Charity Number: 1139504 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARGAREF, LOTHBURY ANNUAL REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE PAROCHIAL CHURCH COUNCIL OF THE EccLESTlcAL PARISH OF ST MARGAREf, LOTHBURY REFERENCE AND ADMINISTAnVE DEfAIL5 OF THE CHARITY, ITS TRU5TEE5 AND ADVISERS FOR THEYEAR ENOED 31 DECEMBER 2023 CONTENTS Page Reference and Administrative Detalls of the Charity, tts Trustees and Advisers Annual Report of the Parochial Church Council Independent Examinerfs Report Statement of Financial Artivities Balance Sheet Notes to the Accounts
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARGARET, LOTPtBURY REFERENCE AND ADMINISTATIVE DETAILS OF THE CHARITY, ITS TRLISTEES AND ADVISERS FOR THE YEAR ENOED 31 DECEMBER 2023 Charity registered number 1139504 Principal Address St Margarevs Church Lothbury London EC2R 7HH Bankers Brown Shipley Fourbders Court Lothbury London EC2R 7HE HSBC Bank PIC PO Box 757 Hemel Hempstead Hertfordshlre HP2 455 Main Safeguarding Offlcer Mr Cliff Radmore Building Manager Mr Cliff Radmore Independent Examiners Winchester Bourne Ltd Sullivan Court Wessex Way Colden Common S021 IWP Investment Advisers CCLA Investment Management Ltd St. Alphage House 2 Fore Street London EC2Y 5AQ The CBF Church of England St. Alphage House 2 Fore Street London EC2Y 5AQ
THE PAROCHL4L CHURCH COiJNCJL OF THE ECCIISIASTICAL PARISH OF ST MARGAREr, LOTHBURY ANNUAL REPORT OF THE PAROCHJAL CHURCH COUNCIL FOR THEYL4R ENDED 31 DECEMBER 2023 The members of the Parochidl ChurLh Council (the PCC), who aTe also the Trustees of the charity by virtue of their membership of the Couneil, are pleased to have the opportunity to present their Annual Report togettLer with the Financial StatemeTJt5 Of the Charity for the year endTrng 31st December 2023. The Accounts have been prepared in accordance with the Accounting Policies set out in note i to the Accounts and comply witb the Charitie5 Act 2011 and the Accounting aJJd Reporting Charities Statement of Recommended Practice as applicable to charities preparing their accounts in accordance with the Finaneial Reporting Standard set out in the UK and Republic of Ireland (FRS 102) Objectives and Activities. The Parochial Chllreh Council has the responsibility of working with the Incumbent in promoting the whole mission of the Church aiid they fulf]I this call bL)th CLTrnsLientiously and enthusiastically. The focus of our ministry is OUT parish in the City of b)ndon, as well as all the networks and organisations assDeiated with the Chureh. We seek to be a church that longs to ensure that everyone with whom we come into contact should have the opportunityto experience the love of God in Jesus Christ. We seekto fulfil this aspiration not only through persoT]a] contacts and eonversations, but also thIou8h the public worship that is held each week We continued in 2023 to make ourtwo miiinweekjyservices availableonline- the numbers joining lls havebeen encouraging at a time when our in-persvn nuvnbers were gmmryng comparatively slowly for the first part of the year. Our upgraded equipment and the technical skill of those involved in live streaming these services, and the development of our YouThbe channel has clearly been dppreciated by those who are not able to be in the City every week. Monday morning's Prayers for the City and Thursday morning's Men's Group remain otLline and have continued to grow. The Organ ReLital on Thursday. which has taken place weekly for over hujf a cenknry> continues to draw an enthusiastic group of people and Richard Townend's playing ond interval talks are greatly appreciated. In the summer of 2022, With the encouragement of the then Arc,hdeacon of Charing Cross, we began a partnership with Trinity Church Central London who have been using our church building on sunda and ]eSdaY evenings. It has been encouraging to see it used on Sundays for public worship by a growing eongregation. The sueeess of this joint venture has left both sides confident that this initiative was a gLN)d one and we look foTward to it flourishing in the years ahead. Our support ofthe City cl7¢ continues with a deep and genuine mIltMent. we value our relationships with those Livery Companies, Ward Clubs and the United Wards Club who are associated with the Churcb and to whom, in most cas&q the Rec'tor is Chaplain. Our meTnber5hip of the Bank Churches Cluster, which began in 2007 has been both significant and gTeat fun. As people are retUTning, we look forward to moving to in-person dLtivity as well as having an online presence. The PCC has ever been mindful of the Charity Commission's guidelines on public benefit and in particular the specifie guidance on ecclesiastical charities foT the advaneement of true religion. The Counci2 is satisfied that the activities of St Margaret's fall within such guidance. The PCC has also been a]ert to the Charity Commission's andthe Church ofEngland's Regulations of Safeguarding> more people than hitherto have gone through training and sought DBS clearance. 'I'he PCC has Safeguardin au agenda item at each meeting and has strellgthened the team who oversee this. The Church Council has continued to be deeply grateful to the team who aet on the Council's behalf to sustain the life of the church. Cliff R&dmore our Operations Manager. Will Jackson OUT Worship Pastor, Belinda McArdle OUT Bookkeeper, Riehard Townend our Director of Music and Diego Rodriguez our cleaner. They have all gone beyond the call of duty, and with a non-resident and professionally busy PCC their commitment is invaluable
THE PAROCHIAL CHURCH COin4CIL OF THE ECCLFSIAsficAL PARISH OF ST MARGAREr, LOTHBURY ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2023 Financial review The total funds of the PCC at the 31 December 2023 StJnd at £1,187,634, an increase over the previous year of £10. For the General Unrestricted Fund, incotne stood at £254,936 with Corresponding expenditure of £257,880. giving rise to a modest defieit for the year of £2,944. Although congregational giving slightly lower than last year's figure, there was an improved response to tkLe volllntary church rate. The PCC continue to look for alternative sources of ineome to maintain a strong reserve position, including the rentsl of the ehureh building tu Trinity Church Central IA)ndon. The members of the PCC balance a low risk approach to investing against the requirement to generate a Teasonable rate of return, and take advice from qualified professionals as required and in aeoordanee th the PCC investtnent policy. The current aims are to Tnove funds away from short term bank balances and into investment funds generating better returns. Signed on behalf of the Paruchial Church Council uf St. Margaret. LA)thbury The Reverend Prebendary Jeremy Crossley 2024
THE PAROCHIAL CHURCH COUNCIL OF THE EeCLEsTlleAL PARISH OF ST MARGAREr, LOTHBURY INDEPENDENT EXAMINER'S REPORT FOR THE YL4R ENDED 31 DECEMBER 2023 I report to the PCC members on my examination of the financial statements of the tharity for theyear ended 31 December 2023. Re5ponsibilltles and basls of report As the trustees of the charity yOLt are responsible for the preparation of the financial statements in accordance with the iequirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the PCC'5 accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all applicable directions given by the Charity Commission under section 14515llbl of the Act. Independent examlnerfs statement I have completed my examination. I conflrm that no matters have come to my attention in connection with my examination giving me any cause to believe that.. accounting records were not kept in respect of the charitable company as required by sectlon 130 of the Act: or the financial statements do not accord with those records,. or the financi31 statements do not comply with the applicable requirements conceming the forrn and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 1 other than any requirement that the financial statements give a 'true and falr view, which is not a matter considered as part of an independent examination),. or - the financial statements have not been prepared in accordance with the methods and prlnciples of the 'Accounting and Reporting by Charities.. the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102 (effective I january 20151., I have no concerns and have come across no other matters in connertion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Claire Clements Dated.. z i Accountant Winchester Bourne Ltd Sullivan Court Wessex Way Colden Common S021 IWP
THE PAROCHIAL CEtURCH COUNCIL OF THE EccIS]AsTIcAL PARISH OF ST MARGARET, LOTHBURY FOR THE YL4R ENDED 31 DECEMBER 2023 Unre5tiTrcted Restricted Designated Funds Funds 2023 2023 Total Funds Funds 202 2022 Totsl 2023 INCOME AND Note8 Donations and legacies charitable actItIeS Investment ineome Other 178.826 32a94 178,826 32.394 187,844 8,783 19.606 4,720 10,238 9,692 20,274 14.287 14,287 TOTAL COmE 225,851 LO,238 9,692 245)78x 240,953 EXPENDITURE ON: Rai5ill8 fidS Charitable activitie5 2,669 255,211 2,669 3a5,548 2A84 237,630 14A43 TOTAL EXPENDITURE 257,880 14,443 55.894 328,2X7 240,1 BEFORE INvESTmEr GAINSI(LOSSFS) (32,029) (4,205) (46,202) (82A36) 839 Transfers between funds 29.085 129,085) Nel gains/llDsses) un investments 17,258 65,188 82>446 (LIO,423) NET MOVEMENT IN (2,944) 13,053 (Lo,099) io (109,584) RECONCILIATION OF FUNDS: Total funds brought foi'ward 285.393 287,086 615,145 I,A87y624 1297.208 TiyfAL FUNDS CIRRIED FORWARD 12 282A49 300,139 605,046 1,187y634 L,187,624 The notes on pages 7 to 17 form part ofthese fmancial statements.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLFSIAsncAL PARISH OF ST MARGARET, LOTHBURY BAIANCE SHEEI FOKTHE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes FIXED ASSETS Tangible assets tnvesttnents 83,097 834,973 3,575 927>527 918,070 931,102 CURRENf ASSETS DebtOTS Investments: cash deposits" Casb at bank and in hand 31,880 114,229 133,553 32,498 106,656 136,042 279,662 275,196 CREDITORS Creditors.. Atnounts falling due within one year (10,098) (18,674) NET CURRENT (LIABILITIES) / ASSETS 269y564 256,522 NET AssErs 1,187.634 1,187,624 CIiARITY FUNDS Unrestrirted funds Restricted ndS Designated funds 12114 12114 12114 291,268 300,139 596,227 285,393 287,086 615,145 TOTAL FUNDS 1,187,624 The financia] statements on pages to were approved by the Parochial Church Council on and signed on their behalf by- The Reverend Prebendary Jeremy CrL)ssley Mr Mark Thomas The Dotes on pages 7 to 17 form part of these financial statements.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCIESIASTICAL PARISH OF ST MARGARET, LOTHBURY NOTES TO THE FINANCIAL STATEMEwrs FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of preparation of financial statements The financial statements havebeen prepared underthe historieal Cost convention with items recognised at cost ortransaction value unless Otherwise stated in the relevant notes to these accounts. The financial statements FLave been prepared in aecordance withthe Church Accounting Regulations 2uo6, Statement of Re¢ommended Practice.. Accounting and ReportiTJg by Charities preparing their accounts in ceordanee with the Financial Reporting StandaTd applicable in the UK and Republic of Ireland (FRS 102) second edition effective i January 2019 Icharities SORP (FRS 102}) and Financidl Reporting Standard applicable the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011. Going concern At the time of approving the finaneial statements. given the level of reserves and the support of the Church of England, the church Council have a reasonable expectation that the charity has adequate resource5 to continue in operational existenee for the foreseeable futhre. Thus the members eontinue to adupt the going eoncern basis of accounting in preparins the accounts. Income and endowments Donations ond legacies Collections are recognised when received on behalf of the PCC. Planned giving receivable under covenant is reeognibed only when received. Ineome tax recoverable on eovenants or Gift Aid donations is reeognised when the income is reeognised. GT&llts and legac1 to the PCC are accounted for as soon as the PCC is notified of its legal entitlement and the amount due, exeept for Heritage LA)ttery Fund gTants which are aeeouTLted for when the entitlement to the grant becomes certain. Sales of book5 and magazines from the Church booksta]l are accounted for gross. InconTefrom investment8 Dividends and interest are accounted for when receivable. Tax reeoverable on such ineome is recognised in the same accounting year. Gains and losses on investments Realised and unrealised gains and losses on investments and investment properties are inelllded in the statement of financial uctivities as'Net gainsloosses) on investments,. 14 Expenditure Expenditure is recognised onee there is a legal or constructive obligation to transfer economic benefit to a third party, it i5 probable that a transfer of eeonomie benefits will be required in settlement and the amount of the obligFation ean be measured reliably. Expenditure is elassified by aCtity. The costs of each aLtivity are made up of the total of direet costs and shared Costs, ineluding support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated direetly to that activity. Expendithre includes any VAT which cannot be recovered.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCIESIASTICAL PARISH OF ST MARGARET, IA)THBURY N(yfES TO THE FINANCIAL STATEMENTS FOR THE YL4R ENDED 31 DECEMBER 2023 ACCOUNTING POLICIFS (contlnued) Expenditure (continued) Grants Grants and donations are a¢¢ounted for when paid over. or wbell awarded, if that award creates a binding obligation un the PCC. Activitles directly relotlng to the work qf the Church The diocesan quota OT parish share is accounted for when payable. Any quota unpaid at the year end is PTovided for in these accounts as an accrual (though not a legal liability) and is inc'luded in the Lreditors shown on the b&Lance sheet. Tangible fixed assets and depreciation Consecrated and beneficed property is excluded from the aecounts in accordance with section io(2)[a) of the L'harities Aet 2011. No value is put on the movable Church furnishings held by the ehurehwardens in special trust fur the PCC, andwbith require a faculty for disposal sinee the PCC eonsiders this to be an inalienable property- All expeTJditure incurred during the year on consecrated or benefice buildings and movable Chureh furnishiTJgs. whether maintenance or improvement, is written off as expenditUTe in the SOFA and separately disclosed. Otherfixtures,fittin9s ond office equipment Depreciation is prOded on all tangible fixed assets over a purchase price of £500, so as to write off the cost of the assets over their estitnated usual lives, as follows: ftfvrnishings xres,tting3 und office equipment Straight line bosis over Jo years Strowht line basi5 over 5 years Investments Investments are stated at fairvalue at the balance sheet date. Cash balances are included as fixed asset investments if they are invested in accounts of an investment nature and are intended to be held for a period of ynore than 12 months from the balance sheet date. Current assets Amounts" owing to the PCC attheyear end in respect of fees, rents or other income aTe shown as debtOTS. Current asset investments include Cash held on deposit either with the CBF Church of England Funds or at the banK and are intended to be held for a period between 3 and 12 Months frofft the balance sheet date. Donated assets and services In accordance with the Charities SORP (FRS 102) the value of volunteer help is not induded in the Financial Statements. Donated assets are recognised as income when the PCC has control over the item. any conditions attached to the donation have been met. the receipt of economic benefit from the use by the PCC of the itetn is probable,. and that eLoJJomie benefit can be reliably measured.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLFSL4STICAL PAIUSH OF ST MARGARET, LOTHBURY NOTES TO THE FINANCIAL STATEMEI¥TS FOR THE YL4R ENDED 31 DECEMBER 2023 ACCOUNTING POUCILS (continlled) I)onated assets and servA¢es (eontlnuedl On Teceipt, donated assets are recognised as income on the basis of the value of the gift to the PCC, which is the amount the PCC would have been willing to pay to obtain an asset of equivalent economic benefit on the open TnaTket- a corresponding amount is then recognised as an asset in the period of receipt. IAabililies and provisions Liabilities are recognised when there 15 an obligation dt the Balance Sheet date as a re5u]t of apastevent, it is prob¢ible th(It a transfer of eLonovnic benefit will be required in settlement. and the amount of the settlement canbeestimated reliably. Liabilities are reeognised at the amountthat the charity anticipates itwll pay to settle the debt orthe amount it has received as advanced payments forthe goods or services it rnust provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect ofthe item value of money is material, the proNrysion is based on the present value of those amounts. dibcounted at the pre-tax discollnt rate that refiects the risk specific to the liability. The unwinding of the discount is reeDgnised within interest payable and similar charges. Financial instrnments The churity only h&s financial assets and financial liabhliti&8 of a kind that qualify as basie financial instrumeTJts. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Pensions The charily Lontril)utes to a defined contribution pension scheme and the pension charge represents the amounts payable by the charityto the fvnd in respect of the year. i.io Fund accounting General funds are unrestricted ndS which are available for use at the discretion of the PCC members in furtherance of the general objectives of the charity and whicb have not been designated for other purposes. Restricted funds are funds which are to be vsed in accordance with specifie restrictions imposed by donoTS or which have been raised by the charity for particular purposes. The costs of raising and administering such lld5 are charged against the specific fund. The aim and use of each restricted nd is set out in the notes to tbe financial statements. Investment Inc0e> gains and losses are allocated to the appropriate fund.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARGAREr, LOTHBURY NOTES TO THE FINANCIAL STATEMEN13 FOR THE YEAR ENDED 31 DECEMBER 2023 INCOME FROM DONATIONS AND GRANTS Unrests'icted fun&8 Restricted funds Designated funas Total funds Total fun 2023 2022 Donations and legacies Donations made under the Gift Aid scheme Income tax recover&ble Other donations Voluntary ehureh Tate 67,860 16,965 51,955 42.046 67,860 16,965 51,955 42,046 89,336 22,334 50,184 25,990 178,826 178,826 187,844 ChtTrltable actlvltles Serce fees Use of church building 3,894 28.500 3,823 4,960 28,500 32,394 32y394 8,783 Jnvestment Income Dividends and interesl 344 10,238 9,692 20,274 19,606 Other ineome Grants Salary contribution 3,784 10.503 3.784 IOy503 15,093 9,627 14,287 24,720 io
THE PAROCHIAL CHURCH coifNciL OF THE ECCLESIASTICAL PAIUSH OF sr MARGARET, LOTHBURY NOTES TO THE FINANCL4L sfATEMENrs FOR THE YFARENDED 31 DECEMBER 2023 EXPENDITURE ON CHARrrABiE AcfiviTIES Unrestricted Restrrcted Designated funds fiinds Total 2023 Total 2022 Grants Charitable giving 916 916 2a52 Activities direetly reiatln9 to the work olthe church Mioi5try Dioeesall quota Clergy expenses Outreach Other clergy & service costs 88.000 1,079 3,182 2,713 705 40,397 12,615 10.139 88,000 1,079 85>200 697 2y713 705 40397 12,6 55,894 8oA76 X,996 423 405360 1046 23748 CPD Building/Production manager Church running expenyes Church maintenance (inc. organ) Hou6ekeeper Celebrate 14,443 7.213 45.645 7,213 45,645 5,056 43,140 Support costs allocated to activitips.. Personnel costs Office costs Professional feeb Bank interest and eharge6 Depreciation 14)532 2,931 3.157 179 21,808 14532 2>931 3>157 179 21,808 14,132 2,263 39134 303 11907 255,211 14,443 55,894 325,548 237>630 Prof&5sional fees include the following amounts due to the Independent Examiner.. 2023 2022 Independent Examination fees 2,500 2,500 li
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARGARET. LOTHBURY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 PERSONNEL Number of employees The average Monthly head Count was 2 (2022.. 2). The average monthly number of full-time eqiiivalent employees during the year was i (2022: 1). 2023 2U22 Wages and salaries Social security costs OtheT pension costs 63>576 19302 3,114 63.263 1,670 3,U47 67,992 67.980 There were no employees whotse annual revnuneration was £60.000 OT more. Regular outsourced services: 2023 2022 Bookkeeper Housekeeper 10,115 7,213 9,415 5,056 17J3a8 14,471 During the year. the PCL. outsourced bookkeeping and housekeeping services, neither of whom earned more than £60,000. The members of the PCC and the buildTrng manager comprise the key management personnel of the charity and received aggregate remuneration totalling £40,397 (2U22: £40,360). The TneTnbers of the PCC received remuneration (see note 5). TRANSACTIONS wfTH TRUSTEES No membcr of the PCC (or anypersons eonnerted them) received any remuneration during the year. Expenses totalling £1,079 were due to one member of the PCC forthe year {2022'. £697to one member). No pension benefits are accruing to any tnember (Trf the PCC. 12
THE PAROCHIAL CHURCH COUNCIL OF THE ECClAsTIcAL PARISH OF sr MARGARET, LOTHBURY NOTES TO THE FINANCIAL STATEMEIYPS FOR THE YEAR ENDED 31 DECEMBER 2023 TANGIBLE FIXED ASSErs Soft furDishings fittings and equipment Total Cost At i January 2023 Additions 12.570 30,964 101,329 43?534 101,329 At 31 December 2023 12,570 132,293 144,863 Depreciation and Impairment At i January 2023 Charge fur the year 12.170 50 27,789 21,757 39y959 31 December 2023 12,220 49,546 61>766 Net book value At 31 December 2023 350 82,747 83,097 At 31 DeLembeT 2022 400 3.175 3,575 Net book value at 31 December 2023 reprntS fixed assets used for direct ¢haritttble PUTP05e5. FIXED ASSET INVFSTMEwrs Unlisted Investments C&sh or Equivalents Market value Total At i January 2023 Additions Disposals at book value Net wirealised gains 927,527 9279527 (175.000) 82.446 (175,000) 82y446 At 31 December 2023 834,973 834,973 Investments are held to provide an investment Teturn for the PCC. 13
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF sr MARGARET. LOTHBURY NOTFS TO THE FINANCIAL STATEMEN13 FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Income tax recoverable Oeeasional seTvices Other debtors and prepayments 169965 4,415 10,500 22y334 2,284 7*880 32,498 cREDORS. Amounts falling due within one year 2023 2022 Other Creditors AcLrua]s and deferred income 6,502 3,596 7A45 11,229 io. PENSIONS AND OTHER POST.RETIREMENT BENEFrr COMMITMENTS Defined eontribution scheme The PCC operdtes a dered eontribution pension seherne. The assets of the seheme are held separately fvom those of the eharity in an independently administered fimd. The pension cost charge represents contributions payable by the PCC to the fund. 8023 2022 Contributions payable by the PCC for the year 39114 3,047 ii. RELATED PARTYTRANSAcfIoNS There were no transaetlOTJ5 With related parties during the year other than as disclobed in note 5 (2022: £nil) and there were no balances outstanding with related parti&$ as at 31 Decevnber 2023 (2022: £nil). 14
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLLSIASTICAL PARISH OF ST MARGARET, LOTHBURY NOTES TO THE FINANCIAL STATEMENTS FOR THE TrTAKENDED 31 DECEMBER 2023 12. STATEMENT OF FUNDS Balanee tiJan 2023 Balance at 31 Dec 2023 Transfers Galnsl Inl{out) (IA)sse5) Income Expendire Unrestrieted ndS GeneraL fiujhds 285.393 225,851 (257,880) 29,085 Restrirted fullds CapttalfvJ?ds.' Fabrie eapita] tund Organ invesknent eapitai fllnd ArTStFtgfrum endvuyTFtents and rebtrictedcapitolfvnds.. Fabric nd OLgan repair tiind Buildi[ repai[5 HistL)ric difference 148?906 4,453 (4,453) 14JVIQ 162.916 35?351 1,059 [1,060) 3,248 38,598 35,945 159752 50,756 376 2,247 4,453 1,060 42,645 15,946 39,658 376 (866) (13.577) 2A79 287yo86 10.238 (14A43) 17,258 300,139 Designated funds Reserve Vi¢aT s diberetivoary fund Rectory repairs 606)409 436 8Joo 9.692 ts4,559) (29,085) 65,188 597,645 436 6,y65 65,188 605,046 (1,335) 615,145 9.692 (55,894) (29,085) Total of funds 1,187,624 245,781 (328,217) 82A46 1,187?634 RLSTiucfED FUNDS Building repair fund This cvmprises a restriLted fund held for the purpose of repairing and TnaiT)taining the building and cover& tn<ilTltenance and repair work on the essential systems withiT] the chureh, and other work in the chureh not covered by the Building fabric fvnd. The income ofthis nd is received from an endoivment fund held for the PC'C by the London Diocese, who is the s()le trustee. Building fabric capital fund and Building fabric fuDd The Building fabri¢ ¢dPltal fund comprises a fund held for the purpose of generating an investment return to be Hpplied for the purpose of maintaining the fabric of the building. The income gellerated by the fund is paid into the Building fabric nd with the same purpose of maintainiTLg the fabric of the building. The capital fund is protected and only to be used if there is no balanee remaining on the Building tabric fund. 15
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESLLsfIcAL PARISH OF ST MARGARET, LOTHBURY NOTES TO THE FINANCL4L STATEMENrs FOR THE YFAR ENDED 31 DECEMBER 2023 RESTRIcfED FUNDS (continued) Organ investment cupital nd and Organ repair fund The organ investment capital fund comprises a fund held for the purpose of generating an investment return to be applied for the purpose of maintenance and repair work on the Organ. The capital fund is protected and only to be used if there is no balance remaining on the Organ repair fund. DFSIGNATED FUNDS These represent funds set aside by the Tnembers of the PCC to cover specific aims. The ReseTve fund is to ensure sufficient reserves are held to enable the PCC to continue to operate foT a period of twelve months. The Vicafs discretionary fund and the Rectory repair fimd are to cover additional costs as deseribed. Balanee atiJan 2022 Balance at 31 Dec 2022 TrAnsferE Ga81 In/(out) (L05se8) Income Expendityre PIUOR YEAR Unrestricted funds General 107 Restricted funds Copitolfynds.- Fabi'iL eapital fund Organ investment capita] fund Aristnyfront endowjnents and restrtcted copitolfvnds.. abric fund Organ repait fund Building repairs Historic differeTJee 294.107 206a48 (225.745) 10,683 285,393 168,774 4,429 (4A29) [19,868) 8>906 1,055 (1,055) (4,651) 35,351 30,647 15,673 52,916 376 869 4,429 1,055 35945 15y752 50?756 370 (976) (13,393) 11.233 308,388 17,586 (14,369) (24,519) 287?086 Designated fundB Reserve Viear's discretiunary nd Rectory repairs 692,227 436 10,769 (10,683) (85,904) 606,409 436 2.050 6,250 8,300 694,713 17,019 (859Q4) 6159145 Total of fullds 1,297,208 240.953 (240,114) (110,423) 1,187.624 16
THE PAROCHLAL CHUKCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARGARET, LOTHBURY NOTES TO THE FINANCIAL sfATEMENrs FOR THE YL4R ENDED 31 DECEMBER 2023 13. CAPITAL COMMITMENr There are nu capilal commitments as at 31.12.23. In the previous year there was an ongoing eapital comTnitment of £73.893 for a new Sound system. iyhich has since been completed at a cost of £101,329. . ANALYSIS OF NET ASSETS BEfwEEN FUNDS Unrestricted Restrlcted Designated Funds Funds Funds 2023 2023 2023 Total Funds 2023 Total Fund5 2022 Tangible fixed a55et5 Fixed asset investLnents Current assets Current liabilities 83,097 28,412 181,038 (10,098) 83,097 834)973 279y662 (10,098) 3,575 927,527 275,196 (18,674) 201,515 98,64 605,046 282,449 300,139 605,046 1,187?634 1.187,624 Unrestricted Restricted Designated Funds Funds Funds 2022 2022 2022 Total Funds 2022 Total Funds 2021 PRIORYEAR Tangible fed assets Fixed astset inve5tTnents 3.575 151,455 140,804 {10,441) 3,575 927.527 275?196 {18,674) 5,482 1,037,950 262,065 (8,289) 211.083 84,236 (8,233) 564?989 50,156 Current liabilities 285,393 287.086 615,145 1,1879624 1,297,208 A Building Repair endowment fund is held foT the PCC by the Di(Kese of ndOn. which acts as sole trustee and has 501e Manager1 Eesponsibility for the capital value of this fund. The value of this fund held at the year end is £90,692 (2022: £82,894). 17