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2020-12-31-accounts

Registered Charity no. 1131457

ST. MARY MAGDALENE CHURCH, PECKHAM

TRUSTEES’ ANNUAL REPORT AND INDEPENDENTLY EXAMINED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Moses Peters & Company Chartered Certified Accountants 136 Southwyck House Moorland Road London SW9 8UR

ST. MARY MAGDALENE CHURCH, PECKHAM

CONTENTS OF THE FINANCIAL STATEMENTS

Page
Report of the Trustees 1-4
Reference and Administrative Details 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 - 17

ST MARY MAGDALENE CHURCH, PECKHAM Trustees’ Annual Report 2020

The Trustees, who are the members of the Parochial Church Council (PCC) of the parish of St Mary Magdalene, Peckham, present their report and accounts for the year ended 31 December 2020.

AIMS AND PURPOSES

The PCC has as its main responsibility (in cooperation with the Incumbent, Revd Canon Dr Olu Adams) the promotion in its parish of the whole mission of the Church of England, pastoral, evangelistic, social and ecumenical. It is also specifically responsible for running and maintaining the Church and Community Centre and Church Hall buildings in St Mary’s Road, SE15 2EA.

OBJECTIVES AND ACTIVITIES

The PCC carries out its aims mainly through:

ACHIEVEMENTS AND PERFORMANCE

Ministry and Church Services

During 2020, the coronavirus pandemic has severely affected many of our lives, and also changed the ways in which the church has been able to minister to people. From mid-March to July 2020 it was not possible to offer services in church, and Zoom has therefore become a tool for worship, as well as for other purposes. We have continued to offer services on Zoom even when the church has been open, recognising that not everyone would feel able to attend in person. This has enabled some to participate who would otherwise have found it difficult to get to services in church, but has meant that some of the congregation have been unable to join at any time. In particular, ministry to children and young people has been significantly affected.

We have continued to support the provision by the Diocese of Southwark of clergy throughout its area (including our parish), by contributing to the Parish Support Fund

Outreach and Youth Work

Our youth worker is an invaluable part of the provision of services and outreach to young people, and has continued to look for ways to involve them in activities. However, with school having been online for much of the year, their willingness to engage with further activities online has been limited.

Charitable Donations

St. Mary's Church continues to support mission organisations. In 2020, these included Church Mission Society, Christians Against Poverty, Barnabas Fund, Bible Society and Capro. 25% of planned giving and tax reclaimed, amounting to £10,050 in aggregate, was donated for 2020.

Management of Buildings

Due to coronavirus, activities other than church services ceased almost entirely after March 2020, although another church fellowship has resumed its use of the Church Hall from July 2020. Rental income has therefore been severely affected.

Contribution of Volunteers

It would not be possible for the PCC to carry out its responsibilities without the help of the many volunteers, whose service is an expression of their membership of the body of Christ. Their time and skills enable not only the provision of regular services, but also the other activities that are part of the

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ST MARY MAGDALENE CHURCH, PECKHAM

church's ministry. The number of regular volunteers (excluding Trustees) is normally over 40, but in 2020 has been somewhat less.

RELATED PARTIES

Within the Church of England, St. Mary Magdalene Church Peckham is a part of Camberwell Deanery and the Diocese of Southwark; three PCC members are elected members of the Deanery Synod, one acting as Lay Chair, and the incumbent is also an ex officio member of Deanery Synod. Another trustee is also a trustee of the Diocese.

The PCC appoints two members to the management committee of St Mary's Preschool (Charity no. 1040771) and holds other powers in relation to its governance. This charity ceased its operations in July 2019, and is in the process of being wound up.

The PCC appoints six foundation governors to St Mary Magdalene Primary School.

Details of transactions with these parties are shown in the notes to the accounts.

FUTURE PLANS

The church is currently re-starting regular worship in church (following the third covid lockdown) and reviewing both the scope for re-starting other activities, especially for young people, and our Mission Action Plan (prepared in 2019, but largely in abeyance during 2020). Specific issues for consideration include how best to take forward our work with children and young people; ways of reaching out to our local community, addressing well-being issues following covid, and making connections with the large numbers of young adults living in our local area; and building links with our Church School and potentially other local schools. We will also be considering our on-line ‘offer’, and how to balance encouraging regular worship in person with making our worship accessible to as many people as possible.

FINANCIAL REVIEW

Principal funding sources

The coronavirus pandemic had a serious effect on the income of the PCC in 2020, notably through lower income from lettings, which fell from £54,270 in 2019 to £25,824. Giving by church members in 2020 was also affected, with the increase in online donations not sufficient to cover the decline in collections at services; it therefore fell to £32,450 in General Fund and £552 in Restricted Funds (32% of overall incoming resources) from £33,726 and £1,372 in 2019 (27% of the total). Gift Aid reclaimed and building income were 9% and 25% of total incoming resources respectively (2019: 5% and 42%). That giving by members and the gift aid have increased their share of overall income when compared with 2019 is of course a reflection of the lower building ncome.

A grant from the MacDaibhidh Charitable Trust has continued. This primarily supports youth work, and from November 2020 can be applied at the PCC’s discretion.

Expenditure and Comparison with 2019

General Fund expenditure in 2020, at £82,826, was some £19,200 below that in 2019. An increase in the Parish Support Fund (+£5,000) has been more than offset by the absence of significant building work or legal costs, and reduced energy consumption and other items related to the use of buildings.

In Restricted Funds, Youth Work showed a £6,400 surplus, and the Homework Club £1,860 surplus as grant income was received covering 2019 purchase of equipment.

Overall, there was a deficit of £14,175 in unrestricted funds, and £7,233 surplus in restricted funds.

Investment policy and objectives

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ST MARY MAGDALENE CHURCH, PECKHAM

The Charity has adopted an ethical investment policy to ensure that its investments do not conflict with its aims and objectives. Funds deposited with The CBF Church of England Investment Fund comply with this policy, and ensure a reasonable return in terms of interest and long-term protection from inflation.

Reserves policy

It is PCC policy to maintain a minimum balance on the General Funds of £5,000 to cover emergency situations that may arise from time to time. The balance of £28,208 in general funds at 31 December 2020 exceeds this target, but is significantly less than 50% of annual General Fund (unrestricted) expenditure.

Going concern

The Covid-19 pandemic and the counter-measures taken to suppress it have caused significant disruption in the UK, with consequent impact on many church fellowships’ meetings, operations and income, St Mary’s among them.

The Charity’s trustees have considered the possible impact on the PCC’s finances for 2021 and beyond. Particular issues to explore are the impact on third party use of our buildings (with implications for rental income), and, in common with other churches, the impacts on congregational attendance and ability to give. While these may continue to be significant throughout 2021, the trustees consider that the Charity has adequate resources and flexibility of operations, and sufficient sources of funds available to it, for the foreseeable future. These events do not cast significant doubt upon the PCC’s ability to continue as a going concern, and therefore the trustees consider that it is appropriate to prepare the accounts for the year ended 31 December 2020 on a going concern basis.

PRINCIPAL RISKS; RISK MANAGEMENT

The PCC have a duty to identify and review the risks to which the Church is exposed and to ensure appropriate controls are in place to provide reasonable assurance, including against fraud and error.

The principal risks are:

The PCC has due regard to House of Bishops' guidance on safeguarding children and vulnerable adults. We have adopted the Diocese's "Safe Church" policy, and keep activities under review.

No Serious Incidents have occurred that would necessitate reporting of such to the Charity Commission.

STRUCTURE, GOVERNANCE & MANAGEMENT

The Parochial Church Council (PCC) is a corporate body established by the Parochial Church Council (Powers) Measure 1956 (as amended) and the Church Representation Rules (CRR, contained in Schedule 3 to the Synodical Government Measure 1969 as amended, notably by the Church Representation and Ministers Measure 2019, effective 1 Jan 2020). The PCC of St Mary Magdalene Church Peckham is registered with the Charity Commission, charity number 1131457.

The management of the church is the responsibility of the PCC, the membership of which is specified by the Church Representation Rules. Church members are encouraged to register on the Electoral Roll if they meet the conditions in the CRR. At the Annual Parochial Church Meeting (APCM, held annually, usually in April-May, but in 2020 not until October) those on the Electoral Roll elect lay members to the PCC, and Deanery Synod Representatives (ex officio PCC members);

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ST MARY MAGDALENE CHURCH, PECKHAM

Churchwardens (ex officio on PCC) are elected by Parish Meeting (annually, as APCM). Licensed Readers are entitled to serve on the PCC (APCM decision 2013).

The PCC met 6 times in 2020, and twice to date in 2021, to oversee and discuss the management of the Church. The Standing Committee of the PCC comprises the Incumbent and Churchwardens (ex officio) and the Lay Chair, Secretary and Treasurer; and can take day-to-day or urgent decisions on behalf of the PCC. Members of Standing Committee not ex officio are approved on an annual basis in the first PCC meeting after the APCM. Other sub-committees are established as necessary.

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ST MARY MAGDALENE CHURCH, PECKHAM

ADMINISTRATIVE INFORMATION

Trustees

PCC members (who are also charity trustees) who have served throughout or during the period from 1 January 2020 until the date this report was approved are:

Incumbent (ex officio) Rev'd Canon Dr Olu Adams (Chair) Churchwardens (ex officio) Emeka Anudu Michael Hartley (acting treasurer from 18 Oct 2020) Representatives on the Sonia Phippard (Lay Chair) Deanery Synod (ex officio) Flora Bowen (to 18 Oct 2020) Emma Musinguzi (from 18 Oct 2020 Dennis Ohwariovbe (to 18 Oct 2020; Secretary) Melanie Omolaso (from 18 Oct 2020) Reader Alex Mutyaba (to 18Oct 2020; Treasurer) Elected Members Bunmi Adams (to 18 Oct 2020) Ranti Adams (from 18 October 2020) Tolani Akinpelu (to 18 Oct 2020) Flora Bowen (from 18 Oct 2020) Ruth Kagoro Emma Musinguzi (to 18 Oct 2020) Dennis Ohwariovbe (from 18 Oct 2020; Secretary) Gloria Olayinka (to 18 October 2020) Jacob Omolaso Reggie Osei-Bonsu (from 18 October 2020) Kehinde Oyebanjo Rosemund Pretoru

PRINCIPAL ADDRESS 17 St Mary 's Road Peckham London SE15 2EA REGISTERED CHARITY NUMBER 1131457 INDEPENDENT EXAMINER Mr Moses Oluniyi Peters Moses Peters & Company Chartered Certified Accountants 136 Southwyck House Moorland Road London SW9 8UR

Approved by order of the Trustees on 28 April 2021 and signed on its behalf by:

Sonia Phippard - Trustee

Page 5

ST MARY MAGDALENE CHURCH, PECKHAM

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST MARY MAGDALENE CHURCH PECKHAM (CHARITY NUMBER 1131457) ON ACCOUNTS FOR THE YEAR ENDED 31ST DECEBER 2020 SET OUT ON PAGES 7 TO 17

Independent examiner's report to the trustees of St Mary Magdalene Church Peckham

I report to the charity trustees on my examination of the accounts of St Mary Magdalene Church Peckham (the Trust) for the year ended 31 December 2020.

Responsibilities and basis of report

As the charity trustees of the Trust 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 Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all 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 in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no 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.

Signed:

Dated: 06 / 05 / 2021 Examiner’s Name: Mr Moses Oluniyi Peters Relevant Professional Qualification: FCCA Relevant Professional Body: Association of Chartered Certified Accountants Address: Moses Peters & Company Chartered Certified Accountants 136 Southwyck House Moorland Road London SW9 8UR

Page 6

ST MARY MAGDALENE CHURCH, PECKHAM

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2020

Note
INCOME AND ENDOWMENTS
Voluntary Income
2(a)
Fundraising
2(b)
Income from
Investments
2(c)
Church Activities
2(d)
TOTAL INCOME
RESOURCES EXPENDED
Church Activities
3(a)
Building Running Costs
3(b)
Governance Costs
3(c)
Charge for bad debts
TOTAL RESOURCES EXPENDED
Net Income/Expenditure before
investment gains
Net gains(losses) on
investments
NET INCOME /
(EXPENDITURE)
Transfers between funds
RECONCILIATION OF FUNDS
Total funds brought forward
10
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Funds
£
41,024
-
711
26,837
68,572
67,316
13,203
1,300
1,008
82,826
( 14,254)
79
(14,175)
-
42,383
28,208		 Restricted
Funds
£
35,501
69
-
44
35,614
28,381
-
-
-
28,381
7,233
-		 Total
2020
£
76,524
69
711
26,881
104,186
95,696
13,203
1,300
1,008
111,207
( 7,021)
79		 Total
2019
£
71,223
94
934
55,829
128,079
81,383
31,661
5,590
-
118,634
9,445
181
7,233 (6,942) 9,626
-
113,554
120,788		 -
155,938
148,996		 -
146,312
155,938

The notes form part of these financial statements.

Page 7

ST MARY MAGDALENE CHURCH, PECKHAM

BALANCE SHEET

31 December 2020

Notes
FIXED ASSETS
Investments
7
CURRENT ASSETS
Debtors: Amounts falling due within one year
8
Cash at bank and at hand
Bank Deposits
CREDITORS
Amounts falling due within one year
9
NET CURRENT ASSETS
LIABILITIES DUE BEYOND ONE YEAR
TOTAL ASSETS LESS TOTAL LIABILITIES
10		 Total
2020
£
1,227
11,611
34,743
121,186
167,540
19,771
147,769
-
148,996		 Total
2019
£
1,148
20,723
12,834
140,615
174,172
19,382
154,790
-
155,938

The financial statements were approved by the Trustees on 28 April 2021 and were signed on its behalf by:

Revd Dr Olugboyega Adams - Trustee

Sonia Phippard - Trustee

Page 8

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements for the year ended 31 December 2020

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

The financial statements have been prepared on a going concern basis. The trustees consider that there are no material uncertainties that cast significant doubt on the PCC’s ability to continue as a going concern (See Note 12).

Financial reporting standard 102 - reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category.

Charitable activities

The mission of the Church is supported by the contribution of the PCC to the cost to the Diocese's Parish Support Fund, youth worker costs and expenses, and by running the church building. Direct expenditure on mission activity is shown as Mission an Charitable Giving.

Allocation and apportionment of costs

Where costs cannot be directly attributed to particular headings as per resources expended above, they have been allocated on a basis consistent with the use of resources.

Taxation

As a charity, St. Mary Magdalene Church Peckham is exempt from tax on income and gains falling within Section 505 of the Taxes Act 1988 or S256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the current year.

Page 9

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements for the year ended 31 December 2020 (continued)

Fund accounting

Unrestricted funds which includes general fund (for daily to day church activities and operations) can be used in accordance with the Church's objectives at the discretion of the PCC. Restricted funds can only be used for particular restricted purposes within the objects of the Church. Restrictions arise when specified by the donor or when funds are raised for particular purposes.

Workplace pension scheme

The charity operates a Workplace pension scheme. Employer's contributions payable to the charity's workplace pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Investments

Investments held on behalf of PCC are accounted at the value when the deposit was made and revalued annually. CBF Investment Fund Shares are stated at the value provided by the Diocesan Board of Finance. Any appreciation or depreciation is recognised in the Statement of Financial Activities as income or expenses respectively.

Consecrated property and movable furnishings

Consecrated lands and buildings and other beneficed property of any kind are excluded from the accounts by s.96 (2)(a) of the Charities Act 1993. Movable Church furnishings held by the Vicar and Church wardens on special trust for the PCC, and which require a faculty for disposal, are accounted for as inalienable property unless consecrated. No inalienable properties have been considered by the PCC as being fixed assets, and have been therefore expensed in the year acquired. All expenditure incurred in the year on consecrated or beneficed buildings or any substantial repairs incurred on movable Church furnishings was expensed.

Other fixtures, fittings and office equipment

All fixtures, fittings and office equipment acquired are expensed in the year of purchase.

Church Inventory

All inalienable properties are listed in the Church's Inventory which can be inspected at any reasonable time.

Reserves Policy

It is the policy of the PCC to maintain a balance on general funds (if possible) of around £5,000 to cover emergency situations that may arise from time to time.

Page 10

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements

for the year ended 31 December 2020 (continued)

2. INCOME AND ENDOWMENTS

2(a)
Voluntary Income
Freewill
General
Youth
Loose Cash
Response to Appeals
Tax Reclaimed
Grants
MacDaibhidh
Trust
Jack Petchey
Ldn Bor
Southwark
Other
2(b)
Fundraising
2(c)
Investment Income
Interest on CCLA Accounts
Other interest
Dividends on CBF Inv Fund
2(d)
Income from Church
Activities
Fees for funerals, weddings
Rental and letting income
Activity contributions
Other
TOTAL
INCOME		 2020 Total
£
30,679
486
1,837
-
9,648
28,920
1,500
3,303
151
76,524
69
571
106
34
711		 2019 Total
2019
28,047
1,372
5,679
977
6,653
27,504
250
-
741
Unrestr
Funds
£
30,679
-
1,772
-
8,523
-
-
-
50
41,024
-
571
106
34
711		 Restr
Funds
£
-
486
66
-
1,125
28,920
1,500
3,303
101
35,501
69
-
-
-
-		 Unrestr
Funds
£
28,047
-
5,679
-
6,334
-
-
-
741
40,801
-
900
-
33
934		 Restr
Funds
£
-
1,372
-
977
319
27,504
250
-
-
30,422
94
-
-
-
-
71,223
94
900
-
33
934
898
25,824
-
115
26,837
68,572		 -
-
44
-
44
35,614		 898
25,824
44
115
26,881
104,186		 355
54,270
846
249
55,720
97,455		 -
-
109
-
109
30,624		 355
54,270
955
249
55,829
128,079

Page 11

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements

for the year ended 31 December 2020 (continued)

3. RESOURCES EXPENDED
3(a)
Church Activities
Activities
Young People
Homework Club
Healthy Living
Other
Mission and Charitable giving
Bible Society
CMS
Barnabas Fund
Christians Against Poverty
Calvary Ministries
XLP
Southwark Street Pastors
St Mary Magdalene School
Other Appeals
Welfare and Discretionary
Fund
Parish Support Fund
Parochial fees paid to SDBF
Staff costs
Clergy & staff expenses
Ministry, Teaching & Training
Service & fellowship costs
Communications costs
Establishment costs
Total Church Activities
3(b)
Building Running costs
Church
Church Hall
Church House
3(c)
Governance Costs
Independent examiner fee
Legal costs
3(d)
Bad Debts
TOTAL RESOURCES EXPENDED		 2020 Total Total 2019 Total
Unrestr Restr Unrestr Restr
Funds
£
-
-
26
-
26
2,050
2,050
2,050
2,050
2,050
480
-
-
25
1,344
12,099
50,000
562
-
589
668
674
1,910
788		 Funds
£
1,016
834
-
-
1,850
-
-
-
-
-
-
-
-
1,131
500
1,631
-
-
24,560
120
220
-
-
-		 £
1,016
834
26
-
1,876
2,050
2,050
2,050
2,050
2,050
480
-
-
1,156
1,844
13,730
50,000
562
24,560
709
888
674
1,910
788		 Funds
£
2,626
-
30
159
2,815
2,003
2,003
2,003
2,003
2,003
480
250
1,478
-
800
13,023
45,000
-
-
484
2,723
2,649
1,712
796		 Funds
£
-
2,441
-
-
2,441
-
-
-
-
-
-
-
-
-
-
-
-
-
9,740
-
-
-
-
-		 £
2,626
2,441
30
159
5,256
2,003
2,003
2,003
2,003
2,003
480
250
1,478
-
800
13,023
45,000
-
9,740
484
2,723
2,649
1,712
796
67,316
5,741
1,917
7,659
4,169
695
4,864
680
13,203
1,300
-
1,300
1,008
82,826		 28,381
-
-
-
-
-
-
-
-
-
-
-
-
28,381		 95,696
5,741
1,917
7,659
4,169
695
4,864
680
13,203
1,300
-
1,300
1,008
111,207		 69,201
6,944
2,983
9,927
6,389
1,094
7,484
9,835
27,245
1,300
4,290
5,590
-
102,037		 12,181
-
-
-
-
4,416
4,416
-
4,416
-
-
-
-
16,597		 81,383
6,944
2,983
9,927
6,389
5,510
11,900
9,835
31,661
1,300
4,290
5,590
-
118,634

Page 12

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements for the year ended 31 December 2020 (continued)

4. SUPPORT COSTS

Support cost are detailed in Note 3 above under Establishment Costs and Governance costs. As expenditure is detailed under area of expenditure rather than activity, no apportionment across activity is given.

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.

There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.

6. STAFF COSTS

Wages and
salaries
Pension contributions		 2020
£
22,904
1,656
24,560		 2019
£
9,333
406
9,740

The average number of employees was 1 (2019: 0.4).

7. FIXED ASSET INVESTMENTS

Market value 01 Jan 2020
Revaluation
Market value 31 Dec 2020		 £
1,148
79
1,227

There were no investment assets outside the UK. Investment consists of 60 Income Shares in the CBF Church of England Investment Fund (held in trust by the Southwark Diocesan Board of Finance). These were valued at market price. The net Investment revaluation gain in the year was £N/A (£181 gain in 2019)

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Accounts receivable
(less:) Provisions
Net accounts receivable
Tax claim receivable
Prepayments
Other debtors		 2020
£
6,545
( 3,008)
3,537
6,850
1,024
200
11,611		 2019
£
8,569
( 2,000)
6,569
13,919
236
-
20,723

Page 13

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements

for the year ended 31 December 2020 (continued)

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Accounts payable
Deposits held
Accrued expenses
Giving to be paid
Deferred income		 2020
£
5,958
1,912
1,602
10,250
-
19,722		 2019
£
5,812
1,880
1,625
10,015
50
19,382

10. MOVEMENT IN FUNDS

Unrestricted Funds
General fund
Restricted funds
Building Fund
Youth Work Fund
Appeals Fund
Welfare Fund
Healthy Living Fund
Homework Fund
TOTAL FUNDS		 As at
01.Jan.20
£
42,383
63,533
44,025
646
1,683
3,000
667
113,554
155,938		 Net
movement
£
( 14,175)
-
6,408
( 580)
( 454)
-
1,860
7,233
( 6,942)		 As at
31.Dec.20
£
28,208
63,533
50,434
66
1,228
3,000
2,527
120,788
148,996

Movements of funds included in the above are as follows:

Unrestricted Funds
General fund
Restricted funds
Building Fund
Youth Work Fund
Appeals Fund
Welfare Fund
Healthy Living Fund
Homework Fund
TOTAL FUNDS		 Incoming
resources
£
68,572
-
32,324
551
46
-
2,694
35,614
104,186		 Resources
expended
£
( 82,826)
-
( 25,916)
( 1,131)
( 500)
-
( 2,694)
( 30,240)
( 113,066)		 Gains/
Losses
£
79
-
-
-
-
-
-
-
79		 Transfers
£
-
-
-
-
-
-
-
-
-		 Movement
in funds
£
( 14,175)
-
6,408
( 580)
( 454)
-
1,860
7,233
( 6,942)

Page 14

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements

for the year ended 31 December 2020 (continued)

10. MOVEMENT IN FUNDS (continued)

Comparatives for the previous year are as follows:

Unrestricted Funds
General fund
Restricted funds
Building Fund
Youth Work Fund
Appeals Fund
Welfare Fund
Healthy Living Fund
Homework Fund
TOTAL FUNDS
Movements of funds included in the above are
Incoming
resources
£
Unrestricted Funds
General fund
97,455
Restricted funds
Building Fund
-
Youth Work Fund
29,539
Appeals Fund
646
Welfare Fund
331
Healthy Living Fund
-
Homework Fund
109
30,624
TOTAL FUNDS
128,079		 as follows:
Resources
expended
£
( 102,037)
( 4,416)
( 9,740)
-
-
-
-
( 14,156)
( 116,193)		 As at
01.Jan.19
£
46,785
67,949
24,226
-
1,352
3,000
3,000
99,527
146,312
Gains/
Losses
£
181
-
-
-
-
-
-
-
181		 Net
movemen
t
£
( 4,401)
( 4,416)
19,799
646
331
-
( 2,333)
14,027
9,626
Transfers
£
-
-
-
-
-
-
-
-
-		 As at
31.Dec.19
£
42,383
63,533
44,025
646
1,683
3,000
667
113,554
155,938
Movemen
t in funds
£
( 4,401)
( 4,416)
19,799
646
331
-
( 2,333)
14,027
9,626

Page 15

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements for the year ended 31 December 2020 (continued)

11. RELATED PARTY DISCLOSURES

Within the Church of England, St. Mary Magdalene Church Peckham is a part of Camberwell Deanery and the Diocese of Southwark; two PCC members are respectively an officer and a trustee of these bodies. As with other parishes in the Diocese, the PCC contributes to the Parish Support Fund (2020: £50,000; 2019: £45,000), which in turn provides support for the provision of stipendiary and other clergy in the Diocese, including at St Mary’s.

The PCC is entitled to appoint two members to the management committee of St Mary's Preschool (Charity no. 1040771) and holds other powers in relation to its governance. During 2019 the Preschool ceased its operations, without reference to the trustees. Prior to that event, the PCC had commissioned work from the charity team at Winckworth Sherwood, solicitors, to advise the Preschool trustees on governance arrangements. Further advice was given thereafter on the winding down of the Preschool, which is expected to be completed within 2021.

The PCC appoints six foundation governors to St Mary Magdalene Primary School, and in 2019 made a donation of £1,478 towards parents’ liability for the school’s building repair subscription.

The Church is affiliated to the Evangelical Alliance, and in 2020 paid a subscription of £120.

12. POST BALANCE SHEET EVENTS AND COVID-19

The charity trustees have considered the possible impact on the COVID-19 pandemic on the PCC’s finances for 2021 and beyond. The PCC considers that the charity has adequate resources and sufficient sources of funds available for the foreseeable future, allowing further consideration of any operational changes over a manageable timescale. While the impact may be considerable, the trustees consider that the charity has adequate resources and flexibility of operations, and sufficient sources of funds available to it, for the foreseeable future. The events do not cast significant doubt upon the PCC’s ability to continue as a going concern, and therefore the trustees consider that it is appropriate to prepare the accounts for the year ended 31 December 2020 on a going concern basis.

Page 16

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements

for the year ended 31 December 2020 (continued)

13. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR PRIOR PERIOD

The Statement of Financial Activities for 2019 on a comparable basis to that given above for 2020 is as follows:

INCOME AND ENDOWMENTS
Voluntary Income
Fundraising
Income from
Investments
Church Activities
TOTAL INCOME
RESOURCES EXPENDED
Church Activities
Building Running Costs
Governance Costs
Charge for bad debts
TOTAL RESOURCES EXPENDED
Net Income/Expenditure before
investment gains
Net gains(losses) on
investments
NET INCOME /
(EXPENDITURE)
Transfers between funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Funds
£
40,801
-
934
55,720
97,455
69,201
27,245
5,590
-
102,037
( 4,582)
181
(4,401)
-
46,785
42,383		 Restricted
Funds
£
30,422
94
-
109
30,624
12,181
4,416
-
-
16,597
14,027
-		 Total
2019
£
71,223
94
934
55,829
128,079
81,383
31,661
5,590
-
118,634
9,445
181
14,027 9,626
-
99,527
113,554		 -
146,312
155,938

Page 17