## **Annual Report and Financial Statements of the Parochial Church Council**
**accounts for the year ended 31 December 2023**
## **Vicar - Revd Dr Brutus Green**
## **Bank:**
National Westminster Bank 153 High Street, Putney, London SW15 1RX
## **Examiner of Accounts:**
Mr E Challen 303 Upper Richmond Road London SW15 6SS
**Church address** Putney Park Lane Putney, London SW15 5HU
1
## **PCC Annual Accounts Report for 2023**
The PCC has the responsibility of working with the Vicar, to plan and implement the mission and ministry of the church. The mission statement of St Margaret’s Church is:
## _Connect Reflect Grow_
## **Membership of the PCC**
## **Ex ofcio**
**Vicar** Rev'd Dr Brutus Green
**Lay Reader** Anne East and Sarah Cooper
**Churchwardens** Sarah Cooper Tony Hawksley
**Secretary** Helen Hargreaves
**Treasurer** Tony Hawksley
**Representatives**
Ann Grieves Andrew Gairdner John Roberts Sally Russell
**on the Deanery Synod**
## **Elected members**
Until 2024 Until 2025 Until 2026
Sarah Cooper Hilary Belden Sue Mason Ann Grieves Bryony Gough Sally Strahan Sally Russell Mark Taylor Helen Speedy Andrew Gairdner Tommy Wong John Roberts Mark Steward Janice Paine
**Financial review**
2
## **The PCC’s financial responsibilities**
As in all Church of England parishes the PCC must raise sufficient funds to maintain services in the church. The PCC does not own the church building or the grounds but is responsible for their upkeep, including insurance, repairs and decoration. The PCC is also responsible for the decoration of the vicarage.
The parish is asked to pay its share of the central costs of running the Church of England, which includes the salaries and pensions of the vicar as well as the central staff. This share is collected under the Parish Support Fund whereby each parish offers a pledge to the Diocese for its annual contribution.
## **Restricted and unrestricted funds**
The PCC collects and spends its money on either a restricted or unrestricted basis. A restricted gift is one given (and accepted) under a limitation on its use imposed by the donor.
There are various restricted funds: the vicar’s fund, specific donations (including the Centenary fund) and the fabric fund. There is also an external giving fund which is used to receive and disburse gifts for specific purposes made during the year. The specific donations fund holds major gifts made for specially stated purposes. The fabric fund is used to pay for major works to the church, halls and grounds.
The unrestricted funds are the Church House fund, and the general fund. The first of these arose when it was necessary to show the Church House on the balance sheet at the time it was first let commercially. The general fund is the daily working fund of the PCC and it is freely available for all and any expenditure of the parish.
## **The accounts**
The accounts which follow this review comprise three elements:-
The statement of financial activities shows the donations received and income from investments, hall lettings and fees, together with the expenditure of that money under the various specified headings which the PCC is required to use. Both the income and outgoings are split between unrestricted and restricted funds.
The balance sheet lists the assets and liabilities of the parish.
The notes to the accounts give further detailed information as required by law.
## **Charity Status**
3
The Parochial Church Council of the Ecclesiastical Parish of St Margaret’s, Putney has been registered as a charity since 24[th] August 2011, registered charity number: 1143534.
## **Risks**
The PCC is required to consider the risks it faces and the means to mitigate them. The main risks are damage to the buildings, injury to those on site, financial loss and, lack of income.
The PCC maintains insurance cover for both property and liability risks. There is also a fabric fund for major works including the replacement of the Church roof which may be required in the next few years. The buildings are inspected regularly by qualified surveyors.
As regards the financial risks, the cash assets are mostly deposited with Nat West Bank and the CCLA Investment Management Ltd, and the treasurer maintains checks to ensure that proper accounting is made of the money in the PCC’s control.
Income and expenditure require constant review and are dealt with in the following section.
Commentary and the future
## EXECUTIVE SUMMARY
The main financial events during the year were:
1. Expenditure of £473,568 on the Worth Parish Centre. This was financed by the Elizabeth Worth Legacy (received in prior years), external grants and receipts from fund raising events and donations received in 2023 which aggregated to £120,113.
2. As a result of the expenditure on the Worth Parish Centre cash balances reduced by £312,744 to £121,148 as at 31 December 2023
3. Church and Hall letting income rose to £76,568 from £71,160 in 2022.
4. Stewardship income increased to £76,132 from £74,277 in 2022. Gift Aid recoverable increased to £31,379 from £16,867, partly due to additional receipts that related to the previous year.
5. A replacement piano was purchased for £18,430 which was supported by donations of £16,275.
4
6. Our commitment to Parish Fairer Shares increased to £83,500 in 2023.
## **LOOKING AHEAD TO 2024**
The PCC is budgeting a small operating deficit in 2024. There are concerns that our cash
reserves are lower than desirable; any further improvements to Church property, such as the
roofs of both the Church and Halls will only be affordable if financed by higher than expected income and further grants and donations.
## **On behalf of the PCC**
Tony Hawksley (Churchwarden)
Sarah Cooper (Churchwarden)
5
## Parochial Church Council of St Margaret, Putney
## Statement of Financial Activities Year ended 31st December 2023
|Notes
**Incoming Resources**
Incoming resources from
Generated Funds
Voluntary Income
2a
Investment Income
2b
Incoming resources charitable
activities
2c
Hall Lettings
Total incoming resources
**Resources expended**
Charitable Activities
3
Total resources expanded
**Net outgoing resources**
**and Net movement in fund**|Unrestricte
d
Restricte
d
Total
2023
Total 2022
£
£
£
£
£
284,002
£
3,234
£
287,236
£279,988
£
40,596
£
40,596
£ 28,586
£
6,178
£
6,178
£ 95,382
£
76,568
£
76,568|
|---|---|
||£
407,344
£
3,234
£
410,578
£403,956|
||£
756,897
£
14,353
£
771,250
£ 375,174|
||£
(349,553)
£
(11,119)
£(360,67
2)
£ 28,782|
6
Reconciliation of Funds
||£|£|£||
|---|---|---|---|---|
|**Balance brought forward at**|578,886|39,651|618,537|£589,755|
|1stJanuary 2023|||||
|Carried forward at|||||
||£|£|£||
|31stDecember 2023|229,333|28,532|257,865|£618,537|
|Parochial Church Council of St Margaret's Putney|Parochial Church Council of St Margaret's Putney|Parochial Church Council of St Margaret's Putney||||
|---|---|---|---|---|---|
|Balance Sheet||||||
|At 31st December 2023||||||
||Note|||||
||s||2023||2022|
|||£||£||
|FIXED ASSESTS||||||
||||£||£|
|Fixed assets for charity use|4|165,000|||165,000|
|CURRENT ASSETS||||||
||||£|||
|Debtors|5||37,525||£ 22,758|
||||£|||
|Short term deposits|||66,000||£ 374,000|
||||£|||
|Cash at the bank and in hand|||55,148||£59,892|
||||£||£|
|||158,673|||456,650|
|LIABILITIES||||||
|Amounts falling due within one year||||||
||||£||£|
|Creditors|6||65,808||(3,113)|
|NET CURRENT ASSETS|||£||£|
||7|||||
|||
|---|---|
|Total assets less current liabilities
Finance by:-
Unrestricted Funds
Restricted Funds
TOTAL FUNDS|92,865
453,537|
||**£**
**257,865**
**£**
**618,537**|
||£
229,333
£
578,886
£
28,532
£
39,651|
||£
257,865
£
618,537|
## **PAROCHIAL CHURCH COUNCIL OF ST MARGARET, PUTNEY**
**NOTES TO THE ACCOUNTS For the year ended 31 December 2023**
## **1 Accounting policies**
## **Basis of preparation**
The financial statements have been prepared in accordance with the Church Accounting Regulations 2006, together with applicable accounting standards and the Charities SORP.
The financial statements have been prepared under the historical cost convention.
## **Funds**
Unrestricted funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application to the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted.
The accounts include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of groups that are informal gatherings of Church members.
8
## **Incoming resources**
Collections are recognised when received by or on behalf of the PCC. Planned giving receivable under covenant or otherwise is recognised only when received. Income tax recoverable on gift aid donations is recognised when the income is recognised.
Funds raised by events or campaigns are accounted for gross. Sales of books and magazines are accounted for gross. Rental income from the letting of Church premises is recognised when the rental is due.
Interest is recognised when received.
## **Resources expended**
Grants and donations are accounted for when awarded.
The diocesan “Parish Support Fund" for each financial year is accounted in the year that it is payable.
## **Fixed assets**
Consecrated and beneficed land and property thereon is excluded from the accounts by s.96(2)(a) of the Charities Act 1993. The exception is where such property is used for commercial purposes. This became the case in 2000 with Church House and, thus, a fixed asset is included for this property.
Moveable church fittings and furnishings held by the Churchwardens on special trust for the PCC, and which require a faculty for disposal, are accounted as inalienable property unless consecrated. They are listed in the Church’s inventory, which can be inspected by application to the Churchwardens. The church hall is the only material operational asset.
For inalienable and operational assets acquired prior to 2000 there is insufficient cost information available and, therefore, such assets are not valued or included in the accounts. Items acquired since 1 January 2000 have been capitalised and depreciated in the accounts over their currently anticipated useful economic life (initially 4 years) on a straight-line basis. All such items are now written off.
All expenditure incurred on consecrated or beneficed buildings, and on individual items of inalienable and operational assets costing less than £2000, is written off in the year of expenditure.
9
## **Current assets**
Amounts owing to the PCC at 31 December are shown as debtors less provision for amounts that may prove uncollectable.
Short term deposits include cash held on deposit with the CBF Church of England Funds.
## **2 Incoming Resources**
|**Incoming resources from**
**generated funds**
**2a Voluntary income**
Stewardship
Income tax recoverable
Cash Collections
Legacy
Other donations and Appeals
Donations to new Piano
Worth Income
**2b Investment Income**
Interest|Unrestricted
Funds
Restricted
Funds
Total 2023
Total 2022
£
£
£
£
£
3,234
£
3,234
£ 76,132
£ 76,132
£ 74,277
£ 31,379
£ 31,379
£
16,867
£ 6,707
£ 6,707
£ 2,418
£ 18,000
£ 18,000
£ 135,838
£ 15,396
£ 15,396
£ 50,588
£
16,275
£ 16,275
£
120,113
£ 120,113|
|---|---|
||£ 284,002
£284,002
£ 279,988
£12,996
£12,996
£ 2,486|
10
|Church House Rent
**Incoming resources from**
**charitable activities**
**2c Fees**
**Events**
**To Generate Funds**
**Church Hall Lettings**
**Total incoming resources**
**3 Resources expended**
3a Charitable activities
Grants
Secular charities
3b the work of the church
Diocesan Parish Support
Fund
Clergy expenses
Church running costs
Church hall running costs
Church House running costs||£27,600
£27,600
£ 26,100|
|---|---|---|
|||£40,5
96
£40,596
£ 28,586
£3,793
£3,793
£ 9,928
£2,385
£2,385
£ 14,294|
|||£6,178
£6,178
£
24,222|
|||£76,568
£76,568
£ 71,160|
||||
|||£407,344
£ 3,234
£410,578
£ 403,956|
|||**Unrestricte**
**d Funds**
**Restrict**
**ed**
**Funds**
**Total**
**2023**
**Total**
**2022**
£
£
£
£
£
14,353
£
14,353
£39,225
£ 83,500
£
83,500
£ 81,900
£ 6,022
£
6,022
£ 5,713
£ 24,979
£
24,979
£ 26,352
£ 11,308
£
11,308
£ 17,208
£ 1,534
£
1,534
£ 1,023
11|
||||
|---|---|---|
|Upkeep of services
Bank charges
**Worth Project Costs**
New Piano
Contingent Liabilities
**Expenditure on Fabric :-**
Crypt development
New Boiler
Fencing
Lighting
Church House
New Chairs
Other Charitable Activities
3c Management and
administration
Salaries and fees
**Total resources expended**
**4 Debtors**
Income tax recoverable
Other debtors
**5 Creditors**
External giving grants payable
Other creditors|£ 86,865
£ 1,766
£ 473,568
£ 18,430
£ 16,000
£ 32,925|£86,86
5
£ 60,071
£
1,766
£ 1,723
£473,56
8
£ 48,461
£
18,430
£
16,000
£ 18,812
£ 5,485
£ 12,969
£ 4,204
£ 5,136
£ 17,924
£
32,925
£ 27,968|
||**£756,897**
**£14,353**|**£771,2**
**50**
**£375,174**|
||12|2023
2022
£
31,379
17,000
£
6,144
5,758
**£**
**37,525**
**22,758**
£
17,236
£
48,572
3,113|
**£**
**65,808 3,113**
## **6 Fund details**
The unrestricted funds are the general fund, through which is passed normal church income and expenditure and a fund for the investment in Church House. The Restricted funds are the fabric fund, which includes amounts set aside
by the PCC for fabric expenditure the specific donations fund and the vicar’s restricted fund.
## Movements on the funds during the year were: -
|**Balance at**
**Unrestricted funds**
General
Church House
Restricted Fund
External giving
Specifc donations
Vicar's restricted|**Balance**
**at**
**Incomin**
**g**
**Resourc**
**es**
**01.01.2**
**3**
**resourc**
**es**
**expende**
**d**
**Transfe**
**rs**
£413,88
6
£407,34
4
£
756,897
£165,00
0|**Balance**
**at**
**31.12.2**
**3**
£
64,333
£
165,000|
|---|---|---|
||£578,88
6
£407,34
4
£
756,897|£229,33
3|
||£
38,185
£ 3,234
£ 12,887
1,466
--
1,466|£
28,532|
|**Total Funds**|**£618,5**
**37**
**£410,57**
**8**
**£**
**771,250**|**£257,86**
**5**|
## 7 Staff costs and related party instructions
No member of the PCC received remuneration from the funds. No out-of-pocket expenses have been reimbursed to PCC members. The PCC has three part-time employee’s office administrator, music director and a cleaner, none of whom earned more than £50,000 pa or more. These church costs are analysed as follows.
Wages and Salaries
|**2023**|**2022**|
|---|---|
|£|£|
|£61,322|£46,517|
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## **EXAMINERS REPORT TO THE PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ST MARGARET’S CHURCH PUTNEY**
This report on the accounts of the PCC for the year ended 31 December 2023, which are set out on pages 6 to 13, is in respect of an examination carried out under Regulation 3(3) of the Church Accounting Regulations 2006 (‘the Regulations’) and s.43 of the Charities Act 2011 (‘the Act’).
## **Respective responsibilities of trustees and examiner**
As the members of the PCC, you are responsible for the preparation of the accounts; you consider that the audit requirement of Regulation 43(2) and section 43(2) of the Act do not apply. It is my responsibility to issue this report on those accounts in accordance with the terms of the Regulations.
## **Basis of examiner’s report**
My examination was carried out in accordance with the General Directions given by the Charity Commission under section 145 (5)(6) of the Act and to be found in the Church guidance, 2006 edition. That examination includes a review of the accounting records kept by the PCC and a comparison of the accounts with those records. It also includes considering any unusual items or disclosures in the accounts and seeking 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 I do not express an audit opinion on the view given by the accounts.
## **Examiner’s statement**
In connection with my examination, no matter has come to my attention:
- 1 which gives me reasonable cause to believe that in any material respect the requirements
- to keep accounting records in accordance with section 130 of the Act; and to prepare accounts which accord with the accounting records and comply with the requirements of the Act and the Regulations have not been met;
or
- 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## **E. Challen FCA,**
303 Upper Richmond Road, Putney SW15
14