**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: 1. 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 3. 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: - To keep accounting records in accordance with section 130 of the Charities Act or - 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.**