Parochial Church Council of Christ Church Southgate
Trustee Report and Financial Statements For the year end 31 December 2024
Charity Commission Registration Number 1131606
Contents Page
| Report of the Trustees | 2 -7 |
|---|---|
| Report of the Auditors | 8-11 |
| Statement of Financial Activities | 12 |
| Statement of Financial Position | 13 |
| Notes to the Financial Statements | 14-26 |
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REPORT OF THE TRUSTEES for the year ended 31 December 2024
The Trustees have pleasure in presenting their report and the financial statements of the Parochial Church Council (PCC) for the year ended 31 December 2024. In preparing the financial statements, the Trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2015).
Statement of Trustees’ responsibilities
The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.
In preparing these financial statements, the Trustees are required to:
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a) select suitable accounting policies and apply them consistently;
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b) observe the methods and principles in the Charities SORP;
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c) make judgments and accounting estimates that are reasonable and prudent;
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d) state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.
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e) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Aims and Purposes
Christ Church Southgate PCC has the responsibility of cooperating with the incumbent, the Reverend Dr Chrichton Limbert, in promoting in the Ecclesiastical Parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical. The PCC is also specifically responsible for the Parish Centre (Church House and Walker Hall), Flats 6 & 7 The Green and the house at 62 Oakfield Rd, Southgate.
Objectives and activities
The PCC is committed to enabling as many people as possible to worship at our church by being open, welcoming and inclusive to all. We aim to be a beacon of God’s love in the community; to offer life-long loving care and support to all, to draw them closer to God; to inspire prayer and worship through the beauty of nature, art, music and liturgy.
When planning our activities for the year, we have considered the Commission’s guidance on public benefit and, in particular, the supplementary guidance on charities for the advancement of religion. In particular, we try to enable all people to live out their faith as part of our parish community through:
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Worship, prayer and sacraments; learning about the Gospel; and deepening their personal relationship with God.
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Provision of pastoral care for people living in the parish.
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Mission and outreach work.
To facilitate this work, it is important that we maintain the fabric of Christ Church, the Parish Centre site and the other properties.
Achievements and performance
The church has been characterised in 2024 by continued consolidation and gentle growth of attendances. The high level of school visits and the use of the building for music, art and heritage involving the wider community have continued. Attendances for Advent and Christmas 2024 have shown particular increases.
Worship
The year started after Christmas 2023 - which had shown a reliable attendance increase compared to 2022.
The lead up to Easter in Lent used a weekly Lent Course based on the film “The Way”. This was well attended and enjoyed. Easter and Holy Week were fully celebrated with full and enthusiastic choral singing from choir and congregation. The total Easter attendance was noticeably larger compared to 2023, increasing from 307 to 361.
We were able to fully provide services for the community at pivotal times of their lives, so have performed three marriages, welcomed 15 people into the Christian Faith through baptism and conducted 10 funerals – in both church and crematorium. In November, on our patronal feast of Christ the King we welcomed the newly appointed Bishop Anderson of Edmonton who confirmed 15 candidates.
Once again, the Vicar, Rev’d Dr Chrichton Limbert, led the Remembrance Service in Broomfield Park and in church, with uniformed organisations in attendance.
In June our former ordinand Rev Claire Betts was ordained Priest at her curacy church to St Stephens Bush Hill Park. Our curate Fr Paul Ellerby completed his first year as a Priest. Our other ordinand, Anna Hughes, marked the halfway point in her training by transferring to a different church with a different style and tradition as she continues her studies at St Augustine’s College. Another member of the congregation, Simon Walkden, put himself forward for Lay Reader Ministry and was accepted and started training at St Edmunds.
Christmas at Christ Church was very joyful. The Advent numbers were particularly improved by more school visits and the return of “Carols on the Green” from before Covid. As a result, our Advent figures for congregation and local community events increased from 353 in 2023 to 677 in 2024. This was greatly helped by an increase of 120 in the number for the Nine Lessons and Carols service. Similarly, the attendance for civic and school services increased from 859 to 918. The overall attendance figure for Christmas Day fell slightly from 654 to 630, but within that figure the number of actual communicants increased by 30.
During Advent the knitted crib figures that make up the Travelling Crib went on their usual house-tohouse journey around the parish. However, this was accompanied by daily social media postings of Mary, Joseph and Donkey (as well as angels, shepherds, kings, camels and sheep) travelling around the London Underground to stations that told the nativity story. The story was picked up by PA Media and appeared in approximately 200 media outlets worldwide. In the UK, it was featured in many local and national papers in digital and print editions including the Daily Mail, Independent, I, Metro, Standard and BBC. As a result, the daily page impressions were counted in thousands for some days.
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Our digital footprint continued to flourish this year. Our subscribers to X, Instagram and our weekly email have gently increased. The Spire Magazine has continued to grow in readership as a bi-monthly publication for subscribers and purchasers in church.
Outreach
We have continued to welcome the community into the church as much as possible. Once again, we hosted the local ABRSM music exams on our grand piano. The acoustic in the church, as well as the instrument itself, was well received by candidates and examiners for the 14 days of exams. They are already booked into 2025.
We hosted the Enfield Deanery Synod for a session on angels with illustrations from our windows. We gave a number of church tours and took part in London Open House Weekend in September as well as receiving visits from the Palmers Green U3A. The church remained open to visitors two days a week, while the administrator was in the office.
As a result of our work with schools with sessions on Christianity, art and local heritage we became an accredited RE Hub church to host educational visits.
We held gardening mornings in the church yard every six weeks, which attracted volunteers from the congregation and the wider community. The churchyard was left fallow during the summer and many species of wild flowers returned. The range was particularly diverse as the land has never been cultivated. The bees produced a bumper crop of honey which was rapidly sold to maintain the hives.
The annual Vicar’s Harvest Quiz was a sell-out with a record number of church and community teams and raised well over £1000 for Blood Cancer UK and the North London Hospice. We led and hosted a Christmas Memorial service for a local chain of undertakers.
We acted as the Polling Station on two occasions for local Elections and the General Election. The Christ Church Association (CCA) bar opened throughout the year and provided drinks in church on a number of special occasions.
The choir has been able to enjoy a full programme of tours and visits during the year, including concerts in Leipzig, Halle and Erfurt in Germany. There were also two weekends singing the services at Canterbury Cathedral and Westminster Abbey. We said farewell to our Musical Director of over 10 years, Richard Brain, when he moved to a new school which includes a Sunday chapel choir, but we have appointed a very able replacement, William Waine. We have also welcomed a very talented 15 yr old Organ Scholar.
Youth
The junior choir has been maintained, with over 20 regular members, and was a major contributor to worship, including services with the junior choir only. They were included in the UK cathedral trips and had unique and memorable experiences.
The provision in our Children’s Corner continued to expand, both in floor space, and books and equipment. It was used by families every Sunday morning and also regularly used and appreciated by visitors during the week.
Our work with our five local non-faith Schools continued as we welcomed year groups for curriculum sessions as well as for Easter, End of Summer Term, Harvest and Christmas services. We also visited the Little Oaks playgroup in their premises with daffodils for Mother’s Day for the first time. This has contributed to the fact that our “normal service” weekly attendance figure for children has increased from 15 in 2023 to 16 in 2024. This is reflected in the increased number of families with young children attending church at least once a month.
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Older People
Our monthly services in our parish care homes continued throughout the year as well as delivering communion to the housebound. The bi-weekly healing services also continued throughout the year.
Our weekly café on a Friday morning as part of the “Places of Welcome” scheme has been held all year and has seen a steady growth in regular attendees.
Nurture
The bi-weekly Bible Study, led by an LLM, has continued to grow.
The Vicar is the Creation Care lead for the Edmonton Diocese and has spoken at the Enfield Climate Action Forum at an evening faith session and has preached on climate justice at a church in Hornsey. As a church we continue to work towards our Eco-church Gold award.
Accessibility
Plans to offer, via a major building project, accessibility to toilet facilities, catering provision, as well as new pastoral and community spaces, remain on hold due to the economic uncertainty.
Foundations
The high level of uptake of the Parish Giving Scheme continued in 2024, and has increased due to an ongoing Stewardship Campaign.
In 2024 the tiles of the Chancel Floor were replaced and stabilized and the choir stalls levelled. The investigations have shown that there has been no further movement over the past few years although this is continuously monitored. The ceiling over the Chancel was over boarded between the rafters for insulation and to seal the original plaster.
Financial review
The Statement of Financial Activities (SoFA) is attached to this report. Total income was £290,093 (2023: £286,643) and expenditure £380,460 (2023: £270,528) giving total operating losses, including gains and losses, of £78,899. (2023: gains of £840,927 including revaluation of fixed assets). After taking into account the net investment gains the total funds balance is £4,113,734 (2023: £4,192,633) of which £261,752 (2023: £333,904) is for restricted purposes.
Reserves policy
The PCC regularly reviews its Reserves Policy. As part of the overall balance in the main account, the policy is to maintain a balance on free unrestricted funds of three months unrestricted expenditure. An additional sum of £15,000 will be held to cover any emergency work on the buildings.
Reserves are held in funds that support the policies of the Church of England’s Ethical Investment Advisory Group.
Going Concern
The Trustees consider that that the Church has adequate resources to meet its future liabilities for the foreseeable future and for this reason continue to adopt the ‘going’ concern basis in preparing the financial statements.
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Volunteers and Employees
The work of Christ Church Southgate would not be possible without the contribution of the many volunteers who contribute their time, energy, experience and skills to our church community. Christ Church employed two staff members in 2024: the Director of Music and a part time Administrator.
Structure, governance and management
Members of the PCC are either ex-officio or elected at the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules. PCC members are responsible for making decisions on all matters of general concern and importance to the parish including deciding on how funds of the PCC are to be spent.
The full PCC met six times during the year.
The finance and standing committee (FSC), the only committee of the PCC required by canon law, met six times during the year. The FSC carries out the business of the PCC between meetings subject to the directions given by the Council. Members of the FSC are the incumbent, Churchwardens, Treasurer and two elected members of the PCC
Given the breadth of its responsibilities, the PCC also has a number of other committees, each focusing on a specific aspect of parish life. These committees are all responsible to the PCC, with reports received and discussed by the PCC as necessary.
Key management personnel
Key management personnel are the incumbent, Churchwardens and Treasurer. They are responsible for delivery of the mission action plan, monitoring of the budget, maintenance of the fabric and overall dayto-day running of the church.
Reference and Administrative Information
| Name of Charity | The Parochial Church Council of the Ecclesiastical Parish |
|---|---|
| of Christ Church, Southgate | |
| Charity registration number | 1131606 |
| Principal address | 1 The Green |
| Southgate | |
| London | |
| N14 7EG | |
| Bank | Barclays Bank PLC |
| 20 The Town | |
| Enfield | |
| EN2 6LS | |
| Auditors | Anthony Croft Ezekiel Ltd |
| 343 City Road | |
| London | |
| EC1V 1LR |
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Trustees During the year, the following served a5 members of the PCC Reverend Dr Chrichton Limbert Chairman Reverend Hazel Miall Assistant Priest Reverend Paul Ellerby Kate Carroll Curate Churchwarden (Vice Chairl Churchwarde Graham Cook Clare Boulton Treasurer Patricia Ashby Ronald Lo Deputy Churchwarden Deputy Churchwarden Lay Reader Licensed Lay Minister Licensed Lay Minister (until August 2024) Jackie Anderson Sandra Anderson Amy Li Freya Carroll Christopher Chessum Sophie Cook Imogen Cooper Youla Hadjidaniel Patricia Hawkins (from May 2024) (from May 20241 (from May 20241 Christopher Howell Stephen Limbert-mason John Macrory Hilary Meur Angela Parker Clive Woodhouse (until May 2024) (from May 20241 {until May 20241 {until March 2024) Approved by the Board of Trustees and signed on its behalf by Rewd Dr Chrlchton Llmbert Date 29 April 2025
Independent auditor's report to the trustees of CHRIST CHURCH SOUTHGATE PCC for the year ended 31 December 2024
Opinion
We have audited the financial statements of Christ Church Southgate PCC for the year ended 31 December 2024, as set out on pages 14 to 26, which comprise the Statement of Financial Activities, and the Statement of Financial Position and the related notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements of the charity are prepared, in all material respects, in accordance with charity law applicable within the jurisdiction of England & Wales and, in particular, the accounts have been prepared in accordance with FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (The SORP), published by the Charity Commission in England & Wales (CCEW) , under the historical cost convention, and in accordance with the accounting policies set out on page 14, which framework constitutes the applicable United Kingdom Generally Accepted Accounting Practice.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Basis for our opinion
We have been appointed as auditors under section 144(2) of The Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
We conducted our audit in accordance with International Standards on Auditing (ISAs-UK), issued by the Financial Reporting Council, and applicable law. Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in England & Wales, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Responsibilities of Trustees and Those Charged with Governance for the Financial Statements
As described on page 2 to 7, you, the charity's Trustees, are responsible for the preparation of the financial statements in accordance with the Charities Act 2011 and all other applicable law and with United Kingdom Generally Accepted Accounting Practice, applicable to smaller entities, and for being satisfied that the financial statements give a true and fair view.
The Trustees, who are charged with governance, are responsible for overseeing the charity’s financial reporting process.
Management is responsible for the preparation of the financial statements in accordance with charity law of the jurisdiction of England & Wales and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.
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Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs-UK will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
In carrying out an audit in accordance with ISAs-UK, the auditor exercises professional judgement and maintains professional scepticism throughout the audit.
Our responsibility is to audit and express an opinion on the financial statements in accordance with relevant legal and regulatory requirements and ISAs-UK. Those standards require us to comply with the Ethical Standards for Auditors published by the Financial Reporting Council and to: -
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, to design and perform audit procedures responsive to those risks and to obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion;
To obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate for the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charity's internal control;
To evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the charity;
To conclude on the appropriateness of the charity's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern;
To evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a fair presentation.
We are required to report to the Trustees our opinion as to whether the financial statements give a true and fair view and have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice and the Charities (Accounts and Reports) Regulations 2008.
We are also required to report to you if, in our opinion, the Trustees' Annual Report is materially inconsistent with the financial statements, if the charity has not kept adequate accounting records, if the charity’s financial statements are not in agreement with the accounting records and returns, or if we have not received all the information and explanations we require for our audit, or if information specified by law regarding Trustees' remuneration and transactions with the charity is not disclosed.
In addition, we read all the financial and non-financial information in the Trustees' Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
We are required to plan and perform our audit so as to meet the above requirements and to obtain all the information and explanations which we consider necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error.
In the course of our audit, we communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during the audit.
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Assistance with accountancy and tax matters
In accordance with the exemption provided by APB Ethical Standard – Provisions Available for Smaller Entities, we have assisted with the preparation of the accounts.
Eligibility of auditor and status of audit
We confirm that we are eligible under section 144(2) of the Charities Act 2011 to conduct this audit, and that this report is a report in respect of an audit carried out under the Act and in accordance with the related regulations.
Attention is drawn to the accounting policy stating that, notwithstanding the explicit requirement in the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005. The Trustees have prepared the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (The SORP). We concur with this approach, and any references in our report to the regulations should be read subject to this comment.
Opinion on the Financial Statements
In accordance with Regulations 25(g) and (h) of the Charities (Accounts and Reports) Regulations 2008, in our opinion the charity's financial statements:
Give a true and fair view of the state of affairs of the charity as at 31 December 2024 and of its Income and Expenditure for the financial year then ended and, in particular, the financial statements have been properly prepared, in all material respects, in accordance with United Kingdom Generally Accepted Accounting Practice applicable to entities of its size and have been properly prepared in accordance with the requirements of the Charities Act 2011; and have been prepared in accordance with the methods and principles required by the FRS102 Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commission in England & Wales (CCEW), effective January 2015 (The SORP), and those methods and principles have been followed, subject to the following: -
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have carried out, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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Matters upon which we are required to report by exception We have nothing to report in respect of the following matters which require us to report to you, if in ouropinion: the information given in the Trustees, Annual Report is inconsistent with the financial statements in any material respect; or the charity has not kept adequate accounting records; or the financial statements are not in agreement with the accounting records and returns; or if information specified by law regarding Trustees, remuneration and transactions with the charity is not disclosed. We have not receiv he information and explanations we require for our audit. Anthony Croft Eze Limited (Auditors ACCA) Registered Auditor 343. City Road London ECIV ILR Ih 30 April 2025 Anthony Croft Ezekiel Ltd are eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006 11
CHRIST CHURCH SOUTHGATE PCC
Statement of Financial Activities
For the year ended 31 December 2024
| Notes Income and endowments from: Donations and Legacies 2 Charitable activities 3 Investments 4 Other income 5 Total Expenditure on: Charitable activities 6/7 Other expenditure Total 19 Net gains/(losses) on investments Transfers between funds Other recognised gains/losses Gains/(losses) on revaluation of fixed assets and disposal of Depreciation Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 27,718 162,729 14,611 55,225 260,283 (233,458) (44,742) (278,200) 11,170 - - (6,747) 3,858,729 3,851,982 |
Restricted funds £ 7,195 22,254 361 - 29,810 (102,260) - (102,260) 298 - - (72,152) 333,904 261,752 |
2024 2023 £ £ 34,913 44,649 184,983 173,566 14,972 14,353 55,225 54,075 |
2024 2023 £ £ 34,913 44,649 184,983 173,566 14,972 14,353 55,225 54,075 |
|---|---|---|---|---|
| 290,093 | 286,643 |
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| (335,718) (268,093) (44,742) (2,435) |
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| (380,460) (270,528) | ||||
| 11,468 43,091 - - -781,721 (78,899) 840,927 |
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| 4,192,633 3,351,706 4,113,734 ** 4,192,633** |
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CHRIST CHURCH SOUTHGATE PCC Statement of Financial Position As at 31 December 2024 Notes 2024 2023 Fixed assets Tangible assets Investments li 1,710,013 2,012,562 3,722,575 1,706,141 2,001,094 3.707,235 12113114 Current a55ets Debtors Cash at bank and in hand 15 1,710 1,789 396.851 398,561 17,402) 489,917 491,706 16,3081 Credltors: amounts falling due wlthin one year 16 Net current assets 391,159 4,113,734 4,113,734 485,398 4,192,633 4,192,633 Total assets less current liabilltles Net assets The funds of the charlty Restricted income funds Unrestricted income fund5 Endowment-Permanent Restricted Endowment-Permanent Unrestricted Endowment-Non-Permanent Unrestricted Endowment-Non-Permanent Restricted 17/18 18 18 18 261,752 3,339,42Q 333,904 3,357,635 223,597 275,646 13,319 218.593 269,480 13,021 18 18 Total funds 4,113.734 4,192,633 The financial statements were approved and authorised for issue by the Board and slgned on its behalf bv.. Re¢d Dr Chrlchton Limbert Trustee 29 April 2025
CHRIST CHURCH SOUTHGATE PCC Notes to the Financial Statements For the year ended 31 December 2024
1. Accounting Policies
Basis of accounting
The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and 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 (FRS 102 SORP 2015), effective 1 January 2015 and the Charities Act 2011.
CHRIST CHURCH SOUTHGATE PCC 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 note(s).
Going concern
The trustees have a reasonable expectation that the organisation has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual reports and Accounts.
Statement of cash flows
The Trustees have taken advantage of the exemption in SORP FRS 102 from including a cash flow statement in the financial statements on the grounds that the charity is small.
Funds
Unrestricted funds represent the funds of the PCC that are not subject to any restriction regarding the use and are available for application to the general purposes of the PCC.
This includes funds designated for a particular by the PCC. The accounts include transactions, assets and liabilities for which the PCC can be held responsible. They do not include the accounts of church groups that own an affiliation to another body, nor those that are informal gatherings of church members.
The Restricted Funds relate in the main to the Fabric Appeal funds for the maintenance of the church building. The majority of these funds were held on deposit with the Central Board of Finance of the Church of England.
The Endowment Funds are separated into, Permanent Restricted, Permanent Unrestricted, NonPermanent Endowment Unrestricted and Non-Permanent Endowment Restricted, as broken down in note 18 below.
Incoming resources
Voluntary Income
Collections are recognised when made.
Amounts receivable under Gift Aid are recognised only when received.
Income tax recoverable on Gift Aid donations are recognised when claimed from HM Revenue and Customs.
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CHRIST CHURCH SOUTHGATE PCC Notes to the Financial Statements For the year ended 31 December 2024
Grants and Legacies to the PCC are accounted for when received.
VAT recoverable on certain capital expenditure is recognised when received.
Income from Charitable Activities
Rental income from the letting of the church halls is accounted for when earned. Parochial fees due to the PCC for weddings, funerals, etc., are accounted for when received.
Income from Investments
The gross amounts of dividends and interest are accounted for when due. Residential property income is accounted for in accordance with the tenancy agreements in force.
Investment Gains and Losses
Realised gains and losses on investments and properties are recognised when disposed of. Unrealised gains and losses are accounted for on revaluation of investments and properties at the year end.
Resources expended
Liabilities for expenditure are recognised in accordance with the accruals concept.
Charitable Activities
The annual Diocesan quota (Common Fund payment) is accounted for when paid.
Tangible fixed assets
Fixed assets
Consecrated Land and Buildings and Chattels
Consecrated and beneficed properties are excluded from the financial statements in accordance with s.10(2)(a) and (c) of the Charities Act 2011.
No value is placed on chattels held by the churchwardens on special trust for the PCC and which require permission via a faculty for disposal, since the PCC considers this to be inalienable property. All capital and revenue expenditure incurred during the year on consecrated and beneficed buildings and chattels of the Church are written off in the year.
The land registry title for the Parish Centre site (comprising of Walker Hall, Church House and Flats 6 and 7 The Green) refers to that land as the Vicarage. The vicarage has since been demolished and replaced by the Parish Centre with the current Vicarage built on land nearby which was the site of the, now demolished, old Walker Hall. As a beneficed property the current vicarage is excluded from the financial statements as above. The land registry title named as Walker Hall is now the site of the current vicarage and that it is in the name of the Rev Murray Holt Macleod of Christ Church Southgate Enfield, Middx, however this was changed at the land registry on 20[th] January 2021. As this is a beneficed property it is excluded from the financial statements as above.
Other Land and Buildings
Other land and buildings held on behalf of the PCC for its own purposes and use, are valued at market value (3[rd] party valuation carried out on 28[th] February 2024) as advised by the trustees.
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CHRIST CHURCH SOUTHGATE PCC Notes to the Financial Statements For the year ended 31 December 2024
No depreciation is charged against residential properties, but any expenditure on maintenance and improvement is written off as incurred.
Depreciation on Church House and Walker Hall was charged from 1st January 1971 over 75-year life. Contrary to the previous policy and practice of depreciating Church House and the Walker Hall, in light of the changes brought about by FRS (Financial Reporting Standard) 102 and the SORP (Statement of Recommended Practice), the PCC decided not to depreciate these properties from 1st January 2017. After carrying out an independent 3[rd] party valuation, this depreciation was written off in YE 2023.
Other Fixtures, Fittings and Office Equipment
Depreciation is charged at 15% per annum on a reducing balance basis.
Investments
Investments are disclosed at the market value at the year end.
Current Asset Investments
Short Term Deposits at the year-end were held with Central Board of Finance (CBF) for all the main Parochial funds.
The Fabric Fund is held with the CBF, the CBF pay deposit interests quarterly at variable rates, which closely reflect the Money Market rates.
Irrecoverable VAT
Irrecoverable VAT is included in the Statement of Financial Activities and is reported as part of the expenditure to which it relates.
2. Income from Donations and Legacies
| Donations received Legacies received |
Unrestricted funds £ 7,718 20,000 27,718 |
Restricted funds £ 7,195 - 7,195 |
2024 £ 14,913 20,000 34,913 |
2023 £ 19,649 25,000 |
|---|---|---|---|---|
| 44,649 |
16
CHRIST CHURCH SOUTHGATE PCC Notes to the Financial Statements For the year ended 31 December 2024
3. Income from charitable activities
| Parochial Fund Account Regular Giving (Gift Aided) Regular Giving (Non-Gift Aided) Collections (Plate) Income Tax Recoverable Occasional Offices, Merchandise, Grant & Sundry Income Spire Magazine Account Magazine Parish Centre Account Lettings Rent re Sub-Station Rent - Christ Church Association Donations Sundry Income & Interest Receivable Social Responsibility Account Social Responsibility Committee |
Unrestricted Funds £ 70,333 3,785 2,640 20,232 21,713 118,703 853 32,962 250 1,200 - 1,143 35,555 7,618 162,729 |
Restricted Funds £ - - - - 22,254 22,254 - - - - - - - - 22,254 |
2024 £ 70,333 3,785 2,640 20,232 43,967 140,957 853 32,962 250 1,200 - 1,143 35,555 7,618 184,983 |
2023 £ 73,915 3,968 1,658 21,627 23,891 |
|---|---|---|---|---|
| 125,059 958 35,874 - 1,000 - 1,041 |
||||
| 37,915 9,634 |
||||
| 173,566 |
17
CHRIST CHURCH SOUTHGATE PCC Notes to the Financial Statements For the year ended 31 December 2024
4. Investment income
| Unrestricted and Restricted funds Income from listed investments |
2024 £ 14,972 14,972 |
2023 £ 14,353 |
|---|---|---|
| 14,353 |
5. Other income
| Rental Income Other Income (Bank Refund) Unclaimed (Bank) Funds |
Unrestricted funds £ 55,225 - - 55,225 |
Restricted funds £ - - - - |
2024 £ 55,225 - - 55,225 |
2023 £ 54,075 - - |
|---|---|---|---|---|
| 54,075 |
6. Costs of Charitable activities by fund type
| Parochial Fund Account Spire Magazine Account Parish Centre Account Social Responsibility Account Support costs |
Unrestricted funds £ 133,652 860 32,946 7,460 58,540 233,458 |
Restricted funds £ 101,220 - - - 1,040 102,260 |
2024 £ 234,872 860 32,946 7,460 59,580 |
2023 £ 173,457 805 24,193 9,811 59,827 |
|---|---|---|---|---|
| 335,718 | 268,093 |
18
CHRIST CHURCH SOUTHGATE PCC Notes to the Financial Statements
For the year ended 31 December 2024
7. Costs of Charitable activities by activity type
| Parochial Fund Account Spire Magazine Account Parish Centre Account Social Responsibility Account nalysis of Support costs Fees to Support Staff (Employed and Self- employed) IT Church Admin Costs Staff Training and Development Governance Costs |
Activities under taken directly £ 234,872 860 32,946 7,400 276,078 Parochial Fund Account £ 24,769 - 7,360 76 15,444 47,649 |
Expenditure on raising funds £ - - - 60 60 Spire Magazine Account £ - - - - - - |
Supports costs £ 47,649 - 11,931 - 59,580 Parish Centre Account £ 11,931 - - - - 11,931 |
2024 £ 282,521 860 44,877 7,460 335,718 2024 £ 36,700 - 7,360 76 15,444 59,580 |
2023 £ 219,470 805 38,007 9,811 |
|||
|---|---|---|---|---|---|---|---|---|
| 268,093 | ||||||||
| 2023 £ 38,580 - 7,749 368 13,130 59,827 |
||||||||
8. Analysis of Support costs
9. Net income/(expenditure) for the year
This is stated after charging/(crediting):
| Depreciation of owned fixed assets (Gain)/Loss on disposal of fixed asset investments |
2024 £ 1,932 - |
2023 £ 1,083 - |
|---|---|---|
19
CHRIST CHURCH SOUTHGATE PCC Notes to the Financial Statements For the year ended 31 December 2024
10. Comparative for the Statement of Financial Activities
| Income and endowments from: Donations and legacies Charitable activities Investments Other income Total Expenditure on: Charitable activities Other expenditure Total Net gains/(losses) on investments Transfers between funds Other recognised gains/losses Gains/(losses) on revaluation of fixed assets and disposal of Depreciation Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 35,096 169,263 13,997 54,075 272,431 (227,294) (2,435) (229,729) 41,971 - 781,721 866,394 2,992,335 3,858,729 |
Restricted funds £ 9,553 4,303 356 - 14,212 (40,799) - (40,799) 1,120 - - (25,467) 359,371 333,904 |
2023 £ 44,649 173,566 14,353 54,075 |
|---|---|---|---|
| 286,643 | |||
| (268,093) (2,435) |
|||
| (270,528) | |||
| 43,091 - 781,721 840,927 |
|||
| 3,351,706 | |||
| 4,192,633 |
20
CHRIST CHURCH SOUTHGATE PCC Notes to the Financial Statements
For the year ended 31 December 2024
11. Tangible fixed assets
| Cost of valuation At 01 January 2024 Additions/disposal At 31 December 2024 Depreciation At 01 January 2024 Charge for year/disposal At 31 December 2024 Net book values At 31 December 2024 As at 31 December 2023 |
Land and buildings £ 1,700,000 - 1,700,000 - - - 1,700,000 1,700,000 |
Fixtures and fittings £ 59,829 5,804 65,633 53,688 1,932 55,620 10,013 6,141 |
Total £ 1,759,829 5,804 |
|---|---|---|---|
| 1,765,633 | |||
| 53,688 1,932 |
|||
| 55,620 | |||
| 1,710,013 1,706,141 |
Following a 3[rd] party valuation carried out, the values of the assets above were adjusted in YE 31/12/2023 to reflect the current market value in accordance with FRS 102 guidelines.
Investments
12. Analysis of movement of Commercial investments
| Market value at 01 January 2024 Disposals at carrying value Net gain/(loss) on revaluation Market value at 31 December 2024 |
Investment property £ 1,500,000 - - 1,500,000 |
Listed investments £ 501,094 - 11,468 512,562 |
Total £ 2,001,094 - 11,468 |
|---|---|---|---|
| 2,012,562 |
Following a 3[rd] party valuation carried out, the values of the assets above were adjusted in YE 31/12/2023 to reflect the current market value in accordance with FRS 102 guidelines.
21
CHRIST CHURCH SOUTHGATE PCC Notes to the Financial Statements For the year ended 31 December 2024
13. Analysis of investments between funds as at year ended 31 December 2024
| Investment properties Listed investments |
Unrestricted funds £ 1,500,000 - 1,500,000 |
Endowment funds £ - 512,562 512,562 |
2024 £ 1,500,000 512,562 2,012,562 |
2023 £ 1,500,000 501,094 |
|---|---|---|---|---|
| 2,001,094 |
14. Analysis of movement of Social investments
There were no movements in Social investments this year
15. Debtors
| Amounts due within one year: Trade Debtors and Prepayments |
2024 £ 1,710 1,710 |
2023 £ 1,789 |
|---|---|---|
| 1,789 |
16. Creditors
| Amounts falling due within one year: Trade Creditors and Accruals |
2024 £ 7,402 7,402 |
2023 £ 6,308 |
|---|---|---|
| 6,308 |
22
CHRIST CHURCH SOUTHGATE PCC Notes to the Financial Statements
For the year ended 31 December 2024
17. Movement in funds
Unrestricted and Endowment Funds
| General Designated Funds General Funds |
Balance at 01/01/2024 £ 12,100 3,846,629 3,858,729 |
Incoming resources £ 260,283 260,283 |
Outgoing resources £ (278,200) (278,200) |
Transfers £ - - - |
Gains and losses £ 11,170 11,170 |
Balance at 31/12/2024 £ 12,100 3,839,882 |
|---|---|---|---|---|---|---|
| 3,851,982 |
Unrestricted and Endowment Funds - Previous year
| General Designated Funds General Funds |
Balance at 01/01/2023 £ 12,100 2,980,235 2,992,335 |
Incoming resources £ 272,431 272,431 |
Outgoing resources £ - (229,729) (229,729) |
Transfers £ - - - |
Gains and losses £ 823,692 823,692 |
Balance at 31/12/2023 £ 12,100 3,846,629 |
|---|---|---|---|---|---|---|
| 3,858,729 |
Purpose of Unrestricted Funds
Unrestricted funds include the Reserve policy fund allocated by the trustees in their report.
Designated Funds
These are funds set aside by the PCC - Southgate, for specific projects.
General Funds
These are free reserves at the disposal of the PCC - Southgate, to be applied at their discretion but within the objects of the Church.
23
CHRIST CHURCH SOUTHGATE PCC Notes to the Financial Statements For the year ended 31 December 2024
Restricted Funds
| Restricted Funds | Balance at 01/01/2024 £ 333,904 333,904 |
Incoming resources £ 29,810 29,810 |
Outgoing resources £ (102,260) (102,260) |
Gains and losses £ 298 298 |
Balance at 31/12/2024 £ 261,752 |
|---|---|---|---|---|---|
| 261,752 |
Restricted Funds – Previous year
| Restricted Funds | Balance at 01/01/2023 £ 359,371 359,371 |
Incoming resources £ 14,212 14,212 |
Outgoing resources £ (40,799) (40,799) |
Gains and losses £ 1,120 1,120 |
Balance at 31/12/2023 £ 333,904 |
|---|---|---|---|---|---|
| 333,904 |
Purpose of restricted funds
Restricted Funds
These are funds restricted by the donors of the Church
Purpose of endowment funds
Permanent Endowment Restricted
This is a Permanent Endowment Fund
Permanent Endowment Unrestricted
This is a Permanent Endowment fund
Non-Permanent Endowment Unrestricted
This is a Non-Permanent Endowment Unrestricted, its expendable
Non-Permanent Endowment Restricted
This is a Non-Permanent Endowment Restricted, its expendable
24
CHRIST CHURCH SOUTHGATE PCC Notes to the Financial Statements For the year ended 31 December 2024
18. Analysis of Net Assets between funds
| Unrestricted funds General Funds Restricted funds Restricted Funds Endowment funds Permanent Endowment Restricted Permanent Endowment Unrestricted Non-Permanent Endowment Unrestricted Non-Permanent Endowment Restricted Previous year Unrestricted funds General Funds Restricted funds Restricted Funds Endowment funds Permanent Endowment Restricted Permanent Endowment Unrestricted Non-Permanent Endowment Unrestricted Non-Permanent Endowment Restricted |
Tangible Fixed Assets Investments Net Current Assets/ (Liabilities) Net Assets £ £ £ £ 1,710,013 1,500,000 129,407 3,339,420 - - 261,752 261,752 - - - - - 223,597 - 223,597 - - 275,646 13,319 - - 275,646 13,319 |
|---|---|
| 1,710,013 2,012,562 391,159 4,113,734 |
|
| Tangible Fixed Assets Investments Net Current Assets/ (Liabilities) Net Assets £ £ £ £ 1,706,141 1,500,000 151,494 3,357,635 - - 333,904 333,904 - - - - - 218,593 - 218,593 - - 269,480 13,021 - - 269,480 13,021 |
|
| 1,706,141 2,001,094 485,398 4,192,633 |
25
CHRIST CHURCH SOUTHGATE PCC Notes to the Financial Statements For the year ended 31 December 2024
19.Detailed income and expenditure for the year ended 31 December 2024
| Income Donations and Legacies Charitable activities Investments Other income Total Income Expenditure Diocesan Quota Church premises costs Church maintenance Clergy, choir and service expenses Events, youth and outreach Licences Fabric - major items restricted Other restricted expenses Charity Donations Church supplies Church Development project Parish centre premises costs Parish centre maintenance costs Parish Centre major works Social Responsibility -charitable giving and costs Stories of Enfield HLF Grant Admin costs Staff costs Legal & Professional costs Parish Centre-Caretaker Service Contract Sundry Spire office supplies Bank charges Audit and Accountancy fees Depreciation Total Charitable activities Total Other expenditure Total expenditure |
2024 £ 34,913 184,983 14,972 55,225 290,093 91,300 28,513 2,277 7,537 1,745 645 90,254 9,668 274 2,121 - 16,400 5,992 7,570 7,460 666 7,359 24,845 9,684 11,931 696 860 229 5,760 1,932 335,718 44,742 380,460 |
2023 £ 44,649 173,566 14,353 54,075 |
|---|---|---|
| 286,643 | ||
| 87,775 25,957 5,268 8,556 1,983 613 35,480 5,319 374 2,254 - 16,260 5,460 - 9,811 - 7,749 25,133 7,370 13,814 1,006 805 261 5,760 1,083 |
||
| 268,093 2,435 |
||
| 270,528 |
26