THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARK ST MARYLEBONE (HAMILTON TERRACE)
Diocese of London
Charity Registration Number: 1155602
Report & Accounts 31 December 2024
Tandem Accounting Chartered Accountants 17 Heathville Road London N19 3AL
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARK ST MARYLEBONE (HAMILTON TERRACE)
Report and Financial Statements 2024 Contents
| Page | |
|---|---|
| Legal and administrative information | 2 |
| Report of the Parochial Church Council | 3 |
| Independent Examiner’s report to the Parochial Church Council | 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 |
| Notes to the financial statements | 12 |
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARK ST MARYLEBONE (HAMILTON TERRACE)
Legal and Administrative Information For the year ended 31 December 2024
Charity Name The Parochial Church Council of The Ecclesiastical Parish of St Mark St Marylebone (Hamilton Terrace). Charity No 1155602. The Parish was established in 1847 and is a charity which was formally registered with the Charity Commission on 3 February 2014. Principal Address Hamilton Terrace, London, NW8 9UT Governing Document Parochial Church Council Powers Measure (1956) as amended and Church Representation Rules. Objective Promoting in the ecclesiastical parish the whole mission of the Church. Members of the PCC The Members of the PCC who served during the year or who were serving at the date of this report were: Clergy Rev Kate Harrison (Chair) through 31 August 2025 Churchwardens Mark Kennedy (from May 2023) Elected Lay Gerlinde Kathuria (from January 2014) Representatives Naa-Ayeley Attoh (from January 2014 to May 2025) Jim Stidham (from May 2021) Karen Little (from Feb 2024 to May 2025) Sylvia Dibble (from May 2024 to May 2025) Dee Agama (from Dec 2024) Gladys Jesu Sheriff (from May 2024) Margaret Mba (from Feb 2025 Josie Ohene-Djan (from Dec 2024) Christoper Myhill (from Aug 2024) Co-opted members Ian Collins Health & safety representative (until Nov 2024) Lay Representatives to Josie Ohene-Djan (from May 2023) the Deanery Synod Isla Cameron (until May 2024) Key Management Those in charge of directing, controlling, running and operating the Church on a day-to-day Personnel basis are the Incumbent, Church Warden and Treasurer. Independent John Helm ACA Examiner Tandem Accounting 17 Heathville Road London N19 3AL Quinquennial John BI Scott RIBA, AABC Inspector West Scott Architects The Studio 3A Bath Road Bedford Park London W4 1LL
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARK ST MARYLEBONE (HAMILTON TERRACE)
Report of the Parochial Church Council For the year ended 31 December 2024
The Parochial Church Council of The Ecclesiastical Parish of St Mark St Marylebone (Hamilton Terrace) (“PCC”) submits its report and the financial statements of the PCC for the year ended 31 December 2024. The financial statements have been prepared in the format prescribed by the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP2019 (FRS102)). The legal and administrative information set out earlier in this document forms part of this report.
The PCC co-operates with the incumbent in promoting the whole mission of the Church within its Parish and beyond. It also has responsibility for the non-stipendiary staff and the maintenance of the church building and the church hall complex.
1. Structure, Governance & Management
1.1 Trustees
The PCC is a body corporate with perpetual succession. The full PCC meets around six times during the year. Outside of this, smaller working groups, such as the hall management committee, meet as required. The PCC discusses a full range of matters relating to finance, fabric, general administration and responsibility for keeping of the Electoral Roll. Members of the PCC are either ex officio or elected by the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules.
Membership of the PCC comprises the incumbent (our vicar), churchwardens, members elected by those members of the congregation who are on the electoral roll of the church (including those elected as representatives of Deanery Synod) and co-opted members. All who attend our services are encouraged to register on the Electoral Roll and stand for election to the PCC.
PCC members are responsible for making decisions on all matters of general concern and importance to the parish including how funds are to be spent. New members should receive initial training on the workings and responsibilities of the PCC.
1.2 Standing Committee
The Standing Committee, comprising the Vicar and the churchwardens, has the power to transact any urgent business of the PCC between its meetings, subject to any directives given by the PCC.
1.3 Church Attendance
The electoral roll is completely reviewed and revised once every six years but is updated every year in between. After full review in 2024, there were 28 members on the electoral roll.
1.4 Risk Management
The PCC has a risk management strategy which comprises:
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An annual review of the risks that the PCC may face;
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The establishment of systems and procedures to mitigate those risks; and
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The implementation of procedures designed to minimise any potential impact on the PCC should those risks materialise.
The PCC’s primary concern and objective is the discipling of individuals for the glory of God and promotion of the pastoral, evangelical, social and ecumenical mission of the church. The PCC acknowledges that it has a responsibility, via its individual Members and as a body of Members, to identify and properly manage the risks it faces in achieving its primary aim. The PCC has assessed the major risks to which it exposed, in particular those relating to the specific operational areas of the charity and its finances. The PCC believes that, by monitoring reserve levels, by ensuring that controls exist over key financial systems, and by examining the operational risks faced by the church, it has established effective systems and controls to mitigate those risks.
The PCC has a number of measures in place to mitigate risk, including a health and safety policy and a safeguarding policy overseen by the PCC, as well as a robust pastoral structure to deal with personnel issues. Financial risk is managed by the Treasurer and Churchwardens who report to the Vicar.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARK ST MARYLEBONE (HAMILTON TERRACE)
Report of the Parochial Church Council For the year ended 31 December 2024
2. Activities, Strategies & Public Benefit
The PCC follows the Anglican model of authority through Holy Scripture and human reason and the tradition of the church encourages participation in sacramental worship.
When planning our activities for the year, we have considered the Charity Commission’s guidance on public benefit and, in particular, the supplementary guidance on charities for the advancement of religion. In particular, we aim to enable ordinary people to live out their faith as part of our parish community through:
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Worship and prayer; learning about the Gospel; and developing their knowledge and trust in Jesus.
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Provision of pastoral care for people living in the parish.
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Missionary and outreach work.
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. Mark’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 put faith into practice through prayer and scripture, music and sacrament. To facilitate this work, it is important that we maintain the fabric of the church and the church hall.
3. Review of the Year from the Incumbent, Rev. Kate Harrison
St. Mark’s Church is situated in Hamilton Terrace, St John’s Wood. It is part of the Diocese of London within the Church of England. The correspondence address is The Vicarage, 114 Hamilton Terrace, London, NW8 9UT.
The PCC is a body corporate (PCC Powers Measure 1956, Church Representation Rules 2006) and a charity currently excepted from registration with the Charity Commission.
Special circumstances
Fire at St Mark’s
On the night of the 26th January 2023, the building of St Mark’s suffered a catastrophic fire during which most of the internal fixtures and fittings were destroyed. The reclamation project has been completed, and artefacts have been safely stored at Cloudsley Square. We are still unsure of how much of the mosaic tiles and glass collected can be used in the future interior of the church but are working with conservators to determine this.
We have gone from worshipping in a garden to now worshipping in a newly refurbished church hall. Work is continuing to develop a plan for the future of the building, but we are now confident that the four walls and tower will remain in some form. There is an appetite for creating a more flexible space which will better serve the needs of the local community. The diocese is working closely with the incumbent and PCC to ensure the future of St Mark’s as a worshipping and missional community. We are grateful to all those who support us in this and who will be working with us in the upcoming months and years.
Admin Support
Angela Seymour took on the role of Parish Administrator in September 2023 on a contractor basis. Her role has included letting out and maintaining the Church Hall, and she does a wonderful job of ensuring our renters have a good experience within the constraints of the Hall. She also turns her hand to almost everything at the Church and we are very grateful for her.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARK ST MARYLEBONE (HAMILTON TERRACE)
Report of the Parochial Church Council For the year ended 31 December 2024
Services
Parish Mass – Sunday at 10.30am. Services have been held in the church and streamed on Facebook where we have continued to gather a committed and regular congregation.
Eucharist – Each Tuesday at noon (Common Worship) including a Bible Study; Each Thursday at 7pm until the end of 2024 said Eucharist from the Book of Common Prayer followed by Bible Study.
Choral Evensong – A number of special Choral Evensong Services were held during the year. Messy Church – 3[rd] Sunday of the month (ended in the summer of 2024)
Evening Prayer – Every Tuesday evening conducted over Zoom by a member of the congregation.
Other Community Resources
Renew Wellbeing Café – Every Wednesday at 10am for 2hrs. A community space for a variety of hobbies and activities. The activities are based around the '5 ways to wellbeing' which promote good mental and emotional health. Knit and Natter – A group for anyone to come and share crafts.
Children’s provision – There have not yet been enough to support resuming Sunday School or Little Lions. However, a children’s space has been set up in the church where children and their parents can sit and play. This began in April 2023 and has been enthusiastically welcomed and expanded.
Volunteers
We are grateful to all who volunteered time and skills to keep St Mark’s alive. This includes our churchwardens, members of the PCC, our readers, intercessors and servers, Evening Prayer leaders, members of our voluntary choir, those leading outreach activities and our team of gardeners and flower arrangers, led by Gerlinde Kathuria.
4. Achievements and Performance: Additional Reports
4.1 Safeguarding
St Mark’s takes its responsibilities with regard to safeguarding all vulnerable people incredibly seriously. Safeguarding is a standing item on the PCC agenda. Our safeguarding officers are Angela Seymour and Josephine Ohene-Djan. After the 2024 APCM all PCC members will be required to go through the DBS application process and to complete the online training course. Under section 5 of the Safeguarding and Clergy Discipline Measure 2016 all authorised clergy, licensed readers, ministry group leaders and helpers, churchwardens and PCC members must comply with the safeguarding guidance issued by the House of Bishops (this will include both policy and practice guidance). One safeguarding concern has been raised in this reporting period.
4.2 Quinquennial Inspections
The last quinquennial inspection was undertaken late 2023 and the report was released in January 2024. The report recommended extensive repairs to the building which was suffering from subsidence to the East end. The report was made redundant by the fire.
4.3 The Church Hall Management Team Report
Hall Housekeeping
Bookings: bookings and calendar are the responsibility of the Parish Administrator, Angela Seymour. Cleaning: Two people are contracted to clean the hall: Eddie (main hall) and Eric Haynes (annexe/Green Room). Fire Alarm: Tested weekly by Angela and Gerlinde.
The Hall Management Team endeavour to be ‘green’ and use refills and green brands such as: Clipper Tea and Kingdom Coffee and eco-products when possible. This is an area of focus moving forward and they will support SMHT to achieve a minimum Bronze Award for Eco-Church.
A Fire Risk Assessment was carried out in September 2024 and actions have been taken on the recommendations in the report. Seven fire extinguishers were serviced by Firemark Ltd on 12 November 2024.
PAT Testing was carried out in August 2024 and all sockets were checked.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARK ST MARYLEBONE (HAMILTON TERRACE)
Report of the Parochial Church Council For the year ended 31 December 2024
Draft excluders were added to hall doors, and sanitary provision enhanced in the toilets.
Two wooden sheds have been erected for storage next to the outside corridor.
The roof replacement was carried out in September 2024 thanks to a loan from the Diocese.
5. Financial Review
The PCC’s main sources of funding are the free will offerings of church members and others in attendance at church meetings, and income from the hiring out of the church buildings.
5.1 Financial Activity and Financial Position
The Statement of Financial Activities and Balance Sheet can be found on pages 10 and 11 respectively. The Church’s reserves decreased by £49,364 during the year (2023: decreased by £85,224). The balance sheet shows total net assets of £87,058 (2023: £136,422).
Included in total funds are amounts totalling £18,011 (2023: £18,011) which are restricted. These balances have either been raised for, and their use restricted to, specific purposes, or they comprise donations subject to donor imposed conditions. Full details of these restricted funds can be found in note 10 to the accounts together with an analysis of movements in the year.
On-line and in person giving was down by circa 50% in 2024 due to the reduction in the size of the congregation. We are very grateful to the remaining congregation for their generosity. Fund raising events such as the Christmas Fair and a Cabaret Night added some much-needed funds to the bottom line.
We filed to claim Gift Aid from HMRC for the calendar years 2020 and 2021 and received £10,811 including interest in January 2025. We are currently working to catch up on past claims for 2022 and after. Contributions via the Parish Giving Scheme provide us with Gift Aid on an ongoing basis, but we only have a few members of the congregation giving in this way.
Our income from lettings in 2024 were up by 60%, which is a great result considering we no longer had the Church or parking to let. The increase in lettings more than covered our decrease in giving. Gerlinde and Angela have done a wonderful job in keeping the Hall going and collecting rent. We are grateful to the many organisations that have used our facilities over the year.
Insurance claims and Hall roof repair:
- During 2024, we incurred £51,865 for replacement of the roof on the Church Hall. The project was managed efficiently and within budget by Nick Bethune of West Scott Architects, and we are grateful for his skill and diligence. We are also very grateful to the Diocese for a loan provided to cover the cost of the roof replacement.
2. We received an advance of £10,000 against the insurance on the contents of Church. We also received £2,100 toward the cost of the Community Audit carried out to help set the vision for the rebuilding project.
We made contribution of £30,000 to the Diocese Common Fund in 2024 and have pledged £33,000 for 2025 on which we have been making monthly pro rata contributions. Given our circumstances, we are doing well to make a meaningful contribution to the Common Fund.
Acts 435 is a charity which allows funds to be raised and go directly to those with stated needs. Gladys Jusu-Sheriff is our Representative and doing a wonderful job of finding donors and matching their funds with critical needs in the community. During 2024, £10,910 was paid out via this partnership. At 31 December 2024, we had £1,500 in our bank account to be disbursed.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARK ST MARYLEBONE (HAMILTON TERRACE)
Report of the Parochial Church Council For the year ended 31 December 2024
5.2 Reserves Policy
The PCC has examined the requirements for free reserves, i.e. those unrestricted funds not invested in tangible fixed assets. The PCC considers that, given the nature of the church’s work, free reserves should be equivalent to approximately 2 months of operational expenditure (i.e. building running costs, but excluding Common Fund payments, mission giving and expenditure on special discretionary projects), plus committed future expenditure on other projects, where funds permit. The PCC is of the opinion that this provides sufficient flexibility to cover temporary shortfalls in income and will allow the church to cope and respond to unforeseen emergencies whilst specific action plans are implemented. At 31 December 2024 the church had a net free reserves deficit of £19,078 (2023: £14,318) as follows:
| Total reserves Less: restricted funds Less: fixed assets Add loans due in more than one year Free reserves Free reserves requirement: 2 month’s budgeted routine expenditure |
2024 | 2023 £ 136,422 (18,011) (134,093) 30,000 |
|---|---|---|
| £ | ||
| 87,058 | ||
| (18,011) | ||
| (131,835) | ||
| 81,866 | ||
| 19,078 | 14,318 | |
| 25,000 | ||
| 14,600 | ||
5.3 Investment Policy
Funds in excess of immediate working capital requirement are placed in a bank deposit account.
5.4 Grants Policy
The church made no grants during the year.
6. Plans for Future Periods
In line with the objectives outlined in the 2024 Mission Action Plan, the following objectives remain central to the PCC’s planning:
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Developing our stewardship and fundraising programme to secure the long-term future of St Mark’s
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Enhancing the church’s presence and visibility in the community; and
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Improving the building’s accessibility and making it a safer and more useful space for the church’s own use and for the use of others.
7. Responsibilities of Trustees for the Financial Statements
The PCC is responsible for preparing the report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Charity law in England and Wales requires the PCC to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the PCC and of the income and application of income of the charity for that period.
In preparing those financial statements, the PCC is required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles of the Charities SORP
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the activities of the charity will continue.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARK ST MARYLEBONE (HAMILTON TERRACE)
Report of the Parochial Church Council For the year ended 31 December 2024
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 governing document. The PCC is 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. The PCC is responsible for the maintenance and integrity of the charity and financial information included in the charity’s website.
8. Approval
The report of the PCC was approved by the PCC on 31 October 2025 and signed on its behalf by:
Kate Harrison Chair
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARK ST MARYLEBONE (HAMILTON TERRACE)
Report of the Independent Examiner to the Parochial Church Council of St Mark St Marylebone (Hamilton Terrace)
I report on the accounts of the Parochial Church Council of the Ecclesiastical Parish of St Mark St Marylebone for the year ended 31 December 2024, which are set out on pages 10 to 17.
Respective responsibilities of PCC and examiner
The PCC are responsible for the preparation of the accounts. The PCC 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 needed.
It is my responsibility to:
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examine the accounts (under section 145 of the 2011 Act);
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to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the 2011 Act); and
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to state whether particular matters have come to my attention.
Basis of independent examiners’ report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. 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 the seeking of 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 statement below.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the church as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the 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 independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
John Helm ACA
Tandem Accounting 17 Heathville Road London N19 3AL
31 October 2025
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARK ST MARYLEBONE (HAMILTON TERRACE)
Statement of Financial Activities For the year ended 31 December 2024
| Note Income from: 2 Donations and legacies Charitable activities Other trading activities Investments Other Total Income Expenditure on: Raising funds 3 Charitable activities 4 Total Expenditure Net gains on investments Net expenditure 5 Transfers between funds Net movement in funds Total funds brought forward Total funds carried forward |
Unrestricted Funds 2024 £ 33,790 36 86,335 486 13,068 |
Restricted Funds 2024 £ 4,680 - - - - 4,680 - 4,680 4,680 - 0 - 0 18,011 18,011 |
Unrestricted Funds 2023 £ 59,296 1,750 70,588 1,493 138,875 |
Restricted Funds 2023 £ 1,400 - - - - 1,400 - 1,400 1,400 - 0 - 0 18,011 18,011 |
Total 2023 £ 60,696 1,750 70,588 1,493 138,875 |
||
|---|---|---|---|---|---|---|---|
| Total | |||||||
| 2024 | |||||||
| £ | |||||||
| 38,470 | |||||||
| 36 | |||||||
| 86,335 | |||||||
| 486 | |||||||
| 13,068 | |||||||
| 133,715 | 272,002 | 273,402 | |||||
| 138,395 | |||||||
| 938 182,141 183,079 - (49,364) - (49,364) 118,411 69,047 |
13,676 343,550 |
13,676 344,950 |
|||||
| 938 | |||||||
| 186,821 | |||||||
| 357,226 | 358,626 | ||||||
| 187,759 | |||||||
| - | - | ||||||
| - | |||||||
| (85,224) | (85,224) | ||||||
| (49,364) | |||||||
| - | - | ||||||
| - | |||||||
| (85,224) 203,635 |
(85,224) 221,646 |
||||||
| (49,364) | |||||||
| 136,422 | |||||||
| 118,411 | 136,422 | ||||||
| 87,058 | |||||||
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARK ST MARYLEBONE (HAMILTON TERRACE)
Balance Sheet As at 31 December 2024
| Unrestricted | Restricted | ||||
|---|---|---|---|---|---|
| Funds | Funds | Total | Total | ||
| Note | 2024 | 2024 | 2024 | 2023 | |
| £ | £ | £ | £ | ||
| Fixed Assets | |||||
| Tangible Assets | 6 | 131,835 | - | 131,835 | 134,093 |
| Current Assets | |||||
| Debtors | 7 | 22,428 | - | 22,428 | 18,928 |
| Cash at Bank and in Hand | 6,316 | 18,011 | 24,327 | 19,630 | |
| 28,744 | 18,011 | 46,755 | 38,558 | ||
| Creditors - Amounts Falling Due Within | |||||
| One Year | 8 | 9,666 | - | 9,666 | 6,229 |
| Net Current Assets | 19,078 | 18,011 | 37,089 | 32,329 | |
| Creditors - Amounts Falling Due After | |||||
| More Than One Year | 9 | 81,866 | - | 81,866 | 30,000 |
| Net Assets | 69,047 | 18,011 | 87,058 | 136,422 | |
| Represented by: | |||||
| Restricted Funds | 10 | - | 18,011 | 18,011 | 18,011 |
| Unrestricted Funds | 69,047 | - | 69,047 | 118,411 | |
| Total Funds | 69,047 | 18,011 | 87,058 | 136,422 |
The financial statements were approved by the PCC on 31 October 2025 and signed on its behalf by:
Jim Stidham Treasurer
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARK ST MARYLEBONE (HAMILTON TERRACE)
Notes to the Financial Statements For the year ended 31 December 2024
1. Accounting Policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
Basis of accounting
The financial statements have been prepared under the Charities Act 2011 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102)). The financial statements are drawn up on the historical cost basis of accounting except for the revaluation of freehold land and buildings which are shown at market value.
The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe an affiliation to another body or those that are informal gatherings of church members.
The PCC meets the definition of a public benefit entity under FRS 102.
Going Concern
There are no material uncertainties about the charity’s ability to continue as a going concern and accordingly the accounts have been drawn up on a going concern basis.
Income recognition
Voluntary income and donations (including legacies) are accounted for once the PCC has entitlement to the income, it is probable the income will be received, and the amount of income receivable can be reliably measured. Income from the recovery of tax on gift aided donations is accounted for in the period to which the relevant donation is received.
The income from trading activities includes rental income from the letting of church premises which is accounted for when earned. It is shown gross, with the associated costs of generating the income included in fundraising costs.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Expenditure recognition
Expenditure is accrued as soon as a liability is considered probable, and the amount of obligation can be measured reliably. Longer term liabilities are discounted to present value. The PCC is not registered for VAT and accordingly expenditure includes VAT where appropriate.
Charitable expenditure includes those costs in fulfilling the PCC’s principal objects, as outlined in the Report of the PCC. These include grants payable, governance costs and an apportionment of support costs.
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Grants payable are payments made to third parties in furtherance of the PCC’s objects. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the PCC.
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Governance costs comprise all costs involving the public accountability of the PCC and its compliance with regulation and good practice. These costs include costs related to the independent examination and legal fees.
Taxation
As a charity, the PCC is exempt from tax on income and gains falling within the provisions of the Corporation Taxes Act 2010 or the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen on the PCC.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARK ST MARYLEBONE (HAMILTON TERRACE)
Notes to the Financial Statements For the year ended 31 December 2024
1. Accounting Policies (continued)
Tangible Fixed Assets
Consecrated Property and Moveable Church Furnishings
Consecrated land and benefice property such as the church building and vicarage is excluded from the accounts in accordance with s10 of the Charities Act 2011. Moveable church contents are held by the vicar and churchwardens on special trust for the PCC and require a faculty for disposal are accounted as inalienable property unless consecrated. All expenditure incurred on consecrated or benefice buildings and moveable church furnishings, whether maintenance or improvement, is expensed within the Statement of Financial Activities.
Leasehold Land & Building
The freehold land and building is the hall at St Mark’s Church Hall and Cottage, Abercorn Place, NW8 9YD. Depreciation is not provided as the estimated residual value is considered to be the same or higher than the carrying value of the property in the accounts.
Other Fixtures, Fittings & Office Equipment
The cost of other furniture, fittings and equipment, less any expected residual value, is depreciated on a straight line basis over the effective useful life of the asset, which has been estimated as 4 years
Debtors
Debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.
Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.
Fund accounting
The funds held by the charity are either:
-
Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the PCC.
-
Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARK ST MARYLEBONE (HAMILTON TERRACE)
Notes to the Financial Statements For the year ended 31 December 2024
2. Income
| Donations & legacies Offerings and donations Income tax reclaimed Legacies Grants Charitable activities Fee income (net) Other trading activities Lettings income Fund raising/book sales Investments Bank Interest Other Insurance claim 3. Expenditure on Raising Funds Fundraising Events 4. Expenditure on Charitable Activities Common Fund Church Life & Outreach Provision of Office & Support Provision of Buildings and Facilities Governance costs |
Unrestricted Funds 2024 £ Restricted Funds 2024 £ 29,253 - 4,537 - - - - 4,680 33,790 4,680 36 - 36 0 82,701 - 3,634 - 86,335 0 486 - 13,068 - 133,715 4,680 Unrestricted Funds 2024 £ Restricted Funds 2024 £ 938 - Unrestricted Funds 2024 £ Restricted Funds 2024 £ 30,000 - 22,955 4,680 13,512 - 111,889 - 3,785 - 182,141 4,680 |
Unrestricted Funds 2024 £ Restricted Funds 2024 £ 29,253 - 4,537 - - - - 4,680 33,790 4,680 36 - 36 0 82,701 - 3,634 - 86,335 0 486 - 13,068 - 133,715 4,680 Unrestricted Funds 2024 £ Restricted Funds 2024 £ 938 - Unrestricted Funds 2024 £ Restricted Funds 2024 £ 30,000 - 22,955 4,680 13,512 - 111,889 - 3,785 - 182,141 4,680 |
Total 2023 £ 53,568 5,128 - 2,000 |
||
|---|---|---|---|---|---|
| Total | |||||
| 2024 | |||||
| £ | |||||
| 29,253 | |||||
| 4,537 | |||||
| - | |||||
| 4,680 | |||||
| 60,696 1,750 |
|||||
| 38,470 | |||||
| 36 | |||||
| 1,750 50,098 20,490 |
|||||
| 36 | |||||
| 82,701 | |||||
| 3,634 | |||||
| 70,588 1,493 138,875 |
|||||
| 86,335 | |||||
| 486 | |||||
| 13,068 | |||||
| 273,402 Total 2023 £ 13,676 |
|||||
| 138,395 | |||||
| Total | |||||
| 2024 | |||||
| £ | |||||
| 938 | |||||
| Total 2023 £ 30,000 28,225 15,876 269,841 1,008 |
|||||
| Total | |||||
| 2024 | |||||
| £ | |||||
| 30,000 | |||||
| 27,635 | |||||
| 13,512 | |||||
| 111,889 | |||||
| 3,785 | |||||
| 344,950 | |||||
| 186,821 | |||||
14
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARK ST MARYLEBONE (HAMILTON TERRACE)
Notes to the Financial Statements For the year ended 31 December 2024
4. Expenditure on Charitable Activities
Staff costs
In addition to the many volunteers who give their time to the church, there were no (2023: none) paid employees whose costs are included within each of the main cost categories of “Expenditure on Charitable Activities” (note 4 above).
5. Net Income
| This is stated after charging: Operating lease rentals Depreciation of owned tangible fixed assets Independent examination fee |
2024 | 2023 | ||
|---|---|---|---|---|
| £ | £ | |||
| 0 | 1,702 | |||
| 3,281 | 3,192 | |||
| 1,300 | 1,008 | |||
6. Tangible Fixed Assets
| Cost At 1 January 2024 Additions Disposals At 31 December 2024 Depreciation At 1 January 2024 Charge For Year Disposals At 31 December 2024 Net Book Value At 31 December 2024 At 31 December 2023 |
Freehold building £ Equipment £ 124,515 15,443 - 1,023 - - 124,515 16,466 - 5,865 - 3,281 - - 0 9,146 124,515 7,320 124,515 9,578 |
||
|---|---|---|---|
| Total | |||
| £ | |||
| 139,958 | |||
| 1,023 | |||
| - | |||
| 140,981 | |||
| 5,865 | |||
| 3,281 | |||
| - | |||
| 9,146 | |||
| 131,835 | |||
| 134,093 | |||
All of the fixed assets are used for charitable purposes. The freehold land and building comprise the hall at St Mark’s Church Hall and Cottage, Abercorn Place, NW8 9YD.
7. Debtors
| Income tax recoverable | 2024 | 2023 £ 18,928 |
||
|---|---|---|---|---|
| £ | ||||
| 22,428 | ||||
15
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARK ST MARYLEBONE (HAMILTON TERRACE)
Notes to the Financial Statements For the year ended 31 December 2024
8. Creditors - Amounts Falling Due Within One Year
| Accruals Other creditors 9. Creditors - Amounts Falling Due After More Than One Year Loans – Diocese |
2024 | |
|---|---|---|
| £ | ||
| 8,165 | ||
| 1,501 | ||
| 9,666 | ||
| 2024 | ||
| £ | ||
| 81,866 | ||
The Diocese loans: (1) £30,000 loan - repayments are to commence once the area formerly occupied by the Vestry preschool is producing sufficient net income to enable repayment. The loan is expected to be repaid in full no later than 28 February 2026. The loan is interest free. (2) £ 51,866 loan – Hall Roof replacement of the original roof; interest free loan to be repaid by 31 August 2029.
10. Restricted Funds
| 10a Current Year Church development fund Building & Grounds Fund Organ Fund Charitable Giving Fund Community Audit 10b Prior Year Building & Grounds Fund Organ Fund Charitable Giving Fund Music scholarships |
At 1 January 2024 £ 0 3,282 14,714 15 0 18,011 |
Income £ - - - 4,680 4,680 |
Expenditure £ - - - (4,680) (4,680) |
Transfers £ - - - - 0 |
Gains/ (losses) £ - - - - 0 |
At 31 | At 31 | ||
|---|---|---|---|---|---|---|---|---|---|
| December | |||||||||
| 2024 | |||||||||
| £ | |||||||||
| 0 | |||||||||
| 3,282 | |||||||||
| 14,714 | |||||||||
| 15 | |||||||||
| 0 | |||||||||
| 18,011 | |||||||||
| At 1 January 2024 £ 3,282 14,714 15 0 18,011 |
Income £ - - - 1,400 1,400 |
Expenditure £ - - - (1,400) (1,400) |
Transfers £ - - - - 0 |
Gains/ (losses) £ - - - - 0 |
|||||
| At 1 January 2024 £ 3,282 14,714 15 0 18,011 |
At 31 | ||||||||
| December | |||||||||
| 2024 | |||||||||
| £ | |||||||||
| 3,282 | |||||||||
| 14,714 | |||||||||
| 15 | |||||||||
| 0 | |||||||||
| 18,011 | |||||||||
16
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARK ST MARYLEBONE (HAMILTON TERRACE)
Notes to the Financial Statements
For the year ended 31 December 2024
10. Restricted Funds (continued)
Descriptions of the main restricted funds are as follows:
Building & Grounds Fund. The income to this fund is mainly grants towards the restoration and maintenance of the church buildings and grounds. Much of the work paid for by these funds is eligible for VAT relief under the Listed Places of Worship Grant Scheme. Any VAT reclaimed on restricted expenditure is paid back into the relevant fund.
Organ Fund. This fund contains donations and grants towards the restoration of the existing pipe organ and the eventual construction of a new instrument.
Charitable Giving Fund. This fund contains proceeds from collection offerings and other donations received towards specific causes.
Music Scholarship . One donor pledged funds for choral scholarships for the new choir year commencing September 2023. The scholarship was funded via 12 monthly instalments. The scholarships are awarded in ten monthly payments. Due to lack of funding, we had to end our choral scholars programme in 2024 and thank our donors and scholars over the years.
Community Audit Fund. Funds received from the Diocese for commissioning a community audit to help set the vision for the rebuild of the church building.
11. Related Party Transactions and Balances
Members of the PCC gave a total of £11,870 (2023: £14,229) in unrestricted offerings and donations during the year.
No PCC members were employees of the PCC during the reporting period.
No PCC members were remunerated or paid any expenses in their capacity as trustees of the charity.
A total of £nil (2023: £nil) was either paid on behalf of or reimbursed to PCC members during the reporting period in respect of costs incurred individually (such as training, travel, subsistence).
17