## **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 : 

- examine the accounts under section 145 of the 2011 Act; 

- follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145 ( 5 ) ( b ) of the 2011 Act;  and 

- 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: 

1. Which gives me reasonable cause to believe that in any material respect the requirements 

   - to keep accounting records in accordance with s.130 of the 2011 Act; or 

   - to prepare accounts which accord with these accounting records have not been met; 

2. 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<br>TOTAL<br>Unrestricted<br>Restricted<br>FUNDS<br>FUNDS<br>Notes<br>Funds<br>Funds<br>2023<br>2022<br>£<br>£<br>£<br>£<br>**INCOMING RESOURCES**<br>Voluntary income<br>2a<br>44,630<br>-<br>44,630#<br>76,490<br>Activities for generating funds<br>2b<br>9,851<br>-<br>9,852#<br>8,070<br>Income from investments<br>2c<br>1,247<br>-<br>1,247#<br>505<br>Church activities<br>2d<br>46,637<br>-<br>46,636#<br>45,221<br>**TOTAL INCOMING RESOURCES**<br>102,365<br>-<br>102,365#<br>130,286<br>**RESOURCES EXPENDED**<br>Costs of generating voluntary income<br>3a<br>0<br>-<br>0 #<br>Fund-raising trading costs<br>3b<br>2,298<br>-<br>2,298 #          1,169<br>Church activities<br>3c<br>105,657<br>6,074<br>111,731#<br>153,893<br>**TOTAL RESOURCES EXPENDED**<br>107,955<br>6,074<br>114,029#<br>155,062<br>**NET MOVEMENT IN FUNDS**<br>(5,590)<br>(6,074)<br>(11,664)<br>(24,776)<br>Balances b/fwd    1 January 2023<br>71,111<br>307,537<br>378,648#<br>403,424<br>Balances c/fwd 31 December 2023<br>65,521 ##<br>301,463 ##<br>366,984<br>378,648|TOTAL<br>TOTAL<br>Unrestricted<br>Restricted<br>FUNDS<br>FUNDS<br>Notes<br>Funds<br>Funds<br>2023<br>2022<br>£<br>£<br>£<br>£<br>**INCOMING RESOURCES**<br>Voluntary income<br>2a<br>44,630<br>-<br>44,630#<br>76,490<br>Activities for generating funds<br>2b<br>9,851<br>-<br>9,852#<br>8,070<br>Income from investments<br>2c<br>1,247<br>-<br>1,247#<br>505<br>Church activities<br>2d<br>46,637<br>-<br>46,636#<br>45,221<br>**TOTAL INCOMING RESOURCES**<br>102,365<br>-<br>102,365#<br>130,286<br>**RESOURCES EXPENDED**<br>Costs of generating voluntary income<br>3a<br>0<br>-<br>0 #<br>Fund-raising trading costs<br>3b<br>2,298<br>-<br>2,298 #          1,169<br>Church activities<br>3c<br>105,657<br>6,074<br>111,731#<br>153,893<br>**TOTAL RESOURCES EXPENDED**<br>107,955<br>6,074<br>114,029#<br>155,062<br>**NET MOVEMENT IN FUNDS**<br>(5,590)<br>(6,074)<br>(11,664)<br>(24,776)<br>Balances b/fwd    1 January 2023<br>71,111<br>307,537<br>378,648#<br>403,424<br>Balances c/fwd 31 December 2023<br>65,521 ##<br>301,463 ##<br>366,984<br>378,648|Restricted<br>Funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>6,074<br>6,074|TOTAL<br>TOTAL<br>FUNDS<br>FUNDS<br>2023<br>2022<br>£<br>£<br>44,630#<br>76,490<br>9,852#<br>8,070<br>1,247#<br>505<br>46,636#<br>45,221|TOTAL<br>TOTAL<br>FUNDS<br>FUNDS<br>2023<br>2022<br>£<br>£<br>44,630#<br>76,490<br>9,852#<br>8,070<br>1,247#<br>505<br>46,636#<br>45,221|
|---|---|---|---|---|
||||102,365#<br>130,286||
||||0 #<br>2,298 #          1,169<br>111,731#<br>153,893||
||||114,029#<br>155,062||
||||||
||(5,590)<br>71,111|(6,074)<br>307,537|(11,664)<br>(24,776)<br>378,648#<br>403,424||
||65,521 ##<br>301,463 ##<br>366,984||||
|||||378,648|



The accompanying notes on pages 4 to 9 form part of these financial statements. 

2. 



## **Parochial Church Council of St Peter's Church, Grange Park** 

## **Balance Sheet at 31 December 2023** 

|Notes<br>**FIXED ASSETS**<br>Church Hall<br>5<br>Fixtures & Fittings<br>5<br>**CURRENT ASSETS**<br>Debtors<br>6<br>Short term deposits<br>Cash at bank and in hand<br>**LIABILITIES**<br>Creditors: amounts falling due within one year<br>7<br>**NET CURRENT ASSETS**<br>**TOTAL NET ASSETS**<br>**PARISH FUNDS**<br>Restricted funds<br>8<br>Unrestricted funds<br>8|**2023**<br>£<br>297,643<br>9,592<br>307,235<br>14,842<br>40,153<br>16,097<br>71,092<br>11,344<br>59,748<br>366,984<br>301,463<br>65,521<br>366,984|**2022**<br>£<br>303,717<br>12,789|
|---|---|---|
|||316,506|
|||29,369<br>38,907<br>4,953|
|||73,229<br>11,087|
|||62,142|
||||
|||378,648|
|||307,537<br>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. 

4. 



## **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. 

5. 



## **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<br>a **Voluntary Income**<br>Planned giving :<br>Gift Aided donations<br>Parish Giving Scheme<br>Other<br>Collections (open plate)<br>Donations and appeals<br>Income tax including Parish Giving Scheme<br>Grants from Valerie Archibald Trust<br>Legacies<br>b **Activities for Generating Funds**<br>Summer fete<br>Christmas fayre events<br>Other fund raising events<br>c **Investment Income**<br>Deposit interest<br>d **Income from Church Activities**<br>Church hall lettings<br>Fees for weddings and funerals<br>**TOTAL INCOMING RESOURCES**|Unrestricted<br>Funds<br>£<br>0<br>3,747<br>33,843<br>2,481<br>218<br>4,340<br>0<br>0<br>44,630<br>3,682<br>1,850<br>4,319<br>9,851 0<br>1,247<br>45,677<br>960<br>46,637<br>102,365|Restricted<br>Funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>0<br>-<br>-<br>-<br> <br>0<br>-<br>-<br>0|TOTAL<br>FUNDS<br>2023<br>£<br>0<br>0<br>3,747<br>33,843<br>0<br>2,481<br>218<br>4,340<br>0<br>0<br>44,630<br>3,682<br>1,850<br>4,319<br>9,851 0<br>1,247<br>45,677<br>960<br>46,637<br>102,365|TOTAL<br>FUNDS<br>2022<br>£<br>3,720<br>29,074<br>0<br>4,236<br>5,398<br>7,462<br>16,600<br>10,000|
|---|---|---|---|---|
|||||76,490|
|||||2,633<br>2,267<br>3,170|
|||||<br>8,070|
||||||
|||||505|
|||||44,435<br>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**<br>**RESOURCES EXPENDED**<br>a<br>**Costs of generating voluntary income**<br>b<br>**Fund-raising trading costs**<br>Summer and Christmas fetes<br>c<br>**Church Activities**<br>Missionary and charitable giving:<br>Winchmore Hill Community Care<br>Secular charities<br>Ministry costs:<br>Diocesan parish contribution<br>Other clergy costs<br>Enfield Deanery<br>Church running expenses inc. Insurance<br>Church maintenance<br>Vicarage maintenance & running costs<br>Upkeep of services<br>Administration<br>Depreciation<br>Church Hall running costs<br>Hall Maintenance<br>Fees Paid to Diocese<br>**TOTAL RESOURCES EXPENDED**|Unrestricted<br>Funds<br>£<br>2,298<br>130<br>54,095<br>684<br>20<br>6,744<br>3,608<br>907<br>12,236<br>7,585<br>3,197<br>13,631<br>1,750<br>1,070<br>105,657<br>107,955|Restricted<br>Funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>6,074<br>-<br>-<br>-<br>6,074<br>6,074|TOTAL<br>FUNDS<br>2023<br>£<br>0<br>0<br>2,298<br>0<br>130<br>54,095<br>684<br>20<br>6,744<br>3,608<br>907<br>12,236<br>7,585<br>9,271<br>13,631<br>1,750<br>1,070<br>111,731<br>114,029|TOTAL<br>FUNDS<br>2022<br>£|
|---|---|---|---|---|
|||||0|
||||||
|||||1169|
|||||0<br>1,605<br>73,800<br>684<br>40<br>5,349<br>11,175<br>890<br>15,307<br>5,540<br>10,461<br>21,864<br>6,300<br>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<br>Accumulated Depreciation<br>Net Book Value at 31st December 2023<br>**6 DEBTORS**<br>Income Tax Recoverable - Gift Aid<br>Hall Debtors<br>Valerie Archibald Grant<br>Donation for church music<br>Recovery of vicarage telephone costs|Hall<br>£<br>350,000<br>(52,357)<br>297,643|Fixtures &<br>Fittings<br>£<br>48,666<br>(39,074)<br>9,592<br>2023<br>£<br>1,490<br>8,244<br>-<br>5,000<br>108<br>14,842|Total<br>£<br>398,666<br>(91,431)|
|---|---|---|---|
||||307,235|
||||2022<br>£<br>2,009<br>5,760<br>16,600<br>5,000<br>0|
||||29,369|



|**7 **|**LIABILITIES**|||
|---|---|---|---|
||**Amounts falling due within one year**|||
|||2023|2022|
|||£|£|
||Creditors and Accruals|4,535<br>|5,777|
||Deferred Income 2023 hall bookings|6,809<br>|5,310|
||Agency Collections|||



8. 



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<br>**Expendable Funds**<br>Organ<br>Vestments<br>Youth Club<br>Pews Cushioning<br>Church Hall<br>**TOTAL FUNDS**|Bal b/fwd<br>1 Jan 2023<br>£<br>71,111<br>71,111|Income<br>£<br>102,365<br>102,365|Expenditure<br>£<br>(107,955)<br>(107,955)|Transfers,<br>other gains<br>and losses<br>£|Bal c/fwd<br>31 Dec 2023<br>£<br>65,521|
|---|---|---|---|---|---|
||||||65,521|
||||||2,016<br>322<br>134<br>1,348<br>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<br>2% reducing balance<br>NBV 31/12/23<br>Fixtures & Fittings opening balance<br>additions<br>25% reducing balance<br>NBV 31/12/23<br>NBV of Fixed Assets as at 31.12.2023|303,717<br>-           6,074.34 charge for 2023<br>Cr 6443<br>Dr 2312<br>297,643<br>12,789<br>sound system<br>furniture<br>-           3,197.25 charge for 2023<br>capital over spec<br>driveway lighting<br>9,592<br>CCTV<br>lighting<br>external lighting<br>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