PCC of St Michael and All Angels with St Stephen, Wandsworth Annual report and financial statements For the year ended 31 December 2024 Registered number: 1146780
PCC of St lchael and All Angels with St Stephen, Wandsworth Contents of the Annual report and Financial Statements for the year fflded31 December 2024 Page General Information Annual report Statement of the responsibilitles of the PCC Independent examiner's report Statement of financial Activities Balance sheet Cash statement io Notes to the flnanclxl Statements li
PCC of St Mfiehael and All Angels with St Stephen, Wandsworth General inforniation - year ended 31 December 2024 Church office 71 Wimbledon Pork Road Southfields London SW18 5TT Ineumbent The Rev Stephen M¢lluish Chur¢h wardens Jessica Harwood Andrew Lucas Hon. Treasurer Elizabeth Jukes Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ NatW¢st Bank plc Bimiinghan] Business Centre 7 Brindley Place Birniingham BI 2TZ S8ntaD&r Bank UK plc 2 Triton Square Regent's Place London NWI 3AN IndeptndeDt examlner Helen Wildman ACA Page I
PCC of St Michael and All Angels with St Stephen, Wandsworth Annual report- year ended 31 Deeember 2024 Aim 4nd purposes Th¢ church's mission statement is "Being transformed in Christ, bringing hope to everyone" In COThoperation with Rever¢nd Stephen Melluish. the PCC aims lo promote the whole mission of the church: pastoral, evangelistic. social and ecumenical. Objectlves and activities The PCC is committed to enabling as many people as possible lo worship at our church and to become part of our parish ¢ommuniry. When planning activities for the year, we have considered the Charity Commission's guidance on publi¢ benefii and itL particular, the supplementsry guidance on charities for the advancement of religion. We airn to help members of the community live out their faith as part of our parish community through.. Worship and prayer Provision of pastoral care Missionary and outrea¢h work Engagement with local issues of justice and mer¢y. To facilitate this work, it is important w¢ maintain the fabric of St Michael's and St Stephen's Churches and their relafrd buildings. Performance and Arhlevement5 2024 2024 was a busy year for all aspeet5 of ChUh life. We continued to be actively involved in our locaI community and with our internal Church activities. We also ¢ontinued to support a number ofjustice projects in various parts of the wider world. A summary of our key activities during 2024 across the various ministrie5 is as follows: Chiirch Services and Courses The morning and ¢v¢ning services at Si Michael's Church saw significant growth. as did the luncbiime service al Ackroydon Church. Si Stephen's Church met on Sundays until the summer for a 9am communion service, after which w¢ saw a short service on Thursday afternoons connecting with our Sparkl¢ Intergen¢rational Programm¢, as well as a monthly Sunday afternoon session for young families. Easter aiid Christmas services w¢re very well attende4 with a big gathering al our Caro]s on the Field event. sharing the Christmas story alongside a inass sing-a-long. We ran several courses throughout the year, including an Alpha Course looking at th¢ foundations of faith, 'The Bereavement Journey, that explores loss and grief, and Baptism Prepardtion which is a requirement for families who want to have their child baptised in our church. Chiirch Socials andFundraisei Mission Possible, our fijndraising night for Mission ndIng was a sell-out and raised significant funds of around £34,000 in profit for the charities we SUPPOTL equalling the highest ever total from 2022. Chur¢h socials included a new weekend camping event called The Great Escap¢, attetjded by hundr¢ds of our church family from across the congregations. We held a team night to both celebrale our volunteers as well as io equip them and gather feedback. Kids, Yoiith andFamily Ministy Our Sunday kids and youth ministries continued to grow month by month. The mid-week tots activities which includ¢d a playgroup, peace and play, little lambs and puppet church all brouglit new people into our church coininunity. Under the family niinistiy umbrella we tan a succcssful thTee-week malage course called 'Date Night. and an eveniiig session for people who are parenting on their own. Page 2
PCC of St Michael and All Angels with St Stephen, Wandsworth We increased our presence in more of our local schools with five local primary schools inviting us to be involved in their Christmas programmes. Our Septemberfields Youth Festival brougbt together year 7 to 10 pupils for a fun, faith-fJll¢d overnight campitLg experience on the church field wilh activities including a silent disco, colour fight, and an inspiring guest talk. Some of Ihe older youth had a brilliant time at Wildfires, a summer festival in West Sussex. where they experi¢nced a few days camping with WOTship and fellowship. Friday Night Youth had a variety of different activities su¢h as the British Bake-off. Bowling and games night. Youth cell groups continued to meet bi-weekly across various age groups, providing a space for comieclion and growth. On Sunday evenings, the youth were given the opportunity to de¢p¢n their faith through insight1 discussions and a variety of activities. Coininiiiiity Transfor7nQtions Mini51ry Sparkte, our intergenerdtional community project. expanded lo Ibree venues itL Wandsworth with a fourth in th¢ pipeline. Sparkle is a lay and volunteer led project that brings younger and older people together in a ¢hurch-hosted setting. By the end of the year, Sparkle had connected over IOO'grandfriends' with over 300 primary children from four state schools and 115 pre-s¢hool¢rs from three nurseries. A typical day includes sealed exercise, two intergenerational sessions (one with nursery and one with pritnary), a freshly prepared meal eaten together and an optio[1 age-appropriale church service for grandfriends and volunteers called 'Sparkle Saints,. Sparkle is therefore a holistic offering promoting physical, emotional and spirittl wellb¢ing. Our two c.ommunity Lunches served 70+ guests on Sundays at Ackroydon Church and Wednesdays at St Mi¢hael's, with our d¢di¢ated team of volunteers producing over 3,500 hot meals in 2024. Wandsworth Foodbank at St Michael's provtded emergency food. support and advice to more than 450 local people experiencing fmancial hardship in 2024. Across Wandsworth this figure exceeded 10.000. Ukrainian Supper ran on the fwst Friday of ¢v¢ry month at Brnthway Hall and provided a space for guest5 to m¢e( talk and support each other over a delicious volunteer-prepared hot meal. From Novemb¢r 2024 to April 2025 our night shelter partnership with Glass Door provided a warm welcome to 35 homeless indivithials ¢v¢ry sardaY night, serving a nutritious hot three-course meal prepared by our volunteer team. St Michael's Kitchen Garden ¢onlinued to flourish and produ¢¢ more vegetables and soft fruit for use at Food BaDk and Cornmunity Lunches. Througboul last year our Souping volunteer team met twice a month to cook soup to be served at Sparlde sessions. By y¢aT end they had mad¢ over 3,000 bowls of soup. At Christmas 2024 we pi'ovided 170 disadvantaged, local families from the Ackroydon and Henry Prince estates with all that they needed to make a 11 Christmas dinner. Our partnership with Heidi Klein continued in 2024 as S¢ Michael's Church once again played host to Southfjelds largest designer resort and swimwear sales. raising a substantial amount. all of which is used to help fimd our Comnllmity Transforniation projects. Pioneer Church Ministry Richard Boothroyd was made Priest in Charge of St John the Divine and began working there with the pioneer curate, Jonny Fitter, the Sparkle Team and the preschool wotker. Sparkle began at St John the Divine in November 2024 with monthly family servi¢es beginning in January 2025. Hire ofBuildings andst hfike's Cafe CILurch ¢af¢ business increased steadily throughout tb¢ year. However, an increase in staJn8 costs and a refresh of the ¢af¢ counter area resulted in a small loss for the year. Hire income across all three buildigS was alxivc budget Wltb some new hirers coming onboard, including Just Love, a Christian Student Group. who hired the whole of St Michael's Church for a 3 day conference in the Easler holidays and booked to return in 2025. Page 3
PCC of St Michael and All Angels witb St Stephen, Wandsworth Financlal review Total receipts for the year for unrestricted funds were £712262 (2023.. £666.312) of which £271,104 (2023: £274,284) was planned giving via gift aided standing orders with a further £67,882 (2023.. £69,391) coming from the gift aid. A fvrther £61,710 (2023= £62,397) of unrestricted income was rdised from giving via CAFIGAYE and collections at services. Included in the restricted income of £128,019 (2023: £102,920) are those amounts raised for specific purposes of which £41,188 (2023: £29,415) was raised by 'Mission Possible. and a further £86,831 (2023.. £73,505) of donations and grants was raised to support splfIe local mtssion activities such as Sparkle, Open Door. community lunch, the kitchen garden and many others. Church hall letting conlribuled a thrther £69.309 {2023'. £64,340) to unrestricted funds and the cafe generated an increased income of £67,302 (2023.. £59.155). The nmning expenses of the ¢afé were £70,119 (2023: £56,890). Other in¢ome totslled £18,146 (2023: £22,932), due to incom¢ from 'St Michael's Soutlifi¢lds' charity (which owns Brathway Hall) for use of church stsff. as well as rentsl income for a local house which is occupied by a member of staff and their family. During the year £637,164 {2023.. £586.340) was spent frntn unrestricted and restricted ndS in providing the Christian ministy of the church. This irlcludes an amount of £lOO.000 (2023: £98.800) representing tbe fairer share payment made to the Diocese. Administration costs in the year talled £122.555 (2023: £123.730). Net movement on unrestricted funds for the year, after transfers to restricted fvnds. was therefore a surplus for the year of £10,562 (2023.. surplus of £34,647). Restricted fvnds had a net movement of £nil. (2023: increased by £915). NB.. Certain of the 2023 comparatives have been restated for the inclusion of the trading relating to Little Fingers Nursery. Further detail of the Testatement is given in note 13 to the financial statements. tncome generated by the nursery in 2024 was £71,927 (2023: £61.175) with associated expenses of £61,868 (2023: £61,182)- Reserves polley It is PCC policy to aim lo maintain a balan¢¢ on free reserves (net current assets) of al least 3 months unrestricted paym¢Dts which is estimated lo be around £105,000. There was a balance of £212,335 (2023: £201,773) on the unrestricted funds at year end whilst the r¢stricled fvnds had a surplus of £2,415 (2023.. £2,415} represenling an amount in respect of the parenting course. (2023: surplus in relation to the parenting course) as sel out in note 8. Staff as at 31 December 2024 Rev Stephen Melluish- Vicar Rev Richard Boothroyd- Associate Minister Rev Louisa Davi¢s- Curate Rev Jonathon Fitt¢r- Curate Kate Elliott- H¢ad of Operations Charlotte Walton- Office Manager Christine Lipton- Finance Manager Susan Sangamneheri- Accounts Administrator Sean Skinner- Worship Pastor Megan Taylor- Children's PastoriLe&der Celia Ri¢hardson- Childr¢n's Worker (on mat¢rnity leave) Jen Constable- Pre-school Worker Lucy O'Boyle- Children's and Youth Work¢r Kadin Barber- Children's and Youth Work¢r Gaby M¢Whinnie- Community Transf0MtionS and Grants Manager Halima Gedd¢s- Community Transformations Facilitator Eithne Bradin8-Keane- Cafe Manager Tanya Litvak- Cafe Manager Page 4
PCC of St Illichael and All Angels with St Stephen, Wandsivortb We would aiso like lo thank all the many volunteers who work so hard to make our church the lively and vibrant COMunItY that it is. Staff rew4rd The charity's policy on staff reward 15 tQ Set pay in line with market rate5 for Church of England positions but with flexibility wher¢ n¢ed¢d tn order to recruit appropriate stsff. Structure, governAnce and management The PCC is a corporate body established by the Church of England and operating under the Parochial Church Council Measures. It is a registered clmrity. The method of appointment of PCC meinbers is sel out in tbe Church Representation Rules. At St Michael and All Angels with St Stephen's churc membership of the PCC consists of the incumbent vicar Si¢phen Melluish, associat¢ minister Ilichard Boothroyd, the church wardens Jessica Harw(d and Andrew Lucas {both elecied), staff members Kate Elliott and Emma Chisolm, and those elected by members of the congregation who are on the electt)ral role of the church. The elected members ar¢ currently: Toby Beazley, Anthony Bell, Caroline Crowtber. Jon Frosrick, Max Griffin. Liz Jukes (treasurer). Jonathan Moors< Sarah Perrott and Joann¢ Withington. Th¢ PCC members are responsible for making decisions on all matters of general concern arLd importan¢¢ kn the parish, in¢luding deciding how the funds of the PCC are to be spenL Th¢ fvll PCC met 4 times in 2024 with an average attendance of 80•/fj. Given its wide responsibilities. the PCC has a number of committees dealing with parti¢vlar aspects of PaTish lif¢ which are responsible to the PCC and Tepon back to it regularly. Prfineip#l risks and uncertAlntles The PCC as trustees Carried out risk assessments throughout tbe year to identify any major risks. The financial meets regularly and reports to the PCC. Finandal Risk An annual budget was prepared and results Compared to the budget and reported to the PCC at every meeting. IDV¢Stments held by the PCC are reviewed by the FinaD¢¢ Team and act as the Church Reserve in accordance with Diocesan guidelines. The PCC approves internal controls for annual accounts. The PCC continues to monitor its fJnan¢ial budgei lo ensure that the fmances of the cburch remain robust and that nds remain available to enable the fvlfilmenl of its mission and objectives. Mitigating actions were taken in 2024 and will continue to be taken where necessary lo protect the financial viability of the charity. Compllance with IAW and Regulatfion The PCC is infornied of risks and th¢ ar¢ dealt with as appropriate. Procedures for reporting accidents are in place. The fire extinguishers and alarnls are checked regularly in compliance with our Health and Safety policy and proCedUs. A risk management survey was carried out by iDsurer5 and acted upon. Safeguarding The Church has adopted the Diocesan'Protection for All, Policy on Safeguarding Children & Vulnerabl¢ Adults. The Church ¢omplies with the DBS rcquir¢ii)¢iils wlieii reLruilillg vulunleers and ¥laff. Approv¢d by the PCC and sigD¢d on its behalf of by The R¢v. Stephen Melluish Vicar 30 April 2025 Page 5
PCC of St Michael and All Angels with St Stephen, Wandsworth Statement of the responsibilities of the PCC The Church Accounting Regulations 2006 require the Parochial Church Council (PCC) to prepare financial statements for each yar. which give a true and fair view of the slate of affairs of the Council and of its fman¢ial activities for that period. In preparing those financial statements the PCC 15 required to: select suitable accounting policies and then apply them ¢onsistently; make judgements and ¢stimales that are reasonable and prudent; and prepare the financial statements on the going concern basis unl¢ss it is inappropriate to presume that the Council will continue. The PCC acknowl¢dg¢s its responsibility foi keeping proper accountitLg records which disclose with reasonable accuracy at any lime the financial position of the Church and enable it lo ensure that the financial statements cornply with applicable Accounting Standards and Statements of Recommended Practice and with the regulations made under the Church A¢¢ounting Regulations 2006 and under section 145 of the Charities Act 2011. The PCC also a¢knowledges its responsibility for safeguarding the assets of the Church and hence for taking reasonable steps for the prevention and deleclion of fraud or other irregularities. On behalf of the PCC The Rev. Stephen Melluish Vicar So April 2025 Page 6
PCC of St Michael and All Angels with St Stephen. Wandsworth Independent examjner's report to the PCC of St Michael and All Angels with St Stephen, Wandsworth (1146780) I report to the members of the PCC on my examination of the accounts of the above charity ('the charity") for the year ended 31 December 2024. As members of the PCC, you are respi)nsible for the preparation of the accounts in accordance wittL the requirements of the Chariiies Act 2011 ('the Act"). I report in respect of my examination of the charity's accounts CaLed out under section 145 of the 2011 Act and in catryittg out my examination, I have followed all the appli¢able Directions given by the Cbarity Con]n]ission under section 145(5)(b) of the Act and with the regulations made under th¢ Church Accounting Regulations 2006. The charity's gross income exceeded £250.000 and l am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accowjtants in England and Wales I have completed my ¢xaminatLtsll. I conftnn that no material matters have come to my attention in connection with the examination which gives me cause lo believe that in, any material resp¢¢t: the accounting records wer¢ not kept in accordance with section 130 of the Charities Act,. or the accounts did not accord with th¢ accounting rerds. or the account5 did not comply with the appIlble requirements con¢etning the form and content of accounts set out in th¢ 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 Itependent exIn3t10ll. I have no con¢erns and have corne across no C*ther matt¢TS in connection with the examination to which attention should be drawn in this report in Order to enable a proper undetanding of the cOuntS to be rehed. Uq((Lll Helen Wildman ACA London, United Kingdom )0 April 2025 Page 7
PCC of St Michael and All Angels witb St Stephen. Wandsworth Staternent of financial activities for the year ended 31 December 2024 Total Un- 2024 restricted Restricted £ {rest&ted) Total (rest*ted) 2023 restricted Restricted Note Incoming resources Donations aJLd legacies Other trading activities lllcome from investmeots 2(a) 2(b) 2(c) 478.987 226.684 6.591 128,019 - 607.006 226,684 6.591 454,673 207,602 4.037 102.920 557.593 207,602 4.037 Total Income 712262 128,019 840.281 666,312 102,920 769,232 Resources used Grants and donations 3(8) (34.000) (34,000) (1,000) Activities directly relating lo the work 3(b) (557,445) (115.719) (673,164) (496,148) of the church Chutch lagement and administration 3(c) (122J55) (22,600) (23.600) (90,192) (586.340) (122.555) (123,730) (123,730) TotAI re50urces used (680.000) (149,719) (829.719) (620,878) (112.792) (733.670) ¢t in¢omlng resources 32262 (21.700) 10.562 45,434 (9.872) 35.562 Mov¢nllt between fund5 Balance brought fon4rard at l January (21.71)0) 201.773 21.700 2,415 (10.787) 167,126 10.787 1.500 204,188 168,626 Balance earried forward at 31 December 212J35 2.415 214,750 201,773 2,415 204,188 Th¢ not¢s forni part of these financial stalements Page 8
PCC of St Mlchael and All Angels with St Stephen, Wandsivorth Balance Sheet as at 31 December 2024 2023 2024 (restated) Note Current *ssets Debtors and prepayments Cath at bank High interest account 34,558 76,135 164,206 30,782 82,017 109,697 274,899 224,496 Llabilltles Creditors- Amounts falling due within one year (60.149) (18.308) Net Assets 214,750 204,188 Funds Unrestricted Restricted 212,335 2,415 201,773 2,415 214,750 204,188 The financial 5tal¢m¢nts were approved by th¢ PCC and signed on its behalf by: The Rev. Vicar en M¢lluish MrsE iub¢ih Jukc5 Treasurer qo April 2025 go. April 2025 The notes fonii part of these financial statements Page 9
PCC of St Michael and All Angels with St Stephen. Wandswortb Cashflow statement for the year ended 31 December 2024 2023 2024 (reseated) Note Cash flows from operatlng aettvities Net cash provided by / (used in) operating activities 42,036 24264 Cash flows from illvestijjg activities Bank interest received 6,591 4.037 Change in casb in the yeir 48,627 28.301 Cash at l January Cash at 31 D¢c¢mber 191.714 240.341 163,414 191.714 Note a: Reconciliation of net movement In funds to net cash flow from operating actfvitie5 Net movetnent in fvnds 10.562 35,562 Adjustments: (Increaseydecrease in debtors (Decr¢ase)lincrease in ¢reditors Bank inter¢5t received (3,776) 41,841 (6,591) (6,568) (693) (4.037) 42,036 24264 The notes fonn part of these finan¢ial statements Pa8¢ 10
PCC of St Michael and All Angel% with St Stephen. Wandsworth Notes to the tlnancial statements Accounting policles General Thc accounts have b¢cn prepared undeT thc Church Accounting Regulations 2006 in accordance with applicable accounting standards and the current Statement of Recornmcnded Practice. Accounting and Reporting by Charities and applicable accouutiThg standard FRS 102. All applicable accounting policies hlvc bcen applied on a consistent basLS. The accounts have been prepared under the bistorical cost convention and on the &CCTuals basis. The fmancial StateentS include all transactions, assets and liabilities for which the PCC is responsible in law. A prior year restatement has been Tnade to appropriately rccognise the activities of Little Fingers Nursery which was identified as being within the control of th¢ PCC during the course of the year (see note 13 for fithher detail). Funds Geoeral or unrestricted funds represent the fimds of the PCC and are not subj¢¢t ¢0 afjy restrictions regarding th¢ir use and are available for application on the general pu4)oses of the PCC. Restricted futLds are funds that can only be used for particular restricted pUoseS withill the objects of the chaTity. Restrictions arise when specified by the donor or when Trds are raised for particular restrict¢d purposes. Incoming resources Voluniary income and activilles incopne Collections are recogmised when received by or on behalf of the PCC. Planned giving receivable under covenant is recognised only when received. Grnnts and legacies to the PCC are aecounted for as soon as the PCC is notified of its legal entitlement and the amount due. Cafe income and sales of books and magazines are ac¢ounted for based on sales receipts. Gift Aid Tor claims on cash donations Gift Aid and other tax claims are included in the Statement of Financial Activities at the same time as the cash donations to wbich they relate. Other Income Rental income from the letting of the church premises is recognised when the rental is due. Jneomefvm investments Dividends and interest are accounted for when received. Tax recoveiable on sucEL income is recognised in the same accounting ycar. Gains lynd losses on iAvewfvients Realised gain5 or losses are recognised when investments are sold. Unrealised gains or losse5 are accounted for on revaluation of investments at 31 December, Resources used Gran1.¥ Grants and donations are accounted for when paid over. or when award¢d if that award creates a binding obligation on the pcc. Activities directly relating to the work of th¢ charlty The diocesan quota or parish share is accounted for when payable. Any agr¢ed quota unpaid at 31 December 15 provided for in thes¢ accounts as an operational (though not legal) liabtlity and is shown as a creditor in the Balance Sheet. Pagell
PCC of St Michael and All Angels with St Stephen, Wandsworth Notes to the fmancial statements (continued) Accounting policies (continued) Flxed assets Consecrated landand buildings and nioveable churchfiirni¥hings Cons¢¢rated and beneficed prop¢ty is excluded from the accounts by s.10(2)(a) and (c) of the Charities Act 2011. No value is placed in moveable church fiullishiThgs beld by the churchwardens on special trust for the PCC and whicb requi a faculty for disposal since the PCC considers this to be inalienable property- All expenditure incurred during the year on consecrated or benefi¢e buildings and on mov¢able ¢huTcb fjjrnishings, whether maintenance or improvements, is written off in the Statement of Financial Activities and separately disclosed. Other rtureS fittings and office equipment Equipment used within the church premises is depreciated on a straight line basis over 4 y¢ars except for individual items of cquipment with a purchasc price of £IO.000 or less which are written off when the asset is acquiTed. Investments IDVCStrnents are valued at markct value at 31 Decevnber. Current assets Atnounts owing to the PCC at 31 Ikcember in reSpt of fre4 rents or other income are shown as debtors less provision for amounts which n]ay prove uoI1¢¢Iab1e. High interest ac¢ounts comprise cash held on deposit eitELer with th¢ Certtral Board of Fin8Ce of the Church of England or at the bank. Page 12
PCC of St Mlchael and All Angels with St Stephell, Wandsworth Notes to the fancial statements (continued) Incoming resources Unrestricted Restrlcted Funds Funds Total funds 2023 2024 {a) Donatlons gdnd legacies Planned giving Income tax T0Verable on standing ord¢rs Donations CAF & GAYE donations Non-gift aid standing ordeTS Donations- mission possible CollectiODS al services 271,104 67.882 40.749 55.732 37.542 271.104 67,882 127,580 55,732 37,542 41,188 5,978 274,284 69,391 85,994 59,457 36,112 29,415 2.940 86.831 41,188 5.978 478.987 128,019 607,006 557.593 (b) Other trading activltles Lettings income Other income Cafe income Nursery income 69,309 18.146 67.302 71,927 69.309 18,146 67.302 71,927 64,340 22,932 59,155 61.175 226,684 226,684 207,602 (c) Income from investments Bank interest received 6.591 6,591 4,037 Tot41 In¢omlng resources 712,262 128,019 840.281 769,232 We are grate1 to the following donors who provided grant income in the year: Ninds Trust London Borough of Wandsworth Marsball Wace Asset Management Enable Leisure & Culture Aquila Family Charitable Tnt National Lottery Page 13
PCC of St Michael and All Angels wfith St stephe Wandsworth Notes to the fmancial statements (continued) Resources used Unrestricted Restricted Funds Funds Total fullds 2023 2024 (a) Grants and donation5 Donations- overseas missionary Donations- local mission activities 27.000 27.000 7,000 19,100 4,500 34,000 34,000 23.600 (b) Activities dlrectly relating to the work of the ehurch Diocese quota Clergy reimbursements Staff salaries Insurance Heatlng, lighting and water Church rnaintenan¢e Church rethrbishment chUh services Church useS Leadership training Youth work & children L4)cal mission activities Mission Possible catering costs Cafe expense NUtry Cxpenses loo,000 565 209,880 10,304 22,434 41,962 23,274 6.853 1.289 5J25 3.572 100,000 565 292.030 10,304 22,434 41.962 23,274 6,853 1.289 5325 3572 26.581 6.988 70.119 61,868 98.800 818 250,666 8,299 14,924 36,148 12,620 4,542 182 5,786 5,353 25,359 4.771 56,890 61.182 82,150 26.581 6,988 70.119 61,868 557,445 115.719 673,164 586,340 (c) Church management and administratio Miscellaneous Administration Salaries Bank Charges Building development 10.652 10,211 95,298 278 6.116 10.652 10.211 95,298 278 6,116 14,951 1.455 97.181 (494) 122,555 122,555 123,730 Total resources used 680,000 149,719 829,719 733.670 Page 14
PCC of St Mlchael and All Angels with St Stephen. Wandsworth Notes to the fmallcial statements (continued) Debtors and prepayments 2024 2023 Tax rethnd due Other debtors Prepaymcn15 21.742 7,659 5.157 19.423 5.358 6.001 34,558 30,782 Cash at bank The PCC has entered into a pooling arrangement for cash balances operdted by the diocese and is credited with a portion of the interesL Cash at bank- high interest account This 15 held at the Central Board of FiTtanc¢ of the Church of England and interest is credited quarterly. Creditors due iylthin one year 2024 2023 Bank credit card Accrnals Deferred grant income Other creditors 3.978 15.978 36,894 3,299 2J26 14.483 1,499 60,149 18,308 Page 15
PCC of St Mlchael and All Angels with St Stephen, Walldsworth Notes to the financial statements (Continued) Restricted funds Local mission funds SpAride Parenting course Tot41 Mission P055ible fund At l January 2024 Incom¢ Expenses Transfer from unrestricted to restricted funds Transfer between restricted funds 2.415 2.415 128.019 {149,719} 21,7C) 41.189 (40,988) 66,270 (80,776) 14,305 20.560 (27.955) 7,395 (201) 201 At 31 December 2024 2.415 2,415 Mission Possible: The annual 'Mission Possible Quiz Night, rnises futkds for specific overseas and local mission proje¢ls which receive donations from the chuTCh. local misslonfumds.. Donations alld other income bay¢ been received in the year to support vlouS specific, local initiatives. These ittclude Wandsworth Food Bank. Community Lunch, Open House for the Elderly, Glass Door at St Mi¢ha¢l's and Ukrainian Supper and Christtnas Hampers for the needy. (Some grants received also extended into 2025 but only those grants allocated to 2024 are accounted for in these accounts.) Sparkle.. Donation5 and severnl grants bave been received in the year to support Sparkle, an intergenerational community prOJt that bring5 younger and older people together in a church_bost¢d settlng. (Some grallts received also extended inlo 2025 but only those grnnts allocatsd to 2024 are accounted for in these accounts.) Parenlimg course.. A grant of £2,500 was received from the Ninds Trust in 2023 to run a parenting course for single mothers. This course will take place in 2025. Other trusts Rochester & Southwark Chmrch TrstACc(Irtt 630 and 203 The diocese holds trust funds on behalf of St Miehael's. As at 31 December 2024 the balance held was £11,007 {2023,, £10,537). Page 16
PCC of St Mlchael and All Angels with St Stephen, Wandsworth Notes to the fmanclal statements (Continued) 10. Staff costs 2023 2024 {restfdted) Wages and salaries Social security costs Employee pension contributions (note 12) 431,930 24,523 24,721 389,300 22,589 22,437 481.174 434.326 The av¢rage number of employees was 16 (2023: 16). Ther¢ were no ernolumeots of Jnor thaa £60.000 paid to any individual employee. The charity's policy on stsff reward is to set pay in line with market rates for Church of England positions but with flexibility where needed in order to r¢Gruit appropriate staff. Included in the abov¢ are the salary and related costs for the staff of Little Fingers Nursery. The 2023 comparntives ILav¢ been restated to include the same. Employee pension contributions includes amounts paid to private pension arrangements of £2,112 (£1.902) for nutsery staff. 11. Relatsd party transactions Out of pocket expenditure for items bought on behalf of the Church has been reimbuTsed to members of the PCC. such expenditure is categorised under the relevant expendire heading. and as such is not separately disclosed in the accounts. There were no disclosable transactions in respect of PCC m¢mb¢rs. persons closely cormected with them or othcr rclated parties. t)onations made by members of the PCC to the c]Jarity during the year ended 31 Decerllber 2024, had an aggregate value of £25,500 (2023: £40,000). The charlty is a trusfre of the chwity 'St Michael's Southfields,. Page 17
PCC of St Michael and All Angels with St Stephen, Wandsworth Notes to the fancIal statements (continued) 12. Pension contributlons As an employer. the PCC participates in the Pension Builder Scheme 5ectiOll of CWPF for lay staff. CWPF is administered by the Church of England Pensions Board, whicb holds the CWPF assets separately from those of the Employer and other participating employers. CWPF has two sections". the Defined Benefits Scheme 2. the Pension Builder S¢h¢me, which has two subsections. a deferred annuity section known as Pension Builder Classic. and. a cash balance section known as Pension Builder 2014. Pension Builder Scheme Both sections of the Pension Builder Scheme are classed a5 defjned benefit schemes. Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based Oll trnls sel and reviewed by the Church of England Pensions Board from lime to time. Discretionary increases may also be adde(L depending on investment returns and other factors. Pension Builder 2014 is a cash balan¢e scheme that provides a lump sum which member5 use to provide benefits at retirement. Pension contributions ar¢ recorded in an a¢count for each member. Discretionary bonuses may be added before retiremenL depending on investsnent r¢tun]s and other rlOrS. The account, plus any bonuses declared is payable, unreduced, from age 65. There 15 no sub4ivision of assets bettveen employers in each section of the Pension Builder Scheme. The scheme is considered to be a multi-¢mployer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the PezLsion Build¢T Scheme's assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SOFA in the year are the contributions payable of £22.609 (2023: £20,535). A valuation of the Pension Builder Scheme is carried out once every three years. The most r¢cent valuation was called out as at 31 Decemb¢r 2022. For the Pension Builder Classic section, the valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review effective l January 2025, the Board chose to grant a discretionary bonus of 6.71/FrJ to both pensions not yet in paynenl and pensions in payment in respect of service prior to April 1997. and & bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 2.70/0 (where usually it would be calculated based on inflation up to 2.5Q/o). This followed improvements in the fidIng position over 2024. There is no requirejnent for deficit payments at the Current time. The next valuation is due as at 31 December 2025. For the Pension Builder 20 14 section, the valuation revealed a surplus of £8.5m on th¢ ongoing assumptions used. There i5 no requirement for deficit payments at the current time. The legal stmcture of the scheme is such that if another employer fail4 the PCC could become responsible for paying a share of the failed employer's pension liabilities. Page 18
PCC of St Michael Y4nd All Angels wlth St Stephen, Wandsworth Notes to the financial statements (continued) 13. Prior year adjustment DuriTtg the course of thc ycar, it was identified that the 'Little Fingers Nut5cry' is under the control of the PCC. The nursery, which operates out St Stephen's Church, Putney, is a community terni-time provider of nursery care for pre-school children. The nursery is run on a not for profit basis to seek to proviik a morc affordable. Christian based care. The Im1 of the prior yeaT adjustment was lo recognise the brought forward SuLUS gell¢rated by tbe nursery. This resulted in the following re5tat¢ment of the net assets of the PCC at l January 2023: Brought Net assets forward previously surplus at reported at I l January January 2023 2023 Reststed net assets atl January 2023 137,759 30.867 168.826 The imwt of the restatement on the PCC'S 2023 SOFA and balance sheet at 31 December 2023 is shown below: Net incoming resources Income Expenses CAsh Net *5setS As previously reported 708.057 (672.488) 35.569 51,157 173,328 2023 nursery trading 61,175 (61,182) (7) 30.860 30.860 Impact of 2023 rcstatcment 769,232 (733,670) 35.562 82.017 204,188 Page 19