PAROCHIAL CHURCH COUNCIL OF ST. MARY MAGDALENE, PADDINGTON Registered Charity No: 1131696 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31- DECEMBER 2024
PAROCHIAL CHURCH COUNCIL OF ST. MARY MAGDALENE PADDINGTON REPORT OF THE TRusfEES FOR THE YEAR ENDED 31- DECEMBER 2024 INDEX Page Trust*s' Report 1-11 Independent Examinerfs Report 12 ststement of Financial Attivities 13 Balance Sheet 14 Notes to the Financial Ststements
PAROCHIAL CHURCH COUNCIL OF sr. MARY MAGDALENE PADDINGTON Page I REPORT OF THE TRusfEES FOR THE YEAR ENDED 31ST DECEMBER 2024 CONTINUED REFERENCE AND ADMINIsfRATIVE INFORMATION St. Mary Magdalene's Church is part of the United Benefice of St Mary Magdalene and St Peter, Paddington. Tt is sttuated in Rowington Close, Warwick Estate, Paddiogton. It is part of the Diocese of London within the Church of England. The correspondence address is The Vicarage, Rowington Close, London W2 srF. The Parochial Church Council (PCC) is a registered charity (No. 1131696). PCC members who have served from 1st January 2024 until the date this report was approved are: Licensed Clergy: The Rev'd Natssha Woodward Priest-in-charge, Chair Wardens: Virginia Ashton Lesley Chakravorty Treasurer Representative on the Deanery Synod: Marcus Barcham-stevens Elected members: Carolyn Barker-mill Nicky Chakravorty VI Chair Cathy Duckett Nina Irwin Nicholas Kaye (until 19 May 2024) (until 19 May 2024) PCC Secretsry: Nicky Chakravorty (to 22 July 2024) Tavia Allan (from 22 July 2024) sfRucfuRE, GOVERNANCE AND MANAGEMENT The method of appointment of PCC members is set out in the Church Representation Rules. All Church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC. The APCM has detemined that all elected PCC members are elected annually. The parish is in a joint benefice with St Peter Elgin Avenue, which means that one incumbent-status priest is appointed to both parishes simultsneously. The tMo parishes have separate governance and management structures alongside supporting each other in more in more informal ways. In the absen of a Vicar the Churchwardens and PCC members tske on the responsibility of making arrangements for worship and care of the parish. There is one Licensed Lay Minister, Josephine Adegbemiro who is licensed to the parish. The PCC met 7 times during the year in the church or on Zoom. Matters dealt with included planning worship, the building, safeguarding, purchasing new stable figures and matters arising due to Rev Natasha's temporally reduced working hours
Page 2 PAROCHIAL CHURCH COUNCIL OF sr. MARY MAGDALENE PADDINGTON REPORT OFTHE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED The PCC fulfils its responsibilities in close cooperation wtth PDT(Paddington Development Trust, registered charty 1080883, registered company 3652559, www. t.or .uk) who hold a lea on the buildinas (the church and communty centre attached) under faculty dated from 2017 to December 2041,wtth Sundays and some other times and some parts reserved for the PCC. The collaboration of the PCC and PDT is known as the 'Grand Junttion,. PDT sublets the café to Bovingdons, who also provide catering for private events. A separate report is available from the Charity Commission for PDT, who deliver community work in the church in partnership with several other organisations including Westrninster Council. The church remains primarily a place of worship. The governance of Grand Junction is held jointly by nominated PDT trUStS and PCC representstives who form a Management Board. The PCC is represented currently by Virginia Ashton, Nicky Chakravorty along with Rev'd Natasha Woodward who is also a trustee of PDT. The Board is chaired by The Ven Dr Bill Jacob, the fomier Archdeacon of Charing Cross. Staff appointments and financial decisions are made by the Board but the PCC retains its statutory rights and oversight. The parish Annual Meeting has adopted a protocol setting out the process to be followed in maknng the PCC appointrnents to the Board, in order to ensure that the PCC 15 always represented by people in whom they have confidence. AIM AND PURPOSES st Mary Magdalene s PCC has the responsibilty of c(Troperating with the VicarlPrie5t-in-charge, in promoting in the ecclesiastical parish the whole mission of the Church, pastoral evangelistic, social and ecumenical. It also 4as rYa',p.t=-.ar,=e arid oversight responsibiliti- s fo." tle Church and atta=h=d new cO.Mu,nty ce.Itre which are fulfilled in close collaboration wtth PDT. OBJECtIVES AND AcrIvrrIES The PCC is committed to enabling as many people as possible to worship at our church and to become part of our parish community. The PCC maintains an overview of worship throughout the parish and makes suggestions on how our services can involve the manv groups that live within our parish. When planning our activities for the year, the Parish Priest and the PCC have considered the Commission's guidance on public benefit and, in particular, the spectfic guidance on charities for the advancement of religion. In particular we ty to enable ordinary people to live out their fatth as part of our parish community through: Worship and prayer; learning about the Gospel; and developing their knowledge and trust in Jesus. Provision of pastoral care for people living in the parish. To facilitate and further this work it is important that we maintain the fabric of the Church and the communty centre building attached. Risk Management The main financial risk for the PCC is maintaining its responsibilities for a significant building, this is addres*d by the close partnership of the PCC with PDT and its partners, sharing financial infonnation and oversight through the PCCIPDT ioint board. The PCC also seeks opportunitie5 to enhance its own fundraising, for example through encouraging church members and visitors to donate and overseeing its own direct hiring agreements. Other risks including safeguarding and health and safety are managed by the PCC and joint management board trough their regular oversight. The PCC has appointed a safeouarding officer and regularly reviews safeguarding arrangements.
Page 3 PAROCHIAL CHURCH COUNCIL OF sr. MARY MAGDALENE PADDINGTON REPORT OF THE TRusfEES FOR THE YEAR ENDED 31ST DECEMBER 2024 CONTINUED Disclosure requirements concerning fundraising for charities When individuals have been asked for donations, this has been done in a non-aggre55ive way. The Management Board has had discussions about only accepting money from ethical sources. Neither the Church nor the PDT have received any complaints about our fundraising Safeguarding Report for St Mary Magdalene Church Annual Report January 2024 to December 2024 The Parish Safeguarding Officer (PSO) was re appointed in May 2024 Policy Approvals In June 2024 the new PCC adopted the policy statement on safeguarding which is in accordanTr with The House of Bishops, Policy Ststement'Promoting a Safer Church, (2017) and Protecting all God's Children, (2010) and the Diocesan Safeguarding Policy 'Promoting a Safer Diocese, (2018). The latest safeguarding action plan was shared at PCC meeting in June 2024 and access to the document is available to them on Google drive. The action plan highlights the procedure5 and good practice that need to be maintained and reviewed throughout the year. The policy on data collection and prtvacy notice agreed November 2024. Safeguarding is an integral part of the life and ministry of the Diocese of London and 'Safer Churches, is a key priority for our 2030 vision. Safeguarding is the responsibility of evervone who participates in the life of the Church. No serious incidents were reported as safeguarding issues during 2024. Contac¢ Guidance and Support Copies of our safeguarding policies aD.d other key documents are displayed in church and online. The church website and church display board contsins contscts for the parish and a range of organisations that offer specific support and guidance. The Diocesan Safeguarding Team (D) are available at the Diocese of London on 0207 932 1224. Our Area Diocesan Advisor is Claire Meaney Gfwo Cities). There are also monthly neIOrk meetings via Zoom provided by the Diocese for PSOS which are well attended and very useful for latest safeguarding developments and news and it provides support to the PSOS. The church took part in Safeguarding Sunday in November 2024 (an awarene55 campaign) and gave the PCC opportunity to share with the congregation our safeguarding strategies. The Parish Safeguarding Officer is Lorraine Singh .The Children's Champion Cathy Duckett resigned in May 2024 at the APCM. pcc There is a stsndard safeguarding item at every PCC meeting. Discussing safeguarding regularly gives trustees an opportunity to query and clarify qafeguarding matters. They have access to safeguarding documents such as the &7fegu3rding Handbookand 'Responding Pmmpt/yandAppropriate/y to Every Safeguarding Concern orA//egation Members of the PCC have or are in prOsS of undertaking safeguarding tsBining. These must be revisited every three years. Safeguarding Procedures Trustees and evervone working with children and young adults are required to have a DBS check and this is renewed every three years. Much of the church's auditing of safeguarding is now supported by the Parish Dashboard. It is an online tool that helps the church keep track of tts procedures as well as keeping the church infomied about national changes in safeguarding requirements and providing links to appropriate documents and templates. It also generates an attion plan and guidantr in safer recruitment and people management. Lorraine Si17gh January 2024
Page 4 PAROCHIAL CHURCH COUNCIL OF ST. MARY MAGDALENE PADDINGTON REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED Maintenance of the Fabric After the flood in 2021 there remains outstanding work on the organ case. Day to day maintenance of the fabric has been completed. Plans were developed to address urgent maintenance identified by the Quinquennial inspection, along with improvements to the lighting which will reduce energy consumption. Significant work will be needed to keep the principal organ in use. The organ in the undercroft remains unusable, with funds from an insurance claim following f]ooding in 2021 not sufficient to complete the work that would be required. We purchased a Set of Ancient and Modern hymn books a wider range of hymns that we are familiar with. We also purchased a new set of figures for the stable to replace the old very damaged set. Both of these purchases were in part paid by contributions from the congregation. Achievements and Performan The benefice is currently in a period of intentional interim/transition ministry with extra engagement from the diocese in order to develop the best foundation5 now and consider the provision of ministry for the future. This contributed to, amongst other ttems, enabling the safe reopening of St Peterf5 and the provision of additional ministry from clergy (see below). The OVeIght of the interim period developed during the year with the appointment of the Archdeacon of Charing Cross who became chair of the reference group which includes lay representation from both partshes. During the year the clergy team was strengthened with Rev'd Gerrie Sturgeon who at the priest-in<harge's invitation has been supporting weekday ministry at the church. Later in the year Rev'd Kirstine Henderson was seconded from St Mary 5 Bryan5tone Square for one day a week focusing initially on weekday ministry, schools, care home and some Sunday services. Amongst other acttvty they have enabled a new 'Sacred Spa, drop-in on Mondays in the church. Their ministry, that of several other clergy, the Wice Chair of the PCC and parish volunteers made a particularly important contribution over the last quarter when the Priest-in-charge had reduced capacity for health reasons. Usual Sunday attendance was 10-15 (bolstered by St Peterfs members ahead of reopening at the end of June), with 36 across the 2 Easter services. The traditional All Souls Mass, supported by Sussex House School, took place as usual in a packed church. At Christmas the Parish Carol servi was very well attended with members of the congregation as well as new visitors. Sadlyi The Guildhall Alumi Choir were unable to sing for us this year, but we were lucty enough to have various friends of St Mary Magdalene join alongside Lay Clerks and choristers from Caldicott to put together a successful candle lit service. There was a new Community Carol Service put on in conjunttion with Grand Junction and 5UPPOrted by the Community Choir. This together with our traditional Carol servi attracted around 160 congregants. The second year of early- midnight mass (at 9pm) also proved popular with attendance of 45. Other special services included a choral evensong and benedirtion early in the year and a festival choral mass held to coincide with the Westboume Festival - these services were ably supported by the Peregrine Singers. There were 4 weddings, I memorial service and I funeral. The electoral roll reported to the 2024 APCM was 30. Pastoral ministry continued to develop at Forrestor Court care home within the parish. Thursday evening prayer continued each Wk, led by both laty and clergy. Various forms of publicity continued including regular parish emai15, X (fomierly twitter) with 620 followers and developing opportuntties to include parish events in Grand Junction publicity. Looking to the wider benefice, St Peter s reopened for worship in June follovving problems With the building, from when there were nomally 2 seryices in the benefice on a Sunday. The vicarage at St Peters was returned to residential use enabling the housing of Rev'd Paul Davies, Dean of Mission. The benefi office which was within the Vicarage wa5 therefore closed. Papers for the parish of St Mary Magdalene were brought back to its site. The parishes continue to work together for joint services, social events and some administration.
Page 5 PAROCHIAL CHURCH COUNCIL OF ST. MARY MAGDALENE PADDINGTON REPORT OF THE TRusfEES FOR THE YEAR ENDED 31ST DECEMBER 2024 CONTINUED The recently merged St Mary Magdalene & St Stephen's School continued to develop, with dergy and ministers from both churches working closely together to support the school including leading weekly collective worship at St Mary Magdalene's and whole school services in both churches. In order to support the school while one of their buildings was closed for the whole year due to RA4C the parish offered hospitality to the Arabic School (who hire the school on Sundays) who made use of the Studio. Morning Stsr (Borough Parish), an independent church, continued worshipping in the church on Sundays. Our association with the St. Mary Magdalene Music Society continues and rts major event of the year took place on All Souls, Day, when the St. Mary Magdalene Choir and Orchestra and the Sussex House Choir performed a rare revival of the Requiem by Alfred Bruneau in the presen of a large congregation. The Sussex House Singers and Soloists concert took place in May, featuring choral works and orchestrally accompanied solos by outstsnding young perfomiers. In September the annual Duruflé Memorial Recitsl took place, performed by Jem Lowther organ and Oonah Lowther ce//o. This popular event attrarted a packed church.
PAROCHIAL CHURCH COUNCIL OF ST. MARY MAGDALENE PADDINGTON REPORT OF THE TRusfEES Page 6 FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED Grand Junction at St Mary Magdalene's PCC Progress Report, March 2024 2024 in ictures: Ourshared Heritage MENA artworkshop in progress Art workshop participant admiringworkthey had created in The Places We Carry exhibition and girls enjoying theirmum's artwork . To The Table community meal
Page 7 PAROCHIAL CHURCH COUNCIL OF ST. MARY MAGDALENE PADDINGTON REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2024 Grand Junrtion at St Mary Magdalene's (continued} CONTINUED Speed mentoring event as part of Heritage TrainingAcademy Little Red Riding Could familytheatre show and Ten In A Bed schools, show Girls Dance workshop and Green Kids Club trip to The Lookout at Hyde Park
Page 8 PAROCHIAL CHURCH COUNCIL OFsf. MARY MAGDALENE PADDINGTON REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED Grand Junction at St Mary Magdalene's (continued) umm tiviti Fundraising during2024 saw a number of successes, with new fundingsecured from National Lottery Heritage Fund, Westminster's Neighbourhood Community Infrastructure Levy funding, and the public health fund Healthy Communities. As well as securingfour staff members in post, this funding also saw the extension of the number and type of activities delivered at Grand Junction. Healthy Communities funding has supported a new Community Projects Worker helpingwith the set up and day-to-day deLiveryof our aduLt classes. This funding also sawthe addition of two more health and welLbeingfocused activities", Zumba, Dance for Girls, Baby Sing and Sign, and Baby Massage. These cLasses aLL began from April 2024 and have proved popular, particularlythe Babysing and Sign, which sometimes has a group of 25 parents and babies. WCC NCIL fundingwas key in developingthe role of a Community Projects Manager-we had long needed a post to specificaLLy oversee the adult learning programme, which has become such a Large part of whatwe do. This funding also allowed us to introduce a Chairyoga cLass, which provides important provision for older people and those with mobility difficulties. This class began in September2024 and is proving popular. We feltvery luckyto be able to continue our reLationship with Heritage Fund, through a further three-years of fundingforthe newyou Are Here project. This funding aLLowed us to adapt Holly Henry's post into a Heritage and Volunteer Manager role, which alLows her to reaLly invest in and extend the brilliant heritage-focused work she has been doing in deveLopingthe tours. It also continues the part-fundingforour Marketing Manager, who we really couLdn't do without. Activity-wise, it extends the aims of the Ourshared Heritage project, in directly making an offer to particular Local communities in orderto engage them with the building and the work we do here. We have been developing and are aboutto launch an art projectworkingwith the Sudanese community, pLus cultural nights focused on the Caribbean communitywilLfolLow Later this year. You Are Here has a big digitaLfocus, and Holly is currentLyworkingwith a group of Heritage Engagementvolunteers to develop a new digitaLguide forst Mary Magdalene's. This WILL be a guide that peopLe can either downLoad on their phones or pick up a device from the cafe, to walk round the buildingwith. UsingAR to bring, for example, GE Street to Life orto visualise the terraced housingthat once stood around the church, we arevery excited bythis. We are just atthe stage of commissioning an interpretation designerto work on the development, with input from the volunteers guided by Holly. Otherstrands include newwalkingtours setting off from GJSMM, and expLoring aspects of local history, incLudingthose relevantto our diverse local communities. PLUS a digit8L version of our tried an d tested Takeover the Future
PAROCHIAL CHURCH COUNCIL OF sr. MARY MAGDALENE PADDINGTON REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2024 Grand Junction at St Mary Magdalene's (continued) Page 9 CONTINUED project, working with local 16-18 year oLds. Before beginning the You Are Here project, we successfully completed Our Shared Heritage, with severaL moreTo The Table {community meaLI events, and the month-long run ofThe Places We Carryexhibition. The onLine version can be viewed here: ran tion. la xhi Beyond Takeover, our young peopLe's programme continues to fLourish. As well as Junction Juniors, YoungActors, and Green Kids Club continuingto run after-school, we have just started a year-long piLot of a youth club on Wednesday evenings, funded by Westminster council. This is more of an open-access provision, with games, art activities, heaLthyfood, and youth workers on hand to supportthe young people. Art Party, our monthLyfamily art workshop, continues to run. Atthe end ofjanuarywe received the good news that we were successful in ourArts Council England application. This fundingwill support us to re-start ourfamilytheatre programming, funding 18 famiLyshows and 5 schools shows over22 months. Excitingly, it also funds an R&D rehearsaL period deveLoping our first Grand Junction theatre show, in partnership with Shubbak Festival. This wilL be a new show made by an ArablSWANA-led creative team and exploringthe experience of Arab famiLies Living in the UK. We embarked on this project because when we wentto programme something like this we found there was nothing out there. So we talked to Shubbak about making one ourselves! This is a really exciting creative development for us as an organisation. Beyond the community programme, 2024was our busiestyear so far in terms of the number of concerts, with an ecLectic range of shows incLudingAmerican singer-songwriterJoanna Sternberg, the return of Egyptian Jazz Projekt, British-Bahrani trumpeter Yazz Ahmed, contemporary cLassicaLJoep Beving and Maarten Vos, and a number of ceilidhs. We also saw the successful return of Olive Jar, our communitytheatre show, for another sell-out run, this time as part of the ELixir FestivaLfeaturing concerts from Arab artists. The hires of the spaces managed by Grand Junction, also continued to grow, with regular bookings from Westminster Council and the NHS. There has, however, continued to be a major challenge overthe pastyear in the continuing under-performance of Bovingdon's. Their events and cateringconcession, is an important part of the budget. With a dramatic drop in events tiustfourin 2024) this has been a big blowto our finances, with increased in-house hires only beingable to make up so much of the shortfall.
PAROCHIAL CHURCH COUNCIL OF sr. MARY MAGDALENE PADDINGfoN REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED Grand Junction at St Mary Magdalene's (continued) Further challenges continue through the increased utiLities and maintenance costs, and the high Level of fundraising that is required to sustain the ambitious programme of activities. 2024 in numbers: sitors: 23,708 visitors (this does not include parish numbers for undays) taking us to 142,709 visitors since opening in 2019. dult classes: In 2024, there were 5150 participations in our adult classes. with 16 classes offered each week on average. essions for here were 2,796 participations by chiLdren. young peopLe, and amilies in ouryoung people's and famiLies programme. hildren and ung people: mmunity vents: e organised 3 large community events. a spring Go Green Festival, ook part in Westbourne FestivaL. and an autumn festival. ours: olunteer-led tours continued with 2 per month, many of which are now soLd out to the 25 capacity, plus other bespoke tours for groups n request. olunteers= 120 volunteers have supported our events and activities. usic and arts 9 concerts. plus family shows and other cultural events, attended by ,469 people, meaning now over 23,000 people have attended a cuLturaL event since opening. vents:
Page 11 PAROCHIAL CHURCH COUNCIL OFsf. MARY MAGDALENE PADDINGfoN REPORT OF THE TRusfEES FOR THE YEAR ENDED 31- DECEMBER 2024 CONTINUED Financial RevÉew Unrestricted funds As detailed in the Financial Statements the total income on ordinary unrestricted funds was £28,449 while the total expenditure amounted to £18,688. The net income amounted to £9,761. The unrestricted fund totalled £91,962 at 31 December 2024. We also raised £17,675 from community lettings. For 2024 Morning 5tsr was again the only church sharing our building. Our agreed Common Fund contribution was £10,000; after consultation and, to reflect our unTrrtain income. We have agreed a 2025 Common Fund offer of £11,150. Restricted funds The Projeci Fund has now been renamed the SMM Repair & Maintenance Fund (SMM R&M Fund) Our restricted funds at year end decreased by £8,119 to give a total of £95,047 at 31 December 2024. This consisted of £63,521 in the SMM R&M Fund and £31,526 in other funds. Reserves Given the flurtuation in donations received, the Parochial Church Council's policy is to retain sufficient funds to continue its operations. The Trustees have regular meetings to discuss and consider the status of the Church's funding, reserves, risks, and investments. ststement of responsibilities of the Trustees of P.C.C. St. Mary Magdalene in respect of the Trustees. annual report and the fjnancial statements The Parochial Church Council's Members are responsible for preparing a trustees, annual report and 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 and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resour and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistent. obseNe the methods and principles in the applicable Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject tr) any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the current Church Accounting Regulations, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. The trust5 are responsible for the maintenance and integrity of the charty and financial information included on the charity's website in aOrdanCe with legislation in the United Kingdom governing the preparation and Llissemination of financial statements. Signed on Behalf of the Pa ochial Church Council on 2 Hort 2025 The Revd Natasha Wood Chair Lesley Chakt3VOtty Treasurer
Page 12 INDEPENDENT EXAMINER'S REPORT I O TFIE MEMBERS OF PAROCHIAL CHURCH COUNCIL OF ST MARY MAGDALENE, PADDINGTON I report on the accour,ts of the Charity for the year ended 31st December 2024, which are set out on pages 13-21 Resposibilities and basis of report As the charity trustees of the Trust you are resposible 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 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5}(b) of the Act Independent examiner's statement I have completed my examiriation. I confirm that no material matters have come to Tri y 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 wtth those records", or 3. the accourits do not comply with the applicable requirements conceming the fomi 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 Name, Address & relevan alification(if any) IhoL RJcip8b I VKOR ¥1, kn CL¥Kr 102ti 251ri. Date
Page 13 PAROCHIAL CHURCH COUNCIL OF ST MARY MAGDALENE, PADDINGTON STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 TOTAL Unresthcled Restricted Endowment FUNDS Funds Funds Funds 2024 TOTAL FUNDS 2023 Notes Incoming resour¢e5 Voluntary income Activities to fvrtherthe WO of the church Income fron7 opefttion activities to generate funds Income from investments Other incoming reSoUrS Income for SMM R&M 4a 7,144 19,251 4.199 11,343 19.251 6,887 16,658 4b 4c 4d 2,054 139 2.193 1,732 4e 4f Total incoming resources 28,449 4,337 32,786 25,277 Resources expended Church Activities Church management and administration SMMR&M Otherpayments Governance Costs Total resources Èxpended 5a 17,175 1,513 6,668 60 5,208 23.843 1,573 5,208 15.060 1,112 305 5b sc sd se 2,800 14,736 2,800 33.424 3,300 19.777 18,888 Net in¢ominglloutgoing) resources Transfer between funds 9.761 {2,279} 110,398) 2,279 (638) 5,500 Otherrecognised gaInosSeS Gains/(losses) on investment assets Net movement in funds 7,099 7,099 777 777 777 2,857 8,357 14,581 18,1191 7.238 Total funds brought forward at 1 January 2024 77,381 103,166 39,837 220.384 208,793 Total funds carried forward at 31 De¢ember 2024 91,962 95,047 40,614 227,622 217,150
PAROCHIAL CHURCH COUNCIL OF ST MARY MAGDALENE, PADDINGTON Page 14 BALANCE SHEET AT 31 DECEMBER 2024 Notes 2024 2023 Fixed assets Tangible assets Quoted Investments 7,099 40,613 39,836 Total fixed assets 47,712 39,838 Current assets Debtors Caoh at bank and in hand 780 181,052 181,832 16,201 170,675 186,876 Creditors: amounts falling due within one year 10 1,923 (9,562) Net current assets 183,755 177,314 NEf ASSETS 231,467 217,150 Funds Endowment funds 40,613 39,836 Restricted funds 12 95,046 103,166 Unrestricted funds 91,962 74,148 227.822 217,150 Approved by the Parochial Church Council on 20th February 2025 and signed on its behalf Rev Natasha Woodward Chair Lesley Chakravoty Treasurer l ffl C(100{
Page 15 PAROCHIAI nHURCH COUNCIL OF ST MARY MAn4JDALEN'E, PADDINGTON NOTES TO THC FINANCIAL STATEMENTS FOR THC YEAR ENIDfD 31 DECEiVISER ?024 1. Accounsing pclicies Statutory information Tl- Parochial Church Caup,cil cf the EcclesiastiC81 Parish of St Klary Kqaad21_ .ie,Paddington, is a Parish Church, domiciled in Englano, and with the Cherities Commision registration number 1131696 The Church is a charity and is reaulated by ihe ftlariti-s Commision and the Church o": England. The registCAred address is Tha IJic2raae, Rowington Close, London: W2 5TF staiement of Compliance The financial statements have been prep2red in accordar,ce with Accoup,ting 8id Repotting by Charities= Statement of Recommende Practice applicable to charities preparing their accounts in acco.'dance with the Fin2ncial Reportina Standard applic£ble in ihe UK 2nd Republic of Ireland IFRS102} (effective 1 January 20151- (Charities SORP {FRS 102}I, the Financial Reporting Stsidard applinable in th- UK and Republin or Ireland (FRS102) (as 2mep,ded by . QORP iJpd2te bulletins 1 tc 3) and th- Charititss Act 2011 The", e i'iere no material departu'i es Tf-T, tb,e stoftdard. The Chari¥ meets Lhe definiLion of a public benefit entity under FRS 102. AsseLS and liabiliiies are iniLially recognis-d at historical cost or tf&ns2Ction value Ltnless othappiise st2ted in tha releiJ2nt accountip,g Dolicy notelsi The financial stateTents are prep2rer4 in sterling li, . hich is the runctional nurrency of th.e charity. Accounting Policies pr,'n-ipal a- -ccdn'dng polic:-s adopt-d ;-p, th- pr"p2r2ticn Oi tho Tinanci21 st2tements are sot OL't below and have remained unchanged from the previous year, and also khave been consistently applied viithin the same accour. (a) Basis of Accounting The FinaTci21 Qra+k2mCAnts b,aiia betsp, prapG'.- in 2ncnrdance iNj+h thts cl1rr". Church, .4ccoup.ting Regul2tions. iogeiher with appjicsble accounting SLand8rds and Ch2fTties SORP IFRS 102). The Financial Statements nave been prepared under the historical cost convention as modiried by the inclusion of investrftenLS at marKet value and the re-valuation Oi I Ixed as>eLS. The I Ifiancial s"LaterrienLJ include all transacLions,assets and liabilities for which the PCC is responsible for in12w. They do not in-lude the accour.ts of church ".CLbnS tha+ ov., 2ffil;.atiAn to 2nothar bor411 ,nor those Lvhich are informal gatherings o-: church members. The Trustees have reviewed the Charity's financial position and considered the impact of future actlVlLies, to ensura it is appropriate to oroduce the accounts on 2 going concern basis.
Page 16 PAROCHIAL CHURCH COUNCIL OF ST MARY NIAGDAI ENE, PADDINGTON NOTES TO THE FIN'ANCIAL STATEMENTS (continued) FOR THE VEA.R EK,DED 34 DECED.qBfR 2024 1 Accounting Policies (continued) (b) FLinds Accounting Funds held by the PCC are", Unrestricted funds General funds that can be used for the PCC ordinary purposes. Endowment funds Income from trusts or endowmenis which may be expended only on those restricted objects provided in the terms of the trusL or beouest. Restricted i unds Donations or grants received for a specific object or invited by the PCC for a specific object. The funds may only be expended on the SDecific objeci ior which they were given. Anv balance remaining unspent at Lhe end OT the year is carried forw2rd as a balance on that fund. {c} 1ncomi.ng resources All incoming resources are accounted for aross. Volunts Income Collections a,'e recognised vjhen received. Planned giving receivable is recognised only when receivtrd. GranLS and legacies are recognised when Lhe PCC is leg311y entitled to the amount due. Income from investments Dividends are accounted Tor when due and payable. Interesi entitlements are accounted foir as they aDcrue All other income All OLher income 1> recoonised when it is receivable. Gains and losses on invesiments Realised oains are recoqnised when investments are sold. Unrealised gains and losses are accounted for on revciluation on 31st December. (d) Resouces expended Resources expended are accounted for on an accruals basis and are accounted ior orioss. Grants GranLS and donations are accounted for when paid over, orwhen awarded where the award creates a binding obligation on the PCC Church Activities I he diocesan parish contribution is accounted when paid. Anv parish contribution unpaid at 31st December is provided for in these accounts 3s an oper3tional (thouoh not a legGI) lisbiliy and is shown as a creditor in the balance oheet,
PAROCHIAL CHURCH. COUNCIL OF ST MARY MAGDALENE, PADDINGTON NOTES TO THE FINANCIAL STATEMENTS {continued} FOR TFI.E YEAR ENDED 31 DECCAIIBER 2024 Page17 1 Accounting Policies (continued) (e) Fixed Assets Tangible fixed asseLS Consecrated 8nd beneficed property of any kind is excluded from the account5. Moveable church furnishing held by the Vicar 2nd Churchwardens ori special trust for the PCC and which require a faculty for disposal. are accounted as inalienable propety unless consecrated. They are listed in the church's inventory which can be inspecied Invesiments InL'tstrttsnts are stated at markcJt value at +he ba12nce sh.eet dete. {fj Current Assets AmounLS owing to the PCC at 31 December in respect of fees,rents or other incoime are shown as debtors less provision for amounLS that may prove uncollecÈble_ Short-term deposit> include cash held on deposii either with Lhe CBF Church OT England Funds. or a+ the b2nk (g) Basic Tinancial instwments Other debtors are recognised initiallv at trans8Ction price less attributable transaction costs. Other creditors are recognised initially 8t transacLion price plus attributable transaction costs. Subseoueni to initial recognition they are measured ai amortLised cost using the eftective inLerest method, less any impairment losses in Lhe C¢se of Lftsde debtors. If the arrongement coristitutes a Iinancino transaciion,for example if payment is da"ierred beyond normal business terms, then it is measured at the present Value of future p3yments discounted St a market raLe of instrument for a similar debt ip,strument_ (h) Support cost allocation Support costs, Ir,Ihich inclLide offica fuii Ciions such 2s oeneral man2aement: budgeting and accountino: iniormation technology, human resources and fintrficing are allocated across the C8togories of charitabe expenditure, goivernance costs and costs Tor oe,-eratng nds. 2 TrL's•es' EOluments None of the Trustees received any emoluments. The Trustees were reimbursed L300 (2023-£niS) for goods purchased for the church during the year. 3 Etr.tployee Information The average number of persons lincludinothe Clerk to the Trustees) employed during the year was nil (2023.'nil}. The church benefitted from ihe servces of ca. 30 unpaid volunteers {2023: 30) V¥fho perfiormed a myriad of Lasks, and without ,hoM the cb.urc i&Jould not be able LO function.There were no seconded sÈff irom other oroanisations {2023= nill_
Page18 PAROCHIAL CHURCH COUNCIL OF ST MARY MAGDALENE, PADDINGTON NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 4 Incoming resources TOTAL FUNDS 2024 TOTAL FUNDS 2023 Unrestricted Restricted Funds Funds Voluntary income Planned giving Collections and other giving Income tax recoverable Donations Heritage Lottery Fund (VAT recoverable) Donations from other Trustslcharities 1,825 2,116 335 2,868 1,825 2,116 335 7.067 1,778 1,580 325 14,110 -10,906 4,199 7,144 4,199 11,343 6,887 Activities to further the work of the Church Local communty use of the Church Centre Fees from weddings etc Fundraisinglcommunity activities 17,675 1,576 17,675 1,576 15,120 1.538 19,251 19,251 16,658 Income from operation activities to gerFerate funds d Investment income Dividends & Interest 2,054 139 2,193 1,732 2,054 139 2,193 1,732 Other other incoming resources Miscellaneous f SMM R&M Total incoming resources 28,449 4,337 32,786 25,277
Page19 PAROCHIAL CHURCH COLINCIL OF ST MARY MAGDALENE, PADDINGTON NOTES TO THE FINANCIAL STATEMENTS {continued) FOR THE YEAR ENDED 31 DECEMBER 2024 5 Resources expended TOTAL FUNDS 2024 TOTAL FUNDS 2023 Unrestricted Restricted Funds Funds Fundraising Activities Church Activities Diocesan parish share Church running expenseslservice costs Organ repairslservice Organist Communitylministry Insurance Building maintenance RenewallReplacemenURepair Miscellaneous supplies 10,000 1,116 2,016 3.298 50 155 10,000 1,566 2,016 3,298 596 155 8,000 752 1,440 4,100 51 717 450 546 539 5,672 6.211 17,175 6,668 23,843 15.060 Church management and administration Office running CoSttelephone Bank charges Vicaragel Vicar expenses 243 72 1,198 243 132 1,198 327 132 653 60 1,513 60 1,573 1,112 SMM R&M 5,208 5,208 305 5,208 5,208 305 Otherpayments Governance costs Independent examination fee {for 2023) 2,800 2,800 2,800 2,800 3,300 3,300 Total resources expended 18,688 14,736 33,424 19,777
PAROCHIAI CHURCH COUNCIL OF ST MARY MAGDALE.NE..PADDINGTON NOTES TO THE FINANCIAL STATfPUtENTS (continued) FfiR THE E,NTDtn 3•! DEPE.IklBER 2024 Page 20 6 Fixed Aese*s 6a IVe$..ents 2024 2023 St Kllartb.a's H.£ll TDJSt, QuoTed Investments Market Value 1 January 2023 Unrealised aains /{losses) Market value 31 December 2024 Cash Deposit Balance 33,620 777 30,763 2.8i7 33,620 6,216 39,836 40.613 Investments at the year-end comprise £40,613 at market value in St Martiha's Hall Trust st Martha's Hall Trust InvestmenL is held at CBF Church of England Investment Fund. Only the interest from the investment is 8vailable to the PCC, the capital remains intoCL. 6b Tangible Stable Figures 6,911 Hymn Books 888 Cost Depreciation A.t 31 st December 2024 6,211 A88 Total 7,099 7 Funds brought fomiard January 2024 divier from those carried forward December 2023 by £3,233. This was due io an error in allocatino the oovernance fee. 8 Debto 2024 2023 Sundry debtors 16.201 780 16,201
PAROCHIAL CHURCH COUNCIL OF ST MARY MAGDALENE, PADDINGTON Page 21 NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 9 Cash at Bank & in Hand 2024 2023 Caf Bank HSBC Uk plc 65,443 115,609 181,052 71,211 99,464 170,675 10 Creditors 2024 2023 Accruals Other creditors 1,923 6,702 2,860 9,562 1,923 11 Restricted Funds SMM R&MI Project Fund Other Total Balance on 1 st January 2024 Income Expenditure Transfer 71,210 379 8,068 34,235 3,959 6,668 105,445 4,337 14,736 63,521 31,526 95,046 The balance of the Project Fund has been retained as a sinking fund for future repairs & maintenance. This fund is now known as SMM R&M Fund