Charity registration number: 1182791
The Parochial Church Council of St Paul, Deptford
Annual Report and Financial Statements for the Year Ended 31 December 2023
Field Sullivan Limited 9 Hare & Billet Road London SE3 0RB
The Parochial Church Council of St Paul, Deptford
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 7 |
| Independent Examiner's Report | 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11 to 18 |
The Parochial Church Council of St Paul, Deptford
Reference and Administrative Details
Trustees Revd Fr Paul Butler, (Rector and Chair) Cynthia Addokwei Derek Amoo Ian Bhullar William Dawes Vidal Eghan, (also Deanery Synod Member) Lavern Ford, (Churchwarden) Christopher Humphries, (Honorary Secretary) Olive Nelson Estelle Nzouzi Linda Pan Nick Richards, (Honorary Treasurer) Alex Roberts, (also Deanery Synod Member) Stacey Sancroft-Homiah Andrew Taylor, (Churchwarden) Charity Registration Number 1182791 Principal Office The Parish Church of S. Paul, Deptford Crossfield Street off Deptford High Street London SE8 3DS Independent Examiner Field Sullivan Limited 9 Hare & Billet Road London SE3 0RB Bankers HSBC UK 85 Lewisham High Street Lewisham SE13 6BE
Page 1
The Parochial Church Council of St Paul, Deptford
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2023.
Aims and purposes
The Parochial Church Council of the *Parish of S. Paul, Deptford, (“PCC”), has the responsibility of co-operating with the Rector, Father Paul Butler, in promoting the whole mission of the Church in the parish; this includes, pastoral, evangelistic, social and ecumenical.
Objectives and Activities
The Rector and the PCC of S. Paul’s agreed the Parish’s Mission priorities in the 2017 Mission Action Plan:
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"1. Keep the worship of God at the centre of everything we do;
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Serve the people of Deptford, and beyond
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Encourage the full participation and growth of every church member”
When planning the parish’s activities in the past year, the Rector and PCC have had the above priorities always in mind. In so doing, they believe that they have applied the Charity Commission’s guidance on public benefit and in particular its specific guidance on charities for the advancement of religion.
To facilitate the work of the parish, it is important that the PCC maintains the fabric of the church of S. Paul, which is a Grade 1 listed building and one of the finest examples of Early English Baroque ecclesiastical architecture in the country.
The PCC is fully committed to fulfilling its legal responsibilities for Health and Safety and also to the vital work of Safeguarding. We have a Safeguarding Team that meets regularly, and we follow the policies and procedures of the Diocese of Southwark.
Achievements and Performance
The centre of Parish life revolves around the Daily Mass and publicly celebrated Morning and Evening Prayer.
Worship at the centre of everything which S. Paul’s does
The traditional Anglo-Catholic Parish Mass, with its music, processions and ritual on Sunday mornings attracts a diverse, multi-ethnic congregation, of about 60 people in church, including approximately 15-20 children.
These numbers reflect a significant recovery of the worshipping life of the Parish. We have maintained our hybrid approach to public worship, and have continued to broadcast the Sunday Parish, and all major weekday services, to reach the broadest participation.
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The Parochial Church Council of St Paul, Deptford
Trustees' Report (continued)
At the 2023 APCM held on May 28th 2023 there were 89 on the Church Electoral Roll, the vast majority of whom live in Deptford. The Sunday morning congregation includes people who are on the Roll and many people who are not. The attendance increases at festivals and this often includes a number of visitors. There is also a daily Mass, and daily Morning and Evening Prayer every week from Tuesday to Saturday, which the Rector and PCC regard as the foundation of all the work and service of the parish church and absolutely critical for the mission of God in Deptford. Members of the diverse community of Deptford attend these services. The church is open for all the services. Accordingly at regular times throughout the day, casual visitors are able to enter the church, either to join the services, or to pray and reflect quietly in the church. Pastoral encounters frequently follow the services, when the clergy are able to assist people who are in spiritual or physical need, or who are asking for baptisms, weddings, or funerals.
As well as the regular services, the Rector and PCC enable the community to celebrate and thank God at the milestones of the journey through life. Through baptism the community thank God for the gift of new life and rejoice at the conversion of adults to the faith, in mar-riage public vows are exchanged with God’s blessing, and through Requiem Masses and fu-neral services, family and friends express their grief and give thanks for the life, which is complete in this world and commend the person into God’s safe keeping. S. Paul’s celebrat-ed 4 baptisms (1 child, 3 adults), 3 weddings, and 4 Parish Funerals, (3 in church), 1 burial of ashes on the churchyard memorial garden, and 6 children received their First Holy Com-munion.
S. Paul’s offers education in the Christian faith through a variety of means; homilies and sermons at every Mass, and the Omega Course, a weekly discussion group for Christian education.
Service to the people of Deptford
Reference is made to the section above on worship, which outlines the way in which the worship of S. Paul’s serves the community in Deptford, by providing daily Masses. The daily offices and the pastoral offices thus enable considerable spiritual and pastoral support to be given to the community.
S. Paul’s Parish takes in the heart of the Deptford Community, which is a colourful, exciting, energetic, edgy, mature, complex and fascinating place. It has one of the most diverse ethnic communities in London (fully represented in our congregation), a higher than average population of younger people and multiple economic deprivation.
The Parish is in the highest 6% of neighbourhoods in multiple deprivations in England; within the Diocese of Southwark we are the 5th most deprived parish out of 294 Parishes and nationally it ranks 773 out of 12,382 Parishes in England; this is where 1 is the most deprived, CUF Statistics, 2020, https://cuf.org.uk/parish/370206 There are very high levels of social exclusion.
Deptford, a former dock area on the River Thames, is the northernmost area of the London Borough of Lewisham, Southeast London. There is a high density of population and predominantly social housing (50%) in high and low rise estates. The main artery and centre of life of the Parish is Deptford High Street, which reflects the diversity of its ethnic and cultural communities through its shops, cafés, restaurants, pubs, and services. There is a vibrant and growing creative arts sector, related in part to the nearby Goldsmith’s University, Trinity Laban Conservatoire of Music and Dance, with artists’ studios and galleries in former industrial buildings. S. Paul’s takes part in various local festivals and community events. There are many small and entrepreneurial businesses.
Deptford is under immense pressure and is a contested community. It is a working class community in the midst of housing private development, housing regeneration and rapid gentrification. It is currently the most highlighted ‘cool and hip’ neighbourhood in London, and popular with hipsters, creatives and new businesses, bars, cafes and restaurants.
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The Parochial Church Council of St Paul, Deptford
Trustees' Report (continued)
The housing issues highlight the inequalities between the very poorest and destitute and some who are very wealthy. There is great poverty, diversity and constant change, instability, precarious and transient lifestyles, rapid social change, social cleansing, immigration raids and even new tourism.
S. Paul’s seeks to engage with the issues, which arise from this context in a variety of ways. We support the work of local organisations that help people rebuild lives that have been damaged by homelessness, mental illness, drug or alcohol abuse and social exclusion. We work with a range of local partners who offer a wide range of support, advice, training and practical help. We also made a gift at Harvest to the Lewisham Churches For Asylum Seekers.
We provide a venue for classical music, and especially welcome members of the community to listen to the magnificence of our William Drake pipe organ.
S. Paul’s is one of the founder members of the ecumenical body, Deptford Churches Together (“DCT”). The Rector is the current Chair. The clergy and laity of the member churches meet regularly to share experiences and ideas, to forward the mission of God to the community of Deptford.
The Parish Mission Action Plan (MAP) was revised in 2017, it states, “we, the Christian community of S. Paul’s Deptford, warmly welcome all people of goodwill. Worship and prayer, in the catholic tradition, are at the heart of our life and this inspires and sustains our commitment to social justice as an inclusive, participatory congregation.”
The PCC membership is made up of people from a wide variety of national and ethnic backgrounds and reflects well the 75% black minority ethnic (UKME) composition of the congregation, including both Churchwardens, and 60% PCC Members. The congregation is roughly 50% women and 50% men. The Serving Team is made up of adults, youth and children, both male and female and fully representative of all diversities. The PCC has not adopted any of the statutory resolutions against women priests.
The church seeks to celebrate and maintain the traditional inclusivity and diversity of the Anglican Communion. This is reflected in every level of participation at S. Paul’s. There are many roles for members of the church to participate in its life and worship as lay officers, PCC members, servers, readers, intercessors, cleaners, cleaning and maintenance tasks for people, safeguarding officers, sides people etc. These roles are filled by many members of the community.
Heritage
As indicated above, S. Paul’s is a Grade 1 listed building and is a fine example of Early English Baroque architecture. The building accordingly attracts a great deal of interest and tourism. The church is not only open before, during and after public worship, but is also open at other times by arrangement for visits by students and enthusiasts of architecture, for other visitors.
In addition the church is hired for audio and visual recordings. We host occasional professional recordings, Students of dance and of film also hire the church from time to time, and we have facilitated many architectural visits, including for academic and research purposes. S. Paul’s is licensed for public performances and for the performance of in-copyright works of music.
Finally, S. Paul’s, which was consecrated in 1730, seeks to assist genealogists in their research, through advice in its website on the location of parish records and in answering other queries.
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The Parochial Church Council of St Paul, Deptford
Trustees' Report (continued)
Thames Tideway Tunnel and the S. Paul’s Development Plan
S. Paul’s is located next to a key and major construction site for the largest ongoing infrastructure project in Europe, the Thames Tideway Tunnel (‘super sewer’). S. Paul’s Church is the most significant Grade 1 listed building affected by the entire project, which stretches from west to east London. The site is beside the south side of the church, on the green between Coffey, and Crossfield, Streets. Due to the major impact this construction site has upon the church, an Asset Protection Agreement between S. Paul’s PCC and Thames Tideway is in place, with a variety of mitigation measures to protect and monitor the heritage and fabric of the church and also to enable the work and mission of S. Paul’s as a Parish Church. The Tideway Project is overrunning its original timescale and is now expected to be completed in 2025, rather than in 2020. Works will be ongoing for at least the next two years, causing disruption to everyone in the vicinity and additionally affect our hiring income. The agreement with Thames Water, negotiated by the Rector and S. Paul’s legal advisor has protected the parish from risks associated with this project.
There are also major developments upcoming such as the “Crossfields Masterplan”, which also significantly involves the church and churchyard. This is currently being worked out and will see major changes to the environs around the church following the completion of the Thames Tideway Tunnel in 2025.
S. Paul’s is also currently embarking on a redevelopment project aimed at consolidating the condition of the building, and developing it from a single usage, either worship or large hiring activity into a multi-use space to be able to support future missionary and commercial activities.
Structure, governance and management
Nature of governing document
The Parochial Church Council is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure. The PCC is a Registered Charity (1182791 with the Charity Commission for England and Wales). The appointment of PCC members is governed by and set out in the Church Representation Rules.
Page 5
The Parochial Church Council of St Paul, Deptford
Trustees' Report (continued)
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: Revd Fr Paul Butler, (Rector and Chair) Cynthia Addokwei Derek Amoo Ian Bhullar William Dawes Vidal Eghan, (also Deanery Synod Member) Lavern Ford, (Churchwarden) Christopher Humphries, (Honorary Secretary) Olive Nelson Estelle Nzouzi Linda Pan Nick Richards, (Honorary Treasurer) Alex Roberts, (also Deanery Synod Member) Stacey Sancroft-Homiah Andrew Taylor, (Churchwarden) Youth Voices for the PCC: Joy Okobia Michael Addo
Financial review
Policy on reserves
We try and keep a significant amount of reserves (about two years of our diocesan contributions) to guard against income shocks, unexpected maintenence in our Grade 1 listed building and investment in our development project although the PCC does not have a specific reserves policy.
Funds
The balance of unrestricted PCC funds at 31 December 2023 was £222,983 (2022: £183,708) and restricted funds amounted to £270,457 (2022: £164,325), giving a total funds balance at the end of the year of £493,440, compared with £348,033 the year before.
Principal funding sources
Our positive financial position relies heavily on compensation from the Tideway Tunnel project and investment income on our reserves. The Tideway project is expected to continue for the next few years but investment income cannot be relied upon for consistent contributions as it is driven by the wider business cycle.
Page 6
The Parochial Church Councll of St Paul, Deptford Trustees. Report (continued) The value of imie5tmerrts in¢ased £31,673 iv the year to Q28.650 at 31 DeMIr 2023. prlmarf refietting the movernent in equity markets duringtheyear. 5tattmeTrt of Tru5tèts' Responstbllltles The trustees are re5ponsibÈe for preparingthe tnJStees' rewrt and thefinaIab ststemeTrts In xcordante with the Unf(ed Kivgdorn Accounting Standards (United GerrallY Actrpted Accounting Practi) and applicable and regulation The law applicable to charlties require5 the tfustees to prepare finanual ststerYnts for each finanoal year whkh gwe a true and fair wew of the state of affai OF the charity and of the irKorning sourceS aftd application of resources of the charity forthat perfod. In wep3ringtse financial ststements. the trJJ5tee5 are required to.. select suttable #¢c(Xjntif policles and then apptythem ¢Sistenty. obseNe the method5 and principles In the charfe$ SORP,. make ju(ements and estimate5 that are reasonabk and pnthnt:
ate whether applicable accountlng stsndards have been folk)wal. sublect to any material departu
disclosed and eWaiTred in the fian(la1 #atements.- and ppa the financial statewEnts on the going COnM bas unless it is inapproprfate to pre$Ur that the charitywll continve in busines The trustees are respofi5ib fof keeping proper accounting ie¢ords that distlose with reasonable a¢curaLy at any time the financial positw)Tr of the chority and enabje them to ensure that the financial rtatements comp wi(h the Charitre5 Att 2011. the Charities (Accourts and Reports) Regulations 2O)8. and the ps1onS of the constitution. The trustee5 are also resnsIble for safeguarding the assets of the charrty and hence for taknAB sonabk steps forthe prevention and detertn of fraud ar¢d other irregularities. The trustees are responslble for the maintenance irtegrity of the corFW)rate and financial inf0mtiOn included on the charit6ble tompanws *tbsite. Leyslat%)n governing the weparatbjn and dissemitioTh of financial statements may drFFer from legislation In other jurisdiLtion& The annual report Wa5 apprtr&d trythe tnLstees of the charity on 2 May 2024 and slgned on its tehaLf ty. fP.<rtr Revd Fi Paul Butler Tiuaee Page 7
The Parochial Church Councll of St Paul. Deptford Independent Examinefs Report ts the trustee5 of The Parochial (hurch Council of St Paul. Deptford I repjrt to the charity trustee5 on my etsminat#)E) of the accounts of the char(ty for the year ended 31 December 2023 which comprise the Ststement of Finanoal AclwÉties. the Bae Sheet and related notes. Thi5 report is made solety to the charlvs trustees. as a in accordance with section 145 of the Charitles Act 2011. My work has been undertaken so that I mt state to the chartys trustees those matters l am requlred to state to them In this rep)rt and for other PUTkM)se. To the fvllett extent rMitted by law. I do not accept or assurne re5kx)n5ibility to anyone other than the charlty and the char¥Vs trustee5 as a kK)dy for my worK for thi5 rep)rt. orfor the opinion51 have ftWfTd. Respmsibilhles and bas of reporr the charV trustees of The Parochkql Church CowKil of St Paul. Depttord are responSIb for the pParatIOn of the accounts in atcordance with the requirements of the (harities kt 20111'the Arfl. I report in Te5pect of my examination of the The Parochial Churrh Council of St Paul. Deptfty71's accounts carried out under settion 145 of the 2011 and in carrwng out my examinalion I have ftllowed all the applicable Direction5 8i¥en bythe Chority Commi%gon under sertK)n 14515llbl of the Art. An Independent examinatb?Th does Th)t invofve 8atherin8 all that woukl bE requwed in an audlt and Consequent doe5 not ccNer all the matters that an auditor considers in gNing their opinion on the financial statements. The pkfining and condLKt of an audit goe5 beyond the lirnited assurance that an independent examination can provide. consequent l express Tro opinKJn as to whether the financlal 5tstements present a ttrL and falrf eW and my retorr Is Ilmw to those specrft matters set out in the Independent examlnerfs statement. Independentexaminerfs slatem I have completed my examination. I confinn that material matters have come to my attention in Conneuion with the examinatTh giving caweto that in any Noterial $tr. l. accountlAg COrdS tre not kept in respect of The Parc<hial Church Council of St Pty, Deptford as required by sect 130 of the Att: or 2. the financial ststewnts do notaccord with those words: or 3. the financial statements thj not comply with the accounting tEquirements con¢emlng the fom) and content of accounts Set out in the Chartttes (Accounts and ReFk)rtsl Regulations 2CX)8 other than ary requirement that the accounts gr¥e a 'tYue apd fair which is a matter considered as part of a indendent examlnation. I have M COreMS and have co* xr05s other mattws in o)nneaiw wlth the examlnat6on to which attentlon should be drawn n this rep)rt in order to enaile a propeT understanding of the accounts to te reached. rim Sullivan FCA F¥eld Sullivan Limited 9 Hare & Billet Road Londoft SE3 OR May 2024 PaEe8
The Parochial Church Council of St Paul, Deptford
Statement of Financial Activities for the Year Ended 31 December 2023
| Total | Total | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | 2023 | Unrestricted | Restricted | 2022 | ||||||||||
| Note | £ | £ | £ | £ | £ | £ | |||||||||
| Income and Endowments from: | |||||||||||||||
| Donations and legacies | 3 | 55,692 | - | 55,692 | 52,697 | - | 52,697 | ||||||||
| Charitable activities | 4 | - | - | - | 1,076 | - | 1,076 | ||||||||
| Investment income | 5 | 3,252 | - | 3,252 | 185 | - | 185 | ||||||||
| Other income | 6 | - | 107,560 | 107,560 | - | 24,510 | 24,510 | ||||||||
| Total income | 58,944 | 107,560 | 166,504 | 53,958 | 24,510 | 78,468 | |||||||||
| Expenditure on: | |||||||||||||||
| Charitable activities | 7 | (51,341) | (1,428) | (52,769) | (48,659) | - | (48,659) | ||||||||
| Total expenditure | (51,341) | (1,428) | (52,769) | (48,659) | - | (48,659) | |||||||||
| Gains/losses on investment assets | 31,673 | - | 31,673 | (25,519) | - | (25,519) | |||||||||
| Net movement in funds | 39,276 | 106,132 | 145,408 | (20,220) | 24,510 | 4,290 | |||||||||
| Reconciliation of funds | |||||||||||||||
| Total funds brought forward | 183,707 | 164,325 | 348,032 | 203,927 | 139,815 | 343,742 | |||||||||
| Total funds carried forward | 15 | 222,983 | 270,457 | 493,440 | 183,707 | 164,325 | 348,032 |
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 11 to 18 form an integral part of these financial statements. Page 9
The Parochial Churth Council of St Paul. Deptford (Registration number. 1182791) Balance Sheet as at 31 December 2023 Current assets Debtors li 9.111 228.650 263,447 8,678 196.977 147.180 Investmer Cash at bank and In hand 501208 352.835 Cred5t0 AmourtstslliThA duewithin oneyear 14 17.7681 14,8031 493.440 348.032 Fund50ftht¢h)rlty: Rertklaed In(omefunds Restritted fitnds 270,457 164.325 Unrestrlcted incofflefunds Unrestritted funds 222.983 183,707 Totsl fuThls Is 493.440 348,032 The financial statements on pages 9 to 18 were arrf>rov•J by the trtee$. and aIrtriSed for Is$ on 2 May 2024 and siqned on their br. Revd Fr Paul 8ler Trustee The notes on pages 11 to 18 fonn an integral part of the* financial ststement& Page 10
The Parochial Church Council of St Paul, Deptford
Notes to the Financial Statements for the Year Ended 31 December 2023
1 Charity status
The charity is domiciled in England and Wales.
The church's address is: The Parish Church of S. Paul, Deptford Crossfield Street off Deptford High Street SE8 3DS
Registered office: c/o St Paul's Rectory Mary Ann Gardens Deptford London SE8 3DP
These financial statements were authorised for issue by the trustees on 2 May 2024.
2 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with 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) - Second edition October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
Basis of preparation
The Parochial Church Council of St Paul, Deptford meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
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The Parochial Church Council of St Paul, Deptford
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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 associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the periods in which the estimate is revised where revisions affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
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The Parochial Church Council of St Paul, Deptford
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Current asset investments
Current asset investments are included at the lower of cost and net realisable value / market value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
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The Parochial Church Council of St Paul, Deptford
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
3 Income from donations and legacies
| 3 | Income from donations and legacies | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | ||||||||||||||
| funds | Total | Total | ||||||||||||
| General | 2023 | 2022 | ||||||||||||
| £ | £ | £ | ||||||||||||
| Donations and legacies; | ||||||||||||||
| Collections | 18,573 | 18,573 | 15,063 | |||||||||||
| Gift aid reclaimed | 6,322 | 6,322 | 6,480 | |||||||||||
| Grants, including capital grants; | ||||||||||||||
| Grants - other agencies | - | - | 1,400 | |||||||||||
| Listed Places of Worship | 648 | 648 | 532 | |||||||||||
| Planned giving | 30,149 | 30,149 | 29,222 | |||||||||||
| 55,692 | 55,692 | 52,697 | ||||||||||||
| 4 | Income from charitable activities | |||||||||||||
| Total | Total | |||||||||||||
| 2023 | 2022 | |||||||||||||
| £ | £ | |||||||||||||
| Fees and supplies | - | 1,076 | ||||||||||||
| 5 | Investment income | |||||||||||||
| Unrestricted | ||||||||||||||
| funds | Total | Total | ||||||||||||
| General | 2023 | 2022 | ||||||||||||
| £ | £ | £ | ||||||||||||
| Interest receivable and similar income; | ||||||||||||||
| Interest receivable on bank deposits | 3,252 | 3,252 | 185 | |||||||||||
| 6 | Other income | |||||||||||||
| Total | Total | |||||||||||||
| Restricted | 2023 | 2022 | ||||||||||||
| £ | £ | £ | ||||||||||||
| Thames Tideway Tunnel | 107,560 | 107,560 | 24,510 |
Page 14
The Parochial Church Council of St Paul, Deptford
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
7 Expenditure on charitable activities
| 7 Expenditure on charitable activities |
|||||
|---|---|---|---|---|---|
| Total | Total | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Quota paid to Diocese | 21,060 | 20,560 | |||
| Clergy expenses | 1,578 | 1,378 | |||
| Sanctuary expenses | 1,400 | 1,802 | |||
| Church running expenses | 13,008 | 11,117 | |||
| Music | 331 | 150 | |||
| Church maintenance | 7,925 | 7,184 | |||
| Support costs | 7,467 | 6,468 | |||
| 52,769 | 48,659 |
8 Analysis of support costs
Support costs
| Support costs | |||||
|---|---|---|---|---|---|
| Total | Total | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Telephone and fax | 1,084 | 917 | |||
| Printing, postage and stationery | 4,025 | 3,331 | |||
| Computer software | 308 | 286 | |||
| Independent examination | 1,974 | 1,848 | |||
| Bank charges | 76 | 86 | |||
| 7,467 | 6,468 |
9 Trustees remuneration and expenses
During the year the charity made the following transactions with trustees:
Revd Fr Paul Butler
£1,578 (2022: £1,378) of expenses were reimbursed to Revd Fr Paul Butler during the year.
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any other benefits from the charity during the year.
10 Taxation
The charity is a registered charity and is therefore exempt from taxation.
Page 15
The Parochial Church Council of St Paul, Deptford
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
11 Debtors
| 11 Debtors | |||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| £ | £ | ||||
| Prepayments | 2,788 | 3,046 | |||
| Other debtors | 6,323 | 5,632 | |||
| 9,111 | 8,678 | ||||
| 12 Current asset investments | |||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Listed other shares | 228,650 | 196,977 | |||
| 13 Cash and cash equivalents | |||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Cash on hand | 2,656 | 2,193 | |||
| Cash at bank | 260,791 | 144,987 | |||
| 263,447 | 147,180 | ||||
| 14 Creditors: amounts falling due within one year | |||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Other creditors | 4,170 | 2,034 | |||
| Accruals | 3,598 | 2,769 | |||
| 7,768 | 4,803 |
Page 16
The Parochial Church Council of St Paul, Deptford
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
15 Funds
| 15 Funds | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at | ||||||||||||||||
| Balance at 1 | Other | 31 | ||||||||||||||
| January | Incoming | Resources | recognised | December | ||||||||||||
| 2023 | resources | expended | gains/(losses) | 2023 | ||||||||||||
| Current period | £ | £ | £ | £ | £ | |||||||||||
| Unrestricted | ||||||||||||||||
| General | ||||||||||||||||
| General Funds | 183,707 | 58,944 | (51,341) | 31,673 | 222,983 | |||||||||||
| Restricted | ||||||||||||||||
| Thames Tideway Tunnel | ||||||||||||||||
| Asset Protection Agreement | 164,325 | 107,560 | (1,428) | - | 270,457 | |||||||||||
| Total funds | 348,032 | 166,504 | (52,769) | 31,673 | 493,440 | |||||||||||
| Balance at | ||||||||||||||||
| Balance at 1 | Other | 31 | ||||||||||||||
| January | Incoming | Resources | recognised | December | ||||||||||||
| 2022 | resources | expended | gains/(losses) | 2022 | ||||||||||||
| Previous period | £ | £ | £ | £ | £ | |||||||||||
| Unrestricted | ||||||||||||||||
| General | ||||||||||||||||
| General Funds | 203,927 | 53,958 | (48,659) | (25,519) | 183,707 | |||||||||||
| Restricted | ||||||||||||||||
| Thames Tideway Tunnel | ||||||||||||||||
| Asset Protection Agreement | 139,815 | 24,510 | - | - | 164,325 | |||||||||||
| Total funds | 343,742 | 78,468 | (48,659) | (25,519) | 348,032 |
The specific purposes for which the funds are to be applied are as follows:
Thames Tideway Tunnel Asset Protection Agreement - Annual grant received initially to fund an admin officer however, permission was granted to allow this money to be used to seed the church's development project.
Page 17
The Parochial Church Council of St Paul, Deptford
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
16 Analysis of net assets between funds
Current period
| 16 Analysis of net assets between funds Current period |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | |||||||||
| funds | Restricted | Total funds | |||||||
| General | funds | 2023 | |||||||
| £ | £ | £ | |||||||
| Current assets | 230,751 | 270,457 | 501,208 | ||||||
| Current liabilities | (7,768) | - | (7,768) | ||||||
| Total net assets | 222,983 | 270,457 | 493,440 | ||||||
| Previous period | |||||||||
| Unrestricted | Total funds at | ||||||||
| funds | Restricted | 31 December | |||||||
| General | funds | 2022 | |||||||
| £ | £ | £ | |||||||
| Current assets | 188,510 | 164,325 | 352,835 | ||||||
| Current liabilities | (4,803) | - | (4,803) | ||||||
| Total net assets | 183,707 | 164,325 | 348,032 |
Page 18