The Parish Church of St Peter's Church, Grange Park
Registered Charity Number: 1135369
Financial Statements
of the
Parochial Church Council for the year ended 31 December 2023
Index to Financial Statements:
Page: Contents: 1 Report of the Independent Examiner 2 Statement of Financial Activities 3 Balance Sheet 4 to 9 Notes to the Financial Statements
Bank : Barclays Bank PLC
Treasurer:
Koulla Loizou BA,FCCA 60 Ridge Road Winchmore Hill London N21 3EA
Independent Examiner:
Michael Griffin FCA 35 Green Moor Link Winchmore Hill London N21 2NN
Independent Examiner's Report to the Trustees of St Peter's Church, Grange Park, Parochial Church Council.
I report on the accounts for the year ended 31st December 2023 which are set out on pages 2 to 9.
Respective responsibilities of the Trustees and the Independent Examiner.
The Charity's Trustees consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 ( the 2011 Act ) and that an independent examination is needed. It is my responsibility to :
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examine the accounts under section 145 of the 2011 Act;
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follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145 ( 5 ) ( b ) of the 2011 Act; and
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state whether particular matters have come to my attention.
Basis of Independent Examiner's Statement
My examination was carried out in accordance with the General Directions given by the Charity Commission.
An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts with those records. It also includes considering any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning such matters.
The procedures undertaken do not provide all the evidence that would be required in a full audit, and consequently I do not express an audit opinion on the accounts.
Independent Examiner's Statement.
In connection with my examination, no matters have come to my attention:
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Which gives me reasonable cause to believe that in any material respect the requirements
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to keep accounting records in accordance with s.130 of the 2011 Act; or
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to prepare accounts which accord with these accounting records have not been met;
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To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Michael Griffin FCA 35 Green Moor Link Winchmore Hill London N21 2NN
Date : 18/06/2024
Parochial Church Council of St Peter's Church, Grange Park
Statement of Financial Activities
For the year ended 31 December 2023
| TOTAL TOTAL Unrestricted Restricted FUNDS FUNDS Notes Funds Funds 2023 2022 £ £ £ £ INCOMING RESOURCES Voluntary income 2a 44,630 - 44,630# 76,490 Activities for generating funds 2b 9,851 - 9,852# 8,070 Income from investments 2c 1,247 - 1,247# 505 Church activities 2d 46,637 - 46,636# 45,221 TOTAL INCOMING RESOURCES 102,365 - 102,365# 130,286 RESOURCES EXPENDED Costs of generating voluntary income 3a 0 - 0 # Fund-raising trading costs 3b 2,298 - 2,298 # 1,169 Church activities 3c 105,657 6,074 111,731# 153,893 TOTAL RESOURCES EXPENDED 107,955 6,074 114,029# 155,062 NET MOVEMENT IN FUNDS (5,590) (6,074) (11,664) (24,776) Balances b/fwd 1 January 2023 71,111 307,537 378,648# 403,424 Balances c/fwd 31 December 2023 65,521 ## 301,463 ## 366,984 378,648 |
TOTAL TOTAL Unrestricted Restricted FUNDS FUNDS Notes Funds Funds 2023 2022 £ £ £ £ INCOMING RESOURCES Voluntary income 2a 44,630 - 44,630# 76,490 Activities for generating funds 2b 9,851 - 9,852# 8,070 Income from investments 2c 1,247 - 1,247# 505 Church activities 2d 46,637 - 46,636# 45,221 TOTAL INCOMING RESOURCES 102,365 - 102,365# 130,286 RESOURCES EXPENDED Costs of generating voluntary income 3a 0 - 0 # Fund-raising trading costs 3b 2,298 - 2,298 # 1,169 Church activities 3c 105,657 6,074 111,731# 153,893 TOTAL RESOURCES EXPENDED 107,955 6,074 114,029# 155,062 NET MOVEMENT IN FUNDS (5,590) (6,074) (11,664) (24,776) Balances b/fwd 1 January 2023 71,111 307,537 378,648# 403,424 Balances c/fwd 31 December 2023 65,521 ## 301,463 ## 366,984 378,648 |
Restricted Funds £ - - - - - - - 6,074 6,074 |
TOTAL TOTAL FUNDS FUNDS 2023 2022 £ £ 44,630# 76,490 9,852# 8,070 1,247# 505 46,636# 45,221 |
TOTAL TOTAL FUNDS FUNDS 2023 2022 £ £ 44,630# 76,490 9,852# 8,070 1,247# 505 46,636# 45,221 |
|---|---|---|---|---|
| 102,365# 130,286 |
||||
| 0 # 2,298 # 1,169 111,731# 153,893 |
||||
| 114,029# 155,062 |
||||
| (5,590) 71,111 |
(6,074) 307,537 |
(11,664) (24,776) 378,648# 403,424 |
||
| 65,521 ## 301,463 ## 366,984 |
||||
| 378,648 |
The accompanying notes on pages 4 to 9 form part of these financial statements.
Parochial Church Council of St Peter's Church, Grange Park
Balance Sheet at 31 December 2023
| Notes FIXED ASSETS Church Hall 5 Fixtures & Fittings 5 CURRENT ASSETS Debtors 6 Short term deposits Cash at bank and in hand LIABILITIES Creditors: amounts falling due within one year 7 NET CURRENT ASSETS TOTAL NET ASSETS PARISH FUNDS Restricted funds 8 Unrestricted funds 8 |
2023 £ 297,643 9,592 307,235 14,842 40,153 16,097 71,092 11,344 59,748 366,984 301,463 65,521 366,984 |
2022 £ 303,717 12,789 |
|---|---|---|
| 316,506 | ||
| 29,369 38,907 4,953 |
||
| 73,229 11,087 |
||
| 62,142 | ||
| 378,648 | ||
| 307,537 71,111 |
||
| 378,648 |
Approved by the Parochial Church Council on 23rd June 2024 and signed on its behalf by
Stuart Davies Koulla Loizou PCC Chairman Treasurer
Parochial Church Council of St Peter's Church, Grange Park
Notes to the financial statements
For the year ended 31 December 2023
1. ACCOUNTING POLICIES
- a Accounting convention The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with applicable accounting standards, the Statement of Recommended Practice 2015 (FRSSE 2015) and the Charities Act 2011.
( FRS 102 ) and the Charities Act 2011.
The financial statements have been prepared under the historical cost convention as modified by the inclusion of investments at market value and the depreciation of fixed assets. The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their affiliation to another body, nor those which are informal gatherings of church members.
b Funds accounting
Funds held by the PCC are:
Unrestricted funds - general funds which can be used for PCC ordinary purposes.
Restricted funds - a) income from trusts or endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest; b) donations or grants received for a specific object or invited by the PCC for a specific object. The funds may only be expended on the specific object for which they were given. Any balance remaing unspent at the end of the year is carried forward as a balance on that fund.
c Incoming resources
All incoming resources are accounted for gross.
Voluntary Income
Collections are recognised when received. Planned giving receivable is recognised only when received. Income tax recoverable on Gift Aid donations is recognised when the income is recognised. Grants and legacies are recognised when the PCC is legally entitled to the amount due.
Income from investments
Dividends are accounted for when due and payable. Interest entitlements are accounted for as they accrue.
All other income
All other income is recognised when the booking of the Church Hall or religious event is held, not when the event is confirmed.
Parochial Church Council of St Peter's Church, Grange Park
Notes to the financial statements
For the year ended 31 December 2023
d Resources used
Resources expended are accounted for on an accruals basis and are accounted for gross.
Grants
Grants and donations are accounted for when paid over, or when awarded where the award creates a binding obligation on the PCC.
Church Activities
The Diocesan parish contribution (Common Fund) is accounted for when due.
e Fixed Assets
Tangible fixed assets
Consecrated and beneficed property of any kind is excluded from the accounts by s.10 of the Charities Act 2011.
All expenditure on consecrated or beneficed buildings and individual items costing under £1,500 are written off in the year they were incurred.
Depreciation
Depreciation will be calculated to write down the cost of tangible fixed assets over their expected useful lives. Depreciation will be charged from the first full year of ownership at the following rates :
Hall - 2% Reducing Balance
Fixtures and fittings - 25% Reducing Balance
Investments
Investments are stated at market value at the balance sheet date.
f Current Assets
Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove uncollectible.
Short-term deposits include cash held on deposit with the CBF Church of England Funds.
Parochial Church Council of St Peter's Church, Grange Park
Notes to the financial statements
For the year ended 31 December 2023
2 INCOMING RESOURCES
| Note a Voluntary Income Planned giving : Gift Aided donations Parish Giving Scheme Other Collections (open plate) Donations and appeals Income tax including Parish Giving Scheme Grants from Valerie Archibald Trust Legacies b Activities for Generating Funds Summer fete Christmas fayre events Other fund raising events c Investment Income Deposit interest d Income from Church Activities Church hall lettings Fees for weddings and funerals TOTAL INCOMING RESOURCES |
Unrestricted Funds £ 0 3,747 33,843 2,481 218 4,340 0 0 44,630 3,682 1,850 4,319 9,851 0 1,247 45,677 960 46,637 102,365 |
Restricted Funds £ - - - - - - - 0 - - - 0 - - 0 |
TOTAL FUNDS 2023 £ 0 0 3,747 33,843 0 2,481 218 4,340 0 0 44,630 3,682 1,850 4,319 9,851 0 1,247 45,677 960 46,637 102,365 |
TOTAL FUNDS 2022 £ 3,720 29,074 0 4,236 5,398 7,462 16,600 10,000 |
|---|---|---|---|---|
| 76,490 | ||||
| 2,633 2,267 3,170 |
||||
8,070 |
||||
| 505 | ||||
| 44,435 786 |
||||
| 45,221 | ||||
| 130,286 |
Parochial Church Council of St Peter's Church, Grange Park
Notes to the financial statements
For the year ended 31 December 2023
| 3 RESOURCES EXPENDED a Costs of generating voluntary income b Fund-raising trading costs Summer and Christmas fetes c Church Activities Missionary and charitable giving: Winchmore Hill Community Care Secular charities Ministry costs: Diocesan parish contribution Other clergy costs Enfield Deanery Church running expenses inc. Insurance Church maintenance Vicarage maintenance & running costs Upkeep of services Administration Depreciation Church Hall running costs Hall Maintenance Fees Paid to Diocese TOTAL RESOURCES EXPENDED |
Unrestricted Funds £ 2,298 130 54,095 684 20 6,744 3,608 907 12,236 7,585 3,197 13,631 1,750 1,070 105,657 107,955 |
Restricted Funds £ - - - - - - - - - - 6,074 - - - 6,074 6,074 |
TOTAL FUNDS 2023 £ 0 0 2,298 0 130 54,095 684 20 6,744 3,608 907 12,236 7,585 9,271 13,631 1,750 1,070 111,731 114,029 |
TOTAL FUNDS 2022 £ |
|---|---|---|---|---|
| 0 | ||||
| 1169 | ||||
| 0 1,605 73,800 684 40 5,349 11,175 890 15,307 5,540 10,461 21,864 6,300 878 |
||||
| 153,893 | ||||
| 155,062 |
Parochial Church Council of St Peter's Church, Grange Park
Notes to the financial statements
For the year ended 31 December 2023
4a STAFF COSTS
Wages and salaries
0 ##
The PCC did not employ any staff during the year.
Mr Will Sheldon is the Hall Manager appointed on a self employed status. The costs of which are included in Administration.
b PAYMENTS TO PCC MEMBERS
5 FIXED ASSETS
| Actual / Deemed Cost Accumulated Depreciation Net Book Value at 31st December 2023 6 DEBTORS Income Tax Recoverable - Gift Aid Hall Debtors Valerie Archibald Grant Donation for church music Recovery of vicarage telephone costs |
Hall £ 350,000 (52,357) 297,643 |
Fixtures & Fittings £ 48,666 (39,074) 9,592 2023 £ 1,490 8,244 - 5,000 108 14,842 |
Total £ 398,666 (91,431) |
|---|---|---|---|
| 307,235 | |||
| 2022 £ 2,009 5,760 16,600 5,000 0 |
|||
| 29,369 |
| **7 ** | LIABILITIES | ||
|---|---|---|---|
| Amounts falling due within one year | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Creditors and Accruals | 4,535 |
5,777 | |
| Deferred Income 2023 hall bookings | 6,809 |
5,310 | |
| Agency Collections |
Lighting project 11,344 11,087
Parochial Church Council of St Peter's Church, Grange Park
Notes to the financial statements
For the year ended 31 December 2023
8 STATEMENT OF FUNDS
| General fund Expendable Funds Organ Vestments Youth Club Pews Cushioning Church Hall TOTAL FUNDS |
Bal b/fwd 1 Jan 2023 £ 71,111 71,111 |
Income £ 102,365 102,365 |
Expenditure £ (107,955) (107,955) |
Transfers, other gains and losses £ |
Bal c/fwd 31 Dec 2023 £ 65,521 |
|---|---|---|---|---|---|
| 65,521 | |||||
| 2,016 322 134 1,348 297,643 |
|||||
| 301,463 | |||||
| 366,984 |
9 VALERIE ARCHIBALD BEQUEST
There is a Vicar and Churchwardens' Trust in respect of the bequest in 2003 from the late Valerie Archibald.
The Trustees have advised that the market value of the Trust's assets at 31st December 2023 was £108,823 ( 2022: £ 111,678.15).
10 BUILDINGS INSURANCE
The church buildings are valued by Ecclesiastical Insurance on a reinstatement basis, as follows : St Peter's Church £7,200,000 Hall £2,780,000
Depreciation Schedule 2023
| Hall opening balance 2% reducing balance NBV 31/12/23 Fixtures & Fittings opening balance additions 25% reducing balance NBV 31/12/23 NBV of Fixed Assets as at 31.12.2023 |
303,717 - 6,074.34 charge for 2023 Cr 6443 Dr 2312 297,643 12,789 sound system furniture - 3,197.25 charge for 2023 capital over spec driveway lighting 9,592 CCTV lighting external lighting 307,235 |
|---|---|
op bal 25% red bal NBV sound system 340 - 85.00 255 Cr 6444 Dr 2312 furniture 391 - 97.75 293 Cr 6445 capital over spec 2,322 - 580.50 1,742 Cr 6447 driveway lighting 190 - 47.50 143 Cr 6448 CCTV 605 - 151.25 454 Cr 6452 lighting 1,202 - 300.50 902 Cr 6453 external lighting 7,739 - 1,934.75 5,804 Cr 6453 - 3,197.25 9,591.75