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2023-12-31-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST JOHN THE EVANGELIST UPPER HOLLWAY DIOCESE OF LONDON Church of England

Charity Registration Number: 1198307

Independent Examiners Ltd Unit 2 Broadbridge Business Centre Delling Lane Bosham PO18 8NF

1

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST JOHN THE EVANGELIST UPPER HOLLWAY DIOCESE OF LONDON

CONTENTS

Page 3 Legal and Administrative Information
Page 4 Independent Examiner's Report to the PCC Members
Pages 5 to 13 Trustees Annual Report
Page 14 Statement of Financial Activities
Page 15 Balance Sheet
Pages 16 to 24 Notes to the Financial Statements

2

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH

OF ST JOHN THE EVANGELIST UPPER HOLLWAY

LEGAL AND ADMINISTRATIVE INFORMATION

DIOCESE NAME Diocese of London MEMBERS OF THE CHURCH PCC Chair Rev`d Alan Comfort (until March 2023) PCC Members Mary Bishop (until March 2023) Jill Comfort (until March 2023) Emmanuel Ekwechi Sheryl Hendrickson Lloyd Milo Ade Olujinmi Lucius Onyemelukwe Nicky Pinkney PCC Vice Chair Elin Warnasuriya Graham Warnasuriya Treasurer Church Wardens Maggie Smyth PCC Secretary/Church Warden Uche Ihedioha Church Warden Deanery Synod Reps Gabriel Bankole David Price Henrietta White CHARITY STATUS The PCC registered with the Charity Commission on 22nd March 2022 CHARITY REGISTRATION NUMBER 1198307 GOVERNING DOCUMENT Parochial Church Council Powers Measure (1956) as amended and Church Representation Rules that came into force on 2nd January 1957 REGISTERED ADDRESS St John's Grove Upper Holloway Islington London N19 5RR PRIMARY BANKERS HSBC Bank Plc. 31 Holborn Holborn Circus London EC1N 2HR INDEPENDENT EXAMINER Independent Examiners Ltd Unit 2 Broadbridge Business Centre Delling Lane Bosham PO18 8NF

3

INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS

This report on the financial statements for the PCC of the Ecclesiastical Parish of St John The Evangelist Upper Holloway the year ended 31st December 2023, which are set out on the following pages, is in respect of an examination carried out in accordance with the Church Accounting Regulations 2006 ('the regulations') and s.145 of the Charities Act 2011 ('The Act').

Respective Responsibilities of the PCC and the Examiner

As the members of the PCC you are responsible for the preparation of the financial statements; you consider that the audit requirement of Regulations and section 144(2) of the Charities Act 2011 (the Act) does not apply. It is my responsibility to issue this report on those financial statements accounts in accordance with the terms of the Regulations.

Basis of Independent Examiner's Report

My examination was carried out in accordance with the General Directions given by the Charity Commission under section 145 (5)(b) of the Act and to be found in the Church Guidance, 2006 edition, issued from the Finance Division of the Archbishops' Council. That examination includes a review of the accounting records kept by the PCC and a comparison of the accounts with those records. It also includes considering any unusual items or disclosures in the accounts and seeking explanations from you as 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 Examiner's Statement

In connection with my examination, attention is drawn to the fact that there is currently uncertainty regarding ownership of the property shown within these accounts as a fixed asset, as to whether the owner is the Diocese or St John's PCC. The PCC have been advised to continue receiving the rental income from the property while the Diocese property team continues to evaluate and until a resolution and decision is reached by the Diocese. To that end the property continues to be shown as a fixed asset. Attention is also drawn to note 7 with regard to the extension of the repayment period for a loan agreed in 2022. The Trustees remain confident of its repayment, with a monthly repayment plan now in place. No other material matter has come to my attention:

J Irvinesmith FCIE

Independent Examiners Ltd Unit 2 Broadbridge Business Centre Delling Lane Bosham PO18 8NF

Dated: 21 October 2024

4

Trustees’ Annual Report for the period

From 1 Jan 2023 - 31 Dec 2023

Charity name: THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST JOHN THE EVANGELIST UPPER HOLLWAY

Charity registration number: 1198307

Objectives and Activities

SORP
reference
Summary of the purposes of
the charity as set out in its
governing document		 Para
1.17		 •
To promote the whole mission of the
Church, pastoral, evangelical, social and
ecumenical.
•
The PCC is also specifically responsible
for the maintenance of the Church
building and a curate’s house on Anatola
Road, North London.
Summary of the main
activities in relation to those
purposes for the public
benefit, in particular, the
activities, projects or
services identified in the
accounts.		 Para
1.17 and
1.19		 •
Maintain the church building for use by
the parish community.
•
Maintain church gardens for the public to
enjoy.
•
Provide pastoral services to the
community through the week.
•
Providing instructor-led activities for the
youth of the parish.
•
Sunday services aim to be a place of
spiritual solace and respite through
worship, music and prayer.
Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit		 Para
1.18		 •
the trustees are aware of the guidance
and take this into account when making
decisions as a governing body.

Additional information (optional) You may choose to include further statements where relevant about:

SORP reference Para Policy on grant making 1.38 Para Policy on social investment 1.38

5

including program related
investment
Contribution made by
volunteers		 Para
1.38
Other

Achievements and Performance

6

----- Start of picture text -----
the community.
----- End of picture text -----

Additional information (optional) You may choose to include further statements where relevant about:

----- Start of picture text -----
Achievements against Para
objectives set 1.41
Performance of fundraising
activities against objectives Para 1.41
set
Investment performance Para
against objectives 1.41
Other
----- End of picture text -----

7

Financial Review

Financial Review
Review of the charity’s
financial position at the end
of the period		 Para
1.21		 •
Total receipts on unrestricted funds were
£176,479 of which £62,960 was unrestricted
voluntary donations, and a further £13,676
was from Gift Aid.
•
No restricted donations were received in
2023.
•
The curate’s house at 4 Anatola Road,
Archway continues to be let out which
provided a gross income of £16,632.
•
The hall section of the church building
continues to be let out to Little Haven
Children’s nursery, bringing in gross
income of £32,568.
•
The church grounds were let out to the
regular Christmas tree sellers in December,
with a gross income of £5,643.
•
Income from the St Peter’s trust (property
rental income) was £41,500 for the year.
•
Interest of £250 was earned from restricted
endowment funds – the interest earned
portion is unrestricted.
Maintenance of the church buildings (£10,600)
remains the largest cost outside of utilities
(£20,216), insurance (£9,528) and staffing (£17,520).
The PCC also contributed £50,000 into the
Diocese’s common fund.
Contributions to mission work partners totalled
£5,100.
Statement explaining the
policy for holding reserves
stating why they are held		 Para
1.22		 £146,035 is held on designated reserve for the
church building reordering project which has
suffered a setback since the departure of the
vicar. A new architect has been commissioned by
direction of the diocese and work to progress the
project will resume once a new vicar is appointed.
Amount of reserves held Para
1.22		 Free Reserves stand at £112,405 as
represented by unrestricted net current assets.
Reasons for holding zero
reserves		 Para
1.22		 N/A
Details of fund materially in
deficit		 Para
1.24		 N/A
Explanation of any
uncertainties about the
charity continuing as a going
concern		 Para
1.23		 N/A

Additional information (optional) You may choose to include further statements where relevant about:

The charity’s principal sources of funds (including Para 1.47

8

any fundraising)
Investment policy and
objectives including any
social investment policy
adopted		 Para 1.46
A description of the principal
risks facing the charity		 Para 1.46
Other

9

Structure, Governance and Management

Description of charity’s
trusts:
Type of governing document
(trust deed, royal charter)		 Para 1.25 Constitution
How is the charity
constituted?
(e.g unincorporated
association, CIO)		 Para 1.25 Unincorporated
Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees		 Para 1.25 Proposals 10 weeks prior to Annual
general meeting, with elections taking
place at the PCC’s Annual General
meeting.

Additional information (optional)

You may choose to include further statements where relevant about:

Policies and procedures adopted for the induction and Para 1.51 training of trustees The charity’s organisational structure and any wider Para 1.51 network with which the charity works Relationship with any related Para 1.51 parties Other

Reference and Administrative details

Charity name St. John the evangelist
Other name the charity uses
Registered charity number 1198307
Charity’s principal address Pemberton Gardens
N19 5RR
London

10

Names of the charity trustees who manage the charity

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20		 Trustee name Office (if any) Dates acted if not for whole
year		 Name of person (or body) entitled
to appoint trustee (if any)
Gabriel Bankole
Emmanuel Ekwechi
Sheryl Hendrickson
Uche Ihedioha Church warden
Lloyd Milo
Adewale Olujinmi
Lucius Onyemelukwe
Nicky Pinkney PCC Vice chair
David Price
Margaret Smyth PCC Secretary/
Churchwarden
Elin Warnasuriya
Graham Warnasuriya Treasurer
Henrietta White
Uzor Monu

– Corporate trustees names of the directors at the date the report was approved Director name

Name of trustees holding title to property belonging to the charity

Trustee name Dates acted if not for whole year

11

Funds held as custodian trustees on behalf of others

Description of the assets Cash held on account held held in this capacity

Name and objects of the 1. Upper Holloway Fellowship of churches - £590 held charity on whose behalf the on behalf of 3 local churches incl. St Johns – assets are held and how this reserved for joint activities. falls within the custodian 2. Upper Holloway Drop-in centre - £8,521.30 held on charity’s objects behalf of soup kitchen run by a partnership of local churches including St Johns. Details of arrangements for Both are recorded as separate restricted funds in safe custody and the charity’s accounts. segregation of such assets from the charity’s own assets

Additional information (optional)

Names and addresses of advisers (Optional information)

Type of Name Address adviser

Name of chief executive or names of senior staff members (Optional information)

Exemptions from disclosure

Reason for non-disclosure of key personnel details

Other optional information

12

Declarations

The trustees declare that they have approved the trustees' report above.

Signed on behalf of the charity's trustees

Charity Treasurer Signature(s) Graham Wamasuriya Full name(s) Graham Wamasuriya Position (eg Secretary, Treasurer Chair, etc) Date 04/03/2024

13

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH

OF ST JOHN THE EVANGELIST UPPER HOLLWAY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023

Unrestricted Endowment Designated Restricted TOTAL TOTAL
Notes Funds Funds Funds Funds 2023 2022
INCOME FROM: £ £ £ £ £ £
Donations & Legacies 4a 78,391 - 880 - 79,271 80,681
Income from Generated Funds 4b 96,343 - - - 96,343 67,304
Income from Investments 4c 1,290 - - - 1,290 1,419
Other Incoming Resources 4d 455 - - - 455 1,446
TOTAL INCOME 176,479 - 880 - 177,359 150,850
EXPENDITURE
Cost of Charitable Activities 5a 142,533 - 3,570 - 146,103 125,583
Governance Costs 5b 12,048 - - - 12,048 10,111
TOTAL EXPENDITURE 154,581 - 3,570 - 158,151 135,694
NET INCOME/(EXPENDITURE) 21,898 - (2,690) - 19,208 15,156
BEFORE INVESTMENTS GAINS/(LOSSES)
Net Gains & (Losses) on 3 - 3,193 - - 3,193 (4,572)
Investments
NET INCOME/(EXPENDITURE) 21,898 3,193 (2,690) - 22,401 10,584
Transfer Between Funds 10 12,328 - (12,328) - - -
NET MOVEMENT IN FUNDS 34,226 3,193 (15,018) - 22,401 10,584
RECONCILIATION OF FUNDS
Total Funds Brought Forward 447,733 40,509 160,460 22,342 671,044 660,460
TOTAL FUNDS CARRIED FORWARD 481,959 43,702 145,442 22,342 693,445 671,044

Movements on all reserves and all recognised gains and losses are shown above. All of the PCC's operations are classed as continuing.

The notes on pages 16 to 24 form part of these financial statements.

14

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST JOHN THE EVANGELIST UPPER ROLLWAY

BALANCE SHEET AS AT 31ST DECEMBER 2023

Unrestricted Endowment Designated Designated Restricted 31-Dec-23 31-Dec-22
Funds Funds Funds Funds Total Total
Agee
Tangible
Assets
Investments		 2
3		 363,010
6
544		 37
944		 363,010
44
488		 383,036
41
295
49
Current
Asseb
Cash
at
bank
and
in
hand
Debtors
&
Prepayments		 6
7		 88,798
30
636		 5,758 145,442 22,342 262,340
30
636		 226,432
23
785
Total
Current
Asseb
Creditors:
Due
Within
One
Year		 8 7,029 7,029 3,504
NET
CURRENT
ASSETS		 112,405 5,758 145,442 22,342 285,947 246,713
TOTAL
ASSETS
less
current
liabilities
Creditors:
Due
in
More
than		 9
One
Year
NET
ASSETS
Funds
ot
the
ChartW
Unrestricted
Funds
Endowment
Funds
Designated
Funds		 3
10		 481,959 43,702 145,442 481,959
43,702
145,442		 447,733
40.509
160.460
Restricted
Funds		 11 22,342 22,342 22,342

30 Approved by the Trustees on 2024 Signed on their behalf by Printed Name: Mr G. Warnasuriya

15

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST JOHN THE EVANGELIST UPPER HOLLWAY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

1. ACCOUNTING POLICIES

a) Basis of Preparation of Financial Statements & Assessment of Going Concern

The accounts are prepared under the historical cost convention, in accordance with the Church Accounting Regulations 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with FRS 102 (effective 1 January 2019) - (Charities SORP (FRS 102)) and the Charities Act 2011.

The primary objective of the charity is to promote the gospel of our Lord Jesus Christ according to the doctrine and practice of the Church of England. The charity meets the definition of a public benefit entity under FRS 102.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

There are no material uncertainties about the charity’s ability to continue as a going concern.

The church is registered with the Charity Commission under number 1193807. The Trustees are the members of the PCC named on page 3.

b) Fund accounting

PCC funds are required to be analysed under specific headings, as follows.

General funds represent the ‘free’ funds of the PCC that are not subject to any restriction regarding their use and are available for application for the general purposes of the PCC.

Designated funds are earmarked by the PCC for purposes but are nevertheless still unrestricted as the PCC can reassign the funds if it wishes.

Restricted funds are funds collected or donated for a purpose and cannot be used by the PCC for any other purpose except by agreement with the donor.

Endowment Funds are funds donated for the purpose specified by the donor, the capital is held in accordance with the directions of the donor, and income arising from the fund is to spent in accordance with the donor wishes.

The funds of the PCC have been appropriately analysed, and the statement of financial activities has been prepared in accordance with this analysis.

c) Accounting Requirements

The accounts are required to include all transactions, assets and liabilities for which the PCC can be held responsible.

d) Income

(i) Donations - Collections and planned giving are included in the SOFA when the funds are received. Income tax recoverable on gift aid donations is recognised when claimable.

(ii) Other donations - Any grants or legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement and the amount due.

16

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST JOHN THE EVANGELIST UPPER HOLLWAY

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023

(iii) Trading and ancillary activities: All funds raised by parish activities such as the bookstall, and catering etc. are accounted for gross. Rental income from non-investment property and room lettings is recognised when the rental is due. Parochial fees for weddings, funerals etc., are accounted for when due.

(iv) Investments - Income earned on short-term deposits with the bank and Central Board of Finance is accounted for when received. Realised gains or losses are recognised when investments are sold. Unrealised gains or losses are accounted for on revaluation of investments at the year-end.

e) Application of Resources

(i) Grants and outward giving are accounted for in the SOFA when paid, unless an obligation, whether constructive or legal, exists to the recipient in accordance with the Charities SORP and FRS102.

(ii) Parish share and other costs directly relating to the work and activities of the Church are accounted for when they are incurred or become due and payable.

f) Fixed Assets

(i) Consecrated land and buildings and moveable church furnishings - Consecrated and beneficed property, is excluded from the accounts by S10(2)(a & c) of the Charities Act 2011. No value is attributed to moveable church furnishings held by the Churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or beneficed buildings and moveable church furnishings, whether for maintenance or improvement, is written off as expenditure in the SOFA and separately disclosed.

(ii) Other land and buildings - Other land and buildings held on behalf of the PCC for its own purposes are valued at a fair but prudent valuation which is a reasonable estimate of the current value “in use” of the property. No depreciation has been charged in respect of such properties as they are kept in sound condition and any expenditure on maintenance or improvement following regular review is written off as incurred. Other land and buildings held for rental purposes are depreciated over 30 years.

(iii) Other fixtures, fittings and office furniture - Fixtures, fittings and equipment used for church purposes is capitalised and written off on a straight-line basis over the assets estimated useful life.

Routine replacements and renewals are written off as expenditure in the SOFA. Other equipment purchases of under £7,500 are also written off as expenditure in the SOFA.

g) Current Assets

Amounts owing to the PCC at the year end in respect of tax reclaims and other income are shown as debts less any provision for amounts which may prove to be uncollectable. Short-term deposits include cash held on deposit either with the Central Board of Finance or at a bank.

h) Tax Status

As a charity, the PCC is exempt from paying income and corporation tax but does have to pay value added tax if applicable.

i) Depreciation Expense

Depreciation is calculated at a rate to write off the cost of tangible fixed assets on an appropriate basis over their estimated useful lives. The rates applied per annum are as follows:

Freehold Land & Building

Fixtures, Fittings & Equipment

Straight Line Basis Over 30 Years based on original cost of £96,000 until 2017, then based on revalued cost of £550,000

Reducing Balance Basis at 25% of Cost

17

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST JOHN THE EVANGELIST UPPER HOLLWAY

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023

2. TANGIBLE FIXED ASSETS

Cost
01-Jan-23
Additions
Cost at
31-Dec-23
Depreciation
01-Jan-23
Charge
Depreciation at
31-Dec-23
Net Book Value
31-Dec-23
Net Book Value
31-Dec-22		 Freehold
Improvements
Fixtures
Land
to
Fittings &
Total
& Building
Property
Equipment
2022
£
£
£
£
550,000
2,992
17,167
570,159
-
-
-
-
550,000
2,992
17,167
570,159
173,732
2,046
11,345
187,123
18,333
237
1,456
20,026
192,065
2,283
12,801
207,149
357,935
709
4,366
363,010
376,268
946
5,822
383,036

Trustees of the Parish of St John Upper Holloway sought guidance and advice regarding the revaluation of Land & Buildings at 4 Anatola Road, London, N19 5HN. The Land & Buildings were previously valued at cost and were included in the accounts at a value of £96,000 as at the 31st December 2015. The subsequent valuation for Land & Buildings were based on fair value by a local estate management agent and were valued at £550,000 as at the 31st December 2016.

The annual commitments under non-cancelling operating leases and capital commitments are as follows:

31st December 2023: Photocopier lease payable at £372 per quarter

3. INVESTMENTS

Unrestricted
Endowment
Endowment
Funds
Funds
Funds
Market Value at 01-Jan-23 Thomas
Thomas
Dickinson
Lyon Charity
CBF
CCLA- COIF
CCLA- COIF
Deposit
Investment
Investment
Fund
Fund
Fund
£
£
£
6,544
32,515 2,236		 2023
TOTAL
£
41,295
Additions -
- -		 -
Disposals -
- -		 -
Unrealised Gains/(Losses) -
2,988 205		 3,193
Transfer of Funds to Church Bank Account -
- -		 -
Market Value at 31-Dec-23 6,544
35,503
2,441		 44,488

The Thomas Dickinson Fund was established by a Scheme dated March 1975. The Vicars of the Parish Church of St John the Evangelist, Upper Holloway and the Parish Church of St Mark with St Anne, Holloway and Co-Optive Trustees of both Parish Churches were appointed first Trustees of the Fund. The capital of the fund is held in permanent endowment and cannot be spent. Income from the fund is by way of dividends, for which the above churches including St John's are beneficiaries. The dividends are paid into a separate bank account and distributed to the two beneficiaries. The purpose of the fund is for supporting members of the congregation meeting for religious worship at the Parish Church of St John the Evangelist, Upper Holloway and the Parish Church of St Mark with St Anne, Holloway, who are in conditions of need, hardship or distress. In 2023, dividend income totalling £974.57 from the Thomas Dickinson Endowment Fund is accrued and shown in the Statement of Financial Activities.

The Charity holds investments with CCLA COIF Investment Fund. The Thomas Dickinson Investments Fund held 1789 Investment Fund Shares at a unit cost of £19.845 per share. The investment value was £35,502.70 as at the 31st December 2023.

18

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST JOHN THE EVANGELIST UPPER HOLLWAY

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023

3. INVESTMENTS (continued)

The Thomas Lyon Fund was established by a Scheme dated March 1975. The Ecclesiastical Parishes of St John the Evangelist, Upper Holloway and St Mark with St Anne, Holloway were appointed first Trustees of the Fund. The capital of the fund is held in permanent endowment and cannot be spent. Income from the fund is by way of dividends, for which the above churches including St John's are beneficiaries. The dividends are paid into a separate bank account and distributed to the two beneficiaries. Income from the fund must be used for the relief of poor members of the congregation meeting for religious worship at the Parish Church of St John the Evangelist, Upper Holloway. In 2023, dividend income totalling £67.01 from the Thomas Lyon Endowment Fund is accrued and shown in the Statement of Financial Activities.

The Charity holds investments with CCLA COIF Investment Fund. The Thomas Lyon Charity Investment Fund held 123 Investment Fund Shares at a unit cost of £18.801 per share. The investment value was £2,440.94 as at the 31st December 2023.

4. INCOME

Note Unrestricted Endowment Designated Restricted TOTAL TOTAL
Funds Funds Funds Funds 2023 2022
a) Donations & Legacies £ £ £ £ £ £
Gifts & Donations 10 62,960 - 880 - 63,840 65,311
Gift Aid Tax Recoverable 13,676 - - - 13,676 12,729
Grants 11 - - - - - 2,641
Special Collections 1,755 - - - 1,755 -
78,391 - 880 - 79,271 80,681
b) Income From Charitable Activities
Discretion Fund - - - - - -
Junior Church - - - - - -
Messy Church - - - - - -
Mission Support - - - - - -
Youth Activities - - - - - -
- - - - - -
b) Income From Other Trading Activities
Books & Publications - - - - - -
Garden Fete/Community Events - - - - - -
Rental Income 96,343 - - - 96,343 67,304
96,343 - - - 96,343 67,304
c) Income from Investments
Bank Interest and Dividends 3 1,290 - - - 1,290 1,419
1,290 - - - 1,290 1,419
d) Other Incoming Resources
Other Income 44 - - - 44 -
Weddings and Funerals 411 - - - 411 1,446
455 - - - 455 1,446

19

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH

OF ST JOHN THE EVANGELIST UPPER HOLLWAY

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023

5. EXPENDITURE

Note
a) Cost of Charitable Activities
Bank Charges
Church Mission Support
Church Running Costs (Utilities)
Clergy Expenses
Curate House Repairs and Maintenance
Depreciation Expense
Equipment and Software Costs
Gifts & Donations
License & Subscriptions
London Diocese - Common Fund
Marketing, PR and Web Design
Office Costs
Organ Costs
Outreach & Evangelism
Overseas Mission Support
Repairs & Maintenance
Staff Costs
13
Sundry Expenses
Telephone Costs
Training Costs
Volunteer Costs, Staff Welfare and Travel
b) Governance Costs
Insurance Costs
Independent Examiners Fees
8
Legal & Professional Fees		 Unrestricted
Endowment
Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
Funds
2023
2022
£
£
£
£
£
£
129
-
-
-
129
-
-
-
-
-
-
511
20,648
-
-
-
20,648
13,950
-
-
-
-
-
175
2,900
2,900
378
20,026
-
-
-
20,026
20,589
492
-
-
-
492
287
600
-
-
-
600
1,049
1,488
-
-
-
1,488
1,898
50,000
-
-
-
50,000
45,000
244
-
-
-
244
-
2,928
-
-
-
2,928
300
1,125
-
-
-
1,125
432
3,533
-
1,388
-
4,921
2,979
5,100
-
-
-
5,100
5,154
13,637
-
2,182
-
15,819
12,591
17,520
-
-
-
17,520
18,769
-
-
-
-
-
68
776
-
-
-
776
902
30
-
-
-
30
506
1,357
-
-
-
1,357
45
142,533
-
3,570
-
146,103
125,583
9,528
-
-
-
9,528
8,671
1,470
-
-
-
1,470
1,440
1,050
-
-
-
1,050
-
12,048
-
-
-
12,048
10,111

20

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH

OF ST JOHN THE EVANGELIST UPPER HOLLWAY

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023

6. CASH AT BANK AND IN HAND

Cash at Bank and in Hand Unrestricted
Endowment
Designated
Restricted
Funds
Funds
Funds
Funds
31-Dec-23
31-Dec-22
£
£
£
£
£
£
88,798
5,758
145,442
22,342
262,340
226,432
88,798
5,758
145,442
22,342
262,340
226,432

7. DEBTORS & PREPAYMENTS

Debtors and Prepayments
Gift Aid Tax Recoverable
Interest and Dividends Receivable
Loan		 Unrestricted
Endowment
Designated
Restricted
Funds
Funds
Funds
Funds
31-Dec-23
31-Dec-22
£
£
£
£
£
£
5,920
-
-
-
5,920
604
13,676
-
-
-
13,676
12,904
1,040
-
-
-
1,040
277
10,000
-
-
-
10,000
10,000
30,636
-
-
-
30,636
23,785

The loan shown above relates to an interest free loan given to Red Balloon Foundation (registered charity 1158982) on 26th January 2022, with an original planned repayment date of 26th January 2023 (or an agreeable date between the parties). The original target repayment date was not achieved. As at the date of signing these financial statements, the Trustees confirm that an agreement is in place for Red Balloon Foundation to start paying £1,000 every month for 10 months commencing September 2024.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Sundry Creditors
Independent Examiners Fee
NEST Pension Contributions		 Unrestricted
Endowment
Designated
Restricted
Funds
Funds
Funds
Funds
31-Dec-23
31-Dec-22
£
£
£
£
£
£
5,559
-
-
-
5,559
2,044
1,470
-
-
-
1,470
1,440
-
-
-
-
-
20
7,029
-
-
-
7,029
3,504

9. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR ONE

There were no long term liabilities held during this or the previous financial period.

21

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST JOHN THE EVANGELIST UPPER HOLLWAY

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023

10. DESIGNATED FUNDS

----- Start of picture text -----
CURRENT YEAR Balance Transfers Transfers Balance
01-Jan-23 In Income Expenditure Out 31-Dec-23
£ £ £ £ £ £
Re-ordering Project 160,460 - - (2,182) (12,243) 146,035
Soup and Stretch Fund - - 880 (1,388) (85) (593)
160,460 - 880 (3,570) (12,328) 145,442
----- End of picture text -----

The transfers out in 2023 represent:

£ Soup and Stretch (85) To reverse the incorrect replenishment transfer in 2022 Re-ordering Project (5,165) To reverse the incorrect replenishment transfer in 2022 Re-ordering Project (7,078) Designated fund expenditure that was shown as general fund expenditure in error (12,328)

PRIOR YEAR
Re-ordering Project
Soup and Stretch Fund		 Balance
Transfers
Transfers
Balance
01-Jan-22
In
Income
Expenditure
Out
31-Dec-22
£
£
£
£
£
£
460
165,165
-
(5,165)
-
160,460
-
85
125
(210)
-
-
460
165,250
125
(5,375)
-
160,460

The transfers in in 2022 represent:

£ Re-ordering Project 5,165 To replenish shortfall on designated fund expenditure Re-ordering Project 160,000 PCC agreement to allocate funds to Re-ordering Project Soup and Stretch 85 To replenish shortfall on designated fund expenditure 165,250

The Churches designated funds are wholly represented by cash reserves held and are to be expended as specified above.

11. RESTRICTED FUNDS

CURRENT YEAR
Drop in Centre
Fabric Fund
Upper Holloway Fellowship
of Churches
Church Heating Fund
PRIOR YEAR
Drop in Centre
Fabric Fund
Upper Holloway Fellowship
of Churches
Church Heating Fund		 Balance
Transfers
Transfers
Balance
01-Jan-23
In
Income
Expenditure
Out
31-Dec-23
£
£
£
£
£
£
8,521
-
-
-
-
8,521
13,081
-
-
-
-
13,081
590
-
-
-
-
590
150
-
-
-
-
150
22,342
-
-
-
-
22,342
Balance
Transfers
Transfers
Balance
01-Jan-22
In
Income
Expenditure
Out
31-Dec-22
£
£
£
£
£
£
8,521
-
-
-
-
8,521
13,081
-
-
-
-
13,081
590
-
-
-
-
590
-
-
150
-
-
150
22,192
-
150
-
-
22,342

There were no transfers between funds in 2023 or 2022.

The Churches restricted funds are wholly represented by cash reserves held and are to be expended as specified above.

22

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH

OF ST JOHN THE EVANGELIST UPPER HOLLWAY

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023

12. ANALYSIS OF NET ASSETS BY FUND

CURRENT YEAR Unrestricted Unrestricted Endowment Designated Restricted 31-Dec-23
Fund Fund Fund Fund Total
£ £ £ £ £
Fixed Assets and Investments 369,554 37,944 - - 407,498
Current Assets 112,405 5,758 145,442 22,342 285,947
Liabilities (due in more than one year) - - - - -
481,959 43,702 145,442 22,342 693,445
PRIOR YEAR
Fixed Assets and Investments		 Unrestricted
Fund
£
389,580		 Endowment
Fund
£
34,751		 Designated
Fund
£
-		 Restricted
Fund
£
-		 31-Dec-22
Total
£
424,331
Current Assets 58,153 5,758 160,460 22,342 246,713
Liabilities (due in more than one year) - - - - -
447,733 40,509 160,460 22,342 671,044
13. STAFF COSTS AND NUMBERS
Gross Wages and Salaries via Payroll 2023
£
5,486		 2022
£
7,149
Gross Wages and Salaries - self employed 11,473 12,967
Payroll Processing Fees 455 499
Employer's National Insurance Costs - 45
Less Employer's Allowance - (45)
SMP Recovered - (2,259)
Employer's Pension Contributions 106 413
17,520 18,769
Employees were engaged in each of the following activities:
2023 2022
Activities in furtherance of organisation's objects 1 1

The PCC paid a Worship Leader, Administrator and Youth Ministry Worker on a self-employed basis during 2023. They were responsible for reporting their own tax and national insurance obligations to HMRC. Until September 2023, the PCC employed one staff member and operated a PAYE scheme. No employees received emoluments in excess of £60,000 (2022: None).

The key management personnel are considered to be the PCC Members. One PCC Member received remuneration and self employment payments for their role as Parish Administrator. Therefore, the total benefits paid to key management personnel (including employer national insurance and employer pension contributions) was £6,488 (2022: £8,106).

The PCC operated a government backed pension scheme as from April 2020, and all eligible employees were enrolled into the scheme.

14. PAYMENTS TO PCC MEMBERS AND RELATED PARTIES

During the financial year PCC Member Mrs E. Warnasuriya received gross remuneration via PAYE of £5,486 (2022: £7,149) in her capacity as Parish Administrator for the Parish of St John Upper Holloway in furthering the Charity's objectives. The PCC also paid employer pension contributions of £106 (2022: £413) on her behalf. As from September 2023, Mrs Warnasuriya was contracted to work as a self employed Parish Administrator instead of via PAYE, and received total payments under self employment of £896.

During the financial year PCC Secretary and Church Warden Mrs M Smyth, received payments totalling £1,230 for cleaning services given to the Church.

The PCC relies on the provisions contained in section 3a of its governing document to pay a PCC member.

Apart from the reimbursement of charitable purchases paid for personally on behalf of the charity, no other payments were made to PCC Members or any persons connected with them during this financial period. No other material transaction took place between the charity and a PCC Member or any person connected with them.

An amount of £600 was given to Rev A and J Comfort from a farewell collection that was taken in church for them.

23

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST JOHN THE EVANGELIST UPPER HOLLWAY

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023

15. RISK ASSESSMENT

The trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.

16. RESERVES POLICY

The trustees have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The trustees aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The trustees will endeavour not to set aside funds unnecessarily.

17. PUBLIC BENEFIT

The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake

24