**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 

Page 1 



## **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. 

Page 2 



**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. 

Page 3 



## **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. 

Page 4 



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 Bayli*s 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 incumb￿71 (when in
post), the Church Wardcns, the Treasurer and lh¢ Stcwardsliip SecrL*ani
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 oftl￿Sle¢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<br>**INCOME AND ENDOWMENTS FROM**<br>Voluntary income<br>2<br>**Charitable activities**<br>5<br>Church activities<br>Other income<br>3<br>Investment income<br>4<br>**Total**<br>**EXPENDITURE ON**<br>**Charitable activities**<br>6<br>Church activities<br>Net gains on investments<br>**NET INCOME/(EXPENDITURE)**<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**|Unrestricted<br>funds<br>258,483<br>302,370<br>-<br>10,662<br>571,515<br>507,222<br>1,359<br>65,652<br>471,161<br>536,813|Restricted<br>fund<br>-<br>-<br>-<br>-<br>-<br>2,000<br>-<br>(2,000)<br>735,797<br>733,797|31.12.24<br>Total<br>funds<br>258,483<br>302,370<br>-<br>10,662<br>571,515<br>509,222<br>1,359<br>63,652<br>1,206,958<br>1,270,610|31.12.23<br>Total<br>funds<br>187,350<br>277,547<br>7,010<br>5,727<br>477,634<br>481,550<br>5,106<br>1,190<br>1,205,768<br>1,206,958|
|---|---|---|---|---|



The notes form part of these financial statements 

Page 7 



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<br>**Cash flows from operating activities**<br>Cash generated from operations<br>1<br>Net cash provided by/(used in) operating activities<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets<br>Interest received<br>Net cash used in investing activities<br>**Change in cash and cash equivalents in**<br>**the reporting period**<br>**Cash and cash equivalents at the**<br>**beginning of the reporting period**<br>**Cash and cash equivalents at the end of**<br>**the reporting**<br>2|31.12.24<br>55,666<br>55,666<br>(22,662)<br>10,662<br>(12,000)<br>43,666<br>380,866<br>424,532|31.12.23<br>(795)<br>(795)<br>(37,344)<br>5,727<br>(31,617)<br>(32,412)<br>413,278<br>380,866|
|---|---|---|



The notes form part of these financial statements 

Page 9 



## **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**<br>**Activities)**<br>**Adjustments for:**<br>Depreciation charges<br>Gain on investments<br>Interest received<br>Organ provision<br>Decrease/(increase) in debtors<br>(Decrease)/increase in creditors<br>**Net cash provided by/(used in) operations**<br>**2.**<br>**ANALYSIS OF CHANGES IN NET FUNDS**|31.12.24<br>63,652<br>12,924<br>(1,359)<br>(10,662)<br>2,000<br>16,892<br>(27,781)<br>55,666|31.12.23<br>1,190<br>5,030<br>(5,106)<br>(5,727)<br>2,000<br>(6,169)<br>7,987<br>(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 

Page 10 



**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... 

Page 11 



**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... 

Page 12 



## **CHELSEA OLD CHURCH PAROCHIAL CHURCH COUNCIL** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **2. VOLUNTARY INCOME** 

|Unrestricted<br>funds<br>Planned giving and collections<br>160,542<br>Donations, gift income and legacies<br>69,491<br>Gift aid<br>28,450<br>258,483<br>**3.**<br>**OTHER INCOME**<br>Unrestricted<br>funds<br>Fundraising events<br>-<br>**4.**<br>**INVESTMENT INCOME**<br>Unrestricted<br>funds<br>Interest - Bank and CBF Deposit Fund<br>9,014<br>Dividends - CBF Investment Fund<br>1,648<br>10,662<br>**5.**<br>**INCOME FROM CHARITABLE ACTIVITIES**<br>Activity<br>Weddings and funerals<br>Church activities<br>Music income<br>Church activities<br>Bell ringing<br>Church activities<br>Baptisms<br>Church activities<br>Petyt Hall - Hire income<br>Church activities<br>Petyt Hall - Flat rental<br>Church activities<br>Other income<br>Church activities|Restricted<br>funds<br>-<br>-<br>-<br>-<br>Restricted<br>funds<br>-<br>Restricted<br>funds<br>-<br>-<br>-|31.12.24<br>Total<br>funds<br>160,542<br>69,491<br>28,450<br>258,483<br>31.12.24<br>Total<br>funds<br>-<br>31.12.24<br>Total<br>funds<br>9,014<br>1,648<br>10,662<br>31.12.24<br>57,075<br>43,575<br>4,680<br>6,910<br>143,018<br>30,896<br>16,216<br>302,370|31.12.23<br>Total<br>funds<br>141,958<br>20,840<br>24,552<br>187,350<br>31.12.23<br>Total<br>funds<br>7,010<br>31.12.23<br>Total<br>funds<br>4,104<br>1,623<br>5,727<br>31.12.23<br>59,626<br>54,340<br>2,870<br>4,730<br>115,550<br>34,731<br>5,700<br>277,547|
|---|---|---|---|



continued... 

Page 13 



## **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<br>**7.**<br>**DIRECT COSTS OF CHARITABLE ACTIVITIES**<br>Staff costs<br>Subcontractor fees<br>Insurance costs<br>Vicar expenses<br>Sanctuary expenses<br>Music costs<br>Events, hospitality and entertainment - miscellaneous<br>Events, hospitality and entertainment - catering costs<br>Events, hospitality and entertainment - Christmas<br>Events, hospitality and entertainment - parish lunch<br>Church running costs<br>Church and hall maintenance<br>Verger expenses<br>Printing and administration<br>Travelling and accommodation<br>Bank charges<br>Sundry expenses<br>Diocesan parish share<br>Diocesan parochial fees<br>Charitable contributions<br>Flat rental - management fees<br>Flat rental - other costs<br>Professional fees - miscellaneous<br>Professional fees - independent examination<br>Professional fees - bookkeeping<br>Organ Fund - repairs provision<br>Depreciation<br>**Governance Costs**<br>Governance costs included in Professional fees above:<br>Independent examination fee<br>Bookkeeping services|31.12.24<br>61,510<br>17,815<br>6,329<br>1,094<br>17,197<br>89,887<br>15,163<br>1,528<br>2,435<br>5,264<br>38,920<br>33,395<br>41,154<br>9,183<br>1,758<br>1,109<br>-<br>120,000<br>5,822<br>9,212<br>1,440<br>(118)<br>5,153<br>3,960<br>5,088<br>2,000<br>12,924<br>509,222<br>31.12.24<br>3,960<br>5,088<br>9,048|Direct<br>Costs (see<br>note 7)<br>509,222<br>31.12.23<br>58,365<br>16,468<br>7,020<br>5,931<br>9,808<br>102,550<br>7,849<br>11,849<br>5,258<br>6,590<br>36,151<br>31,738<br>33,864<br>7,939<br>1,205<br>1,070<br>497<br>100,000<br>4,988<br>5,496<br>2,875<br>1,282<br>6,967<br>3,960<br>4,800<br>2,000<br>5,030<br>481,550<br>31.12.23<br>3,960<br>4,800<br>8,760|
|---|---|---|



continued... 

Page 14 



**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<br>60,150|31.12.23<br>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**<br>At 1 January 2024<br>Additions<br>At 31 December 2024<br>**DEPRECIATION**<br>At 1 January 2024<br>Charge for year<br>At 31 December 2024<br>**NET BOOK VALUE**<br>At 31 December 2024<br>At 31 December 2023|Church<br>Organ<br>739,797<br>-<br>739,797<br>-<br>-<br>-<br>739,797<br>739,797|Fixtures<br>and<br>fittings<br>57,565<br>17,564<br>75,129<br>11,880<br>11,904<br>23,784<br>51,345<br>45,685|Computer<br>equipment<br>-<br>5,098<br>5,098<br>-<br>1,020<br>1,020<br>4,078<br>-|
|---|---|---|---|



## 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... 

Page 15 



## **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<br>10,193|31.12.23<br>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<br>781|31.12.23<br>-|
||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<br>6,000|31.12.23<br>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**<br>General fund<br>**Restricted funds**<br>Organ Fund<br>**TOTAL FUNDS**<br>Net movement in funds, included in the above are<br>**Unrestricted funds**<br>General fund<br>**Restricted funds**<br>Organ Fund<br>**TOTAL FUNDS**|as follows:<br>Incoming<br>resources<br>571,515<br>-<br>571,515|At 1.1.24<br>471,161<br>735,797<br>1,206,958<br>Resources<br>expended<br>(507,222)<br>(2,000)<br>(509,222)||Net<br>movement<br>in funds<br>65,652<br>(2,000)<br>63,652<br>Gains and<br>losses<br>1,359<br>-<br>1,359|At<br>31.12.24<br>536,813<br>733,797|At<br>31.12.24<br>536,813<br>733,797|
|---|---|---|---|---|---|---|
||||||1,270,610||
||||||Movement<br>in funds<br>65,652<br>(2,000)<br>63,652||
|||||||63,652|



## **Comparatives for movement in funds** 

|**Unrestricted funds**<br>General fund<br>**Restricted funds**<br>Organ Fund<br>**TOTAL FUNDS**|At 1.1.23<br>467,571<br>738,197<br>1,205,768|Net<br>movement<br>in funds<br>3,190<br>(2,000)<br>1,190|Transfers<br>between<br>funds<br>400<br>(400)<br>-|At<br>31.12.23<br>471,161<br>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**<br>General fund<br>**Restricted funds**<br>Organ Fund<br>**TOTAL FUNDS**|Incoming<br>resources<br>477,634<br>-<br>477,634|Resources<br>expended<br>(479,550)<br>(2,000)<br>(481,550)|Gains and<br>Movement<br>losses<br>in funds<br>5,106<br>3,190<br>-<br>(2,000)<br>5,106<br>1,190|
|---|---|---|---|



A current year 12 months and prior year 12 months combined position is as follows: 

|**Unrestricted funds**<br>General fund<br>**Restricted funds**<br>Organ Fund<br>**TOTAL FUNDS**|At 1.1.23<br>467,571<br>738,197<br>1,205,768|Net<br>movement<br>in funds<br>68,842<br>(4,000)<br>64,842|Transfers<br>between<br>funds<br>400<br>(400)<br>-|At<br>31.12.24<br>536,813<br>733,797<br>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<br>resources<br>**Unrestricted funds**<br>General fund<br>1,049,149<br>**Restricted funds**<br>Organ Fund<br>-<br>**TOTAL FUNDS**<br>1,049,149|Resources<br>expended<br>(986,772)<br>(4,000)<br>(990,772)|Gains and<br>Movement<br>losses<br>in funds<br>6,465<br>68,842<br>-<br>(4,000)<br>6,465<br>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 

Page 20 



## **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