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2022-12-31-accounts

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, STOKE NEWINGTON

Diocese of London

Parish Number: 0515

Charity Registration Number: 1133877

Report & Accounts 31 December 2022

Tandem Accounting Chartered Accountants 17 Heathville Road London N19 3AL

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, STOKE NEWINGTON

Report and Financial Statements 2022 Contents

Page
Legal and administrative information 2
Report of the Parochial Church Council 4
Independent Examiner’s report to the Parochial Church Council 11
Statement of financial activities 12
Balance sheet 13
Notes to the financial statements 14

1

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, STOKE NEWINGTON

Legal and Administrative Information For the year ended 31 December 2022

Charity Name The Parochial Church Council of the Ecclesiastical Parish of St Mary, Stoke Newington Charity no 1133877. The Parish was established in the 14[th] Century and is a charity which was formally registered with the Charity Commission on 28 January 2010.

Principal Address Stoke Newington Church Street, London N16 9ES
The Governing Document Parochial Church Council Powers Measure (1956) as amended and Church
Representation Rules.
Objective Our Mission is to be a Beacon of Belonging
Members of the PCC The Members of the PCC who served during the year or who were serving at the date
of this report were:
Clergy Rev Dilly Baker (Rector)
Rev Prakash Thankachan (Associate Priest)
Rev Lizzie Campbell (Curate)
Churchwardens Mr Andrew McCully
Mr Grant Cocks
Ms Katie Smith
Ex Officio Ms Judith Simpson
Sara Cottingham
Elected Lay Ms Alberta Bunbury Mr John Guest
Representatives Nicholas Carter Ms Olamide Kama
Katie Smith Ms Elaine Simpson
Elizabeth Smallman Mr Bruce Castle
Esme Brooker Miss Connie Blackett-Ord
Neil Georgeson Phil Diprose
Carol Bramble Alice Nkwanma
Jane Hutchinson Sheila Sansbury
Jonathan Lees Elisabetta Olivari
Harry Baker Anne Taylor
Jenny Lister Lorraine Sanie
Lay Representatives to Olamide Kama
the Deanery Synod Nicholas Carter
Co-opted Sophie Taylor

Those in charge of directing, controlling, running and operating the Church on a day to day basis are the Rector and members of the Standing Committee.

Key Management Personnel Bankers Co-op Bank PO BOX 250 Skelmersdale WN8 6WT

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, STOKE NEWINGTON

Legal and Administrative Information For the year ended 31 December 2022

Independent Examiner John Helm ACA Tandem Accounting 17 Heathville Road London N19 3AL Quinquennial Inspector Oliver West & John Scott Architects The Studio, 3A Bath Road London W4 1LL

3

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, STOKE NEWINGTON

Report of the Parochial Church Council For the year ended 31 December 2022

The Parochial Church Council of the Ecclesiastical Parish of St Mary Stoke Newington (“the PCC”) submits its report and the financial statements of the PCC for the year ended 31 December 2022. The financial statements have been prepared in the format prescribed by the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP2019 (FRS102)) and the Financial Reporting Standard 102. The legal and administrative information set out earlier in this document forms part of this report.

The PCC co-operates with the incumbent in promoting the whole mission of the Church within its Parish and beyond. It also has responsibility for the non-stipendiary staff and the maintenance of the church buildings.

1. Structure, Governance & Management

1.1 Trustees

The PCC is a body corporate with perpetual succession. Members of the PCC are either ex officio or elected by the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules.

1.2 Executive

The Standing Committee has the power to transact any business of the PCC between its meetings, subject to any directives given by the PCC, and in January –December 2022 comprised of the Rector, the church wardens, Judith Simpson, Anne Taylor, Sophie Taylor and Phil Diprose.

The PCC met 6 times and the Standing Committee met 5 times in 2022. Its discussions were focussed around the topics of finance, buildings, the Mission Action Plan, safeguarding and pastoral care.

Finance

At its February meeting, the PCC considered the budget forecast for 2022, and noted that the financial position was reasonably stable. However, it also noted the importance of encouraging people to consider increasing their planned giving, and signing up for Gift Aid if they had not done so. Following an update in March, a further detailed discussion of the budget position to date was held in June. In July, the PCC agreed that St Mary’s could once again offer to the Diocese its full Common Fund contribution. At the September meeting, the PCC approved the financial statements for 2021. In November, it considered the likely outturn for 2022 and gave first consideration to the estimates for 2023.

Buildings

The PCC received regular reports on the state of the New Church, the Old Church and the Centre. A matter of increasing concern during the course of the year was the state of the new church roof, which was coming to the end of its useful (and safe) life, and whose complete replacement might cost some £1.3 million. Emergency repairs had to be made to the tower of the new church in the early autumn, after some stonework fell off. There were also regular reports on repairs to the roof. The PCC also received reports of discussions with The Old Church (TOC) about the state and upkeep of the old church.

Mission Action Plan

This continued to be a significant focus of discussion, following the work done in the second half of 2021 to revise it. There was a general discussion at the February meeting, where the final revisions were made to the plan, which was then presented to the congregation at the 2022 APCM. At its March meeting, the PCC began detailed discussions on how to improve the church’s publicity and its ministry of welcome, and on its plans to become a recognised Eco-Church. The July meeting held a major discussion on the proposals for a Community Garden at the east end of the new church, and for a Mental Health Awareness course to be held in the autumn. The September meeting looked at the proposal for St Mary’s to be registered as an Inclusive Church, while the November meeting considered progress on the Community Garden, mental health awareness and publicity project strands.

Safeguarding

The members of the PCC were regularly reminded the safeguarding was the responsibility of everyone, and of the necessity to undertake basic Diocesan safeguarding training. This was particularly important at the June meeting, where, following the APCM, there were several new members of the PCC. At that meeting and again in November, the Safeguarding Officer reported to the PCC that she had received no reports of any safeguarding concerns, whether as perpetrators or victims.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, STOKE NEWINGTON

Report of the Parochial Church Council For the year ended 31 December 2022

At its July meeting, the PCC adopted the revised Diocesan Safeguarding Policy, which had replaced the policy previous one which the PCC had also adopted. At its November meeting, the PCC approved the appointment of Sara Cottingham as the safeguarding officer, following Judith Simpson’s decision to step down from that role.

Pastoral Care

At its meeting in February, the PCC considered a paper from Sara Cottingham on a possible way forward to improve our pastoral care provision. This was also revisited as part of the extended Mission Action Plan discussion in July.

Judith Simpson, PCC Secretary

1.3 Church Attendance

The Electoral Roll was revised between 26th March and 16th April 2023. For the APCM in 2022, 192 people were on the Electoral Roll. For the APCM 23 April 2023 there are 187 on roll.

1.4 Risk Management

Financial risk is managed by the Treasurer and Administrator who report to the Rector, the Standing Committee and the PCC. The Treasurer and Administrator meet regularly and hold bi-monthly meetings with the Rector to discuss areas of risk such as likely increased costs or decisions about income.

Operational
Area		 Risk Management
Security &
Safeguarding		 There is a major security,
safeguarding, or health &
safety incident		 Safeguarding – there is a safeguarding policy in place and a designated
safeguarding officer. All volunteers who have direct contact with
children or vulnerable adults are required to have a DBS, which is
renewable every three years; we ensure that insurance policies are up-
to-date and cover us for identified risks; we maintain up-to-date
incident logs.
Finances Income and expenditure:
there is a risk that
expenditure
could
exceed income		 Monthly management accounts are prepared comparing income and
expenditure with budget; PCC officials ensure proper authorisation of
expenditure in line with the target operational cash reserves of three
months’budgeted expenditure.
Potential liabilities: there
is an uninsured liability
which crystallises		 To mitigate this potential risk, we ensure that insurance policies are up-
to-date and include employer’s liability, public liability, buildings
insurance, contents insurance and property owner’s liability

2. Activities & Strategies

Here at St Mary’s we are hugely blessed with a rich diversity of people and the gifts that each brings to the life of this place. It’s been encouraging to welcome new folk to both of our main Sunday services - their presence and their varying perspectives have been and continue to be, a real gift. Numbers attending our All-Age service each Sunday are generally lower than they were before the pandemic but are slowly starting to pick up again. Meditation has continued each week in the Centre and has attracted a significant number of people from the locality, with sometimes as many as 20 people gathering on a Wednesday evening. As in previous years both our Holy Week and Christmas activities and services attracted high numbers of people with many visitors engaging with St Mary’s for the first time. Carol singing and mulled wine outside the church early evening is becoming an established tradition, drawing a large crowd of local people and our Xmas Community Choir continues to be a popular feature of the season.

On Holy Saturday 2022 9 of our members were confirmed at St Paul’s Cathedral and one adult baptism was carried out in the Sea of Galilee during a visit to the Holy Land in April. During 2022 there were: 10 infant baptisms, 5 weddings, 7 funerals/memorial services across both our churches.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, STOKE NEWINGTON

Report of the Parochial Church Council For the year ended 31 December 2022

Our ministry team has seen a wonderful expansion during the latter part of the year: Sara Cottingham completed her training and was licensed as a Lay Minister in June, Prakash Thankachan joined us from India, working 2 days a week for St Mary’s, and Lizzie Campbell joined us towards the end of the 2022 to complete her curacy. Sadly, we had to say goodbye to the very gifted Michael White who had been our Director of Music for the past 8 years. Subsequently, we appointed Neil Georgeson to the post and are enjoying all the creativity that Neil brings to his role on a Sunday morning. Going forward, Nick Jenkins will also be contributing to the vibrancy of our music at St Mary’s and will be working under Neil’s direction on a part time basis.

During 2022 we have taken major steps forward in fulfilling our Mission Action Plan (see appendix) with key activities being summarised as follows: a) To help us embed our commitment to inclusivity we have joined the Inclusive Church Network and set up a group (facilitated by Nicholas Carter) to look at how to take this forward. The group has worked hard at considering a whole range of initiatives and in 2023 we will introduce an ‘Inclusive Church Sunday’ and construct a questionnaire that will elicit peoples’ views and suggestions as to what we might do better/initiate/change. b) Following on from a series of ‘Listening Circles’ (developed in partnership with Hackney XR) ‘Mary’s Garden’ was initiated. The land surrounding the east end of the church is now being re-envisioned along permaculture principles with the aim being to provide a space of sanctuary and learning for community groups - including those who already use the Centre (eg Hackney Migrant Centre, 2nd Chance Café). Thanks in particular to Jane Hutchinson and Connie Blackett-Ord for securing grants and leading on this project. c) In the Autumn of 2022 we ran the Sanctuary Mental Health Course. Approximately 30 people met for 6 weeks and considered various aspects of mental health and illness. Through video, case studies and discussion we were able to deepen our knowledge of the issues and think through something of the implications for our own faith community here at St Mary’s d) Aware that we have a lot to do in ‘selling ourselves’ as a church community, this year we began the process of re-thinking and re-branding our publicity. Katie Smith and Andrew Diprose have worked hard at moving this forward and we look forward to this coming to fruition in 2023. Once again Katie initiated an innovative series of posts on Instagram during Lent, highlighting our commitment to inclusivity and drawing a large number of followers.

Under the management of Max Mucenic our Second Chance Café has gone from strength to strength - now serving up to 100 guests on any one day. New volunteers from all sections of our community continue to join both our Thursday and Friday teams. We secured a substantial grant from the Mercers Company that has put the café on a stable footing for 2 years, including paying for Max’s part time salary, and obtained another smaller grant from Hackney Council. The café is grateful to its increasing number of partners who enrich the café experience: Evergreen & Outrageous who supply us with flowers, Dusty Knuckle for the bread, Growing Communities for additional fruit and veg and to all those in the local community, young and not so young, who get baking and bring in the most delicious cakes at the start of the day!

As always, raising money in order to meet our commitments has continued to be a priority for the church this year. As in previous years our two main fundraisers were the phenomenal ‘Dirt Bike Ride’ around London organised by the Diprose brothers and the inspirational Winter Market, organised by Elizabeth Smallman, that once again delighted many in our local community. In addition to raising money, St Mary’s donated to the following charities during the course of the year: London Churches Refugee Fund, The Children’s Society, Hackney Migrants Centre, The Bishop’s Lent Appeal, the Ukraine Relief Appeal, Christian Aid and to the Turkish/Syrian earthquake appeal. As always, we continue to financially support our friends in our link church in Tete, Mozambique.

Thank you to my colleagues, both lay and ordained, who serve St Mary’s with such commitment and energy; it is so good to work with such a diverse group of people and I cherish the varying gifts we each bring to the table. Thank you to Neil and to all our singers and musicians, and to the many who help deliver worship at both churches on a Sunday morning. Thank you to the PCC - most especially Sophie Taylor our Treasurer and Judith Simpson our Secretary. Thanks to our competent and positive Church Wardens, Andrew McCully and Katie Smith and to Alexandra Lee for her work on various financial issues. Thanks to Tamar Gogolashvili for her work on Church Admin and websites and to Anne Taylor for her unstinting devotion to ensuring the St Mary’s Centre is run efficiently. Thanks to Paula Anderson for her commitment to cleaning our buildings, to Carol Mason for bringing our New Church into colour and bloom and to the gardening team. And to Jeff and Betty Manning for all their tireless work in helping to keep the show on the road! We look forward to being a ‘Beacon of Belonging’ in 2023 for all who choose to walk with us.

Rev. Dilly Baker, Rector

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, STOKE NEWINGTON

Report of the Parochial Church Council For the year ended 31 December 2022

St Mary’s Centre

2022 was another successful year for the St Mary's Centre. We were pretty much at capacity for bookings, and could probably have filled it twice over, such is the demand for the hall in particular. We try to maintain a balance between commercial bookings, such as children's music classes, birthday parties, and wedding receptions (which help us meet our financial commitments as a church) and facilitating a variety of community projects. At weekends we're still the base for Kehillah (North London Progressive Jewish Community) and the Stoke Newington Quakers. Hackney Migrants Centre continues to run advice sessions every Wednesday, and our own Second Chance Cafe on Thursdays and Fridays has gone from strength to strength, often providing over 100 bowls of fresh vegetable soup to people from all walks of life. Grateful thanks to Cafe manager Max Mucenic and his ever expanding team of volunteers.

Anne Taylor, Centre Administrator

Church Wardens’ Report

New Church

The New Church continues as our primary worship building, with Eucharist held on Sunday morning and mid-week. The Church remains open during the daytime for private prayer. We are excited to see our Sunday morning congregation grow and give thanks for the way in which new members of St Mary’s enrich our community.

We are though also aware that during the depths of the winter months the coldness of the church appears to discourage regular attendance. Having explored potential options, the most effective way to improve the winter temperature in the New Church will be to include appropriate insulation as part of the New Roof Project (see below). The chronic issues with the roof have persisted during the past year. We have continued to lose slates from the roof due to ageing underlying batons and corrosion of the fixings. Internally, the cardboard ceiling tiles have continued to deteriorate, and some have fallen down due to corrosion of their fixings. Water ingresses in the south transept and in the area around the font continues to be a problem, particularly in times of heavy wind and rain. The need to commence work on a New Roof Project has become an urgent one and is now underway. Further detail will be presented during the Annual Parish Meeting but, in summary, it will be a multi-year commitment for St Mary’s to fundraise and execute. Whilst development of the budget is underway as part of the Project, similar scope projects at other Churches (undertaken before recent inflationary pressures) have cost in the region of £1.3 million. Assuming a swift fundraising process, which will be dependent on securing third party major donors, the earliest that works could begin would, optimistically, be Spring 2024. In the meantime, we continue to iterate and carry out an ongoing maintenance plan to help tide us over. Emergency works relating to defects in the Tower which caused falling masonry above the West door were successfully completed during the year, allowing us to reopen the West entrance. A cyclical programme of regular care will be required on an at least annual basis until a more major programme of works can be planned and executed. The cause of the deterioration remains wind and rain exposure exacerbated by the use of cement mortar (rather than lime) in previous repairs. Further surveys and works to remediate medium priority defects will be undertaken during the Spring of 2023.

We remain pleased to see how carefully selected partnerships continue to bring the wider community into New Church’s perimeter, notably Pines and Needles during the run-up to Christmas and the 13th Floor Coffee Stall on a daily basis. We are conscious that, at times, the 13th Floor has been disrupted by the defects relating to the Tower and the Roof and we are grateful for their patience. Just as our worship community continues to grow, new life also continues to grow in our New Church’s grounds. This year saw the breaking of ground on the Mary’s Garden community project, with a permablitz which included the clearing of soil, the planting of hedgerows, fruit trees and bushes and ‘lasagne’ mulching to improve the soil. The PCC has formally entered into a License Agreement with the Trustees of Mary’s Garden and we look forward to seeing the project continue to develop during the coming year.

The Old Church Regular weekly worship continues in the Old Church, typically through the our vibrant All Age Service held at 9.30am most Sundays. The principal user of the Old Church remains The Old Church Project (‘TOC’), a not forprofit arts venue, which has an exclusive right to let the Old Church space in exchange for meeting running costs and a contribution towards maintenance costs. Concerns as to the viability of TOC were allayed during the course of the year with the appointment of a new Chair of Trustees and the ongoing engagement of a dedicated Venue Director. TOC also

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, STOKE NEWINGTON

Report of the Parochial Church Council For the year ended 31 December 2022

recently became a registered charity. Dialogue between the PCC and TOC remains collaborative and good. The Old Church is an ancient and multi-use space and maintaining its fabric is complex. TOC has continued its programme of improvement of the decoration of the building’s interior, notably in the North Vestry but, as last year, concern continues about the state of the wooden parquet flooring. Despite topical treatment, woodworm infestation remains an issue with recent evidence that it has now reached the altar plinth. We also continue to monitor the appearance and size of several large cracks in the building. Recently there has been significant work to ensure that: the electrical system remains in required order; valuable structural metal remains appropriately identified with a security marking system and the concerns expressed by our Insurers about the external decking structure were appropriately addressed. During the COVID-19 pandemic an external covered deck structure was installed behind the north aisle with the aim of use as an outdoor venue space. Unfortunately it also attracted a significant amount of anti-social use and concern was expressed as to possible fire hazard. To ameliorate these concerns the structure’s canopy and supporting struts have been removed. The decking floor remains in situ and is considered of ongoing usefulness by TOC. Planning permission for the decking structure will expire shortly and, at the time of writing, we are in discussion with Hackney Council on how best to proceed with a renewal application which will be brought to the PCC for approval in due course.

With Thanks This year, as in many before, in taking care of our buildings and grounds we have continued to benefit from the insightful, invaluable and highly expert support of Jeff Manning. We are extremely grateful to Jeff and could not perform our roles without him. Similar gratitude is also extended to Simon Yauner, particularly for his pragmatic insights into the fabric of the St Mary’s Centre as well as advice as we have begun to scope the New Roof Project. Far beyond the scope of her role as St Mary’s Centre administrator, Anne Taylor has frequently gone above and beyond in helping with our Old and New Churches. Paula Anderson continues to clean the New Church and the St Mary’s Centre with considerable care and attention. We extend our thanks for her service. Although we are only at the beginning of what will be a significant project, we are grateful to Eliot Stempf and Alexandra Lee for their efforts in beginning planning and fundraising for the New Roof Project. We continue to be inspired by Jane Hutchinson and Connie Blackett-Ord’s vision and industry in bringing ‘into bud’ Mary’s Garden and thankful for the volunteers in our gardening group who tend the rest of the New Church’s green spaces.

Andrew McCully and Katie Smith (Church Wardens)

3. Financial Review

The PCC’s main sources of funding are the free will offerings of church members and others in attendance at church meetings, income from the hiring out the church buildings, and income from fundraising events.

3.1 Financial Activity and Financial Position

The Statement of Financial Activities and Balance Sheet can be found on pages 12 and 13 respectively. The Church’s reserves decreased £20,953 during the year (2021 – increased by £38,030). The balance sheet shows total net assets of £188,185 (2021: £209,138).

Included in total funds are amounts totalling £5,904 (2021: £12,966) which are restricted. These balances have either been raised for, and their use restricted to, specific purposes, or they comprise donations subject to donor imposed conditions. Full details of these restricted funds can be found in note 9 to the accounts together with an analysis of movements in the year.

3.2 Reserves Policy

The PCC in 2022 maintained the policy set in the previous year for the requirements for free reserves (i.e. those unrestricted funds not invested in tangible assets) that, given the nature of the church's work, free reserves should be the equivalent of £45,000 kept on deposit where funds permit.

The PCC believes this provides sufficient flexibility to cover temporary shortfalls in income and will allow the church to cope and respond to unforeseen emergencies whilst specific action plans are implemented. At 31 December 2022, the church had net free reserves of £182,208 (2021: £195,994) as follows:

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, STOKE NEWINGTON

Report of the Parochial Church Council For the year ended 31 December 2022

Total reserves
Less: restricted funds
Less: tangible fixed assets
Free reserves
Free reserves requirement:
Reserve agreed by PCC
Balance allocated to the anticipated cost of fabric repairs
Free reserves		 2022 2021
£
209,138
(12,966
(178		 )
)
£
188,185
(5,904)

(73)
195,994
182,208
45,000
150,994
45,000
137,208
195,994
182,208

3.3 Investment Policy

The PCC is in the process of formulating an investment policy. Funds in excess of immediate working capital requirement are placed in a bank deposit account.

3.4 Grants Policy

The PCC makes occasional grants to support charitable endeavours both in the UK and abroad. The policy of the church is to give grants on the basis that they are subject to annual review. At present St Mary’s supports its link parish in Tete, Mozambique and Christian Aid.

4. Plans for Future Periods

During 2023 we will be looking to:

5. Responsibilities of Trustees for the Financial Statements

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

9

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, STOKE NEWINGTON

Report of the Parochial Church Council For the year ended 31 December 2022

The PCC is responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports Regulations 2008 and the provisions of the governing document. The PCC is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The PCC is responsible for the maintenance and integrity of the charity and financial information included in the charity’s website.

6. Approval

The report of the PCC was approved by the PCC on 26 October 2023 and signed on its behalf by:

Rev Dilly Baker, Rector

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, STOKE NEWINGTON

Report of the Independent Examiner to the Parochial Church Council of St Mary, Stoke Newington

I report on the accounts of the Parochial Church Council of St Mary Stoke Newington for the year ended 31 December 2022, which are set out on pages 11 to 20.

Respective responsibilities of PCC and examiner

The PCC are responsible for the preparation of the accounts. The PCC consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiners’ report

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the accounts present a ‘true a fair view’ and the report is limited to those matters set out in the statement below.

Independent examiners’ statement

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

  1. accounting records were not kept in respect of the church as required by section 130 of the Act; or 2. the accounts do not accord with those records; or

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

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

John Helm Chartered Accountant

26 October 2023

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, STOKE NEWINGTON

Statement of Financial Activities For the year ended 31 December 2022

Note
Income from:
2
Donations and legacies
Charitable activities
Other trading activities
Investments
Total Income
Expenditure on:
Raising funds
3
Charitable activities
4
Total Expenditure
Net gains/(losses) on
investments
7
Net income/(expenditure)
5

Transfers between funds
Other recognised gains/(losses)

Net movement in funds
Total funds brought forward

Total funds carried forward
 Unrestricted
Funds
2022
£

106,048
3,966
89,341
2,290		 Restricted
Funds
2022
£
12,300
-
688
-
12,988
12,934
14,436
27,370
-
(14,382)
7,320
-
(7,062)
12,966
5,904		 Unrestricted
Funds
2021
£
123,090
1,690
59,190
2,183






Restricted
Funds
2021
£
28,808
-
-
-
28,808
-
28,790
28,790
-
18
-
-
18
12,948
12,966		 Total
2021
£
151,898
1,690
59,190
2,183
Total
2022
£
118,348
3,966
90,029
2,290
204,130 186,153 214,961
214,633
67
198,116
198,183
(10,034)
(4,087)
(7,320)
-
(11,407)
196,172
184,765		 396
156,180		 396
184,970
13,001
212,551
156,576 185,366
225,552
8,434 8,434
(10,034)
38,011 38,029
(20,953)
-
-		 -
-
-
-
38,011
158,161		 38,029
171,109
(20,953)
209,138
196,172 209,138
188,185

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, STOKE NEWINGTON

Balance Sheet As at 31 December 2022

Note
Fixed Assets
Tangible Assets
6
Investments
7
Current Assets
Debtors
8
Cash At Bank And In Hand
Creditors - Amounts Falling Due
Within One Year
9
Net Current Assets
Net Assets
Represented by:
Restricted Funds
10
Unrestricted Income Funds
Total Funds		 Unrestricted
Funds
2022
£
73
74,564
74,637
39,744
69,850
109,594
1,950
107,644
182,281
-
182,281
182,281		 Restricted
Funds
2022
£
-
-
0
-
5,904
5,904
-
5,904
5,904
5,904
-
5,904		 Total
2021
£
178
84,598













Total
2022
£
73
74,564
84,776
37,841
132,210
74,637
39,744
75,754
170,051
45,689
115,498
1,950
124,362
113,548
209,138
188,185
12,966
196,172
5,904
182,281
209,138
188,185

The financial statements were approved by the PCC on 26th October 2023 and signed on its behalf by:

Sophie Taylor Treasurer

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, STOKE NEWINGTON

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

1. Accounting Policies

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

Basis of accounting

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

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

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

Going Concern

There are no material uncertainties about the charity’s ability to continue as a going concern and accordingly the accounts have been drawn up on a going concern basis.

Income recognition

Voluntary income and donations (including legacies) are accounted for once the PCC has entitlement to the income, it is probable the income will be received and the amount of income receivable can be reliably measured. Income from the recovery of tax on gift aided donations is accounted for in the period to which the relevant donation is received. Grant income is recognised on a receivable basis.

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

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

Expenditure recognition

Expenditure is accrued as soon as a liability is considered probable, and the amount of obligation can be measured reliably. Longer term liabilities are discounted to present value. The PCC is not registered for VAT and accordingly expenditure includes VAT where appropriate.

Expenditure included in Raising Funds includes amounts incurred in obtaining grants and other donations and property maintenance costs.

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

14

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, STOKE NEWINGTON

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

1. Accounting Policies (continued)

Tangible Fixed Assets

Consecrated Property and Moveable Church Furnishings

Consecrated land and benefice property such as the church building and rectory is excluded the accounts in accordance with s10 of the Charities Act 2011. Moveable church contents are held by the rector and churchwardens on special trust for the PCC and require a faculty for disposal are accounted as inalienable property unless consecrated. All expenditure incurred on consecrated or benefice buildings and moveable church furnishings, whether maintenance or improvement, is expensed within the Statement of Financial Activities.

Other Fixtures, Fittings & Office Equipment. The cost of other furniture, fittings and equipment, less any expected residual value, is depreciated on a straight line basis over the effective useful life of the asset, which has been estimated as four years.

Debtors

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

Cash at bank and in hand

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

Creditors and provisions

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

Fund accounting

The funds held by the charity are either:

15

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, STOKE NEWINGTON

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

2. Income

2. Income
Donations & legacies
Offerings and donations
Income tax reclaimed
Grants
Charitable activities
Fee income (net of fees paid to Diocese)
Other trading activities
Fund raising events
Lettings income
Second Chance Café takings
Investments
Dividends
Bank Interest		 Unrestricted
Funds
2022
£
Restricted
Funds
2022
£
90,303
2,300
13,104
-
2,641
10,000
106,048
12,300
3,966
-
3,966
0
16,227
688
62,064
-
11,050
-
89,341
688
2,158
-
132
-
2,290
0
201,645
12,988		 Total
2021
£
91,749
12,199
47,950
Total
2022
£
92,603
13,104
12,641
151,898
1,690
118,348
3,966
1,690
14,592
37,678
6,920
3,966
16,915
62,064
11,050
59,190
2,181
2
90,029
2,158
132
2,183
2,290
214,961
214,633

Grants totalling £nil (2021: £5,770) are in respect of claims made to the Listed Places of Worship Grant Scheme, a Government funded scheme.

3. Expenditure on Raising Funds

Unrestricted
Funds
2022
£
Fundraising event costs, fees
Event costs, fees
67
Second Chance Café
Staff Cost
-
Other Café costs
-
67		 Restricted
Funds
2022
£
-
8,789
4,145
12,934		 Total
2021
£
262
-
-
262
Total
2022
£
67
8,789
4,145
13,001

16

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, STOKE NEWINGTON

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

4. Expenditure on Charitable Activities


Unrestricted
Funds
2022
£
Common Fund
88,144
Staff costs (see note 4a)
36,822
Church Life & Outreach
5,863
Missionary & Charitable Giving and Gifts (see note 4b)
4,496
Provision of Office & Support
7,925
Provision of Buildings and Facilities
52,736
Building project - New Rooms
-
Governance costs
2,130
198,116		 Restricted
Funds
2022
£
-
-
-
1,860
-
12,576
-
-
14,436		 Total
2021
£
58,440
23,437
4,268
2,326
5,830
83,486
5,713
1,470
Total
2022
£
88,144
36,822
5,863
6,356
7,925
65,312
-
2,130
184,970
212,552

4a Expenditure – Staff Costs

In addition to the many volunteers who give their time to the church, there were 4 (2021: 2) employees and 1 (2021: 1) subcontractor whose costs are included within Staff Costs of notes 3 and 4 above. Their aggregate emoluments were as follows:

Gross salaries
Subcontractor
Statutory Maternity Pay Recovered
Employer’s National Insurance
Employer’s National Insurance Allowance
Pension contributions		 2022 2021
£ £
16,860
12,873
(6,939)
270
373
38,679
6,195
-
1,564
(1,564)

737
45,611 23,437

These figures exclude the amounts paid to the Diocese for the incumbent and the curates, who are funded through the Common Fund. No employee (2021: nil) received emoluments in excess of £60,000 during the year.

4b Expenditure – Missionary & Charitable Giving and Gifts

Giving to organisations:
Tete Fund
St Mary’s Pickersleigh
Christian Aid
Hackney Migrant Centre
ALMA
Gifts to individuals		 Unrestricted
Funds
2022
£
Restricted
Funds
2022
£
405
910
-
-
2,500
950
1,341
-
250
-
-
-
4,496
1,860		 Total
2021
£
1,007
50
-
-
250
1,019
1,057
Total
2022
£
1,315
-
3,450
1,341
250
-
6,356

17

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, STOKE NEWINGTON

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

5. Net (Expenditure)/Income

This is stated after charging:
Depreciation of owned assets
Independent examination fee (including preparation of financial statements)
Other fees paid to independent examiner		 2022 2021
£ £
104 807
2,130 1,470
1,410 1,680

6. Tangible Fixed Assets


Cost
At 1 January 2022
Additions
At 31 December 2022
Depreciation
At 1 January 2022
Charge for Year
At 31 December 2022
Net Book Value
At 31 December 2022
At 31 December 2021		 Fixtures, Fixtures,
fittings &

equipment

£
4,557
-
4,557
4,380
104
4,484
73
177

All of the fixed assets are used for charitable purposes.

7. Fixed Asset Investments

Market Value
At 1 January
Net of purchases and sales
Net gain/(loss) on revaluation
At 31 December
Market value represented by investments in:
CBF Fixed Interest Shares
CBF Investment Fund
CBF 50p Shares
At 31 December		 2021
£
76,617
-
7,981
84,598
11,210
40,740
32,648
84,598
2022
£
84,598
-
(10,034)
74,564
9,729
35,992
28,843
74,564

No original cost information is available. The investments are held in the name of St Mary PCC, Stoke Newington.

18

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, STOKE NEWINGTON

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

8. Debtors

8. Debtors
Prepayments
Income tax recoverable
Lettings receivable
Other debtors		 2022 2021
£
19,255
13,158
175
5,253
£
24,453
13,106
30
2,155
37,841
39,744

9. Creditors - Amounts Falling Due Within One Year

Accruals
Other creditors		 2022 2021
£
45,471
218
£
1,920
30
45,689
1,950

10. Restricted Funds

10a Current Year
Church Urban Fund
Garden Project
Night Shelter
Floodlight Fund
Tete Fund
Palatine Estate Charity grant
Second Chance Café (Grants)
Church Bells
Nepal
Interfaith
Old Church Development Fund
Old Church Repairs
Ukraine Appeal
Migrant Family
Mediation policy
Clergy expenses
Chairs
Total		 At 1
January
2022
£
4795
0
874
15
926
2582
-
14
200
44
400
858
0
375
20
115
1,748
12,966		 Income
£
Expenditure
£
Transfers
£
-
-
(4,795)
1,000
-
-
-
-
-
-
-
(15)
630
(910)
-
10,000
(12,576)
-
-
(12,934)
15,912
-
-
(14)
-
-
(200)
-
-
(44)
-
-
-
-
-
(858)
1,358
(950)
(408)
-
-
(375)
-
-
(20)
-
-
(115)
-
-
(1,748)
12,988
(27,370)
7,320		 Income
£
Expenditure
£
Transfers
£
-
-
(4,795)
1,000
-
-
-
-
-
-
-
(15)
630
(910)
-
10,000
(12,576)
-
-
(12,934)
15,912
-
-
(14)
-
-
(200)
-
-
(44)
-
-
-
-
-
(858)
1,358
(950)
(408)
-
-
(375)
-
-
(20)
-
-
(115)
-
-
(1,748)
12,988
(27,370)
7,320		 Income
£
Expenditure
£
Transfers
£
-
-
(4,795)
1,000
-
-
-
-
-
-
-
(15)
630
(910)
-
10,000
(12,576)
-
-
(12,934)
15,912
-
-
(14)
-
-
(200)
-
-
(44)
-
-
-
-
-
(858)
1,358
(950)
(408)
-
-
(375)
-
-
(20)
-
-
(115)
-
-
(1,748)
12,988
(27,370)
7,320		 Gains/
(losses)
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0		 At 31 At 31
December
2022
£
0
1,000
874
0
646
6
2,978
0
0
0
400
0
0
0
0
0
0
5,904

The transfers from restricted to unrestricted funds is to correct historic errors where costs had not been allocated to restricted funds in the year they were incurred.

19

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, STOKE NEWINGTON

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

10. Restricted Funds (continued)

10b Prior Year
Church Urban Fund
Night Shelter
Floodlight Fund
Tete Fund
Palatine Estate Charity grant
Church Bells
Nepal
Interfaith
Old Church Development Fund
Children Society
Migrant Family
Mediation policy
Clergy expenses
Chairs
Total		 At 1
January
2021
£
5,315
874
15
2,183
1,645
14
200
44
400
0
375
20
115
1,748
12,948		 Income
£
Expenditure
£
Transfers
£
500
(1,020)
-
-
-
-
-
-
-
-
(1,257)
-
7,800
(6,863)
-
-
-
-
-
-
-
-
-
-
-
-
-
20,508
(19,650)
-
-
-
-
-
-
-
-
-
-
-
-
-
28,808
(28,790)
0		 Income
£
Expenditure
£
Transfers
£
500
(1,020)
-
-
-
-
-
-
-
-
(1,257)
-
7,800
(6,863)
-
-
-
-
-
-
-
-
-
-
-
-
-
20,508
(19,650)
-
-
-
-
-
-
-
-
-
-
-
-
-
28,808
(28,790)
0		 Income
£
Expenditure
£
Transfers
£
500
(1,020)
-
-
-
-
-
-
-
-
(1,257)
-
7,800
(6,863)
-
-
-
-
-
-
-
-
-
-
-
-
-
20,508
(19,650)
-
-
-
-
-
-
-
-
-
-
-
-
-
28,808
(28,790)
0		 Gains/
(losses)
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0		 At 31 At 31
December
2021
£
4,795
874
15
926
2,582
14
200
44
400
858
375
20
115
1,748
12,966

Descriptions of the main restricted funds are as follows:

Tete Fund represents funds received for the purpose of supporting the church community in Tete, Mozambique.

Palatine Estate Charity Grant represents funds received from Palatine Estate Charity (charity no. 250880) for the purpose of maintenance and repair of the Parish Church.

The Old Church – Roof Maintenance represents funds raised (from the Listed Places of Worship Roof Repair Fund) for the repair to the roof of The Old Church

New Build represents funds raised for the rebuilding of the community halls adjacent to the new church.

Migrant Family represents funds raised by the North Hackney Welcome Project to resettle a Syrian Refugee Family

11. Operating Lease Commitments

As at 31 December 2022 the following operating lease payments are committed to be paid within the following time frames:

Within one year
Between two and five years
Over five years		 2022 2021
£
-
-
-
£
432
324
-
0
756

20

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, STOKE NEWINGTON

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

12. Related Party Transactions and Balances

Rev Dilly Baker, Rector and member of the PCC, Andrew McCully, Mr Grant Cocks and Ms Katie Smith all church wardens, and Mark Blackett-Ord, father of Connie Blackett-Ord, a member of the PCC, are the trustees of the Palatine Trust Charity (Charity Registration 250880) (“the charity”). During 2022 the charity made a grant of £10,000 (2021: £40,800) to the PCC.

The Old Church Stoke Newington Limited (company registration no. 08886915) (“TOC”) was established on 11 February 2016 in order to “build community through the arts and encourage creativity for all”. TOC operates the Old Church Building under annual licence from the PCC as an arts venue, hosting a wide variety of events including all genres of music, art exhibitions and fairs, dance, comedy and theatre/performance. The relationship with the PCC is governed by a Memorandum of Understanding (dated 1 July 2016). The directors of TOC include Rev Dilly Baker, the Rector and a member of the PCC. During 2022:

During the year members of the PCC made unrestricted offerings and donations to the church of £18,040 (2021: £16,020).

21