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← The Parochial Church Council Of The Ecclesiastical Parish Of St. Andrew, Enfield

2023-12-31-accounts

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

Charity number: 1138421

ST ANDREW'S CHURCH, ENFIELD

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

CONTENTS

Page
Reference and administrative details of the church, its Trustees and advisers 1
Trustees' report 2 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Statement of cash flows 7
Notes to the financial statements 8 - 24

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHURCH, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees

Revd. Dr. Steve Griffiths, Chair John Tanner (resigned 28 May 2023) Tony Leach Paul Edwards, Warden Laura Bruce, Treasurer Dinos Kousoulou, Warden Ruth Mackay, Deanery Synod - Emma Oppong Addai (resigned 28 May 2023) Lekisha Atkinson Tracey Jenkins, Safeguarding Allison Paing Susan Saull Louise Sear Lowri Banfield Debbie McGill, Warden Irina Ponizova Mark Thebridge Barry Snelgrove (resigned 30 November 2023) Stephen Driver Olive Cope Dorothy Kousoulou (appointed 23 July 2023)

Charity registered number

1138421

Principal office

36 Silver Street Enfield Middlesex EN1 3EG

Accountants

Griffin Stone Moscrop & Co Chartered Accountants 21-27 Lamb's Conduit Street London WC1N 3GS

Page 1

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the financial statements of The Parochial Church Council of the Ecclesiastical Parish of St. Andrew’s, Enfield (the church) for the year 1 January 2023 to 31 December 2023. The Trustees confirm that the annual report and financial statements of the church comply with the current statutory requirements, the requirements of the church's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective from October 2019).

Objectives and activities

a. Activities undertaken to achieve objectives

The primary object of the PCC is the promotion of the Gospel of the Lord Jesus. St. Andrew’s PCC has the responsibility of co-operating with the Incumbent in promoting in the ecclesiastical parish the whole mission of the church, pastoral, social and ecumenical. It also has maintenance responsibility for the parish centre, as well as the chapel of rest.

The Incumbent and the PCC have considered the Charity Commissioner’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. We try to achieve our objectives by carrying out a range of activities for the benefit of the parish and members of our congregation, including Sunday worship, small groups, church prayer gatherings, and other social events for the church family. Children’s groups meet regularly during Sunday morning services.

b. Public Benefit Statement

In producing their assessment of the benefit provided by the charity, the PCC confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have due regard to the Charity Commission’s general guidance on public benefit and, in particular, the specific guidance on the advancement of religion for the public benefit.

Achievements and performance

a. Review of activities

The PCC met four times during 2023. The minutes of the meetings are on the church website.

At the 2023 APCM, new members of the PCC were elected. At the first meeting after the APCM, Tracey Jenkins was coopted to the PCC again as Safeguarding Officer. Dinos Kousoulou continued as PCC Secretary and Laura Bruce was reappointed as Treasurer.

Building on the need to address significant financial and other challenges that the PCC started to address, under the leadership of Rev. Dr. Steve Griffiths in the second half of 2014, the PCC has dealt with a number of major developments in 2023. These actions have been developed as a result of the Mission Action Plan, launched in March 2019. They include: employing a Children & Families Worker, the running of short study courses, implementation of compliance policies, development of various online and inbuilding ministries, and fabric work in the Church to address ongoing maintenance needs.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the church has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

b. Reserves policy

It is the PCC policy to maintain a balance on unrestricted funds (if possible), which equates to approximately three months of unrestricted payments to cover emergency situations and payroll commitments that may arise from time to time.

It is our policy to hold funds that are not needed to defray immediate expenditure within a CBF Church of England Deposit Fund.

Page 2

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

c. Financial performance 2023

Unrestricted income of £743,457 and unrestricted expenditure of £186,361, gave rise to a surplus this year of £557,096. After some restricted fabric expenditure, this surplus is reduced by £11,977.

The PCC undertook very few fabric repairs through 2023, and was informed of a significant legacy during the year which has been reflected as a debtor at year end.

Our finances are under control and we are able to meet our normal short- and medium-term needs. However, it has to be mentioned again that we will continue to incur significant repair costs as we attend to works identified in the Quinquennial Report.

Looking forward in 2024 we are planning to make further progress with the fabric projects, and to spend money on developing other initiatives for the church. We will aim to retain our surplus situation for year-end 2024.

Structure, governance and management

a. PCC Membership

Members of the PCC are either ex-officio; or elected at the Annual Parochial Church Meeting (APCM) in accordance with Church Representation Rules.

The method of appointment of PCC members is set out in the Church Representation Rules. All church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC.

Plans for future periods

2024 will have as its primary foci: i) developing our existing range of worship services ii) embedding new leaders and staff into the mission and ministry life of St. Andrew’s iii) responding to the information contained within the last Quinquennial and vi) consolidating our new level of financial stability at the church.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................

Revd. Dr. Steve Griffiths, Chair (Chair of Trustees) Date: 19 May 2024

Page 3

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Independent examiner's report to the Trustees of St Andrew's Church, Enfield ('the church')

I report to the charity Trustees on my examination of the accounts of the church for the year ended 31 December 2023.

This report is made solely to the church's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the church's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the church and the church's Trustees as a body, for my work or for this report.

Responsibilities and basis of report

As the Trustees of the church you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the church's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the church's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of (enter body here), which is one of the listed bodies.

Your attention is drawn to the fact that the church has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the church as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the church's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the church's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the church and the church's Trustees as a body, for my work or for this report.

Signed: Dated: 20 May 2024 Robert Smith ACA

Griffin Stone Moscrop & Co

Chartered Accountants 21-27 Lamb's Conduit Street London WC1N 3GS

Page 4

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Income from:
Donations and legacies
2
Charitable activities
3
Other trading activities
Investments
4
Other income
5
Total income
Expenditure on:
Raising funds
Charitable activities
6
Total expenditure
Net (expenditure)/income
Transfers between funds
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2023
£
301
-
-
-
-
301
-
12,278
12,278
(11,977)
4,244
(7,733)
43,027
(7,733)
35,294		 Unrestricted
funds
2023
£
596,444
145,000
-
1,147
866
743,457
103
186,258
186,361
557,096
(4,244)
552,852
140,345
552,852
693,197		 Total
funds
2023
£
596,745
145,000
-
1,147
866
743,758
103
198,536
198,639
545,119
-
545,119
183,372
545,119
728,491		 Total
funds
2022
£
61,303
129,675
200
-
1,722
192,900
-
153,459
153,459
39,441
-
39,441
143,931
39,441
183,372

The notes on pages 8 to 24 form part of these financial statements.

Page 5

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

BALANCE SHEET AS AT 31 DECEMBER 2023

Note
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
13
Unrestricted funds
13
Total funds		 544,047
207,905
751,952
(24,779)		 2023
£
1,318
1,318
727,173
728,491
728,491
35,294
693,197
728,491		 6,076
189,732
195,808
(15,618)		 2022
£
3,182
3,182
180,190
183,372
183,372
43,027
140,345
183,372

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

Revd. Dr. Steve Griffiths (Chair of Trustees) Date: 19 May 2024

The notes on pages 8 to 24 form part of these financial statements.

Page 6

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 8 to 24 form part of these financial statements		 2023
£
17,026
1,147
-
1,147
-
18,173
189,732
207,905		 2022
£
40,285
-
(2,149)
(2,149)
-
38,136
151,596
189,732

Page 7

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

St Andrew's Church, Enfield meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Income

All income is recognised once the church has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the church has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the church, can be reliably measured.

Collections are recognised when received by or on behalf of the PCC. Planned giving receivable under Gift Aid is also recognised when received. Income tax recoverable on Gift Aid donations is recognised when the underlying income is recognised.

For legacies, entitlement is taken as the earlier of the date on which either: the church is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the church has been notified of the executor's intention to make a distribution.

Rental income from the formal letting of church premises is recognised in the SOFA in the accounting period to which the rental pertains.

Page 8

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. Accounting policies (continued)

1.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the church. Governance costs are those incurred in connection with administration of the church and compliance with constitutional and statutory requirements.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities are costs incurred in relation to carrying out the church's ministry. These include support costs and costs relating to the governance of the church which are apportioned to charitable activities.

Expenditure on raising funds includes all expenditure incurred by the church to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the church's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

1.4 Interest receivable

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

1.5 Tangible fixed assets and depreciation

Consecrated and benefice property of any kind is excluded from the financial statements by section 10(2)(c) of the Charities Act 2011.

Moveable church furnishings held by the Vicar and churchwardens on special trust for the PCC, and which require a faculty for disposal, are accounted for as inalienable property unless consecrated. For such alienable property there is insufficient cost information available and therefore such assets are not valued in the financial statements.

All expenditure incurred during the year on consecrated or benefice buildings or on repair or replacement of church furnishings is expensed within the Statement of Financial Activities.

Page 9

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. Accounting policies (continued)

1.5 Tangible fixed assets and depreciation (continued)

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

1.6 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.

1.7 Cash at bank and in hand

Cash at bank and in hand includes all cash held.

1.8 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 church 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.

1.9 Financial instruments

The church only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.10 Pensions

The church operates a defined contribution pension scheme and the pension charge represents the amounts payable by the church to the fund in respect of the year.

1.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the church and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the church for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 10

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Income from donations and legacies

Donations
Legacies
Grants
Tax recoverable
Total 2023
Donations
Tax recoverable
Total 2022		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
-
48,573
-
540,000
301
-
-
7,871
301
596,444
Unrestricted
funds
2022
£
51,726
9,577
61,303		 Total
funds
2023
£
48,573
540,000
301
7,871
596,745
Total
funds
2022
£
51,726
9,577
61,303

Page 11

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

3. Income from charitable activities

Unrestricted
funds
2023
£
Lease of Parish Centre
120,000
Parking
12,000
Rent of flat
12,000
Sub station rent
1,000
Total 2023
145,000
Unrestricted
funds
2022
£
Lease of Parish Centre
104,675
Parking
12,000
Rent of flat
12,000
Sub station rent
1,000
Total 2022
129,675		 Total
funds
2023
£
120,000
12,000
12,000
1,000
145,000
Total
funds
2022
£
104,675
12,000
12,000
1,000
129,675

4. Investment income

Unrestricted Total Total
funds funds funds
2023 2023 2022
£ £ £
Bank interest 1,147 1,147 -

Page 12

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5. Other incoming resources

PCC fees
PCC fees		 Unrestricted
funds
2023
£
866
Unrestricted
funds
2022
£
1,722		 Total
funds
2023
£
866
Total
funds
2022
£
1,722

Page 13

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

6. Analysis of expenditure on charitable activities

Summary by fund type

Church activities
Church activities
Summary by expenditure type
Church activities
Church activities
Analysis of expenditure by activities
Church activities		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
12,278
186,258
Restricted
funds
2022
Unrestricted
funds
2022
£
£
31,231
122,228
Staff costs
2023
Other costs
2023
£
£
22,088
176,448
Staff costs
2022
Other costs
2022
£
£
4,638
148,821
Activities
undertaken
directly
2023
Support
costs
2023
£
£
117,564
80,972		 Total
2023
£
198,536
Total
2022
£
153,459
Total
2023
£
198,536
Total
2022
£
153,459
Total
funds
2023
£
198,536

7. Analysis of expenditure by activities

Page 14

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Analysis of expenditure by activities (continued)

Church activities
Analysis of direct costs		 Activities
undertaken
directly
2022
£
77,897		 Support
costs
2022
£
75,562		 Total
funds
2022
£
153,459
Staff costs
Ministry: Diocesan Quota
Ministry: Clergy Expenses
Maintenance: Church Vicarage
Maintenance: Parish Centre
Flowers
Wages and Salaries
Total 2023		 Total
funds
2023
£
22,088
72,410
7,356
-
-
1,336
14,374
117,564		 Total
funds
2022
£
4,638
63,000
7,077
838
110
634
1,600
77,897

Page 15

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Heat, Light and Water
Maintenance: Church Vicarage
Insurance
Sundry Expenses
Parish office administration
Consultancy charged to MABS fund
Depreciation
Restoration project expenditure
Bank charges
Cleaning, rubbish disposal and pest control
Consultancy fees
Governance costs
Total 2023		 Total
funds
2023
£
20,541
11,839
8,023
4,424
11,481
134
1,864
7,900
265
7,437
4,244
2,820
80,972		 Total
funds
2022
£
5,718
9,366
7,713
1,934
10,598
9,072
1,561
21,282
349
3,909
1,400
2,660
75,562

Page 16

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. Staff costs

Wages and salaries
Contribution to defined contribution pension schemes		 2023
£
21,668
420
22,088		 2022
£
4,556
82
4,638

The average number of persons employed by the church during the year was as follows:

Full time staff
Part time staff		 2023
No.
-
2
2		 2022
No.
1
2
3

No employee received remuneration amounting to more than £60,000 in either year.

Key management personnel comprise the PCC members and they received no remuneration in the year (2022 - the same). The church contributes to the Diocesan Common Fund and the incumbent is remunerated directly by the Diocese.

9. Trustees' expenses

During the year ended 31 December 2023, expenses totalling £ 6082 (2022 - £nil) were reimbursed or paid directly to 5 Trustees (2022 - 0 Trustees).

Page 17

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

10. Tangible fixed assets

Cost or valuation
At 1 January 2023
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Plant and
machinery
£
1,170
1,170
33
390
423
747
1,137		 Computer
equipment
£
5,755
5,755
3,710
1,474
5,184
571
2,045		 Total
£
6,925
6,925
3,743
1,864
5,607
1,318
3,182

Page 18

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

11. Debtors

12.

Due after more than one year
Other debtors
Due within one year
Parish centre hire and other debtors
Prepayments and accrued income
Tax recoverable
Grants receivable
Creditors: Amounts falling due within one year
Invoices owed to suppliers
Accruals and deferred income		 2023
£
270,000
270,000
-
1,791
2,256
270,000
544,047
2023
£
46
24,733
24,779		 2022
£
-
-
64
3,829
2,183
-
6,076
2022
£
185
15,433
15,618

Page 19

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
Restricted funds
MABS Fund
Restoration Project
Total of funds		 Balance at 1
January
2023
£
140,345
379
42,648
43,027
183,372		 Income
£
743,457
-
301
301
743,758		 Expenditure
£
(186,361)
(4,378)
(7,900)
(12,278)
(198,639)		 Transfers
in/out
£
(4,244)
4,244
-
4,244
-		 Balance at
31
December
2023
£
693,197
245
35,049
35,294
728,491

Purpose of restricted funds:

MABS Fund:

The MABS restricted fund supports Children and Families Ministry at St Andrews. We currently offer the following provision::

o Fortnightly Children and Families Service

Restoration Project:

Plans are underway for a major Restoration Project, developing St. Andrew’s to become: o a truly ‘community building’, open seven days a week for everyone to enjoy

o a major concert venue for North London, hosting choirs and orchestras, acoustic music performances, amateur dramatics, poetry readings etc.

o a Heritage Centre, in which people and groups can learn more about the history of the church, of Enfield, and the history of our nation encapsulated in so many of our wonderful monuments o a home for art exhibitions and history exhibitions

o a flexible space for creative and engaging worship and other community events

The restoration fund represents money being received and expended to fund the redevelopment.

Page 20

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds
Restricted funds
MABS Fund
Restoration Project
Total of funds		 Balance at
1 January
2022
£
129,823
10,328
3,780
14,108
143,931		 Income
£
192,900
-
-
-
192,900		 Expenditure
£
(122,228)
(9,949)
(21,282)
(31,231)
(153,459)		 Transfers
in/out
£
(60,150)
-
60,150
60,150
-		 Balance at
31
December
2022
£
140,345
379
42,648
43,027
183,372

Page 21

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

14. Summary of funds

Summary of funds - current year

General funds
Restricted funds		 Balance at 1
January
2023
£
140,345
43,027
183,372
Balance at
1 January
2022
£
129,823
14,108
143,931		 Income
£
743,457
301
743,758
Income
£
192,900
-
192,900		 Expenditure
£
(186,361)
(12,278)
(198,639)
Expenditure
£
(122,228)
(31,231)
(153,459)		 Transfers
in/out
£
(4,244)
4,244
-
Transfers
in/out
£
(60,150)
60,150
-		 Balance at
31
December
2023
£
693,197
35,294
728,491
Balance at
31
December
2022
£
140,345
43,027
Summary of funds - prior year
General funds
Restricted funds
183,372

15. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Debtors due after more than one year
Current assets
Creditors due within one year
Total		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
-
1,318
-
270,000
35,294
446,658
-
(24,779)
35,294
693,197		 Total
funds
2023
£
1,318
270,000
481,952
(24,779)
728,491

Page 22

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

15. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Restricted
funds
2022
£
-
43,027
-
43,027		 Unrestricted
funds
2022
£
3,182
152,781
(15,618)
140,345		 Total
funds
2022
£
3,182
195,808
(15,618)
183,372
16.
Reconciliation of net movement in funds to net cash flow from operating activities
2023
£
Net income for the year (as per Statement of Financial Activities)
545,119
Adjustments for:
Depreciation charges
1,864
Dividends, interests and rents from investments
(1,147)
Increase in debtors
(537,971)
Increase in creditors
9,161
Net cash provided by operating activities
17,026
17.
Analysis of cash and cash equivalents
2023
£
Cash in hand
207,905
Total cash and cash equivalents
207,905		 2022
£
39,441
1,561
-
(1,490)
773
40,285
2022
£
189,732
189,732

Page 23

DocuSign Envelope ID: 5AEA2AF3-2FA9-4FBB-A9D6-55329FE7AB6B

ST ANDREW'S CHURCH, ENFIELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

18. Analysis of changes in net debt

Cash at bank and in hand At 1
January
2023
£
189,732
189,732		 Cash flows
£
18,173
18,173		 At 31
December
2023
£
207,905
207,905

19. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £420 (2022 - £82).

20. Related party transactions

The aggregate donations given by PCC members in the year amounted to £19,815 (2022 - £15,770).

Payments totalling £3,768 were paid in the year to A&R Design, a company owned by Allison Paing (trustee) and her husband.

Page 24