2023-12-31-accounts

THE PAROCHIAL CHURCH COUNCIL OF ST MICHAEL AND ALL ANGELS, BARNES Financial Statements For the year ended 31 Deeember 2023 Page 2 PaBe 3- 10 Paue I Page 12 Pages 13-25 Independent Examiner's report Annual RerATrrt Siaiernent of Finan¢i41 Aclivities Balance Sheei Noies io the Financial Siaiements Ineurnbenl: The Rev'd Sieph¢n Si¥vrou The Vicarage 39 Elm Bank Gardens Bames London SW13 ONX nk: Barcla)'s Bank George Street Richmond sU￿¢Y Independent Exarniner: Miriam Hickson CTA FCA Jacob Cavenagh & Skeei Robin Hood Lane Sullon Surrey SMI 2SW Registered Charity Number: 1133927

INDEPENDENT EXAMINERS REPORT TO THE PAROCHIAL CHURCH COUNCIL OF ST MICHAEL AND ALL ANGE BARNES Independ¢nt examiner's report lo the trusttts of Sl Michael and All AnEels Parochi&l Church Council I r¢pon to the charity Iru51tts on my examinaiion of the accounts of the St Michael and All A Thgels Parochial Church Council (the Church) for ihe year ended i l December 202) set oul on pag¢5 1110 25. R¢sponstbilili¢s 8nd b85is of report As ihe charity'5 Iru5tees you are responsible for ihe prepardiion of ihe accounis in accordance wilh ¢h¢ requiremen1$ of the Charilies Act 2011 {'the Aci.). I r¢port in respe¢1 of my txaminolion of the Tryst'5 accounts as carried out under seciion 145 of ihe Ac¢ and in cam'in8 oui mv examirkalion I have follow￿ all Ihe applicable Direciions given by ihe Charity Commission undcr section 1451SMb) of the Act. Independenl ex4min¢r'5 5t•lem¢nl Since th¢ Church's gross income exceeded £250.000 vour examiner must be a member of a body lisied in section 145 of the 201 l Aci. I confimi thai l am qualifL¢d lo undertake the examination because l ai a member of the Insiiiuie of Chartered Accouniants in F.n8land and Wales. which is on¢ of th¢ listed bodies. I have completed my examinaiion. I confimi thai no mallers have com¢ io my aiiention in conn¢clion wilh the examinaiion giving me cause io believe thai in anw material respect.. accouniing records were noi kepi in respeci ofihe Church as required by seciion 130 ofthe Act: or lh¢ ac¢ounts do accord with ihose records: or the accounts do not comply wilh Ihe applicable requirements concernins the forn) and conieni of accounts sei oui in the Charities (Accounis and Rew)n} Re¥ulations 2008 oiher than any requiremeni ihai ihe accounis give a 'true and fair view. which is noi a maiter considered as pan of an independeni e.¥aminaiion= or Ihe accounls have noi been pr¢par¢d in aicordance with ihe methods and principles of Accouniing and Reponing by Chariii¢s'. Stai¢meni of R￿QMMended PracTice applicable TO haTilies preparing their accounts in accordance wilh ihe Financial Reponing Siandard applicable in the UK and the Republi¢ of Ireland IFRS 102). I have no concerns and have ¢QTne across no other matters in ¢onn¢(tion with ihe examinalion tg whkch attention should be drawn in this report in i)rder to enobl¢ a proper 4mderstandin8 of ihe accounts lo b¢ reached. Miriam Hickson CTA FCA Jacob Cavenagh & Skeet 5 Robin Ho(Kl Lane Sutton Surrey SMI 2SW Date. 20 Apv41 7ozLF

ST MICHAEL AND ALL ANGELS, BARNES ANNUAL REPORT For the year ended 31 December 2023 AdmiDlStrative Inforrn&tion St Mtchael and All Angels Church is situed in Elm Bank Gardens. Barnes. London SW li. It 15 part of the Diocese of Southwark within the Church of England. The Corres￿}￿dence address is The Vicarage, i9 Elm Bank Gardens. Bames, London SW li ONX. PCC m¢mb¢rs who have served from l January 202) uniil the dale this report was approved are.. In¢umbeni'. The Rev'd Siephen Sthvrou Assisiani Priesi 'the Rev'd James Marsion Wardens.. Andrew Childs {resigned May 20231 .izzie Hackell Bro'n Jane Bennert Powell (appointed May 2023) Deanery Synod Repres¢ntaiiv¢s'. Jan¢ BenTh¢it Powell Rh(Klri Walters Ex 0￿1clo members.. Jacqueline Russell ITrea5urerl Elected Members: Andrew Puddifool Frederick Appleby Gemma Cunan Annetie Waller Anne Johnsione Camilla Harries- also Parish Safeguarding officer Bruce Houlder Patricia Reed-Bosw¢ll MariLbn Krelin8 Parish S#feguarding Officer.. Camilla HarTies PCC S¢¢rei8ry ThisptPSiiion is presertili. vacani. Structurci goverThnee, and mn8%em¢n¢ The PCC is governed by ihe PCC Powers Measure (1956) as amended and church represeniaiion rules. Member5 of the PCC are eiiher ex offi¢io or elected by the Annual Parochial Church Meeting {APCM) in accordance wilh the Church Represeniaiion Rules. All ¢hurch aiiendees are ¢ncourab)ed to register on the Electoral Roll and siand for ele¢iion io lh¢ PCC. The PCC meets ai least four limes a year and operaies through iwo sub-committees which meei betiveen full meeiings of the PCC. These comprise the Standing Committee and the Finance Committee. The Parochial Church Council (PCC) is the church's governing body and its Membe￿ for the time being are de facio ihe church's Trustees. Thei. are co-truslees i&ith the Diocesan Board of Finance for the Trusi Land held by the church. McTnbers of thc PCC clcctcd by members of the ¢ongregaiion on the church's Elecloral Roll at th¢ Annual Parochial ChU￿h Meeting. PCC membership. in accordance iviih Church of England pra¢ti¢e. i%'ill no¢ nomlally exceed three j'ears.

ST MICHAEL AND ALL ANGELS, BARNES ANNUAL REPORT For the year ended 31 DeceM￿r 2023 Objective5 and Activitie5 The PCC of St Michael and All Ange15. Bames has the responsibility to Co-operdte wilh the incurnbent. Fr Stephen Siavrou. in promoling in ihe ecclesiasiical parish Ihe whole mission of ihe church. pastoral. evangelistic, social, and ecumenical. li also has re5FX)nsibility for ihe mainr¢nan¢¢ of the Church and the control of expenditure. Achievements and performaDfe C'hiirch Aiieiidance St Michael's Electoral Roll sthnds ai 190. The average monihly couni ofthe congregation iaken on Sundays during O¢iober,November ?0?3 was 137. VIEW FROM THE VICARAGF. 2023 .0 worship ihe Lord in ihe beuwn, ofholiness is a verse from Psalm 96 ihai describes one of our values a5 a ¢hur¢h 10 offer beaultful worship io God. This Leni we have been (ocusing on the Psalms, and in thi5 report l use the words of the Psalms io describe how we hawe expressed our life as a church over the past year. As ever. I can only give a flavour of some of ihe regular and special evenis ihai have iaken place in ihis wortd¢rful and busy parish. whilst also being honesi aboui the challenges we face. MAY '1 xlud ￿,he￿ ihei. suidunio me. H'e ii'illxo iniij ihe hO￿.￿e ¢)fih¥ Lijrd. Psalm 122.1 rh¢ rnonih of MAY brought three da)'s of celebration. First ihe Coronaiion iiself on gaiurday. and an opponunily to 5¢¢ the role of ihe Church of Fngland in Ihe life of the naiion. On the Sunday. a combined Pentecost and Coronaiion High Mass wilh brass quiniei as we prayed for Ihe King and Couniry. Finally. on the Monday. we welcomed owcr 500 pcople inio church for a huge communiiy celebraiion. li was important as a new model for evenis - noi 'owned' as a L.￿￿r¢.h ev¢ni as such, bui hosted in partnership with the community. by mak'ing ihe space and faciliiies available io OUT parishioners. It was ihrec extraordinary days of celebTaiion. JUNE 'HoM' xoodondpleosani li is M,hen lindredlii'e iOReih¢r in Psalm 133.1 June bn)ughi the Midsummer Feie. Such evenis lake a loi of organisaiion. effon and time. and il is ¢a5y to wonder if it is all worth it. On ihe da). iiseif, Ihe value becomes clear, as people of all kinds, come tog¢iheT. enjoy themselves. meei neiv people. and make conneciions ￿lIh Ihe church. Having Inoved the F¢1¢ out from being hidden away and onlv in Ihe Vicarage Garden with only a sinall group of pcopl involved. il's imponani ihai we keep li visible and ouiward-facin8 in church and cenire so il is also dn act of mission Ihai involves the whole parish. In ihe }'ear ahead I'd like us 10 consider how we can further develop and grow the Fele lo enhance its Polential. JUL Y 'AII nalions Jroii htwe mude shall come and M'nrship i'tsu, o Lord. Psalm 86.9 In Jul)., the academic year comes io a close with the joy of the Confimiation service. The revival of annual confimiaiion for young people is one of the most IM￿rtant fruits of our ministry among families. The group of I l older children began preparing in earl). February and ihe preparaiion involved caiechesis segsions. and also fun event5 5u¢h as a film and 51eepover in Church. The Confirniaiion itself was conducted by Bishop Rob Gillion. and followed by a party in Ihe Vicarage Garden. There's already a group of adulis- m0511y porents of young children- preparing for confim)aiion this July. This monih. the PCC a150 had an impottsni conversaiion about race and inclusion. kick-start¢d by discussing ihe Dio¢e5an Anti-Raeism Charter. li challenged us io ihink abour our visible divcrsity and our hidden prejudic¢s. Oul of this Came a number of commitmen￿. such as ihe use of culturally and eihnically div¢TS¢ imagerv in our printed materials to counieraci ihe unifornly whiie-west¢rn V15ual imageri. in church. M05t imp(*tantly. a member of ihe PCC - Asha Pandit- agreed to tak¢ on a role as 'Inclusion Champion. io ensure inclusion of all kinds is a regular pan of our PCC agenda. A( the July meeting. and after a thorough iendering process. Ihe PCC a150 appoint￿ Manders as the new firni Tesponsible for regular tuning and mainienance of ihe or£an.

ST MICHAEL AND ALL ANGELS. BARNES ANNUAL REPORT For the yearended 31 December 2023 AUGUST 'Deliver me O Lordfrom evildtpers Psalm 140.1 The quiet month of Augu51 was disturbed by a fire in the church ￿used b). an arson-attack. CCTV caprured a man deliberately setting fire io the Aliar fronial in th¢ Lady Chapel ￿"hICh bumi the frontal and the Altar iiself. Thankfully. the fire w'as pui oui bj some parishioners passing b), who used the fire- extinguishers and called the Fire Service. This swift afflion meani the fir¢ was coniained and has caused little serious damage that cannot be repaired. On ihe i)ne hand ihe event was dcepls, upselling, and tnanv people said how shocked th¢y were. On ihe oiher hand. it wa5 ¢ncouraging io see how much people valued the opennes5 of the church, and sirengihened every'one's desir¢ thai li should remain 50. Naiurally, in lighi of ihis. we have reviewed and increased our fire-safety procedure5. bui li was encourdging 10 see the effectiveness of those already in pla¢¢. which effeciively prevented ihe spread of lh¢ fire. SEPTEMBER 'Praise him all i'tpu angels ofhis. prai.¥e him. ull his h051'_ Psalm 148.2 September begins wilh a bang and the w)pular 'Back io School Service. and ends with our Michaelmas Paironal Festival. Between th¢s¢ two. Ih¢re was graduaiion of Gemma Currdn, from her COUTse on children's minisiry as she developed her role of Children s Minisiry, Leader. Our Direcior of Music also sianed our planned Children's Choir. The Barn¢s Children s Lhoir has 801 orr 10 a good start with a dozen or more children aiiending. The Church of England has seen a revival of children s choirs in recent years. and Ihey are widel>. recognised for iheir missionol impaci, bringing noi only ihe children, but also families and friends into Ihe life of ihe Church. Th¢ monih also broughi a new service of Prayer before Ihe Blessed Sacrameni on Monday evenings. Having ¢.xperim¢nied Miih Ihis for some lime in Leni dnd Adveni, li feli righi io iniroduce Ihis on a more regular basi5. and d¢¢pen our spiriiual life ihrou¥h silence and coniemplaiion. Ai PCC. ue agreed u￿lated Tern15 of R¢f¢r¢nce for Ihc Finance Commiiiee. and appointed new members and a bookkeeper. OCTOBER 'IVepunder)'oiir sleadfusi lov¢ O God. Psalm 48.9 In OctobeT. several of Ihe local clergy aiiended 'Barnes Ponder 2. Ten )'ears ago ihe Flames Communit>. As50ciaiion undenook a communil) consultaiion and. as a r¢sult. J number of wonderful iniiiatives have improved life in Bames. This new 'p)nder' was ihe fir51 stagc in a new sei of pr()posals. and Si Michael's looks lorward 10 seeing where our priorities align and Joinin￿ in to blcss our communii),. Someiimcs, the mosi effeciive work we can do as a church i$10 join in kniih what 15 alr¢ady happcning, rather ihan siarting something new ourselves. NOVEMBF.R 'The Lordm'ill keep i'()iiJroTri all ¥vil.. he M'ill keep)'our lif¢ P5Jlm 121.7 For the Iirsi lime, the choir sang DuTufle's Requiem lor All Souls-a service so w'¢ll atl¢nded because it means so much 10 so many. Increasingly. parishioners are requesting a requi¢m mass on ihe annivcrsary ora departed loved one. and Ihis is someihing io be encouraged for the hope and comfort it give5 ¢0 the living, as well as ihe aid ofour prayers lor the departed. In resFx>nse io ihe General Synod's dccision io hold services 10 celebraie the relalitrnships of same.sex couples, St Michael's lalong wilh Si Mary's) issued a public siaiemeni welcoming thai development, and looking forward holding ihese services as siKin as w)ssible. li ￿a$ sinking how man>. people in the communiiy responded posiiively io ihe siaiemcni. and demonsirdies ho￿ much people want a Church Ihat is open and accepiing. Two requesis for such services have already been received. DECF.MBER 'You crom'n ihe i.ear ii'iih i'r)iirg(piJdness' Psalm 65.11 Our Adveni Iheme this year was 'Remarkable Women as our preachers. groups and reading focused on Ihe life and faiih of Doroihy Da).. Julian of Norwich. Kaiharine Parr and Theresa of Avila. This Iheme coniinued inio ihe Adveni and Chrisimas Carol SeTrices. as we lisiened panicularly 10 ihe stories or women in the Gospels. Both services had larger attendances than th¢ lasi few v¢ar and. reflected anecdotal evidenc¢ all over the county. (Trf a Christmas att¢ndanc¢ even higher rhan before the pandemic. Certainly. Ihat wa5 our ¢xp¢ri¢nce at all Ihe Christmas services - wilh ihe special lighting effe¢is ai the Nativity Service and the Christmas Da%, Panto Sermon - delighiing every'one. One persgn told in¢ these 5¢rvi¢es were all people had ￿¢￿ talking about for w¢ek5 beforehandl A5 a r¢5uIL in ihe last couple of years we have turned around J twfrdecade decline in Christmas att¢ndance.

ST MICHAEL AND ALL ANGELS, BARNES ANNUAL REPORT For the year ended 31 December 2023 JANUARY 'Lel mj'prw'er rise before J'ON like incense Psalm 141 ? The New Year brintss the Epiphan}. Carol service for which w'e y'ere joined by Bishop Martin GaEnsborough, Ihe new Bishop of Kingston. and it M'as good lo gel lo know hirn better. Epiphany Carols is a relaiively new type of service. bui li has become a firni fi.1lure in ihe extended Christmas season. Thai season was broughi io a conclusion ￿lth Candlemas ai ihe end of ihe month. with ihe parish celebrating my 40ih birthday wilh an ama7.ing cake. a speciall!" composed l>'rics io a song from the choir, and a generous gift. Every church should be a community of celebraiion. bui Si Michael's does ihis beiier than most. and l am profoundl> grateful for everyone's kindness. During Ihe monih the PCC weni on lis annual Awa!. Daw ai Si Nicholas.. ChiS￿,1ck. on the iheme of 'As oihers see us, as we reflecied on our pasi Mission Aciion Plan and began preparing for the next one. The Iheme encouraged us io uTrdCrs￿Trd ho￿ Si Michacl's is pcrccived locally. on ihc basis Ihat only wilh Ihis understanding can we ihcn reach oui and engage in ih¢ righi ￿a},. January a150 broughi a ncw, home for our Associaie PTiesi. Fr James Marsion, who MOV￿ inio the flai formerly belongin8 10 rhe late Basil Moss, by kind pennission of the Iru51tt5 of lhe ￿u]In¢ Meeiin¥$. FEBRUARY '.Slea￿￿sl love belongs ioyou O Lord'_ Psjlm 6? 12 In February, we foTmally appointed TWO people (Andy Puddifool and Pai R¢¢d-Bosw¢ll) as Pa5Toral Ministers. In a scnse. this onlv affinns ihe work ihe) are alr¢8dy doing visiiing ihe housebound and tak'ing Ihe Sacramcni io ihe sick. However. li is pan of a Dioc¢s8n iniiiaiive called 'A s¢asgn of Lay Minisiries, seeking io narne the minislries alr¢adv taking plate and ihcreby encolhrage more people io offcr Ihemselves in God's service. Ai Si Michael s, so tnuch pasioral care lakes place naiurally. which is JUSE as li should be. but it is imp(Trrtant for 50m¢ pasiordl care io be organised and planned $0 thai no-one is left oui. s￿akIng of pdsloral car¢ of th¢ sick. it was sad io hear of ihe passing of long.sianding parishioncr Eleanor Sianier whose funcral i￿L pla¢e ihis monih. The PCC meeiing ihis monih focused on fundraising. and was updated aboui the surveys io Ihe Church Ilall. The firsi was a structural survey. which r¢port¢d the building was currently sound and had noi deieriornicd lurther since siabili5alion work wa5 undcrtaken some years a80. 'fhis provides a good basis for moving lorward wilh new plan5 ¢0 renovai¢ lh¢ buhlding. which ￿e hope io share with the community in the near fuiure. MARCH '.Sing io ihe Lord 50ng. hisproise 14 ihe aisemhli. lif ihc'fuiihful, Psalm 149.1 As I wri1¢. w¢ have just entered March. which brings wilh li ihe Barnes Music Fesiival. thal exprc5ses noi only the iM￿rt¥M¢¢ of mu5bC io Si Michael's. but olmusic io ihe Chrisiian faiih more generally. As pan of ihal, Si Mi¢ha¢l'5 is hosting two concerts. a recithl and a special service wilh a local secondary sch￿)1. In ihe nexi few w¢¢ks we look for%+ard to appointing some new music scholars. and have inviied a re5pect¢d organ consuliani to surve>. the organ io see M.hai upkeep of the instrument might be required in the coming year5. 'Musical March. fits rather neaily with our Leni theme of ihe Psalms. which were lar8ely composed &5 songs. These WOTd5 ¢pn only record a re￿ of ihe most imponani ihings Ihai have happened in this busy and creative parish over the last year. and we look loTh%'ard ￿lth jo) 10 celebraiing Easter and ￿'orShippINg God in the beauty of holiness. Financi)Il Rel'iew l am pleased to Say that 2023 ha5 been a strong year and we have left the financial repercussions of Covid behind u5. We managed io ¢onirol our expendiiure despite significant increases in our utility. cosis together with a S¢rong year of l¢iiing income and severdl fundrdising events have helped us buck. the trend of the last couple of lears and reiurn us back. lo surplus. This has been helped by strong invesimeni gains and good interest on our CCLA A¢couni. Challenges siill exist as our regulaT giving remained very. siable and ￿hlIe ihis is good neivs in a tough e¢onomic climaie we do need to try and increase our planned giving io ensure long lerni 5UStainability. On a positive noie we are seeing an in¢r¢as¢d use of ihe cashless ierminals which has certainl). helped keep income itive. Lexham Gardens was also let for the first time and is now generdiing good income.

ST MICHAEL AND ALL ANGELS, BARNES ANNUAL REPORT For the ye¥r ended 31 December 2023 INCOME Total Income in ?023 grew in toial to £311.458 up from £?82.?0? last year, M'ith our unrestrieted income showing sirong gain$ 10 £304.990 Compared 10 £241.07) lasi year. Gift Aid Donaiions rose slightly 10 £59.49? from £54.997 and while total donations and legacies fell to £10? 199 from £136.?99 lasi year. we had a one off excepiional donaiion of £40k which we knew ex¢eptional. We also received sewerdl grdnis ihis )ear as part of ihe funding for the Coronation Tea. including £3.109 from Richmond which enabled ihat evenl to not only be a great eveni for the communiiy bui also io deliver a surplus. Income from fundraising events. not relaiing to music also grew. he1T￿d by the Coronation tea party and the ¢on¢iftued su¢¢¢ss of our now regular evenis from the quiz night to ihe Art Festival. all of which are g¢nera(ing greai income for Si Michaels as well a5 adding lo the cultural variety of the church. Income from Investment5, which includes reni from 41 Elm Bank Gardens and from cash held on deposii. was strong and Lexham Gardens wa5 let from ihc Spring and gTeneraied £?? 883 of income for the first lime. Total income from Invcstmenls (Elm Bank Garden. Lexham & Investinent income} was £77.877 compared (0 £45.777. and thai is siaied before the gain ol. £17.165 on our Invesiments with the CCLA. This year we are Sthiing our investmeni income gross of £12.195 of fees. It was encourdgingj to see growih in our oih¢r l¢iiing's income ￿ iih Church Hall income ai £44.935 compared to £37,784. Communiiy Cenire leiiin85 ioialled £52.386. significanily up on £4?.076. I'olal Income - removing (he resiricied income bui including Ihe nei reiurn from fundrdisingi rather Ihan the gross fundraising income and including the gross up on fees for our invesimeni propenies was £?96.919 compared io £?39.463. a 94P/o increase. Ihis equates 10 £5.710 a week. compared to £4.605 in 202? Removing ihe gross up on invesimeni income ihe 8rowih 15 slill strong at 190/0. EXPENDITURE Total eipenditure grew once again 10 £298.834 a significant increase compared to £?47.041. however thi5 was the firsi full j'ear we had full cosis for Faiher James Marston. ￿hICh are o(cour5e fully funded from a gcn¢rous r¢siricied donation. We are also including agents, fees for letting properties of £12.195. Comparing jusi unresiricied e.%Per￿liUre costs were very Stable at £?44.844. £?3?.649 net of fees compaTed 10 £2?9.936. W¢ didn i invesi as much in the Church with Church Maintenance al jusi £1 ? 047 Compared io £?7.465. We are however Spending significantly moTe on the Organ. Organist and Music with ioial costs now at £18.114 compaTed to £1 0.799. All music fund income is direcily reinvesied back into music in ihe church. Tolal underlying expenditure grew lo £236,773 compared to £??8.3?7. £4.553 a week ¢ompared to £4.391 a growth of 4ts/4) - removinq fees on investment properties we see jusi a 20/ty fall - due to the reduction in church mainienance. Cosi increases however remain a real ¢on¢¢rn. bui we have Managed to change uiility supplier and hope thai ihe peak invoices of ?023 will now reduce. The total underlying surplus on our unrestricted funds for ihe year was £60.146. with the combined Ministr).. Community. Cenire and dcsignated Hall funds generdiing a surplus of £9,850 comparcd to £8.887. This year ihe PCC has de5ignaied jusi 50ts1￿ of Ihe surplus from the Hall to Ministry. compared io ihe full amouni required last )'car. i%"hi¢h has enabled ihe Minisiry Fund to be in SUTpIu5 of £10,654. This compares with the need io allocaie all funds in 2021 As I reported last year, we are in receipt of a l¢ga¢y from the will of ihe late Basil Moss, which takes

ST MICHAEL AND ALL ANGELS, BARNES ANNUAL REPORT For the year eoded 31 December 2023 the forn) of flat namely Flat 5. ?0 Lcxham Gardens. The Executors have confirnied ihai any proceeds from ihis legac). are due io Si Michael & All Angels from ihe date of death. and that we are entitled lo effect repairs and mainicnanrc. Thi5 flat was let for the first time during the >'ear and all costs to get il on the markei ￿ere able io bc fundcd from income generated. so we didn't need io borrow funds froln the fabric fund which is greai news. We have still noi recognised the flai as an ass¢L as while probate was granted legal tiilc has Still not been Iransferred due io compli¢aiions th'ithin ihe wider esiaie so the process to Iransler title hasn't commenced. The Exe¢uiors ¢annoi with all ¢¢rtainty confim ihat there are sufficient assels Wlthin Ihe ¢siaie to enable it io be free of legal indenture. li has therefore not been re¢oLiniscd in the accounis. we anticipate this being resolved this yedr. TAble of Vnderlying Unrestricted lThcome A nd Expendilur¢ 2Q21LIQ21 erniionll Income & F.x etsdiiure includin S lil b Ineome Sirtams 2023 2022 Toial Income Less Fundraising Fundraisi#8 Costs Add Fundraising Surplus £311,458 £20.65? 1£)(J.ol £8.071 £1? 581 £1? 581 £303.387 £282.202 £1.609 £10.07? £10.07? £?80,593 Restricted grants Underlyln8 Incom Trtnd Income per week (excluding grani$. ¥ppe315 & Iwiesl Total Expendilyre ixss Fundraising cosis l£ss Depreciation Less Restricted l¥pendiiure Underlying Exptnditwre Expenditure per week £296.919 £239.463 £5.710 24% £4,605 19010 L?98.834 1£8.0711 1£14.0721 1£39,9181 £236,773 £?47,041 (£1,609) 1£14,072} 1£.1,0331 £228.327 £4,553 4% £4.391 27°h Net Surplusl {Delleii Surplus per week Splitting (DefpciiySurplu$ bthvetn Income Simms Church Ilall Corrjmunity Centre Fabric Fund (Surplus on EBG less maintenance) Musi¢ Fund Infvtsiment Income {Anhur Ford) i£xham Gardens Ministry Fund £60.146 £ll,136 £1.157 £214 £ty8.68? £30.088 £23.61] £207 £4,188 £8.445 {£35.0771 £16.500 £19.668 £7,068 (Ll.7781 £6,777 I£Y.8181 1£27,2811 N¢¢ Surplusl{Defiritl before Investmeni G*ins £60,146 £11.136 Nel In Year Churth IDtficiiySurplus after Communit). C¢ntre & Allocated H811 Surplus £9J52 £8,887

ST MICHAEL AND ALL ANGELS. BARNES AN'NUAL REPORT For ihe yearended 31 December 2023 OUTLOOK FOR 2024 The realily is 2023 was an excepiional year, and ￿'e made Strong investment gains. which 15U5pect 'ill not reoccur again. however I remain positive about ?0?4. Letting5 income is remaining strong and all our propcrties from 41 Elm Bank Garden5 to our Flai in Lexham Gardens and the Church Hall and Community Centre remain popular. We are as highlighi¢d last year now even more reliant on rhai income to 5uppon our Ministry. The blbdgei for ?0?4 has been set io see a surplus on our unresiricted funds. The challenge is ihat the Mission Fund thas provided io sUp￿rt three )'eaTS of an Assisiant priest. and it is hoped thai ihe sury)lus forni Lelham Gardens will provide enough funds for another year, we are some £?Ok short of being able to fully fund (his role ihat we share with St Mary's for ihe longer leTm. That is ihe challenge as this C051 needs io iransfer into the main ministr), when th¢ Mission Fund 15 speni. We have anoiher _ or Ina!,be 3 years io ensure income rises io allow us 10 absorb thi5 circa £30k addiitonal costs each year and wilh regular giving only slightly up this is ihe challenge we need io sei ourselves. Unrestrleled Ind Designated Fund5 Unrestri¢ied funds encompass funds for ihe 8eneral Tunning of ihe Church, Church Hall and Community Centre and include Ihe Minisir). Fund. previously known as ihe General Fund. Ihe Fabric Fund. Music Fund. Hall Renovaiion Fund and Arthur Ford Communiiy Fund. The defiCIt from the Ministry Fund is eliminatcd b>. all surplus from ihe Communiiy Fund and from (he Church Hall. The PCC has this year confirnied Ihai Ihe level of iransfer from the Hall io the Ministry Account will be lh¢ higher of ihe outstanding deficit on Minisiry aller Communiiy Cenire receipt5 or 500/0 of the Hall %urplus. Following the esiablishmeni of ihe Mission fund we have aciively used this fund this year for our assislani priest. The PCC ha5 designaled ihe surplus on Lexham Gardens io sUPPOrt the Mi55ion Fund, leaving jusi one income's rental in the Lexham Gardens Property fund for on-uioing maintenance. The Fabric fund. M,hich is sei aside to fund the fabric of the Church and the Communiiy C¢nire grows io £11 • 167. The balance on ihe Hall Renovaiion Fund gro￿$ 10 £83.787. The Arthur Ford fund recovered to £281.267 due to Ihe gains on invesiments. Endowment Funds 'I'hese include the asscis of St Michaels. The Campaign for Si Michael's which includes th¢ build cost for the Communiiy Cenire now refle¢is the value ofihe asset of the ¢loi51ers, after depreciaiion, of £464.843. Restricted Fund5 The Choral Scholarship fund remains healih>' ai £4.559 and we are graieful for all donations into this fund this year. We are incr¢dibl)' grdleful to The Ousele}' Trnsi who donated £ 1.000 in order (o create for the first time an Ouseley Scholar. This is the first year we have seen si8nifi¢ani w of the Mission FU￿1. as following Farther James Mar5ton s appointment in December ?0?? w¢ have had a full >ear of costs. whi¢h we share on a 50150 basis With Si Mary s. As noied atrM)ve the surpr￿5 on Lexham Gardens is iransferr¢d to this rund, following a decision by ihe PCC. The total value of all funds rose by £29.789 10 £2.078.417.

ST MICHAEL AND ALL ANGELS. BARNES ANNUAL REPORT For the year ended 31 December 2023 Public Benefit Reporting The Parochial Church Council confirnis that it folloivs the Charity Commission guidance on public benefit in setting its objectives and believes li has fully fulfilled lis obligations with the variety of work and activities undertaken throughout ihe community. St Michael & All Angels is registered as a Charity under Charity N4bmber 1133927. Reserves Policy The policy of ihe Parochial Church Council is lo larget a level of reserves in the Minisiry Fund equal to three months. running cosis of the church, excluding planning hall and community centre Cosis. which at a run rate of £4.553 per week. eqlbaies to a total of £54.636. As our cosis increase ¢his Temain5 completely out of reach, but we take some comfort thai ai least our Minisiry Fund is oui of deficit and back in surp14bS. Investment Poli¢y and C¥sh D¢posits The Finan¢e Committee have dei'elo￿d whai ihey regard as a mixed risk strategy with all funds invested in the CCLA UK Equily Income Fund'cash deposits with the CCLA and Barclays Bank. The Parochial Church Council reinvesied a proportion of ihe Anhur Ford fund of £ i ?0,000 in the CCLA UK Equity Income Fund in ?019 and £?O.000 of Funds inio the CCLA Global fund in 20?2. Cjiven ihe high level of cash currenily held we are currenily looking io expand our invesiments wilh the CCLA. Risk Mn¥%ememt 'rhc PaTochial L hur¢h Council has assessed ihe major risk io which Si Michael's might be exposed. Ihose relaied io ihe aciiviiies and finances of Ihe Church and is saiisfied ihai ihere are sysiems and processes in place io miiigaie exposure io any major risk. The Finance Commiitee reviews the rinanciul p)5i¢ion of ihe chvich ai leasi quan¢rly. w.hile ihe Chur¢hward¢ns r¢&>ularly r¢pon on ihe siaius of ihc fabric of ihe church and oiher buildings io deterniine appropriale courses of action. FabTi¢ and Finance are sianding iiems on PCC agendas. Father Stephen StAvrou (Vicar) On bchall of the PCC zz Ap I 7<)Z4 10

ST MICHAEL AND ALL ANGELS, BARNES STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2023 Unrestricied funds 2023 Resiricred funds 202) Endom'meni funds 202i Total funds 2023 Total funds 2022 Noies JnL'omefrom.' Donaiions and legacies her trading aciiviiies Invesimen(s Chariiable church activiiies 2(a) 2{bl 21¢) 2(d) 95.731 25.901 77.877 105,481 6.468 102,199 l i6.299 13,858 45,777 86.268 77,877 105,481 TOTAL INCOME 304.990 6.468 311,458 282.202 Eipendliure on.. Raising funds Managing Inve51menis Chariiable church 8CliVlties 10.653 10,653 5.069 14.285 227.687 31b) 3(¢) 208.404 39.918 14,072 262,394 TOI'AL EXPENDITURE 244.844 39,918 14,072 298,lJ34 247,041 NET INCOMEI(EXPENDITURE) BEFORE INVESTMENT GAINS 60,146 {33.4501 114.0721 12.624 35.161 NET GAINI(LOSSI ON INVESTMENTS 17.165 17,165 118,6981 NET INCOMEIIEXPF.NDITURE) BEFORF TRANSFERS 77,311 (33,450) (14,072) 29,789 16,463 TRANSFER BETWEEN FUNDS {6.377) 6.377 NET MOVEMENT IN FUNDS 70.934 (27,073) (14.072) 29.789 16,463 BALANCE AT 1.1.2023 426.678 93.035 1.528,915 2,048,628 2,032.163 BALANCE AT 31.12.2023 497,612 65,962 ,514,843 2,078,417 2.048,628 The note5 on pages 13 to 25 forni pan of ihese financial staiements.

ST MICHAEL AND ALL ANGELS, BARNES BALANCE SHF.FT As at 31 De¢ember 2023 Note 2023 2022 Fixed ¥5sels: Tangible fixed assets Invesimeni PToperty Investmenis 714,843 800.000 179.138 728.915 800.000 161,973 1.693.981 1,690,888 Current assets: Debtors Short ¢¢rm d¢p)sits Cash at bank 7,907 124.084 1?.449 116.097 261278 i89.824 Creditors- Amounis falling due within one year.. 10 132 084) Net eurrent asgfts Total Assets less eurreni liabililies 2,078.417 2,048,628 Net #ssets 2,078.417 2.048,628 Funds: Endowment funds Unresiricied funds Restricied funds 11 & 12 11 & 12 11 & 12 .514.843 497.012 65,962 1.528.915 426.678 93.035 2.078.417 2,048.628 Approved by ihe PariKhial Church Council on 22ndApril 2024 and 5Lgn¢d on ils behalf by: Jaequelint Russell (Honorary Trf8$ur¢rl The notes on pages 13 to 25 fomi part of ihese finan¢i¥l statements. 12

ST MICHAEL AND ALL ANGELS, BARNES IYOTF.S TO THF. FINANCIAL STA TF.MENTS For the >e2r ended 31 December 2023 I ACCOUNTING POLICIES St Mi¢ha¢l and All Angels, Barnes is an unincoTpordied charity. The address of the r¢gistered office is The Vicarnge, i9 Elm Bank Gardens. Bames. London SWI 3 ONX. Basis of preparation The financial siaiemenis have been prepared underihecharities Aei 2011 and in accordance wilh the Charities Siaiement of Recommended Praciice (Chariiies SORP IFRS 102}} and Financial Reponing Siandard 102 (FRS 1021. They have also been prepared underihe hisioric cosi conweniion. excepi for ihe valuation of fixed asscis which are shown on ihe basis described beloM. The chariTr' prepares its financial stht¢ments in pounds Sierling. rounding to the neares1 £. They include all transaction& asws. and liabiliiies for which the PCC is responsibl¢ in law. They do not include ihe accounis of church groups ihai owe an aifiliaiion io another body nor those that are infomial gaiherings ofchurch membeTS. The charity meets the definition of 8 publi¢ benefii entity under FRS 102. Going Coth¢¢rn Ther¢ are no maierÉal unc¢rtainti¢s al)ou¢ the ¢harity'5 ability lo coniinue and accordingly the accounts have been drawn up on a going concern basi5. Funds l.'und5 held by the PCC are: Urtre.flricledfiirtds.' Undesignaied funds which can be used for PCC ordinaN purKM)se$. Desi8naied funds- monies sei aside b>. the PCC oui of unreslricl¢d funds for 5p¢cific fuiure pUr￿)se$ or project5. Fund5 for ihe day-tfrdav rnnnin8 of the Church Hall and ihe Communiiy Cenire. and ihe Fabric Fund, have been designated in ihis way. Reslricledfund¥, which comprise either (a) income from rn1￿5 or endowmenis which may b¢ expended only on those restricied objecis provided in the iernis of the irnsi or bequest or Ib} donations or grants received for specific object or inviied by ihe PCC for a specific objeci. The funds ma). onl). be expend¢d on ¢he specific object for which they were given. EndowMenifunds- funds ihe capitsl of which mu51 be Main￿Ined. Only income arising from the inv¢5tment of the end0￿ment may be used. eiiher as Tesiricied or unresiricied funds. depending on the purF>ose sel out in the (emis of the original endowmeni. A lisi of Ihe endowmeni funds is in noie 10 io ihe financial stat¢m¢nt5. Ineorne All income is accounted for gross of T￿¢5. Donaiinns, legaL'ie.f. ondcapiial sources Collection5 ar¢ recogni5ed when received by or M behalf of the PCC. Planned giving r¢c¢ivable urhder gift aid 15 recognised onlv when rec¢iv¢d. Income lax Tecoverable on gift aid donaiions is recognised H'hen claimable from HMRC. Grants and legacies are accourtted for when the PCC is legall>' eniitled to the am(Truni due, li 15 probable rhar the income will be received. and the amount Can be measured with Sufficient rcliabÉlity. Qiher income Rental income from ihe leiiing of ihe church hall is recognised when Ihe rentsl is due. 13

ST MICHAEL AND ALL ANGELS, BARNES NOTES TO THE FINANCIAL STATEIIENTS For the yegr ended 31 December 2023 (continued) Acco4nlin2 Policies- eonlinued Inveslmvnl income Interest is received tsross of laxes and accounted for ￿hen receivable. Renial income from 41 Elm Bank Gardens is r¢cognised ￿heTr Ihe renral falls due. (yovernmenf gran15 Granis are accounted under the accruals miKl¢l as perniiued by TrRS 102. Granis of a revenue nature are recogthised in the Ststemeni of Financial Activiiies in ihe same period as the relaied expenditure. Expenditure xpenditure is accounied for on an accnjals basis and is accounted for gros5 of iues. Liabiliiies are Tecognised as e¥pendiiure where ihat is a legal or Cons1￿ctiVe obligarion. li is probable thai settlemeni will be required. and Ihe amouni of ihe obligation ¢an be measured reliably. Grani.f andchurch aciwiiie.f Gran¢s and donaiions are accounied for when paid over or when awarded if that award creales a binding obli¥aiion on ¢he PCC. All church aciivit), costs arc accounied for on a full atcrual's basis and any prepaymenis or accruals shown in Ihc balance sheci as eiiher curreni asseis or current liabilities. Tangible filed assets and depreriation ( i)n.iéc'i'uie¢l l¢iiid htiildinA*s (A￿￿￿11(}1,￿bIe Ch￿r¢hI￿rnI.1hIn The value ol. consecraied and beneficed proFffj of an>. kind is excluded (rom Ihe finan¢i8151ai¢mcnls undcT section 1012Mal and (cl of ihe Chariiies Aci 2011. Moveable church fumishin8s held bv the vicar and church waTd¢n5 on 5P¢Ctal ¢rusl for the PCC and requiring a faculty for disposal are accounted for as inJlienablc Pro￿rty', unless con5¢craied. Inalienable propcni. acquired prior 10 201N) is not valued in the financial st#t¢m¢nis. a5 there is insuffici¢nt infomiaiion avoilabl¢. From l January 2001, the acquisiiion cosi of such an iiem. where li exceeds £l.000. is capiialised. and depreciaied over lis aniicipated useful life. l)Iherfixiures, fiiiings. and nffi¢¢ ¢quipmeni Individual ilems of equipmenl rosling £ 1.000 or less are wriiien off when ihe assei is acquired. liems costin8 more (han £ 1,000 are depreciated over i year5 on a siraighi-line basis. No depreciation 15 ¢har8ed on the value attributed to land. .gi Michnel.f Communin, Cenlre Depreciation is provided 10 write off ihe cosi of ihe Community Centre over its useful life of 50 years. Jnvestmeni prtpper11¢5 Certain of Ihe chariiy s properties are held for long ierni investmen(. In accordan¢¢ wilh the Financial Reporting Standard 102, investmeni properties are included in the balance sh¢et tnitially at their cosl. Subsequently investmeni prowties are valued ai fair value Ihrou8h ihe Statement of Financial Activities. No depreciaiion or amonisaiion 15 provided in respeci of frtthold invemmeni properties and leasehold inwesimeni properties with over 20 )'eaTS io run. This policy represenis a depanure from staiuioTI' accouniing principles. ￿h1¢h require annual depreciaiion of rixed assets. The members believe ihar ihis policy of noi providing depreciaiion or amonisaiion is necessary for the financial siaiemenis io give a mie and fair vie￿. since the curreni value of invesimeni properties. and changes in ihat ¢urreni valualion, are of prirnarv importanc¢ rather than a calculaiion of annual depreciaiion. Depreciaiion or amorttsation 15 only one of ihc manN facior5 rcfleaed in ihe annual valuaiion, and rhe amouni which mighi otherwi5¢ hav¢ ￿en thown cannot be simply Identifi￿ or quwntified. 14

ST MICHAEL AND ALL ANGELS, BARNES IYOTES TO THE FINANCIAL STATEMEINTS For the )'ear ended 31 December 2023 (continued) Accounling Policies- conlinued Investments Fixed assei investmenis are a forni of financial insirnmeni and are initially recogni5ed ai their transaciion cosi and subsequenrly measured ￿ fair value ai ihe Balance sheet dale. Inve5tmeni gains Jnd losses. whether reali5ed or unrealised, ar¢ combined and shown in ihe heading 'Gainsl(lossesl on investrnenis, in the Stat¢m¢nt of Financial Activilies. Current assets Amounis owing io ihe PCC on 31 December in each year in respect of fees. rents and other Incomes are shown as debiors less any provision for amounis ihai may prove uncolleciible. Short terni deposits Èncludc cash on dep051t with the CBF Church of England Fund and is held for invesmieni purposes. Cash Cash comprises cash on hand. and other short-ierni highl!. Ikquid inve5tmen¢s that are readily convertible io a known amount of cash and are subj¢tt to an insignificant risk of change in value. Liabilities Liabilities are r¢¢o¥nis¢d when iher¢ is an obligation at th¢ Balonce shtti date because of a pa51 eveni. li is probabl¢ ihai a transfer of economic benefit will be required in ￿ttl¢M¢nt. and the amouni of ihe seiilemeni can bc e5timat¢d reliably. Liabilities are recognised ai ihe amount ihal the charilv anti¢ipaies il M'ill pay to s¢til¢ ihe debt or the amount it has received as advanced paymenis for the gO￿S or service5 It mU5t provide, Financial instruments The charity ollly has financial asseis and financial liabilities of a kind thai qualify as basic financial insirumenis. Basic financial insirumenis are iniiially reco8nised at transaction v&lu¢ and sub5¢qucntly measured at their setilemeni value except for bank loans which are subsequenil) measured ai amortjscd cost USLn8 the eff¢¢iive inter¢si mthhod. Crltieal aeeounting estlmaie5 and areas of jud%mtnt Estimates and judgmenis are continually evaluaied and are based on historical experience and other factors. includin8 expectations of fuiurc evenis Ihai are bclieved 10 be rcasonable under Ihe circumstances. The charity makes esiimaies and as5umwions conceming the fuiure. The resulting accouniing esiimaies and assumptions will. by definiiion. seldom equal ihe r¢lai¢d aciual resulis. The esiimaies and assumptions Ihai have a significant risk of causing a maierial adjustmeni ￿ ihe carying amounts of assets and liabilities within the next financial year are discussed below,. Valuation of rhe investtneni properry has been Under￿k.en by the tTusiees ihemselves. The basis for the valuation includes consideration of Ihe declining propew. mark'ei around ihe area of Bames Ihey foresee, and the level of work requir¢d to bring the property into a resalJbl¢ condition. 15

ST MICHAEL AND ALL ANGELS, BARNES NOTES TO THE FINAINCIAL sTATE￿IENTs For the year ended 31 Decemb¢r 2023 (continued) 2 INCOME: Unrestricted Restricied Endowment fut)ds funds funds Total funds 2023 2022 21a) Donorio￿ ondlegoci£s Planned giving.. Gift Aid donalions OiheT donaiions ChoTal Scholarship Income rax recoverdble Collections 58.492 5.149 1,000 59.492 5.149 4,468 17,581 7,790 54, 9Q7 41.035 1.13 17.159 6,385 4.468 17.581 7.790 Regular giving Grants. appeals. legacies dc Governmeni grdnis 89.012 ?.770 3.949 5.468 1.000 94,480 3,770 3.949 1 ?0, 706 15,593 95,731 6.468 102.199 2ib) ()Iher irading ac'lii'iiies Fundraising evenis Music Fund income 20.652 4.752 497 20,652 4,752 497 11,6111 1,611) 495 Caicring 25.901 1S.WS8 2(£.) Incomefrom inve31meniJ Reni from 41 Elm Bank Gjrdens Reni from Lexham Gardens 47.008 2?.883 47,008 22.883 7,986 39.Ul?l) Invesimenl income 7,986 6,777 77.877 77,877 45. 777 2(d) Incomefrom Chariiuble church oc'irriiiies Church Hall lettings Fees Iw'eddin85 Ctc) CoTrtmunity C¢ntr¢ lettings PastOTal care Sundry income 44.935 4,138 52,386 292 37.784 4.043 42,076 4.138 52.i86 292 3.730 3.730 1. 765 105.481 105.481 86.268 TOTAL INCOME 304.990 6.408 311,458 ?82.202 16

ST MICHAEL AND ALL ANGELS, BARNES NOTES TO THE FINANCIAL STATEIIENTS For the )-ear ended 31 December 2023 (continued) EXPENDITURE: Unrestricted Funds Resiricted Endowment Funds Funds Total Funds 2023 ?022 )lal RaisiKgfiind¥ Fund-raising evenis Music Fund expenses 8.071 2,582 8,071 2,582 1.609 3.460 10,653 10,653 5.069 31b) C'c).fl (p]'munuginx iwesimenis 41 Elm Bank Gardens Lexham Gardens costs 11.349 14.438 IlJ49 14,438 4.?71 io,00-, 25.787 25,787 14. 715 3{¢) Chariiable Church acln'ilie.I Missionary and charitable giving Diocesan pledge Ministry cosis inc. Clergy expenses Church running cost5 Church hall Nnning costs Community Cenire Nnning cosis Church mainienan¢e Or8dn. organis1. and musi Books and subscripiions Fees remitted to Diocese Depreciation Miscellaneous Choral Scholarship PaTish 0￿1(¢ Bank charges Pastoral Care 4.796 8i.51KI ?.084 20.082 16.?53 22.298 12.047 17.892 i45 674 4.796 4. ?38 i2.546 34,6311 20,082 14,736 ?I,?N4 22,40& 27,465 10, 799 719 22,298 12,047 18,114 345 674 14.072 222 2.1190 14.Q7? 4,33() 0(15 10.514 41? 191 14.072 7.150 19.411 365 19,411 292 292 Event costs Support COs1s Inoie 4) 2.254 2,254 3,050 Total church activiiies 208.404 i9.918 14.072 202.394 727.687 TOTAL EXPENDITURE 244.844 i9.918 14.072 298.834 j47,041 17

ST MICHAEL AND ALL ANGELS, BARNES NOTES TO THE FINANCIAL STATEMENTS For the yeydr ended 31 December 2023 (eontinued) ALLOCATION OF SUPPORT COSTS Support cosis Consisting of ac¢ounian¢y fees have been all￿aled io the Church's activities on the following Charitable church 4ctivitie$ 202) 2022 Allocaiion Accountancy rees lo￿/0 3,050 PCC MF.MBERS' BENEFITS AND STAFF COSTS No members of ihe PCC were reimbursed for eipenses l?O??: ? trusiees. £4401. No members of ihe PCC received remunerdtion for services as Iruslees. The average number of employees in the )'ear was I l?O??: I I and their total emoluments were £14,1691?0??: £10.167). No employees received Temuneraiion of more ihan £60.000 {?0??: none). There are no Key Management Personnel. TANGIBLE FIXF.D ASSETS Si Michael's Community Centte Oiher rixiures, riiiings and oJTice equipineni Church Tot81 Cost or vlutioo At l January 20?3 Disp05als ai ¢051 Cosi as ai 31 December 2023 704,097 250,000 5.433 959,530 704.097 5.4)) 949 530 Depreciation A¢ l Januarv ?023 Charge for the year Eliminated on disposal At 31 De¢¢mber 2023 225.182 14.072 5.433 230.614 14.072 239.254 5.433 244,687 Nei book v#lue At 31 December 2023 464,843 250,1)00 714 843 Ai 31 December 20?? ", 8.915 250.01 728,915 The Tille for the Church Hall 15 h¢ld by the South London Church Fund and Souihwark Diocesan Board of Finance as Cust(NJian Trustee for ih¢ PCC. The PCC have ihe righi io the income the Church Hall generates and the obligation for maintaining ihe building. and the righi io Pr(￿eedS M'ere Ihe Church Hall to be sold.

ST MICHAEL AND ALL ANGELS, BARNES NOTES TO THE FINANCIAL STATEMEI%TS For the )'ear ended 31 December 2023 (Continued) INVESTMENT PROPERTIES Investment Prop¢rty Cost or valuation Ai l January 2023 800.000 At 31 Decernber 2023 Ai ihe year ended 31 December ?0?3 the PCC agreed thal thev believe ihe current valuation of £800.000 of 41 Elm Bank Gardens was appropriate. The c051 of inCu￿1ng a valuation is regarded as an undesiTable use of church funds. IIYVESTMENTS CCLA Income Share5 Fair value Ai l January ?023 Revaluaiion 161.973 17,165 At 31 December 21J23 179,138 Historical cost of ihe investments is £120,0001?022- £120.000). DF.BTORS 2023 2022 Income lax recoverable Prepaymenis and oiher debioT5 5.434 2,473 3,590 8.859 7,907 12.449 10. LIABILITIES 2023 2022 Amounts due wiihin one )'er Creditors and accruals Deterred Income Si Michael's Guild Si Michael's coun5ellin8 service 34.i78 888 220 2,206 24,888 4.770 220 2,206 37,692 32,084 St Mi¢hael's Guild is an infornial gathering of church member& and St Mi¢h2el's counselling service. which also works in association with Si Michael s. ￿1h operate indcp¢ndentl of ihe PCC. Deferred income relates io funds grdnted froTn the Bames Fund and from a Parishioner for Pasioral expendiiure. 19

ST MICHAEL AND ALL ANGELS, BARNES NOTES TO THF. FINANCIAL STATEME)TS For the year ended 31 De¢¢mber 2023 (continued) 11. ANALYSIS OF NET ASSETS BY FUND Net assets At31 December 2023 Fixed assets Bank Debtors Creditors Unrestrict¢d: Undesixnaled Minisiry Fund 39.940 7.907 {i7.692) 10.155 DesAxnaied Fabric Fund Community Centre Church Hall Music Fund Hall Rcnovaiion Fulld AnhuT frord Community Fund l.e.¥ham CJard¢ns 112.167 112.167 8.168 8).787 102.129 2.068 8,168 83,787 281,207 2.068 179.138 179.138 348.2q9 7,IA17 {37,692 497,612 F.ndowmen¢'. Campaig)n lor Si Mi¢h4els Church Hall 41 Elm Bank Gardens 464.843 ?.$0.000 800.000 464,843 2411,UOO 800,UOO .514.843 .414,843 Re51ri¢fcd funds". Lhoral %p()nsor%hip Fund Mission Fund 4,559 61,403 4.559 61.403 1.693,981 414321 7.907 (37,692) 2,078.417 20

ST MICHAEL AND ALL ANGELS. BARNES NOTF.S TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023 {continued> ANALYSIS OF NET ASSETS BY FUND- conlinued Net A55¢tS At31 December 2022 Fixed assets Bank Debtors Creditors Unrestricted: UndeJiKnuied Minisn7 Trund 20,4i8 1.694 (i l.i291 803 l)esignaied Fabric Fund Communiry Centre Church Hall Music Fund Hall R¢novation Fund ArthuT Ford Community Fund Lexham Gardens 88.554 755 {755) 7.962 69.446 97.940 7.962 69,446 259,913 161.973 101.973 284J40 12,449 132,084> 426,678 F.ndnwrn¢nt: CampaiLyn lor Si Mi¢haels Church Hall 41 Elm Llank G¥rd¢ns 478.915 250.000 800.000 478,915 800,1100 1.$28,915 .$28,915 Restricled funds: Choral %poiisorship Fund Mission Fund 5.463 87.572 93,035 1,690,888 377J75 12.449 (32.084) 2,048,628 12. FUND DETAILS Desi nated Funds The Fabric Fund has been fornied to provide l(Trr eip¢ndiiure on ihe fabric of the chuTch and coinmunity centre. which 15 dtre¢tly linked io the church, and the nei ren(als received from 41 Elm Bank Garden5 are designaied for this purpose. The Community Centre fund has been established io control the aciivities of the Centre separately from the general activities of the church. An>. surplus from the Communiry Centre is designated for Minisiry.

ST MICHAEL AND ALL ANGELS, BARNES NOTES TO THE FIYAYCIAL STATE.MENTS For the )'ear ended 31 December 2023 (eonlinued) 12. FUND DETAILS- eontinued The Church Hall Fund is a panly designated fund as income musi be applied first to the running costs. repairs, and maintenance of the Hall. The PCC has designated ihai an amouni equal io the maximum of al the defi¢it on Ministry. after the Community Cenire Surplus has been iake¥J inlo account or b) 500/'0 of ih¢ ioial Church Hall Fund surplus. should transfer 10 Ministry Fund. Any remaining balance is available to be transferred to the Hall Renovation Fund. The Arthur Ford Community Fund was established from a legacy from ihe estate of Arthur Ford. The fund will bc used to benefil the people of ihe parish and u'ill be available io fund community projects. The Arthur Ford fund has been varmarked b), the PCC io suppon ihe ¢osis for a rebuildlrenovalion of the Church Hall. Thi5 is on the understanding that following inveslmeni. surplus income would be allocaied back to the Arthur Ford Community Fund to fund future communiry projecis. The Music Fund was esiablished io ring fence an). surpluses from specific music fundraising events. This provide5 a fund to enable inveslment in new community wide music events as well as providing support lor assisiuni orgyanists. musicians and for the occasional evensong service. The Organisi for the l O o'clock mass will continue 10 be funded from Regular Giving. The Hall Renovaiion Fund was esiablished io fund major mainienan¢e. renovation, and development of ihe Church Hall. Lexham Gardens represents income and expendilure from ihe flat. ?0 Lexham Gardens. left to us by a legacy from (he laie Basil Moss. This propertv was lei for Ihe firsl lime this year. 'fhe PCC have currently desigynated all surpluses. over and above a monih's letiing income nei ofagent's costs. for ihe Mission Fund, io support Ihe lunding of an assisiani priesi. All expenditure incurred to make the property suitable foT lelling was expLnsed abTains1 income received Ihis j'ear. While legval lille ha5 nol Iran5ferrcd ihe r.xcculors have confirmed (hat ihai make no claim on Ihe income bjeneraied from ihe flai since the daic of Basil s deaih. Endowmcni Fun The Campaign for Si Michael's fund was esmblished in 1998 10 rnise funds io cover the cost5 of extemal repairs io the chu￿h. r¢furbishm¢ni of the interior and ihe building of a new Communiiy centre. Also. includcd wiihin Endowment Funds are certain propenies and oiher funds of a capiial nature. The iiile io the Church Hall and 41 Elm Bank Gardens are held by the South London Church Fund and Southw'ark Diocesan Board of Finance as Custodian Tru51ee. wilh restriction5 on disposal. for ihe benefit of Si Mi¢ha¢l's. St Mi¢haels was left a legacy from ihe Estaie of the late Basil Moss of Flat 5. ?0 Lexham Gardens W8 5JJ. This prop¢ny was valued at £1.150.000. The propenv ￿aS left without restriction. li is the intension of the PCC once legal title has been transferred to create a new End0￿Ment. While piobate has been granted legal title has noi been irdllsfetred. nor has ihe process to Iran5fer title commenced, a5 the ExeculoTS cannot with all certainly confimi that there are sufficient assets within the e51ate lo enable it to be free of legal indeniure it has therefore not been Te¢ogni5ed in thc a¢¢ounts. Onc¢ probate has bccn grantcd this will becorne the new Lexham Garden5 ProrKrty Fund. We are hoping thai legal title will transfer irb the year to 31 December ?024. Restricied Funds The Choral Swnsorship Fund was sel up to provide CIKJrnI Scholarships for new memkrs of ih¢ Choir and for Organ Scholars. Each ￿h0]a￿hlp is available for up io No yedrs. li is aimed predominately at

ST MICHAEL AND ALL ANGELS. BARNES INOTES TO THE FINANCIAL ST.4TEMENT.S For ihe year ¢nded 31 December 2023 (eonlinued) 12. FUND DETAILS- Continued encouraging new young chordl and organ scholars to participate in supponing ihe music ministry at St Michaels. ideally those who are stud)'ing GCSE or A level music and hoping to apply for university chornl scholarships in the future. li was funded purely from individual donaiions following a ¢ampaibTn Tun by the Vicar and is iherefore restricled for ihis 501e purpose. We are incredibly grdteful to l-he Ouseley Trusi for a grant of £l.000 received during the year to fund a new Scholar. This individual will become OUT inaugural Ouseley Scholar. Mi.8sion fund This a 5pe¢ific donalion from a donor who wishes to remain anon>'mous. The donaiion IS Te5tricted for ihe PUTpose of mission in relalion to ihe rninistry of St Michael &, All Angels. Barn¢s. Mission is defined as an a¢iivily or projeci which reaches oul inio the parish io share ¢he Christian faith and bring new people into relaiionship ￿7th God and ihe Church. The donation cannot be used for building, alterarion or mainienan¢¢ ol'ihe ¢hur¢h fabric. or ih¢ fabri¢ of oiher church-owned buildin&vs. or lo finance ani, proposed new building work by ihe church. This fund is ￿Ing used io (und ¢os¢s relating 10 the appointinent of Fr James Marston, our new assisiani priesi. who we share with St Mary'& iK)th organisaiions contributing 500/• iowards his cosis. 13. A]¥ALYSIS OF FUND MOVEMENTS B#l#nees Bl Fwd Jin 23 Balances CIFwd 31 1)ee23 Ineome Exptndilure G•In￿(lO$s¢$) TrAnsfers Unrtstrieled fund5 Un£lL'.%IX17£11L,U Ministrv Fund 803 129,839 {164.9161 44.429 DeSlRnaied Fabric Trund Communiry Cenire Church Ilall Music Fund Hall Renovalion Fund Anhur Ford Community Fund Lexham (iardens 88.554 47.009 52.386 44.935 3.749 l? j.3961 {??.2981 {16.253) (3.543) 112,167 130,0881 {28.6821 7,962 69,446 259.913 8,168 83,787 281,267 2,068 14,341 4.189 22.883 17.165 (14.438) (6.3771 426.678 304.990 1244.8441 17.165 (6.377) 497,fj12 Endowrnent fun Campaign for Si Michael's Church Hall 41 Elm Bank CJard¢ns 478.915 250.000 800.000 (14,072) 464,843 240,000 800,IMIO 1,528.915 (14.072) ,514,843 Re5trieted funds ChoTal Sponsorship Fund Mission Fund 5,463 87,572 6.468 (7.372) (32.546) 6,377 61,403 9i,Oi5 6,468 (i9.918) 6,377 65,962 2,048.628 311.458 1298.834) 17,165 2,078.417 23

ST MICHAEL AND ALL ANGELS, BARNES NOTES TO THE FINAI%CIAL STATEMF.NTS For the y'ear ended 31 Deeember 2023 (eontinued) 13. ANALYSIS OF FUND MOVEMEYI TS- colltittued Balanee5 BI Fwd l Jin22 Balance5 CIFwd 31 Dee22 Income Expenditurt Gain￿(105$¢9) Transfers Unrestricted fundi Ministry Fund {8.083) 13.753 1141.0351 36,168 803 L)esignuied Fabric Fund Comtnunily Cenire Church Trlall Musi¢ Fund I lall R¢novdlion Fund Arthur ford Community Fund Lexham Gardens 81.485 39.0 42.076 i7.784 1.682 (31.7431 (?2.408) (?] ?841 (3.460) 1188) (19,668) (16,500) 9.740 69.446 271.834 7,962 69,446 259,913 6.777 118.698) 110,006) 10,006 424,4?2 241,072 (229.936) {18.698} 9,818 426.678 End0￿men1 funds Campdiun for Si Michacl's Church Hall 41 F.Im Bank Gardens 52 Boileau Road 49?,987 250,000 800.000 9.818 (14.072> 478,915 2$0,0011 800,000 19.818) 1.55? 805 (14.0721 19.818) ,528.91 Restrleted funds Choral Sponsorship Fund Mission Fund 4.938 50.000 16051 12.4281 40.000 87,572 54.938 41.130 13.0331 93,03S 2,032.165 282202 1247,D41) (18,698) 2.048,628 14. INDEPENDENT EXAMINER'S REMUNERATION The Independent Examinels remuneraiion amounls to an Independent Ekaminaiion fee of £2.100 (2022 - £3,1 ?0). 15. CONTINGF.NT ASSET St Michael & All Angels has been notified ihai it is in receipl of a legacy in the fom of a flat. whi¢h is worth in the region of £l.150.000 from ihe Esiaie of the late Basil Mo55. 11 is th¢ inteniion of the PCC io record ihis assei. when legal title 15 Iransferred as an End0￿Ment. ￿¥th income designaied to support the Minisiry, of St Michaels. As 15 the ¢ase wilh asseES of this naturc the iktle of this propenj. once Irdll5ferred, will be held by Ihe Southm'ark Diocesan Board of F inance as Custodian Trusiee for the PCC. The PCC have the right to the income ihe flat generaies and has ihe obligation for Tnaintaining ihe building. 24

ST MICHAEL AND ALL ANGELS. BARNES NOTES TO THE FINANCIAL STATEMESTS For the year ended 31 December 2023 (contlnued) 15. CONTINGENT ASSET- Continued While probate has been granied legal iiile has not been trdnsferred, nor has the process io transfer iiile commenced, as the Exe¢uiors cannoi wilh all certaint}, confirm ihat iher¢ are sulTicieni assets within ihe estate io enable it to be free of legal indeniure. It has therefore noi been recognised in ihe accounis. On¢¢ legal title is trdnsfeTred ihe PCC will have ihe rights to proceeds were ihe flai io be sold. 16. RELATED PARTIES During the year. Ihe PCC obtained maintenance and enhancemenis io ihe fabric of ih¢ church buildings. The services were obtained from Mav¢n Elecirical Lid a company controlled by Andr¢w Childs. a member of ihe PCC. The amouni ioialled £6.26] in the year (2022.. £11.422). 17. PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES Unre51rict¢d funds 2022 Resiri¢ied funds 202? Endowmeni funds ?022 Total funds 2022 Total funds 2021 N￿e$ Inciim¢from.' Donations and legaLies Other trading aciiviiies Invesimenis Charitable church aclivilies 2(a) 2(b) 21c} 21d) 95.169 13.858 45.777 86.268 41.130 136,299 103, 75¥ 1fj.035 35, Qlll 59. 7911 86,268 TOTAL INCOME 241.072 41.130 282,202 215,492 pendlitsre on.. Raisin¥ funds Managing Inveslm¢ntS Chariiable church a¢(iviiies 3(al 31b) 3(cl 5.069 14,285 210.582 6, 7Q6 8,179 181.075 14,285 227,687 3.033 14.072 TOTAL EXPENDITURE 229,936 3,033 14.072 247,1141 195.95 NET INCOMF.,'IEXPENDITURE) BEFORE INVESTMENT GAINS 38,097 {14,0721 35,161 19,534 NET GAINI(LOSSI ON INVESTMENT (18.698) (18.698) 28,875 NEI. INCOMEI{EXPENDITURE) BEFORE TRANSFERS {7,5621 38.097 114.0721 16,463 48,409 TRANSFER BETWEEN FUNDS 9,818 (9.8181 NET MOVEMENT IN FUNDS 2,256 38.097 123,8901 16.463 48,409 BALANCE AT 1.1.2022 424.422 S4.938 1.552.8115 2,032,16S 1. 983. 7)6 BALANCE AT 31.12.2022 426.678 93,035 1,528,915 2.048,628 2.032. 105 25