                 PAROCHIAL CHURCH COUNCIL OF ST GILES-IN-THE-FIELDS Report and Financial Statements 2024 Contents Page Legal and admlnlstratlve Inforniation Report of the Parochial Church Council Independent Examinerfs report to the Parochlal Church Council Statement of financial activities 10 Balance Sheet Statement of cash Ilows 12 Note5 to the financial statements 13 PAROCHIAL CHURCH COUNCIL OF ST GILES-IN-THE-FIELDS Legal and Administrative Information For the year ended 31 December 2024 Charity Namè Paroch421 Church Council Of St Giles-In-The-Fields Principal Address SL Giles-in-the•Fields. 60 St Giles High StreeE London WC2H 8LG Charlty Reglstratlon 113081)O. The PCC was registered with the Charity Commission in July 2009. Governing Document Pxrochial Church Council Powèr5 Measure 11956) as amended and Church RepresenTarion Rules. Oblectlves Parochial Church Council of St Gile5 in the Fields has the responsibility of cooperating with the Incumbent of St Giles, in promoting in the ecclesiastical parish the whole mission of the churth. pastoral. evan8elisfiC. social and ecumenical. Member5 of the PCC PCC members who served dunng 2024 or were serving at the dale this report Wa5 approved were: Cleryy The Revd Capt T Sander {Rectorl The Revd C Smaling (Assistant Priest) The Revd P Dawson {A5Si5tant Cura￿} Dr Wil James (Lay- Reader) Warden5 Ms C Campbell Mr O Flory Deanery Synod Repre5ertrtauve Mr Zi Ken Toh Mr H Amos (Parish Clerk) Elected members Mr W Grundy Mr R Manners Ms A Sampson Mr A Power Mr O Bailey-Green MrT Dowse Ms R Chadwick Key Management Personnel Those in charge of ptannin& directin& controllin& running and operating the Charity, including those members of staff who are the senior management personnel to whom tho trustoÈs hxvÈ dplwrpd SI￿lfiCant aiirhority or responsibility in the day-to-day running of the ¢hari¢y. are the members of the PCC Bankers The cO￿pera￿Ve Bank pk PO Box 250 Delf House Southway. Skelmersdale WN8 6wr Independent Examiner R 8illinghurst FCA Knox Cropper LLP Char￿re￿ Accountants 65 Leadenhall Street London EC3A 2AD PAROCHIAL CHURCH COUNCIL OF ST GILES-IN-THE-FIELDS Legal and Administrative Information For the year ended 31 December 2024 Ar¢hit•¢t Sardh Khan RIBA CA MArch BArch Roger Mears Architects LLP 2 Compton Terrdce London N12UN Sollcltors Winckworth Sherwood Minerva House 5 Montagu Close L¢)ndon SE19BB Investment Manager Investec Wealth & Management Limited 2 Gresham Street London EC2V PAROCHIAL CHURCH COUNCIL OF ST GILES-IN-THE-FIELDS Report of the Parochial Church Council For the year ended 31 December 2024 The Parochial Church Council of St Giles-in-the-Fields ("PCC") submits its repor¢ and the financial statements for the year ended 31 December 2024. The fin2nciai ststements have been prepared in the format prescribed by the St2tÈment of Recommended Practice: Accounting and Reporring by Charities (SORP201 S (FRS102)). The legal and administrative information Set out earlier in this document forms part of this reporL Trustees Appolntmtnt and Trnining The Trustees of the Chariry are members of the Parochial Church Council IPCC) of St. Giles-in-the-Fields and are either eX￿￿1ClO or elected. The Rector is ex-officio,. the Churchvordens are elected annually at the Annual Parish Meeting and are ¢x-officio member5 of the PCC. A Deanery Synod niembei" is eleC￿d every direE year5 at the Annual Parochial Church Meeting IAPCM) and 15 an ex-officio member of the PCC for that period. The remaining members of the PCC are elected annually at the APCM. The PCC also has the power to COvOPt one rnember. New members are inducted by the Rector and the Parochial Church Council. Management Arrangement5 The Parochial Church Council met on six occasions in the year to 31 st December 2024. The PCC primarily discussed financial affairs. mission work among the local community. ways of building up the wider fellowship of the Church, and engagement with 5¢akeholders in the local public realm. Detai15 of these discussions are included under 'Actyvities in the course of the year, below. Rlsk mana￿rnent The Trustees contÉnued to assess the major risks to which the Chartry 15 exposed. particularly those related to the operations and finafiees of the Charity. A risk assessment policy ¢ov¢rin8 Christian mission. leadershipD communications with the wider community. properry security and fire detection, site securiry. property maintenance, compliance with charity and employment law and financial controls and management Vrns reviewed during the year. A disaster recovery plan, to be followed in the event of a major disaster and 5eLtinS Out 5tep5 co be taken with respect 10 key perjonnel and specific tasks was a150 reviewed. L Artlvltles & Strategies The •m5 of the PCC are to work with the Rector in promoting the Parish of St-Giles-in-the-Field5 and the whole mission of the Church. pastoral, evangelisti4 sociaE and ecumenical. Objectives of the Charity and its Public Benefit The Church of St-Gile5-in-the Fields remains a central point of worship and Christian witness in the heart of West End of London. It provides regular public worship open to all, the provision of a dedicated space for personal prayer and reflecrion, pastorai support to members of the congregation and the wider community. teaching of the Christian faith through preaching. the promotion of the Christian faith through h05ting musical and thèatrical events. a meeting space for a varleiy of pasioral 8roups. support fr)r lo¢al and natlonal charitles, and the maintenance of two listed buildings (the Church itself, grade l) and the Vestry House (8rade11). The Trustees are mlndful of the rules of the Charities Act 2011 and the guidance issued by the Chariry Cornmission with rerdrd to public benefit and acts in accordance this guidance. To thi5 end the PCC or2anises the following 3Ctivities in ardÈr tts Ènxhlè. ordtnary people to live out th@ir faith as part of Our parish community: Sunday services Weekday services Fellowship groups Weekly community group5 PAROCHIAL CHURCH COUNCIL OF ST GILE&IN-THE-FIELDS Report of the Parochial Church Council For the year ended 31 December 2024 3. Revlew of the Year Activities in the Course of the Year Rector'g Report (Ministry• Worship and Parish Llfe) 2024 has been a good year for SL Giles. The spirituai healch of the parish seems to be in good Drder and several new people have joined the worshipping community. I want to begin by thanking all those who work to make the parish a joyful, reverent and thriving place. l am particularly grntefvl to those who offer their time- the churchwardens. PCC. mlnlsiry fellowshlp. our muslclans and all those who do so much EO make our communlcy speclal. l am graieful 10 our administrator Lesley who does so much to ensure the parish is well-run. A full programme of services has been maintained throughout the year and the pattern for worshlp has not changed. Sung Holy Communion and Evensong continues to be the bedrock of our Sunday worship. and it has been pleasing to see number gendy rise in attendance at both services. The morning serwce 15 followed by refreshments and a time of fellowship. Once a month before Choral EYen50n& the Vestry House is opened to provide a time of fellowship over tea and cake. in the winter thi5 is greatly enhanced by the open fire and the newty decorated space. Christmas and Easrer services saw a marked increase in attendance. Christmas was noteworthy with the gallery being used for rhe first rsme in a long time. It is hoped to build on this success for the future. Otca5ional offices have been offered this year. We enjoyed the privilege of baptising several adults and children into the faith of the church {S adults and I child). We also held ConfErmation with the Bishop of London at which 5 adults were confirnied. There was one wedding in the course of 2024. No funernls took place in church. although the clergy did officiate at services at the crematorium. Dr Wil James was licenced as the Lay Minister for the parish and has taken up the chair of the Ministry Fellowship, CO• ordinating dialogue wÉthin the ministry team at SL Giles. This is a very welcome addition. and l am delighted to see Wil offer so much 10 the parish. The Revd Phillip Dawson received hi5 ordinauon to the Priesthood in Peiertide and undertook a service of Holy Communion on the followng Sunday. Phillip continue5 to be a valuable member ofthe church community and brings not only a considerable work ethic. buc a150 a depth in preaching and ministry which 15 enjoyed by many. Phillip. as part of his ministry at SL Gile5 has been offering a chaplaincy service at LSTHM on Gower StreeL His minisrry there has been warnily welcomed, and it has been pleasing to see the occasional student Én churth. St Giles Choir and Quartet continue to support the musical lrfe of the parish in an engaging way. It has been pleasing to welcome some new members to the Chordl Evensong Choir and in the new year we plan to host a come and sing Evensong with the hope of attracting several new people to the choir. We are thankful to our Director of Music, Mr jonathan Bunny for his ministry in this are& The social life of the parish continues to be enhanced through Several ongoing initiatives. Parish walks (on Saturdays) have bÈon well attended, 2nd sever21 other trips and occasions have been enjoyed. ThÈ St Giles Society. stsrted by Tom Dowse IPCC Member) continues to engage people from outside the worshipping life of the parish. Several links have also been made with the local business communicy and several positive things have come of various outreach initiatives. The history project culminated in the launch of the parish history book written by Rebecca Preswn and Andrew Saint. There was a launch held in SL Giles in May at which around 200 people attended. The lunch was followed by 3 tea in the Ves¢ry House. l am grateful ¢0 Wil James lor putting this event on and thankful to Rebecca and Andrew for their research. It is a joy to be Rector in a parish where people seek ro care for one another. grow in their faith and nurture the legacy of St. Gile$ for future generations. Thank you for all your support over the past year and I look forward to what Almighty God has in score for the future. Churchwarden5 Report (Fabric and Building5) PAROCHIAL CHURCH COUNCIL OF ST GILES-IN-THE-FIELDS Report of the Parochial Church Council For the year ended 31 December 2024 The Quinquennial reporr for the parish church has been undertaken in the Couse of 2024 and is due to be published in 2025. Generally. the church building 15 in good order and is maintained to a high standard. Work5 to be undertaken in 2025 are to repair the clock and to seek detailed estimates for the redecoration of the entire church building. A full inventory of church g￿dS has been undertaken in the course of 2024. In 2024 the old office wa5 fully redecorated. and a new kitchen vn5 installed replacing the old one. The room has been renamed as 'The Taylor Room, in memory of the long-st3ndin8 service of The Revd Gordon Taylor. Hi5 Portrait has been moved from the entrance of the church to the west wall of the newly decorated room. The room will service as a vestry and a5 a gretn rix)m for evenLS ift the church. The Elizabeth bell was cast at John Taylors in Loughborough in september 2024 and vn5 installed on 18 February 2025 at the top of the tovier in the exis¢ing bell frdme. The bell will be used to call people to worship when no ringers are In attendance (which is mosc of the tirne>. Westminster (St Margaret) Deanery Synod - Triennium 2020-2024 Summary ofwestminster (St Margaret's) Deanery Synod business for APCMS The Deanery Synod held only one business meeung in 2024, on 24 May, the other occasion of its coming together having been the Garden Parry held on Wednesday 19th June. On 24 May. the meeting was held ar St Mary's Bourne SL in his opening remarks. Fr An¢Jrew Walker welcomed synod members to St Mary's. and gave a brief account of the recent capital work (the 'Pineapple Project'l. offering to talk to clergy who migh¢ be planning similar projects in the near future. In the absence of Fr John Pearson-Hicks, the chair of the education committee, the Area Dean, Fr Philip Chester, gave the education committee report which outlined the parricular challenges facing all our deanery 5choo15 a5 a re54Jlt of the demographLE 5hift5 Eakins place in central London. The srowins partnership5 between 5chs)tsls Yiere worklns Yéell. Robert Zampetti (St Paul. Covent Garden), then introduced a motion. the text of which follows. In hi5 remark5 he characteri5ed the motion as a technocraiic way of restoring a better balance between central funding pots and the funds flowing to dioce5e5 for the support of clergy stipends. Over the long terni. it was expected that this would enable larger numbers of full-time stipendiary clergy to be employed. increasing the potential for growth at parish level. He then proposed the motion. which vns seconded by Ali50n Cat￿rMO1e (St Paul, Covent Garden). Motion: That this Synod: (i) call upon the Church Commissioners and Archbishop5 Council to undertake everything necessary to effect a redistribution of financial resources directly to Diocesan Stipend Funds to refiect the value of contributions made by Diocesan B02rds of Finance to the Church of England Fijnded Pension Scheme since ir was established by the setdement of 1997 1£2.6 billion) {ii) call upon Diocesan Board5 of Finance to manage the funds redistributed as a result of the above to support parish ministry in the way5 discerned locally to be most effective in en2blin8 growth and SUStsinin8 thè Church of England's commF¢menr to be a Chris¢ian presence in every community. In Pdvour: 35 AgainsL' l Abstentlons,. 2 The Area Dean then welcomed and introduced the new Archdeacon of Charing Cross, the Ven Katharine Hedderly. She Introduced herself and her role. saying how delighted she was to be taking up the POSL and how much she was looking forward to working with churche5 across the episcopal area. she then talked about how She expected the work of the rchdeacons to be taken for¥wdrd. The Garden Party was held in the maS￿r.$ Garden at the Temple on 19June 2024: proceedings began at 6pm with Choral Evensong at the Temple Church. and the Garden Party irself took place be￿een 7 and 9pm. On this occasion the garden parry wa5 shared with the Ciiy Deanery. as has happened in some previous years. In the summer Fr Philip Chester stood down as Area Dean. a post he held since 2005, and parishes were Invited to contribute to a in appreciation of his 5er¥ice. Electoral Roll There are 83 narnes were decl¥ed to be on the Elecwral Roll at the 2024 APCM (77 narne5 in 2023) 4. Flnan¢lal Rovlew PAROCHIAL CHURCH COUNCIL OF ST GILES-IN-THE-FIELDS Report of the Parochial Church Council For the year ended 31 December 2024 The General Fund balance increased by £93.01812023-. a decrease of £320.834)- This was principally due to the cost of works on the Vestry House and rear of the church being incurred in the prior year and a normalisation of expenditure in 2024. Due to this. Provision of Church buildin& facilities 2nd equipment decreased to £115.931 {2023.' £320.7201. Grants from The West Street Charity also increased to 1404,252 (2023: £220,642) due to an increase in earned income. Letting5 income also increased to £57,58012023.. £25.670) due to income from the newly refurbished Vestry House and some significant individual church bt)okings in the year. In addition to the GenÈrdl Fund amounc tho trustoes htsld rtthè_r fijnds. siieh 35 Th• de5ignared Re5enie Fiind However. at year end. total Free Reserves (Reserves available lor ongoing expendit¥Jre) were £32.601 12023.. deficit of £58,128). The deficit is primarily due to the one•off capital works undertaken in the church and Vesiry House in prior year. The PCC anticipare that Free Reserves will return to 2022 levels within the next 18 months. Finally. the trustees held. at year end. the sum of £14.53012023-. £9,575) of restricted funds being special collettions made, typically on the first Sunday of each month, for the benefit of external charities. The importance of g¢)od financial plannin8 15 reco8ni5ed by the Trustee5 and the annual budgeting round is the principal tool used for thi5 purpose. Regular management accounts were produced and reviEwed ar PCC meeting5 throughoui the year. 4.1 Flnan¢lal Activity and Financlal Posltlon This year returned a net operating income of £97.973 (2023: deficit of £318,198). In terms of the overall financlal position, the balance sheet shows total net assets of £53,627 {2023: net deficit of £44.3461. Included in total funds are amounts tot311in8 £14.530 (2023.. £9,575) which are restri¢r¢d. These monies have ¢kher been ra15ed for, and their use restrirted to. Specific purp05e5, or they comprise donatsons $ubjeci to donor-imposed condition5. Full details of these restritted funds can be found in note 9 to the accounts cogether with an analysis of movements in the year. 4.2 Reserves Policy The PCC has examined the requirements for free reserves. i.e. those unrestricted funds nor invested in tangible fixed assets. The PCC considers tha( given the nature of the church's worl free reserves should be equivalent to approximately 6 months. routine general fund expenditure. plus committed future expendiiure on other projects. where funds permiL The PCC is of the opinion that this provides sufficient flexibility to cover temporary shortfalls in income and will allow the church io cope and respond to unforeseen emergencies whilst specific action plans are implemented. At 31 December 2024 the church had net free reserves of £31601 (2023.. net free reserve deficit of £58.128) as follows.. 2024 2023 Total reserveg Less: restricted funds Le5S.' tangible fixed assets 53.627 (14.530) (6,496) (44.346) 19,575) 14.207) Free reserves 32.601 (58,128) Free reserves requlrement 6 month's budgeted routine expenditure 225.000 130.000 PAROCHIAL CHURCH COUNCIL OF ST GILES-IN-THE-FIELDS Report of the Parochial Church Council For the year ended 31 December 2024 The PCC 15 avnre that the free reserves requirement is below the free ￿$erneS posirion at year end due to the Capital work5 undertaken in the prior year. During 2024 the PCC sought Eo gradually replenish reserves in order to meet a level of free reser¥es which are at least equiV￿ent to the free re5erve5 requiremenL The PCC anricipate that the requirernent will be met within the next years whilsi also ensuring that there 15 continued investment in the fabric and activities of the church. The PCC had previously deemed the requiremenr approximately equivalent to £130,IXIO. This amount was reviewed in 2025 and ha5 been revised to £225.000 as a fairer and recent reflection of expenditure the church routinely Incurs In a six rnonth period. 4.3 Investment Policy The church currendy places spare funds on bank deposit and with a third party investment manager. 4.4 Grants Pollcy The PCC makes annual grants. equivalent to l 0% of its Un￿$tricted income (which includes &'ft aid claimed back and renraVinves¢ment income). to support missionary Èndeavours both in the UK and abroad. 5. Plans for Future Periods Conunued work on Plan 2034 6. Rryon￿bIlIt1￿ of TnAt•es for the Flnanclal Stat•mw The PCC is responsible for preparing the report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Charity law in England and Wale5 require5 the PCC to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the PCC and of the income and application of income of the charity for that period. In preparing those financi￿ Statefflen￿ the PCC ts required to.. select suitable accounrin8 policies and apply them consistenttr. observe the methods and princÉples of the Charitie5 SORP make judgements and estimates that are reasonable and prudenL whether applicable accounting standards have been followed. subject to any deparnire5 disclosed and explained in the financial ststements: and Prepare the financial statements on the going concern basis unle55 it is inappropriate to presume that the activities of the charity will continue. The PCC is responsible for keeping adequate accounting records which disclose with reasonable aCCUfd¢y at any time the fTrnan¢ial posiuon of the charity and enables them to ensure that the financial ststements comply with the Charities Act 201 I, the Charlly IAccounr5 and RepO￿S Aegulatlons 2008 and the provisions of the governlng documen¢ The PCC Is also re5pon5ible for safeguarding the assets of the chariry and hence for taking reasonable step5 for the prevention and detecuon of frdud and other irregularities. The PCC is responsible for the mainrenance and integrity of the charity and financial informauon included in the charity's website. 7. Independent Examlner The Trustees are pleased that Mr Richard 8illinghursr of Knox Cropper LLP. Chartered Accountants. has been and will remain Independent Examiner for the Charity. 8. Approval The report of the PCC was approved by the PCC on I f April 2025 and signed on its behalf by: Rev. T Sander (Rector), Chatrman PAROCHIAL CHURCH COUNCIL OF ST GILES-IN-THE-FIELDS Report of the Independent Examiner to the Parochial Church Council of St Giles-in-the-Fields I report on the accounts of the Parochial Church Council of St Gile5-in-the-Field5 for the year ended 31 December 2024. which are Set out on pages 1 O to 20. Respertlve responslbllltles of PCC and exomlner The PCC are responsible for the preparation of the accounts. The PCC consider that an audit 15 not requlred for thi$ year (under section 144{2) of the Charities Act 2011 (the 201 l Act)) and that an independent examination is needed. It is my responsibility to: examine the accounts (under section 145 of the 2011 Ac¢): to follow the procedures laid down in the Generdl Directions y'ven by the Chariry Commissioners (under sectlon 145{5}Ib) of rhe 201 l Act); and to State whether parricular matters have come to my attention. Bosis of independent exarniners. report My examination was carried out in accordance with the Genernl Direc¢ions given by the Chariry Commissioners. An examination include5 a review of the accounring record5 kept by the chariry and a comparison of the accounts presented with those records. It also includes considerntion of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedure$ undertaken do not provide all the evidence that would be required in an audit and. consequently. no opinion is given a5 to whether the accounts present a 'trne and lair v¥ew'. and the report is limited to those matters set out in the st3tement below. Independent examiners. rtatement I have cornplered my Èxamination. I confirni that no material mattèrs have come to my attention in connection with the examination giving me cause to believe that in #ny material res . accounung record5 were not kept in respect of the church as required by section 130 of the ACL or . the accounts do not accord with those records: or 3. the accounts do not comply with the applicable requirements concerning the form and conrent of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'rrLEe 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 ir¢ connecrion viith the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Richard Billinshurst FCA Knox Cropper LLP Chartered AccounLints 65 Leadenhall Street London EC3A 2AD 31 October 2025 PAROCHIAL CHURCH COUNCIL OF ST GILES-IN-THE-FIELDS Statement of Financial Activities For the year ended 31 December 2024 Unrestricted Rertricted Funds Funds 2024 2024 UArestrirted Restricted Funds Funds 2023 Total 2024 Total 20Z3 Not¢ 2023 Income from: Donauon5 and legacies Charitable acti¥ive5 Other tfdding acuvities Investments 455,845 1.725 84.495 4.955 249.410 3,410 252,820 i.n5 84.495 25.670 7.499 25.a70 7,499 Total Income 542.181 4.955 547.136 282.579 3,410 285,989 Expendlture on: Raising fund5 Charitable activities 21.004 428.159 21.004 428.1 $9 19.592 583.821 19.592 S84.595 774 Total expenditure 449,163 449.163 603,413 774 604.187 Net gainslllosse5) on investments Nèt income 93.018 4.955 97.973 (320,834) 2.636 (318.198) Transfers between funds OthÈr recO￿lsed 8ains and 1055e5 {186) 186 Net movement in funds 93.018 4,955 97.973 (321.020) 2,822 (318.198) Total funds brought forward (53.921) 9,575 (44.346) 267.099 6,753 273,852 Total fund$ Carried forward 39,097 14.530 53.627 {53.921) 9.575 (44.346) io PAROCHIAL CHURCH COUNCIL OF ST GILES-IN-THE-FIELDS Balance Sheet For the year ended 31 December 2024 Unrestricted Restricted Funds Funds 2024 2024 Total 2024 Total 2023 Note Flxed Assets Tangible As5ers InYesEment5 6.496 6.496 4,207 6.496 &496 4,207 Current Assets Debtors Cash At Bank And In Hand 13.909 26,911 13,909 41,Hl 28,161 60.279 14.530 40,820 14,530 55.350 88,440 Creditors- Amounts Falling Due Within One Year 8.219 8,219 136,993 Net Current Assets 31601 14.530 47,131 (48.5531 Net Assets 39.097 14.S30 53.627 {44.346) Represented By: Restricted Funds Unrestrirted Income Funds 14.530 14.530 39.097 9.575 (53,9211 39.097 Total Funds 39.097 14,530 53.627 (£44.346) The financial statements were approved by the PCC on I f April 2025 and signed on its behatf br. Will Grundy Treasurer Ji PAROCHIAL CHURCH COUNCIL OF ST GILES-IN-THE-FIELDS Statement of Cash Flows For the year ended 31 December 2024 Unrestricted Restricted Funds Funds 1024 2024 Total 2024 Total 2023 Note Net cash flows from operating activities 30.103 4,955 35,058 (271,107) Cash flows from investing artivities: Dividends. interest and rents from investments Purchase of property, plant and equipment Proceeds from sale of investments 116 (4.012) 7,499 (3.8341 238,988 <4.012) Nèt tash usÈd in invÈsting activitiès (3.896) (2.896) 242.653 Cash Ilows from financing activltles Repayments of borrowing (50.000) (50.000) Net cash used In Ilnanclng artivlties (50,000) (50.000) Change in cash and cash equivalents in the reporting period (23,793) 4,955 {18.838) (28.454) Cash and cash equivalents brought forward 50,704 9.575 60.279 88,733 Cash and cash equivalents carried forward 26.911 14,530 41.441 60,279 PAROCHIAL CHURCH COUNCIL OF ST GILES-IN-THE-FIELDS Notes to the Financial Statements For the year ended 31 December 2024 l. Accounting Policle5 The principal accotsnung policies adopted. judgements and key source5 of estimation uncertainty in the preparation of the financial statements are as follows.. Basls of accountlnz The financial statements have been prepared under the Charities Act 2011 and in accordance with the Charities Statemenr of Recommended Practice Ichariiie5 SORP IFRS 1021) and Financial Reporting Standard 102 IFRS 1021. The financial statements are drawn up on the historicai cost basis of accounting except for the revaluation of freehold land and bulldlng5 whlch are shown a[ markei value. The financial statements include all tran5actrons, assets and liabilittes for which the PCC is responsible in law. They do not include the accounts of church groups that owe an affiliauon to another body or those that are informal gathering5 of church members. The PCC meets the definition of a public benefit enuty under FRS 102. Going Concern There are no marerial uncertaintie5 about the charity's abillty to coniinue as a going concern and accordingly the account5 have been drawn up on a going concern ba5iS. Income recognltlon Voluntary incomc and donations lincludinz legacies) are accounted far •nee the PCC enwtlement to the ineome. it is probable the income will be received and the amount of income receivable can be reliably measured. Income from the recovery of tax on gift wded donation5 15 accounted for in the period to which the relevant donation is received. Grant income is recognised on a receI￿able basis. The incorne from trading activities includes renral income from the letung of church premises and leasehold land and building5 which 15 accounted for when earned. li 15 shown gros5, with the associated costs included in fundraising costs. Interest on funds held on deposir is included whers receivable and the amount can be measured reliably by the charity: this is nornially upon notificaiion of the interest paid or payable by the bank Expenditure recognition Expendiiure is accrued a5 500n as a liabiliry is considered probable. and the amount of obliption can be measured r@112bly. LDngÈr torm liabÉlityos diEcounted to present wjlue. The PCC is not r•&stered for VAT 3nd accordingly expenditure includes VAT where appropriate. Expenditure included in Raising Fund5 includes amount5 incurred in obtaining grants other donJtbon$ and property malnrenance costs. Charltable expenditure include5 those costs in fulfilling the PCC'S principal objects, as oudined in the Report of the PCC. These include grants payable. governance costs and an apportionment of support costs. Grant5 payable are payments made to third parties in furtherdnce of the PCC'S objects. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The norification 'ves the recipient a reasonable expecration that they will receive the 8ranL Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that gr4nt is outside of the control of the PCC. Goyernance costs comprise all costs involving the public accountabiliry of the PCC and its compliance with regula￿0￿ and good practtce. These c05t5 Include cosrs related to the Independeni audlrlexam1na￿0n and legal fee5. The PCC contributes ta certaln employees. personal pension plans. Thesè arè definèd contribution schemes. the assets of which are held separately from those of the charlcy. The cosr in the accounrs Is the amount of contributlons paid and payable during the year. PAROCHIAL CHURCH COUNCIL OF ST GILES-IN-THE-FIELDS Notes to the Financial Statements For the year ended 31 December 2024 l. Accountinz Policies (continued) Rentals under opernting leases are charged a5 incurred over the term of the lease. Tangible Fixed Asset5 Consecrated Property and Moveable Church Fumithin Consecrated land and benefice property such as the church building and vicarage is excluded from the accouncs in accordance with 51 O of the Charities Act 201 l. Moveable church concents are held by the vicar and churchwardens on special trust for the PCC and require a faculry for disposal are accounted as inalienable property unless consecrated. All ¥xpEiidiLure iwiEurred consecrated or benefice building5 and moveable church furnlshlngs. wheiher malnienance or improvemenE 15 expensed within the SraTrment of Financial Acrivitie5. Clther Fixtures. Fittings & Office Equipment The cost of other furniture, fittings and equipmen¢ less any expected residual value. is depreciared on a 5trai8hr-line basis over the effecuve useful lives of the asset5. vthich have been estimated as becween 4 and I S years. Investments Listed investments are stated at marker nlue. Re￿ISed and unreali5ed sains and losses on investments are reflecred through the Statement of Financi￿ Acrivities. Debtors Debtors are included at the 5etdÈmÈnt amount due. Prepayments are valued at the amount prepaid. Cash at bank and in hand Cash at bank and in hand includes cash and short tem highly liquid investments with a shorL maturity of three month5 or le55 from the date of opening of the dep05iL Creditors and provisions Creditors and provisions are recognised where the chariry has a present obligation arising from a past event that will probably result in the transfer of funds w a third party and the amount due to setde the obligation can be measured or estirna￿d reliably. Creditors and provisions are recognised at their settlement amounL Fund accounting The fvnds held by the charity are either. Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discrètion of the trustees_ Restricted funds - these are fund5 that can only be used for particular restricted purposes within the objects of rhe charlry. Rèstrictions arise vthen specified by the donor or when funds ire raised for particular restri¢t•d purposes. 14 PAROCHIAL CHURCH COUNCIL OF ST GILES-IN-THE-FIELDS Notes to the Financial Statements For the year ended 31 December 2024 2. Income Unrertricted Restricted Funds Funds Total 2024 Total 2023 2024 2024 Donatlons & le8acle$ Planned giving Collections & donations Income w reclaimed Grant5 31,966 15.412 4.215 404.252 35,966 15.412 5.170 404,252 11,863 15.759 4,556 220,642 955 455.845 4,955 460,800 2S2,820 Charitable actlvitles Use of Church - Groups 1.725 i.n5 Other income Lettings income Bookstall & Card Sales for Fundraising Compensation 57.580 4.165 21750 57,580 4.165 21750 25,670 84.495 84,495 25,670 Investments Divldends Interest Recei¥Èd GainslLosses on Investments 3.153 251 4.095 116 116 7.499 542.181 4.955 547.136 285.989 . Expenditure on Raising Funds Unrestricted Restricted Funds Funds 201A 2024 Total 2024 Total 2021 Investment management fees Publiciry Legal & professional fees Collecting agent fees Cai-etaker fee5 36 3,052 13,169 108 4.639 35 3.052 13.169 108 4,639 1,814 11,395 6,309 74 21.004 21,004 19,592 15 PAROCHIAL CHURCH COUNCIL OF ST GILE&IN-THE-FIELDS Notes to the Financial Statements For the year ended 31 December 2024 4. EX￿ditUre on Charitable Artivities Unrestricted Re$trirted Funds Funds 2024 2024 Total 2024 Total 2023 Provision of Clergy (including Common Fund) Church life & outreach Gifts & grants (see note 4a) Office C05t5 Provision of Church buildin& facilitie5 & equipment Governance 153,513 62.075 27,575 153.513 61075 27,575 68.644 111,292 5,060 115.987 60.600 3,453 78.135 320.720 5,700 11.292 5,060 428,159 428,159 584,595 4a Gifts & Grants Gift5 and grants included within Expenditure on Charitable Activities are as follows: Unrestricted Restricted Funds Fund5 2024 2024 Total 2024 Total 2023 Gift5 & grants to: Organi5ation5 Individuals 26.700 875 26.71x1 875 774 2.679 27.S75 27,575 3,453 4b Staff Costs Included within expenditure on charitable attivities are the following staff costs: 2024 2023 Wage5 and salaries Social 5ecuriry costs Employcr ￿1?￿4￿&¢ Pension c05t3 51480 4.732 (4.262) 1.686 67,596 6.013 (5.2491 1.965 54.636 70,325 The average number of employees during the year 2 (2023: 3). No employees received payments In excess of £60,000 durin8 the year. There were no salaries paid ro Trus￿$. PAROCHIAL CHURCH COUNCIL OF ST GILES-IN-THE-FIELDS Notes to the Financial Statements For the year ended 31 December 2024 S. Tansible ￿￿ed Assets Fixtures. fittings & equipment Cost Brought forward at l January 2024 Addition5 Di5P05als 5.124 4,012 At 31 December 2024 9.136 Depreciatlon Brought forward at l January 2024 Charge for Year Disposals 917 1.723 At 31 December 2024 Net Book Value At 31 December 2024 6.496 At 31 Decetnber 2023 4.207 6. Fixed Asset Investments 2024 2023 Market Value- quoted investments At l January Additions at cost Sale proceeds Net gainl(loss) on revaluation 238,988 30.959 (274.042) 4.095 At 31 December 7. Debtors 2024 2023 Income tax recoverable Lettings receivable Other debrors 8.431 3,288 1190 11,779 14,192 2,190 I J.909 28,161 PAROCHIAL CHURCH COUNCIL OF ST GILES-IN-THE-FIELDS Notes to the Financial Statements For the year ended 31 December 2024 . Creditors- Amounts Falling Due Withtn One Year 2024 2023 Sundry credrrors and accruals Trade creditors Loan from Wesc Street Chari 4,895 3,324 4,380 82,613 50.000 8.219 136,993 9. Rertrlrt•d Fund• Atl January 2024 At31 December 2024 9& Current Year Gain (losses) Income Expendlture Transfers Special collections American Church Bishop of London Fund Bishops Lent Appeal Churchyard Project LÈavin8 Collection Migrant Help UK Showerbox Sing for Ukraine Help for Hero's Windows Bible Sociery Christian Aid Leprosy Mission Royal Agriculturai Benevolent Fund The Halo Trust 373 54 37 56 86 427 37 56 1,247 4,000 150 996 17 263 43 5.001 1,189 321 236 220 327 150 850 17 263 43 5.wl 1.077 302 19 75 35 29 185 298 9.57S 4,955 14.S30 Descriptions of the Wdrious rèstricted funds are as follow Speclal collectlons. The special collection was for Housing Justice. American Church. A Collecuon for the American Church in London. Bishop of London Fund. A collettion for the Bishop of London Fund. Bishops Lent Appeal A collection for tho American Church in London. Leaving collertion. A collecutsn for a member of the church. Showerbox. Grants received to fund the Showerbox on the church premises. Showerbox provide free and secure shower space for the street and hidden homeless irt London. West London Mission. Collection for the West London Mission. Windows. Legacy received for stain glass repair. Christian Aid. Colle¢rion for Christian Aid Lepr05y Mi55ion. Collecdon for Leprosy Mtsslon Royal Agricultural Benevolent Fund. Collecrion for Rordl A8ricultural Benevolent Fund The Halo Trust. Collection for the Halo Tru5¢ 18 PAROCHIAL CHURCH COUNCIL OF ST GILES-IN-THE-FIELDS Notes to the Financial Statements For the year ended 31 December 2024 9. Restricted Funds (continued) Atl January 2023 At31 December 9b: Prior Year Gainsl (losses) Income Expenditure Transfers 2023 Special collections Bishops Lent Appeal Leaving collectson Migrant Help UK Showerbox Wesi London Misslon Windows Bible Socie Christsan Aid Leprosy Mission Royal Agricultural Benevolent Fund The Halo Trust 359 412 (3981 373 150 850 17 376 5.001 150 850 17 (3761 5,001 1.077 302 1.077 302 185 185 298 186 6,753 3.410 (774) 186 9,575 l O. Unrestrtrted Funds l Oa Current Year Atl January 2024 At31 December Gain51 (losses) Income Expenditure Transfers 2024 General fund Designated.. Reser¥e5 fund Designated.. Mission Work fund (199,1101 137.689 7.500 542,181 (449.163) {106.092) 137.689 7.500 (S3.921) 541.181 (449.163) 19.097 l Ob: Prlor Year Atl January 2023 At31 December Galnsl (losses) Income Expendlture Transfers 2023 General fund Designated.. Reserve5 fund Designated.- Mission Work fund Designated: The Halo Trust 121.724 137.689 7.500 186 282.580 (603,414) {199.110) 137,689 7,500 (186) 267.099 282.580 (603.414) (186) (53,921) Descriptions of the main designated funds are ￿ follows.. Reserves Fund. Funds set aside by the PCC for future years. Mission Work fund. Funds set aside by the PCC to fund rni55ion viork 19 PAROCHIAL CHURCH COUNCIL OF ST GILES-IN-THE-FIELDS Notes to the Financial Statements For the year ended 31 December 2024 I l. Reconciliation of Aet income to net cash Ilow from operattng activtti¢s Unrestricted Restricted Funds Funds 2024 2024 Total 2024 Total 2023 Net expendlture for the year (a5 per the statement of financial activities) 93.018 4,955 97.973 (318,198) Adju5tment5 for. Depreciauon charges Investment income {Increaselldecrease in debtors Increasel(decreasel in creditor5 1.723 1.723 587 (7.4991 (16.2721 70,275 14,252 (78,774) 14,252 (78,774) Net cash provided by operating activities 30,103 4.955 35,058 (271,107) 12. Related Party Tran•artlon• The Rev T Sanders and Mr W Grnndy are trustees in common with West StreÈt Chxrity (R￿lstered charrity number 11354361. The objetts ofThe Wesi Street Charity include the maintenance and upkeep of the church and churchyard of St Giles-in-the-Fields, and such other charitable purposes connected with the work of the Church of England within the s￿d parish or the surrounding distritt 2S the ParothÉ31 Church Councsl of St GÉles-in-the-Fields sh211 think proper. SL Gile5-in-the-Fields received grant5 amounting to £404,25212023: £220.6421 from The Wesr Street Chariry for payment of the common fund contributions. Stipend5. salaries and the repair and maintenance of the Church and Churchyard. As at 31 December 2024. St Giles-in-the-Field5 wa5 owed £2,190 {2023.. £2.1901 by West Street in relation to recharged expendiiure. At the year end. £nil (2023.. £50.0001 was due from SL Giles-in-the-Fields in respect of an interest free loan from West Street Chariry. In 2024 the Charity converted the loan to a grant to St Giles-in- the-Fields Parochrai Churth Council. During the year Members of the PCC gave a total of £4.280 (2023.. £5.5141 in unre5tritted offerings and donations. There were no other related party transactions either with the above-named ch2rities or with the triA2tr.&*.s personally other than those already stated.