## St. Luke's Oseney Crescent PCC
Report and Accounts Year ended 31 December 2022
1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk
## **ST LUKE'S OSENEY CRESCENT PCC**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **CHARITY INFORMATION**
## **Members of the Parochial Church Council**
|Incumbent and chairman:|The Reverend Jon March|
|---|---|
|Other clergy members:|Lara Edwards|
||Elizabeth Osborne|
|Church warden:|Simon Court|
||Bethan Sadler (resigned April 2022)|
|Other members:|Olamide Akinsanya (resigned April 2022)|
||Erin Andres (appointed April 2022)|
||Fleur Brading (appointed April 2022)|
||Simeon Castle|
||Karsen Cheung|
||David Cooke (treasurer)|
||Lydia Devine (resigned April 2022)|
||Peter Evans (resigned January 2022)|
||Ema Howing (appointed April 2022)|
||Maxim Khan (appointed April 2022)|
||Jasmine King|
||Esther Lau (appointed April 2022)|
||Rupesh Patel|
||Christopher Philpot|
||George Ward|
||David Wesson (appointed April 2022)|
|**Charity Registration Number**|1145026|
|**Principal Address**|St. Luke's Parish Office|
||7 Dowdney Close|
||London|
||NW5 2BP|
|**Independent Examiner**|Ajay Rajani FCIE|
||Stewardship|
||1 Lamb's Passage|
||London|
||EC1Y 8AB|
|**Bankers**|HSBC UK Bank plc|
|**CONTENTS**||
|---|---|
||**Page**|
|Charity Information|1|
|Annual Report of the Members of the Parochial Church Council|2-6|
|Independent Examiner's Report|7|
|Statement of Financial Activities|8|
|Balance Sheet|9|
|Notes to the Accounts|10 - 16|
|Detailed Statement of Financial Activities with Comparatives|17|
Page 1
## **ST LUKE'S OSENEY CRESCENT PCC**
## **ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
The Members of the Parochial Church Council (PCC) have pleasure in presenting their report together with the financial statements for the year ended 31 December 2022.
## **Objects of the charity**
The charity is responsible for co-operating with the incumbent, in promoting in the ecclesiastical parish, the whole mission of the Church be it pastoral, evangelistic, social or ecumenical. The PCC is also responsible for maintaining certain church property situated within the parish, namely the church building at Oseney Crescent and the vicarage.
## **Vision**
The Vision at St Luke’s is to be centred on Jesus, transforming communities, one life at a time.
## **Summary of the charity's main activities and achievements**
For many of us, 2022 saw a return to some resemblance of normality after two years of incredible challenge and change. We began the year under the shadow of the Covid Omicron variant and, as the year went on, while there were still the remnants of the behaviours that we all got used to during the pandemic, the world was opening up again. It was no different for us at St Luke’s.
As a church, the question we continued to think about was whether we would emerge from the pandemic returning to a pre-pandemic life, or whether we were going to do anything differently as a result of what we had all experienced.
In 2021, we felt like the Lord was calling us to a “Noah’s Ark” season, a season where all of us could gather again under one roof. Where before we had two services, we now had one. Where before our children’s work was held off-site, it was now on-site. We ended that year doing nothing more than gathering to worship on Sundays and praying together once a month.
Building on those foundations of worship and community we wanted to take a journey as a church into deeper discipleship beginning with Alpha. For us, Alpha is where we learn the core tenets of what we believe but also, in Alpha, we learn how we are to be with one another. The small group values create a space where anyone can come with any question and where we learn to be comfortable with disagreement.
In addition, during this time, we prayed daily throughout Lent, which coincided with the emerging crisis in Ukraine.
As the year went on, we were beginning to deepen the wells of worship and discipleship.
_**Therefore, since we are surrounded by such a great cloud of witnesses, let us throw off everything that hinders and the sin that so easily entangles. And let us run with perseverance the race marked out for us, fixing our eyes on Jesus, the pioneer and perfecter of faith. [Hebrews 12:1-2a]**_
Page 2
## **ST LUKE'S OSENEY CRESCENT PCC**
## **ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL CONTNUED**
## **Summary of the charity's main activities and achievements continued**
The writer to the Hebrews uses this image of our faith being like that of running a race. Paul picks up this image too in his letter to the Philippians. So often we make passages like this about ourselves individually but this applies to us as a church community too. As St Luke’s, we need to run the race marked out for _us_ - together running a race that He has prepared for us to run.
But as we come to the end of 2022, I am left with the question that I posed to us in October, are we race ready?
In 2023 we will be taking time to seek the Lord together as a church as to what race He has marked out for us but until then, we need to get race ready.
One of the things we have felt called to do and have invested in, is planting new churches and worshipping communities. Our curates, Lizzie Osborne and Lara Edwards are here at St Luke’s so they can plant out from us. As we know, planting new worshipping communities takes a lot of resources, so we need to be prepared. We need to be race ready.
We may see an athlete run a race for a matter of minutes or even seconds but what we rarely see is the hours upon hours of foundational work and discipline that enables her to run that race. An athlete needs to have prepared.
So we are committing to make sure we are ready, investing in the foundational work of worship and prayer, Sunday gatherings, discipleship and making sure our operations are working well.
On our monthly day of prayer and fasting we now set aside three hours for worship in our Kingdom Come evenings and we pray weekly together on zoom. Sunday gatherings are often people’s first experience of our church so we are committed to making Sundays a place where people gather, worship and grow. Excitingly, we launched a new evening service in October.
While recognising the challenges of shaping and creating discipleship spaces in London, we are committed to seeing growth in this foundational work, beginning with Alpha and continuing with our newly launched Streams. But this isn’t just for the adults among us: our children and youth work is growing too.
It is tempting to take it for granted but in a climate where children’s engagement with the Christian faith in the UK is on the decline, we have a significant responsibility to nurture our young people in their faith. Many of us owe our faith to those who invested in us when we were still young. That is why I am so glad that we welcomed Eguolo Omonigho join the staff team this year as our Children and Families’ Ministry Lead to help us all do that.
In July Anya Bannikova completed her degree with Ridley Hall in Applied Theology and Youth Work. In September Anya joined the staff team of Young Life International, a charity that seeks to share the good news of Jesus with young people outside of the church. As a Young Life staff member Anya is actively exploring opportunities in local schools and in the community to share Jesus with young people, as well as continuing to oversee and develop youth work at St Luke’s. We are delighted that Anya is still around investing in our young people and really excited to see how the outreach work grows and develops.
Page 3
## **ST LUKE'S OSENEY CRESCENT PCC**
## **ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL CONTNUED**
## **Summary of the charity's main activities and achievements continued**
Finally we need to be operationally ready. We are working hard to make sure that we have the staff we need and the physical and financial resources to run the race He calls us to. Naturally we now face a real challenge as to how to house the work we are doing on Sundays with our young people. We would appreciate your prayers as we navigate this in 2023.
The truth is that as a nation we are facing incredible economic challenges and throughout the second half of 2022 we were seeing this reflected in the finances at St Luke’s. It is a challenge. However, God’s economy is different from ours and while we want to be prudent and good stewards, we believe in the God in whose hands the whole earth is held.
Thank you for playing your part in making St Luke’s what it is, giving of your time, finances, support, prayers and love. I particularly want to acknowledge the amazing staff team and lay leaders who give so much behind the scenes to lead and serve us all. Esther Lau, our Parish Safeguarding Officer has led us masterfully and in large part to her excellent and diligent work we have now attained Level 3 on the Church of England's Parish Safeguarding Dashboard which is the tool the Church of England uses to assess each parish's compliance and delivery in safeguarding culture.
I also want to take this opportunity to express our collective gratitude for all that our churchwardens, Bethan Sadler and Simon Court, have given our church over the years. Bethan stepped down in April and Simon will be stepping down at the next APCM. They have been incredible servants and prayerful leaders during these remarkably challenging times. I could not have done without their wisdom and support. We are so grateful.
In the next year, together we will seek what He has called us to for the next season of our church’s life. Until then, may we be ready for that race - each playing our part, prayerfully prepared for all He has for us in 2023.
In planning the charity's activities, the Trustees have complied with the duty to have due regard to the public benefit guidance published by the Charity Commission.
## **Structure, Governance and Management**
The charity is registered with the Charity Commission and operates under the Charities Act 2011. The governing documents for the charity are the Parochial Church Councils (Powers) Measure 1956 (as amended) and the Church Representation Rules.
The appointment of PCC members is governed by, and set out in, the Church Representation Rules. The PCC comprises ex-officio members (which includes clergy and churchwardens), elected members and co-opted members. The PCC organise elections annually before the Annual Parochial Church Meeting (APCM) to fill vacancies. The members of the PCC are the charity's trustees for the purposes of charity law.
Responsibility for setting policy and for determining the parameters within which the charity should operate rests with the PCC who meet regularly to monitor the activities of the charity. Responsibility for the day to day operation of the charity has been delegated to a management team led by the incumbent.
With regard to the PCC's obligations to safeguard children and vulnerable adults, the members of the PCC confirm that they have complied with their duties under section 5 of the Safeguarding and Clergy Discipline Measure 2016.
Page 4
## **ST LUKE'S OSENEY CRESCENT PCC**
## **ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL CONTNUED**
## **Financial review**
During the year income decreased by £17,382 to £378,277, and expenditure increased by £37,926 to £374,584. As a result, this year the PCC has reported a surplus of £3,693 (2021: £59,001). The PCC's net assets have increased by £3,693 to £341,426; this includes cash of £312,644, of which £294,041 is unrestricted.
This year income from members (including related gift aid) fell by about £53,000 however this was partly offset by an increase of £29,000 in grant income and an increase of £6,000 in income from church events and letting facilities. We received two new grants this year amounting to £32,000 to help support the PCC’s work with young people and to help upgrade sound equipment.
As the PCC emerged from the pandemic it was able to re-commence many of its activities and there was a marked increase in expenditure:
- Direct expenditure on church ministries increased by £18,000; much of this increase can be attributed to this year’s Focus conference and to other smaller events and courses.
- Expenditure on support activities, property and administration decreased by £2,000. Within this, there are some significant variances and further information about these variances can be found in the accounts in note 5(b) ‘Charitable expenditure’.
- Expenditure on grant making increased by £22,000 and further information about the grants we paid can be found in the accounts in note 5(c) ‘Grants payable’.
This year the PCC paid the full Parish Standard Cost, which was £87,200.
## **Reserves policy**
The PCC recognises the need to hold free reserves so that the PCC can protect its core activities should there be shortfalls in income and to promote balanced strategic planning. The trustees define free reserves as being unrestricted and undesignated net assets.
The trustees aim to hold reserves equal to no less than three months’ projected operating expenses, which equates to approximately £100,000. At the year end free reserves amounted to £182,017. Though this is higher than the stated minimum, the PCC notes that the cost of living crisis could have an impact on income in 2023 and the PCC may need to use some of its reserves in 2023.
## **Key risks and uncertainties**
The charity is exposed to various risks - be they operational, financial or reputational. The PCC review the charity's activities regularly to identify and monitor significant risks and, where possible, they take appropriate measures to mitigate those risks.
## **Quinquennial inspection**
A quinquennial inspection of our Church building was undertaken in June 2021 by our quinquennial architect, Mr Russell Hanslip. Recommendations from the report continued to be implemented in 2022.
Page 5
## **ST LUKE'S OSENEY CRESCENT PCC**
## **ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL CONTNUED**
## **Plans for the future**
As we emerge from the impact of the pandemic we are seeking to rebuild the foundations of our community life in the first half of 2022. As we settle into rhythms of gathering, worshipping and sustaining, we will then seek to explore where God is leading us in terms of His mission for north London and our role in serving His call.
## **Statement of Responsibilities of the Members of the Parochial Church Council**
The PCC is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity law requires the PCC to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources for the financial year. In preparing these financial statements, the PCC are required to:
1. select suitable accounting policies and apply them consistently;
2. observe the methods and principles in the Charities SORP;
3. make judgements and estimates that are reasonable and prudent;
4. state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
5. prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The PCC is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are 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.
## **Approval**
This report was approved by the PCC and signed on their behalf by:
## **Simon Court**
Simon Court (Church Warden)
Date: 16 April 2023
Page 6
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL OF**
## **ST LUKE'S OSENEY CRESCENT PCC ('the Charity')**
I report to the members of the PCC (who are also the charity's trustees) on my examination of the accounts of the Charity for the year ended 31 December 2022 on pages 8 to 17 following, which have been prepared on the basis of the accounting policies set out on pages 10 and 11.
## **Responsibilities and basis of report**
As members of the PCC you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a Fellow of the Association of Charity Independent Examiners, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Charity 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.
## **Ajay Rajani**
Ajay Rajani FCIE Fellow of the Association of Charity Independent Examiners Stewardship 1 Lamb's Passage London EC1Y 8AB
Date: 2 May 2023
Page 7
## **ST LUKE'S OSENEY CRESCENT PCC**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
|Note
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
3
Charitable activities
4
Other trading activities:
Contract for placement of aerial
Bank interest receivable
**Total income and endowments**
**EXPENDITURE ON:**
Charitable activities:
5
**Total expenditure**
**Net income**
**Transfers between funds**
13
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
13|Unrestricted
Funds
£
288,124
7,984
14,800
459
311,367
323,189
323,189
(11,822)
(128)
(11,950)
334,772
322,823|Restricted
Funds
£
66,910
-
-
-
66,910
51,395
51,395
15,515
128
15,643
2,961
18,603|Total
Funds
2022
£
355,034
7,984
14,800
459
378,277
374,584
374,584
3,693
-
3,693
337,733
341,426|Total
Funds
2021
£
379,109
1,749
14,800
1|
|---|---|---|---|---|
|||||395,659|
|||||336,658|
|||||336,658|
||||||
|||||59,001
-|
|||||59,001
278,732|
|||||337,733|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing operations.
The notes on pages 10 to 17 form part of these accounts.
Page 8
## **ST LUKE'S OSENEY CRESCENT PCC**
## **BALANCE SHEET**
## **AS AT 31 DECEMBER 2022**
|Note
**FIXED ASSETS**
Tangible assets
7
**CURRENT ASSETS**
Debtors
8
Cash at bank and in hand
9
**CREDITORS: Amounts falling**
**due within one year**
10
**Net current assets**
**Total assets less current liabilities**
**CREDITORS: Amounts falling due**
11
**after more than one year**
**TOTAL NET ASSETS**
**FUND BALANCES**
13
Unrestricted Funds
General funds
Designated funds
Restricted Funds|Unrestricted
Funds
£
25,994
25,994
17,354
294,041
311,395
(14,566)
296,829
322,823
-
322,823
182,017
140,806
-
322,823|Restricted
Funds
£
-
-
-
18,603
18,603
-
18,603
18,603
-
18,603
-
-
18,603
18,603|Total
Funds
2022
£
25,994
25,994
17,354
312,644
329,998
(14,566)
315,432
341,426
-
341,426
182,017
140,806
18,603
341,426|Total
Funds
2021
£
32,825|
|---|---|---|---|---|
|||||32,825|
|||||42,071
294,550|
|||||336,621
(22,113)|
|||||314,508|
||||||
|||||347,333
(9,600)|
|||||337,733|
|||||212,979
121,793
2,961|
|||||337,733|
The financial statements were approved by the members of the Parochial Church Council and were signed on its behalf by:
## **Simon Court**
Simon Court (Church Warden)
Date 16 April 2023
The notes on pages 10 to 17 form part of these accounts.
Page 9
## **ST LUKE'S OSENEY CRESCENT PCC**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **1 Statutory Information**
The Parochial Church Council of St Luke's Oseney Crescent is a charity registered in England & Wales. The charity's registered number and principal address can be found on the Charity Information page.
## **2 Accounting Policies**
These financial statements are prepared on a going concern basis, under the historical cost convention. The financial statements include all activities for which the PCC is legally responsible; the activities of informal gatherings of church members and groups that owe their main affiliation to another body and are excluded.
These financial statements have been prepared in accordance with The Church Accounting Regulations 2006, the 'Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)' ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.
The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.
The principles adopted in the preparation of the financial statements are set out below.
## a) Going concern
The PCC have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The PCC have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the PCC have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The PCC have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
## b) Income
Income (which includes planned giving, collections and other donations) is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part income is generally recognised when it is received by, or on behalf of, the PCC. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.
Income from donations includes recoverable gift aid, which is recognised when the related donation is received. Gift aid that has not been recovered by the balance sheet date is included as a debtor.
Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from conferences and events and the letting of the church's facilities for the benefit of the local community.
Income from other trading activities represents income receivable from activities undertaken to generate funds for the charity. This year it comprises income from the placement of a telecommunications aerial.
The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.
## c) Expenditure
Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Contributions in respect of the diocesan parish share are included in the Statement of Financial Activities for all amounts agreed to being payable for the financial year. Any contributions that have not been paid over by the year end are included as a creditor.
The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.
Page 10
## **ST LUKE'S OSENEY CRESCENT PCC**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **2 Accounting Policies continued**
## d) Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the PCC in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the PCC for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.
## e) Tangible fixed assets
Consecrated and beneficed property is not included in these financial statements by virtue of s.10(2) of the Charities Act 2011. All expenditure on consecrated or beneficed buildings is written off in the year in which it is incurred.
Movable church furnishings held by the incumbent and Churchwardens on special trust for the PCC and which require a faculty for disposal are capitalised in accordance with the policy set out below. These items are regarded as inalienable property and are listed in the church's inventory which can be inspected at any reasonable time. Inalienable property acquired prior to 2000 has not been capitalised as there is insufficient cost information available.
Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £1,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:
## Fixtures, fittings and equipment Over 3 to 10 years
The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.
- f) Leased assets Leases which do not transfer substantially all the risks and rewards of ownership to the charity are classified as operating leases. Operating lease payments are recognised as an expense on a straight-line basis over the lease term.
## g) Pension scheme arrangements
The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.
## h) Taxation
The charity has taken advantage of various reliefs from taxation available to charities and no tax is payable on income.
i) Financial instruments The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive).
## j) Exemption from preparing a cashflow statement
The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.
## k) Critical accounting estimates and areas of judgement
- The members of the PCC do not consider that there any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.
## **3 Donations and legacies**
|Donations of cash and similar
Grants receivable
Income tax recoverable
Government grants:
Listed Places of Worship Grant Scheme
Job Retention Scheme
**4**
**Income from charitable activities**
Church events, courses and similar
Letting in furtherance of charitable activities|2022
£
254,175
64,600
36,259
-
-
355,034
2022
£
4,069
3,915
7,984|2021
£
303,050
26,634
40,361
4,374
4,690|
|---|---|---|
|||379,109|
|||2021
£
225
1,524|
|||1,749|
Page 11
## **ST LUKE'S OSENEY CRESCENT PCC**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **5 Charitable expenditure**
|**5**
**Charitable expenditure**|||
|---|---|---|
|**a**
**Costs incurred directly on church activities**
Parish share
Staff costs
Clergy & Ordinand accommodation costs
Clergy & staff expenses
Training costs
Mission & ministries
Church events & hospitality
Sunday costs
**b**
**Costs incurred on support & administration**
Church office expenses
Office rent, service charges and council tax
Routine building maintenance, cleaning and consumables
Small equipment purchases
Major building repairs and improvements
Utilities
Insurance
Depreciation
Independent examiner's fee for preparing and examining the accounts
Other professional fees
Grants payable (note 5c)|2022
£
87,200
73,236
22,529
5,215
2,714
6,305
23,702
3,575
224,476
14,784
17,131
20,973
9,611
-
12,301
6,521
6,831
3,060
12,219
103,431
46,677
374,584|2021
£
91,707
78,962
16,053
3,363
2,592
8,190
3,080
2,803|
|||206,750
16,518
15,337
10,672
4,589
37,927
1,288
6,363
7,482
2,940
2,190|
|||105,306
24,602|
|||336,658|
In addition to the fees payable for the preparation and examination of the accounts, the charity paid £803 (2021: £883) to Stewardship for payroll bureau and consultancy services.
## **c Grants payable**
|Grants for UK and overseas mission
Grants to help poor and marginalised young people and children
Grants for the relief of poverty
In the previous year the charity distributed grants totalling £24,602 as follows:
Grants for UK and overseas mission
Grants to help poor and marginalised young people and children
Grants for the relief of poverty
The charity's principal grants to institutions comprised:
Young Life International
Tearfund
St Peter's, Bury
Kids Club Kampala
Home for Good
Resource Uganda
Youthscape
Fusion
Other grants individually less than £1,000|Institutions
£
25,036
5,750
14,171
44,957
Institutions
£
13,250
8,250
3,063
24,563|Individuals
£
1,185
-
535
1,720
Individuals
£
-
-
39
39
2022
£
20,336
14,171
-
3,750
2,000
2,000
1,500
1,200
-
44,957|2022
£
26,221
5,750
14,706|
|---|---|---|---|
||||46,677|
||||2021
£
13,250
8,250
3,102|
||||24,602|
||||2021
£
-
3,063
10,000
6,250
2,000
2,000
-
1,200
50|
||||24,563|
Page 12
## **ST LUKE'S OSENEY CRESCENT PCC**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **6 Analysis of staff costs, the cost of key management personnel and remuneration of members of the PCC**
|Gross wages and salaries
Social security
Pension costs
Contributions towards apprenticeship|2022
£
69,899
1,358
1,979
-
73,236|2021
£
68,479
1,139
1,844
7,500|
|---|---|---|
|||78,962|
The average monthly number of employees during the year was 2.6 (2021: 3.8). Most of the charity's activities are carried out by volunteers.
No staff received salaries at a rate of more than £60,000 per annum.
The clergy members of the PCC are not employees of the PCC. They receive a stipend and, usually, accommodation from the Diocese; some of the Parish Share paid to the Diocese is used to help meet the cost. The PCC also paid some clergy accommodation costs directly and this expenditure is separately disclosed in note 5 'Charitable expenditure'.
No member of the PCC, who are the charity's only key management, received employment benefits in either the current year or the preceding year.
## **7 Tangible fixed assets**
|Cost
At 1 January 2022
Additions
At 31 December 2022
Accumulated depreciation
At 1 January 2022
Charge for the year
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021
**Debtors**
Tax recoverable
Other debtors
Prepayments and accrued income
**Cash at Bank and in Hand**
Cash at bank|Fixtures,
fittings and
equipment
£
60,201
-
60,201
27,376
6,831
34,207
25,994
32,825
2022
£
11,344
-
6,010
17,354
2022
£
312,644|Total
2022
£
60,201
-|
|---|---|---|
|||60,201|
|||27,376
6,831|
|||34,207|
|||25,994|
|||32,825|
|||2021
£
17,400
1,863
22,808|
|||42,071|
|||2021
£
294,550|
## **8 Debtors**
- **9 Cash at Bank and in Hand**
Page 13
## **ST LUKE'S OSENEY CRESCENT PCC**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **10 Creditors: liabilities falling due within one year**
|**itors: liabilities falling due within one year**|||
|---|---|---|
|Trade creditors
Other creditors
Accruals
Loan from Diocese|2022
£
-
1,654
3,312
9,600
14,566|2021
£
-
8,521
3,192
10,400|
|||22,113|
## **11 Creditors: amounts falling due after more than one year**
|**itors: amounts falling due after more than one year**|||
|---|---|---|
||2022|2021|
||£|£|
|Loan from Diocese|-|9,600|
In 2020 the PCC received an interest free, unsecured, loan of £20,000 from the Diocese of London (see also note 10). The loan is repayable in monthly instalments by December 2023.
## **12 Pension commitments**
During the year employer’s pension contributions totalling £1,979 (2021: £1,844) were payable to defined contribution personal pension schemes. At the balance sheet date pension contributions totalling £504 (2021: £314) were owed.
## **13 Funds**
During the year the movements in the charity's funds were as follows:
|_Designated Funds_
Church planting fund
Equipment fund
Building sinking fund
Church giving fund
_General Unrestricted Funds_
Total Unrestricted Funds
_Restricted Funds_
Special Offerings
War Memorial
St Pancras Lands Trust
Bursary
Clergy accommodation
Worship equipment fund
Youth fund
Energy support fund
Aggregate of funds|Opening
balance
2022
£
27,195
32,825
26,447
35,326
121,793
212,979
334,772
564
396
-
2,001
-
-
-
-
2,961
337,733|Incoming
resources
2022
£
-
-
-
-
-
311,367
311,367
1,171
-
12,000
1,138
17,777
16,096
16,086
2,641
66,910
378,277|Outgoing
resources
2022
£
-
-
(2,706)
(23,450)
(26,156)
(297,033)
(323,189)
(1,706)
-
(12,000)
(1,185)
(17,777)
-
(16,086)
(2,641)
(51,395)
(374,584)|Transfers
in the year
2022
£
4,400
(6,831)
30,000
17,600
45,169
(45,297)
(128)
128
-
-
-
-
-
-
-
128
-|Closing
balance
2022
£
31,595
25,994
53,741
29,476|
|---|---|---|---|---|---|
||||||140,806
182,017|
||||||322,823|
||||||157
396
-
1,954
-
16,096
-
-|
||||||18,603|
||||||341,426|
During the year the PCC transferred £45,169 (2021: £66,774) from unrestricted general funds to various designated funds to increase the amounts set aside for specific initiatives.
Page 14
## **ST LUKE'S OSENEY CRESCENT PCC**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **13 Funds continued**
## **Analysis of net assets by fund**
The assets and liabilities of the various funds were as follows:
|Fixed assets
Debtors
Cash at bank and in hand
Creditors due within one year|General
Designated
funds
funds
£
£
-
25,994
17,354
-
179,229
114,812
(14,566)
-
182,017
140,806
Unrestricted Funds|Restricted
funds
£
-
-
18,603
-
18,603|2022
£
25,994
17,354
312,644
(14,566)|
|---|---|---|---|
||||341,426|
In the previous year the movements in the charity's funds were as follows:
|_Designated Funds_
Church Planting
Equipment fund
Building sinking fund
Church giving fund
_General Unrestricted Funds_
Total Unrestricted Funds
_Restricted Funds_
Special Offerings
War Memorial
St Pancras Lands Trust
Building repair and improvement
Bursary
Clergy accommodation
Aggregate of funds|Opening
balance
2021
£
31,135
26,351
30,000
27,000
114,486
161,319
275,805
530
396
-
-
2,001
-
2,927
278,732|Incoming
resources
2021
£
-
-
-
-
-
364,554
364,554
97
-
12,000
4,374
-
14,634
31,105
395,659|Outgoing
resources
2021
£
(10,000)
-
(33,553)
(15,914)
(59,467)
(246,120)
(305,587)
(63)
-
(12,000)
(4,374)
-
(14,634)
(31,071)
(336,658)|Transfers
in the year
2021
£
6,060
6,474
30,000
24,240
66,774
(66,774)
-
-
-
-
-
-
-
-|Closing
balance
2021
£
27,195
32,825
26,447
35,326|
|---|---|---|---|---|---|
||||||121,793
212,979|
||||||334,772|
||||||564
396
-
-
2,001
-|
||||||2,961|
||||||337,733|
## **Analysis of net assets by fund**
In the previous year, the assets and liabilities of the various funds were as follows:
|Tangible fixed assets
Debtors
Cash at bank and in hand
Creditors due within one year
Creditors due after one year|General
Designated
funds
funds
£
£
-
32,825
42,071
-
202,621
88,968
(22,113)
-
(9,600)
-
212,979
121,793
Unrestricted Funds|Restricted
funds
£
-
-
2,961
-
-
2,961|2021
£
32,825
42,071
294,550
(22,113)
(9,600)|
|---|---|---|---|
||||337,733|
Page 15
## **ST LUKE'S OSENEY CRESCENT PCC**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **13 Funds continued**
## _Designated funds_
- a) The **Church planting fund** represent monies set aside to promote church planting by the Anglican church.
- b) The **Equipment fund** represents the carrying value of the charity's fixed assets and are not therefore available to spend on the charity's on-going activities.
- c) The **Building sinking fund** represent money set aside for major repairs and improvements to church property.
- d) The **Church giving fund** represents money set aside for grant giving to other charities and individuals to undertake activities undertaken in furtherance of the church's own charitable objects. It is anticipated that most, if not all, of these funds will be distributed in the new financial year.
## _Restricted funds_
- a) The **Special Offerings fund** represent monies received for a wide variety of purposes, including grant giving. b) The **War Memorial** fund was created from grants receive to help pay for the up keep of a war memorial.
- c) The **St Pancras Land Trus** t fund represents grants received to help meet some of the costs associated with operating a church; the grants principally help pay for premises related expenditure.
- d) The **Building Repair and Improvement** fund was created from grant and donations received to help fund major repairs and improvements to church property.
- e) The **Bursar** y fund was created from donations received to help people attend conferences.
- f) The **Clergy Accommodation** fund was created from a grant received to help cover the cost of accommodation provided to a member of clergy.
- g) The **Worship equipment** fund was created from grants received to help improve the charity's sound equipment. h) The **Youth** fund was created from grants received to help promote youth work. i) The **Energy support** fund was created from grants received to help meet rising energy costs
- **14 Operating leases: commitments and related expenditure**
The charity has an operating lease for offices. The minimum amounts payable in respect of this lease is as follows:
|Within one year
Between one and five years
Payments falling due:|2022
£
13,100
16,375
29,475|2021
£
12,800
28,800|
|---|---|---|
|||41,600|
During the year the charity was charged £13,147 (2021: £18,216) for its operating lease.
- **15 Operating lease income**
The charity has granted an operating lease for the placement of telecommunications equipment on its church building. The minimum amounts receivable (until the next break clause and ignoring the potential effect of future rent reviews and any unforeseen events that could result in early termination) in respect of this lease is as follows:
|Within one year
Between one and five years
Income falling due:|2022
£
14,300
30,983
45,283|2021
£
14,300
45,283|
|---|---|---|
|||59,583|
## **16 Transactions with related parties**
During the year the charity received donations totalling £129,428 (2021: £112,161) from related parties (which includes members of the PCC, anyone closely connected to them and any other member of key management).
Except for the reimbursement of expenses incurred when acting as agent for the charity, or incurred when undertaking clergy and employment duties, no expenses were paid to (or for) members of the PCC.
Except as disclosed in note 6 'Analysis of staff costs', there have been no other transactions with related parties during the year.
Page 16
## **ST LUKE'S OSENEY CRESCENT PCC**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
|Note
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
3
Charitable activities
4
Other trading activities:
Contract for placement of aerial
Bank interest receivable
**Total income and endowments**
**EXPENDITURE ON:**
Charitable activities:
5
**Total expenditure**
**Net income/(expenditure)**
**Transfers between funds**
13
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
13||General
Funds
2022
£
288,124
7,984
14,800
459
311,367
297,033
297,033
14,334
(45,297)
(30,963)
212,979
182,017
Unrestrict|Unrestrict|Designated
Funds
2022
£
-
-
-
-
-
26,156
26,156
(26,156)
45,169
19,013
121,793
140,806
ed Funds|Restricted
Funds
2022
£
66,910
-
-
-
66,910
51,395
51,395
15,515
128
15,643
2,961
18,603|Total
Funds
2022
£
355,034
7,984
14,800
459
378,277
374,584
374,584
3,693
-
3,693
337,733
341,426|||General
Funds
2021
£
348,004
1,749
14,800
1
364,554
246,120
246,120
118,434
(66,774)
51,660
161,319
212,979
Unrestrict|Unrestrict|Designated
Funds
2021
£
-
-
-
-
-
59,467
59,467
(59,467)
66,774
7,307
114,486
121,793
ed Funds|Restricted
Funds
2021
£
31,105
-
-
-
31,105
31,071
31,071
34
-
34
2,927
2,961|Total
Funds
2021
£
379,109
1,749
14,800
1
395,659
336,658
336,658
59,001
-
59,001
278,732
337,733|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Page 17