St Mary Islington Annual Report 2022 ## Contents |Vicar’s report|Page 3 - 4| |---|---| |Churchwardens’ report|Page 5| |Our year in numbers|Pages 6 - 7| |EcoChurch report|Page 8| |Deanery synod report|Page 9| |Treasurer’s report|Page 10| |Governance and structure|Page 11| |Charity details|Page 12| 2 ## Vicar’s report In 2022 we focussed anew on growing as a church: growing in evangelism, discipleship and serving our community. We are positioning ourselves for all that God will be doing in our midst in the future. This has been particularly highlighted by our new vision statement: ‘Calling Islington Home.’ Our vision is a powerful statement of our desire for all of Islington to find a home at St Mary’s, and to play our part in calling people home. It comes out of a desire to better reflect the call of Christ to each one of us as we find a home with God. Having a vision statement allows us to be more focussed on how we operate as a church and an organisation. It will particularly help us as we take on the preschool, playscheme, community gym, bookings and premises management from our partner charity, Mary’s, in April 2023. Behind the scenes, a large amount of work has been happening to ensure the transition of services from Mary’s to St Mary’s takes place with the minimum amount of disruption to those we serve. I am very grateful to all those who have supported this work, especially the PCC and Standing Committee, and also want to express my thanks to Mary’s Trustees, their CEO, Balazs Csernus, and all their staff. We look forward to welcoming everyone as part of the new organisation and to our future working with Mary’s youth club. We have been blessed in 2022 to welcome many new people to St Mary’s. It is a real gift to be a Church made up of such a diverse collection of people and to see new people stepping into leadership and service in so many different ways. June marked a special moment when we welcomed Freya and Josh as our new curates. We are looking forward with joy to their priesting service on 17 June 2023 at St Mary’s. They have already blessed us with their ministry amongst us. 3 ## Vicar’s report In September, we played an important role in our borough during the days of mourning after the death of her late Majesty, Elizabeth II. St Mary’s was open from 9am-9pm each day, staffed by clergy from St Mary’s and local churches. Several hundred people came into the church building during those days for prayer and reflection. As part of Islington’s response we held a special service of remembrance and thanksgiving for the Queen’s life. In 2023, we will once again gather the people of Islington when we hold a special service the day after the coronation of King Charles III. The Heart of Islington project is coming to an end, and in 2022 some final and significant pieces of work to the interior of the church were completed: the repainting of the ceiling; the cleaning of the murals; the repair and restoration of the tower stairs. My thanks to Anthea Nicholson for all her work on this project, and we will celebrate the whole project at a special celebration service in 2023. There is much more to celebrate and note from the last year: Oasis youth club at St Mary’s starting; multiple youth trips; prayer events for Ukraine; opening the church as a community warm hub; providing free lunches for those in need; welcoming a growing number of school visits to St Mary’s; the St Mary’s festival; over 1000 people at our Carols by Candlelight services. The Spirit is moving in our life as a Church. As we journey on through this next year may the Spirit continue to move in our midst and may we be bold to faithfully follow where the Spirit leads. Rev. James Hughesdon Vicar 4 ## Churchwardens’ report Three main projects were undertaken in 2022. Thanks to another generous grant from the Cloudesley charity, the 18th century tower stairs were repaired and all previously painted surfaces in the main body of the church were redecorated. The murals on the east and west walls of St Mary’s were cleaned and restored, paid for from the PCC's designated fabric fund. The historic timber specialists working on the tower stairs noted that it was very unusual to see a timber stair constructed in such a narrow opening as they are traditionally made of stone. There is a near identical staircase at St Mary Rotherhithe which, like St Mary Islington, was designed by Lancelot Dowbiggin,"citizen and joyner of London". There is another one of similar date at Southwark Cathedral, presumed also to be Dowbiggin's work. We are now confident that the stairs are safe. As such, a modest profit-sharing agreement has been put in place with Islington Guided Walks whereby they will lead regular tours up the tower to enable many more people to see the spectacular views from the top. The aim of the redecoration project was to enhance the sense of space and light within the church interior. This was achieved by repainting the greying white paintwork on the window reveals and ceiling beams and by returning the ceiling coffers to a light colour as they were in the 1950s. In 1970 the coffers were painted a burgundy red but are now grey-blue, an exact match with the original decorative metalwork to the communion rail and balusters of the chancel stairs. The east wall mural was cleaned and damaged areas on the gold cross repaired. The west wall mural had been covered with a yellowing gloss varnish which was removed in highlighted areas and elsewhere thinned as far as possible without causing damage. A satin varnish was applied which dulls the previous gloss, the mural is now less reflective and thought to be closer to what the artist, Brian Thomas, originally intended. The overall effect has restored the original, bright colours to both murals. These projects represent the end of the long-running Heart of Islington programme of building works. There will always be more to be done but, for now, no more large projects are planned. Churchwardens 5 ## Our year in numbers Two Bishop visits Three Islington Mayor visits Two new curates 27,513 Facebook page reaches and 1.462 instagram page reaches 2,157 Facebook page visits and 845 instagram profile visits 632 facebook followers and 797 instagram followers 14 baptisms One newly painted ceiling Four weddings 6 ## Our year in numbers **----- Start of picture text -----**
Four bouncy castles, six face painters + 2000 visitors + 1000 scones eaten = two family fun days
The PCC
met seven
times in
2022
100 midweek groups
Two snow
hosted
covered carols
850 celebratory drinks by candlelight
toasted services
attended by
1500 slices of cake
1056 people
made and consumed
3250 hot drinks served
One Christmas fair
with over 1000 visitors
198 on our electoral roll
11 school visits with a total of 1,440 school children
At least seven stories covered in local media Two restored murals
**----- End of picture text -----**
**185 public services in church and online with 9989 attendances** 7 ## EcoChurch report The highlight of 2022 for the EcoChurch group was hearing, in February, that we had earned a silver award from A Rocha, the charity that runs the scheme. EcoChurch started in 2015 as a way of encouraging churches to care better for God’s Creation. The principal aims are to protect and encourage biodiversity, and to minimise energy use and waste, in the buildings and land controlled by churches. 2022 was otherwise a fairly quiet year for the group. Sally Hull continued to run her regular gardening group that has transformed the rose garden in the southeast corner of the churchyard. Discussions with Green Christian, which we support financially, on how to work together continued. We needed to ensure that the activities that had gained us a silver award still continued, while planning for getting to gold. That will require, in particular, greater involvement of our congregation, and reaching out more widely to the local community. Offers of help and ideas will be gratefully received. 8 ## Deanery synod report Deanery synods allow the clergy, and elected lay representatives, of churches in an area to meet and work together. They are part of the synodical system of governance of the Church of England, which also includes the diocesan synods and the General Synod. In 2022 Islington deanery synod met three times. In February, the synod discussed the ‘Stepney Vision’ – Hackney and Tower Hamlets with Islington are the Stepney area. The main question considered was ‘what pathways do our churches have to help a newcomer put their faith in Jesus?’ Each church was also asked what plan its PCC had for growth in the number of church members. At the June meeting Melanie Griffiths, director of the Cloudesley charity, outlined the charity’s current programmes for helping Islington churches. And 70% of the synod voted in favour of a motion, to be sent to diocesan synod, requesting: a) the national investing bodies (NIBs) of the CofE immediately end any remaining investment in fossil fuel companies; b) the NIBs to invest in solar panel and heat pump providers, so that churches can get the best deals to reduce their carbon footprints; c) church leaders to be more ambitious in their efforts to mitigate climate change. Convening Neighbourliness, our response to the cost of living crisis, was discussed at the November meeting, with speakers from the Finsbury Park Mosque, from a local community centre, and from the Diocese of London’s Compassionate Communities group. It was also reported that the June meeting’s motion was going nowhere: of the four members of diocesan synod on the deanery synod, three had voted against the motion at the deanery meeting and refused to present it to the diocesan synod, and the fourth missed the deanery meeting and therefore chose not to present it. So much for representative democracy in the CofE. 9 ## Treasurer’s report We budgeted for a deficit in 2022 of £119,000, but ended with a deficit of £59,000. The church had to have a full audit of its accounts instead of the expected independent examination, our property needed to be revalued, and professional fees for help in completing the merger between Mary’s and St Mary’s were higher than planned for. Other contributors to the larger deficit were increased salaries, and costs of the refreshed work with children and youth work. Some savings were achieved on housing our curates and also on church maintenance. Overall our costs seem reasonable. From an income perspective, voluntary giving was 3.7% more than budgeted, and income overall was 2% (£7,150) more than expected. However, income from church lettings was down; since this income will be key to our future financial position, it will have to be monitored carefully after the merger with Mary’s. It will be important also to maintain the welcome growth in income that we saw in 2022. The full financial report is available on request from the church office or by emailing imogen.erskine@stmaryislington.org 10 ## Governance and structure Our Parochial Church Council Members 2022 The Revd James Hughesdon, chair The Revd Freya Bradley, Curate from July 2022 The Revd Josh Richards, Curate from July 2022 Churchwarden Mr Edward Adegbola Churchwarden Miss Rebecca Shilling Churchwarden Mrs Anthea Nicholson Deanery Synod Lay Representative Dr Sophie Castell Deanery Synod Lay Representative Dr Richard Nicholson Deanery Synod Lay Representative Mr Babatunde Awonusi PCC Member (elected) Mr Nick Sykes, Vice Chair PCC Member (elected) Dr Sally Hull, Electoral Roll Officer PCC Member (elected) Dr Patty Kostkova PCC Member (elected) Jules Cassidy PCC Member (elected) Ms Julia Abrey PCC Member (elected) Mrs Jennifer Obaseki PCC Member (elected) Mr David Vanden Bon PCC Member (elected) Catherine Stevens (May - September 2022) PCC Member (co-opted) Mr Neville Walter, Treasurer Staff Team 2022 The Revd James Hughesdon, Vicar The Revd Freya Bradley, Curate from July 2022 The Revd Josh Richards, Curate from July 2022 Chloe Rotter, Youth Minister, from April 2022 Ian Mylam, Licensed Lay Minister Imogen Erskine, part-time Office Manager Olu Omose, part-time Finance Officer A very large number of volunteers support the work of the church and it’s not possible to list all of their roles in this report. Among them, significant leadership responsibility is undertaken by the Licensed Lay Minister, three Churchwardens, Sacristan, Treasurer, service leaders and preachers. 11 **St Mary Islington telephone: 020 7226 3400 Upper Street email: hello@stmaryislington.org London www.stmaryislington.org N1 2TX** **Registered charity name: Parochial Church Council of the Ecclesiastical Parish of St Mary, Islington Registered charity number: 1131900** 12 STMARY'S calling Islington home Statement of Financial Aetivities For the year 2022 The Parochial Church Council of St Mary, Islington STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2022 Auditor's report Statement of financial actiVFiies Balan￿ sheet ststement of cash flow Notes to the finanaal statements 8-16 The Parochial Church Council of St Mary, Islington STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2022 Opinion We have audited the financial statewEnts of The Parochial Church Council of St Mary, Islington (the 'tharity'l for the year ended 31 Oe¢ember 2022 vthi¢h eorryrise statement of financial aclivilies, the balance sheeL the ststement of cash flows and the notes to ts financkgl statements, includirs a summary of signifi¢anl accounting policies. The ffinan¢ial reporting framèwort( that has been aP￿ie￿ in I￿1r preparation is applicable law and United lfj"ngth)m Accounting Stsndards. induding Financial Reportin9 Standard 102 The Financial Reporting Slandaffl applKable fft the UK and Republic of I￿laftd (Untted ￿ngdtsM Generally Actspted Accounting Pra¢ts"ce). In our opini(Jn, the fina￿al stat￿nts= give a true and fair view of the slate ofthe charitys affairs as al 31 December 2022 and of its incoming resources and applution of restsurces. for the year then ended., have been property prepared in accordancè United Kingdom Generally Accepted Accountir Pracb'ces; and have been prepared in acc(Kd￿ wth the requirements of the Charfaes Act 2011 Ba$1$ for opinion conducted our audit in accordance wAth IntÈmational Standardy on AudrbThJ {UK) IISAS {UK)l a applicable law Our respon￿bIlItIeS undef those standards are further described in the Auditorts ffpsponsibilities forthe audrf of financial statements secknon of our report. We are independent of the ¢harity in accordance wlh the ethical requirements that are relevant to our audit of the financial statements in the UK, induding the FRC'S Ethical Standard. and have fvmilled our other ethical responsibilities in accordance with these requirement$. belFeve that the audrt ewdence have obtained is suffioent 8nd appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements. we have (x)ndLvJed that the Trustees. Ltse of the wing concern basis of accounb'ng in the preparation of the finan¢iJ stslen￿ts K% apwopriale. Based on the work we have perfomied, we have not Klenlified any material uncertainties relating lo event$ or conditions that, indwidually or colleclivdy.. may cast signfficant d￿bt on Ihe charity's ability lo continue as a going concern for a period of at least t%bEfve months from the finawal statements a￿ authorised for issue. Our responsibilities and the responsililibes tsf the trustees V•ith respect to goiNJ con¢em are described in the relevant sections of this r&port. othgr Information ThÈ other informakn.on comprises the inf￿￿atr"On induded in the annual rewt other than the financial statements and our aL¥Jilorfs report thereon. The tsUste￿ are rèsponsible for the other information ¢onlained wrthin the annual report. ￿r opnion on the h"nancial statements does not cover the Other information and we do not express any fomi of assura￿ C￿clus￿ thereon. OJr responsibilty is lo read the other informallon and, in ijoing so, congderwhether the other inf0M￿tr￿ is materialty inconsistent with the financial statements or our knowledge obtsined in the course of the audit. or otherwise appears to be materially misstated. If we identify such rnaterial inconsistencie5 or apparenl material misstatements, we are required lo determine whether this gives rise to a material misstatement in the financial statements themse￿eS. If, based on the work we havÈ pèrformed. K4E conchjje that there is a maten.al misstatement of Ihis other information, we are required lo report th* facl. We have nothing lo report in this regard. The Parochial Church Council of St Mary, Islington STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2022 Mattern on vthich are reg￿red to repixl by exceplion have nothing to rep¢)rt in respect of Ihe followng matter5 in ￿lation to vthich the Charities (Accounts and Reports) Regulations 2008 require us to report lo you rf, in our O￿niOn= the infonnalion gr¥en in the finarrial statements is inconsistent in any material respect wilh the Trustees, report or suffiaenl accountmg records have not been kept", or the financial statements are not in •JreerrEntvthh the accounting records., c we have not recewed all thè inf(mth¢M and explan*'ons require for our audit. Responsibilities of Trustees As explained more fully in the statement of Trustees, ￿p￿*bIl￿*s, the trustees arp rpspon5ible forthe preparation of the financial statements and for beiThJ satisfied Ihat they give a truÈ and lair view, and for such internal ￿troL as the trustees determine is necessary to ena￿e the preparation of financial statements that are free from materkal misst*ement, vthether due to fraud or error. In preparirtg the financial stalements, the Iwsteès are rèsponsible for assessing the charl￿$ abilty to continue as a going concem, disclosing, a5 applicable, matters ￿late(l to going concem and using the going concern basis of accounting unless the trustees either inlerKI lo liquidate the ¢harty or to ￿se tytytl￿S, ￿ have realistic allernalive bLrt to do so. Audltor's responsibilities for the audlt of thè fin•n¢i#l statements We have been app¢inted as auditor under Secti￿ 144 of the Charities Act 2011 and report in ￿cordanCe with the Act and relevant regulatKm made or hawng effect lher￿Jnder. Our objech'ves are lo obtain reaSona￿e ass￿ra￿e about *tsther the financial statements as a whole are f￿e from material misstatement, whether due to traL￿j or error, and to issue an auditors report that inGlude8 our opinion. Reasonable assuranee is a high level of assurance but 1$ rv)t a guarantee that an audit conducted in accordance wrth ISAS (UKI wll a￿yS detect a m*erial misstalemenl when rt exists. Misstatements can arise from fraud or error and are cOn￿dered maierial if, individualty or in the agg￿gate, they could reasonabty t* expe(aed to Inffi￿r￿e ttonomic decisions of users tsken on the basis of these finanual statements. Irregularities, including frdud, a￿ instances of n(YKompliance with laws and rpgulations. We design pro¢e(lure$ in line vthh our responsilylib"es. wtlined above, to detect material m15stslemenls in respect of irregularities. including fraud. The extent to wr wocedures are capable of deteding itTegularities, including fraud, is detaikd below. We ensured that the engagement team edlectivety had the appropriate Competence, capabilities and s￿11$ to identrfy or recognise n￿-cOmpliance with appliGable laws and wulat'ons. The laws and regulalions appli¢8ble to the charity were identified through dI￿uS￿l0ns with Trustees and other management, and from our commer¢ial kno￿edge arKI experierKe of charitable organisatiorts. Of ihese laws and regulations, wè focused on those that we considered may have a direct material effect on the financial stalerrEnts or the operation5 of the charrty, including Charity Law, taxation legislation, dala protection, ant￿bribery, anti-money-laLJndering, company & employmert. environmental and health and safety legi4ation. The extent of compliance these laws arKI regulat￿5 Njentified above was assessed through making enquiries of management and inspecting legal correspondence. The Identified laws and regulations communicated thin the audit team wularly and the team reMaI￿j alert to instances of non-compliance throughout the audit The Parochial Church Council of St Mary, Islington STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2022 We assessed the susceptibilty of the charity's finanual $t*ments to material misstslement, in¢luding obtaining an understanding of how fraud M￿ht occur. ty.. making enquiries of management as lo vthere they considered there was susceptibility to traud. their knovAedge of actual, suspected and alleged fraLKI: considering the intemal controls in ￿ace to miw risks of fraud and non-compliance with laws and regulations-, and undwstsnding the design of the charity's remuneration policies. To address the risk of fraud through management bias and override of conlrols, we.. perfomied analytical procedures to identsfy any unusual or unexpecte(I relationships" tested journal entries to identfy unusual transacbons.. asgessed whelherjudgements and asSUmpt￿nS made in determining the accounting estimates set out in note 2 were indicative of potential bias-, and investigated the ralionale behind signffi￿nI or unusual transactions. In response to the risk of irregularities and non-compliance laws and regulatitins, we designed procedures vthich included, but %%ere not limited to". agreeing financial statement disclosures to undertying supporbThJ documentation.. reading the minutes of meeb.ngs of those charged govemance,. enquiring of management as to actual and potential liligation and daims., and rewe%*ing correspondence wrth HMRC. relevant regulators induding the Charity Commission and the d)arity's legal advisors. There are inherent limitations in our audit procedures described above. The more iemoved that laws and gulatsons are from financial transacb"ons, the less likety rt is that we would become avrdre of norFcompliance. Auditing standards also limit the audit proCedU￿S required to identify non-compliance wth laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspon¢Jerhce, rf any. Material misstalemenls that arise due to fraud can be harder to delect than those that arise from error a$ they may involve delilwate cOn￿alment OT colluwon. A further descriptson of our responsibiltbes is available on the Finaniial Reporb"ng Council's Y￿bsite s"ll￿.frc.0r . . This (lescription foms part of our auditor's report. Use of our rep(ht This report is made solely to the charity's trustees. as a txyty, in accordance vAth part 4 of the Chanties (Accoun15 and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Iruslees those matter5 we are required to state to them in an aLKtilor's report and for no other PLsrpose. To the fullest extent pem)tited by law. we (lo not a¢¢ept or assume responsibility to anyone other than the charity and the charity's trustees as a body. for our audit NM)rk. for this report, or for the opinions we have fomied. / LJ£J6 Mr R W Williams IFCCA} Senior Statutory Auditor for and on behaw of". Appleby & Wood (London) Limrted 40 The Lock Buildin9 72 High Street London E15 2QB 2 Ct& May 2023 The Parochial Church Council of St Mary, Islington STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2022 Unrnstrictad Reytricted 2022 Total Funds Funds 2021 Total Incoming resour￿8 Voluntary In￿Me Activities for generating fvnds Income from investments Church activities Other inwming resource$ Totsl Income 158,321 79.089 57.161 6.020 9,197 309.788 75,113 233,434 79,089 59.198 6,020 9,197 386,938 576,861 77,389 58,913 5,192 7,912 726,267 2c 2d 2e 2,037 77,150 Resources expended Church activities Raising Funds other 3b 317,605 10.552 13.289 341,446 164,230 428 481,835 10,980 13,289 506,104 403,527 18,697 9,975 425,20D 3c Totsl Expenditure 164,658 Net 1ncomellEx￿nd1t￿re) Transfers be￿e￿n fLJndslRevaluation 131,659) (2,527} 187,508) (119,167) 2,527 294,067 10 840,000 Net movement in funds 1¥186 {84,982) (119,167) 1,134,067 TotJ funds brought forward 3,631.713 221.386 3,853.099 2,719,032 Total fun(J8 carried foTrwd 3￿97,$27 136,405 3.733.932 3.853,099 The Parochial Church Council of St Mary, Islington BALANCE SHEET As at 31 December 2022 2022 2021 N¢Xes Fixed A88ets Tangible 3,252,465 3,252,465 3.250.000 3,250,000 Curmt A55ets Debtors Cash at bank and In hand 27.879 488.526 516,405 19.729 601,534 621263 Llabllltles Creditors- amounts fall due one year 134,938) 118,164) Net Current A8sets l (Liabilrties) 481.467 603.099 Total Net Assets 3.733,932 3.853.099 Parish Funds Unrestricted 10 425,121 33.821 3,172.406 3,631,348 459,307 82.881 3,172,406 3,714,594 Designated Revaluation reserve on NeIghboUrhL￿ Centre Restrcted 10 102,584 3,733,932 138,505 3,853,099 Totsl Fun(ts of church These financial statements were approved by PCC in 2023 and ￿ne(l by.. James Hughesdc Vicar Charity Nurnber 1131900 The Parochial Church Council of St Mary, Islington STATEMENT OF CASH FLOW For the year ended 31 December 2022 2022 2021 Nèt Cash frem opernting activities Net Cash provided by {used in) operaty'ng acti￿￿e$ {l13.c￿8) 280.899 Net Cash provlded byAtsed In Imiestlng actmlles Charye in cash and cash equivalents in the year (113.008) 280,899 Cash and cash equivalènts at l January Cash and cash equival•nis at 31 Dec•mb 601,534 488.526 320,635 601,534 ReconcAliation of nel incomel (eypendrture) Net Income before Investment galns at 31 D•¢embèr Adjustments for.. Deprecaation charges Deueasel li￿reaSe) in fixed assets Deueasel lint¥easel in debtOfS IDecrea8ell increase in creditors (119,168) 301,W7 215 12,680) 18.150) 16,775 (10.603) (9,565} Not cash provlded byl (used In) owratlng athllles 1113.008) 280,899 Analysis of cash and cash equivalents Cash in hand 488,526 601,534 The Parochial Church Council of St Mary, Islington Notes to the flnanclal statements For the year ended 31 December 2022 ACC￿ntIng Policies A Accounllng ¢onvenll The financial statements have been prèpared in arxjydance Mith FRS 102'The Finan(#al Reporting Standard applicable in the UK and RepU￿•C of Ireland. ('FRS 102.1, 'Accounting and Reporbng by Charities" the Slalemenl of Recommèndad Piacb'ce as it applles from 1 January 2015. The trust is a Public Benefit Entity as defined by FRS 102_ The a¢counts have departed from the Charihes (Accounts and Rewtsl Regulations 2008 onty to the èxtent required lo prov•Ye a true and lair wew. This depathre has involved followtng the Slatemerrt of Recommended Practice for charities apptying FRS 102 rather Ihan the version of the Statement of Recommended Pradice vthith Is refeThed to in the Reguktions has since been wthdrawn. The a¢counls are prepare(J in sterfing, is the ftjnctional currenc¥ of the churth. Monetary amaunts in these finanaal statements are rounded to the r￿arest £. The a¢¢ounts have been prepared on the histori￿1 cosl i￿VentiOn, modffied to indude the revaluation of freeh05d properbes and to indude investment properties and certain finar￿la1 instruments at fair value. The principal accounting wlicies adopted are set out bekiw. B Funds and reserves Funds held by the PCC are.. Reslncted funds -al income from trusts or erKlOM￿nts *hich may be expended onty on those restricted objects prowded in the terms of the trust or bequest, b) donations or grants received for a specrfic object or invit&J by the PCC fora specific object. The funds may onty be expended on the Spectr￿ object for %thich they were given. Any l)alance remwnirKJ unspenl atthe end of ￿ year is caff*d forward as a balance on the ftjnd. ￿n￿$111¢1ed fvnds General fijnds - vknith can be used for PCC ordinary purF*)se5. Designated funds- n￿)nleS set aside by the PCC out of unrestricted fvThJs for specffic future projects. In order to ensure that the PCC'S known regular finanoa commrtments can be met when due, and lo provide SLJffieient financial llexibility to meet unexiwjed èynditure, r( is the policy of the PCC to seek to hold free reserves within its LKrestricted fvnds li.e. reserves which are not designated nor represented by that proport]"on of the cost of the Neighl)ourtKxKI Centre which is financed from ￿serves} al a minimum of 3 months of antifipaled expen(lilure. At Ihe e￿1 of the year, this f￿ ￿serveS pc4icy was meL C Incoming rnsources l incoming ￿SoUrceS a￿ a￿Unted tr gnM. Voluntary Income Collections are recognised onty when received. Planned gi￿ng r*ivable is recognised onty sthen rt is received. Income tax recoverable on Gift donations is recognised when the donation$ are received. Grants and legacbe$ are rewgnised when the PCC is legalty entiued to ts anKsunt due and the amount can be meayjred wth reasonable reliabilrty. Income from investments Rents receivable arKI Inte￿st are aCc(￿nIe￿ forthen due and payable. A full a￿ru8}S basis of inkresl would resubt in no material differer￿. The Parochial Church Council of St Mary, Islington Notes to the flnanclal statements For the year ended 31 December 2022 All other income All other incon* is recogni8ed is receivable. D Resources expended Resources expended are acuunled for on an accruals basis and are accounted for gross. Ponsion costs Isoo also Not8 S} The PCC contributes towards a money purchase stakeholder scheme for qualtying employees. Contributions ￿ Charged on an acuuJs basis. Operating lea5e5 Rentals payable under operating leases are charyed against In￿Me on a straight-line basis over the bease Gr4nts Giants and donations are a￿L)Unted *orvthen paKI over. or vthen awarded where the award creates a binding obligation on the PCC. Church Activities The dir￿San parish contribLJtic>n Is accounted for¥then pald. Any parish contrbLthn unpaid at 31 December woukl be provided for in these xcounts as an operational (though not a legall liabilrLy and shown as a ¢reditor in the baLgn¢e sheeL E Flxgd Assets Tangible r￿d assèts Consecrated and beneficeil pwperty of any kind is excluded from the accounts by $.1012)la}&lcl of the Charities Act 2011. No value is placed on moveable churth fijrnishings held by the churchwardens on special trust and for which a facutty is requirnd for their disposal. since the PCC considers such to be unalienable property. A policy of revaluation ha$ been adcpted for Ihe thurth's functb)nal property, vknich 1$ thè Neighbourhood Cenlre. Formal valuations are obtained every fve years and advi￿ as to material n￿¥ements in property value$ is oblained in the period belween fom￿1 valuatKy)s. Srnall items of equipment (noM￿lty those costing less bhan £5tXl) are charged as expendi￿re in the year of purchase. Depreciation Depre¢ialion is calculated to write down the cost of tsngible fixed assets, exdL*Jing freehold pr¢)perties, on a straight line ba515 over their expected usefvl li¥e5. The rates gerEralty applicable are.. Fixtsres and fittings Four years Computer equipment . Three years No depreciab'on is prowded on freehold property as rt ts the PCC'$ poli¢y to maintsin these assets in a conb.nual stale of sound ￿paIr. The useful eci>rK>miC life of these a&%ets is so long arwj residual values so high that any depreciation wwld not be material. These a￿ts sut4.èct to annual impairment rewev+S. Prowsion will be made if there has been any pern￿nent diminution in value. The Parochial Church Council of St Mary, Islington Notes to the financial statements For the year ended 31 December 2022 2 IncomirKJ resources Unrnstrktsd R0Strict8d 2022 Tolal 2021 Total Fun(ts Fund5 a Voluntsry Income Planned giving Collections at senrices Sundry (knnations and appeals Legacy Income (Note 10 ii? Gift recoverable Grdnts (Note 10 i) other funds generated 90,121 10,517 23,933 90,121 10,617 25.098 86,924 6,212 71,451 281,297 36,532 74,5 19,944 576,861 100 1,165 28,69) 2,641 2,419 158,321 28,690 52,641 26,267 233,434 50,000 23,848 75,113 b Activities for generdting funds NeighbouthcKJd Centre Rent (Note 11) Fundraising events 75,Otw) 4,089 79,089 75,OLNJ 4,089 79.089 76,000 1,389 77,389 e Investmènt ineome Interest receivable 1.204 31.227 766 1,970 31,227 26.001 59.198 69 29,973 28,871 58,913 Rent of Neighbourhood Centre Ilat Fore¢ourt rents 24,730 57,161 1,271 2,037 d Inc¢Jme from Church Activities Fees for ￿eddingS and f￿eralS 6.020 6,020 6,020 6.020 5,192 5,192 Other incomirvJ resources Solar Panels- Feed in T¥iff recwpts 9,197 9,197 9,197 9,197 7,912 7.912 Total incomlng r•8our¢e8 309.788 77.150 386.938 726,267 10 The Parochial Church Council of St Mary, Islington Notes to the financial ststements For the year ended 31 December 2022 3 Resources expènded Unrestricted R•strictsd Funds Funds 2022 Total 2021 Total Ralslng Funds Event5 Garden llat letbng fees & maintenan 1.148 9,404 428 1,576 9,404 426 18,271 10.$52 428 10.980 18.697 b Church acttvitio$ st Mary's Mis&on partners Home MI￿On (Note 11) Diocesan Common FuThY Music Ministers- Salary and Expenses Church - Utilities Church insurance Church cleaning Church maintenance 12,836 55.OLVJ 90.01)0 7.201 10.817 7,730 5,822 5.159 3.131 151 12,836 55,000 90,000 14,402 10,817 7,730 5,822 128,861 3,131 151 16,140 55,000 90,000 10,592 9,455 7,490 5,442 49.841 979 73 7,201 123,702 Clergy workir¥J exF￿lse$ Vicarage maintenance Curates, housing (Nots 12) Upkeep of services Parish mag8￿ne, fftbsite and publiaty Training and retreats Parish office 5tsff costs 43.215 9,906 5.552 43,215 11,637 5,552 7D1 1,731 17,873 4,099 200 618 23,544 36,173 2.992 3,876 1.297 215 59,717 2,992 3.876 18,168 2,215 2,212 2,339 Photocopier and $taticrf*ry Other pafish office costs Soul in the city Depre¢iation Church major repairs Chiklren's Accounting services Mar￿$ Transilion Costs 3,729 215 103276 3,705 3,705 8,114 16,449 317.60S 16,449 481 ￿35 164230 403,527 Gov8rnanc• GovernanceNalual'on 3,575 9,714 13.289 3,575 9,714 43.289 Audil fees 9,975 9.975 Total resources expgnded 341W6 164,658 506,104 432,200 11 The Parochial Church Council of St Mary, Islington Notes to the financial ststements For the year ended 31 December 2022 4 Prior year compardtlv The detsiled comparatives for each ttem in the Ststem&tt of Finanual Acbvilies a￿ slN)vm below. Unvèstrid Re$trf¢ted 2021 Totsl Funds Funds Incomlng resour¢es Voluntsry Ir￿Me Acivilies for gtnerntitvj ￿ndS Income from investsnents Church activities Other incoming ￿$￿￿e$ TrAal Incomg 420.627 77.389 58,907 5,192 7,912 570,027 156.234 576,861 77,389 58,913 5,192 7,912 726,267 156,240 Resources expend•d Church activities Rai￿￿ FurKJs 248,421 18,657 9.975 277,053 155.106 40 403,527 18,697 9,975 432,200 Total Expèndithrn 155.146 Net IncomellExpendituro} Tran5fe15 belween fvnds 292,973 1,094 294,067 Not m¢)vement in funds 292.973 1.094 294.067 TO1￿ ￿ndS brought foThvard Total funds carri8d forward 2,498.739 2.791.712 220,293 2,719,032 3,013,099 221.387 S Staff Costs 2022 2021 Wages and salaries Social securty ¢osts Pension Costs 63,942 24,714 2.182 66.124 1,$62 26.676 Total 12 The Parochial Church Council of St Mary, Islington Notes to the financial ststements For the year ended 31 December 2022 DuriNJ the year, the PCC employed 2 staff in the Parish Office12021: 2}"1 Music minister12021: 1) and 1 Youth Minisler12Q21'. 0). The average number. on thè basis of fUl￿tiMe equivalents, was 1.75 {2021'. 1.2). The PCC provides a defined contribution stakehdder pension stheme for qualifying employees, under which il sontributes 8% of the emtAoyee's ba￿¢ salary. Employees may also make their own contributions. The assets ol the %hem¢ are held separatety from th)se of1he ¢hanty, in an independenlly administered fvnd. None of the staff member8 earned the Acys minimum figure for dedaration of £60,000. p.a. 6 Tangible fixed assets Neighbourhood Equiwnent Cost or valuation Al 1 January 2022 Addits'ons 3,2S0,0￿7 77,901 3,327,901 2,680 2,680 Al 31 December 2022 32SO.Ots) 80,581 3.330,581 D8preciation Al 1 January 2022 Charge for the year (77,￿1} 177,901) {215) (215) Al 31 December 2022 178,1161 178.1161 Not book amounts Al 31 December 2(X21 3.250,000 0 3,250,000 Al 31 Dec8rnber 2022 3,250.000 2,465 3.252,465 The Neighbourhood Centre is vested in the Lon¢kn Diocesan Fund on behawof the PCG. 115 market value, subjed lo the existing tenon¢y, was delemiined as £3.25 millK)n, to Ind￿je the firsl flat, by Strett￿s Chartered Surveyors and Valuers in March 2022. The Revalu*ion Reserve represents the drflerence ktsveen the cuThent valuation of the Neighbourhood Centre and its onginal ￿$t. As suth, rt is neither represented ty cash nor in a forn is available for eXpend[tU￿ by the PCC. 13 The Parochial Church Council of St Mary, Islington Notes to the financial stalements For the year ended 31 December 2022 7 Anatysis of Net assets by fund Unrestricled R•striclpd 2022 Total 2021 Total Funds F￿d$ Ftted assets Current assets Debtor5 Depogts and cash 3,252,465 3252,465 3,250,000 27,879 488,525 27,879 488,525 19,729 601,534 516.404 S16.404 621,263 CuThent liabilities (34,938) 3,733.931 (11,1641 (18,164) 3.733,931 3,B53.099 8 DebtorJ 2022 2021 Grft aid recoveratAe Due from Mary's Prepayments Accrued income Other Debtors 13,120 5,121 1,038 7.866 734 14,360 603 1.405 2,017 27,879 19,729 9 Credito￿. amounts falliry due Thithin one year 2022 2021 Creditors Accnjed expenses 5.948 28,990 8.164 10,000 34.938 18.164 14 The Parochial Church Council of St Mary, Islington Notes to the financial statements For the year ended 31 December 2022 10 Statsment of fund5 Openlng Inc¢me Expondltum Transfers Closlng balance balance Oi.M.22 31.12.22 Unre51ricted Fund5 General fund 459,307 309,787 82,881 75,885 542,188 385.672 3,172,4C6 {341,4461 12,52n 425,121 {124,9451 33,821 (466,3911 458,942 0 3,172,406 Fabri¢ fijnd {1) Revalualion reserye 3.714,594 385,672 (466,3911 (2,527) 3,631,348 R•strided Funds Children's Ministy Denise Antenen Legacy lil) Discretionary fund Monday Feljowship Retwt Fund 74,474 57,548 1,298 1,391 1,479 1,577 638 915 (27.3321 (7,2011 48.057 50,347 1,298 1,338 861 1531 16181 (4,104) Soul in the Cty Vicarage Decoration Fund Flower Fund 2,527 638 45 102.584 350 1.265 14051 139.7131 138.SOS 2.527 Totsl Funds 3.853.099 386.937 1506.11MI 0 3.733.932 As explained in Note 1b, the PCC funds are divided bets￿ Unrestrthd and Restricted Funds. Wrthin the first ofthese Categoriès is one Designated Fund. which is unrestricxed and has been set asidè by thè PCC for refurbishment to the fabric of the church. 15 The Parochial Church Council of St Mary, Islington Notes to the financial statements For the year ended 31 December 2022 Nots$ i We receNed a genemus grant of £50,000 from Cloudesley tovrards repar of the tower stsSrs and red￿OratIon of the church inlthitir. These projects rewesent the cLy)clusion of the bng-njnning Heart of Islington project. We also received £23,848 in VAT refunds from DCMS, under the Governmenys Listed Places of Worship scheme. li Th8 executors have indicated fcwr'areas favwred by Denise Antenen cm an advisw basis,, in order of priorty, summarised as.. J. Support of classical music as part ofworship at St Ma￿S Church. 2. &Jpport youth work in the fomi of Christian h￿IdaYS away for youny people. 3. Facilths to render the Churth more a￿esSIble and amenatAe to the ehJ* and infirm. 4. Redecoration of the church vestibu￿. Expendiiure in 2022 was in support of dassical nwsic. 11 Mary's On 1 January 2009, the community actiwties of the PCC y￿re 1￿mMISSK>ned to a separate registered charity, called St Mary Islinglon Communty Pathership and ￿tsranded during 2014 as"Marys The arrangements by bthich Mary's 0￿pIeS the Neighbouthood Centre arKI Crypt were fomialised in a lease and li¢ence entered into in ￿ri1 2013.. b%ith a rent review in April 2018, wherein, the rent inueased lo £75,000 per annum. This yeai Mary's paid kne lull amount as re¢orded12021- £75:0001 for the year. The discretionary grant of £55,000 vras also passed.12021- £55,000). Charges ￿re made to and from the PCC and Mary's in order to reflect costs incuffed by the one but partialty for the beneffit of the other, namety uiilibes and insurance. The transition of services between Sl Mary's and Mary's took pl￿ on the 1st April 2023. The PCC set aside a sum of £50,000 at ifs meets.ng in June 2022 to meet CO8ls reL8ting to the IransTtion This $um is in additson to the figure budgeted for in the 2022 acccyjnts. 12 Curates. Housing In March 2022 an agreement ￿ds reached vthh the LOrKk￿ Diocesan whereby a prOF￿rtY at 108, Liverpool Road ha5 been allocated as housiw ftjr Curates of St Mary's Islington, with St Mary's PCC paying 50% of the ag￿ed Ma￿et rent. The expenditure in 2022 indudes an amount of £29,487 for the refvrbiSh￿￿llt and ￿decoratIon ofthe proFxty This amount is t)eing decapitalised over a period of 10 years, by which omount the market rental of the property will be adjusted each year to refiect a frar rental value for the propety In the condition in which the PCC receNed it. 13 Interests of th• PCC m•mlJ•rn In transactions No member of the PCC had a finanual interest in any tsnsactKJn the church during 2021 (Nil 2021). 16 APPLEBY & WOOD (LONDON) LIMITED R Wwilliams FCCA Accountants and R¢gisteTedAuditr)rs 40THE LOCK BUILDING 72 HIGH STrEEt LONDON E15 2QB R ROsw31d BSC, FCA PJ Luthow pw0￿FccA, MBA Trk¥hon¢.' I￿20)8534 0383K>J88 Fax.'1fr2018519 6571 E.mail.' 2MAeby.W￿ItrOrthtyC(rt YowRcF. (hJtRct SAISP1558IDEC22 9 May 2IY22 The Trusteoq The Parochial Church C0￿clI of SL Mary tsliugtoll Upper Str¢¢t Islington London Nl 2TX Ladies Gentlemen Re: Mgttagement Report for the YeAr Ended 31 Deeember 2022 . We ow rep)rt of the Si￿lficall1 ￿￿tter3 which cane to attention during the course of our audiL Indt denee attd Ob'eetivi We operate a number of the£ks.to c￿80re th&t wc eontiuue to act itidepell¢kntiy. We bave enquired whether any pathers or statT h&8 a com)ection to the Church, its staff or the INste￿. We are not aware of any Matte￿ which would ]M￿t on our inderEnd￿ and objLXtivity as auditoj ective Rey nsibilities The Con￿l￿ee h&9 a primary resp)nsibility for the ChuT¢h's tim¢ty publi¢*ion of statutOT.y financial statements alld the establisb]neni alld ongoing maintenance of an adequate system of C￿todIal and managem