THREE UNITED PARISHES OF ST MAGNUS THE MARTYR wrrH ST MARGARET AND ST MICHAEL REGISTERED CHAIUTY NO. 1130590 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 KNOX CROPPER THREE UNITED PARISHES OF ST MAGTr4US THE MARTYR WITH ST MARGARET AND ST MICHAEL FINATr4CIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2024 Contents Page M¢mbers of the Parochial Church Coullcil Professional Advisors Annual Report Ind¢p¢ndent Examiner's Report Ststement of Financial Activities Balance Sheet io Notes to the Finan¢ial Statements Page I THREE UNITED PARISHES OF ST f￿AGNUs THE T￿TYR ST MARGARET AND ST MICEL4EL Regist¥red Charity Name: The Parochial Church CounLiI of the Ecclesiastical Parish of St Magnu8 thc mart￿ with St Margaret New Fish Street and St Michacl Crookcd Lane, London Registered Charity Number: 1130590 Church location: Low¢r Tham¢s Strcet London EC3R 6DN lembers of the Parochial Church Council: The Revcrcnd P Warn¢r SSC- CaTdinal Rcctor {Chaimian) Mr A Rayner (Vice Chair, DS Representativc) Ms A Mathews (Churchwarden, SecTetary & Electoral Roll Officer) Mr D PeaY5on (Churchwarden & Treasurer) Mr A Colam {Churchwarden} Mr E Hagger {Churchwarden} Mr M Kmg {Churchwarden until July 2024, from October 2024 PCC member) Mr D Love {ChuTchwarden, Safeguarding Officer from 12 June 2024) Mr R Auste Mr N Bird Mr M Coopei Ms S Gray {Green Energy Champion)- from 12 Junc 2024 Mr J Groves Mr C S Harris-FryeTS Dr F K¢ating (DS= Deanery Synod) Verger.. Mi Nick Sargent Parish Clerks.. Mr Michacl Cooper, OBE (St Magnus the Mart)r) Dr Frank Keating (St Margarel New Fish Street) Dr Colin Podmore, MBE {St Michael Ciooked Lane) Safeguarding Officer.. M5 Madeleine Smiih (to 12 June 2024) Mr Diokoii Love, MBE (from 12 June 2024) Page 2 THREE UNITED PARtSHES OF ST I￿GNUs THE MARTYR IVITH ST TrL4RGARET ATrID ST MICHAEL Profe55ional AdTri$oTS Independent Examiner: Knox Cropper LLP Charteied Accountants 65 Leadenh811 Str¢et London EC3A 2AD Bankers: HSBC PIC 1-3 Bishop5gat¢ London EC2N 3AQ Virgin Money plc Jubilee House Gosforth Newcastle upon Tyne NE3 4PL Investment Managers: CCLA Investm¢nt Management Limited Senator House, 85 Queen Victoria St, London EC4V 4ET M&G Securities Limited Laurence Pountnes, Hill London EC4R OHH Architects: Shcnslonc & Partners 302 The Highway London EIV 3DH Page 3 THREE UNITED PARISHES OF ST MAGNUS THE ￿lARTYR TH ST MARGARET AND ST MICHAEL Annual Re ort The P￿￿thIal Church Council ("PCC.") is pleased to present its report and the financial statements of tbe Three United Parishes of Si Magnus the Martyr with St Margaret and Si Michael ("th¢ church") for the year ended 31 st December 2024. The trustees haiTe adopted thc provision% of Accounting and Reporting by Charities.. Statement of Recommended Practic¢ applicable lo charities preparing thcir accounts in accordanc¢ with the Financial Reporting Stalhdard applicable in the UK and Republic Lif Ireland (FRS 102} (effective l January 2019). REFERENCE AND ADMINISTRATIVE DETAILS Reference and aoministraliiie details are shown with thc schedule of members of the PCC and professional advisors on pages l and 2 of the financial statements. THE CONSTITUTION OF THE PCC The parishes of St Margar¢t New Fish Street and St Michael Crooked Lan¢ were united with that of St Magnus the ManJT in 1670 and 1831 resp¢ctiv¢ly. The parish is part of the City Deancry of the Diocese of London. The PCC is a body COTporate (Section 3 of The Parochial Church Council (Power5) Measures 1956 {as amended)). It has a responsibility to co-operate with the Cardinal Rector, the Reverend Philip Warner, in promoting in the parish the wholc mission of the Church, pastoral, eiwangclistic, social and ecumenical.'- In accordance with chang¢s introduced by the Charities Act 2006, the PCC has been regislcrcd with the Charity Commi5sitsn since 17 July 2009. THE PCC AND THE STANDING cOMMI￿EE The method of appointment of PCC members is set out in th¢ Church Representation Rule5. Th¢ PCC also acts as thc Standing Committee. PCC members are responsible for making decisions on all matters of general concern and Itnportance to the parisb including dcciding on hom, the funds of th¢ PCC are to be spent. The Trust¢e5 confirni that they hav¢ considered the general guidance issued by the Charity Commission in connection with public benefit in setting th¢ objectives of the charity. OBJECTIVES AND ACTIVITIES The primary objcctives of the church are to off¢r daily prayers to God and to worship Him in the beauty of his holiness. Through worship and prdyer, we seek to know Ciod better and to be conformcd to his putposes for our ljiwcs. In partnership with others ivc ￿'ISh to make His love kDaMI within our city and nation, and throughout the world. P¢oplc who work in the City of London, or who come from fvrther afield, can set aside their daily concerns and spend a limc of peaee and prayer, asking for and receiving God's pca¢¢ IT] their hearts. The PCC provides public benefit by.. providing worship, music and a space forpersonal prayer. offering pastoral care, including foi. thc sick and bereaved., maintaining the fabric of th¢ Cirade I listed church in good condition,. keeping the Church open foT much of the week for the enjoyment of a wide range of vi51tois and promoting the whole mission ofthe Church When planning our activities for the year the Rcctor, Reverend Philip IITarner, and the PCC has Collsidered the c.harity Commission's guidancc on public benefit and the %peLific guidancc on charities for the advancement of religion. In particular, we try to enable ordinary people to live out iheir faith through.. Worship and pray¢r. learning about th¢ Guspel., and developing their knowledge and trust in Jesus. Provision of pastoral care for city workers and other visitor5. Missionary and outreach w'ork,. Concert%, meetings and other events (such as the annual blessing of the Thames). To facilitate this work, it is Important that we maintain the fabric nf our Grade I lisl¢d building (designed by Sir Christopher Wren) which welcomes iiisitOTS froin around the world. Page 4 THREE UNITED PARISHES OF ST MAGTr4US THE NIARTYR WITH ST MARGARET AND ST MICHAEL ACHIEVEMETrrrs AND PEBFORMATr4CE orship ap￿ Proyer The PCC is k¢¢n to offer a range of services during thc w¢ek and over the course of the ycar that our Gomrnunity rind both beneficial and spiritually fulfilling. All are welcome to attend our regular services. Parish Mass IS celebrated every Sunday at I lam and Low Mass celebratcd each Tuesday, Wethjesday, Thursday and Friday at 12".30pm. The church is usually op¢n for visiting and for private pray¢r Tucsday to Friday 10am to 4pm. Th¢ Sunday congtegdtion averages around 50, with this number greatly incre￿ed duriDg spccial services and events. The church continues to live-stream Sunday Mass most weeks. The PC.C ha5 pa5s¢d a resolution requesting the Bishop of London to provide alternativc cpiscopal oversight of the parish by the Bishop of Fulham, under the guidelines of the House of Bishops for parishes un&ble to re¢¢ive for theological reasons the sacramental ministy of wotnen. The PCC is also affiliated with The Society, an ¢rclesial body whE'ch promotes and tnaintains caiholic teaching and practicc within the Church of England and guaFantces a ministry in the historic ap05tolic su¢cession. St Magnus has a strong and lively musical tradition with skilled and enthusiastic organist, Mr John Eady, and choir, the latter undcr the direction of Mr Edward Walt¢r5. Every Sunday a quartet {often augm¢nted} enrich the parish worship by Singing the propers of the day, a mass sctting 2nd a motet, frequently from lcss known and unjustly neglected composers. The annual Blessing of the Tham¢s was hcld in January 2024. The Fraternity of Our Lady de Salve Regina has met rcgularly at the church during the ycar. Mr Craig Harris- Fryers is The Warden. The Annual Festival was kept on 21 September 2024. The FTaternity and the PCC sponsor lamps in the Holy Hous¢ of the Shrille of Our Lady of lfv"alsingham. Deanery Synod Alex Rayner sat on th¢ City Deanery Synod throughout the whole of 2024. Having this representation provides the PCC with an important link between the parish and the Diocese and wider Church. Rectory The Dioces¢ has provided a house for thc Rector gLt 123 Calabria Road, London N5, the parish's former rectory at 39 King William Str¢et, London, EC4 having be¢n sold on 30 May 1921 for £8,000. St magn￿ the Martyr and its place in the City Thc church is built u,here all people crosssng ihe old London Bridge used to enter th¢ Citie and standing on the crossroads, it has seen many important ¢v¢nts in its I,000-year history. The object for which th¢ church was originally built ha8 not changed., now as then, prayers are offered daily to God, and He is woishipped in the beautsw of holiness. Now as then, peopl¢ wlio work in the City, or who come from furthcr afield set aside their daily concerns and spend a time of peace and prayer, asking for and receiving CJod's peace in their hearls. Ml welcome visitors from around th¢ woild, who come to marvel ai the beautiful interior and to see ow WQTId- famous 4-metre-long model ofthe old Bridge, old f￿e enginc or listeii to our celcbratcd ring of bells. Page 5 THREE UNJTED PARISHES OF ST MAGNUS THE MARTYR TH ST TrL4RGARET AND ST MICHAEL ACHJEIIEMENTS AND PERFORMANCE (¢ontinued} Livery Conzpanies and Iyard Club Si Magnus the Martyr is proud to b¢ the Livery Church of The Worsbipful Company of Fishmongers and The Worshipful Company of Plumbers, and to host their respective services. It l5 also the chuich lor the Ward of Bridg¢ and Bridge Without and welcomed the Bridge Ward Club for its annual carol service. Twinning Arrangement St Magnus the Martyr is link¢d in prayer with our sister parish, the Church of the Re5urrcction, New York. RoofFiind & IVDrks St Magnus the MartJT Was SU¢tes%ful in obiaining a grant of £60,000 In March 2021 from the City Churches ts Committee via Trust For London toward5 urgenily needed roof repairs. This, together with individual donations and further moni¢s rai5¢d at a hugely guccessful concert featuring Jools Holland host¢d jointly by the Wor&hipful Company of Fishmongers and Worshipful Company of Plumbers in October 2021, enabled the parish io create a Roof Fund, Mwitb planning work undertaken in 2021 and the actual repairs to the nav¢ roof in 2022. Furthcr works w'ere required to complete repairs to thc north and south aisles, which was mostly completed by th¢ end of 2023, with further funding of £65,165 obtained from the c.ity Churches Grants Committee via Trust FOT London, along with £10,000 from Aslackby Trust, £10,000 from Garfield Weston Foundation and £3.250 from Bencfact. A final round of funding of £15,068 from City Church Fund and £5,000 from Fiiends of City Churches enabled the final part uf the work to be fully complet¢d in 2024. Wc are grateful to all fvnders and donors, boih indiN'idual and corporate, who haN'e enabled us to complete these works and securc th¢ physical integrity of the building. Internal Redecoralio Having successfully raised funds and carried out urgent works to the roof, the PC.C then tumed it.s attention to the interior of the church, which has suffered from the cff¢cts of water ingress and general deterioration over the years. It has b¢cn dccades 5inLe gignificant work has been ca]Ti¢d out on the church's interior, and thc PCC launched a redecoration and bcautification fund to address these n¢¢ds in April 2024 to raise money from funders, donors and other sources. W¢ gratefully acknowledge the generous Support of the following donors so far.. Bronze Donor$: Dr Colin Podmore, MBE,. Mr N Coprutt", Prof RY & Mrs AM CartWTight. Mr David Ross," Mr RH Drew. Other Donors: Mr FC Rodgers. Mr Charles Yuill; Lt Col RJA Paterson-Fox,' Mrs Eileen Slatter. 2030 Net Zero Target In 2020, to furthcr our part in ihe Church of England'5 target foi net zero earbon by 2030, thc Parish appointed a Green Energy Champion. Our supply conies from l QQO/o rcn¢wdble energy, Mie use energy efficient lighting wherever possibl¢, and MTC ar¢ undertaking a range of other measures to minimise our use of carbon. Sustain¢3blE Communiiies. Diversity & Incliision LÈke most other City churches, almost no one actually livcs within the parish, so we cannot as easily arrange foi our parishioners to engage in person thjith the local communitv in the way a residcntial parish could. Howeiier, we make thc most of our location, histor! and liiJing wnrship to be a mission to eiweryone who is part of our communil)T whether as City workcrs, domestic or OiTerseas visiti)rs, passers-by or those who Tnake use of our buildings and grounds. We continue to engage with the con]munity and visitors, and we also continue to maximisc our impact by engaging with the community online: Ihrough our ￿'eb￿ite, I'irtual tour and live streaming of s¢n'iLes aJ]d i)ther events, all of which support our Lii'ing History ProgTamm¢. In 2020 we appointed a DiN'ersity & Inclusion Champion, and ive are pleased to have paiishioners froin div¢rs¢ backgrounds serving ii) leadership roles, on thc PCC., on the serving team, as voluntceTS and in oiher capaciiies. All are 'elcome dl Si Magnus. Pag¢ 6 THREE UNITED PARISHES OF ST MAGNUS THE MARTYR WITH ST MARGARET AND ST MICHAEL VOLUNTEERS & SUPPORTERS W¢ would like to thank all the volunteers who work so hard to mak¢ our church the lively and vibrant con]munity it is. Thanks arc given to the members of the PCC for their valuabl¢ contributjon to our ministy and for keeping the church running. We also wish to thank the many generous donors, benefactors, funders and others who support us financially. Your kind and thoughtful Lolltiibulions help us keep our parish and community aliv¢ as "beacoll of light" in the heart of the City. FINANCIAL REVIEW Net income in 2024 amounted to £26,263. compared to £56,973 in 2023. The surplus for thc ycar includcd an unrealised gain on investments of £6.643 12023.. Gain of £14,966). Excluding unrealiscd movem¢nts on investments the surplus decreased from £42,007 in 2023 to £19,620 in 2024. Total Incom¢ amount¢d to £257.599 compared to £306,654 for 2023. The St Michacl's Trust grant of £14,500 was fully utilised in thc year and thi5 is separately disclosed in these accounts. Expendi￿re amounted to £237,979 compared to £264,647 for 2023. Of this expenditure, £43,259 relates to works carried out in relation to roof repairs. The amount payable in the ycar for Diocesan parish share increased from £75,000 in 2023 to £78,600 in 2024. Investments showed an increase in value during the ye2r from £233,959 to £248,214, in line with market conditiOn5, and cash at bank increased from £53,373 to £56,091. The PCC continues to assess the necd to k¢cp funds on hand for major repairs. Total funds increased from £307,234 at 31, December 2023 to £333.497 at 31" December 2024. RESERVES POLICY It is PCC policy to build a level of unrestricted funds commensurate with medium terni needs for r¢pair and maintenance of the fabric of St Magnus the Martyr. The PCC continu¢s to work with the architect to determine an appropriate time horizon foT work5 as￿e$SMent and prudent level of funding to preserve our Grade I listed building for the next generation. It is also PCC policy to maintain an additional amount of unrestricted funds (as far as possible} equating to at least four months, unr¢strict¢d paJThents. Reserves at the ycar end amounted to £333,497, of which £11,992 were restricted. Pagc 7 THREE Uf4lTED PARISHES OF ST MAGNUS THE MARTYR WITH ST MARGARET Af4D ST MICHAEL RESPONSIBJLITIES OF THE TRUSTEES The truste¢s are resporhsible for preparing the annual rcport and financial slatements in accordanc¢ with pplicable Charitv law and r¢gulations. Under that law, th¢ trustees hav¢ elected to pr¢paie the financial statenients in acc()rdance u'ith United Kingdom CJenerallv Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Th¢ financial 8tatem¢nts are required by la￿, to giv¢ a tTkJe and fair 'iew' of the state of affairs of the charity and of the sutplus or deficit of the charity for that period. In weparing ihese financial statements, the trustees are requir¢d to.. Select suitable accounting pnliLies and then apply them consistently; Make judgenieiits and estimates that are reasonabl¢ and prudent; Prepare the fJnanLial statcm¢niS on the going concern basis unless it is inappTopriate to pr¢sume that the charity will continue on op¢ration. The trustees are responsibl¢ for keeping proper accounting records which disclose with reasonable accuracy at any time the finanLial position of the charity and which enable them to ensure that the financial stat¢m¢T]ts comply with the Charities Act 2011, The trustccs are also responsible for safeguarding ihe assets of the charity and hence for taking Teagonable steps for the prevention and detection of fraud and other irregularities. ACCOiENTANTS A resolution to r¢-appoint Knox Cropper LLP 2$ independcnt ¢Kaminers for the ensuing year will be proposed at th¢ ADnual Parochial Church Meeting. Approved by the PCC on 4th May 2025 and signed on their behalf. Revd Philip Warner Cardinal R¢¢ttsr Pag¢ 8 INDEPENDENT EXAMINERS) REPORT TO THE TRUSTEES OF THE THREE ￿lTED PAIUSHES OF ST MAGTr4US THE MARTI]i WITH ST MARGABET AND ST MICHAEL Independent examiner'5 report to the trustee$ of The Three United Parishes of St Magnu$ the Mart)T Trvith St L*largaret and St Michael I r¢port to thc trustee5 on my examination of the accounts of Th¢ Thre¢ United Patighes of St Magnus the Martyr with St MaFgaret and St Michael (the Trust) for the year ended 31" D¢cembcr 2024. This report is made to thc Trust¢¢s, as a body, in accordance with the tem)s of my engag¢Tnent. My work has been undertaken so that I might ca)Ty Qut an Jndependenl Examination of the financial staternents in accordance with the General Direction5 given by the Charity Commissioners. To the fullest cxt¢nt permitted b}, law. I do not accept tsr assume responsibility to anyone othcr th￿ the Charity and the Charity's Trustecs as a body for my wc>ik or for this report. RespoDSibilitie5 and basis of report As the charity trusiees of the Trust you are ￿sPonSible for the prepatation of the accounts in accordance with the requirements of the Charities Act 2011 ('thc Act,). I report in respect of my examination of the Trust's accounts carricd out under section 145 of the 2011 Act and in carrying out my examination I haiie followed all appli¢abl¢ Directions given by the Charity Commission undcr scction 145(51(b) of the Act. Independent examiner's statement I have compl¢ted my examination. I confirni that no material matters have come to my attention in connection with the examination giving me cause to believe that in 2ny mgLterial respect.. accounting records were not k¢pt in respect of the Trust as requircd by sectitsn 130 of the Act,. or the accounts do not accord with those records; or th¢ accounts do not comply with th¢ applicable requirements concerning th¢ form and content of accounts sct out in the Charities (Accounts and Reports) Regulations 2008 other than any requir¢ment that the accounls give a true and fair vicw which is not a matter considered a5 part of an independent examination. I have no concerns and have com¢ across nu other matters in CO[￿ection with the examination to which attention should be dra￿lln in this report in order to enable a proper under.%tanding of the accounts to be Ieached. 65 Leadenhall Street L()ndon EC3A 2AD James Holland-LcadcT FCA Knox Cropper LLP Chartered Accountants 4 May 2025 Page 9 > [4 Z% < QC CC ZX Pagc 10 THREE UNITED PAIUSHES OF ST MAGNUS THE MARTYR WITH ST MARGARET AND ST 1￿cHAEL BALANCE SHEET ST AS AT 31 DECEMBER 2024 2024 2023 Notes FIXED ASSETS Investment 10 248,214 233,959 CURRENT ASSETS Debtors and Pr¢payments Cash at Bank and in Hand li 39,068 56.091 24.S40 53,373 95,159 78,213 CREDITORS: Amount5 falling due within one year 12 9,876 4,938 NET CURRENT ASSETS 85,283 73,275 NET ASSETS £333,497 £307,234 UNRESTRICTED FUNDS 13 321,505 285,668 RESTIUCTED FUNDS 14 11,992 21,566 TOTAL FUNDS £333,497 £307,234 Approved by the Parochial Church Council on 4, May 2025 and signed on their behalf. Reverend Philip Warn¢r CaTdinal Rector Mr David Pearson Treasurer Page 11 THREE UNITED PAIUSHES OF ST MAGNUS THE MARTYR WITH ST MARGARET AND ST MICHAEL Tr40TES TO THE FINANCtAL STATEMENTS FOR THE YEAR ENDED 31- DECELIIBER 2024 ACCOUNTING POLICIES a) Status of the PCC Th¢ Three Uniled Parishes of St Magnu5 the Martyr with St Margaret and St Michael is a registered Charity, No. 1130590. A description of thc nature of the PCC'S activities is disclosed in the Report of the Trustees. The PCC'S regislered office is stated on pag¢ I, Th¢ presentation currency of the financial statements is the Pound Sterling {£}. b} Basis of Preparation and Assessment of going concern The financsal statements have been preparcd under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 governing the indii'idual accounts of PCCS, and with the Regulations truc and fair view, provisions, togeth¢r with the Financial Reporting Standard Applicable in the United Kingdom and Republic of Ireland IFRS 102} and the Statement of ReLommended Practice.. Aocouiiting and Reporting by Charities ISORP (FRS 102)). The accounts have been preparcd undcr the historical cost convention with ihe exception or investments which ale inLluded at market value. The Charity constitutes a public benefit entity as defined by FRS 102. The Tru5tee5 eonsider that there are no material uncertainties about the Charity's ability to continue as a going concern. e) Funds G¢n¢ral funds represent the funds of the PCC that are not subjcct to any Festrictions regarding their Use and arc available for application to the geneial purposes of the PCC. Funds designated for a particular putpi)se by the PCC are unr¢￿trICted Reslricted Funds are funds M,hich are used it] accordancc with speeifiL restrictions imposcd by dvnors or which haiJ¢ been iaised by ihe Charity fui a particular purpose. For details of the restricted funds see note 15 in these f￿ancial statement5. Page 12 THREE UNITED PARISHES OF ST MAGNUS THE IIIARTYR WITH ST MARGARET AND ST MICHAEL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEL¥IBER 2024 (continued) I. ACCOUNTING POLICIES (continued} d) Incolne All income is recogiiised onc¢ the charity has entitlement to the incom¢, it is pr()bable that the income ujill be received, and th¢ amount of income receiijable can be m¢a5ured reliably. DonalioFLf, Legacies and Collecrior Collections are recognised ￿,lien banked by or on behalf of the PCC. tiiving ieceivable under Gift Aid is recogniscd only when received. Grants and legacics arc accoL)nled for when the PC.C is notified of its legal cntitl¢ment and the amount due is probable. Thc small income from sales of books, cards, etc. is included in the church plate collections etc. Sales of choir CDS gLre accounted for in the Music Fund. Other oydinary 1￿comefrOrn churck acliviÈies Parochial fees duc to th¢ PCC for weddings, etc. are accounted for on an event by event basis. Rental income from the vcstry bouse flat, basement officc and parking is recognised only when re¢¢ived. Jncomefropn invaylm£nts Dividend and intcrcst incume are accounted for wh¢ll r¢ccived as is any ineome tax recov¢rabl¢ on guch income. e) Expenditure Liabilitie5 are recognised as expenditure as soon as there is a legal or constructivc obligation con)milting the charity to that expenditure, il is probable that 5eiilemenl wllill be required and the amount of the obligation can be measured reliably. All ¢xpenditure is accounted for on an accruals basi%. All expenses including suppori costs and governance costs are 8lloLated or apportioned to the applicable expenditure headings. Fixed Assets Copi.Yvcraled land buildijtgs and mtsvcable Lhiirch}iir17ishings C.ons¢crat¢d and bei)eficed propert}, is excluded from the financial 5tat¢mcnts by secuon 10{2} to (41 af the ChaFities Aci 2011. No N'alue is placLd uii muveable churcli furnishings held by ihe churchwarden5 On sp¢cial trnst for the PC.C aiid ii'liich reLiuire a faculri, for disposal, a% the PC.C coiisiders this to be an inalienable pitspeny. All expcnditurc incurred during the year on cons¢ciated land and beneficed buildiiigs, ,heiher inaintenance or improvement, is Lharged to the account8 during the year, as is cxp¢nditure on moveiible church furnishing5. Pagc 13 THREE UNITED PARISHES OF ST MAGNUS THE MARTYR WITH ST MARGARET AND ST MICHAEL Tr40TES TO THE FITrIANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 DECEIIIBER 2024 (continued) I. ACCOUNTING POLICIES (eontinued) Inve5trneDts Investments are a forn) of basic financial investm¢nt aiid are initially reLognised at their transaction value and subsequently measured at fair iwalu¢ a5 8t the baldiice sheet date using the closing quoted mark¢t price. The statement of financial activities includcs th¢ net gains #Dd loss¢s arising on revaluations and disposals ihroughoul the year. Realised gains and losses on investmci)ts &re calculated 88 the difference between sales proce¢d5 and their opening carrying value or their purcha.%¢ value if acquired subsequent to the first day of the financial year. Unrealised gaills and losscs arc Calculatcd as the difference be[￿'een the fair Vlilue at the N'ear end and their carying value. h) Current Assets and Liabilities Debtors and creditors are recogniscd where, at the balance sheet date, an entitlemcnt to r¢c¢ive or transfer economic benefit exists and setilcm¢Dt is probable and can be measured reliably. Amounts ale rneasuFed ai the expected settl¢ment amount, discounted for the time i'alue of money if material. Cash at bank and in hand includes cash held on deposit either with the CBF Church of England Funds. or at th¢ bank. STATEMENT OF THE RESPONSIBILITIES OF THE MEMBERS OF THE PCC The Members of the Parochial Church Council are rcspon5ible for the preparation of the fillancial slat¢incnts. Thcy arc also respvnsible for ensuring that proper books of account are kept in respect of the funds of the T1￿cC United Parishes. 2024 Restricted Funds Unrestricted Funds Total COLLECTIONS Collections Gift Aided Planned giving Gifr Aided Conlactless and PayPal Income Tax Recoi'erable Plat¢ call¢ction8, boxes and iiotiilles Graiit5 St Michael's Trust Incomc Salve- Donations etc. Donalions, Appeals RoofFund Pilgrimag¢ Redecoration 17,641 26,942 12,640 9,132 17,641 26,942 12,640 9,132 In.197 10,197 14,500 3,174 8,236 20,Q69 22,(118 3,685 14,500 3,174 8,236 20,069 22,U18 3,685 £84,788 £63,446 £148,234 Page 14 THREE UNITED PARISHES OF ST MAGNUS THE TrL4RTYR WITH ST MARGARET AND ST IVIICHAEL NOTES TO THE FINANCtAL STATEMENTS ST FOR I'HE YEAR ENDED.31 DECEMBER 2024 {continued) 2023 Restricted Funds Unrestricted Funds Total COLLECTIONS (continued) Colle¢tions Gift Aided Plann¢d giving Gift Aided Contactless and PayPal Income Tax Recoverable Plate collections, boxes and votives Grants St MiLhael's Trust Incoine Music Fund Salve - Donation5 etc. Donations, Appeals Roof Fund 8.624 28,257 11,011 14,658 5.448 6,240 8,624 28,257 14.658 5,448 6,240 11,000 11,000 5,865 5,865 29,934 88,415 29,934 88,415 £104,172 £105,280 £209,452 2024 2023 Unrestrieted Fund5 & Total Unrestricted Re%trieted Funds Fund5 Total OTHER TRADING INCOME Rental Jncom¢ .. Parking Fees Parish Rate Church Hiie Income & Sundries 17,685 1,368 73,052 17,685 1,368 73,052 17,670 2,188 49,859 £92.105 £92,105 £69,717 INVESTMENTS Dividends Bank Interest 7.612 43 7,612 43 6,730 16 £7.65.f £7,655 £6,746 OTHER INCOME Other InLome VAT rcroverable 1,158 8,447 1,158 8,447 ,370 19.369 £9,605 £9,605 £20,739 Page 15 THREE UNITED PARISHES OF ST MAGNUS THE MARTYR WITH ST MARGARET AND ST MICHAEL NOTES TO THE FANAF4CIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEI¥,IBER 2024 (continued) 2024 2023 Unrestricted Fund5 & Total Unrestricted Re5tTlCted Funds Funds Total RAISING FUNDS Stcwardship costs Adiwertising & events Parish Ratc fees 58 I,ioo I,ioo I,ioo £1,100 £1,100 £1,158 2024 Unrestrieted Restricted Funds Funds Total 8. CHARITABLE ACTIVITIES Charitable Giving Actiiiities Directly Related to the work of the Church (Note 8a} Expenditure Kelated to the Church (Note 8b) AdM￿nistratiVe Costs (Note 8c) 1,080 1,080 116,479 30,483 4.547 41,031 43,259 157,510 73,742 4,547 £152,589 £84,29 £236,879 2023 Unrestrieted Restricted Funds Funds Total Charitabl¢ Giving Actii'itieE DireLily Related to th¢ work of the C.liurch {Noie 8a) Expenditure Rclated io ihe Church (Note 8b) Administrativc Costs {Note 8c) 1,419 1,419 110,399 39.269 4,027 17,293 91,082 127,692 13n,351 4,027 £155,114 £108,375 £263,489 Page 16 THREE UNITED PARtSHLS OF ST MAGNUS THE MARTYR WITH ST MARGARET AND ST MICHAEL NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR Ef*DED 31 DECE￿[BER 2024 {continued) 2024 Unrestrieted Restricted Funds Funds Total (a) ACTIIIITIES DIRECTLY RELATED TO THE WORK OF THE CHURCH Verger Diocesan Parish Share Cardinal Rector Tiavel Expenses Clergy House Enlertaintnent and Catering Organist and Singers Organ Maintenance Salve Regind Pilgrimage 18,021 78,600 18,021 78,600 3,699 16,159 3,699 30,659 738 3,315 22,478 14.500 738 3,315 22,478 £116.479 £41,031 £157,510 2023 Unrestricted Restrieted Funds Fund$ Total Verger Diocesan Parish Shar¢ Cardinal Rector Travel Expenses Clergy House Enlertainm¢nt and Calering Organist and Singers Organ Maintcnanc¢ Salve Regina 15,597 75,000 250 15,597 75,000 250 2,215 17,337 2,215 28,337 1,088 5,205 11,aoo 1,088 5,205 £110,399 £17,293 £127,692 Page 17 THREE UNITED PAIUSHES OF ST MAGNUS THE K4RTYR WITH ST MARGARET AND ST LVIICHAEL NOTES TO THE FINANCIAL STATENIENTS ST FOR THE YEAR ENDED 31 DECE￿IBER 2024 (continued) 2024 Unrestrieted Res¢ricted Funds Funds Total (bl E￿ENDITuRE RELATED TO THE CHURCH Church Running Expenses General Repairs and Maintenance 24,500 5,983 24.500 49,242 43,259 £30,483 £43,259 £73,742 2023 Unrestricted Restricted Funds Funds Total ChuTch Running Expen%es General Repairs and Maintcnancc 24,382 14,887 24,382 105,969 91,082 £39,269 £91.082 £130,351 2024 2023 UnrestTjCted Funds & Total Unrestricted Restricted Funds Funds Total (c) ADMINISTIL4TIVE EXPENSES Telephone. Photocopier, Postsge and Stalionery Bank Charges Professional Fees Independent Examiner's Fee 1,359 905 489 1.794 1,359 905 489 1,794 1,384 455 484 1,704 £4,547 £4,547 £4,027 Page 18 THREE UNITED PARISHES OF ST MAGYUS THE MARTYR WITH ST MARGARET AND ST MICHAEL L¥OTES TO THE FJTr4ANCIAL STATEMENTS 51 FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) TRUSTEES, REMUNEIL4TION Af4D BENEFITS There ￿'ere no trustees. r¢mun¢ration or oth¢r benefitg for the year ended 31, December 2024 nor for the year ended 31" December 2023. Trust¢es' Expcnscs Four Trust¢¢s wcr¢ reimbursed expenses for the J'ear ended 31" December 2024 amowiting to £7,970. Tile nature of Inonics rcimbuTsed i¢lated primarily Its Church's running costs and r¢pairs (2023.. £5.865.34). 2024 2023 io. INVESTMENTS Balance Brought FO￿ard Additions('Accumulated Dividends Disposals Rcalis¢diUnre21ised (Losses)IGains for the Year 233,959 7,612 212,263 6,730 6,643 14,966 Balance Carried Forward £248,214 £233,959 Investhients Comprise.. M & G Inv¢stm¢ntS 197.431 (2023. 197.431) Charifund Accumulation Uiiits CBF Church of England Investment Fund 2926.22 (2023.. 2926.22) Accumulation Shares 64,558 59,223 183,656 174,736 £248,214 £233,959 2024 2023 ii. DEB TORS AND PREPA YMENTS Inci)iyie tax r¢cov¢Table Sundry, l)ebtors VAT recoN'erable 20,998 15,312 2,758 21,801 457 2,582 £39,068 £24,840 Page 19 THREE tTr41TED PARISHES OF ST ritAGNUS THE MARTYR MIITH ST MARGARET AND ST MICHAEL NOTES TO THE F1Tr4ANCIAL STATELVIENTS FOR THE YEAR ENDED 315Y DECETrIBER 2024 (continued) 2024 2023 12. SUNDRY CREDITORS Accruals tndependent- examiner fee 8,082 1,794 3,234 1,704 £9,876 £4,938 Realised/ Unrealised Losses Balance at 11112024 Balance at 3111212024 Income Expenditure Transfers 13. UNRESTRICTED FtTr4DS General £285.668 £194,153 £{153,689) £6.643 £(11,270) £321,505 14. RESTRICTED FUNDS Balance at 11112024 Balance at 3111212024 Ineome Expenditure Transfers St Michael'5 Trust Music Chair Restoration Organ Fllnd Salve Regina National Hcritag¢ Memorial Fund Roof Fund* Pilgnmage Rcd¢cc>ration 14,500 (14,500) 249 613 3.317 4,337 249 613 2.579 4,196 {738} (3,3151 3,174 670 12,380 {670) 10,810 460 670 20,069 22,018 3,685 (43,259) (22,478) 4.355 £21,566 £63.446 £(84,290) £11,270 £11,992 *Total expenditure from the Roof Fund during the year was £41,259, of which £32,449 {excluding VAT) was allocated to the restricted fund, and the iemaining £10.810, r¢presentiiig recl