2023-12-31-accounts

THE CHURCH OF ENGLAND St Paul's & St Luke's Finchley Report & Financial Statements Year ended 31 December 2023 8ecoming a vibr8nt and diverse communty that is n￿ted in Jesus. gmwing together and oven7owing wrth God's love. RegBtered ¢haiity no. 1131095

Trustees, Report for year ended 31st December 2023 Alrn The trustees of St. Paul's and St. Luke's are members of the Parc*hial Church Councll {"PCC') which has the responsibility of cooperating with Ihe incumbent, the Reverend Ntcholas Pye, in promoting in the ecclesiastical parish, the whole mission of the Church, pastoral, evangelisb'c, Social and ecumenical. The PCC is also specifKally responsible forthe maintenance of the Church Centre that ts attached to St Paul's Church and borders Dukes Avenue. Finchley. Iv In 2017. the PCC agreed on four key priont& for the next few years.. 1. Deepenlng Dl8clple8hlp - helping peopk of all ages to grow in their relationship with God in their personal lives and through our corporate lrfe. 2. Crealing Communlty - helping people of all ages to grow in their relats"onship with other church members and build up our common life. 3. Movlng In Mlsslon - helping people of all ages to grow in their ￿lat￿)nShip wrth the wortd in sharing their faith levangelisml and transfoming scciety (social action) and building up our shared witness in the neIgh￿rhood and our circles of influen￿. 4. Rel•a$lng Re¥ourc•8- helping people of all ages to grow in their Stewardship of tsme, talents and treasure an(J enabling us to Invest in the historic church so il is an asset. These prionties provid6 thè framework for our ministy and mission and the meetsngs of the PCC. Structure Governance and Man mon Th8 PCC 15 a corporate body estsblished by the Churd) of England and operates under the Parochial Church Council Powers Measure 1956. and Church Representatson Ru18s 2020. The PCC is a Registered Charity, The method of appointment of PCC m8mbers18 set out In the Church Representabon Rulès. At St. Paul's, the membership of the PCC consists of the Incum￿￿1 (Vicar) and Churchwardens, as ex-officio members. together with up lo hvo lay representatives on the Deanery Syn¢)J, up to nine lay members all of whom are elected by those members of the congregation who are on the electoral roll of the church, and a member of the clergy, who is on our staff team and holds Pemiission lo Officiate All those who are baplised, aged 16 and over and attend our services I see themselves as members of the congregation are encouraged to register on the Electoffjl Roll and stand for elects'on lo PCC The PCC is responslble for making decisions on all matters of gerwal ¢on¢em and importance to the parish including deciding on how the funds of the PCC are to be spent. New members receive introductory training into the workings of the PCC. The full PCC mel six limes dunng the yearwrth an average level of attendance of84.4%. The PCC has one sub- committee - the Standing Committee, which deals wth business between PCC rreelings. The members of the Standing Committee are.. the inoumbent. the churchwardens and tsyo other lay members of the PCC. Admlnlstratlve Infom)atlon Sl. Paul's Church is situated on the comer of Long Lane and Oukes Avenue, Finchley. It is part of the Diocese of London, within the Church of England. The correspondence address Is.. The Church Office, St Paul's Church, 50 Long Lane. Finchley. London N3 2PU. The registered chanty numtrm is 1131095. 2023 Finanual Report1¥31 2of16

PCC members who have served at any bme from 1st January 2023 until the date of this ￿[%)rt a￿.. Ex Officio members: Incumbent.. Chur¢hwardens'. Revd. Nicholas F¥e {PCC Chair until 3111 December 2023) Gavin Dobbing Karen Fox {who also served as PCC treasurer) Elected membern: Maggie Barne$ Elizabeth Cohen Oliver Cowlishaw Charlotte Humphreys Regina Ononye ison Peters (Oeanery Sync4J representatNe until 141h May 20231 (Deanery Synod representabve until 14th May 20231 (Deanery SyntsJ representatNe from 14th May 20231 Cowopted M8mb•r: Revd Mavis cris1￿n Achievements and Perfornianca Please reler to th• St Paul's Finchley- Annual Report for2023 for detsil$ of the achievements and performance. Inon¢lal Rovi•w We want lo begin by expressing ourthanks to all members of the church who contributed financialty to the ministry and mission of Sl Paul's in 2023. Your generosty 15 much appreciated. We are also grateful to lan Stewartson, who is our IndeFendent Examiner for this year. The purpose of this report is lo highlight a few key issues from the 2023 accounts and give an indication of our exFectalions for 2024. This year has seen a 5.2% increase in general lunde$bJnatedl, unfestr￿ted In￿rne on 2022 from £129.997 to £136,795. Inco￿ from church members. vw slanding orders, donations, and cash Collect￿n$, was lower by £5,482 and from gift aid by £1,443. However, income from letbng$ increased by 12.6% to £91.953. This exceeded our budpt expectation of £72,500 which resuKed in the favourable outcome. Other things on which rt is imFortant to report are". in January, we held a Generosity Week. with daily devotional material sent out to members via email and sermons on giving on the Sundays either end of the week. At the samè timè, we invited church members lo review their giving to the church - e.g. to set up a standing order or. if they already have one, to increase It andlor to make a one<•ff donab"on. This did initialty result in an increase in member giving but was not sustsined. in the summer and again in the autumn, we saw reductions in income from standing orders due to the death of a member and some families leaving the church. This cancelled out the small increase in income we experienced earl￿r in the year and member giving al the end of the year was lower than it has ever been which is also a refiection of our smaller congregab'on. unrestricted income from inte￿t on Investments Increased from £2,224 to £5,Sfj7, refiecting the rise in interest rates. we continue to benefit from Gift Aid and the Gfft Small th)nats'ons Scheme. recovenng 91.7% of the potenbal Gift Aid available from HMRC. we did not have a grfi day in 2023. we re¢eived no incomo from legacies. Overall, unrestricted in¢ome is up on the previous year and at £136.795 is the highest we have seen in re¢ent years. 2023 Fiianckil Report (v31 3of16

EK &n(Jiture Unrestricted expendittjre shows a 7.0% {£8.083} increase on 2022 but was 8.1 % {£10,7841 below budget. The lafgest item of expenditure1£50,000} was our contributson to the London Diocesan Fund, which pays the costs of having a vicar le.g. sts"pend, pension and housing). training prospectNe clergy and providing a range of support services {e.g advice on finance, buildin9s, safeguarding. children & youth ministry and supporting church schcK)Isl. In many areas, expenditure was at ￿ around budget expectations. Nolable exceptions to this were.. the cost of gas, whilst 65.5% (£4,277} higher than 2022 due to the increases in pricing, was in line with the PCC'S budgetary estimate. The actual unresth'cted expendibjre was offset by the remainder of the grant from the Dio¢ese given in 2022 arsd changing the suppl￿r on contract renewal, allowed us to secure a lower cost per unil. the cost of electricity, whi¢h was 28.1% {£2.875) bwer than 2022 and 26.3%1£2,6281 lower than budget due to several factors. These include the redUCt￿n in global prKe of energy. a restricted donation from a church member. and we changed supplier when the contract expired and secured a better pr>ce per unrt. the cost of church maintenance, whilst in line with budget was 465.5%1£10,0461 higher than 2022 due to the cost of thè dry rot treatmenl1£8.196) and repair to the roof1£1,440). the cost of Other Activities, whi¢h was 445%1£1.780) higher than budget due lo the cost re4eveloping the website {£1,428} which was unbudgeted. However, soff* of this expenditure was cOVe￿d by reslricled donations Overall, expendfftu￿ was up on 2022 but this was mainty due to the dry rot and energy costs. acies W8 received no lega¢y income in 2023. 2023 produced a surplus of £13,884 on the unrestricted general fund. After including designated income and expenditure. there was a surplus on general funds of £14.366. In the light of this, our carried forward resetve in unrestricted funds is £202.16812022". £187,802). Al present. the Church Continues to have sufficient r8$erve$ to meet its policy, but the Posit￿jn wll conbnue lo b8 fTh)nitored carefully. The Futu In preparing the 2024 budget, the PCC considered all avallabS9 inf0m￿tiOn, including projections relating to income and expenditure and cash flow statements. Due to the economic downturn, we do not expect lettings to be as strong as in 2023 and so have assurned a reducbon of som8 £11.000 {13.0%l. In addttion, we are aware of the potential for Church member giving to decline fvrther, due lo the pressure on household budgets arising from inflatron and very high energy prices. We have therefore assumed a reducts.on of some £3,428112.10hl. As for expenditure, we have pledged to contribute £S2.000 lo the London Diocesan Fund. which is an increase of £2,00014.0°hl. We are still unable lo relum lo our prfrpandemic contribut￿n level of £56.700, which we gave in both 2018 and 2019. Part of the reason for this lies in the impact of the energy costs We have budgeted to spend a lolal of £14.500 on gas and eleclricty. and we still have the unknown cost of repairing the floors due lo the dry rol damage. In summary, we have taken a cautious approach on income and plan lo keep tight control on day lo day expenditure. At the same time. and in line wrth the objectives in our Mission Action Plan. we are committed to Investing restricted and designated funds in repairing the floors in the entran¢e area and south transept of the Ch￿￿h building, and in due course, employing a Chiklren's & Famil￿$, Community Worker. Conclusion Our 2024 budget has a deficrt on unrestricted funds of £15.185 and this will te covered by the surplus general fund. 2023 FinancBI Rtport fy3} 4of16

The financial outcome for 2023 was very much better than expected. At the outset, we budgeted for an overall deficit on unrestncted general funds of £15,902. At the year-end, we had an unrestricted surplus, of £13,884, and when including designated funds, this became a surplus of £14.366. The position for 2024 is uncertain but through God's grace. the support of our members and hirers, and prudent )Inancial management. we are confident that we will be able to sustain and develop the ministy and mission of the church. Margaret Barnes Chairman Karen Fox Treasurer 2023 Financwl Report Iv31 5of16

Inde end nt Examlnorfs R• I have examined the fin8n¢ial Statements for St Paul's & St Luke's, Finchley for the year ended 31 December 2023 as set out on pages 7 to 16, whKh have teen prepared on the basts of the accountsng polues set out on page 9. Respectivg rgss)onslbllltles of the Parochlal Chur¢h Coun¢ll and Independent Examiner The Parochial Church Council, as charity knjstees, is responsible for the preparab.on of the accounts and considers that the audrt requirements under secbon 144{21 of the Charities Act 2011 {'the Act.) do not apply and that an independent examination is required. The Charity's gross income did not exceed £250.OCKI. under section 14511a) of the Act, non-members of the listed accoLtntan¢y bodies in section 145t4} are permrtted to undertake examination of the a¢¢ounts. It is my responsibility to.. Examine the accounts under section 145 of the ACL Follow the p￿edU￿$ laid down in the general directions gNen by the Charity CommisS￿rt (under secb.on 14515)Ibl of the A¢tl, and state whether particular matters have come to my attention. Bas1• of Independent ExamIne￿$ Report This r8POrt is in respect of an examinatson Carried out under section 145 of the Act and in accordance Wlth the general directions given by the Charity Commiss￿n. An examination includes a review of the accounting records kept by the charity and a comparison of the a¢counl$ presented with those records. It also includes consideration of any Unusual Items or disclosures in the ￿0￿nIS and seeking explanations from the Parochial Church Council concerning any such matters. The prc¢edures undertaken do not prov￿8 all the evidence that would be required in an audit, and consequently no opinion is given a$ to whelheT the xcounts present a 'lrue and fair view, and the report is limited to those matters sel out in the staton￿1 bebw. Ind8p•ndont Examlnerf8 Report Based on ry examinat￿n, no maI￿al matter h88 come lo my attenllon whlch gfves me reasonable cause lo believe that in any material respect, the accounting records have not been kept in accordance with section 130 of the Act. or that the accounts presénted do not accord wf(h those records, or Comply with the applicable accounting requirements concerning the form and content of accounts as sel out in the Charities {Accounts and Reports) Regulation$ 2008 other than any requirement that the accounts give a 'true and fair, view which is not matter considered as part of an indeFendenl examination. No matter has to my notice in connection with my examination lo whi¢h, in my opinion, attent￿n should be drawn lo enable a proper understanding of the accounts to be reached. lan Stewartson 11 Martock Gardens London N11 20rJ Finan￿81 Report1¥31 8of16

w8 q 00 ¢4) co¢9 )0) OJ I7)￿ Ln

Balance Sheet as at 318t December 2023 Notes 2023 2022 Flxed Assets Tangible Assets 919.330 919 330 946.369 946 369 Current A880ts Debtors Cash in Bank 4.428 268.924 273,352 3,661 260.013 263.674 Current Liabiliti09 Creditors". Amounts falling due in one year Not Curr•nt A88•ts 21,478 251 874 24,300 239 374 Total A•sets1os8 Curr•nt Llabllttlo8 1171204 1 185 743 TOTAL NET ASSErs 1171204 1 185 743 Fund• General Funds Designated Funds Reslricled Funds TOTAL FUNDS 10 10 10 79.380 122,788 969.036 1171204 66,696 121,106 997,941 1185743 The financial ststements on pages 7 10 16 were approved by the PCC on 15th April 2024 and signed on their behalf by.. Margaret Bames Chair ofthe PCC Karen Fox Treasurer to the PCC Fin8nckql Report 2ff23 Iv31 80116

Notes forniln rt of the flnanclal statements for the ear gnded 31 Decembgr 2022 1. Accounting policies lal Basls of preparntion. The PCC is a public ￿neffit entty wthin the meaning of Financial Reporting Standard 102 {"FRS102"}. The financial ststements have been prepared in accordance with the Church Accounting Regulations 2006 together wtth appluble accounbng standards and comply with the Statement of Recommended Practice"Accountsng and Reports'ng by Charibes" Issued in March 2015. The financial statements have been prepared under the ht5toric cost convention. The financial statements include all transactions, assets and liabilities forwhich the PCC is resFJonsible in law. They do not Include the accounts of church groups that (xve their affi[￿t￿n to another bcKly. nor those which are infomial gatherings of church members. The PCC ¢onsider5 that there are no matenal Ur￿rtaIntles about the church's ability to continue as going concern Ibl Fund accountlng General funds are unreStr￿ted fvnds. wh￿h Can be used for PCC ordinary purposes. Designated funds are unreslri¢t¢d fvnds, vthich the PCC has des￿nated for a specific purpose. R6slri¢18d fvnds are funds which are to be used in accordance with specific reslriclions imwsed ty donors or which have been raised for specffic purposes. The use of each reStr￿ted fund is set out in the notes lo the accounts. Any balance remaining unspent at the end of the year 15 caffled forward as balan¢e on that fund. Icl Incomlng vo$our¢o• All incoming resources are accounted for gross. Colle¢b'ons are recognised when recelved. Planned giving is recognised only when received. In¢on Tax recoverable on Gift Aid donations is recognised when the income is recognised. Grants and Legacies affj recognised when there is evidence of enb'llemenl, receipt is probable and their amunts Can be measured reliably. Interest entitlements are a¢¢ounled for as they accrue. All other income is recognised when il is rec&ivable. Idl oxp•nd•d R8thrces expended are accounted for on an acuuals basi and are accounted for gross. 101 Tanglblo Ilx•d ass•ts and depreclatlon Fixed assets have been depreciated on a strai9ht4ine basis as follows.. Buildings 50 years Other equipment 5 years Computer equipment below £2.000 is not caprtalised but expensed during the year in which rt is acquired. The Church Centre came into use during 2(KJ8 and depreciats'on has been Charged from this dale. Finan¢ial Reput 2023 Iv31 gof16

1. Incomo Unrestricled Desl9nated Funds Funds Total Unrestrlcted Total Toial Restrlcted Funds 1£) Funds l£} 2023 2022 2a. Voluntary Income Planned Giving Collection5 Donations Gift Aid Grants Legacies 28,244 423 2,984 7.256 28.244 423 2.984 7.256 28.244 423 9.187 8.486 1.575 32.062 356 14,182 9,946 4,141 6,203 1.230 1.575 38,907 9.008 47,9151- 2b. AclSvltle8 lor Genoratlng Fund8 Lettings 91,953 91,953 91,953 91,953 91,9531 91,9531 81,655 81,655 2¢. Incorno from Investm•nts Interest 5,567 5,567 1,442 1842 7.009 7,1)09 7,0091 7,0091 2.839 2d. Incomo Irom Charltablo Actlvltlo8 Sundries Fees for PCC 11 357 216 227 357 211 175 386 357 368 Total Income 136 795 145 567

2. Expendltura Unre8trl¢ted Dgslgnated Funds Funds Total Unrestrlcted Total Total R•8trlct•d Funds (£1 Fund81£1 2023 2022 3a. Charttabla Adlvltlo8 London Oioce$an Fund Clergy Expenses Administrator CFCW Power. Water, Insurance Equipment Depreciation Maintenance Mission Giving Adminislralion Adult Education Children & Youth Work Worship & Evangelism 50,0fy) so.000 50,000 42,000 2,195 13.5C 2.195 13.$00 2,195 13,500 1,661 18,766 23.143 23.143 3,407 26,550 25,309 742 742 742 27,039 24,121 11,493 505 27,039 18,415 13,436 4,098 402 437 27,039 24,121 3.831 2.261 274 239 24,121 5.031 2.021 274 239 1.200 {240} 6,462 25 274 315 76 893 893 893 763 121.200 122,160 37,010 159,1701 152,831 13b. Other Aclivities other A¢livitse$ 1,711 1,711 1,119 2,8301 2,8301 2,686 2,686 Totsl 122.911 123 871 155 517 F￿an￿￿1 RepDrt 2023 Iv31 10of16

3. Stsff Costs 2023 2022 Wages & Salanes Staff Pensions Stsff Expenses Total Staff Costs 12,857 643 17.957 809 13.500 18.766 No staff were paid £60.000 or nKira. Throughout the year, the PCC employed the following.. One part-tim Administrator & Fa¢ilib"es' Manager for 18 hours a week. The PCC'S key management personnel comprise the Incumbent and the churchwardens. The Incumbent Is remunerated by the London Diocesan Fund. The other key personnel were unremunerated. In 1Sne with Diocesan guidance, the PCC supported the Incumbent by paying the v￿arage,$ water and environmental charges and the cost of Serv￿Ing and maintaining ts burglar alami. In addition, £2,195 of expenses incurred in the nomial course of their ministries were reirnbursed to the clergy. No other paynEnts or expenses We￿ paid to any PCC member, persons closety connected to them or related parties. Auditor's or Independent ExamIn•￿3 Remuneratlon The amount paid to the independent examiner in respect of the independent examinab.on is £nil12022'. £nill. Financial Report 2023 Iv31 11 of 16

Mission and Other Giving 2023 2023 2023 Total 2022 Totsl Unrestnth Restricted British Legion (Poppy Appeal) Bulare Chrisban Mission (Dav￿ Nahayo) ChnstLqn Care Trust Church Pastoral Aid Society Church Urban Fund Mavis Crispin (Overseas Missh)n) Evangelical Alliance Finchley Food Bank Jerusalem and Miédle Easl Latin Link (Stoker Family) MS Society North London Hosp Open Doors Slmeon Trustees Stewardship (Rob Reeve) Tearfund- Syria Appeal Te8rfund- Ukraine Appeal Tearfund- Pakistan Appeal The Bible Society Toilet TwInn￿n9 Total Ml•8lon and Other Glvlng 50 386 200 200 723 250 249 2,479 923 450 249 2,545 90 37 1,079 250 4,039 1,800 90 156 90 37 1,079 1,333 150 100 250 100 1.150 175 3.200 1,295 175 3.200 175 2,280 1,295 1,955 708 200 200 6,031 6,462 11,493 13,436 The ¢hurGh's policy is lo set a target for Mission and Other giving of 10% of unrestn'cted income (excluding heating recharges). Actual giving consists of all reslricled fvnd$ supplemented by an amount from unreslricled funds so as to meet this largel. In 2023 an addrt￿na1 sum of £2,412 of restrKted funds was given via an online platform such that lolal Mission and Other GNing totslled £13,905. Fixed Assets (Tanglble) St Paul'• Centre 8t Paul'• Equlpm•nt Plano Totsl Cost As al 1 January 2023 Addi1son$ As at 31 December 2023 1.351,956 13,155 2,000 1.367.111 1.351.956 13.155 2.000 1.367.111 Depreciation As al 1 January 2023 2023 charge Disposals As al 31 December 2023 405,587 27,039 13.155 2.000 420,742 27,039 432.626 13.155 447,781 Net Bwk Value As at 1 January 2023 Net Book Value As at 31 December 2023 946,369 946,369 919,330 919.330 Financh81 Report 20231¥31 12of 16

Debtors and Prepayments 2023 2022 Gift Aid Recoverable Prepayments Other Debtors Total Debtorn and Prepayments 1.324 697 3.103 28 2.964 Cash in Bank 2023 2022 Current account Deposit accounts Totsl Cash Hold 501 268,423 268.924 501 259.512 260,013 The ¢hur¢h'5 policy is to keep at18ast £500 in the Current account al the end of each day (after all transactions have been processed). 11 is achieved by transferring any shortfall or excess bet￿een the current account and a deposit account. Creditor8 (Amounts falling du• wlthin one year) and Accrual• 2023 2022 Other Agencies Fees Planned Mission Giving Other Creditors Prepaid Lettings Building Work Tol•l 2.818 4.074 10,340 4,445 2,231 1,351 14,634 4.523 1,561 24.300 21,478 Firtanual R8POrt 2023 Iv31 1301 16

1. Statement of Funds At1Jan 2023 Income Ex￿ndIt￿le Transfor At 31 Dgc 2023 G•n•ral funds 66,696 136.794 {122,910} (1.2001 79,380 Dgsi9nated funds Adrnlnkstrat￿fi 240 29,495 8uildirvJ Emergency Butare Chrislian Mi55ion Chlklren & Fa￿ll1￿. Communtywothr Church Buibjing RefuthS1￿nBnt Latin Llnk (Stoker F￿ty) Pension A￿e1ve Rob Reevo Istewarfihl)) Vic8rage Malnlen8nc• Fund 29.495 37,940 43,171 1.442 39.382 43,171 11,2fr)1 1,2LX) 8.SC 6,SOO 122,788 Totsl Deslgnated fund8 121,106 1,682 11,2001 1,200 Re8trl¢ted fund8 Admin￿trat￿n Chiklron & FgmilwJ•' ¢¢ThThnty Work•r Church Buik8ing Refurbislrnnt Chn8ts8n Carn Trust Church P8$tor•l AKI Society Church Urban Fund Mgvis CrL4pln (c￿•[￿•5 MIN￿nI Fln¢hkny Charfllei Fln¢h Fwd Bank General m￿•¢n GNing Heatlng Jerusalem & Middkn Emt Church Leavlng Gfft INPI MS OF4n Dwrs UK St P•uf• C•ntre Ro-devgwxnt Sl Pau18 Work wrth S¢ho¢4B TO8￿nd App9019 Youth and ¢hHdrnn'$ MinMtry 11621 41,293 4.550 41.293 4.550 422 29J 349 2.241 1.575 37 29) 516 1.on 719 14221 12501 12491 12,4781 237 3.075 {371 14001 13,4071 11,078) 17191 1S0 2.891 250 12501 127.0401 1761 11,2951 919,329 789 Total Restrict•d funds 997.941 8,958 137.8631 969,036 Totsl Fund8 1.185,743 147,434 (161,973) 1,171,204 11. Reserves It is PCC policy to try to maintain a balance on unrestricted general funds wh￿h equates to the equivalent of o month's general running costs. hvo ￿onth'S ￿'ngS incomè and an addrtional one mnlh's salary costs to cover unforeseen emergencies. It Is also our policy to hdd a sum (cufrenly £79,166) for future building works, including the W8m and Welcoming Space Project, the ch¥Jrch building and the intemal redecoration of the vicarage. In view of our intention to recruit a Children's & Famil￿$. Community Worker we are also holding a designated amount (currently £39.382} to 8SSlSt In the resourcing of this initsative. and in light of a possible pension liability, as notified by the Church of England Pensions Board after the valuatson of the CWPF in December 2019, we are also holding a designated amount for this Icurrenuy £4,000). The exact figure is unknown as it wll only become liabk rf we have nwne in the scheme. We currentty have one ernployee in the scheme. Finar￿181 Repgrt 2023 Iv3} 14of16

On 3111 December 2023. reserves {unrestn'cted and designated fvnds) were £202,168. In reswt of the 2024 budget, we are in excess of the requirements of the church's reseTves policy by £43,009. 12. Commitments As part of the Wami and Welcoming Spaee To1￿1 Projec( a stained-glass ￿ndoW was removed, and the PCC have a commrtment lo relocate the window at an approximate cost of £3,000. Following extensNe dry rot damage, the PCC have a commitment to repair the floor at an approximate cost of £20,000. The funding for both commitrnents is held wthin the designated building refurbishment fund. 13. Pen8ions St Paul's Finchley PCC part￿1Pate5 In the Pension Builder Schem8 seth.on of C￿F for lay staff. CWPF is administered by the Church of England Pensions Board. whi¢h holds the ClhPF assets separately from those of the Employer and other partieipabn9 employers. CWPF has sections". 1. the Defined Benefits Scherro 2. the Pension Builder Scheme. which has subsection$," a deferred annuity seth.on known as Pension Builder Classic, and. a cash balance section known as Pension Builder 2014. Ponslon 8ulld•r Sch•m• Both sections of the Pension Builder Scheme a￿ classéd as defined benefit schemes. Penslon Bulld8r Cl•ssl¢ provKles a pension. accumulated from contn'butrons paid and converted into a deferred annuity during employment based on 18rms sel and reviewed by the Church of England Pension$ Board from time lo lime. Discretionary increases may also be added, ¢Jepending on investment re￿rn8 and other factors. nslon Bull(1or 2014 is a cash balancé scheme that provides a lump sum which memters use to provide benefits at reliremenl. Pension contributions are recorded in an account for each member. DISC￿tiOnary bonuses may be added before retire￿Ent, depending on investment relums and other factors. The account, plus any bonuses declared is payable, unreduced. from age 65. There is no sub-division of assets ba￿en employers in each section of the Pension Builder Scheme. The scheme is a mulb4mployer scheme as descnbed In Section 28 of FRS 102. This Is because rt is not wssible lo attribute the Pension Builder Scheme's assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contn'bukn'on scheme The pensions costs charged to tho SOFA in the year are the Contribut￿nS payable12023: £643. 2022.. £8091. A valuation of the Pension 8uilder Scheme is carried out once every three years. The most recent valuatson was carried out a8 al 31 December 2019. For the Pension Builder Classic section. the 2019 valuab.on revealed a deficit of £4.8m on the ongoing assumptions used. Al the mst recent annual review effecb.ve 1 January 2024, the Board ¢hose to grant a discretionary bonus of 6.7•A lo both pensions not yet In payment and pensions in payrrEnt in respect of service prior to April 1997,. and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 50h (where usually Itwould be cakulaled based on inftation up to 2.5%). This followed improvements In the funding positron over 2023 There is no requirement for deficrt pay￿EntS at the current tsme. For the Pension Buikler2014 secb'on, the 2019 valuation revealed a surplus of£5.5m on the ongoing assumptions used. There is no requirement for deficit PayTr￿nts at the current time. The next valuation is due as at 31 Decemter 2022. Calculations for this are currently under way. The legal stnJcture of the sche￿￿ is such that rf another employer fails. St Paul's Finchley PCC could become responsible for paying a share of the failed employerfs pension liabilitses. Fin4ncial Report 2023 Iv31 15of16

st Paul's Flnchley The PCC contributes 5% of the employee's basic salary to the pension fvnd. Under the current regulations, employees are required to contribute a minimum 3.5% of basic salary to the scheme, assuming they nEet the conditions for joining the scheme, bul are pemtted to opt out of personal contributions within six weeks lor after every three years) ofioining the scheme. There are no eontn"butions outstanding at the year-end. The PCC had no active members in the Pension Builder Classic at 31 December 2023. and one acb.ve member in the Pension Builder 2014. The PCC is registered Wbth the Pensions Regulator. 14. Risk Statement As part of the PCC'S reporting to the Charity Commission, the PCC is required to declare whether there have been any serious incidents which they should have brought to the Commission's attention. No such incidents occurred in thL8 year. 15. Provious Yearfs Statsment of Financial Activitl•s Total Fund• (£12021 Fund• Funds Unmtrtctod INCOME AND ENDOVrtIENTS Voluntary Income Activrties for Generabng Fund$ Income from Investments Charrtable Actsvf(ies TOTAL INCOME 4S.832 81,6S5 2,224 45,832 81,655 2,839 286 130.612 14.855 60.687 81.655 2,839 386 145,567 615 100 14,955 129,997 015 EXPENDITURE Charitable activities Other Activities TOTAL EXPENDITURE 112,682 2,146 114,828 3,434 116,116 2.146 118,262 36,715 540 37,255 152,837 2.686 155,517 NET INCOMEIIEXPENDITUREI 15,169 120191 12,350 122,300) (9.950) Transfer behveen Funds Nel Movement in Funds 2,384 12,785 2.384 14351 12,350 122,300) {9,950) TOTAL FVNOS BROUGHT FORWARD TOTAL FUNDS CARRIED FOIIWARO 53.911 66,696 121,541 121,106 175.452 1,020 241 1.19S,693 187.802 997,941 1.18S 743 16. Donations The total donations from PCC rrnmbers lor person$ ¢l¢)5ely connected lo them or related parties) was.. 2023 2022 un￿strICted Funds Restricted Funds Totsl Incomo 12,994 15.235 3,069 3,080 16,063 18.315 17. Post Balance Event The￿ are no post balan￿ events to report. FinantAal Report 2023 Iv31 16of 16