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
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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
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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￿$, Community Worker.
Conclusion
Our 2024 budget has a deficrt on unrestricted funds of £15.185 and this will te covered by the surplus general
fund.
2023 FinancBI Rtport fy3}
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The financial outcome for 2023 was very much better than expected. At the outset, we budgeted for an overall
deficit on unrestncted general funds of £15,902. At the year-end, we had an unrestricted surplus, of £13,884, and
when including designated funds, this became a surplus of £14.366.
The position for 2024 is uncertain but through God's grace. the support of our members and hirers, and prudent
)Inancial management. we are confident that we will be able to sustain and develop the ministy and mission of
the church.
Margaret Barnes
Chairman
Karen Fox
Treasurer
2023 Financwl Report Iv31
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Inde
end nt Examlnorfs R•
I have examined the fin8n¢ial Statements for St Paul's & St Luke's, Finchley for the year ended 31 December
2023 as set out on pages 7 to 16, whKh have teen prepared on the basts of the accountsng polues set out on
page 9.
Respectivg rgss)onslbllltles of the Parochlal Chur¢h Coun¢ll and Independent Examiner
The Parochial Church Council, as charity knjstees, is responsible for the preparab.on of the accounts and
considers that the audrt requirements under secbon 144{21 of the Charities Act 2011 {'the Act.) do not apply and
that an independent examination is required.
The Charity's gross income did not exceed £250.OCKI. under section 14511a) of the Act, non-members of the listed
accoLtntan¢y bodies in section 145t4} are permrtted to undertake examination of the a¢¢ounts.
It is my responsibility to..
Examine the accounts under section 145 of the ACL
Follow the p￿edU￿$ 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
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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

2. 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
3. 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
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4. 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

10. 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￿$. Community Worker we are also holding a
designated amount (currently £39.382} to 8SSlSt In the resourcing of this initsative. and in light of a possible
pension liability, as notified by the Church of England Pensions Board after the valuatson of the CWPF in
December 2019, we are also holding a designated amount for this Icurrenuy £4,000). The exact figure is
unknown as it wll only become liabk rf we have nwne in the scheme. We currentty have one ernployee in the
scheme.
Finar￿181 Repgrt 2023 Iv3}
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On 3111 December 2023. reserves {unrestn'cted and designated fvnds) were £202,168. In reswt of the 2024
budget, we are in excess of the requirements of the church's reseTves policy by £43,009.
12.
Commitments
As part of the Wami and Welcoming Spaee To1￿1 Projec( a stained-glass ￿ndoW was removed, and the PCC
have a commrtment lo relocate the window at an approximate cost of £3,000.
Following extensNe dry rot damage, the PCC have a commitment to repair the floor at an approximate cost of
£20,000. The funding for both commitrnents is held wthin the designated building refurbishment fund.
13.
Pen8ions
St Paul's Finchley PCC part￿1Pate5 In the Pension Builder Schem8 seth.on of C￿F for lay staff. CWPF is
administered by the Church of England Pensions Board. whi¢h holds the ClhPF assets separately from those of
the Employer and other partieipabn9 employers.
CWPF has sections".
1. the Defined Benefits Scherro
2. the Pension Builder Scheme. which has subsection$,"
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
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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
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