Parochial Church Council of St Mary Magdalen with St Olave, St John & St Luke Financial Statements for the year ended 31st December 2023
RECEIPTS AND PAYMENTS ACCOUNT
| Unrestricted Funds Note £ Receipts Incoming Resources from Donors 2 (a) 86,110 Income from Operating Activities to Further the Work of the Church 2 (b) 21,418 Income from Investments 2 (c) 4,172 Income from Fundraising Activities 2 (d) 1,012 Total Receipts 112,712 Payments Cost of Generating Funds 3 (a) 13,878 Church Management & Administration 3 (b) 11,471 Activities Directly Relating to the Work of the Church 3 (c) 62,386 Grants and Donations 3 (d) 6,864 Capital Expenditure 3 (e) 4,168 Church Weekend Away (details in 3(f)) 3 (f) (74) Total Payments 98,692 Excess of Receipts over Payments 14,020 BALANCES OF BANK (CURRENT AND DEPOSIT) AND CASH As at 1 January 2023 Excess of Receipts over Payments Adjustment for income on investment accounts Equipment purchased Transfers to/from investment a/c As at 31 December 2023 |
Restricted Endowment Funds Funds 2023 2022 £ £ £ £ 620 86,730 84,162 - 21,418 45,501 3,487 7,659 5,776 - 1,012 - 4,107 116,819 135,439 - 13,878 2,219 1,112 12,583 17,778 - 62,386 62,365 - 6,864 5,750 1,895 6,063 1,905 - (74) 2,254 3,008 101,700 92,271 1,099 15,119 43,168 150,473 107,974 15,119 43,168 (805) (670) (1,292) - - - 163,494 150,473 Total Funds |
Restricted Endowment Funds Funds 2023 2022 £ £ £ £ 620 86,730 84,162 - 21,418 45,501 3,487 7,659 5,776 - 1,012 - 4,107 116,819 135,439 - 13,878 2,219 1,112 12,583 17,778 - 62,386 62,365 - 6,864 5,750 1,895 6,063 1,905 - (74) 2,254 3,008 101,700 92,271 1,099 15,119 43,168 150,473 107,974 15,119 43,168 (805) (670) (1,292) - - - 163,494 150,473 Total Funds |
|---|---|---|
| 135,439 2,219 17,778 62,365 5,750 1,905 2,254 |
||
| 92,271 | ||
| 43,168 | ||
| 107,974 43,168 (670) - - |
||
| 150,473 |
STATEMENT OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2023
| Note Monetary Assets Short term deposits 4 (a) Cash at bank and in hand 4 (b) Investments Investments held at CBF Church of England Funds 5 (a) Investments/trust funds held by South London Church Fund 5 (b) Monetary Assets and Investments Fixed Assets Freehold property 6 Equipment 7 Liabilities : Amounts falling due within one year Creditors 8 Total of Identified assets Monetary Assets and Investments Unrestricted funds Restricted funds Endowment funds |
2023 £ 84,095 79,399 163,494 136,925 251,486 388,410 551,904 - 15,079 - 566,984 336,433 106,577 108,894 551,904 |
2022 £ 77,242 73,231 |
|---|---|---|
| 150,473 125,056 224,061 |
||
| 349,117 | ||
| 499,590 - 13,787 - |
||
| 513,377 | ||
Approved by the P.C.C. on 15th April 2024 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 2023
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 2023
| 2 RECEIPTS 2 (a) Incoming Resources from Donors Grants received Building fund appeal: Donations Gift Aid donations Income tax recovered Planned giving: Stewardship donations Gift Aid donations Income tax recovered Collections at services Legacies Sundry donations 2 (b) Income from Operating Activities Fees Rent 2 (c) Income from Investments Interest received Investment income received 2 (d) Income from Fundraising Activities Church fairs Concerts Sales 3 PAYMENTS 3 (a) Cost of Generating Funds Expenditure on rental properties Duty manager Costs of fundraising events 3 (b) Church Management & Administration Clergy expenses Outreach worker Financial & clerical administration Printing, stationery, postage, telephone Other administrative costs 3 (c) Activities Directly Relating to the Work of the Church maintenance Courses and mission Diocesan contribution Insurance Utilities Worship Hospitality |
Unrestricted Funds £ 900 6,240 43,348 13,300 7,277 - 15,046 86,110 1,369 20,049 21,418 2,016 2,156 4,172 1,012 - - 1,012 13,878 - - 13,878 622 - 4,172 5,428 1,249 |
Restricted Funds £ 620 620 510 2,977 3,487 1,112 1,112 |
2023 2022 £ £ 900 1,400 0 620 600 476 437 6,240 6,605 43,348 44,290 13,300 12,153 7,277 7,363 - - 15,046 10,838 86,730 84,162 1,369 1,987 20,049 43,514 21,418 45,501 2,526 803 5,133 4,974 7,659 5,776 1,012 0 - - - - 1,012 0 13,878 2,219 - - - - 13,878 2,219 622 819 - - 4,172 10,446 5,428 5,934 2,361 580 12,583 17,778 9,198 13,869 946 901 35,350 35,000 4,595 4,759 9,626 4,933 1,811 1,566 861 1,336 62,386 62,365 TOTAL FUNDS |
2023 2022 £ £ 900 1,400 0 620 600 476 437 6,240 6,605 43,348 44,290 13,300 12,153 7,277 7,363 - - 15,046 10,838 86,730 84,162 1,369 1,987 20,049 43,514 21,418 45,501 2,526 803 5,133 4,974 7,659 5,776 1,012 0 - - - - 1,012 0 13,878 2,219 - - - - 13,878 2,219 622 819 - - 4,172 10,446 5,428 5,934 2,361 580 12,583 17,778 9,198 13,869 946 901 35,350 35,000 4,595 4,759 9,626 4,933 1,811 1,566 861 1,336 62,386 62,365 TOTAL FUNDS |
|---|---|---|---|---|
| 84,162 | ||||
| 1,987 43,514 |
||||
| 45,501 | ||||
| 803 4,974 |
||||
| 5,776 | ||||
| 0 - - |
||||
| 0 | ||||
| 2,219 - - |
||||
| 2,219 | ||||
| 819 - 10,446 5,934 580 |
||||
| 11,471 | 17,778 | |||
| Church 9,198 946 35,350 4,595 9,626 1,811 861 62,386 |
13,869 901 35,000 4,759 4,933 1,566 1,336 |
|||
| 62,365 |
Parochial Church Council of St Mary Magdalen with St Olave, St John & St Luke
Financial Statements for the year ended 31st December 2023
| Unrestricted Funds £ 3 (d) Grants Charitable donations (analysis below) 6,864 Gifts - 6,864 Details of charitable and missionary giving - Church Mission Society 1,200 - Salmon Youth Centre 400 - London City Mission 1,900 - Manna Society 400 - Tearfund 497 - Christian Aid 252 - British Red Cross 252 - JMECA (Jerusalem & Middle East Church Association) 1,683 - Robes 279 6,864 3 (e) Capital expenditure Tower clock 3,718 Architect's fees Consultant fees 450 Engineer fees 4,168 3 (f) Church weekend away (May 2024) Accommodation deposit paid (for 2024) Coach for June 2022 Balance for June 2022 accommodation Participants contributions for June 2022 (216) Participants contributions for May 2024 (330) Coach deposit paid (for May 2024) 472 (74) |
Restricted Funds £ - 665 450 780 1,895 0 |
2023 2022 £ £ 6,864 5,750 - - 6,864 5,750 3,718 540 665 1,365 900 780 6,063 1,905 2,894 750 7,709 (9,099) (74) 2,254 TOTAL FUNDS |
2023 2022 £ £ 6,864 5,750 - - 6,864 5,750 3,718 540 665 1,365 900 780 6,063 1,905 2,894 750 7,709 (9,099) (74) 2,254 TOTAL FUNDS |
|---|---|---|---|
| 5,750 | |||
| 540 1,365 |
|||
| 1,905 | |||
| 2,894 750 7,709 (9,099) |
|||
| 2,254 |
£2,894 relates to a prepayment to reserve the booking for 2024 Total accommodation cost was £9,636 for the weekend away in June 2022 (£1,927 + £7,709) £1,927 was prepaid in 2021 to reserve the booking for 2022
Parochial Church Council of St Mary Magdalen with St Olave, St John & St Luke
Financial Statements for the year ended 31st December 2023
4 ANALYSIS OF MONETARY ASSETS BY FUND
| Unrestricted Funds £ 4 (a) Deposits in CBF Church of England Funds PCC deposit 65,768 Ecclesiastical Charity income 65,768 4 (b) Cash at bank and in hand Cash in hand 806 Held at Unity Trust Bank 39,774 40,580 5 ANALYSIS OF INVESTMENTS BY FUND Unrestricted Funds £ 5 (a) Investments held in CBF Church of England Funds - CBF Income Shares Ecclesiastical Charity Capital Amoxons Charity Peele Fund - 5 (b) Investments held by South London Church Fund Name of trust Type of investment Trust no. Blackmore legacy Investment fund 0134 Clergy housing Investment fund 0613 36,651 Deposit account 4,293 Sale of Magdalen Hall Deposit account 0787 - Investment fund 189,142 230,086 336,433 |
Restricted Endowment Funds Funds £ £ 18,328 18,328 - 38,819 38,819 - Restricted Endowment Funds Funds £ £ 108,894 11,031 16,999 28,031 108,894 21,400 21,400 - 106,577 108,894 |
TOTAL FUNDS 2023 £ 65,768 18,328 84,095 806 78,592 79,399 TOTAL FUNDS 2023 £ 108,894 11,031 16,999 136,925 21,400 40,944 189,142 251,486 551,904 |
TOTAL FUNDS 2022 £ 62,401 14,841 |
|---|---|---|---|
| 77,242 7 73,223 |
|||
| 73,231 TOTAL FUNDS 2022 £ 99,455 10,075 15,526 |
|||
| 125,056 19,545 36,614 167,902 |
|||
| Blackmore legacy Investment fund 0134 Clergy housing Investment fund 0613 Deposit account Sale of Magdalen Hall Deposit account 0787 Investment fund |
|||
| 224,061 | |||
| 499,590 |
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 2023
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, one of which is 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 Hitachi 430 digital projector June 2004 3,173 Printer April 2012 Portable overhead projector July 2004 182 PA speaker August 2015 Pottery chalice & patten October 2004 55 Mics & stands August 2015 Laptop May 2005 589 Laminator October 2015 Clavinova November 2006 1,434 Wireless mic December 2015 TV & DVD NovemApril 2006 388 Computers May 2017 Flash drive November 2006 30 Laptop Admin May 2018 Drum kit M ayMarch 2007 429 Laptop Worship June 2018 Wireless Router July 2007 62 TV screens (worship) March 2020 2-way radio December 2009 23 DSLR camera system August 2020 Office computers February 2010 846 Fridge freezer August 2021 HP: Deskjet 4580 May 2010 50 Desktop computer (office) December 2023 Answerphone May 2011 85 Ipad December 2023 Hard drive June 2011 70 Laptop Worship December 2023 |
Cost £ 150 296 707 79 363 1,550 950 950 496 511 319 269 524 499 |
|---|---|
| 15,079 |
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 2023
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 2023 there were no withdrawals from this fund.
| Interest & dividends received Less expenditure NET INCOME SURPLUS / (DEFICIT) Revaluation surplus (deficit) Financial Position Capital Fund Income Fund NET ASSETS Receipts and Payments |
Year ended 31/12/23 £ 3,487 9,439 - 12,926 108,894 18,328 127,222 |
Year ended 31/12/22 £ 3,139 (13,203) - |
|---|---|---|
| (10,064) | ||
| 99,455 14,841 |
||
| 114,296 |
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.
Parochial Church Council of St Mary Magdalen with St Olave, St John & St Luke Financial Statements for the year ended 31st December 2023
RECEIPTS AND PAYMENTS ACCOUNT
| Unrestricted Funds Note £ Receipts Incoming Resources from Donors 2 (a) 86,110 Income from Operating Activities to Further the Work of the Church 2 (b) 21,418 Income from Investments 2 (c) 4,172 Income from Fundraising Activities 2 (d) 1,012 Total Receipts 112,712 Payments Cost of Generating Funds 3 (a) 13,878 Church Management & Administration 3 (b) 11,471 Activities Directly Relating to the Work of the Church 3 (c) 62,386 Grants and Donations 3 (d) 6,864 Capital Expenditure 3 (e) 4,168 Church Weekend Away (details in 3(f)) 3 (f) (74) Total Payments 98,692 Excess of Receipts over Payments 14,020 BALANCES OF BANK (CURRENT AND DEPOSIT) AND CASH As at 1 January 2023 Excess of Receipts over Payments Adjustment for income on investment accounts Equipment purchased Transfers to/from investment a/c As at 31 December 2023 |
Restricted Endowment Funds Funds 2023 2022 £ £ £ £ 620 86,730 84,162 - 21,418 45,501 3,487 7,659 5,776 - 1,012 - 4,107 116,819 135,439 - 13,878 2,219 1,112 12,583 17,778 - 62,386 62,365 - 6,864 5,750 1,895 6,063 1,905 - (74) 2,254 3,008 101,700 92,271 1,099 15,119 43,168 150,473 107,974 15,119 43,168 (805) (670) (1,292) - - - 163,494 150,473 Total Funds |
Restricted Endowment Funds Funds 2023 2022 £ £ £ £ 620 86,730 84,162 - 21,418 45,501 3,487 7,659 5,776 - 1,012 - 4,107 116,819 135,439 - 13,878 2,219 1,112 12,583 17,778 - 62,386 62,365 - 6,864 5,750 1,895 6,063 1,905 - (74) 2,254 3,008 101,700 92,271 1,099 15,119 43,168 150,473 107,974 15,119 43,168 (805) (670) (1,292) - - - 163,494 150,473 Total Funds |
|---|---|---|
| 135,439 2,219 17,778 62,365 5,750 1,905 2,254 |
||
| 92,271 | ||
| 43,168 | ||
| 107,974 43,168 (670) - - |
||
| 150,473 |
STATEMENT OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2023
| Note Monetary Assets Short term deposits 4 (a) Cash at bank and in hand 4 (b) Investments Investments held at CBF Church of England Funds 5 (a) Investments/trust funds held by South London Church Fund 5 (b) Monetary Assets and Investments Fixed Assets Freehold property 6 Equipment 7 Liabilities : Amounts falling due within one year Creditors 8 Total of Identified assets Monetary Assets and Investments Unrestricted funds Restricted funds Endowment funds |
2023 £ 84,095 79,399 163,494 136,925 251,486 388,410 551,904 - 15,079 - 566,984 336,433 106,577 108,894 551,904 |
2022 £ 77,242 73,231 |
|---|---|---|
| 150,473 125,056 224,061 |
||
| 349,117 | ||
| 499,590 - 13,787 - |
||
| 513,377 | ||
Approved by the P.C.C. on 15th April 2024 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 2023
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 2023
| 2 RECEIPTS 2 (a) Incoming Resources from Donors Grants received Building fund appeal: Donations Gift Aid donations Income tax recovered Planned giving: Stewardship donations Gift Aid donations Income tax recovered Collections at services Legacies Sundry donations 2 (b) Income from Operating Activities Fees Rent 2 (c) Income from Investments Interest received Investment income received 2 (d) Income from Fundraising Activities Church fairs Concerts Sales 3 PAYMENTS 3 (a) Cost of Generating Funds Expenditure on rental properties Duty manager Costs of fundraising events 3 (b) Church Management & Administration Clergy expenses Outreach worker Financial & clerical administration Printing, stationery, postage, telephone Other administrative costs 3 (c) Activities Directly Relating to the Work of the Church maintenance Courses and mission Diocesan contribution Insurance Utilities Worship Hospitality |
Unrestricted Funds £ 900 6,240 43,348 13,300 7,277 - 15,046 86,110 1,369 20,049 21,418 2,016 2,156 4,172 1,012 - - 1,012 13,878 - - 13,878 622 - 4,172 5,428 1,249 |
Restricted Funds £ 620 620 510 2,977 3,487 1,112 1,112 |
2023 2022 £ £ 900 1,400 0 620 600 476 437 6,240 6,605 43,348 44,290 13,300 12,153 7,277 7,363 - - 15,046 10,838 86,730 84,162 1,369 1,987 20,049 43,514 21,418 45,501 2,526 803 5,133 4,974 7,659 5,776 1,012 0 - - - - 1,012 0 13,878 2,219 - - - - 13,878 2,219 622 819 - - 4,172 10,446 5,428 5,934 2,361 580 12,583 17,778 9,198 13,869 946 901 35,350 35,000 4,595 4,759 9,626 4,933 1,811 1,566 861 1,336 62,386 62,365 TOTAL FUNDS |
2023 2022 £ £ 900 1,400 0 620 600 476 437 6,240 6,605 43,348 44,290 13,300 12,153 7,277 7,363 - - 15,046 10,838 86,730 84,162 1,369 1,987 20,049 43,514 21,418 45,501 2,526 803 5,133 4,974 7,659 5,776 1,012 0 - - - - 1,012 0 13,878 2,219 - - - - 13,878 2,219 622 819 - - 4,172 10,446 5,428 5,934 2,361 580 12,583 17,778 9,198 13,869 946 901 35,350 35,000 4,595 4,759 9,626 4,933 1,811 1,566 861 1,336 62,386 62,365 TOTAL FUNDS |
|---|---|---|---|---|
| 84,162 | ||||
| 1,987 43,514 |
||||
| 45,501 | ||||
| 803 4,974 |
||||
| 5,776 | ||||
| 0 - - |
||||
| 0 | ||||
| 2,219 - - |
||||
| 2,219 | ||||
| 819 - 10,446 5,934 580 |
||||
| 11,471 | 17,778 | |||
| Church 9,198 946 35,350 4,595 9,626 1,811 861 62,386 |
13,869 901 35,000 4,759 4,933 1,566 1,336 |
|||
| 62,365 |
Parochial Church Council of St Mary Magdalen with St Olave, St John & St Luke
Financial Statements for the year ended 31st December 2023
| Unrestricted Funds £ 3 (d) Grants Charitable donations (analysis below) 6,864 Gifts - 6,864 Details of charitable and missionary giving - Church Mission Society 1,200 - Salmon Youth Centre 400 - London City Mission 1,900 - Manna Society 400 - Tearfund 497 - Christian Aid 252 - British Red Cross 252 - JMECA (Jerusalem & Middle East Church Association) 1,683 - Robes 279 6,864 3 (e) Capital expenditure Tower clock 3,718 Architect's fees Consultant fees 450 Engineer fees 4,168 3 (f) Church weekend away (May 2024) Accommodation deposit paid (for 2024) Coach for June 2022 Balance for June 2022 accommodation Participants contributions for June 2022 (216) Participants contributions for May 2024 (330) Coach deposit paid (for May 2024) 472 (74) |
Restricted Funds £ - 665 450 780 1,895 0 |
2023 2022 £ £ 6,864 5,750 - - 6,864 5,750 3,718 540 665 1,365 900 780 6,063 1,905 2,894 750 7,709 (9,099) (74) 2,254 TOTAL FUNDS |
2023 2022 £ £ 6,864 5,750 - - 6,864 5,750 3,718 540 665 1,365 900 780 6,063 1,905 2,894 750 7,709 (9,099) (74) 2,254 TOTAL FUNDS |
|---|---|---|---|
| 5,750 | |||
| 540 1,365 |
|||
| 1,905 | |||
| 2,894 750 7,709 (9,099) |
|||
| 2,254 |
£2,894 relates to a prepayment to reserve the booking for 2024 Total accommodation cost was £9,636 for the weekend away in June 2022 (£1,927 + £7,709) £1,927 was prepaid in 2021 to reserve the booking for 2022
Parochial Church Council of St Mary Magdalen with St Olave, St John & St Luke
Financial Statements for the year ended 31st December 2023
4 ANALYSIS OF MONETARY ASSETS BY FUND
| Unrestricted Funds £ 4 (a) Deposits in CBF Church of England Funds PCC deposit 65,768 Ecclesiastical Charity income 65,768 4 (b) Cash at bank and in hand Cash in hand 806 Held at Unity Trust Bank 39,774 40,580 5 ANALYSIS OF INVESTMENTS BY FUND Unrestricted Funds £ 5 (a) Investments held in CBF Church of England Funds - CBF Income Shares Ecclesiastical Charity Capital Amoxons Charity Peele Fund - 5 (b) Investments held by South London Church Fund Name of trust Type of investment Trust no. Blackmore legacy Investment fund 0134 Clergy housing Investment fund 0613 36,651 Deposit account 4,293 Sale of Magdalen Hall Deposit account 0787 - Investment fund 189,142 230,086 336,433 |
Restricted Endowment Funds Funds £ £ 18,328 18,328 - 38,819 38,819 - Restricted Endowment Funds Funds £ £ 108,894 11,031 16,999 28,031 108,894 21,400 21,400 - 106,577 108,894 |
TOTAL FUNDS 2023 £ 65,768 18,328 84,095 806 78,592 79,399 TOTAL FUNDS 2023 £ 108,894 11,031 16,999 136,925 21,400 40,944 189,142 251,486 551,904 |
TOTAL FUNDS 2022 £ 62,401 14,841 |
|---|---|---|---|
| 77,242 7 73,223 |
|||
| 73,231 TOTAL FUNDS 2022 £ 99,455 10,075 15,526 |
|||
| 125,056 19,545 36,614 167,902 |
|||
| Blackmore legacy Investment fund 0134 Clergy housing Investment fund 0613 Deposit account Sale of Magdalen Hall Deposit account 0787 Investment fund |
|||
| 224,061 | |||
| 499,590 |
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 2023
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, one of which is 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 Hitachi 430 digital projector June 2004 3,173 Printer April 2012 Portable overhead projector July 2004 182 PA speaker August 2015 Pottery chalice & patten October 2004 55 Mics & stands August 2015 Laptop May 2005 589 Laminator October 2015 Clavinova November 2006 1,434 Wireless mic December 2015 TV & DVD NovemApril 2006 388 Computers May 2017 Flash drive November 2006 30 Laptop Admin May 2018 Drum kit M ayMarch 2007 429 Laptop Worship June 2018 Wireless Router July 2007 62 TV screens (worship) March 2020 2-way radio December 2009 23 DSLR camera system August 2020 Office computers February 2010 846 Fridge freezer August 2021 HP: Deskjet 4580 May 2010 50 Desktop computer (office) December 2023 Answerphone May 2011 85 Ipad December 2023 Hard drive June 2011 70 Laptop Worship December 2023 |
Cost £ 150 296 707 79 363 1,550 950 950 496 511 319 269 524 499 |
|---|---|
| 15,079 |
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 2023
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 2023 there were no withdrawals from this fund.
| Interest & dividends received Less expenditure NET INCOME SURPLUS / (DEFICIT) Revaluation surplus (deficit) Financial Position Capital Fund Income Fund NET ASSETS Receipts and Payments |
Year ended 31/12/23 £ 3,487 9,439 - 12,926 108,894 18,328 127,222 |
Year ended 31/12/22 £ 3,139 (13,203) - |
|---|---|---|
| (10,064) | ||
| 99,455 14,841 |
||
| 114,296 |
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.
Independent Examiner's Report to the members of St Mary Magdalen with St Olave, St John and St Luke, Bermondsey for the Year Ended 31[st] December, 2023 Parochial Church Council.
This is my report to the Parochial Church Council (PCC) of the Ecclesiastical Parish of St Mary Magdalen with St Olave, St John and St Luke Church Bermondsey, on the annual report for the year ended 31[st] December 2023 set out on pages 1 to 7
Respective The PCC members are responsible for the preparation of the annual reports. The PCC responsibilities of members consider that an audit is not required for this year under section 144(2) of trustees and examiner the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the 2011 Charities Act, 2. to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b)) of the Charities Act, and
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to state whether particular matters have come to my attention.
Basis of independent My examination was carried out in accordance with General Directions given by the examiner’s statement Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent In connection with my examination, no material matters have come to my attention, examiner's statement which gives me cause to believe that, in any material respect, the requirements:
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To keep accounting records in accordance with section 130 of the Charities Act or
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To prepare the accounts which accord with the accounting records
I have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Examiner’s signature D C Carr
Examiner’s name DORIS CARR
Date 12[th ] May 2024 Relevant professional qualification(s) or body CIMA/MAAT/AMP Examiner’s address 100 VAUBAN ESTATE, LONDON SE16 3QY
Independent Examiner's Report to the members of St Mary Magdalen with St Olave, St John and St Luke, Bermondsey for the Year Ended 31[st] December, 2023 Parochial Church Council.