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 trUSt￿S 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 neI￿Ork 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 prO￿sS 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 OVe￿Ight 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-ineLS. 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'tstrt*tsnts 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' E￿Oluments 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 CoSt￿telephone 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 I￿Ve$..￿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