# **Parish of Hackney** Parish of Hackney **Annual** Annual **Report and Accounts 202** Report and Accounts 2024 **4** 2 3 also serve as Pastors within their also serve as Pastors within their ministry and support the work of other SAINT parishes. ministry and support the work of other SAINT parishes. 4 5 6 7 8 select Suttable accounting policies and then apply them consistently: make judgements and estimates that are reasonable and prudent.. state whether the policies adopted are in accordance with the appropriate Statement of Recommended Practice on Accounting by Charities and the Accounting Regulations and with applicable accounting standards. subject to any material departures disclosed and explained in the financial statements: prepare the accounts on the going concern basis unless it is inappropriate to presumethatthe church will continue to operate. The PCC is responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the church. and to enable them to ensure that the financial statements comply wrth applicable Accounting Standards and Statements of Recommended Practice and the regulations made under the Charities Acr 2011. They are also responsible for safeguarding the assets of the church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees and PCC members of Hackney Parish on IÉ ID .24 and signed on their behalf by Rev'd Al Gordon Rector Date: g6.10 LS - - - 10 - - - - 11 - https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. . This description forms part of our auditor's 12 ## **Parochial Church Council of Hackney Church Consolidated Statement of Financial Activities For the year ended 31 December 2024** |**Unrestricted**
**Funds**
**Designated**
**Funds**
**Restricted**
**Funds**
**TOTAL FUNDS**
**2024**
**Note**
**£**
**£**
**£**
**£**
**INCOME FROM:**
Congregational Giving
2(a)
1,359,013
-
19,034
1,378,047
Charitable Activities
2(b)
12,121
-
60,187
72,308
Other Funds Generated
2(c)
531,636
-
264,147
795,783
Investments
2(d)
5,047
-
-
5,047
Other Income
2(e)
145,713
-
-
145,713
Collections for other SAINT Parishes
2(f)
-
-
277,397
277,397
Other Trading Activities
2(g)
-
1,013,761
34,853
1,048,614
**TOTAL INCOME**
**2,053,530**
**1,013,761**
**655,617**
**3,722,908**
**EXPENDITURE ON:**
Church activities
3(a)
1,698,467
-
385,223
2,083,690
Expenses for other SAINT Parishes
3(b)
-
-
372,668
372,668
Other Trading Activities
3(c)
-
988,502
15,340
1,003,842
**TOTAL EXPENDITURE**
**1,698,467**
**988,502**
**773,231**
**3,460,200**
**NET INCOME/(EXPENDITURE)**
**355,064**
**25,259**
**(117,614)**
**262,709**
(Losses)/Gains on Investment assets
170
-
-
170
**NET MOVEMENT IN FUNDS**
**355,234**
**25,259**
**(117,614)**
**262,879**
Balances brought forward at 1 January 2024
(793,846)
(2,784)
489,084
(307,546)
**BALANCES CARRIED FORWARD**
**AT 31 DECEMBER 2024**
**(438,611)**
**22,475**
**371,470**
**(44,667)**|**Unrestricted**
**Funds**
**Designated**
**Funds**
**Restricted**
**Funds**
**TOTAL FUNDS**
**2024**
**Note**
**£**
**£**
**£**
**£**
**INCOME FROM:**
Congregational Giving
2(a)
1,359,013
-
19,034
1,378,047
Charitable Activities
2(b)
12,121
-
60,187
72,308
Other Funds Generated
2(c)
531,636
-
264,147
795,783
Investments
2(d)
5,047
-
-
5,047
Other Income
2(e)
145,713
-
-
145,713
Collections for other SAINT Parishes
2(f)
-
-
277,397
277,397
Other Trading Activities
2(g)
-
1,013,761
34,853
1,048,614
**TOTAL INCOME**
**2,053,530**
**1,013,761**
**655,617**
**3,722,908**
**EXPENDITURE ON:**
Church activities
3(a)
1,698,467
-
385,223
2,083,690
Expenses for other SAINT Parishes
3(b)
-
-
372,668
372,668
Other Trading Activities
3(c)
-
988,502
15,340
1,003,842
**TOTAL EXPENDITURE**
**1,698,467**
**988,502**
**773,231**
**3,460,200**
**NET INCOME/(EXPENDITURE)**
**355,064**
**25,259**
**(117,614)**
**262,709**
(Losses)/Gains on Investment assets
170
-
-
170
**NET MOVEMENT IN FUNDS**
**355,234**
**25,259**
**(117,614)**
**262,879**
Balances brought forward at 1 January 2024
(793,846)
(2,784)
489,084
(307,546)
**BALANCES CARRIED FORWARD**
**AT 31 DECEMBER 2024**
**(438,611)**
**22,475**
**371,470**
**(44,667)**|**Unrestricted**
**Funds**
**Designated**
**Funds**
**Restricted**
**Funds**
**TOTAL FUNDS**
**2023**
**£**
**£**
**£**
**£**| |---|---|---| |||700,430
-
82,434
782,864
15,129
-
58,275
73,403
539,106
-
283,559
822,665
3,036
-
-
3,036
3,402
-
15
3,417
-
-
282,477
282,477
-
637,587
34,857
672,445| ||**2,053,530**
**1,013,761**
**655,617**
**3,722,908**|**1,261,103**
**637,587**
**741,616**
**2,640,307**| |||1,346,111
26,756
465,288
1,838,155
-
-
293,592
293,592
-
628,179
14,887
643,066| ||**1,698,467**
**988,502**
**773,231**
**3,460,200**|**1,346,111**
**654,935**
**773,767**
**2,774,813**| ||**355,064**
**25,259**
**(117,614)**
**262,709**
170
-
-
170
**355,234**
**25,259**
**(117,614)**
**262,879**
(793,846)
(2,784)
489,084
(307,546)
**(438,611)**
**22,475**
**371,470**
**(44,667)**|**(85,008)**
**(17,348)**
**(32,151)**
**(134,506)**
9,617
-
-
9,617| |||**(75,391)**
**(17,348)**
**(32,151)**
**(124,889)**
(718,455)
14,564
521,234
(182,656)
**(793,846)**
**(2,784)**
**489,084**
**(307,546)**| 13 Panxhlal Chwch Coundl ol Ha¢knyChurch Statements of Assets and Uabilltles Forthe year ended 31 De¢ember 2024 Ha(kMyChurth 2024 Investments Tangible assets 12 3.377 465ffi2 95,237 489388 3.377 56,911 60,288 95.237 66,748 161,985 CURRENT ASSEfs Current account and Cash on Hand Church of England Cash Depos￿ fund Oebtofs P￿paymeThts 398.961 7.839 25IMJ 12,C¥J6 670.6C 257.889 7.839 269.835 lo,5￿) 158.247 7,839 249.891 12,Q)6 427.981 7.839 316.870 10,740 .160 li li LIABILMES.. AMOUP4TS FALUNG DUE wmiipi ONEYEAR 131al IS7&7761 1529.5671 1294,Wl I260,￿)8) 259,393 i. 251068 167.174 UAfyILmES: AMOUNTS FAW14G DUEATh MORETHAN ONE 13(bl 1773,(P381 IIM33.210) 1773.0981 11,033,210) 460.742 704,051 FUNDS Unrestrfrted Designated Restrirted Designated NoFTriharitalAe Tradiw Reserve5 1438.6111 30,857 371.470 18.3821 44667 (793.8461 30.857 14TY,3361 120 12.474 (745,6781 30,857 10,770 133,6401 X17.546 460.74 704.051 Appro the Pafochlal Church Council aThJ signed on its behalf ￿.. Al Gordon ttor of the Parish of Hacknty DATE.. The notes on the subsequent paeesfom part of these financial 5taternent> 14 ## **Parochial Church Council of Hackney Church Consolidated Cash Flow Statement For the year ended 31 December 2024** |**Parochial Church Council of Hackney Church**
**Consolidated Cash Flow Statement**
**For the year ended 31 December 2024**||| |---|---|---| |_Cash Flows from Operating Activities:_
**Note**
**Net Income (Expenditure) for the Year**
Adjustments for:
Depreciation
8
Dividend and Interest Income from Investment Activities
2(d)
Interest Paid on Financing Activities
Disposal of investment Assets
Interest Reinvested into Investment Assets
Unrealised (Gains)/Losses on Investment Assets
(Increase)/Decrease in operating activity debtors
11
Decrease/(Increase) in operating activity prepayments
11
Increase/(Decrease) in operating activity creditors
13
**Net Cash Flow from Operating Activities:**
_Cash Flows from Investing Activities:_
Purchase of other fixed assets
8
Interest received on Investment Activities
2(d)
**Net Cash from Investing Activities:**
_Cash Flows from Financing activities:_
Interest paid
Loan movement
**Net Cash Flows from Financing activities:**
**Net increase in Cash and Cash equivalents**
**Movement in cash and cash equivalents:**
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
**Cash and cash equivalent as at end of Period**|**2024**
**2023**
£
**£**
262,879
(124,889)
40,414
153,691
(5,047)
(3,036)
(4,747)
9,586
92,647
-
(617)
(100)
(170)
(9,617)
(65,069)
(35,681)
1,266
2,952
49,209
160,118
**370,765**
**153,025**
(16,688)
(14,512)
5,047
3,036
**(11,641)**
**(11,476)**
4,747
(9,586)
(260,113)
(9,829)
(255,365)
(19,415)
**103,759**
**122,134**
103,759
122,134
406,800
284,666
**510,559**
**406,800**
**Group**|| |||**2023**
**£**
(124,889)
153,691
(3,036)
9,586
-
(100)
(9,617)
(35,681)
2,952
160,118
**153,025**
(14,512)
3,036
**(11,476)**
(9,586)
(9,829)
(19,415)
**122,134**
122,134
284,666
**406,800**| 15 **Parochial Church Council of Hackney Church Notes to the Financial Statements For the year ended 31 December 2024** ## **1. ACCOUNTING POLICIES** ## **Basis of preparation** The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The PCC meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The consolidated financial statements includes the results, assets and liabilities, including that of Hackney Church Experiences Limited and St. John's Housing Trust, for which the PCC is responsible in law. They do not include the accounts of other charities or Church groups that owe their main affiliation to another body, nor those that are informal gatherings of church members over which the PCC does not have operational or financial control. Saint Music Collective Limited (SMC), Company Number 13448340, was formed in June 2021 for the purpose of recording and promoting Christain worship music. The majority of SMC's directors are also trustees of Hackney Church. At this time, the activies of SMC are immaterial and the accounts of SMC have not been consolidated as the amounts are immaterial. Transactions made between Hackney Church and SMC are disclosed in Note 7. The PCC considers that Hackney Church is a going concern as it has prepared what it considers a viable budget that shows that the current level of income and unrestricted reserves are sufficient to support the activities planned for 2025 and for the foreseeable future. The trustees are confident that with the continued support of the congregation and appropriate management of expenditure, the negative unrestricted fund position will be managed without adversity. Therefore, the accounts are prepared based on Hackney Church being a going concern. Budgets will continue to be prepared in view of wider financial circumstances. The trustees are confident that future balanced budgets will be possible given the continued support of the congregation. ## **Funds** Unrestricted and designated funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Restricted funds are those endowments, legacies, donations or grants for specific purposes. The funds may only be expended on the specific object for which they are given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund. The details of the funds are set out in note 9. ## **Income** ## _Voluntary income_ Planned giving, collections and donations are recognised when received. An estimate of income tax recoverable is recognised when the related donations are recognised. Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the PCC is probable. Sales of books and magazines from the church bookstall are accounted for gross. ## _Income from investments_ Dividends are accounted for when due and payable. Interest entitlements are accounted for as they accrue. ## _Other income_ Rental income from the letting of church premises is recognised when the rental is due. Other income is recognised when received. Income from charitable activity is accounted for as it accrues. Income from fundraising events are accounted for at gross value. 16 **Parochial Church Council of Hackney Church Notes to the Financial Statements For the year ended 31 December 2024** ## **1. ACCOUNTING POLICIES (continued)** ## **Expenditure** ## _Grants_ Grants and donations are accounted for when paid over, or when the award has been notified to the recipient, whichever is sooner, if the award creates a binding obligation on the PCC. ## _Church activities_ The diocesan Common Fund is accounted for when paid. Any Common Fund unpaid at 31 December is provided for in these accounts as an operational (though not a legal) liability and is shown as a creditor in the Balance Sheet. All other expenditure is generally recognised when it is incurred and is accounted for gross. ## **Fixed assets** ## _Consecrated property and moveable church furnishings_ The properties within this class are the church building. Consecrated and beneficed property of any kind is excluded from the accounts by s.10 of the Charities Act 2011. Moveable church furnishings held by the Rector and Churchwardens on special trust for the PCC, and which require a faculty for disposal, are accounted as inalienable property unless consecrated. They are listed in the church's inventory, which can be inspected (at any reasonable time). All expenditure incurred in the year on consecrated or beneficed buildings or on the repair of movable church furnishings is written off. ## _Other fixtures, fittings and office equipment_ Only items of greater than £500 are capitalised. Church production equipment comprises a number of electrical and other items connected with sound, vision and worship. They will be depreciated over three years from date of first use. Computer and office equipment and furnishings are depreciated over three years from date of first use. Vehicles are depreciated over 6 years using the reducing balance method. ## _Leasehold Properties_ Leasehold properties are depreciated over 50 years from date of acquisition. ## **Current assets** Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove uncollectable. ## **Investments** Except where otherwise indicated in the notes to the financial statements, investments are valued at market value as of 31 December. ## **Critical accounting judgements and key sources of estimation uncertainty** In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. There were no specific judgements, estimates and assumptions that were critical to the preparation of these financial statements. 17 **Parochial Church Council of Hackney Church Notes to the Financial Statements For the year ended 31 December 2024** ## **2 CONSOLIDATED INCOME** |**2(a) Congregation Giving**
Regular donations
One-off donations
Collections (open plate) at all services
Gift Aid from HMRC
Special appeals
**2(b) Charitable activities**
Church Events
Wedding, baptism and Funeral Fees
**2(c) Other Funds Generated:**
Property income
Grants
Resource Church Income
Listed Places of Worship Tax Refund
**2(d) Investments**
Investment Interest
Bank interest
**2(e) Other Income**
Other Income
**2(f) Donations Collected for Other SAINT Parishes**
Collections for SAINT Parishes
**2(g) Trading Activity Income**
HCEL
SJHT
**Total Consolidated Income**|**Unrestricted**
**Funds**
**Designated**
**Funds**
**Restricted**
**Funds**
**TOTAL FUNDS**
**2024**
**TOTAL FUNDS**
**2023**
**£**
**£**
**£**
**£**
**£**
547,500
-
18,428
565,928
392,827
669,548
-
-
669,548
259,061
11,657
-
-
11,657
15,537
130,308
-
-
130,308
113,623
-
-
606
606
1,816
1,359,013
-
19,034
1,378,047
782,864
7,166
-
60,187
67,353
69,774
4,955
-
-
4,955
3,629
12,121
-
60,187
72,308
73,403
152,354
-
-
152,354
124,352
359,144
-
169,030
528,174
649,730
13,500
-
95,117
108,617
41,823
6,638
-
-
6,638
6,761
531,636
-
264,147
795,783
822,665
617
-
-
617
100
4,430
-
-
4,430
2,936
5,047
-
-
5,047
3,036
145,713
-
-
145,713
3,417
-
-
277,397
277,397
282,477
-
1,013,761
1,013,761
637,587
-
-
34,853
34,853
34,857
**2,053,530**
**1,013,761**
**655,617**
**3,722,908**
**2,640,307**| |---|---| ## **3 CONSOLIDATED EXPENDITURE** |**3(a) Church Activities**
Sunday, Digital and Special Services
Worship and Prayer Ministry
Families, Students, Youth and Children
Evangelism Expenses
Discipleship Expenses
Church Event Expenses
Wider Christian Community Support
Outreach / Giving to other Organisations
Clergy Expenses
Premises, Building and Maintenance costs
Administration and Central Costs
Miscellaneous Expenses
**Total Church Activities**
**3(b) Expenses Incurred on behalf of other SAINT Parishes**
Expenses on behalf of other SAINT Parishes
**3(c) Trading Activities**
HCEL
SJHT
**Total Consolidated Expenditure**|**Unrestricted**
**Funds**
**Designated**
**Funds**
**Restricted**
**Funds**
**TOTAL FUNDS**
**2024**
**TOTAL FUNDS**
**2023**
**£**
**£**
**£**
**£**
**£**
265,398
-
143
265,541
327,507
90,697
-
1,200
91,897
114,837
57,804
-
8,542
66,346
118,062
41,164
-
-
41,164
39,864
41,821
-
9
41,830
35,745
78,757
-
209,628
288,384
290,817
115,232
-
-
115,232
87,964
(315)
-
162,660
162,345
144,567
302,556
130
302,686
18,364
408,458
-
264
408,722
393,681
294,348
-
233
294,581
249,836
2,547
-
2,414
4,961
16,912
**1,698,467**
**-**
**385,223**
**2,083,690**
**1,838,155**
372,668
372,668
293,592
988,502
988,502
628,179
15,340
15,340
14,887
**1,698,467**
**988,502**
**773,231**
**3,460,200**
**2,774,813**| |---|---| 18 **Parochial Church Council of Hackney Church Notes to the Financial Statements For the year ended 31 December 2024** ## **4 CONSOLIDATED ENTIITIES** ## **4(a) Hackney Church Experiences Limited** The PCC, through nominees, manages 100% of the issued share capital of Hackney Church Experiences Limited (registered number: 12470018) ("HCEL"), whose principal activities during the year were those of operating as a venue coordinator for gigs, music events and other hiring of the church spaces. All distributions from trading reserves are donated to the Parish of Hackney. |**Turnover**
Venue Hire
Music Event Income
Other Income
**Total Turnover**
**Operating Expenditures**
Administrative Expenses
Music Consultants
Event Marketing and Communications
Music Event Expenses
Staff costs
Depreciation
**Total Operating Expenditures**
**Net Profit/(Loss) Retained in HCEL**
**Distributions to the Parish of Hackney**
**Accumulated (Loss) Brought Forward**
**Non-Charitable Trading Reserves**|**2024**
**2023**
**£**
**£**
89,063
56,182
924,494
577,237
203
4,168
**1,013,761**
**637,587**
20,691
4,347
39,500
25,720
4,864
2,449
813,314
539,149
105,243
51,023
4,890
5,491
**988,502**
**628,179**
**25,259**
**9,408**
-
-
(33,640)
(43,049)
**(8,382)**
**(33,640)**| |---|---| ## **4(b) St. John's Housing Trust** The PCC, through trustees, manages 100% of St. John's Housing Trust (Registered Charity number 1172228) ("SJHT"), whose principal activities during the year were to supply affordable housing to Hackney Church employees. Although the objectives of the charity are aligned to the church, the Parish of Hackney and SJHT transact as independent entities. |**Income**
Rental Income
Interest Income
**Total Income**
**Expenditures**
Administration Expenses
Repairs and Maintenance
Grants Distributed
Deprecation of Leasehold Buildings
**Total Expenditures**
**Net (Deficit)/Surplus Retained in SJHT**
**Accumulated Surplus Brought Forward**
**Charitable Trading Reserves**|**2024**
**2023**
**£**
**£**
34,800
34,800
53
57
**34,853**
**34,857**
1,396
276
4,944
5,611
25,200
25,200
9,000
9,000
**40,540**
**40,087**
**(5,687)**
**(5,229)**
430,143
435,372
**424,456**
**430,143**| |---|---| 19 **Parochial Church Council of Hackney Church Notes to the Financial Statements For the year ended 31 December 2024** ## **5 GOVERNANCE COSTS** The remuneration to the auditors for the audit of the 2024 accounts was £17,325. (2023: £15,000) **----- Start of picture text -----**
|||| |---|---|---| |2024|2023| |£|£| |Wages and salaries (incl. PAYE)|1,203,462|873,232| |Employers Social security costs|107,745|85,315| |Employers Pension Costs|31,266|23,118| |1,342,473|981,665| **----- End of picture text -----**
## **6 STAFF COSTS** During the year the PCC employed the full time equivalent ("FTE") of 31.2 people (2023: 25.3) and on the basis of actual number of people employed regardless of FTE the number of people employed in the year 35 (2023: 29). HCEL and SJHT did not have any direct employees in 2024 (2023:nil). Two (2023: Two) employees earned in excess of £60,000 in the year 2024. Total remuneration for key management personnel was £68,000 in the year. (2023: £68,000) Clergy members are employed by the Diocese of London and not by Hackney Church so their costs have not been included in the salary figures shown above. Hackney Church is also obliged to provide accommodation to its ordained staff and its policy is to provide similar accommodation to its off-Common Fund clergy as to that provided by the Diocese to the rector. As clergy are ex-officio members of the PCC they are in effect related parties in relation to their accommodation, but the details of this benefit provided by Hackney Church has not been separately analysed in these statements. **----- Start of picture text -----**
|||| |---|---|---| |7 RELATED PARTY TRANSACTIONS|2024|2023| |£|£| |Received from Hackney Parochial Charity|42,000|43,500| |Received from St. John's Housing Trust as a grant|25,200|25,200| |Receivable from Hackney Church Experiences Limted for services rendered and supplies|96,292|67,495| |Receivable from Saint Music Collective Limited|15,839|15,475| **----- End of picture text -----**
Two members of the PCC are also trustees of the Hackney Parochial Council. Hackney Parochial Council charity is not a related party as defined by the Charities Commission however, the transactions are disclosed in the interest of transparency. The known amount given to the church by the members of the PCC and Clergy during their time in office in 2024 is £154,314 (2023: £119,125). There were no other disclosable transactions in respect of PCC members, persons closely connected with them or other related parties. In 2024, no trustees received remuneration for employment at Hackney Church for work unrelated to trusteeship. The governing documents of Hackney Church permit a trustee to also be an employee provided that the salary is at fair market and the other trustees of the church are in approval. No other amounts in regards to employment or expenses were reimbursed that were not incurred directly on behalf, and for the benefit of, the Church. ## **8 TANGIBLE FIXED ASSETS** **----- Start of picture text -----**
|||||||||| |---|---|---|---|---|---|---|---|---| |PCC| |IT and|PCC|PCC|SJHT|HCEL| |Computer|Furniture|Production|PCC|PCC|Leasehold|Furniture| |Equipment|and Fixtures|Equipment|Vehicles|Subtotal|Property|and Fixtures|Total 2024| |£|£|£|£|£|£|£|£| |Cost at 1 January 2024|29,383|202,139|632,156|19,518|883,196|450,000|16,474|1,349,670| |Additions during year|1,240|1,413|14,035|-|16,688|-|-|16,688| |-|-|-|-|-|-|-|-| |Disposals during year| |Cost at 31 December 2024|30,623|203,552|646,191|19,518|899,884|450,000|16,474|1,366,358| |Depreciation at 1 January 2024|(22,363)|(175,530)|(609,548)|(9,007)|(816,448)|(32,250)|(11,584)|(860,282)| |Charge for the year|(4,833)|(3,856)|(16,084)|(1,752)|(26,525)|(9,000)|(4,890)|(40,414)| |-|-|-|-|-|-|-|-| |Disposals during year| |Depreciation at 31 December 2024|(27,197)|(179,386)|(625,631)|(10,759)|(842,973)|(41,250)|(16,474)|(900,696)| |Net Book Value at 1 January 2024|7,020|26,609|22,608|10,511|66,748|417,750|4,890|489,388| |Net Book Value at 31 December 2024|3,426|24,167|20,559|8,759|56,911|408,750|0|465,662| **----- End of picture text -----**
20 ## **Parochial Church Council of Hackney Church Notes to the Financial Statements For the year ended 31 December 2024** ## **9 STATEMENT OF FUNDS** |**Unrestricted Funds**
Unrestricted Fund
**Total Unrestricted Funds**
**Designated Funds**
Experiences Fund
London Aged Christian Society
St. Luke's Quinquennial Fund
HCEL Trading Activities
**Total Designated Funds**
**Restricted Funds**
Lighthouse Project
Hackney Parochial Charity
St. John's Housing Fund
Festival Bursaries and Support
Retirement Fund
All Saints Church West Ham
St. Leonard's Church Shoreditch
St. Mary's Church Leyton
Youth Minster and BLMF
Student Fund
West Ham School Supplies
Renaissance SPARK
Renaissance Events and Growth
Clergy Professional Support
Special Collections
SJHT Charity Activities
**Consolidated Eliminations in Restricted Funds**
St. John's Housing Fund
SJHT Charity Activities
**Total Restricted Funds**
**Total Funds**|**At 1st January**
**2024**
**Income**
**Gains from**
**Investments**
**Expenditure**
**At 31st**
**December 2024**
**£**
**£**
**£**
**£**
**£**
(793,846)
2,053,530
170
(1,729,035)
(469,180)
**(793,846)**
**2,053,530**
**170**
**(1,729,035)**
**(469,180)**
-
-
-
120
120
30,737
30,737
(33,640)
1,013,761
(988,502)
(8,382)
**(2,784)**
**1,013,761**
**-**
**(988,502)**
**22,475**
51,300
76,822
(157,294)
(29,172)
22,438
5,738
738
28,914
(49,000)
-
(49,000)
-
-
-
-
169
169
-
114,634
(94,762)
19,872
-
156,520
(79,721)
76,800
-
101,360
(52,241)
49,119
-
17,000
(17,000)
-
564
-
(564)
-
3,450
3,450
7,216
31,179
(1,350)
37,045
(71,528)
111,361
(208,877)
(169,044)
2,532
-
(130)
2,402
-
293
(293)
-
430,142
34,853
(40,540)
424,454
397,283
649,760
-
(652,034)
395,008
49,000
49,000
42,800
25,200
68,000
91,800
-
-
25,200
117,000
**489,083**
**649,760**
**-**
**(626,834)**
**512,008**
**(307,546) 3,717,051 170 (3,344,372)**
**65,303**| |---|---| ## **Restricted Funds of the PCC** The Lighthouse Project is to support local people in need within the local community. The Hackney Parochial Charity Fund supports local people living below the poverty line and is used for helping people within the Church Ministrie The St. John's Housing Fund represents the support from and paid housing costs to St. John's Housing Trust. The Festival Bursaries and Support Fund represents grants and monies received for the support of congregation to attend Church and religious ev The Retirement Fund has been in place for some time and is from special retirement collections. The All Saint's Church West Ham is for monies received and incurred for the support of All Saint's Church in West Ham The St. Leonard's Church Shoreditch is for monies received and incurred for the support of St. Leonard's Church in Shoreditch The St. Mary's Church Leyton Trust is for monies received and incurred for the support of St. Mary's Church in Leyton. The Youth Minster grant along with BLMF are restricted grants toward expanding Youth ministry across the Stepney area. The West Ham School Supplies fund is for donations within the West Ham area for children in need of school materials and equipment. The Renaissance SPARK grant are funds given to launch the Renaissance movement outside of the church parish. The Clergy Professional Support represents funds given for the support, career development and mental health of the Clergy. The Special Collections fund are monies that are collected on behalf of another charity and are forwarded on accordingly. The Heritage Lottery Fund grant is for extensive refurbishment of the church building. 21 **Parochial Church Council of Hackney Church Notes to the Financial Statements For the year ended 31 December 2024** ## **10 ANALYSIS OF ASSETS BY FUND** |**10(a) Group Assets by Fund**
Leasehold Properties
Fixed Assets for church use
Fixed asset Investments
Current Assets
Liabilities due within one year
Liabilities due after one year
**Total Group Assets by Fund**
**10(b) PCC Assets by Fund**
Fixed Assets for church use
Fixed asset investments
Current Assets
Liabilities due within one year
Liabilities due after one year
**Total PCC Assets by Fund**
**11 DEBTORS AND PREPAYMENTS**
**Debtors**
Gift Aid tax recoverable
Grants Receivable
Amounts Due from Saint Music Collective
Amounts Due from SAINT churches
Accounts Receivable
Amounts Receivable from HCEL
Amounts Receivable from SJHT
Other Debtors
**Total Debtors**
**Prepayments and Deposits**
Other Prepayments for Church Activities
**Total Prepayments**|**Unrestricted**
**Funds**
**Designated**
**Funds Restricted Funds**
**Total**
**£**
**£**
**£**
**£**
-
-
408,750
408,750
56,912
-
-
56,912
3,377
-
-
3,377
535,085
206,948
96,136
838,168
(297,644)
(281,132)
-
(578,776)
(750,000)
-
(23,098)
(773,098)
**(452,271)**
**(74,184)**
**481,788**
**(44,667)**
**Unrestricted**
**Funds**
**Designated**
**Funds Restricted Funds**
**Total**
**£**
**£**
**£**
**£**
56,912
0
-
56,912
3,377
-
-
3,377
510,460
120
35,572
546,152
(294,084)
-
-
(294,084)
(750,000)
-
(23,098)
(773,098)
**(473,336)**
**120**
**12,474**
**(460,741)**
`
**Group 2024**
**Group 2023**
**PCC 2024**
**PCC 2023**
**£**
**£**
**£**
**£**
13,017
16,803
13,017
16,803
-
35,001
-
35,001
15,839
15,475
15,839
15,475
66,215
38,036
65,509
38,036
162,954
108,926
40,542
24,623
-
-
96,292
82,393
-
-
20,647
-
58,844
37,559
17,989
37,559
316,870
251,800
269,835
249,891
10,740
12,006
10,590
12,006
10,740
12,006
10,590
12,006| |---|---| ## **12 INVESTMENTS** HCEL and SJHT had no investments throughout 2024 (2023: nil). Amounts below represent Investments held by the PCC. |**Investments Activity**
CCLA - Home Mission Deposit Account
CCLA - Investment Account
CCLA - Investment Account
**Investments Activity**
CCLA - Home Mission Deposit Account
CCLA - Investment Account
CCLA - Investment Account|**Market Value**
**as of 1 Jan**
**2024**
**Unrealised**
**Gains on**
**Investments**
**Dividend and**
**Interest**
**Income Disposal**
**Market Value**
**as of 31 Dec**
**2024**
**£**
**£**
**£**
**£**
**£**
3,207
170
-
-
3,377
64,011
-
561
(64,572)
-
28,020
-
55
(28,075)
-
95,237
170
617
(92,647)
3,377
**Market Value**
**as of 1 Jan**
**2023**
**Unrealised**
**Gains on**
**Investments**
**Dividend and**
**Interest**
**Income Disposal**
**Market Value**
**as of 31 Dec**
**2023**
**£**
**£**
**£**
**£**
**£**
3,107
-
100
-
3,207
56,823
7,188
64,011
25,591
2,429
-
-
28,020
85,521
9,617
100
-
95,237| |---|---| The historic cost of investments is £53,052. 22 **Parochial Church Council of Hackney Church Notes to the Financial Statements For the year ended 31 December 2024** ## **13(a) LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Accounts Payable
Amounts Payable to Employees for Expenses
Other Creditors
PAYE and NI due to HMRC
VAT Payable
Audit Fee
Rental Deposits held
Other Accruals
**b) LIABILITIES: AMOUNTS FALLING DUE AFTER ONE YEAR**
Long Term Loan
Loan - Stewardship|**2024**
**2023**
**£**
**£**
322,013
131,776
855
2,215
129,322
170,781
30,774
24,004
31,484
38,719
17,655
15,000
5,817
4,817
40,856
142,254
**578,776**
**529,567**
**2024**
**2023**
**£**
**£**
750,000
1,000,000
23,098
33,210
773,098
1,033,210
**Group**
**Group**|**2024**
**2023**
**£**
**£**
164,782
72,847
855
2,215
24,481
11,434
30,774
24,004
12,724
13,723
17,655
15,000
2,917
1,917
39,896
119,668
**294,084**
**260,808**
**2024**
**2023**
**£**
**£**
750,000
1,000,000
23,098
33,210
773,098
1,033,210
**PCC**
**PCC**| |---|---|---| ## **13(b) LIABILITIES: AMOUNTS FALLING DUE AFTER ONE YEAR** A long term drawdown facility was agreed with an unrelated party in late 2019. The amount of £1,000,000 was drawn in December 2019. During the year, in September 2024, £250,000 of this loan was converted into an unrestricted grant. £750,000 of this loan remained outstanding at the year end. In the following year, in August 2025, a further £250,000 of this loan was also converted into an unrestricted grant. 23