THE PAROCHIAL CHURCH COUNCIL OF THE FOREST HILL TEAM MINISTRY FOREST HILL, ST GEORGE WITH ST MICHAEL & ALL ANGELS. LOWER SYDENHAM Charity Commission Registration Number 1150868 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 CONTENTS p1 The PCC of the Forest Hill Team Ministry Accounting Policies p2 The PCC of the Forest Hill Team Ministry Treasurers Report P3-p4 The PCC of the Forest Hill Team Ministry Balance Sheet and Statement of Financial Activities Independent Examiners Report F6- p11 Sl George Parish Chufch - Fiiiaiicial Slal&ii8iils p12 Independent Examiners Report - St George, Forest Hill p13- p18 St Michael & All Angels Parish Church - Financial Statements p19 Independent Examiners Report - St Michael & All Angels, Lower Sydenham Not•8 1 The financial stalemenls of the PCC have been prepared in accordance with the Church Accounting Regulations 2CQ6 using the Accruals Accounting Basis basis. 2 The parish of Forest Hill, St George with St Michael & All Angels, Lower Sydenham was created on 25th January 2012 from the union of Perry Hill, St George with Christ Church & St Paul and St Michael & All Angels, Lower Sydenham 3 The parish of St George, Forest Hill with St Michael & All Angels, Lower Sydenham has one PCC and parish churches. The accounts has detailed financial information for each of St Georges and St Michael & All Angels which is used to create the overall summ8ry Signed on Richard L eam Rector Parochial Church Council of the For8St Hill Team Ministry (Perry Hill. St George with St Michael & All Angels, Lower Sydenham) Simon Taylor, Treasurer Parochial Church Council of th ,-1'15 rest Hill Team Ministry
THE PAROCHIAL CHURCH COUNCIL OF THE FOREST HILL TEAM MINISTRY STGEORGE, FOREST HILL WITH ST MICHAEL & ALL ANGELS, LOWER SYDENHAM Charity Commbssion Registration Number 1150868 ACCOUNTING POLICIES FOR YEAR ENDING 31 DECEMBER 2024 The financi81 statements are presented in accordance with the Church Accounting Regulations 2006, together with applicable accounting standards and th8 Charities Commission's revised Slal8menl ol Recominended Praclice Ilhe Chafilies SORPI. The accounts are prepared under the historical cost convention. Funds The General Fund represents tha funds of the PCC that are not subject to any réstrictions regarding their use, and are available for its general purposes. The Buildings Fund Is a restricted fund to be used for building and maintenance work * St George's parish church. The Children and Youth Fund is a restricted fund to be used for children's work at St George, Parish church The accounts include all transactions, assets and liabilities for which the PCC is responsible in18W or over which th6 PCC exercises control. Incomlng Resources Incoming resources are recognised in the following manner.. (i) Collections arKI planned giving when received. (li) Gift Aid recoverable on donations, when the donations are made. (iii) Grants and legacies lo the PCC, when received. (iv) Income from fund-raising and similar activities, gross when receiv8d. (v) Investment Income and income receivable, when receivable. Re8ourco8 U80d The Parish Pledge paid to the Diocese is a¢rullted for in the year during which payment is sought, Any unpaid contribution at 31 st December is included in the b818nce she8t as a creditor (Ihough not a legal liability). Rosourcos Expended Expendrture is recognised on the accruals basis as a liability is incuffed. Expendtture includes VAT which cannot be recovered, and Is reported as part of the expenditure to which it relates. Flxed Assets Consecrated and beneficed property of any kind is excluded from these accounts. Other fixtures and fittings are deprecialed on 2 straight line basis over 3 years. Individual items of equipment with a purchase price of £1,000 or less are written off when the asset is acquired. Current Assets Amounts due to the PCC at 31 December 2024 Current Liabilities Amounts owed by the PCC at 31 December 2024 P1
THE PAROCHIAL CHURCH COUNCIL OF THE FOREST HILL TEAM MINISTRY: FOREST HILL, ST GEORGE WITH ST MICHAEL & ALL ANGELS, LOWER SYDENHAM: Charity Commission Registration Number: 1150868 TREASURER'S REPORT 2024 Introduction The Forest Hill Team Ministry incorporates the parish churches of St George, Forest Hill and Saint Michael and All Angels, Lower Sydenham. The accounts show the overall financial position for the parish, together with the financial statements for: Ihe parish churches of St George, St Michael and All Angels. The 2024 accounts have been prepared on an Accruals Accounting basis (previously the accounts used Receipts and Payments). The gross income of the Team Ministry exceeded £250k in 2024, and it is a legal requirement under the Charities Act 2011 that accruals accounting is used. Accruals accounting takes a 'true and fair view, which means that income or expenditure relating to a financial period, but not received or paid until after that financial period must be included in the financial statements. Forest Hill, St George wlth St Michaol & All Angels, Lowor Sydenham The overall assets for the Team Ministry at end 2024 stood at £131,411 a sizeable increase compared to assets at end 2023 of £77,715). This is made up of.. 31.12.2024 accruals basis £75,516 £55,625 31.12.2023 accruals basis £36,916 £40,799 31.12.2023 s basis £46,914 £36,397 St Geor St Michael & All Angels Total £131,141 £77,715 £83,311 After several difficult years, both parish churches in the Team Ministry had a much improved finanaal result in 2024. St George's benefitted from income from three major hirers throughout 2024: nurseries at St Georges Hall and the Chapel, and a pre-school group at the Studio hall. We also received a generous legacy from the estate of Margaret Exley and a further legacy from the estate of Rev. Sheila Cameron (the latter to support work with children). St Michaels proactively liaised wilh the Diocese in relation to their finanaal situation and this led to an agreed reduction in their Parish Share. Successful efforts were made to substantially redu energy cosls and to collect unpaid hall hire incorne. The above, combined with receipt of grants produced a useful operating surplus. 51 will be imwrtant for both churches lo further rebuiSd their financial position in 2025. This is achievable provided key hirers are retained and expenditure controlled. Thanks are due to the congregations of both churches for their generous support. P2
THE PAROCHIAL CHURCH COUNCIL OF THE FOREST HILL TEAM MINISTRY FOREST HILL, ST GEORGE WITH ST MICHAEL & ALL ANGELS, LOWER SYDENHAM FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Balance Sheet as at 31 December 2024 2024 {£) 2023 {£> Flxed Assets Current Asséts- St George Debtors (Gift Aid Claimable) Debtors (Legacy) Accrued Income Current Account Instant Access Savings Account 8,077 1,CQO 646 38,476 31,448 79,646 7,019 154 16,312 30,602 54,087 Current Assets - St Mlchaol8 Debtors (Gift Aid Claimable) Debtors (School Licence Fee) Debtors (Organ Grant) Accrued Income Church of England Deposit Fund Barclays PCC Account. Barclays 'Hall Accounf, 1,*7 6,072 5,CX)O 1,812 5,481 73 32,270 45,811 160 43,763 58,850 Total Assets 138,496 97,851 Current Llabilitles- St George Creditors due within one year Income received in advance Unpaid 2023 Parish Share 3,430 700 3,885 1,011 12,275 17,171 4,130 Current Llabllltles- St Mlchaels Creditors due within one year Income received in advance 3,225 3,225 Total Current Liabilities 7,355 20,136 Total Assets less Liabilities - St George Total Assets less Li8bilities Sl Michaels 75,516 55,625 36,916 40,799 Total Assets Less Current Liabllitles 131,141 77,715 Represented By Unrestricted Fund3 General Fund 112,769 36,280 Restrlcted Funds Building Fund Childrens Fund 14,663 3,709 18,372 38,726 2,709 41,435 Total of All-Funds 131,141 77,715 P3
TrIE PAROCHIAL CHURCH COUNCIL OF THE FOREST HILL TEAM MINISTRY FOREST HILL, ST GEORGE WITH ST MICHAEL & ALL ANGELS, LOWER SYDENHAM FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Statement of Financlal Activities for 2024 . summarising the three funds in SORP (Statement of Recommended Practlce) format Unrestrlcted Restrlcted Funds General Building Childrens Fund Fund Fund Total 2024 Total 2023 Income Voluntary Income Voluntary Income Church Activities St Gwrg• Church Activities St Mi¢h••E Activities for Generating Funds st GrgO Activities for Gener81iro Funds st Mich••l Investment Income St Grg• Investment Income St Mi£ha•l Other Income Balancing Item Total Income St Gotrrg• al Miknli*l 76,104 16,558 5,892 532 123,367 42,432 1,000 77,104 16,558 5,892 532 123,367 42,432 846 1,buei 15,561 59,674 16,049 8,381 623 80,678 38,313 602 1,003 1,080 St Mi¢h• 15,SS1 282,800 1,003 283,800 206,403 Ex enditure Church Activities Church Activities Cost of Generaling Funds Cost of G8neraling Funds Other Expenditure St G•or9• St Mi¢h••l 140,035 40,937 24,513 20,555 271 4,063 144,098 151,514 40,937 52,172 24,513 19,116 20,555 16,104 271 193 St G•org• St St Mlcl•l Total Expanditure 226,311 4,063 230,374 239,099 Net Movement In Funds before transfers 56,489 4,063 1,OCQ 53,426 -32,696 Transfers between funds Transfers between funds St G8org• St Mth••l -10,OQX) 10.000 30,CVJO -30,000 Net Movement In Funds 76.489 -24,063 53,426 -32,696 Total Funds brought fofward 36,280 38,726 2,709 77,715 110,411 Total Funds carried foThv8rd 112,769 14.663 3,709 131.141 77.715 P4
REPORT OF THE INDEPENDENT EXAMINER TO THE PAROCHIAL CHURCH COUNCIL OF THE FOREST HILL TEAM MINISTRY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEM8ER 2024 I report on the accounts for the year ended 31 st Decembar 2024 which are set out on pages 1 to 19 The financial statements have been prepared under Ihe Church Accounling Regulations 20CE: in accordance with applicable accounting standards and the Charities Commission's revised Statement of Recommended Practice Accounting and Reporting (the Charities SORP) and applicable accounting standard FS102. The financial statements have been produced on the accruals accounting basis. Re8PeCtive Respon8ibilltie8 of the Tru8toe8 and the Independent Examiner The charity's trustees consider that an 8udit is not required for this year under section 14412) of the Charities Act 2011 (the 2011 Act) and that an independent ex8mination is required. It is my responsibility to.. 81 examine the accounts under section 145 of the 2011 Act: b) follow the procedures laid down in the General Directions given by the Charity Commissioners 58clion 145(5)(b) of the 2011 Act, and c) state whether particular matters have come to my attention. 8a818 of Independent Examlner's Statement My examination was carried out in accordance with the Gener81 Direciions given by the Charity Commission. An examination includes includes a review of the accounling records kepi by the charity and 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 the management committee conceming any such matters. The procedures undertaken do not provide all the evidence would be required in a full audit, and consequently I do not express an audit opinion on the accounts. Indepond?nt Examiner's Statement In connection with my examination, no matters have come to my attention.. 1. which give me re8sonable cause to t)eliev8 that in any materral respect the requirements a) to keep accounting records in accordance with s.130 of the 2011 Act and Regulation 4 of the 20CE Accounts Regulations and b) to prepare accounts which arxord with th888 accounting records and comply with the requirements of the 2011 Act and section 44(1 Ilbl of the 2005 Act and Regulation 8 of the 2006 Accounts Regulations 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. Peter Stubbs Treasurer St Bartholomews Church Sydenham
THE PAROCHIAL CHURCH COUNCIL OF THE FOREST HILL TEAM MINISTRY. Parish Church of St George, Perry Hill:_ Treasurer Report 2024 Funds - The PCC has identified funds as follows in relation to St George's, Forest Hill; Unrestricted Funds: General Fund - for general purposes Restricted Funds: Buildings Fund - for building and maintenance Children's Fund - for children and youth related expenditure. The 2024 accounts have been prepared on an Accruals basis (previous accounts used the Receipts and Payments). The gross income of the Team Ministry exceeded £250k in 2024, and it is a legal requirement under Ihe Charities Act 2011 that Accrual Accounting is used. This takes a 'true and fair ifjew, so that income or expenditure relating to a financial period, but not received or paid until after that finanaal period must be included in the financial statements. St George had a much better year in 2024 with total assets (less liabilities) increasing very significantly, standing al end 2024 £75,516 (end 2023 £36,916). This represented by: General Fund £57,143, Building Fund £14,663 and Children's Fund £3,709. The main reasons for this improved performance were.. three major hirers operated successfully throughout 2024; Little Legs Nursery al St Georges Church Hall; Little Village Nursery at the Chapel,. and Molly Montessori a community school using St George's studio hall. This more than made up for the previous loss of Spectrum Montessori in earty 2023. St Georges received a generous legacy of £20,000 from the estate of Margaret Exley (for Gener81 Fund). We also received a legacy of £1,000 from the estate of Rev. Sheila Cameron specifically to support our work with children. We are very grateful for the generosity of Margaret and Rev Sheila and remember with profound thanks their work and ministry lo St Georges and the wider community. Due to this improvement in circumstances, St Georges paid to the Diocese £12,275 of outstanding 2023 Parish Pledge (the Diocese halved our Parish Pledge payments for 4 months in 2023 due to the difficult financial position we were then in). General Fund (Unrestricted Fund) Income in 2024 increased to £206,210 {2023 - £147,452) primarily due to Ihe greatly increased hire income and legacies (see above). Voluntary Giving stood at £76,104 (2023 - £59,674), the increase due to Margaret Exley's legacy. Giving from the congregation was relatively unchanged. There was a major increase in hire income to £123,367 (2023 - £80,678). Little Legs Nursery commenced full activily at the start of 2024 and we continued to get valuable income from Molly Monlessori Community School, whilst income from other hirers held up well. At the Chapel, income from Little Village Nursery increased sharply as we had full year rental in 2024 (they started operations in September 2023) more than offsetting a dedine in income from other Chapel hirers. Expenditure in 2024 saw a sligm increase to £164,548 (2023 - £161,084). Expenditure on Church Activities was relatively flat, noting that Parish Pledge remained unchanged - under accruals accounting the £12,275 Parish Pledge due in 2023 (but not paid until 2024) is accounted for in 2023. P6
utilities costs reduced to £19,866 (2023 - £22,468) reflecting a modest dedine in gas and electricity costs - although Ihey are slill much higher compared to before the Ukraine conflict. Cost of Generating Funds increased to £24,533 (2023 - £19,116) due to continued high costs at the Chapel. There was unfortunately a break-in at Ihe Chapel in March, requiring substantial expenditure to repair and repla windows; there was also major work to replace fencing Overall there was a surplus of £41,662 on the General Fund in 2024. compared lo a deficit of £13,633 in 2023. After a transfer of £10,000 to the Building Fund, the General Fund stood at £57,143 at the end of 2024. Buildin Fund (Restricted Fund)) Building maintenance expenditure in 2024 was relatively low at £4,063 {2023 - £9,545) with expenditure on fire extinguisherslalarms, lift servicing, repair of the church be51 sound system, boiler maintenance, electricals, toilet repairs and kilchen work. Children's Fund (Restricted Fund) Al the start of 2024 this was a Restricted Fund for The Year 6 Big Event - an event to support four local schools for the transilion from Year 6 to the next school. This Event had been discontinued as schools could no longer fund this., accordingly, this fund was repurposed to become a Children's Fund, supporting St George's work and ministry to children. The fund increased to £3,709, due to Rev Sheila Cameron's legacy. Balance Sheet Assets (less current liabilities) sharply increased to £75,516 (2023 - £36,916). The majority of assets is the bank account with Unity Trust (£69,924) plus debtors and accruals - primarily Gift Aid relating to 2024 but received in 2025. Current liakn'lities of £3,430 relates to creditors and 2025 hall income received in 2024. Pensions St George's Church employs an Administrator (who also supports St Michaels). The current Administrator participates in the Pension Builder 2014 Scheme seclion of Church Workers Pension Fund (CWPF) for lay staff. CV¥PF is administered by the Church of England Pensions Board. A valuation of the Pension 8uilder 2014 Scheme Is carned out every three years. The most recent valuation was carried out at 31 December 2023 and the P82014 is performing well. Outlook for 2025 There is a positive outlook in 2025, provided the major hirers continue to operate successfully throughout the year. However, il is likely that there will be increased building maintenance expenditure, partly as some work has been held back over past years. We are also considering how best to use the legacies reiVed in 2024. P7
STGEORGE. PERRY HILL: FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2024 Balance Sheet as at 31st December 2024 2024 {£) 20231£) Fixed Assets Curr•nt A88ets Debtors (Gift Aid Claimable) Debtors Legacy Accrued Income Current Account Instant Access Savings Account 8,077 1,CrfJO 7,019 154 16,312 30,602 38,476 31,448 79,646 54.087 Current Llabllltle8 Creditors due within one year Income received in advance Unpaid 2023 Parish Share 3,430 700 3,885 1,011 12,275 4,130 17,171 Total Assets Le88 Current Llabllltles 75,516 36,916 Represented By Unrestrlcted Funds General Fund 57,143 25,481 Re8trlcted Funds Building Fund Childrens Fund 14,663 3,709 8,726 2,709 18,372 11,435 Total of All Funds 75,516 36,916 P8
ST GEORGE. PERRY HILL: FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2024 Statem•nt of Financial Activities for 2024 - summarising the funds in SORP (Statement of Recommended Practice) format Unrestricted Restrfcted Funds General Fund Building Childrens Fund Fund Total 2024 Total 2023 Income Voluntary Income Church Activities Activities for generating funds Investment income 76,104 5,892 123,367 1,CX)O 77,104 5,892 123,367 59,674 8,381 80,678 602 Total Income 2CI8,210 1,QYJO 207,210 149,335 enditur8 Church Activities Cost of Generating Funds 140,035 24,513 4,063 144,098 24,513 151,514 19,116 Total Expenditure 164,548 4,C3 168,611 170,630 Nel Movement In Funds before traiisfefs 41,662 4,063 38, Jf99 Transfers between funds -10,C¥)0 10.000 Net Movement In Funds 31,662 5,937 1,000 38,599 -21,295 Total Funds brought foNard 25,481 8,726 2,709 36,917 58,211 Total Funds carried foNiard 57.143 14,663 3,709 75,516 36 916 P9
STGEORGE. PERRY HILL: FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2024 General Fund (unrestricted fund) - Income and Expendlture Income Voluntary income Planned Giving - Grft Aid Gift Aid - Tax Recovered In Year Planned (>iving - non (?ift Aid Collections at services Contaclless Sum Up Donations (including legacies) 2024 (£) 2023 (£) 32,322 9,797 7,950 3,g)8 1,C65 21,(E2 76 104 31,939 10,026 7,143 5,138 1.088 4,341 59,674 Church Actlvlllos Fundraising Fees 5,380 512 5,892 5.041 1.457 6,498 Activities for Generating Funds St George Hall - Little Legs Nursery St George I lall - Other Lattings St George Studio Hall - Mollyhouse Chapel - Liltle Vi118ge Nursery Chapel - other income 37,392 23,815 14,800 35,100 12,261 123.367 8,300 2G,G31 14,485 12,800 18,462 80,678 Investment Income- bank Interest 602 Total Income 206,210 147,452 endlture Church Actlvilles Parish Pledge to Dirjcese Ministry Team expens83 Payroll - Administrator Services and music Stationary I Printing Cleaning Utilities Insurance Church Giving 73,650 2,176 16,581 7,225 383 11,713 19,886 3,652 4,770 140,035 73,650 2,448 15,517 6,492 2,077 12.092 22,468 3,SJ1 3,725 141,969 Cost of Generating Fund8 Chap61 running costs Bank Charges 24,177 336 24,513 18,724 391 19,116 Total Expendituro 164,548 161,084 Nat (D8ficlt)ISurplu8 for th8 year 41662 -13,633 General Fund brought forward Transfer from Transport Fund Transfer to Building Fund General Fund carried forward 25,481 43,070 1,044 5,000 25,481 10,C()O 57,143 P10
ST GEORGE. PERRY HILL: FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2024 Building Fund (Restricted Fund) 2024 (£) 2023 (£) Income Insurance Claim 1,883 1,883 Expendlture Sound system I speak8rs Church Bells Fire extinguishers and alarms Lrft servicing Electrical work Gas Boiler Servicing Ezyguide Hall Doors Toilet I water repairs Kitchen Glass Hall Floor 2,208 1,201 389 612 528 185 1,299 2,520 594 280 205 396 576 1,101 180 9,545 4,C63 Net (Deficlt)ISurplu8 for the year 4,C63 -7,662 8uilding Fund brought f¢Jrw8rd Transfer from General Fund Building Fund carried forward 8,726 10,CX)O 14,663 11,388 5,000 8,726 Tran8POrt Fund Transfer to General Fund 1,044 Chlldren8 Fund (Re8trlcted Fund) 20241£) 20231£) Income Expendlture Hall Floor Net (Deficltysurplus for the year Childrens Fund brought forward L8gacy Childrens Fund carried forward 2,709 2,709 3,709 2,709 P11
Report by the Independent Examiner on the accounts for Forest HRII, St George 2024 The level of receipts and payments (being less than £250,000), and the size of the balance sheel. confirm ihat the PCC require an examination rather than a full audii. My examinalion has covered the accounts for St George. Th¢ accounts for Si MiLhacl and All Angels are examined separately. An understanding of the PCC'S organisation, accounting Tecords, activities and nature of its assets, liabilities, income, and expenditure was gained from a survey of the aLcounting records and discussions with the tre&surer. No major failures were identified in the accounting records. An analytical review of the financial statements was carried out to look lor inconsisiencies and unusual events in the year and compared t() prcvious years. N() unexpected Ilucluations were discovered in the financial stal¢ments beyond thosc duc to the pandemic. Enquiries did not revcal any post balancc sheet cvcnts whiLh would have Sigvnificanl impact on the financial statements for the year. Figures in the financial statements were cross-referenced to and checked otT a&yainst the accounting records (cash book for receipts and payments) to confinn the links between the two. A selection of vouchers (invoices, Sunday collections sheets etc) was traced baLk to the cash book to ensure accuracy and completeness, and also t'rom cash book to vouchers. Tcsts were made ot. the arithmetical accuracy of the financial statements and the cash book. St George's had a muLh-improved year in 2024 compared to 2023. Two legacies were received. and the increased income from hiringj out thc facilities looks sci to conlinuc. Total inci)me increased by over a third. while expenses were slightly down. Reserves doubled to £75,500. which offers good protection againsi an inlemipii()n of inLc)me, or emergjency works. Peter Stubbs Treasurer St Bartholomew's Church Sydenham ff.IL
Treasurer's Report- Sybil Carey Introduction and Notes to the Annual Accounts Year Ending 31 December 2024 Forest Hill Team Ministry: The District Church Council of St Michael and All Angels Church, Lower Sydenham The DCC of St Michael and All Angels Church (DCC) consist of those PCC members of the Forest Hill Team Ministry who normally attend St Michael's Church. The DCC is a su committee of the PCC of the Forest Hill Team Ministry. It has delegated powers from the PCC in relation to financial activities associated with St Michael's Church and Hall. Objectives and activitles The DCC of St Michael and All Angels Church has the responsibility of co-operating with the incumbent in promoting in the ecclesiastical parish of the Team Ministry the whole mission of the Church, pastoral, evangelistic, social and ecumenical. Funds The DCC has identified funds as follows.. Unrestricted Funds DCC General Purposes Fund.. managed by the DCC. Restricted Fund We had a financial crisis in July and the DCC needed some money from this account to tide us over. DCC decided to dose il. We reached out the Finance office at the Diocese, who researched the origin of the money that funded it. The tra showed that the money came from the Unrestricted fund and was designated wrongly as Restricted Fund, rather than a contingency reserve for the building. There is no evidence that any of the money was given wilh any reslriction. Therefore, Ihis Fund is renamed as an Unrestricted Fund and therefore is now part of the General Fund. It is managed by the DCC and will be used to pay all expenditures for the church. The account indudes monetary transactions, assets and liabililies for which the DCC can be held responsible. They do not include the accounts of Church groups that owe affiliation to anolher body, nor those that are informal gatherings of church members. l am pleased to report that after many years of losses, St Michaels had an improved 2024 leading to income being higher than expenditure and the bank account at end 2024 was £45,812 (2023 £36,392). The outlook for 2025 is reasonably positive. The church's three sources of annual income are: Rental from St Michael's Primary School £22,713 (Q4 is late due to the change of funding source). Congregational Giving £14,032 Tenants £19,128 P13
Rental from the church and hall from all tenants (induding School) is £41.841 this year, compared to £32,832 in 2023. The increase is due to tenants dearing their large arrears and increased fees from the school rental as a result of the review in February this year. We do not have any major new lettings, but we engaged a Lettings Company to help us find one. The church's top three sources of annual expenditure are: Parish Support Fund (Diocesan Quota) £18,000. We asked and was granted a decrease in Parish Fund. This will also be at £18,000 in 2025. Utilities £13,835 (reduced from £20,125, in 2023) The utility bills remain high. With our Church being a large 1950's building with all glass windows on all sides, it is hard to hea up, and turning off the Boiler in the Summer months does not help much, as the daily rates are huge and still payable. Significant efforts were made in 2024 to reduce the use of energy as far as possible. Salaries £9,800 We held a Fete and a Raffle to raise money to restore our Organ which suffered an electrical breakdown. We applied for a Grant from AIIChurches Trust Mission Money lo help restore the Organ and was awarded £5000 but it is not yet received. We also received £2500 to help with the equipment needed for the fete. The Organ repairs are ongoing. We also applied for help to develop the Chapel into St. Michael's Church Hybrid Sensory Chapel for children and adults with disabilities and awarded £5000 from AIIChurches Trust and thal is in this year's account. I thank our wonderful small congregation who regularly donate. A monumental thanks to members of the Di¢xese for being so understanding and tremendously helpful. My thanks to Simon Taylor, Treasurer of St George's Church, who is my mentor and advises me as per usual, checks and sends off my Gift Aid applications and checks the account for completeness. Also, to Peter Stubbs, Treasurer of Sl Bartholomew's Church for checking the final account. Notes on the Accounts Note 1 The License Fee from St Michael's Primary School. The school uses church owned land (most of the playground including the dining hall and the garden to the rear of the church) and pays 'rent°. The License was reviewed in February and the current quarterly rate is now £6071.75. The source of payment has changed, because the school's status is now an Academy. P14
ST MICHAELS & ALL ANGELS, LOWER SYDENHAM.. FINANCIAL STATEMENTS {ACCRUALS) FOR YEAR ENDED 31 DECEMBER 2024 Balance Sheet as at 31 st December 2024 2024 (£) 2023 (£) Fixed Assets Current Asset3 Debtors (Gift Aid Claimable) Debtors - School Licence Fee Debtors - Organ Grant Accrued Income Church of England Deposit Fund Barclays "PCC Account. Barclays "Hall Account" 1,967 6,072 5,000 1,812 5,481 73 32,270 45,811 160 58,850 43,763 Current Liabilities Creditors due within one year Income received in advance 3.225 2,5 3,225 2,5 Total A8s8ts Lass Currnnt Liabilitles 55,625 40,799 Reprosentèd By Unrestrlcted Fund8 General Fund 55,625 10,799 Restrlcted Funds Building Fund 30,CQO 30,000 Total of All Funds 55,625 40,799 P15
ST MICHAELS & ALL ANGELS, LOWER SYDENHAM". FINANCIAL STATEMENTS (ACCRUALS) FOR YEAR ENDED 31 DECEMBER 2024 ststement of Flnanclal Activlties for 2024 summarising the three funds in SORP (Statement of Recommended Practice) format Unrestrlcted General Fund Restrlcted Building Fund Total 2024 Total 2023 Income Voluntary Income Church Activities Activities for G6n8rating Funds Investment income Other Income 16,558 532 42,432 1,506 15,561 16,558 532 42,432 1,506 15,561 16,049 623 38,313 1,003 1,080 Total Income 76,588 76,588 57,068 enditure Church Activities Cost of Generating Funds Olher Expenditure 40,937 20.555 271 40,937 20,555 271 52,172 16,104 193 Total Experxliture 61,763 61,763 68.469 Net Mov8m8nt In Funds before transfers 14,826 14,826 -11,401 Tr8nsf8rs between funds Net Movement In Funds 30,000 44,826 -30,000 -30,000 14,826 -11,401 Total Funds brought folward 10,799 30,CK)O 40,799 52,200 Total Funds carried forward 55,625 55,625 40,799 P16
ST MICHAELS & ALL ANGELS, LOWER SYDENHAM.. FINANCIAL STATEMENTS {ACCRUALS) FOR YEAR ENDED 31 DECEMBER 2024 General Fund lunrestricted fund) - Income and Expenditure Incomo Voluntary income Standing Order Grft Aidable Standing Order Non Gift Aidable Envelope Scheme Gift Aidable Envelope Scheme Non Gift Aidable Loose Cash and Cheques in Collection Gift Aid Income Tax Receiv8d Charity Collections Just Giving Sumup Alc Other Voluntary Receipts 20241£) 2023 (£) 7,311 4,239 230 776 551 2,299 300 552 300 16,558 6,820 4,214 30 831 542 2,121 571 920 16,049 Church Actlvltles Fees for Weddings and Funerals 532 623 Activltle8 for Generatlng Funds Licence Fee for Land Occupied by School Rent for Use of the Church and H811 Unrform bands Seventh Day Adventists I AM Church Infonn Palates Spectrum Montessori Etoile Family Ltd Goodtimes Simple Solution Homework Club One off18ttings 23,304 21,926 900 5,779 2,150 1,702 780 5,200 2,730 1,196 100 293 1,268 4,770 50 38,313 228 480 7,434 455 42,432 Investment Income CCLA Deposit Fund Interest Other Income l Grants 1,506 1,003 15,561 1,080 Total Income 76,588 57,C68 P17
ST MICHAELS & ALL ANGELS, LOWER SYDENHAM: FINANCIAL STATEMENTS (ACCRUALSI FOR YEAR ENDED 31 DECEMBER 2024 General Fund lunrestrlcted fund) - Income and Expendlture nditure Church Activitie8 Fairer Shares (Diocesan Quota) Diocesan Fees Donations to Charities Utilities Cleaning Materials Insurance Repairs and Maintenance 2024 (£) 2023 (£) 18,000 352 73 14,095 26,350 150 180 18,832 603 2,745 3,312 52,172 2,747 4,883 40,937 Cost of Generatlng Funds Salaries Cost of Services Organist Honorania Catering Administration Costs Equipment Professional Fees 9,800 4,443 3,735 537 160 9,929 1,092 3,597 764 490 232 16,104 1,881 20,555 Other Expendlture 271 193 Total Exponditure 68 469 Not (Deficlt)ISurplus for the year General Fund brought fOard Transfer from Building Fund General Fund carried forward 14.826 -11,401 10,799 30,000 55,625 22,200 10,799 Bulldlng Fund (Restrlcted Fund) 2024 (£) 30,000 30,000 2023 (£1 30,OJO Building Fund brought forward Transfer to General Fund Building Fund carried forward 30,OJO P18
Report by the Independent Examiner on the accounts for St Michael & $¢ All Angels, Lower Sydenham, for the year ended 31 Deeember 2024 The level of gross income (IKing less than £5(K),000), and the si7£ of the balance sheet. confim] that the PCC require an independent examination fdther than a full audit of the acLounlS. The accounts are now being produced using Accruats mcihod given the turnover of the Team Ministry. This gives a better picture of the income receivable and the costs incurred in the year. An understanding of the PCC'S organisation. accounting records, activities and nature of its assets, liabilities. income and expenditure was gained from a survey of the accounting records and discussions with the treasurer of St Michael's in previous years. No tailures were identified in the accounting records. An analytical review of the financial statements was carried out to look for inconsistencies and unusual events in the year and compared to previous years. No unexpected fluctuations were discovered in the financial statements beyond those due to the pandemic. F.nquiries did not reveal any post balance sheet events which would have significant impact on the financial statements for the year. Figures in the financial statements were cross-referenced to and checked off against the accounting records to confirni the links beiween the two. Tests were made of the arithmeiiLal accuraLy of the financial statements and the cash book. The church was on a more stable financial footin&? in 2024. Ongoing income from donations and rental income increase by over £4,000, while costs reduced by £7,000 (helped by a reduction in the quola payable to the diocese for 2024 and 2025). There was a small deficit of £2,000 from ongoing costs and income, bui a surplus after grants and other inLome. Reserves of £56,000 in the GcnLral Fund are above the recommended level for emergencies. Peter Stubbs Treasurer St Bartholomew's Church Sydenham Fiq