492
373
738
1,111
20
909
155
1,064
120
9,428
9,428
-
1,482
55
1,537
1,850
0
-
894
104,154
1,285
0
105,439
79,922
(1,000)
1,000
-
-
1,519
1,115
5,300
7,934
33,488
136,667
5,645
93,026
235,338
201,850
138,186
6,760
98,326
243,272
235,338

9

ST MICHAEL AND ALL ANGELS LONDON FIELDS with ST PAULS HAGGERSTON

BALANCE SHEET as at 31 December 2024

Note 2024 2023
£ £
Current assets
Investments - Trust Fund 2 88,525 84,226
Current assets
Cash at bank 156,427 150,412
Debtors 3 1,700 1,700
Total current assets 158,127 152,112
Creditors: amounts falling due
within one year 4 (3,380) (1,000)
Net current assets 154,747 151,112
Total net assets 6 243,272 235,338
Funds
Unrestricted Funds 138,186 136,667
Restricted Funds 5 6,760 5,645
Designated Funds 98,326 93,026
Total funds 243,272 235,338

These accounts were approved by the PCC and signed on its behalf by

Date: 23 March 2025

The Revd Daniel Gerrans For the Parochial Church Council

10

ST MICHAEL AND ALL ANGELS LONDON FIELDS with ST PAULS HAGGERSTON

NOTES TO THE ACCOUNTS

1 Accounting policies

1.1 Basis of preparation

The PCC is a public benefit entity within the meaning of FRS 102. The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 governing the individual accounts of PCCs, and with the Regulations' 'true and fair view' provisions, together with FRS 102 (2016) as the applicable accounting standards and the 2016 version of the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP (FRS 102)).

The financial statements are prepared under the historical cost convention, except for investments which are shown at market value.

The financial statements are prepared in £ sterling rounded to the nearest £.

1.2 Income recognition

Income represents amounts received from freewill offerings, church collections and donations, and other sources of income from specific church activities, which are recognised as follows:

1.3 Expenditure

All expenses are considered as charitable expenditure, being the costs incurred directly and indirectly in the delivery of its charitable purposes.

Expenses are recognised when the liability is incurred.

1.4 Unrestricted, restricted & designated funds

Unrestricted funds represent the funds of the PCC which are not subject to any restrictions regarding their use and are available for the general purposes of the PCC.

Restricted funds are to be used for specified purposes as laid down by the donor. Direct expenditure which meets these criteria are assigned to the funds.

Designated funds are unrestricted funds that the PCC has chosen to allocate for a specified purpose. These funds may be un-designated and returned to the unrestricted fund.

1.5 Cash

Cash includes cash held at banks in current and deposit accounts, and cash in hand; it is a basic financial asset under FRS102.

2 Investments

The investments are held in shares in the CBF Church of England Investment Fund which is managed by CCLA and are included at market value.

11

ST MICHAEL AND ALL ANGELS LONDON FIELDS with ST PAULS HAGGERSTON

NOTES TO THE ACCOUNTS

3 Debtors

Income tax recoverable
Creditors: amounts falling due within one year
Accruals		 2024
2023
£
£
1,700
1,700
1,700
1,700
2024
2023
£
£
3,380
1,000
3,380
1,000

4 Creditors: amounts falling due within one year

5 Restricted and Designated Funds

Restricted funds comprise:

Grants received

Grant income received for specified purposes has been allocated to restricted funds. The PCC gratefully acknowledges grants received during the year from the Hackney Parochial Charities (£2,400 received) for relief of individuals in need (2023: £2,500) and a grant of £1,129 under the Listed Places of Worship scheme for repairs to the building.

Designated funds comprise:

Trust Fund

The Trust Fund comprises the balance of the proceeds of the sale of church premises sold in 1986 and the use of both capital and income may be used for any ecclesiastical purpose within the parish, in accordance with the Parochial Church Council (Powers) Measure 1956. The PCC has adopted a policy to designate the use of the Trust Fund as follows: until further resolution and where possible: (i) capital should be preserved; (ii) future income should be reinvested as an accretion to capital; and (iii) the Trust Fund should be used for capital (not revenue) expenditure which will make or contribute to a lasting improvement to the church or hall.

Vicarage Repair Fund

Unrestricted funds are transferred into a designated fund to provide for the future redecoration of the Vicarage when needed.

12

ST MICHAEL AND ALL ANGELS LONDON FIELDS with ST PAULS HAGGERSTON

NOTES TO THE ACCOUNTS

6 Net assets attributable to the funds

Fixed assets
Investments
Current Assets
Cash
Debtors
Current liabilities
Net assets represented by funds
Summary of funds
Unrestricted
Restricted Ministers - Discretionary Grant
Designated - Trust Fund
Designated - Vicarage Repair Fund		 Unrestricted
Restricted
Designated
Total
Funds
Funds
Funds
Funds
£
£
£
£
-
-
88,526
88,526
139,866
6,760
9,800 156,426
1,700
-
-
1,700		 Unrestricted
Restricted
Designated
Total
Funds
Funds
Funds
Funds
£
£
£
£
-
-
88,526
88,526
139,866
6,760
9,800 156,426
1,700
-
-
1,700
141,566
6,760
98,326 246,652
(3,380)
(3,380)
138,186
6,760
98,326 243,272
£
138,186
6,760
88,526
9,800
243,272

7 Summary of funds

8 Benefits in kind to community groups

During the year St Michaels has allowed certain community groups to use church and hall space free of charge. These groups included The 8th Haggerston Rainbows, Brownies and Guides. Had rent been charged at the normal rates this would have amounted to £4,000 (2024 - £3,000).

9 Related party transactions

There were no related party transactions during the year.

10 Other Assets

Church flat

The PCC undertakes the management of the flat and has the benefit of the rental income. The flat is part of the premises and like the rest of the building it is owned by the London Diocesan Fund.

The rental from the flat is recognised as income when it becomes due.

The balance sheet does not include a value for the flat. It is valued at £300,000 (2023 - £300,000).

13