St George the M￿yr wlth SL Alphege and SL Jud@ Srxthwark Charity Number 1132726 ORGE Annual Report and Financial Ststements Year ended 31 December 2023 ¥oq St Geor8e the Martyr with SL Alphege and SL lud¢ Southwark Charity NuM￿r 1132726 Contents ofthe finanri415tatsrnents for th¢ y•ar •nd•d 31 December 2023 Charity Inforniation Report of the trustees Audi¢orfs Reporc Stat￿ent Of Financial Actimtses Balance Sheet 10 Note5 to Financi￿ Statements St George the Martyr SL Aphege and St. Jud& Southwark Chartty Number 1132726 Charity Inforniation for the year èndtd 31 December 2023 c￿r[ty". The Parochial Church Council of the Ecclesiastical Parish of St George the Martyr with SL Alphege and SL lud•, Govorning DocumenL' Parochial Church Councils (Powers) Measure 1956 Churth Rtpresentati¢)n Rules Rewsterd Officè.. St George the Martyr Chur¢h, Borgugh Hoh Stree( London. SEI IIA Charity Number. 1132n6 Trustees (Paroch1￿ Church Council [PCq member5) and Key Management PÉrsonnd: CUTr￿.. The Revd Robert Slaor-carr (to july 20231 Rector. The Revd Benjamln Bell (from Swember 2023) ReWe5entotive5 on the Deonery Synod.. No current representaDYes Other Clergy: The Rev. David Pape {As5iStant Priest} Worden5.' Sophie Br￿htwell Kir5ty &Jrns Maryella Da￿eS (from 21 May 20231 Other elected member& Siobhan Aarons James Wythè Laura Elworthy (resigned 21 May 2023) Mr Percy Larbl Harrlei Mon￿1 (from 21 May 20231 Jonathan Pix Stephen Shanahan Olufemi Shorinolu {from 21 May 20231 o*mary Slat¢r-Carr {resigned 21 May 20231 Key Management Personnel {nonvtrUStees): 0￿rationS Many - CharM￿Tre Totterdale (to October 2023) Bankers= CAF Bank FYC Barclays Bank PIC Auditor. Nichols & Co {Accountancy) Limited Chartered Accounttnts Unit 7, Mulberry H&c&. Nnn•fi Road Eltham. SE9 6AR Investment aoknsers.. South London Church hjnd & Southwark DIO￿an ￿r￿ of Finan¢e Trinlty House 4 Chapel Cour4 ￿rOUgh High Street Londo￿ SE I IHW St George the Martyr with SL Alphege and SLJud& Southwark Charity Numbèr 1132726 Trustee5' Annual Report For the year ended 31 Decemb¢r 2023 Introductlon The trustees of St George the Martyr (Thè Parochlal Church Counol of the Eccle5Iastyc￿ Parish of SL George the Martyr wlth SL Aphege and SL Jude. Southwark) arè pleased to wesent their report together with the financial sta*ment% for the year ended 31 December 2023. The audltorfs report Is shown iMM￿latelY aftw this repor( The referen￿ and admlnlstratlw dwalls set our ¢n pag¢ I lonn part ofthis reporc The financial statements compty curratt s&￿tory requirements, and the accounting policie5 se¢ ouc in note I to the actountt. structure, Governance, and Management St George the Martyr was rey'stered with the Charrcy Commlsslon as a charity on 16 Novanber 1999. havlng a churth Sin￿ at I￿5¢ 1122. Th• trustees are the members of the PCC who are either ex offiao or elect*1 by the Annual Parochial Church Meeting in acwrdaneé with the Church Representation Rule& The key management personnd are considered to be the members oftht PCC and the Operations Manager. INhen recrviting new trust￿$ nominations are requesced from church members. When considering appointment of ¢rustees the PCC has regard to thè requirements of any spKialist sknlls needed. New trustees are provided detarfed informavon on their lepl obliptions undèr charity law and an explanauon of what the role will enlail. Their training needs are assessed from time to time by tht PCC. and rraining provided where required. New trustees are introduced to fellow trustees and encouraged to attend appropriate external and diocesan ¢raining events where these will facilitate the undertaklng of thwr role. The remunwation of kèy management personnel is the re5pon5ibility of the PCC and 1$ rtviewed as part of an annual performance review. The trustees normally meet Six umes a yÈar. Day-to4ay management of the church 15 undwtaken by the Priest in Charge. other membws of the clergy and the s¢aff team. comprlslng the Operations Manager. Administrator and caretaker. St George the Martyr is a parish ehurth within the Diocèse ofsouthwark and within the local Episcop￿ area of WeoNYich. It 15 also accountxble in certain matters to the Archdeaton of South%rdrlL The trustees hive re£ogni5ed their responsibility ft>r the management of PAve IdÈntiffiÈd risk facto￿ mèasuréd th*r POtenu￿ impact on the church. and taken the necessary steps ¢0 managè thÈsè risks. The prlncipai risks identified and the plan5 and 5trdwes lor managing those risks are.. Filling voluntary officw role5 of Treasurer and Secretary- training and support with successi(m ￿annIng Loss of income from failure ol tsnancx- adftnce collettton of rent and due diligence on tenants Failur• in charity gov•rnance- take guidance from both the Charity Commission and the Church of England Objectives and Actiylti The PCC 15 committed to enabling as many people as possible to worship at our churc￿ and to becorne part of our parish family. When planning our activities. certain members ol the PCC have considered the Charity Commission's guidar￿e on pubfic benai and in particular thi specific guidance on thxritie5for the advancement of religion. Our servi￿$ and worshlp pu¢ faith into practice through pra￿r and scriptur@ music and 5acrarnenL We try to enable ordinary people to Ilve out thelr fwth a5 part of our parish family, throL¥h: Worshlp and prayer. learning about the Gosp•l. and deyeloping their knowledge and trusr in jesus. Provision of Pasto￿ care lor people15￿n8 in th• parish. Misslon and outreath work S¢ Geo￿ the Marryr wlth St. Alph4e and SL lud@ SOUth￿ark Ch¥rity Number 1132726 Trustee5' Annual Report {¢ontSnued) For the year ended 31 December 2023 A¢hlv•ments and performance - Review of Artivities Attendan and El Our regular worshipping community was made up of 72 people.. 9 Children lage 0-171", 55 Aduks la¥e 18-691. 8 Adults {age 70+) 5 people joined the worshipping community in 2023 and 12 peopl• l•lL Averw Sunday attendance was 42 people. a decreasefrom an averw of46 peoplé in 2022 and 1 35% decrease compared with a pr&pandemic a¥eragè (20191 of 65. Our Eas¢er Service5 were attendÈd by 96 p&)ple and Christmas Servi￿5 by 88 peopl& Occasional offices.. there were 2 baptssm& 2 mirrrages and 4 funerals during the year. It WX5 reported to the 2023 APCM that there were 74 peO￿e on the Elecwal Roll. The PCC have noted that many of these people have moved away or no longer atttnd It 1$ expected that the 2024 figure will be circa 50 members. A Parish Eutharis¢ was ￿10 on each Sunday of the year and on m4or festi￿1$. A said Eucharist on Wednesday lunthum ¢onunued to atrract a disunrt congregation made up of lcd peopl< and th¢s¢ wormng in the area. Wè continue to en￿ an excellent relwonship with the Gothrne Choir who sing at our service5 monthly. The Rector and PCC are ￿mMitted to provldlng pastornl care thrcughout the F4ri5h as needed, Support1￿ p￿PIe in a range of practieal. emotional and spiri¢ual matter Throughout the year, we maintained a rich musical liturgy on Sunday& Easter. and Feast days led by Direttor of Music Jonathan our choir, and the G¢)dwine Choir (monthty}. We deeply appreclate the dedicatboD of those who invested s￿nifiCant time to beautify our worship through musiG Unforwnately. the organ was unusable for stx weeks due to extreme hea￿￿ e￿nts in Jinuary, resulting in lasting damag& De5pits an unsuccessful application to the National Lottery Heritage Fund for our Historie Organ RestoAti41n Projec¢ we explored alornatiye funding avenues, pausing receipt of a £7.500 award from Chvrchcare. Our Wat•r Ciry Music Oasis children's concerts tkurished with six eyents drdwing swdents from variC￿S schools. alongsid6 ￿0'Dragon Connects. concert5 attended by 3CQ parents and children. This projett 5wead musical joy beyond St Goorp's and into Iixal Day Centres and Care Home& Our Thursday lunchtime toncerts attracted a small but dNer5e audiènce. The King5 SL George's Mvsic Academy. now in its 5th year. provided tree instrumental lessons to local KS2 children who would not otherwise have these opportunicie& As we bid farewell to 20 students. we welcomed 20 new ¢)nes from 7 local primary schoo15, along with 7 new volunteers from Kings College. Our Cowid-era online outreach journey was re(￿￿ed in the International journal of Community Music. We reintyoduced ornily 5ervice5 with SL Jud•'s schoc4. feawring the Eastsr Story drama11a￿¢￿ and Christmas Carol Servic4 whlch captivated attendee5 enthu￿aStiC stud•nt singing. St George the Martyr with SL Alply and SLJud< South￿rk Charity Number [132726 Tru5tees' Annual Report (continutd) For the year ended 31 December 2023 Achlevements and performan¢g- Revlew of Artiviti¢s {contlnu•d) The Borou Food 00 erative The Borough Food Cooperalve was set up in Ottober 2020 as an action to address food Ins•oJrlty durSng the pandemic. Predominantly suppfftd by Volun￿r& the BFC was able to prepare and delivor food parcels to nèarby households and families. The response and uptake VAS $0 wdl-receiyed that we developed the project into a pantry style food hub. Growth of the BFC service during 2023 been remarkabl& Customer numbers have increased in 12 months from 70001221 to 10.OCrf)123)- This reflects susta¢ned pressure5 frorn the ongoing cost of liYin8 crisis and also shows that we hav¢ been successful in building awarene55 of our seTrice. ving grown out of an eM￿gen￿ provision and fund•d almost entirety using Church income and reserves. we are now at a critical wnr where we need to secure additional ￿ndIng in ord•r to make this projett sustainable and expkye many opportunities ¢0 develop. BFC In numbers (2023)- Mernber5: 3.085 Mernber vi5its- l 0,000 Mernber visits per shop day.. 73 Vclunteer team.. 113 Vclunteer hours: 4.6CKJ 44,650 kgs ol Food saved from kndfill Sttff team: 2 Future plans Our fu¢ure pr￿S are to ensure that thechurch building and fellowship are in a position ¢0 con¢inue delivering the ac¢ivi¢ie5. oudined In the Report of the Chairnun. to ¢hÈ mèmbers and surrounding community. Consideration Is still belng ¥ven to the restoratIc￿ of our hlstorlc organ. and ￿50 to the restorrion and redevdopment of the church Imjllding a5 oudined in the Feasrbility Study. Trustee regpon$ibllltles The trustees (the PCC) are responslble ICY preparing the Trustees, Report and the financial statemènts In accordance with chancy law and United Klngdorn Accounting Standard5. including Finandal Repordng Standard 102: The Flnanclal Reporring Standard applicable in the UK Ind the Republic of Ireland IUni*d ￿￿d¢M G¢nerallx A¢¢ep(ed A¢¢¢unting Practice). Charity law requires the Trustees to prepare financial statements for each fironckil year which give a true and fair view ofthe srate of affair5 of the charity at the year and of its incoTne and expenditure during that year. In preparing those financial statements, the Trustees are required to: Selett suirable accountirry policies and then appty them consIstÈnt￿, Observe the methods and principles in the Charifjes SORP, Make judgements and estimates that are reasonable and pruden¢ State whether applicable accounting standards and sratements of recommended prdcuce have been followed subj•ct ro any departure5 disc105ed and explained in the finandal statements; and Prepare the financial statements on the going concern basis unless 1¢ Is Inapproprfatt to prèsumè that thÈ charlty will eontinue in busine5S. The Trustees are responsibfe for keeping proper actounting records which disdose with reasonable a¢¢ura¢y at any un)e the financial position of the charity 2nd enable them to ensure that the ffinancial Statements comply with the Charity&s A¢¢ 2011. They are ajso rèsponsible for safeguardirbg the assets of the tharity her￿ fty reasonable Steps for the prevention and detecuon of fraud and other Irre￿larities. St Georye the Martyr With SL Aphege and SL lud¢ Southwark Chartty Number I132n6 TThstee5' Annual Report (continued) For the year ended 31 December 2023 Finanaal Review and Reserves Policy Toral income for the year amounted to £543.38812022: £473.045), an increase of £70.500. Donaiions and legacies increased by £46,500 overall. The Food Pro8ramme accounted for a {47,¢)￿ increase.. of which £IOOO rdated to greater grants, £44,000 te incrnased donations a decrèase in Farèsharè knd donations of £ 1,000, and a grft aid rise of £IOOO. Other rÈstrictÈd incomè mdueed by £6,500 due to a rédueuon in donati<>ns. Overall. income for tht GtnÈral fund incretsed by É6.000 on latt yèar. This Includ￿ a reduction in general giving of £ I,¢￿, whilst thÈre w¥r¢ incréases in aid tax reclaimed of £3,¢)00. other intomt £ I,O¢XI and donations £3.000. The decrease of £4,500 in income from Other trading attivities is mainly due to a decrease in crypt hi The £7,OCQ increase in Investment income Is a resulrof rises In Investment fund Income of £3.5fy). bank interestof £1,500, and a net £IOOO rise in rènt rÈteiv¢d wherè thÈ incrÈasè br Po¢o¢k 5¢rèet affsrf by a fall in that for Rushworth Street Income from Chariubte Activities was £21.500 hi8her than last year with new income from corporate volunteering of £7.000. an increase in shop takings of £12,500. and £2.000 relating to the VAT refund adjustment last year. Total expenditure for the year amounted to £514077 {2022.. £449.5831, an increase of £66.SC(l. The increas• in expenditure is M￿nlY attributtble to the followins Increased dirett Borough Food CC￿operatiYe IBFCI costs of £27.[￿. ol which other food costs increased by £18.Tr)O. the value offood donations from Fareshare lell by £3,500. and wages ros• by £12,500 (In addwon cost5 of £31,000 Including heat and light were attrfbuted to BFC this year) Excluding the Food programme wages. ¢ompar¢d to last year. a￿ higher by £4. St Alphege costs down by £3.500- mainly lepl costs Pocock Strttt costs up by £26,CKIO- l•1 costs and mantènancè rnquired where cTrun8ing tenants Falrer Share increase of £2,000 Music & seTrice costs higher by £8.OtyJ- the purrha5e of new knr Front￿5 for £8.WO Repairs and maintenance reduced by £6,000 Churth administrative tosts lower by £2.000 Church utility costs highw by £1 I.000- mainly dec¢ricity charyes W• giv• thanks to God for providing sufficient incom• durin¥ the p•riod. St G•or8e the Martyr has a reserves pdicy, to •n5ure that ther• arn restyjrces (net current a55et51 to cover 13 weeks, unrestricted expendrture. The re50urce5 aVaila￿e xt 31 December 2023 of £149,63712021. £146,B31 l are calculated by taknng total unrestritted and designated fvnds {from Note 9, excluding the Land & Buildings and Flxed Assetfunds rotalllng É7,3S4,5(* at the end of the year). In relation to total un-restricted and designated exPendi￿re cf £271,973 lex¢luding the same fvndsl. ￿$9 from No¢e 9, this eq￿￿5 ¢0 29 weeks, {2022: 30 weeks.) expenditure. R•strictwl fund balances it 31 December 2023 amoun¢ ¢0 £54.078 {2022: £28.226)- Investm•nt Pollcy The Inwstment p)licy of St Georgè thè Martyr is to hold a diversified portfolio of invosunents across a broad range of assèt cla55es c¢Jnsistent with the ethical guideline5 consistent with thè Èthical guideline5 of the Church of En￿and. Our perfornmntè objective is to support the Church, balancing the n*ds of both current and future beneficiaries. Investment is manapj by the South London Church Fund & Southwark Di¢xe5an Board of Finan￿. St G•or8e the Martyr with SL Alphege and SL Jude. Southwark Charity Number 1132726 Trust••s' Annual R•port (continu•d) For the year ended 31 D•cembèr 2023 Fundralsing Policy St George thè Marcyr engaged In lundralsin& In the form of recel¥Ang free-will offeringsldonatiMs. some of which were ftvwded. from members of our fellowship. However, we did not contrdct the service of anx professional fundraiser5 a5 defind by sectyon 58 of the Charities k¢ 1992. Other than publicly In￿ting an offeringat every service, we do not engage in persistent fvndNsin8 or intrusive fundraising prattices with any of our don0￿. including Vulnerable peoplq and we never have privaie or coerciye discussions with individuals about th￿r giving. Our fundraising practicés are ethical and In accordance with &blid principles. No complaints were received about our fundrrising practice5. St George the Martyr applies for grant lundtng to support the work of the church. During ¢he year we recdved granrs from various organisa¢ions and the Trumees wish ¢0 thank the trusts Ind companies who have pro￿ded fundrai5in& Publlc benefit The tru5tee5 have giyen due con5idwauon to Charity Comrni55i0n published Guidance on the operation ol the Publi¢ Benefit requiremen¢ Public benefit is achieved by both social ou¢reach 2nd 5errice5 and ¢xher events being open to all. The financial statements have been prepared on the basi5 that the charity is a going concern. The trustees COn￿der that there are no Materi￿ uncertainties about the Church's ability to continue as a going concern due to resource5 held and forecast income and expenditurn. The Trust*s are not aware of any p05t balance sheet events requiring di5c105ure. !! September 2024 th Father Ben￿MIn Bell St George the ma￿ with SL Alphege and SL Jude. Southwark Charity Numbpr 1132726 Indtpendent auditorfs report to thts members of the Parochial Church Council of St George the Martyr with St AlfÈge and St Jude. Southwark for the ￿ar ènded 31 DÈ¢embÈr 2023 Opinion We have audited the financial statrments of Par¢On￿bIlItI*s for the awdit 14 the financlal st*tern￿ts W• ha¥• b••n appoimt•d a¥ audi¢or s•ctyon 144 01 the Ch•n"u•s kt 2011 and report in accordaK• wlth th• Act and Otsr ob￿ve1 are w ¢)btaift rtasonthe a55uonce whtther the fin￿Cl￿ ststemtnts as a whde aré free frcrfh miteri41 n¥ssTat2m￿ th* to fraud or qfTCf. and to issue ary audwr's rtwt that includ•s our opnion. Reasonable assurancè Is i levd ol bu¢ 15 no¢ a ZLwantee th*t art aJlit in accorthnce ISAS {UKI w¢ll always detK¢ ma¢erP41 missutemert it t￿Sts. 42n ¥i>e fron fra￿￿ or error ¥e Con￿dered material if. individually or In th• aw•pt4 ￿ wuid r*asor4bty be ￿pect•d to Ihfflu•nc• th• ecoTr)rnlc d•d￿¢+ni d us•n rak¥ on the ￿$ ofth¢se Irre•darit# indu¢liry Irt￿1. ar• Insts￿•S ofnon.c0m￿1anc¢ lèwi and re￿Il￿on$. We d•w'KTh r*oe•dur•s in lim with responslbi1i￿Q5, ¢yJrllned aboY& to mtt•riil misststemerns in respett 01 Irre8uiantie4 Indud¢ry fraud. The extenf to whKh our prncedwes are clpth ol dtt•¢Orq IrrqularlOe& indth41w fraud ts detyled bdow: &￿*d on ￿ wths¢andir¥ of the chvity. we td•nvfi•J thit th• w1n¢1p￿ risks of Th)n4com￿IanC& wlth laws and r•4ulauons relat•J fo •M￿0Yrn•￿E IINncv41 r•portir¥ l•zi4ation and hts￿th and sthty r•yAation5 2nd w* Eons*Jered the ext•nt to whlch non-compl4rKe mi8ht have a rrAterTral eff•c¢ on the sratemEntt We alw ccffjsidered tho5* laws r￿￿*•On$ that ha￿ a dir•ct irnpact on the pr•yrnDQn ￿￿ne￿Il ststemenrs s￿h as th• Chwti•5 Act 2011. W• aM•ss•d th• suKW.￿lIty01th•c1rtrI￿sffi￿￿ 5QteMw￿lto miwial mlssfat•nen4 1rdydiry¢)btatnl￿￿rt th¢andknz 01 how Iraud ocox. by makinx w￿rt¢S tonslderiry the intwr41 ¢ontro15 In pla¢• d1KW￿9N amongst We de¢trmir*d that th• ￿1￿lIA1 th wue rtht¢d fo IrKorr•tt rwmtlcffi of Inc¢rn nMw*nthit E#•$ in a(covTht In r•sws• ¢0 th• riths thitil•J w• des1V￿ included. ww• ￿ linwted to Wvrting 211 Informitlon 4rtilabl• on l•Dry and a5kir¢I0rw￿a￿ Iwthw informaty.on upto jr￿ oll, challwrymry 5rynificania¢countiry esomates 5uth as Yalu*1￿ ol proFWV. areeiry ffirtxroal ststemont thscbsures w ur11th￿re suppwdnz docum•ntatipn. id*ntyiry and t•styry lournal •ntyi•& v•¥ithM￿ PCC m•awry rninut•5 *Trd ￿￿1￿1￿nI the ¢han"ty' In¢ernal cwrfrols. There are Inh¢ren¢ limitations in the audit procedwes des¢ribed abm The more removed thai laws re￿￿￿On5 are from Inin¢L41 ram￿¢[•¢n% th•1•55 likety it is thaf we Y¥C￿ld bKome aware Of￿￿-taM￿￿n¢* Marerial misxatemtnts thac arix due to fraud b• hrd•r to dttett than ttrK>s* thxi arise Irryn •rror as rlw may ddiberxt• con¢*lm•nt or collusion. A lurther 41eKriwoh of our res￿31&1￿ lor the audit ol the filw￿￿ stat•h•fS 15 located pn the Flnand¥ Reportir Ct)un¢if5 w•b5k• at w)Th¥.frC.Lry￿aUdIi￿rwb1IthS. Ths desthptkn ltsrms pvt of auditor's reporL of our v•port This repcrt 15 made sow to the PCC a tK*. in *ccordkn¢• P¥r 4 of the CP4ritye5 IAtt¢)un¢s and Reporrsl Re￿latiOnS 2008. Our audit th h*s been wdertakn so that wt might to the PCC membws, thos• matters we are requir•J to 5ta¢e to them In an &thor's rwt and for rK• othv purpos< To the lullest ¢¥rent pern)tta by liw. we do not accept or assume responsilx.llry EO anyty* other than the PCC ￿ the PCC ThMmbgr5 as a body. for ￿1r audit worK for %Ns couTrrancyl L*nit Clurtered Un¢t 7. Mulbwry fin[￿11 Road BthènL SE9 6AR Dared. .... l.>_i...Il L4 Niehtsjs & Co (AcE¢)ww} kn'nwt•d ts * fv as wotor ty WVJe e5KW for ¢Wthtment Of rfo cornp￿ 1212 rfthe COMP￿1￿ kn 200& St George the Martyr with SL hjphege and SL Jude, Southwark Charity Number 1132726 Statsment of Finan0￿ A¢tivitse5 for the Y¢¥ ended 31" D¢cÈmber 2023 General Designated Restsic¢ed Endowment Total funds To(al funds furKI funds funds fiJnd5 2023 2022 Incom• from: Donations and lepcie$ Other trading activities Investments Church accivities Total Incomé 31,530 33,538 215,378 818 281,264 50 191.143 221723 33,538 233.011 54,116 543.388 17&145 38.119 225.969 32,812 473.045 17.633 53,298 244.441 50 17,633 Expenditure on: Paising funds Church aaNi¢ie5 Total eXpendI￿re 63.720 208,251 271,971 63.no 452,357 516,077 41,143 408.440 449.583 7.451 7,451 23&655 23&655 Net (expenditure)lincome before 8ainsl0osses) 9.293 17.4011 7.786 17,633 27,311 23.462 {Los5es) I gain5 on investments (Losses) I gains on reVaI￿￿On of in¥es¢men¢ propwtses Net (Iosges)Igains on investments 30,112 30.112 r16,082) (213.9001 {213.900) {213,9001 30.112 (183,788} 126.082) Net (eXpendr￿￿e}lln¢0rn¢ before transfers 9,293 {221,301) 7,786 47.745 (156,477) IZ620) Transfers Gross transfers b￿**n fund5 Net movement in fund5 17.633 1.7¢XI {1.7WI (17,6331 &086 30,112 (156,4 2&926 1219.601) 12.620) ftjnds bro￿1[ forward 87,663 7,395,257 47.992 489,152 8.020.064 8,022,684 Total funds arried forward 114.589 7,175,656 54.078 519,264 7,863,587 8,020.064 St George the Martyr with SL Alphw and SL Jud< Southwark Charity Number 1132726 Balance sheet *$ at 31" December 2023 Note General Deslgnated Res¢ric¢ed Endowment Tod funds Toral funds fund funds funds furKIs 2023 2022 Fixed assets Tanyble asse¢s Investments 10.608 7,130,OCQ 7.140.608 10,608 921757 499,264 7,629,264 6.90&652 499,264 7.639.8n 7,829,409 Currant asset5 Stocks Deb¢ors Cash at bank and in hand 1.122 1.675 61.439 64,236 1.122 30.006 2S3,059 284,187 1,012 32,284 230.881 264.177 28.331 136,5n 164.903 35,048 35,048 20.000 20,OC LSabllltles Llabllitles.. Amounts falling due rn one year 50.314 10.158 60.4n 73,522 50,314 10.158 60,472 73.522 Net current assets 114,589 35.048 54,078 20,000 223.715 190.655 Net a55ets 114,589 7.175.656 54,078 519.264 7,863.587 8,020.064 Repr•itnted by General fund Designa¢ed funds Restrieted lunds Endowment thjnds 114,589 114,589 87.663 7,175,656 7.395,257 54,078 47,992 519.264 489,152 7.175.656 54.078 519,264 Funds of th¢ charlty 114.589 7.175.656 54,078 519,264 7063,587 a020,064 Approved by the PCC at its meerlng on ?Ih Februa.ry.......... 2024 and slgned on its behall. Sisned= Father Benjamin Bdl (Rtttorj SÈned: Sophie Brightyvell (Lay Chair) 10 St George the Marw wlth SL ￿Jphe£e and S¢ lud4 Southwark Charity Number 1132726 Notss to the Financlal f the ear end*J 31" DKemb¥ 2023 I ACCOUNTING POLICIES The chari¢y is registered with the Charity Commission in England and ￿￿es. Its wstered office ix St George the Martyr ChurcN Bor￿￿ London SEI IJA The prfndpal a¢¢ountyng policies adopted in the prepardtion of the flnanclal ststemenLS are as follow5.. Basls rrf preparation The financial st8￿mentS have beeft prepared vnder the Chari¢ie5 Att 201 l and in accordance with th• Church Accountyng Regulations 2006. the Charities, Statement of Recommended Practice (Charities SORP {FRS 102)) and Financtal Reporting Standard 102 (FRS 1021. The finandal s¢atements have been prepared under the historical tost conyentyon. except for the valuavon of Ilst•d investments and Inves¢ment property. whith are shown at a market f41ue. The charity prepares its financial statement5 in pounds sorlin& rounding to the nearèst £ l. The tharity constiDJtes a public benefit emity as defined by FRS 101 Golng Concern The trustees consider that there are no matèrial uncertainties about the ability of St George the Martyr to cont5nue as a going concern. There are no matsrial uncenaintsès affécting the current year's accounts. Funds General funds represent the funds ol the Parochi￿ Church Councll {PCC) that are no¢ subject to any re5¢ric¢ion regardtng their Use and are available for applicadon on the general purp05e5 of the PCC. Funds designated fv a particdar purpose by the PCC are also unrestricted. The accounts indude all transacti¢)ns assèts and linbilities for which the PCC is respon￿ble in law. They do no¢ indude the accounts of church groups that owe their main affiliauon to another body nor those are infomial gatherings of Churd) Income Incomè is included ￿en the church has entidement to the incorne, 1¢ is probable the incomè will be r￿e1ved. and the amount can be reliably measured. Dmations ¢7nd legooes Collections are recognised when received by or on behalf of the PCC Income t&x recoverable on grft aid donations 15 recognised when the donation is rec￿ved. Grants and legacie5 to the PCC are accounod for when the PCC is notified of le&￿ enudement and the amount due. Fund raising events are a¢cc*un¢ed for gross. Donated food is reco￿lSed as income when r•c•iY•d.. BFC shop tsknn85 are accounod for gross. Other trodtng activities Rental income friyn the letting of church premi5e5 15 reco8ni5ed when the rental is due. Income from intrtstments Interest is account•d for when receivabl& Tax recovered on such income Is recognised in the same accounting year. Church a(tsvitres Fees and other income are recogniwj when the church has entItlem￿t to thè income. St George the Martyr with St Aphege and St. Jud4 Sou¢hwark Charlty Number 1132726 Notes t the ￿nanCIal S¢atem•nts for the ended I" December 2023 I ACCOUNTING POLICIES (continued) Gotns ond losses on tnve5tments Unrealised ￿1n$ or losses are accounted lor on revaluatlon of investments at 311)ecember. Expenditu Ail èxpenditure is accrued a$ 500n as a Ilabllity is consid¥ed probable. Donations are aceounted for when paid over. or when iwarded. il that award creates a binding obligatw on the PCC. Support costs include the gener￿ running of the church and are racognised when goods or services have been received. ArtNlties dir*rtJy relating to the work of the thurch Thè contribuuon to the Fairer Share iThtiative is accounted for when payable. Any such contribution unpwd at 31 December is providèd for in these accounts and is shown a5 a creditor in the Balan￿ SheeL Fixed assets Consecr¢tted hnd and ¢md mgwoble church fvrrithrngs Consecrated and beneffi￿d prop¥ty is exduded from the accounts by 10 {21 la) of the Charities Act 2011. O¢her buildings on the site comprise thè church and vestry, defined within the accounting regvladons as "excluded cor7secra¢ed and ￿neffiCed property." No Yaluation is shown for diese as rtone exlsts and, although the church is responsibh for their upk¢ep, they are owned by the Diocese. No Val￿ is placed on mowablo church furnishings held by the churchwardens on ttwst lor the PCC whith requlre a faculty for disposal. since the PCC considers thls ¢0 be inalienable propery. All •xwdiwre Incurrèd during the year on cOnS￿rnted or beneficed buil&irg5 ind movable (hurch furnishing& whether maintenance or improvemenL is wrltt¢n off as eyendityre In the Statement of Finanoal Attivityes and separatdy dls¢105ed. Other land ond buildinRS Freehold land 15 not depreclatyd. No depreciation 15 proTrided on these buildirEs whère thelr esomated re￿d￿l value is not less than their carrying value. The cost for owned property. whllst in use by the PCC for ¢iÈrgy and not let commercilly. is recorded at its Carryi￿ nlue when its use cFknged from investment prop¥ty to tharity usè. Other fithnES ond office ewiPmenL Indi￿dual Ttem5 of equipment with a purchase price of £500 or less are written off when the asset is aquird. Depreciation is Ffovided at the followrng annu￿ rntes in ¢Jrder to wrtte ¢)ff each asset over its estimaod useful life.. Furnitur4 fwures and ￿u1Pmen¢ - 20% on cost Investments InvestmenTs are Yalued at fair Yalue at 31 December. Investment property is Ydlued at the PCC'S •5timaTr ol the fair value ol the propety. The Ststement of Financial Activities inc1￿￿•S the net g￿n$ and losses on revaluauons and disposals throughou¢ the year and are shown as a component of net incom Amounts owing to the PCC at 31 December in rèspect of lees. rents or ¢xher income are shown as debtors less provlslon for amounts that may prove uncollectable. Prepayment5 are fdlued at the amount prepaid. Short-term, highly Ilquld deposits include cash hdd on deposit ekher wl¢h the Central Board of Fin￿￿ of the Church ofEngland or at the bank Stock consists of ft>od items held by the Btsrough Food Co-operatlve (BFCI and is included at an estlmate of £1245 per tonn& 12 Sr George the Martyr with SL Alphege and SL lud4 Southwark Charity Nvmber 1132726 to the Financial Statements for the r ended 31" December 2023 I ACCOUNTING POLICIES {contlnued) Creditors and provi51ons Creditors and provlslons are recognised where the charity has a present obligauon arising from a pa5¢ event that will probably result in the rrnisfer of funds to a third pany and the amount due to se¢de the obligation can be measured or estlmated reliabty. Creditors and prow5ions are recogni5ed at their setdement amounL Financial instrum•nts The charity only has financial assets and liabilitiès of a knnd that qualify as basic ffinancial instruments. Basic fina￿121 Instrum￿ts are Onlti￿lY recognised at ￿ns￿￿On value and sub5equÈndy mèasurèd at thwr sertlement Yalu¥. Commltments under opernting Iw ￿￿(al$ under owaung l¢ases are tharyed to the Statem￿¢ of Financi￿ Actyvities as they f￿1 due. Irrecovorable Value Addod Tax The PCC is no¢ wsored for V￿ye Added Tax IVAT) and accordinly expendlture is shown gross of irr¢¢overab4¢ VAT. Th& VAT Incurred from time to time on certyn fabri¢ rep4rr and mairtenance eX￿ndIture Ca￿ h¢)ww¢r. be recovered under the Li$tÈd Haces of Worship Gran¢ Scheme. Taxatlon The charity is exwnp¢ from tax on its ¢harltable activitle& Terminatlon payments RÈ¢lundancy and termination costs are recognised as an expense in the Ststement ol Financial Actyvitie5 and a liability on the lan¢e She¢¢ Immedia￿lY at the poinc demonstralAy committed ¢0 provide terniinaoon benefits as a result of an offer made in order to erKouragè voluntary redundancy. 2 Income I l Donations and le8acies General Dèsignatèd Restric(ed &)dowmen¢ To¢al funds Total funds fund nds lunds funds 2023 2022 Gift Aid- Bank Gilt Aid- Envelopes Other planned 8rving Loose collections Onevoff Gift Aid yft5 Donations apped15 e¢¢ Tax recoverable on Glfr Ald Nonwrecurrlng onwff grants Fareshare food donatyon5 Other voluntary income recefftd 773 1.787 1,052 1942 8.773 1.787 1.052 2.942 9.835 1.676 1.400 Z626 375 44,860 {1,0851 9,972 105.395 1,091 176.14S 6,536 3.426 s,coo 50 79.512 100 86,098 3,526 12,OC 104.531 1,899 222.723 104,531 1.899 31.530 50 191,143 The comparnlve figures for 2022 were.. Unres¢rittd - £25.721 Dèsignated - £Thl. Restrictèd - £150.423 and Endowment £nil. 13 St George the Martyr with SL Alphege and SL Jud4 Southwark Charfty Number 1132726 2 Income (continued) 2.2 Other tradlng activitie5 General Designatsd Re5tritted Endowment T¢xal funds Total fund5 fund funds lunds funds 2023 2022 Crypt Rentx15 Rexular Use of Church Totsl 17.718 15,820 33,538 17.718 15,820 33,S38 18.285 19,834 38,119 The comparnove figuros for 2022 wwe: Unrestric*d- £38.119. De5i8nattd- £nil, R•stricted - £Thl and Endowmtnt £nil. 13 Investment in¢om• General DesI￿ated Re5tritted Endowment Total fund5 Total lunds fund funds fiJnd5 funds 2023 2022 W￿( Bequest Inwme St Georye Endowment Fund Incorne Bank and Building Society interest Pocock Street Flat Lettin8S 50 Rushworth Stree¢ Lettings St Alphege Hall Le(ury Totsl 4,864 11769 4,864 12,769 1.609 97,889 54.121 61,759 233.011 4.760 9,504 99 87,311 62.752 61.543 225.969 97,889 54.121 61,759 215.378 17.633 The comparative ffigures for 2022 were.. Unrestricted - £211,705, De5ignat&J - £nil. Fie5tricted - £nil and Endowment £14,264. 2.4 Church artlvltles Gened Deslgnated Resrricted Endowment Total fvnds Total funds fvnd hJnd$ nds funds 2023 2022 Ftts for weddlngs and funerals BFC Corporate Volunteering BFC Shop takings VAT Refund Total 818 818 6.800 46.498 46,498 33,944 1,922 31812 818 53.298 54.116 The tornpxrativÈ figtjrès for 2022 We￿ Unres¢ritted - £790, DesLgnattd - £nll, Restricted - £31022 and Endowment £nil. The comparavve SOFA figur¢s for Total Income for 2022 were: Unrestricted - £276,336, De5i¥rrated - £nil, Restricted - £181445 and Endowment £14.21A. 14 St George the marr￿ with SL Alpheg• and SL Jud4 ScArthwark Charity Number 1132726 Notes ents ber 202 3 Exp•nditure 3.1 Ralsing funds 3.1. l Ralslng funds- cost ofgenerating St Alphep Hall income General Des￿ated Restricted Endowment Total funds Total fijnds fund thjnds fvnd5 funds 2023 2022 Legal and professional 1.300 150 1,759 1,3QJ 150 1,759 5,352 Insuranc¢ Maintenance Total 1543 50 94S 3,309 3,309 3.1.2 Ralsing fund$- cost of 8en•ratin8 50 Rushworth Strtet income General Designated Re5¢rftted Endowrnent Tod funds Total funds Ivnd funds fijnds funds 2023 2022 Legal and professional Maincenan¢e and Repairs Insurance El*ttricSty & Ds Total 1,300 1,300 1.900 150 3.702 4,221 380 5.901 4.221 380 5,901 5,752 3.1.3 Raisln8 funds- c05t of generating P¢xock Street Flats Income General Designated Restritted Endowment Total fund5 Total fvnds lund funds nds funds 2023 2022 MaintÈnan Fir4 Healch & Salery Legal and professional Insurance Council tax and wa Electrie Total 41.690 41,690 20.774 962 2.159 2,162 6.870 1309 442 993 53.419 6,870 1309 442 993 53,419 1,288 27,345 Gener￿ Designa¢ed Res¢ricted Endtswmént T¢xal funds Total fvnds fijnd fund5 nd5 funds 2023 2022 Governane• costs (N*xe 3.3) 1,091 Total 63.720 63.720 The Comparati￿ frgures for 2022 were: Unr•strlct•d - £41,143. Dèsignated - £nil, Rostricted- thil and Endowment- £nil. 41.143 15 St George the Martyr with St. Alphegg and SL lud4 Southwdrk Charity Numbw 1132726 3 EX￿di￿r• (contlnued) 3.2 Church artivities and sypport costs General Desb)ated Restricted Endowment Totsl htnds Totsl funds fund funds funds funds 2023 2022 Borough Fc*Jd Co.¢¥ Dir•ct ￿enSeS Fareshare food donauoDS- deenxd cost Bank and Finance Charge5 Charotable Donations & Ou¢reath F￿rer Sharè quota Staff travd costs Wages Punist and Organist Serviths. and tuning Music kndemy Exppthses Choir & Choral Singers Sacristry & Service Expenses Working Expenses of Incumben¢ Pastoral Assistant Expenses Curate Expen5e5 Edurntion Promotion of Church and Crypt Church running- insurance Office Telephone & Broadband Office station￿ & Posfage Photocopier lease Llft Maintenance (Scheduled) Lift Insurance Maintsnance Cleaning Service5 and Miterials Pest Control Fire Protection & Health and Safety Refuse and Recycling Vpkeep of churclyard AdministAti¢n Church running- utilitie5 Flowers Refreshments Depreclaoon Governance costs (Note 3.3) To 51.934 104,421 853 51,934 104,421 I,on 33.896 108,034 217 1.590 46,200 46.200 16 79,502 5,830 3,435 4,090 931 1.462 52.664 &435 3,740 1.960 4.164 1.443 43,135 95,799 &435 3,740 1.960 10.364 1.443 42 129 126 368 5,897 1,253 910 7.606 9.198 478 21,567 13,078 1.272 793 4.023 432 1&343 23.231 2C 200 588 748 1038 912 7.606 4.721 S03 16.207 16,832 1,308 1,756 3.412 425 12,543 34,603 588 &748 1,978 573 7,606 4,721 503 1 &055 16.257 864 1,756 759 425 8.554 14.903 108 1,314 60 339 152 575 1653 3.989 19,700 1,314 7.449 9,709 451357 307 7,109 10,934 41K440 7,449 7.709 208,251 zfy)o 236.655 7.451 The ¢omparatyve fizures for 2022 were: Unrestritted - £224,995. Desigrated - £7.1¢)9. Re5ty1c¢ed - £176,336 and Endowinent £Nil. The comparativè SOFA ffigures for TO￿ expenditurè for 2022 werw. Unres¢ritted - £266.138. Designated- £7.109. Restric¢ed- £176,336 and Endowm¢nt- Nil. ReStatem￿t of comparatlves- Notss 3.1 & 3.2. In 2023 the split of expenses befften Ralslng Funds and Church ACrlvi￿es, shown on the SOFA has bÈèn updated to more accurately refiett the work ol the church. The comparative figures lor both notes show the figurès for 2022 in accordance with the upda¢ed 5pIiL 16 St George the Martyr with SL Alphege and SL Jud¢ Southwa Chirity Number 1132726 ments for 3.3 Governance costs The PCC initially identifiei thè costs of its SUPPOrt fijnttions and includ¢s them in Note5 3.1 and Notes 3.2. 1¢ then rdentities those costs which relate to the governan￿ function. Having identified its governance cost5 these are aPpOrt￿ed between the Costs of generating funds (Note 3.11 aNI Charioble atu￿￿eS (Note 3.21. The table below show5 basis for apporrionment and the analysls of governance costs. Total Note 3.1 &800 io 10.800 Note 3.2 7.709 I￿)0 9,709 Apportlonm¢nt basls Monetary cost activity Estimated dirert cost Audit fees - unrestricted Audit fees - restricted Total The PCC meet all governance c¢)sts from unre5trKted funds yrtfrom the ¥Jporrionmentto the B¢￿I￿ah Food CowOWdtiYe. STAFF COSTS 2023 2022 Wages $￿arleS and healthcare Social sewrity costs {employerl Pensions con¢riiwtyons lÈmploy•r) 90.701 1,229 3069 95.799 75.204 915 3.383 79.502 During the year the PCC employed various staffr, none of whom earned £60,000 pi or more. The stipend5 for Father Benjamin Bell and Rev. Robert Slatw-carr were paid direaly by the Church Cornmi5sioner Durlng the year terniin74ti0n payments amountyng to £A564.34 were pald. Key management personnel r￿Ved remunerats'on and beneffts of £37,340 {2022: £35,741). In addiiiw tg the cler&y the avewe number ol sraff employed durirq the period was 6 (2022: 5). FIXED ASSETS TANGIBLE ASSETS Freehold Fixtures and property eqviprnent Total Cort At I january 2023 Additions Transfer to Investments Disposals A¢ 31 December 2023 906.400 54,390 1,700 960,790 1.700 1906.400) (90&4(￿J) 56,090 56,090 Deprn¢iatlon At l January 2023 Charge Released on disp95al At 31 December 2023 3&033 7.449 38,033 7.449 45,482 45.482 Net book value At 31 December 2023 10,608 10,608 At 31 December 2022 906.4C 14357 921757 The tran5Fer ¢0 Investments refiects the use of property. a¢ the of the financial pèriod, to 8￿É￿te rental Income. 17 St George thè Martyr with S¢. Alplwe and SL Jud< Southwark Charity Numter 1132726 Notes to the Pinancl I Statements for the r ended 31" December 2023 FIXED ASSETS (contlnued) INVESTMENTS v￿￿e brought rward Unrealised zains on revaluation Transfer from fix assets Value forward St Alphege Hall St Alphege House (Pocock Street flats) Inv•stment properties- total 3.090.000 3,347.5C#) &437.5C {90.c￿) 123,900 213,900 3,000.0 4.130,000 7.130.Cfj) 906.4C 906.4CQ West Bequest Inyestmtnt Endowment fund Llsted investments - total 110.076 359,076 469,152 3.870 26.242 30,112 113,946 385,318 499,264 6.904652 183,788 906.400 7,629.264 The carrying value of both St Alphege Hall and St Alphege H¢)use (Pocock StrèÈt flats) are based on the e5timatrd lalr value at the year end. The PCC uses Information obtained fr¢m local estatr ynts who are IndeP￿ent of the PCC. St Aphege Hall and St Alphege House are htld by The S￿th London Ch￿￿h Fund & 5outhwark Diocesan Board of Finance {SLCF)- The m￿n￿nanCe ot the PCC'5 asset in the name of SLCF is bsxh a current legal requirement and alds the practicalr Other grants also include donaty*)ns fr4Jm indi￿d￿315 of £1.2fy) fora Vicars Discretlonary Fund. and £5,000 for akar cloth that were unspent at the year end. St George the Mrtyr wrth SL Alphege and SL j￿￿¢ Southwark Charfty Number I132n6 Note Financi nts for the ended cem 2023 FUNDS (continued) Net assets Investments eomprise rhe Land *nd buildings fund (which is the value of St Alphège Hall and St AlPh￿e Hous¢ (Pocock Streat flats)), St George the Martyr Endowment Fu￿1 and the Wesc Bequests Endowment Fund," and net current ass￿ comprise the baknce of the Generydl Fund and all other fund De518nated funds Land and bulldings fund is the fdluation of St Alphege Hall and St Aphege House (Pocock Strerf Ilats). These provide le¢tin85 Int￿1* that support the ¢hurch activiu•s. Flxed asset fund (FXAF) include5 fixed assets acquired by the PCC and the balance represent5 the Net Book Value of those a55ets which will deprttiated in future years. Assets are both capitalised and depr•ciatsd in accordance wlth the Accounting Polide& Owdn Fund (OF) is me￿[eS set aside by t￿ PCC, and dorRdons. spttihcally for the wrpo* of restorlng and retr￿Ik11ng ¢ organ. R•stricted funds Other 8TWts fund {OGF) represent variou5 re5¢ricted grants receNed by the PCC. Endtswment fund5 St George the Marryr End¢)wment (SGMEI is an investment fund Created frorn combining wious funds held by the Diocese on behalf cf the Paris￿ together with the three CCLA ac¢tyJnts held direttiy by the Parish. This is awdilable to be used to support the church acdvits'es. West Bequest Endowment IWBE) is an investmen¢ fund that is used to support the thvrch acti￿ties. a proportion of the Income 15 aw4ilable to be paid to Stjude's School at the discreuon of the PCC. Fund transf•rs GF BFCF SGME OGF Grnnts fund- transfer l January 2023 balance of Borough Food Co-op to separate fijnd line Grants fund - transfer assets purchased in the year to the Fixed a5$et fund St George the MartyT Endowment- tr4nsfer ¢0 support the General Fund West Bequests Endowmen¢- tran5Fer to support the General Fund 41,793 {41.793} (1,700) 1.7th) IZ769 (12,769) {4,864) 17.633 1,700 12,769 4.864 41,793 21 St Geory the Mirtyr with SL Alphezè and SL Jud< Southwark Chartty Number 1132726 Note5 to the Flnancial Ststements for the ear ended I" December 2023 10 RELATED PARTIES The expenses paid co cleryy and othgr Trustees may include a small Immaterial proponion which rdates to th&r fimcdon as PCC members. The followi￿ trusttes, re¢￿Ved remuneratlon., Kirsty Burns Andrew Bum5 (Close family member of Kirsty Burns) Mrjonathan ￿- Director of Music 8.848 1563 11.575 43 3,893 9,140 Th¢ authority to make payments to trustee5 under the Charl¢ies Act 2006 15: a) such paymÈnts are deemed to be In the b¥t interest of the charity bl they are paid vnder a contratt of employment or other contratt c) a mirority of the PCC receives payments, and d) the PCC (Powers) Measur• 1956 and Churth Repr￿entatIOn Rules do not prohibit such payments. The church 15 part of the Church of En8land and payment Is made to thè Diocese of Southw3rk in the form of a conti7bu￿an tc the Parish Supp¢)rc Fund. There is no other organisation or indi￿dU￿ who Is c¢nsidered to be a related parry of the Church. LEASING COMMITMENTS The charitable comparf5 rotal future minlmum lease payments under opernong lease5 at 31 December were payable as set out bel¢)w. 202 Within one year Within two to Ilvg years 7,558 1.890 7,558 9.448 The operating lease charges for the year were: Hire of plant and machin•ry 7,S58 7,558 22