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2022-12-31-accounts

REGISTERED CHARITY NUMBER: 1134108

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MERTON

Hartley Fowler LLP Chartered Accountants 4th Floor Tuition House 27-37 St George's Road Wimbledon London SW19 4EU

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MERTON

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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Page
Report of the Trustees 1 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 to 19
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MERTON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

St Mary's is a Church of England parish within the Diocese of Southwark, serving a community of some 3,000 households in and around Merton Park, London, SW19. With a history and hospitality that stretches back to 1115, we continue to be at the heart of the local community, worshjpping God, reaching out to the wider world and extend a warm welcome to you all.

St Mary’s primary function is to be a living Church in which God is praised in Christian worship, inspiring people to grow in faith and serve the community and beyond.

The PCC has the following main objectives:

Purpose :

Inspire worship of God and live the teachings of the Gospel. Nurture community and faith through welcome and hospitality.

Values :

Respect and support one another and the needs of the wider world.

Vision :

Building a sustainable inclusive future, empowering every member.

Public benefit

The incumbent and the PCC have considered the Charity Commission's guidance on public benefit, in particular, the specific guidance on charities for the advancement of religion.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The PCC has maintained its service to the parish across all its usual range of activities.

2022 saw us return to virtually near normal pre covid protocols with the expectation that all of them all being restored immediately after Easter 2023.

Thanks to the energetic fund raising by Hazel Abbott, and project management by Ronald Dominy, supported by Laura Crosby and the Hall Committee, the final phase of the Hall refurbishment was successfully completed in the summer of 2022 and we can look forward to 2023 seeing the Hall bookings and use return to capacity without interruption.

The Churchwarden Team is now restored to a strength of four with Andrew Mills now elected, with David Reeves as the Churchwardens and Lindsey Jones and Annabel Skinner ably supporting them as Deputy Church Wardens.

It has been heartening to be able to prepare candidates again for confirmation who will be presented to the Bishop in spring next year.

A stunningly well supported Entertainment Night to support the people of Ukraine was held in the spring, giving us an opportunity to reach out to help following the outbreak of that cruel war, still raging there.

Instead of a Summer Fair, in part to avoid risking one event being derailed due to COVID, we held a number of different social and fund raising events through the year which were very well received and boosted church funds and our ability to support external charities - thank you to those who stepped up. Either similar events or perhaps another Summer Fair could be held if volunteers come forward to lead.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MERTON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

Our pastoral team has continued to work hard through the year, led by Brenda Richards, our Southwark Pastoral Auxiliary, for all its work through the year including the All Souls' service at which the team was present, consoling the bereaved. The Bishop of Southwark has recognised Brenda for her long standing service of over 45 years to this parish.

Notable events have included marking Her Majesty The Queen's Platinum Jubilee in June, on the Feast of Pentecost, at which service The Bishop of Kingston presided, prior to his retirement in the autumn, - a service filled with joyful, royal music, followed by a celebratory communal picnic in the Hall, due to inclement weather.

The weekly round of worship, at the heart of all we do, continued to feed and nourish us; while numbers attending services have increased following the fall due to COVID, there is still some way to go for us to be able to say people are attending in as great a number as before.

In September, shocked with all the world, we heard the news of the sudden death of Queen Elizabeth. King Charles III was duly proclaimed as all four nations marked his accession. Our services reflected the national mood, our bells rang fully muffled, only ever for the death of the Sovereign, and began the period of national mourning, seeing many more people than usual coming into church to reflect, pray and sign the Book of Condolence in gratitude for our Sovereign's devoted and life long service.

We have taken a full part in Deanery Synod, and have continued our association with the scouts and the Children's Society, as well as providing the usual support for our chosen charities.

FINANCIAL REVIEW

Four headlines:

  1. The transformation of our cash position by the receipt of the Patricia Burrows legacy of £180,000 (with a further £8,000 received subsequently);

  2. The fundraising and expense on the Hall refurbishment (not all the expenditure had been incurred by year end);

  3. A remarkably small loss of less than £3,000 on our ordinary activities; but

  4. Significant falls in the value of our investments, though not as bad as might have been expected.

1.The Patricia Burrows legacy:

We do think it right to start with this receipt; it has improved our financial position by over 50% from what it might have been without her generosity. We are very glad that her memorial service in February was so well planned and attended - she deserves our deep gratitude and our prayers. Even the timing of its receipt was remarkable, just as were about to have to realise investments to maintain our positive bank balance.

2. The Hall

We started the year with just over £27,000 in the refurbishment fund; a further £52,000 was raised with gift aid added of £7500, to which the PCC also added the Parish Projects Fund of nearly £50,000; we spent in the year just over £122,000, leaving us with just under £20,000 as at the end of the year, with the final payments having been made since year end. The intention is to keep any balance for the future maintenance of the Hall, and it will seem logical to merge it with the existing Hall Maintenance Fund (see below) in due course. It has been a remarkable exercise financially and in every other way, and the results have been applauded.

3. Our ordinary activities

Given the loss of income when the Hall was under refurbishment (that said, the Hall income was still £20k up on last year), I think it is a remarkable result to have lost less than £3,000 on our ordinary activities this year. Our planned giving was up on 2021, though not as much as had been budgeted, and our church collections recovered from the COVID doldrums to a far greater extent than I expected. We were hugely grateful for the success not only of the Winter Fair, but also for those who hosted fund-raising events in the summer, which added over £2000 to our funds. Fees for the use of the church increased materially, but we were disappointed that wedding and funeral fees did not recover as much as we would have hoped. We have to be conscious of the wide variety of wedding venues available these days. Our income from magazine advertising actually increased, which was again noteworthy at a time when potential advertisers are feeling squeezed.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MERTON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

Because of increases in our gifted income, we are able to maintain and slightly increase our donations to Mercy Ships and our local charities.

On the various heads of expenditure, these are really self-explanatory. The only one we would especially highlight is that our music director interregnum did materially bump up the costs of the music in 2022, and I hope that these will now settle down to budgeted levels.

4. Investments and Funds

As always we are enormously indebted to Hubert Child for his wise monitoring of our investments, but even he can't buck the market, and our investments (realised and unrealised) did lose about £25,000 last year, with a further £4,800 on the Peter Smith Fund investments. That is just the market, and could have been a lot worse but for Hubert's well-judged choice of where we put our funds. Since year end, £100,000 of the Patricia Burrows legacy has been invested in accordance with the decision of the March PCC. Those losses are reflected in our designated funds; £10k from the old Hall Maintenance Fund, on the basis that we hope not to use it for a while, as we still have the residue of the Appeal Fund, with the rest being split between the Fabric Fund, the Children/Young Persons Fund and the Organ Maintenance Fund. We will prioritise topping up those funds if our investments rise in 2023.

On the subject of funds, following observations from the examiners last year, we needed to increase our general funds, and the Finance committee decided that it would be best to extinguish the Kate Disney fund and move it into our general fund, and this is reflected in the accounts.

5. What lies ahead?

We can't be entirely cheerful about the year ahead, though of course we are in a far stronger position thanks to Patricia RIP; but high energy costs will now bite on us (£10 per day standing charge alone for the church, and £5 for the Hall, before we have used a therm), and we can only hope that our church community will be able to maintain the level of generosity which it has shown so far over the COVID period and since. The Quinquennial inspection will add to our building & works costs, but early indications are that this time the burden will be nowhere near the level of five years ago. We admit to hoping for a calmer year than 2022!

Finally, We are as always hugely grateful also to Andrew Mills for his work to maintain our Gift Aid income, to George Bowman and all the Finance committee for their support, and above all to Melanie Sharp our accountant for her care, her enthusiasm and above all her patience.

Reserves

Unrestricted funds
Unrestricted designated funds
Restricted funds		 31/12/2022
£
78,491
345,685
106,470
530,646		 31/12/2021
£
32,456
300,198
116,837
449,491

Reserves Policy

The PCC seek to maintain a sufficient level of reserves to support the day to day operations of St Mary's and to meet such contingencies as might reasonably be foreseen.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MERTON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

St Mary's Merton Parochial Church Council is the working name for The Parochial Church Council of the Ecclesiastical Parish of St Mary Merton.

The Parochial Church Council (the PCC) is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure.

Charity constitution

The PCC is a Charity registered with the Charity Commission (registration number 1134108) and is an unincorporated association governed by the terms of its constitution, as embodied in the Parochial Church Councils (Powers) Measure 1956 as amended and the Church Representation Rules (contained in Schedule 3 to the Synodical Government Measure 1969 as amended).

Recruitment and appointment of new trustees

The method of appointment of PCC members is set out in the Church Representation Rules. All members of the congregation are eligible to be appointed as members of the PCC should they wish to stand for election.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1134108

Principal address

St Mary's Church Vicarage 3 Church Path London SW19 3HJ

Trustees Ex-Officio Members:

Incumbent :

Rev. John Hayward (Chair) Rev. Judith Bersweden

Churchwardens:

Mr. David Reeves Andrew Mills

Deanery Synod Representatives :Ian Aldridge, Neville Squires, Dr. Timothy Planche, Sue Davies and Pippa Jones.

Elected Members : Russell Penny (Vice Chair), John Stephenson (Treasurer), Hazel Abbott (Electoral Roll Officer), George Bowman (Chair of Finance, Personnel and Administration Sub-Committee), Derek Cox (Chair Hall Sub-Committee), John Combs (Chair Glebe Sub-Committee), Barbara Moreland, Lynda Wilson, Clare Rice, Brenda Richards, Celia Milner, Olivia Tripp, Joanna Williams and JulietteKyei.

Independent Examiner

Jonathan Askew FCA Hartley Fowler LLP Chartered Accountants 4th Floor Tuition House 27-37 St George's Road Wimbledon London SW19 4EU

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MERTON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable 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 trust deed. They are 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.

Approved by order of the board of trustees on 21 May 2023 and signed on its behalf by:

Mr Russell Penny - Trustee

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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MERTON

Independent examiner's report to the trustees of The Parochial Church Council of the Ecclesiastical Parish of St Mary Merton

I report to the charity trustees on my examination of the accounts of The Parochial Church Council of the Ecclesiastical Parish of St Mary Merton (the Trust) for the year ended 31 December 2022.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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 Trust 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.

Jonathan Askew FCA

The Institute of Chartered Accountants in England and Wales

Hartley Fowler LLP Chartered Accountants 4th Floor Tuition House 27-37 St George's Road Wimbledon London SW19 4EU

19 June 2023

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MERTON

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted
Designated
Restricted
fund
funds
funds
Notes
£
£
£
INCOME AND ENDOWMENTS
FROM
Donations and legacies
2
152,090
191,250
59,352
Charitable activities
5
Church activities
3,059
-
-
Other fundraising activities
3
65,894
-
608
Investment income
4
7,165
6
2,533
Total
228,208
191,256
62,493
EXPENDITURE ON
Raising funds
6
6,464
-
-
Charitable activities
7
Church activities
46,148
21,097
600
Missionary and charitable giving
12,687
-
-
Diocesan fund contribution
108,000
-
-
Church hall costs
32,965
-
122,226
Church management and
administration
20,377
-
33
Total
226,641
21,097
122,859
Net gains/(losses) on
investments
-
(25,396)
(4,809)
NET
INCOME/(EXPENDITURE)
1,567
144,763
(65,175)
Transfers between funds
19
44,468
(99,276)
54,808
Net movement in funds
46,035
45,487
(10,367)
RECONCILIATION OF FUNDS
Total funds brought forward
32,456
300,198
116,837
TOTAL FUNDS CARRIED
FORWARD
78,491
345,685
106,470		 2022
Total
funds
£
402,692
3,059
66,502
9,704
481,957
6,464
67,845
12,687
108,000
155,191
20,410
370,597
(30,205)
81,155
-
81,155
449,491
530,646		 2021
Total
funds
£
182,007
4,490
40,447
9,184
236,128
6,895
80,632
12,073
105,000
58,706
18,121
281,427
47,722
2,423
-
2,423
447,068
449,491

The notes form part of these financial statements

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MERTON

BALANCE SHEET 31 DECEMBER 2022

Notes
FIXED ASSETS
Investments
14
CURRENT ASSETS
Stocks
15
Debtors
16
Cash at bank
CREDITORS
Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
19
Unrestricted funds
Restricted funds
TOTAL FUNDS		 2022
£
298,952
350
45,582
212,469
258,401
(26,707)
231,694
530,646
530,646
424,176
106,470
530,646		 2021
£
382,157
450
12,892
84,392
97,734
(30,400)
67,334
449,491
449,491
332,654
116,837
449,491

The financial statements were approved by the Board of Trustees and authorised for issue on 21 May 2023 and were signed on its behalf by:

Mr John Matthew Stephenson - Trustee

Mr Russell Penny - Trustee

The notes form part of these financial statements

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MERTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the Church Accounting Regulations 2006 and in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011.

The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.

The financial statements have been prepared in sterling which is the functional currency, and have been rounded to the nearest pound.

The charity is a public benefit entity as defined by FRS 102 and is unincorporated.

Financial reporting standard 102 - reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

Going concern

The financial statements have been prepared on the assumption that the PCC is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves, the financial position, future plans and the expected level of income and expenditure for 12 months from authorising these financial statements.The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

(ii) Legacies are recognised on a case-by-case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date.

(iii) Other trading activities are recognised in the period in which the event takes place.

Government grants (covid 19 job retention scheme)

Government grants are recognised when the entity has reasonable assurance that conditions attached to the grant will be complied with and that the grant will be received.

Revenue grants are recognised using the accrual model and are therefore recognised as income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Revenue grants are measured at fair value, being the amount of cash receivable.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MERTON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES - continued

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

The Diocesan quota (South London Church Fund) is accounted for when payable.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Other equipment - 20% on cost

Consecrated and benefice property of any kind is excluded from the financial statements by the Charities Act 2011 section 10(2) (a) and (c).

Fixed Asset Investments

Investments are included in the statement of financial position at their fair value. Fair value is defined as quoted prices in active markets for identical assets or liabilities.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds represent the funds of the PCC that are not subject to any restrictions as to their use. Funds designated by the PCC for a particular purpose are also unrestricted.

Restricted funds can only be used for particular restricted purposes. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Details of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MERTON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

2.
DONATIONS AND LEGACIES
Unrestricted
Restricted
funds
funds
£
£
Gift Aid donations
108,139
-
Tax recoverable
28,802
7,481
Legacies
191,195
-
Grants
-
-
Collections and other donations
15,204
-
Hall Refurbishment - Grants & Donations
-
51,871
343,340
59,352
3.
OTHER FUNDRAISING ACTIVITIES
Unrestricted
Restricted
funds
funds
£
£
Church hall lettings
45,459
608
Summer and Christmas fairs
7,880
-
Parish magazine (advertising)
7,029
-
Other
5,526
-
65,894
608
4.
INVESTMENT INCOME
Unrestricted
Restricted
funds
funds
£
£
Rents received
650
-
Interest and dividends
6,521
2,533
7,171
2,533		 2022
Total
funds
£
108,139
36,283
191,195
-
15,204
51,871
402,692
2022
Total
funds
£
46,067
7,880
7,029
5,526
66,502
2022
Total
funds
£
650
9,054
9,704		 2021
Total
funds
£
105,297
28,741
9,407
2,559
10,890
25,113
182,007
2021
Total
funds
£
25,954
5,412
6,201
2,880
40,447
2021
Total
funds
£
650
8,534
9,184

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MERTON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

5.
INCOME FROM CHARITABLE ACTIVITIES
2022
Activity
£
Fees for baptisms, weddings
and funerals
Church activities
3,059
6.
RAISING FUNDS
Other trading activities
2022
Unrestricted
Restricted
Total
funds
funds
funds
£
£
£
Parish magazine and guide
6,464
-
6,464
7.
CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
Support
Direct
(see note
costs (see
Costs
8)
note 9)
£
£
£
Church activities
65,325
-
2,520
Missionary and charitable giving
-
12,687
-
Diocesan fund contribution
108,000
-
-
Church hall costs
155,191
-
-
Church management and administration
20,410
-
-
348,926
12,687
2,520
8.
GRANTS PAYABLE
2022
£
Missionary and charitable giving
12,687
The total grants paid to institutions during the year was as follows:
2022
£
Mercy Ships
5,582
Christian Care
1,015
Church Missionary Society
1,015
United Society for Propogation of the Gospel
1,015
Welcare
1,015
Faith in Action
1,015
Spires Centre
1,015
Physically Handicapped and Able Bodied Club, Merton
1,015
12,687		 2021
£
4,490
2021
Total
funds
£
6,895
Totals
£
67,845
12,687
108,000
155,191
20,410
364,133
2021
£
12,073
2021
£
5,311
966
966
966
966
966
966
966
12,073

St Mary's supports various missions every year with financial donations, the budget for which is calculated using the tithing principle.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MERTON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

9. SUPPORT COSTS

SUPPORT COSTS
Church activities Governance
costs
£
2,520
Support costs, included in the above, are as follows:
Governance costs
2022
Church
activities
£
Independent examiner fee
2,520		 2021
Total
activities
£
2,400

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.

11. STAFF COSTS

Wages and salaries
Other pension costs
The average monthly number of employees during the year was as follows:
Parish Office Secretary
Hall Manager
Music Director		 2022
£
35,501
1,591
37,092
2022
1
1
1
3		 2021
£
28,249
1,140
29,389
2021
1
1
1
3

No employees received emoluments in excess of £60,000.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MERTON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

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12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Designated Restricted Total
fund funds funds funds
£ £ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 148,908 5,821 27,278 182,007
Charitable activities
Church activities 4,490 - - 4,490
- -
Other fundraising activities 40,447 40,447
Investment income 6,794 - 2,390 9,184
Total 200,639 5,821 29,668 236,128
EXPENDITURE ON
- -
Raising funds 6,895 6,895
Charitable activities
Church activities 50,989 29,643 - 80,632
- -
Missionary and charitable giving 12,073 12,073
Diocesan fund contribution 105,000 - - 105,000
Church hall costs 28,160 30,546 - 58,706
- -
Church management and administration 18,121 18,121
Total 221,238 60,189 - 281,427
-
Net gains on investments 37,272 10,450 47,722
NET INCOME/(EXPENDITURE) (20,599) (17,096) 40,118 2,423
Transfers between funds (941) 941 - -
Net movement in funds (21,540) (16,155) 40,118 2,423
RECONCILIATION OF FUNDS
Total funds brought forward 53,996 316,353 76,719 447,068
TOTAL FUNDS CARRIED FORWARD 32,456 300,198 116,837 449,491
13. TANGIBLE FIXED ASSETS
Other
equipment
£
COST
At 1 January 2022 and 31 December 2022 13,594
DEPRECIATION
At 1 January 2022 and 31 December 2022 13,594
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 -
----- End of picture text -----

-14-

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MERTON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

14. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 January 2022
Disposals
Revaluations
At 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021
There were no investment assets outside the UK.
15.
STOCKS
Stocks of guides
16.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Tax recoverable
17.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Missionary and charitable giving
Wedding deposits and receipts in advance
Parish hall creditors, deposits and agency accounts
Accrued expenses		 Listed
investments
£
382,157
(60,245)
(22,960)
298,952
298,952
382,157
2022
2021
£
£
350
450
2022
2021
£
£
4,804
1,821
14,000
-
26,778
11,071
45,582
12,892
2022
2021
£
£
4,404
7,216
12,687
12,073
1,234
200
4,774
7,309
3,608
3,602
26,707
30,400

As at the date of the financial statements £2,973 (2021 - £1,114) was payable to third parties in respect of fees and collections received as agent. During the year the total funds received as an agent for fees and collections was £17,200 (2021 £10,208).

-15-

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MERTON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
Designated
Restricted
fund
funds
funds
£
£
£
Investments
63,515
155,055
80,382
Current assets
44,854
190,630
22,917
Current liabilities
(29,878)
-
3,171
78,491
345,685
106,470		 2022
Total
funds
£
298,952
258,401
(26,707)
530,646		 2021
Total
funds
£
382,157
97,734
(30,400)
449,491

Comparatives for net assets between funds - 31 December 2021

Investments
Current assets
Current liabilities		 Unrestricted
funds
£
-
62,856
(30,400)
32,456		 Designated
funds
£
296,966
3,232
-
300,198		 Restricted
funds
£
85,191
31,646
-
116,837		 2021
Total funds
£
382,157
97,734
(30,400)
449,491

19. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Honeysett fabric maintenance
Honeysett Parish projects
Families and young people fund
Hall maintenance fund
Music scholarship fund
Outreach fund
Kate Disney trust fund
Organ maintenance fund
Glebe Fund
Youth Club Fund
Patricia Burrows Fund
Restricted funds
Peter Smith fund
Hall 2021-22 Appeal Fund
TOTAL FUNDS		 Net
movement
At 1/1/22
in funds
£
£
32,456
1,567
66,652
(8,922)
50,000
(227)
60,888
(21,020)
21,438
(10,000)
10,917
110
6,767
-
44,468
-
37,627
(4,396)
500
82
941
-
-
189,136
332,654
146,330
89,559
(2,877)
27,278
(62,298)
116,837
(65,175)
449,491
81,155		 Transfers
between
At
funds
31/12/22
£
£
44,468
78,491
(5,000)
52,730
(49,773)
-
-
39,868
-
11,438
(35)
10,992
-
6,767
(44,468)
-
-
33,231
-
582
-
941
-
189,136
(54,808)
424,176
35
86,717
54,773
19,753
54,808
106,470
-
530,646

-16-

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MERTON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

19. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Honeysett fabric maintenance
Honeysett Parish projects
Families and young people fund
Hall maintenance fund
Music scholarship fund
Organ maintenance fund
Glebe Fund
Patricia Burrows Fund
Restricted funds
Peter Smith fund
Hall 2021-22 Appeal Fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Honeysett fabric maintenance
Honeysett Parish projects
Families and young people fund
Hall maintenance fund
Music scholarship fund
Outreach fund
Kate Disney trust fund
Organ maintenance fund
Glebe Fund
Youth Club Fund
Restricted funds
Peter Smith fund
Hall 2021-22 Appeal Fund
TOTAL FUNDS		 Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
228,208
(226,641)
-
1,567
-
(2,922)
(6,000)
(8,922)
-
(227)
-
(227)
-
(16,020)
(5,000)
(21,020)
-
-
(10,000)
(10,000)
110
-
-
110
-
-
(4,396)
(4,396)
2,010
(1,928)
-
82
189,136
-
-
189,136
419,464
(247,738)
(25,396)
146,330
2,532
(600)
(4,809)
(2,877)
59,961
(122,259)
-
(62,298)
62,493
(122,859)
(4,809)
(65,175)
481,957
(370,597)
(30,205)
81,155
Net
Transfers
movement
between
At
At 1/1/21
in funds
funds
31/12/21
£
£
£
£
53,996
(20,599)
(941)
32,456
65,078
1,574
-
66,652
74,887
(24,887)
-
50,000
69,358
(8,470)
-
60,888
13,938
7,500
-
21,438
10,670
247
-
10,917
7,519
(752)
-
6,767
44,468
-
-
44,468
30,435
7,192
-
37,627
-
500
-
500
-
-
941
941
370,349
(37,695)
-
332,654
76,719
12,840
-
89,559
-
27,278
-
27,278
76,719
40,118
-
116,837
447,068
2,423
-
449,491

-17-

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MERTON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

19. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Honeysett fabric maintenance
Honeysett Parish projects
Families and young people fund
Hall maintenance fund
Music scholarship fund
Outreach fund
Organ maintenance fund
Glebe Fund
Restricted funds
Peter Smith fund
Hall 2021-22 Appeal Fund
TOTAL FUNDS		 Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
200,639
(221,238)
-
(20,599)
5,004
(11,030)
7,600
1,574
-
(32,387)
7,500
(24,887)
50
(16,020)
7,500
(8,470)
-
-
7,500
7,500
247
-
-
247
-
(752)
-
(752)
20
-
7,172
7,192
500
-
-
500
206,460
(281,427)
37,272
(37,695)
2,390
-
10,450
12,840
27,278
-
-
27,278
29,668
-
10,450
40,118
236,128
(281,427)
47,722
2,423

Unrestricted Funds

Patricia Burrows Fund - a fund designated for the maintenance of the church.

Honeysett fabric maintenance - a fund for the purpose of the maintenance and repair of the church building.

Honeysett Parish Projects - a fund designated for the 2022 refurbishment of the Hall.

Families and young people funds - a fund for the purpose of funding the Associate Priest and other youth-related projects.

Hall maintenance fund - a fund for the purpose of maintaining the fabric of the hall.

Music scholarship fund - a fund to support the music of the church

Outreach fund - a fund for the purpose of use for social and community events.

Kate Disney fund - a legacy fund at the discretion of the PCC.

Organ maintenance fund - a fund for the purpose to maintain the organ over a 30 year period.

Glebe fund - a fund for the maintenance of the Glebe Field and its trees.

Youth Club fund - a small fund for a youth project to be determined by the PCC.

Restricted Funds

Peter Smith Fund - a legacy received whose capital can not be spent, income to be applied for one or more music scholarships and the general benefit of the music at St Mary's.

Hall Appeal Fund 2021-22 - a fund for the 2022 refurbishment of the Hall.

-18-

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MERTON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

19. MOVEMENT IN FUNDS - continued

Fund Transfers

Transfers into restricted funds are to reflect the additional spend above the restricted income from unrestricted funds.

20. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2022.

21. SPECIAL COLLECTIONS

The Church acted as an agent during the year. Collections made directly for the benefit of third parties are not included in the above accounts. These collections were as set out below.

Collections
Ashes Ground Preparation
AEC Ukraine Appeal
Gifts
The Children's Society
Crisis at Christmas
Funeral Collections
Royal British Legion		 Brought
Forward
£
375
66
-
-
294
(5)
60
790		 Incoming
Resources
£
232
285
1,745
2,107
379
744
340
5,832		 Resources
Expended
£
(501)
-
(1,745)
277
(293)
-
(400)
(3,216)		 Carried
Forward
£
106
351
-
1,830
380
739
-
3,406

-19-