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 ReVe￿nd 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
r￿IghbOUrhood and our circl95 of influence.
4. R81ga$lng R•Sou￿0¥- hel)ing peWo of an aps lo grow in their 8te*ard$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 eX￿ffiCI0 members, together
th up to Iwo lay repre$gnlalives on the Deanery Synod, up lo ninè lay member8 all of whom are elected by
those rnembers of the congregatson who ar? on the electoral roll of the Church. and a member ofthe elergy, who
Is on our staff team and holds Pemiis&on lo officiate Al those who are baptised, aget1 16 and over and attend
our services I see themselves as members of Ihe congWat￿n are encouraged to wislèr on th& Electoral Roll
and stand for elacli¢n to PCC.
The PCC Is re$ponsible lor making dety$K*ns on all matters of general concern and ImF<)rtance to the parish
inclLtdirKJ derAding gn how the fvnds of the PCC are to be spent. New memters receiv8 intrrAuctory trainlng into
the working8 of the PCC.
The lull PCC mel six times during the year with an averdge thl of attendance of 84 4%. PCC has one sub-
ommittee - the Standing Committee. vthich deals wlh business bètween PCC ￿￿etIngs. The Membe￿ of the
Standing Committeo are.. the incumbent, the chur¢hwarden$ 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 Rap￿rt Iv41
20116

PCC members who have served at any time from 1st January 2022 until the d* ofthis report are..
Ex Officio m•m￿ls.
Incumbentr.
Churchwardens..
Revd. Nicho￿8 Pye IPCC Chair)
Gavin Dobbing
Karerb Fox
(tptho also s•N•d as PCC treasurer)
Elected membor¥'.
Maggio Bames
Elizabeth Cohen
Oliver cO￿lsh3W
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 fina￿l011Y lo the ministry
and mission of Sl Paul's in 2022. Your generosty is much aPp￿￿lIed. 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 indicat￿n ol our
eXP￿tatIonS 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 collect￿n8, 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 Out￿me. 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 Donat￿nS 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 di￿eSe5 to help ¢hurthe5 sIr￿gling 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 eXFendt￿r* show5 a 53.9%1£40.205) increase on 2021 and w83 11.1 % {£11,523) above budget.
The large81 item of expen￿rtU￿l£42.0O0l was our conln"bution to London Diocesan Fund. which pays the
costs of having a v￿r 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 Rel*f 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 y￿re unbudgeled.
Sovin9 of £8,313. on wortd mi88ion. all ol v*hi¢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 $uffic*nt reserve$ 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$. •m￿oY1ng 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.
ho￿*Ver, 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 $91 out on pages 7 to 16, vjhich ha￿ been prepawl on the ba8is of the accounting policies sel OLrt on
page 9.
Resp•ctlv• rn8ponsibllltl•s of th• Parochlal chU￿h Council and Indèpw￿nt Examln•r
The Parochial Church Council, as charity trustees. is responsible for the pieparats.on of the aeeounts and
considers that the audrt requirements under section 144{21 of the Charil*$ 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 Wa￿8.
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 explanat￿nS 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 Wh￿h, 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$l& of Pfoparatlon.
The PCC is a public benefit •ntty wrthin the meaning of Financial Rewtwig Standard 102 fFRS102"1.
The ffnancAal statements have been prepared in accordance wth the Church Accounting Regulations
2006 together wrth apph'cable ac¢ounb"ng standards and comply with the Ststement of Recommended
Pra¢tr'ce"A¢counbng and Reports"ng by Charrties- issued in Mar¢h 2015.
The financial statements have been prepared underthe historK cost convention. The financial Statements
Include all transaction8, assets arKF liabilrties for￿thICh PCC is responsible In law. They do not include
the accounis of Church groups that w their affi1￿￿on to another body, th050 which are Infoimal
gatherings of church members.
The PCC considers that there are no materlal urtertainties about the church's aknlty lo continue as
going concem.
Ibl Fund accounttng
General fijnds are unrestricted funds, vthich Can be used for PCC ordinary purposes.
Designated funds are unre$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 reCe￿ed. Planned
giving 5$ recognis8d onty when r￿e1Ve￿. 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 ir￿rne 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
LegaC￿S
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 Re￿rt 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.
Financ￿1 Report 2022
10of16

4. 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•. ThrcW9h￿rt the year, the PCC employed thè follow"ng.'
Three part-time AdMIn￿tr9tOr & 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* SepteM￿rI,.
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 conr*cted to them or relatsd part￿9.
nancl81 R8POrt 2022 (¥41
11of16

Mission and Other Giving
2022
2022
Un￿trthd Re$trictod
2022
Tot&1
2021
Total
Brltish Legion (Poppy Appeal)
Btrtare Chrisban Mission IDavKI Nahayol
Church Pastoral AKt Society
Church U￿an Fund
Mavis Cn$pin (Overseas Miss￿n)
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 Ap￿81
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¢h￿Ved by transferring any shortfall or excess be￿fftn the current account and a
depo911 account.
Credrtors (Amourrts falling due within one year) and Accruals
2022
2021
Other Agencies Fee8
Planned MISS￿1￿ GivirvJ
Other c￿ditorS
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

10. 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
AdMIn*l￿On
Bu1￿1￿j Emer9en(
Bulare Chnstsèn
Chlldrtn & Famil￿.
Chur<b 6uildiThJ RefiJth¥M*rt
L8tin Istokef Farnllyl
PonS1r￿ Rese￿*
Rob Rew8l5t6W8rdth￿l
V*vag* 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•
AthnL8Ira￿0n
Chlhyren & Famifie¥'
Churth Buik11w Refuthhrw4
Clwrth Paslual Aid Sodrfy
CNI￿h Urben FuThJ
Ma¥Ls cr*￿n ((X*n•aB M*sknl
Fln¢hl•y Charlti
Fln¢hl•y Food B4rt
G8ner•i Gbwrvj
H801inq
Latln Luik Istokw Fgmtyl
Lea￿r￿j Qrfi IIMI
MS Swety
Royal Brt1￿h 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 eMergenc￿S 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 Rep￿1 2022 1¥41
140116

On 315t December 2022, reserves {Up￿Str￿ 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 Pen￿OnS 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 ￿h￿rr￿.
Pen$ion Bulld•rCl•s¥l¢ prov¢des a pension. accumulated from contnbubons pa￿ and converted into a deferred
annuity during employment based on tems sel and reviev*Ed by the Church of England Pen$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 deCla￿d is payable, unreduced, from age 65.
Therè Is no SU￿di¥l510ft of 8ysets between empknyers in each Section of the Penwon Buihler Scheme.
The scheme is considered lo be a mult￿8mp￿trS¢herne a$descritJed in Section 28 of FRS 102. Th1$ Is because
Is n¢t PO85iblo lo attribute the PenS￿n 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 COntriL￿￿On$ 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 e￿loyer 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 PenS￿n
Builder 2014. The PCC is registe￿d wrth the Pensions Regulator.
FIn￿￿&t Rewrt2022 Iv41
15of16

14. 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 $I￿lkI have brought to the Commission's attenth)n. No such incidents
occurr￿1 in this year.
15.
Previous Yearfs Statement of Financlal Activities
Total
Toial FundB
1É12021
Fuhd•
Fund•
IN¢OME ANO ENDOYIIIEWTS
Volunlary IrKthne
Ac*Mbos lor Genor¥llrva F￿dI
Incorn from1ryrf8sbneots
Chanlable ActiYrt*8
TOTAL114COME
46.632
49.899
101.282
49.899
1.719
334
163.234
49.899
1.719
?73
211
373
EXPENOITURE
Chatrtabltr Actiw
Othtrr Ach￿1
TOTAL EXPENDITURE
74.430
142.937
217.367
35,952
253.319
192
253.611
71622
141937
217,6
34962
NEf IN￿M￿lExpENDITVftEI
11lQ9701
18.
1100,2771
Tr8nsfer FuThl$
klovemgnl h) FLV
18.207
1124J67)
1118,9751
18,698
1100,2TTI
TOTAL FUND5 BROUGHT FC*WMID
TOTAL FUWD$ CAftR￿O FORWAI
1 295 970
1 198693
176.482
16. 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