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2022-12-31-accounts

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESISTICAL PARISH OF ST PETER AND ST PAUL BATTERSEA Diocese of Southwark

Charity Registration no. 1140137

Annual Report & Accounts 31 December 2022

Tandem Accounting Chartered Accountants 17 Heathville Road London N19 3AL

THE PARISH OF ST PETER AND ST PAUL BATTERSEA

Report and Financial Statements 2022 Contents

Page
Legal and administrative information 2
Report of the Parochial Church Council 3
Independent Examiner’s report to the Parochial Church Council 7
Statement of financial activities 8
Balance sheet 9
Statement of Cash Flows 10
Notes to the financial statements 11

1

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER AND ST PAUL BATTERSEA

Legal and Administrative Information For the year ended 31 December 2022

Charity Name The Parochial Church Council of the Ecclesiastical Parish of St Peter and St Paul,
Battersea.
Principal Address 23 Plough Road, London SW11 2DE.
Charity Registration 1140137. The Parochial Church Council (PCC) was registered with the Charity
Commission on 1 February 2011.
Governing Document Parochial Church Council Powers Measure (1956) as amended and Church
Representation Rules.
Objectives St Peter & St Paul’s PCC has the responsibility of cooperating with the Incumbent of
St Peter’s in promoting in the ecclesiastical parish the whole mission of the church,
pastoral, evangelistic, social and ecumenical. It also has maintenance responsibilities
for the St Peter’s Centre on Winstanley Road.
Members of the PCC PCC members who served during 2022 or were serving at the date this report was
approved were:
Clergy Revd Patrick Malone (Vicar until 17th April 2022)
Revd Ian Luke-Macauley (Interim Minister from 17th July 2022)
Wardens Dr Ken Checinski
Ms Funmi Kola-Okeowo
Deanery Synod Representative Mr Peter Wolstenholme
Elected or Co-opted Members Mrs Violet Simpson (until May 2023)
Mrs Verah Gondwe
Dr Wendy Maull
Mr Ashwini Alexander
Ms Verona Smith (until Dec 2022)
Ms Alba Lazaj
Mrs Ade Osunde (until May 2023)
Mr Pino Amartiefio
Mrs Daphne Curate
Key Management Those in charge of planning, directing, controlling, running and operating the Charity,
Personnel including those members of staff who are the senior management personnel to whom
the PCC has delegated significant authority or responsibility in the day-to-day running
of the charity, are the Vicar, members of the Standing Committee and the Operations
Manager.
Bankers CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill, West Malling
Kent ME19 4JQ
Independent Examiner John Helm ACA
Tandem Accounting
17 Heathville Road
London N19 3AL

2

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER AND ST PAUL BATTERSEA

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

The Parochial Church Council of the Parish of St Peter and St Paul Battersea (“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.

1. Structure, Governance & Management

1.1 Trustees

The PCC meets approximately 8 times per annum to discuss a full range of matters, both operational and strategic, relating to finance, fabric, general administration and the mission/ministries of the church. The PCC also has responsibility for keeping of the Electoral Roll. Members of the PCC are either ex officio or elected by the Annual Parish Meetings (APM) in accordance with the 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 to stand for election to the PCC.

1.2 Church Attendance

The Electoral Roll revised in preparation for the 2022 Annual Parochial Church Meeting (APCM) in April 2022 comprised 68 members. Average weekly church attendance has been 55 (38 adults, 17 children).

1.4 Risk Management

The PCC’s primary concern and objective is 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 church in achieving its primary aim. The PCC has therefore assessed the major risks to which the church 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 income, expenditure and 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.

2. Activities & Strategies

In preparing this Report, the PCC has complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Charity Commission and have sought to demonstrate that the PCC provides identifiable benefits which relate directly to its aims and which outweigh any potential detriment or harm. Further, the benefits are publicly available to all and are not in any way restricted to those able to pay. Any private benefits to members of the PCC are incidental.

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:

3

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER AND ST PAUL BATTERSEA

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

3. Review of the Year

The year ended on a high with many reasons to thank God for watching over all of us and for equipping us to continue to serve Him by building on the good work of former years and the continued faithfulness of the church membership. The Eucharist continues to be celebrated on the first and third Sundays of each month, with All Age service on fourth Sunday as a regular pattern of our services.

The staff has remained stable and have been supported to serve without over-stretching themselves so that resources could be used effectively. This was enhanced by an enriching staff away day in September at Wychcroft Retreat Centre.

As Interim Minister, I have been encouraged by the dedication and willingness of members to serve and to get involved. This means that ministry to the Children, Youths and in the Community as well as the wider Church, have all remained intact with signs of growth.

The Community Choir has been growing in membership and quality and their performance at the Christmas Carol Candlelit service was well received.

This was one of many highlights in December which included a Christingles service with the reception group of children from Arc John Archer School, followed by a funeral service of a local musician which saw about 400 people attend the service in the church.

On Christmas Eve, we had midnight communion which was attended by 24 people followed by Christmas Day service which was a fitting way to end the year, to the glory of God.

4. Financial Review

4.1 Financial Activity and Financial Position

This year returned a net operating deficit of £9,451 (2021: surplus of £275k).

In terms of the overall financial position, the balance sheet shows total net assets of £3,237K (2021: £3,247K). Of these funds, £819k (2021: £817k) are restricted, which mainly comprises the St Peter's Centre and funds held in the Helping Hand Fund.

4.2 Reserves Policy

The PCC has examined the requirements for free reserves, i.e., 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 6 months’ routine general fund expenditure, 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 £393,206 (2021: £403,823) as follows:

Total reserves
Less: restricted funds
Less: tangible fixed assets
Less: fixed asset investments
Free reserves
Free reserves requirement:
6 month’s budgeted routine expenditure		 2022 2021
£
3,246,854

(816,857)

(1,174)

(2,025,000)


£
3,237,403
(818,611)

(586)

(2,025,000)
403,823
393,206
150,000
150,000

4

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER AND ST PAUL BATTERSEA

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

4.3 Pay Policy

The pay of all staff, including key management personnel, is reviewed annually by the PCC. Salaried members of the PCC are excluded from the review in order to avoid any conflicts of interest. It is our expectation that we will continue to benchmark staff benefits against staff performing similar roles in similar churches/charities and will take into consideration inflation and the finances of the church at the time.

4.4 Investment Policy

The church currently places spare funds on bank deposit.

4.5 Grants Policy

The PCC makes annual grants, equivalent to 10% of its unrestricted income (which includes gift aid claimed back and rental/investment income), to support missionary endeavours both in the UK and abroad. The missionary societies regularly supported include International Justice Mission, Regenerate, Battersea Welcomes Refugees, GlassDoor and Open Doors. In addition, the PCC makes anonymous love gifts, at the discretion of the leadership, to those in need within the church fellowship. Currently the PCC has agreed to pause 10% mission giving policy until the deficit has been reduced sufficiently. This is due to be reviewed in due course.

5. Plans for Future Periods

The PCC with Interim Minister Revd Ian Luke-Macauley worked hard on the Parish Profile so that within the first quarter of 2023 we were ready to appoint a new Vicar. This brought the interregnum to a close and opened up a new chapter for the Church.

St Peter’s was officially provided with its licensing seal in May 2023 which means we can now offer the full range of services to the parish. As well as Worship services, funerals and Baptisms we look forward to resuming the reading of banns of marriage and the provision of wedding services.

The PCC is now focussed on a new Mission Action Plan to listen to and enact some of the parish’s priorities for Loving God, Being Family and Bringing Hope to Battersea.

6. Post Balance Sheet Event and going concern consideration

Each year it’s the PCC’s responsibility to state whether or not the annual accounts have been drawn up on a going concern basis (see the accounting policy note on page 10). Going concern is the assumption that an entity in this case the PCC, has the resources (financial or otherwise) needed to continue operating for the foreseeable future and, in particular, for at least 12 months from the date of approval by the PCC of these annual accounts. If the going concern principle did not apply then the accounts would be drawn up on an insolvent basis.

Clearly, as part of this year’s going concern review, the PCC has had to consider the ongoing impact of the COVID-19 pandemic on its ministry. It has noted that while the pandemic had an impact on the churches ability to raise funds in 2022, its spending was much more significantly reduced due to the restrictions on running in-person ministry. While these restrictions are no cause for celebration, this did result in a net surplus at year-end. In turn this has contributed to an increase in free reserves which is of considerable reassurance to the PCC.

The PCC also notes that voluntary giving has decreased towards the end of 2022 and into 2022, and that the ongoing settlement payments from the building’s developer has come to an end. In view of these two facts, the PCC will need to plan effectively in order to maintain a balanced budget in 2022 and beyond.

Accordingly, it has concluded that it is appropriate to prepare the 2022 Accounts on a going-concern basis. The PCC will continue to keep the longer-term impact of the pandemic under review and in particular, the 'degree of return to normality' will be actively monitored in the latter part of 2022 and into 2022.

5

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER AND ST PAUL BATTERSEA

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

7. Responsibilities of the Parochial Church Council 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 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.

8. Approval

The report of the PCC was approved by the PCC on 18 September 2023 and signed on its behalf by:

Revd Ian Luke-Macauley Chairman

6

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER AND ST PAUL BATTERSEA

Report of the Independent Examiner to the Parochial Church Council of The Parish of St Peters Battersea

I report on the accounts of the Parochial Church Council of St Peter and St Paul Battersea for the year ended 31 December 2022, which are set out on pages 8 to 19.

Respective responsibilities of PCC and examiner

The PCC are responsible for the preparation of the accounts. The PCC consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (“the 2011 Act”)) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiners’ report

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the accounts present a ‘true an fair view’ and the report is limited to those matters set out in the statement below.

Independent examiners’ statement

I have completed my examination. I confirm that no material 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 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.

John Helm ACA

13 October 2023

7

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER AND ST PAUL BATTERSEA

Statement of Financial Activities For the year ended 31 December 2022

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

Transfers between funds
Other recognised gains and losses

Net movement in funds

Total funds brought forward

Total funds carried forward
 Unrestricted
Funds
2022
£

27,484
1,336
29,094
164,382
426		 Restricted
Funds
2022
£
15,000
-
-
2
-
15,002
7,014
6,234
13,248
-
1,754
-
-
1,754
816,857
818,611		 Unrestricted
Funds
2021
£
54,930
342
27,686
155,003
292,040


Restricted
Funds
2021
£
7,300
-
-
-
-
7,300
7,014
8,346
15,360
-
(8,060)
-
-
(8,060)
824,917
816,857		 Total
2021
£
62,230
342
27,686
155,003
292,040
Total
2022
£
42,484
1,336
29,094
164,384
426
222,722 530,001 537,301
237,724
13,852
220,075
233,927
-
(11,205)
-
-
(11,205)
2,429,997
2,418,792		 23,475
223,586		 30,489
231,932
20,866
226,309
247,061 262,421
247,175
- -
-

282,940		 274,880
(9,451)
-
-		 -
-
-
-

282,940		 274,880
(9,451)
2,147,057 2,971,974
3,246,854
2,429,997 3,246,854
3,237,403

8

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER AND ST PAUL BATTERSEA

Balance Sheet For the year ended 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 Income Funds
Total Funds		 Unrestricted
Funds
2022
£
586
2,025,000
2,025,586
27,835
409,528
437,363
44,157
393,206
2,418,792
-
2,418,792
2,418,792		 Restricted
Funds
2022
£
-
792,575
792,575
-
26,036
26,036
-
26,036
818,611
818,611
-
818,611		 Total
2021
£

Total
2022
£
586 1,174
2,817,575 2,824,589

2,818,161		 2,825,763
27,835 10,951
435,564 457,515

463,399		 468,466
44,157 47,375
419,242 421,091
3,237,403 3,246,854
818,611 816,857
2,418,792 2,429,997
3,246,854
3,237,403

The financial statements were approved by the PCC on 18 September 2023 and signed on its behalf by:

Ashwini Alexander Treasurer

9

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER AND ST PAUL BATTERSEA

Statement of Cash Flows For the year ended 31 December 2022


Note
Net cash flows from operating activities
11
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Net cash used in investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward		 Unrestricted
Funds
2022
£
(195,101)
164,382
-
164,382
(30,719)
440,247
409,528		 Restricted
Funds
2022
£
8,766
2
-
2
8,768
17,268
26,036		 Total
2021
£
137,862
155,003
(349)
154,654
292,516
164,999
457,515
Total
2022
£
(186,335)
164,384
-
164,384
(21,951)
457,515
435,564

10

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER AND ST PAUL BATTERSEA

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 investment 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. Grant income is recognised on a receivable basis.

The income from trading activities includes rental income from the letting of church premises and leasehold land and buildings which is accounted for when earned. It is shown gross, with the associated costs 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.

Expenditure included in Raising Funds includes amounts incurred in obtaining grants and other donations and property maintenance costs.

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 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.

11

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER AND ST PAUL BATTERSEA

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

1. Accounting Policies (continued)

Rentals under operating leases are charged as incurred over the term of the lease.

Tangible Fixed Assets

Consecrated Property and Moveable Church Furnishings

Consecrated land and benefice property such as the church building and vicarage is excluded 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.

Other Fixtures, Fittings & Office Equipment

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

Fixed Asset Investments

The church’s investments are represented by:

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:

12

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER AND ST PAUL BATTERSEA

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

2. Income

Unrestricted
Funds
2022
£
Donations & legacies
Offerings – planned giving & one-off gifts
19,000
Offerings – collections
4,173
Income tax reclaimed
2,658
Grants
1,653
27,484
Charitable activities
Fee income (net)
546
Weekend away/outings/outreach events
790
1336
Other trading income
Lettings income
29,094
Investments
Rental income
163,829
Bank Interest
553
164,382
Other
Phase 2 building project: other receipts
426
426
222,722		 Restricted
Funds
2022
£
-
-
-
15,000
15,000
-
-
0
-
-
2
2
-
0
15,002		 Total
2021
£
42,383
-
4,381
15,466
Total
2022
£
19,000
4,173
2,658
16,653
62,230
266
76
42,484
546
790
342
27,686
154,999
4
1336
29,094
163,829
555
155,003
292,040
164,384
426
292,040
426
537,301
237,724

3. Expenditure on Raising Funds

Unrestricted
Funds
2022
£
Amortisation of investment in St Peter’s Centre
-
St Peter’s Centre running costs
1,869
Residential rental properties
Furnishing/maintenance
-
Management fees
5,076
Service charge
4,982
Lettings caretaking fee
1,907
Donation platform
18
13,852		 Restricted
Funds
2022
£
7,014
-
-
-
-
-
-
7,014		 Total
2021
£
7,014
4,000
1,141
7,877
10,043
164
250
Total
2022
£
7,014
1,869
-
5,076
4,982
1,907
18
30,489
20,866

13

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER AND ST PAUL BATTERSEA

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

4. Expenditure on Charitable Activities
Unrestricted
Funds
2022
£
Restricted
Funds
2022
£
Provision of clergy
Fairer Shares (Contribution to Southwark Diocese)
39,892
-
Clergy expenses and salaries
6,932
-
46,824
0
Church Life & Outreach
Staff costs
61,147
2,423
Advertising & communication
1,959
-
Children & youth work
2,707
1,300
Training & resources
582
-
Church dedication
-
-
Events & Evangelism
6,534
-
Other ministries
5,493
100
Worship & upkeep of services
(65)
-
Gifts & Grants (see note 4b below)
10,021
300
88,378
4,123
Provision of Building and Facilities
Heat, light & water
18,731
-
Insurance
4,637
-
Maintenance & cleaning
17,155
1,373
St Peters Centre running costs
17,658
738
Depreciation
588
-
58,769
2,111
Operations & Ministry Support
Staff costs
17,589
-
Printing, stationery & office supplies
1,380
-
Telephone & Broadband
1,506
-
IT costs
864
-
Accountancy & payroll
1,620
-
Other
1,435
-
24,394
0
Governance
Audit
-
-
Independent examination
1,500
-
Trustee meeting expenses
210
-
1,710
0
220,075
6,234		 Total
2022
£
39,892
6,932
46,824
63,570
1,959
4,007
582
-
6,534
5,593
(65)
10,321
92,501
18,731
4,637
18,528
18,396
588
60,880
17,589
1,380
1,506
864
1,620
1,435
24,394
-
1,500
210
1,710
226,309		 Total
2021
£
34,600
21,403
Total
2022
£
39,892
6,932
56,003
48,274
2,202
5,767
701
2,423
-
4,792
2,446
9,947
46,824
63,570
1,959
4,007
582
-
6,534
5,593
(65)

10,321
76,552
4,493
4,441
30,388
20,340
907
92,501
18,731
4,637
18,528
18,396
588
60,569
28,833
864
2,155
14
210
1,600
60,880
17,589
1,380
1,506
864
1,620
1,435
33,676
5,100
-
32
24,394
-
1,500
210
5,132
1,710
231,932
226,309

14

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER AND ST PAUL BATTERSEA

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

4. Expenditure – Charitable Activities (continued)

4a Staff Costs

In addition to the many volunteers who give their time to the church, there were 3 (2021: 4) employees whose costs are included within Expenditure on Charitable Activities above. The costs relating to their employment was as follows:

Gross salaries
Employer National Insurance
Employment Allowance
Pension contributions
Of which the aggregate compensation made to Key Management Personnel:		 Total Total
2021
£
72,120
6,201
(4,000)
2,060
76,381
26,108
2022
£
81,159
7,335
(5,000)

2,318
85,812
26,108

No employee (2021: nil) received emoluments in excess of £60,000 during the year.

4b Gifts & Grants

Gifts and grants included within Expenditure on Charitable Activities are as follows:

Unrestricted
Funds
2022
£
Gifts & grants to:
Organisations
9,507
Individuals
514
10,021		 Restricted
Funds
2022
£
-
300
300
Total
2022
£
9,507
814
10,321

5. Net (Expenditure)/Income

5. Net (Expenditure)/Income
This is stated after charging:
Operating lease rentals
Depreciation
Independent examination fee
Other fees to independent examiner
Audit fee		 2022 2021
£ £
720 720
588 907
1,500 -
1,410 -
- 5,100

15

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER AND ST PAUL BATTERSEA

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

6. Tangible Fixed Assets


Cost
At 1 January 2022
Additions
Disposals
At 31 December 2022
Depreciation
At 1 January 2022
Charge for Year
Disposals
At 31 December 2022
Net Book Value
At 31 December 2022
At 31 December 2021		 Fixtures,
fittings &

equipment

£
14,219
-
-
14,219
13,045
588
-
13,633
586
1,174

All of the fixed assets are used for charitable purposes.

7. Fixed Asset Investments

At 1 January 2022
Additions
Amortisation of lease
Revaluation		 Residential
Leasehold
Properties
£
St Peter’s
Centre
£
2,025,000
799,589
-
-
-
(7,014)
-
-
2,025,000
792,575
Total
£
2,824,589
-
(7,014)

-
2,817,575

Residential Leasehold Properties . In 2017 the church took delivery of 3 residential properties each with a 250 year lease as follows:

2 bedroom flat, Parkside, 44 Fowler Close, Battersea SW11 2ES
2 bedroom flat, Parkside, 44 Fowler Close, Battersea SW11 2ES
3 bedroom flat. Parkside, 21 Plough Road, Battersea SW11 2DE		 Valuation
£
650,000
650,000
725,000
2,025,000

16

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER AND ST PAUL BATTERSEA

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

7. Fixed Asset Investments (continued)

St Peter’s Centre . The church’s investment in the St Peter’s Centre represents the cost of the building works to the St Peters Centre at Winstanley Road, Battersea, London (phase 1 of the building project), less amortisation in line with the terms of the lease. In 2012 the church agreed a lease with the London & Quadrant Housing Association for the period of 128 years and 5 months from 1 November 2006 to 27 May 2135 at a peppercorn rent. The cost of investment is being amortised over a period 124 years from 2012.

8. Debtors

Prepayments
Income tax recoverable
Other debtors		 2022 2021
£
690
9,861
400
10,951
£
8,759
12,489
6,587
27,835

9. Creditors - Amounts Falling Due Within One Year

Accruals
Independent examination
Audit
Accountancy
Fairer shares
Other creditors including taxation and social security		 2022 2021
£
1,300
5,100
500
36,387
4,088
£
1,500
-
-
36,387
6,270
47,375
44,157

10. Restricted Funds

10a Current year
Phase 1 Building Fund
Helping Hand
St Peter’s Centre Maintenance
Exercise Class
Community Art Project
Big Alliance		 At 1
January
2022
£
799,589
4,197
8,236
57
2,773
2,005
816,857		 Income
£
Expenditure
£
Transfers
£
-
(7,014)
-
2
(400)
-
-
(2,112)
-
-
-
-
-
-
-
15,000
(3,722)
-
15,002
(13,248)
0		 Income
£
Expenditure
£
Transfers
£
-
(7,014)
-
2
(400)
-
-
(2,112)
-
-
-
-
-
-
-
15,000
(3,722)
-
15,002
(13,248)
0		 Income
£
Expenditure
£
Transfers
£
-
(7,014)
-
2
(400)
-
-
(2,112)
-
-
-
-
-
-
-
15,000
(3,722)
-
15,002
(13,248)
0		 Income
£
Expenditure
£
Transfers
£
-
(7,014)
-
2
(400)
-
-
(2,112)
-
-
-
-
-
-
-
15,000
(3,722)
-
15,002
(13,248)
0		 Gains/
(losses)
£
-
-
-
-
-
-
0		 At 31 At 31
December
2022
£
792,575
3,799
6,124
57
2,773
13,283
818,611

17

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER AND ST PAUL BATTERSEA

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

10. Restricted Funds (continued)

10b Prior year
Phase 1 Building Fund
Helping Hand
St Peter’s Centre Maintenance
Exercise Class
Community Art Project
Love Your Neighbour
Big Alliance		 At 1
January
2021
£
806,603
5,444
10,040
57
2,773
0
0
824,917		 Income
£
Expenditure
£
Transfers
£
-
(7,014)
-
300
(1,547)
-
-
(1,804)
-
-
-
-
-
-
-
2,000
(2,000)
-
5,000
(2,995)
-
7,300
(15,360)
0		 Income
£
Expenditure
£
Transfers
£
-
(7,014)
-
300
(1,547)
-
-
(1,804)
-
-
-
-
-
-
-
2,000
(2,000)
-
5,000
(2,995)
-
7,300
(15,360)
0		 Income
£
Expenditure
£
Transfers
£
-
(7,014)
-
300
(1,547)
-
-
(1,804)
-
-
-
-
-
-
-
2,000
(2,000)
-
5,000
(2,995)
-
7,300
(15,360)
0		 Income
£
Expenditure
£
Transfers
£
-
(7,014)
-
300
(1,547)
-
-
(1,804)
-
-
-
-
-
-
-
2,000
(2,000)
-
5,000
(2,995)
-
7,300
(15,360)
0		 Gains/
(losses)
£
-
-
-
-
-
-
-
0		 At 31 At 31
December
2021
£
799,589
4,197
8,236
57
2,773
0
2,005
816,857

Descriptions of the main restricted funds are as follows:

Phase 1 Building Fund - represents the investment in, and monies held for, the cost of the construction of the St Peter's Centre.

Helping Hand Fund - represents funds held for support of the Battersea Poor. The transfer recognises the use of these funds for weekend away bursaries.

St Peter’s Centre Maintenance - represents funds held for the upkeep and maintenance of St Peter’s Centre.

Exercise Class - represents funds held for the running of exercise classes for the local community.

Community Art Project - represents funds received to help connect the community with the new building.

Big Alliance - represents funds received towards being an active partner of the Battersea Alliance and running community projects and programs especially with Kids and Youth.

11. Reconciliation of net (expenditure)/income to net cash flow from operating activities

Net (expenditure)/income for the year (as
per the statement of financial activities)
Adjustments for:
Depreciation charges
Amortisation charges
Investment income
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities		 Unrestricted
Funds
2022
£
(11,205)
588
-
(164,382)
(16,884)
(3,218)
(195,101)		 Restricted
Funds
2022
£
1,754
-
7,014
(2)
-
-
8,766		 Total
2021
£
274,880
907
7,014
(155,003)
3,578
6,486
Total
2022
£
(9,451)
588
7,014
(164,384)

(16,884)

(3,218)
137,862
(186,335)

18

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER AND ST PAUL BATTERSEA

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

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
£
672
336
1,008
£
336
-
336

13. Related Party Transactions

The members of the PCC gave a total of £13,530 (2021: £25,676) in unrestricted offerings and donations during the year.

19