# **THE PARISH CHURCH OF ST JOHN-AT-HAMPSTEAD** Registered Charity No 1129264 ## **ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL for the year ended 31 December 2023** **Vicar** The Reverend Carol Barrett Ford (from 21 January 2024) **Churchwardens** Martin Evans Sheena Ginnings **Bankers** HSBC Bank plc 50-52 Kilburn High Road Kilburn London NW6 4HJ **Independent Examiner** Robert Ashdown ACA 75 Brookville Road London SW6 7BH The Parish Church of St John-at-Hampstead ## **Reference and Administrative Details** **Full Name:** The Parochial Church Council of the Ecclesiastical Parish of St John-at-Hampstead (“the PCC”). ## **Charity Registration Number:** 1129264 **Address and Website:** Church Row, London NW3 6UU / www.hampsteadparishchurch.org.uk ## **Trustees under an Act of Parliament of 1827** Ex Officio The Reverend Carol Barrett Ford Vicar (from 21 January 2024) The Reverend Jeremy Fletcher Vicar (until 23 January 2023) Martin Evans Churchwarden Sheena Ginnings Churchwarden The Reverend Graham Dunn Assistant Curate **Membership of the PCC** Ex Officio The Reverend Carol Barrett Ford Vicar and PCC Chairman (from 21 January 2024) The Reverend Jeremy Fletcher * Vicar and PCC Chairman (until 23 January 2023) Martin Evans * Churchwarden and PCC Vice Chairman Sheena Ginnings* Churchwarden The Reverend Graham Dunn * Assistant Curate _As a lay member of the London Diocesan Synod_ Inigo Woolf * Treasurer (also an ex officio member and an elected member of the Camden Deanery Synod) ## _As lay members of the Camden Deanery Synod_ John Barker Angela Gardner Rosemary Loyd ## Elected Members Gaynor Bassey-Fish Electoral Roll Officer Elizabeth Beesley Sarah Cheriton-Jones Hagar Cliff * Deputy Churchwarden Jonathan Davey Vanessa Fitzpatrick (until 17 July 2023 and also as a member of the Camden Deanery Synod until 30 June 2023) Seka Graovac (until 8 January 2023) Jean Harrison Jules Lubbock (from 24 April 2023) Jessica Mathur Margaret Pritchard Houston (until 24 April 2023) Jon Siddall * Deputy Churchwarden Handley Stevens Nicholas Walser * PCC Secretary Nicholas White (from 24 April 2023) Deborah Zandstra (until 13 November 2023; Safeguarding Officer until 13 January 2024) Co-opted Members Edward Armstrong (from 6 February 2023 until 17 July 2023 and also an elected member from 17 July 2023 until 13 November 2023) Peter Ginnings (from 27 March 2023) James Poletyllo (from 17 July 2023; Safeguarding Officer from 13 January 2024) The Revd Jan Rushton Associate Priest (until 19 October 2023) (Those marked with an asterisk * served as members of the Standing Committee for all or part of the year) 2 The Parish Church of St John-at-Hampstead ## **Background** The church of St John-at-Hampstead, commonly known as Hampstead Parish Church (“the Church”), was consecrated in 1747 as the latest in a series of buildings on this site, which are believed to go back to 986. The PCC has the responsibility of co-operating with the incumbent in the task of participation in God’s mission to the world and taking counsel together for the sake of the pastoral, evangelistic, educational, social and ecumenical ministry of the church in the ecclesiastical parish which covers a large part of central Hampstead. ## **Aims and Objectives** The PCC’s recent strategic direction has been guided by the Mission Action Plan for 2018-2022 following its adoption in November 2018 after a comprehensive review of the Church’s vision, mission and strategy. Since that time the plan has been kept under regular review to ensure that the Church’s activities remained in line with agreed aims and objectives. In the autumn of 2022, the process of developing a new plan to cover the period 2023-2027 began with a Parish Survey. The survey, and the focus groups that followed, identified seven key aims or challenges to help influence and shape the PCC’s approach when setting the Church’s future direction. These were to: - maintain a range of styles of worship that speak to different groups; - deepen our own faith and attract and nurture others; - celebrate and involve our younger members (teens, 18-30s) more; - encourage a wider sense of welcome and belonging since we are one in Christ; - build a more inclusive and diverse congregation; - make our pastoral care more visible and accessible; - ensure that our children and young people feel valued and are encouraged in faith; It was also recognised that there was a need to attract and encourage new volunteers to help achieve our potential. Following the announcement of the sudden and unexpected departure of the Reverend Jeremy Fletcher as Vicar in late January 2023, the PCC’s main focus turned to the search for his successor. A key element in this process was the preparation of a Parish Profile to capture the essence of our Church, the challenges we face, and the qualities required in our new Vicar. As a result, further detailed consideration of the new plan was sensibly put on hold pending the appointment of the new incumbent who would rightly take the lead in shaping and implementing our strategy for mission, challenge our thinking, and inject a fresh perspective as we develop our new Mission Action Plan for 2024 and beyond. The profile, which was drawn up in consultation with, and with input from, the then Bishop of Edmonton, the Archdeacon of Hampstead, and the Diocesan Board of Patronage, summarised the PCC’s current thinking regarding the priorities for the next Mission Action Plan. These included: - Exploring a range of ways to better understand our faith and recognise the presence of God in our daily lives; - Strengthening our work with children, young people and families; 3 ## The Parish Church of St John-at-Hampstead - Developing our capacity to meet the needs of our own and the wider community for a fair, just and equal society; - Finding more effective approaches to recruiting and using volunteers and to fundraising. The PCC also identified the importance of reflecting the aims and priorities of the Diocese of London’s 2030 Vision and taking the opportunity to draw on the resources developed for it. ## **Achievements and Performance** The main priority in 2023 was the search for a new Vicar. In October 2023, the Diocesan Board of Patronage (“the Board”) made a recommendation to the Interim Bishop of Edmonton to offer the living of St John-at-Hampstead to the Reverend Carol Barrett Ford, the serving Area Dean of the Camden Deanery and, at that time, the Vicar of St Martin’s, Gospel Oak. This followed a full and extensive consultation and recruitment process under the auspices of the Board and overseen by the Interim Bishop of Edmonton, supported by Martin Evans and Sheena Ginnings, the Church’s designated lay representatives on the appointment panel. Her Institution and Induction as our Vicar took place on 21 January 2024 and marked the beginning of a new and exciting era for the Church. The vacancy, and the challenge this presented, brought out the very best in the Church and reinforced the importance of a dedicated volunteer network to underpin and support the work of the clergy. Sincere thanks are due to the clergy, volunteer and staff teams for their considerable combined efforts in ensuring that the normal life of the Church was largely maintained. It also provided an opportunity for reflection on the current state of the parish and in preparing us for the challenges and opportunities that lie ahead. In most respects, it was still ‘business as usual’ through the delivery of a regular weekly pattern of services with attendances holding up well. The policy of keeping the Church open each day, with a member of the welcoming team often on hand to offer assistance, as a place of comfort and prayer took on an added significance as the true impact of the cost of living crisis became increasingly evident. Despite being in a period of transition, the Church’s full range of activities was maintained as was its support for the most vulnerable in the local community. The Church once again hosted the C4WS Winter Night Shelter and increased its contribution to local food banks. Active relationships were maintained with amongst others Age UK Camden (Henderson Court). The relaunch of our volunteer-led Junior Church programme was enhanced by additional administrative support. The installation of a new altar frontals cupboard was completed. The PCC met eleven times during the year. There were six regular meetings (which included the customary meeting following the Annual Parochial Church Meeting in April held primarily for the purpose of electing the Officers and appointing the Standing Committee). The PCC also met on a further four occasions to address the challenges arising from the vacancy and, in particular, to develop and approve the Parish Profile Finally, the PCC met with the Archdeacon of Hampstead on 5 June for the triennial visitation at which there was a full and constructive exchange of views. The Archdeacon was pleased to confirm that the PCC had achieved near complete compliance and no major issues had been identified. Most meetings were held in person with the remainder taking place remotely by Zoom with decisions confirmed in writing and recorded in accordance with the applicable rules and guidance. Separately, the PCC met for an Awayday in January at which the results of the parish survey and outline plans for the development of the choir vestry were discussed. 4 The Parish Church of St John-at-Hampstead ## **Future Plans** The development and adoption of a new Mission Action Plan for 2024-2027 following the arrival of our new Vicar is central to the Church’s future plans over the next three to four years. A PCC Awayday is planned for the summer with a view to taking this forward. While it would be premature for the PCC to set out detailed new plans until that process is complete, there are some specific targets that remain ongoing in the meantime which include: - The taking of further steps towards achieving a balanced budget in the Church’s General Fund through savings, the prioritised application of available funds, and a renewed focus on increasing voluntary and trading income. - The further promotion of our work with children including our ongoing commitment to providing a safe and secure environment; - The completion of the review of the arrangements for the use of the parish rooms and the Church by external hirers to achieve appropriate and safe levels of use and revenues in keeping with our status as a place of worship and prayer; - The renewal of the lease for the Church’s flat at 100 Frognal which expires in the spring (for which a new tenant has recently been found at an increased rent); - The replacement of the choir vestry roof as the first phase of works designed to improve the access to and the uses of the choir vestry and parish office area; - The further planning of a costed and funded programme to upgrade the Church’s facilities to accommodate present and developing needs to serve both our membership and the wider community. The anticipated rolling programme of capital projects to facilitate the Church’s activities will be funded in part by significant legacy income received in recent years (and through other legacies as they arise from time to time) although this will need to be combined with other fundraising for specific projects if the desired or necessary level of refurbishment and improvements is to be achieved within a reasonable timescale. A growth in planned giving and other regular sources of income to meet the Church’s annual running costs will be important in enabling the Church’s designated reserves and legacy income to be applied to fund the programme of capital and long term projects as intended. ## **Public Benefit** The PCC is aware of the Charity Commission’s guidance on public benefit and the advancement of religion. It believes that working with the Clergy for the promotion of the mission of the Church in the parish, and in the wider community, it benefits the public, in particular, by providing: - 1) a variety of forms of public worship, pastoral care and spiritual, moral and intellectual development for the wide range of its members and for any member of the public wishing to take advantage of the services and opportunities which the Church offers; - 2) space, facilities and encouragement for educational and community activities and for recreation; and - 3) financial, moral and practical support for numerous other charities which benefit sections of the public that are in need locally and national and international charities. 5 The Parish Church of St John-at-Hampstead ## **Structure, Governance and Management** ## **Act of Parliament relating to St John-at-Hampstead** The Church building and the Churchyard are vested in the Vicar. Under an Act of Parliament of 14 June 1827 (“the Act”) a group of trustees was established in whom were vested the organ, fixtures and furniture of the Church, and who have responsibility for maintaining the Church in good repair, and insuring the buildings, fixtures and furniture against damage. The Act provides for the election of up to 21 trustees to serve for a period of nine years although the qualification for election as a trustee (being liable for poor relief rate) is now obsolete as is the trustees’ source of funding (pew rents). The Vicar, churchwardens, and curate(s) are trustees _ex officio._ In 2013 it was decided to elect no new trustees which means that, since April 2019, the sole trustees under the Act are the Vicar, churchwardens, and any licensed assistant curate(s) _ex officio_ . ## **The PCC** The PCC is a corporate body established by the Church of England. It operates under the Parochial Church Council Powers Measure 1956 (as amended) and the Church Representation Rules. It is also a registered charity. The appointment of PCC members is governed by the Church Representation Rules. Membership of the PCC comprises: the licensed clergy, the two churchwardens, and lay members of the diocesan and deanery synods (ex officio); and 15 lay members elected by the Annual Parochial Church Meeting (“the APCM”) who serve three year terms. In addition, the PCC may co-opt up to three members to serve annually at any one time. The churchwardens are elected each year at the meeting of Parishioners immediately preceding the APCM and, by custom, serve a maximum of four years consecutively. Members must be communicants of sixteen years and upwards and on the electoral roll of the parish. The PCC normally meets six times a year. At the first meeting of the new PCC after the APCM an introduction is given to the responsibilities of the PCC members and the regulations which control their conduct of business. ## **Joint Meetings of the Trustees under the Act and the PCC** Since the responsibilities of the trustees under the Act relating to the fabric of the building overlap with those of the PCC relating to the life of the church, it has long been the custom to agree, at the first meeting of the PCC after the APCM, that the trustees under the Act and PCC members (who are themselves registered with the Charity Commission as trustees of the charity) should meet jointly. ## **Electoral Roll** There were 227 names on the Electoral Roll at 1 January 2023. During the calendar year 4 new names were added and 3 removed either through death or relocation. This resulted in a total Electoral Roll of 228 at 31 December 2023. ## **Standing Committee** As required by the Church Representation Rules, a Standing Committee is appointed annually by the PCC. It has full power to transact the business of the PCC between its meetings, subject to such directions as the PCC may give. Its function is to support the Vicar in her role as the promoter and “guardian” of the parish’s Mission Action Plan and it also monitors and encourages 6 The Parish Church of St John-at-Hampstead implementation of agreed plans by the PCC’s Committees and Delivery Groups. It meets between the full meetings of the PCC and in an emergency if necessary. ## **Committees, Delivery Groups and Development Forums** Following a review in 2021, the PCC approved a revised structure of Committees, Delivery Groups and Development Forums with the following remit: - _Oversight / Strategy Committees_ to monitor the implementation of the MAP strategy and develop ideas and proposals in response to changing circumstances. - _Delivery Groups_ to take forward the day to day implementation of plans and activities. - _Development Forums_ to develop our thinking in areas of church life where the necessary specific strategies or action plans are not yet in place to form a Delivery Group. By the start of 2023 it had become evident that, with some exceptions (notably the Finance Committee, the Pastoral Care Group, and the Racial Justice and Inclusion Group), the new structure was not functioning effectively with some groups having outlived their useful purpose and others having not met as envisaged. At the same time, the work of the Standing Committee took on added significance in response to the vacancy, as did the weekly Operations Meeting. During the course of the year the reformed Children and Young People’s Committee took significant steps towards revitalising our vital work with younger members of the church. In the light of this, a further review of the Committees, Delivery Groups, and Development Forums is planned in 2024 following the appointment of the new Vicar with the aim of consolidating and simplifying the structure where appropriate to ensure that it more closely meets the current needs of the Church. ## **Annual Meetings** At the meeting of Parishioners held on 24 April 2023 Martin Evans and Sheena Ginnings were reelected as churchwardens. This would be Martin’s fifth year as churchwarden having kindly agreed to remain in office for an extra year to help see the Church through the vacancy. Hagar Cliff and Jon Siddall were re-elected as deputy churchwardens. At the Annual Parochial Church Meeting which followed John Barker, Angela Gardner, Rosemary Loyd and Inigo Woolf were elected to serve as parochial representatives of the laity on the Camden Deanery Synod for a three year term commencing on 1 July 2023. Elizabeth Beesley, Sarah Cheriton-Jones, Jonathan Davey, Jules Lubbock, and Jessica Mathur were elected as parochial representatives of the laity on the PCC for a three year term. Nicholas White was similarly appointed to serve for a two year term to fill a vacancy that had arisen following the resignation of Margaret Pritchard Houston before the end of her term. The churchwardens expressed their gratitude to the clergy, staff and volunteer teams who had responded so willingly to the challenges posed by the vacancy. Those present recorded their grateful thanks to Martin and Sheena for their considerable dedication and efforts in leading the Church through these challenging times. ## **Clergy, Lay Ministers and Staff Team** The Reverend Graham Dunn (Assistant Curate), the Reverend Jan Rushton (Associate Priest), Handley Stevens and Andrew Penny (Licensed Lay Ministers) provided excellent support to the churchwardens, Martin Evans and Sheena Ginnings, as they led the Church through the period of vacancy. Additional support and guidance was provided by the Area Dean, Carol Barrett Ford, as 7 ## The Parish Church of St John-at-Hampstead part of her oversight role during the vacancy and, from June onwards, by the Reverend Natasha Beckles, Assistant to the Area Dean, who provided cover for services and duties as needed. In October, the Reverend Jan Rushton stepped back from her role as Associate Priest after twelve years of dedicated service. Her outstanding contribution was marked by a celebration and presentation at the Sunday morning service on 3 December 2023. Courtney Terwilliger, the Parish Administrator, was joined in the parish office by Huw Robinson, as Assistant Administrator, in May. This followed the PCC’s decision to provide additional administrative support for the Church’s important work with children and young people, responsibility for which had reverted to a volunteer-led group after the retirement of the children and youth worker the previous year. Geoffrey Webber, the Director of Music, oversaw the delivery of a full and varied programme of choral worship and music in collaboration with our excellent professional choir. Joshua Ryan, as Organist and Assistant Director, completed his first year with the Church in September and played an important part in helping maintain the high musical standards for which the Church has become known, including covering (with Aidan Coburn, the Director of the Junior Choir and the Community Choir) the temporary absence through illness of the Director of Music at the end of the year. Aidan Coburn’s expert and enthusiastic direction of both the junior choir and the community choir was rewarded by an upturn in membership which enabled the delivery of more challenging repertoires. The Hampstead Church Music Trust’s significant financial support was once again vital to the delivery of the choral worship and music programmes. ## **Financial Review** The Church recorded an in-year deficit on all funds of £62,125 before unrealised investment gains; this included a deficit of £32,318 in the unrestricted General Fund. Expenditure of £45,174 from legacy funds earmarked for the choir vestry refurbishment project contributed to the overall deficit. The major component of this was the purchase of replacement slates for the roof ahead of the scheduled start of the project in February 2024. In addition, funds were spent on remedial works following the five yearly electrical testing undertaken at the end of 2022 and on replacing curtains in the Crypt Room. Income from all sources increased by £17,530 to £404,565 aided by a rise in interest rates which generated an increase in investment income of £16,329. This satisfactory outturn was achieved thanks to a legacy of £10,000, recoverable VAT of £9,000, and one-off donations which offset falls in regular giving and Sunday service collections. Unrestricted General Fund expenditure increased by £27,796 although this included £9,000 of recoverable VAT. The decision to invest in additional administrative support for our children’s activities accounted for a large part of this, as did the initial purchase (in keeping with the legator’s wishes) of new furniture and resources to benefit our work with children. A transfer of £26,000 was made from the Parish Development Fund to the General Fund to support the Church’s activities, an increase of £1,000 on the previous year. The voluntary rate appeal to parishioners raised a disappointing £6,593 for the restricted Fabric Repair Fund compared to just over £15,000 in 2022. This contributed to a net reduction in that fund of £8,497 after planned expenditure leaving £39,894 to be carried forward to 2024. Expenditure included £6,159 on electrical repairs, £2,918 on new curtains for the Crypt Room, and £2,500 on new lighting for the spire. 8 The Parish Church of St John-at-Hampstead ## **Giving to Charities** For a number of years the PCC’s policy has been to give 10% of some elements of the previous year’s unrestricted income to an approved list of charities. During 2023 the PCC reviewed the policy and decided that the giving away target should be met from a mixture of unrestricted and restricted income, including Christmas collections. In 2023 unrestricted and restricted giving to charities is recorded at £31,226 (2022: £32,605). In addition to this giving, the PCC has supported Traidcraft for several years, but the enterprise ceased trading in 2023. The Traidcraft Team sold off stock and was able to send £2,764 to Transform Trade which is the charity that stands behind Traidcraft. ## **Designated Unrestricted Fund** The policy of the PCC is to apply unrestricted legacies responsibly. Typically, this will be for capital and long term projects which support the strategic purpose of the Church rather than to meet day to day operating costs **.** Where a legacy has not been allocated to a particular project at the time it is received, the practice is to transfer the funds into a designated restricted fund for future use. Income is taken into the unrestricted general fund. With the upturn in inflation in 2022, it was decided to reduce the amount held on deposit and invest funds in an open-ended investment fund where, over a five year period, there would be a better chance of the funds maintaining their real value. £175,000 was invested in the summer of 2022 in the Trojan Ethical Fund prior to the political turmoil that engulfed the UK Government in the autumn of that year; by the end of 2023 the investment had increased to £179,394. At the end of 2023 the balance of the Designated Fund, including investments, is £528,839 – which has been earmarked for future improvements and repairs to the church buildings. ## **Expendable Endowment Funds including the Parish Development Fund** The main assets of the Parish Development Fund are two properties. One is a leasehold flat in West Hampstead which was purchased some years ago to house a curate and the other is the freehold of 100 Frognal together with the leasehold of a flat there. The properties are valued as rental properties and the increase in rental values has led to their combined value increasing from £1.38m to £1.466m. A transfer of £26,000 from net rental income was made to the General Fund which reduced that fund’s net deficit for the year to £6,318. ## **Cash Management** The PCC held £503,848 in cash and on deposit at the start of the year; cash held with HSBC and with the Central Board of Finance of the Church of England at the year-end was £451,593. Of this sum, £417,506 was held on deposit with the remainder kept as working balances for the various unrestricted and restricted funds. In 2020 the PCC lent £57,424 to the Trustees of Holly Bush Vale (the Vicar & Churchwardens) who refurbished a house on the Parochial School site for teacher accommodation. The loan is interest free over 5 years and quarterly repayments are being made; £25,000 remains outstanding at the end of 2023. 9 ## The Parish Church of St John-at-Hampstead ## **Risk Management** The PCC reviews the risk register every year; a theme in recent years has been the need to broaden the donor base. However, the downward trend in the number of committed givers continued its gentle decline in 2023; increased living costs, including for housing, may be a factor in limiting the level of giving from some parishioners. A quinquennial inspection of the building was undertaken in 2022 and identified a number of areas where maintenance and repairs were required and further works will be undertaken in 2024. The increase in cost inflation means that although there are sufficient cash reserves to cover these costs there will be a need to raise funds to cover the cost of other planned projects including redecorating the Church and cleaning the organ. The PCC maintains insurance cover against the main insurable risks including property damage and liabilities. The policy is kept under annual review and the level of buildings and contents cover is automatically adjusted by the insurers each year in line with inflation. A full risk management review, which is scheduled approximately every five years, was carried out in conjunction with the insurers in early 2023 to ensure that the cover and levels of cover remain appropriate. ## **Investment Policy** The PCC’s investment objective is to preserve the real value of investments as measured by the consumer price index over a five year period. The PCC retains investments in property and pooled investment funds to provide an asset base on which borrowings can be secured if necessary to support major improvements and renovations such as the planned complete redecoration of the Church. Each pooled investment fund manager is expected to have a responsible investment policy. In determining its approach, the PCC takes note of any guidance provided by the Church of England and the Diocese of London. ## **Reserves Policy** The PCC’s current policy, which is reviewed each year, is to maintain a free cash reserve in the range of £15,000 to £20,000. This is intended to ensure that there is sufficient working capital to meet expenditure as and when it is incurred without the need to make transfers from designated funds. At the end of the year the Financial Statements show that the unrestricted reserve was £37,474 (2022: £42,773) net of the deficit in the pension scheme of £1,157. ## **Budget for 2024** An increase in operating costs, caused in part by the sharp rise in the rate of inflation over the last year, and the current downward trend in income in the General Fund means that, if left unchecked, an unsustainable deficit in that fund is almost inevitable in 2024. The PCC recognises that this will require some hard choices to be made and has therefore 10 The Parish Church of St John-at-Hampstead resolved to explore as a matter of some urgency ways in which this trend can be reversed through savings, the prioritised application of available funds, and a focus on increasing voluntary and trading income. In the meantime, the ongoing programme of improvements and repairs to the church buildings, funded by legacy income, will continue with the replacement of the choir vestry roof and better disabled access to the chancel and parish office due to be carried out in 2024. ## **Safeguarding** The PCC has complied with its duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016 to have regard to the House of Bishops' guidance on safeguarding children and vulnerable adults. Approved by the Parochial Church Council on 19 February 2024 and signed on its behalf by: Carol Barrett Ford Vicar and PCC Chairman 11 The Parlsh Church of St John-at-Hampstead Statement of flnancial activlties for the year ended 31 December 2023 NDfes lTrcome from". 1021 2022 fjenerbl Fund Designated RE5tActed EndDwrnent Ftsnd Fun05 Fund5 Cprnbined Ctynbined Dwaiilln5 leg3ae5 288,t06 189,239 Oihei iTadiNg acti￿tieS 33,782 45,577 43,243 ITpvpstmEnf5 4.566 53,079 70,487 54,553 TDtol incDrne 313,930 37,556 53.079 404.965 387.035 ExpenllLuTe on.. Chantèble acti￿tICS 339.897 45,684 915 431,680 354,563 Raising lunds 6.351 6,631 22.028 35.010 25,40D Total rr50urce5 expended 346.248 45.Y74 52,315 22.953 466,690 379.963 Nei Incomt before pains aTrd 105Se5 oll Inve5lrnents 145,174} 114.759 30.126 7,On G&insllL055esl on Investmtnts 14 7,454 2,463 87,065 97.012 Net Income before rran5fers 137,0901 IIZ,296) 34.887 Transfer5 betweÈn fund5 26,0 I16.￿0) t4ei In<¢the alter transfer5 137,6901 111.2961 34.807 Other recognlsed galnvioss•s". cruadal galnlllossesl on defined benEllt pen5ton scheme Z1 Ntt movement in lunds 15,2991 137,69111 112,2961 35.906 R•conclllotlM tslFthd5 roLal FuThd5 brou¥ht forward 42.773 566,5Z9 61.694 1,439.342 2,110,J38 Total PU￿d% rarned forward 37.474 5ZI.U39 49.3Y8 1.530,533 Z.146,244 2.110,338 The aitached note5 11- 23} IrTh) ol thÈst financial staLtmEhts Accaunls Paqe I The Parlsh Church of St John-at-Hampstead Balance Sheet at 31 December 2023 20Z3 2012 General Fund e51onèted N25tricied Endo￿nent Fund f uDd5 Funds Noies Fl¥o¢ assds C¢trTr)blned Ccmbined 14 Total flxed assets 179.194 17¥.Y94 Z8.641 ZB.641 1.719,7U6 1,719,756 1,622,776 1,622,776 Current assets DcbiDfs Gilt aid recDVErabl Hdlybush Vale Trusiec5 Trade deb(Drs 4,223 37,424 3.567 25,OW 1S.OOD 9,D36 34,036 9,03 9,036 25.ODO Cè5h ai bank ènd In hand Toial ctrrreni a55ets 53.216 6Z.252 324,445 349,445 30,150 30,150 4J.782 43.782 451,59) 4S5.619 503,845 549.062 Llabllitlv5: amouh15 lalllhi dut One year £redliof5 lor EDDds alid seThrycE5 Cliefit5 atcwnt lor 100 Frosrkil Cllents Jctount Hollybuth Vale OihEr Crethlor5 15.5571 19291 18,4641 143,064 16.050) 125.0(hll 125.000 19.3931 Net current a55etS 38.631 349,445 20.757 18.78t 427.615 489,73 CreditDfs lalling afier tAYe year pension s(he￿e Ilabiliiy 21 Net asset5 37,474 518,839 49.J98 1.530,533 2,146.144 1,110,338 Funds= Vnresthcttd GeAeral Fun De518natod for Futvre REpolr5 Re5tricred Fund5 EndLThimerrt Fund5 37,471 37,474 52ll.039 49,398 1.530.533 2,146,14 42,773 566,529 61,694 .439.342 5P8.839 17 18 49,198 1,5X).5J3 prvved by the Par(*hlal Church Councll on 19 February 2014 and 114ned on its behalf by.. M EVANS ChurthwardÈ l R M W(K)LF, Htsn Tre45wer The aitathcd noLe$ 11- 211 part Df these Ilnanclal stattinent5 coun16 P￿2 The Parlsh Church of St John-at-Hampstead CASH FLOW STATEMENT AT 31 DECEMBER 2023 202) 2022 Net Cash frorn operating activitles Cash flows frorn inve4tin¥ aitI￿lIeS Dividends. Iniefysi reDt Inve5tspeTrLS Purchase ol Inve51meDtS 70.B82 54.553 1175.OOUI <475h provlded byllused Ini Inve5tlnR ￿LIVitIeS 70.982 70,B82 11ZO.4471 1120,4471 Cash flow5 from flnancing atti￿1*e5 Loan repayment* from Tr5J51Èe5 Holly ￿5h Valt 10.0 10.OUO Ilet Cash proTrAded byiiusEd In) flnan¢ih¢aCtivltles 11,424 iQ.O)D Change In lash 4nd Cash equivolent5 in the reportlng penod Casli and tash equtvalen15 at l JaDuary Cash and cash equlvaients at 31 Decefflber 503,84B 451.593 663,564 503,848 Recancfllatlon Df net fjncomei1e￿Èntjitufe) beforè investment galns Net IncDrne before Investmert ylns 31 December AdJvMmont5 for.. Depreciatltsn chaigE5 DI￿dends, Ihieyest and renr frLYn Inve5tmeTrts treaselllnEreasel In debto IDecfea5e)Ilhtrease In treditor5 Net cash pro￿ded byliused inl uperaury &c￿￿tleS 7.on 170,862 154,5531 2.717 49.Z69 {135,56t Analysls DI cash and cbth ryulvalent5 Cash in hand Der￿lL fly fixed pertod rieposlts le55 than J mmths 34,087 gO,OOD 337,506 451,59) 171,6B4 503.848 Accounts Paoe 3 The Parish Church of St John-at-Hampstead Notes to the financial Statements NolQ 1.- BA51S OF PREPARATION The Iinancihl Siatcments havr bcen PTCPaipO under the IliaTiiies Aci 2011 In accordancv Wlih Ihe Church AccouDling RcgulJtN)ns 2006 govormiig ttie lTrdividval aLCQUIIIS ol P115. and Wlli Ihe Regvlatioiis 'trve and fair wevl, provislms. togeiher 4rylh FRS10212016135 the apD'.Icablp illi aid recoveralle Jjre measured M InlLI41 re(o8nltlr*n at iettlem¢ni ai*OUnl hiier irid• di%counl5 Qr èrnouni adv•nced by thc PCC. gJthryueTrtly rhryare meaiured al the c4%h or other c¢h51der4fI￿ eI￿re￿ to be prcelvcd. Cash It bank Cash it bank awj ID hand Include ￿ dem&nd dewstLs short term Ilxcd 1ntere51 dep051ts. 1.5 IUNDS lJniesiAti*d Fund5 reweseni repnaining iKome fvnd5 of the PCC th•t are av411ablE for spendlry w ihe yneral PUrM￿ of Ilip P(C. The Deslqn•ied Fund 15 unre51ncied tewe5enis Set asldr by thePCC to mttt future tepa1r Ilabllllle5'. t Is repardtd as part DI Ihe'lrtt re5eThe5' as diKlo5ed In the PCC'5 rrport. I￿£1￿ne eamfd the tash boL4Dces hcld by ihe rund Is recoided In ihe Gtntral Uniesirf¢ied fund. The RtstrtcLed Fund5 are Intome Iwd5 ihai musl be swt on re51rlcied wFpDses detai￿ ol Ihe fthds held and re5tr*tlQTh5 provided are sei out in Nvtr 17. The Endowment Funé5 èrt all 1ndl￿duaL lund5 wAiere there 15 adlscreifj(44ry PDwer spebd capiial as Income. Full detalls DI Ihe fuiids and the1r le5￿7£Ll0￿5 aTe %ei uut lft Nole 18. Accoun16 Pao• S The Parish Church of St John-at-Hampstead Wote 3 DonaiiDns and legJcles General Fund De51gtsaied Re5trlcted Endowme Fund5 Funds Fund5 1023 Comblned 118,815 29.473 16,7J3 10,937 22,271 5.030 6,593 N(Xes 20F? CDmblned lTrcome lax Iti uvriAble Collttii￿g-. Ordiilaly se￿￿[ CDlleciioTrs. special 5¢y￿te$ DDnatlof15 D[￿all￿rI of share5 Volunlary lai legaol Gianlfi reteived. 29,47J 14.140 23,6Z8 6.554 10,937 3,665 18.606 5,DJO 6.593 io.( Fqpqd5 i*p Alusit Harnpstead Church ￿SiC Tiust Llsted Piaie5 01 Worsknp re VAT 16 4,000 1,440 53,760 1,340 l88.336 55.190 9,064 266,911 55,190 9,064 288.1 11,19 Note 4 Other tradiry artI￿tIeS Fee5 for LP5e of Church Partsh room5 CralL fair other evenis Holiday In HatllP5Lead PrinLing and bDL*s comm￿ltY rholr Feed in Tartff 9,059 19.015 Z,b03 1,7D2 731 9,059 19.fj15 6.13U 1.7UZ 73t 6.796 672 1.472 45,57 8,441 20.559 1.19D 3.527 16 909 6,161 694 5,187 44,096 6,796 6n 33.7BI 11.795 Note S Incune frr•m Inve5fments REht DenningtoTr pa￿ man51￿$ ReThi IOD Frognal dends anis Initre5t 7,IDCI 42.657 3.222 53.079 7.ZOO 42,657 21.015 70.8 7,200 40.595 6.758 4.553 1J,237 13.237 4,566 4.566 NotE 6 Lryatle5 recelved The 1sLate DI P Loyd Jo.( 10.000 AGcoun15 Paoe 6 The Parlsh Church of St John-at-Hampstead Note 7 Exprndiiure t)h Ihaiitable attl￿tIeS General und 97.5fKI 1,826 8.63J 1.949 Oe51inatÈd Aestrltted ETrdowm¢nt Fund Fund5 Fun15 Note5 Mlnl&iry. dI￿*San C¢MIlm(￿ fund cler¥y e4)¢nst Comblhed 97.50D I,BZ6 8,611 1,949 41,B49 Comhinod 44.500 2,52B 9,7U? io rtcruiiment IQ515 Pwsh Admiiilstraiors Children & Youih worker 41.84 1¥.234 1,096 33.9J4 50.34B 1.096 C￿?11 A￿115 •nd children 4,IDS 31,906 50.348 5,019 Children and y{￿th 1,730 4,800 È99 9.839 29,JZ6 10.379 Fabr1c expendiLweimainirnance Pan5h rDL¥ns rc(over3ble VAT on repalrs Depret1¥1101F In5urante General ews2s IT and Lommunlt•tttsis Sotial evEnls FiowtTs Gfaii15 rnbdr Ileiugtr SPOngOTthIp Indep¢iidoiiL *x•minatloTr fee 10,379 75,9é1 12.903 9.064 45,174 9.064 8D4 11,870 14,693 7,478 920 11,870 14,693 7,478 920 1,474 31.116 1.659 2,2SO 4Jl 680 10,924 10,638 5,?50 502 606 J2,6Q5 3,810 ?.?50 1,474 16.469 1,059 14.517 240 ?,250 3J9 a97 gZS Not• • Grirtti rnadt Church DvfT5Qal'. M1551Onary SD¢teii feller aTrd deV*lEpmEnt *¥en(les UK m1$51Msiothei Chuith 5Dc*iie5 Secular chJJniies Inthwduals Iw reiiel ol povcrty Hamp5tead P•rothlal ￿￿0 5,4 2,273 5,400 6,400 8,557 lQ,J29 240 Joo 1,WO 6,284 9.115 6.714 a,381 450 I,OOD 3?.605 240 22 Ngte 9 ExpEndiiur? on ralslni funds Sehrtces, Voluntary raie Q eveh PnDliryi and boo 3,957 0,351 3.957 6.J51 1,674 1.444 3,38] 4,280 5,066 884 1,674 DennlniiDn Pjrk 1OAnsloni IQO Fr4¥tyal 13,184 72,UZll 6.6Jt 35,010 75.4QO Il•t• 10 EAp•nies p￿d to IA*MbetJ or th• P¥ochlal Church C¢un¢ll ExpEr￿S of the Cierw, ore memb¢r5 of the pcc. t￿&111￿￿ Énil 12021., 11,5211 reSmt￿rSed. MrThb￿S •1 Ihr PIC svpporting Junior Chwch had Lheir expEn5es reirhbuFseJ as éid the Churchwarden5' feltyani expEn5es. In ?0?2, mEmbvr ol PCC wa5 pald 1100 to tun a tralntrti iowse where ihe Ihdlwduil had 5Wdlli expertls?. Accounis Page 7 The Par15h Church of St John-at-Hampstead Nott 11 51aff c¢sts 21113 73.036 2021 97.Ib9 485 ts.839 Social Securiiy No employee recoived offlployEe b￿lef115 In cxcoss C60.OOD PCC operaiv¥ ri money puichase sihtyne for &iall Ihiough TPT Reiiitinclil 5duiions. Noie i? Tran51efi betwoen fut 126.ow tranifefred Irom PaM5h De¥elDpmeiit Fi)nd to the General Fiind i7022.- C25.LWI. FIDle 13 fl¥ed assets Asseis at stari ol Addiiiuns LMsp0501s Asiet5 41 end uf year E4ulpment 25.679 Deprvlini￿% Ftsnd shares 1,501 M & G ChJmiund UDIls 981.ODO 399,500 10,i)Jo 75,500 7,082 991.DL¥J 475.OtKI 24,112 21,541 27,058 1 424,611 87,065 The frvehold aiid I￿# leasehDld propert1¢5 are Valued a5 IiiVtSLmetsf propertle5 by Iiilfo Woolf FCIB. a mEmber ol rhe KC, ts ar JI Decembtr ?023. Inv¢svTretyt5 at COM.. - lknrf5frtcted lJ6,318 Trolan Eihlchl Fund shares 131 OechTa Pharmacevifjcal% PLC shire5 1 J&n¥vy Purchas 2023 175,QLbJ 5•¢rs JI DecÈmber ioij 175.000 5.OJO Rvstrlcied 1.267 CBF Inve5tmenl Fund shares 5,909 5,909 Freehold ol IOJFiogTr•1 Jnd loni ie15e of Flbt A Ita5c of Rai 10a, Oenningtan Park ￿nSIOnS 1.138 CBF InvesimtnL fu￿* 1,501 M a G Ch•rffund Unlti 714.7(M) 438.5 7B4,700 438,500 20.000 11,000 1.261.200 IJ.QJD 1,261,20D P•ge O The Parlsh Church of St John-at-Hamp5tead lote 15 CrcdltOTS Other Crrditiw% Incl￿¢ rElated party balafjces diir lo Ilii. Fii¢hd5 llf Ihi. DrainJ C12,410 aDd 6 £25,IM Interest free loan fr(An P4nshion¢i3. 12022.- C15.714 L25.(W re5P¢tiiYelyl. Noie 16 has lurthei ttelails tsli lelriled parties. Nore 16 Relared partles HarnD5tead pa￿h+al CharltlE5 lesLab1fj5hed 16171 proW¢c5 r￿llet the poTrr In ilie IDfrner W*iroptslitèn BoTough of Arnpsiead. rni51p￿ r.toni Ilablllty SCHEIAE.. Try leilrcmenr 5DIuiioh5- The Growth Plon The PIC p)rtl[Ipoie5 In ihr xheme, a multl.empl¢yer 51heme hthlch PPOVlLlvs beTrellls 10 soine y50 nm-a350clated participatlng ernplc¥tr5. Tlie sihpmels a defined benelit srlieme in Ihr UK. It fj5 IILII PD551ble lor Ihe PCC io t￿141￿ iuflic*ni Inlcrrnation io enablr 11 LD ac¢ounl lor ihE khcme 45 a de11ned beThtlSl 5(heme. Thciefore it ac£tsLknt5 lor Ihc scheme 45 a dellned £L￿[￿bUt10n The scheine Is subled lo the fuTrdin4 1r4lslai1c￿ ￿tlInerf In thp Pensions Act 1004 wlilch tame Into lorce Dn 30 Oe•ielit otcupai?otial penskn 5cherne5 In the UK. The xtheme Is ¢la$51fled a5 4'1•5t-rnai> itandlni aifahpmert.. Thevel￿r the KC Is pofentl*lly1labl¢ lor ￿￿er wtlclp•Uni empltsyen. ublI￿￿On5 If thll￿ employe[& are unablc lo ffleet thtlr sh•re of the 5chtmt dtlldt folio*lni ￿tha1*W￿ fvDm Ihe schemt. P4rt1iSpatlng employer5 lryally rel￿1￿ed to meet thelr share af tho scheme delldt on aonulty W￿h￿s• b￿$ on wtlhdrawal liom Ihe 51heme. cwms P4e 10 The Parish Church of St John-at-Hampstead tynployers to pay aidiiional t(Mliibiili￿S tD ihe sthe1￿e as lolloW5-. Delltll coniHbutlrn5'. Ftorn i Apnl PO27 10 31 January 2025-. 13,313.OW wr aiihutn IpJyJble mDnthlyl. Tht scheme's PINryou¥ vali1411￿ was c.)tricd ￿11 Mth an rflrclive dale ol JO Sepicmbth 1017. This valuat1Dn showed è5sets of c￿￿o¥CrS to pav addition31 coTrinbuiion5 fo Ihe 5chtlh¢ as follow7.. Fiom l Ai)nl 2019 10 11 Ja￿lP￿ry 2015. 111 24Tn per Ipayable monthly 1nirtrasihg by 1% on eaih 1st Apilll The rtrtovery plan coiiti1buiion5 411￿3￿c￿ TO each pa*iicipaiing eThpioyer In I￿e ￿1h iheir ÈsilTTraied share of the SenE5 1 and re ihi. scheme Is In de(Icit and %Yhwe ihp PCC ha5 a$ie2d io è delicii fuhdwi¥ airanyrrneni. Ihr PCC recoqnises a Ilability for aqreeinent Ihai relales to the deficit. The pre5CDt V31th n calrvlated u5Mg tho d15couiii fate det4Trled 111 the5¢ 015closure5. r UDWqndlng of ihe dity0L￿[ rait IS reco4nlsed a5.) fiDhnce cos1 PRESENT VALUE5 OF PRQV1510N Jl OeEembew 2022 2023 pr￿Chi value of prw510 RECONCILIA￿ON OF OPENING AND CLOSIIIG PROV151&¥5 Prowsion at start of year uD￿nding of Ihe disc￿nI f3Ctu liniere51 expervl 2,176 4,041 79 32 Repneasu+emeni5- ImpaiL of airy ch3nge Iii as5umpiioh5 RepneasuiernEnls- amendment5 to the ion1nbuli￿ 5chedvl Prow510n a( end ol ye 11,8651 11,8651 IWA￿ ON sfATEMENf OF FINANCIAL ACTIVlnES Iniere51 expense Rtmea%uiemen15- IM￿Ct of airy change In a55umpiion5 RernÈasuTements- amendment5 to the conlTibutity) 5chedulÉ ConLnbviion5 paid In respect of luiure serwce. CDSt5 re