## **ANNUAL REPORT AND FINANCIAL STATEMENTS** # **FOR THE YEAR ENDED 31ST DECEMBER 2024** ## **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 2024** **----- Start of picture text -----**
Page
Legal and Administrative Information 3
Trustees' Report 4 to 5
Independent Examiner's Report on the Accounts 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Accounts 9 to 17
**----- 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 2024 **END OF FINANCIAL YEAR** 31 December 2024 **TRUSTEES AT 31 DECEMBER 2024** Rev Amanda Johnson Helen Koukoulis Nigel Rolfe Resigned May 2024 Patrick Ratnaraja Karen Payne Resigned May 2024 Wenton Lespierre Nnenna Ugochukwu Resigned May 2024 Sheba Ebenezer Regina Chitambara Sue Newman Jo Oladiran 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. ## **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 2024** ## 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 Martin’s 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. There are both ordained and lay minsters who lead worship and preach, there are three music groups, a choir and a band to provide music in worship and in celebration cervices, alongside funerals and weddings. ## **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, a Fresh Expressions gathering, for young children and their families. The afternoon provides a programme of arts and crafts, biblical 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. We offer 30 hours and have an almost full register drawing from a local community . **Playtime :** 2024 saw the start of a 2 hour Toddler group once a week for the community. This takes place in the Church Hall facilities **.** **Holiday Club** that is a 3 or 4 day event during the August holiday attended by approx 30 children run by a team of volunteers from the church. **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 is once a week. ## **4. Annual events** Over Christmas, many activities were held where the community were invited to join: **Christmas Fayre, Christingle and Christmas Carol service** , **Open Air Carols; Christmas journey** (400 children attended from various schools over five days). **Hall and Crypt hire user groups** , Pilates; Repair Shop; Food Bank Drop off ; Young Roots; Railway Society; AA. ## **Financial review** Total incoming resources for the period were £145,915 (2023: £155,184). Total resources expended were £135,212 (2023: £163,331). Total charity cash funds at the end of 2024 were £22,675 (2023: £24,948). A full review of the financial position of the charity can be found on the attached financial statements. ## **Reserves** As at the balance sheet date of 31 December 2024 the charity had free reserves (unrestricted funds) of £419,904 (2023: £408,749) and restricted reserves of £360,785 (2023: £361,237). 4 ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE TRUSTEES. REPORT {Continued) FOR THE YEAR ENDED 31ST DECEMBER 2024 Respon91ts111tle9 of TNste*s Chartty bw require5 the PA)ard of Trust￿ to prepare financlal StateM￿ts fLf each fthanclal year whth gNe a true and fair of the state L*affars of the charity and of ￿5 kncoming re5wrce5 and re5ource5 expendaj ftr the perijd. In prepartng those financlal statements, the Board of Trustees 5hrAJkl fDlbw best prKtke and are reiuired to" s*t sultabl? ￿￿ntI1g polcte5 and appty them ¢MsLstent make judgmwtts an(J estlmates that are rea5cnabk and prudent ccrfnpty with applicable ￿e￿ntIng st￿d￿rdS subject to matw¥l departure5 dtsCts￿ and explakne In the finan¢lal stat4nents preparè thè financw statements Lm the golng ¢oncern ba$15 un￿sS t Is Inappropritite to presume that the charty contlnue operat The P*)ard rfTru5tee5 is respOns￿le ts malntalnlng proper acc￿ntIng ￿ordS vthth dtsck)se wf£h reasonable accur¥y * any time the flnanckl posfctcfi of the char*y and to enable them to ensure that thè flnanclal statements c(Thpty the Cthar￿￿ Act 1993. They are a150 resP￿S￿le ts safeguardlrb9 the assets d the charlty and hence for toking reasonable steps for the preventkn and ￿et￿￿N offraud rther Irregulwrcles and to p￿hle reasonab assurance that:_ the Cha￿y15 Oprtlng efficiently and dfeLt al assets are safeguarded agalnst unaUthOr￿al use or disposltHJn and are prLyertr applleij proper records are malntslned and flnandal Infwmatkjn used wrfchkn the chaffty or ts publk*kn rthbtè the charliy ￿mPlIeS vtth r￿￿￿nt kn and regu￿t￿￿$ The systems of Intemal contrd ¥e deS￿ned to prn￿de rea5cnabie but not abs¢￿te assurance agaknst rnaterkil misstatement or k6S, Approved by the Trustees ort... s￿jn& cn thdr behaw byTrust Prlnted Name: ## **ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE** ## **INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS** ## **FOR THE YEAR ENDED 31ST DECEMBER 2024** 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 2024. ## **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: - examine the accounts under section 145 of the Charities Act, - to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and - to state whether particular matters have come to my attention. ## **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: - to keep accounting records in accordance with section 130 of the Charities Act; and - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act - have not been met; or 2. 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: 27th May 2025 6 ## **ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024** |**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**
**RESOURCES EXPENDED**
**TOTAL RESOURCES EXPENDED**
**TRANSFERS BETWEEN FUNDS**
**NET MOVEMENT IN FUNDS**|Unrestricted
Restricted
Designated
**Total**
**Total**
Funds
Funds
Funds
**2024**
**2023**
£
£
**£**
**£**
109,779
5,548
2,269
117,596
121,480
19,028
-
-
19,028
17,858
7,882
-
-
7,882
13,322
(3,737)
-
5,145
1,409
2,524| |---|---| ||**132,953**
**5,548**
**7,414**
**145,915**
**155,184**| ||128,281
-
931
129,212
158,531
-
6,000
-
6,000
4,800| ||**128,281**
**6,000**
**931**
**135,212**
**163,331**| ||**4,672**
**(453)**
**6,483**
**10,702**
**(8,147)**
-
-
-
-
-| ||**4,672**
**(453)**
**6,483**
**10,702**
**(8,147)**| ||408,749
361,237
-
769,986
778,134| ||**413,421**
**360,785**
**6,483**
**780,689**
**769,986**| All of the Charity's operations are classed as continuing operations. The notes form part of these financial statements, found on pages:- 9 to 17 7 ST MARY MADGALENE wrrH ST MARTIN. ADDISCOMBE BALANCE SHEET AS AT 31 DECEMBER 2024 UnrestrkteA1 Fund Restrlcted Funds Total Totsl 31-￿c￿24 31wDac¥23 Notes Tangibk Assds Investment Assets 403.693 288,000 51 40 339 691.693 689.696 419 Cunent Assets Debtors & FW)ayments Cash at b￿k￿￿ In hand 1.730 20,945 22.675 24.948 Totsl Cimnt A*vet• 675 Credltorn: due wfchkn ￿e year io 1.260 1,260 1.200 NEf CURRENT AS5EfS 470 20.945 21.415 23.748 TOTAL ASSEfS less Current Ilabl1￿￿5 419.904 J60,785 780,689 769.986 Credltors: due In m¢Jre than one year li NEf ASSErs FUNDS OF THE CHARITY General Funds Re5trfcted fijnds Designated Funds Enéowrnent fvjnds 413,421 413h21 72,785 6A83 288,000 408,749 73,237 72,785 6A83 288.000 288.000 TOTAL FUNDS Approved by the Trustees on the... Sljned tm thdr behaff by Trustee..... .. ................................... . kn.IlV.A)..fr........LID. OPJ Prlnt Name.. ## **ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2024** ## **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 restricted funds are set out in the notes to the financial statements. ## **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 donation. ## Income from investments Interest entitlements are accounted for when receivable. This page does not form part of the statutory financial statements 9 ## **ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2024** ## **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 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. ## **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 of the asset, and is recognised in net income/(expenditure) for the year. 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 10 ## **ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2024** ## **2. TANGIBLE FIXED ASSETS** |Additions
At 31 December 2024
**Net Book Value**
At 31 December 2024
At 31 December 2023
At 31 December 2024
**Accumulated Depreciation**
At 1 January 2024
Charge for the Year
**Cost**
At 1 January 2024|Land and
buildings
Fixtures,
fittings &
equipment
**2024**
£
£
£
608,000
108,135
716,135
-
4,091
4,091| |---|---| ||608,000
112,226
720,226| ||-
26,439
26,439
-
2,094
2,094| ||-
28,533
28,533| ||| ||608,000
83,693
691,693| ||608,000
81,696
689,696| The annual commitments under non-cancelling operating leases and capital commitments are as follows: 31st December 2024 : None 31st December 2023 : 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 11 ## **ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2024** |**3. INCOMING RESOURCES**
Note
**c) Activities for Generating Funds**
**d) Income from church activities**
Xmas Fair
Fund collections
Holiday Club
First Fruit
Lettings & Hall booksings
Sundry income
**b) Investment Income**
Rental income
Interest receivable
**a) Donations & Legacies**
Donations and gifts
Donations-Pre School
Gift Aid reclaim
Parish Giving Scheme|Unrestricted
Restricted
Designated
**Total**
**Total**
Funds
Funds
Funds
**2024**
**2023**
£
£
**£**
**£**
61,230
5,548
2,269
69,046
71,486
9,000
-
-
9,000
6,250
15,432
-
-
15,432
20,757
24,118
-
-
24,118
22,988| |---|---| ||**109,779**
**5,548**
**2,269**
**117,596**
**121,480**| ||17,932
-
-
17,932
17,072
1,096
-
-
1,096
785| ||**19,028**
**-**
**-**
**19,028**
**17,858**| ||7,882
-
-
7,882
13,322| ||**7,882**
**-**
**-**
**7,882**
**13,322**| ||-
-
-
-
190
22
-
1,036
1,059
1,036
-
-
-
-
115
-
-
350
350
1,183
(3,759)
-
3,759
-
-| ||**(3,737)**
**-**
**5,145**
**1,409**
**2,524**| 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 2024** ## **4. RESOURCES EXPENDED** |Note
**EXPENDITURE (CONTINUED)**
Office expenses
Parish Support Pledge Fund
Elgin Road Insurance
Elgin Road Repairs & Maint
Events
Gifts
Governance costs:-
Staff Costs:-
Wages and salaries
Repairs & maintenance
Services and outreach
Subscriptions & Licenses
Sundry expenses
Support to preacher student studies
Telephone and internet
Holiday Club
Insurance & repairs expenses
Travel
Weddings, funerals & baptisms
Utilities
Depreciation expense
Diocese fees-Weddings & funerals
**Charitable Activities:-**
Bank Charges
Books & literature
Christmas Farye
Clergy & leaders expenses
Independent Examiner's Fees
Legal & Professional fees
b) Cost of Generating Funds
Mission Gift|Unrestricted
Restricted
Designated
**Total**
**Total**
Funds
Funds
Funds
**2024**
**2023**
£
£
**£**
**£**
154
-
-
154
154
213
-
-
213
-
(59)
-
59
-
-
2,447
-
-
2,447
1,942
2,094
-
-
2,094
2,072
1,308
-
-
1,308
-
720
-
-
720
696
-
-
-
-
1,255
686
-
-
686
2,587
50
-
-
50
785
(316)
-
316
-
-
9,116
-
-
9,116
8,295
3,537
-
-
3,537
4,975
52,000
-
-
52,000
52,000
16,496
-
-
16,496
17,430
240
-
-
240
-
2,620
-
-
2,620
2,061
5,923
-
-
5,923
8,173
-
-
-
-
400
1,218
-
-
1,218
1,228
-
-
-
-
1,515
19,327
-
-
19,327
39,670
(366)
-
556
190
1,048
9,251
-
-
9,251
8,918
1,620
-
-
1,620
2,640
-
-
-
-
686| |---|---| ||**128,281**
**-**
**931**
**129,212**
**158,531**| ||-
6,000
-
6,000
4,800| ||**-**
**6,000**
**-**
**6,000**
**4,800**| This page does not form part of the statutory financial statements 13 ## **ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE** ## **NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024** ## **5. RESTRICTED FUNDS** ## **CURRENT FINANCIAL YEAR** |**PREVIOUS FINANCIAL YEAR**
**Permanent Endowments:-**
Magdelene Centre
**Total Restricted (incl. Endowment**
**Funds)**
**Restricted Funds:-**
**Total Restricted (incl. Endowment**
**Funds)**
Misc - for specific project
Gift aid
Wedding & funeral fees
Elgin Road
Permanent Endowments:-
Magdelene Centre
Total Endowment Funds
Missions
Dishwasher
Toilet refurbishment
Total Endowment Funds
Gift aid
ETB Restricted Funds
Floating shelter
Toilet refurbishment
Retiring collections / restricted
Capex
Restricted Fabric
Choir
Missions
Education
Dishwasher
Total Capex
Total Rest. Funds
**TOTAL CAPEX (Reference only)**
Capex Income (bdwn from above)
Capex - Kitchen (Fixed Assets)
Capex - Tiolets (Fixed Assets)|**Balance**
Unrealised
**Balance**
**01-Jan-24**
Income
Expenditure
Gain/Loss
Transfer
**31-Dec-24**
£
£
£
£
£
£
-
5,548
(6,000)
-
-
(453)
1,117
-
-
-
-
1,117
70,423
-
-
-
-
70,423
1,698
-
-
-
-
1,698| |---|---| ||73,237
5,548
(6,000)
-
-
72,785
288,000
-
-
-
-
288,000| ||288,000
-
-
-
-
288,000| ||**361,237**
**5,548**
**(6,000)**
**-**
**-**
**360,785**| ||**Balance**
Unrealised
**Balance**
**01-Jan-24**
Income
Expenditure
Gain/Loss
Transfer
**31-Dec-24**
£
£
£
£
£
£
67,320
-
-
-
-
67,320
(1,554)
-
-
-
-
(1,554)
(59,534)
-
-
-
-
(59,534)| ||6,232
-
-
-
-
6,232
**Balance**
Unrealised
**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**| 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 14 ## **ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE** ## **NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024** ## **6. DESIGNATED FUNDS** The Charity held no Designated Funds during this or the previous financial period. ## **GENERAL FUNDS** ## **CURRENT FINANCIAL YEAR** |**Total unrestricted funds**
General Funds|**Balance**
Unrealised
**Balance**
**01-Jan-24**
Income
Expenditure
Gain/Loss
Transfer
**31-Dec-24**
£
£
£
£
£
£
408,749
132,953
(128,281)
-
-
413,421| |---|---| ||**408,749**
**140,367**
**(129,212)**
**-**
**-**
**419,904**| ## **PREVIOUS FINANCIAL YEAR** |General Funds
**Total Unrestricted Funds**|**Balance**
Unrealised
**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**| ## **7. ANALYSIS OF NET ASSETS BETWEEN FUNDS** |Fund balances at
**01-Jan-24**
are represented by:
Fixed assets
Current assets/(liabilities)
Fund balances at
**31-Dec-24**|**Unrestricted**
**Restricted**
**Total**
**Total**
**Funds**
**Funds**
**31-Dec-24**
**31-Dec-23**
£
£
£
£
419,433
339,840
759,274
746,239
470
20,945
21,415
23,748| |---|---| ||**419,904**
**360,785**
**780,689**
**769,986**| 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 2024** ## **7. INVESTMENTS** |01-Jan-24
31-Dec-24
01-Jan-24
31-Dec-24
Market value as at
Market value as at
**CCLA**
Additions
**SHAWBROOK BANK**
**Total Investments**
Additions/(Withdrawal)
Market value as at
Market value as at|Unrestricted
Restricted
Designated
**Total**
**Total**
Funds
Funds
Funds
**31-Dec-24**
**31-Dec-23**
£
£
**£**
**£**
13,796
-
-
13,796
13,367
53,785
-
-
53,785
-| |---|---| ||**67,580**
**-**
**-**
**67,580**
**13,796**| ||(9,092)
51,840
-
42,748
56,443
(42,748)
-
-
(42,748)
(14,000)| ||**(51,840)**
**51,840**
**-**
**-**
**42,748**| ||| ||**15,740**
**51,840**
**-**
**67,580**
**56,543**| ## **8. CASH AT BANK AND IN HAND** |CAF Cash
Sum up
PC card|Unrestricted
Restricted
Designated
**Total**
**Total**
Funds
Funds
Funds
**31-Dec-24**
**31-Dec-23**
£
£
**£**
**£**
(7,169)
20,945
6,483
20,259
22,779
1,675
-
-
1,675
1,675
742
-
-
742
494| |---|---| ||(4,753)
20,945
6,483
22,675
24,948| ## **9. 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. |**10. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE WITHIN**|**10. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE WITHIN**|**ONE YEAR**|||||| |---|---|---|---|---|---|---|---| ||Unrestricted|Restricted||Designated||**Total**|**Total**| ||Funds|Funds||Funds||**31-Dec-24**|**31-Dec-23**| ||£|£||||**£**|**£**| |Independent Examiner's Fee|1,260||-||-|1,260|1,200| ||**1,260**||**-**||**-**|**1,260**|**1,200**| ## **11. 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 16 ## **ST MARY MADGALENE WITH ST MARTIN, ADDISCOMBE** ## **NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024** ## **12. STAFF COSTS AND NUMBERS** |**TOTAL**
**2024**
**£**
Gross Wages & Salaries
9,251
Employer's National Insurance Costs
-
Employer's Pension Contributions
-
**9,251**
Average number of employees who were engaged in each of the following activities:
**TOTAL**
**2024**
Charitable Activities
1
**1**|**TOTAL**
**2023**
**£**
8,918
-
-| |---|---| ||**8,918**| ||**TOTAL**
**2023**
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. (2023 - None) ## **13. 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. (2023 - None) ## **14. 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. ## **15. 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. ## **16. 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. This page does not form part of the statutory financial statements 17