REGISTERED CHARITY NUMBER: 1135101
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 December 2024
for
CHELSEA OLD CHURCH PAROCHIAL CHURCH COUNCIL
Garside and Co. Limited Suite 631, Linen Hall 162-168 Regent Street London W1B 5TG
CHELSEA OLD CHURCH PAROCHIAL CHURCH COUNCIL
Contents of the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2024
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 5 |
| Independent Examiner's Report | 6 | ||
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | ||
| Cash Flow Statement | 9 | ||
| Notes to the Cash Flow Statement | 10 | ||
| Notes to the Financial Statements | 11 | to | 19 |
| Detailed Statement of Financial Activities | 20 | to | 21 |
CHELSEA OLD CHURCH PAROCHIAL CHURCH COUNCIL
Reference and Administrative Details FOR THE YEAR ENDED 31 DECEMBER 2024
TRUSTEES
R Wynterbee-Robey D Swanson Ian de Leschery OBE The Right Hon The Earl Cadogan DL P Pocock Lt. Gen A Figgures CB, CBE B Northcote L Pelham-Lane L Tomlinson N Leveson-Gower Dr S Duncan T Gee E Priday MVO E Alcock K Townend E Townend J Brawn M McBrayer Rev M Bayliss MA Mst L Ireland DL (appointed 17.4.24)
PRINCIPAL ADDRESS
Petyt Hall 64 Cheyne Walk London SW3 5LT
REGISTERED CHARITY 1135101 NUMBER
INDEPENDENT EXAMINER
Garside and Co. Limited Suite 631, Linen Hall 162-168 Regent Street London W1B 5TG
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CHELSEA OLD CHURCH PAROCHIAL CHURCH COUNCIL
Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives
The primary object of the PCC is to promote the Gospel of our Lord Jesus Christ according to the doctrines and practices of the Church of England. Chelsea Old Church cooperated extensively with the incumbent, Reverend Max Bayliss MA Mst., and the PCC during the year to promote within the parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical. The PCC is also responsible for the maintenance of the Church building.
Public benefit
The Parochial Church Council has considered the Charity Commissioners' guidance on public benefit and, in particular, the specific guidance on Charities for the Advancement of Religion and is satisfied that the activities of Chelsea Old Church fall within such guidance.
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CHELSEA OLD CHURCH PAROCHIAL CHURCH COUNCIL
Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2024
ACHIEVEMENT AND PERFORMANCE Review of the year
What a year that was. Highlights included the arrival of our new curate, The Reverend Professor Jenny Gallagher MBE, our first organ scholar, and the formation of a children's choir - 14 exceptional young singers.
We welcomed Jenny into her three-year curacy in September just a week after her ordination at St Jude's in West Kensington. She combines her new duties at Chelsea Old Church with a demanding day job as a professor of dentistry at King's College, London. Her two grown-up children and daughter-in-law worship nearby at St Simon Zelotes but we are delighted to see Jenny's husband David at many Sunday services.
Music remains at the very heart of our worship and, under the tutelage of Associate Organist, Timothy Wakerell, and Director of Music, Andrew Macmillan, the church instituted an organ scholarship, awarded this year to 15-year-old local, Freddie Roberts. With yet more inspirational drive from Andrew, we started a choral scholarship programme, giving children aged 7-14 weekly tuition to support their work leading music at the Family Service each Sunday. As well as giving The Choristers vocal and musical skills, Andrew and vocal coaches Zoe and Polly May, are introducing them to the delights of choral music, traditional worship and being part of a vibrant church community. Expect to hear them soon at one of the fabulous concerts organised by Andrew. Not to overshadow the consistently excellent offering of sacred music, but star billing might go to Handel's Messiah Part III, attended by more than 100 people and featuring a small orchestra. And we rounded off the year's worship with hugely well-attended Christmas services including Nine Lessons and Carols when, with almost 300 people packed into the pews alongside the RBKC Mayor Will Lane, it was standing room only for the rest.
We must once again give thanks for our beloved vicar, The Reverend Max Bayliss, whose energies and brilliance have recharged the church enormously over the past couple of years. His pastoral work - weighty and so often unseen - and his sermons and cantoring are second to none. Congregations at our regular services are still growing and the increasing number of younger people worshipping at Communion, Mattins and Evensong is good to see. Special services are as popular as ever with a healthy upturn in weddings and christenings, and bumper Petyt Hall bookings to match. Adding to an already jam-packed diary, Max took weekly sessions in the spring preparing eight parishioners for Confirmation. All eight confirmed their faith under the auspices of the Bishop of Islington Ric Thorpe in June.
May we also express our most grateful thanks to our Honorary Assistant Priest David Bell who has been such a support to the Church and has conducted many services which have been greatly valued and enjoyed.
A very special mention to our Parish Administrator, Sophie Wilson, who has done so much for the Church since her arrival last year. Sophie has worked indefatigably hard and her knowledge of Church administration and procedures is beyond compare. Sophie has taken on new roles during her time with us, most particularly with regard to the bookings for Petyt Hall which have shown a dramatic increase and resultant higher income. We are deeply grateful to Sophie.
As for the fabric of the church, work on repairs stipulated in the Quinquennial Report are progressing well under the stewardship of our indefatigable Clerk of Works, Tim Gates. One priority was to fix damage caused by damp, which has blistered, loosened and cracked plaster especially badly in the east-facing walls where plasticised paint trapped moisture in the ancient stonework. That problem is now fixed and Tim has patiently overseen several such complex repairs as well as nursing the Petyt Hall boiler back to health. In the coming months, you will see builders in various bits of the church attending to leaking windows, rotting woodwork, faulty guttering, cracked asphalt, bulging stained glass windows and other Quinquennial joys.
Tim has also expertly steered work on the new website. No mean feat. He has dragged chelseaoldchurch.org.uk from the Dark Ages into the digital Enlightenment with gorgeous photographs, a readable diary of services and events, and a wealth of information about the church's history and monuments. In due course, we will add on recordings of sermons by Max, Jenny, our Honorary Assistant Priest David Bell and lay readers Tim Gee and John Watherston.
Our Verger, Andrew Kirkland, had a nasty fall in the summer and we are grateful he has recovered fully and is back to his old active self. To aid and abet Andrew, we have asked Jonty Brawn to act as Sexton on Sundays. Jonty brings a great deal of experience to his new role, having been Head Chorister at Truro Cathedral and a church intern as well as leading services and cantoring at St. Mary's Episcopal Cathedral, Edinburgh.
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CHELSEA OLD CHURCH PAROCHIAL CHURCH COUNCIL
Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2024
Under Jonty, there has been a steady increase in the numbers in the Young Professionals group he founded last year and many of them are now involved in other church activities. At least one is preparing for Confirmation, some are bellringing and a couple are training with Joan Watherston and Judith Ridley to make and restore our beautiful collection of kneelers.
Mid-year, Dr Sarah Ingham took over from The Anchor editor Hallie Swanson after her marvellous innings of 25 years. Our huge thanks go to Hallie for her outstanding work on the church's cherished quarterly magazine. With a hard act to follow, was the splendid Autumn 2024 issue.
All in all, a very healthy and productive showing for 2024 and what looks set to be an abundant year ahead of worshipping God with love and commitment on Chelsea Embankment.
FINANCIAL REVIEW
Financial position
The Financial Statements cover all the activities of the charity and have been prepared on an accrual basis.
charitable activities. Regular giving made by standing order has increased steadily and contactless donations continue to grow. The trustees are grateful to all who have played their part in making it happen.
A great success of 2024 has been the increased number of bookings for both the Church and Petyt Hall. This is continuing into 2025.
-recurring expenditure on the Church and Petyt Hall, higher energy costs and increased staff salaries. We have also held a large number of hospitality and music events during the year. Our Evensong Services continue to grow in the number of attendees which does result in increased music and associated costs but the Trustees feel they are worthwhile and an investment for the future.
increased donations and legacies.
Reserves Policies
It is PCC's current policy is to maintain unrestricted reserves to a level sufficient to meet three months of typical operating costs.
provide for larger capital expenditures on the Church and Petyt Hall. The Trustees consider this to be a prudent approach to provide sufficient funds to respond to unexpected expenses and to ensure that the support and governance costs are covered. The PCC regularly reviews the amount of reserves that are required to ensure that they are adequate to fulfil our continuing obligations.
FUTURE PLANS
There are no plans to alter the charity's activities next year.
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CHELSEA OLD CHURCH PAROCHIAL CHURCH COUNCIL Report of the Trustees FOR THE YEAR ENDED 31 DECEfvIBER 2024 STRUCTURE, GOVERTrIANCE AND MANAGEMENT Governing document 'I'he Pdroehidl Church Council is a corpoi'ttle body established by Ihe Church of England. The PCC opa?tes under the Parochial Church Poivers M¢asure. 'fhe method ol. appointment of PCC members is sel out in Ihe Church IILpresen(alion Rules. I"he PCC wliich meets six times a year is chaired by IhL Rei'erend Max Baylis IMA Mst. 'I'he PCC members are I'esponsible foi. making decisions on all mailers of genei?I concern and impurtance to the parish including deciding on hoiv ihe I'unds of the PCC are to be spait. 'I'he PCL also adopts policics lo ci)Inpl> Hiith legislation in the areas of health and 8alcty, di.sabililv discrimination dnd Lhild protection. The PCC hlli'L coiiipiled with the duty under SeLtion 5 uf the Sateguardino lind Clcrgy Discipline Mcasure 2016 in relatii)n to having due regard to the House ol Bishops guidance on saleguarding cliildren and iulnerablc adults. -I"he PC'.C has establishL a Finance Committee ilhich InLLts regiularly to deal ii'iih day to day OPL'i'aling mkilters i17cluding the appi'oval ot. major iteiiis of eNpenditure. 'I'he Memb¢i's ot the ConimilteL include ihc incumb71 (when in post), the Church Wardcns, the Treasurer and lh¢ Stcwardsliip SecrLani The PCC woi'ks to ensui'e compliance wit'h ILS legal duties to: act in thi. intL'rLsL% ul-llIL' Lharil}" proiLLI (lnd li.gUard th¢ assets of the chority" act with reasonable Care and skill. and ensur¢ IhL' charity 18 accountsble. OTHER REFERENCE AIYD ADMINISTRATIVE DE'fAILS Bankers I ISBC Baiik 8 Lanada Squaiy Canaiy Whart l.,ond()n L-:14 51 IQ Natwest Bank 55 Kensington Iligh Streel I,ondon Independent examiner Gdreth Om'en Flughes BSC ACA liislitutc of Charlei'ed Aecounlanls in E ngland artd Wul¢s Garsidc and Co. l.irnited Suile 6.1 I, Linen Il&1 I 16?_168 Reg?ent StrL"Lt London WIB 51'CJ Approved by order of the board oftlSle¢S on ............................ ........,.. and signed on its behalf by: L 'fownend -'fruslee Page 5
IndepeJJdent Er4miner's Report to the Trustees of Chelsea Old Church Paroehial Church Councfil Independent ex#min¢r'$ report to the trustee$ of Chelsea Old Church Parochial Church COU£]1 l i'eport to the charity trustees on mv examination of the accounts of Chelsea Old Church Parocliial Cliurch Council (Ihe "I rust) for Ilie >'ear ended 31 Decemb¢r 20?4. R¢spon5ibilities and basis of report As the chariti, trusteLs ot. Lhe -frust vou are responsible for ihe preparation of the accounts in accoi'danLe Mqth the rcquiremenls ol". Ihe Charities Act ?0 I l ('the Act,). I I'LI)Ort in rLspect ot. my examination of the 'frusl's aecounts earned oul und. Section 145 of the Act and in CWTying out my examinalion. I have lolloived all applicable Directions given by the Charity Commission under Section 14i(i)(bl of the Act. Independent examiner's statement Sinc¢ YOUT ¢harity's gross iDcome exceeded £250,000 your examiDer must be a D]emb¢r of a listed body. I can confirni t'hat l ain qualitied io undertak¢ the examination because l am a membei. of the Inslilute of C.harleitd Accountant5 in gland aiid Wales, ii,hiL,h is one ol. Lhe listed bodies. I have completed my examination. l eonfirn that no Inatei'ial matters have come to iny attention in connection with th¢ examination giiiing me cause to believe that in any material respect: aLLounting iycords ivere nul kepl in respect ofthe Trust as re4Liired by S¢¢tion 130 of the Act. or Ihc acc()untg do nol accord ii'iili IhosL records: or Lhe aLCI)unis do not coii)pli' ii'iih the upplical)le requirements concerning ihL' form and coiitent of accounts sel out in the Chai'ities (A¢¢ounts and Repoits) Regulations 2008 (IthL'r Ihaii any requii'¢'inLnl thsil the ac¢ounts givc a true and fair view which is not a niatter considercd part ot an independenl examination. hav¢ no concei'ns aiid liuve comL 4icross no other matters in connection with the examinalion I'o which al'lenlion should be drtt.n in this repoi't in order lo eiiable a pmper understunding of the accounts to b¢ r¢ached. Garcth Owen Flughes Bsc ACA 'I'he InslilutL ol'ClI'tcred Accouniwils in Eiisland and Wales Gar%ide and Co. l.imited Suitc 631, Linen 14all 162-168 RegLnt Sts'eel London WIB 5TG /fj Page 6
CHELSEA OLD CHURCH PAROCHIAL CHURCH COUNCIL
Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2024
| Notes INCOME AND ENDOWMENTS FROM Voluntary income 2 Charitable activities 5 Church activities Other income 3 Investment income 4 Total EXPENDITURE ON Charitable activities 6 Church activities Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds 258,483 302,370 - 10,662 571,515 507,222 1,359 65,652 471,161 536,813 |
Restricted fund - - - - - 2,000 - (2,000) 735,797 733,797 |
31.12.24 Total funds 258,483 302,370 - 10,662 571,515 509,222 1,359 63,652 1,206,958 1,270,610 |
31.12.23 Total funds 187,350 277,547 7,010 5,727 477,634 481,550 5,106 1,190 1,205,768 1,206,958 |
|---|---|---|---|---|
The notes form part of these financial statements
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CHELSEA OLD CHURCH PAROCHIAL CHURCH COUNCIL Balanl'e Sheet 31 DECEMBER2024 31.12.?4 Jl.12.23 Total fuiids Unrestricted funds Restricted fund funds Notes FIXED ASSETS Tangible assets Investments 10 55,423 739,797 795,220 60.733 785,482 59.374 116,156 739,7C)7 855,95J 844,856 CURRENT ASSETS Debtors Cash at bank and in liand 12 19.527 4?4.532 19.527 424.532 380.866 444.059 444,059 417,285 CREDITORS Ainounts falling due within one year 13 (23,40?) (23,402) (51,183) ET CURRENT ASSETS 420.657 420,657 366 102 TOTAL ASSETS LESS CURREN'r LIABILITIES 5i6,813 7i9,797 1.276.610 1,210,958 PROVISIONS 14 (6,000) (6,000) 14.000) YET ASSETS 536.813 7J3.797 1.270.610 1206,958 Uiii'Lstrictcd litnds: CjLiieral fund RestrICtL funds: Qrg&n Fund 536,813 471,161 733 797 735.797 TOTAL FUNDS 1.270610 1.206.958 'rhe fin cial ylaleinents were approi'ed by the Boai'd ot riv.%lLL5 and auihvrised lor issu¢ on Iikl ..(,..I&L4... and ii'ere signed on its behalf by.. F. 'I'oivnend - Trustee 'rhe noles 'fonn part of Ihesc financial biateinents Page 8
CHELSEA OLD CHURCH PAROCHIAL CHURCH COUNCIL
Cash Flow Statement
FOR THE YEAR ENDED 31 DECEMBER 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by/(used in) operating activities Cash flows from investing activities Purchase of tangible fixed assets Interest received Net cash used in investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting 2 |
31.12.24 55,666 55,666 (22,662) 10,662 (12,000) 43,666 380,866 424,532 |
31.12.23 (795) (795) (37,344) 5,727 (31,617) (32,412) 413,278 380,866 |
|---|---|---|
The notes form part of these financial statements
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CHELSEA OLD CHURCH PAROCHIAL CHURCH COUNCIL
Notes to the Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 2024
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Gain on investments Interest received Organ provision Decrease/(increase) in debtors (Decrease)/increase in creditors Net cash provided by/(used in) operations 2. ANALYSIS OF CHANGES IN NET FUNDS |
31.12.24 63,652 12,924 (1,359) (10,662) 2,000 16,892 (27,781) 55,666 |
31.12.23 1,190 5,030 (5,106) (5,727) 2,000 (6,169) 7,987 (795) |
|---|---|---|
| Net cash | At 1.1.24 | Cash flow | At 31.12.24 |
|---|---|---|---|
| Cash at bank and in hand | 380,866 | 43,666 | 424,532 |
| 380,866 | 43,666 | 424,532 | |
| Total | 380,866 | 43,666 | 424,532 |
The notes form part of these financial statements
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CHELSEA OLD CHURCH PAROCHIAL CHURCH COUNCIL
Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES
Basis of preparation and assessment of going concern
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The trustees consider there are no material uncertainties about the charity's ability to continue as a going concern. The review of the financial position, reserve levels and future plans gives trustees confidence that the charity remains a going concern for the foreseeable future.
Income
All income resources are recognised in the Statement of Financial Activities when:
-
the PCC becomes legally entitled to the use of the resources;
-
an inflow of economic benefit is probable; and
-
the monetary value can be measured with sufficient reliability.
Grants and donations are included in the Statement of Financial Activities when any pre-conditions preventing their use by the PCC have been met. For collections and planned giving this is when the funds are received.
Gift aid and other tax claims are included in the Statement of Financial Activities at the same time as the cash donations to which they relate.
Rental income from the letting of the Church Petyt Hall flat is recognised when the rental is due.
Investment income is included in the accounts when receivable.
Investment gains and losses include any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to bid market value at the end of the year.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
valued at cost or else, for gifts-in-kind, at a reasonable estimate of their open market value on receipt.
Depreciation is calculated to write off the capitalized cost of fixed assets less their currently anticipated residual fair value over their estimated useful lives as follows:
Fixtures and Fittings - 20% on cost
Church Organ
be made each year for the next fifty years to enable the organ to be brought up to a condition "as good as new"
continued...
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CHELSEA OLD CHURCH PAROCHIAL CHURCH COUNCIL
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES - continued
Consecrated and benefice property
Tangible fixed assets
In so far as consecrated and benefice property of any kind is excluded from the statutory definition of 'charity' by Section 10(2)(a) and (c) of the Charities Act 2011 such assets are not capitalised in the financial statements.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Unrestricted funds may become designated funds where funds have been reserved for a particular purpose by the PCC.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Pension contributions
Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand
Cash at bank and in hand include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
Church Organ to be brought up to a condition "as good as new" at the expiry of this time, i.e. a total of
Financial instruments
The charity only has financial assets and financial liabilities that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
continued...
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CHELSEA OLD CHURCH PAROCHIAL CHURCH COUNCIL
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024
2. VOLUNTARY INCOME
| Unrestricted funds Planned giving and collections 160,542 Donations, gift income and legacies 69,491 Gift aid 28,450 258,483 3. OTHER INCOME Unrestricted funds Fundraising events - 4. INVESTMENT INCOME Unrestricted funds Interest - Bank and CBF Deposit Fund 9,014 Dividends - CBF Investment Fund 1,648 10,662 5. INCOME FROM CHARITABLE ACTIVITIES Activity Weddings and funerals Church activities Music income Church activities Bell ringing Church activities Baptisms Church activities Petyt Hall - Hire income Church activities Petyt Hall - Flat rental Church activities Other income Church activities |
Restricted funds - - - - Restricted funds - Restricted funds - - - |
31.12.24 Total funds 160,542 69,491 28,450 258,483 31.12.24 Total funds - 31.12.24 Total funds 9,014 1,648 10,662 31.12.24 57,075 43,575 4,680 6,910 143,018 30,896 16,216 302,370 |
31.12.23 Total funds 141,958 20,840 24,552 187,350 31.12.23 Total funds 7,010 31.12.23 Total funds 4,104 1,623 5,727 31.12.23 59,626 54,340 2,870 4,730 115,550 34,731 5,700 277,547 |
|---|---|---|---|
continued...
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CHELSEA OLD CHURCH PAROCHIAL CHURCH COUNCIL
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024
6. CHARITABLE ACTIVITIES COSTS
| Church activities 7. DIRECT COSTS OF CHARITABLE ACTIVITIES Staff costs Subcontractor fees Insurance costs Vicar expenses Sanctuary expenses Music costs Events, hospitality and entertainment - miscellaneous Events, hospitality and entertainment - catering costs Events, hospitality and entertainment - Christmas Events, hospitality and entertainment - parish lunch Church running costs Church and hall maintenance Verger expenses Printing and administration Travelling and accommodation Bank charges Sundry expenses Diocesan parish share Diocesan parochial fees Charitable contributions Flat rental - management fees Flat rental - other costs Professional fees - miscellaneous Professional fees - independent examination Professional fees - bookkeeping Organ Fund - repairs provision Depreciation Governance Costs Governance costs included in Professional fees above: Independent examination fee Bookkeeping services |
31.12.24 61,510 17,815 6,329 1,094 17,197 89,887 15,163 1,528 2,435 5,264 38,920 33,395 41,154 9,183 1,758 1,109 - 120,000 5,822 9,212 1,440 (118) 5,153 3,960 5,088 2,000 12,924 509,222 31.12.24 3,960 5,088 9,048 |
Direct Costs (see note 7) 509,222 31.12.23 58,365 16,468 7,020 5,931 9,808 102,550 7,849 11,849 5,258 6,590 36,151 31,738 33,864 7,939 1,205 1,070 497 100,000 4,988 5,496 2,875 1,282 6,967 3,960 4,800 2,000 5,030 481,550 31.12.23 3,960 4,800 8,760 |
|---|---|---|
continued...
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CHELSEA OLD CHURCH PAROCHIAL CHURCH COUNCIL
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
9. STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| Wages and salaries | 31.12.24 60,150 |
31.12.23 57,124 |
| Other pension costs | 1,360 | 1,241 |
| 61,510 | 58,365 |
The average monthly number of employees during the year was as follows:
Staff - Church activities
| 31.12.24 | 31.12.23 |
|---|---|
| 2 | 2 |
10. TANGIBLE FIXED ASSETS
| COST At 1 January 2024 Additions At 31 December 2024 DEPRECIATION At 1 January 2024 Charge for year At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 |
Church Organ 739,797 - 739,797 - - - 739,797 739,797 |
Fixtures and fittings 57,565 17,564 75,129 11,880 11,904 23,784 51,345 45,685 |
Computer equipment - 5,098 5,098 - 1,020 1,020 4,078 - |
|---|---|---|---|
Church Organ
be made each year for the next fifty years to enable the organ to be brought up to a condition "as good as new"
continued...
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CHELSEA OLD CHURCH PAROCHIAL CHURCH COUNCIL
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024
11. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| MARKET VALUE | investments |
| At 1 January 2024 | 59,374 |
| Revaluations | 1,359 |
| At 31 December 2024 | 60,733 |
| NET BOOK VALUE | |
| At 31 December 2024 | 60,733 |
| At 31 December 2023 | 59,374 |
Holdings at 31 December 2024: 2,626.54 shares in CBF Church of England Investment Fund with a market
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors | 31.12.24 10,193 |
31.12.23 27,337 |
|
|---|---|---|---|
| Gift aid receivable | 9,334 | 7,054 | |
| Prepayments and accrued income | - | 2,028 | |
| 19,527 | 36,419 | ||
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| Trade and other creditors | 31.12.24 781 |
31.12.23 - |
|
| Social security and other taxes | 303 | 233 | |
| Deferred income | 4,060 | 24,606 | |
| Accruals - Other expenses | 2,200 | 2,411 | |
| Accruals - Governance costs | 8,784 | 8,640 | |
| Accruals - Music costs | 7,274 | 15,293 | |
| 23,402 | 51,183 | ||
| 14. | PROVISIONS | ||
| Organ Fund - repairs provision | 31.12.24 6,000 |
31.12.23 4,000 |
continued...
Page 16
CHELSEA OLD CHURCH PAROCHIAL CHURCH COUNCIL
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024
15. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Organ Fund TOTAL FUNDS Net movement in funds, included in the above are Unrestricted funds General fund Restricted funds Organ Fund TOTAL FUNDS |
as follows: Incoming resources 571,515 - 571,515 |
At 1.1.24 471,161 735,797 1,206,958 Resources expended (507,222) (2,000) (509,222) |
Net movement in funds 65,652 (2,000) 63,652 Gains and losses 1,359 - 1,359 |
At 31.12.24 536,813 733,797 |
At 31.12.24 536,813 733,797 |
|
|---|---|---|---|---|---|---|
| 1,270,610 | ||||||
| Movement in funds 65,652 (2,000) 63,652 |
||||||
| 63,652 |
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Organ Fund TOTAL FUNDS |
At 1.1.23 467,571 738,197 1,205,768 |
Net movement in funds 3,190 (2,000) 1,190 |
Transfers between funds 400 (400) - |
At 31.12.23 471,161 735,797 |
|---|---|---|---|---|
| 1,206,958 |
continued...
Page 17
CHELSEA OLD CHURCH PAROCHIAL CHURCH COUNCIL
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024
15. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Organ Fund TOTAL FUNDS |
Incoming resources 477,634 - 477,634 |
Resources expended (479,550) (2,000) (481,550) |
Gains and Movement losses in funds 5,106 3,190 - (2,000) 5,106 1,190 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Organ Fund TOTAL FUNDS |
At 1.1.23 467,571 738,197 1,205,768 |
Net movement in funds 68,842 (4,000) 64,842 |
Transfers between funds 400 (400) - |
At 31.12.24 536,813 733,797 1,270,610 |
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming resources Unrestricted funds General fund 1,049,149 Restricted funds Organ Fund - TOTAL FUNDS 1,049,149 |
Resources expended (986,772) (4,000) (990,772) |
Gains and Movement losses in funds 6,465 68,842 - (4,000) 6,465 64,842 |
|---|---|---|
continued...
Page 18
CHELSEA OLD CHURCH PAROCHIAL CHURCH COUNCIL
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024
16. RELATED PARTY DISCLOSURES
The Church is fortunate to be the beneficiary of two independent Trusts, namely the Chelsea Old Church Organ Music Trust which supports the use of the pipe organ in Chelsea Old Church and, secondly, the Chelsea Old Church Trust which has more general powers in favour principally for the benefit of the Parish.
Total donations made to the charity by members of the PCC during the year ended 31 December 2024 amounted
Page 19
CHELSEA OLD CHURCH PAROCHIAL CHURCH COUNCIL
Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2024
| 31.12.24 | 31.12.23 | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |
| funds | funds | funds | funds | |
| INCOME AND ENDOWMENTS | ||||
| Voluntary income | ||||
| Planned giving and collections | 160,542 | - | 160,542 | 141,958 |
| Donations, gift income and legacies | 69,491 | - | 69,491 | 20,840 |
| Gift aid | 28,450 | - | 28,450 | 24,552 |
| 258,483 | - | 258,483 | 187,350 | |
| Other income | ||||
| Fundraising events | - | - | - | 7,010 |
| Investment income | ||||
| Interest - Bank and CBF Deposit Fund | 9,014 | - | 9,014 | 4,104 |
| Dividends - CBF Investment Fund | 1,648 | - | 1,648 | 1,623 |
| 10,662 | - | 10,662 | 5,727 | |
| Charitable activities | ||||
| Weddings and funerals | 57,075 | - | 57,075 | 59,626 |
| Music income | 43,575 | - | 43,575 | 54,340 |
| Bell ringing | 4,680 | - | 4,680 | 2,870 |
| Baptisms | 6,910 | - | 6,910 | 4,730 |
| Petyt Hall - Hire income | 143,018 | - | 143,018 | 115,550 |
| Petyt Hall - Flat rental | 30,896 | - | 30,896 | 34,731 |
| Other income | 16,216 | - | 16,216 | 5,700 |
| 302,370 | - | 302,370 | 277,547 | |
| Total incoming resources | 571,515 | - | 571,515 | 477,634 |
| EXPENDITURE | ||||
| Charitable activities | ||||
| Salaries and social security | 60,150 | - | 60,150 | 57,124 |
| Pension contributions | 1,360 | - | 1,360 | 1,241 |
| Subcontractor fees | 17,815 | - | 17,815 | 16,468 |
| Insurance costs | 6,329 | - | 6,329 | 7,020 |
| Vicar expenses | 1,094 | - | 1,094 | 5,931 |
| Sanctuary expenses | 17,197 | - | 17,197 | 9,808 |
| Music costs | 89,887 | - | 89,887 | 102,550 |
| Events, hospitality and entertainment - | ||||
| miscellaneous | 15,163 | - | 15,163 | 7,849 |
| Events, hospitality and entertainment - catering | ||||
| costs | 1,528 | - | 1,528 | 11,849 |
| Events, hospitality and entertainment - Christmas | 2,435 | - | 2,435 | 5,258 |
| Carried forward | 212,958 | - | 212,958 | 225,098 |
This page does not form part of the statutory financial statements
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CHELSEA OLD CHURCH PAROCHIAL CHURCH COUNCIL
Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2024
| 31.12.24 | 31.12.23 | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |
| Charitable activities | funds | funds | funds | funds |
| Brought forward | 212,958 | - | 212,958 | 225,098 |
| Events, hospitality and entertainment - parish | ||||
| lunch | 5,264 | - | 5,264 | 6,590 |
| Church running costs | 38,920 | - | 38,920 | 36,151 |
| Church and hall maintenance | 33,395 | - | 33,395 | 31,738 |
| Verger expenses | 41,154 | - | 41,154 | 33,864 |
| Printing and administration | 9,183 | - | 9,183 | 7,939 |
| Travelling and accommodation | 1,758 | - | 1,758 | 1,205 |
| Bank charges | 1,109 | - | 1,109 | 1,070 |
| Sundry expenses | - | - | - | 497 |
| Diocesan parish share | 120,000 | - | 120,000 | 100,000 |
| Diocesan parochial fees | 5,822 | - | 5,822 | 4,988 |
| Charitable contributions | 9,212 | - | 9,212 | 5,496 |
| Flat rental - management fees | 1,440 | - | 1,440 | 2,875 |
| Flat rental - other costs | (118) | - | (118) | 1,282 |
| Professional fees - miscellaneous | 5,153 | - | 5,153 | 6,967 |
| Professional fees - independent examination | 3,960 | - | 3,960 | 3,960 |
| Professional fees - bookkeeping | 5,088 | - | 5,088 | 4,800 |
| Organ Fund - repairs provision | - | 2,000 | 2,000 | 2,000 |
| Depreciation Fixtures and fittings | 11,904 | - | 11,904 | 5,030 |
| Computer equipment | 1,020 | - | 1,020 | - |
| 507,222 | 2,000 | 509,222 | 481,550 | |
| Total resources expended | 507,222 | 2,000 | 509,222 | 481,550 |
| Net (expenditure)/income before gains and | ||||
| losses | 64,293 | (2,000) | 62,293 | (3,916) |
| Realised recognised gains and losses | ||||
| Realised gains/(losses) on fixed asset investments | 1,359 | - | 1,359 | 5,106 |
| Net income | 65,652 | (2,000) | 63,652 | 1,190 |
This page does not form part of the statutory financial statements
Page 21