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← The Parochial Church Council Of The Ecclesiastical Parish Of St. Luke's Oseney Crescent

2023-12-31-accounts

St. Luke's Oseney Crescent PCC

Report and Accounts Year ended 31 December 2023

1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk

ST LUKE'S OSENEY CRESCENT PCC

FOR THE YEAR ENDED 31 DECEMBER 2023

CHARITY INFORMATION

Members of the Parochial Church Council

Incumbent and chairman: The Reverend Jon March
Other clergy members: Lara Edwards
Elizabeth Osborne
Church warden: Onika Khan (appointed April 2023)
Luke Kon (appointed April 2023)
Simon Court (resigned April 2023)
Other members: David Cooke (treasurer)
Ema Howling
Maxim Khan
Esther Lau
Rupesh Patel
George Ward (resigned September 2023)
David Wesson
Christy Ting (appointed April 2023)
Jacob Spence (appointed April 2023)
Aidan Cross (appointed April 2023)
Shannon Magner (appointed April 2023)
Stephanie Cadney-Tribe (appointed April 2023)
Timothy Wiffen (appointed April 2023)
Erin Andres (resigned April 2023)
Fleur Brading (resigned April 2023)
Simeon Castle (resigned April 2023)
Karsen Cheung (resigned April 2023)
Jasmine King (resigned April 2023)
Christopher Philpot (resigned August 2023)
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 2-5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Accounts 9 - 15
Detailed Statement of Financial Activities with Comparatives 16

Page 1

ST LUKE'S OSENEY CRESCENT PCC

ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023.

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

Eugene Petersen describes our walk with Jesus as “a long walk of obedience in the same direction”. It is tempting in our fast-moving, time-poor, success-driven city to treat our walk with Jesus as a sprint, expecting Him to work in our lives according to our schedule and for it to always be full of self-defined success. This is not the faith we have been called to. Our faith is the faith of the mountain- top and the valley. It is the faith of battles and blessings. It is the faith of the every day and the adventure. It is the faith where success is measured in faithfulness not triumphant victories. It is the faith of following the simple, yet deeply challenging call of Jesus, to take up our cross and follow Him. It is a long walk, a life-long journey, remaining obedient to Him whatever the circumstances.

At St Luke’s we are called to equip people well for this long walk of obedience. For years we have lived with the transition that comes with living in this part of London. We have those who are with us for a short season and those who are with us for a lot longer, and even those for whom this will always be their home.

Our hope is to create a place where everyone who finds a place at St Luke’s, for however long, are formed by the Spirit of God into life-long disciples of Jesus.

There will always be people moving on but what if we recognised this as a gift that God has given us - that instead of being measured by our seating capacity we were measured by our sending capacity?

It is our job to create a space where people are grafted into the vine of Jesus so that they bear fruit wherever the Lord sends them, for however long they are here. This is our calling as a church - to all be part of creating that space and to send people out.

This year was significant in that together as a church we raised £100,000 in 100 days because of God’s faithfulness, the generosity of all those who give and the careful stewardship of our funds, some of the things we have been able to do this year are as follows:

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

We also want to take this opportunity to thank those who have served so brilliantly especially during Jon March’s study leave in particular the clergy and staff team, and the churchwardens.

As we look ahead to 2024, we are reminded of Psalm 127:1 “Unless the Lord builds the house, the builders labour in vain” . He has called us to co-labour with Him - but let’s make sure we trust the chief-architect and let Him do the work of building His Church for the sake of His Kingdom in north London.

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 3

ST LUKE'S OSENEY CRESCENT PCC

ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL CONTNUED

Financial review

During the year income increased by £90,000 to £468,000, and expenditure increased by £45,000 to £419,000. As a result, this year the PCC has reported a surplus of £49,000 (2022: £4,000) and the PCC's net assets have increased by £49,000 to £390,000. Net assets comprised fixed assets of £37,000, cash of £347,000 (nearly all of which was unrestricted) and other net current assets of £6,000.

Due to the tremendous generosity of church members, and their response to our appeal to raise £100,000 in 100 days, this year’s income from members (including related gift aid) increased by £116,000 to £407,000 (which represents over 85% of our total income). This was partly offset by a reduction of £34,000 in grant income, which last year was bolstered by the receipt of two one off grants 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:

This year the PCC paid the full Parish Standard Cost, which was £89,000.

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 £115,000. At the year end free reserves amounted to £263,000. The trustees hope to use some of the excess to help make improvements to the facilities used for our work with children and young people.

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 2023.

Page 4

ST LUKE'S OSENEY CRESCENT PCC

ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL CONTNUED

Plans for the future

We are excited for what lies ahead for our church in the forthcoming year. While we anticipate some significant change in the life of our church with key members moving on to new ventures, we know that this means God also has new plans for us. We are looking forward to this next season as we establish a new set of values and a vision for our church. One of the key themes that we will look to explore is what it looks like to be a church where people are trained, commissioned and sent out to serve His Kingdom across our city, our nation and our world.

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:

Jonathan March

Jonathan March (May 23, 2024 14:40 GMT+1)

---------------------------------------------------------------Rev'd Jon March

Date: 20 May 2024

Page 5

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 2023 on pages 7 to 16 following, which have been prepared on the basis of the accounting policies set out on pages 9 and 10.

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 (May 23, 2024 15:36 GMT+1)

Ajay Rajani FCIE Fellow of the Association of Charity Independent Examiners Stewardship 1 Lamb's Passage London EC1Y 8AB

Date: May 23, 2024

Page 6

ST LUKE'S OSENEY CRESCENT PCC

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

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
12
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
12		 Unrestricted
Funds
£
406,175
11,761
14,837
4,689
437,462
386,541
386,541
50,921
15,808
66,730
322,823
389,552		 Restricted
Funds
£
30,721
-
-
-
30,721
33,096
33,096
(2,375)
(15,808)
(18,184)
18,603
420		 Total
Funds
2023
£
436,896
11,761
14,837
4,689
468,183
419,637
419,637
48,546
-
48,546
341,426
389,972		 Total
Funds
2022
£
355,034
7,984
14,800
459
378,277
374,584
374,584
3,693
-
3,693
337,733
341,426

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 9 to 16 form part of these accounts.

Page 7

ST LUKE'S OSENEY CRESCENT PCC

BALANCE SHEET

AS AT 31 DECEMBER 2023

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 NET ASSETS
FUND BALANCES
12
Unrestricted Funds
General funds
Designated funds
Restricted Funds		 Unrestricted
Funds
£
36,522
36,522
27,327
346,782
374,109
(21,079)
353,030
389,552
263,007
126,545
-
389,552		 Restricted
Funds
£
-
-
-
420
420
-
420
420
-
-
420
420		 Total
Funds
2023
£
36,522
36,522
27,327
347,202
374,529
(21,079)
353,450
389,972
263,007
126,545
420
389,972		 Total
Funds
2022
£
25,994
25,994
17,354
312,644
329,998
(14,566)
315,432
341,426
182,017
140,806
18,603
341,426

The financial statements were approved by the members of the Parochial Church Council and were signed on its behalf by:

Jonathan March Jonathan March (May 23, 2024 14:40 GMT+1)

Date: 20 May 2024

Rev'd Jon March

The notes on pages 9 to 16 form part of these accounts.

Page 8

ST LUKE'S OSENEY CRESCENT PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

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 9

ST LUKE'S OSENEY CRESCENT PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

2 Accounting Policies continued

d) Fund accounting

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.

3 Donations and legacies

Donations of cash and similar
Grants receivable
Income tax recoverable
4
Income from charitable activities
Church events, courses and similar
Letting in furtherance of charitable activities		 2023
£
360,178
30,192
46,526
436,896
2023
£
5,421
6,340
11,761		 2022
£
254,175
64,600
36,259
355,034
2022
£
4,069
3,915
7,984

Page 10

ST LUKE'S OSENEY CRESCENT PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

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
Utilities
Insurance
Depreciation
Independent examiner's fee for preparing and examining the accounts
Other professional fees
Grants payable (note 5c)		 2023
£
88,919
98,780
21,187
2,968
3,360
11,931
18,894
3,046
249,085
20,713
17,286
48,531
3,320
10,373
7,174
11,059
3,210
7,779
129,445
41,107
419,637		 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

In addition to the fees payable for the preparation and examination of the accounts, the charity paid £824 (2022: £803) 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 £46,677 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:
Tearfund
Young Life International
British Red Cross
Kids Club Kampala
Home for Good
Resource Uganda
Youthscape
Fusion		 Institutions
£
13,117
7,000
18,000
38,117
Institutions
£
25,036
5,750
14,171
44,957		 Individuals
£
2,053
-
937
2,990
Individuals
£
1,185
-
535
1,720
2023
£
13,000
9,917
5,000
5,000
2,000
2,000
-
1,200
38,117		 2023
£
15,170
7,000
18,937
41,107
2022
£
26,221
5,750
14,706
46,677
2022
£
14,171
20,336
-
3,750
2,000
2,000
1,500
1,200
44,957

Page 11

ST LUKE'S OSENEY CRESCENT PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

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		 2023
£
92,516
3,583
2,681
98,780		 2022
£
69,899
1,358
1,979
73,236

The average monthly number of employees during the year was 3.3 (2022: 2.6). 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 2023
Additions
At 31 December 2023
Accumulated depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
Debtors
Tax recoverable
Prepayments and accrued income
Cash at Bank and in Hand
Cash at bank		 Fixtures,
fittings and
equipment
£
60,201
21,587
81,788
34,207
11,059
45,266
36,522
25,994
2023
£
12,085
15,242
27,327
2023
£
347,202		 Total
2023
£
60,201
21,587
81,788
34,207
11,059
45,266
36,522
25,994
2022
£
11,344
6,010
17,354
2022
£
312,644

8 Debtors

Page 12

ST LUKE'S OSENEY CRESCENT PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

10 Creditors: liabilities falling due within one year

itors: liabilities falling due within one year
Other creditors
Accruals
Parish share
Loan from Diocese		 2023
£
16,174
3,210
1,695
-
21,079		 2022
£
1,654
3,312
-
9,600
14,566

In 2020 the PCC received an interest free, unsecured, loan of £20,000 from the Diocese of London. The loan was repayable in monthly instalments by December 2023 and was repaid fully during the year.

11 Pension commitments

During the year employer’s pension contributions totalling £2,681 (2022: £1,979) were payable to defined contribution personal pension schemes. At the balance sheet date pension contributions totalling £619 (2022: £504) were owed.

12 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
Aggregate of funds		 Opening
balance
2023
£
31,595
25,994
53,741
29,476
140,806
182,017
322,823
157
396
-
1,954
-
16,096
18,603
341,426		 Incoming
resources
2023
£
-
-
-
-
-
437,462
437,462
780
-
12,000
99
17,842
-
30,721
468,183		 Outgoing
resources
2023
£
-
-
(22,689)
(28,200)
(50,889)
(335,652)
(386,541)
(938)
-
(12,000)
(2,053)
(17,818)
(288)
(33,096)
(419,637)		 Transfers
in the year
2023
£
5,200
10,528
-
20,900
36,628
(20,820)
15,808
-
-
-
-
-
(15,808)
(15,808)
-		 Closing
balance
2023
£
36,795
36,522
31,052
22,176
126,545
263,007
389,552
-
396
-
-
24
-
420
389,972

During the year the PCC:

a) transferred £48,628 (2022: £45,169) from unrestricted general funds to various designated funds to increase the amounts set aside for specific initiatives.

Page 13

ST LUKE'S OSENEY CRESCENT PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

12 Funds continued

Analysis of net assets by fund

The assets and liabilities of the various funds were as follows:

General
Designated
funds
funds
£
£
Fixed assets
-
36,522
Debtors
27,327
-
Cash at bank and in hand
256,759
90,023
Creditors due within one year
(21,079)
-
263,007
126,545
In the previous year the movements in the charity's funds were as follows:
Opening
Incoming
Outgoing
balance
resources
resources
2022
2022
2022
£
£
£
Designated Funds
Church Planting
27,195
-
-
Equipment fund
32,825
-
-
Building sinking fund
26,447
-
(2,706)
Church giving fund
35,326
-
(23,450)
121,793
-
(26,156)
General Unrestricted Funds
212,979
311,367
(297,033)
Total Unrestricted Funds
334,772
311,367
(323,189)
Restricted Funds
Special Offerings
564
1,171
(1,706)
War Memorial
396
-
-
St Pancras Lands Trust
-
12,000
(12,000)
Bursary
2,001
1,138
(1,185)
Clergy accommodation
-
17,777
(17,777)
Worship equipment fund
-
16,096
-
Youth fund
-
16,086
(16,086)
Energy support fund
-
2,641
(2,641)
2,961
66,910
(51,395)
Aggregate of funds
337,733
378,277
(374,584)
Unrestricted Funds		 Restricted
funds
£
-
-

420
-
420
Transfers
in the year
2022
£
4,400
(6,831)
30,000
17,600
45,169
(45,297)
(128)
128
-
-

-
-
-
-
-

128
-		 2023
£
36,522
27,327
347,202
(21,079)
389,972
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

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		 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)
341,425

Page 14

ST LUKE'S OSENEY CRESCENT PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

12 Funds continued

Designated funds

Restricted funds

13 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:		 2023
£
13,100
3,275
16,375		 2022
£
13,100
16,375
29,475

During the year the charity was charged £13,256 (2022: £13,147) for its operating lease.

14 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:		 2023
£
14,300
16,683
30,983		 2022
£
14,300
30,983
45,283

15 Transactions with related parties

During the year the charity received donations totalling £171,890 (2022: £129,428) 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 15

ST LUKE'S OSENEY CRESCENT PCC

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

FOR THE YEAR ENDED 31 DECEMBER 2023

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
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
12
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
12		 General
Funds
2023
£
406,175
11,761
14,837
4,689
437,462
335,652
335,652
101,810
(20,820)
80,991
182,017
263,007
Unrestrict		 Unrestrict Designated
Funds
2023
£
-
-

-
-

-
50,889
50,889
(50,889)
36,628
(14,261)
140,806
126,545
ed Funds		 Restricted
Funds
2023
£
30,721
-
-
-
30,721
33,096
33,096
(2,375)
(15,808)
(18,184)
18,603
420		 Total
Funds
2023
£
436,896
11,761
14,837
4,689
468,183
419,637
419,637
48,546
-
48,546
341,426
389,972		 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

Page 16

SLKOC - 2023 accounts - FINAL FOR APPROVAL

Final Audit Report

2024-05-23

Created: 2024-05-21 By: Ajay Rajani (ajay.rajani@stewardship.org.uk) Status: Signed Transaction ID: CBJCHBCAABAAHKtODBYgfd2xtheAxMD-wiHyxMqIaNN0

"SLKOC - 2023 accounts - FINAL FOR APPROVAL" History

Document created by Ajay Rajani (ajay.rajani@stewardship.org.uk)

2024-05-21 - 15:59:40 GMT

Document emailed to jon@slkt.org.uk for signature

2024-05-21 - 16:02:29 GMT

Signer jon@slkt.org.uk entered name at signing as Jonathan March

2024-05-23 - 13:40:13 GMT

Document e-signed by Jonathan March (jon@slkt.org.uk)

Signature Date: 2024-05-23 - 13:40:15 GMT - Time Source: server

Document emailed to Ajay Rajani (ajay.rajani@stewardship.org.uk) for signature 2024-05-23 - 13:40:17 GMT

Email viewed by Ajay Rajani (ajay.rajani@stewardship.org.uk) 2024-05-23 - 14:36:13 GMT

Document e-signed by Ajay Rajani (ajay.rajani@stewardship.org.uk)

Signature Date: 2024-05-23 - 14:36:47 GMT - Time Source: server

Agreement completed.

2024-05-23 - 14:36:47 GMT