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 ChU￿h 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 ma￿lage 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 insight￿1 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 spiritt￿l
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 sa￿rdaY 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 sta￿Jn8 costs and a
refresh of the ¢af¢ counter area resulted in a small loss for the year.
Hire income across all three buildi￿gS 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 sp￿lfIe 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 Transf0M￿tionS 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
COM￿unItY 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 proCedU￿s. 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 y￿ar. 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 Ca￿Led 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 re￿rds. or
the account5 did not comply with the appIl￿ble 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 It￿ependent ex￿In3t10ll.
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 unde￿tanding of the ￿cOuntS to be re￿hed.
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¢n￿llt 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 State￿entS
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 pU￿oseS 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 r￿tureS 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 reSp￿t of fre4 rents or other income are shown as debtors less provision for
amounts which n]ay prove u￿oI1¢¢Iab1e.
High interest ac¢ounts comprise cash held on deposit eitELer with th¢ Certtral Board of Fin8￿Ce 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 f￿ancial statements (continued)
Incoming resources
Unrestricted Restrlcted
Funds
Funds
Total funds
2023
2024
{a) Donatlons gdnd legacies
Planned giving
Income tax T￿0Verable 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 grate￿1 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 Tn￿t
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
chU￿h services
Church ￿u￿seS
Leadership training
Youth work & children
L4)cal mission activities
Mission Possible catering costs
Cafe expense
NU￿try 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 v￿louS 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
prOJ￿t 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 Tr￿stACc(￿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 expendi￿re 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 f￿ancIal 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 r￿lOrS. 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 ca￿lled 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 fi￿dIng 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 Im￿1 of the prior yeaT adjustment was lo recognise the brought forward Su￿LUS 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