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2025-12-31-accounts

Registered Charity no. 1131457

ST. MARY MAGDALENE CHURCH, PECKHAM

TRUSTEES’ ANNUAL REPORT AND INDEPENDENTLY EXAMINED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

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 2025

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 2025.

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

This has been a year of beginnings and endings for St Mary’s. We have been excited to build new relationships with local partners – deepening our regular involvement with Greenhive care home, reaching out to The Hollydale and Prince of Peckham pubs last Christmas and developing a stronger relationship with local schools, especially Hollydale School, whom we welcomed to the church for their Christmas Nativity in December. But we were deeply saddened by the closure of St Mary Magdalene School in July, after 170 years of service to the local community, and continue to press the local authority to explore community, and ideally educational, uses for this site in the heart of our parish.

Ministry and Church Services

This has been the first full year with our new vicar, and this has provided steady leadership for our ministry and mission. We’ve been glad to see gradual growth in the numbers attending both special and regular Sunday services during the year. We continue 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 encourage a high level of lay involvement in our services, enabling members of the fellowship to 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 were delighted that five members of St Mary’s were confirmed during the year – one adult at Southwark Cathedral last Easter, and four young people at St Andrew’s, Lewisham in September. We welcomed three babies and children in baptism during the year. For a second time, 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 for 2025, the PCC has agreed a further increase for 2026, to the point where we are nearly self-financing as assessed by the Diocese’s standard metrics.

Page 1

ST MARY MAGDALENE CHURCH, PECKHAM

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). We continued to work in partnership with Nest (part of Groundwork Southwark, who in turn are delivering services funded by Southwark Council), focusing on the mental wellbeing of young people, until our agreement with them came to an end in December. We look to continue to work with them on an ad hoc basis. We ran summer holiday activities for young people from ages 5-18 in July and August. Our youth worker is line managed by the vicar.

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 links with local schools and wider outreach, including the church’s strengthened support for young people with special needs.

As mentioned above, we have expanded outreach, with carol singing in local pubs, a very regular pattern of informal services at Greenhive care home, with rapidly growing attendance, and slowly redeveloping links with Lime Tree.

Our church school

We were deeply saddened by the Council’s proposal, made in December 2024, to close our Church School in summer 2025, and worked closely with the Southwark Diocesan Board of Education to identify alternatives to closure. However, on the basis of the financial pressures, the church, along with the Governors, accepted in early 2025 that there was no viable alternative to closure, and from that point worked closely with the school leadership to ensure that the school delivered the best possible support for children and families, and that all staff were well-supported through the remaining months. We continued with a full complement of PCC Foundation Governors throughout the period, support for collective worship and school services, and welcomed additional involvement from the Bishops of Southwark and Woolwich and the Archdeacon of Southwark. We have maintained contact with a number of families, especially through summer holiday activities.

Charitable Donations

St. Mary's Church continues to support mission organisations. In 2025, 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. In 2024 we decided that we should give whichever is the higher: 10% of all general fund income or the previous 25% of given income. On this basis, £15,600 will be donated to the six organisations for 2025 (2024: £13,200).

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.

Our Church Hall continues to be managed by a nursery provider under the 15 year lease signed in August 2023. Their monthly payments make a valuable contribution to our finances.

The church also owns a house at 110 St Mary’s Road, which is currently let to tenants. The assessment of some significant insurance-funded work was begun during 2025, and which is ongoing; we anticipate that we will need to undertake some more extensive work on the house in the coming year.

Page 2

ST MARY MAGDALENE CHURCH, PECKHAM

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 around 20.

RELATED PARTIES

Within the Church of England, St. Mary Magdalene Church Peckham is a part of Camberwell Deanery and the Diocese of Southwark; in 2025, two PCC members served as members of the Deanery Synod (one of whom elected as Lay Chair of that body), and the incumbent is also an ex officio member of Deanery Synod.

The PCC appointed five foundation governors to St Mary Magdalene Primary School, in addition to the Vicar as ex officio governor. These appointments ceased on 31 August 2025 with the closure of the school.

One trustee is a trustee of the Southwark Diocesan Board of Education.

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

FUTURE PLANS

The PCC had an informal Saturday discussion in the spring to consider governance and vision and is holding another in early 2026. 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 want to build on our relationships with local primary and secondary schools in the parish, to build on our ministry in local care homes, to continue to reach out, at Christmas and at other times, to local pubs and further to strengthen our on-line presence. 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 2024, 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.

With the Hall lease payments received for a full year, overall lettings and rental rose significantly – to £106,687 from £80,901 in 2024. Aggregate giving in church and online decreased by some £400, to £28,583 in General Fund, and giving to specific appeals also declined to £2,440. Overall giving decreased to £31,152 (16.0% of overall incoming resources) from £32,506 in 2024 (19.0% of the total). Gift Aid reclaimed and building income were 3.6% and 54.9% of non-legacy incoming resources respectively (2024: 4.5% and 47.3%).

A grant from the MacDaibhidh Charitable Trust increased during the year to £39,600pa. The grant can be applied at the PCC’s discretion, and in 2025 was applied £12,300 to general fund, and £27,000 to youth work. £2,192 in diocesan grants were received for youth work and noticeboards, which will be applied during 2026.

Interest income fell: to £7,115 from £8,534 in 2024, mostly as a result of lower interest rates; this income has been apportioned across the significant funds.

Page 3

ST MARY MAGDALENE CHURCH, PECKHAM

Expenditure and Comparison with 2024

General Fund expenditure in 2025 at £127,734 was £16,243 above that in 2024. The major factors in the increase were the £5,000 increase in our Parish Support Fund contribution, the increase in giving to missions explained above, and maintenance and repair work in church and the church house. There was a £29,800 surplus in the General Fund (£20,098 in 2024).

Restricted Funds showed an aggregate £8,090 deficit (2024: £7,905 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 £21,710 surplus (£12,161 in 2024).

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 £93,268 in general funds at 31 December 2025 exceeds this target; it represents 73% of 2025 General Fund (unrestricted) expenditure.

Going concern

In 2026 our energy costs should decrease (at constant consumption), as new two-year contracts have come into effect at lower unit rates. Although the hall rental income is constant in cash terms until 2028, the current position has enabled the PCC to pledge a further increase in its Parish Support Fund contributions for 2026, to £75,000 and accommodate inflation increases to salaries.

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. There are not any matters that 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 2025 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 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. St Mary’s is also one of the trial parishes in Southwark for safeguarding dashboards.

Page 4

ST MARY MAGDALENE CHURCH, PECKHAM

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 six times in 2025 (including one informal ‘awayday’ meeting to consider ways of working and strategic direction), and twice to date in 2026 (including another ‘awayday’ meeting looking 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 2025 until the date this report was approved are:

Incumbent (ex officio) Rev Dean Pusey (Chair) Churchwardens (ex officio) Emeka Anudu Michael Hartley (acting treasurer to 24 Jun 2025) Representatives on the Sonia Phippard (Lay Chair) Deanery Synod (ex officio) Emma Musinguzi Elected Members Flora Bowen Amy Cecil-Haffner Ruth Kagoro Cynthia Ohwariovbe (to 11 May 2025) Dennis Ohwariovbe (Secretary) Jacob Omolaso (Treasurer from 24 Jun 2025) Reggie Osei-Bonsu Kehinde Oyebanjo Rosemund Pretoru Co-opted Member Barrie Thurlow (co-opted 20 January 2026) 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 28 April 2026 and signed on their behalf by:

Sonia Phippard – Lay Chair

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 2025 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 2025.

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: 30thApril 2026
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 2025

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
£
47,413
-
2,692
107,430
157,535
95,615
29,542
1,911
667
127,734
29,800
( 55)
29,745
-
63,523
93,268		 Restricted
Funds
£
32,375
60
4,423
53
36,910
45,000
-
-
-
45,000
( 8,090)
-		 Total
2025
£
79,788
60
7,115
107,483
194,445
140,615
29,542
1,911
667
172,735
21,710
( 55)		 Total
2024
£
78,661
89
8,534
83,677
170,960
137,944
19,365
1,491
-
158,799
12,161
31
( 8,090) 21,655 12,192
-
107,191
99,101		 -
170,714
192,369		 -
158,522
170,714

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 2025

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
2025
£
1,332
17,364
14,557
184,169
216,091
25,054
191,037
-
192,369		 Total
2024
£
1,387
10,579
23,503
162,110
196,192
26,865
169,327
-
170,714

The financial statements were approved by the Trustees on 28 April 2026 and signed on their behalf by:

Sonia Phippard – Lay Chair

Jacob Omolaso – Treasurer

Page 9

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements

for the year ended 31 December 2025

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 2025 (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 2025 (continued)

2. INCOME AND ENDOWMENTS

Unrestr
Funds
£
2(a)
Voluntary Income
Freewill
General
22,917
Youth
-
Loose
Cash
5,666
Response to Appeals
-
Tax Reclaimed
6,530
Grants
MacDaibhidh
Trust
12,300
Diocese & St
Paul's
-
Other donations
-
47,413
2(b)
Fundraising
-
2(c)
Investment Income
Interest on CCLA Accounts
2,637
Other interest
17
Dividends on CBF Inv Fund
39
2,692
2(d)
Income from Church Activities
Fees for funerals, weddings
573
Rental and letting income
106,687
Activity contributions
-
Other
170
107,430
TOTAL
INCOME
157,535		 2025 Total
£
22,917
53
5,742
2,440
7,093
39,300
2,192
50
79,788

60
7,060
17
39
7,115
573
106,687
53
170
107,483
194,445		 2024
Restr
Funds
£
-
53
76
2,440
563
27,000
2,192
50
32,375
60
4,423
-
-
4,423
-
-
53
-
53
36,910		 Unrestr
Funds
£
24,087
-
4,928
-
6,972
9,000
-
702
45,689

-
1,869
559
38
2,465
2,050
80,901
409
45
83,404
131,558		 Restr
Funds
£
-
199
-
3,292
658
27,000
1,640
183
32,972
89
6,069
-
-
6,069
-
-
273
-
273
39,402		 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

Page 12

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements

for the year ended 31 December 2025 (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
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		 2025 Total
£
3,467
580
4,047
2,600
2,600
2,600
2,600
2,600
2,600
-
-
3,338
18,938
70,000
162
38,852
1,400
860
2,027
3,191
1,140
140,615
17,400
8,147
3,994
29,542
1,491
420
1,911
667
172,735		 2024
Unrestr
Funds
£
1,070
580
1,650
2,600
2,600
2,600
2,600
2,600
2,600
-
-
-
15,600
70,000
162
244
1,400
402
2,027
2,991
1,140
95,615
17,400
8,147
3,994
29,542
1,491
420
1,911
667
127,734		 Restr
Funds
£
2,397
-
2,397
-
-
-
-
-
-
-
-
3,338
3,338
-
-
38,608
-
458
-
200
-
45,000
-
-
-
-
-
-
-
-
45,000		 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		 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

Page 13

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements for the year ended 31 December 2025 (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 2025 nor for the year ended 31 December 2024. The church operates a Welfare Fund, which makes gifts towards particular needs, including travel overseas for family funerals. During 2025 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 2025 nor for the year ended 31 December 2024.

6. STAFF COSTS

Honoraria
Wages and salaries
Pension
contributions		 2025
£
64
35,928
2,860
38,852		 2024
£
50
32,294
2,583
34,927

The average number of employees was 1 (2024: 1).

7. FIXED ASSET INVESTMENTS

Market value 01 Jan 2025
Revaluation
Revaluation
Market value 31 Dec 2025		 £
1,387

( 55)

1,332

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 £55 (£31 gain in 2024).

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Accounts receivable
Tax claim receivable
Prepayments
Other debtors
 2025
£
4,705
12,659
-
-
17,364		 2024
£
4,774
5,709
96
-
10,579

Page 14

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements

for the year ended 31 December 2025 (continued)

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Accounts payable
Deposits held
Accrued expenses
Giving to be paid
 2025
£
4,967
2,158
2,330
15,600
25,054		 2024
£
8,353
1,830
3,482
13,200
26,865

10. MOVEMENT IN FUNDS

Unrestricted Funds
General fund
Restricted funds
Building Fund
Youth Work Fund
Appeals Fund
Welfare Fund
Diocesan Grants Fund
Homework Fund
TOTAL FUNDS		 As at
01.Jan.25
£
63,523
69,886
30,796
-
982
3,000
2,527
107,191
170,714		 Net
movement
£
29,745
3,096
( 13,114)
-
( 264)
2,192
-
( 8,090)
21,655		 As at
31.Dec.25
£
93,268
72,982
17,682
-
718
5,192
2,527
99,101
192,369

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
Diocesan Grants Fund
Homework Fund
TOTAL FUNDS		 Incoming
resource
s
£
157,535
3,096
28,549
-
3,074
2,192
-
36,910
194,445		 Resource
s
expended
£
( 127,734)
-
( 41,663)
-
( 3,338)
-
-
( 45,000)
(172,735)		 Gains/
(Losses)
£
( 55)
-
-
-
-
-
-
-
(55)		 Transfers
£
-
-
-
-
-
-
-
-
-		 Movemen
t in funds
£
29,745
3,096
( 13,114)
-
( 264)
2,192
-
( 8,090)
21,655

Page 15

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements

for the year ended 31 December 2025 (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
Diocesan Grants 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
0
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
Diocesan Grants Fund
Homework Fund
TOTAL FUNDS		 Incoming
resources
£
131,558
3,641
31,813
1,178
2,770
-
-
39,402
170,960		 Resources
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 16

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements

for the year ended 31 December 2025 (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 (£70,000 in 2025; £65,000 in 2024), which in turn provides support for the provision of stipendiary and other clergy in the Diocese, including at St Mary’s.

St Mary Magdalene Primary School closed in July 2025, and the governing body ceased to exist on 31 August 2025. In 2024 the PCC made no provision for a donation towards parents’ liability for the school’s building repair subscription (2024: £1,000). The Vicar and Churchwardens continue as trustees of the school site.

The Church is affiliated to the Evangelical Alliance, and in 2025 paid a subscription of £120 (2024: £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 may continue to have some impact on the PCC’s finances for 2026 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 2025 on a going concern basis.

Page 17

ST MARY MAGDALENE CHURCH, PECKHAM Notes to the financial statements

for the year ended 31 December 2025 (continued)

13. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR PRIOR PERIOD

The Statement of Financial Activities for 2024 on a comparable basis to that given above for 2025 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
£
45,689
-
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

Page 18