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2022-12-31-accounts

www.ascensionbalham.org

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Diocese of Southwark

Charity Registration Number: 1136105

Report & Accounts 31 December 2022

Tandem Accounting Chartered Accountants 17 Heathville Road London N19 3AL

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Report and Financial Statements 2022 Contents

Page
Legal and administrative information 2
Report of the Parochial Church Council 3
Independent Auditor’s report to the Parochial Church Council 12
Statement of financial activities 15
Balance sheet 16
Notes to the financial statements 17

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Legal and Administrative Information For the year ended 31 December 2022

Charity Name

The Parochial Church Council of the Ecclesiastical Parish of the Ascension, Balham Hill.

Charity No 1136105. The Parish was established in 1858 and is a charity which was formally registered with the Charity Commission on 2 February 2010.

Principal Address Malwood Road, Balham, London SW12 8EN.

Governing Document Parochial Church Council Powers Measure (1956) as amended and Church Representation Rules.

Objective Promoting in the ecclesiastical parish the whole mission of the Church.

Members of the PCC The Members of the PCC who served during the year or who were serving at the date of this report were:

Clergy Marcus Gibbs (Vicar) Dorothy Penniecooke (SSM) Thomas Collins (Curate) (until 6 Feb 2022) Luke Steven (Curate) Cara Gibbs (SSM) (from 11 Sep 2022) Churchwardens Tim Alexander-Dann David Archer Elected Lay Representatives Jamie Fergusson Carol Wannan. (from 9 May 2022) Sue Laming Lynn Evans (from 9 May 2022) Ali Campbell Mark Gulliford Beth Veira (until 9 May 2022) Dave Stewart (until 9 May 2022) Luke Watson (from 9 May 2022) Lay Representatives to the Joanna Cox Deanery Synod Mark Gulliford Tim Aikens

Key Management Those in charge of directing, controlling, running and operating the Church on a day to Personnel day basis are the members of the PCC and the Operations Director.

Bankers NatWest Balham Branch 128 Balham High Road London SW12 9AE

Independent Auditors Knox Cropper LLP 153 -155 London Road Hemel Hempstead Hertfordshire HP3 9SQ Quinquennial Ryan Bunce BSc(Hons) DipProjMan PGDipCHE MRICS FRSA Inspector Ryan Bunce & Co 181 Union Street, London SE1 0LN

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Report of the Parochial Church Council For the year ended 31 December 2022

The Parochial Church Council of the Ecclesiastical Parish of the Ascension, Balham Hill (“PCC”) submits its report and the financial statements of the PCC for the year ended 31 December 2022. The financial statements have been prepared in the format prescribed by the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP2019 (FRS102)) and the Financial Reporting Standard 102. The legal and administrative information set out earlier in this document forms part of this report.

The PCC co-operates with the incumbent in promoting the whole mission of the Church within its Parish and beyond. It also has responsibility for paid staff and the maintenance of the church building, the Vicarage (primary responsibility rests with the Diocese Board of Finance) and the property at Rokeby House.

1. Structure, Governance & Management

1.1 Trustees

The PCC is a body corporate with perpetual succession. The PCC meets monthly during the year and operates through a number of working groups which meet in addition to the full meetings of the PCC. The PCC discusses a full range of matters relating to finance, fabric, general administration and responsibility for keeping of the Electoral Roll. Members of the PCC are either ex officio or elected by the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules.

The induction process for any individual newly-appointed to the PCC comprises an initial meeting with the Vicar and receipt of copies of:

1.2 Executive

The Executive has the power to transact any business of the PCC between its meetings, subject to any directives given by the PCC, and in 2021 comprised The Churchwardens, The Treasurer and The Rev Marcus Gibbs.

1.3 Church Attendance

The electoral roll is completely reviewed and revised once every six years but is updated every year in between. It stands at 140 from the 2022 APCM and in review for 2023.

1.4 Risk Management

The PCC’s primary concern and objective is the discipling of individuals for the glory of God. Whilst it is the PCC’s policy to trust wholly in the Lord that He will work out His purpose to this end, the PCC also acknowledges that it has a responsibility, both as individual Members and as a body of Members, for the identification and proper management of risks faced by the PCC in achieving its primary aim. The PCC has therefore assessed the major risks to which the PCC is exposed, in particular those relating to the specific operational areas of the charity, its investments and its finances. The PCC believes that, by monitoring reserve levels, by ensuring that controls exist over key financial systems, and by examining the operational risks faced by the PCC, it has established effective systems and procedures to mitigate those risks.

Ascension has a number of measures in place to mitigate risk, including a health and safety policy overseen by the Operations Director, a safeguarding policy overseen by the PCC as well as a robust pastoral structure to deal with personnel issues. Financial risk is managed by the bookkeeper and Operations Director who report to both the Treasurer and to the Executive.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Report of the Parochial Church Council For the year ended 31 December 2022

A brief summary of the risk register is as follows.

Operational
Area		 Risk Management
Security &
Safeguarding		 There is a major
security, safeguarding, or
health & safety incident		 Safeguarding – there is a safeguarding policy in place and two designated
safeguarding officers. All volunteers who have direct contact with children
or vulnerable adults as well as Pastoral team members are required to
have a DBS, which is renewable every three years; we ensure that
insurance policies are up-to-date and cover us for identified risks; we
maintainup-to-dateincidentlogs
Finances Income and expenditure:
there is a risk that
expenditure could
exceed income		 To mitigate these potential risks the PCC has approved an unrestricted
funds budget which shows a surplus of income over expenditure. Monthly
management accounts are prepared comparing income and expenditure
with budget; PCC officials ensure proper authorisation of expenditure in
line with the target operational cash reserves of two months’ budgeted
expenditure.
Potential liabilities: there
is an uninsured liability
whichcrystallises		 To mitigate this potential risk, we ensure that insurance policies are up-to-
date and include employer’s liability, public liability, buildings insurance,
contentsinsurance andproperty owner’sliability

1.5 Safeguarding

Ascension believes that all people are precious and important because they are made in the image of God. Consequently, we are committed to being a church that enables all people to be kept safe, and encourages any concerns or potential concerns about inappropriate treatment of others to be raised and responded to appropriately and consistently.

Early in the year Sue Manning stepped down from her role as Parish Safeguarding Officer, when she moved out of London. Joanna Cox then took over, working alongside Tim Aikens as our other PSO.

There have been no significant situations to manage over the last year and our work has gone on quietly in the background as we check Risk Assessments for church activities and update paperwork. A key task has been ensuring that the recommended robust recruitment processes and training are undertaken by all those whose ministries and activities make this appropriate. Luke Steven has helped this process by producing a magnificent table showing exactly what is needed for each of our many church and community outreach involvements, and Karen Wilkin has contributed time and effort to ensuring that recruitment processes are all in place when new community activities begin.

As ever, if you do have any concerns about safeguarding please do not hesitate to contact the Parish Safeguarding Officers in the first instance at safeguarding@ascensionbalham.org

Joanna Cox and Tim Aikens Safeguarding Officers

2. Activities, Strategies & Public Benefit

The PCC has given due regard to the Charity Commission’s guidance on public benefit. To this end the PCC organises the following activities in order to enable ordinary people to live out their faith as part of our parish community:

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Report of the Parochial Church Council For the year ended 31 December 2022

3. Review of the Year

Vicar’s Report

Our mission at Ascension is to grow up, join in and spread out with the love of God in Balham and beyond, and 2022 has been a great year of doing just that.

2022 has continued to be a year of growth, with our congregational numbers increasing and our influence beyond the parish growing too.

A key development in 2022 was that we were awarded a grant of £250,000, spread across three years, to roll out our Bubble Church service to other churches in Southwark Diocese, nationally and beyond. By the end of 2022 Ascension had launched Bubble Church into three other churches: St Augustine’s Highbury, Holy Trinity Barnes and Christ Church Brixton Road, helping these other churches grow significantly. We were then able to appoint a Bubble Church Mission Enabler, Keli Bolton to further launch and roll out Bubble Churches as we head into 2023. It is exciting that we are now having conversations not only with UK churches interested in Bubble Church, but churches in Europe and the US.

In February we said farewell to one of our curates Tom Collins and his family, as we sent them out in the power of the Spirit to become part of the Lee Abbey Community in North Devon. In September we welcomed a new Head of Children and Youth, Andy Monks who has already become a huge blessing to our community, through his passion to see children and youth not only be the leaders of tomorrow but be the now generation - the leaders of today, wherever they have influence. We were also thrilled to have Cara Gibbs join the team as a self-supporting minister.

In September we committed ourselves as a church to the BIG PRAY - 24 hours of non-stop prayer. Starting the academic year with prayer was instrumental in all that has happened since, and ensured we kicked off the academic year focusing on Jesus, the author and perfecter of our faith.

As always I am hugely grateful for our Church Wardens, PCC and staff at Ascension for their passion, vision and dedication to spreading the love of God to Balham and beyond, and I look forward to seeing what is yet to come.

Revd Marcus Gibbs Vicar

Churchwardens’ and PCC Report

With such a great leadership and support team in Ascension Church Balham it has been a pleasure and honour to serve as churchwardens during 2022. As can be seen by the other reports included here, our Lord is graciously using our church community. We pray and hope that His work will continue to grow and thrive into 2023. We can only acknowledge and thank our God for his incredible love for the members of our church and the opportunity for our church family to serve our local community, which we can see so many of our brothers and sisters in the Lord doing, with love and enthusiasm. Any service to our Lord is with thanks to Him and with one ambition only, namely to give glory to Him.

David Archer and Tim Alexander-Dann Churchwardens

Deanery Synod Report

In the Church of England, deaneries are geographical groups of parishes which “have the opportunity and encouragement to work in partnership with each other to celebrate and to share the Good News of Jesus Christ….”. In Southwark Diocese there are 25 Deaneries, and we are part of the Tooting Deanery (though the vagaries of Anglican ecclesiastical geography mean that the four parishes with which Ascension shares parish boundaries are in 4 different deaneries - only one in Tooting deanery like us!) The Tooting Deanery consists of eleven churches in the Balham, Tooting and Furzedown areas, plus chaplaincies at two hospitals and one prison.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Report of the Parochial Church Council For the year ended 31 December 2022

The Deanery Synod meets about 3 or 4 times a year, giving an opportunity for members to discuss and gain perspectives on key issues that affect all churches and to share ideas and expertise with other churches in the deanery.

The deanery has also developed some shared projects. The chaplains at Wandsworth Prison asked the deanery to provide prisoners with Christmas Gift bags (with prison approved contents), and deanery churches collected enough bags to completely filled the counselling room before these were then transported to Wandsworth Prison. The deanery also helped to support a family of Syrian refugees who arrived under come to UK under the Government’s repatriation scheme. Several churches in the deanery continued to finance the gap between the cost of rent in this area and housing benefit support. During 2022 a key issue for the deanery has been a focus on Eco-issues, with external speakers and opportunities for our different churches to share their experiences and questions relating to eco- friendly practices and adaptations. We also met with our Archdeacon John Kiddle to think about wellbeing issues, and this was followed by a one-day ‘mental health first aid’ training session attended by members from our different churches.

The Deanery Synod is made up of lay members elected by each church, plus all clergy serving in the deanery. Ascension’s lay representatives have been Tim Aiken, Joanna Cox and Mark Gulliford. Marcus Gibbs is the Area Dean and co-chair of the Synod.

Joanna Cox

Deanery Synod Representative and Secretary

Property and IT - Dan Francis

There has been some exciting and substantial work to the property over 2022. Rather than bore you with the finer details, here are some of the highlights:

Future proofing External Building Works

Over 2022, from May - December, substantial external fabric work was carried out on the North, East and South Elevations (seen in diagrams below), with the objective to future proof the building for the next 50 years. Stone Edge Conservation Ltd were selected out of 3 tender proposals and completed the work. The work was managed by Ryan Bunce, the Diocese Property Surveyor. Rev’d Marcus, the churchwardens and I regularly had progress meetings with Stone Edge Conservations and Ryan as part of monitoring standards. Expert Stone Masons did incredible work with the building fabric and experienced Ryan commented that Chris (a mason) ‘had done some of the best masonry he’s seen in his career’.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Report of the Parochial Church Council For the year ended 31 December 2022

Seamlessly repaired Stained Glass Window

The central stained glass window at the East Elevation with Jesus worshipping the Father needed some urgent attention, with 2 large segments bowing due to constant exposure to the sun’s heat. Experts in the stained glass were able to cut out the segments in question and design the exact moulds and design to fit back into the gaps. Such intricate, precise and seamless work.

Hand Dryers and redecorating of toilets

In our mission to reduce our carbon footprint and also strive for excellence, we installed 4 Dyson hand dryers into the toilet cubicles. These have already reduced our use of hand towels and are very hygienic. The WCs at the East End of the church were given a spruce up - repainted.

The ALR

The ALR was fitted with a natural oak vinyl compact and the lobby to the ALR was fitted with a Zephyr matting by Philip Voke, who originally fitted our red Ascension tiles.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Report of the Parochial Church Council For the year ended 31 December 2022

Other works

Many other tasks were done throughout the year for the general upkeep and improvement of the building (including the hall), all shown in our comprehensive Log of Works Register.

People to thank

Dan Francis Operations Director

4. Financial Review

2022 has been a big year financially at the Ascension. Significant building repair works, identified in the quinquennial review, have been completed putting the fabric of the building in good condition which will benefit the church for many years to come. For a building of the age and size of the Ascension this type of work is inevitably expensive. We have been blessed and astonished by the way in which this much higher than usual expenditure has been matched by additional giving. For this, our thanks go to the congregation who have been faithful and generous in their giving, but primarily to God who has blessed and provided for us financially – knowing and meeting our needs but, yet again, exceeding our expectations!

Income

Overall income in 2022 was a quite amazing £1.118m - this was significantly higher than our budgeted income of £398,000 for the year. Regular giving was up 16% against budget reflecting the consistent and faithful level of giving from the congregation throughout the year. Income from other sources including rental income from Rokeby House and the Hire of the church hall and income from Parish Coffee were also all higher than anticipated. However, the main difference was from the very high level of one-off gifts from the congregation and the gift aid claimed on these donations, some of which were earmarked for specific purposes of which more below.

Parish Coffee

We were delighted to be able to reopen parish coffee and have seen the numbers of those enjoying this resource from amongst both the congregation and the local community grow during the period. The aim for Parish Coffee is not to make a profit but for the café to be able to wash its face financially whilst providing an important (and warm) space for people to meet and make use of the church building during the week. I am pleased to report that for the full year 2022 this was achieved with a level of precision that I put down to ‘God-incidence’ – Café income exceeded expenditure for the full year by £56!

Expenditure

For the day to day running of the Ascension, excluding special projects, our total expenditure for the year was approximately £408,000, slightly lower than budgeted cost for normal operations of £432,000 partly reflecting lower operational and ‘spreading out’ costs with covid restrictions continuing into the early part of 2022.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Report of the Parochial Church Council For the year ended 31 December 2022

Special Projects

Building works – Our additional expenditure on repair and improvements to the church buildings amounted to c. £275,000 during the year, meeting the requirements of the quinquennial review and demonstrating our ongoing commitment to stewardship, future - proofing the church for the years ahead. These costs were not in budget for the 2022 year but were covered and completion of the work made possible by generous additional donations from members of the congregation.

Rokeby House

During the course of 2022, and again made possible by a generous one-off donation specifically for this purpose, we were able to purchase a second flat in Rokeby House. This has added a significant and valuable asset for the Ascension providing us with the flexibility to offer affordable accommodation to members of the staff team who might otherwise struggle to find accommodation within the parish or as a potential source of rental income for the future.

Mission Partners & Parish Support Fund

We continue Ascension’s commitment to support our mission partners by designating 10% of our income (less legacies, café sales’ and one off donations for specific projects) for this purpose. In 2022 this amounted to c. £28,500 split between our mission partners, Homestart, LICC, Medair, OM Moldova and Options. We also continued our support of the broader diocese with a contribution of £90,000 to the Southwark Dioceses Parish Support Fund.

Reserves

The combination of higher expenditure matched by generous giving left our reserves at similarly healthy levels to the start of the year, with cash in the bank, or similar, of around £556,000 at year end. This leaves us in a secure financial position and will enable the church to continue to invest in its work and mission in 2023. We have budgeted for a deficit of around £66,000 for the year ahead but continue to trust in God and listen carefully for his guidance in the sensible use of the resources he has generously provided us with.

Inflation and the Rising Cost of Living

We are particularly aware of the higher levels of inflation and the effect that will inevitably have on our running costs. We have been fortunate to lock in energy rates when costs were lower which will help to some extent. We are also aware that many other costs will rise this year and next for the church, our staff team and for members of the congregation and local community. We are fortunate to be in a financial position to not only weather these increased costs but also to be able to use the resources we have available to support those who need it by offering our church building as a warm, safe and welcoming space during the week.

Dave Stewart and the team

During 2022 Dave Stewart stepped down as the Ascension’s Treasurer after 11 years of faithful service in that role - passing the Treasurer’s baton and a healthy financial position on to me. I would like to express our collective gratitude to him for the work that he has put in over the years, often dealing with more difficult financial circumstances than we are blessed with now. I would also like to thank Dave, Dan and Ransford personally for making the handover easy, and for all the hard work that they put in behind the scenes on the Ascension’s finances.

4.2 Reserves Policy

The PCC has examined the requirements for free reserves, ie those unrestricted funds not invested in tangible fixed assets. The PCC considers that, given the nature of the church’s work, free reserves should be equivalent to approximately 2 months of operational expenditure (ie staff salaries and building running costs, but excluding Common Fund payments, mission giving and expenditure on special discretionary projects), plus committed future expenditure on other projects, where funds permit. The PCC is of the opinion that this provides sufficient flexibility to cover temporary shortfalls in income and will allow the church to cope and respond to unforeseen emergencies whilst specific action plans are implemented. At 31 December 2022 the church had net free reserves of £528,720 (2021: £612,537) as follows:

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Report of the Parochial Church Council For the year ended 31 December 2022

Total reserves
Less: restricted funds
Less: fixed assets
Free reserves
Free reserves requirement:
2 month’s budgeted routine expenditure		 2022 2021
£
965,118
(5,696)
(346,885)
£
1,376,883
(2,470)

(845,693)
528,720 612,537
80,000
80,000

4.3 Investment Policy

Funds in excess of immediate working capital requirement are placed in a bank deposit account.

4.4 Grants Policy

The Church makes grants, equivalent to approximately 10% of its unrestricted income annually, to support charitable and missionary endeavours both in the UK and abroad. The policy of the PCC is to give grants on the basis that they are subject to annual review and only renewed on the basis of meeting set criteria. The organisations regularly supported include Operation Mobilisation Moldova, Homestart Wandsworth, Medair UK, Options Pregnancy Resource Centre and the London Institute for Contemporary Christianity (LICC). For details of grants made, see note 4b.

5. Plans for Future Periods

Investment is required in updating the 20 year old AV system so as to be fit for purpose for a 21st century multi-use building. The PCC are also looking at further eco-church initiatives that will not only help safeguard the integrity of God’s creation but save money moving forward. These include solar panels on the south elevation roof as well as destratification fans inside the building to reduce energy wastage. In addition the PCC are looking at how to replace the rotting wooden cabin with another space that can be used for additional children’s Sunday school rooms as well as usage / rental in the week. These projects are currently being scoped but collectively could add up to circa £200,000. Given the congregational growth over the past few years and with the current curate being signed off to apply for other posts, the PCC will also be considering possible additional ministry staff to ensure the mission and ministry of Ascension can continue to flourish unhindered.

6. Responsibilities of Trustees for the Financial Statements

The PCC is responsible for preparing the report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Charity law in England and Wales requires the PCC to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the PCC and of the income and application of income of the charity for that period.

In preparing those financial statements, the PCC is required to:

The PCC is responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statements comply with the Charities Act

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Report of the Parochial Church Council For the year ended 31 December 2022

2011, the Charity Accounts and Reports Regulations 2008 and the provisions of the governing document. The PCC is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The PCC is responsible for the maintenance and integrity of the charity and financial information included in the charity’s website.

7. Approval

The report of the PCC was approved by the PCC on 9 October 2023 and signed on its behalf by:

Jamie Fergusson Treasurer

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Report of the Independent Auditors to the Parochial Church Council of The Ascension, Balham Hill For the year ended 31 December 2022

Opinion

We have audited the financial statements of The PCC of the Ecclesiastical Parish of the Ascension, Balham Hill (the 'charity') for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Report of the Independent Auditors to the Parochial Church Council of The Ascension, Balham Hill For the year ended 31 December 2022

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Report of the Independent Auditors to the Parochial Church Council of The Ascension, Balham Hill For the year ended 31 December 2022

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Knox Cropper LLP Chartered Accountants and Statutory Auditors 153 -155 London Road Hemel Hempstead Hertfordshire HP3 9SQ

26 October 2023

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Statement of Financial Activities For the year ended 31 December 2022

Note
Income from:
2
Donations and legacies
Charitable activities
Other trading activities
Investments
Total Income
Expenditure on:
Raising funds
3
Charitable activities
4
Total Expenditure
Net gains/(losses) on
investments
Net Income
5

Transfers between funds
Other recognised gains
6

Net movement in funds
Reconciliation of funds
As previously reported
Prior year adjustment
14

As restated

Total funds carried forward
 Unrestricted
Funds
2022
£

510,265
948
141,255
651		 Restricted
Funds
2022
£
471,549
-
-
-
471,549
-
26,524
26,524
-
445,025
(448,251)
-
(3,226)
5,696
-
5,696
2,470		 Unrestricted
Funds
2021
£
restated
676,516
2,749
116,077
(867)



















Restricted
Funds
2021
£
restated
34,229
-
-
-
34,229
-
38,378
38,378
409
(3,740)
(1,567)
-
(5,307)
-
-
11,003
5,696		 Total
2021
£
restated
710,745
2,749
116,077
(867)
Total
2022
£
981,814
948
141,255
651
653,119 794,475 828,704
1,124,668
68,229
696,317
764,546
(834)
(112,261)
448,251
79,001
414,991
970,484
(11,062)
959,422
1,374,413		 46,796
405,016		 46,796
443,394
68,229
722,841
451,812 490,190
791,070
- 409
(834)
342,663 338,923
332,764
1,567
-		 -
-
-
79,001
344,230
-
-		 338,923
-
-
411,765
976,180
(11,062)
615,192 626,195
965,118
959,422 965,118
1,376,883

15

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Balance Sheet As at 31 December 2022

Note
Fixed Assets
Tangible Assets
6
Investments
7
Current Assets
Debtors
8
Cash At Bank And In Hand
Creditors - Amounts Falling Due
Within One Year
9
Net Current Assets
Net Assets
Represented by:
Restricted Funds
10
Unrestricted Funds
11
Income funds
Revaluation reserve
Total Funds		 Unrestricted
Funds
2022
£
845,693
-
845,693
134,868
421,261
556,129
27,409
528,720
1,374,413
-
1,295,412
79,001
1,374,413		 Restricted
Funds
2022
£
-
-
0
-
2,470
2,470
-
2,470
2,470
2,470
-
-
2,470		 Total
2021
£
restated
346,885
3,251














Total
2022
£
845,693
-
350,136
139,983
488,797
845,693
134,868
423,731
628,780
13,798
558,599
27,409
614,982
531,190
965,118
1,376,883
5,696
959,422
-
2,470
1,295,412
79,001
965,118
1,376,883

The financial statements were approved by the PCC on 9 October 2023 and signed on its behalf by:

Jamie Fergusson Treasurer

16

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Notes to the Financial Statements For the year ended 31 December 2022

1. Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of accounting

The financial statements have been prepared under the Charities Act 2011 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102)). The financial statements are drawn up on the historical cost basis of accounting except for the revaluation of freehold land and buildings which are shown at market value.

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 an affiliation to another body or those that are informal gatherings of church members.

The PCC meets the definition of a public benefit entity under FRS 102.

Going Concern

There are no material uncertainties about the charity’s ability to continue as a going concern and accordingly the accounts have been drawn up on a going concern basis.

Income recognition

Voluntary income and donations (including legacies) are accounted for once the PCC has entitlement to the income, it is probable the income will be received and the amount of income receivable can be reliably measured. Income from the recovery of tax on gift aided donations is accounted for in the period to which the relevant donation is received.

The income from trading activities includes rental income from the letting of church premises which is accounted for when earned. It is shown gross, with the associated costs of generating the income included in fundraising costs.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

Expenditure is accrued as soon as a liability is considered probable, and the amount of obligation can be measured reliably. Longer term liabilities are discounted to present value. The PCC is not registered for VAT and accordingly expenditure includes VAT where appropriate.

Charitable expenditure includes those costs in fulfilling the PCC’s principal objects, as outlined in the Report of the PCC. These include grants payable, governance costs and an apportionment of support costs.

The PCC contributes to certain employees' personal pension plans. These are defined contribution schemes, the assets of which are held separately from those of the charity. The cost in the accounts is the amount of contributions paid and payable during the year.

Taxation

As a charity, the PCC is exempt from tax on income and gains falling within the provisions of the Corporation Taxes Act 2010 or the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen on the PCC.

17

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Notes to the Financial Statements For the year ended 31 December 2022

1. Accounting Policies (continued)

Tangible Fixed Assets

Consecrated Property and Moveable Church Furnishings

Consecrated land and benefice property such as the church building and vicarage is excluded from the accounts in accordance with s10 of the Charities Act 2011. Moveable church contents are held by the vicar and churchwardens on special trust for the PCC and require a faculty for disposal are accounted as inalienable property unless consecrated. All expenditure incurred on consecrated or benefice buildings and moveable church furnishings, whether maintenance or improvement, is expensed within the Statement of Financial Activities.

Leasehold Land & Building

The leasehold land and building, represented by the residential accommodation at nos 24 and 29 Rokeby House, Lochivar Street, London is stated at market value. The buildings will be revalued on a 5 yearly basis. Depreciation is provided on a straight line basis as over the term of the lease.

Other Fixtures, Fittings & Office Equipment

The cost of other furniture, fittings and equipment, less any expected residual value, is depreciated on a reducing balance basis over the effective useful life of the asset, which has been estimated as 4 years.

Debtors

Debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.

Fund accounting

The funds held by the charity are either:

18

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Notes to the Financial Statements For the year ended 31 December 2022

2. Income

Unrestricted
Funds
2022
£
Restricted
Funds
2022
£
Donations & legacies
Offerings and donations
371,005
451,555
Income tax reclaimed
133,872
-
Legacies
-
-
Grants
5,388
19,994
510,265
471,549
Charitable activities
Toddlers and Dads & Kids
-
-
Fee income (net)
948
-
948
0
Other trading activities
Lettings income
70,215
-
Café income
71,040
-
Other
-
-
141,255
0
Investments
Bank Interest
651
-
653,119
471,549		 Total
2021
£
549,560
119,031
6,053
36,101
Total
2022
£
822,560
133,872
-
25,382
710,745
861
1,888
981,814
-
948
2,749
66,688
38,603
10,786
948
70,215
71,040
-
116,077
(867)
141,255
651
828,704
1,124,668

3. Expenditure on Raising Funds

Unrestricted
Funds
2022
£
Restricted
Funds
2022
£
Café
Staff costs
27,295
-
Depreciation
5,395
-
Supplies
35,329
-
Lettings
Legal & professional - letting
-
-
Letting Management Costs
210
-
68,229
0		 Total
2021
£
11,478
6,720
26,198
2,400
-
46,796
Total
2022
£
27,295
5,395
35,329
-
210
68,229

19

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Notes to the Financial Statements For the year ended 31 December 2022

4. Expenditure on Charitable Activities

Unrestricted
Funds
2022
£
Restricted
Funds
2022
£
Common Fund
90,090
-
Church Life & Outreach
93,498
25,844
Missionary & Charitable Giving (note 4b below)
73,435
680
Provision of Office & Support
64,935
-
Provision of Buildings and Facilities
365,427
-
Governance costs
8,932
-
696,317
26,524		 Total
2021
£
restated
80,787
103,906
44,724
61,530
151,047
1,400
Total
2022
£
90,090
119,342
74,115
64,935
365,427
8,932
443,394
722,841

4a. Expenditure – staff costs

In addition to the many volunteers who give their time to the church, there were paid employees whose costs are included within each of the main cost categories of “Expenditure on Charitable Activities” (note 4 above). Their aggregate emoluments were as follows:

Gross salaries
Social security costs
Employer’s Annual Allowance
Pension contributions
Of which the following gross salaries were in relation to Key Management Personnel:		 2022 2021
£ £
141,199 97,559
13,928 11,990
(5,000) (4,000)

5,451
4,661
155,578 110,210
35,000 32,000

These figures exclude the amounts paid to the Diocese for the incumbent and the curates, who are funded through the Common Fund. No employee (2021: nil) received emoluments in excess of £60,000 during the year. The number of staff for whom pension contributions were made during the year was 6 (2021: 4).

The number of employees during the year was as follows:

Full time workers
Part time workers		 2022 2022 2021
Number Number
3 3
4 2
7 5

20

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Notes to the Financial Statements For the year ended 31 December 2022

4. Expenditure on Charitable Activities (continued)

4b. Expenditure – Missionary & Charitable Giving

Giving to organisations:
Home Start (UK)
London Institute for Contemporary Christianity
Medair UK
Operation Mobilisation
The Children’s Society
Royal British Legion (Poppy Appeal)
Syrian Refugee
Options Wimbledon
Wycliffe Bible Translators
Giving to individuals
5. Net Income
This is stated after charging:
Depreciation of owned assets
Audit fee
Independent examination fee		 Unrestricted
Funds
2022
£
Restricted
Funds
2022
£
14,579
-
14,979
-
14,579
-
13,779
-
400
-
200
-
340
680
14,579
-
-
-
-
-
73,435
680		 Total
2021
£
8,539
8,539
8,539
17,078
-
250
1,020
8,538
500
260
53,003
Total
2022
£
14,579
14,979
14,579
13,779
400
200
1,020
14,579
-
-
74,115
2022 2021
£ £
28,521 20,863
7,200 -
1,560 1,400

21

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Notes to the Financial Statements For the year ended 31 December 2022

6. Tangible Fixed Assets
Cost
At 1 January 2022
Additions
Revaluation
At 31 December 2022
Depreciation
At 1 January 2022
Charge For Year
Revaluation
At 31 December 2022
Net Book Value
At 31 December 2022
At 31 December 2021		 Leasehold
land &
building
£
Fixtures,
fittings &
equipment
£
295,359
258,721
445,000
3,328
54,641
-
795,000
262,049
24,360
182,835
8,718
19,803
(24,360)
-
8,718
202,638
786,282
59,411
270,999
75,886
Total
£
554,080
448,328
54,641
1,057,049
207,195
28,521
(24,360)
211,356
845,693
346,885

All of the fixed assets are used for charitable purposes. The leasehold land and building comprise the flats at 24 & 29 Rokeby House, Lochinvar Street, London, SW12 8PX, with flat 24 being purchased during the year. Flat 29 was revalued at 31 December 2022 to £375,360 using local sold prices as comparators.

7. Fixed Asset Investments

Market value at beginning of year
Net gain/(loss) on revaluation
Disposals		 2022 2021
£
2,842
409
-
£
3,251
(834)

(2,417)
3,251
0

The investment is in The CBF Church of England Investment Fund – Income Shares.

8. Debtors

8. Debtors
Income tax recoverable
Accrued interest
Rent deposit
Other debtors
Lettings receivable		 2022 2021
£
129,508
213
2,977
3,985
3,300
139,983
£
133,996
327
-
545
-
134,868

22

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Notes to the Financial Statements For the year ended 31 December 2022

9. Creditors - Amounts Falling Due Within One Year

9. Creditors - Amounts Falling Due Within One Year 9. Creditors - Amounts Falling Due Within One Year 9. Creditors - Amounts Falling Due Within One Year 9. Creditors - Amounts Falling Due Within One Year 9. Creditors - Amounts Falling Due Within One Year 9. Creditors - Amounts Falling Due Within One Year 9. Creditors - Amounts Falling Due Within One Year 9. Creditors - Amounts Falling Due Within One Year
2022
£
Accruals
15,832
Other creditors including taxation and social security
2,220
Other creditors
7,399
Rent deposit
1,958
27,409
10. Restricted Funds
10a Current Year
At 1
January
2022
£
Income
£
Expenditure
£
Transfers
£
Gains/
(losses)
£
Moffrey Memorial Trust Fund
3,251
-
-
(3,251)
-
Elderly Fund
634
-
(634)
-
-
Other Churches Fund
479
-
-
-
-
Curate’s Accommodation
0
3,532
(3,532)
-
-
China Bibles
95
-
-
-
-
Kickstart
0
6,482
(6,482)
-
-
Love Your Neighbour
0
15,119
(15,119)
-
-
Flat Purchase
0
445,000
-
(445,000)
-
International Justice Mission
250
-
-
-
-
Mothers Union
50
-
-
-
-
Shoebox
120
-
-
-
-
Glass Door
137
-
(77)
-
-
Syrian refugee housing
680
-
(680)
-
-
Ukraine
0
1,416
-
-
-
5,696
471,549
(26,524) (448,251)
0		 2021
£
1,400
757
9,683
1,958
13,798
At 1
January
2022
£
3,251
634
479
0
95
0
0
0
250
50
120
137
680
0
5,696		 At 31
December
2022
£
0
0
479
0
95
0
0
0
250
50
120
60
0
1,416
2,470

10. Restricted Funds

The transfer of £3,251 from the Moffrey Memorial Trust Fund to unrestricted fund reflects the intention of the PCC to apply for these funds to be de-restricted.

23

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Notes to the Financial Statements For the year ended 31 December 2022

10. Restricted Funds (continued) 10. Restricted Funds (continued)
At 1
January
2021
£
Income
£
Expenditure
£
Transfers
£
2,842
-
-
-
634
-
-
-
479
-
-
-
0
11,000
(11,000)
-
95
-
-
-
0
2,942
(2,942)
-
1,467
-
-
(1,467)
4,440
8,587
(13,027)
-
100
-
-
(100)
250
-
-
-
50
-
-
-
120
-
-
-
286
-
(149)
-
0
10,000
(10,000)
-
240
-
(240)
-
0
1,700
(1,020)
-
11,003
34,229
(38,378)
(1,567)
At 1
January
2021
£
Income
£
Expenditure
£
Transfers
£
2,842
-
-
-
634
-
-
-
479
-
-
-
0
11,000
(11,000)
-
95
-
-
-
0
2,942
(2,942)
-
1,467
-
-
(1,467)
4,440
8,587
(13,027)
-
100
-
-
(100)
250
-
-
-
50
-
-
-
120
-
-
-
286
-
(149)
-
0
10,000
(10,000)
-
240
-
(240)
-
0
1,700
(1,020)
-
11,003
34,229
(38,378)
(1,567)
At 1
January
2021
£
Income
£
Expenditure
£
Transfers
£
2,842
-
-
-
634
-
-
-
479
-
-
-
0
11,000
(11,000)
-
95
-
-
-
0
2,942
(2,942)
-
1,467
-
-
(1,467)
4,440
8,587
(13,027)
-
100
-
-
(100)
250
-
-
-
50
-
-
-
120
-
-
-
286
-
(149)
-
0
10,000
(10,000)
-
240
-
(240)
-
0
1,700
(1,020)
-
11,003
34,229
(38,378)
(1,567)
At 1
January
2021
£
Income
£
Expenditure
£
Transfers
£
2,842
-
-
-
634
-
-
-
479
-
-
-
0
11,000
(11,000)
-
95
-
-
-
0
2,942
(2,942)
-
1,467
-
-
(1,467)
4,440
8,587
(13,027)
-
100
-
-
(100)
250
-
-
-
50
-
-
-
120
-
-
-
286
-
(149)
-
0
10,000
(10,000)
-
240
-
(240)
-
0
1,700
(1,020)
-
11,003
34,229
(38,378)
(1,567)
At 1
January
2021
£
Income
£
Expenditure
£
Transfers
£
2,842
-
-
-
634
-
-
-
479
-
-
-
0
11,000
(11,000)
-
95
-
-
-
0
2,942
(2,942)
-
1,467
-
-
(1,467)
4,440
8,587
(13,027)
-
100
-
-
(100)
250
-
-
-
50
-
-
-
120
-
-
-
286
-
(149)
-
0
10,000
(10,000)
-
240
-
(240)
-
0
1,700
(1,020)
-
11,003
34,229
(38,378)
(1,567)		 Gains/
(losses)
£
409
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
53579
10b Prior Year
Moffrey Memorial Trust Fund
Elderly Fund
Other Churches Fund
Curate’s Accommodation
China Bibles
Kickstart
Information Technology
Love Your Neighbour
Kingdom Come Prayer Week
International Justice Mission
Mothers Union
Shoebox
Glass Door
Solar panel installation
Leaving gifts
Syrian refugee housing
At 1
January
2021
£
2,842
634
479
0
95
0
1,467
4,440
100
250
50
120
286
0
240
0
11,003		 At 31
December
2021
£
3,251
634
479
0
95
0
0
0
0
250
50
120
137
0
0
680
5,696

Descriptions of the main restricted funds are as follows:

Moffrey Memorial Trust Fund. The history and purpose of this fund is unclear. The transfer of £3,251 from the Moffrey Memorial Trust Fund to unrestricted funds in 2022 reflects the decision of the PCC.

Elderly Fund: funds received for the purpose of support for the elderly.

Other Churches Fund: funds received for the purpose of giving to other churches.

Curate’s Accommodation: funds for the accommodation for the Curate.

China Bibles: funds received for sending Bibles to China.

Flat Purchase: funds received for the purchase of a flat.

Kickstart: funds received for endeavours to help young people into employment.

Love Your Neighbour: funds received for helping people and rebuild communities and inspiring a fresh movement of practical love for our neighbour.

Syrian refugee housing: funds received for housing Syrian refugees and providing resources.

24

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Notes to the Financial Statements For the year ended 31 December 2022

11. Unrestricted Funds

11a Current Year
Income Funds
Revaluation reserve
Designated Fund:
Mission Giving
11b Prior Year
Income Funds
Designated Fund:
Mission Giving		 At 1
January
2022
£
932,529
-
26,893
959,422		 Income
£
Expenditure
£
Transfers
£
653,119
(692,052)
378,650
-
-
-
-
(72,494)
69,601
653,119
(764,546)
448,251		 Income
£
Expenditure
£
Transfers
£
653,119
(692,052)
378,650
-
-
-
-
(72,494)
69,601
653,119
(764,546)
448,251		 Income
£
Expenditure
£
Transfers
£
653,119
(692,052)
378,650
-
-
-
-
(72,494)
69,601
653,119
(764,546)
448,251		 Gains/
(losses)
£
(834)
79,001
-
78,167		 At 31 At 31
December
2022
£
1,271,412
79,001
24,000
1,374,413
Income
£
Expenditure
£
Transfers
£
794,475
(427,812)
(49,326)
-
(24,000)
50,893
794,475
(451,812)
1,567		 Gains/
(losses)
£
-
-
0
At 1
January
2021
£
615,192
0
615,192		 At 31
December
2021
£
932,529
26,893
959,422

12. Operating Lease Commitments

The total future minimum lease payments under non-cancellable operating leases are payable:

Not later than one year
Later than one year and not later than five years		 2022 2021
£
8,800
-
8,800
£
-
-
-

13. Related Party Transactions and Balances

The house at 124 Alderbrook Road, rented by the church, was occupied rent free by the curate, Tom Collins, for the length of his curacy. The gross cost to the church for rent, council tax, water and service charge totalled £6,450 (2021: £27,211).

The expenses of 4 (2021: 6) members of the PCC amounting to £8,304 (2021: £2,475) in relation to training, travel, subsistence and other expenses, were met during the year.

During the year members of the PCC gave a total of £682,212 (2021: £327,345) in unrestricted offerings and donations during the year.

25

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE ASCENSION, BALHAM HILL

Notes to the Financial Statements For the year ended 31 December 2022

14. Prior Year Adjustment

The prior year adjustment relates to (1) the capitalising within fixed assets of the solar panels purchased in 2021 together with depreciation thereon and (2) depreciation of the leasehold flat at 29 Rokeby House.

26