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2022-12-31-accounts

St Mary Magdalen Bermondsey -r riii Iwj fiii,, ANNUAL REPORT VI: 2022/2023 ACCOUNTS 2022

Thank You!

To:

Ebun West and Robin Precey:

Churchwardens

Nirma de Silva:

Treasurer

Karina A. S. Salih: Rector’s PA until December 2022 Josie Wilkins: Rector’s PA from February 2023

Mark Fyffe

Evangelist and Outreach Worker (with London City Mission)

and everyone who enables us to Worship on Sunday and be present in this Parish and Community…

CONTENTS

Welcome!

RECTOR’S REFLECTION + Report of Activities.

CHURCHWARDENS REPORT

SAFEGUARDING REPORT

TREASURER’S REPORT AND ACCOUNTS

CONGREGATIONAL QUESTIONNAIRE

Full Reports on the following will be submitted once Information from the attached Congregational Questionnaire has been collated:

LEADING and PREACHING WORSHIP and MUSIC

CHILDREN and YOUNG PEOPLE RESOURCES (including Giving + Finance) BUILDINGS WELCOME, HOSPITALITY and SOCIAL COMMUNCATION PASTORAL and PRAYER MISSION

RECTOR’S REFLECTION 2022-23

A number of years ago when I was in Northern Ireland, I went out for a meal with some friends. We were looking for a Restaurant deep in the Irish countryside when we got hopelessly lost.

We took several wrong turns until we came to a Junction known locally as the Six Road Ends - a place notorious for road accidents because of the confusion and poor visibility experienced by drivers. After several failed attempts to get on the right road, we eventually found our way to the restaurant and had a great evening! That story for me feels like a parable of our lives, with all the choices and decisions we have to make along the way.

Sooner or later we will come to a crossroads.

Do we turn right or left, or do we travel straight over?

As we enter Holy Week, and

As we take the road that leads to the Cross, can we do so with confidence?

I believe we can, because that road leads to Jesus for whom the cross was not the end. For Christians the Cross is like a Compass. It

is not the end but the means by which we can find our way home, pointing us in the right direction - beyond defeat and beyond death…

This last year we said farewell to Queen Elizabeth II, a woman of great privilege and influence, and yet also of profound Christian faith. She had a magnificent State Funeral and yet at the very end, after all the pomp and splendour, as the fixtures of Royalty were removed from her coffin, she was laid to rest simply as “Elizabeth” in a simple tomb. It was a reminder of the transience of our lives on this earth. As Mat Redmond puts it so beautifully in his song The Heart of Worship :

“When the music fades All is stripped away And I simply come…”

In the Film “The Miracle Maker” there is a memorable scene near the end when the resurrected Jesus, after meeting the despondent, depressed disciples on the road to Emmaus, breaks bread in a family home. As he blesses the food, a little girl watching gasps in surprise as she exclaims to her mother: “It’s him!” She recognizes Jesus and then he disappears from sight…. He has risen indeed!

Last Friday, I baptised 8 children and admitted 10 to Holy Communion at our School, Boutcher Church of England Primary. I reminded them that when Jesus is around there is always “more”. When he said:

I am the Bread of Life. (John 6:35) He was saying we need bread but it isn’t enough to satisfy. We also need Him.

I am the Light of the World. (John 8:12) The world needs light to “exist” but we need his light to truly “live”.

I am the true vine. (John 15:1a) Look what happened when Jesus was the guest at a wedding. He took something ordinary and made it extraordinary.

I am the Resurrection and the Life. (John 11: 25-26) Death is not the end when we trust him to show us the Way, for he is Truth and Life. (John 14:6)

With Jesus there is always “more”.

For us all. Having come out of a Pandemic into an even more uncertain world, we need him more than ever, but there is much to be optimistic about:

A gifted Church Family which is growing, with a Home in which to gather + worship. A Curate coming in the summer. Bible Studies starting soon where we can drink deep of God’s word. Over the last few weeks some of us have been doing the Lectio Course, based on Pete Greig’s book “How to Hear God” and we have been realising how much more the Bible has to say if we would only take the time to listen.

If we really do believe, that “…the Word of God is living and active and sharper than any 2 edged sword” (Hebrews 4:12) then we will take seriously what we say to those being Baptised as we give them the gift of a Bible: “Receive this book. It is the good news of God’s love. Take it as your guide”

Let’s commit ourselves to doing just that.

“If there is a God…

If that God is not an abstract concept…

If this God-who-is-a-relationship, motivated by self-giving love, moved out of himself and became human…

If he called disciples after him, students, apprentices, sitting at his feet, listening to his teachings, and learning to say and do all that he said and did…

And if, upon this Jesus’ return to the Father, he gave his Spirit, to be with all Christians everywhere for all time…

Then surely learning to hear his voice is at the centre of all that matters in life…” (Foreword by John Mark Comer from: “How to Hear God”)

Revd Charlie Moore: Palm Sunday, 2[nd] April 2023

Apart from the regular Sunday Services, and occasional Offices such as Morning + Evening Prayer, Baptisms, Weddings and Funerals, here are some the activities and events from the last 12 months…

+ The Good Friday Cafe

St Mary's Parish: Weekend Away Fri 3rd to Sun 5th June 2022 at High Leigh Conference Centre L￿rtt ,ji I, Ily, Ar.. lji,l#i:,j

ST MARY MAGDALEN CHURCH WARDENS’ ANNUAL REPORT

APRIL 2023

Much of this busy year has been spent recovering from the effects of Covid and developing the Church. The main issues to report are:

1: ATTENDANCE

Pre-covid attendance numbers to Sunday services were about 60 adults + approximately 25 children [under 16]). Numbers have now returned to this level with a slight increase (19/3/ there were 70 adults + 25 children) - sadly many churches have not. Our policy of staying open as much as possible during Covid was, we feel, a wise one and we are blessed with many new members of the church who contribute much. An obvious question is what has happened to those regular pre-Covid attenders who have not returned. A pleasing sign is the number of children and young adults in our church – our future.

2: NEW STAFF

2.1: CURATE

After much prayer and planning, we are delighted that a new curate will be joining the Church in the summer. This should add much to our Church family.

2.2: RECTOR’S PA

Karina has left her post to study and we are pleased that Josie Wilkins has taken over so ably.

3: DEVELOPMENTS AND THE PCC

The PCC – all willing volunteers – have met regularly and the members use their expertise and time to sustain and develop our Church. They deserve our thanks. We need more to join with commitment and skills as the coming year is likely to throw up a number of challenges.

4: BUILDINGS

4.1: Maintenance

Our building is a Grade 2* listed building and dates back many centuries, so it is very important. We are its custodians. The 5- yearly inspection of the Church (Quinquennial) by our Diocesan architect is on May 11[th] but we already know that there are jobs to be done in the tower and elsewhere. This will require funding.

The church doesn’t clean itself, and there is a committed team of volunteers who give up a few hours each week to make sure when we attend church on Sunday it’s a nice place to sit down in . Thank you to them for their love and also a thank you to the ladies who make sure that there are flowers dotted about the church to add some of the beauty and colour of God’s creation to our Sunday worship. Thank you to all of you.

4.2: Development

A buildings’ group ably led by Musa (our Assistant Church Warden) is toiling hard to make the building fit for purpose in the C21 (and beyond). They meet regularly and chip away at the many parts of the plan. Again, we need to find funding for this work.

7: ARCHDEACON’S INSPECTION REPORT

The following report was sent to us after the Archdeacon’s visit to see the wardens on 18th March 2023: Dear Robin and Ebun

It was lovely to spend time with you on Saturday hearing about ministry and mission at St Mary’s.

There is very little that I need to report back on because things were in such good order. But I did promise to come back to you on a few quite minor things:

It was particularly good to talk about your plans and hopes for the future with the plans for the opening up (and renovation) of the church and the excitement around a new curate. I was very encouraged by your commitment to the people and the parish and your openness to new ideas. Thank you again for giving up so much of your time on Saturday and also for all that you do week in and week out.

With all best wishes

Jonathan

The Ven. Jonathan Sedgwick Archdeacon of Southwark

6: FUNDING

Many of the aspects of the Church describes above require money. At present, we are unable to cover our running costs and the buildings work also needs support. We ask you to consider starting or increasing you giving – ideally by Gift Aiding – to support your church.

As your wardens, we would like to thank all church members for supporting us in our efforts to support Charlie and the PCC to ensure the church is a vibrant, functioning, inclusive house of God.

Robin Precey & Ebun West (26/3/2023)

Safeguarding Report for ACPM/Annual Meeting

The safeguarding officers at St Marys are myself, Charlie and Amy Glover. There have been just a couple of specific actions that have required safeguarding responses in the past year. These have been to ensure that a register of names and contact numbers is taken for the Saturday morning bike rides so we know who is participating and who to contact in case there is a problem, to designate a leader of the group and to ensure that a first aid kit is carried. The second matter was unauthorised photography in church of individual members of the congregation. This was in response to someone not known in the congregation taking photographs of the child of a church member without their permission. In compliance with Diocesan safeguarding procedures the congregation was reminded the following week that no photography is permitted in church either during or before and after services. The church wardens and the leadership team are aware of this.

Where the performance of safeguarding measures needs improvement is administration and record keeping. I hope to work together with the church secretary to ensure we have an accurate list of which members of the congregation have roles in church that require a DBS check and to ensure that the these are up to date. We have also been asked by the Diocese that everyone with a DBS check because of the nature of the work they do for the church complete an additional information form. I have yet to implement this. There should also be several posters in various places in church with the photographs and contact details of the safeguarding leads. This omission was recently commented upon to the churchwardens in an inspection by Archdeacon Jonathan Sedgewick.

Gretchen Precey.

TREASURER’S REPORT & ACCOUNTS

(also see Resources and Churchwardens’ Reports)

For the fourth year running the accounts show a surplus. The 2022 accounts have a surplus of £43.2k, an improvement on the 2021 surplus of £23.2k. The 2022 surplus is a result of a rise in income accompanied by a fall in expenditure. Higher rental income was the main reason for the rise in income. Lower architect fees and lower property maintenance were main causes for the fall in expenditure.

The figures referred to in this report include both restricted and unrestricted funds; the restricted funds are a small proportion.

Income

Total receipts from donors were £84k in 2022 (note 2a) compared to £85k in 2021. This marks a small decrease in total donations, despite Gift Aid donations increasing from £37k in 2021 to £44k in 2022. The fall in total donations is due to a fall in sundry donations from £16k in 2021 to £11k in 2022. Collections at services remain at similar levels in both years (note 2a).

Income tax recovered from Gift Aid donations was a significant £12k in 2022, increasing from £9.4k in 2021 (note 2a).

There was a marked increase in rental income in 2022 with a rental total of £43.5k in 2022 compared to £34.7k in 2021 (note 2b). There were many reasons for this: a rise in monthly rental from mid-year, occupation throughout the year in both properties, lower maintenance expenses, new system of monthly management fees from midyear.

Estate agent Stirling Ackroyd (formerly Williams Lynch) managed both properties throughout the year. They attend to maintenance as well and pay us a net rent having deducted maintenance and management fees. The net rent is the figure provided in the accounts which also includes rent of £1.8k for use of church premises. The total rent received from the estate agent for the two properties was £41.7k after deducting £5.7k for fees and maintenance (fees £3.3k, maintenance £2.4k).

Income from investments was £1k higher in 2022 (note 2c).

The church fair at the Bermondsey Street Festival was not held in September 2022 as Southwark Council cancelled it due to the passing of the Queen.

Expenditure

There has been a fall in total expenditure of £12k to £92k in 2022 from £104k in 2021. This was due to lower architect’s fees in 2022 and lower maintenance expenses on rental properties in the same period (note 3a and 3e).

Church maintenance remains at the same level as 2021 (note 3c) at £13.8k. This included a new boiler system of £6k, cleaning costs of £3.7k and ongoing repairs £1.5k.

The PCC committed to increase its contribution to the Diocese of Southwark pledging £35k in 2022. We are still net recipients of Diocesan resources as the costs of providing us with a rector far exceed our contribution.

Church management and administration costs reduced by £1k (note 3b).

Although rental property maintenance (note 3a) shows 2.2k in 2022 it is actually higher than this due to the point mentioned in the ‘Income Section’ that the estate agent attends to property maintenance and pays us net rent.

Seven organisations were supported during 2022 with donations totaling £5.8k. The full list is given in the accounts (note 3d).

The Church Family Weekend Away in June 2022 was a successful event of study and fellowship. The accommodation expenses were £9.6k of which £9.1k was received from participants. The travel expenses of £1.5k for the hire of two coaches for onward and return journeys were met by the church. A deposit of just under £3k was paid to reserve accommodation for the Church Family Weekend Away planned for 2024.

Significant post year end developments

There will be no rental income during 2023 from one of the properties. This represents a reduction in net rental income of £26,000 for the year (based on 2022 figures). The property will be used to provide accommodation for the new curate. The curate is expected to be at St Mary Magdalen at this property for two to four years. In the first three months of this year (2023) we have already incurred utility expenses amounting to a little below the total for last year. Although we expect this to decrease throughout the year, this already represents a high expense for 2023.

Thank you

Your donations and regular giving have been a vital source of revenue to the church. Thank you. It is much appreciated. Also, thank you for signing up as a Gift Aid donor which has helped hugely as the Gift Aid Scheme allows us to increase the value of donations by 25%.

I would like to thank the following: Doris Carr for undertaking the independent examination of the accounts, Isobel Barlow for managing giving through envelopes and Phil Wellington for his help with various matters.

Nirma de Silva, Treasurer

Parochial Church Council of St Mary Magdalen with St Olave, St John & St Luke Financial Statements for the year ended 31st December 2022

RECEIPTS AND PAYMENTS ACCOUNT

RECEIPTS AND PAYMENTS ACCOUNT
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2022 2021
Note
£		 £ £ £ £
Receipts
Incoming Resources from Donors 2 (a)
82,649		 1,513 84,162 85,397
Income from Operating Activities to Further
the Work of the Church 2 (b)
45,501		 45,501 36,319
Income from Investments 2 (c) 3,139 2,637 5,776 4,784
Income from Fundraising Activities 2 (d) 1,355
Total Receipts 131,289 4,149 135,439 127,855
Payments
Cost of Generating Funds 3 (a)
2,219		 2,219 5,248
Church Management & Administration Activities 3 (b)
17,778		 17,778 18,743
Directly Relating to the Work of
the Church 3 (c) 62,365 62,365 61,844
Grants and Donations 3 (d) 5,750 5,750 6,289
Capital Expenditure 3 (e) 180 1,725 1,905 9,840
Church Weekend Away 3 (f) 2,254 2,254 2,677
Total Payments 90,546 1,725 92,271 104,642
Excess of Receipts over Payments 40,744 2,424 43,168 23,213
BALANCES OF BANK (CURRENT AND DEPOSIT) AND CASH
As at 1 January 2022 107,974 85,470
Excess of Receipts over Payments 43,168 23,213
Adjustment for income on investment accounts (670) (608)
Refund to creditors (3,000)
Equipment purchased (319)
Transfers to/from investment a/c
Non Cash Reconciling Items 3,218
- Equipment written off
As at 31 December 2022 150,473 107,974
STATEMENT OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2022
Note Note Note 2022 2022 2021 2021 2021
£ £
Monetary Assets
Short term deposits 4 (a) 77,242 37,135
Cash at bank and in hand 4 (b) 73,231 70,839
150,473 107,974
Investments
Investments held at CBF Church of
England Funds 5 (a) 125,056 141,658
Investments/trust funds held by South
London Church Fund 5 (b) 224,061 246,828
349,117 388,485
Fixed Assets
Freehold property 6
Equipment 7 13,787 13,787
Liabilities:Amounts falling due within
one year
Creditors 8
Total of Identified assets 513,377 510,246

Approved by the P.C.C. on 27th March 2023 and signed on its behalf by Rev'd Charlie Moore. The notes on pages 2 to 7 form part of these accounts.

Parochial Church Council of St Mary Magdalen with St Olave, St John & St Luke

Financial Statements for the year ended 31st December 2022

1 ACCOUNTING POLICIES

Funds

Incoming resources

Incoming resources from donors

Income from operating activities

Income from investments

Assets

Monetary assets

Investments

Parochial Church Council of St Mary Magdalen with St Olave, St John & St Luke

Financial Statements for the year ended 31st December 2022

Unrestricted
Funds
£
2
RECEIPTS
2 (a) Incoming Resources from Donors
Grants received
1,400
Building fund appeal:
Donations
Gift Aid donations
Income tax recovered
Planned giving:
Stewardship donations
6,605
Gift Aid donations
44,290
Income tax recovered
12,153
Collections at services
7,363
Legacies
-
Sundry donations
10,838
82,649
2 (b) Income from Operating Activities
Fees
1,987
Rent
43,514
45,501
2 (c) Income from Investments
Interest received
179
Investment income received
2,960
3,139
2 (d) Income from Fundraising Activities
Church fairs
0
Concerts
-
Sales
-
0
3
PAYMENTS
3 (a) Cost of Generating Funds
Expenditure on rental properties
2,219
Duty manager
-
Costs of fundraising events
-
2,219
3 (b) Church Management & Administration
Clergy expenses
819
Outreach worker
-
Financial & clerical administration
10,446
Printing, stationery, postage, telephone
5,934
Other administrative costs
580
17,778
3 (c) Activities Directly Relating to the Work of the Church
Church maintenance
13,869
Courses and mission
901
Diocesan contribution
35,000
Insurance
4,759
Utilities
4,933
Worship
1,566
Hospitality
1,336
62,365		 1,987
43,514
45,501
1,587
34,732
36,319
803
4,974
5,776
14
4,770
4,784
819
-
10,446
5,934
580
17,778
992
-
11,678
5,360
714
18,743
TOTAL FUNDS
2022
2021
£
£
-
670
1,902
436
1,355
1,355
5,248
5,248
Restricted
Funds
£
600
476
437
1,513
623
2,013
2,637
1,400
0
600
476
437
6,605
44,290
12,153
7,363
-
10,838
84,162
11,803
37,403
9,437
7,716
-
16,030
85,397
0
-
-
0
2,219
-
-
2,219
13,869
901
35,000
4,759
4,933
1,566
1,336
62,365
13,817
590
34,750
4,445
4,313
3,421
508
61,844

Parochial Church Council of St Mary Magdalen with St Olave, St John & St Luke

Financial Statements for the year ended 31st December 2022

3 (d) Grants
Charitable donations (analysis below)
5,750
Gifts
-
3 (e) Capital expenditure
Tower clock
180
Architect's fees
180
Unrestricted
Funds
£
5,750
Details of charitable and missionary giving
- Church Mission Society
1,200
- Salmon Youth Centre
300
- London City Mission
2,200
- Manna Society
400
- Christians Against Poverty CAP
500
- Storybook Dads
500
- Smile Train
500
- Community
150
5,750
3 (f) Church weekend away (June 2022)
Accommodation deposit paid (for 2024 &
2022)
2,894
Coach
750
Balance for June 2022 accommodation
7,709
Participants contributions
(9,099)
2,254		 360
1,365
1,725
Restricted
Funds
£
-
0		 5,750
-
5,256
1,033
540
1,365
1,905
294
9,546
9,840
TOTAL FUNDS
2022
2021
£
£
5,750
6,289
1,927
750
2,677
2,894
750
7,709
(9,099)
2,254

Parochial Church Council of St Mary Magdalen with St Olave, St John & St Luke

Financial Statements for the year ended 31st December 2022

4
ANALYSIS OF MONETARY ASSETS BY FUND
Unrestricted Restricted
Funds
Funds
£
£
4 (a) Deposits in CBF Church of England Funds
PCC deposit
62,401
Ecclesiastical Charity income
14,841
62,401
14,841
4 (b) Cash at bank and in hand
Cash in hand
7
Held at Unity Trust Bank
52,649
20,574
52,656
20,574
5
ANALYSIS OF INVESTMENTS BY FUND
Endowmen
TOTAL
FUNDS
Funds
2022
£
£
62,401
14,841
-
77,242
-
Restricted
Funds
£
Endowment
Funds
£
TOTAL
FUNDS
2022
£
10,075
99,455
15,526
-
25,601
99,455

7
73,223
73,231
Unrestricted
Funds
£
5 (a) Investments held in CBF Church of England Funds
- CBF Income Shares
A/C 637084001S - Ecclesiastical Charity Capital
A/C 637084002S - Amoxons Charity
A/C 637084003S - Peele Fund
99,455
10,075
15,526
125,056
5 (b) Investments held by South London Church Fund
Name of trust
Type of
investment
Trust
no.
Blackmore legacy
Investment fund 0134
19,545
19,545
Clergy housing
Investment fund 0613
33,126
Deposit account
3,488
36,614
Sale of Magdalen Hall
Deposit account 0787
-
Investment fund
167,902
167,902
204,516
19,545
-
224,061		 4
ANALYSIS OF MONETARY ASSETS BY FUND
Unrestricted Restricted
Funds
Funds
£
£
4 (a) Deposits in CBF Church of England Funds
PCC deposit
62,401
Ecclesiastical Charity income
14,841
62,401
14,841
4 (b) Cash at bank and in hand
Cash in hand
7
Held at Unity Trust Bank
52,649
20,574
52,656
20,574
5
ANALYSIS OF INVESTMENTS BY FUND
Endowmen
TOTAL
FUNDS
Funds
2022
£
£
62,401
14,841
-
77,242
-
Restricted
Funds
£
Endowment
Funds
£
TOTAL
FUNDS
2022
£
10,075
99,455
15,526
-
25,601
99,455

7
73,223
73,231
Unrestricted
Funds
£
5 (a) Investments held in CBF Church of England Funds
- CBF Income Shares
A/C 637084001S - Ecclesiastical Charity Capital
A/C 637084002S - Amoxons Charity
A/C 637084003S - Peele Fund
99,455
10,075
15,526
125,056
5 (b) Investments held by South London Church Fund
Name of trust
Type of
investment
Trust
no.
Blackmore legacy
Investment fund 0134
19,545
19,545
Clergy housing
Investment fund 0613
33,126
Deposit account
3,488
36,614
Sale of Magdalen Hall
Deposit account 0787
-
Investment fund
167,902
167,902
204,516
19,545
-
224,061		 TOTAL
FUNDS
2021
£
TOTAL
FUNDS
2021
2,658
1,413
~~7~~,587
~~1~~,658
25,434
11,702
37,135
119
70,720
70,839
11
1
1
1~~4~~
22,140
39,951
184,737
246,828
224,061

These investments are held by South London Church Fund in the form of deposit accounts and investment funds.

Parochial Church Council of St Mary Magdalen with St Olave, St John & St Luke Financial Statements for the year ended 31st December 2022

6 FREEHOLD PROPERTIES

The South London Church Fund and Southwark Diocesan Board of Finance hold on behalf of the PCC the title to two residential properties, both of which are rented out :

The PCC also owns the freehold of Magdalen Hall, Purbrook Street, from which ground rent is received.

No recent valuations of these properties have been carried out.

7 EQUIPMENT

The following items of equipment have been acquired since 1st January 2003 :

Item Purchased Cost £ Item Purchased Cost £ Cost £ Cost £
Hitachi 430 digital projector June 2004 3172.5 Printer April 2012 149.99
Portable overhead projector July 2004 182 PA speaker August 2015 295.99
Pottery chalice & patten October 2004 55.01 Mics & stands August 2015 707.3
Laptop May 2005 589 Laminator October 2015 79.04
Clavinova November 2006 1434 Wireless mic December 2015 363.43
TV & DVD NovemApril 2006 387.97 Computers May 2017 1549.98
Flash drive November 2006 29.99 Laptop Admin May 2018 949.99
Drum kit M ayMarch 2007 429 Laptop Worship June 2018 949.99
Wireless Router July 2007 61.98 TV screens (worship) March 2020 495.98
2-way radio December 2009 22.99 DSLR camera system August 2020 510.91
Office computers February 2010 846 Fridge freezer August 2021 319
HP: Deskjet 4580 May 2010 49.99
Answerphone May 2011 84.99
Hard drive June 2011 69.99
13,787

The equipment list has been reviewed and brought up to date.

8 CREDITORS

Creditors represent deposits received from tenants of rental properties.

Parochial Church Council of St Mary Magdalen with St Olave, St John & St Luke Financial Statements for the year ended 31st December 2022

9 THE ECCLESIASTICAL CHARITY OF ST MARY MAGDALEN WITH ST OLAVE, ST JOHN AND ST LUKE

The Ecclesiastical Charity was created in 1999 by a scheme ordered by the Charity Commissioners for England and Wales. The scheme provided that

“The sum of £75,000 must be set aside to be administered as a separate charity under the name of the Ecclesiastical Charity of St Mary Magdalen with St Olave, St John and St Luke…”

St Mary’s PCC is the trustee of the Ecclesiastical Charity and thus has the responsibility of allocating the income from the investment of £75,000 in accordance with the Charity Commission scheme, which states that

“The object of the Ecclesiastical Charity is to further the religious and other charitable work of the Church of England in the ecclesiastical parish of St Mary Magdalen with St Olave, St John and St Luke.”

The endowment fund of £75,000 was formerly held in a deposit account with the CBF Church of England Funds. The PCC took the decision in 2011 to transfer this to an investment account (also with CBF).

During 2022 there were no withdrawals from this fund.

Year Year
ended ended
31/12/22 31/12/21
£ £
Receipts and Payments
Interest & dividends received
Revaluation surplus (deficit)
Less expenditure		 3,139
(13,203)
-		 2,868
14,163
-
NET INCOME SURPLUS / (DEFICIT) (10,064) 17,030
Financial Position
Capital Fund
Income Fund
NET ASSETS		 99,455
14,841
114,296		 112,658
11,702
124,360

The accounts of the Ecclesiastical Charity are incorporated into the annual accounts of the PCC, the Capital Fund in Endowment Funds and the Income Fund in Restricted Funds.