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← The Parochial Church Council Of The Ecclesiastical Parish Of Finchley

2024-12-31-accounts

Charity number: 1131595

PARISH CHURCH OF ST. MARY-AT-FINCHLEY

UNAUDITED PAROCHIAL CHURCH COUNCIL'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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CONTENTS

Page
Reference and Administrative Details ofthe P. C. C., its Membership and Advisers 1
Parochial Church Council's Report 2-5
Independent Examiner's Report 6-7
Statement of Financial Activities 8
Balance Sheet 9
NotestotheFinancialStatements 10-31

PARISH CHURCH OF ST.MARY-AT-FINCHLEY

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REFERENCE AND ADMINISTRATIVE DETAILS OF THE P. C. C., TS MEMBERSHIP AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Parochial Church Council

Rev. P. A. Davison, Rector

Charity registered number 1131595 Principal office The Parish Office 26 Hendon Lane Finchley London N3 1TR Secretary P. Igoe

Page 1

PAROCHIAL CHURCH COUNCIL'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Parochial Church Council present their annual report together with the financial statements of the P.C.C. forthe 1 January 2024 to 31 December 2024.

Objectives and activities

a. Policies and objectives

The P. C. C.'s objects are:-

The provision of public worship open to all.

The provision of sacred space for personal prayer and contemplation. Pastoral work including visiting the sick and bereaved. The teaching of Christianity through sermons courses and small groups. Taking religious assemblies in schools.

The provision of a youth group and toddler group with a Christian ethos. Supporting other charities in the U. K. and overseas.

The P. C. C. has the responsibility of co-operating with the clergy in the ecclesiastical parish, the whole mission of the Church, pastoral, evangelical, social and ecumenical. The P. C. C. is also specifically responsible for the maintenance of the church building. The P. C C. is committed to enable as many people as possible to worship at our church and to become part of our parish community.

In setting objectives and planning for activities, the Parochial Church Council have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)’.

b. Grant-making policies

The Mission Allocation budget is set by the P. C. C. The allocation of these funds is delegated to the Mission Committee whose recommendationsare voted on by the full P. C. C. In addition the parish has regular special collections for specific charities.

c. Volunteers

The P. C. C. would like to thank all the volunteers who work so hard to make our church the lively and vibrant community it is.

d. Main activities undertaken to further the P. C. C.'s purposes for the public benefit

The principal activity of the P. C. C. is the provision of regular public worship

Achievements and performance

Page 2

PAROCHIAL CHURCH COUNCIL'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Achievements and performance (continued)

a. Main achievements of the P. C. C.

The P. C. C. continued with the Give Me Shelter! Church and Churchyard Appeal. Over the year it amassed over £500,000 in funds and firm commitments to the project. Sadly, costs had risen since the original estimates were produced, so that now an extra £450,000 is needed. This necessitated fresh appeals for grants and the continuation of fundraising within the church. Much was raised from this fundraising, enabling the P. C. C. in early 2025 to sign contacts for spending about £500,000 on the roof during that year.

The P. C. C.'s committees were busy. The Mission Committee ran a Dementia Friendly campaign, leading to to the award for us a Dementia Friendly Church: a fresh expression of church continued in the curate's garden, and courses on Bible Study, Seeking God and Being With were run successfully. A new Finance Committee took responsibility for reviewing the accounts of the church throughout the year and preparing a budget for 2025. A Communications Committee was set up and its main acheivements were improvements on the website, the successful improvement of a weekly newsletter and publicity on social media. The P. C. C. was pleased at the end of the year that it had acheived a small surplus after committing the full cost of our clergy to the Diocese's Common Fund and donations to missions and charities as usual.

b. Key performance indicators

The P. C. C.'s key performance indicator is to maintain its level of general unrestricted funds in order that it can continue to meet current liabilities as they fall due.

These are detailed in annexed reports.

d. Investment policy and performance

During the year the portfolio realised net gains of £2,230. The market value of the portfolio at the balance sheet date was £539,295. Investments are managed by CCLA whose investment policy is in accordance with the Church of England's Ethical Advisory Investment Group.

Financial review

a. Going concern

After making appropriate enquiries, the Parochial Church Council have a reasonable expectation that the P. C. C. has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Structure, governance and management

Page 3

PAROCHIAL CHURCH COUNCIL'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management (continued)

a. Constitution

Parish Church of St. Mary-at-FinchleyThe P. C. C. is a registered charity, number 1131595, and is constituted under a Trust deed. It was established by the Parochial Church Councils (Powers) Measures Act 1921, however a parish church has existed at this site for more than 1,000 years prior to this.

b. Methods of appointment or election of Parochial Church Council

The majority of P. C. C. members are elected at the Annual Parochial Church Meeting and serve for a maximum of six years. In addition the clergy, churchwardens, readers and Deanery Synod members are ex-officio members. The P. C. C. has the authority to co-opt additional members. The treasurer, the Church Estate Manager and the P. C. C. Secretary have been co-opted.

c. Organisational structure and decision-making policies

The full P. C. C. usually meets five times each year with additional meetings as required. Given its wide responsibilities the P. C. C. has established a number of committees each dealing with a specific area of parish life.

d. Financial risk management

The Parochial Church Council have assessed the major risks to which the P. C. C. is exposed, in particular those related to the operations and finances of the P. C. C., and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Page 4

PARISH CHURCH OF ST. MARY-AT-FINCHLEY

PAROCHIAL CHURCH COUNCIL'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Statement of Parochial Church Council's responsibilities

The Parochial Church Council are responsible for preparing the Parochial Church Council's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Parochial Church Council to prepare financial statements for each financial which give a true and fair view of the state of affairs of the P. C. C. and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Parochial Church Council are required to:

The Parochial Church Council are responsible for keeping adequate accounting records that are sufficient to show and explain the P. C. C.'s transactions and disclose with reasonable accuracy at any time the financial position of the P. C. C. and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the P. C. C. and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Parochial Church Council on 25 March 2025 and signed on their behalf by:

Rev. P. A. Davison

Page 5

PARISH CHURCH OF ST. MARY-AT-FINCHLEY

INDEPENDENT EXAMINER'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Independent Examiner's Report to the Parochial Church Council of Parish Church of St. Mary-at-Finchley (‘the P. C. C."')

| report to the charity Parochial Church Council on my examination of the accounts of the P. C. C. for the year ended 31 December 2024.

Responsibilities and Basis of Report

As the Parochial Church Council of the P. C. C. you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).

| report in respect of my examination of the P. C. C.'s accounts carried out under section 145 of the 2011 Act and in carrying out my examination | have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

independent Examiner's Statement

Since the P. C. C.'s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. | confirm that | am qualified to undertake the examination because | am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. Your attention is drawn to the fact that the P. C. C. has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

| understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

| 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. This report is made solely to the P.C.C.'s Parochial Church Council, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that | might state to the P. C. C.'s Parochial Church Council those matters | am required to state to Page 6

PARISH CHURCH OF ST. MARY-AT-FINCHLEY

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

by law, | do not accept or assume responsibility to anyone other than the P. C. C. and the P.C. C's Parochial Church Council as a body, for my work or for this report.

\ Signed: | er. A. Parker

Dated: 24 April 2025 FCA

190 Creighton Avenue London N2 9BJ

Page 7

PARISH CHURCH OF ST. MARY-AT-FINCHLEY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Restricted Total Total
funds funds funds funds
2024 2024 2024 2023
Note £ £ £ £
Income from:
Donations and legacies 3 129,989 87,005 216,994 407,934
Charitable activities 4 3,540 - 3,540 5,486
Othertrading activities 5 74,966 - 74,966 67,488
investments 6 10,565 8,969 19,534 8,855
Total income 219,060 95,974 315,034 489,763
Expenditure on: EE
Raising funds 7 52,110 2,142 54,252 40,376
Charitable activities 10 175,397 48,886 224,283 193,116
Total expenditure 227,507 51,028 278,535 233,492
Net (expenditure)/income before net
gains on investments (8,447) 44,946 36,499 256,271
Netgains on investments 2,230 - 2,230 8,299
Netmovement in funds (6,217) 44 946 38,729 264,570
———— onan} ‘Seeceensoma Fn
Reconciliation offunds:
Total funds broughtforward 328,358 412,135 740,493 475,923
Net movement in funds (6,217) 44 946 38,729 264,570
Totalfunds carried forward 322,141 457,081 779,222 740,493
————————— So La—— ——

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 10 to 31 form part of these financial statements.

Page 8

BALANCE SHEET
AS AT 31 DECEMBER 2024
2024 2023
Note £ £
Fixed assets
Tangible assets 15 100,000 100,000
Investments 16 539,295 214,065
639,295 314,065
Current assets
Debtors 17 11,598 4,194
Cash at bank and in hand 140,941 426,681
152,539 430,875
Creditors: amounts falling due within
one year 18 (12,612) (4,447)
Net current assets 139,927 426,428
Total assets less current liabilities 779,222 740,493
Netassets excluding pension asset 779,222 740,493
Total netassets 779,222 740,493
Charityfunds
Restricted funds 19 457,081 412,135
Unrestricted funds
Designated funds 19 276,464 283,675
General funds 19 45,677 44,683
Total unrestricted funds 19 322,141 328,358
Totalfunds 779,222 740,493

The financial statements were approved and authorised for issue by the Parochial Church Council on 25 March 2025 and signed on their behalf by:

Rev. P. A. Davison ee

The notes on pages 10 to 31 form part of these financial statements.

Page 9

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

  1. General information

The P. C. C. is a registered charity, number 1131595 registered in England and Wales

  1. Accounting policies

  2. 2.1 Basis of preparation of financial statements

The financial statements 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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to providea ‘true and fair’ view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Parish Church of St. Mary-at-Finchley meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

Based on their assessment of the twelve months from the date on which the balance sheet was signed, the Parochial Church Council is of the opinion that the P. C. C. is a going concern as it holds significant cash reserves. The accounts have therefore been prepared on the going concern basis.

All income is recognised once the P. C. C. has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

2.4 Expenditure

Page 10

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PARISH CHURCHOF ST.MARY-AT-FINCHLEY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the P. C. C. to raise funds for its charitable purposes and includes costs of all fundraising activities events and noncharitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the P. C. C.'s objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the P. C. C.; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Freehold property

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

Page 11

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

  1. Accounting policies (continued)

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the P. C. C. anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.11Financial instruments

The P. C. C. only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

The P. C. C. operates a defined contribution pension scheme and the pension charge represents the amounts payable by the P. C. C. to the fund in respect of the year.

Page 12

PARISH GHURCH OF ST. MARY-AT-FINCHLEY.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.13Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Parochial Church Council in furtherance of the general objectives of the P. C. C. and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Parochial Church Council for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the P. C. C. for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from donations and legacies

Unrestricted Restricted Total
funds funds funds
2024 2024 2024
£ £ £
Donations 128,989 55,899 184,888
Legacies 1,000 - 1,000
Grants - 31,106 31,106
129,989 87,005 216,994
Unrestricted Restricted Total
funds funds funds
2023 2023 2023
£ £ £
Donations 131,465 58,654 190,119
Legacies 52,000 - 52,000
Grants 6,615 159,200 165,815
190,080 217,854 407,934

Page 13

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

4. Income from charitable activities

Unrestricted Total
funds funds
2024 2024
£ £
Incomefrom charitable activities - The provision of publicworship 3,540 3,540
Unrestricted Total
funds funds
2023 2023
£ £
Income from charitable activities -The provision of public worship 5,486 5,486
5. Income from othertrading activities
Income from fundraising events
Unrestricted Total
funds funds
2024 2024
£ £
Fundraising 883 883
Unrestricted Total
funds funds
2023 2023
£ £
Fundraising 941 941
Income from non charitable trading activities
Unrestricted Total
funds funds
2024 2024
£ £
Halllettingfees 74,083 74,083

Page 14

PARISH CHURCHOF ST.MARY-AT-FINCHLEY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5. Income from other trading activities (continued) Income from non charitable trading activities (continued)

Unrestricted Total
funds funds
2023 2023
£ £
66,547 66,547
Hall letting fees 66,547 66,547
6. Investment income
Unrestricted Restricted Total
funds funds funds
2024 2024 2024
£ £ £
Income from local listed investments 9,624 8,969 18,593
Investment income - local cash 941 - 941
10,565 8,969 19,534
Unrestricted Total
funds funds
2023 2023
£ £
Income from local listed investments 8,188 8,188
Investment income - local cash 667 667
8,855 8,855
  1. Expenditure on raising funds Costs of raising voluntary income
Unrestricted Restricted Total
funds funds funds
2024 2024 2024
£ £ £
Fundraising costs 779 - 779
Roofand churchyard project- event expenses - 2,142 2,142
779 2,142 2,921

Page 15

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. Expenditure on raising funds (continued)

Costs of raising voluntary income (continued)

Unrestricted Restricted Total
funds funds funds
2023 2023 2023
£ £ £
Roofand churchyard project- eventexpenses - 1,047 1,047
Patronal music costs - 630 630
Card collection fees 18 70 88
18 1,747 1,765

Other trading expenses

Unrestricted Total
funds funds
2024 2024
£ £
Hall letting expenses 41,658 41,658
Wages and salaries recharged to hall 9,673 9,673
Total 2024 51,331 51,331
Unrestricted Total
funds funds
2023 2023
£ £
Hall letting expenses 28,806 28,806
Wages and salaries recharged to hall 9,805 9,805
Total2023 38,611 38,611

Page 16

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PARISH CHURCH OF ST. MARY-AT-FINCHLEY 2

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. Analysis of grants

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||||||||| |---|---|---|---|---|---|---|---| |Grants|to|Total| |Institutions|funds| |2024|2024| |£|£| |Grants,|The|provision|of|public|worship|20,902|20,902| |Grants|to|Total| |Institutions|funds| |2023|2023| |£|£| |Grants,|The|provision|of|public worship|15,904|15,904|

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PARISH CHURCHOF ST.MARY-AT-FINCHLEY -

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

=) Detailed analysis of grants

Unrestricted Restricted Total
funds funds funds
2024 2024 2024
£ £ £
Special collections:-
Good Gifts 2023- Homeless Action in Barnet - 2,369 2,369
Christmas 2023- Noah's Ark Children's Hospice - 1,491 1,491
Homeless Action in Barnet - 82 82
Funeral- Noah's Ark Children's Hospice - 85 85
Children's Society - 420 420
Lent project- St. Francis at the Engine Room - 1,460 1,460
Concerts- Royal Fee Charity - 595 595
Mission Allocation:- -
USPG 1,100 - 1,100
Limapela 1,100 - 1,100
Welcome Churches 1,100 - 1,100
Five Talents 1,100 - 1,100
Tear Fund 1,100 - 1,100
St. Francis at the Engine Room 1,100 - 1,100
St. Mary's Food Bank 1,100 - 1,100
Embrace the Middle East 1,100 - 1,100
Barnet Mencap 2,100 - 2,100
New Citizens' Gateway 2,100 - 2,100
Other:- -
St. Mary's School 1,000 - 1,000
Tea and coffee donations- Noah's Ark Children's
Hospice 400 - 400
Total2024 14,400 6,502 20,902

Page 18

1

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total| |funds|funds|funds| |2023|2023|2023| |£|£|£| |Special|collections| |Good|Gifts|2022-|Rodyna|-|2,123|2,123| |Christmas|2022-|North|London|Hospice|-|1,610|1,610| |Royal|National|Lifeboat|Institution|-|121|121| |Children's|Society|-|405|405| |Lent|Project-|Limapela|-|1,800|1,800| |Royal|School|of Church|Music|-|341|341| |Remembrance|-|Royal|British|Legion|-|374|374| |Concerts|-|Royal|Free|Charity|-|1,905|1,905| |Mission|Allocation| |USPG|1,000|-|1,000| |Street|Child|1,000|-|1,000| |Five|Talents|1,000|-|1,000| |North|London|Hospice|1,000|-|1,000| |St.|Francis|at|the|Engine|Room|500|-|500| |Together|in|Barnet|500|-|500| |Embrace|the|Middle|East|1,000|-|1,000| |Children's|Society|500|-|500| |St.|Mary's|Food|Bank|500|-|500| |Other| |St.|Mary's|School|225|-|225| |Total|2023|7,225|8,679|15,904|

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  1. Analysis of expenditure on charitable activities Summary by fund type

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||||||| |---|---|---|---|---|---| |Unrestricted|Restricted| |funds|funds|Total| |2024|2024|2024| |£|£|£| |The|provision|of public worship|175,397|48,886|224,283|

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Page 19

PARISH CHURCH OFST.MARY-ATFINCHLEY ——™

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. Analysis of expenditure on charitable activities (continued)

Summary by fund type (continued)

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Unrestricted|Restricted| |funds|funds|Total| |2023|2023|2023| |£|£|£| |The|provision|of public|worship|175,677|17,439|193,116| |Summary|by|expenditure|type| |Staff|costs|Other|costs|Total| |2024|2024|2024| |£|£|£| |The|provision|of public worship|2,500|221,783|224,283| |Staff|costs|Other|costs|Total| |2023|2023|2023| |£|£|£| |The|provision|of public worship|2,500|190,616|193,116| |11.|Analysis|of expenditure|by|activities| |Activities|Grant| |undertaken|_|funding|of|Total| |directly|activities|funds| |2024|2024|2024| |£|£|£| |The|provision|of public worship|203,381|20,902|224,283| |Activities|Grant| |undertaken|funding|of|Total| |directly|activities|funds| |2023|2023|2023| |£|£|£| |The|provision|of public worship|177,212|15,904|193,116|

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Page 20

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. Analysis of direct costs

Unrestricted Restricted Total
funds funds funds
2024 2024 2024
£ £ £
General expenditure:-
Wages and salaries 2,327 - 2,327
Pension contributions 173 - 173
London Diocesan Common Fund 91,300 - 91,300
Clergy expenses 2,826 - 2,826
28 Hendon Lane expenditure 1,876 - 1,876
Organists and Choirmaster 11,344 11,344
Organ scholarships 1,600 - 1,600
Repairs and renewals 5,387 - 5,387
Cleaning 1,350 - 1,350
Insurance 6,873 - 6,873
Gas and electricity 5,680 - 5,680
Water rates 305 - 305
Telephone 386 - 386
Music and choirexpenses 1,184 - 1,184
Organ tuning 709 - 709
Service costs 1,702 - 1,702
Printing and stationery 952 - 952
Photocopier leasing costs 1,986 - 1,986
Church flowers 1,000 - 1,000
Sound system 683 - 683
General expenses 798 - 798
Bank charges 379 - 379
Designated fund expenditure:-
Hall building works 17,604 - 17,604
Altar books 330 - 330
Rectory alarms and security 330 - 330
Rectory garden replanting 1,491 - 1,491
Rectorywater rates 542 - 542
Restricted fund expenditure:-
Roof - 41,904 41,904
Night Shelter provisions - 360 360
Concert recharges (120) 120 -
Total2024 160,997 42,384 203,381

Page 21

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Restricted Total
funds funds funds
2023 2023 2023
£ £ £
General expenditure:-
Wages and salaries 2,331 - 2,331
Pension contributions 169 - 169
London Diocesan Common Fund 92,123 - 92,123
Clergy expenses 2,754 - 2,754
28 Hendon Lane expenditure 1,190 - 1,190
Organists and Choirmaster 10,143 - 10,143
Organ scholarships 1,200 - 1,200
Repairs and renewals 4,052 - 4,052
Cleaning 1,223 - 1,223
Insurance 6,609 - 6,609
Gas and electricity 8,625 - 8,625
Water rates 284 - 284
Telephone 576 - 576
Musicand choirexpenses 993 464 1,457
Organ tuning 994 - 994
Service costs 2,362 - 2,362
Printing and stationery 2,467 - 2,467
Photocopier leasing costs 1,541 - 1,541
Church flowers 1,209 - 1,209
Sound system 4,139 - 4,139
Social committee 523 - 523
General expenses 967 - 967
Bank charges 349 - 349
Designated fund expenditure:-
Altar rail 13,394 - 13,394
North wall fees 7,914 - 7,914
Rectory water rates 129 - 129
Restricted fund expenditure:- 472 472
Night shelter - 177 177
Roof - 7,839 7,839
Concert recharges (280) 280 -
Total2023 168,452 8,760 177,212

Page 22

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. Staff costs

2024 2023
£ £
Wages and salaries 12,000 12,136
Contribution to defined contribution pension schemes 173 169
12,173 12,305
The average numberofpersons employed bythe P. C. C. during the yearwas as follows:
2024 2023
No. No.
Administration 4 1

No employee received remuneration amounting to more than £60,000 in either year.

14. Parochial Church Council's remuneration and expenses

During the year, no Parochial Church Council received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 December 2024, no member of the P. C. C. expenses have been incurred (2023 - £NIL).

15. Tangible fixed assets

Freehold
property
£
Cost or valuation
At 1 January 2024 100,000
At 31 December2024 100,000
Net book value
At 31 December2024 100,000
At31December2023 100,000

Page 23

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. Fixed asset investments
Listed
investments
Pat
Cost or valuation
At 1 January 2024 214,065
Additions 323,000
Revaluations 2,230
At 31 December 2024 539,295
Net book value
At 31 December 2024 539,295
At 31 December2023 214,065
17. Debtors
2024 2023
£ £
Due within one year
Other debtors 6,036 1,869
Prepayments and accrued income 5,562 2,325
11,598 4,194
18. Creditors: Amounts falling due within one year
,
2024 2023
£ £
Other creditors 1,897 571
Accruals and deferred income 9,941 3,102
Grants accrued- institutional 774 774
12,612 4,447

Page 24

PARISH CHURCHOF ST.MARY-AT-FINCHLEY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19. Statement of funds

Statement of funds - current year

Balance at
Balance at 1 31
January Transfers Gains/ December
2024 Income Expenditure in/out (Losses) 2024
£ £ £ £ £ £
Unrestricted
funds
Designated funds
Fabric fund 45,249 1,566 - 5,000 - 51,815
Bequests 52,833 1,767 (330) - - 54,270
Hall repairs
reserve 44,678 1,213 (17,604) - - 28,287
Clergy
accommodation
fund 109,422 3,400 (2,363) - 2,230 112,689
Church
enhancement
reserve 27,608 910 - - - 28,518
Mission reserve 3,000 400 (3,400) - - -
Open Door 885 - - - - 885
283,675 9,256 (23,697) 5,000 2,230 276,464
General funds
Church
account 44,683 209,804 (203,810) (5,000) - 45,677
Total
Unrestricted
funds 328,358 219,060 (227,507) - 2,230 322,141
Restricted
funds
Special
collections 3,256 9,272 (6,502) (1,491) - 4,535
Night shelter 1,071 - (360) - - 711
Hall buildings
reserve 100,000 - - - - 100,000
Youth choir 1,406 - - - - 1,406
Roof and
churchyard
fund 303,374 86,702 (44,166) 1,491 - 347,401

Page 25

‘

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19. Statement of funds (continued)

Statement of funds - current year (continued)

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Balance|at| |Balance|at|1|31| |January|Transfers|Gains/|December| |2024|Income|Expenditure|in/out|(Losses)|2024| |£|£|£|£|£|£| |Music|and| |choir|fund|470|-|-|-|-|470| |Piano|fund|271|-|-|-|-|271| |Green|and|fair|214|-|-|-|-|214| |Cartwright| |memorial|726|-|-|-|-|726| |Youth|work| |resources|1,347|-|-|-|-|1,347| |412,135|95,974|(51,028)|-|-|457,081| |Total|of funds|740,493|315,034|(278,535)|-|2,230|779,222|

----- End of picture text -----

Page 26

PARISH CHURCH OF ST. MARY-AT-FINCHLEY a...

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19. Statement of funds (continued)

Statement of funds - prior year

Balance at
Balance at 31
1 January
2023		 Income Expenditure Transfers
in/out		 Gains/
(Losses)		 December
2023
£ £ £ £ £ £
Unrestricted
funds
Designated
funds
Fabric fund 42,849 3,814 (7,914) 6,500 - 45,249
Bequests 13,776 52,451 (13,394) - - 52,833
Hall repairs
reserve 35,659 1,083 - 7,936 - 44,678
Clergy
accommodati
on fund 98,860 2,864 (601) - 8,299 109,422
Church
enhancement
reserve 26,796 812 - - - 27,608
Mission
reserve - - - 3,000 - 3,000
Open Door - 885 - - - 885
217,940 61,909 (21,909) 17,436 8,299 283,675
General funds
Church
account 44,516 210,000 (192,397) (17,436) - 44,683
Total
Unrestricted
funds 262,456 271,909 (214,306) - 8,299 328,358
Restricted
funds
Special
collections 4,001 8,643 (9,388) - - 3,256
Night shelter 1,248 - (177) - - 1,071
Hall buildings
reserve 100,000 - - - - 100,000
Youth choir 1,285 135 *(14) - - 1,406
Page27

|

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19. Statement of funds (continued)

Statement of funds - prior year (continued)

Balance at
Balance at 31
1 January Transfers Gains/ December
2023 Income Expenditure in/out (Losses) 2023
£ £ £ £ £ £
Roof and
churchyard
fund 103,524 209,007 (9,157) - - 303,374
Music and
choir fund 401 69 - - - 470
Piano fund 721 - (450) - - 271
Green and fair 214 - - - - 214
Cartwright
memorial 726 - - - - 726
Youth work
resources 1,347 - - - - 1,347
213,467 217,854 (19,186) - - 412,135
Total offunds 475,923 489,763 (233,492) - 8,299 740,493
Summary offunds
Summary offunds - current year
Balance at
Balance at 1 31
January Transfers Gains/ December
2024 Income Expenditure in/out (Losses) 2024
£ £ £ £ £ £
Designated
funds 283,675 9,256 (23,697) 5,000 2,230 276,464
General funds 44,683 209,804 (203,810) (5,000) - 45,677
Restricted
funds 412,135 95,974 (51,028) - - 457,081
740,493 315,034 (278,535) - 2,230 779,222
  1. Summary of funds

Page 28

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

20. Summary of funds (continued)

Summary of funds - prior year

Balance at
Balance at 31
1 January Transfers Gains/ December
2023
£		 Income
£		 Expenditure
£		 in/out
£		 (Losses)
£		 2023
£
Designated
funds 217,940 61,909 (21,909) 17,436 8,299 283,675
General funds 44,516 210,000 (192,397) (17,436) - 44,683
Restricted
funds 213,467 217,854 (19,186) - - 412,135
475,923 489,763 (233,492) - 8,299 740,493

Page 29

----- Start of picture text -----
- RARISH CHURCH OFST.MARY-ATFINCHLEY
----- End of picture text -----

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

20. Summary of funds (continued)

The principal designated funds of the P. C. C. are:-

Fabric fund

The fabric fund is used for major works to the church which cannot be covered by regular annual income. Where the expected cost of such works is in excess of this fund the P. C. C. may set up a restricted fund in order to raise additional funds.

Bequests

Legacies are allocated to this fund if there are no condtions attached. The fund pays for areas of expenditure the P. C. C. considers worthwhile but have not been budgeted for.

Hall repairs reserve

----- Start of picture text -----
This performs a similar function for the church hall as the fabric fund does for the church.
Clergy accommodaton fund
----- End of picture text -----

This was set up with funds from the sale of a property. The funds have been invested. The income is used to meet costs of the rectory that are not met by the common Fund.

Church enhancement reserve

This was set up from an exceptional stewardship contribution which has been set aside to pay for current and future special projects.

The principal restricted funds of the P. C. C. are:-

Special collections

These are collections for a specific purpose. They are usually paid out shortly after being received however Good Gifts and Christmas collections are usually received in December and paid out in January.

Hall buildings reserve

The P. C. C. has free use of the church hall but is not the legal owner of the land.

Roof and churchyard fund

The P.C.C. is committed to raise funds for major works to the roof and clock tower. The clock tower works were completed in 2017. The contract for for the next stage of work on the roof has been signed with work expected to start in April 2025.

,

Page 30

| PARISH CHURCHOF ST.MARY-AT-FINCHLEY =”

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

21. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted Restricted Total
funds funds funds
2024 2024 2024
£ £ £
Tangible fixed assets - 100,000 100,000
Fixed asset investments 268,295 271,000 539,295
Current assets 66,458 86,081 152,539
Creditors due within one year (12,612) - (12,612)
Total 322,141 457,081 779,222
Analysis ofnet assets between funds - prior period
Unrestricted Restricted Total
funds funds funds
2023 2023 2023
£ £ £
Tangible fixed assets - 100,000 100,000
Fixed asset investments 214,065 - 214,065
Current assets 118,740 312,135 430,875
Creditors due within one year (4,447) - (4,447)
Total 328,358 412,135 740,493

22. Pension commitments

The P. C. C. operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the P. C. C. in an independently administered fund. The pension cost charge represents contributions payable by the P. C. C. and amounted to £173 (2023 £169). There were no contributions due to the fund at the balance sheet date.

23. Related party transactions

~

The rector and churchwardens are trustees of the Charity for Ecclesiastical Purposes in Connection with the Church of England, a charity whose principal activity is to support the work of the P. C. C. This charity owns 28 Hendon Lane and allows the P. C. C. the use of this property rent free.

Page 31