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

2024-12-31-accounts

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

Report and Accounts

Year ended 31 December 2024

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 2024

Trustees:

Revd James Hutchings (Chair) (resigned on 31 August 2024) Revd Calum Zuckert (Chair) (appointed on 3 March 2025) Revd James Marston (Associate Priest) Mr Peter Boyling (Vice Chair and Churchwarden) Ms Fawkia Heller (Assistant Churchwarden) Mr Paul Teverson (Assistant Churchwarden) Mr Michael Ross-McCall (Treasurer) Mr Geoffrey Barnett Mr Richard Chalker (appointed on 23 April 2024) Dr Helen Faride Ms Caroline Georgiadis (appointed on 23 April 2024) Mr Mark Glasgow (appointed on 23 April 2024)

Ms Patricia Hawkins Mr William Heller Ms Alison Macmillan (resigned on 23 April 2024) Ms Elisabeth Munden Mr Richard Nickels Ms Catherine Roe (appointed on 23 April 2024) Mr Philip Smith (appointed on 23 April 2024) Lady Deborah Stewartby

Clerk to the Trustees:

Ms Helen Gibbs

Key Management Personnel:

Revd James Hutchings, Barnes Team Rector & Vicar (resigned on 31 August 2024) Revd James Marston (Associate Priest) Mr Peter Boyling, Vice Chair of PCC and Churchwarden Ms Helen Gibbs, Clerk to the Trustees Ms Cheryl Cole, Parish Administrator

Mr Michael Ross-McCall, Honorary Treasurer Ms Fawkia Heller, Assistant Churchwarden Mr Paul Teverson, Assistant 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 25 Kings Hill Avenue, Kings Hill West Malling Kent ME19 4JQ

National Westminster Bank 111-117 Putney High Street London SW15 2LL

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 2024

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. St Mary’s pursued its mission through daily and weekly services, with substantial congregations, especially at key points of the church’s year. A special service was held in February to celebrate 40 years since the rehallowing of the church in 1984, with large numbers of the congregation, civic representatives and clergy attending.

  2. Sadly, our Rector retired in July after 5 years at St Mary’s. We were able to continue all regular services together with baptisms, weddings and funerals as normal, thanks to the commitment of our associate priest, and our other clergy attached to the parish and the Barnes Team Ministry. A successor as Team Rector and vicar of St Mary’s was selected in December and takes up his appointment in March 2025.

  3. We continued the practice of making the church available to the community including by keeping the church open to visitors throughout daylight hours. Our weekly group for toddlers and their parents and carers continues to attract large numbers. We have held a number of services in the open air in the churchyard, including over Easter, as well as Creation Sunday, a pet service, Remembrance Sunday and a carol service.

  4. Our close involvement with the community continued with our active support of local (and other) charities. Our running of the Barnes Charity Ball, Music Festival, Literature Festival, sale of second hand bicycles and Fashion Show produced funds for donations to our main charities; and the weekly coffee morning raised funds for a number of others.

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 2024

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, Cancer UK, Crisis at Christmas and Bishop of Southwark’s Lent Call.

Financial Review

During the year income increased by £41,002, to £690,925, mainly due to higher donations / appeals, prior year property receipt and Friends' community events.

Expenditure increased in the year by £10,491, to £689,557 reflecting higher depreciation and Friends' event costs, partly offset by lower staff and hall running expenses.

As a result the surplus for the year before investment gains was £1,367 compared to a deficit in 2023 of £29,145.

The charity recorded unrealised investment gains of £26,488 versus gains in 2023 of £59,020.

Taking investment gains into account, St Mary's surplus was £27,855 compared to a surplus in 2023 of £29,875.

The charity's net assets at the year end were £1,354,813 divided into 13 funds, compared to £1,326,958 at 31 December 2023, the increase of £27,855 comprising the 2024 surplus. St Mary's investments at the year end aggregating to £752,128 comprised units/shares in four publicly quoted funds which can be liquidated within 30 days.

Reserves policy

The PCC have determined on 17th September 2024 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 £128,000 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 £125,526.

In addition, the charity has resolved to maintain reserves for three restricted funds aggregating to at least £31,000, equating to aggregate minimum reserves of £159,000. At the year end, the charity held total "cash" of £185,489 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 2024

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 contribution to the Parish Support Fund in respect of the incumbent's costs to be £86,300 for the year to 31 December 2024; having reviewed the PCC’s finances, the members of the PCC decided to pay a contribution of £187,272 (2023: £187,272).

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:

CALUM ZUCKERT

Revd Calum Zuckert, Trustee and Chair

Date: 11 April 2025

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 2024 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: 22 April 2025 The Institute of Chartered Accountants of Scotland

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 2024

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
£
218,234
135,288
46,726
30,009
430,256
400,567
26,521
427,088
4,683
7,851
73,385
(70,931)
10,305
220,198
230,502		 £
4,585
-
256,084
0
260,669
58,771
203,698
262,469
-
(1,800)
0
(2,454)
(4,254)
34,833
30,579
Restricted
funds		 £
-
-
-
0
-
-
-
-
21,805
21,805
0
0
21,805
1,071,927
1,093,732
Endowment
funds		 Total funds
2024
£
222,819
135,288
302,809
30,009
690,925
459,338
230,219
689,557
26,488
27,855
73,385
(73,385)
27,855
1,326,958
1,354,813		 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

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 2024

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		 £
70,994
21,645
92,638
35,695
96,751
28,775
161,221
23,358
137,863
230,502
156,464
74,037
230,502
-
-
230,502
Unrestricted
funds		 £
-
-
-
-
-
59,963
59,963
29,384
30,579
30,579
-
-
-
30,579
-
30,579
Restricted
funds		 £
460,000
633,733
1,093,733
-
-
-
-
-
-
1,093,732
-
-
-
-
1,093,732
1,093,732
Endowment
funds		 Total funds
2024
£
530,994
655,377
1,186,371
35,695
96,751
88,738
221,184
52,742
168,442
1,354,813
156,464
74,037
230,502
30,579
1,093,732
1,354,813		 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
34,832
1,071,928
1,326,958

The financial statements were approved by the Board of Trustees on 1 April 2025 and were signed on its behalf by: Charity No. 1134840

CALUM ZUCKERT

Revd Calum Zuckert (Trustee and Chair)

MICHAEL ROSS-McCALL Michael Ross-McCall (Trustee and Treasurer)

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

CASH FLOW STATEMENT

For the year ended 31 December 2024

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
125,377
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)
125,377
-
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)		 2024
£
(47,668)
30,009
-
(18,980)
-
-
11,028
(36,640)
125,377
88,738
Cash-flows
£
(36,640)
-
-
-
-
(36,640)
2024
£
27,855
15,224
(3,653)
(26,488)
(30,009)
-
1,518
(32,116)
(47,668)
2024
£
9,802
78,898
39
88,738		 2023
£
(59,215)
18,215
-
(62,894)
-
-
(44,680)
(103,895)
229,271
125,377
At end of
year
£
88,738
-
-
-
-
88,738
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

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 2024

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 2024

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 Support Fund 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.

The Charities SORP requires charities with income over £500,000 to allocate costs to the various activities undertaken by the charity. The nature of the work of the church is considered to be so integrated that the core charitable activity costs are considered to be for the one activity.

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 10 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.

ii) Unlisted investments are measured at cost less impairment where it becomes apparent that the amount that could be realised is less than cost.

Impairment gains and losses and gains 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.

h) Pension Scheme Arrangements The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.

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 2024

2 Accounting Policies (continued)

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).

j) 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.

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.

2024 2023
£ £
3 Donations and legacies
Donations of cash and similar 185,088 173,421
Income tax recoverable 37,730 48,543
Legacies receivable 0 4,000
222,819 225,965
Note: in 2024, gift aid recoverable of £10,349 relating to Friends and other events has been classified at note 5 as Income from other
trading activities.
4 Income from charitable activities
Church hall lettings 98,058 100,986
Fees for Baptisms, Weddings, Funerals, Memorials and Interments 18,155 16,746
Hire of the Church 17,285 12,245
Flowers for Weddings and Funerals 1,430 500
Garden of Remembrance Inscriptions 360 4,320
135,288 134,797
5 Income from other trading activities
Friends fundraising events 254,650 228,475
Other fundraising events 45,651 40,670
Merchandise sales 2,509 1,800
302,809 270,946
6 Investment income
Dividends and interest receivable 16,769 16,558
Bank and Building Society Interest 1,081 1,657
Other 12,159 0
30,009 18,215

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 2024

7
Charitable expenditure
a
Costs incurred directly on specific activities
Ministry expenses:
Parish Support Fund
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		 2024
£
187,272
59,332
10,197
18,040
3,167
0
278,008
29,799
32,431
6,459
6,140
1350
76,179
28,320
382,507
2,160
0
2,160
51,401
7,572
301
15,224
173
76,831		 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

Note: The fee payable to the independent examiner for examining the accounts was £2,100 (2023: £1,920); 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
£
13,034
9,048
6,158
28,240		 459,338
Individuals
£
-
80
-
80		 477,618
2024
£
13,034
9,128
6,158
28,320

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 2024

7
Charitable expenditure (continued)
c
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:
Cancer Research UK (Bowel Babe Fund)
Home Start, Richmond
Age UK Richmond upon Thames
Barnes Food Bank
Castelnau Centre Project
Under Tree Schools
Stormbreak
Glass Door Homeless Charity
FiSH Neighbourhood Care
Wellcare, Richmond
Crisis at Christmas
Princess Basma Centre, Jerusalem
Turkey Mozaik Foundation
Association for Post Natal Illness
Grants to institutions for less than £1,000 each
8
Raising funds
Friends events
Other fundraising events (see note)
Merchandise sales		 Institutions
£
18,938
8,216
5,416
32,570		 2024
£
Individuals
£
-
-
-
-
2024
£
3,125
3,125
2,800
2,800
2,800
2,595
2,400
2,000
1,500
1,500
1,432
100
0
0
2,143
28,320
203,668
26,316
235
230,219		 2023
£
2023
£
18,938
8,216
5,416
32,570
2023
£
0
3,400
1,814
0
1,819
4,916
4,500
3,109
4,509
1,814
0
2,876
1,500
0
2,313
32,570
180,368
19,984
1,096
201,448

Note: 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 £15 to the charity. The total payments in 2024 were £11,391 (2023: £11,096).

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

Gross wages and salaries
Social security
Pension costs
Other employment benefits		 2024
£
78,543
5,660
2,160
-
86,363		 2023
£
92,027
6,105
2,768
-
100,900

The average monthly number of employees during the year was 5 (2023: 6). 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
28,542
-
857		 2024
£
-
-
29,399
29,399

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 2024

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
29,989
-
824		 2023
£
-
-
30,813
30,813

Revd James Hutchings (incumbent until 31 August 2024) and Revd James Marston (Associate Priest) are clergy members of the PCC, receive a stipend from the Diocese and so they are not PCC employees. Some of the Parish Support Fund paid to the Diocese is used to meet the costs of the incumbent's stipend, pension and housing. The cost of stipend paid to the Associate Priest is paid separately to the Diocese and shared equally with another local parish. The cost of accommodation (which is customary for clergy) to the PCC is disclosed in note 7 'Charitable Expenditure'. The charity also reimbursed expenses to both clergy which are also disclosed in note 7 'Charitable Expenditure' under the heading 'Clergy expenses'.

10
Tangible assets
10.1
Property - Kitson Hall		 2024
£
460,000
460,000		 2023
£
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

At 1 January
Additions
Charge for the year
Disposals
Eliminated on disposal
At 31 December
Net book value:
At 31 December 2024
At 31 December 2023		 20 Accumulated
depreciation
2,160
15,224
-
17,384
24		 202 3
Cost
69,398
18,980
-
88,378
70,994
67,238		 Cost
6,505
62,894
-
69,398		 Accumulated
depreciation
555
1,605
-
2,160

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
Fair value brought forward
Purchases during the year
New shares in lieu of cash dividends
Disposals during the year (net proceeds)
Profit / (loss) on sale
Change in value of investments held at year end
Fair value carried forward		 629,920
0
3,653
0
0
21,805
655,377		 577,406
0
3,629
0
0
48,885
629,920

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, stated at valuation and capable of liquidation within 30 days.

During 2023, £17,992 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. The comparative transfer in 2024 was £nil.

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 2024

12 Debtors
Falling due within one year:
Tax recoverable
Other debtors
Trade debtors
Prepayments and accrued income
13 Current asset investments
Fair value brought forward
Purchases during the year
Disposals during the year
Change in value of investments
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
at valuation and capable of liquidation within 30 days.
Amount deferred in year
Balance at the end of the reporting period		 2024
£
9,326
17,653
1,701
7,015
35,695
92,068
-
-
4,683
96,751
78,898
9,802
39
88,738
36,760
6,242
5,526
4,214
52,742
52,898
(52,898)
36,760
36,760
36,760
units and shares ar		 2023
£
11,000
13,856
5,256
7,101
37,213
81,932
-
-
10,135
92,068
105,896
19,429
52
e listed, stated
125,377
52,898
23,355
4,766
3,839
84,857
40,504
(40,504)
52,898
52,898
52,898

Deferred income comprised church hall income received for fees 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 Parish Support Fund and supplementary payments.

Employer’s pension contributions in respect of the staff totalling £2,160 (2023: £2,768) were paid to the National Employment Savings Trust (NEST).

No pension contributions were owing at the balance sheet date (2023: £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 2024

18 Funds

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.

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

Designated funds 2024
£
1,802
0
35,000
23,025
21,229
81,055
139,143
220,198
0
13,965
14,868
6,000
0
34,833
611,927
460,000
1,071,927
1,326,958
Opening
balance		 2024
£
1,607
98,058
0
0
16,769
116,433
313,822
430,255
652
125
255,821
3,676
395
260,669
0
0
0
690,925
Incoming
resources		 2024
£
706
47,128
0
20,318
24,370
92,521
334,567
427,088
652
252
257,276
3,893
395
262,469
0
0
0
689,557
Outgoing
resources		 2024
£
0
(50,931)
0
20,000
0
(30,931)
33,385
2,454
0
0
(2,454)
0
0
(2,454)
0
0
0
0
Transfers in
the year		 2024
£
0
0
0
0
0
0
4,683
4,683
0
0
0
0
0
0
21,805
0
21,805
26,488
Gains and
losses		 2024
£
2,703
0
35,000
22,707
13,628
Closing
balance
Flower Fund
Kitson Hall Revenue Fund
Kitson Hall Reserve Fund
Youth Fund 2018
Ministry Income Fund
General unrestricted funds
74,037
156,464
Total unrestricted funds
Restricted funds
230,502
0
13,838
10,958
5,783
0
Bishop's Lent Call
Bells Fund
Friends Fund
Music Fund
Under Tree School
Total restricted funds
Endowment funds
30,579
633,732
460,000
Endowment - Ministry Capital (see note)
Endowment - Kitson Hall
Total endowment funds
Aggregate of funds
1,093,732
1,354,813

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

a) Surplus for 2024 of £50,931 in Kitson Hall Revenue Fund was allocated to the General unrestricted funds.

b) £20,000 was transferred from General unrestricted funds to Youth Fund 2018 to finance the budgeted costs of the youth worker in 2025. c) £2,454 was transferred from the Friends Fund to the General unrestricted funds being reimbursement of the final cost of the audio visual system installed in the church in 2023.

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 2024

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		 £
92,638
35,695
96,751
28,775
(23,358)
230,502
Unrestricted &
Designated
funds		 £
0
0
0
59,963
(29,384)
30,579
Restricted
funds		 £
1,093,733
0
0
0
0
1,093,732
Endowment
funds		 2024
£
1,186,371
35,695
96,751
88,738
(52,742)
1,354,813

In the previous 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
Share of 52 Boileau Road Fund (see note)
Endowment - Kitson Hall
Total endowment funds
Aggregate of funds
1,071,927
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 in 2023.

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 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 2024

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		 £
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
1,071,927
Endowment
funds		 2023
£
1,157,157
37,213
92,068
125,377
(84,857)
1,326,958

19 Transactions with related parties

During the year the charity:

a) received donations totalling £32,667 (2023: £33,365) 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 (2023: £nil) to, or for, non-clergy members of the PCC.

c) made a charitable donation to Under Tree Schools of £2,595; Mr P Boyling, a trustee of St Mary's, was also a trustee of Under Tree Schools and declared his interest.

At the balance sheet date £nil was owed (2023: £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 2024

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
2024
£
218,234
135,288
46,726
30,009
430,256
400,567
26,521
427,088
4,683
7,851
73,385
(70,931)
10,305
220,198
230,502		 Restricted
2024
£
4,585
0
256,084
0
260,669
58,771
203,698
262,469
0
(1,800)
0
(2,454)
(4,254)
34,833
30,579		 Endowment
2024
£
0
0
0
0
0
0
0
0
21,805
21,805
0
0
21,805
1,071,927
1,093,732		 Total
2024
£
222,819
135,288
302,809
30,009
690,925
459,339
230,219
689,557
26,488
27,855
73,385
(73,385)
27,855
1,326,958
1,354,813		 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
1,071,927		 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

Note: Unrestricted includes designated (unrestricted) funds.

Page 20