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← The Parochial Church Council Of The Ecclesiastical Parish Of St. Mary Magdalene Church, Peckham

2024-12-31-accounts

Registered Charity no. 1131457

ST. MARY MAGDALENE CHURCH, PECKHAM

TRUSTEES’ ANNUAL REPORT AND INDEPENDENTLY EXAMINED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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 1-5
Reference and Administrative Details 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 - 18

ST MARY MAGDALENE CHURCH, PECKHAM Trustees’ Annual Report 2024

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 2024.

AIMS AND PURPOSES

The PCC has as its main responsibility (in cooperation with the Incumbent, see below) 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 in St Mary’s Road, SE15 2EA and other church property.

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

Major changes during the year

As explained in last year’s report and accounts, our previous vicar, Rev Olu Adams, retired in July 2023, having been on sick leave since he suffered a severe stroke in July 2021. Following his formal retirement, the church spent time in prayer and discussion as we prepared a parish profile and advertised for a new vicar. This process was launched at the beginning of 2024, with interviews for shortlisted candidates held, in partnership with our patrons and the Diocese, in March 2024. We were delighted to agree the appointment of Rev Dean Pusey as our new vicar.

Rev Dean became a trustee on 31 July 2024, when he was licensed at priest-in-charge, but formally became our incumbent on 12 September, when he was installed as vicar by the Bishop of Southwark, the Rt Rev Christopher Chessun.

During the year one of our trustees, Melanie Omolaso, was accepted for ordination training in the Church of England. She has moved to the Thamesmead Group as her ‘placement church’ for the three years of training, and formally resigned as a trustee on 30 September. As her ‘sending church’, we continue to support Melanie on her ministry journey.

For the first part of the year, ministry continued to be carried forward by our Lay Minister and other members of the fellowship, assisted most generously by Revd Jenny Dawkins, local clergy and some former members of St Mary’s. We were 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 of other local churches, who took on additional responsibilities and helped us out through the three years we were without an active vicar. Over the summer, there was a strong focus on planning for Rev Dean’s arrival – both in practical terms, in working with him and the Diocese to prepare the installation service, and in starting to think ahead to his period of ministry amongst us.

Ministry and Church Services

We have continued to offer ‘hybrid’ services, available via Zoom, while encouraging the congregation to attend church to participate fully in worship wherever possible. Our monthly pattern includes regular communion services, services ‘all together’ and services of morning worship. We continue to encourage a high level of lay involvement in our services, enabling members of the fellowship to

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ST MARY MAGDALENE CHURCH, PECKHAM

explore their gifts. Our young people are key members of the fellowship – leading and playing an important role in services, as well as growing through their time together on Sundays and during the week. We hosted a Deanery confirmation service in July for a second year running, seeing 6 members of St Mary’s come to confirmation along with others from elsewhere in the Deanery. With Rev Dean’s leadership, we held a ‘service of remembrance’ at All Souls, inviting both church members and others who had been bereaved, to come and give thanks for those they have loved and lost.

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. Having increased our giving to the Fund significantly for 2024, the PCC has agreed a further increase for 2025.

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 run a Youth Club weekly, and have generally run close to capacity (effectively limited by the size of the building as well as the number of volunteers). Numbers dropped a little in early 2024, but we have seen an encouraging increase later in the year. We have continued to work 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. We were pleased to ratify a formal working agreement with them (signed in early 2025). This both enhances the offer to our existing young people and helps 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.

It has been excellent over the past year to see an increase in the number of younger children and families regularly attending St Mary’s. This reflects both strong links with our church school and wider outreach, including the church’s strengthened support for young people with special needs.

Our church school

We have continued to work closely with our Church School: our youth worker has been running a weekly Bible club, we welcome the school for termly services in our church (and were delighted to be joined by the Bishop of Southwark for the most recent school service), and we support the school both financially and through encouraging volunteering. We have had a full complement of PCC Foundation Governors throughout the year, and have welcomed an increasing number of school families into church membership. However, in autumn 2024, Southwark Council informed the school that they proposed to consult on closure, given falling rolls across Southwark, and especially in the Peckham and Nunhead area. The church has continued to support the school through this period of uncertainty, through the governors’ support for staff, the new vicar’s input to collective worship and pastoral support for staff and parents/carers and through regular prayer.

Charitable Donations

St. Mary's Church continues to support mission organisations. In 2024, these included Church Mission Society, Christians Against Poverty, Caring 4 God’s People, the Bible Society, Capro and Pecan. Having based our giving for many years on a calculation of 25% of planned giving and associated tax reclaimed, the PCC recognised that with a significant increase in property and grant income, our giving was dropping as a proportion of total income. The PCC have agreed that, for 2024 and subsequent years, we should give whatever is the higher of 10% of general fund income or the previous 25% of giving income. On this basis, £13,200 will be donated to the six organisations for 2024 (2023: £9,090).

Page 2

ST MARY MAGDALENE CHURCH, PECKHAM

Management of Buildings

Requests to make use of spaces in the church building (mostly the Community Centre), have held up well, especially for one-off events.

Following the signature of a 15 year lease for our Church Hall with a nursery provider in August 2023, the day-to-day responsibility for that building transferred to them. They undertook substantial renovation work on the building, as well as adaptations to prepare it for use as a nursery, through late 2023/early 2024, and opened the nursery in summer 2024. As agreed under the lease, they started to make regular monthly payments from 1 June 2024, making a valuable contribution to our finances.

The church also owns a house at 110 St Mary’s Road, which is currently let to tenants. Regular maintenance was carried out during the year, but some more significant work will be required from 2025 onwards.

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 20.

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 was also a trustee of the Diocese until November 2024.

The PCC appoints five foundation governors to St Mary Magdalene Primary School, in addition to the Vicar as ex officio governor. With the assistance of the Archdeacon of Southwark, that position was filled by the curate of St. Luke’s Camberwell from early 2023 until September 2024 (when the Vicar was installed); the curate has continued as an SDBE Foundation Governor.

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

FUTURE PLANS

As noted above, the PCC has had two informal Saturday discussions (autumn 2024 and early 2025) with input and leadership from external facilitators to consider governance and vision. Our work with children and young people remains at the heart of our mission: we have been delighted to see growth in numbers both with younger families and in membership of the Youth Club, as well as the growth in the faith, confidence and maturity of our younger members. We are exploring new means of outreach: looking to strengthen our on-line presence, to reach out to local primary and secondary schools in the parish in addition to our church school, to build on our ministry in local care homes and to reach out, for example at Christmas, to local pubs. Continuing this process of discernment and experiment will be a priority for 2025. We continue to work with other local churches in outreach, at the same time as exploring our own key areas for change and growth.

FINANCIAL REVIEW

Principal funding sources

As was the case in 2023, increases in the cost of living continue to have some impact on congregational giving, together with changes in the make-up of the fellowship. As noted above, rental income from the Community Centre held up well.

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ST MARY MAGDALENE CHURCH, PECKHAM

With the Hall lease payments starting mid-year, overall lettings and rental rose significantly – to £80,901 from £42,353 in 2023 (although this was a particularly ‘low’ year because the church hall was not generating any income). Aggregate giving in church and online decreased by some £1,480, to £29,015 in General Fund, and giving to specific appeals also declined to £3,292, recognising that the 2023 figure had been increased by giving for our outgoing Vicar. Overall giving decreased to £32,506 (19% of overall incoming resources) from £37,491 in 2023 (27.8% of the total). Gift Aid reclaimed and building income were 5.2% and 61.5% of non-legacy incoming resources respectively (2023: 5.4% and 31.5%).

A grant from the MacDaibhidh Charitable Trust has continued at £36,000pa. The grant can be applied at the PCC’s discretion, and in 2024 was applied £9,000 to general fund, and £27,000 to youth work. £140 in diocesan grants were received for youth work, along with £1,500 from St Paul’s Church, St Albans towards the Holiday Club.

Interest income rose further: up to £8,534 from £6,366 in 2023; this income has been apportioned across the significant funds.

Expenditure and Comparison with 2023

General Fund expenditure in 2024, at £111,491 was £8,222 above that in 2023. The major factors in the increase were the £10,000 increase in our Parish Support Fund contribution and the increase in giving to missions explained above, offset by one-off legal fees in 2023. There was a £20,098 surplus in the General Fund.

Restricted Funds showed an aggregate £7,905 deficit (2023: £723 deficit), notably because, with relatively static core income to the youth work fund, staff and direct costs of our young people’s work increased.

Overall there was a £12,192 surplus, against a deficit of £11,079 in 2023. This change reflects the new income stream from the Church Hall (while 2023 saw additional legal costs and no income), offset by the additional expenditure mentioned above.

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 in the General Fund of £5,000 to cover emergency situations that may arise from time to time. The balance of £63,523 in general funds at 31 December 2024 exceeds this target, at 55% of 2024 General Fund (unrestricted) expenditure.

Going concern

In 2024 our energy costs have risen, as a three-year gas contract has expired. This and other cost increases has been more than offset by hall rental income, and the PCC has pledged a further increase in its Parish Support Fund contributions for 2025, to £70,000.

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 matters 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 2024 on a going concern basis.

Page 4

ST MARY MAGDALENE CHURCH, PECKHAM

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 PCC created a risk register in October 2024, and this is regularly reviewed.

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 a report 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 2024 (including one informal ‘awayday’ meeting to consider ways of working and strategic direction), and three times to date in 2025 (including an additional meeting primarily to consider the potential implications of school closure), plus a meeting open to wider church membership to look at strategic direction. The focus of meetings remains 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 5

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 2024 until the date this report was approved are:

Incumbent (ex officio) Rev Dean Pusey (Chair) (appointed 31 July 2024) Churchwardens (ex officio) Emeka Anudu Michael Hartley (acting treasurer) Representatives on the Sonia Phippard (Lay Chair) Deanery Synod (ex officio) Emma Musinguzi Melanie Omolaso (to 30 Sep 2024) Elected Members Flora Bowen Amy Cecil-Haffner Ruth Kagoro Cynthia Ohwariovbe Dennis Ohwariovbe (Secretary) Jacob Omolaso Reggie Osei-Bonsu 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 the Trustees on 29 April 2025 and signed on their behalf by:

Rev Dean Pusey – Chair of Trustees

Page 6

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 2024 SET OUT ON PAGES 8 TO 18

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 2024.

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:

Worl bul

Dated: 2[nd] May 2025

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 7

ST MARY MAGDALENE CHURCH, PECKHAM

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 December 2024

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
£
45,689
-
2,465
83,404
131,558
90,636
19,365
1,491
-
111,491
20,067
31
20,098
-
43,425
63,523		 Restricted
Funds
£
32,972
89
6,069
273
39,402
47,308
-
-
-
47,308
( 7,905)
-		 Total
2024
£
78,661
89
8,534
83,677
170,960
137,944
19,365
1,491
-
158,799
12,161
31		 Total
2023
£
82,209
70
6,366
46,019
134,664
116,488
17,189
12,066
-
145,743
( 11,079)
118
(7,905) 12,192 (10,962)
-
115,097
107,191		 -
158,522
170,714		 -
169,484
158,522

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 8

ST MARY MAGDALENE CHURCH, PECKHAM

BALANCE SHEET

31 December 2024

Total Total
2024 2023
Notes £ £
FIXED ASSETS
Investments 7 1,387 1,356

CURRENT ASSETS
Debtors: Amounts falling due within one year 8 10,579 14,677
Cash at bank and at hand 23,503 8,720
Bank Deposits 162,110 154,173
196,192 177,570

CREDITORS
Amounts falling due within one year 9 26,865 20,404

NET CURRENT ASSETS		 169,327 157,166
LIABILITIES DUE BEYOND ONE YEAR
 - -
TOTAL ASSETS LESS TOTAL LIABILITIES 10 170,714 158,522

The financial statements were approved by the Trustees on 29 April 2025 and signed on their behalf by:

Rev Dean Pusey – Chair of Trustees

Jacob Omolaso – Trustee

Page 9

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements

for the year ended 31 December 2024

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 10

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements for the year ended 31 December 2024 (continued)

Fund accounting

Unrestricted funds, which comprise the General Fund (for day-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 11

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements

for the year ended 31 December 2024 (continued)

2. INCOME AND ENDOWMENTS

Unrestr
Funds
£
2(a)
Voluntary Income
Freewill
General
24,087
Youth
-
Loose
Cash
4,928
Response to Appeals
-
Tax Reclaimed
6,972
Grants
MacDaibhidh
Trust
9,000
Diocese & St
Paul's
-
Other donations
702
45,689
2(b)
Fundraising
-
2(c)
Investment Income
Interest on CCLA Accounts
1,869
Other interest
559
Dividends on CBF Inv Fund
38
2,465
2(d)
Income from Church Activities
Fees for funerals, weddings
2,050
Rental and letting income
80,901
Activity contributions
409
Other
45
83,404
TOTAL
INCOME
131,558		 2024 Total
£
24,087
199
4,928
3,292
7,630
36,000
1,640
885
78,661

89
7,937
559
38
8,534
2,050
80,901
682
45
83,677
170,960		 2023
Restr
Funds
£
-
199
-
3,292
658
27,000
1,640
183
32,972
89
6,069
-
-
6,069
-
-
273
-
273
39,402		 Unrestr
Funds
£
25,756
-
4,730
-
5,843
9,000
-
-
45,328

-
1,808
-
37
1,845
2,300
42,353
518
569
45,739
92,913		 Restr
Funds
£
-
45
-
6,960
1,376
27,000
1,500
-
36,881
70
4,520
-
-
4,520
-
-
280
-
280
41,751		 Total
£
25,756
45
4,730
6,960
7,219
36,000
1,500
-
82,209
70
6,328
-
37
6,366
2,300
42,353
797
569
46,019
134,664

Page 12

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements

for the year ended 31 December 2024 (continued)

3. RESOURCES EXPENDED
3(a)
Church Activities
Activities
Young People
Other
Mission and Charitable giving
Bible Society
CMS
Pecan
Christians Against Poverty
Calvary Ministries
Caring 4 God's People
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
Legal fees
3(d)
Bad Debts
TOTAL RESOURCES EXPENDED		 2024 Total
£
6,455
278
6,732
2,200
2,200
2,200
2,200
2,200
2,200
-
1,000
1,353
5,160
20,713
65,000
1,088
34,927
2,056
1,205
2,008
2,075
2,139
137,944
12,455
5,535
1,376
19,365
1,491
-
1,491
-
158,799		 2023
Unrestr
Funds
£
615
278
893
2,200
2,200
2,200
2,200
2,200
2,200
-
1,000
-
40
14,240
65,000
1,088
50
1,979
1,164
2,008
2,075
2,139
90,636
12,455
5,535
1,376
19,365
1,491
-
1,491
-
111,491		 Restr
Funds
£
5,839
-
5,839
-
-
-
-
-
-
-
-
1,353
5,120
6,473
-
-
34,877
77
41
-
-
-
47,308
-
-
-
-
-
-
-
-
47,308		 Unrestr
Funds
£
295
203
499
1,515
1,515
1,515
1,515
1,515
1,515
280
1,069
306
37
10,782
55,000
1,012
250
65
929
2,424
2,206
847
74,014
11,465
4,283
1,441
17,189
1,433
10,632
12,066
-
103,269		 Restr
Funds
£
2,994
-
2,994
-
-
-
-
-
-
-
-
4,331
3,235
7,566
-
-
31,914
-
-
-
-
-
42,474
-
-
-
-
-
-
-
-
42,474		 Total
£
3,289
203
3,492
1,515
1,515
1,515
1,515
1,515
1,515
280
1,069
4,638
3,272
18,349
55,000
1,012
32,164
65
929
2,424
2,206
847
116,488
11,465
4,283
1,441
17,189
1,433
10,632
12,066
-
145,743

Page 13

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements for the year ended 31 December 2024 (continued)

4. SUPPORT COSTS

Support costs 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 being trustees for the year ended 31 December 2024 nor for the year ended 31 December 2023. The church operates a Welfare Fund, which makes gifts towards particular needs, including travel overseas for family funerals. During 2024 some such gifts have been made to trustees; these are always authorised by an independent committee.

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

6. STAFF COSTS

Honoraria
Wages and salaries
Pension
contributions		 2024
£
50
32,294
2,583
34,927		 2023
£
250
29,550
2,364
32,164

The average number of employees was 1 (2023: 1).

7. FIXED ASSET INVESTMENTS

Market value 01 Jan 2024
Revaluation
Market value 31 Dec 2024		 £
1,356
31
1,387

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 £31 (£118 gain in 2023).

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Accounts receivable
Tax claim receivable
Prepayments
Other debtors
 2024
£
4,774
5,709
96
-
10,579		 2023
£
1,233
13,427
17
-
14,677

Page 14

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements

for the year ended 31 December 2024 (continued)

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Accounts payable
Deposits held
Accrued expenses
Giving to be paid
 2024
£
8,353
1,830
3,482
13,200
26,865		 2023
£
7,680
1,780
1,854
9,090
20,404
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.24
£
43,425
66,245
39,817
200
3,307
3,000
2,527
115,097
158,522		 Net
movement
£
20,098
3,641
( 9,021)
( 200)
( 2,325)
-
-
( 7,905)
12,192		 As at
31.Dec.24
£
63,523
69,886
30,796
-
982
3,000
2,527
107,191
170,714

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
resource
s
£
131,558
3,641
31,813
1,178
2,770
-
-
39,402
170,960		 Resource
s
expended
£
( 111,491)
-
( 40,834)
( 1,353)
( 5,120)
-
-
( 47,308)
(158,799)		 Gains/
(Losses)
£
31
-
-
-
-
-
-
-
31		 Transfers
£
-
-
-
( 25)
25
-
-
-
-		 Movemen
t in funds
£
20,098
3,641
( 9,021)
( 200)
( 2,325)
-
-
( 7,905)
12,192

Page 15

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements

for the year ended 31 December 2024 (continued)

10. MOVEMENT IN FUNDS (continued)

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
resource
s
£
Unrestricted Funds
General fund
92,913
Restricted funds
Building Fund
2,712
Youth Work Fund
30,714
Appeals Fund
3,565
Welfare Fund
4,759
Healthy Living Fund
-
Homework Fund
-
41,751
TOTAL FUNDS
134,664		 s follows:
Resource
s
expended
£
( 103,269)
-
( 34,908)
( 4,331)
( 3,235)
-
-
( 42,474)
(145,743)		 As at
01.Jan.23
£
53,663
63,533
44,011
966
1,783
3,000
2,527
115,820
169,484
Gains/
Losses
£
118
-
-
-
-
-
-
-
118		 Net
movement
£
( 10,238)
2,712
( 4,194)
( 766)
1,524
-
-
( 724)
(10,962)
Transfers
£
-
-
-
-
-
-
-
-
-		 As at
31.Dec.23
£
43,425
66,245
39,817
200
3,307
3,000
2,527
115,097
158,522
Movemen
t in funds
£
( 10,238)
2,712
( 4,194)
( 766)
1,524
-
-
( 724)
(10,962)

Page 16

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements

for the year ended 31 December 2024 (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 (£65,000 in 2024; £55,000 in 2023), which in turn provides support for the provision of stipendiary and other clergy in the Diocese, including at St Mary’s.

The PCC appoints five foundation governors to St Mary Magdalene Primary School, and the Vicar is ex officio a governor; in 2024 the PCC made provision for a donation of £1,000 towards parents’ liability for the school’s building repair subscription (2023: £1,069). The Vicar and Churchwardens are trustees of the school site.

The Church is affiliated to the Evangelical Alliance, and in 2024 paid a subscription of £120 (2023: £120).

12. POST BALANCE SHEET EVENTS; GOING CONCERN

Following covid, attendance at services has not recovered to the levels of 2019 and earlier, but has stabilised and is rising steadily. Changes in membership will continue to have some impact on the PCC’s finances for 2025 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. This position is strengthened by the start of rental payments from the lease of the Church Hall in June 2024.

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 2024 on a going concern basis.

Page 17

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements

for the year ended 31 December 2024 (continued)

13. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR PRIOR PERIOD

The Statement of Financial Activities for 2023 on a comparable basis to that given above for 2024 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
£
45,328
-
1,845
45,739
92,913
74,014
17,189
12,066
-
103,269
( 10,356)
118
(10,238)
-
53,663
43,425		 Restricted
Funds
£
36,881
70
4,520
280
41,751
42,474
-
-
-
42,474
( 723)
-		 Total
2023
£
82,209
70
6,366
46,019
134,664
116,488
17,189
12,066
-
145,743
( 11,079)
118		 Total
2022
£
93,822
127
1,771
54,560
150,280
109,677
16,506
6,885
780
133,848
16,431
( 164)
(723) (10,962) 16,267
-
115,820
115,097		 -
169,484
158,522		 -
153,217
169,484

Page 18