St Mary Magdalen
Bermondsey
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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
- **“When they looked up, they saw no one except Jesus”** (Matt 17: 8) [NIV]
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
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## **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:_
- _the question of the copyright licence for overhead projectors which I can confirm you do need. But I think you may in fact have the CCLA licence already._
- _Via this email I am asking Jack Edwards to send you the energy footprint tool! Thank you Jack!_
- _You did not appear to have a safeguarding notice in a prominent position giving people information about how to report safeguarding concerns with the names and numbers and ideally photos of the safeguarding officers and you can obtain a template from the safeguarding team if you don’t have one._
- _We were able to check the silverware against the inventory and the items in the inventory listed as ‘in the church’ were all there apart from a wafer box. We were not able to see the items which had previously been kept at the bank but Charlie tells me that these are in another box in the strongroom._
- _We were missing the latest gas safety certificate from the paperwork_
_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
- (a) The financial statements have been prepared in accordance with the Charities Act 2011 using the Receipts and Payments basis.
- (b) The statement of assets has been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value.
## _Funds_
- (c ) General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application to the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted.
- (d) The accounts include all monetary transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body or those that are informal gatherings of church members.
## _Incoming resources_
## _Incoming resources from donors_
- (e) Collections are recognised when received by or on behalf of the PCC.
- (f) Planned giving and Income tax recoverable on Gift Aid donations are recognised only when received by the PCC.
## _Income from operating activities_
- (g) Rental income from the letting of church premises is recognised when the rent is received.
## _Income from investments_
- (h) Dividends are accounted for when received; interest entitlements are accounted for when the interest is received.
## _Assets_
- (i) Consecrated and beneficed property of any kind is excluded from the accounts by the Charities Act 2011. Moveable church furnishings are listed in the church’s Inventory which can be inspected at any reasonable time. There is insufficient cost information available to value assets acquired before 1 January 2003 and so only assets acquired after that date are summarised in the Statement of Assets and Liabilities.
- (j) Freehold properties were acquired prior to 1 January 2003 and are recognised but not valued in the Statement of Assets and Liabilities. Title to the properties is held on behalf of the PCC by the South London Church Fund and Southwark Diocesan Board of Finance as custodian trustee.
## _Monetary assets_
- (k) Short-term deposits are held on deposit with the CBF Church of England Funds or at the bank where the funds are readily accessible.
- (l) Deposits held in funds by South London Church Fund are designated as investments rather than monetary assets.
## _Investments_
- (m) Investments are valued at market value at 31[st] December.
- (n) Investments include trust funds held by the South London Church Fund on behalf of the PCC. _Reserves_
- (o) It is PCC policy to try to maintain a balance on unrestricted funds which equates to approximately three months' unrestricted payments. At the year end this was more than covered by unrestricted short term deposits and cash at bank and in hand.
## **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 :
- 22 Reverdy Road, and
- 180 St James Road.
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.