2024-12-31-accounts

THE CHURCH OF ENGLAND St Paul's & St Luke's Finchley Report & Financial Statements Year ended 31 December 2024 Becoming a vibrant and dIVe￿e community that is rooted in Jesus, growing together and overflowing with God's love. Regislernd charity no. 1131095

Trustees, Report for year ended 31st December 2024 Aim The trustees of St. Paul's and St. Luke's are members of the Parochial Church Council ('PCC°) which has the responsibility of cooperab'ng with the incumbent. the Reverend Jade Standley, in promoting in the ecclesiastical parish, the whole mission of the Church, pastoral. evangelistic, social and ecumenical. The PCC is also specifically responsible forthe Maintenan￿ of the Church Centre that is attached to St Paul's ChLtrch and borders Dukes Avenue. FInCh￿Y. ectlves and Activitles In 2017, the PCC agreed on four key priorits.es for the next few years: 1. Deepenlng Dis¢lpleship - helping people of all ages to grow in their relationship with God in their personal lives and through our corporate life. 2. Croating Communlty - helping people of all ages to grow in their relationship with other church members and build up our common life. 3. Moving in Mission - helping people of all ages to grow in their relationship with the world in sharing their faith (evangelism) and transforming society (social action) and building up our shared witness in the neighbourhood and our circles of influence. 4. Releaslng Resources- helping people of all ages to grow in their stewardship of time. talents and treasure and enabling us to invest in the historic church so it is an asset. These priorities provide the framework for our ministry and mission and the meetings of the PCC. structure Governance and Plana The PCC is a corporate body estsbli5hed by the Church of England and operates under the Parochial Church Council Powers Measure 1956, and Church Representation Rules 2020. The PCC is a Registered Charity. The method of appointment of PCC members is set out in the Church Representab'on Rules. At St. Paul's, the membership of the PCG consists of the Incurnbent (Wicar) and Churchwardens, as ex-officio members, together wrth up to fvrfo lay rep￿sentativeS on the Deanery SyncNJ, 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 Permission to Officiate. All those who are bapiised, aged 16 and over and attend our seNices I see themselves as Members of the Congregat￿ are encouraged to register on the Electoral Roll and stand for election to PCC. The PCC is responsible for making decisions on all matters of general concern and importance to the parish including deciding on how the funds of the PCC are to be spenL New members receive introductory training into the workings of the PCC. The full PCC met twelve times during the year. with an average level of attendance of 780/0. The PCC has one sutKommittee - the Standing Committee, which deals with business betrween PCC meetings. The members of the Standing Committee are: the incurnbent, the churchwardens and Other lay members of the PCC. During the vacancy the assistant virAr took the place of the incumbent and has remained on the Standing Committee since the departure of one churchwarden. ement Administrative Infonnation St. Paul's Church is situated on the comer of Long Lane and Dukes Avenue. Finchley. It is part of the Diocese of London, within the Church of England. The correspondence address ts: The Church Office, St Paul's Church, 50 Long Lane, Finchley, London N3 2PU. The registered charity number is 1131095. 2024 Finanryal Report (v3) 20116

PCC members who have seprfed at any time from 1st January 2023 until the date of this report are: Ex Officio members: IncumbenL' Churchwardens.. Revd. Jade Standley (PCC Chair from 03rf September 2024) Gavin Dobbing (until 121h May 2024) Karen Fox (who also served as PCC Ireasurer) Elected members: Maggie Barnes Elizabeth Cohen Oliver Cowlishaw Charlotte Humphreys Chris Huyck Regina Ononye Alison Peters Derek Pierson Martin Smith (PCC Chair until 03rd SeptemLEr 2024) (until 19th January 2024) {from 04th March 2024) {from 12th May 2024 until 301h July 2024) Co-opted Member: Revd Mavis Crispin Achievements and P•rformance Please refer to the St Paul's FinGhley- Annual Report for 2024 for details of the achievements and perfomance. Flnanclal Review We want to begin by expressing our thanks to all members of the church who contributed financialty to the ministy and mission of St Paul's in 2024. Your generosity is much appreciated. We are also grateful to lan Stewartson. who is our Independent Examiner for thts year. The purpose of this ieport is lo highlight a few key issues from the 2024 accounts and give an indication of our expectations for 2025. Income This year has seen a 1.80￿ increase in general (undesignated). unrestricted income on 2023 from £136,795 to £139,250. Income from church Mernbe￿, via standing orders, donats'ons. and cash collections, was lower by £2,619 and from gift aid by £949. However. income from lettings increased by 5.20A to £96,736. This exceeded our budgel expectation of £80.000 which resulted in the favourable outcorrE in income. Other things on which rl is imw)rtant to rewE are.. slanding orders were down as a result of the losses in 2023 bul Sin￿ the new incumbent has been in post we have seen an increase member giving, including some notable one-off donations. we did not hold a Giving Review or Gift Day in 2024 due to being in vacancy. unrestricted income from interest on investments increased by £1.333 on 2023 and was £2.400 better than budget due to the delay in spending for the ficx)r repairs. we continue to benefrt from Gift Aid and the Gift Aid Small Donations Scheme, recovering 86.90/0 of the FQtential Gift Aid available from HMRC. we received no income from legacies. Overall, unrestricted income is up on the previous year and at £139,250 is the highesl we have seen in recent years. 2024 Financial Report Iv3) 3of16

Ex nditure Unrestricted expenditure shows a 22.3Yo (£27.409) increase on 2023 and an increase of 13.1 0/0 {£17,516) on budget. This was mainly due to the costs of repairing the floors after the dry rot and the addibonal expense of having the floors sanded which was not budgeted for. Our contribution to the London DTocesan Fund was increased by 40/0 to £52,000 being 520A of the costs of having a vicar (e.g. stipend, pension and housing), training prospects've clergy and providing a range of support services (e.g. advice on finance, buildings, safeguarding, children & youth ministy and supp3rting church schools). In other areas, expenditure was at or around budget expectations. Notable exceptions to this were" the cost of gas was 22.0% (£1,740) lower than 2023 due to the decrease in pricing from October 2024, and 11.80h lower ihat the budgetary ests'mate. the cost of electricty, was 34.4Vo (£2,356) higher than 2023 and 22.8°/0 {£1,712) higher than budget due to an astronomical increase in the daity standing charge from 85p to £7.26 per day. the dishwasher broke and was unrepairable. so we purchased a recondits'oned one for £2,178. the cost of church maintenance was 186.6Q/o (£22.775) higher than 2023 and £179.8OA (£22,479) higher than budget due to the addIt￿nal costs of the floor repairs including sanding the whole floor and link area (£12,446) and painting the link room and area (£1,470) which were not budgeted. service costs were 232.3°/0 (£1,935) higher than 2023 - the main contnbutor to this overrun was the decision by the PCC to engage a worship leader in September, which was not budgeted for. At £150,320, expenditure vtss significantty aLM)ve budget, but this vtss mainEy due to the additional floor repairs and other unforeseen costs. Le acff8S le received no legacy income in 2024. Reserves 2024 produced a deficit of £11,070 on the Un￿StrICted general fijnd. After tncluding designated income and expenditure, there was a deficit of £16,124 on general funds. In the light of this, our carried forward reserve in unrestricted funds is £186,044 {2023" £202.168). At present, the Church has sufficient resepies to meet its policy, but the position will continue to be monitored carefully. The Future In preparing the 2025 budget, the PCC considered all available tnfomiation, including projections relating to income and expenditure and cash flow ststements. Due to the economic downturn, we do not expect lettings to be as strong as in 2024 and so have assumed a Conser￿atiVe figure of £89.000. We are aware of the potential for church member giving to decline further, due to the pressure on household budgets arising from inflation and very high energy prices but based on the small increase we have seen since September we have budgeted a small increase of 6.0%. As for expenditure, we have pledged to contribute £52,000 to the London Diocesan Fund, which is no increase on 2024 to allow us to increase other lines of expenditure. We have successfully recruited Children and Families Worker who will start in January 2025, salary initialty to be funded from the restricted and designated funds we are holding for this. INe have also recruited a new Administrator and Facilities Manager who will start in March 2024 when the current postholder reti￿s. We have budgeted to spend a total of £15,300 on gas and electricty. and increased service costs by £3,000 to include the worship leader. Additional lines of expenditure include running the Alpha course for both adults and youth and the recruitment of an Admin and Tech Assistant on 8 part time basis to assist with our online presence. In summary, whilst we have tsken a cautious approach on incowE and plan to keep tsght control on day-to4ay expenditure we are budgeting a deficit of £22.796. In previous years we have turned budgeted deficits into small surpluses and we are stepping out in faith that with the God's help we will be able to meet the demands of these additional costs. The inÉtiatives are in line with the obje¢ts'ves in our Mission Action Plan, we are committed to investing in 9rowth and we pray that through the Hoty Spirit we will see this growth in 2025. 2024 Flnancial Report {v3) 4of16

Conclusion Our 2025 budget has a deficit on unrestricted fvnds of £22.796 and this will be covered by the surplus general fund. The financial outcome for 2024 was worse than expected. At the outset. we budgeted for an overall deficit on unrestricted general fvnds of £15.185. At the year*nd. we had an unrestricted deficit of £11,070. and when including designated funds. this became a deficit of £16.124. The position for 2025 is uncertain but through God's grace. the support of our members and hirers, and prudent financial Management, we are confident that we will be able lo sustsin and develop the ministy and mission of the church. Revd Jade Standley Chair of PCC Karen Fox Treasurer 2024 Finan¢ial Report {v3) 50116

Inde endent Examine￿5 Re I have examined the financial statements for St Paul's & St Luke's. Finchley for the year ended 31 December 2024 as Set out on pages 7 to 16. which have been prepared on the basis of the accounting policies set out on page 9. Respective responslbilities of the Parochial Church Council and Independent Examlner The Parochial Church Council, as charity trustees. is responsible for the preparation of the accounts and considers that the audit requirements under section 144(2) of the Charitie5 Act 2011 ('the Acr) do not appty and that an independent examination is required. The charity's gross incorne did not exceed £250.000, under section 145{1a} of the Act, non-members of the listsd accountancy bodies in section 145(4) are permitted to undertake exanrrination of the accounts. It is my responsibility to- Examine the accounts under sectK)n 145 of the ACL Follow the pr￿edureS laid down in the general directions given by the Chartty Commission (under section 145(5)(b) of the Act), and stste whether particular matters have come to my attention. Basis of Independ•nt Examinerfs Report This report is in respect of an examination carried out under section 145 of the Act and in accordance with the general directions given by the Chartty Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the Parochial Church Council conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit. and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out In the staterrent below. Independent Examiners Report Based on my examination, no material matter has come to my attention which gives me reasonable cause to believe that in any material respect, the accounting recoTds have not been kept in accordance with section 130 of the Act, or that the accounts presented do not ac￿rd with those records, or comply with the applicable accounting requi￿rnents concerning the fom and content of accounts as set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. No matter has come to my noti￿ in connection with my examination to which, in my opinion. attention should be drawn to enable a proper understanding of the accounts to be reached. lan Stewartson 11 Martock Gardens London N11 2024 Financial Report {v3) 6of16

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Balance Sheet as at 31st De mber 2024 2024 2023 Fixed Assets Tangible Assets 892,291 892 291 919,330 919 330 Current Assèts Debtors Cash in Bank 3,472 237.622 241.094 4,428 268, 924 273,352 Current Liabilitie8 Creditors. Arnounts falling due in one year Net Current Assets 14.230 21,478 251,874 Total Assets less Current Liabilities 1,119 154 1171 204 TOTAL NET ASSETS 1119,154 1171204 Funds General Funds Designated Funds Restricted Funds TOTAL FUNDS 10 10 10 67,110 118,934 933,110 1119,154 79,380 122,788 969,036 1,171,204 The financial statements on pages 7 to 16 were approved by the PCC on 14th April 2025 and signed on their behalf by: Revd Jade Standley Chair of the PCC Karen Fox Treasurer to the PCC Financial Report 20241¥3} 8of16

Notes fomiln art of the financial 8taternents for th• ear ended 31 Decembor 2024 1. Accounting policies (a) Basls of preparation. The PCC is a public benefit entity wilhin the meaning of Financial Repo￿.ng Standard 102 ("FRS102"). The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with applicable accounting stsndards and compty with the Staternent of Recommended Practice "Accounting and Reporting by Charities. issued in March 2015. The financial statements have been prepared under the historrc cost convention. The financial statements include all transactions, assets and liabilities forwhich the PCC is responsible in law. They do not include the accounts of church groups that owe their affi'liation to another body, nor those which are informal gatherings of church members. The PCC considers that there a￿ no material uncertainties about the church's ability to continue as a going concem. (b) Fund accountlng General fvnds are unrestricted funds, which can be used for PCC ordinary purposes. Designated fvnds a￿ unrestricted funds, which the PCC has designated for a specific purpose. Restn'cted fijnds are funds which are to be used in accordance with specific restricb.ons imposed by donors or which have been raised for specific purposes. The use of each restricted fund is set out in the notes to the accounts. Any balan￿ remaining unspent at the end of the year is carried forward as a balance on thal fund. (c) Incoming rosources All incoming resources are accounted for gross. Collections are recognised when received. Planned giving is recognised only when received. Income Tax recoverable on Gift Aid donats'ons is recognised when the income is ￿cOgnISed. Grants and Legacies are recognised when there is evidence of entitlement, receipt is probable, and their amounts can be measured reliably. Interest entitlements a accounted for as they accrue. All other income ts recognised when it is receivable. (d) Resources expended Resources expended are accounted for on an accruals basis and are accounted for gross. (e) Tangible fixed assets and depreclation Fixed assets have been depreciated on a straight-line basts as follows: Buildings 50 years Other equipment S years Computer equipment below £2,000 is not capitalised but expensed during the year in which tt is acquired. The Church Centre came into use during 2008, and depreciation has been charged from this date. Financial Report 2024 {v31 9of16

1. Income Totsl Unrestricted Total Total Restricted Funds {£) Funds {£) 2024 2023 Unrestrlcted Deslgnated Funds Funds 2a. Volurttsry Income Planned Giving Collections Donations Gift Aid Grants Legacies 23,816 256 4,959 6,307 23,816 256 4,959 6,307 23,816 256 7,765 6,829 1,575 28,244 423 9,187 8,486 1,575 522 1.575 35,339 35.339 4,902 40.2411 47.915 2b. Actlvttles for Gonorating Funds Lettings 96,736 96,736 96,736 96,736 96,736 96.7361 91,953 91,953 2c. Incomg from Inveslments Interest 6,900 6,900 1,778 1,778 8,678 8.678 8,678 8.6781 7,009 7,009 2d. In¢ome from Charttable Acllvltlas Sundries 27 Fees for PCC 248 275 27 248 275 27 248 2751 227 357 Total Income 141028 4,902 145,930 147.461

2. Expenditure Unrestrictod Designated Funds Funds Total Unrestricted Total Total Restricted Funds 1£) Funds (£) 2024 2023 3a. Charltable Actlvltles London Diocesan Fund Clergy Expenses Administrator CFCW Power, Water. Insurance Equipment Depreciation Maintenance Mission Giving Administration Adult Education Children & Youth Worf Worship & Evangelism 52.000 52,000 52,000 50,QOO 2,195 13,500 13,529 13.529 13,529 115 23,877 115 23,877 23.877 26,550 2.418 2.418 2,418 27,039 62,560 5,607 4,627 38 671 742 27,039 24,121 11,493 2,046 274 315 27.039 9,270 2,367 1,128 47,658 2,040 3,499 38 238 5.632 1,200 53.290 3,240 3,499 38 238 433 2,848 2,848 2,848 893 148,993 6,832 155.825 40,352 196.1771 159,170 3b. Other Actlvltles Other Activib-es 1,327 1,327 1.327 1.327 476 476 1.8031 1.8031 2,830 2,830 Total 150,320 157.152 197 980 162 000 Finanual Report 2024 {v3} 10of16

3. Staff Costs 2024 2023 Wages & Salaries Staff Pensions Staff Expenses Total Staff Costs 12.857 12,857 643 29 13￿29 13,500 No stsff were paid £60.000 or more. Throughout the year, the PCC employed the following: One part-time Administrator & Facilities. 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 line with DicrEsan guidance, the PCC supported the Incumbent by paying the vicarage's water and environmental charges and the cost of servicing and maintsining its burglar alarm. In addition. £848 of expenses incurred in the nomial course of their ministries were reimbursed to the clergy. No other payments or expenses were paid trj any PCC member, persons closely connected to them or related parties. Auditorfs or Independent Examinerfs Remuneration The amount paid to the independent examiner in respect of the independent examination is £nil (2023.- £nil). FlnanGial Report 2024 (v3) 11of16

Mission and Other Giving 2024 2024 Unrestrthd Restricted 2024 Total 2023 Total Asaph Christian Trust Bishop of Edmonton Fund Christian Care Trust Church Pastoral Aid Society Church Urban Fund Mavis Crispin (Overseas Mission) Evangelical Alliance Finchley Food Bank Human Touch Ministries Jerusalem and Middle East North London Hospice Open Doofs Pathway Simeon Trustees stewardship (Rob Reeve) Tearfund- Syria Appeal The Bible Society Totsl Mi88ion and Other Glving 100 198 200 200 377 1,100 go 198 200 200 923 450 249 2,545 90 37 377 875 225 90 709 709 1,079 100 1,150 200 50 175 2.000 170 38 370 88 175 2.000 175 3.200 1,295 200 11,493 3,240 2.367 5.607 The church's policy is to set a tsrget for Mission and Other giving of 10% of unrestricted income (excluding heats.ng recharges}. Actual giving consists of all restricted funds supplemented by an amount from unrestricted ftjnds so as to meet this tsrget. However, in 2024, due to the vacancy and additional costs associated with recruiting a new incumbent along with the unforeseen expense on the church floors, the PGC voted to not top up the restricted giving io the level of 100/0 butjut to support our regular partners in 2024. Fixed Assets (Tangible) St Paul's Centre St Paul's Equipment Piano Total Cost As at 1 January 2024 Additions As at 31 December 2024 1,351,956 13.155 2,000 1,367,111 1.351,956 13,155 2,000 1.367,111 Depreciation As at 1 January 2024 2023 charge Disposals As at 31 December 2024 432,626 27.039 13,155 2,000 447,781 27,039 459,665 13,155 2,000 474,820 Net Book Value As at 1 January 2024 Net Book Value As at 31 December 2024 919,330 919,330 892,291 892,291 Financial Roport 2024 {v31 12of16

Debtors and Prepayments 2024 2023 Gift Aid Recoverable Prepayments Other Debtors Totsl Debtor5 and Prepayments 1.270 1.324 2,202 3,472 3,103 4,428 Cash in Bank 2024 2023 CUr￿nt account Deposit accounts Total Cash Held 500 237.122 237,622 501 268,423 268,924 The church's policy is to keep at least £500 in the current account at the end of each day (after all transactions have been processed). It is achieved by transferring any shortfall or excess betsveen the current account and a deposit account. Creditors (Amounts falling dua within one year) and Accruals 2024 2023 Other Agencies Fees Planned Mission Giving Other Creditors Prepaid Letb'ngs Total 2,890 1,845 4,627 4,868 14,230 2.618 4,074 10,340 4,445 21,478 Financi41 Report 2024 (v31 13of16

1. Statement of Funds At1Jan 2024 Income Expenditure Transfer At 31 Dec 2024 General funds 79.380 139,250 (150,320) (1,200) 67,110 Designated funds Adminlslration 240 240 Buildlng Emergency Children & Families, Communty Wother Church Building RefU￿1$hment Pension Reserve 29,495 39.382 43.171 4.000 29,495 41.159 37.539 4,000 1,778 15,632) Roè Reeve Istewardghip) Vicarage Maintenance FurKI Total Designated funds 11.200) 1.20Q 6,500 118,934 122.788 1.778 {6,832) 1.200 Restricted funds Bishop of Edmonton FurKI Catering Children & Familw. Cornmunty Worker Chur¢h 8uilding Refvrbishment Chu￿￿ Urban Fund Mavi8 ¢F￿pin (Oversea5 Mi5sion} Finchley Chafilies Flower5 (1981 1361 {1.243) 14.550) 1377) 1875) {4.650} (70) (170} (440) {38} (27.0391 (195) 1709) 1238) 140,828> 150 114 41.293 40.049 377 875 3.075 1.575 175 105 General MissK)n Giving Leaving Grfts Pathway St Paul's Cenlre Re-developm8nt st Paul's Work with Schools Word Al￿e MinBtiies Youth and Chikdren's Ministry Total Restricted funds 170 440 38 919.330 892,291 195 551 933,110 969,036 4,902 Total Funds 1,171,204 145,930 (197,980) 1,119,154 11. Reserves It is PCC policy to ty to maintain a balance on unrestricted general funds which equates to the equivalent of o month's general running costs, two month's lettings income and an additional one month's salary costs to cover unforeseen emergencies. We are also holding a sum {currentty £73,775) for future building works, including the Warm and Welcoming spa￿ Project, the church building and the intemal redecoration of the vicarage. We have recruited a Children's & Families. Communty Worker who will start in January 2025. so we are holding a designated amount {currently £41,160) to assist in the resourcing of this initiative. The possible pension liability which was nob'fied by the Church of England Pensions Board after the valuation of the CVVPF in December 2019, is no longer needed as the pension fund is now in surplus so in January 2025 the PCC voted to transfer the sum designated for this (currentty £4,000} to the vicarage rna1ntenan￿ fund. The previous incumbent will move out in June 2025, and this will give us £10,500 towards redecorabon and carpets. On 31si December 2023, reserves (unrestsicted and designated funds) were £186,044. In respect of the 2025 budget, we a￿ in excess of the requirements of the church's reserves policy by £25,322. 12. Commitments As part of the Warm and Welcoming Space Toilet Prqect, a S￿1n￿laSS window was removed, and the PCC have a commitment to relocate the window at an approximate cost of £3,000. The funding for this is held within the desMJnated building refurbishment fund. Financlal Report 2024 {¥31 14of16

11 Pensions St Paul's Finchley participates in the Pension Builder Scheme section of CWPF for lay staff. CWPF is administered by the Church of England PensDns Board. which hold5 the CWPF assets separatety from those of the Employer and other participating employers. CWPF has two sections: 1. the Defined Benefts Scheme 2. the Pension Builder Scheme, which has two subsections. a deferred annuity section known as Pension Builder Classic, and, a cash balance section known as Pension Builder 2014. Pension Builder Scheme Both sections of the Pension Builder Scheme are classed as defined benefft schemes. Penslon Builder Classic provides a pension, accumulated from contribub'ons paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases rw also be added, dependiNJ on investment retums and other factors. Pension Builder 2014 is a cash balan￿ scherne that provides a lump sum wh￿h members use to provide beneffts at retirement. Pension contributs'ons are recorded in an account for each member. Discrets"onary bonuses may be added beftjre retirement. depending on investment retums and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65. There is no sub4ivision of assets beiween employers in each section of the Pension Builder Scheme. The scheme is considered to be a multimployer scheme as described in Section 28 of FRS 102. This is because it is not possible to 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 contribution scheme. The pension5 costs charged to the SOFA in the year are the contr￿UtIonS payable12024: £fA3, 2023: £643). A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuab'on was carried out as at 31 December 2022. For the Pension Builder Classic section, the valuab'on revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2025, the Board chDse to grant a disoretK)nary bonus of 6.70/0 to both pensions not yet in payment and pensions in payment 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 2.70 (where usually it would be calculated based on infiats'on up to 2.5'h). This followed improvements in the funding position over 2024. There is no requirement for deficit payments at the current time. The next valuation is due as at 31 D￿rnber 2025. For Ihe Pension Builder 2014 section, the valuation revealed a surplus of £8.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current b'me. The legal Structu￿ of the scheme is such that if another employer fails, St Paul's Finchley could become responsible for paying a share of the fa'led employerfs pension liabilities. st Paul's Finchley The PCC contributes 5 % of the employee's basic salary to the pension fund. Under the cu￿ent regulats"ons, employees are required to contribute a minimum 3.5% of basic salary to the scheme, assuming they meet the conditions forjoining the scheme, but are permitted to opt out of personal contributions within six weeks (or after every thr years) of joining the scheme. There are no contributions outstanding at the year*nd. The PCC had no active members in the Pension Builder Classic at 31 December 2024. and one active member in the Pension Builder 2014. The PCC is registered with the Pensions Regulator. Financkql Report 2024 Iv3> 15of16

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 this year. 15. Previous Yearfs Statement of Financial Activities Total Unrostrlctod Totsl Fund5 (£12023 Fund Funds INCOME AND ENDoWMEP￿s Voluntary Income Activities for Generating Funds Income from Investments Charitable Acb'vities TOTAL INCOME 38.907 91,953 5,567 368 136,795 38.907 91,953 7,009 368 138,237 9,008 47,915 91,953 7,009 1,442 216 9,224 1,442 147.461 EXPENDITURE Charitable activities Other Activities TOTAL EXPENDrruRE 121,200 960 122,160 1,711 123.871 37,010 1,119 38,129 159.170 2.830 162,000 122,911 MET INCOMEIIEXPENDtrvREI 13,884 14.366 (28,905) (14.539) Transfer be￿een Funds Net Movement in Funds 1.200 f 2,684 1,200 1,682 14.366 (28,905) (14,539) TOTAL FUNDS BROUGHT FORWARD TOTAL FUNDS CARRIED FORWARD 66.696 79,380 121.106 122,788 187,802 202.168 997,941 1.185,743 969 036 1 171,204 16. Donations The totsl donations from PCC members (or persons closely connected to them or related parties) was". 2024 2023 Unrestricted Funds Restricted Funds Total Incomo 9,910 961 10.871 12.994 3,069 16,063 17. Post Balance Event There are no post balan￿ events to reporL Financial Report 2024 {v31 16of 16