**Registered Charity no. 1131457**
## **ST. MARY MAGDALENE CHURCH, PECKHAM**
## TRUSTEES’ ANNUAL REPORT AND INDEPENDENTLY EXAMINED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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 2021
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 2021.
## **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:
- Ministry, church services and activities
- Outreach, including youth work
- Giving to organisations that are part of the worldwide ministry of the church
- Management of church buildings including lettings
The trustees have had regard to the Charity Commission’s guidance on public benefit.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Ministry and Church Services**
During 2021, the coronavirus pandemic continued to severely affect many of our lives, and also changed the ways in which the church has been able to minister to people. For the first three months of the year, all church services and fellowship activities were offered only on-line, via Zoom. From Easter onwards, we have gradually returned to live services, but around a third of our congregation on Sundays continue to join via Zoom. This has also meant that we have been more restricted than usual in the number of regular volunteers available to assist with young people’s work and other activities, so have gradually re-started these through the year.
In July, we were very shocked to hear that our vicar, Revd Olu Adams had suffered a severe stroke. He is making a steady and miraculous recovery, but remained in hospital for the remainder of the year. Ministry has therefore been carried forward by the fellowship, assisted most generously by the Revd Olukayode Oyebode. We have been able to continue to run our young people’s activities and the full range of church services (restricted only by covid impacts, as above). We are extremely grateful to all the members of St Mary’s. and from other local churches, who have taken on additional responsibilities and helped us out through this period.
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. We have been delighted to welcome back our Church School for their Christmas Service this year and to be strengthening the links between our youth worker and the School. We are looking to increase our range of young people’s activities – with a particular focus on the primary school age-group, in the coming year.
## **Charitable Donations**
St. Mary's Church continues to support mission organisations. In 2021, these included Church Mission Society, Christians Against Poverty, Barnabas Fund, Bible Society and Capro. 25% of
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ST MARY MAGDALENE CHURCH, PECKHAM
planned giving and tax reclaimed, amounting to £11,900 in aggregate, was donated for 2021 (2020: £10,050.
## **Management of Buildings**
As coronavirus restrictions have eased, activities other than church services began to recover from April 2021, and at the date of this report, some users regular up to 2019 have not yet restarted. Rental income has begun to recover from the lows of 2020.
## **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 church's ministry. The number of regular volunteers (excluding Trustees) is normally over 40, but in 2021 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 elected 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 six foundation governors to St Mary Magdalene Primary School, in addition to the Vicar as _ex officio_ governor.
Details of transactions with these parties are shown in the notes to the accounts.
## **FUTURE PLANS**
Despite the additional challenges this year, the PCC has reviewed our Mission Action Plan, and concluded that our primary focus for the time being should be on our work with young people: the weekly youth club, holiday and possibly regular activities for the younger age group, strengthening our relationship with, and involvement in, our Church School and our Sunday provision for young people – ensuring that they are fully part of our worshipping community. Within the church building, we are seeking significantly to improve our audio-visual provision, to support worship and other activities, and to help us continue to provide better quality on-line as well as in-church worship.
## **FINANCIAL REVIEW**
## **Principal funding sources**
The coronavirus pandemic continued to have an effect on the income of the PCC in 2021, but its impact is lessening. Income from lettings and rental increased to £32,518 from £25,824 in 2020 (but still significantly below £54,270 in 2019). Church members have responded generously, with aggregate giving in church and online increasing by £5,400; it increased to £38,291 in General Fund and £177 in Restricted Funds (32% of overall incoming resources) from £32,450 and £552 in 2019 (32% of the total). Gift Aid reclaimed and building income were 8% and 27% of total incoming resources respectively (2020: 9% and 25%).
A grant from the MacDaibhidh Charitable Trust has continued, increasing in November 2020 to £36,000pa, for an aggregate increase of £7,000 in 2021 over 2020. The grant can be applied at the PCC’s discretion, and in 2021 was applied £10,000 to general fund, and £26,000 to youth work.
## **Expenditure and Comparison with 2020**
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ST MARY MAGDALENE CHURCH, PECKHAM
General Fund expenditure in 2021, at £88,574, was some £5,600 above that in 2020. Increased mission and charitable giving, a surveyor’s report on potential income at the Church Hall, and kitchen repairs at the church house were mainly responsible.
Restricted Funds have been broadly in balance (£283 deficit, against £7,233 surplus in 2020).
Overall there was a £4,503 surplus, against a deficit of £6,942 in 2020.
## **Investment policy and objectives**
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 £32,712 in general funds at 31 December 2021 exceeds this target, but is significantly less than 50% of annual General Fund (unrestricted) expenditure.
## **Going concern**
The Charity’s trustees have considered the possible impact from covid-19 and other issues on the PCC’s finances for 2022 and beyond. The PCC are exploring the possibility of a long lease for the Church Hall, and will need to consider other uses for the building if that proves unsuccessful.
We expect some increase in energy costs for 2022, but the full extent of rising prices will not be felt until 2024, as some of our supply contracts extend until then.
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 2021 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:
- Lower congregational giving as a result of squeezed household incomes;
- Lower rental income as a result of Covid-19 or otherwise;
- In an area of very high turnover of population, that we fail to attract new members;
- Increasing energy costs;
- Inability to restore property income.
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.
Page 3
ST MARY MAGDALENE CHURCH, PECKHAM
## **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) those on the Electoral Roll elect lay members to the PCC, and Deanery Synod Representatives (ex officio PCC members); 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 7 times in 2021, and twice to date in 2022, 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 2021 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) Representatives on the Sonia Phippard (Lay Chair) Deanery Synod (ex officio) Emma Musinguzi Melanie Omolaso Elected Members Ranti Adams Flora Bowen Ruth Kagoro Dennis Ohwariovbe (Secretary) Jacob Omolaso Reggie Osei-Bonsu Kehinde Oyebanjo Rosemund Pretoru Priscilla Telesford (from 16 May 2021)
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 23 March 2022 (with subsequent minor amendments agreed on 19 April) and signed on their 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 2021 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 2021.
## **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: M~O~Peters
Dated: **21[st] April 2022** 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 2021
|**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**
**£**
57,868
-
99
34,935
92,901
69,401
16,583
2,590
-
88,574
4,327
176
4,503
-
28,208
32,712|**Restricted**
**Funds**
**£**
27,738
40
-
196
27,974
28,257
-
-
-
28,257
( 283)
-|**Total**
**2021**
**£**
85,605
40
99
35,131
120,875
97,658
16,583
2,590
-
116,831
4,044
176|**Total**
**2020**
**£**
76,524
69
711
26,881|
|---|---|---|---|---|
|||||104,186|
|||||95,696
13,203
1,300
1,008|
|||||111,207|
|||||( 7,021)
79|
|||(283)|4,221|(6,942)|
|||-
120,788
120,505|-
148,996
153,217|-
155,938
148,996|
All income and expenditure derived from and related to continuing activities of the charity.
There have been no recognised gains and losses besides those shown above for either this or the previous year.
The notes form part of these financial statements.
Page 7
ST MARY MAGDALENE CHURCH, PECKHAM
## BALANCE SHEET
## 31 December 2021
|**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**
**2021**
**£**
1,403
17,026
34,932
121,249
173,208
21,394
151,813
-
153,217|**Total**
**2020**
**£**
1,227
11,611
34,743
121,186|
|---|---|---|
|||167,540|
|||19,771
147,769|
|||-
148,996|
The financial statements were approved by the Trustees on 23 March 2022 and were signed on their behalf by:
Dennis Ohwariovbe - Trustee
Sonia Phippard - Trustee
Page 8
ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements
for the year ended 31 December 2021
## **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':
- the requirements of Section 7 Statement of Cash Flows.
## **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 and 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 2021 (continued)
## **Fund accounting**
Unrestricted funds, which comprise the 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 2021 (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**||**2021**|Total
£
36,626
177
1,665
704
9,434
36,000
750
-
250
-
250
85,605
40
63
-
36
99
2,417
32,518
196
-
35,131
**120,875**||**2020**|Total
2020
30,679
486
1,837
-
9,648
28,920
1,500
3,303
51
100
151|
|---|---|---|---|---|---|---|
||Unrestr
Funds
£
36,626
-
1,665
-
9,327
10,000
-
-
250
-
250
57,868
-
63
-
36
99
2,417
32,518
-
-
34,935
**92,901**|Restr
Funds
£
-
177
-
704
107
26,000
750
-
-
-
-
27,738
40
-
-
-
-
-
-
196
-
196
**27,974**||Unrestr
Funds
£
30,679
-
1,772
-
8,523
-
-
-
50
-
50
41,024
-
571
106
34
711
898
25,824
-
115
26,837
**68,572**|Restr
Funds
£
-
486
66
-
1,125
28,920
1,500
3,303
1
100
101
35,501
69
-
-
-
-
-
-
44
-
44
**35,614**||
|||||||76,524|
|||||||69
571
106
34|
|||||||711|
|||||||898
25,824
44
115|
|||||||26,881|
|||||||**104,186**|
Page 11
## ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements
for the year ended 31 December 2021 (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
St Mary Magdalene School
Other Appeals
Welfare and Discretionary
Fund
Parish Support Fund
Parochial fees paid to SDBF
Staff costs & honoraria
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
Quinquennial inspection
3(d)
Bad Debts
**TOTAL RESOURCES EXPENDED**|Unrestr|**2021**|||Unrestr||**2020**
Restr
Total
Funds
£
£
1,016
1,016
834
834
-
26
-
-
1,850
1,876
-
2,050
-
2,050
-
2,050
-
2,050
-
2,050
-
480
-
-
1,131
1,156
500
1,844
1,631
13,730
-
50,000
-
562
24,560
24,560
120
709
220
888
-
674
-
1,910
-
788
28,381
95,696
-
7,659
-
4,864
-
680
-
13,203
-
1,300
-
-
-
1,300
-
1,008
**28,381**
**111,207**|**2020**
Restr
Total
Funds
£
£
1,016
1,016
834
834
-
26
-
-
1,850
1,876
-
2,050
-
2,050
-
2,050
-
2,050
-
2,050
-
480
-
-
1,131
1,156
500
1,844
1,631
13,730
-
50,000
-
562
24,560
24,560
120
709
220
888
-
674
-
1,910
-
788
28,381
95,696
-
7,659
-
4,864
-
680
-
13,203
-
1,300
-
-
-
1,300
-
1,008
**28,381**
**111,207**|
|---|---|---|---|---|---|---|---|---|
|||Restr|Total||||Restr||
||Funds
£
-
-
-
17
17
2,380
2,380
2,380
2,380
2,380
480
1,280
129
300
14,089
50,000
1,294
850
139
203
770
1,279
760|Funds
£
2,081
-
-
-
2,081
-
-
-
-
-
-
-
177
500
677
-
-
25,448
50
-
-
-
-|£
2,081
-
-
17
2,098
2,380
2,380
2,380
2,380
2,380
480
1,280
306
800
14,766
50,000
1,294
26,298
189
203
770
1,279
760||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|
||69,401
8,288
6,238
2,057
16,583
1,300
1,290
2,590
-
**88,574**|28,257
-
-
-
-
-
-
-
-
**28,257**|97,658
8,288
6,238
2,057
16,583
1,300
1,290
2,590
-
**116,831**||67,316
7,659
4,864
680
13,203
1,300
-
1,300
1,008
**82,826**||28,381
-
-
-
-
-
-
-
-
**28,381**||
Page 12
ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements for the year ended 31 December 2021 (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 2021 nor for the year ended 31 December 2020.
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
## **6. STAFF COSTS**
|Honoraria
Wages and
salaries
Pension contributions|2021
£
850
23,588
1,860
26,298|2020
£
-
22,904
1,656
24,560|
|---|---|---|
The average number of employees was 1 (2020: 1).
## **7. FIXED ASSET INVESTMENTS**
|Market value 01 Jan 2021
Revaluation
Market value 31 Dec 2021|£
1,227
176
1,403|
|---|---|
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 £176 (£79 gain in 2020)
## **8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Accounts receivable
(less:) Provisions
Net accounts
receivable
Tax claim receivable
Prepayments
Other debtors|2021
£
2,272
-
2,272
14,394
360
-
17,026|2020
£
6,545
( 3,008)|
|---|---|---|
|||3,537|
|||6,850
1,024
200
11,611|
Page 13
## ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements
for the year ended 31 December 2021 (continued)
## **9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Accounts payable
Deposits held
Accrued expenses
Giving to be paid
Deferred income
**0.**
**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**
Movements of funds included in the above are a
**Incoming**
**resources**
£
**Unrestricted Funds**
General fund
92,901
**Restricted funds**
Building Fund
-
Youth Work Fund
27,225
Appeals Fund
704
Welfare Fund
45
Healthy Living Fund
-
Homework Fund
-
27,974
**TOTAL FUNDS**
120,875|Accounts payable
Deposits held
Accrued expenses
Giving to be paid
Deferred income
**0.**
**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**
Movements of funds included in the above are a
**Incoming**
**resources**
£
**Unrestricted Funds**
General fund
92,901
**Restricted funds**
Building Fund
-
Youth Work Fund
27,225
Appeals Fund
704
Welfare Fund
45
Healthy Living Fund
-
Homework Fund
-
27,974
**TOTAL FUNDS**
120,875|s follows:
**Resources**
**expended**
£
( 88,574)
-
( 27,580)
( 177)
( 500)
-
-|
|2021
£
4,494
1,930
1,790
13,180
-
21,394
**As at**
**01.Jan.21**
£
28,208
63,533
50,434
66
1,228
3,000
2,527
120,788
148,996
**Gains/**
**Losses**
£
176
-
-
-
-
-
-|2020
£
6,007
1,912
1,602
10,250
-
19,771
**Net**
**As at**
**movement**
**31.Dec.21**
£
£
4,503
32,712
-
63,533
( 354)
50,079
527
593
( 455)
773
-
3,000
-
2,527
( 283)
120,505
4,221
153,217
**Transfers**
**Movement**
**in funds**
£
£
-
4,503
-
-
-
( 354)
-
527
-
( 455)
-
-
-
-|2020
£
6,007
1,912
1,602
10,250
-
19,771
**Net**
**As at**
**movement**
**31.Dec.21**
£
£
4,503
32,712
-
63,533
( 354)
50,079
527
593
( 455)
773
-
3,000
-
2,527
( 283)
120,505
4,221
153,217
**Transfers**
**Movement**
**in funds**
£
£
-
4,503
-
-
-
( 354)
-
527
-
( 455)
-
-
-
-|
|---|---|---|---|---|---|---|
|||||||120,505|
|||||||153,217|
|||||||**Movement**
**in funds**
£
4,503
-
( 354)
527
( 455)
-
-|
||27,974
120,875|( 28,257)
( 116,831)|
|-
176|-
-|( 283)
4,221|
## **10. MOVEMENT IN FUNDS**
Page 14
## ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements
for the year ended 31 December 2021 (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
68,572
**Restricted funds**
Building Fund
-
Youth Work Fund
32,324
Appeals Fund
551
Welfare Fund
46
Healthy Living Fund
-
Homework Fund
2,694
35,614
**TOTAL FUNDS**
104,186|as follows:
**Resources**
**expended**
£
( 82,826)
-
( 25,916)
( 1,131)
( 500)
-
( 834)
( 28,381)
( 111,207)|**As at**
**01.Jan.20**
£
42,383
63,533
44,025
646
1,683
3,000
667
113,554
155,938
**Gains/**
**Losses**
£
79
-
-
-
-
-
-
-
79|**Net**
**movement**
£
( 14,175)
-
6,408
( 580)
( 454)
-
1,860
7,233
( 6,942)
**Transfers**
£
-
-
-
-
-
-
-
-
-|**As at**
**31.Dec.20**
£
28,208
63,533
50,434
66
1,228
3,000
2,527|
|---|---|---|---|---|
|||||120,788|
|||||148,996|
|||||**Movement**
**in funds**
£
( 14,175)
-
6,408
( 580)
( 454)
-
1,860|
|||||7,233
( 6,942)|
Page 15
ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements
for the year ended 31 December 2021 (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 (2021: £50,000; 2020: £50,000), which in turn provides support for the provision of stipendiary and other clergy in the Diocese, including at St Mary’s.
The PCC was entitled to appoint two members to the management committee of St Mary's Preschool (Charity no. 1040771) and held 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. Its closure was formally notified to the Charity Commission on 23 March 2022.
The PCC appoints six foundation governors to St Mary Magdalene Primary School, and the Vicar is _ex officio_ a governor; in 2021 has made provision for a donation of £1,280 towards parents’ liability for the school’s building repair subscription (2020: nil).
The Church is affiliated to the Evangelical Alliance, and in 2021 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 2022 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 continues to be felt, 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 2021 on a going concern basis.
Page 16
ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements
for the year ended 31 December 2021 (continued)
## **13. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR PRIOR PERIOD**
The Statement of Financial Activities for 2020 on a comparable basis to that given above for 2021 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**
**£**
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|
|||7,233|(6,942)|
|||-
113,554
120,788|-
155,938
148,996|
Page 17