THE CHURCH OF ENGLAND St Paul's & St Luke's Finchley Report & Financial Statements Year ended 31 December 2022 Becoming 8 vibrant and dpièrse ¢(mun th8f Is rooted in Jesus, gmwing fopther and overflowing wifh Gorfs love. RaytstW8dd)atity M. 1131095
Trustees, Report for year ended 315¢ December 2022 Alm The trLKStees of St. Paul's and SL Luke's are members of the Parothial Church Council rpcc") which ha$ the respx)nsibilty of ¢ooperakn"ng N¥ith the Incumbent. the ReVend Nicholas Pye, in promoting in the ecclesiastic31 parish, the whole mi$$K)n ol the Churth. pastoral, evangdisb"c, social and ¥cumenical. The PCC is also specrfically responsible forthe maintenance ofthe Church Centre that is attached to St Paul's Church and borders Dukes Avenue. Finchley. ¢tiv In 2017, the PCC agreed on four key prionlw for the nexl few year3". 1. D•#pening Dlxlpl¢•hlp- helping people of all ages 10 9rcw in the felats"onship with God in their personal lives and through our corporate lrfe. 2. Cr•atlng Communlty - helplng peopk of all ages to gr(Ml in Ihthr relatyonship wth other church members and build up our ojmmon Irf•. 3. Movlng In Mlssion - helping Feople of all ages lo grow in their relats"onship wrth the worfd in sharing their faith levan9elisml and Iransfomiing 80ciety {sw'd acb"on} and building up our shared witness in th rIghbOUrhood and our circl95 of influence. 4. R81ga$lng R•Sou0¥- hel)ing peWo of an aps lo grow in their 8teard$hip of lime, talents and asUre and enabllng us to inve8t in the historic churth w it 18 an auet. Th•se pri0nt$ provide the fraThwth for our minrntry and mi8slon and the meeting$ of the PCC. and anc men The PCC 18 a corporate t)ty e3tsblthed by Church of England and operates under the ParochSal Church Counc51 Power$ Measure 1956. and Church Repwentslion Rules 2020. The PCC 1$ a Registered Charity. The method of appobnlment of PCC members 18 1 oul in the Church Represenlatton Rule8. At Sl. Paul's, the membership of the PCC con51Sts of the Incumbent Ivicarl and Churchwar¢Jens, as eXffiCI0 members, together th up to Iwo lay repre$gnlalives on the Deanery Synod, up lo ninè lay member8 all of whom are elected by those rnembers of the congregatson who ar? on the electoral roll of the Church. and a member ofthe elergy, who Is on our staff team and holds Pemiis&on lo officiate Al those who are baptised, aget1 16 and over and attend our services I see themselves as members of Ihe congWatn are encouraged to wislèr on th& Electoral Roll and stand for elacli¢n to PCC. The PCC Is re$ponsible lor making dety$Kns on all matters of general concern and ImF<)rtance to the parish inclLtdirKJ derAding gn how the fvnds of the PCC are to be spent. New memters receiv8 intrrAuctory trainlng into the working8 of the PCC. The lull PCC mel six times during the year with an averdge thl of attendance of 84 4%. PCC has one sub- ommittee - the Standing Committee. vthich deals wlh business bètween PCC etIngs. The Membe of the Standing Committeo are.. the incumbent, the chur¢hwarden$ and tsvo other lay members of the PCC. dmlnl$trati¥o Infomi•tion St. Paul's Church 1$ situated on the comer of Long Lane and Dukes Avenue. Finch19y. 11 is part ofthe Dlocese of London, wthin the Church of England. correspondence address is." The Church Office, St Paul's Church, 50 Long Lane, Finchley, Lorn1on N3 2PU. The gistered charty number 15 1131095. 2022 Fln8ndal Raprt Iv41 20116
PCC members who have served at any time from 1st January 2022 until the d* ofthis report are.. Ex Officio m•mls. Incumbentr. Churchwardens.. Revd. Nicho8 Pye IPCC Chair) Gavin Dobbing Karerb Fox (tptho also s•N•d as PCC treasurer) Elected membor¥'. Maggio Bames Elizabeth Cohen Oliver cOlsh3W Daniella Filippi Charlotte HumphreyB Andy Kerr Regina Ononye Alison Peter8 (Deanery Synod repregentstivè, vtho also served as PCC assistant treasurer) lunlll 15th May 2022) (Unt 15th May 2022) (Deanery Synod representatNel Cowopted Membor. Revd Mavls Cri$F4n nd P rfomian Please refer lo the & Paul's Fmchley- Annual Rewt for2022 for delalls of the achievements and pèrformance. We wantto begin by expres$ing c4Jrthanks to all mombers of the church who contritsjled final011Y lo the ministry and mission of Sl Paul's in 2022. Your generosty is much aPplIed. We are also gr¥teful to PalrKk Riloy. who 18 our Indèpendent Examiner for this year. The purpose of this report is to highlight a few key issues from Ihe 2022 aGcounts and glve an indicatn ol our eXPtatIonS for 2023. This year h•$ ¥•en a 32.9% Increase In general lunde¥ignatedl. unreslricled Income on 2021 to £129,997, excluding in¢ome from legoCi•S. Income from chur¢h members, via standing orders. donatlong and cash collectn8, w881(Y•wJr by £230 and from gift aid by £132. Income from letb'ngs increased by 63.6% to £81,665. Due lo the signfficanl degree ol uncertainly surrounding th• course of the pandemic. we had budgeted for letting$ to provide onty £50.000 of our unrestricted Incorne, so lo r8¢0ive an addrtional £31.665 was a most %%elcome Outme. By way of eomparigon. wè received £73.995 in income from lettin9s in 2019 and £77,561 in 2018. From thi3, rt is ¢kar that this income stream has fulty recovered from the signfficanl reductions in 2020 and 2021. Other things on whlth It Is Important lo report are.. in January. held a Genero8rty tek. wrth daily devotional malerial sent out lo memters email and semons on giving on the Surxlays either end of thè week. At the same time, we invf(ed ¢hur¢h members lo review thelr gNing to the church- e.g. to set up a $tsnding order or, if they already have one. lo increase rt andlor to make a one-off donabon. This did inrtially resutt in an increase In Some standing orders and a number of donab'on$. the autu, we saw a reduction in incom¢ trom stsnding ordefs, Tefiecting a change in pecySe'8 circumstances and the Impact of the cost of Irving crisis. This cancelled out the in¢fft8se in income oxpwience11 earlier in the year. unrestricted income from interest increased from £1.346 to £2,224, reflects'ng the ri$e in rates. we continLse to benefft from Gfft Aid and tho Gfft "d Small DonatnS Scheme. recovering 93.7% ofthe potential Gift Aid availab from HMRC. we recewed a one-off grant of £2.642 from the Diocese of London's share of £15 million which thè Church of England distn"buted lo dieSe5 to help ¢hurthe5 sIrgling to pay energy costs. 21Y22 Finanual Rewt 3of16
we did not have a gfft day in 2022. we receNed no income from legaaes. Overall, unrestricted Income 1$ up on the previous year and at £129.997 rt compares lavourably with the prfr pandemic years of 20181£122.216. exduding income frrni legacies) and 20191£126.530. excluding income from legacies) and indicates that we have recovere(l from the financ&al impact of Covid19. unrestn.cted eXFendtr show5 a 53.9%1£40.205) increase on 2021 and w83 11.1 % {£11,523) above budget. The large81 item of expenrtUl£42.0O0l was our conln"bution to London Diocesan Fund. which pays the costs of having a vr le.g. stipend, pension and housiNJl. lrydining prospective ¢lergy and providing a range of support sefvices le.g. advice on finance. buildings. safeguarding. children & ycHJth ministry and 5UPPOrting ¢hureh school¥). In many areas, expendrtufe was al or around bwjget expectst1$. Notable exceptron8 lo th18 wer?.. the cost of electrieity, which 4Yas 132.9% (£5,847) more than budgeted. This was because of very signfftanl price increases due to the war in Ukraine. some addits'onal usage arising from a fvll yeaff$ Use of the radiant healing panels that were installed in 2021. Ind less help th8n we had Originally expected from the Government's Energy Bill Relief Scheme. the cost of 9as, which wa$ 63.2%1£2,5291 moro than budgetsd. was becaus8 of the impact of a 143% rise In the pnce we had lo pay for a 1 year contrad in November 2021, and less help than we had 0ri9inalty expe¢t•d from the Govemmenl's Energy Bill Relf Scheme. the cost of employing an Adminlstrator & Facilrties. Manager. wthich was 20.4% (£3.160) more than budget. This was due lo two changes of post-holder and the need to have periods of ovedap to ensure effective handovers and induction. the cost of church cenlre maintenanc£. which wa$ 105.Vh1£5,2931 more than budgeted. This was mainly due lo the c05t of r•pLqcirKJ a number of eThwgency hghts and the redecoratson and carpeting of the office which %Yas unbudgeled. the cost of Tedecorats"ng some inlemal areas olthe ¥[age, whic4) was 473%1£2,3651 more than budgele<l. the cost of sundry items tolalling £1,878, all of whKh yre unbudgeled. Sovin9 of £8,313. on wortd mi88ion. all ol vhi¢h was covered by restricted donations. We received no kgacy income in 2022. 2022 k¥oduced a surplus 01 £15,169 on the wre8trthd general fvnd. After including designat•d in¢ome and expendrture. there was a surplus on general funds of £12.350. In the Ilghl of this, our carried forward reserve in uniestricted funds 1$ £187,80212021". £175.4521. Al present, the Church continues lo have $ufficnt reserve$ lo m&el ils policy, bul the position will conb.nue lo te monitored carefvlly. In preparing the 2023 budget, the PCC considered all available infomiation, including projeetions relallng to income and eypendilure and cash flow Statements. Due lo the economi¢ downturn, do not expect letting8 to be as strong as in 2022 and so have a$$urned a reducb"t of some £9.000111.2%1. In addrtion. we are awarè of the polenbal for church member giwng to dedine, due lo the pressure on household budgets arising from inflation and very high energy price$. We have therefore assumed a reduction of some £4,700110.2%1. As for expendilure, we have pledged lo contribute £50.000 to the London Dw$an Fund, which Is an increase of £8.000119.0%1. We are still unable lo retum lo our pre-pandemic conlributw level of £56.700. wl)ich we gave in both 2018 and 2019 Part of the reason for this lies in the impa¢t of the energy crisis. We have budgeted lo Spend a lotsl of £20.000 on gas and eledricty. This compares vhth £5,642 in 2019, £4,228 in 2020, £6.823 in 2021 and £16,776 in 2022. In summary, we have taken a cautious approach on income and an to keep tight control on day to day expenditure. Al the same time, and in line wth the objective$ in our Mission Aclion Plan. we are committed lo investing restricted and designated funds in repainng the floors In the entrance area and 50ulh transept of the 2(fk2 Fhanoal Repryt {v41 4tsf 16
thuich building and. Subject lo a JcCeSsful recruttrnent proces$. •moY1ng a Children's & Families, Communty Worker. Conclusi Our 2023 budg•1 has 0 defi( on Unrestri fvnds of £15,903 and this will be ¢OVfjfed by the surplu8 general fvnd. The financial outcome for 2022 was very much better th8n expected. Al the outset: we budgeted for an overall deficit on unrestricted general funds of £8,729 At the yeai-end. we had an unrestrthd surrAus. of £15,169. hoVer, when including designated fvrKls. Ih's became a surplus of £12,350. The POSbtKJn for 2023 18 uncertsin due lo infiabonary pressures and the impact on the economy, especially energy costs. oflhe war in Ukraine, butthrough God's grace, the of our memb8rs and hirers. and prudent financial management, we are confKlentthat we wll be able lo Sustain and (levdop the ministy and mission of the church. Revd Nicholas halmian Karen Fox Trnasurer 2022 Fknwdal Report (v41 5Df16
Inde ndent Examinerfs Re I have examined the financFal stslemertts for St P8uI's & St Luke's. Finchley for the year ended 31 December 2022 as $91 out on pages 7 to 16, vjhich ha been prepawl on the ba8is of the accounting policies sel OLrt on page 9. Resp•ctlv• rn8ponsibllltl•s of th• Parochlal chUh Council and Indèpwnt Examln•r The Parochial Church Council, as charity trustees. is responsible for the pieparats.on of the aeeounts and considers that the audrt requirements under section 144{21 of the Charil*$ Act 20111.lhe ACVI do not apply and that an independent examinatson is required. Tha chaTrty'$ gross income did not excee<J £250.000 and l am qualified to undertake the examination by being qualified member of the Institute of Chartered Accountants in England and Wa8. 11 is my responsibilty lo.. Examine the arKounts under $ection 145 of the Ad. Follow the procedures laid dovm in g•n•rnl dlrectlons given by the Charty Commlyslon {under se¢lion 14515)Ib) of the Act). aNJ stste whether particular matters have come lo my attention. 8•811 of Ind•p•nd•nt Examln?rf¥ R•port Thi8 report is In respect of an examlnatlon cathed under section 145 of the Act and in accordance wlh the general directions given by the Charity Commission. An examinab.on includes a review of the accounting records kept by the chanty and a mpariSOn of the 8¢¢ounts presented with those record$. It also includes consideration of any unusual emS Of disclosures in the accounts. and seeking explanatnS from the Pafochial Church Council concernng any such matters The kYLxedures undertaken do not providè all the evidence that would be required in an audit, and consequently no opinion is gNen as to thelher the accounts present a 'true and lair view, and the report is limlled lo thow matters sfjl out in th• Statement below. Indopond•nt Ex•mln•¢• R•port Based on my examin8llon. no material matter has to my attentitin vthich gwes me reasonable cause to believe that in 8ny material respect. the accounting recwds have not been kept in accordance wlh section 130 of the Act, or that the accounts pre$8nled do not accord wlh those records, of comply with Ihe applicable accounting requirements concerning the fom) and content ol accounts as sel out In the Chariti'es IAecounts and Reports) Regulations 2008 other than any requirement that Ihe accounts gtve a Irue and fair, view which is not matter considered as part of an independent examination. No matter has lo my notice In connection with my examination lo Whh, In my oplnbn, attentton should be drawn fo enable a proper understanding of the accounts to be reached. Patrick Riley ACA 87 Lichfield Grove London N3 2JL 2022 Finanoal ReF¥)rt Iv4) 8of16
?ul )Ul J Ln ts> ¢0 (n r
Balance Sh8•t 1 t D•cèmhr 2022 2022 2021 Flx•d Assets Tan9ible Assets 946,369 973,408 973 408 Current As$•ts Debtors Cash in Bank 3.661 260,013 263 674 3,140 249,750 252 890 Currnnt Liabilitl•s Credrtors". Amounts falling due in one year Not Currnnt A$s•ts 24,300 239,374 30,605 222 285 Total A88Ot8 lou CurY•nt Llabllltle 1 185 743 1 19S 693 TOTAL NET ASSETS 1185743 1 195 693 Fund8 General Funds Designated Funds Re8lricled Funds TOTAL FUNDS 10 io 10 88.696 121.106 997,941 1.185 743 53,911 121,541 1020241 1195,693 The financlal 8lalemenls on p4es 7 to 16 werg approved by the PCC on 27th MarGh 2022 and slgned on their behalf by.. Revd Nichdas Pye Chair of th• PCC Karen Fox Treasurer to the PCC Flnanda Rep)rf 2022 (v41 8of16
Notss forniin fin I I statsments for tho ear èndod 31 1. Accounting policies {¥) Ba$l& of Pfoparatlon. The PCC is a public benefit •ntty wrthin the meaning of Financial Rewtwig Standard 102 fFRS102"1. The ffnancAal statements have been prepared in accordance wth the Church Accounting Regulations 2006 together wrth apph'cable ac¢ounb"ng standards and comply with the Ststement of Recommended Pra¢tr'ce"A¢counbng and Reports"ng by Charrties- issued in Mar¢h 2015. The financial statements have been prepared underthe historK cost convention. The financial Statements Include all transaction8, assets arKF liabilrties forthICh PCC is responsible In law. They do not include the accounis of Church groups that w their affi1on to another body, th050 which are Infoimal gatherings of church members. The PCC considers that there are no materlal urtertainties about the church's aknlty lo continue as going concem. Ibl Fund accounttng General fijnds are unrestricted funds, vthich Can be used for PCC ordinary purposes. Designated funds are unre$trthd funds. whlch the PCC has desfjnatsd for a speclfic purpose. Restricted funds are funds whith afe lo be u8ed in accordance with sp8ufi¢ restrietions imposed by donors or which have been raised for specrfK purpose8. The use of each restn¢ted fund Is sel out in the notes to the accounts. Any baance remolning un8pent at the end of the year 1$ carri¥d foward 89 a balance on that lund. (¢1 Inc¢)mlng r•Jourc All inGoming resources are accounleil for gross. Colleth'ons are recognlsed bthen reCeed. Planned giving 5$ recognis8d onty when re1Ve. Income Tax recoverable on Gift Aid donations Is recognised vthen the income is recogni8ed. Grants and Legaciti5 are rKognised when there is evidencè of entstlement, receipt is probable and their amounts can be measured reliably. Intere81 entitlements Sra accounted for as they a¢cn*. Al other irrne bs recognised • rt is receivable. Id} R••ourcM •xp•nd•d Resources expended are accounted lor on an accnmls ba$ls and ar• accounted for gro88. (•) Tanglblè flxod a88•ts and dopmGl•U¢)n Fixed assets hove been deprecith on a strafjhl-line ba$1$ 08 follow4.' BulldSngs 50 years Other equipment S years Computer equipment below £2.WO is not caytslised bul expensed during the year in vthlch rt Is acqulrad. The Church Centre came into use during 2008 and deprecthn h88 been Charged from Ihls date. 2. Income Unmtrl¢t•d Deslgn•t Funds Funds Total Unr•8tr1ctèd Total Total Restrl¢tod Funds {£) Funds l£} 2022 2021 2a. Voluntary Incom• Planned Giving Collection$ Donations Gift Aid Grants LegaCS 32,062 3&8 4,715 8.699 32,062 356 4.715 8.699 32.062 356 14,182 9.946 4.141 31,287 634 12,644 10,535 45.744 438 101,282 9.467 1,247 4.141 4S.832 14855 60.6871 Fln8ncial Rert 2022 I) 9tsf18
Unrgstrlctod l)esignated FUTh Funds Total Totsl Totsl R8strl¢ted Funds 1£) Funds 1£) 2022 2021 12b. Activiti8s for G•nor•ting Funds Lettings 81.655 81.65S 81.855 81.655 81.6551 81.6551 49,899 49.899 '.2& Inc4)rne from Invèstments Interest 2,224 2.224 615 615 2.839 2.839 2,8391 2.8391 1,719 1,719 j 2d. Incom• from Charltabl A¢ti¥ltle Sundrie$ Fees for PCC 211 175 100f 3861 145 567 82 252 334 175 286 175 286 Totsl In¢om• 615 130 611 153 234 3. Expenditure Unrntytrlcted DMlgnat•d Funds Funds Total UnMtrlct•d Totsl Total Rwtrkt•d Fund8 {ei Fund81£1 2022 2021 3•. Charltabla A¢tlvltl•• London Diocesan Fund Clergy Expenses Adminislralor CFCW Power, Wat¢r, In$ufance Equipment Depreciation Mainlonance Mission Giving Administration Adult Education Children & Youth Work Worship & Evangelism 42,000 42.000 42.000 33.350 1,661 18,7e 1,661 18,788 1,661 18,766 1,915 12,464 25,309 25,309 25,309 15,299 505 505 27,039 18.415 13,436 4,098 402 437 283 27,039 149,161 9,767 2.366 329 580 27.039 18.415 1,409 3,358 402 18,415 4.203 3,998 402 2,794 9,233 343 763 763 763 112,682 116,116 36715 152.831 253.319 | 3b. Other Act?vltl8s Other Aclivrfcies 2,146 2.146 2.146 2.146 540 2.686 2,6861 192 192 Total 114 828 37.255 155517 2S3 511 The Smounl paid to the independent examiner in respect of Ihe iTrJependent examinatson is £nil {2021.' £nill. Financ1 Report 2022 10of16
- Staff Costs 2022 2021 Wages & Salaries Staff Pension$ Staff Expenses Tolal Stsff Costs 17,957 11.870 594 18.766 12.464 No gtsff were paid £60,000 or mor•. ThrcW9hrt the year, the PCC employed thè follow"ng.' Three part-time AdMIntr9tOr & Fac4""e¥' Managers lone for 12 hourn a V+pek until 28th F8bruary. one fr>r 18 hour8 S V•ek from 111 January to 31 Oclober. arKI one for 18 hours a bseek from l SepteMrI,. The PCC'$ key management personnel ccrfnpn'se the Incumtent and the chur¢hvMrdens. The IncLFmbent is remunerated by the LoTrJon Dlo¢esan Fund. The other key personnel were unremuneraled. In line with DSocesan guidance, the PCC supported the Incumbent by paying the vicarage's w81er and environmentsl charge5 and the cost of servKing and maintaining its burglar alam). In addition, £1.661 ofexpen8eg Incurred in the nomial urse of their ministnes were reimbursed lo the cler9y. No other payments or expenses wgro paid lo any PCC member. persons closdy conrcted to them or relatsd part9. nancl81 R8POrt 2022 (¥41 11of16
Mission and Other Giving 2022 2022 Untrthd Re$trictod 2022 Tot&1 2021 Total Brltish Legion (Poppy Appeal) Btrtare Chrisban Mission IDavKI Nahayol Church Pastoral AKt Society Church Uan Fund Mavis Cn$pin (Overseas Missn) Evangellcal Allkince Flnchley Food Bank Latin Link {Sloker Family) MS so¢ty North London Hospice Simeon Trustees Stewardship {Rob Reevel Toarfund- Recover Together Appeal Tearfund- Afghanistan Appeal TearfiJnd- Ukraine Appeal TèarfiJnd- Paki8tan Ap81 Toilet Twinning Total Ml8¥lon and Oth•r Gfvlng 50 50 72 1,344 250 1,993 250 4,039 1.800 250 4,039 1,800 90 90 156 125 150 156 1,333 150 1,208 2,000 207 175 2,200 312 1,064 175 2,280 175 2,280 1,955 708 1,955 708 60 9.767 4,203 9.233 13,436 Finanti81 Réport 2022 (v41 120116
Fixed Assets (fangible) St Paul. St Paul's Cgntre Equiwient Piano Total Cost As at 1 January 2022 Addibons As at 31 December 2022 1.351,956 13.155 2,000 1.367,111 1,351,958 13.155 2,th)0 1,367,111 Depreciation As al 1 January 2022 2022 charge Disposals As al 31 December 2022 378.$48 27.039 13.155 2,000 393,703 27,039 405.587 13.155 2.000 420,742 Net Book Value As al 1 January 2022 N•t Book Value A8 at 31 D*¢•mb•r 2022 973.408 973,408 948.369 946,369 D•btors and Prepayments 2022 2021 Grft Aid Recoverabl• Prepayments Other Debtors Total Dgbtorn and Pr•p•ymwrt• 697 2,479 Cash In Bank 2022 2021 Current account Deposit ac¢ounts Totsl Cash Hold $01 500 259,512 249,250 260.013 249.750 The church's policy is to keep at least £500 in the cThl account al the end of each day (after all transartion8 . have been processed). It 1$ a¢hVed by transferring any shortfall or excess befftn the current account and a depo911 account. Credrtors (Amourrts falling due within one year) and Accruals 2022 2021 Other Agencies Fee8 Planned MISS1 GivirvJ Other cditorS Prepaid Lettings Building Work Totsl 2,231 1.351 14,634 4.523 1.561 24,31)0 3,168 2,824 14.479 3.261 6.873 30,605 FThncJal Raport 2022 (¥41 13of16
- Statement of Funds At 1 Jan Income Expandlturn Transfor At 31 Dgc 2022 2022 Gonoral funds 53.911 129.997 1114.828) 113841 66.696 D081gnat8d funds AdMInlOn Bu11j Emer9en( Bulare Chnstsèn Chlldrtn & Famil. Chur<b 6uildiThJ RefiJth¥Mrt L8tin Istokef Farnllyl PonS1r Rese Rob Rew8l5t6W8rdthl Vvag Mainl8n8rte FUNI Total Doslgnated fundB I2 14fOI 29,495 29.495 37.725 43.171 615 37.940 43.171 11.2081 1,208 112001 6,5 121,106 121.541 615 13.4341 2,384 Rebtrlcted fund• AthnL8Ira0n Chlhyren & Famifie¥' Churth Buik11w Refuthhrw4 Clwrth Paslual Aid Sodrfy CNIh Urben FuThJ Ma¥Ls crn ((Xn•aB Msknl Fln¢hl•y Charlti Fln¢hl•y Food B4rt G8ner•i Gbwrvj H801inq Latln Luik Istokw Fgmtyl Learj Qrfi IIMI MS Swety Royal Brt1h Leoknn (Pow)yl Sl Paul* C¢ntre R840%(¢rt St Paul'8 )rk %%Ylh Sth)o T8arfthd AppealB Youth lJldr8n's 162 41.293 4.4 1NJ 182 41.293 4.550 12501 14.0391 11.6001 2.037 237 1.500 180 150 11561 160 2.891 2.891 125 540 150 Iijoi 1501 (27.0391 973. 211 (2,e621 11331 922 789 Tot•1 Re•trlct•d fund• 1,020.241 14.955 1372S51 997.941 Totsl Funds 1.195,693 145,567 (155,517) 1.185,743 11. Reserves 11 is PCC policy to ty to maintain a balance on unrestricted general fiJnd$ vthich equate$ to the equivalent of month's gener81 running costs, month's letbngs income antj an èdditional one month's $alary costs to over unforeseen eMergencS 11 is also ¢)ur policy to hold a sum Icurrenly £79.1661 for fubJre building works. including the Wam and Welcoming Space Project on the church building and the inlemal redecoratr'on of the vicarage. In view of our Intention to recrurt a Children's & Families. Commurmty Worter we are also holding a designated amount lcurrenlty £37,940) to assist in the resourcing of this inrtptwe, and in light of a possible pension liability. as notffied by the Church of England Pertsior Board aftef the valuation of the CWPF in December 2019, we are also )lding 8 designated amount for this l¢urrenly £4.0001. The exa¢t rigure is unknown a5 il V+ill onty become liable rfwe have ntrone in Ihe scheme We currenty have one employee in the Scheme. Fhandal Rep1 2022 1¥41 140116
On 315t December 2022, reserves {UpStr 8nd designated lunds} were £187,802. In respect of the 2023 budget. we are in excess of the requirements of the church's reserves policy by £31.184. 12. Commltments As part of the Warm and Welcon)ing Space Toilet Proiecl, a stained-glass window was removed and the PCC have a cornmrtment to relocate the wind at an approximate cost of £3.000. The fvnding for this is held wf(hin the designated building refurbi$hment fvnd. 13. Pensions Sl Paul's Finchley PCC parli¢>pales in the Pension Bullder Scheme sectlon of CWPF for lay slaff CWPF is administered by the Church of England PenOnS Board, whth holds Ihe CWPF assets separately from those of the Employer and other partic6palOng employ•rs. CWPF has tsvo $eclion$.' 1. the Define(l Beneffts Scheme 2. the Pension Builder Schefne, vthKh has 8ubseLtion$: a dèfefred annurty se¢b"on kntr•¥n as Penwon Builder Class, and, a ca$h balance se¢tton knovm a$ Pension Builder 2014. P•n8lon Bulld•r Schomo Both section$ of the Pension Builder Scheme are dassed a8 defined b8nefft hrr. Pen$ion Bulld•rCl•s¥l¢ prov¢des a pension. accumulated from contnbubons pa and converted into a deferred annuity during employment based on tems sel and revievEd by the Church of England Pen$ion$ Board from time to tsme. Discretionary increases may also be added, depending on investment retums and other lactors. P•nJlon Buildor X114 1$ a bgLqnce herne thgt providu a lury) Sum %thi¢h members to provlde benefitg al rellrement. Pension ctsntrib¥Jlion$ are reecKde(J in an account for each member. DISC'0nary bonuses may be added befere reliremenl, depending on investment relum8 and othèr factOf8. The a¢couni, plus any bonu8e8 deClad is payable, unreduced, from age 65. Therè Is no SUdi¥l510ft of 8ysets between empknyers in each Section of the Penwon Buihler Scheme. The scheme is considered lo be a mult8mptrS¢herne a$descritJed in Section 28 of FRS 102. Th1$ Is because Is n¢t PO85iblo lo attribute the PenSn Buiklef Scheme's assets and Iiabiltbes 10 Specific employers and means that contributions are accounted for as rf the Scheme ere a defined contribution scheme. The pensions ¢05ts ch8rged lo the SOFA in the year 8re the COntriLOn$ payable (2022.. £809. 2021.. £5941. A valuation of the Pension Builder Scheme is carried out orKe every three years. Tho most rgC8nt valuation was carried out as 8131 December 2019. The next v8luab.on is due a5 at 31 December 2022. For the Pension Builder Classtc section, valuab'on revealed a deficit of £4.8m on the ongoing a8sumptlon8 used. At the mo81 recent annual review. the Board chose to grant a dis¢rth'onary bonus of 10.1% followng improvements in Ihe ftjnding kx)srtion over 2022. The is no requirement for deficit payments at the Current lime. For the Pension Bullder 2014 section, the valuation revealed a surplus of £5.5m on the ongoing ossumpts'ons used. There is no requirement for defiut payments at the current time. The legal structure of the scheme is Such that rf another eloyer fals. St Paul's Finchley PCC could b•coma responsiNe for payiffj a share ol the failed WnPWer'8 pension li¥iilTbey St pa.8 Flnchloy The PCC ¢ortribute5 S% of the employee's bas 8alary to the pension frJnd. Under the current regulats"on$, employees a required to contritryjte a minimum 3.5% of basic salary to the scheme, assuming they meet the Conditions for joining the seheme, but are pemthd to opt out of personal contributions wrthin six weeks lor after every three years) of jthning the scheme. There afe no contributions outstanding at the year*nd. The PCC had no active members in the Pension Builder Classic at 31 December 2022, and one a¢tsve member in the PenSn Builder 2014. The PCC is registed wrth the Pensions Regulator. FIn&t Rewrt2022 Iv41 15of16
- Rlsk Statement As part of the PCC'$ reporb.ng lo the Charty Commi$$ion, the PCC is required to declare ether there have been 8ny serious incidents which they $IlkI have brought to the Commission's attenth)n. No such incidents occurr1 in this year. 15. Previous Yearfs Statement of Financlal Activities Total Toial FundB 1É12021 Fuhd• Fund• IN¢OME ANO ENDOYIIIEWTS Volunlary IrKthne AcMbos lor Genor¥llrva FdI Incorn from1ryrf8sbneots Chanlable ActiYrt8 TOTAL114COME 46.632 49.899 101.282 49.899 1.719 334 163.234 49.899 1.719 ?73 211 373 EXPENOITURE Chatrtabltr Actiw Othtrr Ach1 TOTAL EXPENDITURE 74.430 142.937 217.367 35,952 253.319 192 253.611 71622 141937 217,6 34962 NEf INMlExpENDITVftEI 11lQ9701 18. 1100,2771 Tr8nsfer FuThl$ klovemgnl h) FLV 18.207 1124J67) 1118,9751 18,698 1100,2TTI TOTAL FUND5 BROUGHT FC*WMID TOTAL FUWD$ CAftRO FORWAI 1 295 970 1 198693 176.482
- Donatlons The total donatlons from PCC members (cff P6f8on8 closely conngcttd to them or related p8th'e81 was.. 2022 2021 Unrestricted Fund8 Restricted Fund$ T¢)thl Incom• 15.235 17,260 3,080 3,726 18,315 20.986 17. Post Balance Event There are no p)gt balance events lo reporL FknarKial Rewxt 2022 (v41 18of16