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2023-12-31-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

THE ECCLESIASTICAL PARISH OF

ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE

CHARITY REGISTRATION NUMBER 1131721

Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham PO18 8NF

ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

----- Start of picture text -----
Page
Legal and Administrative Information 3
Trustees' Report 4 to 6
Independent Examiner's Report on the Accounts 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Accounts 10 to 18
----- End of picture text -----

ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE

LEGAL AND ADMINISTRATIVE INFORMATION

Rev. A Johnson

INCUMBENT Rev. A Johnson CHARITY NUMBER 1131721 WORKING NAMES ST MMM PCC, ADDISCOMBE START OF FINANCIAL YEAR 01 January 2023 END OF FINANCIAL YEAR 31 December 2023 TRUSTEES AT 31 DECEMBER 2023 Rev Amanda Johnson Helen Koukoulis Nigel Rolfe Patrick Ratnaraja Karen Payne Wenton Lespierre Nnenna Ugochukwu Sheba Ebenezer Regina Chitambara Sue Newman Appointed 1st September 2023 Jo Oladiran Appointed 1st January 2023 Isabella Lisk Resigned 1st September 2023 Ruth Johnston Resigned 1st January 2023 Emma Barlow Resigned 1st January 2023 Anthony Fisher Resigned 30th September 2023

The existing trustees appoint any new trustees following the provisions laid out in the Charity's governing instrument.

GOVERNING INSTRUMENT Parochial Church Council Powers Measure (1956) as amended and church representation rules REGISTRATION DATE 21 September 2009: Previously excepted registration.

21 September 2009: Previously excepted registration.

OBJECTS

Promoting in the ecclesiastical parish the whole mission of the Church.

PRINCIPAL ADDRESS Canning Road Addiscombe Croydon Surrey CR0 6QD PRIMARY BANKERS CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ INDEPENDENT EXAMINER Donna Leppitt Independent Examiners Ltd Unit 2 The Broadridge Business Centre Delling Lane Bosham PO18 8NF

3

ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE

TRUSTEES' REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023

1. Introduction

The trustees of the charity, St Mary Magdalene with St Martins PCC , present their report with the financial statements of the charity for the year ended 31 December 2023.

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 and Republic of Ireland (FRS102) (effective 1 January 2005).

2. Structure, governance, and management

The Executive Board has the responsibility to appoint trustees and appoint any new trustees following the provisions laid out in the organisation's governing instrument. All existing trustees are members of the Executive Board.

The following have served throughout the accounting period, except where indicated:

Normally, the Trustees meet four times per year to consider financial considerations and operations of the Charity.

Governing document

St Mary Magdalene with St Martins PCC is an unincorporated charity governed by Parochial Church Council Powers Measure (1956) as amended and church representation rules .

Organisational structure

The charity employs a Senior Pastor, who reports to the board of trustees. The trustees give their time voluntarily and received no benefits from the charity. No expenses have been reclaimed by any of the trustees from the charity in the period concerned.

The general governance of the charity is the responsibility of the Trustees; however, the day-to-day operation is delegated to the Vicar who takes any matters of variation to Trustees' meetings for decision making.

3. Aims and purposes

Our purpose as recorded in our constitution is to advance the Christian Religion in the United Kingdom.

4 Achievements and Performance

The charity carries out a wide range of activities for the community during the year. The aim is to bring the community together. The trustees consider that these activities, summarised below, provide benefit both to those who are part of St Mary Magdalene with St Martins PCC and the wider community in which the charity resides.

1. The organisation and provision of Christian worship

A space provided with opportunities for people to explore faith, to worship, to participate in works that reflect the teachings of Jesus, and to live out their beliefs. It is important to put these into.

4

ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE

TRUSTEES' REPORT (Continued) FOR THE YEAR ENDED 31ST DECEMBER 2023

2. Gatherings & Discipleship

The church’s worship ministry gathers every Sunday which has 2 morning services with live streaming. This helps those who are house bound and we also get a regular number of visitor viewers who are unknown. We have guest speakers four or five times a year, and a number of church members preach and lead services on a regular basis. Our Pastoral team take communion to those who are house bound once a month, and to a local nursing home once a month.

Once a month we have Messy Church Fresh for young children and their families. The afternoon provides a programme of arts and crafts, storytelling and a sing-a-along.

Once a month we hold an early evening service of prayer for healing and wholeness. Morning prayer is held twice a week via Zoom.

Children and Youth . The Vicar oversees the teenagers’ youth meeting on a Sunday and groups for younger children are held in the hall.

3. Outreach to the community

Our preschool is doing well. The manager retired in August 2023 and a new manager was appointed in January 2024. In the interim Rev Amanda chaired the management during this time taking on a role of oversight.

Holiday Club that is a 3 day event during the August holiday attended by approx 30 children run by a team of volunteers from the church.

Other community related ministries :

Café matinée once a month people are invited to come watch a movie together. Coffee and Cake are shared too.

Café Creative held twice a month for all who would like to spend an afternoon making, sharing skills, working together on a creative project e.g. banners, premmie woolly hats, Christmas decorations etc or would just like to get on with their own creative project but enjoy company.

World café open every Wednesday during lunch time in term time providing a safe and warm place for families of our preschool and friends to meet and get to know each other over free coffee/tea and cake with activities for the children.

Food Bank drop off with Addiscombe Community group twice a week.

Over Christmas, many activities were held where the community were invited to join:

Christmas Fayre, Christingle and Christmas Carol service , Christmas journey (400 children attended from various schools over five days).

Hall user groups , Pilates, Repair Shop and Young Roots.

Financial review

Total incoming resources for the period were £155,184 (2022: £140,255) of which £151,304 was unrestricted income (2022: £138,292). Total resources expended were £163,331 (2022: £148,420 of which £158,346 was unrestricted expenditure. A full review of the financial position of the charity can be found on the attached financial statements.

Reserves policy

As at the balance sheet date of 31 December 2023 the charity had free reserves (unrestricted funds) of £408,749 (2022 £413,430) and restricted reserves of £361,237 (2022 £364,704).

Going Concern

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

5

ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE

TRUSTEES' REPORT (Continued) FOR THE YEAR ENDED 31ST DECEMBER 2023

Responsibilities of Trustees

Charity law requires the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and resources expended for the period. In preparing those financial statements, the Board of Trustees should follow best practice and are required to;

The Board of Trustees is responsible for maintaining proper accounting records which 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 1993. 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 and to provide reasonable assurance that:-

The systems of internal control are designed to provide reasonable but not absolute assurance against material misstatement or loss.

21.07.2024

Approved by the Trustees on….....................................

Signed on their behalf by Trustee …..............................

Printed Name: A Johnson

6

ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE

INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

Report to the trustees/ members of The Ecclesiastical Parish of St Mary Magdalene with St Martin, Addiscombe on the accounts for the year ended 31st December 2023.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2022 (the Charities Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner’s statement

My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention

  1. which gives me reasonable cause to believe that in, any material respect, the requirements:

  2. to keep accounting records in accordance with section 130 of the Charities Act; and

  3. to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act

have not been met; or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Donna Leppitt Independent Examiners Ltd Unit 2 The Broadridge Business Centre Delling Lane Bosham PO18 8NF Date:

7

ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023

Notes
INCOMING RESOURCES
Donations & Legacies
3a
Investment Income
3b
Charitable Activities
3c
Other Income
3d
TOTAL INCOMING RESOURCES
Costs of Charitable Activities
4a
Costs of Generating Funds
4b
NET INCOMING/(OUTGOING) RESOURCES
TOTAL FUNDS BROUGHT FORWARD
TOTAL FUNDS CARRIED FORWARD
NET MOVEMENT IN FUNDS
TOTAL RESOURCES EXPENDED
TRANSFERS BETWEEN FUNDS
RESOURCES EXPENDED		 Unrestricted
Restricted
Designated
Total
Restated
Funds
Funds
Funds
2023
2022
£
£
£
£
117,600
3,880
-
121,480
115,643
17,858
-
-
17,858
8,468
13,322
-
-
13,322
15,760
2,524
-
-
2,524
384
151,304
3,880
-
155,184
140,255
158,346
185
-
158,531
148,420
-
4,800
-
4,800
-
158,346
4,985
-
163,331
148,420
(7,042)
(1,105)
-
(8,147)
(8,165)
2,362
(2,362)
-
-
-
(4,681)
(3,467)
-
(8,147)
(8,165)
413,430
364,704
-
778,134
786,299
408,749
361,237
-
769,986
778,134

All of the Charity's operations are classed as continuing operations.

The notes form part of these financial statements, found on pages:-

10 to 18

8

ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE

BALANCE SHEET

AS AT 31 DECEMBER 2023

Fixed Assets
Notes
Tangible Assets
2
Investment Assets
8
Current Assets
Stocks
10
11
9
Total Current Assets
12
13
6
5
5
TOTAL FUNDS
TOTAL ASSETSless current liabilities
Cash at bank and in hand
Creditors:due within one year
NET CURRENT ASSETS
Creditors:due in more than one year
General Funds
Restricted funds
NET ASSETS
FUNDS OF THE CHARITY
Designated Funds
Endowment Funds
Debtors & Prepayments
Capital Funds:-		 Restated
Unrestricted
Restricted
Total
Total
Fund
Funds
31-Dec-23
31-Dec-22
£
£
£
401,696
288,000
689,696
690,030
4,703
51,840
56,543
69,810
406,399
339,840
746,239
759,841
-
-
-
175
-
-
-
-
3,550
21,397
24,948
30,353
3,550
21,397
24,948
30,528
1,200
-
1,200
12,235
2,350
21,397
23,748
18,293
408,749
361,237
769,986
778,134
-
-
-
-
408,749
361,237
769,986
778,134
408,749
-
408,749
413,430
-
73,237
73,237
76,704
-
-
-
-
-
288,000
288,000
288,000
408,749
361,237
769,986
778,134

21.07.2024 Approved by the Trustees on the….................................................................................................................. Signed on their behalf by Trustee....................................................................................................................

A Johnson

Print Name:…............................................................

9

ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023

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.

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year.

Accounting convention

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP - FRS102) and the Charities Act 2022.

The Charity meets the definition of a public benefit entity under FRS102.

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 amounts 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.

The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.

Assessment of 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.

Charitable Funds

1. Unrestricted 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.

2. Restricted funds

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the

3. Endowment funds

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

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

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

Income from investments

Interest entitlements are accounted for when receivable.

This page does not form part of the statutory financial statements

10

ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023

Incoming resources (continued)

Funds

General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for The accounts include all transactions, assets and liabilities for which the PCC is responsible law.

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.

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 Expense

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:

Fixtures, fittings & equipment 25% Land and buildings 0%

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value There has been no change to the accounting polices (Variation rules and methods of accounting) since last year.

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).

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 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.

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.

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.

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.

This page does not form part of the statutory financial statements

11

ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023

2. TANGIBLE FIXED ASSETS

Additions
At 31 December 2023
Net Book Value
At 31 December 2023
At 31 December 2022
At 31 December 2023
Accumulated Depreciation
At 1 January 2023
Charge for the Year
Cost
At 1 January 2023		 Restated
Land and
buildings
Fixtures,
fittings &
equipment
2023
£
£
£
608,000
106,397
714,397
-
1,738
1,738
608,000
108,135
716,135
-
24,367
24,367
-
2,072
2,072
-
26,439
26,439
608,000
81,696
689,696
608,000
82,030
690,030

The annual commitments under non-cancelling operating leases and capital commitments are as follows:

31st December 2023 : None 31st December 2022 : None

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 the 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.

This page does not form part of the statutory financial statements

12

ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023

3. INCOMING RESOURCES

3. INCOMING RESOURCES
Note
c) Activities for Generating Funds
d) Income from church activities
a) Donations & Legacies
Donations and gifts
Donations-Pre School
Gift Aid reclaim
Parish Giving Scheme
Lettings & Hall booksings
Sundry income
b) Investment Income
Rental income
Interest receivable
Xmas Fair
Fund collections
Holiday Club		 Unrestricted
Restricted
Designated
Total
Total
Funds
Funds
Funds
2023
2022
£
£
£
£
67,606
3,880
-
71,486
83,575
6,250
-
-
6,250
-
20,757
-
-
20,757
16,456
22,988
-
-
22,988
15,612
117,600
3,880
-
121,480
115,643
17,072
-
-
17,072
8,038
785
-
-
785
431
17,858
-
-
17,858
8,468
13,322
-
-
13,322
15,760
13,322
-
-
13,322
15,760
190
-
-
190
384
1,036
-
-
1,036
-
115
-
-
115
-
1,183
-
-
1,183
-
2,524
-
-
2,524
384

This page does not form part of the statutory financial statements

13

ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023

4. RESOURCES EXPENDED
Note
Staff Costs:-
b) Cost of Generating Funds
Mission Gift
Depreciation expense
Donations to Specific Project exp-
Elgin Road Insurance
Elgin Road Repairs & Maint
Charitable Activities:-
Bank Charges
Clergy & leaders expenses
Parish Support Pledge Fund
Repairs & maintenance
Services and outreach
Subscriptions & Licenses
Sundry expenses
Entertainment - special events & retreats
Events
Gifts
Insurance & repairs expenses
Mission
Office expenses
Support to preacher student studies
Telephone and internet
Travel
Utilities
Weddings, funerals & baptisms
Youth Ministry
Diocese-Special gift giving
Shawbrook investment
Wages and salaries
HMRC PAYE
Governance costs:-
Independent Examiner's Fees
Governance/ Head Offfice
Legal & Professional fees		 Restated
Unrestricted
Restricted
Designated
Total
Total
Funds
Funds
Funds
2023
2022
£
£
£
£
154
-
-
154
237
1,942
-
-
1,942
2,450
2,072
-
-
2,072
1,643
-
-
-
-
15,307
696
-
-
696
617
1,255
-
-
1,255
2,488
-
-
-
-
695
2,587
-
-
2,587
-
600
185
-
785
-
8,295
-
-
8,295
13,145
-
-
-
-
9,370
4,975
-
-
4,975
3,963
52,000
-
-
52,000
54,000
17,430
-
-
17,430
16,520
-
-
-
-
62
2,061
-
-
2,061
1,489
8,173
-
-
8,173
9,086
400
-
-
400
-
1,228
-
-
1,228
967
1,515
-
-
1,515
-
39,670
-
-
39,670
4,602
1,048
-
-
1,048
206
-
-
-
-
949
-
-
-
-
1,407
-
-
-
-
-
8,918
-
-
8,918
7,432
-
-
-
-
521
2,640
-
-
2,640
1,218
-
-
-
-
45
686
-
-
686
-
158,346
185
-
158,531
148,420
-
4,800
-
4,800
-
-
4,800
-
4,800
-

This page does not form part of the statutory financial statements

14

ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE

NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023

5. RESTRICTED FUNDS CURRENT FINANCIAL YEAR

5. RESTRICTED FUNDS
CURRENT FINANCIAL YEAR
PREVIOUS FINANCIAL YEAR
Restricted Funds:-
Capex - Tiolets (Fixed Assets)
Elgin Road
Choir
Missions
Education
Dishwasher
Floating shelter
Toilet refurbishment
Restricted Fabric
Magdelene Centre
Gift aid
Total Rest. Funds (excl. Endowment)
Restricted Fabric
Choir
Missions
Education
Dishwasher
Wedding & funeral fees
Elgin Road
Capex
Misc - for specific project
Gift aid
Floating shelter
Toilet refurbishment
Retiring collections / restricted
Total Rest. Funds (excl. Endowment)
Permanent Endowments:-
Magdelene Centre
Total Endowment Funds
Total Restricted (incl. Endowment
Funds)
Total Restricted (incl. Endowment
Funds)
Retiring collections / restricted
Capex
Misc - for specific project
Total Endowment Funds
Wedding & funeral fees
TOTAL CAPEX (Reference only)
Capex Income (bdwn from above)
Capex - Kitchen (Fixed Assets)
Total Capex		 Balance
Unrealised
Balance
01-Jan-23
Income
Expenditure
Gain/Loss
Transfer
31-Dec-23
£
£
£
£
£
£
9,000
-
-
-
(9,000)
-
100
-
-
-
(100)
-
(3,191)
3,695
(4,800)
-
4,296
-
170
-
-
-
(170)
-
1,117
-
-
-
-
1,117
645
-
-
-
(645)
-
662
-
69,761
-
-
70,423
44
-
-
-
(44)
-
67,320
-
(67,320)
-
-
-
2,441
185
(2,626)
-
-
-
1,698
-
-
-
-
1,698
199
-
-
-
(199)
-
(3,500)
-
-
-
3,500
-
76,704
3,880
(4,985)
-
(2,362)
73,237
288,000
-
-
-
-
288,000
288,000
-
-
-
-
288,000
364,704
3,880
(4,985)
-
(2,362)
361,237
Balance
Unrealised
01-Jan-23
Income
Expenditure
Gain/Loss
Transfer
31-Dec-23
Restated
£
£
£
£
£
£
67,320
-
-
-
-
67,320
(1,554)
-
-
-
-
(1,554)
(59,534)
-
-
-
-
(59,534)
6,232
-
-
-
-
6,232
Balance
Unrealised
01-Jan-22
Income
Expenditure
Gain/Loss
Transfer
31-Dec-22
£
£
£
£
£
£
9,000
-
-
-
-
9,000
100
-
-
-
-
100
7,016
(837)
(9,370)
-
-
(3,191)
170
-
-
-
-
170
1,117
-
-
-
-
1,117
645
-
-
-
-
645
662
-
-
-
-
662
44
-
-
-
-
44
65,320
2,000
-
-
-
67,320
2,416
800
(776)
-
-
2,441
1,698
-
-
-
-
1,698
199
-
-
-
-
199
(3,500)
-
-
-
-
(3,500)
84,887
1,963
(10,145)
-
-
76,704
288,000
-
-
-
-
288,000
288,000
-
-
-
-
288,000
372,887
1,963
(10,145)
-
-
364,704

The Restricted Funds are wholly represented by the Charity's cash reserves and are to be expended as specified above. This page does not form part of the statutory financial statements

15

ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE

NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023

6. DESIGNATED & GENERAL FUNDS

The Charity held no Designated Funds during this or the previous financial period.

GENERAL FUNDS

CURRENT FINANCIAL YEAR

PREVIOUS FINANCIAL YEAR
General Funds
Total Unrestricted (Incl. Designated
Funds)
Total Unrestricted (Incl. Designated
Funds)
General Funds		 Balance
Unrealised
Balance
01-Jan-23
Income
Expenditure
Gain/Loss
Transfer
31-Dec-23
£
£
£
£
£
£
413,430
151,304
(158,346)
-
2,362
408,749
413,430
151,304
(158,346)
-
2,362
408,749
Balance
Unrealised
01-Jan-22
Income
Expenditure
Gain/Loss
Transfer
31-Dec-22
£
£
£
£
£
413,412
138,292
(138,274)
-
-
413,430
413,412
138,292
(138,274)
-
-
413,430

7. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund balances at
01-Jan-23
are represented by:
Fixed assets
Current assets/(liabilities)
Fund balances at
31-Dec-23		 RESTATED
Unrestricted
Restricted
Endowment
Total
Total
Funds
Funds
Funds
31-Dec-23
31-Dec-22
£
£
£
£
£
406,399
339,840
-
746,239
759,841
2,350
21,397
-
23,748
18,293
408,749
361,237
-
769,986
778,134

16

ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE

NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023

8. INVESTMENTS

01-Jan-23
31-Dec-23
01-Jan-23
31-Dec-23
Additions/(Withdrawal)
Income Received
Market value as at
Market value as at
SHAWBROOK BANK
Market value as at
Income Received
Total Investments
Market value as at
CCLA
Additions		 Restated
Unrestricted
Restricted
Designated
Total
Total
Funds
Funds
Funds
31-Dec-23
31-Dec-22
£
£
£
£
£
13,367
-
-
13,367
13,194
-
-
-
-
-
428
-
-
428
174
13,796
-
-
13,796
13,367
4,603
51,840
-
56,443
56,200
(14,000)
-
-
(14,000)
-
305
-
-
305
243
(9,092)
51,840
-
42,748
56,443
4,703
51,840
-
56,543
69,810
10. STOCKS
Raw materials and consumables
CAF Cash
9. CASH AT BANK AND IN HAND
Sum up
PC card		 RESTATED
Unrestricted
Restricted
Designated
Total
Total
Funds
Funds
Funds
31-Dec-23
31-Dec-22
£
£
£
£
£
1,382
21,397
-
22,779
28,469
1,675
-
-
1,675
1,675
494
-
-
494
208
3,550
21,397
-
24,948
30,353
Unrestricted
Restricted
Designated
Total
Total
Funds
Funds
Funds
31-Dec-23
31-Dec-22
£
£
£
£
£
-
-
-
-
175
-
-
-
-
175

11. DEBTORS AND PREPAYMENTS

The Charity held no Debtors during this or the previous financial period.

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

12. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE WITHIN ONE YEAR

Other creditors
Independent Examiner's Fee		 Unrestricted
Restricted
Designated
Total
Total
Funds
Funds
Funds
31-Dec-23
31-Dec-22
£
£
£
£
£
-
-
-
-
11,065
1,200
-
-
1,200
1,170
1,200
-
-
1,200
12,235

13. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE IN MORE THAN ONE YEAR

The Charity held no long term liabilities during this or the previous financial period.

This page does not form part of the statutory financial statements

17

ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE

NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023

14. STAFF COSTS AND NUMBERS

TOTAL
2023
£
Gross Wages & Salaries
8,918
Employer's National Insurance Costs
-
Employer's Pension Contributions
-
8,918
Average number of employees who were engaged in each of the following activities:
TOTAL
2023
Charitable Activities
1
1		 TOTAL
2022
£
6,460
-
-
6,460
TOTAL
2022
1
1

The Charity operates a PAYE scheme to pay all employed members of staff and no employees received emoluments in excess of £60,000. (2022 - None)

15. TRUSTEES AND OTHER RELATED PARTIES

No payments were made to trustees or any persons connected with them during this financial period. No material transaction took place between the organisation and a trustee or any person connected with them.

(2022 - None)

16. RISK ASSESSMENT

The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.

17. RESERVES POLICY

The Trustees have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The Trustees aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Trustees will endeavour not to set aside funds unnecessarily.

18. PUBLIC BENEFIT

The Charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Trustees' report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.

19. PRIOR YEAR ADJUSTMENT

The funds brought forward have been adjusted from £764,343 to £778,134 to reflect a true and fair view of the Charity's closing position as at 31st December 2023 due to the moving of £13,799 from 'Donations to Specific project' expenditure to Fixed assets less £8 to 'Depreciation'. Also CCLA cash at bank balance for 31st December 2022 of £13,367 and Shawbrook cash at bank balance for 31st December 2022 of £56,443 were moved to Investments.

This page does not form part of the statutory financial statements

18