Charity registration number.. 1132139 The Parochial Church Council of the Ecclesiastical Parish of St. Margaret of Antioch, Lee Annual Report and Flnanclal Statements for the Year Ended 31 December 2023 Field Sullivan Limited 9 Hare & Billet Road Blackheath SE3 ORB
The Parochlal Church Councll of the Ecclesiastical Parish of St. Margaret of Antloch, Lee Contents (contlnued) Reference and AdmSnlstrative Details Ito2 rrustees, Report 3to8 Independent Examlner's Report 9tolO statement of FSnancial Actlvitles li Balance Sheet 12 Note5 to the Fin3ncial Statements 13to27
The Parochial Church Councll of the Eccleslastical Parish of St. Margaret of Anttoch, Lee Reference and Administratlve Deta115 Chalmian Simon Blackburn Trustee5 Slmon Blackburn Reverend Joan BuTkitt-Gray Reverend Oaniel Walker Duncan Atklnson Bill 8ishop Catherlne Clav Tam51n Griem Josef Herman Allstair Higglns Ben johnson Bianca John50n Davld Knlght Nakessa Morgan Lesley Palgrave Robln Quinnell Michael Rae Mbessan Sarr Marion Scott Christlne Speller Jenny Standa8e AndW Wardle Joanne Woodall Charlty Reglstratlon Number 1132139 Prlnclpal Offlce St Margaret's Vlsltor'5 Centre 8randram Road Lee SE13 SEA Independent Emamlnef Field Sullivan Llmlted 9 Hare & Billet Road Blackheath SE3 ORB Page I
The Parochlal Church Council of the Ecclesiastlcal Parlsh of St. Margaret of Antloch. Lee Reference and Admlni5trative Detalls (continued) Bankers Barclays Bank UK PLC I Churchill Place London E14 5HP Lloyd5 Bank PIC Blackheath london 25 Gresham Street london EC2V 7HN Cambridge & Countles Bank Charnwood Court 58 New Walk Leiee5ter LEI 6TE CCLA Fund ManaEers Senator House 85 Queen Victorla Stieet London EC4V 4ET Flagstone 1st Floor Clareville House 26-27 Oxendon Street London SWIY 4EL Page 2
The Parochlal Church Countll of the Eccleslastical Parlsh of St. Margaret of Antloch, Lee Trustees, Report The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2023. AdmlnSstrative Information The church of St Margaret of Antloch, Lee is part of the Dlocese of Southwark within the Church of England. The correspondence address Is.. The Visitorf5 Centre, 8randram Road, London, SE13 SEA. PCC members who served since l January 2023 untll the date this report was approved are shown on page l. Structurei governance and management The method of appointin8 PCC Members Is set out in the Church Repre5entatlon Rules. All Church member5 are encouraged to register on the Electoral Roll and stand lor the PCC. Oblectlves and Actlvltle5 The PCC met on slx occasion5 durlng the year.. 24 january,. 21 March.. 23 May,. 18 July,. 26 September.. 28 November. Commlttees met between meetlngs and reports of their artfvitles were consldered and dlscu$5ed by the PCC where necessary. 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Cornmunlcants NIA. 83 95 97 61 Easter 160 137 132 131 155 159 123 179 Chrlstmas 179 169 166 iii 181 3,647 3.098 NIA. NIA. 2,575 3,301 16 io 12 145 99 Total for the year eaptlsm5 Recelved communion 3,751 3,798 3,601 3,053 15 19 li li Into Conflrm8tlons Weddin85 Elecloral rolls 108 121 141 152 128 108 109 108 103 'Covid impacted abllity to provide accurate data across on-slte and online seryices. Page 3
The Parochial Church Coun¢ll of the Ecclesiastlcal Parlsh of St. Margaret of Antloch, Lee Trustees, Report Icontinuedl Outward Glvlni Doliatlons were received during the year for the followlng.. Single Homeless Prolect E1131.46 Christmas & Carol 5ervice5 Christlngle Servlce & donation bucket at back of chLtrch The Chlldren's Society £321.08 Make Lunch £590 Various events Food was collected throughout the year and particularly at Harvest for dlstrlbutlon via LewCAS (Lewisham Churches forAsylum Seeker51. Revlew of the Year 2023 2023 was a year of change for 5t Margaret's as we bid farewell to our Rector Revd Canon Tim Goode at the end of july 2023 and entered an Interregnum for the latter part of the year. However, the par15h was blessed by the ongolng minlstry of our Curate Revd Oaniel Walker and 3 Small team of dedicated Clergy, Lay Readers and Deacon5 who led a full complement of services, 5UPPOrted by the Churchwardens. volunteers and weekly meetlngs ol the Mlnistry Team. The Church continues to be a vibrant worshipping cornmunity, whlch ha5 seen ongoing growth in 2023, partleularly n the number of famllies joining Sunday Services. A re8arlar pattern of Sunday services at 8am, 10.30am and 6pm took place in church. Online Morning Prayer, strearned vla Facebook Monday- Thursday and the weekly Tuesday rnorning 10.30am Eutharist have been popular wlth a dedlcated number of conBre8ants, and the weekly Eucharist servlce at the two residential care home5 in the parlsh. Leah Lodge and Rectory Court continues to be appreciated by the resldents, 81ble study courses have been held both Sn person and online and have Included a Lent course called 'Broken based around the BBC TV series starring Sean Bean and an Advent course on the history of the Israell-Palestinian conflict. Our Chlldren's Churih hès gone from stren8th to strength wlth the ongoing success of the monthly 9aM famlly worship servlce and parent-led activities in the crypt during the 10.30am servlces, both enjoying wonderfully irnaginatlv& sessions of arts, crafts, storytelling ènd fun for our youngest church rnember5 and their families. PCC members were keenly aware of the limlted provision for children aged 8-13 who did not sing in the choir. We responded to this in 2023 with the successful implementatlon of our young people's se¥ving team and the launch ol a monthly breakfast club for thls age group, provlding an opportunlty to get together to discuss falth and the Bible, to play games and have fun. We are dellghted wlth these developtnents, which provlde Increased opportunitles to Involve younger generatlons in our mlnlstry, worship and joyful communlty. Out51de of Sundav servlces. Rucksack Music, who meet in the Crypt on Frlday's, and St Mar8aret'5 Toddler Playgroup, who meet on Monday and Wednesday mornings durlng term-time at the Klng5wood Halls continued as popular groups for bables and preschool aged children and thelr familles. Page 4
The Parochial Church Councll of the Ecclesiastical Par15h of St. Margaret of Antloch, Lee Trustees, Report Icontlnuedl The cholr contlnued to thrive and support the worshipplng life of the Church. The Junior and adult cholr met weekly for rehearsals. Musical highli8hts Included the choir 51nging Evensong at Souihwark Cathedral in February, and Rochester Cathedral May, a performance on Palm Sunday of Stainer's Cruclflxion, a Choral Scholars concert during our pational festSval celebratlons in july, slnglng at the Diocesan Conflrmatlon servlce at Southwark Cathedral and Remembrante Day services in November and wonderful Advent and Chri5tma5 carol SErvlces in December. At the end of 2023 the junior choir had 11 singers, with four members receivlng thelr surpllces on St Mar8areVs Day. Four adult choral scholar5, funded by the PCC and an organ scholar, funded by the Ted Martlrs Organ 5cholaiship were appointed during the year. The choir continued to be augmented and supported for larger services and trip5 by a further regular team of slngers, organists and in5trumentallsts, whose support Ss greatly valued. The PCC and office staff conrlnued to work on the priority area5 set out In the Mlssion and Strategic Plan approved by PCC and presented at the 2022 APCM. The plan Set out a number of areas for further investigation to en5urE that the mlsslonal capacity of the church as our pilmary asset 15 being reali5ed, whilst at the same time also ensuring that The Klngswood Halls continues to brin8 In a healthy Income from our hirers. To achieve this, we plan to financially invest In our church buildlng to ensure that it is both 5Ultably equipped, physically adaptable and aesthetically pleaslng for congregational worship, visltors, event5, meetings, concerts. theatrical and operatic perforrnances. Ouring 2023. the PCC discussed at length the debate In the CofE reEardlng equal marrla8e. Members unanlmously agreed on the wording of a PCC res01utlon in support of equal marrlage, whlch was subsequently published and circulated. Durlng 2023, upgrades were carried out to the electrical installation in all building5 and the church 11oodllghting was converted to IED. Major repalrs to the Klng5wood Hall's Main Hall gable ends were completed and a new heating system was installed in the Montessorl hall. A mernorial inscription In the Church Nave for Alfred and Doris Wood was completed. The PCC agreed the following projects to be subrnitted fol Faculty approval.. a collaborative project between lewlsham Council, the Blackheath Society and St Margaret's for repairs tD 10 listed tombs in the Old churchyard. to be mostly funded by S106 money,. a revised prDposal for the Church and Crypt AV followlng feedback frorn Histoilc England and repairs to the Church bells and carillon keyboard. The churthyard playground application continued and funding Is being held for thls with Lewisham Councll. We were delighted to be able to host a number of events during 2023. Bookings and events included the co¥ncert serie5 for a number of local choirs and ensembles and a blg-screen community showing of the King'5 coronation followed by a bring and share lunch in the Crypt. Enquiries for booklngs at the Klngswood Halls increased durin8 2023 and we have been able to secure a small number of new regular hlrers including the Quaggy Quilters and Tai Chi. Our long-e5tabli5hed Darby and Joan club rnet weekly on Tuesday afternoons, providing a place for support, companionship and fun. and continues to welcome new members aged 55 and over. Chrlstma5 lunch for club members at The Clarendon Hotel In Blatkheath continues to be a much en5oyed annual tiadition and we were grateful for the wonderful decoratlon5 made by mernbers for the church Chrlstma5 tree this year. Page S
The Parochial Church Councll of the Ecclesiastlcal Parlsh of St. Margaret of Antioch, Lee Trustees, Report (continued) Outreach remain5 an important part of Church Ilfe. During 2023, we have worked in a varlety of ways In the local communlty. Our established Dacre Dig Garden Project at the Klngswood Halls, led by professional gardeners met twice a month on alternate Fridays and Saturdays. In 2023, In addition to growing daflodtrls foi Mothering Sunday and growing a range Of frult and vegetables for the local communlty, the group constructed a chlldren's garden bv the Kingswood Halls garage. which included a bug hotel made from pallets and an open wigwam with edlble climbers designed with empha515 on learning through play. We continue to consider further plans lor the Gèrden Prolect whlch include Implementing insect and wildflower plots in the Old Churchyard to complement our commitment to environmental protection and our Eco-church awards lalready bronze and 511verl. Tea for Free on Monday mornings has continued to provide a much-needed space for people to meet soclally in a relaxed and welcoming setting as well as a warm space dvring the c05t-of-Ilvlng crisis. New outreach Inltiative5 for 2023 Included hosting weekly sessions for the Probatlon Service, enabling people on probation to cornplete communitv service through cleaning and maintainin8 the chureh and grounds. We also began to support the Single Homeless Project, a charity in our parish who work wlth homeless young people In Lewlsham aged 16-25, by offering our Crypt space for staff meetlngs and fundralslng for trips and outings foi sete users at our Christmas servlces. The PCC and congregatlon continue to support sthool-led initlatlves foi vulnerable Children and lamtlies from St Margaret's School, Includlng providing funding for holiday food vouchers. holiday club and extrècurricular activity bursarles and hosting a food hub during the holidays in the Crypt. The veiy successful 'Let's Make Lunch, events, organlsed and supported by a dedScated teèm of volunteers, were held on 3 occaslons during the school holidays at the Klngswood Halls. The church community continued to support local refugees both via church-led inltlatives and vla donations to LewCAS food bank. We continue to work to understand the emerging needs of our local communlty, whlch in turn wlll lfjform the dlrection of future outreach prolects. The PCC employs an Operations Manager, Treasurer and Parish Adminlstiator plus ad-hoc caretaking and event svpport for occasional bookings. st Margaret's rEmalns a vibrant church communlty with an ongoing vislon and commitment to engagement with all members of the local community as "a safe harbour.. open to God, inclusive of all". Flnanclal Revlew Overall, our actlvlties for the year 2023 have caused a deficit of £85k. However, ignorlng budgeted reserve spend5 of £77k, we have recorded a deficit of £8k from our ordinary activlties. We had forecast 8 £36k loss in 2023. This Is very much welcomed improvement. In 2023 our total income amounted to £310k. This is a reductSon of IO% from 20221£341kl intome. The reduction is mainly due to a legacy donation in 2022 v5 the Impact of natlonal interest rate movements whlch saw our investment Income for the year double. Our usual two main sources of income came from voluntary contributlons and rental activlties. In 2023, rental actlvlties from our variou5 church buildlngs and Telecoms hlre accounted for 44%1£140kl. Voluntary contributlons accounted for 27%1£83kl and were given by Members of the congregation either through regular giving by our usual methods of standlng order. the church plate on Sundays Inow also online) or speclal collections and appeals. The remainlng 29%1£87kl was from grants, tax rebates. gift ald and interest receSpt5 and Shared services elettrical contributions. Page 6
The Parochlal Church Council of the Ecclesia5tlcal Parlsh of St. Margaret of Antioch, Lee Trustees, Report Icontlnued) In 2023 total expendfrture amounted to £398k. Whlch is 13% more than 20221£350kl. Thls is malnly due to E78k worth of budgeted spend on planned works on the Kingswood Ha115 roof, heatlng 3nd church electrical works. The breakdown of expenses 55 as follows, with the largest item of expenditure belnB 27%1£105kl on ouc parish pledge. We do not recelve any funding from the Diocese of Southwark, and it is through the generoslty of prosperou5 parishe5 like our5 that allows the Diocese lo continue supporting other parlshes and causes locally, natlon8lly and globally. It also contrlbutes towards the c05t of clergy Istlpend, tralnlng, penslon and hou55ngl. Staffing cost5 attributed to 19%1£73k inc. Penslon contributions and honoraria payments). 23%1£91kl was for runnlng the church building including repalr works, 19%1£73kl on Kingswood hall expenses including designated works and the Temaining 12% I£SOkl on other cost5 Including Insurance, office expenses, Garden project and scholarships etc. Resèrves polity and going concern Reserve5 are needed to bridge the gap between the 5pendlng and rettivlng of income and to cover unplanned emergency repalrs and other expendlture. Due to the uncertainty of the pandemic. It was agreed in 2020 that the malority of re5erve5 be maintalned as general funds to ensure we were able to fulfil our commitments and ongoing mlssion of the church. We will maintaln thls stance and will designate funds as and when required. A number of projects are up for revlew by the PCC in 2024, and lund5 wlll be de51gnated accordinglv. The mainlenance and development of a grade Il* Ilsted bullding 15 a Significant undertakin8 and the Irustees have designated funds accordingly over recent yeaTS. A new bulldlng fund value wlll be agleed by the PCC once the nèxt set of works have been identlfied and prioritlsed as per the1atest quinquennial report. The trustees have reviewed the clrcumstances of the charity and consider that adequate resources will be able to cover the charlty's Tequirements for working capltal and capital expenditure for at least the next twelve months. They are not aware of any other factors which could put Into jeopardy the charitvs going concern slatus during or beyond this perlod. Risk revlew The PCC membérs have revlewed the financial and other risks facing the church. They have ensured that when risks are identified, necessary step5 are taken to mltlgate those rlsks. Page 7
The Parochial Church Councll of the E¢clesiastlcal Par15h of St. Margaret of Antioch. Lee Trustees, Report (continued Statement of Tru5tees' Re5ponslbllltle5 The trustees are responslble for preparing the trustee5' report and the financlal statements in accordance wlth the Unlted Klngdom Accountlng Standard5 (United Klngdorn Generally Accepted Accountlng Practlcel and applltable law and regulations. The law appllcable to charltie5 requires the trustees to prepare financial statements for each flnantial year which glve a true and falr view of the state of affalr5 of the eharity and of the incoming resources and appllcation of resource5 of the charity for that period. In preparing these financial statements. the trustees are reqtsired to.. select sultable accounting policies and then apply them consistently,. observe the methods and prlnciples In the Charities SORP: make judgements and estSmates that are reasonable and prudent,. state whether appllcable accounting standards have been followed, subject to any mateilal departures disclosed and explained In the financial statements,. and prepare the flnanclal statements on the golng concern bas15 unless St Is Inappropriate to presume that the charity wlll continue In buslne5S. The trustees are responsible for keeplng proper accountlng records that dlsclose wlth reasonable accuracy at any time the financlal posltion of the charity and enable them to ensure that the fSnancial statement5 comply with the Charities Act 2011. the Charities (Accounts and Reports) Re8ulations 2008, and the provisions ol the constitution. The trustees are also responsible lor safeguarding the assets of the charity and hence for taking reasonable Steps for the prevention and detectlDn of fraud and other Irregularities. The trustees are responsible for the malntenance and Integrlty of the corporate and flnancial Snformatlon Included on the charStable company's website. Legislation governlng the preparatlon and dissemlnatlon of flnancial 5tatement5 may differ from leglslation in other lurisdlctlons. annual eport was approved by the truslees of the charity on 7 May 2024 and Signed on its behalf by.. Simon Blackburn Chairman and Trustee P38e 8
The Parochlal Church Council of the Eccleslastlcal Parlsh of St. Margaret of Antioch, Lee Independent Examiner's Report to the trustee5 of The Parochial Church Council of the Ecclesiastical Parish of St. Margaret of Antioch, Lee I report to the charlty trustees on my exarnlnation of the accounts of the charlty fof the ye3T Ended 31 December 2023 which comprise the Statement of Flnancial Actlvlties, the Balance Sheet and related notes. This report is made solely to the chaflty's trustees, a5 a body, in accordance wlth section 145 of the Charities Act 2011. My work ha5 been undertaken so that I might state to the charltf s trustees those matters l am required to state to them in thSs report and for no other purpose. To the flIest extent permitted by law, I do not accept or assume respon5ibllity to anyone other than the charlty and the CharItS trustees a5 a body, for my work, for this report, or lor the opinlons I have formed. Respon5ibllltles and bas15 of report As the charity trustees of The Parochlal Church Council of the Eccle51astlcal Parlsh of St. Margaret of Antioch, lee you are respon51ble for thE preparatlon of the account5 In accordance with the requlrements of the Charities Act 20111'the ACVI. I report In respect of my examinatlon of the The Parochial Church Councll of the Ecclesiastical Parish of St. Margaret of Antioch, Lee's accounts carrled out under section 145 of the 2011 Act and In carrylng out mv examlnation I have followed all the appllcable Direcilons given by the Charlty Commlssion under sectlon 1451Sllbl of the Act. An Independent examlnation does not involve gatherlng all the evidence that would be ¥equlred In an audlt and consequently does not covef all the matter5 that an auditor conslders givlng their opinion on the financlal statements. The planning and conduct of an audit goes beyond the Ilmited a55urance that an independent examination can Provlde. Consequently l express no opinion as to whether the linanclal statements Present a 'true and fairf view and my report Is limited to ihose specific matters set out in the independent examlner's 5tatÈment. Independent examlner's statement 51nce The ParochSal Church Councll of the Ecclesiastical Parish of St. Margaret of Antloch, Lee's Er055 income exceeded £250,000 your examiner must be a member of a body listed in sect1on 145 of the 2011 Act. I confirm that l am ouallfled to undertake the examination because l am a member of ICAEW, which is orne of the listed bodies. I have completed my examlnatlon. I confirm that no material matters have come to my attention in connection with the examlnation glving mè cause to belleve that In any material respect.. accounting records were not kept in respect of The Parochlal Church Counc51 of the Ecclesia5tital Parish of 5t. Mar8aret of Antioch. lee 35 required by section 130 of the Act,. or 2. the financlal statements do not accord with those records.. or 3. the flnancial statements do not comply with the accounting requlrernents ¢Dncernlng the form and content ol accounts set out In the Charities (Accounts and Repoit51 RegulailDns 2008 other than any requirement that the accounts gSve a 'true and falr wew, whlch Is not a matter consldered as part of an Independent examination. I have no concerns and have come across no other matters in connection wlth the examination to which attentlon should be drawn in thls report In order to enable a proper under5tandlng of the accounts to be reached. Page 9
The Parochial Church Councll of the EcclesiastScal Par15h of St. Margaret of Antloch. Lee Independent Examiner'5 Report to the trustees of The Parochlal Church Councll of the Ecclesiastical Parish of St. Margaret of Antio¢h, Lee (continued) Tim Sullivan FCA Field Sulllvan Llmlted 9 Hare & Billet fioad Blackheath SE3 ORB Datè.. Page 10
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The Parochlal Church Councll of the Ecclesla5tical Parish of St. Margaret of Antloch. lee (Reglstratlon number.. 1132139) Balance Sheet 35 at 31 December 2023 2023 2022 Note Flxed a55et5 Tangible asset5 Investments 13 3,779 33,637 5.130 30,763 14 37,416 35,893 Current assets Debtor5 Cash at bank and in hand 15 93,079 563,434 82,441 633.385 16 656,513 715,826 Crèdltor5: Amounts falllng due withSn one year Net turrent asset5 17 156,2261 128,3851 600,287 687,441 Net assets 637,703 723,334 Funds of the ¢harlty: Restrlcted 63,064 48.413 Unrestrlcted Income funds Deslgnated funds General funds 109,750 464,889 8.250 666,671 Total unrestricted 574,639 674.921 rotal funds 19 637,703 723,334 The financ•al statements on pages 11 to 27 were approved by the trustees. and authorised for Issue on 7 May 2024 an slgned on their behalf by.. Imon Blackburn Chairman and Trustee The notes on pages 13 to 27 form an integral part of these financSal statements. Page 12
The Parochlal Church Council of the E¢cleslastlcal Parlsh of St. Margaret of Antloch, Lee Notes to the Flnanclal Statements for the Year Ended 31 December 2023 I Charitv 5tatUS The charity is domiciled In England and Wales. The address of Its registered office Is.. St Margaret's Visitor's Centre Brandr3rn Road SE13 SEA These financial statements were authorlsed for issue by the trustee5 on 7 May 2024. 2 Actountlng poll¢ies Staternent of complianct The flnancial statement5 have been prepared in accordance with Accountlng and Reportlng by charltie5'. St3tement of Recommended Practice applicable to charSties preparing their accounts in accordance wlth the Financial Reporting Standard app15cable In the UK and Republlc of Ireland IFRS 1021 leffettive l January 20191 (Charities 50RP IFRS 1021 Second edltion October 20191, the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021. They also comply wlth the Comp3nies Act 2006 and Charlties Act 2011. Basls of preparatlon The Parochlal Church Council of the Eeclesia5tieal Parish of St. Margaret of Arstioch. Lee meet5 the delinltion of a public beneflt entity under FRS 102. The aecounts Iflnancial staternentsl have been prepared under the hlstorical cost convention wlth items recognised at cost or transactlon value unless otherwise stated the relevant notelsl to these accounts. Golng concern The trustees consider that there are no material uncertaintles abtsut the charity's ablllty to continue as a going concern. judgements and key sources of estlmation uncertalntv In the applicatlon of the charit¢s accounting policies, the irustees are required to make judgements, estimates and a55umption5 about the carrying amount of assets and Ilabillties that are not readily apparent from other sources. The estimates and associated as5umption5 are based on historical experlence and other factors that are considered to be relevant. Actual result5 may diller from these estimates. The estlmates and underlyinE assumptions are revlewed on an ongoing basis. Revisions to accounting estimates are recoEnised in the perlods in which the estimate is revised where revlslons affects only that perlod, or in the peilod ol the revision and future periods where the Tevlslon5 affect5 both current and future periods. Page 13
The Parochlal Church Council of the Eccleslastlcal Parlsh of St. Margaret of Antloch, Lee Notes to the Flnancial Statement5 for the Year Ended 31 December 2023 (continued} Income and endowments Voluntary income Includlng donatlons, glfts, legacles and grants that provlde core fundinE or are of a general nature is iecognlsed when the £harity ha5 entitlement to the income, it is probable that the Income will be received and the amount can be measured with sufflcSent reliabllity. Donations ondlegucles Donations and legacies are recognised on a receivable basls when recelpt is probable and the amount can be rellably measured. Grnnts re1vIl&le GraMt5 are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where perfo¥mance condilions are attached to the grant and are yet to be met. the Income Is recognlsed a5 a IlabS1ity and included on the balance sheet as delerred Income to be released. Investment Intome Dlvidends are recognlsed once the dividend hè5 been declared and notlfication has been received of the dSvldend due. Expendlture All expenditure is re£o8nised once there 15 a legal or con5twctiv2 obllgation to that expenditure. It is probable settlement Is requlred and the amount can be measured reliably. All costs are allocated to the applicable xpenditure heading that aggregate similar costs to that category, Where costs cannot be d1CtlY attributed to partiiular heading5 they have been allocated on a basis consistent with the use of ¥esources, with central staff C05t5 allocated on the basls of tlme spent, and depreclation chaiges allocated on the portion of the asset's Use. Other support costs are allocated based on the spread of staff costs. Roi51ngfunds These are c05t5 incurred in attiacting voluntary income, the management of investmeThts and those incurred In trading activitie5 that ralse funds. Churitable Dctlvltle5 Charitable expenditure comprlses those costs incurred by the charity In the delivery of It5 activities and services for ts beneflciaries. It includes both cost5 that caFI be allocated directly to such activltie5 and those c05t5 01 an Indirect nature necessary to support them. support ¢osts Support costs include tentral functions and have been allocated tts activity cost categorles on a bas15 consSstent with the use of resource5, for example, allocating property cost5 by floor area5, or per capita, staff costs by the tirne spent and other costs by their u5a8e. Page 14
The Parochlal Church Councll of the Ecclesiastlcal Parlsh of St. Margaret of Antioch, Lee Notes to the Flnancial Statements for the Year Ended 31 December 20Z3 l¢ontlnuedl Tamation The charlty Is considered to pass the tests Set out in Paragraph I Schedule 6 01 the Finance Act 2010 and therefore It meets the definltion of a charltable company lor UK corporation tax purposes. Accordingly, the charity Is potentially exempt from taxation In respect of income or capital galns recebved within categories covered by Chapter 3 Part 11 ol the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exlent that such incorne OT gains are applled exclusively to chaiitable purposes. Tangible flxed assets Consecrated property which is the church bulldlng and moveable church furnishin85 are excluded from the accounts by virtue of 5. 10 Charities Act 2011. All expenditure incurred during the year on consecrated or benelice building and moveable church furnishing5. whether malntenance or improvement, is written off. Apart from the above, the PCC has stewardship over certasn propertles and other assets ol materlal value. Thls Includes. but is not restrScted to, the Klngswood Ha11$ and the Visitor's Centre. The PCC has excercised Its option under the Charities SORP not to reflect the value of these a55ets as fixed assels In the balance sheet as It is ccnsldered that significant t05ts would be Involved which would be onerous compared wlth the addltional benefit derived by the users of the accounts in assesslng the PCC'S Stewardship of the assets. Depreciation and zmort15atlon Depreciation is PTOV4ded on tanglble fixed a$5ets so as to wrlte off the c05t or valuatlon, less any eslimated resldual value, over their expected useful economic life as follows.. Asset class Office equlpment Furnlture and liitlngs Depreclation method and rate 25% straight line 25% stralght Ilne Flxed asset Invèstments Fixed asset investments. other than programme related investments, are included at market value at the balance sheet date. RealSsed galns and IDsses on investrnents are calculated as the dlfference between sales proceeds and thelr market value at the start ol the year, or their Subsequent cost, and are charged or credited to the Statement of Financial Actlvltles in the period ol disposal. Unrealised galns and losses iepresenl the movement in market values durlng ihe year and are credited or charged to the Statement of Financlèl Activitles based on the market value at the year end. Trade debtors Trade debtors are recognised initially at the transactlon price. They are subsequently measured at amort15ed £05t using the effective interest method, less provision for impalrment. A provision for the impairment of trade debtors is established when there is objective evidence that the chailty will not be able to collect all amounts due according to the origSnal terms ol the receivables. Page 15
The Parochial Church Councll of the Ecclesiastical Parlsh of St. Margaret of Antioch, Lee Notes to the Finan¢lal Statements for the Year Ended 31 December 2023 (contlnued) Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other 5hort-term hi8hly 114id investments that are readlly convertible to a known arnount of cash and are subject to an inslgnificant rlsk of change in value. Trade credltors Trade credltors are obllgatlon5 to pay for goods Of service5 that have been acquired In the ordinary course of business from suppllers. Accounts payable are classified a5 current Ilabllltle5 If the doe5 not have an uncondStlonal right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reportlng date. If there is an unconditional rtrght to defer settlement for at least twelve Months after the reportlng date, they are presented as non-cvrrent liabilities. Trade credltors are recognSed inltlally at the transactlon price and subsequently measured at amortised cost uslng the effectlve interest method. Borrowln8S Interest-bearin8 borrowlngs are Initially iecorded at faSr value, net of transactlon costs. Intere5t-bearing borrowings are subsequently carried at amortised cost, wlth the difference between the proceeds, net of transaction cost5, and the amount due on redemption belng iecognised as a charge to the Statement of Financial Activitles over the perSod of the relevant bDrrowin8. Interest expense is recognised on the bas55 of the effectlve interest method and is Included In interest payable and slmilar charges. Borrowin8s are classlfled as current liabilities unless the charity has an unconditltsnal right to defer settlement of the liability for at least twelve month5 after the reportin8 date. Fund structure Uniestricted Sncome funds are general funds that are avallable for use at the trustees discretlon In furtherante of the objectives of the charltv. Deslgnated funds are unrestricted funds set aslde for speclflc purposes at the di5cretlon of the trustees. Restricted Income funds are those donated for use in a particular area or lor specific purp05e5, the use of which is restrScted to that area or prPOSe. Penslon5 and other post rètlrement obllgatlons The charity operates a defined contribution pension scheme which Is a penslon plan under which flxed contributions are paid into a pensSon fund and the charity ha5 no legal or constructive ob15gation to pay further contribution5 even If the lund does not hold sufficient assets to Pay all employees the benefit5 relating to employee service in the curfent and prior periods. Contributlons to deflnEd contrlbution plans are recognlsed in the Statement of Flnancial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is re¢oBnised as a prepayment, Page 16
The Parochlal Church Council of the Ecclesiastlcal Parlsh of St. Margaret of Antloch, Lee Notes to the Financial Statements for the Year Ended 31 December 2023 (contlnued) 3 Income from donatlons and le8acles Unrestricted Total 2023 Total 202Z General Restrlcted Donations and legacies,. Donations from indlviduals Legaeles Gift aid reclaimed Grant5. including capital grants; LSsted Places ol Woiship The Dlocese of Southwark The Merchant Taylors, Foundatio Department for Work and Pen51ons The Lee Charity of Willlam Hatcliffe Other small grants Financlal stewardshlp 1171 1,000 21,016 8,894 8.877 1,000 21.016 8,040 34,755 18,578 5,507 595 5,507 595 9,298 1,400 1,000 IS,674 1,000 2,028 2,028 300 74,129 300 74,129 74,340 103,530 10,922 114,452 163,085 4 Income from tharltable actlvities Unrestricted Total 2023 Total 2022 General Rental Income 114.062 26,517 114,062 26,517 117,202 20,636 Other income 140,579 140,579 137,838 Page 17
The Parochial Church Councll of the Ecclesiastlcal Parish of St. Margaret of Antioch, Lee Notes to the Financial Statements for the Year Ended 310ecember 2023 (contlnued} 5 Income from other tradlng a¢tlvltles Unre5trl¢ted Total 2023 Total 202Z General Events income,. Other events Income TelecommunlcatSons Mast Car park 13,297 15.475 8,060 13,297 15.475 8,060 8,497 14,806 8,000 36,832 36.832 31,303 6 Investment Income Unrestricted Total 2023 Total 2022 General Restrlctèd Interest receivable and similar income,. Interest recelvable on bank deposits Income from un115ted investments Income from unlisted investments 17,244 17,244 13 910 8,298 13 910 930 17,244 923 18.167 9,228 Page 18
The Parochial Church Council of the Eccle51astical Parlsh of St. Margaret of Antioch, Lee Notes to the Flnancial Statements foi the Year Ended 31 December 2023 Icontlnued) 7 Empendilure on raisSng funds al Costs of generatln8 donatlon5 and legatle$ Total 2023 Totsl 2022 Concerts, event5 and fundralsing actiwties cost 19,529 8,567 8 Expendlture on ¢haritable actlvltle5 Total 2023 Total 2022 Note Diocesan Parish Support Interregnum fees Church running expenses Director of muslc and organlsts Choir and muslc Organ expenses Communlty Garden Project Church maintenance Appeals Staff costs Casual wages Support costs 105,000 1,079 38,796 8,205 502 98,C4)0 986 34,248 2,240 281 3,356 4,714 48,537 4.764 70,985 1,616 91,452 5.994 4,798 77,539 4,624 91,952 io 21,056 379,006 341,718 PaBe 19
The Parochlal Church Councll of the Ecclesiastlcal Parlsh of St. Margaret of Antioch, Lee Notes to the Financial Statements forthe Year Ended 31 December 2023 (contlnuedl 9 Analysls of support costs Support costs Total 2023 Total 2022 Hall running expenses Car park rates Webslte and IT equlpment Telephone and fax Clergy expenses Prlnting, postage and stationery Sundrles Independent exarninatlon Legal and professional Bank charges Depreciation 74,180 22,800 118,7161 3,816 1,391 533 2,094 1,497 375 3,873 2,201 2,700 2,107 467 1,958 3,S59 1,114 2,592 1.380 781 1,806 91.452 21,056 10 Staff costs The aggregate payroll costs were as follows.. 2023 2022 Staff costs during the year were: Wages and 5alarles Pension costs 65,947 5,038 86,446 S,506 70,985 91,952 Page 20
The Parochial Church Council of the Eccle51astical Parish of St. Margaret of Antioch, Lee Notes to the Flnanclal Statements for the Year Ended 31 December 2023 {contlnuedl The monthty average number of persons lincludlng senior management I leadership team) employed by the charity during the year expressed as full time equlvalents was a5 follows.. 2023 No 2022 No Charitable artlvitles 212022- 51 ol the above employees partlclpated In the Delined Contributlon Penslon Schemes. No employee received emoluments of more than £60.000 during the year 11 Trustees r•muneratlon and expenses Durlng the year the charSty made the followlng tfansaetlons wlth trijstees.. Duncan Atkln50n Duncan Atkinson recelved remuneratlon of £6,12012022.. £6,120) durlng the year. Duncan Atk1nson Is the Director of Music, as well as a trustee, and he w35 pald the above for provi51tsn of rnusk. Stephen 8raham Stephen Braham receSved remuneration of £NII12022: £6,914) durln8 the year. Nakessa Morgan Nakessa Morgan received remuneration of £8,79212022.. £8,2001 during the year. Nakessa Morgan Is the Flnance Olflcer, as well as a trustee, She was pald the above for her Flnance Officer posltlon. No trustees have recelved any relmbursed expenses or any other benefits from the charity during the year. 12 Taxatlon The charity 15 a registered charity and is therefore exempt from taxation. Page 21
The Parochial Church Councll of the Eccleslastical Parlsh of St. Margaret of Antioch, Lee Note5 to the Flnancial Statements for the Year Ended 31 December 2023 {continued) 13 Tanglble Ilxed assets Furnlture and equlpment Total C05t At l January 2023 Addltlon5 7,225 607 7,225 607 At 31 December 2023 7,832 7,832 Depreciztlon At l January 2023 Charge for the year 2,095 1.958 2.095 1.958 At 31 Decernber 2023 4,053 4,053 Net book valuè At 31 December 2023 3,779 3,779 At 31 December 2022 5,130 5,130 14 Fimed assèt Investments 2023 2022 Other unlisted investment5 33,637 30,763 Other Inve$tment$ Vnllsted Investments Total Cost or Valuatbon At l January 2023 Revaluation 30,763 2,874 30.763 2,874 At 31 December 2023 33,637 33,637 Net book value At 31 December 2023 33,637 33,637 At 31 Dember 2022 30,763 30,763 Page 22
The Parochial Church Council of the Eccleslastlcal Parlsh of St. Margaret of Antioch, Lee Notes to the Flnanclal Statements for the Year Ended 31 December 2023 (continued) 15 DebtOfS 2023 2022 Trade debtors Prepayments Accrued income 22,588 2,976 10,926 56,589 9.122 3,622 11,789 57,908 Other debtors 93,079 82,441 16 Cash and cash equi¥alents 2023 2022 Cash on hand Cash at bank 2.367 561,067 74 633,311 563,434 633,385 17 Credltors: amoun15 falllng due wlthin one year 2023 2022 Trade credltors Other taxation and 50clal security Other creditor5 40,336 2,665 5.475 7,750 4,112 2,195 4,941 17,137 Accruals 56.226 28,385 18 Penslon and other scheme5 Deflned contrlbutlon pen51Dn scheme The charlty operates a defined contributlon penslon scheme. The pension cost charge for the year represents contrlbutlons payable by the charlty to the scheme and amounted to £5,03812022- £5,506). Page 23
The Parochial Church Councll of the Eccleslastlcal Parlsh of St. Margaret of Antloch, Lee Notes to the Flnancial Statements for the Year Ended 310ecember 2023 (contlnued) 19 Funds Balan at 31 December 2023 Balance at l January 2023 Other recognised qalnslllos5e51 Incoming resources Rè50urces expended Transfeys Current perlod Unrestrlcted Geneml General Funds 666,671 298,185 1390,0441 1109.9231 464.889 Designoted St Margarets Buildlng Fund School Outreath 101,500 ioi,soo 8.250 8,250 8,250 101.500 109,750 Total unrestrlcted 674,921 298,185 1390.0441 18,4231 574,639 Re5tfl¢ted 8randrarn Prlze Fund Fabric Fund North West Porch Klngswood Ha115 Fund 4,951 13 42 5.006 7,617 7,617 20,976 8,000 4,269 910 8,423 2,832 Music Fund 33,141 7,800 4,269 12001 ESOL Classes Syrian Refugees Fund 1.04S Other outreach 1,045 1,555 .350 16,2631 The Lee Charlty of William Hatcliffe Organ Fund 3.642 2.028 S44 12,0281 544 48.413 11,845 18,4911 8,423 2,874 63,064 Total funds 723,334 310.030 1398,5351 2,874 637.703 Page 24
The Parochlal Church Council of the Ecclesia5tlcal Parish of St. Margaret of Antloch, Lee Notes to the Financial Statements for the Year Ended 310ecember 2023 Icontinuedl Previous perlod Balance at 31 December 2022 Balance at l January 2022 other reco8ni5ed 8alnsll1055esl Incomln¥ resources Re50UTces expended Transfer5 Vnrestrlcted Genen71 General Funds 680,301 324,584 1329,9641 18,2501 666,671 Oesignoted St Margarets Building Fund School Outreach 881 18811 8,250 8,250 881 18811 8,250 8,250 Total unrestrlcted 681,182 324,584 1330,8451 674.921 Restrlrted 8randram Prlze Fund Fabrlc Fund North West Porch King5wood Ha115 Fund 5,011 1601 4,951 7,617 7,617 24,033 8,510 930 13,9871 20,976 8,000 Muslc Fund 15101 St Margarets Bullding Fund ESOL Classes Syrian Refugees Fund other outreach 3,256 4.269 13,2561 4,269 1,045 1,045 1,289 266 I,S55 Kickstart Scheme 15.674 115.6741 119,4401 55,030 IS,870 14,0471 48.413 Total funds 736,212 341,454 1350,2851 14,0471 723.334 Page 25
The Parochlal Church Council of the Eccleslastical Parlsh of St. Margaret of Antloch, Lee Notes to the Flnanclal Statements for the Year Ended 31 December 2023 Icontlnuedl The speciflc purposes for whlch the funds are to be applied are as follows.. Purposes of Designated Funds.. St Margarets Building Fund, Is to finance Improvements and repairs to the internal and external fabrlc of the Chruch. School Outreach Fund, to flnance the essentia15 for vulnerable families such as food vouchers, bedding and winter shoes, and also subsldlse enrichment activities such as extracurrlcvlar clubs, learning a muslc31 instrument ènd School trlps. Purposes of Restrlcted Funds.. 8randum Prlze Fund represent5 the value of Brandram Prize Fund held under investments. Fabric Fund represents donatlons recelved towards cost of improvement works to the North West entrance. Klngswor&d Halls Fund represent5 value of Lee St Margaret Parish Room Fund held under investments and donations received towards repalr5 and improvernents to Klngswood Halls. Music Fund repsentS donatSon5 received towards the cost of certain expenditure relatSn8 to church muslc. St Margarets Building Fund, represents donations and legacies recelved towards major improvement works to the Internal and external fabric of the Chruch. E50L Classes Fund, represents donatlons and 8rants received towards funding ESOL classes IEngllsh for Speakers of Other Languages). Klckstart Scheme- to provlde new lob5 for young people, aged 16-24, who are clairning Vnlversal Credit,. up to two placements provlding a mlnimum of 25 hours per week, paying at least the Natlonal Mlnlmum Wage/Llvlng Wage. The Lee Charity ol Willlam Hatclilfe- funds received on behalf of seven Iranian famllles for the purchase of lèptOPS and small electroni<s. Transfeis between funds.. A new building fund value agreed by the PCC for the maintenance and development of the grade Il* listed bulldin8, with £101.500 being tranferred from general funds to the new desSgnated fund. Transfer to the Klngwoood Hall for expenses that were prevlously Incorrectly treated as restrlcted. Page 26
The Parochial Church Councll of the Eccleslastical Parlsh of St. Margaret of Antloch, Lee Notes to the Flnanclal Statements for the Year Ended 31 December 2023 l¢ontlnuedl 20 Analy$15 of net assets between funds Current period Total fund$ at 31 December 2023 Unrestrlcted funds General Deslgnated Re5trlcted funds Tanglble fixed assets Fixed asset Investments 3,779 3,779 33,637 656,513 156,2261 33,637 18.573 Current assets 528,190 156,2261 109,750 Total net assets 475,743 109,750 52,210 637,703 Pre¥lous pÈrlod Total funds at 31 December 2022 Unrestrl¢ted fund5 General Designated Restrlcted funds Tanglble fixed assets Fixed asset illvestments 5,130 5,130 30,763 715,826 128,3851 30.763 17,650 Cuirent assets 689,926 128,3851 8,250 Total net a5set5 666.671 8,250 48,413 723,334 21 Related party transactlons There were no addrtSonal related party tiansactlons in the year beside those detalled on note 11. Page 27