Charlty registration number 1132166 THE HOLY INNOCENTSAND ST JOHN ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE HOLY INNOCENTS AND ST JOHN LEGALAND ADMINISTRATIVE INFORMATION PCC Members Rev David Matthews Jane Jales - Licensed Lay Minister Anthony Biggs Claudette Gray Caroline Gordon Janis Cammell OBE Oliver Pearcey Charles Harry 'a Harrison Chartty number 1132166 Prlnclpal address Paddenswi¢k Road London United Kingdom W6 OUB Independont examiner Begbies 9 8onhill Street London EC2A 4DJ
THE HOLY INNOCENTS AND ST JOHN CONTENTS Page PCC Memb8r5' report Independent examinerfs report Statement of financial activities Balan sheet Notes to the finandal statements 7-20
THE HOLY INNOCENTS AND STJOHN PCC MEMBERS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The PCC members present their annual report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in acwrdance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [goveming document], the Charities Act 2011 and "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 20191. Objectlves and activities The Members have paid due regard to guidance issued by the Charity Commission on public benefit in deciding what activitie5 the charity should undertake. The PCC promotes in the parish the whole mission of the church. The church provides a place for worship. personal prayer or quiet reflection. It also provides a venue for community groups and wncerts. The PCC fundraises for various charities throughout the year. Trustees, report David Matthews continued as the priest of the Parish. He has been the incumbent since 2003. He holds the freehold. Jane Jales continued as a licensed Lay minster and supports in 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 Offi¢er continues to be Louise Wilson. Louise Corser stepped down as Children's Champion in January 2024. Louise Corser continues as Children's Champion and Claire Walker continues as DBS evidence checker. PCC Meetings were held on 25.01.24, 03.03.24, 17.03.24, 25.04.24. 30.05.24, 28.10.24. The APCM was reconvened on 08.12.24. The Eloctoral Roll Th8 number of people on the Electoral Roll as at 31 December 2023 was 335. As at 31 December 2024 there were 356 people on the Roll: 25 Vre added and 4 removed. The Electoral Roll remains an essenlial t¢X)I for all the Parish's mission related activities and stewardship. The G8n8ral Data Protection Regulation 2018 has implications for the administration of the El8Ctoral Roll and are taken into account on its us8. The new Electoral Roll was last prepared in 2019. A new roll will be prepared this year 2025. Fabric Report 2024 has been a busy year for the church. with several ongoing major fabric projects. With no pemianent Parish Administrator in rde. until the end of May 2024. responsibility for the administration of Holy Innocents was held by Churchwarden Anthony BgS on a freelance basis. Subsequently the Offi has been rnanag8d by Ihe Church Executive. Regular bookings have been less consistent than previous years, and it was felt a new approach was required that lessened the administrative burden and gave financial security to th8 church. In July discussions began with Ballet Black, who were looking for a new pemianent hom8, about the possibilty of the renowned dance Company relocating to Holy Innocents. A temporary agreement was reached (in advance of a Licence and Faculty approval) with the company due to arrive at the end of January 2025. taking exdusive use of the Upper, Lower and Wesl Halls, and community activity and regular hirer5 rgkKatlng to the Old Vesty. which would be refurbished. Alongside routine inspection and maintenance. addttional work included repairs to Ihe ageing and unreliable healing system, ongoing work to the South Transept wall which had been damaged by flooding. and extra rodding of the North Transept sewer pipes. The Church Archlteci. Robert Shaw, conducted a Quinquennial Report which highlighted a need for repairs to the stair carpet and toilet ventilation. Some repairslrefurbishments were conducted at the Vicarage which unfortunately revealed asbestos to be treated. Following damp-proofing and subsidence repairs at 125 Dalling Road, a project manager was appointed to oversee renovation of the properties. wtth work due to commence in May 2025.
THE HOLY INNOCENTSAND ST JOHN PCC MEMBERS. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Flnancial review The accounts for Year Ended 31 December 2024 indude 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 al 31 December 2024 in temis of assets. monies due and monies OV1. The notes to the accounts give more detail on this analysis and also explain the accounkn.ng policies used in the accounts. The PCC continue to reviaw local ministy versus Diocesan ministy needs in terms of cashfl¢)w and capitsl works and for a second year paid a reduced Diocesan contribution. In 2024 we received a bequest from the estste of Bart)ara Torran. which was r1Ved in January 2025. Without this bequest the accounts for Year E[ed 31 December 2024 would be showing a loss. This is mostly due to increased expenditure on our investment propety at 125 Dalling Road as we began th8 refvrbishment project. The main works will comments in 2025 with the plan to rent the flats out again towards the end of 2025 to bring in a market rental inu)me. In June we received the insurance setdement for the repairs that were carn8d out in 2023. We started looking at a new model for renting the halls due to the fact the markets are changing. with 2024 seeing more cancellations of theatre company bookings than in previous years and regular classes experiencing falls in numbers. We decided that a Song term licence to one user for the Upper Hall, West Hall and Lower Hall would be a beÈter option. This would guarantee a fixed income and signtficanlly redu administration. marketing and maintenance of the spaces. With this new mod81, most of the dasses currently held in the Lower Hall could move to the Old Vestry. With this in mind, plans to move the lower hall kitchen to the Old Vestry and reconfigure and decorate that space have been drawn up with works to start in January 2025. A new commission by John Affli¢k commenced in December 2024. This will be paid for by the Howard Bennett estste and will be completed in December 2025. After many years of underspend on the Vicarage, we stsrted much needed maintenance works to corr8Ct this. to look after the property. The works, some of which were funded by the Dioc8S8. will conllnue in 2025. The General Fund continues to have a positive balan wllch is in line with our reserves policy to have funds on hand to cover emergency situations vthich may arise. Reserves policy It is the PCC'S aim to maintsln a balance on unrestricted free funds (rf possible). which equates to approximately three months unrestricted general fund payments. to cover 8m8rgency situations that may aris8 from time to ts'me and to ensure sufficient funds are available to cover running costs. As at 31 Dember 2024 the general fund is reporting a cumulative surplus of £472,642 (2023 - £210.512). Wth general fund expenditure amounting to £212.543 for the year, the balan held on the generdl fund at the balance sheet date would would more than cover general fund expenditure. The PCC seek to continually improve the ffinancial posrtion through encouraging an increase in glving to the general fund. whilst attemptlng to reduce the costs of th8 day to day running of the church buildings.
THE HOLY INNOCENTSAND STJOHN PCC MEMBERS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 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 Pansh of Holy Innocents and St John, under registration number 1132166. Method of appolnlment or electlon of Churchwardens and PCC member8 The method of appointment of Churchwar(lens and PCC members is set out in the Church Representstion Rul8S. PCC members for the year ended 31 December 2024 Rev David Matthews Jane Jales Licensed Lay Mlnlster Anthony Biggs - Churchwarden Claud8tte Gray - Churchwarden Caroline Gordon-Treasurer Garr8tt Chin - Secretary- Resigned 28.10.24 Robyn Gray- Resign8d 28.10.24 Janis Cammell OBE Ria Harrison Charles Harry Victor Matthews- Resigned April 2024 Oliver Pearcey The PCC members, port was approved by the Board of PCC Memb8ts. 4J. A/.fr. edtlx Rev David Matthews Date..
THE HOLY INNOCENTS AND ST JOHN INDEPENDENT EXAMINER'S REPORT TO THE PCC MEMBERS OF THE HOLY INNOCENTS AND ST JOHN I report to the PCC membars on my examination of the financial statements of The Holy Inn¢Jcents and St John {the Charity) for the year ended 31 December 2024. Responsibilities and basis of report As the PCC members of Ihe charity you are responsible for the rrfeparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examinatron of the charivs financial statements carTTed out under section 145 of the 2011 Act. In Girrying out my examination I have followed all the applicable Directions given by Ihe Charity Commission under section 145(5)(b) of the 2011 Act. Independent examln8Vs ststement Since the charity's gross income exceeded £250,000 your examiner must b8 a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of ICAEW, which is one of the listed bodies. Your attention is drawn to the fact that the chanty has prepared financial statements in accordance v4ith Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practsce issued on 1 Apnl 2CK15 which is referred to in Ihe extant regulations but has now been withdrawn. l undersknd that this has b8en done in order for financial statements to provide a true and fair view in a¢cordance with Genèrally Accepted Accounting Prdctice effective for porting periods beginning on or after 1 January 2015. I h8V8 completed my examination. I confirm that no matters have come to my attention in Ix)nnection with the examination giving me ¢ause to believe that in any material respect: accounting records were not kept in respect of the charity as required by s8Ction 130 of the 2011 Act: or the financial statements do not accord with those records: or the financial slatements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charlties (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view vthich is not a matter considered as part of an independenl examination. I have no concerns and have come across no other matters in connection wlth the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial slatements to be reached. Kathering Dee FCA Begbies 9 Bonhill Street London EC2A 4DJ 715125
THE HOLY INNOCENTS AND ST JOHN STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted funds funds 2024 2024 Totsl Unrestricted Restricted funds fund$ 2023 2023 Total 2024 2023 Not8s Income and endowments from: Oonations and legacies Charitable activities Other trading activities Investments Other income 359.134 90.022 1,859 5,217 15,180 750 359.884 .022 1.859 5,217 15,180 99.306 107,416 1.440 10,941 26.327 7.750 107,056 107.416 1.440 10.941 26,327 Total Incomo 471,412 750 472.162 245.430 7.750 253.180 Expenditure on: Investment property Charitable activities 32,096 182,698 32.096 190.448 1.190 191,991 1,190 194.741 7,750 2,750 Total expendltur8 214,794 7.750 222.544 193,181 2,750 195.931 Net gainsl(losses) on investments 14 (1,594) 158 (1,4361 28 590 618 Not incomèllexpendlture) and movement In funds 255.024 (6.842) 248.182 52.277 5,590 57,867 Reconciliatlon of fvnds: Fund balances at 1 January 2024 1,283,589 91,511 1.375.100 1.231,312 85,921 1'.317,233 Fund balances at 31 December 2024 1.538,613 84.669 1.623,282 1.283.589 91,511 1,375.100 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activits'e5.
THE HOLY INNOCENTS AND ST JOHN BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Flxed assets Tangible assets Investment property Investments 16 17 18 976 1.000.000 64.865 1,222 1.000,000 66,301 1,065.841 1,067.523 Current assots Debtors Cash at bank and in hand 19 327,227 255,369 80.572 287.123 582.596 367,695 Credltors: amounts falllng due wlthln one year 20 (25,155) (60,118) Net current assets 557,441 307,577 Total assets loss current Ilablllties 1.623,282 1,375,100 The funds of the charlty Restricted income funds Unrestricted funds 24 25 84,669 1,538,613 91.511 1.283.589 1,623.282 1,375,100
/a3/zo*5 Th8 financial statements were approved by the PCC members on ........ . . Caroline Gordon
THE HOLY INNOCENTS AND STJOHN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity inforniatlon The Holy Innocents and St John is a is a charity registered wilh the Charity Commission and a partof the Church of England established by the Parochial Church Council's (Powers) Measure 1956 as amended by the Church Representation Rules. 1.1 Accountlng conventlon The financial statements have been prepared in accordance with the dwrity's goveming document, the Charities Act 2011, FRS 102 Yhe Financial Reporting Stsndard applicable in the UK and Republic of Ireland- {'FRS 102") and the Charities SORP "AcruntIng and Reporting by Charities: Statemènt 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 Gharity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charTties not to prepare a Ststement of Cash Flows. The financial statements have depart8d from the Charities (Accounts and Reports) Regulations 2008 only to the extent requir8d to provide a true and fair view. This departurè has invotved following the Stat8ment 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 stst8ments are prepared in sterfing. vthich is the functional curren¢y of the charity. Monetary 8mounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. modified to include the revalLSation 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 concem At the time of approving the financial slatements, the PCC members have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the PCC members continue to adopt the going concem basis of aOUnting in preparing the financial statemenls. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the PCC member5 in furtherance of their charitsble objectives. Restricted funds are subj8Ct to specific u)ndrtions 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. 1.4 Income Income is recognised when the charity is legally entitted to tt after any performance conditions have been met, th8 amounts can be measured reliably. and it is probabl8 that incJ)me will be received. Cash donations are recognised on receipt. Oiher donalions are recognised On the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income rewverable in relation to donations received under GiViAid or deeds of covenant is recognised at the time of the donation. Legacies are recognised when the charity has been rK)tified of an impending distribution, the amount is known, and receipt is expecied. If the amount is not known. the legacy is treated as a contingent asset.
THE HOLY INNOCENTS AND ST JOHN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to Iransfer economic benefft to a third paty. 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 cx)sts of eath activty are made up of the total of direct costs and sh8r8d costs, induding support costs involved in und8rtaking each activity. Direct costs attributable to a single activity are allocated directly to that actNity. Expenditure on charitsble artivilies comprises otsts incurred in the church's operations, including support costs and govemance costs apportioned to charitable activities. Grants payable are charged in the year when paid over, or when awarded. rf that award creates a binding obligation on the PCC. 1.6 Tangible flxed assets Tangible fixed assets are inilially measured at cost and Subsequently measured at or valuation, net of depreciation and any impaimient losses. Depreciation is recognised so as to write off the cost or valuallon of assets less their residual values over their useful lives on the following bases: Fixtures and frtlings Computers 20% reducing balance 20% reducing balan The gain or Soss arising on the disposal of an asset is determined as the dlfference between the sale proceeds and the carying value of the asset. and is reojgnised in statement of financial activities. Consecrated and b8n8fic8d propety is exduded from the financial statements in accordance with the Eoclesiastical Jurisdiction Measures and the Charities Act 2011. No value is placed on moveable church furnishings held by the church wardens on special trusl for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property and no reliable cost information is available. All expenditure incurred during the year on consecrated or benefice buildings and moveable church furnishings, whether maintenance or improvement, is written off as expenditure in the Statement of Financial Activits'es and separately disd058d. KnditUre on moveable fumiture and equipment is capitalised. The PCC is responsible for managing the insurance of the Church Building and contents. At the balance sheet date the insured value with Ecclesiasti1 was £24.600,000 which should be revi8wed regularly by th8 pcc. 1.7 Investment property Inveslmenl propety. which is property held to eam rentals andlor 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 repo"ng end date. The surplus or deficit on revaluab'on is recognis8d in profit or loss. 1.8 Fixed asset investments Fixed assel investments are initially r(Easured 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 incomel(expenditure) for the year. Transaction costs are expensed as incurred.
THE HOLY INNOCENTS AND ST JOHN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) . FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.9 Impairnient of fixed assets At each reporting end date, the charity revievts the carrying amounts of its tangible assets to detemiine 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 detennine the extent of the impairment loss (if any). 1.10 Cash and cash equivalents Cash and cash equNalents include cash in hand. deposits held at call with banks. other short-temi liquid investments with Original mabjrities of three months or less. and bank overdrafts. 1.11 Financial instruments The charity has elected to apply the provisions of Sertion 11 'Basic Financial Instruments, and Section 12 'oth8r Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in th8 charitys balance sheet when the charity be8S party to the contractual provisions of the instrument. Financial assets and liabilities are offset. with th8 n8t amounts presented in the financial statements. when there is a legally enforable nght to set off the recognised amounts 8nd there is an intention to settle on a net basis or to realise the asset and settle the li8bilty simultsneously. Basic financlal assets Basic financial assets, whith indude 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 transaclion, where the Iransaction is measured at the present value of the futur8 receipts diswnted at a market rate of int8rest. Financial assets classified as receivablè wlthin one year are not amortised. Basic Ilnancial liabilitles Basic financial liabilities. including creditors 8nd bank loans are initially recognised at transaction price unless the arrangem8nt constitutes a financing transaction, where the debt instrument is measured at the present value of the future paym8nts discx)untèd at a market rats of interesL Financial liabilities dassified as. payable within one year are not amortised. Debt instruments are subsequenlly carried at amortised c4)st. using the effective interest rate method. Trade creditors are obligations to pay for goods or servic8S that have been acquired in the ordinary course of operations from suppliers. Amounts payable are class]fied 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 amorttsed cost using the effective interest method. Derecognition of financial Ilabilities 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 tM)liday entitlement is recognised in the peri(MJ in which the employ88's services are rec8ived. Temiination beneffts are rewgnised immediately as arr expense when the Gharity is demonstrably committed to temiinate the employment of an employee or to provide temiination benefits. 1.13 Retirement beneffts Payments to defined contrtbution retirement benefft schemes are tharged as an expense as they fall due.
THE HOLY INNOCENTS AND ST JOHN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcies (Continued) 1.14 Comparatives Comparatives have been reanalysed where necessary. No ¢hange has been made to the net assets of the pcc. Critical accounting e5tlmates and judgements In the application of the charity's accounting policies, the PCC members are required to make judgements, estimates and assumptions about the carying 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 relevanL Actual results may differ from these estimates. The estimates and underfying assumptK)ns are rewewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised wher8 the revision affects only that period, or in the period of the revision and ftrture perii>Js where the revision affects both Gurrent and future periods. Income from donatlons and legacies Unrestrirted Restrictsd fund$ funds 2024 2024 Totsl Unrestrlcted Restrlctsd funds funds 2023 2023 Total 2024 2023 359,134 750 359.884 99.306 7,750 107,056 Donatlons and glfts Donations Grants HMRC GiftAid Bequests 47,822 (72> 11.384 300,000 47.822 (72) 11,384 300.750 64.112 3.566 13,327 18,300 7.750 71,862 3.566 13,327 18.300 750 359.134 750 359,884 99.305 7.750 107.055 Income from charitsble aclivtties Unrestricted funds 2024 Unrestrictgd funds 2023 Sundry income Rental of church hall Rentsl income from school Ground rent 2.517 77.305 10,000 200 1,898 71,985 33.333 200 90.022 107.416 10-
THE HOLY INNOCENTS AND ST JOHN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from other trading activftles Unrestricted Unrestricted funds funds 2024 2023 Fundraising events 1.859 1,440 Income from investments Unrestrlctsd Unre$trlct8d funds funds 2024 2023 Rental income from investment propety Interest and dividends receivable 6,992 3.949 5,217 5.217 10,941 Other Income Unrestricted Unrestrlcted funds funds 2024 2023 Other income - Insuran claims 15,180 26.327 Expandlture on raising funds Unrestricted Unrestricled funds funds 2024 2023 Trading Costs Costs of investment property r6pairs and maintenance 32,096 1.190 11
THE HOLY INNOCENTSAND ST JOHN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on charftable activlties Church activities Church activities 2024 2023 Direct costs D8preciation and impairment Diocesan quota Services General Repairs and maintenance Insurance Heat, light and other services 244 47,150 25.801 50.167 11.018 15.186 305 45,998 20,876 37,784 8.526 16,650 149.566 130.139 Grant funding of adiviti8s (see note 10) 5.016 23,210 Share of support and governance costs (see nots 11) Support Governance 33,226 2,640 39,592 1,800 190,448 194.741 Analysis by fund Unrestrid&d funds Restricted funds- g8n8ral 182,698 7,750 191.991 2,750 190.448 194.741 10 Grants payable Grants and Gronts and gifts 2023 2024 Grants to instiiutions: Bassuah Legacy Foundation UNICEF Upper Room St Sawours West London Action for Children Other small donations Jennie Thomas Bequest Tfr to J C Clarkes Charities Grfts to individuals 1,300 608 1,300 908 1,000 595 715 18,300 2.600 5.016 23,210 12-
THE HOLY INNOCENTSAND ST JOHN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Support Costs allocated to activities 2024 2023 Staff costs Office expenses Telephone Administrator fees Professional f88s and subs¢xiptions Cleaning and gardening Bank charges Agency staff Govemance 3.266 3,074 1.490 8.000 1.137 10,457 181 5.621 2.640 2,665 3,127 1.277 22.660 898 8.715 250 1,800 35,866 41,392 Analysed botwgen: Church activities 35,866 41,392 12 PCC Members None of the PCC members (or any persons connected with them) received any remuneration or benefits from the chanty during the year. Two trustees reIved travel expenses totalling £75. 13 Employees The average monthly number of employees during th8 year was.. 2024 Numbor 2023 Number Ernployment costs 2024 2023 Wages and salaries Pension costs 3.235 31 2.665 3.266 2,665 One member of staff Vrked for five months during the year (2023.. four months) There were no employees wh¢)5e annual remuneration was more than £60,000. 13-
THE HOLY INNOCENTS AND ST JOHN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Gains and losses on Invoslments Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restrlcted funds funds 2023 2023 Total 2024 2023 Gainsl(losses) arising on: R8valuation of investments (1,594) 158 (1.436). 28 590 618 15 Taxation The charity Is exempt from taxation on its activities because all ts income is applied for tharitabl8 purposes. 16 Tanglble fixed assets Fithf•s and ffttlng¥ Compul6r• Total Cosl At 1 January 2024 26.846 1,537 28,383 At 31 December 2024 26,846 1,537 28.383 Depreclatlon and Impalmient At 1 January 2024 Dèpr8ciatiorb tharged in the year 25.890 191 1.273 53 27,163 244 At 31 December 2024 26.081 1,326 27,407 Carrylng amount At 31 December 2024 765 211 976 At 31 December 2023 957 265 1,222 17 Investment proporty 2024 Fair value At 1 January 2024 arKI 31 De(*mber 2024 1,000,000 14-
THE HOLY INNOCENTSAND ST JOHN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Investment property (Contlnued) Investment propety comprises the freehold land ar)d buildings located at 125 Dalling Road, London W6 which were acquired more than 80 years ago. The historical cost of the propety can be reasonably estimated at £5.000. resulting in a revaluation reserve of £695,000 being estsblished in the 2011 financial statements. The market value of the investment propety has been arrived at on the basis of an estimation carried out by a local surveyor and estate agenL The valuation undertaken on 12 February 2015 resulted in an increase in the valuation of £300,000. The most recent valuatn. undertaken on 5 March 2019 resulted in no change to the propertvs value. On this basis. no deprecialion is deomed appropriate. The trustees do not o)nsider the market value of the PpertY at at 31 December 2024 to be materially different from Ihe most recent valuation undertaken. and the carying value in the financlal stat8ments at the balance sheet date remains £1.000.000. 18 Flxed asset investments Listed Invèstrnents Cost or valuatlon At 1 January 2024 Valuation changes 66,301 (1.436) At 31 December 2024 64,865 Carrying amount At 31 Dember 2024 64,865 At 31 December 2023 66,301 All the fixed asset investments are held in the UK ashje from Jackson inc shares which ar8 US based. Listed investments comprise the followng= 353.07 Louisa Bardin Walkerfor Choir Fund {2023- the Sa)- 1,174 Prudential plc shares (2023 - the same). 29 Jackson inc shares (2023 - the same): 1,174 M&G plc shares (2023 - the same). 1,109.093 units of M&G Charifund (2023- the same); and 1,277.07 CBF Church of ErwJland Investrnent Fund income shares (2023 - the same), which will be held for at least the next 12 months. With the exception of the Cholr fund. where the assets are held withln a restricted fijnd, 811 investments as at 31 December 2024 are held within general funds. Originally the PNdential share5 were a bequest to the church to help fund the rede¢oration of the chanr£l. The paintings for the thancel were acquired in 2018, but paid for out of general funds already held in the PCC bank a()Urrt rather than liquidate the investments. Therefore to reflect this exchange of cash for investrnents beiween funds the investments held in the Redecorabon of the Chancel Fund wre transferred to the general fund at 1 January 2019 at the value of £16.459 (being the markat value as at 31 December 2018). The total is historic cost of the investments is estimated to b8 £52,728. 15-
THE HOLY INNOCENTS AND STJOHN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) . FOR THE YEAR ENDED 31 DECEMBER 2024 19 Debtors 2024 2023 Amounts falling due wlthln one year. Trade debtors Other debtors Prepayments and accrued income 4,177 320,969 2,081 34,142 44.534 1.896 327,227 80,572 Other d8btors contsins a £300,000 legacy to which the PCC berame entitled before the balance sheet date and was received on 31st January 2025. 20 Credltors: amounts falling due wlthln one yèar 2024 2023 Notes Deferred income Trad8 creditors Olher credito Accruals 6,750 8,835 1.800 7.770 34,331 4,548 7,285 13,954 25.155 60,118 21 Capital commitmerrts At th& balance sheet date the PCC had agreed to th8 following capital payments - 1) Refurbishment of th8 Old Vesty to take place at the start of 2025 at a quoted $t of £29,108. 21 Commission of artwork for the Ghancel - total cost £25.000. First instalment of £7.000 VRS already paid during the year under review. 22 Deferred Income Deferred income is included in the finanaal ststements as follows: 2024 2023 Deferred income is included wtthin: Current liabililies 6.750 34,331 Movements in the year. Defeed income at 1 January 2024 Released from previous periods Resources deferred in th8 year 34,331 (34.331) 6.750 12,764 (12.764) 34,331 Defeed income at 31 December 2024 6,750 34,331 16-
THE HOLY INNOCENTS AND ST JOHN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Def8rr8d Income (Contlnued) Deferred income represents thurch réntal bookings following year. 23 Retirement benefit schemes 2024 2023 Defined contribution schemes Charge to profit or loss in resFed of defined (x)ntribution schemes 31 The charity operate5 a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the tharity in an independently administered fvnd. Restricted funds The restricted funds of the charity comprise the unexpeThJed balances of donations and grants held on trust subject to Specific condrtions by donors as to how they may be used. At 1 January 2024 Incoming resources Resources expended Galns and losses At31 Docember 2024 Church Fabric Fund Louisa Bardin Walker for Chior Fund H Bennett Fund Nina Drucker Trust Legacy from Marion Iles-Hunt 57.510 57,510 7,006 21,995 5.000 158 7.164 14,995 5,000 (7.000) 750 (750) 91.511 750 (7,750) 158 84,669 Provious Year At 1 January 2023 Incoming resources Resour¢es expended Gains and losses At31 December 2023 Church Fabric Fund Louisa Bardin Walker for Choir Fund H Bennett Fund Nina DruckerTrust 57.510 2.750 (2.750) 57,510 6.416 21.995 590 7,006 21.995 5.000 5.000 85.921 7.750 2.750 590 91,511 Church Fabric Fund Louisa Bardin Walker for Choir Fund H Bennett Estate Nina Drucker Trust Legacy from Marion Iles-Hunt Care of the thurch building Music Ministy of the church for divine wi)rship Redecoration of Chancel For Keyboarrj Instrumentslvicarage A contribution towards the Tenebrae Hearse 17-
THE HOLY INNOCENTS AND ST JOHN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 25 Unrostrlcted funds The unrestricted funds of the Gharity mPriSe the unexpended balances of donations and grants which are not subject to specific condibons by donors and grant0 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 PU}Se5. At 1 January 2024 Incoming Resources rnsources expèndod Transfers Galns and losses At31 December 2024 Irene Hayes Bequest Friends Committee St John's Church Hall Revaluab'on Reserve Dalling Road Historical Cost Oalling Road Fire Alarm H Bennett Fund General Funds 8.752 (2.250) 6.602 2.912 2,912 44,783 1.076 45,859 995.000 995.000 5,000 815 15,815 210.512 5,000 815 15,815 466.710 471.412 (212,544) (2,670) 1,283,589 471,412 (214,794) 11.594) 1,538,613 Previous Period: At 1 January 2023 Incomlng rnsources Rosources expended Transfors Gains and losses At31 December 2023 Irene Hayes Bequest Friends Committee St John's Church Hall Revaluation Reserve Dalling Road HistoriGal Cost Dalling Road Fire Alarm H Bennett Fund General Funds 8.752 8,752 2,912 2.912 42.664 2,119 44.783 995.000 995.000 5,000 815 5,000 815 15,815 210,512 (8,374) {184.807) 24.189 (24.189) 176.169 245.430 (2,091) 1,231.312 245.430 193.181 28 1.283,589 18-
THE HOLY INNOCENTS AND ST JOHN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) . FOR THE YEAR ENDED 31 DECEMBER 2024 25 Unrestricted funds (Continued) Irene Hayes Bequest Friends Committee st John's Church Hall in the parish Revaluation Reserve Dalling Road Road which is only expendable on sale Histoncal Cost Dalling Road The orvJinal cost of the investrnent woperty at Dalling Road which 15 only expendable on sale Dalling Road Fire Alarm H Bennett Fund For special projects for the churth Altar Guild Furthering the religious and Oth charitable work of the Church of England The increase in the value of the investrnent propety at Dalling Money allocated to the installation of a fire alarm Money allocated lo church r8decoration and conservation work. 26 Analysls of nat assets between funds Unrestrlctsd funds 2024 Restrlcted funds 2024 Total 2024 At 31 December 2024: Tangible assets Investment properties Investments Current assetsllliabilities) 976 1,000,000 57,700 479,937 976 1.000,000 64.865 557,441 7,165 77,504 1,538.613 84,669 1,623,282 Unrestri¢ted funds 2023 Restrlcted funds 2023 Total 2023 At 31 December 2023.. Tangible assets Investment propert¢es Investments Current assetsl(liabilities) 1,222 1,000.000 59,295 223,072 1,222 1.000,000 66,301 307.577 7,006 84,505 1.283,589 91,511 1.375,100 19-
THE HOLY INNOCENTS AND STJOHN NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 27 Related party transactions The incumbènt and the churchwardens are trustees of The Julia Christina Clarke Endowm8nt 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 £55.553 (2023 - £55,054). Fees weré paid to Anthony Biggs. Churchv•Brden. for Parish Administration - total £8.000 (2023 £6,000). During the year totsl donations of £3.938 (2023 - £4.527) were received from members of the PCC. A special collection was undertaken for the 20th Anniversary of Father David Matthews in 2023 and £2.600 was raised and given in 2024. -20-