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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO

(St John the Evangelist with St Andrew)

Diocese of Southwark

Report & Financial Statements

31 December 2022

Registered Charity Number: 1132457

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Report and Financial Statements 2022 Contents

	Page
Legal and administrative information	2
Report of the Parochial Church Council	4
Independent Auditor’s report to the Parochial Church Council	12
Statement of financial activities	16
Balance sheet	17
Statement of cash flows	18
Notes to the financial statements	19

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Legal and Administrative Information

Name

The Parochial Church Council of the Ecclesiastical Parish of Waterloo

Address

St John’s Waterloo, Waterloo Road, London SE1 8TY. The correspondence address is: The Vicarage, 1 Secker Street, London SE1 8UF

Charity Registration no 1132457. The church was registered with the Charity Commission on 4 November 2009 The Governing Document Parochial Church Council Powers Measure (1956) as amended and Church Representation Rules.

Members of the PCC

Those who served from 1 January 2022 to the date this report was approved are:

Clergy	The Revd Canon Giles Goddard	Incumbent, Chair
	The Revd Dr Godfrey Kaziro	Hon Assistant Curate
	The Revd Georgia Ashwell	Pioneer Curate (from 25.06.2022)
	Ester Kawoya	Reader
	The Revd Grey Collier	Assistant Curate (from 25.06.2023)
Churchwardens	C Faye Clinch
	Elaine Thomas
Deanery Synod	Elizabeth Clarson
	Deborah Watkins	Until 15.5.2022
	Andrew Humphreys	From 15.5.2022
Elected Members	Rebecca Boardman	Until 15.5.2022
	Jacek Borek	Until 23.04.2023
	Maya Conway	From 15.5.2022
	Declan Dunford-Crozier	Until 15.5.2022
	Sean Galpin	Until 21.04.2024
	Ken Hamilton	Until 23.04.2023
	Connie Kaweesa
	Alice Kawoya	From 15.5.2022 until 21.04.2024
	Terry McLeman	Until 15.5.2022
	Alice Mwange
	Philippa Owen	Until 24.03.2023
	Peter Omoghene-Osario
	Robert Smeath	Treasurer
	Pat Thomas	Secretary
	Lydian Banji	From 23.4.2023
	James Godpower Deeney	From 23.04.2023
	Eileen Hamilton	From 23.04.2023
	Felicity Amberson-Jones	From 21.04.2024

Key Management Those in charge of directing, controlling, running and operating the Church on a day to day Personnel basis are the enabling committee comprising the incumbent, associate priest/curate, churchwardens, secretary, treasurer and sub-committee chairs. Bankers CAF Bank Ltd

Bankers CAF Bank Ltd 5 Kings Hill Avenue West Malling ME19 4TA Solicitors Winckworth Sherwood Arbor, 255 Blackfriars Rd, London SE1 9AX

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Legal and Administrative Information

Independent Auditor Kreston Reeves Second Floor, 168 Shoreditch High Street London E1 6RA Quinquennial Inspector Sherry Bates Bates Zambelli Russell House, 140 High Street Middlesex HA8 7LW

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Report of the Parochial Church Council

The Parochial Church Council of the Ecclesiastical Parish of Waterloo (St John the Evangelist with St Andrew) (“PCC”) submits its report and the financial statements of the PCC for the year ended 31 December 2022. The financial statements have been prepared in the format prescribed by the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP2019) and the Financial Reporting Standard 102. The legal and administrative information set out earlier in this document forms part of this report.

The PCC co-operates with the incumbent, Revd Canon Giles Goddard, in promoting the whole mission of the Church within its Parish and beyond. It also has responsibility for the non-stipendiary staff and the maintenance of the Church buildings. In essence, the PCC is a consultative body that represents the views of the congregation as well as its own. It should communicate, where appropriate, any decisions of the PCC or its committees to the church; oversee and advise in the financial affairs of the church; pray and champion the vision for the church.

1. Structure, governance and management

The PCC is a corporate body established by the Church of England which operates under the Parochial Church Council Powers Measure. The PCC of St John with St Andrew Waterloo was registered with the Charity Commission in November 2009. Within the parish there are two churches: St John the Evangelist, Waterloo Road and St Andrew, Short Street.

The PCC includes representatives from the congregation and the clergy team. It meets on a roughly two-monthly basis, with an average of six meetings per year. This complies with regulations which stipulate that PCCs must meet no fewer than four times a year. The appointment of PCC members is governed by the Church Representation Rules. There is a process in place for the recruitment, induction and training of PCC members, making use of diocesan or deanery training courses when available. The PCC complies with diocesan requirements on safeguarding policies and risk assessment. It also complies with statutory requirements regarding employment, access and health and safety.

The PCC and the incumbent share the responsibility for taking forward the work of the parish. They address issues such as long-term financial planning; quinquennial report and capital spend plans; team ministry issues; annual worship review; annual tithe allocation review; fundraising strategy; managing policies and processes around risk management, safeguarding policies; health and safety; disability discrimination legislation.

1.1 Enabling Committee (Standing Committee)

This is the only sub-committee required by law. It is the leadership team of the PCC and plans the work of the full PCC over the year. It has power to transact the business of the PCC between its meetings, subject to any directions given by the PCC. Its membership comprises the incumbent, associate priest/curate, churchwardens, the PCC secretary and treasurer and sub-committee chairs.

1.2 Church Attendance

The electoral roll is completely reviewed and revised once every six years and has been updated. At the last APCM the electoral roll stood at 116 (2021: 125).

1.3 Risk Management

The PCC acknowledge that they have a responsibility for the identification and proper management of risks faced by the church in achieving its primary aims. The PCC has therefore assessed the major risks to which the church is exposed, in particular, those relating to the specific operational areas of the church, its investments and its finances. The PCC believes that, by monitoring reserves levels, by ensuring that controls exist over key financial systems, and by examining the operational risks faced by the church, it has established effective systems and procedures to mitigate those risks. A comprehensive risk register was undertaken in 2019. A brief summary follows.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Report of the Parochial Church Council

Operational Area	Risk	Management
Security & Safeguarding	There is a major security, safeguarding, or health & safety incident	Safeguarding – there is a safeguarding policy in place and two designated safeguarding officers. All volunteers who have direct contact with children or vulnerable adults as well as Pastoral team members are required to have a DBS, which is renewable every three years; we ensure that insurance policies are up-to-date and cover us for identified risks; wemaintainup-to-dateincidentlogs
Finances	Income and expenditure: there is a risk that expenditure could exceed income	To mitigate these potential risks the PCC has approved an unrestricted funds budget which shows a surplus of income over expenditure. Monthly management accounts are prepared comparing income and expenditure with budget; PCC officials ensure proper authorisation of expenditure in line with the target operational cash reserves of three months’ budgeted expenditure; major expenditure on our St John’s Development Project is contingent on related grant and donation incomefirst being secured
	Potential liabilities: there is an uninsured liability whichcrystallises	To mitigate this potential risk, we ensure that insurance policies are up- to-date and include employer’s liability, public liability, buildings insurance, contentsinsurance andproperty owner’sliability

The other major risks were those resulting from the closure of St John’s and the commencement of works by our contractor, Buxton Building Contractors Ltd. To mitigate these risks, we carried out due diligence before entering into the construction contract. We included a contingency of 10% of the contract sum in our assumptions. We entered into all necessary insurances. We also carried out all the recommended pre-contract surveys so that information as full as possible was available for the contractors. The Finance and Major Fundraising Committee continued to meet roughly monthly throughout the building works and modelled both the further fundraising required and the control of the additional costs of the project, such as additional costs incurred due to traces of asbestos being identified. Updated 10year cashflow projections were produced for the repayment of loans given by members of the congregation, diocese and loan from CAF Bank secured on the office space held as an investment property at 17, Short Street. St John’s church was reopened to the public in October 2022 and the final costs of the contract with Buxtons was agreed in December 2022.

Other risks identified related to the securing of future lettings income from the buildings to cover the day to day running costs of the buildings and repaying the loans advanced. An additional member of the staff team was recruited to focus on marketing the resources. After a tender process an exclusive event sales and catering services concession was entered into with Bovingdons Catering Ltd in July 2022.

1.4 Quinquennial inspection. As a result of the extensive planned building works, the Archdeacon advised that the 2021 quinquennial should be postponed until 2023 after the completion of the redevelopment.

1.5 Terriers – the inventory of the church’s property. These have been fully revised and updated for both St John’s and St Andrew’s. All property is in place and in acceptable condition. As part of the closure process, all the contents of St John’s identified in the Terrier were stored carefully in the Vicarage garage and attic, or at St Andrew’s. When the building was re-opened they were returned to St John’s.

2. Objectives and activities

October 2022 saw the completion of major development of St John’s, branded as the ReIGNITE Project, bringing disused parts of the crypt back into use as well as dramatically improving accessibility to the whole building. We have an enhanced welcome from the much-improved facilities attracting general members of the public, Waterloo residents and a wide range of orchestras and choirs. Also, some more commercial events and lettings. During the closure of the St John’s site, services continued at St Andrew’s, but in October 2022 we resumed regular worship services at St John’s

We are pleased to support the work of various charities who use our buildings on a reduced or no-cost basis. These include Southbank Sinfonia, an orchestra offering young musicians the experience of playing professionally; Futures

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Report of the Parochial Church Council

Theatre, a company creating interactive drama in schools to address societal issues, such as drug abuse and youth pregnancy; a counselling service for those with long-term alcohol dependency; and a community bingo evening.

The PCC is committed to enabling as many people as possible to worship at the churches and to be at the heart of our parish community of Waterloo. The PCC maintains an overview of worship throughout the parish and makes suggestions on how the services can involve many diverse groups that live, work and pass through within the Parish.

Particular attention is paid to ensuring that the services offered at the different churches complement each other and therefore enable as many people as possible to take part. Our services and worship put faith into practice through prayer and scripture, music and sacrament.

When planning the activities for the year, the incumbent and the PCC have considered the Charity Commission’s guidance on public benefit and the specific guidance to charities for the advancement of religion.

In particular, we try to enable ordinary people to live out their faith as part of our parish community through:

Regular worship and prayer open to all: learning about the Gospel and developing their knowledge and trust in Jesus Christ;
Provision of sacred spaces for personal prayer and contemplation;
Provision of pastoral care for people living within the parish;
The teaching of Christianity through sermons, courses and small groups;
The provision of facilities for charitable organisations offering opportunities for learning and development;
The promotion of Christianity through the staging of events and meetings;
Promotion of the whole mission of the Church through the provision of activities for specific groups;
Supporting other charities in the UK and overseas selected annually by the congregation.

To facilitate this work, it is crucial that we maintain the fabric of the two churches and ensure its fitness for the purposes of the wide variety community users.

Recognising our unique position in the neighbourhood, our annually evaluated Mission Action Plan seeks to address neighbourhood as well as congregational need while reaching out to the wider London community, based on the Diocese’s “Five Marks of Mission”. Work continued implementing the new five-year vision to reflect the development and evolving focus of St John’s, adopting as the overarching purpose of the parish the new strap line “Here for You”. The MAP will be further developed for 2023 – 6 as we adjust to the new St John’s Church post redevelopment.

It was good year for the churchyard, with senior community gardener Viv Williamson continuing to make a great impact on the efficient running and maintenance in liaison with Lambeth as well as through her Bridge at Waterloo work with our Roots and Shoots and ex-St Mungo’s volunteers, all of whom have made progress under her mentorship. The dayto-day work in the churchyard had to be reduced, because of the scaffolding and hoarding surrounding the church. Our vision for the churchyard as a key opportunity for mission is building on its promise among the wider user-group. We have received strong support from the local community.

The Bridge at Waterloo, our Community Engagement charity, continued to obtain grant funding for their workstream – Waterloo Well – working in local homelessness hostels to offer horticulture, wellbeing, and creative courses. These continued to be delivered in 2022 and plans were made for the new Community hub space. The Bridge at Waterloo appointed an Outreach, Engagement & Development Co-ordinator Abigail Tripp, to facilitate use of this new community resource.

3. Achievements and performance

St John’s with St Andrew’s continued to make progress in line with all our plans during 2022 and completed ReIGNITE, our renovation project. October 2022 saw us return to regular worship at St John’s and a series of community event marking the re-opening of the building, all organised by the 100 Days Committee.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Report of the Parochial Church Council

Worship, Prayer and Study

We maintained the pattern of regular worship: a 9am morning prayer service and a Eucharist at 10:30 on Sundays, and daily morning prayer at 8:30. The services have continued to be held in hybrid both in person and on Zoom.

All are welcome to attend these regular services and we have welcomed many new people online – literally all over the world during the year. At the last annual meeting there were 116 parishioners on the combined Church Electoral Roll.

We have continued to take our aspiration to be a fully inclusive church seriously. We also welcomed the publication of the Church of England’s Living in Love and Faith resources on identity, gender and sexual orientation, and used the resources in 2022.

The services for Holy Week were all hybrid. These were open to all and are publicised via our website, individual household invitations and church magazines. Our Column Inches parish magazine also moved online, with a very positive reception: we continued to print copies for those who do not have access to the internet.

In October 2022 we welcomed the Archbishop of Canterbury to a service of rededication which was attended by over 300 people. The Bishop of Kingston confirmed 15 candidates from around the Diocese at a service in October.

The total attending Christmas services including carols, in person and online, for congregation and community was approximately 350. The combined total Christmas Eve and Christmas Day attendance of adults and children was 90 at all the special services.

Deepening the spiritual life of the parish was a key focus during 2022. We continued to build our Rule of Life engagement, with over 30 people involved, and we also ran a Lent Course focusing on a book: The Gift of the Authentic Self by David Benner attracting over 25 people.

We hosted one funeral and no weddings during 2022.

As part of our mission to develop personal engagement in worship and community, groups continue to be responsible at Sunday Eucharist for welcome, offertory, collection (and subsequent counting) with others trained in lesson reading and intercessions.

Our relationship with Okusinza Church continues to be valued. Okusinza’s worship also moved to St Mark’s, Kennington for the duration of ReIGNITE.

The teaching of Christianity takes place in all services via the use of sermons, readings and talks. In addition, our Pioneer Curate Georgia Ashwell took responsibility for our younger adults group ‘Face-to-Faith’ – in person and online during 2022.

St John’s Development Project

As the works progressed in 2022, stage payments of the outstanding promised grants were collected. Loans were drawn down from members of the congregation and the diocese. However, the CAF Bank final sign off on the loan, secured in principle over the office in Short Street was delayed until December 2022. Building work was completed on the development, with keys being returned to the incumbent in October 2022 and the church once again open to the public. The final costs with Buxtons, £3.93 million, being agreed just before Christmas 2022.

The PCC continued to delegate the detailed work to two Committees. The Design Committee which was overseeing the architects’ proposals and the Finance and Major Fundraising Committee which oversaw the costs and fundraising. Both committees continued to meet regularly during 2022.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Report of the Parochial Church Council

Deanery Synod

Two members of the PCC sit on the Deanery Synod (currently one vacancy) and this provides the PCC with an important link between the parish and the wider structures of the church.

Pastoral Care

The Parish is blessed with a Southwark Pastoral Auxiliary (SPA) who, along with the Clergy Team, visit those who are unable to attend church due to sickness or age and enable these people to take communion on a regular basis.

Environment and Social Justice

The Environment and Social Justice Committee carries responsibility for the parish’s wider mission; with a key objective of raising awareness within the congregation of the spread of our existing activities and encouraging participation where possible.

Please note that some of the actions and events mentioned below are sometimes overlaps or areas also covered by other PCC sub-committees, clergy or congregation members and their very own efforts:

PCC Outward Giving / Charity of the Month. St John’s is still supporting our core charities in 2022: Christian Aid, USPG and the Bishops Lent Call. We also encourage members of our congregation to be generous in their own support for other good causes.

Maintaining links with Foodbank, Robes and other projects for the homeless

Due to COVID the Foodbank remained delivery only, from a warehouse in Streatham. Once the building re-opened, it acted as a hub for some individuals to come and collect pre-ordered food parcels or advice. We supported Robes Project guests by providing material support at the hotel in which they were resident, in Peckham.

Maintaining Links with Christian Aid. Jenny O’Neill and Kate Portal participated in fundraising events for Christian Aid including a fund raising event at St Andrews.

The regular Fair Trade and Zaytoum stall continued in church after the services, twice a year.

Links with Citizens UK / Lambeth Citizens and other organisations and various community groups via The Bridge at Waterloo.

Climate change took a central role in our work in 2022 as we were very engaged in following up after COP26 – both as a church and through our work with Faith for the Climate, founded at St John’s Waterloo and chaired by Giles Goddard.

Eco Church – St John’s currently holds a silver certificate. The application for a gold certificate for our church was put on hold due to the church building imminent redevelopment - it was agreed with Giles to apply instead when the church reopens after the building works.

Charitable Support

As well as its charitable giving, the PCC also decided to increase its payments to the Diocesan Parish Support Fund. In 2022, despite the building works, we were able to keep our pledge and pay £81,200 (2021: £81,200). In 2023, £84,180 has been pledged. Our ambition in future is to help the Diocese fund parishes that are less fortunate than ours.

Use of the Crypt - the PCC and Board of TBAW have an agreed policy of allowing organisations that support our Vision to occupy space in the Crypt on licence fees of 60% of the normal rates in Waterloo.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Report of the Parochial Church Council

Neighbourhood Audit

An audit working party was created by the PCC and reported regularly to both the PCC and its Enabling Committee, where the purpose and objectives have been co-designed. Work on the audit was suspended with the onset of the pandemic but we will pick this up again once the redevelopment is on site, so that we are fully informed of local needs and opportunities when St John’s reopens.

Use of Church Buildings

The PCC has responsibility for the two sites where the churches are situated.

St John the Evangelist: this consists of a large church and crypt. The church is normally open every day and is extensively used by local people and local, London-wide and national institutions such as the Southbank Sinfonia, Christian Aid and the Diocese of Southwark. The crypt normally provides a home for four arts organisations: Southbank Sinfonia, Futures Theatre Company, Bankside Keys and Prisoner Penfriends. As mentioned earlier, our St John’s Development Project will regenerate the whole building so that it is in a good state for at least the next 50 years. Southbank Sinfonia, Futures Theatre Company and Bankside Keys all returned to the new building.

St Andrew’s became a larger focus when St John’s was closed. It is used by numerous local, London-wide and national groups as well as being a worship space – for example, National Childbirth Trust, Young Vic Theatre, National Theatre, Lambeth CRUSE bereavement services. Prisoner Penfriends relocated here whilst St John’s was closed and remained after the building re-opened.

The Bridge at Waterloo

The members of the company are the incumbent and two churchwardens ex officio.

We gained funding for a creative project, working with people with experience of homelessness – Utopia. TBAW also focused on developing new projects for the return to the building, including the Lambeth Heritage Open Day.

Full details of TBAW’s activities are included in its Annual Report.

4. Going Concern

Each year it’s the PCC’s responsibility to state whether or not the annual accounts have been drawn up on a going concern basis (see the accounting policy note on page 19). Going concern is the assumption that an entity, in this case the PCC, has the resources (financial and other) needed to continue operating for the foreseeable future and, in particular, for at least 12 months from the date of approval by the PCC of these annual accounts. If the going concern principle did not apply, then the accounts would be drawn up on an insolvent basis.

The final price of Buxton’s contract was agreed in December 2022 with a retention of 2.5% being due after the end of the defects period. All costs of the Buxton’s contract including retention monies were provided in full the 2022 accounts. A commitment was made that any loans taken out to secure the completion of the project would not exceed the valuation of the two properties held as investment properties. The long-term tenant of the Short Street office signed a new 5-year lease in 2022.

Additional income had been secured by entering an exclusive event sales and catering contract with Bovingdons Catering Ltd. Former regular users, (eg orchestras and choirs) of the church and crypt were contacted to announce the return to the building and the Marketing and Operations Manager identified potential new sources of revenue with regular crypt booking for training purposes etc.

The Finance and Major Fundraising Committee has reported regularly to CAF Bank and the Diocese regarding matching budgets to actual results. One of the congregation loans was converted into a gift during 2023 and a further loan advanced. At the end of 2023 the deficit showing on the Unrestricted General Funds has been cleared. All loan repayments and interest due in 2023 were paid.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Report of the Parochial Church Council

5. Financial Review

Total income on unrestricted funds was £246,129 (2021: £235,699) and is detailed in note 2. This includes property licence fee of 29.5% (2021: 29.5%) from The Bridge at Waterloo (TBAW), a registered charity. Letting of the church flat, the commercial offices and ground rents at St Andrew’s continue as income to the PCC. Payments totalling £252,795 (2021: £212,441) were made on unrestricted general church activities including the Diocese Parish Support Fund, maintenance and staff, and are detailed in note 3. Consequently, unrestricted general payments exceeded receipts by £6,666 (2021: receipts exceeded payments £23,258).

The unrestricted general fund shows a year end deficit of £126,382. A full year of lettings income from St Johns Waterloo site (as opposed to 3 months in 2022) will enable us to clear the deficit in 2023.

The balance on restricted funds, a deficit of £77,388 (2021: funds of £722,375) continue to be used for a variety of activities and causes.

The St Johns Development Fund (Main Fund) shows a year end deficit of £93,056 (2022: credit £637,082). In 2022 the charity received an advance of £100,000 from South Bank Sinfonia. The advance was to be used for the costs of the refurbishment of the venue, in particular upgrading the historic church and crypt to improve acoustics, lighting and accessibility as well as establishing upgraded office space. In exchange South Bank Sinfonia is entitled to occupy the crypt spaces known as the SBS Rehearsal Room, SBS Office and SBS Store for a period of 4 years from the completion date of the current renovation works (15 October 2022). The income has been deferred and will be released to the St Johns Development Fund (Main Fund) over the next four years by the end of which the deficit will have been extinguished.

6. Reserves Policy

The PCC currently follows a policy of maintaining a balance on unrestricted funds of at least three months of its unrestricted payments to cover emergency situations that may arise from time to time, and should these funds drop below this level the PCC will normally take immediate steps to restore the unrestricted funds to three months of unrestricted expenditure. At 31 December 2022, the PCC had net free reserves of £964,977 (2021: free reserves of £74,485) as follows:

£74,485) as follows:
Total reserves Less: designated funds Add: restricted funds deficit Less: restricted funds Add: long term loans Free reserves Free reserves requirement: 3 month’s budgeted routine expenditure	2022	2021 £ restated 2,272,651 (1,475,791 - (722,375 -	) )
	£


	169,038
	(373,258)
	77,388
	-
	1,091,809

		74,485
	964,977

		62,487

	156,807

7. Investment Policy

7.1 General Funds

The PCC holds investments in local property to provide a regular rental income for the church. Amounts held over and above funds required for working capital are held in bank short term deposits.

7.2 Restricted Funds

Amounts held over and above funds required for working capital are held in bank short term deposits.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Report of the Parochial Church Council

8. Plans for Future Periods

Most of our plans for 2023 were for unlocking the potential of the renovated building for church, community and revenue generating activities.

9. Responsibilities of Trustees for the Financial Statements

The PCC is responsible for preparing the report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Charity law in England and Wales requires the PCC to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the PCC and of the incoming resources and application of resources of the PCC for that period.

In preparing those financial statements, the PCC is required to:

Select suitable accounting policies and apply them consistently;
Observe the methods and principles of the Charities SORP;
Make judgements and estimates that are reasonable and prudent;
State whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the activities of the PCC will continue.

The PCC is responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the PCC and enables them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the governing document.

The PCC is also responsible for safeguarding the assets of the PCC and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the PCC and financial information included in the PCC website.

10. Approval

Approved by the Parochial Church Council on 8 September 2024 and signed on its behalf by:

Canon Giles Goddard Chair

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Report of the Independent Auditor to the Parochial Church Council of Waterloo Parochial Church Council

Opinion

We have audited the financial statements of The Parochial Church Council (the ‘PCC’) of the Ecclesiastical Parish of Waterloo (the 'charity') for the year ended 31 December 2022 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charity's affairs as at 31 December 2022 and of its incoming resources and application of resources for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011 and the Church Accounting Regulations 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the PCC’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the PCC with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The PCC is responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Report of the Independent Auditor to the Parochial Church Council of Waterloo Parochial Church Council

the information given in the Report of the PCC is inconsistent in any material respect with the financial statements; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of the PCC’s remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of the PCC

As explained more fully in the Responsibilities of Church Council Statement, the PCC is responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the PCC determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the PCC is responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the PCC either intends to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Capability of the audit in detecting irregularities, including fraud

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Based on our understanding of the charity and industry, and through discussion with the trustees and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, and employment law. We considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Statement of Recommended Practice. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to: posting inappropriate journal entries. Audit procedures performed by the engagement team included:

Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and
Assessment of identified fraud risk factors; and
Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Report of the Independent Auditor to the Parochial Church Council of Waterloo Parochial Church Council

Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
Reading minutes of meetings of those charged with governance; and
Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and
Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charity's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.
Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in my Auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of my Auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the Parochial Church Council of the Ecclesiastical Parish of Waterloo, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the PCC those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Parochial Church Council of the Ecclesiastical Parish of Waterloo as a body, for our audit work, for this report, or for the opinions we have formed.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Report of the Independent Auditor to the Parochial Church Council of Waterloo Parochial Church Council

Kreston Reeves LLP

Chartered Accountants Statutory Auditor London 9 October 2024 Date:

Kreston Reeves LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Statement of Financial Activities For the year ended 31 December 2022

Unrestricted Funds General 2022 £ Designated 2022 £ 110,026 - 1,222 - 75,651 - 59,230 - 246,129 0 10,962 - 241,833 1,544,878 252,795 1,544,878 - 241,000 (6,666) (1,303,878) (212,651) 219,345 - - (219,317) (1,084,533) 92,485 1,457,791 - - 92,485 1,457,791 (126,832) 373,258		Unrestri General 2021 £ restated 122,835 659 61,371 50,834	Total 2021 £ restated 1,752,574 35,265 126,466 53,954
	Total
	2022
	£


	2,164,715
	1,222
	88,891
	59,996

246,129		235,699	1,968,259
	2,314,824

10,962 241,833 252,795 - (6,666) (212,651) - (219,317) 92,485 - 92,485 (126,832)		3,377 209,064	75,471 1,167,442

	11,793
	4,598,384

		212,441	1,242,913
	4,610,177

		-	-
	241,000

		23,258	725,346
	(2,054,353)

		(7,800) -	- (119,297)
	-
	(49,260)

		15,458 77,027	606,049 1,666,602
	(2,103,613)


	2,177,601
	95,050

	2,272,651

		92,485	2,272,651
	169,038

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Balance sheet As at 31 December 2022

Unrestricted Funds General Designated 2022 £ 2022 £ - 154,249 - - - 1,341,000 0 1,495,249 82,387 - 791 - 223,871 6,009 307,049 6,009 433,881 36,191 (126,832) (30,182) - 1,091,809 (126,832) 373,258 (126,832) - - 1,256,000 - (882,742) - - - - (126,832) 373,258	Unrestricted Funds General Designated 2022 £ 2022 £ - 154,249 - - - 1,341,000 0 1,495,249 82,387 - 791 - 223,871 6,009 307,049 6,009 433,881 36,191 (126,832) (30,182) - 1,091,809 (126,832) 373,258 (126,832) - - 1,256,000 - (882,742) - - - - (126,832) 373,258		Total 2021 £ restated - 95,050 1,100,000
		Total
		2022
		£



		154,249
		-
		1,341,000

0 82,387 791 223,871			1,195,050 252,475 625,473 427,690
		1,495,249

		82,387
		791
		245,548

307,049			1,305,638
		328,726

433,881			228,037


		495,072

(126,832) -			1,077,601 -
		(166,346)



		1,159,865

(126,832)			2,272,651
		169,038

(126,832) - - - -	- 1,256,000 (882,742) - - 373,258		92,485 1,015,000 442,791 722,375 -



		(126,832)
		1,256,000
		(882,742)
		(77,388)
		-

(126,832)			2,272,651
		169,038

The accounts were approved by the PCC on 8 September 2024 and signed on its behalf by:

Canon Giles Goddard PCC Chair

Pat Thomas PCC Secretary

The notes on pages 19-34 form part of these financial statements.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Cash Flow Statement For the year ended 31 December 2022

Note Net cash flows from operating activities 15 Cash flows from investing activities: Investment income Proceeds from the liquidation of intangible fixed assets Purchase of property plant and equipment Proceeds from sale of investments Purchase of investments Net cash provided by (used in) investing activities Cash flows from financing activities Repayments of borrowing Cash inflows from new borrowing Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents brought forward Cash and cash equivalents carried forward		Total 2021 £ 450,742
	Total
	2022
	£

	(1,899,684)

		53,954 74,144 - 90,490 (2,925)

	59,996

	91,881
	(175,717)
	-
	-

		215,663
	(23,840)

		- -

	(11,300)
	1,128,000

	1,116,700	0 666,405 386,758


	(806,824)

	1,053,163

	246,339	1,053,163

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Notes to the Financial Statements For the year ended 31 December 2022

1. Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of accounting

The financial statements have been prepared under the Charities Act 2011 and in accordance with the Charities Statement of Recommended Practice (the Charities SORP) and Financial Reporting Standard 102 (FRS 102). The financial statements are drawn up on the historical cost basis of accounting except for the revaluation of freehold land and buildings which are shown at market value.

The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe an affiliation to another body or those that are informal gatherings of church members.

The PCC meets the definition of a public benefit entity under FRS 102.

Going Concern

During the financial year the charity incurred a net deficit of £2,103,613. As at the balance sheet date the PCC had net current liabilities of £166,346 and a deficit on general funds of £126,832. The PCC is closely monitoring the financial results and reporting to lenders on a monthly basis. The current results and forecasts show the deficit on general funds being cleared and being on target to make a small surplus in both 2023 and 2024. On this basis the PCC is confident in the PCC’s ability to continue as a going concern and accordingly the financial statements have been prepared on this basis.

Income recognition

Voluntary income and donations (including legacies) are included when the PCC becomes entitled to, probably will receive, and can reliably measure the income. Income from the recovery of tax on gift aided donations is recorded in the period to which the relevant donation is received. Grant income is recognised on a receivable basis.

The income from trading activities includes rental income from the letting of church premises and freehold land and buildings which is accounted for when earned. It is shown gross, with the associated costs included in fundraising costs.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

Expenditure is accrued as soon as a liability is considered probable and the amount can be measured reliably. The PCC is not registered for VAT so expenditure includes VAT.

Expenditure included in Raising Funds includes property maintenance costs.

Charitable expenditure includes those costs in fulfilling the PCC’s principal objects, as outlined in the Report of the PCC. These include grants payable, governance costs and an apportionment of support costs.

Grants payable are payments made to third parties in furtherance of the PCC’s objects. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the PCC.
Governance costs comprise all costs involving the public accountability of the PCC and its compliance with regulation and good practice. These costs include costs related to the independent examination and legal fees.

The PCC contributes to certain employees' personal pension plans. These are defined contribution schemes, the assets of which are held separately from those of the charity. The cost in the accounts is the amount of contributions paid and payable during the year.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Notes to the Financial Statements For the year ended 31 December 2022

1. Accounting Policies (continued)

Tangible Fixed Assets

Consecrated Property and Moveable Church Furnishings

Consecrated land and benefice property such as the church building and vicarage is excluded from the accounts in accordance with s10 of the Charities Act 2011. Moveable church furnishings held by the vicar and churchwardens on special trust for the PCC and which require a faculty for disposal are inalienable property, listed in the church’s inventory, which can be inspected (at any reasonable time). They are capitalised at cost and depreciated over their useful economic life other than where insufficient cost information is available. In this case the item is not capitalised, but all items are included in the church’s inventory in any case.

Other Fixtures, Fittings & Office Equipment

These are capitalised if they can be used for more than one year and cost at least £1,000. They are valued at cost or else, for gifts-in-kind, at a reasonable estimate of their open market value on receipt. Depreciation is calculated to write off fixed assets over their useful lives which are estimated as follows:

Fixtures & Fittings 10 years
• AV System 5 years • Office Equipment & Computers 3 years • Solar panels 5 years

Intangible Fixed Assets

The PCC received a generous donation of Bitcoin, a cryptocurrency asset, during 2021. There were disposals in both 2021 and 2022, with there being no holding at 31 December 2022. The Bitcoin has been accounted for as an intangible fixed asset in accordance with the ICAEW Helpsheet on Cryptocurrency, issued by ICAEW’s Technical Advisory Service. The value of the asset at the point of receipt and holding at 31 December 2021 were valued at fair value using data provided by coinmarketcap.com. Gains/losses on revaluation have been disclosed in the Statement of Financial Activities.

Fixed Asset Investments

Freehold land and buildings are stated at fair value. Quoted investments are stated at market value. Realised and unrealised gains and losses on investments are reflected through the Statement of Financial Activities.

Debtors

Debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.

Loans

The PCC has two categories of borrowings: (1) concessionary loans from members of the congregation (on which some or no interest is payable), which are recognised at the amount received. (2) loans which are basic financial instruments, which are initially recognised at the amount advanced less material arrangement fees where applicable and subsequently measured at amortised cost using the effective interest rate method.

Fund accounting

The funds held by the charity are either:

Unrestricted funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
• Endowment funds - these are funds whose capital must be maintained.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Notes to the Financial Statements For the year ended 31 December 2022

Unrestricted Funds General Designated 2022 £ 2022 £ 78,550 - 869 - 2,859 - 1,079 - 13,100 - 13,569 - 110,026 0 - - 1,222 - 1,222 0 54,351 - 20,750 - - - - - 550 - 75,651 0 58,722 - 508 - - - 59,230 0 246,129 0	Unrestricted Funds General Designated 2022 £ 2022 £ 78,550 - 869 - 2,859 - 1,079 - 13,100 - 13,569 - 110,026 0 - - 1,222 - 1,222 0 54,351 - 20,750 - - - - - 550 - 75,651 0 58,722 - 508 - - - 59,230 0 246,129 0
		Total	2021 £ restated 84,065 340 3,708 407,852 41,810 1,214,799

		2022
		£


		78,550
		869
		2,859
		75,446
		39,648
		1,967,343

110,026 - 1,222	0 - -		1,752,574 34,606 659
		2,164,715

		-
		1,222

1,222 54,351 20,750 - - 550	0 - - - - -		35,265 39,379 8,688 65,095 13,304 -
		1,222

		54,351
		20,750
		13,240
		-
		550

75,651 58,722 508 -	0 - - -		126,466 50,789 240 2,925
		88,891

		58,722
		1,274
		-

59,230	0		53,954
		59,996

246,129	0		1,968,259
		2,314,824

The following central and local government grants were received during the year:

• Listed Places of Worship Grant Scheme: £721,890 (2021: £44,768) • Job Retention Scheme: £ nil (2021: £13,358) • Lambeth Council: £461,790 (2021: £361,471) • Greater London Authority (GLA) Good Growth Fund: £173,060 (2021: £377,690) • GLA LCRF Community Energy Fund (STJ) £7,500 (2021: £22,500) • GLA LCRF Community Energy Fund (STA) £4,694 (2021: £ nil)

Parish events and activities includes all of the income from the Waterloo Festival which includes donations, sponsorship, ticket sales and tax recoverable on Gift Aided donations.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Notes to the Financial Statements

For the year ended 31 December 2022

3. Expenditure

3.1 Expenditure on Raising Funds

3.1 Expenditure on Raising Funds
Costs of Waterloo Festival Costs in respect of investment properties Other fundraising costs	Unrestricted Funds General Designated 2022 £ 2022 £ - - 8,792 - 2,170 - 10,962 0		Restricted Funds 2022 £ 831 - - 831	Total	2021 £ 34,865 3,377 37,229 75,471

				2022
				£

				831

				8,792
				2,170

	10,962	0
				11,793

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Notes to the Financial Statements

For the year ended 31 December 2022

3. Expenditure (continued)

3.2 Expenditure on Charitable Activities

Unrestricted Funds General Designated 2022 £ 2022 £ 0 1,200 81,900 - 2,431 - 84,331 0 - - - - 11,790 - 11,790 0 4,363 - 4,243 - 8,606 0 21,022 - 10,633 - 571 - 11,298 - 2,903 - 4,548 - 1,283 - 14,821 - - 18,652 - - 67,079 18,652 13,734 - 31,543 - 9,387 - 7,863 1,522,210 - 2,816 62,527 1,525,026 6,000 - 1,500 - 7,500 0 241,833 1,544,878		Total 2021 £ restated 11,350 81,200 3,136
	Total
	2022
	£

	1,200


	81,900
	2,431

0 - - -		84,336 - - 11,471
	84,331

	5,702
	49,480
	13,175

0 - -		11,471 1,349 -
	68,357

	4,363
	4,455

0 - - - - - - - - 18,652 -		1,349 39,913 15,518 923 7,546 2,911 3,021 1,407 4,880 924 1,700
	8,818

	21,022
	10,633
	571
	11,298
	2,903
	4,548
	1,283
	14,821
	18,652
	-

18,652 - - - 1,522,210 2,816		78,743 11,952 18,069 14,527 929,845 -
	85,731

	13,734
	31,543
	9,387
	4,284,967
	2,816

1,525,026 - -		974,393 4,800 1,000
	4,342,447

	6,000
	1,500

0		5,800
	7,500

1,544,878		1,167,442
	4,598,384

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Notes to the Financial Statements For the year ended 31 December 2022

3. Expenditure (continued)

3.2 Expenditure on Charitable Activities (continued)

Missionary and charitable giving

Missionary and charitable giving within expenditure on charitable activities is as follows:

Unrestricted Funds General Designated 2022 £ 2022 £ - 1,200 - - - - 0 1,200		Total 2021 £ 2,400 2,400 6,550
	Total
	2022
	£

	1,200
	-
	-

1,200		11,350
	1,200

Staff Costs

Staff costs within expenditure on charitable activities is as follows:

Unrestricted Funds General Designated 2022 £ 2022 £ 28,839 - 1,272 - (263) - 1,239 - 31,087 0		Total 2021 £ 38,354 2,015 (2,015) 1,559
	Total
	2022
	£

	28,839
	1,272
	(263)
	1,239

0		39,913
	31,087

During the year, the PCC employed 3 staff (2021: 5 staff). All staff employed received at least the London Living Wage. No employee received emoluments of over £60,000 during the year (2021: none).

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Notes to the Financial Statements

For the year ended 31 December 2022

4. Tangible Fixed Assets

Cost At 1 January 2022 Additions Disposals At 31 December 2022 Depreciation At 1 January 2022 Charge for Year Disposals At 31 December 2022 Net Book Value At 31 December 2022 At 31 December 2021 5. Intangible Fixed Assets Additions and disposals At 1 January 2022 Additions Disposals At 1 January and 31 December 2022 Fair value At 31 December 2022 At 31 December 2021	Fixtures,	Fixtures,
	fittings &
	equipment
		£

		16,941
		175,717
		(10,723)

		181,935


		16,941
		21,468
		(10,723)

		27,686


		154,249

		0


		Crypto-
		currency
		£
		restated

		95,050
		46,091
		(141,141)

		0


		0

		95,050

5. Intangible Fixed Assets

The intangible fixed asset represents Bitcoin donated to the PCC (in 2021) and subsequently disposed during the year ended 31 December 2022.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Notes to the Financial Statements For the year ended 31 December 2022

6. Fixed Asset Investments

6. Fixed Asset Investments
Market value at 1 January Additions at cost (incl dividends reinvested) Disposals Revaluation gain/(loss) Market value at 31 December Investments are represented by: 21 Windmill House, Windmill Walk, London SE1 Theatre View, Short Street, London SE1 Market value at 31 December	2022	2021 £ 1,187,565 2,925 (90,490) - 1,100,000 300,000 800,000 1,100,000
	£

	1,100,000
	-
	-
	241,000

	1,341,000


	516,000
	825,000

	1,341,000

Investments in 2022 comprise freehold land and buildings which consist of:

(1) Flat at 21 Windmill House, Windmill Walk, London SE1, which is an investment property held to generate rent and or/to house key Parish personnel and is therefore not depreciated. It was revalued in 2022 by a local estate agent at £516,000.

(2) The office at Theatre View, Short Street. This was valued in 2022 by a local estate agent at £825,000.

7. Debtors

Prepayments Income tax recoverable Lettings receivable Accrued income The Bridge at Waterloo Other debtors		2022		2021 £ 300 4,689 - 247,411 75 -
		£

		2,096
		5,301
		20,750
		52,975
		-
		1,265

				252,475
		82,387

8. Short Term Deposits

CCLA 637006002D_(PCC General) CCLA 637006006D(Project Account, St John’s)_		2022		2021 £ 70,382 555,091
		£

		791
		-

				625,473
		791

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Notes to the Financial Statements For the year ended 31 December 2022

9. Creditors - Amounts Falling Due Within One Year

Trade creditors Accruals The Bridge at Waterloo Rental deposits held Other creditors including taxation and social security Loans payable (see note below) Deferred income Other creditors		2022		2021 £ 174,534 23,283 - 18,919 - 11,300 - - 228,036
		£

		156,948
		242,751
		13,967
		19,220
		570
		36,191
		25,000
		425

		495,072

Loans profile:

	Loan Amount £	Secured/ Unsecured	First Drawn	Period (yrs)	Maturity	Interest rate
1	468,000	Secured	2022	20	2042	Fixed 7.62% for 5 yrs from 20/10/2022 reverting to Bank of England rate+3%
2	125,000	Secured	2022	5	2027	BarclaysBank rate+3.5%
3	150,000	Unsecured	2022	3 months’ notice following termination of the catering contract	2032	0%
4	345,000	Unsecured	2022	10	2032	2.5%
5	40,000	Unsecured	2022	10	2032	0%
	1,128,000

10. Creditors - Amounts Falling Due After More Than One Year

Deferred income Loans payable		2022		2021 £ - - 0
		£

		68,056
		1,091,809

	1,159,865

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Notes to the Financial Statements For the year ended 31 December 2022

11. Analysis of Changes in Net Debt

At 1 January 2022 £ 1,053,163	Cash flows £ Other non- cash changes £ (806,824) -	Cash flows £ Other non- cash changes £ (806,824) -	At 31	At 31
			December
				2022
				£

				246,339


(11,300) - (11,300) 1,041,863	(24,891) (1,091,809) (1,116,700) (1,923,524)	- - 0 0		(36,191)
				(1,091,809)

				(1,128,000)

				(881,661)

12. Unrestricted Funds

12a Current year Unrestricted: General Fund Designated Funds: Tangible Fixed Assets Fund Investments – Freehold Land & Buildings Fund: Cost Revaluation Quinquennial Maintenance Fund Mission & Charities St Johns Development Fund Robes project		At 1 January 2022 £ 92,485 0 85,000 1,015,000 3,027 4,809 348,755 1,200 1,457,791 1,550,276		Income £ Expenditure £ 246,129 (252,795) - (21,468) - - - - - - - (1,200) - (1,522,210) - - 0 (1,544,878) 246,129 (1,797,673)	Income £ Expenditure £ 246,129 (252,795) - (21,468) - - - - - - - (1,200) - (1,522,210) - - 0 (1,544,878) 246,129 (1,797,673)	Gains/ (losses) £ Transfers £ - (212,651) - 175,717 - - 241,000 - - (3,027) - 1,200 - 45,455 - - 241,000 219,345 0 6,694	Gains/ (losses) £ Transfers £ - (212,651) - 175,717 - - 241,000 - - (3,027) - 1,200 - 45,455 - - 241,000 219,345 0 6,694	At 31	At 31
								December
									2022
									£

									(126,832)


									154,249


									85,000
									1,256,000
									0
									4,809
									(1,128,000)
									1,200

									373,258

									246,426

Reasons for the transfers were as follows:

From restricted Solar panels grant to designated tangible fixed assets fund (£6,694) to reflect the funding of the purchase of solar panels during the year.
From designated Quinquennial Maintenance fund to designated tangible fixed assets fund (£3,027) to reflect the funding of the purchase of solar panels during the year.
From unrestricted general fund to Tangible Fixed Assets Fund (£175,717): to reflect the purchase of tangible fixed assets during the year and to reconcile the closing balance to the tangible fixed asset net book value
From unrestricted general fund to St Johns Development Loan Fund (£45,455): to ensure the balance reflects total net loans payable.
From unrestricted general fund to Mission & Charities Fund (£1,200): to reflect the PCC’s commitment to mission & charity giving.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Notes to the Financial Statements For the year ended 31 December 2022

12. Unrestricted Funds (continued)

12b Prior year Unrestricted: General Fund Designated Funds: Tangible Fixed Assets Fund Investments – Freehold Land & Buildings Fund: Cost Revaluation Quinquennial Maintenance Fund Mission & Charities St Johns Development Fund Robes project		At 1 January 2021 £ restated 77,027 924 85,000 1,015,000 13,751 4,809 261,265 1,200 1,381,949 1,458,976		Income £ Expenditure £ 235,699 (212,441) - (924) - - - - - (10,724) - (4,800) - (6,000) - - 0 (22,448) 235,699 (234,889)	Income £ Expenditure £ 235,699 (212,441) - (924) - - - - - (10,724) - (4,800) - (6,000) - - 0 (22,448) 235,699 (234,889)	Gains/ (losses) £ Transfers £ - (7,800) - - - - - - - - - 4,800 - 93,490 - - 0 98,290 0 90,490	Gains/ (losses) £ Transfers £ - (7,800) - - - - - - - - - 4,800 - 93,490 - - 0 98,290 0 90,490	At 31	At 31
								December
									2021
									£
									restated

									92,485


									0


									85,000
									1,015,000
									3,027
									4,809
									348,755
									1,200

									1,457,791

								1,550,276

Reasons for the transfers were as follows:

From unrestricted general fund to designated St John’s Development fund (£15,000): to fund the St John’s Development fund
• From unrestricted general fund to designated mission & charities (£4,800): to fund annual mission and charities giving
From designated St John’s development Fund to unrestricted general fund (£12,000): to recognise loss of income to the PCC as a result of the building project
From endowment fund to designated St John’s development Fund (£90,490): to fund the St John’s Development fund upon liquidation of the endowment fund

The descriptions of the main funds are as follows:

Tangible Fixed Assets Fund – The balance consists of the net book value of office, sound and computer equipment.
• Investments – Freehold Land and Buildings – the PCC decided to set up this fund to show the assets which are held to generate an income. The major two items in this Fund are the flat in Windmill House (current value £516,000) and the office at Theatre View, Short Street (current value £825,000).
Quinquennial Maintenance Fund – created to set aside funds to enable repair of the church buildings in accordance with the Quinquennial Report received in 2021.
Mission & Charities Fund – the PCC decided that it should aim to give away 5% of its disposable income and this fund has been set up for this purpose.
St John’s Development Loan Fund – this designated fund reflects St John’s commitment to the development of our building and community. In 2022 the closing balance on this fund has been aligned to the loan balance.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Notes to the Financial Statements For the year ended 31 December 2022

13. Restricted Funds

13a Current year

13a Current year
The St Johns Development Fund: Main Fund Lady Chapel Fund Accessibility Fund Community Fundraising Waterloo Festival Flower Fund Christmas Lunch Robes Project Foodbank Belfrey fund Solar panels fund SoWN Reaching Communities Grant	At 1 January 2022 £ restated 637,082 30,000 7,376 0 831 1,137 432 2,134 252 238 0 17,893 25,000 722,375	Income £ Expenditure £ 1,736,457 (2,417,335) - (30,000) - (7,376) 299,944 (299,944) - (831) 300 (212) - - - - - - - (238) 6,694 - 300 (6,568) 25,000 (50,000) 2,068,695 (2,812,504)	Gains/ (losses) £ Transfers £ (49,260) - - - - - - - - - - - - - - - - - - - - (6,694) - - - - (49,260) (6,694)	At 31
				December
					2022
					£


					(93,056)
					0
					0
					0
					0
					1,225
					432
					2,134
					252
					0
					0
					11,625
					0

					(77,388)

The reason for the transfer from Solar panels grant to designated tangible fixed assets fund is to reflect the funding of the purchase of solar panels during the year.

The St Johns Development Fund (Main Fund) shows a deficit of £93,056 (2022: credit £637,082). In 2022 the charity received an advance of £100,000 from South Bank Sinfonia. The advance was to be used for the costs of the refurbishment of the venue, in particular upgrading the historic church and crypt to improve acoustics, lighting and accessibility as well as establishing upgraded office space. In exchange South Bank Sinfonia is entitled to occupy the crypt spaces known as the SBS Rehearsal Room, SBS Office and SBS Store for a period of 4 years from the completion date of the current renovation works (15 October 2022). The income has been deferred and will be released to the St Johns Development Fund (Main Fund) over the next four years by the end of which the deficit will have been extinguished.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Notes to the Financial Statements For the year ended 31 December 2022

13. Restricted Funds (continued)

13b Prior year

The St Johns Development Fund: Main Fund Lady Chapel Fund Accessibility Fund Waterloo Festival Flower Fund Christmas Lunch Robes Project Lent Appeal Foodbank Belfrey fund Passion Trail 2022 SoWN COP26 Prayer Vigil Reaching Communities Grant		At 1 January 2021 £ 69,919 30,000 7,376 3,155 1,167 432 7,634 0 140 238 0 0 0 0 120,061	Income £ restated Expenditure £ Gains/ (losses) £ restated Transfers £ 1,645,269 (958,809) (119,297) - - - - - - - - - 34,606 (36,930) - - - (30) - - - - - - - (5,500) - - 550 (550) - - 112 - - - - - - - 4,500 (4,500) - - 19,398 (1,505) - - 200 (200) - - 25,000 - - - 1,729,635 (1,008,024) (119,297) 0	Income £ restated Expenditure £ Gains/ (losses) £ restated Transfers £ 1,645,269 (958,809) (119,297) - - - - - - - - - 34,606 (36,930) - - - (30) - - - - - - - (5,500) - - 550 (550) - - 112 - - - - - - - 4,500 (4,500) - - 19,398 (1,505) - - 200 (200) - - 25,000 - - - 1,729,635 (1,008,024) (119,297) 0	Income £ restated Expenditure £ Gains/ (losses) £ restated Transfers £ 1,645,269 (958,809) (119,297) - - - - - - - - - 34,606 (36,930) - - - (30) - - - - - - - (5,500) - - 550 (550) - - 112 - - - - - - - 4,500 (4,500) - - 19,398 (1,505) - - 200 (200) - - 25,000 - - - 1,729,635 (1,008,024) (119,297) 0	Income £ restated Expenditure £ Gains/ (losses) £ restated Transfers £ 1,645,269 (958,809) (119,297) - - - - - - - - - 34,606 (36,930) - - - (30) - - - - - - - (5,500) - - 550 (550) - - 112 - - - - - - - 4,500 (4,500) - - 19,398 (1,505) - - 200 (200) - - 25,000 - - - 1,729,635 (1,008,024) (119,297) 0	Income £ restated Expenditure £ Gains/ (losses) £ restated Transfers £ 1,645,269 (958,809) (119,297) - - - - - - - - - 34,606 (36,930) - - - (30) - - - - - - - (5,500) - - 550 (550) - - 112 - - - - - - - 4,500 (4,500) - - 19,398 (1,505) - - 200 (200) - - 25,000 - - - 1,729,635 (1,008,024) (119,297) 0	At 31	At 31
								December
									2021
									£
									restated

									637,082
									30,000
									7,376
									831
									1,137
									432
									2,134
									0
									252
									238
									0
									17,893
									0
									25,000

									722,375

The descriptions of the main funds are as follows:

The St Johns Development Fund. A fund set up to enable the development of St John’s Church as a place of engagement and innovation in the arts and to make explicit connections between art and faith, particularly for young people in giving them employability skills. The fund is currently in three parts:
Main Fund
Lady Chapel Fund – a fund set up for the refurbishment of the Lady Chapel in memory of the late Revd Alison Warner.
Accessibility Fund – this fund holds a specific gift towards improving the accessibility of the Crypt.
Waterloo Festival – restricted donations received for the Waterloo Festival.
Christmas Lunch – fund created to provide a Christmas Lunch for the wider community of St John’s, especially those in need and those alone at Christmas.
Robes Project – funds received to support our contribution to hosting homeless guests throughout the winter
• Churchyard – funds received to fund the works to the churchyard at St John’s. From May 2022, this was transferred to TBAW which is now responsible for this work as part of its mission to provide employability skills.
COP26 Prayer Vigil - funding for COP26 Prayer Vigil organised by Southbank Churches in October 2022.
Passion Trail 2022– funding for the Lambeth North Deanery one-off Lent event “Passion Trail 2022”
Reaching Communities Grant – this is the revenue element of the Big Lottery Fund - Reaching Communities. Grant towards staff costs for developing the new community resources.
Solar panels – funds received for the installation of the solar panels at St Andrews (grant and donation)
• SoWN - funds received and held on behalf of SoWN (Southbank and Waterloo Neighbours)

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Notes to the Financial Statements For the year ended 31 December 2022

14. Endowment Funds

14a Current year

There are no current year transactions or balances.

14b Prior year Trust Fund T0074		At 1 January 2021 £ 87,565	Income £ Expenditure £ 2,925 -	Income £ Expenditure £ 2,925 -	Income £ Expenditure £ 2,925 -	Gains/ (losses) £ Transfers £ - (90,490)	Gains/ (losses) £ Transfers £ - (90,490)	At 31	At 31
								December
									2021
									£

									0

The reason for the transfer from endowment fund to designated St John’s development Fund (£90,490) was to fund the St John’s Development fund upon liquidation of the endowment fund.

The endowment funds originate from the previous parish of St Thomas, Lambeth, which was completely bombed out during World War II and became absorbed by St John’s. There were two funds T0074 & T0075: T0074 indicates that it was the St Thomas Curatage and Endowment Fund, and T0075 refers to St Thomas General Purposes Endowment Fund. There is little to indicate, in either case, whether or not the funds are expendable. During 2021 T0075 was transferred to T0074 to save costs and hopefully improve income. The funds are managed by the Diocese of Southwark as custodian trustee on behalf of the PCC.

Of the original capital sum of about £55,000, the Church borrowed £21,167 in 1977 and a further £5,842 in 2007. Any income and gains generated from the funds is used to replace the capital borrowed.

During 2021 the PCC, with permission from the Charity Commission, liquidate the endowment and transferred the assets to the designated St John’s Redevelopment Fund.

15. Reconciliation of net income to net cash flow from operating activities

Net movement in funds for the reporting period (as per the statement of financial activities) Adjustments for: Depreciation charges (Gains)/losses on investments Investment income Loss/(profit) on the revaluation of intangible fixed assets (Increase)/decrease in intangible fixed assets (Increase)/decrease in debtors Increase/(decrease) in creditors Net cash provided by (used in) operating activities		Total 2021 £ restated 606,049 924 - (53,954 119,297 (288,491 (70,211 137,128	) ) )
	Total
	2022
	£


	(2,103,613)



	21,468
	(241,000)
	(59,996)
	49,260
	(46,091)
	170,088
	310,200

	(1,899,684)	450,742

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Notes to the Financial Statements For the year ended 31 December 2022

16. Net Assets by Fund

Fixed Assets Cash & Current Investment Other Current Assets/Liabilities Creditors more than one year Provisions/pensions Total Fixed Assets Cash & Current Investment Other Current Assets/Liabilities Creditors more than one year Provisions/pensions Total	Unrestricted Funds General Designated 2022 £ 2022 £ - 1,495,249 224,662 6,009 (351,494) (36,191) - (1,091,809) - - (126,832) 373,258 Unrestricted Funds General Designated 2021 £ 2021 £ - 1,100,000 125,503 357,791 (33,018) - - - - - 92,485 1,457,791	Unrestricted Funds General Designated 2022 £ 2022 £ - 1,495,249 224,662 6,009 (351,494) (36,191) - (1,091,809) - - (126,832) 373,258 Unrestricted Funds General Designated 2021 £ 2021 £ - 1,100,000 125,503 357,791 (33,018) - - - - - 92,485 1,457,791	Restricted Funds 2022 £ - 15,668 (25,000) (68,056) - (77,388) Restricted Funds 2021 £ 95,050 569,869 57,456 - - 722,375
				Total
				2022
				£

				1,495,249
				246,339
				(412,685)
				(1,159,865)
				-

				169,038



				Total
				2021
				£

				1,195,050
				1,053,163
				24,438
				-
				-

	92,485			2,272,651

17. Related Party Transactions and Balances

The Revd Canon Giles Goddard and Elaine Thomas, both members of the PCC, also served as trustees of The Bridge at Waterloo (“TBAW”) (charity registered no. 1167768) during the year. The following were the transactions between the two entities:

Licence Fee. Whilst the PCC has overall responsibility for the two church buildings, St John the Evangelist and St Andrew, TBAW manages the maintenance of both church buildings and all lettings. Income and expenditure relating to the use of St John’s church (as opposed to the crypt) is allocated to the PCC. All other income and expenditure relating to use by external parties of all other parts of the two buildings is retained/incurred by TBAW in exchange for a licence fee payable to the PCC. During the year a licence fee of £54,351 (2021 - £39,379) was payable to the PCC.
Donation from PCC to TBAW to compensate for TBAW’s loss of income whilst the building project was in process: £18,000 (2021: £6,000). The donation is included within designated fund: St Johns Development Project Costs.
A grant of £11,790 (2021: £11,471) from PCC to TBAW in respect of TBAW’s responsibility for the upkeep of the churchyard, including volunteer management.
Salaries recharge from TBAW to PCC: £60,113 (2021: £15,518).
Salaries recharge from PCC to TBAW: £nil (2021: £13,304).

As a result of all of these transactions, together with brought forward amounts, the net amount due from the PCC to TBAW at 31[st] December 2022 was £13,967 (2021: £75).

Several members of the PCC were involved in making loans to the church in respect of the St Johns Development Project as follows:

One member of the PCC, together with their partner, were repaid unsecured interest free loans totalling £10,000 during the year.
Five members of the PCC, in some cases together with their partners, made unsecured loans totalling £345,000 to the church. These loans are repayable over a period of 10 years bear an interest rate of 2.5%.

Members of the PCC gave a total of £20,690 (2021: £19,186) in unrestricted offerings and donations during the year.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Notes to the Financial Statements For the year ended 31 December 2022

18. Prior Year Adjustment

The prior year adjustment relates to the accounting for cryptocurrency donated to the PCC in 2021 as an intangible fixed asset. This was previously accounted for as donated income when liquidated and remitted to the PCC.

2022-12-31-accounts

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO

Diocese of Southwark

Report & Financial Statements

31 December 2022

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Report and Financial Statements 2022 Contents

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Legal and Administrative Information

Name

Address

Members of the PCC

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Legal and Administrative Information

Report of the Parochial Church Council

1. Structure, governance and management

1.1 Enabling Committee (Standing Committee)

1.2 Church Attendance

1.3 Risk Management

Report of the Parochial Church Council

2. Objectives and activities

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Report of the Parochial Church Council

3. Achievements and performance

Report of the Parochial Church Council

Worship, Prayer and Study

St John’s Development Project

Report of the Parochial Church Council

Deanery Synod

Pastoral Care

Environment and Social Justice

Maintaining links with Foodbank, Robes and other projects for the homeless

Links with Citizens UK / Lambeth Citizens and other organisations and various community groups via The Bridge at Waterloo.

Charitable Support

Report of the Parochial Church Council

Neighbourhood Audit

Use of Church Buildings

The Bridge at Waterloo

4. Going Concern

Report of the Parochial Church Council

5. Financial Review

6. Reserves Policy

7. Investment Policy

7.1 General Funds

7.2 Restricted Funds

Report of the Parochial Church Council

8. Plans for Future Periods

9. Responsibilities of Trustees for the Financial Statements

10. Approval

Report of the Independent Auditor to the Parochial Church Council of Waterloo Parochial Church Council

Opinion

In our opinion the financial statements:

Basis for opinion

Conclusions relating to going concern

Other information

Matters on which we are required to report by exception

Report of the Independent Auditor to the Parochial Church Council of Waterloo Parochial Church Council

Responsibilities of the PCC

Auditor's responsibilities for the audit of the financial statements

Capability of the audit in detecting irregularities, including fraud

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Report of the Independent Auditor to the Parochial Church Council of Waterloo Parochial Church Council

Use of our report

Report of the Independent Auditor to the Parochial Church Council of Waterloo Parochial Church Council

Kreston Reeves LLP

Statement of Financial Activities For the year ended 31 December 2022

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WATERLOO (St John the Evangelist with St Andrew)

Balance sheet As at 31 December 2022

Cash Flow Statement For the year ended 31 December 2022

Notes to the Financial Statements For the year ended 31 December 2022

1. Accounting Policies

Basis of accounting

Going Concern

Income recognition

Expenditure recognition

Notes to the Financial Statements For the year ended 31 December 2022

1. Accounting Policies (continued)

Tangible Fixed Assets

Consecrated Property and Moveable Church Furnishings

Other Fixtures, Fittings & Office Equipment