2023-12-31-accounts

Charity registration number 1132166

THE HOLY INNOCENTS AND ST JOHN

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE HOLY INNOCENTS AND ST JOHN

LEGAL AND ADMINISTRATIVE INFORMATION

Members Rev David Matthews Jane Jales Anthony Biggs Claudette Gray Caroline Gordon Garrett Chin (Appointed 2 July 2023) Janis Cammell OBE Oliver Pearcey Robyn Gray Charles Harry (Appointed 2 July 2023) Ria Harrison (Appointed 2 July 2023) Victor Matthews (Appointed 2 July 2023) Charity number 1132166 Principal address Paddenswick Road London United Kingdom W6 0UB Independent examiner Reddy Siddiqui LLP 183-189 The Vale Acton London United Kingdom W3 7RW

THE HOLY INNOCENTS AND ST JOHN

CONTENTS

	Page
Members report	1 - 3
Independent examiner's report	4
Statement of financial activities	5
Balance sheet	6
Notes to the financial statements	7 - 19

THE HOLY INNOCENTS AND ST JOHN

MEMBERS REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

PCC members for the year ended 31 December 2023:

Rev David Matthews Rev Paulette Mullings (Resigned 2023) Jane Jales - Licensed Lay Minister Anthony Biggs - Churchwarden Claudette Gray - Churchwarden Caroline Gordon - Treasurer Garrett Chin - Secretary (Appointed 2 July 2023) Jamie Carter (Resigned 2023) Marcia Hill (Resigned 2023) Janis Cammell OBE Oliver Pearcey Robyn Gray Charles Harry (Appointed 2 July 2023) Ria Harrison (Appointed 2 July 2023) Victor Matthews (Appointed 2 July 2023)

Trustees’ report

David Matthews continued as the priest of the Parish. He has been the incumbent since 2003. He holds the freehold. The Rev Paulette Mullings stepped down as an ordained priest from the Parish and resigned from the PCC on 26 March 2023. Jane Jales continues as a Licensed Lay Minster and supports in the the delivery of services with Father David.

Anthony Biggs and Claudette Gray continue to be Churchwardens for the Parish. Caroline Gordon also continues as Treasurer. Jane Lawrence continues as Electoral Roll Officer. The Children’s Safeguarding Officer continues to be Louise Wilson. Louise Corser stepped down as Children’s Champion in January 2024.

PCC meetings were held on the following dates: 14.02.23, 12.03.23, 26.03.23, 02.07.23. 28.09.23, 2.7.23, 28.9.23, 25.1.24.

The Electoral Roll

The number of people on the Electoral Roll as at 31 December 2022 was 327. As at 31 December 2023 there were 335 people on the Roll: 11 were added and 3 removed. The Electoral Roll remains an essential tool for all the Parish’s mission related activities and stewardship. The General Data Protection Regulation 2018 has implications for the administration of the Electoral Roll and are taken into account on its use. The new Electoral Roll was last prepared in 2019 and so a new roll will not be prepared until 2025.

Fabric Report

2023 has seen the church continue to rebuild after the COVID pandemic.

Responsibility for the administration of Holy Innocents has been held by Hanno Dreyer, on a freelance basis up to the end of September 2023. Subsequently the office has been managed by churchwarden Anthony Biggs.

• 1 -

THE HOLY INNOCENTS AND ST JOHN

MEMBERS REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Regular bookings have remained constant. The West London Free School have used the West Hall Old Vestry on an exclusive basis and shared use of the Lower Hall (due to end on 31st March 2024). Alongside our regular hirers, The First Filipino Baptist Church have been a positive addition with regular Friday and Sunday bookings. The Upper Hall has been hired by Theatre Royal Bath and other regular users.

Alongside routine inspection and maintenance, additional work includes - a new hot water unit installed in the Upper Hall kitchen - The front entrance redecorated and painted - a new sound system installed in the church space - the heating fan replaced - the kerb stone and the staircase painted - the insurance claim for water damage to the South Transept settled (work due to be carried out Feb/March 2024).

The tenants departed 125 Dalling Road at the end of April, and work to repair subsidence damage on the two flats has been completed. New survey plans have been made, and a project manager has been instructed to create a plan for redevelopment. After many years of neglect, the Diocese has promised to make urgent repairs to the Vicarage which needs significant work to bring the property up to standard.

Public benefit

The Members have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Financial review

The accounts for Year Ended 31 December 2023 include the Statement of Financial Activities, which shows where income has been generated, and how it has been spent and a Balance Sheet showing our financial position as at 31 December 2023 in terms of assets, monies due and monies owed. The notes to the accounts give more detail on this analysis and also explain the accounting policies used in the accounts.

The accounts reflect a busy year with a full music program generously funded by donations, the installation of a new sound system in the church funded in part by a generous donation and in part by the Harold Bennett bequest and the settlement of the insurance claim for works needed to the South Transept wall, following water damage from the leaking hopper. The works to the South Transept will be carried out and paid for at the start of 2024.

We received a bequest from the estate of Jennie Thomas which the PCC agreed will be used for our Children

and Families ministry funded by the J C Clarkes Charities.

We had a marked increase in rental income, with the West London Free School renting the West Hall and Vestry

from March 2023 until March 2024.

Having paid 100% or over of our Diocesan Quota for many years, the PCC are reviewing local ministry versus Diocesan ministry needs in terms of cashflow and capital works. As a result we reduced our Diocesan contribution in 2023.

After many years of underspend on the Vicarage, we are planning to correct this in 2024 to look after the

property with much needed maintenance works , some of which will be funded by the Diocese.

The General Fund continues to have a positive balance which is in line with our reserves policy to have funds on hand to cover emergency situations which may arise.

Reserves policy

It is the PCC’s aim to maintain a balance on unrestricted free funds (if possible), which equates to approximately three months unrestricted general fund payments, to cover emergency situations that may arise from time to time and to ensure sufficient funds are available to cover running costs. As at 31 December 2023 the general fund is reporting a cumulative surplus of £210,510 (2022 - £176,169). With general fund expenditure amounting to £184,809 for the year, the balance held on the general fund at the balance sheet date would cover 14 months of general fund expenditure, which meets our reserves policy target. The PCC seek to continually improve the financial position through encouraging an increase in giving to the general fund, whilst attempting to reduce the costs of the day to day running of the church buildings.

• 2 -

THE HOLY INNOCENTS AND ST JOHN

MEMBERS REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management Constitution

The Parochial Church Council (PCC) is a corporate body established by the Church of England. The PCC operates under the Parochial Church Councils (Powers) Measure 1956.

The Church is a charity registered with the Charity Commission under its full name of The Parochial Church Council of the Ecclesiastical Parish of Holy Innocents and St John, under registration number 1132166.

Method of appointment or election of Churchwardens and PCC members

The method of appointment of Churchwardens and PCC members is set out in the Church Representation Rules.

The Members who served during the year and up to the date of signature of the financial statements were: Rev David Matthews

Rev Paulette Mullings (Resigned 26 March 2023) Jane Jales Anthony Biggs Claudette Gray Caroline Gordon Garrett Chin (Appointed 2 July 2023) Jamie Carter (Resigned 26 March 2023) Marcia Hill (Resigned 26 March 2023) Janis Cammell OBE Oliver Pearcey Robyn Gray Charles Harry (Appointed 2 July 2023) Ria Harrison (Appointed 2 July 2023) Victor Matthews (Appointed 2 July 2023)

This report was approved by the PCC and signed on its behalf by:

Rev David Matthews Incumbent

3 March 2024

• 3 -

THE HOLY INNOCENTS AND ST JOHN

INDEPENDENT EXAMINER'S REPORT

TO THE MEMBERS OF THE HOLY INNOCENTS AND ST JOHN

I report to the Members on my examination of the financial statements of The Holy Innocents and St John (the charity) for the year ended 31 December 2023.

Responsibilities and basis of report

As the Members of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

• 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

• 2 the financial statements do not accord with those records; or

• 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

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 financial statements to be reached.

Seema Siddiqui BSc FCA Reddy Siddiqui LLP

183-189 The Vale Acton London W3 7RW United Kingdom

Dated: 3 March 2024

• 4 -

THE HOLY INNOCENTS AND ST JOHN

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Unrestricted Restricted funds funds funds general Designated 2023 2023 2023 Notes £ £ £ Income from: Donations and legacies 3 125,633 - 7,750 Charitable activities 4 107,416 - - Other trading activities 5 1,440 - - Investments 6 10,941 - - Total income 245,430 - 7,750 Charitable activities 7 184,809 8,374 2,750 Net gains/(losses) on investments 12 (2,091) 2,119 590 Net income/(expenditure) 58,530 (6,255) 5,590 Transfers between funds (24,189) 24,189 - Net movement in funds 34,341 17,934 5,590 Reconciliation of funds: Fund balances at 1 January 2023 176,169 1,055,143 85,921 Fund balances at 31 December 2023 210,510 1,073,077 91,511	Total Unrestricted Unrestricted Restricted funds funds funds general Designated 2023 2022 2022 2022 £ £ £ £ 133,383 69,774 - 409 107,416 85,326 - - 1,440 1,495 - - 10,941 23,712 - - 253,180 180,307 - 409 195,933 177,708 - 2,456 618 (6,042) - (934) 57,865 (3,443) - (2,981) - - - - 57,865 (3,443) - (2,981) 1,317,233 179,612 1,055,143 88,902 1,375,098 176,169 1,055,143 85,921	Total 2022 £ 70,183 85,326 1,495 23,712 180,716 180,164 (6,976) (6,424) - (6,424) 1,323,657 1,317,233

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

• 5 -

THE HOLY INNOCENTS AND ST JOHN

BALANCE SHEET

AS AT 31 DECEMBER 2023

Notes Fixed assets Tangible assets 14 Investment property 15 Investments 16 Current assets Debtors 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities The funds of the charity Restricted income funds 19 Unrestricted funds - general Unrestricted funds - Designated 20	2023 £ £ 1,222 1,000,000 66,301 1,067,523 80,571 287,122 367,693 60,118 307,575 1,375,098 91,511 210,510 1,073,077 1,375,098	2022 £ £ 1,527 1,000,000 65,683 1,067,210 30,307 245,601 275,908 25,885 250,023 1,317,233 85,921 176,169 1,055,143 1,317,233	2022 £ £ 1,527 1,000,000 65,683 1,067,210 30,307 245,601 275,908 25,885 250,023 1,317,233 85,921 176,169 1,055,143 1,317,233
			1,067,210 250,023
			1,317,233
			85,921 176,169 1,055,143
			1,317,233

The financial statements were approved by the Members on 3 March 2024

Caroline Gordon Treasurer

• 6 -

THE HOLY INNOCENTS AND ST JOHN

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

The Holy Innocents and St John is a is a Public Benefit Entity as defined by FRS102

.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Members have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Members in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

• 7 -

THE HOLY INNOCENTS AND ST JOHN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 20% reducing balance basis Computers 20% reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

[Property rented to a group entity is accounted for as tangible fixed assets.]

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.9 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

• 8 -

THE HOLY INNOCENTS AND ST JOHN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

• 9 -

THE HOLY INNOCENTS AND ST JOHN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

3 Income from donations and legacies

Unrestricted Restricted funds funds 2023 2023 £ £ Donations and gifts 125,633 7,750 Donations and gifts Donations 64,112 7,750 Grants 3,566 - HMRC Gift Aid 13,327 - Insurance claim 26,328 - Bequests 18,300 - 125,633 7,750	Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 133,383 69,774 409 71,862 54,292 - 3,566 3,739 409 13,327 11,743 - 26,328 - - 18,300 - - 133,383 69,774 409	Total 2022 £ 70,183
		54,292 4,148 11,743 - -
		70,183

4 Income from charitable activities

	Unrestricted	Unrestricted
	funds	funds
	2023	2022
	£	£
Fees from weddings and funerals	-	2,042
Sundry income	1,898	392
Rental of church hall	71,985	67,354
Rental income from school	33,333	15,338
Ground rent	200	200
	107,416	85,326
Analysis by fund
Unrestricted funds - general	107,416	85,326
Income from other trading activities
	Unrestricted	Unrestricted
	funds	funds
	2023	2022
	£	£
Fundraising events	1,440	1,495

• 5 Income from other trading activities

• 10 -

THE HOLY INNOCENTS AND ST JOHN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

6 Income from investments

	Unrestricted	Unrestricted
	funds	funds
	2023	2022
	£	£
Rental income from investment	6,992	20,976
Dividends and interest	3,949	2,736
	10,941	23,712

• 7 Expenditure on charitable activities

	Church	Church
	activities	activities
	2023	2022
	£	£
Direct costs
Depreciation and impairment	305	382
Diocesan quota	46,000	85,200
Services	20,877	17,009
General repairs and maintenance	38,974	16,350
Insurance	8,526	8,526
Heat, light and other services	16,650	14,601
	131,332	142,068
Grant funding of activities (see note 8)	23,210	2,033
Share of support and governance costs (see note 9)
Support	39,591	33,243
Governance	1,800	2,820
	195,933	180,164
Analysis by fund
Unrestricted funds - general	184,809	177,708
Unrestricted funds - Designated	8,374	-
Restricted funds	2,750	2,456
	195,933	180,164

• 11 -

THE HOLY INNOCENTS AND ST JOHN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

8 Grants payable

	Church	Church
	activities	activities
	2023	2023
	£	£
Grants to institutions:
Grants paid	23,210	2,033

The Jennie Thomas legacy payment of £18,300 was paid to the J C Clarkes Charities.

9 Support costs allocated to activities

Church activities 2023 £ Office expenses 3,127 Telephone 1,277 Administrator fees 22,660 Professional fees 898 Cleaning and gardening 8,715 Bank charges 249 Staff costs 2,665 Governance 1,800 41,391	Total 2022 £ 1,683 1,094 20,920 1,235 8,063 248 - 2,820
	36,063

10 Members

None of the Members (or any persons connected with them) received any remuneration or benefits from the charity during the year.

11 Employees

The average monthly number of employees during the year was:

2023	2022
Number	Number
1	-

There were no employees whose annual remuneration was more than £60,000.

• 12 -

THE HOLY INNOCENTS AND ST JOHN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

12 Gains and losses on investments

	Unrestricted Unrestricted	Unrestricted Unrestricted	Restricted	Total	Unrestricted Unrestricted	Unrestricted Unrestricted	Restricted	Total
	funds	funds	funds		funds	funds	funds
	**general **	Designated			**general **	Designated
	2023	2023	2023	2023	2022	2022	2022	2022
Gains/(losses) arising on:	£	£	£	£	£	£	£	£
Revaluation of investments	(2,091)	2,119	590	618	(6,042)	-	(934)	(6,976)

• 13 -

THE HOLY INNOCENTS AND ST JOHN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

14 Tangible fixed assets

Fixtures and fittings £ Cost At 1 January 2023 26,846 At 31 December 2023 26,846 Depreciation and impairment At 1 January 2023 25,650 Depreciation charged in the year 239 At 31 December 2023 25,889 Carrying amount At 31 December 2023 957 At 31 December 2022 1,196 15 Investment property Fair value At 1 January 2023 and 31 December 2023	Computers £ 1,537 1,537 1,206 66 1,272 265 331	Total £ 28,383
		28,383
		26,856 305
		27,161
		1,222
		1,527
		2023 £ 1,000,000

Investment property comprises the freehold land and buildings located at 125 Dalling Road, London W6 which were acquired more than 80 years ago. The historical cost of the property can be reasonably estimated at £5,000, resulting in a revaluation reserve of £695,000 being established in the 2011 financial statements.

The market value at the year end is based on the value estimated by a local surveyor and estate agent. The property is formally valued every few years. The valuation undertaken on 12 February 2015 resulted in an increase in the valuation of £300,000. The most recent valuation, undertaken on 5 March 2019, resulted in no change to the property's value. On this basis, no depreciation is deemed appropriate.

The trustees do not consider the market value of the property as at 31 December 2022 to be materially different from the most recent valuation undertaken, and the carrying value in the financial statements at the balance sheet date remains £1,000,000.

• 14 -

THE HOLY INNOCENTS AND ST JOHN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

16 Fixed asset investments

	Unlisted
	investments
	£
Cost or valuation
At 1 January 2023	65,683
Valuation changes	618
At 31 December 2023	66,301
Carrying amount
At 31 December 2023	66,301
At 31 December 2022	65,683

All the fixed asset investments are held in the UK.

Listed investments comprise the following: 353.07 Louisa Bardin Walker for Choir Fund (2022 - the same); 1,174 Prudential plc shares (2022 - the same); 29 Jackson inc shares (2022 - the same); 1,174 M&G plc shares (2022 - the same); 1,109.093 units of M&G Charifund (2022 - the same); and 1,277.07 CBF Church of England Investment Fund income shares (2022 - the same), which will be held for at least the next 12 months.

With the exception of the Choir fund, where the assets are held within a restricted fund, all investments as at 31 December 2023 are held within general funds. Originally the Prudential shares were a bequest to the church to help fund the redecoration of the chancel. The paintings for the chancel were acquired in 2018, but paid for out of general funds already held in the PCC bank account rather than liquidate the investments. Therefore to reflect this exchange of cash for investments between funds the investments held in the Redecoration of the Chancel Fund were transferred to the general fund at 1 January 2019 at the value of £16,459 (being the market value as at 31 December 2018).

The Louisa Bardin Walker for Choir Fund has historically in the accounts been named as the St John’s Choir Fund. This has been changed in the 2023 accounts and ongoing.

17 Debtors

Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income	2023 £ 34,141 44,534 1,896 80,571	2022 £ 7,364 19,818 3,125
		30,307

• 15 -

THE HOLY INNOCENTS AND ST JOHN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

18 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Trade creditors Other creditors Accruals and deferred income	2023 £ 4,548 41,616 13,954 60,118	2022 £ 2,438 16,264 7,183
		25,885

19 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

	At	1 January	Incoming	Resources	Gains and	Gains and	At 31
		2023	resources	expended		losses	December
							2023
		£	£	£		£	£
Church Fabric Fund		57,510	2,750	(2,750)		-	57,510
Louisa Bardin Walker for Choir
Fund		6,416	-	-		590	7,006
H Bennett Fund		21,995	-	-		-	21,995
Nina Drucker Trust		-	5,000	-		-	5,000
		85,921	7,750	(2,750)		590	91,511
Previous year:	At	1 January	Incoming	Resources	Gains and		At 31
		2022	resources	expended		losses	December
							2022
		£	£	£		£	£
Church Fabric Fund		59,557	409	(2,456)		-	57,510
Louisa Bardin Walker for Choir
Fund		7,350	-	-		(934)	6,416
H Bennett Fund		21,995	-	-		-	21,995
		88,902	409	(2,456)		(934)	85,921

Nina Drucker Trust restricted fund is for keyboard instruments/vicarage.

• 16 -

THE HOLY INNOCENTS AND ST JOHN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

20 Unrestricted funds - Designated

These are unrestricted funds which are material to the charity's activities.

At Irene Hayes Bequest Friends Committee St John’s Church Hall Fund Revaluation Reserve Dalling Road Historical Cost Dalling Road Fire Alarm H Bennett Fund	1 January 2023 Incoming resources Resources expended £ £ £ 8,752 - - 2,912 - - 42,664 - - 995,000 - - 5,000 - - 815 - - - - (8,374) 1,055,143 - (8,374)	Transfers Gains and losses At 31 December 2023 £ £ £ - - 8,752 - - 2,912 - 2,119 44,783 - - 995,000 - - 5,000 - - 815 24,189 - 15,815 24,189 2,119 1,073,077

The residual distribution from the Harold Bennett estate has been moved to Designated Funds for church redecoration and conservation work.

Previous year: At St John's Church Hall Fund Revaluation Reserve - Dalling Road Historical cost - Dalling Road Irene Hayes Bequest Fire Alarm Friends Committee	1 January 2022 Incoming resources Resources expended £ £ £ 47,126 - - 995,000 - - 5,000 - - 8,752 - - 815 - - - 2,912 - 1,056,693 2,912 -	Transfers Gains and losses At 31 December 2022 £ £ £ - (4,462) 42,664 - - 995,000 - - 5,000 - - 8,752 - - 815 - - 2,912 - (4,462) 1,055,143

• 17 -

THE HOLY INNOCENTS AND ST JOHN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

21 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

	At 1	January	Incoming	Resources	Transfers	Gains and	At 31
		2023	resources	expended		losses	December
							2023
		£	£	£	£	£	£
General funds		176,169	245,430	(184,809)	(24,189)	(2,091)	210,510
Previous year:	At 1	January	Incoming	Resources	Transfers	Gains and	At 31
		2022	resources	expended		losses	December
							2022
		£	£	£	£	£	£
Loss on
Revaluation of
Investment		-	-	-	-	(6,042)	(6,042)
Expenses		-	-	(177,708)	-	-	(177,708)
Donations &
Legacies		-	180,307	-	-	-	180,307
UF B/F		178,062	-	-	-	-	178,062
General funds		1,550	-	-	-	-	1,550
		179,612	180,307	(177,708)	-	(6,042)	176,169
Analysis of net assets between			funds
				Unrestricted	Unrestricted	Restricted	Total
				funds	funds	funds
				general	[description]
				2023	2023	2023	2023
				£	£	£	£
Fund balances at 31 December			2023 are represented by:
Tangible assets				407	815	-	1,222
Investment properties				-	1,000,000	-	1,000,000
Investments				2,848	56,447	7,006	66,301
Current assets/(liabilities)				207,255	15,815	84,505	307,575
				210,510	1,073,077	91,511	1,375,098

22 Analysis of net assets between funds

• 18 -

THE HOLY INNOCENTS AND ST JOHN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

22 Analysis of net assets between funds

Analysis of net assets between funds				(Continued)
	Unrestricted	Unrestricted	Restricted	Total
	funds	funds	funds
	general	[description]
	2022	2022	2022	2022
	£	£	£	£
Fund balances at 31 December 2022 are	represented by:
Tangible assets	712	815	-	1,527
Investment properties	-	1,000,000	-	1,000,000
Investments	-	59,266	6,417	65,683
Current assets/(liabilities)	175,457	(4,938)	79,504	250,023
	176,169	1,055,143	85,921	1,317,233

23 Related party transactions

The incumbent and the churchwardens are trustees of The Julia Christina Clarke Endowment Fund and The Julia Christina Clarke Home Fund, both of which are registered charities. The main object of these charities is to provide for the less advantaged of the parish. At 31 December 2023 the charities held net assets of £55,054 (2022 - £36,451).

Rent was received from Oliver Pearcey, a member of the PCC- total for 2023 was £3,496 (2022 was £10,488). Fees were paid to Anthony Biggs, Churchwarden, for Parish Administration - total £6,000.

During the year total donations of £4,527 (2022 - £5,127) were received from members of the PCC.

• 19 -