Charlty number: 1131882 ST JOHN'S WOOD CHURCH UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 RPG Crouch Chapman LLP Chartered Accountants & Statutory Auditor 40 Gracechurch Street London EC3V OBT
ST JOHN'S WOOD CHURCH CONTENTS Page Reference and administrative details of the charity, its Trustees and advisers Trustees, report Trustees, responsibilities statement Independent examinerfs report statement of financial activities 10- 11 12 Balance sheet 13 Notes to the financial statemènts 14-32
STJOHN'S WOOD CHURCH REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Rev Andars Bergquist, Incumbent Rev Kristlna Andreasson, Clergy licenced to parish Gary Eaborn, Clergy licenced to parish Judy Booth, Churchwarden Davld Millar, Churchwarden Ashok Gosh, Elected representative on the Deanery Synod (resigned 4 February 2025) Stewart Mccure, Elected representstive on the Deanery Synod Jaiye Edu, Elected representstive on the Deanery Synod lappointed'13 February 2025) Ben Attwood, Elected Member Des Braithwaite, Elected Member James Ganendra, Elected Member (appointed 26 May 2024) Stephen Jones, Treasurer & Elected Member Paul Mullins, Elected Member Sarah Ong, Elected Member Adewale Otubushin, Treasurer & Elected Member (appointed 26 May 2024) Beatrice Reynier, Elected Member (resigned 26 May 2024) Vivien Turner, Elected Member (resigned 24 May 2024) Graham Young, Elected Member (resigned 24 May 2024) Charity registered number 1131882 Principal office The Church Office Sl John's Wood Church Lord's Roundabout st John's Wood London NW8 7NE Accountants RPG Crouch Chapman LLP Chartered Accountants 40 Gracechurch Street London EC3V OBT Bankers Barclays Bank UK PLC 40 Wellington Road London NW8 9TJ Page 1
ST JOHN'S WOOD CHURCH TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Parochial Church Councll, being for thls purpose the Trustees of the Ecdesiastical Parish of St John's Wood, present their annual report together with the financial statements for the year 1 January 2024 to 31 December 2024. Introduction The parish Ghurch of the ecclesiastical parish of St John's Wood (universally known as "St John's Wood Church") is a parlsh church of the Church of England as by Law Established. Like all other parish churches of the Church of England, it has no separate Trust Dd or founding Charter, but I part of the constitutional fabric of the realm. The Church of England first came into being as a legal entity through successive Acts of Parliament in the time of King Henry Vlll. It was abolished under the Commonwealth, and re-established by The Act of Unifonnity (1662). The church's life is governed by three sorts of laws.. Acts of Parliament, ecclesiastical Canons (promulged by Convocation), and Measures (passed by General Synod, though they also pass through Parliament before acquiring the force of law). The boundaries of individual parishes are determined by the Sovereign in Council the Eccl8siastlcal Parish of Sl John's Wood was brought into being by Orders in Council in 1952. Objects and actlvltlès Objectives The constitutional position of an Anglican parish church means that its objectives are, in a sense, not under its own control, but set by statute. But the Parish would identify its objectives in normal times as being: to make pastoral care and the services of the church (including weddings, funerals, and baptisms) available to everyone in St John's Wood who wishes to have them and is not disqualified from receiving them; to welcome and encourage as many people as posslble to worship in their parish church: to build up and encourage churchgoers in their Christian discipleshlp and In their knowl'edge of the Christian faith., to be a safe environment for all who worship or woth at the church, especially children and vulnerable adults., to make the love of Jesus Christ known to the people of this part of London through acts of compassion8te servlce,, to maintain the church and the adjac8nt church hall complex to a high standard, both as a place of worship and as a resource for the local community., to engage in constructive dialogue with other churches and local faith communities", to support other local community institutions in a shared attempt to bulld vibrant and resilient community in St John's Wood. and to reduce the impact on the environment of the aGtivities that take place in the premises for which it is responsible. In setting these objectlves, the parish has regard to the DI0Se of London's prlorftles for the years to 2030. b. Activities for achleving objectlves Worship of high quality is offered regularly in the church. There are pmgrammes of Bible and other Christian study throughout the year. Baptisms, weddings and funerals take place regularly in the church, and the clergy tske fijnerals on behalf of the church in local crematoria. A special effort is made to welcome those who are not regular churchgoers (like all parish churches of the Church of England, the church is under a legal obligation to provide for baptisms and weddings for those resident In the parlsh or otherwise legally qualified to ask for thèm, and it is the PCC'S policy to embrace this as a positive opportunity for pastoral service to the community). Pastoral visits are made to the housebound, the sick, and the dying. Close contacts are maintained and developed with other local faith communiÉies, including especially the London Central Mosque and three local synagogues. An environmental plan to mitigate the church's carbon footprint is reviewed regularly. Page 2
ST JOHN'S WOOD CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEDJiBER 2024 c. Main adlvlties undertaken to further the Charity's purposes for publlc beneflt All the church's activities are understood to be for public benefrt.. This is implicit in the Establishment of the Church of England. where a parish church is in itself a public, and not a private, body. The church is in principle open to all, and does not limit its interest to those who are actlve churchgoers. The Ghurch building is left open throughout the day on almost every day of the year, so that members of the wider community and the general public may enter for purposes of prayer or tourism, and it is known that many local residents use the church in this way as a space for qui8t and reflection. The church tries, as far as possible, to make its premises available to a wide range of community organisations for their events at reduced (sometimes no) cost. Through its inter-faith commitments, the church rnakes an important contribution towards sustaining a mutually respectful and tolerant community in St John's Wood. Achlevements and performance There were 147 parishioners on the Church Electoral Roll (145 in 2023). a. Worshipi prayer and study Worship of a high standard was offered throughout the year, with both in-church and Zoom services held in a regular pattern. A full set of services was held in Holy Week and Easter, and there were additional services held during Advent and Christmas. seices were especially well attended in Advent and Christmas, and on Easter Day. A dedicated band of flower arrangers ensured that the church was beautrfully decorated both for regular Sundays and for festivals. The Vicar delivered a Zoom course on St Paul's Letters to the Corinthians. The Associate Vicar presented 3 adults and 6 young people for confirmation in St Paul's Cathedral on Easter Eve. b. Malntenance of the fabrlc, good and ornaments A project to make the main entrance of the church accessible to wheelchair users was completed during the year, after many years of preparation. This work was done to the hlghest standard, using the best materials, and is the most significant improvement to the fabric of the church for a generation. Degraded timbers in the original bell-frame were also replaced, Routine maintenance work was done to the other properties for whlch the PCC Is responsible. Repairs were made to various items of silver that had become damaged in regular use. . Servlce to the community The church hall contlnljed to be used regularly during the year by groups such as Mother Nature, Happy Campers, and St John's Wood Holiday Club. St John's Wood Film Club ran two programmes of screenings, one in the summer and one in the autumn- these screenings are open to all, but thanks to a partnehip with the local Neighbourcare charity the Club has a particular reach among elderly and vulnerable residents of St John's Wood. The church-led boules group, open to all in the community, took place in the old churchyard during the weeks of summer" and when It became too cold to play boules outdoors, a drop-in coffee session was held in the east alsle instead. It continues to be the policy of the PCC to make the premises available to community organisations, or good causes. at reduced charges or free of charge. Among the beneficiaries of this policy during the year were the St John's Wood Society. and a number of groups of young tnusicians. The Vicar continued to serve as a Govemor of Arnold House School, and as a Trustee of the Marylebone Almshouses. Special collections during the year (e.g. at Christmas) raised £4,099 for outside charities, and the church's Book and Record Fair raised funds for the work of Christian Aid. Page 3
STJOHN'S WOOD CHURCH TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 d. InterAngllcan, ecurnenital and inter-falth work There continued to be regular co-operation with other local Anglican churches, and the clergy again responded to requests for holiday or emergency cover from neighbouring parishes. As always, the annual "Light up a Life" servlce for St John's Hospi had a strong ecumenical and interfaith component. Regular though infrequent meetings of local Jewish, Christian, and Muslim faith leaders (under the name 'Pathways') took plac8 during the year, and the church's clergy were on various. occasions guests at the London Central Mosque and the Liberal Jewish Synagogue. The Vicar celebrated the 25 anniversary of his continuous Involvement in the C. of E. Liturglcal Commission (as either a Member or a Consultant), and continued to be a member of the na.tional Porvoo Panel. He also preached in the parish of Berlin-Dahlem, with which the church has a long-standing relationship of friendship and prayer. e. Safeguardlng During the yèar, Dr Maggie W811wood replaced Mrs AIiGe Freyman as the Parish Safeguarding Officer, and clear details of how concerns can be raised with her are promlnently posted on the parish website and in the church porch. The PCC undertook an Annual Review of its Safeguarding Policy, in line with Dlocesan guidelines, and adopted or reviewed. all the other policies that are requlred by the diocese. Safeguarding appears as an item on the agenda of every PCC meeting. The parish makes use of the national Safeguarding Dashboard system, and has a plan for the regular DBS-checklng and Safeguarding Training of PCC members, as well as those whose volunteering work brings them into contact wlth children or vulnerable adults. f. Other pollcles The Flre Risk Assessment was reviewed during the year, and 8Ctions arising from that review were undertaken. g. Relations with the wider diocesan structures The parish has long been recognized as a 'training parish,, where a newly ordained person spends the first three or four years of their ministry, gaining experience in a supervised setting. This 'training of curates, is now much more formalized, as a partnership between training incumbent, training parish, and diocesan training structures, and a significant part of an as8lStant curate's attention has to be devoted to diocesan requirements. It was a great joy to host an ordination service in July for the Two Cities and Stepney Areas. our own Assistant Curate, The Revd Dr Gary Eaborn, was ordained priest at this service. Two rnembers of the PCC served on the Deanery Synod during the year. For the first time in living memory, the PCC was unable to pay its contribution to the Diocesan Common Fund in full, for reasons given in the following section. The Vicar and churchwardens were in close tOUGh wilh the Archdeacons and relevant diocesan officials throughout the process that followed the closure of the School, and the dlocesan staff were exlrernely helpful in helping them to handle a difficult situation as best as possible. The John Slater Fund (established in memory of a former incumbent to make grants to those actlve In ministry in the Diocese of London, to help with sabbatical and other travel plans) made one grant to a priest in lhe dioc6se. Page 4
ST JOHN'S WOOD CHURCH TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial review Key Financial Perfomiance Indlcators, includlng Investment policy and performance The PCC has five ordinary financial aims in a normal year., To raise sufficient funds to defray the ordlnary activities of the parish church; To be able to pay at least 10 % of rental income into its Fabric Res8rve Fund each year., To ensure that its Fabrlc Reserve Fund is sufficiently well-stocked to meet.the cost of caring for the fabric of the Church and the Hall complex. To use any legacies that it receives for the long-term good of the parish church and to support th8 flourishing of the wider communlty,. and to Invest such balances as it holds in ethical and responsible ways. From time to time, the Church also organises special appeals to support particular projects. It is not the policy of the PCC to rnaximise the raising of funds beyond what is needed to meet these objectives.. we do not understand ourselves to be primarily a fund4alsing organisation. Success in reg8rd to each of these aims can be measured as follows: By the Ghurch's Operdting Fund breaking even, after havlng made a year¥end transfer of at least 10 % of rental income to the Fabric Fund. by the Fabric ReseNe being able to cope with demands upon it. by uslng legacy income in ways appropriate.to the objectives of the parish. by maintaining a reasonable (not necessarily maximum) level of Income from investmonts, and investing in ethically reliable funds via (e.g.) the C. of E.'s Central Board of Flnance. and The money having been spent on the purposes for which it was raised. 2024, however, was anything but a normal year. The church's single most important single source of income, St John's Wood Pre-Preparatory School, which had struggled financially in the course of 2023, went into administration in July. It had ceased to be able to pay any significant amount of rent by the end of 2023, but, as there was no replacement that could step straight into the tenancy, and in order not to prejudice the education of the children already at the school, and in order also to give the school time to recruit additional pupils for the following academic year (which seemed a realistic possibility), the School was allowed to continue to function until the end of the school year. Steps were begun immediately to market the space to a new tenant. and a new lease with Seva Childcare was signed in December. New rental income from Flat 3, and the continuation of rental income from Flat 2 and from 3a Cochrane Street, mitlgated only some of the loss from the School. Congregational glvlng was slightly reduced from 2023, but therè was a generous response to Gift Day. The significant diminution of the parlsh's income durlng the year coincided with major and long- planned expenditure on the main entrance of the church (the funding for which had been built up over the past few years). The financial statement shows that outgoing resources exceeded incoming resources by £100,828 (2023: £73,129). We have therefore decided not to make any ftjnds tr8nsfers into the fabric fund in the current year. Page 5
STJOHN'S WOOD CHURCH TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 In summary, the financial statement shows that outgoing resources exce&ded incoming resources b, £100,828 (2023.. £73,129), comprislng a deficit on unrestricted funds of £101,257 (2023.. £80,920 1 and a surplus on restricted funds of £429 (2023.. £7,791). Al the year end, unrestricted reservei amounted to £455,143 (2023: £556,400) and restricted reserves amounted to £73,950 (2023 | £73,521). b. Investment pollcy It is the PCC'S poliry to invest funds, not immedlately required, In inGome-producing funds which allow capital value to be protected, . Reserves Pollcy It Is PCC policy to ty to maintain a balance on free reserves (net curreni assets) whlch equates to at least slx months,. unrestricted payments. It is held to smooth out fluctuations in cash flow to meet emergencies. The balance of the free reserves at the year end was amount which exceeds the six months, target. d. Fundralslng The PCC raises its funds from rents, voluntary congregational giving, investments, and parochial fees (the level of which is set nationally by synodical Measure). There were no appeals to the general public during the year, and no external fundraisers were employed. e. Legacies. Unrestricted'legacies of £1,024 (from the estate of the late Brian Evans) and £50,000 (from the estate of the late Julia Darvell) were received during the year. f. Golng Concern After making appropriate enquiries, the PCC has a reasonable expectation that the charity has adequate resources 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. Structurey governance and management Constitutlon The Parochial Church Council {PCC) of St John's Wood Church is a corporate body established by the Church of England, and operates under the Parochial Church Council (Powers) Measure. The PCC acts as the body of Trustees for the Ecclesiastical Parish of St John's Wood. Pag& 6
ST JOHN'S WOOD CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Method of Appointment or Election of Trustees .The method of appointment of PCC members is set out in the Church of England's Church Representation Rules. Its membership eomprises the inGumbent and any assistant curate(s), the churGhwardens, and members elected (either directly to the PCC, or to the Deanery Synod) by those members of the congregation who are on the Electoral ROSI of the church. All who atter)d church regularty are encouraged to reglster on the Electoral Roll, and to offer themselves as Gandidates to serve on the PCC. Organlsatlonal Structure and Decision-making The Incumbent and PCC have shared responsibillty for the pattem of services in the church. The clergy oversee the pastoral and.educational life of the parish. The churchwardens are responsible.in law for the fabrlc, goods, and ornaments of the church itself. The PCC has three standlng committees, from all of whom it receives and discusses reports: (a) The Finance and Buildings Committee meets in advance of each full PCC. It has delegated authority to spend up to £2.000 on works. Expenditure greater than £2,000 is decided by the full PCC. (b) The Heathcote Committee disburses the income estimated to have been generated each year by a legacy frotn the late Miss M. W. Heathcote. The PCC has decided as a matter of discretion to use this money (which was not given for any specific purpose, and is unrestricted in use) to support projects that benefit the local communiÉy. The Heathcote Committee is responsible to the PCC for encouraging potential applicants (who complete a form), for deciding on grants, and for evaluating the effectlveness of how they have been used. Grants are usually made twlce a year, but the exceptional financial pressure on the PCC following the closure of St John's Wood Pre-Prep School meant that no grants were made in 2024. (c) The Slater Committee disburses the Income of the John Slat8r Fund, which was created for the tiurpose of making travel grants to clergy active in ministry in the Diocese of London. The Committee meets once a year. Applications on a set form are encouraged through bishops, archdeacons, and Area Directors of Training and Development, and travel plans have normally been approved by these bodies before they reach the Committee. Recipients of grants are required to report on how the money has been used. The PCC acts as the employer of a part-tlme Parish Adminlstrator and a full-tlme Hall Manager, and has maintenance responsibilitles for the Church Hall complex with its three residential flats, and for two other residential properties. It is also responsible for the letting of church premises. or for their use by outside organisatlons. The PCC appoints a Children's Advocate, a Safeguarding Officer, and a Fire Safety Officer to help it to discharge its responsibilities in these areas. When planning activitles for the year, the PCC has had regard to the Charity Commission's guidan on public benefit, and in particular the specific guidance on charities for the enhancement of religion. Page 7
ST JOHN'S WOOD CHURCH TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Administrative information The Church of St John the Baptist, universally known as St Johns Wood Church, is the parish church of the Ecclesiastical Parish of St Johns Wood in the City of Westminster. It is situated by Lord's Roundabout. The correspondence address is The Church Office, St Johns Wood Church, London NVV8 7NE. The Parochial Church Council {PCC) is registered with the Charity Commission as.Charity No. 1131882. PCC members who served at any time from 1 January 2024 until the date this report was approved are: Incumbent Anders Bergquistchairman Clergy licensed to parish Kristina Andréasson Gary Eaborn Churchwardens Judy Booth David MillarLay Vice-chair Elected representatives on the Deanery Synod Ashok Ghosh (resigned 4 February 2025, {also, Secretary until 24 September 2024) Stewart Mccure Jaiye EdLJ (appointed by PCC on 13 February 2025) Elected members Ben Attwood Desmond Braithwaite James Ganendra Stephen Jones Treasurer until 26 May 2024 Paul Mullins Sarah Ong Adewale Otubushin Treasurer from 26 May 2024 until 26 May 2024 until 26 May 2024 until 26 May 2024 Béatrice Reynier Vivien Turner Graham Young Approved by order of the members of the board of Trustees and signed on thelr behalf by.. ANDERS BERGQUIST PCC Chairman Date: I lfr ZOLS Page 8
ST JOHN'S WOOD CHURCH STATEMENT OF TRUSTEES, RESPONSIBILrriES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustee5 are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practlce). The law applicable to chaiities in England & Wales requires the Trustees to prepare flnancial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure. for that period. In preparing these financial ststements, the Trustees are required to,. select suitable accounting pollcles and then apply them consistently-, observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent. state whether appllcable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the golng concern basls unless it is inappropriate to presume that the th8rity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and henc8 for taking reasonable steps for the prevention and detection of fraud and other irregularlties. Approved by order of the members of the board of Trustees and signed on its behalf by: Rev Anders Bergquist PCC Chaimian Date: 14 Kl Page g
ST JOHN'S WOOD CHURCH INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Independent Examinerts Report to the Trustees of St John's INood Church ('the charity,) I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2024. Responsibilities and Basis of Report As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charitfjes Act 2011 ('the 2011 Act,). I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the appllcable Directlons given by the Charity Commission under section 145{5)(b) of the 2011 Act. Independent Examiner's Statement Slnce the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. l Gonfirm that l am quallfied to undertake the examination because l am a member of ICAEW, which is one of the listed bodies, Your attention is drawn to the fact th8t the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recomm8nded Practice applicable to 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 Accountifig and Reporting by Charities; St8tement of Recommended Practice issued on 1 April 2005 which is refeed to in the extant regulalions but has been withdrawn. understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally ACpted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirrn that no matters have come to my attention In connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act. or the accounts do not accord with those records. or 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 consldered as part of an independent examinaon. 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. Paga10
ST JOHN'S WOOD CHURCH INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Th15 report is made solely to the charitvs Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charitls Trustees those matters l am required. to state to them in an Independent examiner's report and for no oth8r purpose. To the fullest extent permitted by law. I do not accept or assume responsibllity to anyone other than the charity and the charity's Trustees a8 a body, for my work or for this report. Slgned: Dat8d: (g Jeremy Tyrrell FCA RPG Crouch Chapman LLP Chartered Accountants 40 Gracechurch Street London EC3V OBT Page11
ST JOHN'S WOOD CHURCH STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Investments,. Rental income Other inv8Stments Other income 51,025 119,548 51,025 121,569 15,057 131,207 2,021 140,394 23,006 1,428 140,394 25,084 1,428 211,329 27,832 9,692 2,078 Total Income 335,401 4,099 339,500 3g5,117 Exponditure on". Charitable activities 441,580 4,828 446,408 469,342 Total expendlture 441,580 4,828 446,408 469,342 Net expenditure before net galns on investments Net gains on investments (106,179) 4,922 (729) 1,158 1106,908) 6,080 (74,225) 1,096 Net movement In funds {101,257) 429 (100,828) (73,129) Reconciliation of funds: Total funds brought forward Net movement in funds 556,400 (101,257) 73,521 429 629,921 (100,828) 703,050 (73,129) Yotal funds ¢arried forward 455,143 73,950 529,093 629,921 The Statement of Financial Activities includes all gains and losses recognised in the year. The not88 on pages 14 to 32 form part of these financial statements, Page 12
ST JOHN'S WOOD CHURCH BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Flxed assets Tanglble assets Investments 219,898 299,265 79,147 293,184 12 519,163 372,331 Currenl assets Debtors Cash at bank and in hand 28,012 82,995 59,747 218,608 Creditors: amounts falling due within one year 14 (101,077) (20,765) Net. current assets Total net assets 9,930 257,59Q 529,093 629.921 Charity funds Restricted funds Unrestricted funds 16 73,950 455,143 73.521 556,400 16 Total funds 529,093 629,921 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: Rev Andors B&rgquist Incumbent Date: i¥ s•2( The notes on pages 14 to 32 form part of these financial statements. Page 13
ST JOHN'S WOOD CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies aration of financial statements 1.1 Basis of re The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities: Ststement 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ire5and (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fail view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and faiff view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practi effective from 1 April 2005 which has since been wsthdrawn, The trustees confirm their explicit and unreserved compliance with the above legislations. st John's Wood Church meets the d6finition of a public benefit entity under FRS 102. Assets and li8bilities are Initially recognlsed at historical cost or transactlon iialue unless otherwise stated in the relevant accounting policy. 1.2 Income All income is recognised once,the charity has entitlement to the income, it is probable that the income will be Teceived and the amount of income receivable can be tneasured reliably.. The recognition of incorne from legacies is dependent on establishing entitlement. the probability of receipt and the abllity to estimate with sufflcient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to thern (through knowledge of the exlstence of a valid will and the death of the benefactor) and the executor is satlsfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be recelved and the fair value of the amount receivable, whlch will generally b8 the expected cash amount to be distributed to the charity, can be reliably measured. Incorne tax recoverable in relation to iniiestment inGome is recognised at the time the investment income is receivable. Other income is recognlsed in the period in which it is receivable and to the extent the goods have been provided or on cornp5etion of the service. Page 14
ST JOHN'S WOOD CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR'THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 1.3 Ex enditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of econornic benefits will be required In settlement and the amount of the obligation can be measured reliably. Expenditure is classified by actlvity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated dlrectly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportloned between those ac.tivities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable actlvities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 1.4 Tan ible fixed assets and de reciation Tangible tlxed assets costing £NIL or more are capitslised and recognised when future economic benefits are probable and the Gost or value of th8 asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition. under the cost model, tangible fixed assets are measured at cost less accumulat8d depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condltion should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases: Freehold property Plant and machinery Fixtures and fittings Not depreciated 25 years straight line 10 and 25 years straight line 1.5 Investments Fixed asset investrnents are a form of financial instrument and are initially recognised at thelr transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less Impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments, in the Statement of financial activities. Page 15
ST JOHN'S WOOD CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 1.6 Debtors Trade and other debtors are recognised at the settlement amount after any trade dlscount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar acGount. 1 .8 Llabllities and rovisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event. it Is probable that a transfer of eoonomic benefit wlll be required in settlement, and the amount of the settlement can be estimated reliably. Llabilities are recognised at the amount that the charlty anticipates it will pay to settle the debt or the amount it has received as advanc8d payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to seltle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liablllty. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 1.9 Financial instruments The charity only has flnancial assets and financial liabilities of a kind that qualrfy as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest rnethod. 1,10Pensions Contributions to defined benefit pension schemes are charged to the Statement of Flnancial Activlty as and when incurred. P8ge 16
ST JOHN'S INOOD CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 1.11 Fund accountin General funds are unrestricted funds which are available for use at the discretion of the Trustees In furtherance of the general objectives of the charity and which have not been designated for other purposes. .Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of eaGh deslgnated fund is set out in the notes to the financial ststements. Restricted funds are ftinds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. Th8 costs of raising and administering such funds ar8 charged against the specific fund. Th8 aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. 1.12Cash Flow Exem tion Being a small charity, the tNstees have ta'ken advantage of the exemption from the requirèment to prepare a cash flow statement. Critic31 accounting estimates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experien and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. The charity rnakes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. However, the trustees are of the oplnion that there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Page17
ST JOHN'SWOOD CHURCH NOTE-S TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from legacies Un- restricted funds 2024 Total funds 2024 Legacies 51,025 51,025 Un- restricted funds 2023 Total funds 2023 Legacies 15,057 15,057 Page 18
ST JOHN'S WOOD CHURCH NOTES TO THE FINANCIAL STATEMENTS ' FOR THE YEAR ENDED 31 DECEMBER 2024 Income from charitsble 8ctiviti&s restricted Restricted funds funds 2024 2024 Total funds 2024 Grants & Donations Standing Orders, Pledges & Envelopes Gift Day Church Fees Received by the PCC Income Tax Recoverable on Gift Aid Cash Collectlons at all servIs Special Collections 29,216 44,775 14,285 551 14,640 16,081 29,216 44,775 14.285 551 14,640 16,081 2,021 2,021 119,548 2,021 121,569 Un- restrlcted Restricted funds funds 2023 2023 Total funds 2023 Grants & Donations Standing Orders, Pledges & Envelopes Gifl Day Church Fees Received by the PCC lricome Tax Recoverable on Gift Aid Cash Collections at all Services Special Collections 19,955 56,004 24,195 483 17,833 7,866 19,955 56,004 24,195 483 17,833 7,866 4,871 4,871 126,336 4,871 131,207 Page19
ST JOHN'SWOOD CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Investment income Un- restricted Restricted funds funds 2024 2024 Total funds 2024 Rental Income from Church Properties Dividends & Interest received 140,394 23,006 140,394 25,084 2,078 163,400 2,078 165,478 Un- restricted R8Stricted funds funds 2023 2023 Total funds 2023 Rental Income from Church Properties Dividends & Interest ceiVed 211,329 26,056 211,329 27,832 1,776 237,385 1,776 239.161 Other incoming resources restricted funds 2024 Total funds 2024 1,428 1,428 Services Un- restricted funds 2023 Total fund8 2023 9,692 9,692 Services Page 20
ST JOHN'S WOOD CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure on charitable activities Summa Un- restrlcted Restricted funds funds 2024 2024 Total 2024 Grants & Donations Activities Relating Directly to the Work of the Church Church Management & Administratlon 360 355,878 85,342 4,730 5,090 355,878 85,440 98 441,580 4,828 446,408 restricted Restricted funds funds 2023 2023 Total 2023 Grants & Donations Activities Relating Directly to the Work of the Church Church Management & Administration 3,240 389,127 72,514 4,379 7,619 389,127 72.596 82 464,881 4,461 469.342 Page 21
ST JOHN'S WOOD CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure on charitable activities (continued) Surnrnary by expendlture type De- preciation Other costs 2024 2024 Staff costs 2024 Totsl 2024 Grants & Donations Activities Relating Directly to the Work of the Church Church Managernent & Administration 5,090 5,090 2,469 353,409 25,003 355,878 85.440 60,437 60.437 2,469 383,502 446.408 De- preclation Other costs 2023 2023 Staff costs 2023 Total 2023 Grants & Donatlons Activlties Relating Directly to the Work of the Church Church Management & Administration 7,619 7,619 559 388,568 18,916 389,127 72,596 53,680 53,680 559 415,103 469,342 Page 22
ST JOHN'S WOOD CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by activities Activities undertaken dlrectly 2024 Total funds 2024 Grants & Donations Activities Relating Directly to the Work of the Church Church Management & Admlnistration 5,090 355,878 85,440 5,090 355,878. 85.440 446,408 446,408 Activltles undertaken directly 2023 Total funds 2023 Grants & Donations Activlties Relating DireGtly to the Work of the Church Church Management & Administration 7,619 389,127 72,596 7.619 389,127 72.596 469,342 469.342 Page 23
ST JOHN'S WOOD CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by activities (confjnued) Analysis of direct costs Ath'vlties Relating Directly to Grants & the Work of Donations the Church 2024 2024 Church Manage- ment & Admini- stration 2024 Total funds 2024 staff costs Depreciation Christian Aid Relief & Development Agencies Slater Traval Grant Local Charities & Grants Common Fund Contribution Contribution for Curate Clergy Expenses Clergy Houses - Maintenance & Running Costs Church Hall Running Costs Church Running Expenses Choir & Music staff Accomodation Contribution Towards Major Projects or Refurbishments Other Staff Costs Office Running Expenses Bad Debts & Other Amounts Provided Against Legal & Professional Costs Legal and Professional Expenses 60,437 60,437 2,469 2,469 3,980 750 360 3.98D 750 360 84.805 37,712 4,683 84,805 37,712 4,683 17,428 28,303 47,062 69,019 5,938 17,428 28,303 47,062 69,019 5,938 2,000 2,000 1,295 17,746 1,295 17,746 5,962 5,962 (750) 57,209 (750) 57,209 5,090 355,878 85,440 446,408 Page 24
ST JOHN'S WOOD CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by activities (continued) Analysis of direct costs (continued) AGtivities Relating Directly to Grants & the Work of Donations the Church 2023 2023 Church Manage- m8nt & Admini- . stration 2023 Total funds 2023 Staff costs Depreciation Christian Aid Rellef & Development Agencies Slater Traval Grant Local Charities & Grants Common Fund Contribution Contribution for Curate Clergy Expenses Clergy Houses - Maintenance & Running Costs 53,680 53,680 559 1,450 4,629 700 840 104,000 40,150 4,416 559 1,450 4,629 700 104,000 40,150 4,416 18,916 39,296 52,998 72,850 3,826 18,916 39,296 52,998 72,850 3,826 173 15,657 Church Hall Running Costs Church Running Expenses Choir & Music Staff Accomodation Other Staff Costs Office Running Expenses Bad Debts & Other Amounts Provided Against Legal & Professional Costs 173 15,657 3,086 3.086 52,116 52,116 7,619 389,127 72,596 469,342 Page 25
ST JOHN'S WOOD CHURCH NOTES TO THE FINANCIAL STATEWIENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Staff costs 2024 2023 Wag8s and salaries Social seGurity costs Contrlbution to defined contribution pension schemes. 56,119 3,009 1,309 49,110 3,469 60,437 53,680 The average number of persons employed by the charity during the year was as follows: 2024 2023 No. Ern ee numbers Office staff No employee received remuneration amountlng to more than £60.000 In either year. There are no significant disclosure transactions in respect of PCC members, per8on8 c108ely connected with them or any other related parties. 10. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 Dernber 2024, no Trustee expenses have been incurred (2023 - £ NIL). Page 26
ST JOHN'S WOOD CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Tangible fixed assets Freehold Fixtures and Other fixed property fittings assets Total Cost or valuation At 1 January 2024 Additions 75,300 9,139 84,439 143,220 143,220 At 31 December 2024 75,300 9,139 143,220 227,659 reGiation At 1 January 2024 Chary8 for the year 5,292 559 5,292 2,469 1,910 At 31 December 2024 5,851 1,910 7,761 Net book value At 31 December 2024 75,300 3,288 141,310 219,898 At 31 December 2023 75,300 3,847 79,147 The freehold land and buildings comprise the Church Hall and the property located at 3 Cochrane Street, London, NW8. These were last revalued for insurance purposes during 2017 at £3,136,000. 12. Fixed asset investments Listed investments Cost or valuation At 1 January 2024 Revaluations 293,184 6,081 At 31 December 2024 299,265 Net book value At 31 December 2024 299,265 At 31 December 2023 293,184 Page 27
ST JOHN'S WOOD CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Cost Value 2024 Value 2023 Restricted CBF Church of England Investment Fund - Income Shares 63 144 85 63,144 61,985 58,812 Unrestricted M&G Charifund Income M&G Charibond 74,158 219,129 213,561 94,158 236,121 231,199 152,970 299,265 293,184 13. Debtors 2024 2023 Due wlthin one Trade debtors other debtors Prepayments and accrued income ear 11,215 570 16,227 24,847 16,822 18,078 28,012 59,747 14. Creditors: Amounts falling due within one year 2024 2023 Trade creditors OtheT taxation and social securlty Pension payable other creditors Accruals and deferred income 2,410 557 (501 36,480 61,680 1,308 211 4,390 14,856 101,077 20,765 Page 28
ST JOHN'S WOOD CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Financial instruments 2024 2023 Financial assets Financial assets measured at falr value through income and expenditure 299,264 293,184 Financial assets measured at falr value through income and expenditure comprise fixed asset investments. Page 29
ST JOHN'S WOOD CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Statement of funds Statement of funds - current year Balance at 31 Gainsl December (Losses) 2024 Balance at 1 January 2024 Income Expenditure Unrestricted funds Desi nated funds Fabric Fund 114,Z83 563 (3,910) 110,936 General funds General Fund 442,117 334,838 (437,670) 4,922 344,207 Total Unrestricted funds 556,400 335,401 (441,580) 4.922 455,143 Restricted funds Appeals Christian Aid Christmas Charities Memorlalsl Funerals Easter Contributions John Slater Fund Ukraine. 785 369 2,631 1,263 160 360 (273) 872 369 585 1,263 160 69,669 1,032 1,861 (3,707} 67,281 1,032 2,078 (848) 1,158 73.521 4,099 {4,828) 1,158 73,950 Total of funds 629,921 339,500 (446.408) 6,080 529,093 The John Slater Fund was set up during 2005 as a .permanent fund in trlbute to a former incumbent. The funds are held in an individual bank account and are managed by the PCC. The restricted funds for Appeals, Christlan Aid, Christmas Charities, Memorials/ Funerals, Easter Contributions. the Platium Jubilee and Ukraine represent special collections after which the funds are named. It is the PCC'S usual practice to set aside some of its ordinary unrestricted incorne into a designated Fabric Fund. When there is significant expenditure on the fabric of the Church or the Hall complex, this is normally paid out of the Fabric Fund. In 2024, thpk PCC made the decision not to transfer any funds due to financial restraints. Page 30
ST JOHN'S WOOD CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Statement of ftjnds (continued) Statement of funds - prior year Balan at 31 Gainsl December (Losses) 2023 Balance at 1 January 2023 Income Expenditure Unrestrlcted fund5 Desi nated funds Fabric Fund 114,283 114,283 Gener81 Fund 523,037 388,470 (464,881) (4,509) 442,117 Total Unrestricted funds 637,320 388,470 (464,881) (4,509) 556,400 Restricted funds Appeals Christian liid Christmas Charities Memorialsl Funerals Easter Contributions John Slater Fund Platinum Jubilee Ukraine 785 369 785 369 2,631 1,263 160 67.281 1,450 2,016 1,230 (1,450) {174) (750) 789 783 160 60,682 1,130 1,032 1,776 (782) (1,130) (175) 5,605 175 1,032 65,730 6,647 {4,461) 5,605 73,521 Total of funds 703,050 395,117 (469,342) 1,096 629,921 Page 31
ST JOHN'S WOOD CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEDIIBER 2024 17. Analysis of net assets between funds Analysis of net assets beeen funds - current period stricted Restricted funds funds 2024 2024 Total funds. 2024 Tangible fixed asspts Fixed asset investments Current assets Creditors due within one year 219,898 236,121 100,201 (101,077) 219,898 299,265 111,007 (101,077) 63,144 10,806 Total 455,143 73,950 529,093 Analysis of net assets b8tweell funds - prior period Un- restricted Restricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed assot investments Current assets Creditors due within one year 79,147 231,198 266,820 120,765) 79.147 293,184 278,355 (20,765) 61,986 11,535 Total 556,400 73,521 629,921 18. Related paty transactions During the year, the church received donations from trustees amounting to £4,460 (2023: £4,325). Page 32