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)
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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)
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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)
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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}
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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
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2. 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
3. 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}
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4. 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
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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

10. 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
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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 multi*mployer 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
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