Charity registration number.. 1132139 The Parochial Church Council of the Ecclesiastical Parish of St. Margaret of Antioch, Lee Annual Report and FinancSal Statements for the Year Ended 31 December 2024 Fleld Sullivan Limited 9 Hare & Billet Road Blackheath SE3 ORB
The Parochial Church Council of the Ecclesiastlcal Parish of St. Margaret of Antioch, Lee Contents (continued) Reference and Administratlve Details Ito2 Trustees, Report 3to8 Independent Examiner'5 Report 9tolO Statement of Flnancial Activities li Balance Sheet 12 Notes to the Financial Statements 13to27
The Parochlal Church Council of the Ecclesiastical Parish of St. Margaret of Antloch, Lee Reference and Administrative Details Chairman Simon Blackburn Trustees Simon Blackburn Reverend Joan Burkitt-Grav Reverend Manuela Schmucki Reverend Daniel Walker Duncan Atklnson Bill 8ishop Catherine Clav Tamsin Griem Josef Herman Alistair HiggSn5 Ben Johnson Bianca John50n David Knight Nake55a Morgan Lesley Palgrave Robin Qulnnell Michael Rae Mbessan Sarr Marion Scott Christine Speller Jenny 5tandage Andrew Wardle Joanne Woodall Charlty Registration Number 1132139 Principal Offlce St Margaret's Visitor's Centre Brandram Road Lee SE13 SEA Independent ExamSner Field Sulllvan LlmSted 9 Hare & Billet Road Blackheath SE3 ORB Page I
The Parochial Church Council of the Ecclesiastical Parish of St. Margaret of Antloch, Lee Reference and Administrative Details (continued) Bankers Barclays Bank UK PLC I Churchill Place London E14 5HP Lloyds Bank PIC Blackheath London 25 Gresham Street London EC2V 7HN Cambridge & Counties Bank Charnwood Court 58 New Walk Leicester LEI 6TE CCLA Fund Managers Senator House 85 Queen Victoria Street London EC4V 4ET Flagstone 1st Floor Clarevllle House 26-27 Oxendon Street London SWIY 4EL Page 2
The Parochial Church Council of the Ecclesiastlcal Parish of St. Margaret of Antioch, Lee Trustees, Report The trustees present the annual report together with the f inancial statements of the charity for the year ended 31 December 2024. Admln15tratlve Information The church of St Margaret of Antioch, Lee is part of the Diocese of Southwark within the Church of England. The correspondence address is: The Visltor's Centre, Brandram Road. London, SE13 SEA. PCC member5 who served since l January 2024 until the date this report was approved are shown on page l. Structure. governance and management The method of appointlng PCC Members 15 set out in the Church Representation Rules. All Church members are encouraged to reElSter on the Electoral Roll and stand for the PCC. Oblectlves and Activltle5 The PCC met on six occasions during the year.. 30 January; 19 March; 04 lune,. 09 July,. 24 September,. 26 November. Committees met between meetlngs and reports of their activities were considered and discussed by the PCC where necessary. 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Communlcants Easter 137 132 131 155 159 N/A° 83 95 97 61 119 Christmas 169 166 iii 181 145 99 123 179 98 Total for the year Baptlsms Recelved communion 3,798 3,601 3,053 3.647 3,098 N/A' N/A' 2,575 3,301 3,191 16 io 12 15 19 li into Conflrmations Weddin85 Electoral rolls 152 128 108 109 108 108 108 103 121 131 *Covld Impacted ability to provlde accurate data across on-site and onlirse 5ervlces. Page 3
The Parochlal Church Council of the Ecclesiastlcal Parish of St. Margaret of Antioch, Lee Trustees, Report (continued) Outward Glvlng Donations were received durlng the year for the following.. Age Exchange £1,561.24 Christmas & Carol Services The Children's Society £277.52 Christingle Service & donation bucket at back of church 8ishop Lent call fundraising £274 Rector's Installation Make Lunch £168 Varlous events Food was collected throughout the year and partlcularly at Harvest for distribution via LewCAS ILewSsham Churches for Asylum Seekers). Revlew of the Year 2024 We entered 2024 in a vacancy and finished the year with a new rector, Revd Manuela Schmucki, settling into post after her installation in mld-september. Until Easter we were blessed by the ministry of Revd Daniel Walker. a5 Assistant Priest. Throughout the vacancy we were grateful for the ministry of visltSng clergy. Across the year a small team of dedicated Clergy, Readers and Deacons led services, supported by the Churchwardens, volunteers and weekly meetings of the Ministry Team. Appointing a new Rector was a primary goal of the PCC in 2024. Recruitment was supported by Revd Alastalr Cutting (now the Bishop of Woolwichl and a representative of the Lord Chancellor's office, as well as the whole PCC and many other church members. A vacancy of 'only' IS months was a real achlevement and we were delighted to welcome Manuela as Rector in a joyful and vibrant installation service led by Bishop Christopher on 15 September. St Margaret's continues to be a vibrant worshipping community, with ongoing growth in 2024 as we have welcomed a number of new individuals and families. We followed a regular pattern of Sunday services at 8am, 10.30am and 6pm. From September we streamed the 10.30am service. Morning Prayer in person and streamed vla YouTube Monday-Thursday and the weekly Wednesday lunchtlme Eucharist were popular with a dedicated number of congregants. Pastoral visiting and the weekly Eucharist service at the two resldential care home5 in the parish, Leah Lodge and Rectory Court, wa5 appreciated by the residents. We also had Advent and Lent Groups again thls year. Page 4
The Parochial Church Council of the Ecclesiastical Parlsh of St. Margaret of Antioch, Lee Trustees, Report (continued) Our Children'5 Church continues to be strong, with our well-attended monthly 9am family worship servlce and, on other Sundays, parent-led activities in the crypt during the 10.30am services. Both include wonderfully imaginative se55ions of arts, crafts, storytelling and music for our youngest church members and their families. We were dellghted to see an expanded team of young people actlng as servers and acolytes at 10.30am Eucharist. The Breakfast Club for children aged 9-13 met twice a month, once for opportunities to discuss faith and the Bible and once for fun, Eames and food. These two areas provide increased opportunities to involve younger generation5 In our ministry, worship and joyful community. Outside of Sunday services, Rucksack Music on Fridays in the Crypt and St Margaret's Toddler Playgroup on Monday and Wednesday mornings at the King5wood Halls continued as popular groups for babies and preschool aged children and thelr famllie5. Uniformed groups joined us for Harvest, Mothering Sunday and for the parade service on Remembrance Sunday. strengthening our connections with them. From September, Manuela has been a strong presence wlth St Margaret's school, leading a weekly assembly and leading a school Advent service and an Easter service in the church building. The choir continued to thrive and support the worshipping life of the Church. The junior and adult choir met weekly for rehearsals. Musical hlghllghts Included singing Evensong at Southwark Cathedral again, a performance on Palm Sunday of John Maunder's 'Olivet to Calvary., a Choral Scholars concert during our patronal festival celebration5 In July, and Remembrance Day services in November and wonderful Advent and Christmas carol Services in December. Early in 2024, a5 a church Community, we revised our Mission Action Plan, which then set many of the priorities for the PCC and the day-to-day work of our staff. The Plan commlts US to work on 3 prSorities: community, children and creatlon, While there is more to do on all 3, we were pleased with the progress we made in 2024 and in the early months of 2025. A5 well as supporting work on our Mission Action Plan, the PCC 15 responsible for ensurlng that we manage and maintain our assets with care and ensure our flnancial sustainability, The Kingswood Halls continued to bring in a healthy income from hirers, and wlth further investment in 2025 should do so for years to come. The church building requires regular maintenance, but with our new AV system it is now better equipped for congregational worship, vi51tors, events, meetSngs. concerts, theatrical and operatic performance5. During 2024, we completed the upgrade of the Church and Crypt AV. Sound is now crisper and we have a regular online following for mornSng prayer and Sunday Eucharist. We made plans to convert the crypt Ilghting to LED and worked with Lewlsham Councll and the Blackheath Society on repalrs to 10 Ilsted tombs In the Old Churchyard. While repalrs to the church bells were completed, further work Ss belng done on the supporting structures before the bells can return to use. Memorials for Eric Verity and Peter Cox were placed in the churchyard. Unfortunately, despite the best efforts of staff and volunteers, we were not able to move ahead with the churchyard playground as the only available sites are too close to yew trees which can be poisonous. We installed bicycle 'planter-locks' in front of the church building, which cleverly combine flower-filled planters with bicycle parking. We were delighted to h05t a number of events during 2024, including concerts by several local cholr5 and ensembles. Enqulries for bookings at the Kingswood Halls Increased during 2024 and as well as a few new regvlar user5, the Christ The Rock church meets for wor5hlp In the main hall every Sunday. Our long-e5tablI5hed Darby and Joan club met weekly on Tuesday afternoons, providing a place for support, companionshlp and fun, and continues to welcome new members aged 55 and over. Christmas lunch for club members at The Clarendon Hotel in Blackheath continues to be a much enjoyed annual tradition and we were grateful for the wonderful decorations made by members for the church Chrlstmas tree th15 year. Page 5
The Parochial Church Council of the Ecclesiastlcal Parish of St. Margaret of Antioch, Lee Trustees, Report (continued) Outreach remains an important part of Church life and during 2024 we worked in a varlety of ways with the local community. Our established Dacre Dig Garden Project at the Kingswood Halls, led by professional gardeners met twice a month on alternate Fridays and Saturdays. In 2024, the group grew daffodils for Mothering Sunday and a range of frult and vegetables for the local community. We continue to conslder further plans for the Garden Project which include implementing insect and wildflower plots in the Old Churchyard to complement our commltment to environmental protectlon and our Eco-ChLtrch awards lalready bronze and silverl. Tea for Free on Monday mornlngs continued as a much-needed space for people to meet soclally In a relaxed and welcoming setting, We worked with the ProbatSon Service enabling people on probation to complete community 5ervlce through cleaning and maintaining the church and grounds. We supported the Single Homeless Project, a charity in our parish who work with homeless young people In Lewisham aged 16-25, by offering our Crypt space for staff meetings and fundraising for trip5 and outings for service user5. The PCC and congregation continued to support school-led initlatlves for vulnerable children and families from St Margaret's School, including providing funding for holiday fogd vouchers, holiday club and extracurricular activity bursaries and hosting a food hub during the holidays in the Crypt. A team of dedicated volunteers organised and supported 3 very successful community 'Let's Make Lunch, events in Kingswood Halls, held during school holldays. The church community contlnued to support local refugees via donations to LewCAS foodbank. We contlnue to work to understand the emerging needs of our local community, which in turn will Inform the direction of future outreach project5. In 2024 the PCC employed 4 part-time staff.. an Operations Manager, Parish Adminlstrator, Treasurer and Caretaker. We are grateful for their dedlcation to St Margaret's and all their work that enable5 our worship and outreach. St Margaret'5 remains 3 vibrant thurch community with an ongolng v15Ion and commitment to engagement with all member5 of the loc31 community as "a safe harbour: open to God. inclusive of all" Flnan¢Sal Review Overall, our activities for the year 2024 have caused a deficit of £70k. However, overlooklng depreciation and small designated reserve spends of £27.7k. we have recorded a deficit of £19.6k from our ordinary activities. We had forecast a £41k loss In 2024. This surplus is a very much welcomed improvement. In 2024 our total income amounted to £299.5k. This is a reduction of 3.4'A from 2023 1£310kl income. This reduction is due to various factors, from reduced parking contracts and reduced tax rebates from gift ald and VAT schemes. Our usual two main sources of income came from voluntary contributions and rental activities. In 2024, rental activities from our various church buildings and Telecoms hSre accounted for 46Yo1£139kl. Voluntary contrlbutions accounted for 29%1£87kl and were glven by members of the congregation either through regular giving by our usual methods of standing order, the church plate on Sundays (now also online) or special collections and appeals. The remaining 25%1£74kl was from grants, tax rebates, gift aid and interest receipt5 and Shared servltes electrical contributions. Page 6
The Parochlal Church Council of the Eccleslastical Parish of St. Margaret of Antioch, Lee Trustees, Report (continued) In 2024 total expenditure amounted to £370k (excluding Church AV reserves spend). WhSch is 7.11% les5 than 2023 1£398kl. This15 malnly due to reduced general works in 2024. The breakdown of expenses is as follows, with the largest item of expenditure being 31%1£115kl on our parish pledge. We took the decision to increase the 2023 pledge with an inflation uplift of IO%. We do not receive any funding from the Diocese of Southwark, and it is through the generosity of prosperous parSshe5 like ours that allows the Diocese to contlnue supporting other parishes and causes locally, nationally and globally. It also contributes towards the cost of clergy Istipend, training, pension and housing). Staffing costs attributed to 19. IE70k inc. Pension contributions and honoraria payments). 13% 1£49kl wa5 for running the church building Including repalr works, Il%1£41kl on Kingswood hall expenses including designated works. 5'A1£18kl on outreach inc. Garden project, 5%1£19kl on music inc. scholarshlps and the remaining 16%1£58kl on other costs including insurance, Lodge, offlce expenses, recharged electrical costs and depreciation etc. Re5erve5 policy and going concern Reserves are needed to bridge the gap between the spending and receiving of income and to cover unplanned emergency repairs and other expenditure, Due to the uncertainty of the pandemit, it was agreed in 2020 that the majority of reserve5 be maintained as general funds to ensure we were able to fulfil our commitments and ongoing mission of the church. We will maintain thls stance and will restrict funds as and when requlred. In 2024 £149k was used for a number of agreed prolects, of whlch £89k was spent on the church AV system and £43k for The Lodge refurbishment5. A number of projects are up for review by the PCC in 2025, and funds will be restricted accordingly. The maSntenance and development of a grade li* listed building Is a significant undertaking and the trustee5 have designated funds accordingly over recent years. A new building fund value will be agreed by the PCC once the next set of works have been identified and prioritised as per the latest quinquennial report. The trustees have reviewed the circumstances of the charity and consider that adequate resources wlll be able to cover the charity's requirements for working capital and capital expenditure for at least the next twelve months. They are not aware of any other factors which could put into jeopardy the charity's going concern status during or beyond this period. Risk revlew The PCC members have reviewed the financial and other risks fa¢lng the church. They have ensured that when risks are identified, necessary steps are taken to mitigate those risks. Page 7
The Parochial Church Council of the Ecclesiastical Parish of St. Margaret of Antioch, Lee Trustees, Report (contlnued) Statement of Trustees, Responsibilities The trustees are responsible for preparing the tru5tees' report and the flnanclal statements in accordance with the United Kingdom Accounting Standards Iunlted Kingdom Generally Accepted Accountlng Practice) and applicable law and regulations. The law applicable to charities require5 the trustees to prepare financial statements for each financial year which give a true and fair vSew of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these f inancial statement5, the trustee5 are required to.. select Suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unle55 It Is Snapproprlate to presume that the charity will continue in busines5. The trustees are responsible for keeping proper accountlng records that 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 Charitie5 Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governlng the preparatlon and dissemination of financial statements may differ from legislation in other jurisdlctSons. The annual report wa5 approved by the trustees of the charity on 8 May 2025 and signed on its behalf by: Reverend Manuela Schmucki Trustee Page 8
The Parochial Church Council of the Ecclesiastical Parlsh of St. Margaret of Antioch, Lee Independent Examiner's Report to the trustees of The Parochial Church Councll of the Ecclesiastical Parish of St. Margaret of Antioch, Lee I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024 which comprise the Statement of Financial Activltles, the Balance Sheet and related note5. This report is made solely to the charity's trustees, as a body, in accordance wlth section 145 of the Charities Act 2011. My work has been undertaken so that I mSght state to the charity's trustees those matters l am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charitvs trustees as a body, for my work, for thi5 report, or for the opinions I have formed. Responsibilitles and basls of report As the charity trustees of The Parochial Church Council of the Ecclesiastical Parish of St, Margaret of Antioch, Lee vou are responsible for the preparatlon of the accounts in accordance with the requirements of the Charities Act 20111'the Act'l. report In respect of my examination of the The Parochial Church Council of the Ecclesiastical Parish of St. Margaret of Antioch, Lee's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The plannlng and conduct of an audlt goes beyond the limited assurance that an Independent examination can provide. Consequently l express no opinion as to whether the financial statements present a 'true and fair, view and my report is limited to those specific matters set out in the independent examinerfs statement. Independent examlner's statement Since The Parothial Church Council of the Ecclesiastical Parish of St. Margaret of Antioch, Lee's gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examinatSon because l am a member of ICAEW. which Is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination givlng me cause to believe that in any material respect.. accounting record5 were not kept in respect of The Parochial Church Council of the Eccle5ia5tlcal Parish of St. Margaret of Antioch, Lee as required by section 130 of the Act,. or 2. the financial statements do not accord wSth those records,. or 3. the financial statements do not comply with the accounting requirements concerning the form and content of account5 set out in the Charities (Accounts and Reportsl 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 examination, 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. Page 9
The Parochial Church Council of the Ecclesiastlcal Parish of St. Margaret of Antioch, Lee Independent Examiner's Report to the trustees of The Parochial Church Council of the Ecclesiastical Parish of St. Margaret of Antioch, Lee (continued) Tim Sullivan FCA Fleld Sullivan Limited 9 Hare & Billet Road Blackheath SE3 ORB Date.. Page 10
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The Parochial Church Council of the Ecclesiastical Parish of St. Margaret of Antioch, Lee (Registration number: 1132139) Balance Sheet as at 31 December 2024 2024 2023 Note Fixed a5set5 Tangible assets Investments 13 82,976 34,397 3,779 33,637 14 117,373 37,416 Current asset5 Debtors 15 71,403 424,218 93,079 563,434 Cash at bank and in hand 16 495,621 656,513 Creditors: Amounts falllng due wlthin one year 17 145,242) 156,2261 Net current assets 450,379 600,287 Net assets 567,752 637,703 Funds of the charitv: Restrlcted 52,592 63,064 Unrestrlcted Income funds Designated funds General funds 6,120 509,040 109,750 464,889 Total unrestricted 515,160 574,639 Total funds 19 567,752 637,703 The financial statements on pages 11 to 27 were approved by the trustees, and authorised for issue on 8 May 2025 and signed on their behalf by: Reverend Manuela Schmucki Trustee The notes on pages 13 to 27 form an Integral part of these financial statements. Page 12
The Parochial Church Council of the Ecclesiastical Parlsh of St. Margaret of Antioch, Lee Notes to the Financlal Statements for the Year Ended 31 December 2024 I Charity status The charity is domlcSled in England and Wales. The address of Its registered office is.. St Margaret's Visitor's Centre Brandram Road SE13 SEA These financial statements were authorised for issue by the trustees on 8 May 2025. 2 Accountlng pollcies Statement of compliance The financial statements have been prepared in accordance wlth Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparSng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} (effective l January 20191 Icharlties SORP IFRS 1021 Second edition October 20191, the Financlal Reporting Standard applicable In the UK and Republlc of Ireland IFRS 1021. They also comply wSth the Companies Act 2006 and Charitles Act 2011. Basis of preparatlon The Parochial Church Council of the EcclesSa5tical Parish of St. Margaret of Antloch, Lee meets the definition of a public benefit entity under FRS 102. The accounts IfSnancial statements) have been prepared under the hSstorical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notelsl to these accounts. Golng concern The trustees consSder that there are no material uncertaintles about the charlty's ability to continue as a going concern. Judgements and key source5 of estimation uncertalntv In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of a55ets and liabilitles that are not readily apparent from other sources. The estimates and associated assumptions are based on hlstorical experience and other factors that are consldered to be relevant. Actual results may differ from these estimate5. The estimates and underlying assumptions are reviewed on an ongolng basis. Revisions to accounting estimates are recognised in the periods in whlch the estimate is revised where revislons affects only that period, or In the period of the revision and future periods where the revlsSons alfects both current and future periods. Page 13
The Parochial Church Council of the Ecclesiastical Parlsh of St. Margaret of Antioch, Lee Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) Income and endowments Voluntary income including donations, glfts, legacles and grants that provide core funding or are of a general nature is recognised when the charity ha5 entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability. Donatlons and legocles Donations and legacles are recognised on a receivable basis when receipt is probable and the amount can be rellably measured, Gronts receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance Sheet as deferred income to be released. Investment Income Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably, All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attrlbuted to particular headlngs they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of Staff c05t5. Rolslngfunds These are costs incurred in attracting voluntary income. the management of investments and those incurred in trading activities that raise funds. Charitable activitles Charitable expenditure comprises those costs Incurred by the charity in the delivery of its activities and service5 for its beneficiaries. It includes both c05ts that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property Costs by floor areas. or per capita, staff costs by the time Spent and other costs by their usage. Page 14
The Parochlal Church Council of the Eccleslastical Parish of St. Margaret of Antioch, Lee Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) Taxatlon The charSty Is considered to pass the test5 set out in Paragraph I Schedule 6 of the Flnance Act 2010 and therefore It meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity Is potentially exempt from taxatlon in respect of income or capital galns received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Galns Act 1992, to the extent that such Income or gains are applied exclusively to charitable purposes. Tan8ible flxed assets Consecrated property which is the church building and moveable church furnishings are excluded from the accounts by virtue of s. 10 Charities Act 2011. All expenditure incurred during the year on consecrated or benefice building and moveable church furnishings, whether maintenance or improvement, is written off. Apart from the above. the PCC has stewardship over certaln properties and other assets of material value. This includes, but is not restricted to, the Kingswood Halls and the Visitor's Centre. The PCC has excercised its option under the Charities SORP not to reflect the value of these assets as fixed assets in the balance sheet as it is considered that significant cost5 would be involved which would be onerous compared with the additSonal benefit derived by the users of the accounts in assessin8 the PCC'S stewardship of the assets. Depreciation and amort15atlon Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economlc life as follows: Asset class Office equipment Furniture and fiitings Plant and machinery Depreciation method and rate 25Yo Straight line 25tyA straight line IO% straight line Fixed a55et investments Fixed asset Investments, other than programme related investment5, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the perlod of disposal. Unrealised galns and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end. Trade debtors Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost Using the effective Snterest method, less provision for impairment. A provlsion for the impairment of trade debtors Is established when there is oblective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables. Page 15
The Parochlal Church Council of the Ecclesiastical Parish of St. Margaret of Antioch, Lee Notes to the Flnancial Statements for the Year Ended 31 December 2024 (contlnued) Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid Investments that are readily convertlble to a known amount of cash and are subject to an insignlficant risk of change In value. Trade Credltors Trade ¢redStors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppllers. Accounts payable are classifled as current liabilities If the does not have an unconditional rlght, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there Is an unconditional rlght to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditor5 are recognised initlally at the tran5actSon price and subsequently measured at amortSsed cost using the effective interest method. Fund structure Unrestricted Income funds are general funds that are available for use at the trustees discretion in furtherance of the objective5 of the charity. Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees. Restricted income funds are those donated for use in a particular area or for Specific purpose5. the use of which is restricted to that area or purpose. Pensions and other post retlrement obligations The charity operates a defined contribution pension stheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employee5 the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised In the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for servlce, the excess is recognised as a prepayment. Page 16
The Parochlal Church Council of the Ecclesiastical Parlsh of St. Margaret of Antioch, Lee Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 3 Income from donations and legacles Unrestrlcted Total 2024 Total 2023 Designated General Restricted Donations and legacies; Donation5 from Individuals 2,748 1,506 6,397 10,651 8,877 1,000 21,016 Legacies Gift ald reclalmed 19,196 19,196 Grants, including capital grants; Listed Places of Worship The DSocese of Southwark 2,037 2,037 5,507 1,050 1,050 595 The Merchant Taylors, Foundation Other small grants The Lee Charlty of William Hatcllffe 1,000 1,000 12,1601 1,000 300 12,1601 12,1541 12,1541 2,028 Financial stewardship 76.358 76,358 74,129 2,748 101,147 2,083 105,978 114,452 4 Income from charitable actlvltles Unrestricted Total 2024 Total 2023 General Rental income 118,141 22,846 118.141 22,846 114,062 26,517 Other income 140,987 140,987 140,579 Page 17
The Parochial Church Councll of the Eccleslastlcal Parish of St. Margaret of Antioch, Lee Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 5 Income from other tradlng actlvlties Unrestricted Total 2024 Total 2023 General Events Income,. Other events income Telecommunlcations Mast 11,514 14,475 6,230 11,514 14,475 6,230 13,297 15,475 8,060 Car park 32,219 32,219 36,832 6 Investment Income Unrestrl¢ted Total 2024 Total 2023 General Restricted Interest receivable and slmilar income,. Interest receivable on bank deposlts Income from unlisted investments Income from unlisted investments 19,365 19.365 14 922 17.244 13 14 922 910 19,365 936 20,301 18,167 Page 18
The Parochlal Church Council of the Ecclesiastical Parish of St. Margaret of Antioch, Lee Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 7 Expenditure on ralslng funds al Costs of generatlng donatlons and legacies Total 2024 Total 2023 Concerts, events and fundraising activities cost 16,854 19,529 8 Expendlture on charitable activltles Total 2024 Total 2023 Note Diocesan Parish Support Interregnum fees Church running expense5 Director of music and organists Cholr and music 115,000 2,230 53,816 8,087 529 105,000 1,079 38,796 8,205 502 Organ expenses Community Garden Project Church malntenance 3.174 4,829 21,611 7,594 69,583 264 3,356 4,714 48.537 4,764 70,985 1,616 91,452 Appea15 Staff costs io Casual wages Support Costs 66,625 353,342 379,006 Page 19
The Parochial Church Councll of the Eccleslastical Parish of St. Margaret of Antioch, Lee Notes to the Financlal Statements for the Year Ended 31 December 20241continued) 9 Analysis of support costs Support costs Total 2024 Total 2023 Hall runnlng expenses Website and IT equipment Telephone and fax Clergy expenses Printing, postage and stationery Sundries Independent examSnation Legal and professional Bank charges Depreciation 41,160 1,395 1,408 807 74,180 2,094 1,497 375 5.272 2,050 2,808 3,873 2,201 2,700 2,107 467 1,958 402 11,323 66,625 91,452 10 Staff costs The aggregate payroll costs were as follows.. 2024 2023 Staff costs durlng the year were: Wages and salaries Pension costs 65,187 4,396 65,947 5,038 69,583 70,985 Page 20
The Parochial Church Council of the Ecclesiastical Parish of St. Margaret of Antioch, Lee Notes to the Financlal Statements for the Year Ended 31 December 2024 (continued) The monthly average number of per50n5 (including senior management / leader5hlp team) employed by the charity durlng the year expressed as full time equivalents was as follows: 2024 No 2023 Charitable activities 412023 21 of the above employees participated in the Defined Contribution Pen5Ion Schemes. No employee received emoluments of more than £60,000 during the year 11 Trustees remuneration and expenses During the year the charity made the followlng transactions with trustees: Duncan Atklnson Duncan Atkinson received remuneration of £6,12012023: £6,120) durlng the year. Duncan Atkinson is the Director of Music, as well as a trustee, and he was paid the above for provislon of music. Nakessa Morgan Nakessa Morgan recelved remuneration of £9,26912023: £8.7921 during the year. Nakessa Morgan Is the Finance Officer, as well as a trustee. She wa5 paSd the above for her Finance Officer position. No trustees have received any reimbursed expense5 or any other benefits from the charity durlng the year. 12 Taxation The charity is a registered charity and is therefore exempt from taxation. Page 21
The Parochlal Church Council of the Ecclesiastical Parish of St. Margaret of Antioch. Lee Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 13 Tanglble flxed assets Furnlture and equipment Total Cost At l January 2024 AdditSons 7,832 90,520 7,832 90,520 At 31 December 2024 98.352 98,352 Depreclation At l January 2024 Charge for the year 4,053 11,323 4,053 11,323 At 31 December 2024 15,376 15,376 Net book value At 310ecember 2024 82,976 82,976 At 31 December 2023 3,779 3,779 14 Fixed asset Investments 2024 2023 Other unlisted investments 34,397 33,637 Other investments Unlisted Investments Total Cost or Valuatlon At l January 2024 Revalu3tlon 33,637 760 33,637 760 At 31 December 2024 34,397 34,397 Net book value At 31 December 2024 34,397 34,397 At 31 December 2023 33,637 33,637 Page 22
The Parochlal Church Council of the Ecclesiastical Parish of St. Margaret of Antioch, Lee Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 15 Debtor5 2024 2023 Trade debtors 25,576 1,986 12,624 31,217 22,588 2,976 10,926 56,589 Prepayments Accrued income Other debtors 71,403 93,079 16 Cash and cash equlvalents 2024 2023 Cash on hand 1,889 422,329 2,367 561,067 Cash at bank 424,218 563,434 17 Creditor5: amounts falllng due wlthln one year 2024 2023 Trade creditors 7,178 732 40,336 2,665 5,475 7,750 Other taxation and social security other creditor5 11.292 26,040 Accruals 45.242 56,226 18 Penslon and other schemes Defined contrlbutlon penslon scheme The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £4,39612023 £5,038). Page 23
The Parochial Church Council of the Ecclesiastical Parish of St. Margaret of Antioch, Lee Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 19 Funds Balance at 31 December 2024 Balance at l Januarv 2024 Other recognlsed galns/{lossesl Incoming resources Resources expended Transfers Current perlod Unrestricted General General Funds 464,889 293,718 {252,9611 3,394 509,040 Designated St Margarets Bulldlng Fund School Outreach 101,500 8,250 196,0501 17,5801 5,450 670 2,748 12,7481 109,750 2,748 1103,6301 12,7481 6,120 Total unrestrlcted 574,639 296,466 1356,5911 646 515,160 Restrlcted Brandram Prlze Fund 5,006 14 14,5241 li 507 Fabric Fund North West Porch 7,617 7,617 Kingswood Halls Fund 33,141 7,800 4,269 922 15,8001 12,0701 4,878 749 33,890 5,730 Music Fund ESOL Classes 14,2691 Syrlan Refugees Fund 1,045 1451 11,0001 Other outreach activities 3,642 544 5.250 1,147 15.7351 3,157 1,691 Organ Fund 63,064 3,019 113,6051 16461 760 52,592 Total funds 637,703 299,485 1370,1961 760 567,752 Page 24
The Parochial Church Councll of the Eccleslastical Parish of St. Margaret of Antioch, Lee Notes to the Flnanclal Statements for the Year Ended 31 December 20241continued) Prevlous perlod Balance at 31 December 2023 Balance at l January 2023 other recognised gains/l1055e51 Incomlng resources Resources expended Transfer5 Unrestrlcted General General Funds 666,671 298,185 {390,0441 1109.9231 464,889 Deslgnated St Margaret5 Building Fund School Outreach 101,500 101,500 8,250 8,250 8,250 101,500 109,750 Total unre5trlcted 674,921 298,185 1390,0441 {8.4231 574,639 Restrlcted Brandram Prize Fund Fabric Fund - North West Porch 4,951 13 42 5,006 7,617 7,617 Kingswood Halls Fund Music Fund 20,976 8,000 4,269 910 8,423 2,832 33.141 7,800 4,269 12001 ESOL Classes Syrian Refugees Fund Other outreach actlvlties 1,045 1,045 1,555 8,350 16,2631 3,642 The Lee Charity of William Hatcllffe 2,028 544 12,0281 Organ Fund 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 25
The Parochlal Church Council of the Ecclesiastical Parlsh of St. Margaret of Antloch. Lee Notes to the Financlal Statements for the Year Ended 31 December 2024 (continued) The specific purposes for which the funds are to be applied are as follows.. Purposes of Designated Funds.. St Margarets Building Fund, is to finance improvements and repair5 to the internal and external fabric of the Chruch. School Outreach Fund, to finance the essentla15 for vulnerable families such as food vouchers, bedding and winter shoe5, and also subsidise enrlchment activities such as extracurricular clubs, learning a musical instrument and school trips. Purposes of Restricted Funds.. Brandum Prize Fund represents the value of Brandram Prize Fund held under investments. Fabric Fund represents donations received towards cost of improvement works to the North West entrance. Kingswood Halls Fund represents value of Lee St Margaret Parish Room Fund held under Snvestments and donations received towards repairs and improvements to Kingswood Halls. Music Fund represents donatlons received towards the cost of certain expenditure relating to church music. St Margarets Building Fund, represents donations and legacies recelved towards major improvement works to the internal and external fabric of the Chruch. ESOL Classes Fund, represents donations and grant5 received towards funding ESOL classes (English for Speaker5 of Other Languagesl. Project tame to an end and surplus returned to funders. Syrian Refugees Fund donation5 ra15ed to help Syrian famllles arrlng In the UK. Project came to an end and it was approved for the surplus to be transferred to the general fund, Outreach Activities funds for children activites held at the church. Organ Fund - donations received towards the cost of certain expendlture relating to church organ. Transfer from Brandum Prize Fund to King5wood Halls Fund to correct a m15POSting between these two funds and bring them to the correct closing position. Transfer from the Syrian Refugees Fund to the geneal fund - prolect came to an end and It was approved for the surplus to be transferred to the general fund. Transfer to the Organ Fund from the general fund to cover the overspending. Page 26
The Parochial Church Council of the Ecclesiastical Parlsh of St. Margaret of Antloch, Lee Notes to the Flnancial Statements for the Year Ended 31 December 2024 {continued) 20 Analy51s of net assets between funds Current perlod Total funds at 31 December 2024 Unrestricted funds General Deslgnated Restricted funds Tangible fixed a55ets Fixed asset investments 82,976 82,976 34,397 495,621 145,2421 34,397 18,195 Current assets 471,306 145,2421 6,120 Current liabS1ities Total net assets 509,040 6,120 52,592 567,752 Prevlous perlod Total funds at 31 December 2023 Unrestricted funds General Deslgnated Restricted funds Tangible fixed a55ets Fixed asset investments 3,779 3,779 33,637 656,513 156,2261 33,637 29,427 Current assets 517,336 156,2261 109,750 Current liabilitles Total net assets 464,889 109.750 63,064 637,703 21 Related party transaction5 There were no additional related party transaction5 in the year beside those detailed on note 11. Page 27