PCC of St Ml¢hael And All Angeh wlth St stephe Wandiwortb For the year ended 31 December 2023 R¢gIsted numbcr. 1146780
PCC of St Mick•el #nd AU Angel8 Trith St Stephen, Wand8T¥Orth Contents of the AnnuRI report aDd Ffinaneixl Statements foTtbeyearfflded 31 Deeember2023 Pe G¢n¢rg1 IMforntAdon ADoual report StAtsmeAt Df the re8POts8il>llltlei of the PCC Independent tmIller.# report St*temeDt offiDaD¢lal aetfvld¢4 Bal•nct ihe¢t Cgih flow io N•th to the Ilnandal #t+entI li
PCC of St Michael and All Angelj with St Stephen, Wand8WOrth General informallon - yerdr ended 31 December 2023 Church offiee 71 Wimbledon Park Road SoutbfiEI& ithdon SW18 5TT Ineumbtttt Th¢ R¢v Stephen Melluish Jw1H#rwood Andrew Luc&s Trealrer EliYAbdh Jukc4 B*llk¢rs CAF B8Jk Ltd 25 Kings HillAv¢nu¢ Kings Hill Wt Malliog Kent ME194JQ N8tWest Bwjkplc Birmitigham BMsine55 Centr¢ 7 Brindley Plac¢ BI 2TZ SantsnderBaDk UK plc 2 ThitOD Square Re8¢ni's Plac¢ Imdon NWI 3AN IRd¢pendent ¢xaJDkner Hel¢ll Wilthuao ACA Pag¢ I
PCC of St Michael And All Angels Iwlth St Stephen, Wandsworth Annual report- year ended 31 Deeember 2023 Alrn and p•rpD8 Th¢ Church's mission statem¢rtt is Tring traDsfomie41 in Chris( brxtiging hope to everyon&.. In 4)peratiOn with RcvereTJd St¢phen Melluish, the PCC aiTns to promote th¢ whole mission of the chwch: p28toral. evongelisti4 social alld ecurllEDiC81. ObJectfve8 *ctlvlUes The PCC is ¢onllttitted to enabling many peqjle es possible to worshtp &1 our chuTch and to becoll part of our paTi5h conjmunity. Wh¢D plaDlling activitie5 for the yeaT. we have ¢on$ideTed the Charity Commission's guidance on public bL'llcfit and in particul. the supple]llent2ry guidauce on charitie5 for the advanremellt of religioty We aim to help memb¢rs of the cottllnuMiry live out their faith &s part of ow paTish Community through: W01P and pr8yer Provision of pastoral care Missionary and outreach wo ED848ement with Iwal isgue8 ofjustice and mercy. To facilie this work, it is important we mointQTtL the fabric of StMichael'6 and St Steph¢Th'6 Chur¢hc5 and their Tel9t building8. AcbleYenllts and perforn•net 2023 wa5 th¢ second yeArof nornhal Ghurch activities sillce the startof the global Covid-19 Pandemic. We continued to be acuvely tnvolved ID our local wmmunity and with our owi interna] chur¢h activities. We 30 ctsntitku¢d to support a numberof jtIrE projects various parts of the wider WOTI A sarttpk of our a1VitieS in¢lud¢, but are oot limited following: Mission PoMibk. our fundraisin8 lligbt for Mission fundin& was bk10 its pre-covid fOrnt ill St Micha¢l's building alld raised 5igDifiwt fiwd% of around £25,[ in profit forthe ¢ha[it1 we support. We rsn ternlly B8ptism Preparation Courses on Zooll4 which arr effectively a mini Alpha Cour5¢. Ayeraging about 8 families on each course, we look &tthc cornerstones of our faith in relation to th¢bapti&m declarations. Foodbank continued to b¢ a sigllificaDt ministy. It w&s more important thall ever in 2023 due to the continuing cost of hving ¢ri$i5. Community Lunch operated at St Mi¢hael's with guest numbers tllereasin8 througbout the yeaT alld av¢raw 35 to 40 gu¢sts cach week by Lkcember. The monthly Friday Nigm Ukrai#ian Supper at BTathway Hall Continu ty provide a very welcom¢ social hub for the refiw to m¢et. The Glass Door Ni8ht ShclLer ¢ontinued to operate from St Mich4¢1's ChuTcb ots Sattwdays forthe winter of 2023-2024 number5 averd8B 3 35 per week. The allotmetrt project onthe field grew Tn 2023 with a regular group of volunt¢¢rs prOdlg a varied 5clection of fruit aod veg to be USEd for the c4)mrllunity luncb¢s and to be 8ivell to the tlredy in the comrnunTty. It was a popular feature at th¢ St Michael's S¢twJl 8umm¢r fete. Th¢ St Stephcu's Church congretion ¢Otstiuued to meet every Sunday for 8 9am CODllllUlliOD 5¢rYice. Sparkle, the intergenet8tion drop-in Cmtrc which was established at St Stephen's Church ia 2022 OD Thursday6. established a second weekly stssion on Tuesdays. The elderly from the area come for lunch and activities with tbe children from Little Fingers Nut5ery and lo¢al scb(¥)1s. This ¢onttttues to go from strength to streogth and a third day is planne41 Fast¢r and Christsna5 seryices were v¢ry well &tt¢TK1 Caro15 on Tour to0kple for the fourth ye4T running whirh provided cl1rist$ Chr on the local streets. Th¢ Social Action attd AikToydoD teams, together with a8roup of volwtte¢T59 provided thiuwl 160 christi hampers to families llee4 fe¢ding arouDd 700 people. Schools work Co]nUtL with the chur¢b rut)ning awJnblies gnd RE I¢s50ns ill local schools. Pase 2
PCC of St Mi¢h*el and All Angels iyith St Stephen, Wandsjyorth Cell groups took place in V108 locations tbrwghout the year and reBvl&rbhlc jOun1n 5¢&Nions Were introdu¢¢d. Th¢ yOUDger cbiidren enjoyed 8 tethlybear's picnic on the field in the sulllln¢r. Chllb socials iDchukd the ever-popular Cbristmas fair, a men's nigbt tway. the King's Coronation cdebrdtion on the field aThd various team thank you session8. Joydon Commullity Chwth's SuiMi8y lunch went from strength to stretyh ay did the House se&sion for the elderly ott Mondays. The thildroL'S Sullday worl TooknL Toolbox Tots. Toolbox Extra and Yth work all ¢njoy¢d girf)d att¢nd8ntt. The Thursday Jnornitt8 tots group was extremely popular. AMond4y morning tots sessiott clll]ed peace and play tntrothiced during theyear. A ptillE s¢minar on ni%iti8 teenagers. which twk place in Marth, was very well attet)ded. Septemb¢rfield& the anm]al yollth happ¢ned OBain with over 60 teenagers cotDPillg ou¢ oll our ChUh field. A men's nigbtaway took place forthe first time since before Covid. Brnthwty Hall was regularly for St MichaEI's activities. Th¢ mortgage rthe h&lL which was guarant by tbe PCC. w&4 c¢)mpletely paid off at tbe beginniog of Iheyear. Chu c4f¢ business incre&sed stcadity throu8how the year, re5ultillg ID a szllall profit for the ye•rofjust over £2200. The kn w- iDitiativc Continued throughout the first qu8rtu of 2023 atAthydoll Hall and Brathway Hall to allowpeopl¢ somewhere wann to go to in th¢ winter. The Ackroydon c•)tre w&8 particularly well us¢d. Total iKeipts fortheye8r for unrestricted fimd9 were £605,137 (2022: £578,563) of which £274,284 {2tr22.. £255,195) was planned giving Yia gift aid£d srandittg orders 7th a fijnher £69.391 (2022: £62.987) coming from the aid A fttrther £61397 (2022.. £52,481) of ut]restricted income w&5 rdised fro giving via CAFIGAYE and collections at S¢tViCCS. tncludpA in the restricted illrorn¢ of £102,920 (2(U2'. £113282) those arnounts raised for SPEcific pwp05es of which £29,415 (2022: £39,991) was rai%d by'missiott P055ibl¢' alld & furthu £73,505 (2022: £73291) of donAtAons and 8rallts was raised kn siwort specific local ll]i10n activities &% Open Door, comllwwty th¢ kitchen gardell many others. Church hall letting cotrtribut¢d a turther £64,340 (2022: £53.884) to unrestricted fijnth and the café getterdted an increas¢d of £59.155 (2022.. £50,889). Th¢ rullnitig eXPCDses of the café were £56,890 {2022.. £59.687). Other income totslled £22,932 (2022.. £19.399), due to illcome from'st Michael'8 Southfields. charity (which owns Brathv/ay Hall) for use of church stsff. 4s well as rentsl itt¢omt for & local bouse wbith 1$ occupied by a member of staff attd their famity. During the year £525,158 (2022.. £550.983) was spent ftDrn unrestrictsA alld restrict funds ID providiD8 the cbristl ministy of the chur¢h. This includes 80 8mowit of £98.800 (2022.. £91,CW) repre5entingthe fairer 8har¢ payrne to the Diocese. Administratsorteosts in the year totalled £123,730 (2022.. £120,697). N¢t movement (Trn uDrestrieted funds for th¢ year, ther trall8fern to restrieted funds was thettfore a sutplus for the year of £34,65412022'. swplus of £2.195). Restrid¢d fimds increased by £915 (2022: by £II030). Reserves poll¢y It is PCCp)]i¢y to aim to maitttain a ba]auce ¢m fre¢ reserve5 (nd current assetg) of at least 3 tllODths Unrestricted payments v4hi¢h is estimated to be around £90,000. Ther¢ w&s 2 balance of £170.913 {2022: £136259) on the uDr¢#rld funds ai ycar end whilst the reJtricted fiuMI8 had a surp$ of £2,415 (2022: £1.$00)iepres¢ntitig an wnount in respect of the paretttin8 eourse (2022: surph Mi88i¢)n po8sible and local missil funth) a6 Set out in not¢ 8.
PCC of St Michael and All Angels wlth St Stephen, Wandsworth Staff ot 31 Derember 2023 Rey Stepheo M¢lluish- Vic8r Rev Ri¢bard Boothroyd- A6s(Ki#te Mitsister R¢v Louisa Davies- Curate Rev JonbOn Fitter-Cura¢¢ Kate Elliott- Head of Operatiorts Charlottt Walton- Office Manager a)ri8tillQ Lipton-Fjn8¢ Man&ger Susan Sangamneberi-Accoullts Ath]nior Sean Slint)er-W0h4tr Pastor Megall Thylor- Cbitdren's PastorlL Celia Richardqon-Chil¢Jren's Worker Jen G)nsrable- Pre-8cbcH)I Worker Lu¢y O'Boyle- ChildTeD'S and Youih w0er Kadin BarFr-Int¢m Gaby mc1whttie- &)cial Action Mauag¢r Victoria Rawls- Socio] Action Manager(Matcrnity knve) Franccsca Overy-BowEIS- Soci81 Action MaDag¢r 2nd Café Mauager Eitblle Bradin8.Keane- Café Mauager We would also like ts thank all the volunteers who work so hard io make OUT djuwh the lively alld Y1 ¢0muDIty that it is. Sta(fmrd The charity'sp)Ii¢y oll 51aff reward is to Set pay in tine wAtb rate5 for Church of Ellglalld positioD5 butwith flexibility where needed in oider to recruit appropriate stsff. Struetur4 goverllance and mxn•gement Th¢ PCC is & CoOrte body edtsblished by the Church of England and op¢ratiThs under the Paro¢hial Chur¢h Coll¢11 Measures. It is a registered (blty. The n)etbod of appDilllnwit of PCC Membe is set out in the Chur¢h Rwesentation Rules. A1 St Michael artd All Angels with St Stephell's chur membership of the PCC coTrsists of tbc iucujnbent vicar Stephen M¢lluis a5so¢iate minister Ricbard Boothn)yd. tbe church WlenS Jcssica H8rwood and Andrew Luw ([ ¢Id), sthff roernbets Kate Elliott and Emma Chiso]ns at¥J tbose elected by Jllembers of the eoDgrega¢ion who are ott the •lectoral role of the church. 17J¢ elected m¢mbers are CUTr¢ntly.' Toby BeAzi¢y. Atllbony BelL Caro]itie Crowther, Jon FrosticK Max &iff]ll, Liz Jukes (treasu). JonathaDMo¢xse. Sarah PuTo¢ Jo8llDe Withingron. Tho PCC members arerespoDS2ble ts]llakin8 decisions on Jnatters of general o)ncernand importaDcelo the parish, it)cluding deciding how the funds of th¢ PCC are tD be spent. The thll PCC mei4 tirnes in 2023 with an aver atietsdthce of 800A. Given its WAd¢ r¢spoDsibiIiti¢s, th¢ PCC has allumi of committees dealing with pani¢ular aspect8 of P8Tish ]ife which are r¢sponsible to the PCC and rewtback to itrcgularly. Prln¢5p*l ri8k5 uncertakntiej The PCC as trustees carried out risk as5esStlleDts tbrou8bout tb¢ yearto idelltify &TLymajorrisks. The fio8ncial team me¢ts regu[lY aud ro)orts to the PCC. Flnxn¢ts] Rl8k An aDnual budget was preprnq and results c4)mpared to the blldget atyl Teported to the PCC at every etin& InvestsneDts h¢ld by the PCC are revi¢wed by the FinBllc¢ Team and act 88 the Cburch Reserve in ordattce with Diocesan guthliDes. The PCC 8pproves intsrn81 c¢Mtrol8 for at)nual a¢cowits.
PCC of St Michael and All Ange18 Tvith St Stephen, Wandsworth The PCC ]rtInues to monttor its financigl budgrtto eUrethat tb¢ finances of thc church Ttmain mbyst and that fi]llds refy&in available to ¢llobi¢ the fu]fi]meDt of its mi&4ion 4fLd objectives. m8g actions were taken io 2023 etsd ryll ¢tInUE to be taken where n¢¢&sary to pmtKt th¢ fiDollci81 vi&biliry of the chiry. Compllance wlth and RegD12tlon The PCC is infornwd of risks alld these 4r¢ dealt with as appropriate. ProceAJurrs for T¢porting arcidents are in place. The fjre extillgucrS and alaTrnS are cb¢Gk¢d rrgularly in compliance with our Health ond Safetypoli¢y 8lldprocethel. A Tiskman4ennt survry was carrled outby Insure and acted S#fey8rdlng The Church ha$ adopted the Dio¢esall'Pr(trtiotL forAll' Po]icy on Safrguarding )Ith & Vuloerable Athjlts. The Church eotnplies with the DBS requiremth when recrniting voluDt¢ers and stt Approved by thePCC alld sigryed on its beh&lf by The Rev. Stepb Vi¢ Melluisb 2D. March 2024
PCC of St Michael and All Angels With St stsphen. Wandsworth ststement of the re8pon$ibllitieB of the PCC The Cburcb Acwuttting Regulations 2006 requir¢ the PRrochial Ctmrch Coun¢il (PCC) to prepare fjnaocial ststements for eacb year, which give a tru¢ 3ud fair view of the 8t8t¢ of affairs of the Countil #thdof its fin8ttcial adivities foT that Ptri(ML lo prepIllg those fiDaDcial statements the PCC is required to: select suitabl¢ aceounting lICieS #Dd then apply them consistently. ake judgements and eg1inMtes that aTe rtasouable and ptudffj aT prepare the fin8ocial state[ents on the goiD8 concern basis UDl¢ss it is to prtsurne thatthe Coun¢il will contitiue. The PCC ackllowledg¢s itsIespoDsibility for keeping pri)per 8ceoiiolin8 record8 which disc]08e with reattble ¢utw at any time the financial Position of th¢ Church 8tMI enable it to ensu thatthe financial statements compfy with applicabl¢ A¢coutLtiD8 Standards arA Statements of Recomm¢nded Praaice alld with the re]]ti0t)8 0 under the Chwth Attting R¢gulations 2(M16 2nd section 145 ofth¢ Charitics Act 2011. Th¢ PCC also ackttowlcd8es its reSpol)i]ity foT58feguardin8 the assets of the Cbwch and hcnce for tskin8 re&8onable 5trps for the preYeDts)o and detection of fraud or otb¢r I¢gl1tses. Oll half of the PCC Ip The Rev. Stephen Melluxsb Vicar March 2024 P4ge 6
PCC of St Michael and All Angels With St Stephen, Wandsworth TDdependent examiner's report to the PCC of St Michael and All Angels Thlth St Stephen, WAndsworth (1146780) I wort to the rnembtr5 ofthe PCC on my exaTllin&tion of the accoullt8 of the alx)vo ¢bBrity chty.? for the year ended 31 December 2023. Ag nwnber5 of tbe PCCI YOU aTe responsible forthepreparation of the accounts in accordae with therequiremellts of the Ch8rities A¢t 20111'tr Act,?. I report in Spect of my ¢x8mithon of the charity's accouDts callied out tmder seetion 145 ofthe 2011 Act pnd ill ryitig ollt rny examioation, I bave followed all the applicAbE¢ Diredions given by the Cbrity Commissioll uoder section 145(5Xb) of th¢ Art andwiththe gulatiOnS und¢T tbe Chur¢h Ac<ounting Rcgulations 2006. The c]wity's gross ittcome exveded £250.000 4nd I am qualified to ulldertake the examinlOtt by beittg a qu1r1ed m¢mber of the Institute of Cbartercd Accountants in Englalld alld Wales I hav¢ ¢ompleied my ex8min8tion. l ¢onfirnthat llo material tnatt¢r8 b8v¢ come to my att¢ntion in cojmecttoll with the ewDiaatioll which gives me cause to be]iev¢ that aDy material wect.. the accounting recLYds wer¢ no¢ kq)tin accord8¢ with section 130 of the Chariti&% Act or thc accouats didDOt accord with the accounting rewrds.. or thc aoUnt5 did not mplY with th¢ 4)pli¢4ble Tcquirements coft¢¢rnin8 the fonn ¢onten¢ of a¢cA)Uts set out in the Cbaritie5 (Accouuts aTLd Repon51 Regulatioll5 2008 other tb8ll any r¢quirerneDt that the 8c¢ounts give a'tsue aud fair, view which is nota matter considered as part of an independent exaTninatio]L I haveno concerns 8lld hav¢ across no otbermatters in coome¢ti with the exatniDation to wbicb att¢Dtion sI)Uldbe in this report in order to ¢nabk a Ff4)p¢EurderstsDdillg ofth¢ ullts to be reached Helen wilthtll ACA Londo United Kingdom 20 M8rch 2024 Poge 7
PCC of St Mfichael All Ange18 wlth St Slephen, Wandsworth Ststsment of fjnanciAI actlvltRes for the yeAr ended 31 December 2023 Tot¥Jl 21123 restricted Rejtslcted Total 2022 Note In¢omin¢ r¢BDNr¢eB DonatioDs aud kgaci¢s Oth¢r trodJD8 activities Income from rnv¢stments 454.673 146.427 4,037 101920 557J93 146.427 4,037 453283 124,172 1.107 113282 566.566 124.172 .107 2(b) 2{¢) Income 605.137 102920 708.OS7 578563 113282 691.845 Re4ourcei uttd GraDts and dOnlon8 3(a) (1,000) 1216(X)) (23,600) Activities a]rY relating to the 3(bl (434.966) (90.192) (525,158) (455.671) of the church Church mana8emellt 8lld adtn11tratiOll 3(c) (123.730) (30.000) (30,(KXI) (95J12) (550.983) (123,730) (120,697) (120,697) Toti reJour¢es used (559,696) (112.792) (672,488) (576,368) {125312) (701.680) 45.441 Net kncohnln8 r¢¥our¢ (9.872) 35.569 2,195 112.030) (9.835) Movement between funds Balance brought f(rnvaTd at l January (10.787) 136,259 10.787 1.500 137.759 134.064 13,530 147,594 BlaD¢e crIed frnrd It 31 Dttember 170.913 2.415 173J28 136.259 1,500 137,759 The note8 forniphrt of these fi11 ststancnts P8ge 8
PCC of St MA¢h¢l All Angeh wlth St Stepben, W4Ddsworth BalAD¢¢ Sheet a8 at 31 Dber 2023 2023 2022 Note C4rrent M¢ts 30,782 51.157 109,697 24.214 84.7(KJ 47.846 Cthi at baDk 191.636 156,760 LtsbWde8 CreditQT5- attMJunts falling due within one year (18308) (19.IK)I) Net 8*1 173.328 137.759 FuDds Unr¢stiicted Restricted 170,913 2,415 136259 1.51K) 173,328 137.759 e fillat)Ci81 st&tcmcntswer¢ approvrd by the PCC and sigu¢d on its b¢lth]f by: The Rev. St¢ptLell Melluisb Vicar Mr5 El Treasurer e a Marth 21)24 Mar¢b 2024 The notes fortrA Part of thes¢ fm8nciBI statements
PCC of St Ml¢h4el and All Angels wlth St Stsphen, Wandsworth Cshflow ststement for the year ended 31 December 2023 21123 2022 Nots Cash from operatitig ¢llYltles Net caBh PTovidtd by/ (used in) operatin8 acttviti¢s 24271 (9,627) C flows from itiwe8thig Adivitie Bank intere8t rcceiv&J 4.037 l.l¢Y7 Chgllge In egsh the year 28.308 {8.520) Cash at l J8llU C•8h at 31 December 131546 160,854 141.066 132346 Not¢ #: ReconclllT¢tlon of Det movwnen¢ In fundi to Det flo from op¢r*tlng thtiej Net nNeMl in funds 35J69 (9.834) Adjustrnen. (lncreydeCTe8$e iti debkn (DccrcaseyiJ)¢reas¢ ID crcditorn Bank interestzwxived (6,568) (693) (4.037) 5267 {3.952) (1.107) 24271 {9.62T) The Tths fornipart ofthe8¢ fiDancial stsiemeDts Page 10
PCC of St Mlcha¢l and All Angels Vlith St Stephen, Wandsworth Notes to the fjnancl&l gtstements A¢countlng polldes Genernl The a¢eouJJts have b¢¢n preped und¢rth¢ Church Accoth)tin8 RwLlation8 26 in aLxordan¢e with appli¢abl¢ accolting standards and thc current ststeTllent of Re¢onmJended Practice. Aceounting atsd Reporting by Chgritie6 8pplithl¢ acwunling standard FRS 102. The accounts have bcffl prepared unthrthe historical cost convemion and on the accrnalsbasi& The financid 5thkncnts include au traDsadion8, &58¢ts ]iabiiities for whi¢h the PCC is re9POtLsible in law. General or UDrestti¢t¢d repr¢scDt the futtd5 of the PCC and arc llot subicct to 4ny restrictions regarding th¢ii use and are available for applieatii)n on the general pwpos¢s of th¢ PCC. Restricted filnds fiJnds that can only be u8ed forpArti¢ularrestri¢ted PUTposes within the objects of the Chlty. RtriCtions aris¢ when specified by th¢ donor orwbell fillmls are rnised forparticu]&r r¢str1¢tppo8c8. Incoming re4Te¢S Volxrytary i10e oxdocrfvkrfes income Collrcti¢)lls recognised r¢ceived by or on bebA]f of the PCC. Planned giviti8 receivable wvenant isr¢co8nis¢d olljy whettreceived. Grants attd legacie5 to the PCC are accounted for as s<w th¢ PCC is notified of its le881 ltI¢m¢nt and the ar(Ullt du Caf¢ income and 5ai¢s of book8 andmA8azincs aTe aCCot¢d for based on sale$ rereipts. ftAid Tax clainLr on eosh dOtiO¥ Gift Aid And other clairns are In¢lud in the Staternent of Financial Activities at the same li¢ as the c&sh donations wbich they r¢lat O¢her income Rrntsl income from thc l¢ttin8 of th¢ ¢hur¢b premi%& i& reeo8ni8¢d when th¢ rentsl is due. IpKomefvJn tnvthents Divid¢nds and int¢st ar¢ COunted for when reeeived. Tax recoverable on 8u¢h income is re111$¢d in thc Same accounting y¢ar. GoiL¥ ond losses on invteA Reali5ed gains or losses ar¢Tecogllised when investh)ents aye sold. Uw¢alis¢d gaills or1088es are 8QU[Ld for OD revaluati¢)n of itiyestrntnts &t31 Dccember. Grnts donations are accounted for when paid ovex, orwhen awarded. if that award creates a bindiDg ob]i8ation onthe Activitie$ dirertly rtl*tlD¥ to the work of the chArlty The dioc&wi quota orparish share is ac¢ounted for when payable. Any agre quot4 Unpaid at 31 December is provided for in these Ollts 83 ¢Jperational (tholl8h legal) liability alld is showm as a creditor io the Balanc¢ Shed. Pag¢ll
PCC of St Michad and All Angels Ivith St Stspben, WdsOrth Notes to the Ilnanclal statements (eontlnutd) Aetounting pollcle8 (¢onthiued) Con¥8eratedlondandbuildings andmove&bk ¢hMrchfyrntshlngs C¢)nsecrated attdljeneficedproperty is lUdedfrOM the accouttts by s.10{2)(a) (c) of the Ch8Jities A¢t 2011. No value is placed in nwv¢able cburch fiwnisknings held by the thurthwardeD8 on special trustfor the PCC and which require fa¢ulty for disposal since thE PCC collsids this to be iDalienable propety. AU eyndiWt¢ iDCUtred thJrin8 th¢ year on ¢onsecr4t¢d orbenefic¢ builditigs alld on rnoveablc churth fixrnishings, WhethernIntenance or iryroVcrn)ts. As wriltcn off in th¢ Ststement of Fiti8n¢iAi Artivities and separotety disclosed. O¢ber fixture4 fittlw And offic¢ eqvlpm¢nt Equipment usedwithin the CburchpruD] is depffciated rm a StrdiEht line basis over4 years ex¢¢pt for individual of wuipmettt with awchase price of £IO,O(Kl or less which writl¢n off when th¢ a55Ct is 8tquire& JnvestDMts are valued mztht valu¢ a¢31 DeMber. Current ATDOllnts owing the PCC 31 Ikcemberill r¢8M of fee8. rts or othttiticome are shown as debtors le58pfovisioll for amoLts which m&yprove Kol]eCtbk. Higb iDteTGSt aOllts ¢ompri* Ga5b bcld on deposit either with th¢ Central Board of of the Church of Englandor atthe baDL Page 12
PCC of St Mlchael and All Angels with St stephen, Wandsworth Notes to the fcIal $t8tsments (continued) Ineomjng resourtes UDre4trlcted Res¢rlc¢ed Funds Fllnds TolAi funds 2022 21)23 (A) Don#dons and Jegcle8 Planned giving Jncome tsx recmrnble ott staudiDgord¢rs Donatiotis CAF & GAYE doDstion& Non.&ft aid standing orders Dollationg-mission 274.284 69,391 12,489 59.457 36.112 274284 69.391 85.994 59.457 36,112 29.415 255.195 62.987 121J40 49.960 34,572 39.991 2J21 73505 29.415 454,673 102,920 S57.593 566566 Ib) Other trdlng 4ctiYities 64,340 22,932 59,155 53.884 19.399 50.889 (hher incon 21932 59.155 146,427 146.427 124.172 (e) lttcome froDJ tsves¢DKnl• BaDkiDterest received 4.037 4.037 1.107 Totsl Ineomkng 605,137 102,920 708,057 691,845 Page 13
PCC of St Michael and AJI Angels with St stephen, Wandswortb otes to the fwancial statements (Continued) Resources used Unruhlttsd ReAtrltttd Total fund 2(122 2023 (4) Grts don8tt•nB Domtions. Overs missionary Donations- local Mi0 activities 19.IiYJ 3.500 19,100 4,500 25,500 4.500 1.0 216(MJ 23.6(K) 30,IXIO (b) Activitie5 dirediy relathg to the wgrk of the thurth Diocese quota 98,8C 818 19),689 8.299 14,924 36.148 12,620 4,542 97 5.786 5,353 98,8 818 250,666 8299 14,924 36.148 12.620 4,542 182 5,786 5.353 91.IXJO 858 255J68 9.927 12.926 44.661 35.581 6291 301 2.917 6223 839 l&473 5,931 59.687 Stsff 5alaTie8 Insurance Heatin8. ligbting alld water Church n]nt¢je Church refixrbisbD)ent CILUtcb strceS Church courses Leadcrship training Youth work & childr¢n Bookstall Lo¢al Mi10 activities Missioo Possible catering costs Cafe ¢XP¢D5¢ 59,W17 85 25.359 4.771 25,359 4.771 56,890 56.890 434.966 90.192 525,158 550,983 (c) Chreh IngeMent and Admknl#tratioll Mis¢ellan¢ous 14.951 11.455 97.818 (494) 14.951 11.455 97.181 (494) 8.134 11,888 99.609 1.066 S81aries Bank charge5 123,730 123,730 120.697 T•tAi rnovrces u•ed 559.696 I l2,792 672,488 701.680 Page l4
PCC of St Mlchael and All Angels with St StepbeD, Wandsworth Notrs to th¢ fmancial statsments (coDtinued) Debtor8 and prepayments 2023 21)22 Tax refulld th Other debtors epayrnents 19.423 5358 6,(K)I 15,326 3,697 5.191 30.782 24.214 Cash at bank The PCC bas entered irttti a p¢JoliD8 arran8ement for balallceB opEratcd by the dioccse alld is credityj with ap)rtion of CA$h qt bank- hlgb Interest account This is held at the Cffltr41 Board OfFInat of the Church of En iDt¢res¢ is crlled quth¢rfy. Credltors due wlthln one year 2023 Bwjk ¢redit c4rd 2,326 14.483 1.499 I.5 l6,9)8 1.088 Othtt kyeditors 18.308 19.001 Pag¢ 15
PCC of St Michael and All Angels wlth St Stephen, Wandsworth Not¢5 to tbe finAnclAI 8tatemeDts (eontlnued) Restrietsd funds PareDtffig tollrse Total P055ibk Iwid misjion At l Jamthry 2023 1.136 29,415 {27,371) 364 71,005 (85.336) 10.7 1.500 102,920 (85) (112,792) 10.787 ExpeDse$ 13.150) 3.180 At31 tkcember 2023 2AI5 2,415 PothI. Th¢ allnual'Mis5ioD P05sible Quiz Ni8ht' lSe5 funds for specific OVeta5 and local 7Di55ion projects which receive donatioDS from the churclL cAIM155lonfwids.' Donations 8ttd other illcome hav¢ beell received in the year to support various specifi¢. loc81 initiativ¢& These include M¢ssy churc W)dsworth Food BanL Community LuncL 0] House for the Elderly and Gl855 D(K)r at St MiclMel'8. eows¢.. A grant of £2,3( wa8 TvX1v from the Nind8 Trusito nm aparentitig ccwJr8¢ for siDgl¢ mothers. This ourse will tak¢ p]wc in 2024. Other trnsts ROC18r& Southwwt chk fnLrfAccoMnt 630 amd 203 The diocu¢ holds trust fithds on E<half of St Michacl'& As at 31 Dx¢mb¢r2023 tb¢ bala beld was £10,537 (2022.. £10,091). Pag¢ 16
PCC of St Michael and All Angely wlth St stephe WAnd6worth Notes to th¢ finanelal Statements (continued) IIL Staff eojts 2023 2022 Wages and sknies Social secwity costs Employee pension )(ntionS (note 12) 346239 17,189 20J35 341580 18,708 20,059 383.964 380J47 The averag¢ DVD)b¢rofeOYe¥5 was 13 (2022: 13). Ther¢vKre no em0luftts of Jnore than £60.(KIO paidio any individua] en)ployee. Th¢ cknity's trt)Iicy OD 8taff reward iq to set pay in line with tnayketyates forchurch of Exglandpositions but with 11. Related party tran54CtiOD5 Out of pock¢t exp¢]lttt foritrm5 bought on behalf ofthe aJur¢b ha8 been reillth to of the PCC. such cxpenditute is categori*d uiknjer ttLe relevaut ¢¢0dlIre b¢ading, attd as such is not 8eparately disclosed in the account& There WCTC no disclosable twsactions in respxt of PCC mernbu4 person5 closely connectcd with them or other r¢lat¢d paffies. Donatiolls made by m¢mb¢r8 of the PCC to the charity during th¢ year ended 31 Decernbtr 2023. hAd an a8Wtc value of £40,(X)0 (2022.. £40,(KKI). Tbe charity is atsugtee of the chatity'st MichaeL's Southfields.. PAge 17
PCC of St Mlchael and All ADge]s wlth St stephe Wandsworth Notes to the fjnancial statements {conthiued) 12. P¢nsion contributions The ¢lwity parti¢ipat¢S ill th¢ Pensioll Builder Scherne section of CWPF for IAY sthff. CWPF 1$ adjninisteredby the Church of EDgl8lld PetisioL8 Board, wbich holds the CWPF ats sqjarately from tbosc of the Employet atsd other parti¢ipaLin employer CWPF haslwo s¢ctions.' l. tb¢ Defmed B¢n¢fits S¢h¢m¢ 2. tbe Pe100 Buikler Sche]ne. wbi¢h has two 5ubsecttODS' a defeff&l aDDuity Section known &s PcEsioD Build¢r Cla5sko and, b. a cash balance section known &s Petisitsft Builder 2014. P¢nsRon Builder S¢hemt Both settiotss of the Pensi4)n Build¢r Scherne ar¢ ¢lass¢d a8 defined benefit schemes. Pensioll BuilderCIAssi¢ provides a pensio accurnu]ated frm contiibutioDS paid and converted itito a defetted OJllLuity duTillg employmentbaged on t¢rtllS set and reviewed by the Churcb of England Pensi(ms Board from to til. DI6¢tionary increases may a]so be thd, dcpendin8 on inveth¢nt returns and othcr faLtors. Pension Builder 2014 is a ¢4sb balance Scheme that provide5 8 IUTDP sum which member5 use to provide benefits at retirement. Pen$ion ¢ontribuUOnS are rccorded Tn an account for each Tflember. Discretionary bonuse6 may be added bcfL r¢tir¢m¢Di depending on Invttht retsllD5 alld otherhCtO. Thc accouDL plus aDy bonuses declared is pay8ble. TLreduce4 from age 65. There 15 no sudivision of ¥s¢ts between ¢mployers ill ¢a¢h section of the Pension Buildet Sdwne. Th¢ Schatse 15 considered to be a multi-eroployer 5cbe]ne 55 Jes1bEd irj Section 28 of FRS 102. This is because it is not p0sl*[e to attribute the Pensioll Builder Scbeme's assets and liabi]iiies to spe¢ific ¢mploy¢rs and means that C0DtnUlloDS are &C¢OUTLtrd for as if the Schem¢ w¢r¢ a defined contribution scheme. The pensions costs ch8rg¢d ts) the SOFA in the ye4T are the contributiolls payable {2023.. £20,535, 2022.. £20.059). A valllatioo of the PelOll Builder ScheDJe 18 carried out once every three years. The mostrecentvaluation was carried out as ai 31 De¢ember 2019. For the Pension Buildfft Cias&ic Sectio tbe 2019 v8hl0 revealed & deficitof £4.8m on the on8Oill8 as8lltnptitiDS At the most Tttent annual review eff¢¢tiv¢ l Janu8ry 2024, the Bo8Td ¢hos¢ to want a dis¢r¢tion4ry bonus of 6.pkn to both pensions notyct ID pwnent and peDSiOnS inpayiuejjt ID respxt of servi¢¢prior to April 1997" ad a bonus on pensions in Payiiient in respect of post April 2( setvice so th4t th¢ p¢ll5i( iDcrea5e wa5 5DA (where llsually it would be calculated b8s¢d on Infilon up to 2.5Yo). Thi5 foliow¢d improvements in the fundillg position over 2023. There is no rwiirement for deficit payments at the CUTrent time. For the Pension Buijder 2014 s¢ctioffj the 2019 valuation revealed & sL)luS of £5.5m OD the ongoing 8ssumption8 used. There is no re(tuirement for deficit rAyments at the cutrent iitne. The nextvaiuatiou is due as at 31 Decfflnber 2022. Calculations for this are currentlyvnderway. Thc legal St of the scheme is such that if another ernployer fail4 th¢ ¢harity could b¢wme rcsponsiblt forpayllw# shar¢ of th¢ failed employer'spension liabiliiies. Page 18