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

2024-12-31-accounts

St. Luke's Oseney Crescent PCC

Report and Accounts Year ended 31 December 2024

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

ST LUKE'S OSENEY CRESCENT PCC

FOR THE YEAR ENDED 31 DECEMBER 2024

CHARITY INFORMATION

Members of the Parochial Church Council

Incumbent and chairman: The Reverend Jon March Other clergy members: Lara Edwards Elizabeth Osborne (resigned June 2024) Huw White (from June 2024) Church warden: Onika Khan Luke Kon Other members: David Cooke (treasurer) Ema Howling Maxim Khan Esther Lau Rupesh Patel (resigned July 2024) David Wesson (resigned July 2024) Christy Ting Jacob Spence Aidan Cross Shannon Magner Stephanie Cadney-Tribe Timothy Wiffen Hamed Izadpanah (from April 2024) David Andronico (from April 2024) Ka Shun Cheung (from August 2024) 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 2024

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 2024.

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 north London, one life at a time.

SUMMARY OF THE CHARITY’S MAIN ACTIVITIES AND ACHIEVEMENTS

As we reflect on the past year at St Luke’s, we are filled with deep gratitude and expectation. 2024 marked the beginning of what we believe is a new chapter in our life together—a season we’ve come to call “St Luke’s 4.0.” Just like the best stories unfold in seasons, this one brought fresh momentum, new faces, and powerful expressions of God's grace among us.

Our vision has remained clear and compelling: to be a community centred on Jesus, transforming north London one life at a time. This vision continues to guide every gathering, every prayer, every act of service, and every decision we make.

A Year of Change and Growth

We’ve seen many new people join us this year while others moved on to new adventures. That’s the nature of life in central London—and it reminds us that we are part of something much bigger than ourselves. The essence of who we are remains unchanged, yet God is clearly doing something new in and through our community.

Worship and Prayer at the Centre

Sundays continue to be the heartbeat of our life together. We've seen Spirit-led worship grow deeper and prayer ministry become more integrated into our gatherings. People are stepping forward with boldness to receive and offer prayer—and we’ve seen miracles in our midst. From powerful Easter and Christmas services to baptisms and monthly Kingdom Come worship nights, it’s been a joy to witness hearts awakened to the love of Jesus.

Our rhythm of prayer has become even more rooted this year. Weekly Zoom prayer, monthly fasting days, and two dedicated weekends of prayer and worship helped us tune into God’s voice as a church family.

Discipleship and Ministry Flourishing

One of the great joys of 2024 has been seeing our ministries thrive:

Page 2

ST LUKE'S OSENEY CRESCENT PCC

ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2024

SUMMARY OF THE CHARITY’S MAIN ACTIVITIES AND ACHIEVEMENTS continued

Loving Our Neighbours

We’ve continued to stretch outward in love and service:

Building, Finance & Stewardship

We’ve begun to envision a new future for our children’s spaces. The outdoor marquees have served us for several years, but we know it’s time to prepare something permanent and welcoming indoors. We're deeply thankful for the creativity and wisdom of those leading this effort.

Financially, we stepped forward in faith with a deficit budget, knowing that generous gifts from 2023 enabled us to keep momentum. We ended 2024 with healthy reserves, but we do need giving to increase to fully sustain our mission in the years ahead. Your generosity makes this all possible—thank you.

Governance & Oversight

The PCC has worked diligently this year, overseeing major decisions around staffing, safeguarding, and building. With the Electoral Roll reset, our registered membership sits at 87, and Sunday attendance averaged 107 across both services. We’ve continued active involvement in both Deanery and Diocesan Synods, ensuring we have a voice in shaping the wider church.

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.

Page 3

ST LUKE'S OSENEY CRESCENT PCC

ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT continued

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.

FINANCIAL REVIEW

During the year income fell by £109,000 to £359,000, and expenditure increased by £33,000 to £452,000. As a result, this year the PCC has reported a deficit of £93,000 (2023: a surplus of £49,000) and the PCC’s net assets fell by this amount to £297,000. Net assets comprised fixed assets of £28,000, cash of £242,000 (nearly all of which was unrestricted) and other net current assets of £27,000.

In the previous year church members gave very generously to our appeal to raise £100,000 in 100 days. We didn’t have a similar appeal in 2024 and donation income fell by £106,000.

There were increases across most expenditure categories as we continued to try to increase our impact. In all an extra £39,000 was spent directly on church activities and an extra £12,000 on support costs; this was partly offset by a reduction of £18,000 in the grants we distributed.

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 £90,000. At the year end free reserves amounted to £198,000; the trustees anticipate that some of these reserves will be used in 2025.

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.

Page 4

ST LUKE'S OSENEY CRESCENT PCC

ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2024

QUINQUENNIAL INSPECTIONS

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 2024.

PLANS FOR THE FUTURE

Looking ahead to 2025, we’re excited to deepen our discipleship, expand outreach, and create welcoming, purpose-built spaces—particularly for our growing children’s and midweek ministries. We’ll continue investing in prayer, worship, and community life, while training new leaders across ministries. Strengthening ties with our Mission Partners and building our financial sustainability remain key priorities. As we grow in diversity and faith, we want to be a church that equips people to follow Jesus wholeheartedly and serve north London with compassion and courage. Above all, we remain centred on Jesus—trusting Him to lead as we step into this next chapter together.

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:

Reverend Jonathan March May 9, 2025 Reverend Jonathan March (May 9, 2025 14:24 GMT+1) ……………………………………………………. Date …………………………….

…………………………………………………….

Rev'd Jon March

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 2024 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 9, 2025 18:09 GMT+1)

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

Date: May 9, 2025

Page 6

ST LUKE'S OSENEY CRESCENT PCC

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

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
£
280,374
8,744
14,475
5,143
308,736
401,973
401,973
(93,237)
-
(93,237)
389,552
296,315		 Restricted
Funds
£
50,589
-
-
-
50,589
50,613
50,613
(24)
-
(24)
420
396		 Total
Funds
2024
£
330,963
8,744
14,475
5,143
359,325
452,586
452,586
(93,261)
-
(93,261)
389,972
296,711		 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

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 2024

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
£
27,500
27,500
35,277
241,749
277,026
(8,211)
268,815
296,315
197,568
98,747
-
296,315		 Restricted
Funds
£
-
-
-
396
396
-
396
396
-
-
396
396		 Total
Funds
2024
£
27,500
27,500
35,277
242,145
277,422
(8,211)
269,211
296,711
197,568
98,747
396
296,711		 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

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

May 9, 2025 Reverend Jonathan March --------------------------------------Reverend Jonathan March (May 9, 2025 14:24 GMT+1) --------------------------------------Rev'd Jon March Date

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 2024

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 2024

2 Accounting Policies continued

c) Expenditure continued

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

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
Gift aid receivable		 2024
£
253,527
46,015
31,421
330,963		 2023
£
360,178
30,192
46,526
436,896

Page 10

ST LUKE'S OSENEY CRESCENT PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4 Income from charitable activities

Church events, courses and similar
Letting in furtherance of charitable activities
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)		 2024
£
6,097
2,647
8,744
2024
£
94,390
108,336
30,432
4,625
3,315
20,149
22,753
4,213
288,213
19,230
19,304
51,341
6,341
14,902
7,753
10,120
3,360
9,247
141,598
22,775
452,586		 2023
£
5,421
6,340
11,761
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

In addition to the fees payable for the preparation and examination of the accounts, the charity paid £1,034 (2023: £1,024) 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
Fusion		 Institutions
£
3,200
7,000
8,000
18,200
Institutions
£
13,117
7,000
18,000
38,117		 Individuals
£
4,575
-
-
4,575
Individuals
£
2,053
-
937
2,990
2024
£
8,000
-
-
5,000
2,000
2,000
1,200
18,200		 2024
£
7,775
7,000
8,000
22,775
2023
£
15,170
7,000
18,937
41,107
2023
£
13,000
9,917
5,000
5,000
2,000
2,000
1,200
38,117

Page 11

ST LUKE'S OSENEY CRESCENT PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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		 2024
£
96,628
3,418
2,820
102,866		 2023
£
92,516
3,583
2,681
98,780

The average monthly number of employees during the year was 3.9 (2023: 3.3). 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'. This included payments totalling £11,476 (2023: £nil) to Lara Edwards for the use of a property she owns and occupies.

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.

Cost
At 1 January 2024
Additions
At 31 December 2024
Accumulated depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
8
Debtors
Gift aid receivable
Prepayments and accrued income
9
Cash at Bank and in Hand
Cash at bank
10
Creditors: liabilities falling due within one year
Other creditors
Accruals
Parish share		 Fixtures,
fittings and
equipment
£
81,788
1,098
82,886
45,266
10,120
55,386
27,500
36,522
2024
£
8,941
26,336
35,277
2024
£
242,145
2024
£
4,851
3,360
-
8,211		 Total
2024
£
81,788
1,098
82,886
45,266
10,120
55,386
27,500
36,522
2023
£
12,085
15,242
27,327
2023
£
347,202
2023
£
16,174
3,210
1,695
21,079

Page 12

ST LUKE'S OSENEY CRESCENT PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11 Pension commitments

During the year employer’s pension contributions totalling £2,820 (2023: £2,681) were payable to defined contribution personal pension schemes. At the balance sheet date pension contributions totalling £392 (2023: £619) 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
War Memorial
St Pancras Lands Trust
Bursary
Clergy accommodation
Aggregate of funds		 Opening
balance
2024
£
36,795
36,522
31,052
22,176
126,545
263,007
389,552
396
-
-
24
420
389,973		 Incoming
resources
2024
£
-
-
-
-
-
308,736
308,736
-
14,000
4,575
32,015
50,589
359,325		 Outgoing
resources
2024
£
-
-
(21,783)
(18,200)
(39,983)
(361,989)
(401,973)
-
(14,000)
(4,575)
(32,039)
(50,613)
(452,586)		 Transfers
in the year
2024
£
4,200
(9,022)
-
17,007
12,185
(12,185)
-
-

-

-
-
-

-		 Closing
balance
2024
£
40,995
27,500
9,269
20,983
98,747
197,568
296,315
396
-
-

-
396
296,711

During the year the PCC transferred £12,185 from unrestricted general funds to various designated funds to increase the amounts set aside for specific initiatives.

Analysis of net assets by fund

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

ysis of net assets by fund
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
£
£
-
27,500
35,277
-
170,502
71,247
(8,211)
-
197,568
98,747
Unrestricted Funds		 Restricted
funds
£
-
-

396
-
396		 2024
£
27,500
35,277
242,145
(8,211)
296,711

Page 13

ST LUKE'S OSENEY CRESCENT PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12 Funds continued

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
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
18,604
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 previous year the PCC:

a) transferred £36,628 from unrestricted general funds to various designated funds to increase the amounts set aside for specific initiatives.

b) transferred £15,808 from the restricted Worship Equipment fund to general funds following the purchase of capitalised audio visual equipment during the year, which satisfied the restriction placed on the income received by this fund.

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
£
£
-
36,522
27,327
-
256,759
90,023
(21,079)
-
263,007
126,545
Unrestricted Funds		 Restricted
funds
£
-

-

420
-
420		 2023
£
36,522
27,327
347,202
(21,079)
389,972

Page 14

ST LUKE'S OSENEY CRESCENT PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12 Funds continued

Designated funds

Restricted funds

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:		 2024
£
3,469
-
3,469		 2023
£
13,100
3,275
16,375

During the year the charity was charged £16,513 (2023: £13,256) 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:		 2024
£
14,475
2,413
16,888		 2023
£
14,300
16,683
30,983

15 Transactions with related parties

During the year the charity received donations totalling £101,630 (2023: £171,890) 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 2024

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
2024
£
280,374
8,744
14,475
5,143
308,736
361,989
361,989
(53,254)
(12,185)
(65,439)
263,007
197,568
Unrestrict		 Unrestrict Designated
Funds
2024
£
-
-
-
-
-
39,983
39,983
(39,983)
12,185
(27,798)
126,545
98,747
ed Funds		 Restricted
Funds
2024
£
50,589
-
-
-
50,589
50,613
50,613
(24)
-
(24)
420
396		 Total
Funds
2024
£
330,963
8,744
14,475
5,143
359,325
452,586
452,586
(93,261)
-
(93,261)
389,972
296,711		 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

Page 16