2 3 4 5 6 |**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|| |||| |||| |||| 7 - - - - 8 - - - 9 10 ## **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**| |---|---| 11 ## **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. 12 **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. 13 **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. 14 ## **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**| |---|---| 15 **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** 16 **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. 17 **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| |---|---| 18