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← The Parochial Church Council Of The Ecclesiastical Parish Of St Mary's, Stoke Newington

2023-12-31-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 2023

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 2023 Contents

Page
Legal and administrative information 2
Report of the Parochial Church Council 4
Independent Examiner’s report to the Parochial Church Council 10
Statement of financial activities 11
Balance sheet 12
Notes to the financial statements 13

1

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

Legal and Administrative Information For the year ended 31 December 2023

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 Charis Enga (Priest in Charge) (licensed March 2025) Rev Dilly Baker (Rector) (retired October 2024) Rev Sara Cottingham (Curate) Rev Prakash Thankachan (Associate Priest) (until February 2005) Rev Lizzie Campbell (Curate) (until July 2024) Churchwardens Mr Andrew McCully Ms Katie Smith (until October 2025) Ms Gill Sewell (from October 2025) Ex Officio Ms Judith Simpson Elected Lay Nicholas Carter (until May 2025) Representatives Elizabeth Smallman (until May 2025) Esme Brooker Neil Georgeson (until April 2024) Carol Bramble (until May 2025) Jane Hutchinson Jonathan Lees Harry Baker Jenny Lister Rahul Matthew Michelle Wilkinson Mark Perrett Miss Connie Blackett-Ord (until April 2024) Phil Diprose Alice Nkwanma (until May 2025) Sheila Sansbury (until May 2025) Elisabetta Olivari (until April 2024) Lorraine Sanie Liz Kalu Rachel Gill (from May 2025) Sophie Ip (from May 2025) Amanda John (from April 2024) Lizzie Yauner (from May 2025)

2

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

Legal and Administrative Information For the year ended 31 December 2023

Lay Representatives Esme Brooker (to May 2025) to the Deanery Synod Nicholas Carter (to May 2025) Mark Perrett (from May 2025) Co-opted Sophie Taylor (until April 2025) Anne Taylor (until April 2025) Key Management Those in charge of directing, controlling, running and operating the Church on a day to day Personnel basis are the Priest-in-Charge/Rector and members of the Standing Committee. Bankers Co-op Bank PO BOX 250 Skelmersdale WN8 6WT Independent Anthony Ogilvie Examiner 13 Evelyns Close Uxbridge, UB8 3LR Quinquennial West Scott Architects Inspector 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 2023

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 2023. 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 2023 comprised of the Rector, the church wardens, Esme Brooker as Lay Vice-Chair, Judith Simpson, Sophie Taylor and Phil Diprose.

The PCC met 6 times and the Standing Committee met 4 times in 2023.

At each of its meetings, it received regular updates on safeguarding, the financial position of the church and the state of the buildings. On safeguarding, members were encouraged to think about the wider aspects of safeguarding in the church environment, as well as considering the church’s safeguarding audit, and being encouraged to complete the mandatory training for all charity trustees. The financial position of the church continued to be reasonably healthy, despite the difficult economic circumstances. We remained, however, heavily dependent on the income from the Centre to make the books balance. On buildings the main ongoing issue was the state of the New Church roof. As well as the frequent need for emergency repairs, work continued to plan for a major project for a full replacement.

The PCC continued to receive reports from projects arising from the Mission Action Plan, especially the Inclusive Church, Eco-Church and Mary’s Garden projects. We had now become official members of the Inclusive Church Network, and had achieved the Bronze status as an Eco-Church. The Mary’s Garden project had made considerable progress. The PCC also considered the social media strategy, and how we could best ensures that we were presenting a consistent outwardlooking message about our values as an inclusive Christian community. New noticeboards along the railings were one of the outcomes of these discussions.

In November, the PCC also held an extended discussion with the Archdeacon of Hackney, as part of his Visit to the parish, where we discussed what we valued about St Mary’s and where we saw the challenges going forward. The Archdeacon’s feedback from that Visit was encouraging and positive about our Mission.

1.3 Church Attendance

The Electoral Roll was revised between 17[th] March and 7[th] April 2023. At the APCM in 2022, the electoral roll stood at 187. There had been 8 additions and 25 removals in the revision period bringing the new electoral roll for reported to the 2023 APCM down to 170.

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 with the Rector to discuss areas of risk such as likely increased costs or decisions about income.

4

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 2023

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
coverusfor identified risks; wemaintainup-to-dateincidentlogs.
Finances Income and expenditure:
there
is
a
risk
that
expenditure could exceed
income		 It is intended that regular reports will be prepared for the PCC
comparing income and expenditure with budget; the PCC ensure proper
authorisation of expenditure in line with the target operational cash
reserves ofthreemonths’budgetedexpenditure.
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, contentsinsurance andproperty owner’sliability
Buildings Fabric of the two churches
deteriorates to the extent
that the churches are
unsafe or can no longer be
used for worship		 Regular assessments of the buildings fabric and systems are made,
including and going beyond statutory obligations for electrics, fire safety
and lightning conductors. The recommendations of the Quinquennial
Reviews are reviewed and over time implemented including developing a
long-term strategy for the replacement of the roof of the New Church

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 our faith community. During 2023 it has been encouraging to welcome a steady trickle of newcomers to both our Sunday morning services.

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 now an established tradition, drawing a large crowd of local people and our Christingle Children’s Service and Xmas Community Choir continue to be popular features of the season.

During 2023 there were 9 infant baptisms, 3 weddings and 7 funerals/memorial services.

In July Evonne Galloway was ordained Deacon in St Paul’s Cathedral and is now exercising ministry in Poplar. Meanwhile Sara Cottingham was nearing the end of the “discernment process” with the diocese and was ordained in September 2024. Sadly, Tony Sheeran, our Self Supporting Priest, has decided to step down from formal ministry and we want to thank him for how he has enriched our worshipping community over the years he has been with us.

Sadly, in 2023 we lost two very long-standing members of our church community, John and Jean Guest. Both had served our community tirelessly throughout their lives and we miss their presence among us. We have planted a tree in their honour and continue to remember all that they gave to the life of St Mary’s.

In July we had to say goodbye to our wonderful head teacher Jane O’Brien, as she moved from our church school to pastures new. Over her ten years at the helm Jane had created a distinctive culture of inclusivity and warmth within the life of the school and she will be missed.

Highlights from the year include:

* Seeing our permaculture garden beginning to take shape. We gained the Bronze Award for being and Eco-Church, and our challenge is now to move to the next level. Thanks go in particular to Jane Hutchinson, Connie Blackett-Ord and Julia Sturmy;

5

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 2023

Rev. Dilly Baker, Rector

St Mary’s Centre

2023 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, who will be leaving us in March 2024, and his ever-expanding team of volunteers.

Anne Taylor, Centre Administrator

Church Wardens’ Report

New Church

The New Church continues as to be our primary place of worship, with Eucharist held on Sunday morning and mid-week. The Church remains open during the daytime for private prayer and reflection. That quietness during the week can sometimes be interrupted by rather vigorous piano playing by several of our regular visitors who while homeless or vulnerable in other ways find comfort in being able to play. It is one of the many examples of how important our building is to our many visitors from different walks of life.

Our regular round of inspection and maintenance of the fabric of the church threw up this year some major defects in our electrical wiring requiring extensive replacements of circuits. Our future strategy for improving the fabric of the church will need to involve consideration of the electrical supply since these emergency repairs did not go beyond making the building safe and do not support more extensive use of electrical equipment. We benefit from another important partnership with our regular roofing contractor, Joe Bainborough, who on several occasions across the year has replaced slates damaged during storms and repaired guttering and gullies. He comes out in all weathers and at short notice to keep our church intact.

Our plans in the longer term for a replacement of the roof have stalled somewhat this year as we have sought advice on how best to apply for the major funding needed. Input from the diocese and the examples of other projects which we have studied are not pointing us to the need to apply first for project funding for a feasibility study and for community consultation on the benefits of improvements to the fabric to enable wider community use. We expect the coming Quinquennial Inspection to provide us with the information to size the cost of the work and make a bid for project funding. In the meantime, we still intend to make good the ceiling tiles, but first we have had to undertake an asbestos survey for reassurance that there is no asbestos present which could be disturbed by such work. The analysis from that survey

6

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 2023

confirms that there is no asbestos in the roof tiles, though there are minute traces in the debris of the undercroft and in our electrical circuit boards whose presence is being carefully managed.

Mary’s Garden continues to take shape and grow around the east end of the church, with the regular enthusiastic band of gardeners. Jane Hutchinson has drawn up plans for sizeable water butts so that we can hold to our sustainable ethos by using rainwater. She saw through a successful application to the diocese for a Faculty to enable water butts to be installed in the coming year.

Old Church

Worship in the Old Church continues, particularly with our vibrant 9.30am All Age Service, which is particularly welcoming families with young children.

The principal user of the Old Church remains The Old Church Charity (TOC), established to provide a not-for-profit arts venue. TOC continues to offer Stoke Newington a diverse programme of events which are well attended. During the course of this reporting year TOC finds itself on a firmer governance footing, having appointed several new trustees, including a new chair in Sue Ferrar who many of us also know well as a long-term member of St Mary’s. It is pleasing to see the link between St Mary’s (which originally fostered the idea of a community arts project based in the Old Church) and TOC continue in this way.

The Old Church is a beautiful but complex building. During the course of the year its fabric has generally held up well and it remains a usable, safe and welcoming space. However, it also remains the case that St Mary’s current financial position does not permit it to undertake a more rolling and programmatic approach to maintaining the building. Urgent repairs continue to be addressed where needed, eg maintenance of the floors to attend to woodworm in the parquet flooring and the ongoing monitoring of several large cracks in the building.

Following discussions, Hackney Council has recently acknowledged that it remains legally responsible for the Old Church’s Burial Ground and is due to undertake its five yearly inspection of the site in 2024. Any remedial works will be programmed as a result of the inspection, it having been brought to Hackney’s attention by St Mary’s and TOC that some of the gravestones are now in poor repair.

For both Old and New Churches this has been the last year of the current Quinquennial cycle and the next inspections are due in 2025

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 11 and 12 respectively. The Church’s reserves increased £26,625 during the year (2022 – decreased £20,953). The balance sheet shows total net assets of £214,810 (2022: £188,185).

Included in total funds are amounts totalling £51,207 (2022: £5,904) 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 11 to the accounts together with an analysis of movements in the year.

7

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 2023

3.2 Reserves Policy

The PCC in 2023 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 2023, the church had net free reserves of £163,186 (2022: £182,208) as follows:

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 requirement		 2023 2022
£
188,185
(5,904)
(73)
£
214,810
(51,207)

(417)
182,208
163,186
45,000
137,208
45,000
118,068
182,208
163,068

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. During the course of the year St Mary’s donated to the following charities: DEC (Turkish earthquake), Red Cross (Libyan deluge), The Children’s Society and Christian Aid. As in previous years, we continue to financially support our friends in our link church in Tete, Mozambique.

4. Plans for Future Periods

During 2024 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.

8

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 2023

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

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.

This year as a result of the unavailability of key officer due to sickness these financial statements have been completed later than intended.

6. Approval

The report of the PCC was approved by the PCC on 10 November 2025 and signed on its behalf by:

Charis Enga Chair of the PCC

9

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 2023, 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

  3. 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.

Anthony Ogilvie 14 November 2025

10

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

Statement of Financial Activities For the year ended 31 December 2023

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 (expenditure)/income
5

Transfers between funds
Other recognised gains/(losses)

Net movement in funds
Total funds brought forward

Total funds carried forward
 Unrestricted
Funds
2023
£

162,473
2,575
70,552
2,413		 Restricted
Funds
2023
£
72,015
-
14,361
-
86,376
28,206
13,129
41,335
-
45,041
262
-
45,303
5,904
51,207		 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		 Total
2022
£
118,348
3,966
90,029
2,290
Total
2023
£
234,488
2,575
84,913
2,413
238,013 201,645 214,633
324,389
833
262,238
263,071
6,642
(18,416)
(262)
-
(18,678)
182,281
163,603		 67
198,115		 13,001
212,551
29,039
275,367
198,182 225,552
304,406
(10,034) (10,034)
6,642
(6,571) (20,953)
26,625
(7,320)
-		 -
-
-
-
(13,891)
196,172		 (20,953)
209,138
26,625
188,185
182,281 188,185
214,810

11

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

Balance Sheet As at 31 December 2023

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
Creditors - Amounts Falling Due
After More Than One Year
10
Net Assets
Represented by:
Restricted Funds
11
Unrestricted Income Funds
Total Funds		 Unrestricted
Funds
2023
£
417
81,207
81,624
51,525
47,264
98,789
11,810
86,979
5,000
163,603
-
163,603
163,603		 Restricted
Funds
2023
£
-
-
0
-
51,207
51,207
-
51,207
-
51,207
51,207
-
51,207		 Total
2022
£
73
74,564














Total
2023
£
417
81,207
74,637
39,744
75,754
81,624
51,525
98,471
115,498
1,950
149,996
11,810
113,548
-
138,186
5,000
188,185
214,810
5,904
182,281
51,207
163,603
188,185
214,810

The financial statements were approved by the PCC on 10 November 2025 and signed on its behalf by:

Andrew McCully PCC Member

12

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

Notes to the Financial Statements For the year ended 31 December 2023

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.

13

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

Notes to the Financial Statements For the year ended 31 December 2023

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:

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 2023

2. Income

Donations & legacies
Offerings and donations
Income tax reclaimed
Legacies
Grants
Charitable activities
Fee income (net of fees paid to Diocese)
Other trading activities
Sale of goods
Fund raising events
Lettings income
Second Chance Café takings
Investments
Dividends
Bank Interest		 Unrestricted
Funds
2023
£
Restricted
Funds
2023
£
142,947
22,523
19,026
-
500
-
-
49,492
162,473
72,015
2,575
-
2,575
0
2,305
-
5,470
362
62,777
-
-
13,999
70,552
14,361
2,160
-
253
-
2,413
0
238,013
86,376		 Total
2022
£
92,603
13,104
-
12,641
Total
2023
£
165,470
19,026
500
49,492
118,348
3,966
234,488
2,575
3,966
-
16,915
62,064
11,050
2,575
2,305
5,832
62,777
13,999
90,029
2,158
132
84,913
2,160
253
2,290
2,413
214,633
324,389

3. Expenditure on Raising Funds


Unrestricted
Funds
2023
£
Fundraising event costs, fees
Event costs, fees
833
Second Chance Café
Staff Cost (see also note 4a)
-
Other Café costs
-
833		 Restricted
Funds
2023
£
77
13,543
14,585
28,205		 Total
2022
£
67
8,789
4,145
13,001
Total
2023
£
910
13,543
14,585
29,038

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 2023

4. Expenditure on Charitable Activities


Unrestricted
Funds
2023
£
Common Fund
87,775
Clergy expenses
17,460
Staff costs (see note 4a)
45,543
Church Life & Outreach
8,092
Missionary & Charitable Giving and Gifts (see note 4b)
3,085
Provision of Office & Support
9,548
Provision of Buildings and Facilities
90,035
Governance costs
700
262,238		 Restricted
Funds
2023
£
-
-
-
1,799
1,190
-
10,140
-
13,129		 Total
2022
£
83,350
4,794
36,822
5,863
6,356
7,925
65,312
2,130
Total
2023
£
87,775
17,460
45,543
9,891
4,275
9,548
100,175
700
212,552
275,367

4a Expenditure – Staff Costs

In addition to the many volunteers who give their time to the church, there were 6 (2022: 4) employees whose costs are included within Staff Costs of notes 3 and 4 above. Their aggregate emoluments were as follows:

Gross salaries
Employer’s National Insurance
Employer’s National Insurance Allowance
Pension contributions		 2023 2022
£ £
38,679
1,564
(1,564)
737
56,909
2,386
(1,303)

1,094
59,086 39,416

These figures exclude the amounts paid to the Diocese for the incumbent and the curates, who are funded through the Common Fund. No employee (2022: nil) received emoluments in excess of £60,000 during the year.

4b Expenditure – Missionary & Charitable Giving and Gifts

Giving to organisations:
Tete Fund
DEC (Turkey earthquake)
Red Cross (Libya deluge)
Children’s Society
The Old Church
Christian Aid
Hackney Migrant Centre
ALMA
Gifts to individuals		 Unrestricted
Funds
2023
£
Restricted
Funds
2023
£
-
578
723
112
112
88
-
412
800
-
200
-
700
-
-
-
550
-
3,085
1,190		 Total
2022
£
1,315
-
-
-
-
3,450
1,341
250
-
6,356
Total
2023
£
578
835
200
412
800
200
700
-
550
4,275

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 2023

5. Net (Expenditure)/Income

This is stated after charging:
Depreciation of owned assets
Independent examination fee (including preparation of financial statements - 2022)
Other fees paid to independent examiner		 2023 2022
£ £
156 104
700 2,130
- 1,410

6. Tangible Fixed Assets


Cost
At 1 January 2023
Additions
At 31 December 2023
Depreciation
At 1 January 2023
Charge for Year
At 31 December 2023
Net Book Value
At 31 December 2023
At 31 December 2022		 Fixtures, Fixtures,
fittings &

equipment

£
4,557
500
5,057
4,484
156
4,640
417
73

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		 2022
£
84,598
-
(10,034)
74,564
9,729
35,992
28,843
74,564
2023
£
74,564
-
6,642
81,206
10,271
39,378
31,557
81,206

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

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 2023

8. Debtors

8. Debtors
Prepayments
Income tax recoverable
Lettings receivable
Other debtors		 2023 2022
£
24,453
13,106
30
2,155
£
19,047
32,133
345
-
39,744
51,525

9. Creditors - Amounts Falling Due Within One Year

Trade creditors
Accruals
Other creditors		 2023 2022
£
-
1,920
30
£
3,345
6,120
2,345
1,950
11,810

10. Creditors - Amounts Falling Due Within One Year

Loan

2023 2022
£
0
£
5,000

The loan is from the Diocese. It is interest free and repayable in monthly instalments of £200 within one year of after initial drawdown.

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 2023

11. Restricted Funds
11a Current Year
Children Society
Church tower
Garden Project
Night Shelter
Old Church Development Fund
Palatine Estate Charity grant
Roof Appeal
Second Chance Café
Tete Fund
Total
11b Prior Year
Church Urban Fund
Garden Project
Night Shelter
Floodlight Fund
Tete Fund
Palatine Estate Charity grant
Second Chance Café
Church Bells
Nepal
Interfaith
Old Church Development Fund
Old Church Repairs
Ukraine Appeal
Migrant Family
Mediation policy
Clergy expenses
Chairs
Total		 At 1
January
2023
£
0
0
1,000
874
400
6
0
2,978
646
5,904		 At 1
January
2023
£
0
0
1,000
874
400
6
0
2,978
646
5,904		 Income
£
Expenditure
£
Transfers
£
150
(412)
262
10,140
(10,140)
-
5,050
(1,858)
-
-
-
-
-
-
-
11,000
-
-
18,569
(18)
-
41,090
(28,129)
-
177
(578)
-
86,176
(41,135)
262		 Income
£
Expenditure
£
Transfers
£
150
(412)
262
10,140
(10,140)
-
5,050
(1,858)
-
-
-
-
-
-
-
11,000
-
-
18,569
(18)
-
41,090
(28,129)
-
177
(578)
-
86,176
(41,135)
262		 Income
£
Expenditure
£
Transfers
£
150
(412)
262
10,140
(10,140)
-
5,050
(1,858)
-
-
-
-
-
-
-
11,000
-
-
18,569
(18)
-
41,090
(28,129)
-
177
(578)
-
86,176
(41,135)
262		 Gains/
(losses)
£
-
-
-
-
-
-
-
-
-
0
At 1
January
2023
£
0
0
1,000
874
400
6
0
2,978
646
5,904		 At 31
December
2023
£
0
0
4,192
874
400
11,006
18,551
15,939
245
51,207
At 1
January
2022
£
4,795
0
874
15
926
2,582
-
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		 Gains/
(losses)
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0
At 1
January
2022
£
4,795
0
874
15
926
2,582
-
14
200
44
400
858
0
375
20
115
1,748
12,966		 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.

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.

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 2023

11. Restricted Funds (continued)

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

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

Second Chance Café represents funds received in order to run the community café where all members of the community can share a meal together

Church Tower - funds received in order to meet the cost of emergency tower repairs.

Roof appeal invited donations to meet future cots of replacing the church roof.

11. Operating Lease Commitments

As at 31 December 2023 the following operating lease payments are committed to be paid within the following time frames:

Within one year
Between two and five years		 2023 2022
£
432
324
£
360
270
756
630

12. Related Party Transactions and Balances

Rev Dilly Baker, Rector and member of the PCC, Andrew McCully and Ms Katie Smith both church wardens, and Mark Blackett-Ord, father of Connie Blackett-Ord, a member of the PCC, were the trustees of the Palatine Trust Charity (Charity Registration 250880) (“the charity”) during 2023. During 2023 the charity made a grant of £11,000 (2022: £10,000) 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 in 2023 included Rev Dilly Baker, the Rector and a member of the PCC. During 2023:

During the year members of the PCC made unrestricted offerings and donations to the church of £16,980 (2022: £18,040).

20