THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE DEPTFORD ACCOUNTS FOR THE YEAR TO 31 DECEMBER 2023 PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE. DEPTFORD The following 88rved on the parochial church council during the year lo 31 De￿mber 2023.. Ex Olliolo.. Vlcar Revd Loulse Codrington-maishall Churchwardens Eleanor Smith Ireslgned 10 August 20231 Ben Ud058n Ilrom 28 May 2023, ￿SIgned 12 February 20241 Paullne Walklns Ilrorn 28 May 20231 Colln M05s (also Dganery Synod representatlv81 Elected Membors Nlck Uche Allm Ilo 28 May 20231 Ayod8le Allu Ilo 28 May 20231 Mark Gregory (Tieasurer, ieslgn8d 31 Dec. 20291 Loulsa Whlt& Ifrotn 28 May 20231 Amanda Mabboll Ilrom 28 May 20231 Dgborah Francis Ilrom 28 May 20231 Adwoa Osei Ilrom 28 May 2023, reslgned 12 February 20241 Bankers National Westminster Bank 2 GroenwSch ChuTch Street London, SE10 9BQ CAF Bank 25 Kings Hill Avenue Kings H111 West Ma11ing Kent. ME19 4JQ Independent Examlnèrs Fleld Sullnian Chartered Accounlanls 9 Har& and Billet Road Blackheath London, SE3 ORB PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD Annua1 Reporl lor the year ended 31 Decernber 2023 Reference and Adminlstrative Detalls The parish consists of two churches.. Sl Nicholas, which is situaled in Depllord Green, and Sl Luke, which is located at 190 Evelyn Street. si Luke's is not currently used lor worship due lo major slruclural delecls. The parish is part ol the Diocese ol Southwark within the Church ol England. The correspondence addTess is Parish Ollice, si Nicholas Church, Depllord Green, London SE8 3DQ. The Parochlal Church Council IPCCI is a regislered charity Ino. 11761571. A list ol PCC members lor 2023 Is shown on Page 1 of the Annual PCC Accounts. Structure, Governance and Management The method of appointment ol PCC mambers is sel out in the Church Representation Rul8S. Apart from those who are ex-officio, PCC members are elected lo serve lor a term ol three years. All church rnembers ar8 encouraged to registe¥ on the Electoral Roll and sland lor election lo the PCC. Objectlves, Actlvltles and Publlc Benefit si Nicholas and St Luke PCC has the responsibility ol co-operallng with the Vlcar in promoting in the ecclesiastical parish the whole mission ol the Church, pastoral, evangelislic, soclal and ecumenical.11 also has maintenance responsibilities lor Sl Ni¢holas' and St Luke's Churches. In selling ils objeclivos and carrying oul ils aclivilles. the PCC has had regard lo th& Gharity Commission's guidance on publlc benefit. Achlevements and Performance Church membershlp Th? numbor ol church members on the electoral rol5 increased from 88 in 2022 to 95 in 2023. Church aGtlvlties AI PCC meetings held during the year, the following subjects, reflecting the church's acllvities, achievements, issues and concerns, and demonstrating the benefit lo the community, were discussed.. The church is still in recovery from th8 covid years. in particular the PCC has sullered unforeseen reductions. The congregation continues lo grow, though the weekly attendance was still less than the pre covid years. The lay ministry has increased lo fiv8 as Ihe churoh prapared lor the retirement ol the vicar al the end ol Deoember 2023. As th8 preparations begin lor her departure, the church is also prawng lor the coming ol a new priest Ihal will continue lo grow the church with joy and renÈwed energy, embraclng their call to ministry within the parish of Sl Nicholas and Sl Luke, which we pray will be Iruillul in abundance. Sl Luke's Redevelopment.. Meetings were held with PCG members and repr&senlalives from the Diocese and Jubilee Resource Ltd lo progress the development project. The PCC unanimously passed the following resolsJtion-. The PCC of the parish ol si Nicholas and St Luke, Deplford resolves lo roquesl the Diocgse of Southwark lo prepare proposals under the Mission and Pastoral Measure 2011 lor a Annual Report lor the year ended 31 December 2023 (Continued) Church activities (cont.) The dgmolition ol the building The redevelopment ol the church site and surrounding area leading to the provision ol a new worship space on this larger site. The PCC ensured that the premises at St Luke's remained sale and secure, pending the plans lo redevelop the site. In addition, the PCC ensured that necessary repairs and maintenance to St Nicholas church building were carrled out. Matters ol safeguardSng policy were also considered by the PCC. The PCC follows all diocesan saleguardlng policies, and safeguardlng Iralning has been undertaken by key stall and volunteers. Flnanclal Revlew As detailed in Ihe accounts, unrestricted expenditure 8xc8eded unreslricled income by £15,840. This is Compared with a deficit of £16,931 in 2022. Investments The policy of the PCC is to invest surplus funds not immediately required lo meet lore5eeable operating requirements in charily-specific investment funds. The overriding investment objective is lo provide the b951 investment relum within an acceptable level ol risk. Specific, quanlilied investment returns have not been established, bul the PCC aims lo protect the long-lerm capital value ol the investment ass8ts whilst providing a long-lerm investment stream. The performance of the selected inveslm8nl funds is monitored r9gularly, and should there be any concerns the PCC may elect lo invest in dillerenl funds. Any such decision would be tak8n in consultation with the Diocese of Soulhwark, who act as custodian trustee ol the invested assets. In 2023 investment income amounted to £33,351 (2022.. £31,533). The lolal value ol investments held was £1,030,061 al 31 Decernber 2023. The increase in value of £56,916 compared to the opening balance piifflafily relleGls movements in equity markets, partly offsel by the sale of Investments valued at approximately £20,000 during the year. Fund balances The balance ol unrestricted PCC funds al 31 December 2023 was £1,009,879 and restricted funds amounted lo £33,982, giving a total funds balance al the end of the year of £1,043,807, compared wlh £982,973 the year before. Annual Report lor the year ended 31 December 2023 (Continued) Reserves Pollcy The PCC'S policy is to retain al leasl 3 months, expenditure as free reserves, lo mg91 future shortfalls in income or unexpected exp8ndilure. This excludes amounts that are held as long-lerm investments in order lo generate ongoing income lo finance church aclivilies. As al 31 December 2023 free reserves avllounled to £9,986 which equatgs lo 2 months expendilur8.12022'. £4,359 representing less than 1 month's expendilurel. During the Ilnancial year the PGC look the decision to sell £20,000 ol long-lerm investm8nts in order to provide sufficient liquidity to meet short-lerm operating needs, as income is not expected lo increase signilicanlly in the short lerm and expenditure is likely lo remain at least al a similar level lo 2023 for thg foreseeable future. In the longer term, the redevelopment ol Sl Luke's is expected lo provide significant opportunities to increase church income and re-establish a firm financial fooling for the PGC Member Approved by the PCG ona and signed on their behalf. COLI K) PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD STATEMENT OF THE PAROCHIAL CHURCH COUNCIL'S RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Parochial Church Councll are responslble lor preparing the financial statements In accordance with applicable law and Unlled Kingdom Generally Accepl&d AccDunling Practice. Charity Law requlres the Parochial Church Council lo prepare financial slalemenls lor each financial year which give a true and lalr vSew ol th8 slate ol allairs ol the church and ils financial activities lor Ihal period. In preparing thos8 financial slalements, the Irusle8s are r8quired to.. al select suitable a¢counting policies and apply them consislenlty- bl observe the methods and p¥inciples in the Charities SORP,. cl make judgements and eslimales that are reasonable and prudent.. dl slate whelher applicable accounting standards and statements of racommended practice have beèn followed, subject lo any departures disclosed and explained in the financial slalemenls; el prepare the financial slalemenls on the going concorn basis unless il is inappropriate lo presume that th& Church will conllnue in operallon. The Parochial Church Council are responsible lor keeping proper racords that disclose with reasonable accuracy at any lime tho financial posiliDn ol Ihe church, and which enable them lo ensure that the linanclal slatemènls comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions ol the trust deed. They are also responsible lor safeguarding the assets ol the church and hence lor181o.ng reasonable slaps lor th8 prevention and detection of fraud and other irregularities. Independent Examlner's Report to the Trustees of The Parochlal Church Council of 5t Nlcholas and St Luke, Deptlord I report to the trustees on my examinatlon of the flnancial stètements of The Parochlal Church Council of St Nicholas and St Luke, Deptford I'the charlty'l for the year ended 31 December 2022 which comprise the Statement of Flnancial Attivltles, the Balance Sheet and related notes. Thls report Is made solely to the charity's trustees, as a body* In accoidance with sectlon 145 of the Charltles Act 2011. My work has been undertaken so that I might state to the charit(s trustee5 thos￿ matters l am requirÈd to State to them in this report 3Thd for no other purpose. To the fullest extent permitted by law, I do not accept or assume responslbility to anyone other than the charity and the charSt¢s trustees a5 a body, for my work, for th15 report, orfor the opinlons I have formed. Re5ponsibilitles and baslg of report A5 the trustees of the charlty you are responslble for the preparation of the financial statements In accordance wlth the requlrements of the charltles Act 20111'the ACVI. l Teport in respect of my examlnation of the chaTltVs financlèl statements carried out under sectlon 145 of the Act and In carrying out my examination I have followed all the applicable Directions given by the Charlty Comm155i0n under section 14515111)l of the Act. An Independent examlnation does not involve gathering all the evIdEn￿ that would be requlred in an audit and consequently does not cover all the matters that all auditor considers in glving thelr oplnlon on the flnancial statements. The planning and conduet of an audit goe5 beyond the Ilmited 355urance that an independent eKamlnatlon can provide. Consequently l express no opSnion as to whether the flnancial statements present a 'true and fair, view and my report 15 litnlted to those specific matters set out in the independent examinerfs statement. IndepÈndent examiner'5 Statement I have completed my examination. I confirm that no material matters have come to my attention in connection wlth the examlnatlon giving me cause to belleve that in any material respect.. ccounting records were not kept In respect of th& charlty as required by sectlon 130 01 the Act,. or the financial statements do not accord with those record5.' or the flnancial statements do not comply with the applicable requlrements conternlng the form and content of accounts set out in the Charities (Accounts and Reportsl Regulatlons 2008 other than any requlrement that the accounts give a 'true and falrvbew which is Tbot a mattel considered as part of an independent exarnination. I have no concerns and have come across no other matters connectlon wlth the examination to which attention should be drawn in thi5 report in order to enable a proper understanding of the financlal statements to be reached. Tim 5ulllvan FCA Fleld Sullivan Llmited- Chartered Accountènts 9 Hare & Blllet Road London SE3 OR8 Date.. 21 Field Sulllvan Llmlted ReglstÈred In England no. 8024052 PAROCHIAL CHURCN COUNCILOF STNICHOLASAND ST LUKE, DEPTFOHD STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrict&d Restr*18d TOTAL Unreslrf¢led Restricted TOTAL Fut￿9 Funds FUNDS Funds Funds FUNDS Notes 2023 2022 2023 2022 2022 2022 Ineom9 from: Donalions and legaC￿S 11,485 11,485 IR85 33.351 9,231 9.231 Charifabl8 8cllvlti88 1,285 1,507 1,S07 Inv95tments 32.489 882 30,855 878 31,533 Tolal Incomg 45.239 46,121 41,394 878 42.272 Expendllure on: Gharlt8b16 8Ctivitlgs 61,079 1,170 62,249 58,325 100 58,425 Total expendllure 61.079 1,170 62,249 58,325 100 58,425 Nel lexp8ndlturelllneom8 belore Investment galns 115,8401 12881 116,1281 116,9311 778 116.1531 Net Ilosses)Igaln8 on Investm8nts 1132,7331 13,8641 1136,5971 74,218 2,744 76,962 N81 Ineome 58.378 2,456 60,834 1149,6641 13,0861 1152.7501 Net movèment In funds 58,378 2,456 60.834 1149,6641 13,D881 1152.7501 Total lund5 brought Ii)rward at 1 January 2028 951.501 31,472 9B2,Y73 1,101.165 34,558 1.135.723 Tolal funds carrled totward at 31 Oecambgr 2023 1.009,879 33,928 1,043,807 951.501 31,472 982,973 PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPFORD BALANCE SHEET AT 31 DECEMBER 2023 Not8S 2023 2022 Fixed assets Tanglble Ilxed assets lrnieslmenls 1,030,061 1,030,061 973,145 973,145 Total Ilxed 88s818 Curr8nt bssets Debtors 10 3.047 4,679 Cash Deposits with Cenlral Board ol Finance Cash al bank and in hand 757 724 6,867 19.077 12,280 Credltors.. amounts lalllng due wllhln one year 15,331} 12,4521 Net ¢urrgnl a8SOt8 14746 9.828 Tot81 asset8 less current IIAbllltle8 1.043,807 982.973 CreditOTS'. amounts lalllng due alter one year NET ASSETS 13 1043 807 982 973 REPRESENTED BY VALUE OF FUNDS GeneTal Fund5 1.007,929 948,130 Dèslgnatad Funds Total Unrestrlcted Funds 1,950 3,371 1.009,a79 951.501 Restilcted Funds 14 33,928 31,472 1 043 807 982 973 Approved by the Parochlal Church Gouncll on 2J/