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2022-12-31-accounts

Registered Charity no. 1131457

ST. MARY MAGDALENE CHURCH, PECKHAM

TRUSTEES’ ANNUAL REPORT AND INDEPENDENTLY EXAMINED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

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 2022

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 2022.

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:

The trustees have had regard to the Charity Commission’s guidance on public benefit.

ACHIEVEMENTS AND PERFORMANCE

Ministry and Church Services

As explained in last year’s report and accounts, our vicar, Revd Olu Adams suffered a severe stroke in July 2021. While he has continued to make a steady recovery, he remained on sick leave throughout 2022. Ministry has continued to be carried forward by the fellowship, assisted most generously by the Revd Olukayode Oyebode (until September, when he moved to a role at St Laurence, Catford). We have been able to continue to run our young people’s activities and the full range of church services. 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 offer ‘hybrid’ services, available via Zoom, while encouraging the congregation to return to church to participate more fully in worship wherever possible. Our young people’s work has grown through the year, and young people are key members of our fellowship.

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 continued to run a Youth Club weekly, and seen a steady expansion in numbers, with most new joiners invited by our current members. We have started working in partnership with Nest (part of Groundwork Southwark, who in turn are delivering services funded by Southwark Council) who focus especially on the mental wellbeing of young people. This is both enhancing the offer to our existing young people and helping to expand the range of services we can offer either directly or in partnership. We ran summer holiday activities for young people from ages 5-18 in July and August. We also work closely with our Church School: our youth worker runs a weekly Bible club, we welcome the school for termly services in our church and support the school both financially and through encouraging volunteering.

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ST MARY MAGDALENE CHURCH, PECKHAM

Charitable Donations

St. Mary's Church continues to support mission organisations. In 2022, these included Church Mission Society, Christians Against Poverty, Barnabas Fund, Bible Society and Capro. 25% of planned giving and tax reclaimed, amounting to £10,200 in aggregate, was donated for 2022 (2021: £11,900.

Management of Buildings

We have seen a substantial increase in requests to make use of our buildings, especially for one-off events, and building income has formed a substantial element of our overall income during 2022. We have been looking at a long-term lease arrangement for our Church Hall during the year, so have not been seeking other new regular users for that building. In the light of these proposals, we decided during 2022 to carry out a more substantial consideration of priorities for the church and community centre building in early 2023.

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 25.

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 of whom was then elected as Lay Chair of that body), 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

The PCC has continued to take forward the priorities in our Mission Action Plan and our primary focus remains on our work with young people: the weekly youth club, holiday and a new monthly art workshop 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 increases in the cost of living have had some impact on congregational giving, as have some changes in the make-up of the fellowship. As noted above, however, income from our buildings has significantly increased during 2022, but remains lower than pre-covid as activity in the Church Hall has reduced in preparation for a long-term lease.

Income from lettings and rental increased to £52,078 from £36,750 in 2021 (but still below £54,270 in 2019). Aggregate giving in church and online decreased by some £5,500, to £32,233 in General Fund and £1,329 in Restricted Funds (24.5% of overall incoming resources excluding legacies) from

Page 2

ST MARY MAGDALENE CHURCH, PECKHAM

£38,291 and £881 in 2020 (32.4% of the total). Gift Aid reclaimed and building income were 6.9% and 37.9% of non-legacy incoming resources respectively (2021: 7.7% and 26.9%).

A grant from the MacDaibhidh Charitable Trust has continued at £36,000pa. The grant can be applied at the PCC’s discretion, and in 2022 was applied £9,000 to general fund, and £27,000 to youth work. A single legacy of £13,011 was received in 2022, and a £1,400 diocesan grant towards increased energy costs.

Expenditure and Comparison with 2021

General Fund expenditure in 2022, at £97,574, was £9,000 above that in 2021. A £5,000 increase in contributions to the Parish Support Fund and accrual of £5,520 legal costs for the lease of the Church Hall were partly offset by reduced mission and charitable giving.

Restricted Funds showed an aggregate £5,685 deficit (2021: £283 deficit), as the hours worked by our youth worker have expanded.

Overall there was a £16,267 surplus (equivalent to the legacy plus £3,256), against a surplus of £4,221 in 2021.

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 £53,633 in general funds at 31 December 2022 exceeds this target, at 55% of 2022 General Fund (unrestricted) expenditure.

Going concern

The Charity’s trustees consider that there is no significant remaining direct risk from covid-19 on the PCC’s finances for 2023 and beyond. However, attendance at services has not recovered to prepandemic levels, and giving is not expected to match 2023 levels in 2024. The PCC continue to pursue 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 are experiencing some increase in energy costs for 2023 as contracts end, but the full extent of rising prices will not be felt until 2024, as one of our supply contracts extends 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 2022 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:

Page 3

ST MARY MAGDALENE CHURCH, PECKHAM

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) 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 2022, and three time to date in 2023, 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.

Page 4

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 2022 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 (to 24 April 2022) Flora Bowen Ruth Kagoro Dennis Ohwariovbe (Secretary) Jacob Omolaso Reggie Osei-Bonsu Kehinde Oyebanjo Rosemund Pretoru Priscilla Telesford (to 22 Jan 2023) 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 20 April 2023 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 DECEMBER 2022 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 2022.

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: 2[nd] May 2023 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 2022

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
£
64,128
50
1,771
53,742
119,690
73,403
16,506
6,885
780
97,574
22,116
( 164)
21,952
( 1,000)
32,712
53,663		 Restricted
Funds
£
29,694
77
-
818
30,590
36,274
-
-
-
36,274
( 5,685)
-		 Total
2022
£
93,822
127
1,771
54,560
150,280
109,677
16,506
6,885
780
133,848
16,431
( 164)		 Total
2021
£
85,605
40
99
35,131
120,875
97,658
16,583
2,590
-
116,831
4,044
176
( 5,685) 16,267 4,221
1,000
120,505
115,820		 -
153,217
169,484		 -
148,996
153,217

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 2022

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
2022
£
1,239
7,972
61,310
122,844
192,126
23,881
168,245
-
169,484		 Total
2021
£
1,403
17,026
34,932
121,249
173,208
21,394
151,813
-
153,217

The financial statements were approved by the Trustees on 20 April 2023 and were signed on its 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 2022

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 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 2022 (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 2022 (continued)

2. INCOME AND ENDOWMENTS

2(a
)
Voluntary Income
Freewill
General
Youth
Loose Cash
Response to Appeals
Tax Reclaimed
Legacie
s
Grants
MacDaibhidh
Trust
Jack Petchey
SLCF&SDBF
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		 2022 Total
£
29,816
129
2,417
1,200
9,250
13,011
36,000
600
1,400
-
93,822
127
1,595
139
37
1,771
1,587
52,078
886
9
54,560
150,280		 2021
Unrestr
Funds
£
29,816
-
2,417
-
8,484
13,011
9,000
-
1,400
-
64,128
50
1,595
139
37
1,771
1,587
52,078
68
9
53,742
119,690		 Restr
Funds
£
-
129
-
1,200
765
-
27,000
600
-
-
29,694
77
-
-
-
-
-
-
818
-
818
30,590		 Unrestr
Funds
£
36,626
-
1,665
-
9,327
-
10,000
-
-
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		 Total
£
36,626
177
1,665
704
9,434
-
36,000
750
-
250
85,605
40
63
-
36
99
2,417
32,518
196
-
35,131
120,875

Page 11

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements

for the year ended 31 December 2022 (continued)

3. RESOURCES EXPENDED
3(a)
Church Activities
Activities
Young People
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
Legal fees
3(d)
Bad Debts
TOTAL RESOURCES EXPENDED		 2022 Total
£
5,148
204
5,352
2,040
2,040
2,040
2,040
2,040
480
1,000
-
1,310
12,990
55,000
980
30,773
40
1,227
1,113
1,384
819
109,677
7,890
7,509
1,106
16,506
1,365
-
5,520
6,885
780
133,848		 2021
Unrestr
Funds
£
357
204
561
2,040
2,040
2,040
2,040
2,040
480
1,000
-
-
11,680
55,000
980
1,500
40
327
1,113
1,384
819
73,403
7,890
7,509
1,106
16,506
1,365
-
5,520
6,885
780
97,574		 Restr
Funds
£
4,791
-
4,791
-
-
-
-
-
-
-
-
1,310
1,310
-
-
29,273
-
900
-
-
-
36,274
-
-
-
-
-
-
-
-
-
36,274		 Unrestr
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
69,401
8,288
6,238
2,057
16,583
1,300
1,290
-
2,590
-
88,574		 Restr
Funds
£
2,081
-
2,081
-
-
-
-
-
-
-
177
500
677
-
-
25,448
50
-
-
-
-
28,257
-
-
-
-
-
-
-
-
-
28,257		 Total
£
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
97,658
8,288
6,238
2,057
16,583
1,300
1,290
-
2,590
-
116,831

Page 12

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements for the year ended 31 December 2022 (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 2022 nor for the year ended 31 December 2021.

There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.

6. STAFF COSTS

Honoraria
Wages and salaries
Pension
contributions		 2022
£
1,500
27,090
2,183
30,773		 2021
£
850
23,588
1,860
26,298

The average number of employees was 1 (2021: 1).

7. FIXED ASSET INVESTMENTS

D ASSET INVESTMENTS
Market value 01 Jan 2022
Revaluation
Market value 31 Dec 2022		 £
1,403
( 164)
1,239

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 loss in the year was £164 (£176 gain in 2021)

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Accounts receivable
(less:) Provisions
Net accounts
receivable
Tax claim receivable
Prepayments
Other debtors		 2022
£
1,960
( 780)
1,180
6,649
143
0
7,972		 2021
£
2,272
-
2,272
14,394
360
-
17,026

Page 13

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements

for the year ended 31 December 2022 (continued)

9.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
£
Accounts payable
4,147
Deposits held
1,880
Accrued expenses
2,134
Giving to be paid
15,720
23,881
10.
MOVEMENT IN FUNDS
As at
01.Jan.22
£
Unrestricted Funds
General fund
32,712
Restricted funds
Building Fund
63,533
Youth Work Fund
50,079
Appeals Fund
593
Welfare Fund
773
Healthy Living Fund
3,000
Homework Fund
2,527
120,505
TOTAL FUNDS
153,217
Movements of funds included in the above are as follows:
Incoming
resource
s
Resource
s
expended
Gains/
Losses
£
£
£
Unrestricted Funds
General fund
119,690
( 97,574)
( 164)
Restricted funds
Building Fund
-
-
-
Youth Work Fund
28,896
( 34,964)
-
Appeals Fund
373
-
-
Welfare Fund
1,320
( 1,310)
-
Healthy Living Fund
-
-
-
Homework Fund
-
-
-
30,590
( 36,274)
-
TOTAL FUNDS
150,280
(133,848)
(164)		 2021
£
4,494
1,930
1,790
13,180
21,394
Net
As at
movement
31.Dec.22
£
£
20,952
53,663
-
63,533
( 6,068)
44,011
373
966
1,010
1,783
-
3,000
-
2,527
( 4,685)
115,820
16,267
169,484
Transfers
Movemen
t in funds
£
£
( 1,000)
20,952
-
-
-
( 6,068)
-
373
1,000
1,010
-
-
-
-
1,000
( 4,685)
-
16,267		 2021
£
4,494
1,930
1,790
13,180
21,394
Net
As at
movement
31.Dec.22
£
£
20,952
53,663
-
63,533
( 6,068)
44,011
373
966
1,010
1,783
-
3,000
-
2,527
( 4,685)
115,820
16,267
169,484
Transfers
Movemen
t in funds
£
£
( 1,000)
20,952
-
-
-
( 6,068)
-
373
1,000
1,010
-
-
-
-
1,000
( 4,685)
-
16,267
Net
movement
£
20,952
-
( 6,068)
373
1,010
-
-
( 4,685)
16,267
Transfers
£
( 1,000)
-
-
-
1,000
-
-
1,000
-
115,820
169,484
Movemen
t in funds
£
20,952
-
( 6,068)
373
1,010
-
-
( 4,685)
16,267

Page 14

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements

for the year ended 31 December 2022 (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		 As at
01.Jan.21
£
28,208
63,533
50,434
66
1,228
3,000
2,527
120,788
148,996		 Net
movement
£
4,503
-
( 354)
527
( 455)
-
-
( 283)
4,221		 As at
31.Dec.21
£
32,712
63,533
50,079
593
773
3,000
2,527
120,505
153,217

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
£
92,901
-
27,225
704
45
-
-
27,974
120,875		 Resources
expended
£
( 88,574)
-
( 27,580)
( 177)
( 500)
-
-
( 28,257)
(116,831)		 Gains/
Losses
£
176
-
-
-
-
-
-
-
176		 Transfers
£
-
-
-
-
-
-
-
-
-		 Movemen
t in funds
£
4,503
-
( 354)
527
( 455)
-
-
( 283)
4,221

Page 15

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements

for the year ended 31 December 2022 (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 (2022: £55,000; 2021: £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 2022 the PCC has made provision for a donation of £1,000 towards parents’ liability for the school’s building repair subscription (2021: £1,280).

The Church is affiliated to the Evangelical Alliance, and in 2022 paid a subscription of £120 (2021: £120).

12. POST BALANCE SHEET EVENTS; GOING CONCERN

The PCC is in negotiations with a company for the lease of the Church Hall as a nursery on a long-term basis. Notice has been given to existing users that their use of the building is to cease. In the case one user we have needed to seek legal advice in order to effect this. The cost of this advice, together with the likely excess of costs of negotiating the lease over and above that accrued for 2022, will amount to some £10,000.

After the COVID-19 pandemic, attendance at services has not recovered to the levels of 2019 and earlier. This will have some impact on the PCC’s finances for 2023 and beyond. Nevertheless, 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. 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. Therefore the trustees consider that it is appropriate to prepare the accounts for the year ended 31 December 2022 on a going concern basis.

Page 16

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements

for the year ended 31 December 2022 (continued)

13. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR PRIOR PERIOD

The Statement of Financial Activities for 2021 on a comparable basis to that given above for 2022 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
£
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
(283) 4,221
-
120,788
120,505		 -
148,996
153,217

Page 17