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Annual Report and Financial Statements

for the Year Ended 31 December 2023

The Parochial Church Council of the Ecclesiastical Parish of the Barnsbury Team Ministry

Charity registration number: 1130552

Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE BARNSBURY TEAM MINISTRY

Reference and Administrative Details	1 to 2
Trustees' Report	3 to 6
Independent Examiner's Report	7
Statement of Financial Activities	8
Balance Sheet	9
Notes to the Financial Statements	10 to 21
The following pages do not form part of the statutory financial statements:	22 to 29
St Andrew's Church: Income and Expenditure	22
St Andrew's Church: Balance Sheet and Funds	23
All Saints' Church: Income and Expenditure	24
All Saints' Church: Balance Sheet and Funds	25
Church on the Corner: Income and Expenditure	26
Church on the Corner: Balance Sheet and Funds	27
Parish: Income and Expenditure	28
Parish: Balance Sheet and Funds	29

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE BARNSBURY TEAM MINISTRY

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees

Charity Registration Number

Revd Ted Fell (resigned 30 March 2023) Helen Codling Roland Jones Stavroulla Andreou (resigned 21 May 2023) Ian Bruce (resigned 21 May 2023) Anthony Codling Elena Heatley (resigned 21 May 2023) Hon. Jacob Madams (resigned 21 May 2023) Kathleen Hawkins (resigned 30 March 2023) Barbara Hooker (resigned 30 March 2023) Azhar Jomaa (resigned 30 March 2023) Stephanie O'Donnell Richard Parker Eleonora Simeone (resigned 21 May 2023) Simona Valeriani Catherine Oborne (resigned 21 May 2023) Revd S. Caroline Titley Revd Idina Dunmore (appointed 17 July 2023) Heather Wood (appointed 21 May 2023) James Dunnett (appointed 21 May 2023) Suzanne Procter (appointed 21 May 2023) Hector Hinojosa (appointed 21 May 2023) Chanel Giorgio (appointed 21 May 2023) Lis Howell (appointed 21 May 2023) Philip Rutnam (appointed 21 May 2023) 1130552

Principal Office

St Andrew's Church Thornhill Square LONDON N1 1BQ

Page 1

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE BARNSBURY TEAM MINISTRY

REFERENCE AND ADMINISTRATIVE DETAILS (CONTINUED)

Independent Examiner

Bankers

G W Schulz ACMA Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF Barclays Bank plc 1 Churchill Place London E14 5HP CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

Page 2

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE BARNSBURY TEAM MINISTRY

TRUSTEES' REPORT

The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2023.

Structure, governance and management

Nature of governing document

The Parochial Church Council (PCC) is registered with the Charity Commission as required by the Charities Act 2011. Its governing document is the Parochial Church Councils (Powers) Measure 1956.

Risk management

The trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Objectives and activities

Objects and aims

The primary object of Barnsbury Team PCC is promotion of the gospel of Our Lord Jesus Christ according to the doctrines and practices of the Church of England.

The PCC has the responsibility of cooperating with The Revd S Caroline Titley and other clergy in the parish - Revd Ted Fell (All Saints Church) and Rev Idina Dunmore (Church on the Corner).

Together they promote as a whole in the ecclesiastical parish the mission of the church in terms of pastoral work, evangelistic outreach, social and ecumenical work.

Public benefit

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Achievements and performance

Parish Reorganisation

The parish re-organisation, the Barnsbury scheme, has taken effect from 31 March 2023. All Saints' Church has left the Parish of Barnsbury, which continues, and now comprises St Andrew's Church, Thornhill Square and Church on the Corner. The Revd Ted Fell has been licensed to the new parish of All Saints, Caledonian Road. The Barnsbury Parish wishes The Revd Ted Fell and the people of All Saints well in their new parish. As at 31 December 2022, All Saints' Church had a net deficit of £7.5K and net assets of £17.85K.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE BARNSBURY TEAM MINISTRY

TRUSTEES' REPORT (CONTINUED)

During the year, the parish welcomed new worshippers and implemented an Interim Mission Action Plan. Twelve people from the parish, including seven teenagers, were confirmed at St Paul’s Cathedral. We conducted a community consultation, expanded links with local statutory and voluntary organisations and opened up our church buildings as warm spaces. The Building Development Committee oversaw a successful bid to the National Lottery Heritage Fund for resilience funding in connection with the St Andrew’s Church building, which is on the Heritage at Risk Register (condition very bad, Priority A).

The Revd Caroline Titley was instituted and installed as Rector of the Parish of Barnsbury on 8 October 2023, which concluded a period of parish re-organisation. All Saints Church left the Parish of Barnsbury on 31 March 2023 and formed its own parish along the historic boundaries. The remaining churches in the Parish of Barnsbury comprise St Andrew’s Thornhill Square and Church on the Corner. Rev Idina Dunmore was licensed as Associate Minister, with particular responsibility for Church on the Corner on 17 July 2023.

Financial review

PCC

Looking ahead to 2024 our most pressing financial goals for both churches would be to increase our giving and to improve our lettings strategy so that we will be able to return to a position where we can cover our full running costs.

Our costs will increase in 2024 and we have a three year transition plan in place to reach the full Common Fund contribution (currently around £75,000 each year for each church to cover the costs of the vicar’s salary, pension, housing and training costs).

Church On The Corner

In 2023 income reduced by around £10,086 to £127,671. Individual giving increased by £1,272 to £51,160, property rental income fell by £1,991 to £48,736. However, the biggest moving parts were that 2022 benefitted from one off refunds relating to Matilda Street of £37,063, and 2023 benefitted from catch up gift aid reclaims of £20,361.

COTC’s total expenditures fell considerably to £52,088, a reduction of £65,542. This significant reduction reflects the fact that 2023 was a transition year for COTC moving from being a Self Supporting Ministry (where we pay all the costs of running the church) to a licenced post where we contribute to common fund rather than covering all of the costs directly.

Based on current projections, to cover all of our costs and to fund ministry projects we need to increase our income to around £150,000 each year. This means we need to increase our income from its current run rate by around £50,000 a year.

St Andrew’s Church

In 2023 income increased by around £53,000 to £224,723. Individual giving has increased by £7,657 to £42,050. Property rental increased, on a one-off basis, by £18,011 to £101,432.

Page 4

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE BARNSBURY TEAM MINISTRY

TRUSTEES' REPORT (CONTINUED)

In 2023, St Andrew’s has benefitted from a one-off £15K rebate from our former energy supplier based on an Ombudsman decision. 2023 also benefitted from catch-up gift aid reclaims of £3,590.

St Andrew’s total expenditures rose considerably by £57,738 to £230,372. This significant increase has been as a result of extensive compliance and building related work being required following a period of interregnum.

Policy on reserves

Our policy is to see reserves as a resource for the present which have been accumulated in the past. Decisions as to what reserves may be used for are taken by the PCC in respect of PCC funds. We have not retained a specific reserve in respect of running expenses.

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE BARNSBURY TEAM MINISTRY

TRUSTEES' REPORT (CONTINUED)

Statement of Responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees 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.

The annual report was approved by the trustees of the charity on 13 March 2024 and signed on its behalf by:

Revd Caroline Titley

......................................... Revd S. Caroline Titley Trustee

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE BARNSBURY TEAM MINISTRY

INDEPENDENT EXAMINER'S REPORT

I report to the trustees on my examination of the accounts of The Parochial Church Council of the Ecclesiastical Parish of the Barnsbury Team Ministry for the year ended 31 December 2023.

Responsibilities and basis of report

As the charity trustees of The Parochial Church Council of the Ecclesiastical Parish of the Barnsbury Team Ministry you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the The Parochial Church Council of the Ecclesiastical Parish of the Barnsbury Team Ministry's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

Since The Parochial Church Council of the Ecclesiastical Parish of the Barnsbury Team Ministry's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Chartered Institute of Management Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of The Parochial Church Council of the Ecclesiastical Parish of the Barnsbury Team Ministry as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

...................................... G W Schulz ACMA Independent Examiners Ltd

13 March 2024

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE BARNSBURY TEAM MINISTRY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Note Unrestricted funds £ Income and Endowments from: Donations and legacies 2 139,075 Other trading activities 3 193,651 Investment income 4 2,048 Other income 5 18,938 Total income 353,712 Expenditure on: Charitable activities 6 262,413 Total expenditure 262,413 Net income/(expenditure) 91,299 Gross transfers between funds (18,041) Net movement in funds 73,258 Reconciliation of funds Total funds brought forward 421,086 Total funds carried forward 14 494,344	Restricted funds £ 42,416 - - 2,449 44,865 52,312 52,312 (7,447) (1,717) (9,164) 24,106 14,942	Total 2023 £ 181,491 193,651 2,048 21,387 398,577 314,725 314,725 83,852 (19,758) 64,094 445,192 509,286	Total 2022 £ 144,562 190,628 461 50,173
			385,824
			361,687
			361,687
			24,137 -
			24,137 421,054
			445,191

The notes on pages 10 to 21 form an integral part of these financial statements. Page 8

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE BARNSBURY TEAM MINISTRY

BALANCE SHEET AS AT 31 DECEMBER 2023

Note Current assets Debtors 10 Cash at bank and in hand Creditors: Amounts falling due within one year 11 Total assets less current liabilities Creditors: Amounts falling due after more than one year 12 Net assets Funds of the charity: Restricted income funds Restricted funds Unrestricted income funds Unrestricted funds Total funds 14	2023 £ 24,276 534,725 559,001 (48,495) 510,506 (1,220) 509,286 14,942 494,344 509,286	2022 £ 23,452 445,512
		468,964 (23,309)
		445,655 (464)
		445,191
		24,106 421,085
		445,191

The financial statements on pages 8 to 21 were approved by the trustees, and authorised for issue on 13 March 2024 and signed on their behalf by:

Revd Caroline Titley

......................................... Revd S. Caroline Titley Trustee

The notes on pages 10 to 21 form an integral part of these financial statements. Page 9

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE BARNSBURY TEAM MINISTRY

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

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

The Parochial Church Council of the Ecclesiastical Parish of the Barnsbury Team Ministry meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Gift aid

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Other trading activities

Rental income from the letting of church premises is recognised when the rental is due.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE BARNSBURY TEAM MINISTRY

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

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £1,000 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Consecrated and Beneficed property is excluded from the accounts by s.96(2)(A) of the Charities Act 1993.

No value is placed on movable church furnishings held by the church wardens 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 benefice buildings and movable church furnishings, whether maintenance or improvement, is written off as expenditure in the SOFA and separately disclosed.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE BARNSBURY TEAM MINISTRY

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

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Furniture and equipment

Depreciation method and rate 25% on cost

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Liabilities

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE BARNSBURY TEAM MINISTRY

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

Pensions and other post retirement obligations

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2 Income from donations and legacies

Unrestricted funds General £ Donations and legacies; Donations 102,992 Gift aid reclaimed 34,358 Grants, including capital grants; Grants 600 Other income from donations and legacies 1,125 139,075 3 Income from other trading activities Unrestricted funds General £ Events income; Conferences and similar events 3,444 Other events income 3,260 Property rental income 186,947 193,651	Restricted funds £ 1,200 300 40,916 - 42,416 Restricted funds £ - - - -	Total 2023 £ 104,192 34,658 41,516 1,125 181,491 Total 2023 £ 3,444 3,260 186,947 193,651	Total 2022 £ 106,335 11,777 26,450 -
			144,562
			Total 2022 £ - 9,597 181,031
			190,628

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE BARNSBURY TEAM MINISTRY

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

4 Investment income

Interest receivable and similar income; Interest receivable on bank deposits 5 Other income Refunds Fees and supplies	Unrestricted funds General £ 2,048 Unrestricted funds General £ 17,161 1,777 18,938	Restricted funds £ - Restricted funds £ 2,449 - 2,449	Total 2023 £ 2,048 Total 2023 £ 19,610 1,777 21,387	Total 2022 £ 461
				Total 2022 £ 48,940 1,233
				50,173

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE BARNSBURY TEAM MINISTRY

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

6 Expenditure on charitable activities

Note Parish contribution Ministry and clergy expenses Church hall and property Building projects Utilities and insurance Upkeep of services Telephone Printing, post and stationery Computer and software Legal and professional fees Bad debts Bank charges Sundry Independent examination Charitable giving 7 Staff costs 9	Unrestricted funds General £ 40,000 9,254 26,131 22,259 28,217 6,421 1,905 4,531 1,103 16,225 3,500 664 3,087 3,000 33,920 62,196 262,413	Restricted funds £ - 1,325 42,844 8,143 - - - - - - - - - - - - 52,312	Total 2023 £ 40,000 10,579 68,975 30,402 28,217 6,421 1,905 4,531 1,103 16,225 3,500 664 3,087 3,000 33,920 62,196 314,725	Total 2022 £ 73,289 28,162 72,206 601 41,157 17,015 1,892 4,291 1,015 22,161 - 883 2,463 3,000 20,518 73,034
				361,687

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE BARNSBURY TEAM MINISTRY

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

7 Charitable giving

Analysis of grants

Charitable giving	Grants to institutions 2023 £ 2022 £ 33,920 20,518

8 Trustees remuneration and expenses

During the year the charity made the following transactions with trustees:

Barbara Hooker

Barbara Hooker received remuneration of £749 during the period January to March 2023 (2022: £2,995 for twelve months).

Two trustees have received reimbursed expenses from the charity totalling £1,061.00 (2022: £Nil).

Donations made by the PCC members and related parties without any conditions attached totalled £44,775 for the year (2022 - £29,030).

9 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were: Wages and salaries Pension costs Self employed	2023 £ 55,004 2,210 4,982 62,196	2022 £ 69,509 704 2,821
		73,034

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

follows:
	2023		2022
	No		No
Staff		2		1

No employee received emoluments of more than £60,000 during the year

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE BARNSBURY TEAM MINISTRY

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

10 Debtors

10 Debtors
Trade debtors Accrued income VAT recoverable Other debtors	2023 £ 14,350 46 - 9,880 24,276	2022 £ 11,050 5,763 6,308 331
		23,452

11 Creditors: amounts falling due within one year

Other taxation and social security Other creditors Accruals Deferred income	2023 £ - 390 40,550 7,555 48,495	2022 £ 133 5,331 17,845 -
		23,309

12 Creditors: amounts falling due after one year

Other creditors	2023 £ 1,220	2022 £ 464

13 Pension and other schemes

The charity participates in the Pension Builder Scheme section of CWPF for lay staff. CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the Employer and other participating employers.

CWPF has two sections:

the Defined Benefits Scheme
the Pension Builder Scheme, which has two subsections;
a. a deferred annuity section known as Pension Builder Classic, and,
b. a cash balance section known as Pension Builder 2014.

Pension Builder Scheme

Both sections of the Pension Builder Scheme are classed as defined benefit schemes.

Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE BARNSBURY TEAM MINISTRY

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

Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to - £2,210 (2022 £704).

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2019.

For the Pension Builder Classic section, the 2019 valuation revealed a deficit of £4.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2024, the Board chose to grant a discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997; and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 5% (where usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2023. There is no requirement for deficit payments at the current time.

For the Pension Builder 2014 section, the valuation revealed a surplus of £5.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

The next valuation is due as at 31 December 2022. Calculations for this are currently under way.

The legal structure of the scheme is such that if another employer fails, The Parochial Church Council of the Ecclesiastical Parish of the Barnsbury Team Ministry could become responsible for paying a share of the failed employer’s pension liabilities.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE BARNSBURY TEAM MINISTRY

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

14 Funds Unrestricted funds *General* General Funds *Designated* Stonework project Total unrestricted funds Restricted funds Cloudsley trust Building fund (All Saints' Church) Night shelter Building fund (St Andrew's Church) Rectory Organ fund Youth, Welfare & General Donation Total restricted funds Total funds	Balance at 1 January 2023 £ 418,958 2,128 421,086 4,693 1,717 508 3,780 4,781 3,302 5,325 24,106 445,192	Incoming resources £ 353,712 - 353,712 4,900 - - 38,162 - - 1,803 44,865 398,577	Resources expended £ (262,413) - (262,413) (8,143) - - (41,942) - (902) (1,325) (52,312) (314,725)	Transfers £ (18,041) - (18,041) - (1,717) - - - - - (1,717) (19,758)	Balance at 31 December 2023 £ 492,216 2,128
					494,344
					1,450 - 508 - 4,781 2,400 5,803
					14,942
					509,286

Building Fund - each April and October churches in the former parish of Islington can apply for grants to maintain the fabric of the building according to the terms of the Richard Cloudesley Charity which was set up in the 16th century. Level of grants varies. As the pressure on Church Grants programme funds is considerable, in most instances, the Charity will not fund 100% of a project/works. Analysis of how grants provided this year were spent is detailed above.

Night Shelter - Provides funds for the homeless.

Rectory Fund - this is the accumulation of funds put aside each year to maintain the commitment that PCC/DCC's redecorate one room a year in the rectory to keep it up to standard.

Organ Fund - to provide funds for the upkeep of the Church Organ.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE BARNSBURY TEAM MINISTRY

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

Special Collection - this was money given to St Andrew's at a funeral several years ago.

The Youth, Welfare and General fund was a private donation of £10,000 received from a former member of the congregation. The donor requested that specific sums be used for youth and children’s activity, a food bank donation and Sunday refreshments. The balance is to be used for building-related costs and wherever the funds are most needed.

Unrestricted funds *General* General Funds *Designated* Stonework project Total unrestricted funds Restricted funds Cloudsley trust Building fund (All Saints' Church) Night shelter Building fund (St Andrew's Church) Rectory Organ fund Special collection Covid recovery Youth, Welfare & General Donation Total funds	Balance at 1 January 2022 £ 393,981 2,128 396,109 4,693 1,717 508 4,863 4,781 2,073 487 5,823 - 24,945 421,054	Incoming resources £ 350,744 - 350,744 - - - 23,009 - 2,071 - - 10,000 35,080 385,824	Resources expended £ (325,768) - (325,768) - - - (24,092) - (842) (487) (5,823) (4,675) (35,919) (361,687)	Balance at 31 December 2022 £ 418,957 2,128
				421,085
				4,693 1,717 508 3,780 4,781 3,302 - - 5,325
				24,106
				445,191

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF THE BARNSBURY TEAM MINISTRY