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2023-12-31-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 2023

Tandem Accounting Chartered Accountants 17 Heathville Road London N19 3AL

THE PARISH OF ST PETER AND ST PAUL BATTERSEA

Report and Financial Statements 2023 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 2023

Charity Name The Parochial Church Council of the Ecclesiastical Parish of St Peter and St Paul, 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 2023 or were serving at the date this report was
approved were:
Clergy Rev’d Ian Luke-Macauley
Interim Minister until April 2023
Vicar from May 2023
Wardens Dr Ken Checinski
Ms Funmi Kola-Okeowo (Dr Wendy Maull from April 2024)
Deanery Synod Representative Mr Peter Wolstenholme
Elected or Co-opted Members Mrs Violet Simpson (until April 2023) Mrs Verah Gondwe
Mrs Ade Osunde (until April 2023) Mr Ashwini Alexander
Mrs Daphne Curate Ms Alba Lajaz
Dr Wendy Maull Mr Pino Amartiefo
Ms Smedah Gondwe (from April 2023) Ms Joseline Tinka (from April 2023)
Ms Helen Oakley (from April 2023) Ms Francesca Bascoe (from April 2024)
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 2023

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 2023. 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 Members

The Electoral Roll revised in preparation for the 2024 Annual Parochial Church Meeting (APCM) in April 2024 comprised 55 members.

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. Review of the Year

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 2023

“God is working his purpose out as year succeeds each year…”

Since our last APCM on 14[th] May 2023, we have had a very full year and the Lord has continued to be good to us. The Vicar’s year in review:

In May 2023 – The PCC reinstated the use of various sub-committees to assist the smooth running of the PCC, everyone was encouraged to be involved in at least one of the sub-committees and this is still in operation.

June – August 2023 – Were months of change as we prepared to say farewell to Charlie and her family as she left in August to start training as an Ordinand. But first her last big ministry was organising and leading a group of children and families to Focus ’23 in July.

In August, we sent Charlie and her girls off with our blessing for all that they had given to this Church.

The Lord was gracious to us in helping us to fill the big shoes that Charlie had left behind as we were able to appoint Emma at the end of August to the vacant role of Families and Communities Pastor.

Meanwhile I was leading the PCC and the rest of the Church in our Mission Action Plan (MAP) a simple plan with specific objectives to help us use our resources effectively, focusing on our key priorities). Various consultation processes were used to hear from Church members and some parts of the community.

We also thought it prudent to manage our resources and have a much needed rest during August which meant we did not run the usual summer kids club (which we expect to run this year, God willing).

September – October – We returned from our short summer break with vision and passion which helped greatly in getting closer to completing the first draft of the MAP, which the PCC continued to discuss and refine.

But we did not wait for the MAP to get off the ground as partnership with the Royal Dance Academy was being worked on with some indications of projects (like a Christmas Community Event) that we can be involved in.

Another idea that was emerging was the introduction of a Toddler’s Group (later named Little Life) as a mid-week activity, aimed at making better use of our building during the week.

In response to the youth’s request for more activity aimed at their level and interests, we also started a Friday Youth club, meeting monthly, specifically for youths in our church and the community and it is really encouraging to see them bring their friends to the Youth Club.

These months also initiated plans for our forth-coming quinquennial inspection as each Church has to go through a full inspection, once every 5 years. Our Church building was ‘of age’ in this respect, that is, being just over 5 years, we were approaching our first inspection.

Raheel was asked to lead this given his role as Facilities Manager and to work in consultation with the Fabrics Committee (one of the afore-mentioned sub-committees of the PCC).

November – December – We firmed up the MAP and then confirmed that Little Life will commence in January 2024. Partnership with the RAD, saw us being involved in planning and participating in the Christmas Community Choir, which featured our now famous, SPB Community Choir led by Selene and Irene.

We were also engaged in various other community events like carol singing in a local residential home, a Christingles service for some children from Arc John Archer Primary School along with our usual distribution of the Christmas love bags which helped to share the love and joys of the glorious festive season.

All that was wonderfully underpinned by the various services that we had through December culminating in our first New Year’s Eve service with Holy Communion, attended by about 70 people, a very fitting way to close the old year and to welcome and dedicate the new year, to the Lord.

January 2024 – New beginnings was marked with the launch of Litte Life (which averages 16) parents and toddlers a few of whom have since joined the Church.

We also saw the completion of the quinquennial report which thankfully does not highlight any major works though there’s quite a long list of recommended works. Furthermore Warm Hubs (twice a week) provided space during the week for anyone to drop in for a few hours for soup, chat of just relax.

Talking of new beginnings, we also launched our new Sunday service rota which thanks to the generous offering of themselves, members volunteered to serve in various ministries. This is an encouraging manifestation of the diversity of gifts in the body of Christ and each member being encouraged to be involved.

February – March 2024 – focused on planning for events and services leading to Easter. This included a Lent course, Passover Event, A Good Friday service which culminated with our double Easter celebration with Sunrise Communion and our family service later at 10.30am.

Thus far, God has been good to us so we look forward to the ‘new year’ with great anticipation and with renewed vigour to continue to serve Him as we are equipped and able to do so.

Shalom. Ian

Rev'd Ian Luke-Macauley Vicar, St Peter’s Battersea & Area Dean of Battersea

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 2023

4. Financial Review

4.1 Financial Activity and Financial Position

This year returned a net operating deficit of £79,661 (2022: deficit of £9,451).

In terms of the overall financial position, the balance sheet shows total net assets of £3,157k (2022: £3,237k). Of these funds, £815k (2022: £819k) 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 2023 the church had net free reserves of £317,461 (2022: £393,206) 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		 2023 2022
£
3,237,403

(818,611)

(586)

(2,025,000)


£
3,157,742
(815,410)

(129)

(2,025,000)
393,206
317,461
150,000
150,000

4.3 Pay Policy

The PCC policy is to schedule an annual review of staff pay. 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 5% 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 gifts, at the discretion of the leadership, to those in need within the church fellowship.

5. Plans for Future Periods

The PCC are currently looking to recruit a replacement Facilities Coordinator to overlook the maintenance of the church building, flats and St Peter’s Centre.

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 2023

6. 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 notes page 11). 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.

The PCC notes that for the year ended 31st December 2023 total income is in deficit of approximately £80k compared with total expenditure and the impact this has on the reserves brought forward from the previous years. The finance committee which looks into the financial matters of the church on behalf of the PCC, has identified the significantly higher energy and St Peters' Centre running costs compared to last year as the primary reasons for the expenditure to exceed the income in 2023.

The root causes of these increases will be thoroughly investigated and measures will be taken, as feasible, to arrest the rising costs. Also, various avenues like rental income, lettings income, donations etc. will be explored to sustainably increase the revenues.

Nonetheless, whilst there are pressures on the finances, the PCC has concluded that it is appropriate to prepare the 2023 Accounts on a going-concern basis.

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 27[th] October 2024 and signed on its behalf by:

Revd Ian Luke-Macauley Vicar & 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 2023, 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

XXXX 2024

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 2023

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

508Total funds brought
forward

Total funds carried forward
 Unrestricted
Funds
2023
£

28,402
379
32,426
166,998
-		 Restricted
Funds
2023
£
6,560
-
-
8
-
6,568
7,014
2,755
9,769
-
(3,201)
-
-
(3,201)
818,611
815,410		 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		 Total
2022
£
42,484
1,336
29,094
164,384
426
Total
2023
£
34,962
379
32,426
167,006
-
228,205 222,722 237,724
234,773
24,538
280,127
304,665
-
(76,460)
-
-
(76,460)
2,418,792
2,342,332		 13,852
220,075		 20,866
226,309
31,552
282,882
233,927 247,175
314,434
- -
-

(11,205)		 (9,451)
(79,661)
-
-		 -
-
-
-

(11,205)		 (9,451)
(79,661)
2,429,997 3,246,854
3,237,403
2,418,792 3,237,403
3,157,742

8

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

Balance Sheet For the year ended 31 December 2023

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
2023
£
129
2,025,000
2,025,129
15,784
316,473
332,257
15,054
317,203
2,342,332
-
2,342,332
2,342,332		 Restricted
Funds
2023
£
-
785,561
785,561
-
29,849
29,849
-
29,849
815,410
815,410
-
815,410		 Total
2022
£

Total
2023
£
129 586
2,810,561 2,817,575

2,810,690		 2,818,161
15,784 27,835
346,322 435,564

362,106		 463,399
15,054 44,157
347,052 419,242
3,157,742 3,237,403
815,410 818,611
2,342,332 2,418,792
3,237,403
3,157,742

The financial statements were approved by the PCC on xx 27[th] October 2024 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 2023


Note
Net cash flows from operating activities
11
Cash flows from investing activities:
Dividends, interest and rents from investments
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
2023
£
(260,053)
166,998
166,998
(93,055)
409,528
316,473		 Restricted
Funds
2023
£
3,805
8
8
3,813
26,036
29,849		 Total
2022
£
(186,335)
164,384
164,384
(21,951)
457,515
435,564
Total
2023
£
(256,248)
167,006
167,006
(89,242)
435,564
346,322

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 2023

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 2023

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 2023

2. Income

Unrestricted
Funds
2023
£
Donations & legacies
Offerings – planned giving & one-off gifts
20,549
Offerings – collections
5,987
Income tax reclaimed
966
Grants
900
28,402
Charitable activities
Fee income (net)
262
Weekend away/outings/outreach events
117
379
Other trading income
Lettings income
32,426
Investments
Rental income
165,354
Bank Interest
1,644
166,998
Other
Phase 2 building project: other receipts
-
0
228,205		 Restricted
Funds
2023
£
-
-
-
6,560
6,560
-
-
0
-
-
8
8
-
0
6,568		 Total
2022
£
19,000
4,173
2,658
16,653
Total
2023
£
20,549
5,987
966
7,460
42,484
546
790
34,962
262
117
1336
29,094
163,829
555
379
32,426
165,354
1652
164,384
426
167,006
-
426
0
237,724
234,773

3. Expenditure on Raising Funds

Unrestricted
Funds
2023
£
Amortisation of investment in St Peter’s Centre
-
St Peter’s Centre running costs
-
Residential rental properties
Furnishing/maintenance
1,476
Management fees
6,583
Service charge
13,591
Lettings caretaking fee
2,498
Donation platform
390
24,538		 Restricted
Funds
2023
£
7,014
-
-
-
-
-
-
7,014		 Total
2022
£
7,014
1,869
-
5,076
4,982
1,907
18
Total
2023
£
7,014
-
1,476
6,583
13,591
2,498
390
20,866
31,552

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 2023

4. Expenditure on Charitable Activities
Unrestricted
Funds
2023
£
Restricted
Funds
2023
£
Provision of clergy
Fairer Shares (Contribution to Southwark Diocese)
54,180
-
Clergy expenses and salaries
1,424
-
55,604
0
Church Life & Outreach
Staff costs
53,394
-
Advertising & communication
1,337
-
Children & youth work
1,510
-
Training & resources
434
-
Events & Evangelism
3,699
-
Other ministries
10,681
180
Community Life
7,725
2,575
Worship & upkeep of services
440
-
Gifts & Grants (see note 4b below)
11,022
-
90,242
2,755
Provision of Building and Facilities
Heat, light & water
45,187
-
Insurance
4,649
-
Security
4,234
-
Maintenance & cleaning
21,081
-
St Peters Centre running costs
27,931
-
Depreciation
457
-
Church Buildings & Equipment
1,129
-
104,668
0
Operations & Ministry Support
Staff costs
16,851
-
Printing, stationery & office supplies
1,239
-
Telephone & Broadband
1,496
-
IT costs
2,590
-
Accountancy & payroll
4,170
-
Other
725
-
27,071
0
Governance
Independent examination
2,460
-
PCC meeting expenses
82
-
2,542
0
280,127
2,755		 Total
2023
£
54,180
1,424
55,604
53,394
1,337
1,510
434
3,699
10,861
10,300
440
11,022
92,997
45,187
4,649
4,234
21,081
27,931
457
1,129
104,668
16,851
1,239
1,496
2,590
4,170
725
27,071
2,460
82
2,542
282,882		 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
2023
£
54,180
1,424
55,604
53,394
1,337
1,510
434
3,699
10,861
10,300
440
11,022
92,997
45,187
4,649
4,234
21,081
27,931
457
1,129
104,668
16,851
1,239
1,496
2,590
4,170
725
27,071
2,460
82
2,542
282,882

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 2023

4. Expenditure – Charitable Activities (continued)

4a Staff Costs

In addition to the many volunteers who give their time to the church, there were 3 (2022: 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
2022
£
81,159
7,335
(5,000)
2,318
85,812
26,108
2023
£
66,416
6,846
(5,000)

1,983
70,245
31,018

No employee (2022: 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
2023
£
Gifts & grants to:
Organisations
10,772
Individuals
250
11,022		 Restricted
Funds
2023
£
-
-
0		 Total
2022
£
9,507
814
Total
2023
£
10,772
250
10,321
11,022

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		 2023 2022
£ £
504 720
457 588
2,460 1,500
1,164 1,410

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 2023

6. Tangible Fixed Assets


Cost
At 1 January 2023
Additions
Disposals
At 31 December 2023
Depreciation
At 1 January 2023
Charge for Year
Disposals
At 31 December 2023
Net Book Value
At 31 December 2023
At 31 December 2022		 Fixtures,
fittings &

equipment

£
14,219
-
-
14,219
13,633
457
-
14,090
129
586

All of the fixed assets are used for charitable purposes.

7. Fixed Asset Investments

At 1 January 2023
Additions
Amortisation of lease
Revaluation		 Residential
Leasehold
Properties
£
St Peter’s
Centre
£
2,025,000
792,575
-
-
-
(7,014)
-
-
2,025,000
785,561
Total
£
2,817,575
-
(7,014)

-
2,810,561

Residential Leasehold Properties . In 2017 the church took delivery of 3 residential properties each with a 250year 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 2023

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
Accrued income
Other debtors		 2023 2022
£
8,759
12,489
-
6,587
27,835
£
5,302
1,873
2,710
5,899
15,784

9. Creditors - Amounts Falling Due Within One Year

9. Creditors - Amounts Falling Due Within One Year

Accruals
Independent examination
Fairer shares
Other creditors including taxation and social security		 2023 2022
£
1,500
36,387
6,270
£
1,920
-
13,134
44,157
15,054

10. Restricted Funds

10a Current year
Phase 1 Building Fund
Helping Hand
St Peter’s Centre Maintenance
Exercise Class
Community Art Project
Love Your Neighbour
Big Alliance
WBC Warm Hub		 At 1
January
2023
£
792,575
3,799
6,124
57
2,773
0
13,283
0
818,611		 Income
£
Expenditure
£
Transfers
£
-
(7,014)
-
8
(180)
-
-
-
-
-
-
-
-
-
-
0
0
-
5,000
(2,575)
-
1,560
-
-
6,568
(9,769)
0		 Income
£
Expenditure
£
Transfers
£
-
(7,014)
-
8
(180)
-
-
-
-
-
-
-
-
-
-
0
0
-
5,000
(2,575)
-
1,560
-
-
6,568
(9,769)
0		 Income
£
Expenditure
£
Transfers
£
-
(7,014)
-
8
(180)
-
-
-
-
-
-
-
-
-
-
0
0
-
5,000
(2,575)
-
1,560
-
-
6,568
(9,769)
0		 Income
£
Expenditure
£
Transfers
£
-
(7,014)
-
8
(180)
-
-
-
-
-
-
-
-
-
-
0
0
-
5,000
(2,575)
-
1,560
-
-
6,568
(9,769)
0		 Gains/
(losses)
£
-
-
-
-
-
-
-
-
0		 At 31 At 31
December
2023
£
785,561
3,627
6,124
57
2,773
0
15,708
1,560
815,410

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 2023

10. Restricted Funds (continued)

10b Prior 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

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 children and youth.

11. Reconciliation of net expenditure to net cash flow from operating activities

Net expenditure 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
2023
£
(76,460)
457
-
(166,998)
12,051
(29,103)
(260,053)		 Restricted
Funds
2023
£
(3,201)
-
7,014
(8)
-
-
3,805		 Total
2022
£
(9,451)
588
7,014
(164,384)
(16,884)
(3,218)








)
Total
2023
£
(79,661)
457
7,014
(167,006)

12,051
(29,103)
(186,335
(256,248)

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 2023

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		 2023 2022
£
672
336
1,008
£
-
-
0

13. Related Party Transactions

The members of the PCC gave a total of £8,438 (2022: £13,530) in unrestricted offerings and donations during the year.

19