## **St Mary’s Church Hornsey Rise** **End of Year Financial Statements** **Year ending 31[st] December 2023** THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY HORNSEY RISE Legal and administrative information |Parochial Name|St MaryHornseyRise| |---|---| |Correspondence Address|St Mary’s Church,AshleyRoad,London,N19 3AD| |PCC Members
Ex Officio Members
The Incumbent
Associate Vicar
Curate
Wardens
Treasurer|The Reverend Tamsin Merchant
The Reverend Robert Merchant
The Reverend Shawn Woods (from July 1st 2024)
Joanne James
Elaine Clarke
Jacqueline Barnes| |DeanerySynod Representative|Margaret Pickard| |Elected Members|Cheryl Bennett
Suzy Lee (until September 2024), Duncan Strong (until July 2024),
Faith Strong (until July 2024)
June Scott
David Sweet
Carlos Jesus Santos-de-Barros
Yvonne Watson| |Parish Safeguarding Officer
Childrens Champion|Cheryl Bennett
KellyCusumano| |Charitable Status|St Mary’s Parochial Church Council is registered with the Charity
Commission
Registered CharityNumber 1150821| |Bank|CAF (Charities Aid Foundation)
25 Kings Hill Avenue
Kings Hill
West Malling
Kent ME19 4TA| |Parish Administrator|Elizabeth Clarke(until Mar 2024)| |Parish Book Keeper|Kevin Ogilive of CharityBook Keeping| |Independent Examiner|David Green of Gowers Limited
Chartered Accountants, The Old School House, Bridge Road, Hunton
Bridge,Kings Langley,Herts,WD4 8SZ.| Structure, Governance and Management There is a Parochial Church Council (PCC) to govern the parish. The method of appointment of PCC members is set out in the church representation rules. All church attendees are encouraged to register on the electoral roll and stand for election to the PCC. There are 67 members on the church electoral roll an increase of 1 on the previous year. This increase reflects those who moved away or died in the preceding year and those who joined the church electoral roll. ## Objectives and Activities St Mary’s PCC has responsibility of cooperating with the incumbent, the Reverend Tamsin Merchant, in promoting in the ecclesiastical parish the whole mission of the church – pastoral, evangelistic, social and ecumenical. The PCC is also specifically responsible for the maintenance of the Church and Hall of St Mary. Ashley Road, London N19 3AD. The PCC is committed to enabling as many people as possible to worship at our church and to become part of our parish community at St. Mary’s. The PCC maintains an overview of worship throughout the parish and makes suggestions on how our services can involve the many groups that live within our parish. Our services and worship seek to put faith into practice through prayer and scripture, music and sacrament. When planning our activities for the year, we have considered the Commission’s guidance on public benefit and, in particular, the supplementary guidance on charities for the advancement of religion. In particular, we try to enable ordinary people to live out their faith as part of our parish community through: - Worship and prayer; learning about the Gospel; and developing their knowledge and trust in Jesus. - Provision of pastoral care for people living in the parish. - Missionary and outreach work. The PCC met 5 times from the last APCM meeting in 2023 and 2024 - New members joining the PCC. - Mission Action Plan. PCC are responsible for the mission and ministry of St Mary so we regularly discuss the mission action plan. - Exploring mission opportunities with youth and on our estates with other Islington churches - Developing our safeguarding plans, responses and training of PCC members and various members of the church. Every meeting we have a safeguarding agenda item. We have started to use the Parish Safeguarding and the implementation of the Safeguarding Dashboard, which enables us to keep track of task and people to ensure we are creating a safer church for all. - Finance: Giving thanks for increased giving from church members, for increased income from bookings using Sharesy and in letting the church hall. There is a separate financial report. - Buildings: See the buildings report these all come through PCC - Policies: Through the year the PCC review policies & risk assessments: Health and Safety, Fire, privacy policy, grievance, equal opportunities and social media. - Training: The PCC have undertaken Safeguarding training, and commissioned 10 members of the church to undertake food hygiene safety training. We have First Aid trained members of the church and 2 who have undertaken Mental health first aid training. ## Financial Review of the year 2023 Financially in 2023 we saw an increase in our total income £223,413 this is partly due to some building works and therefore restricted income, and also due to an increase in income from letting the church and hall. Our income exceeded our expenditure in this past year, which is good because the previous year saw a deficit. Our expenditure in 2023 was £217,356. Parish Share or common fund. Our responsibility as a parish is to contribute to the common fund of the Diocese of London, this seeks to pay for the cost of a vicar, their stipend, housing and pension, the training of new clergy and the central costs. The 2023 common fund cost was £87,775 and St Mary’s contributed £70,000 towards this cost. We are therefore in receipt of benefit from the Diocese of London for the ministry of St Mary and the PCC seek to strive to increase our contributions to meet the full cost of ministry. ## Reserves Policy The PCC is expected to establish and disclose its policy on reserves. Reserves are defined as that part of the PCC’s income that is freely available. This therefore excludes permanent or expendable endowment funds, restricted income funds, and any part of unrestricted funds which is not currently available for spending. The opinion of the PCC is that the reserves should be held at a level that will allow between two and three months’ contractual expenditure to be met at any time. This implies an uncommitted reserve of between £10,000 and £20,000. Church income is such that income surpluses do not normally arise. In the event that such a circumstance does occur the PCC will consider the use of a surplus in the light of their overall financial position. ## Law applicable to charities in England and Wales requires that the trustees prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing these financial statements the trustees are required to: 1. Select suitable accounting policies and apply them consistently 2. Observe the methods and principles of the Charities SORP 3. Make judgements and estimates that are reasonable and prudent 4. State whether applicable accounting standards have been followed subject to any departures disclosed and explained in the financial statements 5. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the activities of the charity will continue. The PCC is responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports Regulations) 2008 and the provisions of the Parochial Church Council Powers Measure. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the members of the PCC and signed on their behalf by: Signature Name: Rev Tamsin Merchant Date: ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST MARY’S CHURCH, HORNSEY RISE. N19** **________________________________________________________________________________________________________** I report on the accounts for the year ended 31st December 2023 set out on pages 2 to 9. ## **Respective responsibilities of trustees and examiner** The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required. It is my responsibility to: - examine the accounts under Section 145 of the 2011 Act - to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act); and - to state whether particular matters have come to my attention. ## **Basis of the independent examiner's report** My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view ' and the report is limited to those matters set out in the statements below. ## **Independent examiner's statement** In connection with my examination, no matter has come to my attention: (1) which gives me reasonable cause to believe that, in any material respect, the requirements - to keep accounting records in accordance with Section 130 of the 2011 Act; and - to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Rev. David M Green FCA Gowers Limited Chartered Accountants The Old School House Bridge Road Hunton Bridge Kings Langley Herts WD4 8SZ 7th May 2024 _Page 1_ ## **St Mary's Church, Hornsey Rise N19 Statement of Financial Activities For the period from 01 January 2023 to 31 December 2023** ||**Unrestricted**
**Designated**
**Restricted**
**Endowment**
**Total**
**Prior year**
**funds**
**funds**
**funds**
**funds**
**funds**
**total funds**
**_Receipts_**
Planned giving
27,393
—
—
—
27,393
31,991
Collections and other giving
1,502
—
—
—
1,502
3,379
Other voluntary receipts
10,078
10
26,879
—
36,967
16,132
Other trading activities
50,228
—
15,741
—
65,969
34,444
Gift Aid recovered
5,513
—
—
—
5,513
4,021
Investments
24,317
—
—
—
24,317
21,947
Other receipts
43,700
—
—
—
43,700
21,265
Receipts from church activities
1,471
—
—
—
1,471
819
Love Your Neighbour Project Receipts
—
—
16,581
—
16,581
21,792
**Total income**
**164,203**
**10**
**59,201**
**—**
**223,413**
**155,790**
**_Payments_**
Missionary and Charitable Giving
12,296
—
—
—
12,296
10,325
Parish Share
70,008
—
—
—
70,008
70,000
Clergy and Staffing costs
12,080
—
13
—
12,092
4,964
Church Running Expenses
36,454
—
—
—
36,454
41,032
Activities directly related to Church work
8,092
6,009
10,464
—
24,565
25,278
Hall Running Costs
15,697
5,448
—
—
21,145
16,200
Church Repairs & Maintenance
—
—
27,279
—
27,279
6,158
Hall Repairs & Maintenance
—
—
1,020
—
1,020
—
New Building work
—
—
—
—
—
—
Zoffany St Costs & Charges
667
—
—
—
667
959
Zoffany St Repairs & Maintenance
—
—
—
—
—
720
Love Your Neighbour Project Expenses
—
—
11,830
—
11,830
16,126
**Total expenditure**
**155,294**
**11,457**
**50,605**
**—**
**217,356**
**191,762**
Gains / losses on investment assets
—
—
—
—
—
—
**Net income / (expenditure) resources before transfer**
**8,909**
**(11,447)**
**8,595**
**—**
**6,057**
**(35,972)**
**_Transfers_**
Gross transfers between funds - in
—
3,200
—
—
3,200
25,841
Gross transfers between funds - out
(3,200)
—
—
—
(3,200)
(25,841)
**_Other recognised gains / losses_**
Gains on revaluation, fixed assets, charity's own use
—
—
—
—
—
—
**Net movement in funds**
**5,709**
**(8,247)**
**8,595**
**—**
**6,057**
**(35,972)**
**_Reconciliation of funds_**
**Total funds brought forward**
**31,602**
**834,010**
**38,267**
**—**
**903,879**
**939,851**
**Total funds carried forward**
**37,311**
**825,763**
**46,863**
**—**
**909,936**
**903,879**| |---|---| _Page 2_ ## **St Mary's Church, Hornsey Rise N19 Statement of Financial Activities For the period from 01 January 2023 to 31 December 2023** ||**Unrestricted**
**Designated**
**Restricted**
**Endowment**
**Total**
**Prior year**
**funds**
**funds**
**funds**
**funds**
**funds**
**total funds**
**_Total funds of the parish, as above, are represented by_**
Unrestricted
General fund
37,311
—
—
—
37,311
31,602
Designated
Dedicated gifts and donations
—
10
—
—
10
—
Hall Renovation (starting with Holloway donation)
—
84,529
—
—
84,529
92,786
INTERN - fund for interns to include grants
—
3,335
—
—
3,335
3,335
Love your Neighbour (food bank and FNT)
—
(365)
—
—
(365)
(365)
Revaluation reserves
—
39,929
—
—
39,929
39,929
ZProp - Zoffany St
—
698,325
—
—
698,325
698,325
Restricted
Camps and Conferences
—
—
4,678
—
4,678
(586)
Chairs and Sounds (new chairs and sound system)
—
—
896
—
896
896
Cloudesley Initial Emergency Grant
—
—
521
—
521
521
Discretionary Fund
—
—
(884)
—
(884)
(884)
Love your Neighbour (food bank and FNT)
—
—
35,087
—
35,087
30,337
RCC - Sliding Doors
—
—
7,984
—
7,984
7,984
Tower
—
—
(1,420)
—
(1,420)
—
**Total funds carried forward**
**37,311**
**825,763**
**46,863**
**—**
**909,936**
**903,879**| |---|---| _Page 3_ ## **St Mary's Church, Hornsey Rise N19** ## **Balance Sheet detailed** |||**As at**|**As at**| |---|---|---|---| |||**31/12/2023**|**31/12/2022**| ||||| |**Fixed assets**|||| |6 Zoffany Street||696,130|696,130| |Link Building - endowment||39,929|39,929| |Solar Panels||102,155|108,164| |AV Equipment||2,721|5,443| ||**Total Fixed assets**|**840,936**|**849,666**| |**Current assets**|||| |CAF Current Account||34,639|22,658| |CAF Bank deposit account||41,602|45,730| |Cash in hand||433|—| |Accounts Receivable||2,112|—| |Gift Aid to be claimed||3,709|6,808| ||**Total Current assets**|**82,495**|**75,197**| |**Liabilities**|||| |Loans received||11,200|20,000| |Agency collections||1,213|984| |Accounts Payable||1,081|—| ||**Total Liabilities**|**13,494**|**20,984**| |**Net**|**Asset surplus (deficit)**|**909,936**|**903,879**| |**Reserves**|||| |Excess / (deficit) to date||6,057|—| |Starting balances||903,879|903,879| |Gains/(losses) on investment assets||—|—| ||**Total Reserves**|**909,936**|**903,879**| ||**Represented**|**by Funds**|| ||Unrestricted|37,311|31,602| ||Designated|825,763|834,010| ||Restricted|46,863|38,267| ||Endowment|—|—| ||||| ||**Total**|**909,936**|**903,879**| ||||| The financial statements were approved by the Parochial Church Council on 4th May 2024 and were signed on its behalf by: Rev. Tamsin Merchant _Page 4_ **St Mary's Church, Hornsey Rise N19** ## **Analysis of income and expenditure** ## **Selected period: 01 January 2023 to 31 December 2023** |||**Unrestricted**|**Designated**|**Restricted**|**Endowment**|**This year**|**Last year**| |---|---|---|---|---|---|---|---| |**Receipts**|||||||| |**_Planned giving_**|||||||| |0101 - Gift Aid - Bank (Standing orders)||18,273|—|—|—|18,273|19,824| |0110 - Gift Aid - Envelopes||—|—|—|—|—|1,285| |0201 - Other planned giving (S.o.|no|9,121|—|—|—|9,121|10,882| |Gift Aid)|||||||| |**_Planned giving Totals_**||27,393|—|—|—|27,393|31,991| |**_Collections and other giving_**|||||||| |0301 - Loose plate collections||1,223|—|—|—|1,223|545| |0501 - One-off Gift Aid gifts||279|—|—|—|279|2,820| |0502 - One-off Member contributions||—|—|—|—|—|15| |(no Gift Aid)|||||||| |**_Collections and other giving_**||1,502|—|—|—|1,502|3,379| |**_Totals_**|||||||| |**_Other voluntary receipts_**|||||||| |0550 - Donations appeals etc||10,078|10|—|—|10,088|10,391| |0701 - Legacies||—|—|—|—|—|1,500| |08A1 - Non-recurring one-off grants||—|—|26,879|—|26,879|4,241| ||||||||| |**_Other voluntary receipts Totals_**||10,078|10|26,879|—|36,967|16,132| |**_Other trading activities_**|||||||| |1230 - Church hall lettings - objectives||—|—|—|—|—|500| |1240 - Church hall lettings - fund raising||41,753|—|—|—|41,753|24,568| |1241 - Montessori Utilities||3,058|—|—|—|3,058|7,210| |1242 - Church Hire||627|—|—|—|627|60| |1243 - Church Rooms Rent||4,790|—|—|—|4,790|370| |1260 - Contributions to events e.g.||—|—|15,741|—|15,741|1,735| |retreats|||||||| ||||||||| |**_Other trading activities Totals_**||50,228|—|15,741|—|65,969|34,444| |**_Gift Aid recovered_**|||||||| |0601 - Tax recoverable on Gift Aid||1,481|—|—|—|1,481|3,581| |0611 - GAYE||4,032|—|—|—|4,032|440| ||||||||| |**_Gift Aid recovered Totals_**||5,513|—|—|—|5,513|4,021| |**_Investments_**|||||||| |1020 - Bank and building society||917|—|—|—|917|91| |interest|||||||| |1030 - Rent from lands or buildings (6||23,400|—|—|—|23,400|21,856| |Zoffany|||||||| |**_Investments Totals_**||24,317|—|—|—|24,317|21,947| |**_Other receipts_**|||||||| |0602 - Area Dean Admin Support||2,200|—|—|—|2,200|—| |0802 - St Peter's income distribution||41,500|—|—|—|41,500|21,260| |0901 - Other funds generated||—|—|—|—|—|5| ||||||||| |**_Other receipts Totals_**||43,700|—|—|—|43,700|21,265| _Page 5_ ## **St Mary's Church, Hornsey Rise N19** ## **Analysis of income and expenditure** ## **Selected period: 01 January 2023 to 31 December 2023** |||**Unrestricted**|**Designated**|**Restricted**|**Endowment**|**This year**|**Last year**|| |---|---|---|---|---|---|---|---|---| |**_Receipts from church activities_**||||||||| |1101 - Fees to LDF for weddings and||436|—|—|—|436|—|| |funerals||||||||| |1105 - Fees to PCC||1,035|—|—|—|1,035|819|| |||||||||| |**_Receipts from church activities_**||1,471|—|—|—|1,471|819|| |**_Totals_**||||||||| |**_Love Your Neighbour Project Receipts_**||||||||| |0555 - Donations for LYN Project||—|—|4,024|—|4,024|15,862|| |0557 - LYN Fund Raising||—|—|600|—|600|—|| |0802A - Grants received for LYN||—|—|11,956|—|11,956|5,930|| |||||||||| |**_Love Your Neighbour Project_**||—|—|16,581|—|16,581|21,792|| |**_Receipts Totals_**||||||||| |||||||||| |**Receipts Grand totals**||164,203|10|59,201|—|223,413|155,790|| |||||||||| |**Payments**||||||||| |**_Missionary and Charitable Giving_**||||||||| |1801 - Charitable Giving||12,000|—|—|—|12,000|7,000|| |1850 - Home mission inc retreat||—|—|—|—|—|3,200|| |1855 - Community Projects||296|—|—|—|296|125|| |||||||||| |**_Missionary and Charitable Giving_**||12,296|—|—|—|12,296|10,325|| |**_Totals_**||||||||| |**_Parish Share_**||||||||| |1910 - Diocese Common Fund||70,008|—|—|—|70,008|70,000|| |||||||||| |**_Parish Share Totals_**||70,008|—|—|—|70,008|70,000|| |**_Clergy and Staffing costs_**||||||||| |2001 - Curate costs||2,129|—|—|—|2,129|56|| |2050 - Salary of parish administrator||7,990|—|—|—|7,990|2,678|| |2101 - Working expenses of incumbent||1,577|—|13|—|1,590|1,508|| |2140 - Water rates - vicarage||338|—|—|—|338|471|| |2150 - Vicar's telephone & internet||45|—|—|—|45|253|| |||||||||| |**_Clergy and Staffing costs Totals_**||12,080|—|13|—|12,092|4,964|| |**_Church Running Expenses_**||||||||| |2301 - Church running - insurance||4,411|—|—|—|4,411|3,928|| |2302 - Bank Charges||60|—|—|—|60|81|| |2303 - Plant and machinery||538|—|—|—|538|1,629|| |2305 - Computer equipment||2,166|—|—|—|2,166|470|| |2310 - Church office - telephone||704|—|—|—|704|770|| |2315 - Printing, stationery and||267|—|—|—|267|94|| |publications||||||||| ||||||||_Page 6_|| ## **St Mary's Church, Hornsey Rise N19** ## **Analysis of income and expenditure** ## **Selected period: 01 January 2023 to 31 December 2023** ||**Unrestricted**|**Designated**|**Restricted**|**Endowment**|**This year**|**Last year**| |---|---|---|---|---|---|---| |2320 - Music including sound|3,642|—|—|—|3,642|746| |equipment||||||| |2330 - Church maintenance|8,362|—|—|—|8,362|17,647| |2331 - Cleaning|5,237|—|—|—|5,237|3,191| |2340 - Sunday service costs|639|—|—|—|639|577| |2341 - Christmas expenses|—|—|—|—|—|35| |2342 - Hospitality|615|—|—|—|615|—| |2345 - Flowers|153|—|—|—|153|85| |2350 - Upkeep of churchyard|—|—|—|—|—|1,404| |2360 - Administration|2,005|—|—|—|2,005|2,551| |2401 - Church running - electric|2,443|—|—|—|2,443|1,796| |2410 - Church running - gas|3,991|—|—|—|3,991|4,293| |2420 - Church running - water|588|—|—|—|588|511| |2601 - Governance costs|636|—|—|—|636|1,224| |examination/audit fee||||||| |1730 - Costs of fetes & other events|344|—|—|—|344|130| |1860 - Youth and children's work|622|—|—|—|622|911| |2052 - HMRC NI Payments|1,892|—|—|—|1,892|1,164| |2201 - Parish training inc. lay and|13|—|—|—|13|394| |mission||||||| |2202 - Camps|—|—|10,464|—|10,464|5,018| |2365 - Bookkeeping|2,500|—|—|—|2,500|2,500| |2380 - Catering and social events|—|—|—|—|—|422| |2602 - Fixed Asset Depreciation|2,721|6,009|—|—|8,731|14,740| |||||||| |**_Church Running Expenses_**|44,546|6,009|10,464|—|61,020|66,310| |**_Totals_**||||||| |**_Hall Running Costs_**||||||| |2530 - Hall running - electricity|2,883|—|—|—|2,883|2,189| |2540 - Hall running - gas|4,598|—|—|—|4,598|3,410| |2560 - Hall running - maintenance|5,708|5,448|—|—|11,156|8,185| |2580 - Hall running - water|3|—|—|—|3|117| |2831 - Hall survaor fees|2,506|—|—|—|2,506|2,300| |||||||| |**_Hall Running Costs Totals_**|15,697|5,448|—|—|21,145|16,200| |**_Church Repairs & Maintenance_**||||||| |2701 - Church major repairs - structure|—|—|5,400|—|5,400|6,158| |2710 - Church major repairs -|—|—|21,879|—|21,879|—| |installation||||||| |||||||| |**_Church Repairs & Maintenance_**|—|—|27,279|—|27,279|6,158| |**_Totals_**||||||| |**_Hall Repairs & Maintenance_**||||||| |2801 - Hall + major repairs - structure|—|—|1,020|—|1,020|—| |||||||| |**_Hall Repairs & Maintenance_**|—|—|1,020|—|1,020|—| |**_Totals_**||||||| _Page 7_ ## **St Mary's Church, Hornsey Rise N19** ## **Analysis of income and expenditure** ## **Selected period: 01 January 2023 to 31 December 2023** ||**Unrestricted**|**Designated**|**Restricted**|**Endowment**|**This year**|**Last year**| |---|---|---|---|---|---|---| |**_Zoffany St Costs & Charges_**||||||| |2910 - curate house running costs|667|—|—|—|667|959| |(Zoffany Street)||||||| |2915 - Zoffany St maintenance|—|—|—|—|—|720| |||||||| |**_Zoffany St Costs & Charges_**|667|—|—|—|667|1,679| |**_Totals_**||||||| |**_Love Your Neighbour Project Expenses_**||||||| |2210 - LYN Food expenses|—|—|1,026|—|1,026|913| |2211 - LYN Equipment|—|—|1,275|—|1,275|367| |2212 - LYN Consumables|—|—|808|—|808|4,481| |2214 - LYN Volunteer Costs|—|—|888|—|888|4,533| |2215 - LYN Cleaner|—|—|279|—|279|1,733| |2217 - LYN Grants to other organisations|—|—|—|—|—|4,344| |2218 - LYN Staff Pension/HMRC|—|—|—|—|—|295| |2219 - LYN Baby Boutique|—|—|—|—|—|518| |2220 - LYN Christmas Hampers|—|—|2,225|—|2,225|(1,058)| |2221 - LYN Gifts of Support|—|—|2,336|—|2,336|—| |2222 - LYN Create Together|—|—|2,025|—|2,025|—| |2223 - LYN Fund Raising Costs|—|—|969|—|969|—| |||||||| |**_Love Your Neighbour Project_**|—|—|11,830|—|11,830|16,126| |**_Expenses Totals_**||||||| |||||||| |**Payments Grand totals**|155,294|11,457|50,605|—|217,356|191,762| _Page 8_ **St Mary's Church, Hornsey Rise N19 Notes on the Financial Statements** **Selected period: 01 January 2023 to 31 December 2023** ## **1. Loan** - During the previous year the parish received a loan of £20,000 from the Diocese of London. The loan is interest free and is repayable in 25 instalments of £800, which were originally intended to commence on the anniversary of the loan’s first drawdown. The loan monies were received in March 2021, but, following agreement with the Diocese, repayments in fact commenced in 2023. ## **2. Fixed Assets** - All fixed assets are initially recorded at cost. Depreciation is calculated, where appropriate, to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: - Solar panels – over 20 years - AV Equipment – over 5 years No depreciation is provided on freehold buildings. ## **3. Rounding** There may be minor discrepancies due to rounding differences as the pence are not being shown in these financial statements. _Page 9_