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← The Parochial Church Council Of The Ecclesiastical Parish Of St Mary, Barnes

2023-12-31-accounts

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The Parochial Church Council of the Ecclesiastical Parish of St Mary, Barnes

Report and Accounts

Year ended 31 December 2023

Contents Page
Charity information…............................................................................ 2
Trustees’ Annual Report…..................................................................... 3-5
Independent Examiner’s Report…......................................................... 6
Statement of Financial Activities…........................................................ 7
Balance Sheet…..................................................................................... 8
Cash Flow Statement….......................................................................... 9
Notes to the Accounts…........................................................................ 10-19
Detailed Statement of Financial Activities with Comparatives….......... 20

The Parochial Church Council of the Ecclesiastical Parish of St Mary, Barnes

CHARITY INFORMATION For the Year Ended 31 December 2023

Trustees:

Revd James Hutchings (Chair) Revd James Marston (Associate Priest) Mr Peter Boyling (Vice Chair) Ms Fawkia Heller (Churchwarden) Mr Paul Teverson (Churchwarden) Mr Michael Ross-McCall (Treasurer) Mr Geoffrey Barnett Mr Philip Bladen (resigned on 4 May 2023) Mr Stephen Cox (resigned on 4 May 2023) Dr Helen Faride Ms Judith Gowing (resigned on 4 May 2023)

Ms Patricia Hawkins Mr William Heller Ms Susan Mackworth-Praed (resigned on 4 May 2023) Ms Alison Macmillan Ms Elisabeth Munden Mr Michael Murison (resigned on 4 May 2023) Mr Richard Nickels (appointed on 4 May 2023) Dr Catherine Putz (resigned on 4 May 2023) Lady Deborah Stewartby (appointed on 4 May 2023) Ms Anne Sullivan (resigned on 4 May 2023)

Clerk to the Trustees:

Ms Judith Gowing (resigned on 4 May 2023) Ms Helen Gibbs (appointed on 4 May 2023)

Key Management Personnel:

Revd James Hutchings, Barnes Team Rector & Vicar Ms Helen Gibbs, Clerk to the Trustees Mr Paul Teverson, Churchwarden Mr Michael Ross-McCall, Honorary Treasurer

Ms Cheryl Cole, Parish Administrator Mr Peter Boyling, Vice Chair of PCC Ms Fawkia Heller, Churchwarden

Governing Document:

Parochial Church Councils (Powers) Measure 1956 (as amended) and the Church Representation Rules

Charity Registration No.:

1134840

Principal Address:

Church Road London SW13 9HL

Independent Examiner:

Archie McDowall BA CA Stewardship 1 Lamb’s Passage London EC1Y 8AB

Bankers:

CAF Bank Ltd National Westminster Bank 25 Kings Hill Avenue, Kings Hill 111-117 Putney High Street West Malling London Kent SW15 2LL ME19 4JQ

Page 2

The Parochial Church Council of the Ecclesiastical Parish of St Mary, Barnes

ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL For the Year Ended 31 December 2023

The Members of the Parochial Church Council (the 'PCC'), who are the charity's trustees for the purposes of charity law, have pleasure in presenting the report and accounts for the year.

Objects of the charity

The charity is responsible for co-operating with the incumbent, in promoting in the ecclesiastical parish, the whole mission of the Church be it pastoral, evangelistic, social or ecumenical. The PCC is also responsible for the maintenance of the church of St Mary’s, Barnes and the church hall, Kitson Hall, in Kitson Road, Barnes.

Summary of the charity's main activities and achievements

To further the above objects and vision, the charity's main activities and achievements were as follows:

  1. The parish’s civic role was paramount in celebrating the coronation of King Charles III with a special service of thanksgiving and tea party for the local community. Similarly, we encouraged people needing a ‘warm space’ during the cost-of-living crisis to use the church during the week and in hosting a weekly tea & chat.

  2. The core of the church’s life in proclaiming the gospel of Jesus Christ has been encouraged by the large number of baptisms and weddings, congregational numbers and confirmations. The wider involvement of local people in St Mary’s continued to flourish through the events organised by the Friends of St Mary’s and the use of Kitson Hall.

  3. Being outward looking from the parish is also central to the work of the charity, and we have continued to do this through our contributions to the Diocese of Southwark and partnerships with key charitable organisations.

  4. The church building and grounds continue to be well used by individuals and local organisations. The church facilities have been enhanced by the installation of a new audio-visual system. The historic link with the Hoare family was celebrated through the dedication of a new memorial in the Langton Chapel.

Structure, governance and management

The charity is registered with the Charity Commission and operates under the Charities Act 2011. The governing documents for the charity are the Parochial Church Councils (Powers) Measure 1956 (as amended) and the Church Representation Rules.

The appointment of PCC members is governed by, and set out in, the Church Representation Rules. The PCC comprises ex-officio members (which includes clergy and churchwardens), elected members and co-opted members. The PCC organise elections annually before the Annual Parochial Church Meeting (APCM) to fill vacancies.

Responsibility for setting policy and for determining the parameters within which the charity should operate for making operating decisions rests with the PCC who meet regularly to monitor the activities of the charity. Responsibility for the day to day operation of the charity has been delegated to a management team (the Standing Committee) led by the incumbent.

Major risks to which the PCC is exposed, as identified by the PCC members, are reviewed periodically and systems or procedures established to manage those risks. Key issues include the security of income streams, the safeguarding of children and vulnerable adults, and the soundness of the fabric of the buildings.

Page 3

The Parochial Church Council of the Ecclesiastical Parish of St Mary, Barnes

ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL (continued) For the Year Ended 31 December 2023

Public benefit statement

In planning the activities the PCC have complied with the duty to have regard to the UK Charity Commission’s public benefit guidance.

To further its charitable purposes for the public benefit, and in furtherance of its charitable objectives, St Mary’s provides financial support to a number of charities through church and Friends’ fundraising events, complementing support through volunteering and prayer. The core charities are Fish Neighbourhood Care, Castelnau Centre, Glass Door, Age UK Richmond Barnes Green Centre, Welcare, Home Start Richmond, Stormbreak, Under Tree Schools, Christian Aid and the Bishop of Southwark’s Lent Call.

Financial Review

During the year income increased by £58,652, to £649,922, mainly due to higher receipts from more events by the Friends of St Mary's Barnes, higher church hall lettings and higher investment dividends.

Expenditure increased in the year by £94,147, to £679,066 reflecting higher salaries for six staff plus the associate priest and more Friends' events with higher costs.

As a result the deficit for the year before investment gains/(losses) was £29,144 compared to a surplus in 2022 of £6,352.

The charity incurred investment gains of £59,020 versus investment losses in 2022 of £83,948 which included a realised loss of £23,948.

Taking investment gains/(losses) into account, St Mary's surplus was £29,875 compared to a deficit in 2022 of £77,597.

The charity's net assets at the year end were £1,326,959 divided into ten funds, compared to £1,297,083 at 31 December 2022, the increase of £29,875 comprising the 2023 surplus. St Mary's investments at the year end aggregating to £721,987 comprised units/shares in four publicly quoted funds which can be liquidated within 30 days.

Reserves policy

The PCC have determined on 30th September 2023 that the charity should aim to hold "cash" (cash, bank, deposits and short-term investments) on behalf of designated and unrestricted funds of no less than £115,000 comprising certain church income sources and operating expenses, hall repairs and youth worker salary, so that the charity could continue to operate should income and / or expenditure vary adversely. At the year end, the charity held unrestricted "cash" of £144,647.

In addition, the charity has resolved to maintain reserves for three restricted funds aggregating to at least £66,000, equating to aggregate minimum reserves of £181,000. At the year end, the charity held total "cash" of £217,445 and is accordingly in compliance with its Reserves policy.

Going concern

The trustees consider that the charity has sufficient funds to enable it to continue its operations for the foreseeable future.

Page 4

The Parochial Church Council of the Ecclesiastical Parish of St Mary, Barnes

ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL (continued) For the Year Ended 31 December 2023

Key risks and uncertainties

The charity is exposed to various risks - be they operational, financial or reputational. The PCC review the charity's activities regularly to identify significant risks and, where possible, they take appropriate measures to mitigate those risks.

Key issues include the security of income streams, the safeguarding of children and vulnerable adults, and the soundness of the fabric of the buildings.

Other matters

With regard to the PCC’s obligations to safeguard children and vulnerable adults, the members of the PCC confirm that they have complied with their duties under section 5 of the Safeguarding and Clergy Discipline Measure 2016.

The Diocese have assessed the PCC’s Parish Share to be £83,500 for the year to 31 December 2023; having reviewed the PCC’s finances, the members of the PCC decided to increase the PCC’s contribution to £187,272 (2022: £183,600).

The last quinquennial inspection was held in 2020; no significant immediate work is required.

Statement of Responsibilities of the Members of the Parochial Church Council

The PCC is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the PCC to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources for the financial year. In preparing these financial statements, the PCC are required to:

  1. select suitable accounting policies and apply them consistently;

  2. observe the methods and principles in the Charities SORP;

  3. make judgements and estimates that are reasonable and prudent;

  4. state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

  5. prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The PCC is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. 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.

Approval

This report was approved by the PCC and signed on their behalf by:

REVD JAMES HUTCHINGS

Revd James Hutchings (Chair of Trustees) Date: 10 April, 2024

Page 5

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF

The Parochial Church Council of the Ecclesiastical Parish of St Mary, Barnes (‘the Charity’)

I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 December 2023 on pages 7 to 20 following, which have been prepared on the basis of the accounting policies set out on pages 10 to 12.

Responsibilities and basis of report

As the charity’s trustees of the Charity 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 Charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants of Scotland, which is one of the listed bodies.

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

  1. accounting records were not kept in respect of the Charity 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 financial statements to be reached.

ARCHIE MCDOWALL

Name: Archie McDowall BA CA Dated: 10 April, 2024

Stewardship 1 Lamb’s Passage LONDON EC1Y 8AB

Page 6

The Parochial Church Council of the Ecclesiastical Parish of St Mary, Barnes

STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2023

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Total income and endowments
EXPENDITURE ON:
Charitable activities
7
Raising funds
8
Total expenditure
Net gains/(losses) on investments
11,13
Net income/(expenditure)
Gross transfers between funds - in
Gross transfers between funds - out
Net movement in funds
Reconciliation of funds:
Total funds brought forward
18
Total funds carried forward
18
Note: Unrestricted includes designated (unrestricted) funds.		 Unrestricted
funds
£
209,535
134,797
41,938
14,491
400,761
417,959
21,080
439,039
10,135
(28,143)
131,636
(64,281)
39,212
180,986
220,198		 £
16,430
-
229,008
95
245,533
59,659
180,368
240,027
-
5,506
3,193
(52,556)
(43,857)
78,691
34,833
Restricted
funds		 £
-
-
-
3,629
3,628.61
-
-
-
48,885
52,514
-
(17,992)
34,522
1,037,406
1,071,928
Endowment
funds		 Total funds
2023
£
225,965
134,797
270,946
18,215
649,922
477,618
201,448
679,066
59,020
29,875
134,828
(134,828)
29,875
1,297,083
1,326,958		 Total funds
2022
£
211,291
121,324
244,568
14,086
591,270
432,881
152,038
584,919
(83,948)
(77,597)
44,674
(44,674)
(77,597)
1,374,680
1,297,083

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing operations.

The notes on pages 10 to 19 form part of these accounts.

Page 7

The Parochial Church Council of the Ecclesiastical Parish of St Mary, Barnes

BALANCE SHEET As at 31 December 2023

Note
FIXED ASSETS
Tangible assets
10
Investments
11
CURRENT ASSETS
Debtors
12
Investments
13
Cash at bank and in hand
14
15,16
Net current assets / (liabilities)
TOTAL NET ASSETS
FUND BALANCES
Unrestricted Funds
General funds
18
Designated funds
18
Restricted Funds
18
Endowment Funds
18
TOTAL FUNDS
Note: Unrestricted includes designated (unrestricted) funds.
CREDITORS: Amounts falling due within one
year		 £
67,238
17,992
85,230
37,213
92,068
52,579
181,860
46,892
134,968
220,198
139,143
81,055
220,198
-
-
220,198
Unrestricted
funds		 £
-
-
-
-
-
72,798
72,798
37,965
34,833
34,833
-
-
-
34,833
-
34,833
Restricted
funds		 £
460,000
611,928
1,071,928
-
-
-
-
-
-
1,071,928
-
-
-
-
1,071,928
1,071,928
Endowment
funds		 Total funds
2023
£
527,238
629,920
1,157,157
37,213
92,068
125,377
254,658
84,857
169,801
1,326,958
139,143
81,055
220,198
34,833
1,071,928
1,326,958		 Total funds
2022
£
465,949
577,406
1,043,355
25,735
81,932
229,271
336,938
83,211
253,727
1,297,083
86,059
94,927
180,986
78,691
1,037,406
1,297,083

The financial statements were approved by the Board of Trustees and were signed on its behalf by: Charity No. 1134840

REVD JAMES HUTCHINGS Rev James Hutchings (Chair) Date: 10 April, 2024 MICHAEL ROSS-MCCALL Michael Ross-McCall (Treasurer) Date: 10 April, 2024

The notes on pages 10 to 19 form part of these accounts.

Page 8

The Parochial Church Council of the Ecclesiastical Parish of St Mary, Barnes

For the year ended 31 December 2023

CASH FLOW STATEMENT

Note
Cash flows from operating activities:
Net cash provided by (used in) operating activities
a
Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from the sale of property, plant and equipment
Purchase of property, plant and equipment
Proceeds from sale of investments
Purchase of investments
Net cash provided by/(used in) investing activities
b
b
Analysis of changes in net debt:
At start of
Non-cash
year
movements
£
£
Cash
229,271
Bank loans:
Falling due within one year
-
Falling due after one year
-
Finance lease obligations:
Falling due within one year
-
Falling due after one year
-
Total net funds / (debt)
229,271
-
Note a: Reconciliation of net income/(expenditure) to net cash flow from operating activities
Adjustments for:
Depreciation charges and provisions for impairment
New shares in lieu of cash dividends
(Gains)/losses on investments
Dividends, interest and rents from investments
Loss/(profit) on the sale of fixed assets
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by (used in) operating activities
Note b: Analysis of cash and cash equivalents
Cash at bank with immediate access
Notice deposits (with a term of three months or less)
Petty cash
Total cash and cash equivalents
Change in cash and equivalents in the reporting period
Cash and equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Net income/(expenditure) for the reporting period (as per the statement of financial
activities)		 2023
£
(59,215)
18,215
-
(62,894)
-
-
(44,680)
(103,895)
229,271
125,377
Cash-flows
£
(103,895)
-
-
-
-
(103,895)
2023
£
29,875
1,605
(3,629)
(59,020)
(18,215)
-
(11,479)
1,646
(59,215)
2023
£
19,429
105,896
52
125,377		 2022
£
28,198
14,086
-
(6,505)
302,679
(302,679)
7,581
35,779
193,491
229,271
At end of
year
£
125,377
-
-
-
-
125,377
2022
£
(77,597)
555
(1,977)
85,926
(14,086)
-
(10,422)
45,800
28,198
2022
£
79,626
147,340
2,305
229,271

Page 9

The Parochial Church Council of the Ecclesiastical Parish of St Mary, Barnes

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2023

1 Statutory information

The Parochial Church Council of the Ecclesiastical Parish of St Mary, Barnes is a charity registered with the Charity Commission in England & Wales. The charity's registered number and principal address can be found on the Charity Information page.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention [as modified by the revaluation of certain assets, which are measured at fair value through the Statement of Financial Activities]. The financial statements include all activities for which the PCC is legally responsible.

These financial statements have been prepared in accordance with The Church Accounting Regulations 2006, the 'Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)' ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.

The principles adopted in the preparation of the financial statements are set out below.

a) Going concern

The PCC have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The PCC have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the PCC have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The PCC have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

b) Income

Income (which includes planned giving, collections and other donations) is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part income is generally recognised when it is received by, or on behalf of, the PCC. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations and legacies includes:

Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from baptisms/ weddings/ funerals, church lettings and church hall lettings.

Income from other trading activities represents income receivable from activities undertaken to generate funds for the charity. It includes income from church events, Association of Friends events and merchandise sales.

Investment income represents income generated by the charity's assets and includes income from its investment portfolio and bank interest.

The charity has taken the view that it has only one charitable activity, namely the advancement of the Christian faith, and all income from donations, legacies and charitable activities is in respect of this one activity.

Page 10

The Parochial Church Council of the Ecclesiastical Parish of St Mary, Barnes

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2023

2 Accounting Policies (continued)

c) Expenditure

Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Contributions in respect of the diocesan parish share are included in the Statement of Financial Activities for all amounts agreed to being payable for the financial year. Any contributions that have not been paid over by the year end are included as a creditor.

The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

d) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects. Endowment funds are donations that are retained as capital in accordance with the donor's wishes. The nature of the restriction determines whether the endowments represent permanent endowments or expendable endowments.

e) Tangible Fixed Assets

Consecrated and beneficed property is not included in these financial statements by virtue of s.10(2) of the Charities Act 2011. All expenditure on consecrated or beneficed buildings is written off in the year in which it is incurred.

Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £250 and the item is expected to benefit the charity over three accounting periods or more. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:

Freehold land Is not depreciated (because it is not consumed by use) Freehold buildings Over 50 years after taking account of the building's residual value Leasehold improvements Over the lease term or, if shorter, expected useful life Equipment Over 3 to 5 years

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.

f) Investments

Fixed asset investments are held to generate income and / or for their investment potential. Current asset investments are investments that are held specifically for sale as an alternative to a bank deposit or are investments that the charity expects to sell by the next balance sheet date. Investments, other than social investments (see below), are valued as follows: i) Investment property and listed investments are valued at their market value (fair value) at the balance sheet date.

Impairment losses and losses arising on the disposal of investment assets are included in the Statement of Financial Activities under the heading 'Net gains / (losses) on investments'.

g) Taxation

The charity has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.

Page 11

The Parochial Church Council of the Ecclesiastical Parish of St Mary, Barnes

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2023

2 Accounting Policies (continued)

h) Financial instruments

The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive). The charity recognises liabilities for the principal of those loans that remains outstanding at the year end (i.e. the liabilities exclude any interest chargeable on the loans in future years).

i) Foreign currency translation

These financial statements are presented in sterling, which is the charity's functional currency.

i) Income and expenditure denominated in a foreign currency is translated into sterling at the exchange rate prevailing on the date of the transaction.

ii) Monetary assets and liabilities denominated in a foreign currency are re-translated at the exchange rate prevailing at the balance sheet date.

iii) Non-monetary assets are measured at historic cost at the rate of exchange prevailing on the date of the transaction and are not subsequently re-translated.

All differences arising from the application of the above policy are charged (or credited) to the Statement of Financial Activities.

j) Exemption from preparing a cashflow statement

In accordance with the Charities SORP, the charity has prepared a cash flow statement as its total income in the year exceeded £500,000.

k) Critical accounting estimates and areas of judgement

The members of the PCC do not consider that there are any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.

3
Donations and legacies
Donations of cash and similar
Income tax recoverable
Legacies receivable
4
Income from charitable activities
Church hall lettings
Fees for Baptisms, Weddings, Funerals, Memorials and Interments
Hire of the Church
Flowers for Weddings and Funerals
Garden of Remembrance Inscriptions
5
Income from other trading activities
Friends fundraising events
Other fundraising events
Merchandise sales
6
Investment income
Dividends and interest receivable
Bank and Building Society Interest		 2023
£
173,421
48,543
4,000
225,964
100,986
16,746
12,245
500
4,320
134,797
228,475
40,670
1,800
270,946
16,558
1,657
18,215		 2022
£
168,390
41,899
1,002
211,290
74,199
31,619
10,276
4,870
360
121,324
203,477
39,988
1,104
244,568
13,962
124
14,086

Page 12

The Parochial Church Council of the Ecclesiastical Parish of St Mary, Barnes

NOTES TO THE FINANCIAL STATEMENTS (continued)

For the year ended 31 December 2023

7
Charitable expenditure
a
Costs incurred directly on specific activities
Ministry expenses:
Parish Share
Ministry staff employment costs
Other ministry expenses
Upkeep of services
Clergy expenses
Training costs
Property expenses:
Operational costs for church hall
Operational costs for church
Major repairs to church
Upkeep of churchyard
Major repairs to church hall
Grants payable (note 7c)
b
Costs incurred on support and administration
Governance costs:
Independent examiner's fee
Stewardship Campaign
Administrative staff employment costs
Church office costs
Other expenses
Depreciation - Equipment
Bank charges		 2023
£
187,272
74,461
9,976
21,699
1,885
0
295,293
42,525
31,400
6,159
1,373
0
81,457
32,570
409,319
1,980
25
2,005
52,399
11,445
782
1,605
63
68,298		 2022
£
183,600
44,386
19,808
17,776
6,113
195
271,878
29,171
25,041
14,867
930
602
70,612
39,882
382,371
1,800
-
1,800
35,765
10,509
1,740
555
141
50,510

Note: The fee payable to the independent examiner for examining the accounts was £1,920 (2022: £1,860); no other services were provided by Stewardship.

Total expenditure
c
Grants payable
Grants for UK and overseas mission
Grants for the relief of poverty
Grants for education, including ministry training		 Institutions
£
18,938
8,216
5,416
32,570		 477,618
Individuals
£
-
-
-
-		 432,881
2023
£
18,938
8,216
5,416
32,570

Page 13

The Parochial Church Council of the Ecclesiastical Parish of St Mary, Barnes

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2023

Charitable expenditure (continued)
Grants payable (continued)
The comparatives for the previous year are as follows:
Grants for UK and overseas mission
Grants for the relief of poverty
Grants for education, including ministry training
The charity's principal grants to institutions comprised:
Under Tree Schools
FiSH Neighbourhood Care
Stormbreak
Home Start, Richmond
Glass Door Homeless Charity
Princess Basma Centre, Jerusalem
Castelnau Centre Project
Age UK Richmond upon Thames
Wellcare, Richmond
Turkey Mozaik Foundation
Bishop of Southwark's Lent Call
DEC Ukraine Appeal
Cancer Research UK
Association for Post Natal Illness
Grants to institutions for less than £1,000 each		 Institutions
£
28,038
6,390
5,454
39,882		 2023
£
Individuals
£
-
-
-
-
2023
£
4,916
4,509
4,500
3,400
3,109
2,876
1,819
1,814
1,814
1,500
598
0
0
0
1,715
32,570		 2022
£
2022
£
28,038
6,390
5,454
39,882
2022
£
5,454
2,609
2,500
3,500
2,741
-
2,609
2,609
2,609
0
1,041
8,510
3,500
2,000
201
39,882

Charities are invited to hold coffee mornings on Saturdays in the church to raise funds to support their activities. St Mary's records all income received and pays the total receipts less a charge of £10-15 to the charity. The total payments in 2022 of £3,894 were included in Grants payable. To correctly reflect these cash flows, the total for 2023 of £11,096 is reflected under Raising funds - Other fundraising events at Note 8. The total for 2022 has been similarly reclassified to provide comparability.

8
Raising funds
Friends events
Other fundraising events
Merchandise sales		 180,368
19,984
1,096
201,448		 135,352
16,136
549
152,038
expenses
Gross wages and salaries
Social security
Pension costs
Other employment benefits		 2023
£
92,027
6,105
2,768
-
100,900		 2022
£
69,608
4,252
1,847
-
75,707

The average monthly number of employees during the year was 6 (2022: 5). Most of the charity's activities are carried out by volunteers.

No staff received salaries at a rate of more than £60,000 per annum.

The charity's key management comprise the members of the PCC and the key staff named on the Charity Information page. Total employment benefits payable to key management for the year were as follows:

Other
Employer
Wages &
employment
pension
salaries
benefits
contributions
Members of the PCC
-
-
-
Key management connected to members of the PCC
-
-
-
Other members of key management
29,989
-
824		 2023
£
-
-
30,813
30,813

Page 14

The Parochial Church Council of the Ecclesiastical Parish of St Mary, Barnes

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2023

9 Analysis of staff costs, the cost of key management personnel and trustee remuneration and expenses (continued)

The following amounts were payable in the previous year:

The following amounts were payable in the previous year:
(continued)
Other
Employer
Wages &
employment
pension
salaries
benefits
contributions
Members of the PCC
-
-
-
Key management connected to members of the PCC
-
-
-
Other members of key management
25,745
-
804		 2022
£
-
-
26,549
26,549

Revd James Hutchings and Revd James Marston (who are clergy members of the PCC) receive a stipend from the Diocese and so they are not employees; some of the Parish Share paid to the Diocese is used to help meet the cost of these stipends. They were provided with accommodation (which is customary for clergy) and the cost of this accommodation to the PCC is disclosed in note 7 'Charitable Expenditure'. The charity also reimbursed expenses to them; again these costs are disclosed in note 7 'Charitable Expenditure' under the heading 'Clergy expenses'.

10
Tangible assets
10.1
Property - Kitson Hall		 2023
£
460,000
460,000		 2022
£
460,000
460,000

Kitson Hall is valued at cost. The Trustees believe that the market value exceeds the carrying value, hence no amortisation charge is taken.

10.2 Fixtures, furniture & equipment

Fixtures, furniture & equipment
At 1 January
Additions
Charge for the year
Disposals
Eliminated on disposal
At 31 December
Net book value:
At 31 December 2023
At 31 December 2022		 20 Accumulated
depreciation
555
1,605
-
2,160
23		 202 2
Cost
6,505
62,894
-
69,398
67,238
5,949		 Cost
-
6,505
-
6,505		 Accumulated
depreciation
-
555
-
555

During 2022, the Trustees changed the previous accounting policy of expensing all expenditure on furniture and equipment to a policy of capitalising asset purchases with a cost exceeding £250 and a useful life of 3 years and above.

11 Fixed asset investments

Fixed asset investments
Cost or fair value brought forward
Purchases during the year
New shares in lieu of cash dividends
Disposals during the year (net proceeds)
Loss on sale
Change in value of investments held at year end
Cost or fair value carried forward		 577,406
0
3,629
0
0
48,885
629,920		 653,253
302,679
1,977
(302,679)
(23,948)
(53,876)
577,406

The Endowment - Ministry Capital fund was established from the net proceeds of sale of a surplus property in 2021 and were invested in the CCLA COIF Charity Investment Fund (Income units). During 2022, 50% of the Income units were sold and the net proceeds used to purchase CCLA CBF CofE Investment Fund Income Shares and Newton Growth and Income for Charities Income Shares in order to further diversify the portfolio. The units and shares are listed and capable of liquidation within 30 days.

New shares received in 2022 in lieu of cash dividends were included with change in value of investments in the 2022 financial statements. These shares have been reclassified above to provide comparability. The net deficit in 2022 is unchanged.

During 2023, £17,992 (2022: £nil) was transferred from the Endowment fund (Ministry Capital) to a designated fund (Ministry Income) to provide the Ministry Income fund with sufficient income to finance the actual costs of the associate priest in 2023 and the projected costs in 2024.

Page 15

The Parochial Church Council of the Ecclesiastical Parish of St Mary, Barnes

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2023

12 Debtors
Falling due within one year:
Tax recoverable
Other debtors
Trade debtors
Prepayments and accrued income
13 Current asset investments
Cost or fair value brought forward
Purchases during the year
Disposals during the year
Change in value of investments
Cost or fair value carried forward
14 Cash at bank and in hand
Notice deposits (with a term of three months or less)
Cash at bank with immediate access
Petty cash
15 Creditors: liabilities falling due within one year
Deferred income
Other creditors
Accruals
Taxation and Social Security
16 Deferred income
Deferred income comprises the following:
The income deferred at the period end will be released to income over the following periods:
Within one year
Balance at the beginning of the reporting period
Amount released to income
Surplus funds were invested since 2016 in the CCLA COIF Charity Investment Fund (Growth units). The
capable of liquidation within 30 days.
Amount deferred in year
Balance at the end of the reporting period		 2023
£
11,000
13,856
5,256
7,101
37,213
81,932
-
-
10,135
92,068
105,896
19,429
52
125,377
52,898
23,355
4,766
3,839
84,857
40,504
(40,504)
52,898
52,898
52,898
units and shares ar		 2022
£
14,056
5,363
4,570
1,746
25,735
90,034
-
-
(8,102)
81,932
147,340
79,626
2,305
e listed and
229,271
40,504
31,413
8,026
3,268
83,211
26,600
(26,600)
40,504
40,504
40,504

Deferred income comprised church hall rents received for rentals due in the following year and for receipts of ticket sales for Friends' events taking place in the next year.

17 Pension commitments

During the year employer’s pension contributions in respect of the incumbent and associate priest were paid by the Diocese of Southwark to the Church of England Pensions Board and reimbursed by the charity through the Ministry Parish Share payment.

Employer’s pension contributions in respect of the staff totalling £2,768 (2022: £1,847) were paid to the National Employment Savings Trust (NEST).

No pension contributions were owing at the balance sheet date (2022: £nil).

Page 16

The Parochial Church Council of the Ecclesiastical Parish of St Mary, Barnes

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2023

18 Funds

During the year the movements in the charity's funds were as follows:

Designated funds 2023
£
1,790
(0)
35,000
41,870
16,267
94,927
86,059
180,986
0
13,328
0
59,059
6,302
0
78,691
577,406
460,000
1,037,406
1,297,083
Opening
balance		 2023
£
660
100,986
0
145
12,929
114,719
286,041
400,760
598
1,128
5
242,701
795
307
245,534
3,629
0
3,629
649,922
Incoming
resources		 2023
£
648
57,427
0
36,520
25,960
120,555
318,484
439,039
598
491
5
234,336
4,290
307
240,027
0
0
0
679,066
Outgoing
resources		 2023
£
0
(43,559)
0
17,530
17,992
(8,037)
75,392
67,355
0
0
0
(52,556)
3,193
0
(49,363)
(17,992)
0
(17,992)
0
Transfers in
the year		 2023
£
0
0
0
0
0
0
10,135
10,135
0
0
0
0
0
0
0
48,885
0
48,885
59,020
Gains and
losses		 2023
£
1,802
0
35,000
23,025
21,229
Closing
balance
Flower Fund
Kitson Hall Revenue Fund
Kitson Hall Reserve Fund
Youth Fund 2018
Ministry Income Fund (see note)
General unrestricted funds
81,055
139,143
Total unrestricted funds
Restricted funds
220,198
0
13,965
0
14,869
6,000
0
Bishop's Lent Call
Bells Fund
Castelnau Community Project
Friends Fund
Music Fund
Under Tree School
Total restricted funds
Endowment funds
34,833
611,928
460,000
Endowment - Ministry Capital (see note)
Endowment - Kitson Hall
Total endowment funds
Aggregate of funds
1,071,928
1,326,958

Note: Established on 1 January 2022 to receive income from Endowment - Ministry Capital Fund, whose name was changed from "Share of 52 Boileau Road Fund" on 1 January 2022.

The transfers referred to above were made for the following reasons:

a) Surplus for 2023 of £43,559 in Kitson Hall Revenue Fund was allocated to the General unrestricted funds.

b) £17,530 was transferred from General unrestricted funds to increase the Youth Fund 2018 to finance the budgeted costs of the youth worker in 2024.

c) £17,992 was transferred from Ministry Capital Fund to Ministry Income Fund to finance the actual net cost (stipend and expenses less dividends received) of the associate priest in 2023 and the budgeted net cost in 2024.

d) £52,556 was transferred from the Friends Fund to the General unrestricted funds being the reimbursement of the cost of the audio visual system installed in the church.

e) £3,193 was transferred from General unrestricted funds to the Music Fund to increase the Music Fund to £6,000 in accordance with the Reserves Policy.

Page 17

The Parochial Church Council of the Ecclesiastical Parish of St Mary, Barnes

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2023

18 Funds (continued)

The assets and liabilities of the various funds were as follows:

Funds (continued)
The assets and liabilities of the various funds were as follows:
Fixed asset investments
Debtors
Current assets investments
Cash at bank and in hand
Creditors falling due within one year		 £
85,230
37,213
92,068
52,579
(46,892)
220,198
Unrestricted &
Designated
funds		 £
0
0
0
72,798
(37,965)
34,833
Restricted
funds		 £
1,071,928
0
0
0
0
1,071,928
Endowment
funds		 2023
£
1,157,157
37,213
92,068
125,377
(84,857)
1,326,958

In the previous year the movements in the charity's funds were as follows:

Designated funds 2022
£
0
0
35,000
40,902
0
75,902
119,874
195,776
0
11,151
0
45,760
8,741
0
65,652
653,252
460,000
1,113,252
1,374,680
Opening
balance		 2022
£
5,268
74,199
0
0
13,962
93,430
277,462
370,891
1,040
1,477
0
212,476
2,933
2,453
220,379
0
0
0
591,270
Incoming
resources		 2022
£
3,479
40,736
0
29,031
7,695
80,941
294,029
374,970
1,040
0
2,609
198,475
5,372
2,453
209,949
0
0
0
584,919
Outgoing
resources		 2022
£
0
(33,464)
0
30,000
10,000
6,537
(9,146)
(2,609)
0
700
2,609
(700)
0
0
2,609
0
0
0
0
Transfers in
the year		 2022
£
0
0
0
0
0
0
(8,102)
(8,102)
0
0
0
0
0
0
0
(75,846)
0
(75,846)
(83,948)
Gains and
losses		 2022
£
1,790
(0)
35,000
41,870
16,267
Closing
balance
Flower Fund
Kitson Hall Revenue Fund
Kitson Hall Reserve Fund
Youth Fund 2018
Ministry Income Fund (see note)
General unrestricted funds
94,927
86,059
Total unrestricted funds
Restricted funds
180,986
0
13,328
0
59,061
6,302
0
Bishop's Lent Call
Bells Fund
Castelnau Community Project
Friends Fund
Music Fund
Under Tree School
Total restricted funds
Endowment funds
78,691
577,406
460,000
Share of 52 Boileau Road Fund (see note)
Endowment - Kitson Hall
Total endowment funds
Aggregate of funds
1,037,406
1,297,083

Note: Name changed to "Endowment - Ministry Capital Fund" on 1 January 2022.

The transfers referred to above were made for the following reasons:

a) Surplus for 2022 of £33,464 in Kitson Hall Revenue Fund was allocated to part-fund the budgeted 2023 net expenditures in Youth Fund 2018 (work with children and families) and Ministry Income Fund (staff costs of associate priest) with balance to General Fund.

b) £6,537 was transferred from General Unrestricted Funds to create a balance in the Ministry Income Fund equal to its expected 2023 expenditure. c) £700 from Barnes Music Festival ticket sales was gifted by Association of Friends to the Bells Fund.

d) £2,609 was gifted by the General Fund to the Castelnau Community Project as a donation.

Page 18

The Parochial Church Council of the Ecclesiastical Parish of St Mary, Barnes

NOTES TO THE FINANCIAL STATEMENTS (continued)

For the year ended 31 December 2023

18 Funds (continued)

In the previous year, the assets and liabilities of the various funds were as follows:

Fixed asset investments
Debtors
Current assets investments
Cash at bank and in hand
Creditors falling due within one year		 £
5,949
25,735
81,932
150,580
(83,211)
180,986
Unrestricted &
Designated
funds		 £
0
0
0
78,691
0
78,691
Restricted
funds		 £
1,037,406
0
0
0
0
1,037,406
Endowment
funds		 2022
£
1,043,356
25,735
81,932
229,271
(83,211)
1,297,083

Designated and unrestricted funds comprise funds which have been designated by the trustees for the support of the church's activities.

Restricted funds comprise balances held by the charity on behalf of specific groups within the church who seek to make a surplus from their activities and donations, then may decide to pay for church expenditures like the Association of Friends or else spend their surplus as they choose.

Endowment funds comprise the net gain from the sale of a property in 2021 and investment gains/(losses); in accordance with the reserves policy, part of the endowment funds is not required to be retained for the long-term and accordingly is available to assist with financing large capital projects and to underwrite the costs of the childrens' church and associate priest.

19 Transactions with related parties

During the year the charity:

a) received donations totalling £33,365 (2022: £31,770) from related parties (which includes members of the PCC, any other members of key management and anyone closely connected to them).

b) paid £nil expenses (2022: £nil) to, or for, non-clergy members of the PCC.

At the balance sheet date £nil was owed (2022: £nil) by the charity to related parties.

Page 19

The Parochial Church Council of the Ecclesiastical Parish of St Mary, Barnes

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES For the year ended 31 December 2023

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Total income and endowments
EXPENDITURE ON:
Charitable activities
7
Raising funds
8
Total expenditure
Net gains / (losses) on investments
11,13
Net income / (expenditure)
Gross transfers between funds - in
Gross transfers between funds - out
Net movement in funds
Reconciliation of funds:
Total funds brought forward
18
Total funds carried forward
18		 Unrestricted
2023
£
209,535
134,797
41,938
14,491
400,761
417,959
21,080
439,039
10,135
(28,143)
131,636
(64,281)
39,212
180,986
220,198		 Restricted
2023
£
16,430
0
229,008
95
245,533
59,659
180,368
240,027
0
5,506
3,193
(52,556)
(43,857)
78,691
34,833		 Endowment
2023
£
0
0
0
3,629
3,629
0
0
0
48,885
52,514
0
(17,992)
34,522
1,037,406
1,071,928		 Total
2023
£
225,965
134,797
270,946
18,215
649,922
477,619
201,448
679,066
59,020
29,875
134,828
(134,828)
29,875
1,297,084
1,326,958		 Unrestricted
2022
£
199,866
121,324
35,615
14,086
370,892
364,849
10,121
374,970
(8,102)
(12,180)
41,365
(43,974)
(14,789)
195,776
180,986		 Restricted
2022
£
11,425
0
208,953
0
220,378
71,926
138,022
209,949
0
10,430
3,309
(700)
13,039
65,652
78,691		 Endowment
2022
£
0
0
0
0
0
0
0
0
(75,846)
(75,846)
0
0
(75,846)
1,113,252
1,037,406		 Total
2022
£
211,291
121,324
244,568
14,086
591,270
436,776
148,143
584,920
(83,947)
(77,597)
44,674
(44,674)
(77,597)
1,374,680
1,297,083

Note: Unrestricted includes designated (unrestricted) funds.

Page 20