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| 2024 £ 2023 £ Total reserves 1,477,751 1,421,720 Less: restricted funds Less: Tangible Fixed Assets (1,317,301) (15,783) (1,244,615) - Free reserves 144,667 177,135 Free reserves requirement: 3 month’s budgeted expenditure 30,000 30,000 Risk assessment and mitigation The risks which the organisation faces have been considered and measures will be implemented to ensure that appropriate systems, policies and procedures are in place to manage and mitigate the risks. Specifically, where there is financial risk this is mana ged by strong financial systems and controls. These risks, including health and safety and employment, are being mitigated through modern management systems and practices. As a matter of general policy, independent professional |
2024 | 2023 £ 1,421,720 (1,244,615) - |
|---|---|---|
| £ | ||
| 1,477,751 | ||
| (1,317,301) | ||
| (15,783) | ||
| 177,135 | ||
| 144,667 | ||
| 30,000 | ||
| 30,000 | ||
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Parochial Church Council of the Ecclesiastical Parish of St Barnabas, Homerton Statement of Financial Activities For the year ended 31 December 2024
| Unrestricted Funds Designated Funds Restricted Funds TOTAL FUNDS 2024 2024 2024 2024 Note £ £ £ £ INCOME FROM: Voluntary income 2(a) 60,892 - 10,029 70,921 Charitable Activities 2(b) 692 - - 692 Other Trading Activities 2(c) 11,615 - - 11,615 Investment Income 2(d) - - 64,845 64,845 Other Income 2(e) 3,951 - - 3,951 TOTAL INCOME 77,150 0 74,874 152,024 EXPENDITURE ON: Charitable Activities 3(a) 94,525 - 2,063 96,588 TOTAL EXPENDITURE 94,525 0 2,063 96,588 NET (EXPENDITURE)/INCOME (17,375) - 72,812 55,438 Gains / (Losses) on Investment assets 8 - - 593 593 Transfers between funds 11 719 - (719) - NET MOVEMENT IN FUNDS (16,655) 0 72,685 56,031 Total funds brought forward 114,179 62,926 1,244,615 1,421,720 Total funds carried forward 97,523 62,926 1,317,301 1,477,751 |
Unrestricted Funds Designated Funds Restricted Funds TOTAL FUNDS 2023 2023 2023 2023 £ £ £ £ 67,392 201 5,823 92,647 960 - - 960 24,211 - - 24,211 5,685 - 48,657 54,342 - - - - 98,249 201 54,480 172,160 80,909 - 16,234 97,143 80,909 0 16,234 97,143 17,340 201 38,246 75,017 - - - - - - - - 17,340 201 38,246 75,017 96,839 62,725 1,206,369 1,346,703 114,179 62,926 1,244,615 1,421,720 |
|---|---|
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Parochial Church Council of the Ecclesiastical Parish of St Barnabas, Homerton Balance Sheet As at 31 December 2024
| Unrestricted | Designated | Restricted | TOTAL |
TOTAL |
||
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | FUNDS | FUNDS | ||
| 2024 | 2024 | 2024 | 2024 | 2023 | ||
| Note | £ | £ | £ | £ | £ | |
| FIXED ASSETS | ||||||
| Tangible Assets | 7 | 15,783 | - | - | 15,783 | - |
| Investments | 8 | - | - | 1,105,972 | 1,105,972 | 1,050,970 |
| 15,783 | 0 | 1,105,972 | 1,121,754 | 1,050,970 | ||
| CURRENT ASSETS | ||||||
| Cash at Bank and In Hand | 95,816 | 62,926 | 211,329 | 370,072 | 357,536 | |
| Debtors | 9 | 10,701 | - | - | 10,701 | 14,214 |
| 106,518 | 62,926 | 211,329 | 380,773 | 371,751 | ||
| LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE | 10 | 24,777 | - | - | 24,777 | 1,001 |
| NET CURRENT ASSETS | 81,741 | 62,926 | 211,329 | 355,997 | 370,750 | |
| NET ASSETS | 97,523 | 62,926 | 1,317,301 | 1,477,751 | 1,421,720 | |
| FUNDS | 11 | |||||
| Unrestricted | 97,523 | - | - | 97,523 | 114,179 | |
| Designated | - | 62,926 | - | 62,926 | 62,926 | |
| Restricted | - | - | 1,317,301 | 1,317,301 | 1,244,615 | |
| 97,523 | 62,926 | 1,317,301 | 1,477,751 | 1,421,720 |
The notes on the subsequent pages form part of these financial statements.
Approved by the Parochial Church Council on 27 October 2024 and signed by:
Rev'd Al Gordon Vicar
The notes on the subsequent pages form part of these financial statements.
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Parochial Church Council of the Ecclesiastical Parish of St Barnabas, Homerton Notes to the Financial Statements For the year ended 31 December 2024
1 ACCOUNTING POLICIES
Basis of preparing the financial statements and assessment of going concern
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. The accounts include all 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 nor those that are informal gatherings of church members.
The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Critical accounting judgements and key sources of estimation uncertainty
No significant judgements have been made during the course of preparing these financial statements. There are no sources of estimation uncertainty.
Income
Voluntary income and capital sources
Collections are recognised when received by or on behalf of the PCC. Planned giving receivable under Gift Aid is recognised only when received. Income tax recoverable on Gift Aid donations is recognised when the gift is received. Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the PCC is reasonably certain. Funds raised by the fete, bazaar and similar events are accounted for gross.
Other trading income
Rental income from the letting of church premises is recognised when the rental is due.
Income from investments
Dividends are accounted for when due and payable. Interest entitlements are accounted for as they accrue. Tax recoverable on such income is recognised in the same accounting year.
Gains and losses on investments
Realised gains or losses are recognised when investments are sold. Unrealised gains or losses are accounted for on revaluation of investments at 31 December.
Resources and Grants
Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC.
Fixed assets
Consecrated land and buildings and movable church furnishings
Consecrated and beneficed property is excluded from the accounts in accordance with Charities Act 2011.
Moveable church furnishings held by the Rector and Churchwardens on special trust for the PCC, and which require a faculty for disposal, are accounted as inalienable property unless consecrated. They are listed in the church’s Inventory, which may be inspected at any reasonable time. For inalienable property acquired prior to 2000 there is insufficient cost information available and therefore such assets are not valued in the accounts.
All expenditure incurred in the year on consecrated or beneficed buildings, individual items for the repair of moveable church furnishings is written off.
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Parochial Church Council of the Ecclesiastical Parish of St Barnabas, Homerton Notes to the Financial Statements For the year ended 31 December 2024
1 ACCOUNTING POLICIES - continued
Other fixtures, fittings and office equipment
Only items of greater than £1,000 are capitalised. Church production equipment comprises a number of electrical and other items connected with sound, vision and worship. They will be depreciated over five years on a straight line basis from date of first use.
Computer and office equipment and furnishings are depreciated on a straight line basis over five years from date of first use.
Investments
Investments are valued at market value at 31 December.
Current assets
Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove uncollectable.
Short-term deposits include cash held on deposit with the Central Board of Finance of the Church of England, the Chelmsford Diocesan Board of Finance and COIF Charity Funds.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially settled at transaction value and subsequently measured at their settlement value.
Fund accounting
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.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
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Parochial Church Council of the Ecclesiastical Parish of St Barnabas, Homerton Notes to the Financial Statements For the year ended 31 December 2024
2 INCOME
| 2(a) Voluntary income Regular donations One-off donations Collections (open plate) at all services Gift Aid from HMRC Grant income 2(b) Charitable activities Wedding, baptism and Funeral Fees 2(c) Other Trading Activities Property income 2(d) Investments Interest Income 2(e) Other Income Other Income Total Income 3 EXPENDITURE 3(a) Church Activities Sundays and Special Services Worship and Prayer Ministry Families and Children Common Fund Premises, Building and Maintenance costs Administration and Support Costs Governance Giving outside the Parish Parish support fund expenditure Miscellaneous Mission and Outreach Activities Total Church Activities |
Unrestricted Funds Designated Funds Restricted Funds TOTAL FUNDS TOTAL FUNDS 2024 2024 2024 2024 2023 £ £ £ £ £ 25,844 - - 25,844 63,968 60 - 29 89 5,968 20,282 - - 20,282 2,989 14,706 - - 14,706 13,722 - - 10,000 10,000 6,000 60,892 - 10,029 70,921 92,647 692 - - 692 960 692 - - 692 960 11,615 - - 11,615 24,211 11,615 0 - 11,615 24,211 9,717 - 55,128 64,845 54,342 9,717 0 55,128 64,845 54,342 3,951 - - 3,951 - 3,951 0 0 3,951 - 86,867 0 65,157 152,024 172,160 Unrestricted Funds Designated Funds Restricted Funds TOTAL FUNDS TOTAL FUNDS 2024 2024 2024 2024 2023 £ £ £ £ £ 1,872 - - 1,872 2,581 5,036 - 41 5,077 - 116 - - 116 252 35,000 - - 35,000 31,000 38,352 - - 38,352 24,236 12,039 - 327 12,366 19,225 1,080 - - 1,080 - 249 - - 249 4,349 - - 954 954 5,339 350 - - 350 4,943 432 - 741 1,173 5,218 94,525 - 2,063 96,587 97,143 |
|---|---|
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Parochial Church Council of the Ecclesiastical Parish of St Barnabas, Homerton Notes to the Financial Statements For the year ended 31 December 2024
4 GOVERNANCE COSTS
The remuneration to the independent examiners for the examination of the 2024 accounts was £1,080 (2023: £nil).
| 5 STAFF COSTS Wages and salaries (incl. PAYE) Employers Pension Costs |
2024 2023 £ £ 6,441 9,915 - - 6,441 9,915 |
|---|---|
During the year the PCC employed the full time equivalent ("FTE") of 0.3 people (2023: 0.4) and on the basis of actual number of people employed regardless of FTE the number of people employed in the year was 0.75 (2023: 1). No employees received emoluments in excess of £60,000.
Clergy members are employed and their housing is supplied by the Diocese of London and not by the Parish. Their costs have not been included in the salary figures shown above.
6 RELATED PARTY TRANSACTIONS
The known amount donated by Trustees directly to the PCC in 2024 was £4,529 (2023: £8,930).
No remuneration amounts (2023: £nil) were paid to Trustees during their time in office during the year. In addition, no amounts (2023: nil) in regards to expenses were reimbursed that were not incurred directly on behalf of, and for the benefit of, the PCC.
7 TANGIBLE FIXED ASSETS
| Cost at 1 January 2024 Additions during year Disposals during year Cost at 31 December 2024 Depreciation at 1 January 2024 Charge for the year Disposals during year Depreciation at 31 December 2024 Net Book Value at 1 January 2024 Net Book Value at 31 December 2024 |
IT and Computer Production Equipment Total 2024 £ £ £ - - - - 16,050 16,050 - - - 0 16,050 16,050 - - - - 268 268 - - - 0 268 268 0 0 0 0 15,783 15,783 |
|---|---|
8 INVESTMENTS
| Market value at beginning of year Unrealised Gains (Losses) Dividend and Interest Income Market value as at end of year TORS, PREPAYMENTS AND DEPOSITS Other Debtors Gift Aid Receivable |
2024 2023 £ £ |
|---|---|
| 1,234,045 1,176,972 593 623 64,126 54,342 1,298,764 1,234,045 |
|
| 2024 2023 |
|
| £ £ |
|
| 5,461 1,692 |
|
| 5,240 12,522 |
|
| 10,701 14,214 |
9 DEBTORS, PREPAYMENTS AND DEPOSITS
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Parochial Church Council of the Ecclesiastical Parish of St Barnabas, Homerton Notes to the Financial Statements For the year ended 31 December 2024
11 STATEMENT OF FUNDS
| 11a Current year Unrestricted Funds Unrestricted Fund Total Unrestricted Funds Designated Funds Current Fabric Special Fabric fund Total Designated Funds Restricted Funds Administrative Assistance AV system Chairs - replacements CCLA St Barbabas Capital NPE Fund CCLA St Barnabas Capital Forever Young Food Pantry Grocers' incumbent grant HPC Ministers' Discretionary Healing - Brian Mann Fund Capital Larder Leprosy Mission collection Pathfinders Safe House project fund Support Fund Women - Parish Women Total Restricted Funds Total 11b Prior year Unrestricted Funds Unrestricted Fund Total Unrestricted Funds Designated Funds Current Fabric Special Fabric fund Total Designated Funds Restricted Funds Administrative Assistance AV system Chairs - replacements CCLA St Barbabas Capital NPE Fund CCLA St Barnabas Capital Forever Young Food Pantry Grocers' incumbent grant HPC Ministers' Discretionary Healing - Brian Mann Fund Capital Larder Pathfinders Safe House project fund Support Fund Women - Parish Women Total |
At 1st January 2024 Income Expenditure Transfers between Funds Gains/(losses) from Investments At 31st December 2024 £ £ £ £ £ £ 114,179 77,150 (94,525) 719 - 97,523 114,179 77,150 (94,525) 719 - 97,523 6,213 - - - - 6,213 56,713 - - - - 56,713 62,926 0 0 0 0 62,926 327 - (327) - - - 41 - (41) - - - 52 - - - - 52 183,075 9,717 - - - 192,792 1,025,060 54,409 - - - 1,079,468 156 - - - - 156 740 - (740) - - - 530 4,000 - - - 4,530 4,664 6,000 (954) - - 9,710 25,911 719 - (719) 593 26,504 22 - - - - 22 - 29 - - - 29 374 - - - - 374 3,158 - - - - 3,158 439 - - - - 439 67 - - - - 67 1,244,615 74,874 (2,062) (719) 593 1,317,301 1,421,720 152,024 (96,587) 0 593 1,477,751 |
|---|---|
| At 1st January 2023 Income Expenditure Transfers between Funds Gains/(losses) from Investments At 31st December 2023 £ £ £ £ £ £ 82,842 105,086 (80,909) - - 114,179 82,842 105,086 (80,909) 0 0 114,179 6,063 150 - - - 6,213 56,662 51 - - - 56,713 62,725 201 0 0 0 62,926 327 - - - - 327 41 - - - - 41 52 - - - - 52 177,389 5,685 - - - 183,075 977,025 48,034 - - - 1,025,060 156 - - - - 156 226 4,696 (4,182) - - 740 2,086 - (1,556) - - 530 2,472 7,331 (5,139) - - 4,664 25,288 623 - - - 25,911 22 - - - - 22 784 - (410) - - 374 7,481 424 (4,747) - - 3,158 559 80 (200) - - 439 67 - - - - 67 1,193,976 66,873 (16,234) 0 0 1,244,615 1,339,543 172,160 (97,143) 0 0 1,421,720 |
Details of Designated Funds
The Designated Funds are monies set aside by the PCC for repair to the fabric of the Church building.
Details of Main Restricted Funds
Descriptions of the funds are as follows:
The Healing - Brian Mann Fund and Healing - Brian Mann Fund Capital hold monies given to the PCC for the support of sick and vulnerable people in the local area. The HPC Ministers' Discretionary fund is money provided for the Incumbent of the parish to provide relief for needy people. Safe House project fund is monies given to provide a safe space for vulnerable individuals in the parish. The project began its life at Church for the Risen Christ.
The CCLA St Barbabas Capital NPE Fund is derived from the historical sale of parish property supplemented by income received from the deposited funds. This is to be used for charitable ecclesiastical purposes in the Parish. The CCLA St Barnabas Capital Permanent Endowment Fund is reserved in order to fund the building or installation of additional facilities in a new church centre for St Barnabas.
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Parochial Church Council of the Ecclesiastical Parish of St Barnabas, Homerton Notes to the Financial Statements For the year ended 31 December 2024
12 RECONCILLIATION BETWEEN CASH ACCOUNTING AND ACCRUALS ACCOUNTING 2022 AND 2023
The previous accounts, to 31 December 2023, were drawn up on a receipts and payments basis. Following the change of basis to accruals accounting in 2024, alongside the reclassification of some investments as cash, the 2023 accounts have been restated across the balance sheet headings as follows:
| 12a 2022 As previously stated at 31 December 2022 Accruals adjustments 2022: Bank and Cash Investments Debtors Creditors Total Accruals Adjustments Restated 31 December 2022 |
Investments Debtors Bank and Cash Creditors Total Unrestricted Funds Designated Funds Restricted Funds £ £ £ £ £ £ £ £ 1,176,972 - 184,840 - 1,361,812 107,835 62,725 1,191,252 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 0 0 0 0 0 0 0 0 1,176,972 0 184,840 0 1,361,812 107,835 62,725 1,191,252 |
|---|---|
| 12b 2023 As previously stated at 31 December 2023 Accruals adjustments 2023: (see 12a above) Bank and Cash Investments Debtors Creditors Total Accruals Adjustments Restated 31 December 2023 |
Investments Debtors Bank and Cash Creditors Total Unrestricted Funds Designated Funds Restricted Funds £ £ £ £ £ £ £ £ 1,222,959 - 185,134 - 1,408,093 105,959 62,926 1,239,208 - - 172,402 - 172,402 172,402 - - (171,989) - - - (171,989) (177,396) - 5,407 - 14,214 - - 14,214 14,214 - - - - - (1,001) (1,001) (1,001) - - (171,989) 14,214 172,402 (1,001) 13,627 8,220 0 5,407 1,050,970 14,214 357,536 (1,001) 1,421,720 114,179 62,926 1,244,615 |
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