Finance report 2023
The total income for the year 2023 was £314,299 (2022 - £310,717). This income was made up of restricted funds of £177,130 (2022 - £188,484); this includes £169,594 (2022 - £100,745) of donations and grants to support the work of the Manna and Manna Welfare and £9,251 (2022 - £87,313) to support the work of Urban Hope.
As a result of the inability to raise sufficient grant funding and due to key staff members leaving the project the decision was made by the PCC to pause the work of Urban Hope. This decision will be reviewed in the future by the PCC and a new vision for Christian Youth work in the St Stephens Parish will be formulated.
Unrestricted funds incoming amounted to £171,371 (2022 - £122,660) principally Church Giving and fees earnt from property and Church activities. Contributions from Church members including gift aid amounted to £99,688 (2022 - £103,101) and was broadly in line with budget. Income from premises hire was £44,948 (2022 - £29,575) a significant increase from the previous year and considerable credit goes to the Church Administrator, who has been given additional hours to support this valuable source if income for St Stephens.
Expenditure for the year 2023 amounted to £375,089 (2022 - £328,195). Spending was £196,735 (2022 - £216,064) of restricted funds and £178,354 (2022 - £112,131) of unrestricted funds. The financial position at year end was £231,395 (2022 - £257,983) made up of £180,117 (2022 - £199,722) of restricted funds and £51,278 (2022 - £58,261) of unrestricted funds.
The level of restricted funds has been impacted by a sharp fall in the reserves of Urban Hope – whose work has currently been paused; but this was balanced by a build-up of restricted funds held by the Manna project, who were able to attract significant long-term funding for their work.
The General fund is in a good financial position and is within the stated reserves policy of 3 to 6 months current expenditure. A budget for 2023 has been agreed and the Church has been able to increase the common fund contribution to £70,000 which is the highest level since before the pandemic.
I would like to thank all the finance team within the Church: Rose Mwesigwa (Church Administrator), Anne Cartwright (Manna Treasurer), Kate Durkin (Urban Hope Treasurer), Matt Barber (Urban Hope Operations Manager) and Katie Melville (Staff).
Ralph Dunham – Treasurer
St Stephen's Church, Canonbury
Statement of Financial Activities
For the Year Ended 31 December 2023
| For the Year Ended 31 December 2023 | ||||||
|---|---|---|---|---|---|---|
| Notes | Unrestricted | Restricted | Total | Prior Year | ||
| Incoming Resources | ||||||
| Donations & Legacies | 48,381 | 147,589 | 195,970 | 259,178 | ||
| Charitable Activities | 60,292 | 20,807 | 81,098 | 24,824 | ||
| Investments | - | 1,989 | 1,989 | 46 | ||
| Trading Activities | 62,698 | - | 62,698 | 31,444 | ||
| Other | - | 6,745 | 6,745 | (1,192) | ||
| Total incoming resources | 2 | 171,371 | 177,130 | 348,501 | 314,299 | |
| Resources Used | ||||||
| Charitable Activities | 178,250 | 188,090 | 366,340 | 321,211 | ||
| Raising Funds | - | 4,925 | 4,925 | 5,600 | ||
| Other Activities | - | - | - | 4,026 | ||
| Support | 104 | 3,720 | 3,824 | 939 | ||
| Total resources used | 3 | 178,354 | 196,735 | 375,089 | 331,776 | |
| Net Incoming / Outgoing Resources (before transfers) | (6,983) | (19,605) | (26,588) | (17,478) | ||
| Fund Transfers In | - | 263 | 263 | 280 | ||
| Fund Transfers Out | - | 263 | 263 | 280 | ||
| Net Incoming / Outgoing Resources (before gains/losses) | (6,983) | (19,605) | (26,588) | (17,478) | ||
| Investment Gains (or Losses) | - | - | - | - | ||
| Net Incoming / Outgoing Resources (before Asset Revaluation | (6,983) | (19,605) | (26,588) | (17,478) | ||
| Asset Revaluation | - | - | - | - | ||
| Net Movement of Funds | (6,983) | (19,605) | (26,588) | (17,478) | ||
| Total Funds Brought Forward | 58,261 | 199,722 | 257,983 | 275,461 | ||
| Total Funds Carried Forward | 51,278 | 180,117 | 231,395 | 257,983 | ||
| Represented By | ||||||
| General (Unrestricted) | 51,278 | - | 51,278 | 58,261 | ||
| General Restricted (Restricted) | - | 1,272 | 1,272 | 426 | ||
| Urban Hope (Restricted) | - | 9,251 | 9,251 | 47,692 | ||
| Urban Hope non-restricted (Unrestricted) | - | - | - | - | ||
| Manna (Restricted) | - | 162,866 | 162,866 | 145,138 | ||
| Manna Welfare (Restricted) | - | 6,728 | 6,728 | 6,465 |
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St Stephen's Church, Canonbury
Balance Sheet
As at 31 December 2023
| Unrestricted | Restricted | 2023 | 2022 | |
|---|---|---|---|---|
| Current Assets | ||||
| Cash | 48,452 | 180,394 | 228,846 | 249,461 |
| Accounts Receivable | 363 | 19 | 382 | 3,741 |
| Prepayments | 2,693 | - | 2,693 | 4,782 |
| Non-Current Assets | - | - | - | - |
| Fixed Assets | - | - | - | - |
| Investments | - | - | - | - |
| Current Liabilities | - | - | - | - |
| Accounts Payable | 229 | 296 | 526 | - |
| Deferred Income | - | - | - | - |
| Non-Current Liabilities | - | - | - | - |
| Long Term Loan / Mortgage | - | - | - | - |
| Total NetAssets (AssetsMinusLiabilities) | 51,278 | 180,117 | 231,395 | 257,983 |
| Represented By | ||||
| General (Unrestricted) | 51,278 | - | 51,278 | 58,261 |
| General Restricted (Restricted) | - | 1,272 | 1,272 | 426 |
| Urban Hope (Restricted) | - | 9,251 | 9,251 | 47,692 |
| Urban Hope non-restricted (Unrestricted) | - | - | - | - |
| Manna (Restricted) | - | 162,866 | 162,866 | 145,138 |
| Manna Welfare (Restricted) | - | 6,728 | 6,728 | 6,465 |
Signed: Ralph Dunham, Treasurer
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St Stephen's Church, Canonbury
Notes to the Financial Statements
For the Year Ended 31 December 2023
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Accounting Policies
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a The financial statements have been prepared under the historical cost convention and in accordance with the Church Accounting Regulations 2006 and the Financial Reporting Standard for Smaller Entities "(FRSSE 2015"). FRSSE 2015 has been applied since 1 January 2015 and there has been no material change to the accounting or presentation of the financial statements.
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b The PCC considers that there are no material uncertainties about the church's ability to continue as a going concern.
Key judgements that the PCC has made which have a significant effect on the accounts include estimating future income, expenditure , and cash flows. The PCC does not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
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c Voluntary income is received by way of collections and planned giving. Collections are recognised when received. Planned giving under gift aid is recognised only when received. Income tax recoverable on gift aid donations is recognised in full when receivable.
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d Grant and contract income is recognised in full in the year in which it is receivable. Amounts that may not be spent until the following year are treated as Deferred Income.
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e Income from rents, lettings, statutory fees and bank interest is recognised when receivable.
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f Resources expended are recognised in the period in which they are incurred and allocated to the fund to which they relate
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g Grants and donations payable are accounted for when paid or when awarded if that award creates a binding obligation.
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h Governance costs include the compliance with constitutional and statutory requirements.
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i Items of equipment are capitalised only where the purchase price exceeds £5,000.
Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life.
Consecrated and beneficed property is excluded from the accounts by s.96(2)(a) of the Charities Act 1993. The Church halls, offices and Maisonette are integrated into the Church Complex, which is insured for £7m.
No value is placed on moveable church furnishings held by the churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC consider this to be inalienable property. All expenditure incurred during the year on consecrated or benefice buildings and moveable church furnishings, whether maintenance or improvement, is written off as expenditure in the year incurred.
- j Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.
Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the church.
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St Stephen's Church, Canonbury
Notes to the Financial Statements
For the Year Ended 31 December 2023
2. Charitable Activities
| General | General Restricted |
Urban Hope | Manna | 2023 Total | 2022 Total | |
|---|---|---|---|---|---|---|
| Collections | 1,053 | - | - | - | 1,053 | 842 |
| Gift Aid Donations | 47,328 | - | 4,453 | 3,570 | 55,351 | 75,402 |
| Income Tax recoverable | 14,971 | 1,466 | 227 | 789 | 17,452 | 18,985 |
| Other Donations | - | - | 196 | 25,636 | 25,833 | 7,873 |
| - | ||||||
| Grants | - | 3,100 | 27,771 | 107,105 | 137,976 | 275,953 |
| Bank Interest | - | - | - | 1,989 | 1,989 | 46 |
| - | ||||||
| Premises Hire |
44,948 | - | - | - | 44,948 | 29,575 |
| Rents | 62,698 | - | - | - | 62,698 | 31,444 |
| Services (Manna) | - | - | - | - | - | 1,094 |
| Statutory Fees | 373 | - | - | 828 | 1,201 | 308 |
| Totals | 171,371 | 4,566 | 32,647 | 139,918 | 348,501 | 441,520 |
The support of the following grant-making bodies is gratefully acknowledged: Allan Charitable Trust, Islington Giving, Charities Aid Foundation, Cripplegate Foundation, Arsenal (Gunners Fund), Cloudesley, Pret Foundation,London Catalyst, Tesco Bags of Help, Crash (Incl. Taylor Wimpey), Brown Dog Fund, Marsh
The support of the following community and business sources is gratefully acknowledged:
Local Initiaitives fund St Mary's Ward, Local Initiatives Fund Canonbury Ward, ASDA Foundation, Screwfix
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St Stephen's Church, Canonbury
Notes to the Financial Statements
For the Year Ended 31 December 2023
- Church Activities
| General General Restricted Urban Hope Manna 2023 Total 2022 Total |
||
|---|---|---|
| London Diocese Mission Mission Mission Missionary & Charitable Giving Premises Running Premises Running Premises Running Premises Running Premises Running Premises Running |
Common fund Contribution Mission Costs Office Expenses Training Grants and Appeals Equipment Insurance Maintainance Rents Staff Costs Utilities Totals |
60,000 - - - 60,000 55,000 2,134 - 4,763 43,976 50,874 59,699 5,255.44 - 3,993 2,368 11,617 5,170 - - - 893 893 2,179 4,815 - - - 4,815 4,000 1,488 - - 3,372 4,860 3,388 4,882 - - - 4,882 4,447 29,707 3,720 22 - 33,449 6,237 36,655 - - 7,131 43,787 2,000 23,886 - 62,309 64,187 150,383 174,132 9,530 - - - 9,530 11,944 |
| 178,354 3,720 71,088 121,927 375,089 328,195 |
||
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St Stephen's Church, Canonbury
Notes to the Financial Statements
For the Year Ended 31 December 2023
4. Staff Costs and Numbers
| Staff Costs and Numbers | |
|---|---|
| Salaries and Wages Social Security Costs Pension Contributions Total staff costs Average number of staff Average number of full-time equivalent employees during the year |
2023 £ 116,890 26,976 6,516 |
| 150,383 | |
| 6 6 |
5. Statement of Cash Flows
| Total | Prior Year | |
|---|---|---|
| Cash Flow from Operating Activities | ||
| Net Surplus (deficit) | (26,588) | (17,478) |
| Adjustments For: | ||
| Fixed Asset Depreciation | - | - |
| Less Investment Gains | - | - |
| Accounts Receivable Decrease | 3,359 | (3,741) |
| Prepayments Decrease | 2,089 | (4,747) |
| Accounts Payable Increase | 526 | - |
| Deferred Income Increase | - | - |
| Less Interest Received | (1,989) | (46) |
| Less Sale of Assets | - | - |
| Less Asset Revaluation | - | - |
| Loan Interest Paid | - | - |
| NET Cash Flow from Operating Activities | (22,604) | (26,011) |
| Cash Flow from Investing Activities | ||
| Interest Received | 1,989 | 46 |
| NET Cash Flow from Investing Activities | 1,989 | 46 |
| Cash Flow from Financing Activities | ||
| Loans Received | - | - |
| Less Loan Repayments | - | (800) |
| Less Loan Interest Paid | - | - |
| NET Cash Flow from Financing Activities | - | (800) |
| Increase (decrease) in Cash | (20,615) | (26,765) |
| Cash at start of period | 249,461 | 276,226 |
| Cash at end of period | 228,846 | 249,461 |
| Represented By: | ||
| General (Unrestricted) | 48,452 | 50,329 |
| General Restricted (Restricted) | 1,272 | 426 |
| Urban Hope (Restricted) | 9,547 | 47,467 |
| Urban Hope non-restricted (Unrestricted) | - | - |
| Manna (Restricted) | 162,847 | 144,773 |
| Manna Welfare (Restricted) | 6,728 | 6,465 |
| TOTAL Represented By | 228,846 | 249,461 |
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St Stephen's Church, Canonbury
Notes to the Financial Statements
For the Year Ended 31 December 2023
6. Purposes of Restricted Funds
- a Manna
Donations and grants made to support the work of the Manna. This involves the employment of project workers and support workers as needed, providing a sense of community and practical, emotional and spiritual support to vulnerable people in the it
- b General
Grants received for specific projects in the church. These were the installation of fire safety equipment and alarms, and environmental projects
- c Urban Hope
Donations and grants made to support the work of Urban Hope. This includes work among young people involving employment of a Senior Youth Worker and support workers as needed, running youth clubs and detached youth work.
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d Manna Welfare Grants administered by the Manna on behalf of third party
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Residential Accommodation
Following a resolution dated 3 July 1973 of the Town Planning & Development Committee of the London Borough of Islington (the Council), the PCC holds the nomination rights for four flats owned by the London Borough of Islington (16a Cleveland Road, 43a Cleveland Road, 141a Downham Road, 248a Essex Road). The resolution was passed following a declaration of the redundancy of St John the Baptist Church, Cleveland Road. The flats provide affordable housing for church workers and volunteer workers, who occupy the flats under Shorthold Tenancy Agreements with the PCC.
The PCC pays rent to the London Borough of Islington and recovers rent from the tenants based on individual Shorthold Tenancy Agreements.
The church property known as the Maisonette (19 Canonbury Road) is occupied by 4 tenants under a Shorthold Tenancy Agreements.
7. Trusts administered by the Vicar & Church Wardens
- a Holiday Home Fund - Charity Number 237285
The objects are to grant money to defray some expenses of rest or change of air (including transport and obtaining domestic help) for poor parishioners, church members and others in the area.
| COIF Share value Units Price 2023 £ Value at 31st December 34 1,985 675 Value at 31st December 337 1,985 6,688 7,362 Income and Expenditure Bank Balance at 1st January 3,559 Income: COIF Dividends 202 Bank interest 44 Expenses: Grants Made - Bank Balance at 31st December 3,805 |
2022 £ 618 6,125 |
|---|---|
| 6,743 | |
| 3,350 201 8 - |
|
| 3,559 |
- b St. Stephen's National School - Charity Number 312354 The objects are to promote religious instruction by means of a Sunday School or otherwise (33%) and to promote religious education (including social and physical) of persons under 25 resident in the parish and in need of financial assistance (67%).
| COIF Share value Units Price Value at 31st December 419 1,985 Income and Expenditure Bank Balance at 1st January Income: COIF Dividends Bank interest Expenses: Grants Made Bank Balance at 31st December |
2023 £ 8,315 8,315 1,128 228 15 - 1,371 |
2022 £ 7,615 |
|---|---|---|
| 7,615 | ||
| 897 227 3 - |
||
| 1,128 |
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c St. Stephen's Parish Housing Company Limited - Company Number 01591276
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A dormant mutual trading company that does not operate with a view to profit. The Directors are the serving churchwardens. They hold two shares on behalf of the PCC.
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Independent examiner’s report to the PCC of St Stephens Canonbury
I report to the PCC on my examination of the accounts of St Stephens Canonbury for the year ended 31 December 2023.
This report is made solely to the PCC as a body, in accordance with the Charities Act 2011. My examination has been undertaken so that I might state to the PCC those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the PCC as a body, for my examination, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As members of the PCC you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’) and the Church Accounting Regulations 2016 (‘the Regulations’).
I report in respect of my examination of the accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 Accounting records were not kept as required by section 130 of the Act; or
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2 The accounts do not accord with those records; or
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3 The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations
2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or 4 The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities;
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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Jonathan Orchard FCA Fairview, Mollington, Banbury OX17 1AZ 24 April 2024