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← The Parochial Church Council Of The Ecclesiastical Parish Of St Paul, Hammersmith

2024-12-31-accounts

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

CHARITY NO. 1130490

Classification: General

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH FOR THE YEAR ENDED 31 DECEMBER 2024

CONTENTS Page
Reference and Administrative Information 1
Trustees’ Report 2
Independent Auditor’s Report 9
Statement of Financial Activities 12
Balance Sheet 13
Statement of Cash flows 14
Notes to the Financial Statements 15

Classification: General

REFERENCE AND ADMINISTRATIVE INFORMATION

Charity Number

1130490

Principal & Registered Office

The Parochial Church Council (PCC) of the Ecclesiastical Parish of St Paul Hammersmith St Paul’s Church

Queen Caroline Street Hammersmith London W6 9PJ

Members of the PCC

Vicar: Pete Wynter Associate Vicar: Andy Wooldridge Honorary Curate: Viv Thomas Church Wardens: Lizzie Barker David Bell PCC Members: Eniola Akodu Melissa Asimolowo Alyson Evans Amanda Graves (Resigned 30th April 2024) James Haley (Resigned 1st October 2024) David Kay-Shuttleworth (Appointed 30th April 2024) Conrad Law Justin Mania Nnamdi Nwaneri Laura Opara Rebecca Stewart Sam Stephens

Auditor

Knox Cropper LLP, 65 Leadenhall Street, London EC3A 2AD

Solicitor

Winckworth Sherwood, 35 Great Peter Street, Westminster, London SW1P 3LR

Bank

HSBC Bank Plc UK, 25 Notting Hill Gate, London W11 3JJ

1

Classification: General

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Parochial Church Council (PCC) of St Paul’s Hammersmith presents its annual report and the audited financial statements for the year ended 31 December 2024.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Parochial Church Council (PCC) of St Paul’s Hammersmith is a corporate body established by the Church of England. The PCC is governed by the Parochial Church Council (Powers) Measure 1956, the Church Representation Rules and the Charities Act 2011. As legally required since 2009, the PCC is registered as a charity (Charity Number 1130490) and the PCC Members are registered Trustees.

Appointment of PCC members

Members of the PCC are elected by the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules. Church members are invited to nominate candidates for election to the Parochial Church Council. Instruction is given as to the nature of the role, and to relevant qualities. Once elected, PCC members undergo an induction process and are invited to join a working group or are assigned a particular portfolio and invited to focus on that area of the Church’s life.

Organisation

The PCC carries out its aims and objectives through informal conversation, formal meetings and regular prayer. The Finance Committee and The Standing Committee carries responsibility for operations governance and strategy. A draft agenda for each PCC meeting is provided in advance of each meeting, and members are invited to consider whether they wish to table other items.

The PCC generally meets six times per year. Typically, the Vicar gives a report, and an aspect of the core ministry and mission of the church is presented by the relevant team and other important updates on Finance, Operations, HR and Safeguarding are included as items on the agenda.

The Standing Committee generally meets on a monthly basis to make operational review and decisions. The Finance Committee generally meets three times per year to review financial results / budget forecasts and engage in detailed discussion on financial issues.

The PCC has committed itself to appointing and financing a paid staff team, working alongside the Clergy. An annual budget is presented to the PCC and once approved the majority of decisions relating to expenditure are delegated to the senior staff team, with regular management accounts and financial updates being presented to the PCC. New reporting structures have been put in place, a finance policy and clear budgeting process are in place to support the team.

The staff team is there to develop the ministry and mission of the Church within parameters set by the PCC, and to motivate and guide congregational members in the development of their own ministries and callings. Congregation members are actively involved in ministries within and outside St Paul’s.

In pursuit of its objectives, the PCC co-operates with a number of other charities and trusts related to the church. The PCC is the sole managing trustee of the St Paul’s Church Hall Fund which holds the church and St Paul’s Centre buildings and one residential property. The PCC also works closely with The St Paul’s Money Advice Centre, which operates the Crosslight Advice Centre at St Paul’s. The PCC continued to partner with the Resurgo Trust in hosting the Hammersmith and Fulham Spear Centre.

[2]

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Risk Policy

During 2024, the Risk Management process continued to identify and document all significant risks to which St Paul’s may be exposed and ensure that appropriate safeguards are in place to mitigate the impact of those risks. Risks are considered under five principal categories (Governance, Operational, Financial, Compliance and External), with items owned by staff and PCC members. The Church of England Risk Assessment tools were adopted and adapted for incorporation within the PCC’s own Risk Analysis.

Reserve Policy

SPH targets to hold in its unrestricted reserve an amount that is equivalent to three months’ general expenditure (excluding depreciation) of the following year’s budget. In view of the need to cover major building work due to quinquennial inspections, SPH will also aim to further add £5k to the unrestricted reserve each year. If the reserve falls below the target level, the SPH leadership will develop a plan to replenish this within the following three to five financial years through increased giving, reduced expenses, or other means. If the reserve exceeds the target level, the SPH leadership will consider options for using the excess funds to further the church's mission and ministries.

The unrestricted reserve balance as of 31 December 2024 was £228,065. With growing congregation number in the church services and positive trend of rental income stream, the PCC is optimistic to make another significant inroad towards the target unrestricted reserve level in 2025.

Public Benefits

When planning the activities of SPH, the PCC has had regard to the Charity Commission public benefit guidance.

GENERAL:

Membership

The average Sunday adult attendance increased from 515 to 650 in-person, with an additional 50 attending online by December. Weekly attendance of under-18s averaged 90+. The electoral roll grew from 355 in 2023 to 404 in 2024. Notable growth statistics include:

Sunday Services

The Sunday schedule changed in September:

Ordinands

In September, Ciara Pearman, Helene Frost, Miacah Huggins, and Paul Epton joined the team, while Tom Clarke, Ben Graves, Dimitri Macintosh, and Natasha Alderslade (Chaplain to the Arts & Entertainment Community) continued their placements.

[3]

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Visiting Speakers

Guest speakers included Rebecca King, Martin & Anna Smith, Cortney McBath, and Julian & Katia Adams. Sunday ‘Conversation Evenings’ (120–150 attendees) covered topics like tackling anxiety, parenting, marriage, suffering, and interviews with Pete & Sarah Wynter.

Prayer and Worship

Pastoral Care

Expanded pastoral team with Amanda Graves (Pastoral Chaplain) and Helene Frost (Community Chaplain). Clergy and volunteers provide in-person visits, calls, and support to the vulnerable, ill, and bereaved.

FESTIVALS AND EVENTS:

Christmas

Easter

Hammersmith at Home

[4]

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Volunteer Thank You Event

MINISTRIES:

Saint Paul’s Kids

Youth

Young Adults

Evangelism & Discipleship

LOCAL AND GLOBAL MISSION

Social Transformation

[5]

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Global Vision

KEY PARTNER CHARITIES 2024

We are delighted to partner with the following charities:

Onelife

St Paul's Money Advice (Crosslight)

Provides debt advice, financial education, and budgeting support through Crosslight Advice – Hammersmith.

Shelter Community

Offers emergency accommodation for young adults (18-24).

Spear Programme (Resurgo)

Helps 16–24-year-olds into work, education, or training.

St Paul’s Primary School

Strengthened church ties and community engagement.

[6]

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

FINANCIAL REVIEW

The financial results for the year set out on pages 12 to 26 are the aggregated results of the PCC and St Paul’s Church Hall Fund, of which the PCC is the sole Managing Trustee.

The giving income for the year has increased by over 30% to £1.17 million (2023: £900k), reflecting the growing congregation and generosity of the congregants. The level of regular giving has increased from £39k per month in January to £50k in December. A further £254k was raised during the Spring and Autumn Gift Days and other one-off giving (2023: £240k).

The hiring of the church and the St. Paul’s centre generated an annual rental income of £255k for 2024 (2023: £214k). Other significant income source included course fee income from the Leadership College London totalling £42k (2023: £58k).

At the year-end date, St. Paul’s Hammersmith reported a total reserve of £1,601,191 (2023: £1,450,720), and can be split between Endowment Fund of £1,100,000 (2023: £1,100,000), restricted reserves of £273,126 (2023: £252,446) and unrestricted reserves of £228,065 (2023: £98,274).

The cashflow situation of St. Paul’s Hammersmith improved during the year, leading the PCC to approve the final repayment of the Triodos loan, thus becoming free of debt. As of 31 December 2024, St. Paul’s Hammersmith had a cash balance of £407,556 (2023:£348,852).

The PCC continues to manage the resources of the church primarily through the use of an annual budget covering each area of the church’s ministry, with further updates during the year to reflect changes of circumstances. The application of all resources held within the General Fund is determined by the PCC and senior staff.

FUTURE PLANS

As a church we feel called and commissioned to serve our local community in and around Hammersmith and Fulham, but also have a sense of the wider impact we make across the City of London. The Bishop of Kensington’s invitation was to be a resource church which not only serves our locality but serves the wider church. To that end, our intention would be to continue growing the activities that are already in place and innovate new ways in which we can further the gospel and train and resource the church in Hammersmith and beyond to be effective in discipleship and impactful in the way in which we lead. We have a high priority over leadership development and reaching the emerging generations. This will see increased activity in both schools work and working with under 25’s through creative projects and strengthening our ability to train and develop leaders who will have an impact in every sphere of society. These future plans have been borne out of a continuing vision and calling over St Paul’s Hammersmith to be ‘City-Shapers’.

[7]

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF PAROCHIAL CHURCH COUNCIL MEMBERS’ RESPONSIBILITIES

The PCC members are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the income and expenditure of the charity and its state of affairs at the end of that period.

In preparing those statements the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Church Accounting Regulations 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed for and on behalf of the PCC of St Paul Hammersmith on 23/04/25

Peter Wynter (Apr 23, 2025 16:50 GMT+1)

The Reverend Peter Wynter (Vicar)

[8]

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS AND TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

Opinion

We have audited the financial statements of the Parochial Church Council of the Ecclesiastical Parish of St Paul, Hammersmith (the ‘charity’) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis of opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the charity’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

[9]

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS AND TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees intend to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

[10]

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS AND TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken, so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report or for the opinions we have formed.

23/04/25 Knox Cropper LLP 65 Leadenhall Street Statutory Auditor London EC3A 2AD

Knox Cropper LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006

[11]

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Note
INCOME FROM
Donations and legacies
2
Charitable Activities
3
Investment Activities
4
Other Income
TOTAL INCOMING RESOURCES
EXPENDITURE ON
Raising Funds
Charitable Activities
5
TOTAL RESOURCES EXPENDED
Net Gains/Losses on Investments
NET INCOME/(EXPENDITURE)
Gross Transfers between funds
NET MOVEMENT IN FUNDS
Reconciliation of Funds:
Total Funds brought forward
Total funds carried forward		 Unrestricted
Funds
1,136,509
297,536
14,415
18,716
1,467,176
-
1,312,978
1,312,978
-
154,198
(24,407)
129,791
98,274
228,065		 Restricted
Funds
£
38,006
33,913
-
-
71,919
-
75,646
75,646
-
(3,727)
24,407
20,680
252,446
273,126		 Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
1,100,000
1,100,000		 Total
2024
£
1,174,515
331,449
14,415
18,716
1,539,095
-
1,388,624
1,388,624
-
150,471
-
150,471
1,450,720
1,601,191		 Total
2023
£
900,294
325,008
5,653
19,090
1,250,045
-
1,125,747
1,125,747
(46,535)
77,763
-
77,763
1,372,957
1,450,720

The notes form part of these financial statements.

[12]

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
FIXED ASSETS
Tangible assets
10
Social Investment Property
11
CURRENT ASSETS
Debtors
13
Cash at Bank and on Deposit
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
15
NET CURRENT ASSETS
NET ASSETS LESS CURRENT LIABILITIES
CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR
16
NET ASSETS
FUNDS
Endowment Funds
18
Restricted Funds
19
Unrestricted Funds
TOTAL FUNDS		 2024
£
£
42,579
1,100,000
1,142,579
105,766
407,556
513,322
(54,710)
458,612
1,601,191
-
1,601,191
1,100,000
273,126
228,065
1,601,191		 2023
£
£
69,841
1,100,000
1,169,841
62,633
348,852
411,485
(110,049)
301,436
1,497,428
(20,557)
1,450,720
1,100,000
252,446
98,274
1,450,720		 2023
£
£
69,841
1,100,000
1,169,841
62,633
348,852
411,485
(110,049)
301,436
1,497,428
(20,557)
1,450,720
1,100,000
252,446
98,274
1,450,720
1,169,841
301,436
513,322
(54,710)		 411,485
(110,049)
1,497,428
(20,557)
1,450,720
1,100,000
252,446
98,274
1,450,720

The notes form part of these financial statements

The financial statements were approved by the Board of Trustees and signed on its behalf by:

Peter Wynter (Apr 23, 2025 16:50 GMT+1)

The Revd Pete Wynter Trustee

23/04/25

[13]

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Net cash (used by)/provided from operating activities
24
Investing activities
Purchase of tangible fixed assets
Additions to Social Investment Property
Investment Income
Disposal of tangible fixed assets
Net cash (used by)/provided from investing activities
Financing Activities
Repayment of bank loans
Net cash (used by)/provided from financing activities
Net change in cash and cash equivalents in the period
Net cash and cash equivalents brought forward
Net cash and cash equivalents carried forward		 2024
£
£
79,190
(10,464)
-
14,415
-
3,951
(24,437)
(24,437)
58,704
348,852
407,556		 2023
£
£
146,499
(51,702)
(10,453)
5,653
5,326
(51,176)
(109,168)
(109,168)
(13,845)
362,697
348,852		 2023
£
£
146,499
(51,702)
(10,453)
5,653
5,326
(51,176)
(109,168)
(109,168)
(13,845)
362,697
348,852
(24,437) (109,168)
(13,845)
362,697
348,852

[14]

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. PRINCIPAL ACCOUNTING POLICIES

Charity Information

The Parochial Church Council of the Ecclesiastical Parish of St Paul, Hammersmith is a body established by the Church of England.

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Church Representation Rules, the Parochial Church Council (Powers) Measure 1956, the PCC of St Paul’s Hammersmith’s governing document, the Charities Act 2011 and the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) second edition'. The financial statements have been prepared under the historical cost convention. The financial statements are prepared in sterling, which is the functional currency of the PCC of St Paul’s Church Hammersmith.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below. Key sources of estimation uncertainty have been identified as investment property valuation and legacy recognition.

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. They have considered the impact of external influences such as the cost-of-living crisis on both its income and expenditure for at least a period of twelve months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

(1.3) Charitable Funds

[15]

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

(1.4) Income

Income is recognised in the statement of financial activities when the charity is legally entitled to the it after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the PCC of St Paul’s Church Hammersmith has been notified of the donation unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of donation.

Legacies are recognised on receipt or otherwise if the PCC of St Paul’s Hammersmith has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known the legacy is treated as a contingent asset.

Government grants are recognised as due when there is reasonable assurance that:

Income from investment properties and other rental income is recognised on an accruals basis.

Resources expended are recognised when a liability crystallises to pay funds to a third party for the supply of goods or services in pursuance of the Charity’s objectives and general business.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the carrying value over their expected useful economic life as follows:

Building Improvements 4 years on a straight-line basis Plant, Equipment and Machinery Between 3 to 4 years on a straight-line basis AV Equipment 4 years on a straight-line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and carrying value of the asset and is recognised in the statement of financial activities.

At each reporting end date, the PCC of St Paul’s Hammersmith reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

[16]

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

(1.10) 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 recognised at transaction value including transaction costs and subsequently measured at their settlement value. Financial instruments classified as receivable within one year are not amortised.

(1.11) Employee Benefits

Termination benefits are recognised immediately as an expense when the PCC of St Paul’s Hammersmith is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The charity is part of a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.

2. INCOME

Donations and gifts Unrestricted
Funds
Restricted
Funds
Total
2024
£
£
£
1,136,509
38,006
1,174,515
1,136,509
38,006
1,174,515		 Unrestricted
Funds
Restricted
Funds
Total
2023
£
£
£
886,797
13,497
900,294
886,797
13,497
900,294

[17]

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3. INCOME FROM CHARITABLE ACTIVITIES

St Paul’s
Church
£
Income from charitable activities
204,752
Analysis by fund
Unrestricted funds
204,752
Restricted funds
-
204,752
For the year ended 31 December 2023
Unrestricted funds
113,156
Restricted funds
-
113,156		 St Paul’s
Centre
£
92,784
92,784
-
92,784
158,661
-
158,661		 Grants
£
33,913
-
33,913
33,913
-
53,191
53,191		 2024
Total
£
2023
Total
£
331,449
325,008
297,536
33,913
331,449
271,817
53,191
325,008

4 . INVESTMENT INCOME

Interest receivable Unrestricted
Funds
£
14,415
14,415		 2024
Total
£
14,415
14,415		 2023
Total
£
5,653
5,653

5. EXPENDITURE ON CHARITABLE ACTIVITIES

St Paul’s
Church
Church activities
928,056
Property costs and site
management
135,149
Support costs
124,968
1,188,174
Analysis by fund
Unrestricted funds
1,126,878
Restricted funds
61,296
1,188,174
For the year ended 31 December 2023
Unrestricted funds
875,237
Restricted funds
74,858
950,095		 External &
Charitable
Giving
14,350
-
-
14,350
-
14,350
14,350
-
22,317
22,317		 St Paul’s
Centre
55,570
126,316
4,214
186,100
186,100
-
186,100
152,698
-
152,698		 One Offs /
Events
-
-
-
-
-
-
-
637
-
637		 Total
2024
997,977
261,465
129,182
1,388,624

1,312,978
75,646
1,388,624
1,028,572
97,175
1,125,747		 Total
2023
752,909
232,526
140,312
1,125,747

[18]

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Support costs are allocated to activities on the basis of staff time. Governance costs of £9,101 (2023: £8,640) are included in support costs.

6. SUPPORT COSTS

Central IT costs
Communications
Finance costs
Servicing of loans
Audit fees		 St Paul’s
Church
27,760
-
88,107
-
9,101
124,968		 External &
Charitable
Giving
-
-
-
-
-
-		 St Paul’s
Centre
3,085
-
-
1,129
-
4,214		 One Offs /
Events
-
-
-
-
-
-		 Total
2024
30,845
-
88,107
1,129
9,101
129,182		 Total
2023
25,451
-
97,205
9,016
8,640
140,312

7 . NET INCOME/EXPENDITURE FOR THE YEAR

NET INCOME/EXPENDITURE FOR THE YEAR 2023 2022
£ £
This is stated after charging:
Depreciation 37,163 42,774
Auditor’s Remuneration 8,640 8,518

8. TRUSTEES

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the PCC of St Paul’s Hammersmith

9.
STAFF COSTS
Wages and Salaries
Social Security Costs
Pension Costs		 2024
£
503,600
43,133
12,847
559,580		 2023
£
383,414
33,234
10,272
426,920

The average monthly number of employees during the period was:

St Paul’s Centre, site and facilities staff
Clergy, pastoral and ministry staff
Operations staff		 2024
2023
2
2
8
8
10
6
20
16

No employees received remuneration (including employer national insurance contributions but excluding employer pension contributions) of more than £60,000 (2023: none)

[19]

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

The clergy (Vicar and Associate Vicars) are not employed by St. Paul’s Hammersmith and their remuneration are consequently not included in the above amounts. Instead, St. Paul’s Hammersmith pays the Diocese of London a Common Fund contribution that will cover the Diocese’s costs, including costs relating to the clergy. The amount of contribution to the Common Fund in 2024 was £178,052 (2023: £166,917).

Additionally, the accommodation of the Vicar is provided for by the Diocese of London. The Associate Vicar now resides at the property at Rannoch Road that is under the custodian trust of the PCC, after its decision to terminate a previous arrangement to rent this to an external party while separately renting another property to house the Associate Vicar. The annual rental income from this property would otherwise be approximately £40k.

10. TANGIBLE FIXED ASSETS

Cost
At 1 January 2024
Additions
At 31 December 2024
Depreciation and impairment
At 1 January 2024
Depreciation charged in the year
At 31 December 2024
Carrying amount
At 31 December 2024
At 31 December 2023		 Building
Improvement
£
22,323
-
22,323
10,634
5,581
16,215
6,108
11,689		 AV
Equipment
(The 484
Project)
£
5,325
4,064
9,389
2,456
2,348
4,804
4,585
2,869		 Plant,
Equipment &
Machinery
£
219,228
6,400
225,628
163,945
29,797
193,742
31,886
55,283		 Total 2024
246,876
10,464
257,340
177,035
37,726
214,761
42,579
69,841

The PCC cannot own buildings and land in their own right. In compliance with the PCC (Powers) Measure Act 1956, parish property of buildings and land is vested in the London Diocesan Fund who act as the “Diocesan Authority” (custodian trustee), with the PCC acting as managing trustee. Although legal title to the property is registered in the name of the London Diocesan Fund, the London Diocesan Fund has no day-to-day control over the disposition of such custodian trusts and the PCC enjoys all rights and encumbrances as if it were the beneficial owner. Accordingly, the PCC includes capital improvements to the property in its own balance sheet.

[20]

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

11.
SOCIAL INVESTMENT PROPERTY
Cost/valuation
At 1 January 2024
Renovation cost
Impairment
At 31 December 2024		 2024
£
1,100,000
-
-
1,100,000		 2023
£
1,136,082
10,453
(46,535)
1,100,000

Social Investment Property comprises the freehold residential land and building at Rannoch Road. This property is held by the PCC to be provided as residential accommodation to the Associate Vicar.

12.
FINANCIAL INSTRUMENTS
Carrying amount of financial assets
Debt instruments measured at amortised cost (debtors)
Carrying amount of financial liabilities
Measured at amortised cost (creditors)
13.
DEBTORS
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
14.
LOANS AND OVERDRAFTS
Bank loans
Payable within one year
Payable after one year		 2024
£
11,309
54,710
2024
£
11,309
94,457
105,766
2024
£
-
-
-		 2023
£
32,697
114,803
2023
£
32,697
29,936
62,633
2023
£
24,437
3,880
20,557

The mortgage loan of £nil (2023: £24,437) from Triodos Bank was secured by a fixed charge over the investment property to which it related.

This long-term mortgage loan was drawn down in December 2011 and contracted on a capital and interest repayment basis, originally over a term of 20 years. The interest rate on the loan was 3.25% above the Royal Bank of Scotland base rate. A short-term capital repayment holiday was agreed during the Covid pandemic, and the final repayment instalment was then due on 2[nd] November 2032. A capital overpayment of £100,000 was made on 08/12/2023 from unrestricted funds to reduce the remaining balance, and the loan was then completely paid off in 2024.

[21]

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Notes
Bank loans
14
Other taxation and social security
Trade creditors
Other creditors and deferred income
Accruals
16.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
Notes
Bank loans
14		 2024
£
-
14,346
12,274
8,490
19,600
54,710
2024
£
-		 2023
£
3,880
15,803
16,902
40,269
33,195
110,049
2023
£
20,557

The terms of the mortgage loan are set out in the “loans and overdrafts” note above.

17. RETIREMENT BENEFIT SCHEMES

The PCC of St Paul’s Church Hammersmith operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the PCC of St Paul’s Church Hammersmith in an independently administered fund.

18. ENDOWMENT FUNDS

These are endowment funds which are material to the PCC of St Paul’s Church Hammersmith’s activities made up as follows:

ENDOWMENT FUNDS - COMPARATIVE
Balance at
1 January
2024
Resources
expended
Permanent endowments
Land and buildings
1,100,000
-
1,100,000
-
Balance at
1 January
2023
Resources
expended
Permanent endowments
Land and buildings
1,136,082
-
1,136,082
-		 Transfers
-
-
Transfers
10,453
10,453		 Impairment
-
-
Impairment
(46,535)
(46,535)		 Balance at 31
December
2024
1,100,000
1,100,000
Balance at 31
December
2023
1,100,000
1,100,000

The endowment fund represents the long-term capital funds that are required to be maintained as a permanent endowment. This fund cannot be used to make distributions that would otherwise be made out of income without the consent of the Charity Commission. The endowment fund can be expended in or towards land and buildings including community facilities in order to further the work of the Church without recoupment.

The fund currently comprises the property held as a Social Investment Property.

[22]

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19. RESTRICTED FUNDS

The income funds of the charity include restricted funds comprising the following unexpected balances of donations and grants held on trust for specific purposes:

Extension Project (Stretch 21)
Leadership College London
Acoustic Project (484 Fund)
Specific purposes / charities
Sounddesk
Extension Project (Stretch 21)
Leadership College London
Acoustic Project (484 Fund)
Specific purposes / charities
Sounddesk		 Balance at 1
January 2024
(24,437)
-
239,214
37,510
159
252,446
Balance at 1
January 2023
(133,605)
17,500
247,315
39,967
2,708
173,885		 Incoming
resources
30
-
5,032
66,857
-
71,919
Incoming
resources
120
-
8,112
58,457
-
66,689		 Resources
expended
-
-
(10,460)
(65,186)
-
(75,646)
Resources
expended
-
(17,500)
(16,213)
(60,914)
(2,549)
(97,175)		 Transfers
24,407
-
-
-
-
24,407
Transfers
109,048
-
-
-
-
-		 Balance at 31
December 2024
-
-
233,786
39,181
159
273,126
Balance at 31
December 2023
(24,437)
-
239,214
37,510
159
252,446

Extension Project (Stretch 21)

This fund represented monies raised for the building of the extension to the Church. Previously this fund was in deficit, representing the shortfall of monies expended over monies collected at that point in time.

The PCC met the shortfall by way of medium- and short-term loans. The repayment of the deficit in this fund was expected to be met by way of general giving, committed pledges and operating surpluses in future years.

The Trustees have determined that in order to address the deficit on this fund in a manageable but prudent basis, the accumulated deficit will be reviewed annually and should be no more than the balance remaining on the loan owed to Triodos Bank. As the bank loan was repaid in 2024, this fund will no longer be used.

Leadership College London (“LCL”)

LCL is a ministry of St Paul’s Hammersmith that aims to deliver training reflecting a unique fusion of leadership, psychology and theology for Christian leaders to lead and influence others. A grant was received from the Magnify Foundation in June 2022 to support the post of a Programme Coordinator for twelve months. The balance carried forward represented deferred income to match against costs in 2023. Balance income was fully utilised towards Programme Coordinator’s salary in 2023.

Acoustic Project (484 Fund)

The 484-fund raising initiative is part of Simon Downham’s leaving legacy and part of a Match Funding campaign from the Dacre Trust. The fund is earmarked to finance specific building work to improve the acoustic infrastructure of the church. A total of £250k was raised from the

[23]

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

congregation, which will be further matched by the Dacre Trust once the work is undertaken. The project is pending to be launched in the first half of 2025.

Specific purposes/charities

This fund represents the balance of monies collected towards specified giving that will be further expended or distributed in accordance with the specific purposes.

Sound desk

This was an amount initially raised for the procurement of new sound desks. The fund balance is released over time to match the depreciation cost of the sound desks.

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund balances at 31 December 2024
Tangible assets
Social Investment Property
Current assets/(liabilities)
Long term liabilities		 Unrestricted
2024
£
are represented by:
42,579
-
185,485
-
228,065		 Restricted
2024
£
-
-
273,127
-
273,126		 Endowment
2024
£
-
1,100,000
-
-
1,100,000		 Total
2024
£
42,579
1,100,000
458,612
-
1,801,191
Fund balances at 31 December 2023
Tangible assets
Social Investment Property
Current assets/(liabilities)
Long term liabilities		 Unrestricted
2023
£
are represented by:
69,841
-
28,433
-
98,274		 Restricted
2023
£
-
-
273,003
(20,557)
252,446		 Endowment
2023
£
-
1,100,000
-
-
1,100,000		 Total
2023
£
69,841
1,100,000
301,436
(20,557)
1,450,720

21. CAPITAL COMMITMENTS

Malcom Fryers Architects of 22 Highbury Grove, N5 2EF had conducted a Quinquennial Inspection survey of St Paul’s Hammersmith, with inspections carried out on 10[th] December 2020 and 20[th] April 2021. The report was issued in May 2021 and concluded that the church is well maintained and generally in fair condition following the extensive internal and external repair projects in the past. However, there remain outstanding repair items which require attention, most notably in relation to the Jones Table Tomb and the churchyard railings. With regards to the repair of the tomb, this has been hoarded for protection, and their repair will be evaluated further in the medium term and funded via appeal or donations. The Council is responsible for the railings, but do not have the budget to fully replace these as recommended and has instead repaired some that were in need of attention. There is a plan to further prioritise, evaluate and undertake other improvement works identified over time, as aligned with the availability of funding. The church is kept in good condition with maintenance surveys happening regularly to ensure proper functioning of the building and to keep it in a good state.

[24]

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

With regards to the Acoustics Project (484 Fund), the PCC has approved in December 2024 to proceed with the installation of a new audio and visual system at SPH, whereby work will commence and complete in February 2025. This cost of this phase of the project is expected to be approximately £400k, with 50% of the costs financed by the funds already raised and 50% via matched funding from the Dacre Trust.

22. RELATED PARTY TRANSACTIONS

St Paul’s Church Hall Fund

St Paul’s Church Hall Fund is connected to the PCC because it is required by its Trust Deed to apply funds towards the repairs and maintenance of the fixtures of St Paul’s Church Hammersmith, in furthering the religious and other charitable work of the Church of England in the parish. The Trust is also permitted to apply its capital towards new church facilities.

As from 18 October 2011, following a Charity Commission order, the PCC became the sole Managing Trustee of the Fund and its assets and liabilities are aggregated with those of the PCC from that date.

Other Related Party Transactions

Pete Wynter (Vicar from August 2022) is also a Governor of the St Paul’s CE Primary School.

Sarah Wynter, wife of Pete Wynter, has been appointed as senior pastor of SPH since November 2022, and works on a three-day per week basis. She received £24,005 (2023: £23,086) as employee remuneration during the year.

23.
CASH GENERATED FROM OPERATIONS
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
Fair value gains and losses on investment properties
Depreciation and impairment of tangible fixed assets
Movement in working capital:
(Increase)/decrease in debtors
Increase in creditors
Cash absorbed by operations		 2024
£
150,471
(14,415)
-
37,726
(43,133)
(51,459)
79,190		 2023
£
77,762
(5,653)
46,535
37,163
(191)
(9,117)
146,499
24.
ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS
Cash at bank and in hand
Loans falling due within one year
Loans falling due after more than one year
Changes in Net Debt		 At 1 January
2024
£
348,852
(3,880)
(20,557)
324,415		 Cash
flows
£
58,704
3,880
20,557
83,141		 At 31 December
2024
£
407,556
-
-
407,556

[25]

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL’S, HAMMERSMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS - COMPARATIVE
At 1 January
2023
£
Cash at bank and in hand
362,697
Loans falling due within one year
(9,134)
Loans falling due after more than one year
(124,471)
Changes in Net Debt
229,092		 Cash
flows
£
(13,845)
5,254
103,914
95,323		 At 31 December
2023
£
348,852
(3,880)
(20,557)
324,415

[26]