OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-12-31-accounts

Charity Registration No. 1131721

ST MARY MAGDALENE WITH ST MARTIN ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

ST MARY MAGDALENE WITH ST MARTIN

LEGAL AND ADMINISTRATIVE INFORMATION

Incumbent Rev A Johnson Charity registration number 1131721 Principal address Canning Road Addiscombe Croydon Surrey CR0 6QD Independent examiner Ledger Sparks Limited Airport House Suite 43-45 Purley Way Croydon Surrey CR0 0XZ

ST MARY MAGDALENE WITH ST MARTIN

CONTENTS

Page
Parochial Church Council report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 15

ST MARY MAGDALENE WITH ST MARTIN

PAROCHIAL CHURCH COUNCIL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Parochial Church Council present their report and financial statements for the year ended 31 December 2020.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the PCC's governing document, the Charities Act 2011 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 20 1 5.

St Mary Magdalene is a Church of England Parish Church, governed by the Parochial Church Council of the ecclesiastical parish of St Mary Magdalene with S t Martin, Addiscombe - a Registered Charity No.1131721. The Governing Document of the PCC, in common with all Anglican churches, consists of two Church of England "Measures" (laws): the Parochial Church Councils (Powers) Measure 1956 as amended and the Church Representation Rules (contained in Schedule 3 to the Synodical Government Measure 1969 (as amended).

Structure, governance and management

The PCC of St Mary Magdalene with St Martins has the responsibility of cooperating with the Incumbent, Rev Amanda Johnson, in promoting in the Parish the whole mission of the Church: - pastoral, evangelistic, social and ecumenical.

Membership of the PCC

Clergy Rev. Amanda Johnson (Vicar): Chair of the PCC Rev. Amanda Johnson (Vicar): Chair of the PCC
Readers Regina Chitambara Regina Chitambara
Up to APCM Post APCM
Churchwardens Trudy Nieto Chris Gee
Chris Gee Isabella Lisk
PCC Secretary (non-voting) Phil Dent Jen Welby
PCC Treasurer (co-opted) Christopher Hunt Helen Koukoulis
PCC Elected Members Emma Barlow Emma Barlow
Louisa Bravery Louisa Bravery
Janet Cotterill Janet Cotterill
Veda Jayachnadran Vedha Jayachandran
Wenton Lespierre Ruth Johnson
Chloe Lowry Chloe Lowry
Clementina Odesanya Clementina Odesanya
Shona Okeke Shona Okeke
Paul Teague Paul Teague
Barbara Yankah Peter Welby
Barbara Yankah
Deanery Synod Reps Tony Fisher Tony Fisher
Elaine Hayward Elaine Hayward
Anand Jothi Anand Jothi
Ashley Mills Ashley Mills

ST MARY MAGDALENE WITH ST MARTIN

PAROCHIAL CHURCH COUNCIL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Standing Committee

The Standing Committee is required by Law and meets between PCC meetings to transact day-to-day business of the PCC subject to any direction given by the PCC. The Standing Committee members are the Vicar, Church Wardens, Secretary , Treasurer and PCC Representatives .

Church Membership

As at 31/12/20 20 , there were 1 09 members on the Parish Electoral Roll, of which 38 were resident in the Parish and 71 non-resident.

Achievements and performance

Trustees' Review of the Year

The church’s ministry has, like all other churches, been challenged and changed by the Covid 19 Pandemic .

For the first 2 and a half months we were able to continue with our outreach cafe based ministries and our 0-5’s ministry. However, with the first lock down in March – July 2020 these ministries had to stop. Churches were closed so we chose to record services and release them online on Sunday morning, followed by a Zoom meeting for as many as wanted to touch base and chat after the recorded service had ended.

We continued our contact with families we knew through weekday ministries by emailing or ‘royal mailing’ them stories and activities for the children to do. This was much appreciated. We started a pre-recorded 'thought for the day’ on you tube which was a source of encouragement for many in isolation.

Our pastoral ministry was carried out by phone. We contributed to manning a newly set up community Food Drop off, where food was collected for the food banks to deliver.

We returned to services in person on Sundays in late July, with the church following national c of e guidance on safe, and about 30 came to worship in person. We began to live stream our services at this point so that all church family could be part of the service.

There was no opportunity to meet together or socialize so we lost our on many other activities we engage in.

On Remembrance Sunday and in December we held a number of festival services outside, or partly outside, so we could sing together, given we could not sing in the building. These out door services we attended by a number of our local community.

We were not able to invite the local schools to our Christmas Journey. Instead, we made puppets of each of the characters and recorded a much lauded video of Puppet Christmas journey that could be accessed via our website. Our local schools enjoyed using this version of our Christmas story. Our musicians and singers recorded a CD of Christmas music that was also accessed through our website.

Very sadly in 2020 we had two members of the church dies from Covid. We also lost 2 other much loved members who died for other reasons.

A number of church members moved away from London, and one of members was selected for ordination training from September.

Financial Review

The PCC and the APCM adopted a challenging budget for 2020. Our focus is on meeting day to day expenditure. Our Parish Support fund pledge of £63,225 was met in full.

ST MARY MAGDALENE WITH ST MARTIN

PAROCHIAL CHURCH COUNCIL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

General Income and Expenditure

The Church’s principal source of funding this year was legacies, amounting to almost 57% or our income. The giving of our congregation, before Gift Aid, was just sufficient to meet our Parish Support Fund pledge, so all the maintenance, worship and mission activities of the church were funded by Gift Aid, special collections and “trading activities” – room hire and rental income. Generally, the level of regular giving was steady.

Expenditure was dominated by the pledge to support the Diocese (50%). The pledge supports the work of the Diocese and an extremely high proportion of this goes to clergy salaries, housing, training and pensions.

Another 10% of our expenditure is spent on heating, electricity, water and waste charges. The remaining 40% is spent on maintenance of our beautiful Grade II* Listed Building, on missions, wages and general running expenses. We incurred costs in roof repairs and soffit replacements in the Magdalene Centre.

Church Funds

At the end of the year, we held cash and fixed property assets (see Balance Sheet).

Accounts

The full accounts are presented. These have been Independently Examined in accordance with Charity Law and the current Charity Commission SORP requirements by Chartered Accountants, Ledger Sparks Limited.

It is proposed that Ledger Sparks Limited are appointed as Independent Examiners for 2020.

The Parochial Church Council r eport was approved by the Board of Parochial Church Council.

..............................

Rev A Johnson

Vicar and Chair of the PCC Dated: ......................... 14/06/2022

ST MARY MAGDALENE WITH ST MARTIN

INDEPENDENT EXAMINER'S REPORT

TO THE PAROCHIAL CHURCH COUNCIL OF ST MARY MAGDALENE WITH ST MARTIN

I report to the Parochial Church Council on my examination of the financial statements of St Mary Magdalene with St Martin (the PCC) for the year ended 31 December 2020.

Responsibilities and basis of report

As the Parochial Church Council of the PCC you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the PCC’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2015 which is referred to in the extant regulations but has now been withdrawn.

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

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

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 financial statements to be reached.

Ledger Sparks Limited

Airport House Suite 43-45 Purley Way Croydon Surrey CR0 0XZ

14.06.2022 Dated: .........................

ST MARY MAGDALENE WITH ST MARTIN

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted Restricted Endowment
funds
funds
funds
Notes
£
£
£
Income from:
Donations and legacies
2
113,391
5,695
-
Other trading activities
3
2,644
-
-
Investments
4
10,987
-
-
Total income
127,022
5,695
-
Expenditure on:
Raising funds
-
-
-
Charitable activities
Costs of services and outreach
5
22,482
-
-
Grants
5
-
-
-
Cost of website and advertising
5
355
-
-
Total charitable expenditure
22,837
-
-
Governance costs
7
97,419
-
-
Total resources expended
120,256
-
-
Net income for the year/
Net movement in funds
6,766
5,695
-
Fund balances at 1 January
2020
455,665
10,501
288,000
Fund balances at 31 December
2020
462,431
16,196
288,000		 Total
2020
£
119,086
2,644
10,987
132,717
-
22,482
-
355
22,837
97,419
120,256
12,461
754,166
766,627		 Total
2019
£
152,018
8,334
10,836
171,188
-
20,854
5,001
501
26,356
97,295
123,651
47,537
706,629
754,166

ST MARY MAGDALENE WITH ST MARTIN

BALANCE SHEET

AS AT 31 DECEMBER 2020

Notes
Fixed assets
Tangible assets
8
Current assets
Stocks
9
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within
one year
11
Net current assets
Total assets less current liabilities
Capital funds
Endowment funds
Income funds
Restricted funds
Unrestricted funds		 2020
£
175
10,255
152,233
162,663
5,510		 £
609,474
157,153
766,627
288,000
16,196
462,431
766,627		 2019
£
175
5,527
142,974
148,676
3,045		 £
608,535
145,631
754,166
288,000
10,501
455,665
754,166

The accounts were approved by the Parochial Church Council on ......................... and are signed on its behalf 29.05.2022 by:

.............................. Rev A Johnson

Vicar and Chair of the PCC

ST MARY MAGDALENE WITH ST MARTIN

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

Company information

St Mary Magdalene with St Martin is a registered charity. The Charity registration number is 1131721. The principle address is Canning Road Addiscombe Croydon Surrey CR0 6QD.

1.1 Accounting convention

The financial statements have been prepared in accordance with the PCC's [governing document], the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The PCC is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling , which is the functional currency of the PCC . Monetary a mounts in these financial statements are rounded to the nearest £.

The accounts have been prepared on the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Parochial Church Council have a reasonable expectation that the PCC has adequate resources to continue in operational existence for the foreseeable future. Thus the Parochial Church Council continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Parochial Church Council in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the PCC.

ST MARY MAGDALENE WITH ST MARTIN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.4 Incoming resources

Voluntary income and capital sources

i) Collections are recognised when received by or on behalf of the PCC.

ii) Planned giving receivable under covenant or Gift Aid donations is recognised when the income is recognised.

iii) Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement and the amount due.

iv) Sale of books and magazines from the church bookstall are accounted for gross.

Other income

Rental income from letting of the church premises is recognised when the rental is due. Income tax recoverable in relation to donations received under Gift Aid or Deeds of Covenant is recognised at the time of the donation.

Income from investments

Interest entitlements are accounted for when receivable.

Funds

General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purpose of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted.

The accounts include all transactions, assets and liabilities for which the PCC is responsible law.

1.5 Resources expended

Grants

Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC.

Activities directly relating to the work of the Church

The Diocesan parish share is accounted for when paid.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings No Depreciation Fixtures, fittings & equipment 20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Impairment of fixed assets

At each reporting end date, the PCC reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

ST MARY MAGDALENE WITH ST MARTIN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure for the year , unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the PCC is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Donations and legacies

Unrestricted
Restricted
funds
funds
2020
2020
£
£
Donations and gifts
113,391
5,695
For the year ended 31 December 2019
147,758
4,260		 Total
2020
£
119,086		 Total
2019
£
152,018
152,018

ST MARY MAGDALENE WITH ST MARTIN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

3 Other trading activities

Unrestricted
funds
£
Non-charitable trading activities
2,644
For the year ended 31 December 2019
8,334
Investments
Unrestricted
funds
2020
£
Rental income
10,200
Interest receivable
787
10,987		 Total
2019
£
8,334
8,334
Total
2019
£
10,200
636
10,836

4 Investments

ST MARY MAGDALENE WITH ST MARTIN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

5 Charitable activities

Costs of
services
and
outreach
£
Activities undertaken directly
20,558
Support Costs
-
Governance costs
1,924
22,482
Grant funding of activities (see note)
-
22,482
Analysis by fund
Unrestricted funds
22,482
22,482
For the year ended 31 December 2019
Unrestricted funds
20,432
Restricted funds
422
20,854
Grants payable
CMS
CMJ
Bible Society
Open Doors
Church Army
Tear Fund and Other		 Grants
Cost of
website and
advertising
£
£
-
-
-
355
-
-
-
355
-
-
-
355
-
355
-
355
-
501
5,001
-
5,001
501
2020
£
-
-
-
-
-
-
-		 Total
£
20,558
355
1,924
22,837
-
22,837
22,837
22,837		 2019
£
20,854
501
-
21,355
5,001
26,356
20,933
5,423
26,356
2019
£
834
834
834
833
833
833
5,001

6 Grants payable

ST MARY MAGDALENE WITH ST MARTIN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

7 Governance costs

Wages and salaries
Insurance & repairs expense
Repairs and maintenance
Office expenses
Legal and professional
Sundry expenses
Bank charges
Governance costs
Depreciation
For the year ended 31 December 2019
8
Tangible fixed assets
Cost
At 1 January 2020
Additions
At 31 December 2020
Depreciation and impairment
At 1 January 2020
Depreciation charged in the year
At 31 December 2020
Carrying amount
At 31 December 2020
At 31 December 2019		 Unrestricted
funds
£
10,146
869
12,706
3,866
2,370
3,363
135
63,404
560
97,419
97,295
Land and
buildings
Fixtures,
fittings &
equipment
£
£
608,000
21,419
-
1,499
608,000
22,918
-
20,884
-
560
-
21,444
608,000
1,474
608,000
535		 Total
2019
£
7,687
1,329
17,015
3,823
2,370
308
125
63,432
1,206
97,295
97,295
Total
£
629,419
1,499
630,918
20,884
560
21,444
609,474
608,535

ST MARY MAGDALENE WITH ST MARTIN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

8 Tangible fixed assets

(Continued)

Consecrated property and movable church furnishings

Consecrated and beneficed property of any kind is excluded from the accounts. Moveable church furnishings held by the Vicar and Churchwardens on special trust for the PCC, and which require a faculty for the disposal, are accounted as inalienable property unless consecrated. They are listed in the church's Inventory which can be inspected if required.

All expenditure incurred during the year on consecrated or beneficed buildings and movable church furnishings, whether maintenance or improvement, is written off as expenditure in the SOFA and separately disclosed.

The house at 68 Elgin Road, Croydon had an estimated market value of £220,000 as at 26 March 2004. The property was revalued by Cray & Norton, a local estate agent on 3 February 2014 and is included in the Balance Sheet at £320,000.

The legal title holder of house at 68 Elgin Road is Anglican Diocese of Southwark and the beneficial owner is St Mary Magdalene with St Martin .

The Magdalene centre is valued at £288,000, being the re-instatement cost recommended by the PCC's insurance company.

9
Stocks
Raw materials and consumables
10
Debtors
Amounts falling due within one year:
Other debtors		 2020
£
175
2020
£
10,255		 2019
£
175
2019
£
5,527

Amounts owing to the PCC at 31st December in respect of fees, rents, income tax recoverable or other income are shown as debtors.

11 Creditors: amounts falling due within one year

Other creditors
Accruals		 2020
£
32
5,478
5,510		 2019
£
-
3,045
3,045

The trutees consider the carrying amounts of current liabilities approximate to their fair values.

ST MARY MAGDALENE WITH ST MARTIN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

12 Analysis of net assets between funds

Unrestricted
funds
Restricted
funds
Endowment
funds
£
£
£
Fund balances at 31 December 2020 are
represented by:
Tangible fixed assets
321,474
-
288,000
Current assets/(liabilities)
136,182
15,276
-
457,656
15,276
288,000		 Total
£
609,474
157,153
766,627

13 Endowment funds

Balance at
1 January 2020
£
Permanent endowments
Magdalene Centre
288,000
288,000		 Movement in funds
Income
Expenditure
Transfers Revaluations
gains and
losses
Balance at
31 December
2020
£
£
£
£
£
-
-
-
-
288,000
-
-
-
-
288,000

The Magdalene Centre fund is the re-instatement cost as recommended by the PCC's insurance company.

ST MARY MAGDALENE WITH ST MARTIN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

14 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement Movement
in funds
Balance at Income Balance at
1 January 2020 31 December
2020
£ £ £
Restricted fabric 9,000 - 9,000
Choir 100 - 100
Missions (872)
5,330		 4,458
Education 170 - 170
Dishwasher/ kitchen refurbishment 1,117 - 1,117
Floating shelter 280 365 645
Toilet refurbishment 662 - 662
Retiring collections/ restricted 44 - 44
10,501 5,695 16,196

15 Events during the reporting period

The Coronavirus (COVID-19) has emerged globally resulting in a significant impact worldwide and the UK government continued to impose restrictions in 2021. As a result some charitable operations have been restricted, however the charity continues to operate using alternative methods and remote working. Hence financial statements do not include any adjustments that might result from the outcome of this uncertainty. The trustees are continuing to monitor, assess and act to the current changing environment in order to position the charity to ensure its future success.