REGISTERED CHAIUTY IYUMBER: 1132457 PQQEcclesi&8tical P2rish of Wat¢rlco Ashmole & Co First floor I St John's Court Upper Fforest Way Enlerprise Park Swansea SA6 8(2Q
Page Report of the TnL8tees I to 10 Report of the Independent Auditors 11 10 14 ststement of Financial Activities 15 Balance Sheet 16 to 17 Cash Flow Ststement 18 Notes to the Cash Flow Slatement 19 Notes to the Financial Statements 20 to 36 Detailed Statement of financia] Activities 37 to 38
PCC Ecclesiastical Parish of Waterloo Re ort of the Trnstees for the Year Ended 31 December 2024 The Parochial Church Council of the Ecclesiastical Parish of Waterloo (St Joln the Evangelist with St Andrew)(thePCC) submits its report and the financial statements for the year ended 31 December 2024. The financial statements have been pprd in the fonnat prescribed by the Statement of Recommended Practice: Accounting and Reporting by Charities (SOPP2019) and the Financial Reporting Standard 102. The legal and administrative infornlation set out earlier in this document forn part of this report. The PCC co-operates with the incumbenL Revd Canon Gilos Goddard, in promoting the whole mission of the Church within its Parish and beyond. It also h&8 responsibility for the non-stipendiary staff and the maintenance of the Church buildings. In essence, the PCC is a consullative body that represents the views of the congregation as well as its own. It should communicale, where appropriate, any decisions of the PCC or its committees to the Chuh. oversee and advise in the firwncial affairs of the church. pray and champion the vision for the church. 2024 saw the second complete year of operdtion in the renovated St John's Church. We developed further our worship and community programme and worked with a range of OTchestras and choirs. We continued to build strong relationship with Bovingdons, our events contractor, with whom we have an exclusive corporate events contract. Bovingdons continue to develop their business, including conferences, dinnels and fashion shows. We are pleased to support the work of various charities who use our buildings on a reduced or no-cost basis. These include Sinfonia Smith Square (forn]erly Southbank Sinfonia). an orchestsa offering young musicians the experience of playing professionally. Futures Theatre, a company creating interactive drama in schools to address societal issues, such as drug abuse and youth pregnancy; a coun5elling service for those with long-tern] alcohol dependency. and a community bingo evenin8. Page I
C Eccl&8iastical P Re rt of the Trustees for the Year Ended 31 December 2024 OBJECTIVES AND ACTIVITIES ObjectivLs And aims 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 k)ari5h and makes suggestions on how the services can involve many diverse groups that live, work and p& through within the Parish. Particular attention is paid to ensuring that the services offered at the difftrent 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 S]riC guidance to charities for the advancement of religion. In particular, we try to ¢nable ordinary people to live out their faith as part of our parish community through: Regular worship and prayer open to a]]: learning about the Gospel and developing their knowledge and trust in Jesus Christ, - Provision of sacred spaces for personal prnyer and contemplation; - Provision of pastoral care for people living within the parish. - The teaching of Christianity through sennons, courses and small groups. - The provision of facilitie5 for charitable organi5ations offering opportunitie5 for lean]ing and developmenL - The promotion of Christianity through the slaging 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 selecied annually by the congregation. To facilitate this worK it is crucial that we maintain the fabric of the two churches and ensure its filness for the purposes of the wide variety of community users. Recognising our unique position in the neighbourhoo4 our annually evaluated Mis5i0n Action Plan seeks to address neighbourhood as well as congregational need while reaching out to the wider community? based on the Diocese's "Five Marks of Mission" Work continued implementing the new five-year vision lo reflect the development and evolving focus of St John's adopting as the overarching pury)ose of the parish the new strap line "Here for You The MAP will be further developed for 2025 7 as we adjust to the new St John's Church post redevelopment. It W&8 good year for the churchyard with senior community gardener Santa Pedone replacing Filipa da Silva in June. She made a gat impact on the efficient nmning 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, of whom have made progress under her mentorship. Our vision for the ¢hurchyard as a key opportunity for mission is building on its promise among the wider uSeroup. We have received strong support from the local community. The Bridge at Wat¢rloo, our community engagement charity, continued the new work stream Room for You. oVseen by the Outreach Coordinator. Abigail Tripp. We offered English language classe& art sessions, lunch for volunteeT5 and isolated people, and we developed a good relationship with the Mental Health Fight Club. We also obtained funding for a new yoga project. working with the local Health Centre. Page 2
PCC EcclesiastRcal Parish of Waterloo rt of the TnteeS for the Year Ended 31 December 2024 ACHIEVEMENTS AND PERFORMANCE Worship? Prayer and Study We mainlained the pattern of regular worship: a 9am morning prayer service and a Eucharisl at 10:30 on Sundays. and daily morning prdyer at 8.30. The services have continued to be held both in person and on All are welcome to attend these regular services and we have welcomed many new people online - literally all over the WOTld 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 fulty inclusive church seriously. We host a regular serviLf for LGBTQI+. Open Table, and have supported a wide range of activities and individuals seeking a more inclusive church. We have welcomed many new people to our services, including a strong cohort of people in their 21Ys and 30's. The services for Holy Week were open to all and are publicised via OUT website, individual household invilations and church magazines. Our Column Inches parish magazine also rnoved online, with a very posilive reception: we continued to prinl copics for those who do not have access to the internet, The total att¢nding Christmas services including carols, in person and online, for congregation and community was approximatsly 853. 11]e combined total Christsnas Eve and Christmas Day attendance of adults and children was 368 at all the special services. Deepening the spiritual life of the parish was a key fLKus during 2024. We continued our Exploring Spirit series with a series orwell received talks in September. We also supported a Quiet Day in September. We celebrated our 200th anniversary with a special Eucharist celebrated by the Bishop of Croydon, a Pilgrimage from St Luke's, West NoNiood, involving St Matthew's. Brixlon and St Mark's, Kennington - celelyating anniversaries - and a party r¢¢alling k¢y moments in the history of St John's. We hosted no funerals and one wedding during 2024, As part of our mission to develop personal ¢ngag¢ment in worship and commurrity, 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. The teaching of Christianity takes place in all services via the use of sernlons, readings and talk& In addition, our Pioneer Curate Georgia Ashwell took responsibility for our younger adults group 'Face-tfrFaith' in person and online during 2023. Our second Curate, Grey Collier who is focusing on supporting Chtldten and youIK and our Open Table worship for LGB TQ people. St John's Development Projeet The final retention payment Was made to Buxtons in June 2024. DeAnery Synod Two Membe 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 strnctures of the church. Pastoral Care Page 3
PCC Ecclesiastical Parish of Waterloo Re ort of the Trnstees for the Year Ended 31 December 2024 The Parish is blessed wilh a Southwark Pastoral Auxiliary (SPA) who, along with the Clergy Team. visit those who are unable to att¢nd church due to sickncss or agc and ¢Dabl¢ thcsc p¢opl¢ to take communion on a regular basis. R¢new21 Committee We revised our committee structure during 2024. The Renewal Committee caTries responsibility for the parish's wider mission. with a key objective of raising awarenes5 Wlthin the congregation of the spread of our existing activities and encouraging participation where possible. Ple&se note thal some of the actions and events mentioned below are sometimes overlaps or aaS also covered by other PCC sub-committees, clergy or Congregation members and their very own effo. PCC Outward Gfvlng I Charlty of the Montb. The Renewal Committee identified various charities of the month and we conlinued to support USPG, Ch ristian Aid and Tr Bishops Lent Appeal. Malntginlng links wlth Foodb2nK Robes and other projects for the homel In 2024 we concentrated on our Room for You initiatives organised by th¢ Bridge at Waterloo. We conlinued our night shelier provision wilh the Robes Project in Jan- March 2024. Malnthinlng Llnks wlth Chrl$tlan Ald. Jenny OTrleill and Kate Portal participated in fundraising events for Christian Aid. The regular Fair Trade and Zaytoum stall continued in church after the service4 twice a year. Llnks with Citizens UK l Lambeth Cltlzens and other organlsatlons and varlous commuDity group$ via The Brldge at WAterloo. Cllmate chpdngc & Cllmate Change took a central role in our work in 2024 - both as a churth and through our work with faith for the Climate, founded at St John's Waterloo and chaired by Giles Goddard. We hosted an Interfaith Picnic in June, and also welcomed Christian Climate Action to a vigil in June. Charitable Support As well as its charitable giving, the PCC also decided to increase its payments to the Diocesan Parish Support Fund. In 2024, despite the building work& we were able to keep our pledge and pay £86,3(K) (2023: £84,180). In 2025, £89,300 h&s been pledged. Our ambition in fulure is to help the Diocese fund parishes that are less fortunak 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 se in the Crypt on licence fees of 6/0 of the nornid rates in Waterloo. The licence fees include an element for service charges. Use of Chureh Buildings The PCC h&s responsibility for the two sites where the churches are situated. St John the Evangelist: this ¢onsists of a large church and crypt. The church is nonnally open every day and is extensively used by local people and local, London-wide and national institutions such as the Sinfonia Smith Square, the London PhilEwinoni¢ or¢$ Midsomer Oper4 Christian Aid and many others. We estimate that over 50,IJ)O people came to St John's in 2024. Page 4
PCC Ecclesiastical Parish of Waterloo Re rt of the Trnsttts fcr the Year Ended 31 December 2024 St Andrews is used by numerous local, LondoT)-wide and national groups as well as being a worship space for example, Nationa] Childbirth Tntst, Young Vic Theatre, National Theatre. Regular tenants of the office spaces wetE Lambeth CRUSE bereavement servic&8 and The Hardman Trust. Also, Panacea and Cha0&1B]Ue as Commercial tenants. Tbe Bridge at Waterloo The members of the company are the incumbent and two churchwardens ex offjcio. Full details of TBAWS activities included in its Annual Report. FINANCIAL REVIEW Flnancial Review Total income on unrestricted fijnds w&8 £936,688 (2023: £685,015). Letting of the commercial offices and ground rents at St Andrew's continue &s income to the PCC. Payments totalling £740,735 (2023: £514,211) were made on unrestricted general church aclivities including the Diocese Parish Support Funl maintenance and staff. Consequently unTestricted general receipts ¢x¢¢ed¢d payments by £195,953 (2023.. £170,804). The balance on restricted fijnds, £72,888 (2023: £64,847 Deficit) continue to be used for a variety of activities and causes. Investment pollcy and objcctlveg General Funds The PCC holds investments in local property io Provide a regular rental income for the church. Amounts held over and above fLmds required for working capital are held in bank short terni deposits. Restricted Funds Amounts held over and abov¢ fvnds required for working capital are held in bank short terni deposits. Reserves pollcy The PCC CuentlY follows a policy of maintaining a balance on unrestricted funds of at least three months of its unrestricted payments to cover ernergency situations that may arise from time to time, and should these funds drop below this level the PCC will norn]ally take immediate steps to restore the unrestricted funds to three months of unrestricted expenditure. At 31 December 2024, the PCC had net free reserves of £1,175,847 (2023: £1,103,726) as follows: 2024 2023 Total reserves Less: designated fun(£s Add: restricted funds deficit Add: long temi loans Free reserves Free reserves requlrement: 3 rnonth's budgeted routine expenditure 734,671 (469,248) 352J&l (353,080) 64,847 103957 103.726 84 191021 Page 5
PCC Ecclesiastical Parish of Waterloo Re Jyjrt of the Trustees for the Year Ended 31 December 2024 FJNANCIAL REVIEW GoiDg concern Each year it's the PCC'S responsibility to state whether or not the annual accounts have been drawn up on going concern basis (see the accounting p)li¢y note on page 20). Going concern is the assumption that an entity, in this c&se the PCC, h&$ the resources (financial and other) needed to Continue operating for the foreseeable future and, in particular. for al 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. A commitment was made that any loans taken oul to secure the completion of the Project would not exceed the valuation of the two properties held as investment properti¢s. The long-terni tenant of the Short Street otTice signed a new 5-year lease in 2022. The Resources Committee has reported regularly lo CAF Bank and the Diocese regarding matching budgas to actual results. All loan repayments and interest due in 2024 were paid in full, in addition a further £50,000 was paid to CAF Bank in respect of the loan secured on the Short Street Office and £46,875 to the Diocese. The balanrx of the loan to the Diocese is being repaid in March 2025, over 2 years early, FUTURE PLANS Most of our plans for 2025 are continuing to unlock the potential of the renovated building for church, community and revenue generating activities. Page 6
PCC Ecclesiastical Parish of Waterloo Re ort of the Tnlstees for the Year End 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Structureg governance and managemenl The PCC is a ¢OTporate body established by the Church of England which operdtes under th¢ PaTDchial Church Council Powers Mcasure. The PCC of St John with Sl Andrew Waterloo was registercd with the Charity Commission in November 2009. Within the parish there are two chuhe5. St John the Evangelis¢ Waterloo Road and St Andrew. SIM)rt Street. The PCC includes reprcsenlative5 from the congregation and the clergy team. It meets on & roughly two-monthly basi& with an average of six meetings per ye8r. This complies with regulations which stipulate that PCCS must meet no fewer than four times a year. The apw)intment of PCC membffl3 is governed by the Church Representation Rules. There is a process in place for the recruitmeni 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-tem) fjnancial planning" quinquennial repx)rt and capital spcnd plans; team ministy issues. annual worship review. annual tithe allocation review. fijndraising strategy; managing policies and processes around risk managemenL safeguarding policies: health and safety: disability discrimination legislation. Stsndlng Committee This is the only sUCOmMittee reqUId by law. It has power to tt3nsact the business of the PCC between its meetings, subject to any directions given by the PCC. Its membership comprises the incumben( &8sociate priestlcurate, churchwarden8 the PCC secretary and treasurer. Church Attendance The clecloral Toll is completely reviewed and revised orKe every six yeats and has been updated. At th¢ last APCM the electoral roll stood at 116 (2023: 116). Rtsk Managemenl The PCC acknowledges 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 lo the sp¢¢ific operational areas of the church, its investments and its finances. The PCC believes thaL by monitoring reserves Icvels, by ensuring that controls exist over key financial systems. and by examining ihe uperdtional risks faced by the churcM it has established effeclive systems and procedures to mitigate those risks. A comprehensive risk register was undertaken in 2019. A brief summary follows. Security & Safeguardlng Risk- There is a major security, safeguarding, or health & safety incidcnL Risk Management - There is a safeguarding policy in place and two designated safeguarding officers. All volunteers who have direct contsct with children or vulnerable adults as well as pastoral team members are required ts) have a DBS , which is renewabl¢ every three years. We ensure insurance policies are up to date and cover us for identified risks. We maintain up to date incident logs. Finances Risk- There is a risk that expenditure could ex¢eed income Page 7
PCC Ecclesiastical Parish of Waterloo rt of the TteeS for the Year Ended 31 December 2024 Risk management - To mitigate thes¢ 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 & expenditure with budget. PCC officials ensure proper authorisation of expenditure in line with the target operational cash reserves of thTee months budgeted expenditure. Risk- There is an uninsured liability which cry5talise5 Risk Management To mitigate thi5 Potential risk we ensure that insurance policies are up to dats and inclde employers liability, public liability, buildings insurance, contents insurance and propety owners The Finance and Major Fundraising Committee continued to meet roughly monthly. One objective w&8 to prepare monitor and update 10-year cashflow projections for the repayment of loans given by membern of the congregation. diocese and loan from CAF Bank secured on the office spar£ held as an investment prop¢ty at 17 Short Stred. A second objective was to monitor the securing of future lettings income from the buildings to cover the day to day running costs of the building and repaying the loans advanced. Quinquennial inspection. As a result of the extensive planned building works, the Archdeacon advised that the 2022 quinquennial should be postponed until 2023. The St John's rekK)rt was issued in July 2023 and there were no significant requirements. The St Andrew's report was issued in November 2023 and there were no significant requirements. Terriers - the inventory of the chureh?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. REFERENCE AND ADMIIYISTRATIVE DETAILS Registered Charity number 1132457 Prlnclpal address The Vicarnge I Secker Street London SEI 8UF Page 8
TrSteeS the Year E Trustees F Amberson-Jones (appointed 2114124) Rev G Collier Assistant Curate JAGDceny E M Hamiliton L Bangi Rev G A Ashwell Pioneer Curate A M Humphreys Deanery Synod A Mwanje (resigned 1713125) M S Gibbs Conmpy (resigned 1713125) R J Smeath Treasurer C Kaweesa C F Clinch Churchwarden P E Thomas Secretary E Thomas Churchwarden E Clarson Deanery Synod I Serunjogi E Kawoya Reader Rev G W Goddard Incumbent, Chair S Galpin (resigned 2114124) A Kawoya (resigned 2114124) P Omoghene-osario (resigned 31112124) Key Management Personnel Those in charge of directing, controlling, running and operating the PCC on a day to day b&si8 are the Enabling Committee comprising the incumbent, assistant curdtes. churchwardens, secretary, treasurer and 8ub-committee chairs. Audltors Ashmole & Co First Floor I St John's Court Upper Fforest Way Enterprise Park SA6 8QQ Solieitors Winckworth Sherwood Arbor 255 Blackfriars Road London SEI 9AX Bankers CAF Bank Lld 5 Kings Hill Avenue West Malling ME194TA Page 9
PCC Ecclesi&8tical Parish of Waterloo REFERENCE AND ADMINISTRATIVE DETAILS Quinquennial Inspeetor Sheny Bates Bates Zambclli Russell House 140 High Street Middlesex HA8 7LW STATEMENT OF TRUSTEESI RESPONSJBILITILS The PCC is responsible for preparing the report and the financial ststements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Charity law in England and Wales requires the PCC to prepare financia] statements for each financial year which give a true and fair view of the slate of affairs of th¢ PCC and of the incoming sourceS and application of resources of the pcc for that perii)d. In preparing thos¢ 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 &re re&sonable and prudenl - State whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the finaticial statements; and - Prepare the financial statements on going wncem basis unl¢ss it is inappropriate to presume that the activities of th¢ PCC will continue. The PCC is responsibl¢ 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, th¢ 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 iThegularities. The Trustees are responsible for the maintenance and integrity of the PCC and fllwicial inforniation included in the PCC website. 13th October 2025 Approved by order of the board of trustees on ............................................. and signed on its behalf by: Rev G W Goddard - Trustee Page 10
rt of the Inde endent Auditors to the Trustees of pc Ecclesiastical Parish of Waterloo Opinion We have audited the financial statements of PCC Ecclesi&8tical Parish of Waterloo (the '¢harity) for the year ended 31 Decernber 2024 which comprise the Statement of Financial Activities, th¢ Balance SheeL the Cash Flow Statement and notes to the funCIal stakmcnts, including a summary of significanl accountii policies. The financial reporting framework that ha8 been applied in their preparntioJ] is applicable law and United Kingdom Accounting standds (United Kingdom GerrallY Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the stats of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resource& for the year then ended" have been properly prepared in aOrdanCe with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Charities Act 2011. Bgsis 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 Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements Ihat are Televant to our audit of the financial stttements in the UK, including the FRC'S Ethical Standard, and w¢ have fulfilled our other ethical responsibiliti¢$ in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ow opinion. Conclusion5 relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the finarKial stalements is appropriate. Based on the work we have perfonned, we have not identified any material uncertainties relating to evenls or conditions thaL individually or collectivelys may ¢&sl significant doubt on the charity's ability lo continue as a going coneem for a period of at least twelve months from when the financial ststements are auihorised for issu¢. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in ihe relevant scctions of this report. Other Information The trustees are responsible for the other infornjation. The other inforniation comprises the infomiation included in the Annual Report, other than the fllmncial statements and our Report of the tndependent Auditors thereon. Our opinion on the financi statements does not cover the other infonnation and. excepl to the exlent otherwise explicitly stated in our report, we do not express any forn] of assurance conclusion thereon. In connection with our audit of the f1nancial statements, our responsibility is to read the other infomiation and, in doing so, consider whether the other infornialion is mat¢Tiaily inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be matcrially misstaled. If we identify such matcrial inconsistencies or apparent material misstaternents, w¢ are r4uired to determine whether this gives rise to a material misstatement in the fll]ancial statements themselves. If, based on the work we have perfonne<L we ¢on¢lude that there is a material misstatement of this other infonnation, we are required to report that fact. We have nothing to report in this regard. Pagell
Re rt of the Inde dent Auditors to the Trustees of PCC ELclesiasticaI Parish of Waterloo Matters on which we are required to report by cxeeption We have nothing to report in respect of the following matters where the Charities (Accounts and Rep)rts) Regulations 2008 requires us to report to you if. in our opinion: the infonnation given in the Report of the Trustees is inconsistnt in any material respect with the financial slatements. or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records and returns. or we have not received all the inforn]ation and explanations we require for our audit. Responsibilfitfies of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees are responsible for the preparntion of the fmancial statements which give a true and fair view, and for such internal control as the tnLStees deterniine is necessary to enable the pparatIOn of financial statements that are free from material misstatement, whether due to fizud or error. In preparing the financial ststements, the trustees are responsible for assessing the charity's abilty to continue &s a going concern, disclosing, &8 applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operation4 or have no realistic alternative but to do so. Page 12
rt of the Inde ndent Auditors to the Trnstees of PCC Ecclesiastical Parish of Waterloo Our responsibilities for the audit of the financial slatements We have been appointed as auditors under Section 144 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 assurdnce alM)ut whether the fmancial ststements as a whole are free from material misstatemenL whether due to fraud or error, and to issue a Report of the Independent Auditor6 that includes our opinion. Reasonable assurance 15 a high level of assurance, but is not a guarantee that an audit condiicted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or aTor and are Consided material if, individually or in the aggregat4 they could Nsonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Thc extent to which our procedures are capable of detecting irregularities, including fraud 15 detailed below: Irr¢gularities are instances of non-compliance with laws and regulations. The objectives of our audit to obtain sufficient appropriate audit evidence regarding compli8nce with laws and regulations that have 8 direct effect on the detemiination of material amounts and disclosures in the financial statements, to perforni audii procedures to help identify tnstances of non-compliance with other laws and regulations that may have a material effect on the financial statement, and to respond appropriately to identified or susp¢ct¢d non-compliance with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to idenlify and asse.8s the risk of material rnisstatemenl of Ihe financial statemcnts due lo fraud, to obtain suificient appropriate evidence regarding the assessed risks of material misstatement due lo fraud through designing and implementing appropriate responses and to resp)nd appropriatcly to fraud OT suspected fraud identified during the audit. However, it is the primary re5ponsibilty of management, with the oVeIght of those charged with 8ovemanc¢, to ensure that the entity's operations conducted in accordance with the provisions of laws and rcgulatlons and for the prevention and detection of fraud. In identifying and assessing risks of malerial misstatement in respect of irregularities, includin8 fraud, th¢ audit engagement l¢8m: Obtained an understanding of the nature of ihe industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory fi2mcwork. inquired of Management, and those charged with governance, about their own identificalion a1 assessments of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; discussed matters about non-compliance with laws and Tegulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financi statements FRS 102, and the Companies Act 2006, We perfonned audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing fll]ancial statemeni disclo8ures. The audit engagement team identified the risk of management override of controls &8 the area where the financial statement5 wwc most susceptible to material misstatement due to fraud. Audit pr(Kedures perfomied included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to any signifJcan¢ Unus transactions and transactions entered into outside the nonnal course of business. Page 13
rt of the Inde endent Auditors to the Tntee5 of PCC FKclesiastical Parish of Waterloo A further description of our responsibilities for the audit of the fll]ancial statement5 is located on the Financial Reporting Council's website at www.frc.org.uklauditoreSponSlbllitiCs. This description fom)s part of our Report of the Independent Audiiors. Use of our report This rep)rt is made solely to the charity's tnL8tees, as a body, in acc4Jrdance with Part 4 of the ChtieS (Accounts and Reports) Regulations 2008. Our audit work has been undertaken 50 that we might state to the charity's trustees those mattets we are required to state to them in an auditors, report and for no other puOSe. To the fullest extent perniitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body* for our audit work, for this reFth, or for the opinions we have forn]ed. Ashmole & Co First Floor I St John's Court Upper Fforest Way Enterise Park Swansea SA6 8QQ Iw iio fZCszS Page 14
PCC Ecclesiastical Parish of Waterloo Statement of Financial Activities for the Year Ended 31 December 2024 2024 Total funds 2023 Tolaj funds Unrestricted Restricted funds funds Notes tNCOME AND EIYDOWMENTS FROM Donations and legacies 259,862 160,854 420,716 309,187 Charitsble activities Weddings & Funernls 328 328 Other trading aclivities Investment incorne 610,585 65,913 45.646 3,182 656.231 69,095 462,721 60.342 Totsl 936,688 209,682 I,l46,370 832,439 EXPENDITURE ON Raising funds 19,037 3,697 22,734 44,691 Charltsble actlvltles All aclivities Ministry Community Programmes Upkeep of Services Administration Church Propety Costs Governance Costs 92,114 84,090 15,996 232,061 283,971 13.466 92,114 84,090 15,996 232,061 303,621 13,466 86.976 54,694 3,728 142,803 313,202 3,000 19,650 Total 740,735 23,347 764,082 649,094 NET INCOME Transfers between fund$ 195,953 48,600 186,335 (48,600) 382,288 183,345 18 Net movemeDt In tknnds 244,553 137.735 382,288 183,345 RECONCILIATION OF FUNDS Total fun8 brought forward 417,230 (64,847) 352,383 169,038 TOTAL FUNDS CARRIED FORWARD 661,783 72,888 734,671 352,383 The notes forni part of these financial sL*ements Page 15
rloo Balance Sheet 31 December 2024 2024 Total funds 2023 Total fuThJs Unrestricted Restricted funds funds Notes FIXED ASSETS Tangible &8sets Invesiknent property 12 13 121,021 1,341,000 121,021 1.341,000 138.397 1,341,0(X) 1.462,021 1,462.021 1,479J97 CURRENT ASSETS Debtors Cash at bank 14 55,305 238,837 55,305 384,109 55,735 207,357 145,272 294.142 145,272 439,414 263,092 CREDoRs Amounts falling due within one yeaT 15 (165,900) (72.384) (238,284) (307.474) NET CURRENT ASSETS 128,242 72,888 201,130 {44J82) TOTAL ASSETS LESS CURREIYT LIABILITIES 1,590,263 72,888 1.663,151 1,435,015 CREDITORS Amount5 falling due after morc than one year 16 (928,480) (928,480) (1,082,632) NET ASSETS 661,783 72,888 734,671 352,383 The notss forni part of these fllwiciaj slatements Page 16 continued...
PCC Ecclesiastical Parish of Waterloo alan ntinued FUNDS Unrestricted funds Restricted funds 18 661,783 72,888 417.230 (64,847) TOTAL FUNDS 734,671 352,383 ial tatements were approved by the Board of Trustees and authorised for issue on lth b'ctokr 2625 . and were signed on its behalf by: Rev G W Goddard - Tnte¢ E Thomas- Trustee The notes forni part of these financial statements Page 17
aler Cash Flow Statenjent 2024 2023 Notes Cash llows from operating activRties Cash gcnerated from operations Interest paid 313,240 (48,615) (136,135) Net cash Provided by/(used in) operating activilies 264,625 (136,135) Cash flows from investing activltks Purchase oftangible fixed assets Investment Income (5.570) 65,913 (6,534) 60,342 Net provided by investing activities 60,343 53,808 Cash flows from financing activities New loans in year Loan repayments in year 75.355 {32,010) (148.216) Net C&8h (used inyprovided by fU]cing activities (148,216} 43,345 Change in cash and Cash equlvalents In the reporting period Casb and cash equlvaleDts at the beginning of the reporting period 176,752 (38,982) 207,357 246.339 Cash and cash equivaknts at the end of the reporting perlod 384.109 207,357 The notes forni part of these financial statements Page 18
PCC Ecclesiastical Parish of Waterloo Notes lo the Cash Flow Statement for the Year Ended 31 Decembtt 2024 RECONCILIATION OF PIET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net Income for the reportlng perfod (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest paid Investment Income Loans forgivenlgifted Decrease in debtOTS Decrease in creditors 382,288 183,345 22,945 48,615 (65,9J3) 22,386 (60,342) (30,000) 430 26,652 (75,125) (278.176) Net cash provided byl(used in) operatlons 313,240 (136,135) ANALYSIS OF CHANGES IN NET DEBT At i/ir24 Cash flow At31112124 Net cash Cash at bank 207,357 176,752 384,109 207,357 176,752 384,109 Debt Debts falling due within l year Debts falling due after l year (101,414) (1,039,576) 19,064 129,152 (82,350) (910,424) (1,140,990) 148,216 (992,774) Total (933,633) 324,968 (608,665) The notes forni part of these financial staten]ents Page 19
PCC Ecclesi&stical Parlsh of Waterloo Notes to the Financial Statements for the Year Ended 31 DeLmber 2024 ACCOUNTING POLICIES BASIS of preparing the financial statements The fman¢ial staternents of the charity. which is a public benefit entity under FRS 102, have been prepared in acwrdance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Prdctice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain Golng Concern During the year the charity generated an unrestricted fund surplus of £195,953 (2023 £170,804). At the balance sheet date the PCC, in rn]s of Untricted funds had net cuent assets of £128,242 (2023 net cuThent liabilities £22,591). The PCC is closely monitoring the financial results and reporting to lenders on a monthly basis. The current results and forecasts show that the PCC is on target to make a small surplus in both 2025 and 2026. On this basis the PCC is confident in the PCC'S ability to continue as a going concern and accordingly the financial statements hav¢ been prepared on this basis. Income All income is Tecognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constrnctive obligation committing the charily to that expenditure, it is probable that a transfer of economic benefits WAII be required in settlement and the amount of the obligation Can be measured reliably. Expenditure is accounted for on an accrua]s basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be diredly attributed to particular headings they have been allocated to activities on a basis consistent with the use of Tesources. Tangible fixed assets Consecrated Property and Moveable Cburch Furnishings Consecrdted land and benefice property such as the church building and vicarage is excluded from the accounts in ordanCe with slo of the Charitie5 Act 201 l. Moveable church contents are held by the vicar and churchwardens on special trwt for the PCC and require a faculty for dIsw)S are accounted as Inlenable propety unless consecrated. All expenditu incurred on consecrnted or benefice buildings and moveable church furnishings, whether maintenance or improvemenL is expensed within the Siatement of Financial Activilies. Other Fixtures. Fittings & oifiee Equlpment These aff c&pitalised if they can be used for more than one year and cost at least £l,OCK). They are valued at cost or els4 for gifts-in-kind, at a re&80nable estimate of th¢ir open market value on receipt. Depreciation is calculated to wrAte off fixed assets over their estimated useful lives as follows: - Fixtures & Fittings 10 years - Sound System 5 years - Olyice Equipment & Computers 3 years - So18r panels 5 years Page 20 ontinued...
CC F£clesiastical Parish of Waterlo stoth Fi ACCOUNTING POLICIES - continued Fixed Set investments Freehold land and buildings are staled at fair value. Realised and unrealised gains and losses on investments are refle¢ted through the Slatement of Financial Activitie& Taxation The charity is exempt from tax on its charitable activities. 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 trustses. - Restricted funds - these are ftmds that can only be used for particulaT restricted puryoses within the objects of the charity. Restrictions aris¢ when specified by th¢ donor or when funds are raised for particular restricted pury)os¢s. Penslon costs and other post-retlrement beneflts The charity opeTates a defined contribution pension scheme. Contributions payablc lo the charity's pension scheme are charged to the Statement of Financial Activities in the perioa to which they relate. Debtor8 Debtors are included at the sctt]ement amount due. Prepayments are valued at the amount prepaid. Cash at bank #nd in hand Cash at bank and in hand includes cash and short tem highly liquid investments with a short malurity of three monlhs OT less from the date of opening of the deposit, Creditors and provts5ons Creditors and provisions are recognised whcre the charity has a present oblig<ition arising from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle ihe obligation can be measured or estirnaled reliably. Creditors and provisions are recognised at their settlement amount. Loans The PCC has two categorie5 of borrowings: (l) concessionary loans from members of the congregation (on which some or no interest is payable), which are recognised at the amounl received. (2) loans which are basic financial instruments, which are initially reCOlSed at the amount advanced less material arTang¢ment fees wher¢ applible and subsequently measured at arnortised cost using the effective interest rate method. Page 21 continued...
PCC Ecclesi&8tical Pls of Waterloo tes o the Finan . nts- ntinu DONATIONS AND LEGACIES 2024 2023 Donations Gift aid Grnits 307,504 36,223 76.989 157,004 42,088 110,095 420.716 309,187 The following centra] and lo¢ government grants were received during the year.. - Listed Places of Worship Granl Scheme: £15,189 (2023: £26,663) - Lambeth Council.. £9,500 (2023: £12,144) - Panacae: £1,000 (2023: £nil) -SLC Diocese: £1,3CK) (2023: £nil) - RC gtant £50,000 (2023: £nil) OTHER TRADING ACTIVITIES 2024 2023 Fundrnising events Licence fees income (TBA W) Other 77.576 570,837 7,818 24,621 435,500 2,600 656,231 462,721 INVESTMENT INCOME 2024 2023 Rents received Bank interest 57,250 11,845 57272 3.070 69,095 60,342 Page 22 ntinued...
PCC Ecclesiastical Parisb of Waterloo ent ontin INCOME FROM CHAIUTABLE ACTIVITIES 2024 2023 Activity Weddings & Funerals PachIal fees 328 189 RAISINC FUNDS Raisftng donations and legacks 2024 2023 Other fundraising costs Investment propety costs 22,734 42,300 2,391 22,734 44,691 CHARITABLE ACTIVITIES COSTS Support osts (see nofr 8) Direct Costs Totals Ministy Community Programmes Upkeep of Services Administration Church Property Costs Governance Costs 92.114 84,090 15,996 232,061 303,621 92,114 84,090 15,996 232,061 303,621 13,466 13,466 727,882 13,466 741,348 SUPPORT COSTS Governance costs Govemance Costs 13,466 Page 23 continued...
PCC Ecclesiastical Parish of Waterloo to the Financia] Stateme TRUSTEES, REMUNERATION AND BENEFITS Tkre were no trustees, remunerdtion or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees, expenses The following are trustees, expetL8es that hav¢ b¢¢n paid for during the period year ended 31 December 2024: - Giles Goddard- £480 (2023.. £480) Georgia Ashwell - £1,799 (2023: £1,200) - Grey Collier- £965 (2023:£453) 10. STAFF COSTS 2024 2023 Wages and salaries Social security costs Other p¢nsion costs 148,518 5,498 6,550 78,728 981 2,874 160,566 82,583 The average monthly number of employees during the year was as follows: 2024 10 2023 Stsff No employee5 received emoluments in excess of £60,000. 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds Total fLmds INCOME AND ENDOWMENTS FROM L)onations and legacies I87.7 121,280 309,187 Charltsble activities Weddings & Funerals 189 189 Other trading activities Invesiment income 436,577 60,342 26,144 462,721 60,342 Total 685.015 147,424 832,439 EXPENDITURE ON Raising funds 3.(M)9 41,682 44,691 Page 24 ontinued...
PCC Ecclesiastical Parish of Waterloo tstements - c ntinued 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued Unrestricted Restricted funds fLU]ds Total funds Charitable actlvltles All activities Ministry Community Pmgrammes Upkeep of Services Administration Church Propety Costs Governance Costs 86,976 4,694 3,728 142,803 270,001 3,000 86,976 54,694 3,728 142.803 313,202 3.000 50,OLX) 43,201 Totsl 514,21 I 134.883 649,094 NET INCOME 170,804 12,541 183,345 RECONCILIATION OF FUNDS Total fvnds brought forward 246,426 (77,388) 169,038 TOTAL FUNDS CARRtED FORWARD 417,230 {64,847) 352,383 12. TANGIBLE FIXED ASSETS Fixtures and fittings COST At l January 2024 Addilions 188,469 5570 At 31 December 2024 194,039 DEPRECIATION At l January 2024 Charge for year 50,072 22,946 At 31 DeCber 2024 73,018 NET BOOK VALUE Al 31 December 2024 121,021 At 31 December 2023 138,397 Page 25 continued...
CC Ecclesiastical PISh of Waterloo ments - 13. INVESTMENT PROPERTY FAIR VALUE At l January 2024 and 31 December 2024 1,341,000 NET BOOKVALUE At 31 December 2024 1,341,0(X) At 31 December 2023 1,341,OCM) Invesknents in 2024 comprise freehold land and buildings which consist of: (l) Flat at 21 Windmill House, Windmill Walk, London SEI. which is an investment propety held to generate rent and orlto 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,Crf)O. 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 T&x Prepayments and accrued income Prepayments Leiting receivable 18,447 14,691 4,483 17,684 5,205 12,814 4,180 33,536 55,305 55,735 IS. CREDITORS: AMOUNTS FALLING DUE WITHIN OIYE YEAR 2024 2023 Bank loans and oveTdrafts (see note 17) Trdde creditors Accruals Rental depx)sits held Social security and other taxes Other creditors D¢ferr¢d income 82,350 6,020 89,848 29,327 3,226 2,513 25,000 101,414 6,793 145206 27,039 1,667 355 25,000 238,284 307,474 Page 26 continued...
PCC Ec¢lesiasti¢al Parish of Waterloo Notes to the Financial Ststements- continued for the Year Ended 31 December 2024 16. CREDITORS: AMOUNTS FALLING DUE AFTERMORE THAN ONE YEAR 2024 2023 Bank loans (see note 17) Deferred income 910,424 18,056 1.039,576 43,056 928,480 1,082,632 17. LOANS An analysis of the maturity of loans is given below: 2024 2023 Amounts falling due within one year on demand: Bank loans 82,350 101,414 Amounts falling between one and two years: Bank loans - More than l year 910,424 1,039,576 Page 27 continued...
PCC Eccle ia Parish of Waterloo 24 18. MOVEMENT IN FUNDS Net movement in fund8 Transfers Ixtween fimds At 31112124 At l/J124 Unrestricted funds Gencral fund Tangible Fixed Assets Fund Investment- Freehold Land & Building Fund: Cost Investment - Freehold Land & Buildings Fund: Revaulation St Johns Development Loan Fund Mission & Charities Robes Project Quinquennial Maintenance Fund 64,150 138,397 123,019 (22,945) 5,366 5,570 192,535 121,022 85.000 85,000 1,256,000 (1,140,990) 4,809 1,200 1,256,000 (992,774) 100,488 (4,609) 47.728 (200) (1200) (8,664) 417,230 195,953 48,600 661.783 Restricted thnds Reaching Communities Grant The St Johns Development Fund: Main Fund Flower Fund Christmas lJun¢h Robes Project Community work (WPP & EMB) Christians for Palestine 50,000 (50.0(K)) (68,057) 752 432 2,026 25,000 89 (43.057) 841 (432) 1,200 432 200 (1,706) 112,515 437 1,520 112,947 637 (64,847) 186,335 (48,6(MJ) 72,888 TOTAL FUNDS 351383 382,288 734,671 Page 28 ontinued...
PCC Ecclesiastical Parish f Waterloo I& MOVEMENT IN FUNDS- contlnued Net movement in fund8 included in the above are as follows". IomIng Resources resources expended Movement in funds Unrestricted funds General fund Tangible Fixed Assets Fund St Johns Development Loan Fund Mission & Charities 829,300 (706,281) (22.945) 123,019 (22,945) 100,488 (4,609) 100,488 6,900 (11.509) 936.688 {740,735) 195,953 Restricted fund5 Reaching Communities Grant The St Johns Development Fund: Main Fund Flower Fund Robes Project Community work (WPP & EMB) Christians for Palestine SO,0 50,(X)O 44,650 431 631 112,515 1,455 (19,650) (342) (2,337) 25,000 89 (1,706) 112,515 437 (1,018) 209,682 (23,347) 186,335 TOTAL FUNDS 1,146,370 (764,082) 382,288 Page 29 continued...
pc Ecclesiastical Parish of Waterloo nued l Decem 18. MOVEMENT IN FUNDS - contlnued Comparatlves for movement In funds Net movement in funds Transfers between funds At 31112123 At 111123 Unrestricted funds General fund Tangible Fixed Assets Fund Investment- Freehold Land & Building Fund: Cost Invesiknent- Freehold Land & Buildings Fund: Revaulation St Johns Development Loan Fund Mission & Charities Robes Project Quinquennial Maintenance Fund (126,832) 154,249 193,190 (22,386) (2,208) 6,534 64,150 138,397 85,000 85,000 1,256,000 (1,128,000) 4,809 1,200 1,256,000 (12,990) (1.140,990) 4,809 1,200 8,664 8,664 246,426 170,804 417,230 Restrlcted thnds The St Johns Developrnent Fund: Main Fund Flower Fund ClstMAS Lunch Robes Projecl Foodbank SOWN (93,056) 1,225 432 2,134 252 11,625 24,999 (473) (68,057) 752 432 2,026 (108) (252) {11,625) (77,388) 12,541 (64,847) TOTAL FUNDS 169,038 183,345 352,383 Page 30 continued...
PCC F££lesiastical Parish of Walerloo to the Financial Statem I& MOVEMENT IN FUNDS- continued Comparative net movement in funds, included in the above are as follows: Incoming rcsources Resources expfflded Movement in funds Unrestrllcted funds General fund Tangible fixed Assets Fund 685,015 (491,825) {22,386} 193,190 {22,386} 685,015 (514,211) 170,804 R&strlcted funds Reaching Communities Grant The St Johns Development Fund: Main Fund Flower Fund Robes Project Foodbank SOWN 58.082 (58,082) 68.201 625 94 172 20.250 (43,202) (1,098) (202) (424) (31.875) 24,999 (473) (108) (252) (11,625) 147,424 (134,883) 12,541 TOTAL FU]YDS 832,439 (649,094) 183,345 Page 31 continued...
PCC Ecclesiastical Parish of Waterloo Notes to the F. 18. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months combined position is as follows: Nel movement in funds Transfers between funds At 31112124 At 111123 Unrestricted funds General fund Tangible Fixed Assets Fund Inveslment- Freehold Land & Building Fund: Cost Inveslment- Freehold Land & Buildings Fund: Revaulation St Johns Development Loan Fund Mission & Charities Roks Project (126,832) 154,249 316,209 (45.331) 3,158 12,104 192,535 121,022 85,000 85,000 1,256,000 (1,128.000) 4,809 1200 1,256,000 {992,774) 100,488 (4,609) 34,738 {200) (1.200) 246,426 366,757 48,600 661,783 Restricted funds Reaching Communities Grnnt The St Johns Developmenl Fund: Main Fund Flower Fund Christmas Lunch Robes Project Foodbank SOWN Conununity wod( (WPP & EMB) Christians for Palestine 50,000 (50.000) {93,056) 1.225 432 2,134 252 11,625 49,999 (384) (43,057) 841 (432) 1,200 (1,814) (252) (11,625) 112,515 437 1,520 432 2th) 112,947 637 (77,388) 198,876 (48,6Crf)) 72,888 TOTAL FUNDS 169,038 565,633 734,671 Page 32 continu¢d...
C Ecclesiastical Parish of Waterl cial S eme tinue 18. MOVEMENT IN FUNDS - Continu1 A current year 12 months and prior year 12 months combined net movement in fijnds included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestrieted funds General fund Tangible Fixed Assets Fund Sl Johns Development Loan Fund Mission & Charities 1,514,315 (1,198,106) (45,331) 316,209 (45,331) 100,488 (4,609) 100,488 6,900 (11,509) 1,621,703 (1,254.946) 366.757 Restrlcted funds Reaching Communities Granl The St Johns Development Fund: Main Fund Flower Fund Robes Project Foodbank SOWN Community work (WPP & EMB) Christians for PeStine I08.082 (58.082) 50,0 112,851 1,056 725 172 20,250 112,515 1,455 (62,852) (1,440) (2,539) (424) (31,875) 49,999 (384) (1,814) (252) (11,625) 112,515 437 (1,018) 357,106 (158.230) 198.876 TOTAL FUNDS 1,978,809 (1,413,176) 565,633 Designated funds Tangible Flxed Assets Fund The balance consists of the net book value of office, sound and computer equipmenL Investments - Freehold Land and Buildings The PCC 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 (curnt value £516,0(M)} and the officc at Thealre View, Short Streel (current value £825,000). Quinquennffial Maintenance Fund Created set aside funds to enable repair of the church buildings in accordance with the Quinquennia] Report received in 2023. Misslon & Charltles Fund The PCC decided that it should aim to give away 5 % of its disposable income and this ftmd has been set up for this purpose. St John's Development Loan Fund This designateAJ fijnd reflects St John's commitment to the development of our building and community. The closing balance on this fund has been aligned to the loan balance. Page 33 conlinued...
CC Ecclesiastical Parish of W rloo he Fin State in 18. MOVEMEP4T IN FUNDS - continued Designated funds- ntinued Restricted Funds 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 fait particularly for young people in giving them employability skills. The fund has four parts: - Main Fund - Lady Chapel Fund - a fund sel up for the refurbishment of the Lady Chapel in memory of the lale Revd Alison Warner. - Accessibility Fund - this fund holds a Specific gift towards improving the accessibilily of the Crypto. - Community Fundraising Christmas Lunch Fund creaied to provide a ChrislJn8s Lunch for the wider community of St John'& esp¢Gially those in need and those alone at Christmas. Robey Project Funds received to support our cOntriltIon to hosting homeless guests throughout the wintsr Reaching Communities Crant This is the revenue elemenl of the Big Lottery Fund Reaching Communities. Grant towards slaff costs for developing the new community resources. Flowers Fund Fund reprentS donations (including lilies for All Souls) for flower arrangement for major church festivals. Communlty Work (WPP & EMB) Two local charitable trusts were wound up in 2024 and the cash and invesknent ets were transferred in November 2024. Waterloo Parish Charity was regiaered with the CharÉty Commission number 251594 and Elizabeth Mary Beh was not registered. The funds will be used to support our community work via The Bridge at Waterloo. Christians for Pfilcstinc Christians for Palestine is a separate grass roots movement who do not have their own bank account. The PCC of Waterloo is holding cash on their behalf. Fund Transfers Durlng thc year there w&s a £432 transfer from the Christm&8 Lunch ftmd (CLF) to the Community work fimd.. The CLF w&8 created to provide a Christmas lunch for the wider community of St Johns especially those in need and alone at Christmas. The lunches have not ken held since before 2020 and it was decided to incorExJrate the fund into the Community Work. Our COMMlity Work thmugh Room for You seeks to address issues of isolation and loneliness. Page 34 continued...
PCC Eccl 'astical Parish of Waterl Not cial Statem 18. MOVEMEIYT IN FUNDS - continued Designated funds - continued During the year there was a £1,200 transfer from Rob¢s designated fLU]d to Roks restricted fund. In an earlier year MCF designated £1.200 to support the Robes project, the homeless shelter opcrdting in the Crypt from January to March. In 2024 a new washing machine and dricr wcrc purchased (cost Selectric £1486). The Selectric costs are in the Robes project restricted expenditUTe. During the year there was a £200 transfer from the Mission & ChltieS fund to the Christians for Palestine fimd. MCF the PCC deLided that it should aim to give away 50/0 of its disposable income and this fund been set up for this purpose . In 2024 The Renewal Committee decided on which charities it should support. Il was decid that £200 should be given to support the grassroots Christians for Palestine and an internal transfer made accordingly. During the year there was a £5,570 transfer from the general fund to the Fixed asset fund . This represents the additions figure in year. During the year ther¢ was a £8,664 trarfer from the QMF fund to the general fund. This fimd was created to set aside funds to enable rq)air of the church buildings in ordanCe with the Quinquennial report and these works were completed in 2024 and included in repairs. During the year there was a £47.728 transfer from the general fund to the St Johns Development Loan fund (SJDF). This fund represents St John's commilment to the dcvelopment of OUT building and community.The closing balance on this fund has been aligned to the loan bajance. During the year there was a £50,000 transfer from the general fund to the Reaching communites grant fund. This is the revenue element of the Big Lottery Fund - Reaching Communities. Grant towar(18 thc staff costs fcr developing the new community resources. J9. RELATED PARTY DISCLOSURES The Bridge at Waterloo BAW) The R¢vd Cdnon Giles Goddard and Elaine Thomas, both members of the PCC, also seNed a8 tru51ees of The Bridge at Waterloo ( TBAW") (charity registered no. 1167768) during the year. During the year the PCC made grant payments of £84,090 (2023: £nil) to TBAW. During the year there was a Salaries rhge from TBAW to PCC of £nil (2023: £55,731). The marketing manager and the bookings a(hninistrator were TUPED over from TBA W lo the PCC with effect from l.1.2024. PCC Members Several membeTS of the PCC have made unsecur&l loans to the chwch in respect of the St Johns Development Project. There were the following movements and balances: Advance January (repaym 2024 eDts) 9,000 (1,000) 4,500 (500) 200,0(KI 31 Decemb First er 2024 Drawn 8,0(K) 2022 4,OCK) 2022 200,0(K) 2022 Perlod (yrs) 10 io 10 Maturit Interest rate 2.5/ 2032 2032 2032 Pag¢ 35 ontinued...
PCC FLclesiastical Parish of Waterloo the Financi ents- tin 19. RELATED PARTY DISCLOSURES- continued 100,(K)o 36.000 75,000 424,500 (5.51KI) 100,000 2022 32,000 2022 75,000 2023 419.000 io 2032 2032 2032 (4,000) 2.5% Members of the PCC gave a total of £23,154 (2023: £24,015) in unrestricted offerings and donations during the year. Page 36