Charity No: 1131311 THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2020 ADDRESS: Sl BrSd&'s Church Fleet Street London EC4Y 8AU RECTOR & CHAIRMAN: The Rev¢1 Canon Dr Allson Joyce BANKERS: Lloyds 8ank Thavies Inn House 6 Holborn Clrcus Lwdon EC1N 2HP INDEPENDENT AUDITOR: Crow8 U.K. LLP 55 Ludgale Hlll London EC4M 7JW
THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE ANNUAL REPORT YEAR ENDED 31 DECEMBER 2020 STRUCTURE, GOVERNANCE & MANAGEMENT Alms. Objects and Prlnclpal Actlvlties The Parochi81 Church Council ol St 8rfde Ith• PCCI h88 the responsibillty of co-operang vAth the Sncumbent in promoting in the eccleslastical p8rish the whole mission of the church.. pastoral, 8vangelistic, social and ecumenical. Th8 PCC ¢5 a corporate body eslabllshed by lh8 Church of England. The PCC operates und¢r the Parochial Church Council Powers Me8sure and is a registered chanty ne. 1131311. PCC members are responsible for making d8cisions on all mallers ol genaral conc8rn and importance lo the pad5h, Includlng deciding on how the funds of the PCC are to be spont. The Trustees have had dutr rogard to the Chs¥ily Comm155ion'5 guidance und8r Charities Act 2011 on publle ban8ni when considering the Charity's objèctive5 and 8Ctivitie5, St 8ride's Church provides public benefit by offering a high standard of public worship and by providing an open, acce55ible and w81coming City centre resource for a nurnb8r of drfferènt communitles. D8t8lls af the Church's various events and aclivilles, sacr¢d and 8ecular, can be found on pages 3 and 4. Trusl•e8, Tru•t•• Appolntm•nt, Tru¥t•• Triinlng & Remun•rallon Pollcy The PCC m81 alght tSmè$ during the year., rnost meeb.nos We held rerno¢¢ly vi8 Zoom. Th8 Rector, A550clate Priests and Churchwardens are exOfficI0 Trusteès, as are the Oeanery Synod R8presentslivgB, providing the PCC th an important Ilnk batwe8n the PBrl8h Bnd Ihewlder structur•5 olthe church. Churchwardens are elected on annugl baois, up to an 8gr88d maximum ol four yèAr5. A lurther fifteen m8mb6rs arn electgd. a third ol whom stand for re-elecllon every thr8e y88rs. Tho following member8 and offlcSals were elected and appolnted at the Annual Parochial Church Meeting held on 25 OG¢obgr 2020 and elected or ctropted Al subsequent meetlnGs ol the Councll. Rector & Chalmian: Asioelit• Prlg•t'. Churchward•n•'. S•Gr•tary: The Revd Canon Dr Alison Joyca 1+1 The Revd Dr Joff Lak8 Christopher Bellerton 1+1, Lucy Nurt 1+1, Nichol85 BBldock 1+1 and Valerie Locks 1+1 Peter Silver 1+1 The Tru¥t¥e$ havo deleg8ted day-lo day rnonagemenl of the chArity lo J8rne$ Irvlng, Is consi¢Yered to hold senior management per50nn81 rol8. The Tru5tee6 u¥8 Ihe markat mèdlan in the charily sector as a rule 01 Ihurnb for setting Bal8rieB,' however, Bome118xibiliiy 18 8ppll8d to take into con8iderallon tha 8P8dflc r8quirornents ol each post and to en5urv th8t the best candid81e possible is recruited. D••nery Synod R•pr•8•ntatlv•¥: Geoffrey Burgess and Edwin Chappell Iterm of offlce ended 25 OclrA)or 20201 Unlll 2023.. Ashley Painter, Terènce Smlth and Jenny Kinssley El•ct•d M•mlxr•'. Edc OBVI and Peter Silvèr Ibolh resigned 26" Octob•r 20201 To seek r8-gl&cllon in 2021.. Gavin Conn, JBne French. Everarda SlebbekcKJm 1+1, Ingrid Slaughter and Jane Wilkinson l&k¥Jointed 20201 To seek rn-el&ction in 2023.. Emmanuel Adaniji, Gerald Bowey, Graham Hill, Jlll Jame8 And AIBsdair Johnstone 1+1 To seek re-eloctron In 2023.. Geoffrey Burge58. &dw'n Chappell, Slmon Greaves and Jan8than McEvoy Non.M•mb•r'. Peter Silver Isecrnlary,. non-mamber from 25 Odober 20201 Davld Lowi5h (Treasurer) 1+1 1+1 Denotes rn8fflb&hip of the PCC Standing Commlttee. whith et9 Six tJrne5 a year and as vequired. Electoral Roll.. The Church's Elèc(oral Roll 9tood at 179 on January and 186 on 3111 Deeernber 2020. Nmo81 all electoral rnernbers are dent oulside ihe parish.
THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE ANNUAL REPORT (CONTINUED) YEAR ENDED 31 DECEMBER 2020 ACHIEVEMENTS & PERFORMANCE The PCC set tho following objectives for 2020.. Obl8lFI quotes for the organ refurbishment yoject, and invesg3 fund-raising opportunSties Review speaficalion and obtain revised quotes lor repairs and de8ning of the extemal walls Consolidate and develop our links with journalism 8nd the medi8. including efforts to &ng89e wlth younger journalists Corhlinve to raise our profile through our presence on all forms of new media Consc4idate slawardship achievements of 2018-9 Continua to create and deliver plans to re-develop the crypt space Continue to work towards the creation of a Music Foundalion, to SUPFQrt the provlsion of mus¢c at Sl Brlde's In Ilne wSth many other organlsatlons deemed 86 'non-essenllal'. Iho ¢hLbrch was requlred lo do89 be8n March and June due to the on5el of a globBI virus, COVID.19. Alhough lh• bulldlng op8ned In mid-Jun• lor private prayer, Spoken serviS resumed in èarfy July and tha choir relumed on Sunday mornings in Seplomb&r. there were further periods ol reslrictlons and forced dosvres for the remalnder of th8 yeAr. As such, many of th8 oblectlves above, particUl8Y those relaung fabric 8nd us8go 01 the building, had to bfr pl8ced on hold. The vast majority of 'speci81' 58rvic•s weddlngs, Ihanksglvlng$ 8nd carol seTViCeS - booked for the year were postponed or cancelled. However, members of the PCC. volunteers, musician8 8nd 518ff responded positively to the predlc8mant and St Bride'8, from the beginning ol the flrsl lockdown and Into 2021, w88 able lo offef the following Two onllne sarvlces every Sunday, u8lng archlval choral muslc and newly.r•corded prayers. 8dlngs and 5ermon5, accesslble vla varlous plalfom8 rtual rècitals in place ol OUT twce-we•kly live concert5 LSve choral servl¢es In Sèpt•mber and October. and then agaln throughout Advent and Christmas. Serylc&s in D8c8mber w8r8 wat¢h8d by at least three lirne5 a5 m8ny as those who would nomially altend the equlvalenl live services Two liva events in October- tha Tom Olsen Lecture and tho Wron Talk A new CD, of archivAI Ilve Christma8 music, w8s complled and released, thanks to th8 ganeroslty 018 donor Although M number ol the corporate carol 8ervices had to be cancelled. 88v8n organi8ations188 opposed to the usu81 Iw8ntyl kindly committed lo hosling virtual services, and two gocially dislancgd recording sessions with full choir were organised lo provide the carols and choir pieces for these services. The Ilalson with all of our regular clients, whether or not Ihey hold services In 2020, was apprecABted and bode5 well for a roturn in 2021 ACTNITIES In addition to the PCC'S stsled Dblectlves, the following activilles look place: P?Toonal Commltm•nt The PCC is extrem81y gr81eful to all who sVPPt¥t financlally the church in any year, but no more so than in 2020, when s&veral parishioners increased thelr giving, started regulaf giving or offered in some ca58S substantial one-off donations to offset the church's lost income c8u5ed by Its Inability to generate any income from services orevents between March and June. Givlng by PCC members increased from £21.193 to £25,200.
THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE ANNUAL REPORT (CONTINUED) YEAR ENDED 31 DECEMBER 2020 Commerclal Support It was decided that the Church Rates scheme would not take place as usual in 2020, 83 It was fell that it was inappropriate lo be 8skn.ng all the loc81 businesses for 8 don81ion when many of them would be in 8 worse financial pos11ion than ourselve5. However, the Head of Financè did appr08ch two of the larger firrns within the parish and invited them to make a contribution,. the resultant IncA)me of £25,501 compared to the previous year's lolal of £36,634. A further Ihree rnajor companie8 In the parish contributed B combined total of £35,000, although two of the88 three companies have now mov&d promisès and 8fforts would be mad8 by the He8d of Finance lo ensure the continuance, or wplacemenl, of these donab'ons. M•dla Llnk• The pandemic seriously impacted upon Ihe amount of la¢e-to-fa¢e work vndertaken during the year, elther In church or &lsewher8. However, It was 81111 p055ibl8 to award two Guild of St Bride's Joumali5m Bursarfos - lo winner Conni8 Dirnsdale and runner-up Anushka SLJhanJ - both ol whom started their MA Joumallsm course at City University in the aulurnn. Narnes ol th038 joumalisls and support staff who havg diad. baon cAptured tsr gone mS8slng are regularly added io the Journalists. Chapel, whlch receives many vIESlors from acr055 the world, and are r8mambw?d through our social medla presence. Clty Llv•ry Llnk• The PCC has continued lo work clos8ly with Ihe four Livery Companie5 with which il has close links-stationers an¢J Newspaper Maker8. Markelors, Turners and Spectade Makers - despiie only one of the lour belng abl8 lo hold its annual servlce. The Markelors v8ry klndly ottered pro-bono ayyislance vllh the design phase ol the websila projecl, and also p051ed regular St Bride's updates on Ihoir webslle and sodal media channèls. The Rector contlnued lo interact wllh the Llvery Cornpanies, laklng p8rt virtually in a number ol formal and soclal events. Muslc Sl bride's professional cholr of 12 adult glng&r8 Was soverely Impacted by th818ck of regular and speclal work, both at Sl Bridè's 8nd in other 8re8s ol their working lives. The PCC was abl& to ConnUe to give $om• flnancial support lo all the gUlar musicians at Ilmes whon 58rvi¢e$ w¢r¢ unable lo lake place, A Ilmited number ol recitals took place In church In January, February. July, September and Octob8r, wSth virtual serio$ bging Introduced lo augment thi8 popular programme. Sunday Club The Sunday Club, now in ils 3ixlh yBar, WBS unable lo meet often due io Ihts p8ndomlc. Howev8r, we ar m051 grateful to Joanne Forrest, who Introduced the Idea of 8n onllne newsloller - St Bride's Sunday Club Courier- specifically for the ¢hildren, and who now edits and dlstributes an editlon evèry Sunday. CommunScatlons The Digital Cornrnunicalions manager. appolnled In 2017. overg8W 811 web8lle and soclal rnedla aclbvity, and his workload increased dramalically throughout the y88r le promote and publish weekly and occasional services ond events. Work progressed lo design and plan the new website and implément8tion wa5 expected in eafly 2021. S91•guar(Ilng The PCC has appoSnted IndlvlduBls to th8 réqulsltè rc4es and continues to 8bide by 115 Safeguarding PolScy. In this resp8Ct, the PCC 15 fully compliant wrth Diocesan requirements.
THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE ANNUAL REPORT (CONTINUEO) YEAR ENDED 31 DECEMBER 2020 Fundralslng In 2020, 13% of the church's èxpèndilure of £603,747 was raised through gervices, events and aclivltles 12019., 34%). 49Qk through gr8nts from St Bride's Charity and extemal Irusls12019". 25%). 20°h through per50n81 glvlng12019'. 24%) and 17% in corporate donaiions12019.' 17%). The m8jOrity of personol giving is usually recgived through collections at services and rtrgular monthly or quarterly contrlbutions, and parishioners are invited to revi8W their giving 818n annual Slewardship Service. In addition, sundry donations can bg made on sit&, or online via Ju3lGiving 8nd by text VIB Donr, by those %th0 attend rorJl818 or 8im vlsit the church 8nd crypts. Gift Aid is redoimed on 88 rnany eliglbl8 dIatIonS as possSble. We do not u80 Ihlrd party suppliers lo a88151 us wllh our fundraislng. The charfty h88 not voluntsrlly subscribed to any fundr8lsing standards or schemes lor fundraising reglatIon. There have been no mplalnts lo the charity regarding fundraising. The charity 15 mindful of the to protect vulnerable people and other members of the public frtsm any unreasonabla Intrusion on their privacy, such as b8lng unr•asonably par81slenl or pl8clng undue pres8ure on a person to glv• money LY Othor property. FINANCIAL REVIEW The PCC had 88l 8 bregk•even budget for 2020, ond reported an Operang surplus of £18,580. offset by depTeciBlion, resulting in net income of £1,280 for the ye8r12019'. £40,275). St Brld8'8 Church usually costs around £700,000 per annum lo run, Ils expenditure was foughly £100,000 lowgr in 2020 due primarily lo lower music costs. and ils income fell by nearly £250,000. This shortfall of £150.000 was made up by an additional grant from St 8riije's Charity of £100,000 and 8ddillonal congr8g8tion81 glving of £50.C4)0. RM•rv•• Pollcy At its meets'ng in October 2016, thè PCC declded to amend 116 reserves pollcy 'lo hold al least 10% 01 the prevlous yearfs unr8slrtcted income al the end ol thè yaar, wlih reserves falling no lower ihan 5Q/o al any point durlng Ihe year,. Free reserv88 88 8131 bl D8C8rnber 2020 are takon to bg th& und•signat8d unréslricled lunds 01 £111,107 12019.. £92,427) equating (0 17Yo ol the previous year's vnreslricled Incom&. The Trustees have d•snated a fixed asset fund which Stood at £107.81512019'. £122,775) lo represent funds for dapmciating ass8ts in the Church. Rlik A88•gsm•nt The Trustees hav8 Idantlfied the major risks in five 8r&88 - r8PUtalional, financial, fire, 0ratIonal and 8t8lutory- to which the PCC 15 exp05Ed and have implemented 5yYtems 8nd Controls In order to mitigate those risks. The key rlsk, albeit low. to the PCC Is eonsldered lo be reputational, due lo the incr88sed Ilk&lihood of Inaccurate publicity through vartous social Fnedia streams not under Iha editorial control of the PCC or 115 staff. The PCC mitigates this fisk by engaging 8 Digital Communicalion5 manager. Regu18r dsk assessments were undertak&n in 2020 with specific reler8n¢e lo th8 posslbilily and desirability of opening tha d)urch and holdlng seryic8s.
THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE ANNUAL REPORT (CONTINUED) YEAR ENDED 310ECEMBER 2020 OBJECTIVES FOR 2021 AMD FUTURE PLANS Impl&menl nèw wèbs4te Obtain quotes for the organ refurtJishm•nt project, and investigate fund-ralslng opportunltles Review specification Bnd obl8in revised quotes lor repairs and cl?8ning ol the external walls Consolidate and develop our links wlth joumallsm 8nd the media, including efforts to ¢ng8ge wllh younger joumalists Continue to raise our profile through our presencè on all fom$ of new media Con501idale Stewardship achievements 012018-20 Continue to create and deliver plbn5 to re-develop the Crypt SPOCQ Continue to work towards the creation of a Muslc Foundallon. to suppc¥l the provision of musl¢ at Sl Bride's GOING CONCERN The Trusteas have evaluated the cSr¢urnslances in vjhlch the PCC operates. The PCC 15, In excaptlonal ctrcum81anc06 such as those that eventuated In 2020, able lo request further support from St Bride'6 Charity, in addluon to the annual grant of £140,000. St Brlde's Chadty ha8 8SS&ts lolalllng over E3 mllllon and exists specifically ¢0 support tho work of Sl Brid8's Church. Th& Trustees have therefor• eonduded th81 ther• aro no rnalerlal uncertalnties thgt ca8tdoubt on the charftly ability to continue 8$ 8 going concern. RELATED PARTIES & C014NECTED ORGANISATION8 The Rector And Churchw8rdtn8 are the ex.offlclo Trusto88 of Sl Brfde'B Charily and Sl Brfde Organ Fund. Mr Peter Silver is en elected Trustee ol Sl Bride's Charity, These Trusts support the work ol th& PCC. Durfng the year the PCC receiv¢d gr8nls lotalling £272,37712019.' £159,574) from thè8a Trusts, £15.000 of which WAS in r85P8Ct of secrel8riBI lees on behalf ol the PCC. Trusletrs of Si Bride's Charity agreed Ihal. from 111 January 2018, they would grant to th¢ PCC tre surn ol not less than £140.0 per annum on monthly b8SIS.
THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE ANNUAL REPORT (CONTINUED) YEAR ENDED 31 DECEMBER 2020 TRUSTEES, RESPONS181LITIES IN RELATION TO THE FINANCIAL STATEhlENTS Th& Truslees are responsible lor pwpadng the Trustees, Rèport and thg financial statemen15 In acc¢xd8nc• wlth ap1¢able law and r8gulation8. Charity law requires the Truslees lo prare flrtand81 statements foreach financ181 year In accordance wlth Unit8d 'ngdoM Gener811y Accepled Accounting Practice IUnit8d Kingdom Accounting Standards and appllcable lawl. Und8r char51y1ow the Twslees rnusl not 8Pk¥ove the flnancial slal6menl8 unless they are satisfled that th8y give a true and falr viaw ol the stale of 8ff8irs of th8 charity and of its nel incomingloutgoing resources for Ihat period. In preparing Ihtrse financial statements, the TnJstee$ are fequired to.. $8lèct suitable accounting pollues and then apply them con818tently'. observe the methods and prfnclpLqs Sn thè Chartlles SORP., makè judgments and esllmaleB that reasonable and prudent., stale whelhgr applicable accounllng st8ndards have been lollowed, suW¢t lo any malerfal departures disclosed and explalned in the financlal statements.. prepare the linanclal stAtement5 on ihe golng concern basi8 unless il is inapFfOPri8le to progume that thg charity will continue lo oparale. The Trustees a Te8pon8ilSe lor keeplng proper accounting r8cord8 that are 8ufflclenl lo show 8nd 8xpl8in the ¢hBrlly'5 tran8aCtions and disclose wilh reasonable accuracy al 8ny timè the financial position ol the Charity and enable thern to ensu that the financial slalements comply with the Ch8rllie8 Act 2011. They are also responsible lor $8feguarding Ihe asset8 01 the charlly and hence lor iaklng reasonable steps for the prèvenllon and delecllon of fraud and other irregularities. Apwoved by the PCC on 251h M8rch 2021 and slgned on thelr behalf by The Revd Canon Dr Aison Joyce
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE FOR THE YEAR ENDED 310ECEMBER 2020 Oplnlon We have audited the financial statements of The Parochial Church Council of St Bride I'the charity'l for the year ènded 31 De¢ernber 2020 which cornprise of Statemenl of Flnanclal Actlvities, Balance Sheet and Cash Flow and notes to the financial statements, including Significant accounting policies. The financial repo.ng framework that has been applled in thtsir preparation is applicable law and Unitèd Kingdtsrn Accounung Stsndards, Including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Irgland Iunitgd Kingdom Generally Accepled Accounting Practice). In our oplnion the financial $18tgmgnis', give B true and fAir vi8w of the 8181e of the charity'8 affairs 88 at 31 Dacambar 2020 and ol It8 Incoming resreeS and appl¢alion of resources, including ils income and expendituro, lor Ihg year then ended. h8ve been properly ppared in 8ccordane• vAth Unlted Kingdom Generally Accepted Accounting Pracllce.. and hava b&•n prepared in accordance th the requirements of tho Charlties Act 2011. B•il• for oplnlon We conducted our aud51 In accordance wllh International Standards on Auditlng IUKI IISAS IUKII and 8pplic8ble law. Our responsibilitses under those slandards arè further d8scribed Sn the Auditor's rts5ponsibillties for the audil ol the Iln8n¢i818lalements section of our report. We are independent of the charlly in accordance wlth the ethical requlrements that are r&levanl lo our akjdlt ol the fln8nclal slatomonls In the UK, including tha FRC'S Ethical SIBndard, and we have luifilled our other ethical rasponsibilities In accordance with these requlrnmènt8. We belltrv& that Ihe audlt evldanco wo hav• obtain&¢J is $ufficlent and appropriale lo provide a basi5 for OUT opinion. Conclu•lon• r•l•tlng to golng conc•m In audlling tho financial stalemenls, we have concluded thal the Iruslee's uso of the golng concem basss ol accounts'ng in Ihe preparation ol the financi81 slalernenls 15 appropriate. Based on th8 work we have porfomiod, we have noi Identified any mateflal uncertalntlas r•lgtin9 to evénts or conditions Ihal. indivldually or collectively, may cast 5ignificanl doubt on th8 charivs ability lo cOnn8 8$ a golng concern lor a period of at leasl twelve months from when the flnanci81 slalements are authorised for issue. Our responslbililies and the r8sponslbililies of the trustees wllh respect lo oolng concern a described In the rdtvanl sections of this report. oth•r Inforniatlon The truslo¢$ are r¢sponslble lor the other inlorrnalion contain&d wlthin th• anntsal report. The othèr Inforrn8tlon Bomprises the information included in the annual report, other than the financial 51atemenls and our auditor's report thereon. Our opinSon on the finanual staternents does not COV8r the other Inlom18tion and, 8xcept to the exlenl otherwise explicitly stal8d in our roport, wg do not express any form ol assurance concluslon th8r80n. Our responsibility is lo raad Ihe other Inlormatson and, in doing so. consider whether tha other information is materially inconslstBnt with the fin8ncial statements or our knowledge oblaine¢J in tho audit or olherw5e appears lo be materially misstalad. If wè Idenfjfy such materfal inconsi8tencies or apparent material rnisstat?mènts. w¢ are r¢quirgd lo ijelermine whether this gives rise to a maleri81 misst8lemenl In the rinancial staternents themselves. If. based on the work we have performed, we conclude that there is rnaterial misst8temant of thi8 other inlormalion, we are requlred lo rewt ih8t fact. We have nothing to rgport in this reg8rd.
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE FOR THE YEAR ENDED 31 DECEMBER 2020 ICONTINUED) Matter• on whlch we arn r•quired to roport by 8xc•ptlon We have nothing to port in spect ol the following matters in relation to whlch the Chariti88 (Accounts and Reports) Regulations 2008 wulres us to report to youll, In our oplnion.. the Snformation given In the flnanclal stat•monts is Inconsislenl in any mal•ri#l rPtwIth the Iruslees, report., or sufficjenl and proper 8c¢ounting records have not b80n kept by thg charity" or the finandal statements aro not In agre•rn8nt vlth the accounllng records and r•tums.' or we h8ve not r8c8fved all the Inlorm8Uon and •xplanallons we require lor our 8udll. R••ponslbilitiu ot tru•t••i As explained more fully In the trustees. responsibllllles stslement sét out on page 7, ihe trustees are responsible for the preparallon of the finan¢lal stotements and lor being salbsfied that they give 8 true and fair view, and lor Buch int8rnAI contrd as the trustees delermlne 1$ necessary to enable the preparauon of fin8nclal sialements thot are Ire8 from m818rS81 rnisstatemenl, whether du8 to fraud or •rror. In pr8parlng the financial stalemanl$, the Irusiees are responslble for aBseB$lng the choritY8 ablllty to continue as a golng ¢oncem, dlsckjsing, as appllcable, mall•rs related lo golng concem and u8ing the golng concern b8sis of accounllng unless the trustees either Int¢nd to liquidat8 th8 charity or lo ceaee operations, or hava no reallslic allomavI but to do 80. Audltor's r••pon•lbllltli* for th• audlt of fSnanclal •tat•m•nt• We have appointed as audilor und¥r section 152 of th8 Charities Acl 2011, and report Sn ¢dance wlth the Acts 8nd rèlévant regulations made or h9n9 effect th&reunder. Our oblecllves aro lo ob¢aln reasonable assurance abfAI wh8thor tha flngncial statements as a whola ar• fre& frorn material misstatement. whetherdue lo fraud or error, and lo i8$ue an ouditor's report that Includ08 our opinlon. Regsonable assurance 1$ a hlgh I•v81 of assurance, but 13 not a guaranlo8 thal an audlt conducted In accordance wlth ISAS IUKI vlll alway6 deted a malarial misslalemenl when it exists. Mi6ststem8nts can ari58 frorn fraud or error and are considered materfal If, Indithdually or In the aggregate, they could reason8bty be gxpected to Influence the economlc d•cSslons of users tak&n on the ba618 of these n8ncial statements. Details ol the exlenl lo whith lh• audit was considered capable of detsctSng Irrngul8ritles. Including fraud and non-compllanc• with laws and regulatlon8 Br& Set out b810w. A lurther description of our responsibilities lorlhe audit of the financial slalements is located on the Financial R8porting CounrAI's website 8t.. This degcriplion forms part of our auditorfs report. Extent to wthl¢h th• audlt wa• con•ld•r•d capabl• of d•tectlng Irr•gul•rltlo•, Includlng fraud Irregu18ri1ies, inL4uding frBud. are Instances of non-compllance with laws and regulations. We idents'fied and 8s$esse¢J the risks of mat8rial mi98t81amgnt of the financial statement5 from Irrogularilles. wh8lher due lo fraud or error, and discussed Ihese betrleen our 8udil tearn members. We then designed 8nd performed ¥udit procadures responsive to tho88 risks, induding obtsining audit ewdence sufficient and opproprial8 10 ovide a basis for our opinion. We obtained an undgrstanding of the legal and regul810ry frameworks within which the ch8rity op6r8tes, focusing on those laws and regulatlons that have a direct effect on the deleminatlon of molerial amounts and di5d05ures in the flnanciBI slatements. The laws and regulalions we considered in this conlgxt re the Ch8dtles Act 2011 together with tho Charilies SORP IFRS10212019. We assessed the required cornpliance these laws and regul8ts.ons as part of our audit procedures on the wlated flnandal stslement Items.
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE FOR THE YEAR ENDED 31 DECEM8ER 2020 (CONTINUED) In addition. we considered provision5 of other laws and rggul8llons th81 do not have a diracl affèci on tha fi'n8ncial stslem8nls but compliance with which might be fundamentsl to the charity's ability io operate or to avoid a matarial panalty. We 818D considered the opportunities and incentives th81 may exist within Ihe charity for fraud. The law5 and regulations we considered in this context lor the UK operations were.. Ch8TIty Commission regulations Gener81 Data Protection Regu181ion IGOPRI Taxation legi$lat5on Health and safèty lèglslallon Employrnent legislation Auditing slanrJ8rds limlt the requlred audit procedures to identlfy non-cornpliance wlh these laws and regul8lons to enqulry of the Trustè8s and olher man8gemenl and Inspectlon of regulatory 8nd legal correspondance, If any. We id•ntllied the greatest rlsk ol material Impact on Ihe finanri81 slatem8nts from Irregularitie5, including fraud, lo bg wlthln the limlng ol recognSllon ol Don8tk)ns Incom8 8nd Ch8rllabl8 Actlvities Income, ond th override of controls by m&nagem8nt. Our Audit procedures lo respond lo these risks Includgd gnquiries of rnon8gem8nt. and th8 Iruslee8 about Ihelr own identification and 8sse$smenl of the ri5k5 of irregularitl85, $8mpl? les11ng on the posting ol journals, rgv5owing accounting eslimalos for biaBe8, reviewing regulatory correspondence with the Charily Commission, and reading minutes ol m8èts.ngs of those charged with govemanca. Owing to Iho Inh8rènt lim+tations of an audlt, there Is an unavoidabl8 rlsk th81 we fflay not have detected some m81eri81 rn155lalements In the fi'nancial slalemenls, even though we have properfy plannad and performed our audlt In accordance wllh audlllng ylandards. For eK8mple, tha ILJrther removed ncffl- compli8nc8 Wlth laws and regulations Ilrregularitiesl is from the events and Iransacllons reflected in the flnandal slalemenls, the less likely the Inherently lirniled procedures qUired by auditing sl8nd8rd8 would Identify 11. In additlon, as wllh any audit, there remained a higher risk of non418tection Ol Irregularllies, as thesè may involve collusion, forgery, intentional omission$. misrepresenlalions. or the ov8rrida ol internal nlrols. We are not responsible for prevtrntlng non-compliance and cannot bg expocte¢J lo delecl non- compliance with 811 law8 and regulation8. U8¢ of our r•port ThSs report 18 madè solely lo the chartty's trustees, as 8 body. In accordan¢o with Part 4 of the Charlties IAccounts and Fieport51 Regulations 2008. Our audlt work has been undertaken so that we might state to Ihe charity's twste8S those matters w? 8Te required lo slat8 to them in an oudllor's report and lor no other purp088. To the fvIleSt extent permltted by law. we do not accept or 855ume responsibility to anyon8 uth#r than the charity ond the ¢h9rity'8 Irugtge8 88 8 body, lor our audlt work, for thi8 rèport. or for the oplnlons we have formed. L).0. LLP Crowe U.K. LLP Statutory Auditor London Dat8.. 25 March 2021 Crowe U.K. LLP l& 011oibleforapwnlrnent Ba oudilwcl ch8rKy byvlrtw of its ?h'gitNlltyforaFpo1rnel as drtOr of o company under Becuon 1212 Companles AEt 2006. 10
THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 Unrestricted Designated Restdctgd General Fixad Asset Funds Fund Fund Total 2020 Tot81 2019 Notes In¢om• Donations & Legacie8 Ch8rtt8blg Activities.. The Church & Its Mission 498,866 30.906 529,772 458,850 2b 75,255 75.255 280,938 Totsl Incom• 574,121 30,906 005,027 739.788 exp•ndltur• Charllable A¢tlvltles'. The ChLsrch & Ils MIs8lon 570,501 33.246 603.747 699,513 Tot•1 Exp•ndltur• 570.501 33,246 003,747 699,513 M•1 Incom•llExp•ndltur•l 3,620 12,3401 1.280 40,275 Transfers b8lween Funds 14,960 114,9601 Not Mov•m•nt of Fund• 18,580 14,9601 12,3401 1380 40.275 Balanc brought forward at 1 January 2020 92,427 122,775 2.340 217.542 177,267 8¥lanc•• cJTri•d ft*Thvord at 31 D•c•mb•r 2020 111.007 107.815 218.822 217,542
THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE BALANCE SHEET AS AT 31 DECEMBER 2020 Notes 2020 2019 Tanglble Flx•d A$••t• Flxed 885el 107.015 122,775 Cuvr•nt A••ots Debtors Cash at bank 24,085 124,595 36,786 145.039 14B,fj80 181,825 Curr•nt Ll•blllti Credllor3 137,6731 {87.058) 137,6731 (87,058) Not Curr•nt A¥••t 111,1)07 94,767 N•t A•••t• 218.822 217,542 R•pre8ent•d by Restricted Funds Designated - Fixed Asset Fund Unrestrt¢ied- General Fund 10 10 10 2,340 122, 775 92,427 107,815 111.007 218,822 217,542 Approved by the PCC Dn 251h March 2021 and aulhorised for issue by The Revd C8non Dr Allson Joyce 12
THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Recon¢lll•tlon of net Income io net cash flow from operating •¢tlvltl•• Nel income for the reporting period Decreasellln¢rèas&lin debtors (Decreaseylncrease in creditors DeprerAatK>n 1,280 12,701 149,3851 14,960 40,275 (19.255) 13, 795 16,562 N•t cash provld•d by opor•tlng •ctlvlll 120,4441 51,377 CASH FLOW STATEMENT N8t C88h Frfovided by operaJng 8clJvitios 120,4441 51.377 ¢•sh flowg from Inv••tlng a¢tlvltl••: Payrn8nl8 to acqvire fixed a$ts 161,250) N•1 cash prnvld•d by Inv•¥tlng •ctlvlt1•8 (61.250) IO•er•a&•l In c••h {20.4441 (9.873) Ca8h Flow 2019 2020 An•ly•l• ol caah and ca•h •gulvalent• Cash al bank and in hand 145,039 120,444) 124.595 13
THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE NOTES TO THE FINANCIAL STATEMENTS AS AT 310ECEMBER 2020 ACCOUNTINQ POLICIES 8a81¥ of Pr•paratlon The accoun15 (financial slalemenlsl have beèn pfeparad In alaN¢& with the Charitles SORP IFRS1021 applicable t¢ ¢h8ri1185 preparing their accounts in accordance wlh FRS102 the Fln8n¢lal Reporting Standard applicable in the UK and Ropubllc ol Ireland and the Charities Act 2011 and UK Gènarally Accepte(I Pracllce as it applies from 1 January 2015. The PCC con8lltule8 a publlc benefit ontsly as defined by FRS 102. bl Golng Concern The Trustee8 have evaluated th8 circumstances In whlch Ihe PCC operates. The PCC 18 able, in exceptional clr¢um$lances such a5 those that e¥8nluated In 2020, to request further 5UPPOrt Irorn St Bride'5 Charity, in addition to the annu81 grant of £140,000. Sl Bride's Charity has assets lotalling over £3 mllllon and exists Spè11¢811Y to support the work of Sl Brfde's Church. The Trustees have tharaforè ¢on¢luded that there are no materfal uncertainlles Ihal cast doubl on the ¢harity'5 ablllly to conllnue as 8 going conc8m. Fund• Unr081rict8d lunds represent the funds ol the PCC that are not subject to any restricts'on5 regarding th8ir u$e and aro 8vaSlable lor appllcallon on the general purposes of th8 PCC. Restricted funds are those where donors have placad rastrictions on th¥ uso ol the funds. The 8ccoun18 include all tr8ns8Ction8. 888els 8nd118billlies forwhich the PCC is Tesponsible in law. dl Incorn? Collection8 are recogni8ed when raceiv8d by or on behalf of the PCC. Planned giving receivablè undèr Gift Ald is recognised only when received. Income tax recover8ble on Gill Aid donations is recognised when the Income is recogni58d. Grant5 and leg8cies lo ihe PCC are accounted for 8S 90011 8S th8 PCC Is nollflod ol ils leoal entitlernent, the amount duo 18 qu8ntifi8ble and its ultimate recelpt by the PCC Is reaseablY probable. Expondltur• Ch8ritable a¢tivili•s includes the dlrect costs of th8 Church and 118 mi86lon 88 well as costs incurred in support of these acllvitles. Temilnallon costs are recognised al the poinl the chatlty deom8 there 18 a present obligation r8sulling in 8 probable economlc transler whlch can be reliably measured. Developmènt costg ¢onntrct8d to the website and any oiher prolectg arg writt•n off 8$ Incurred. 14
THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2020 Flx•d A88•ts nsecrated ro ert and mova I h h fumlshin Consècrated and beneliced property of any kind Is exduded from the accounts by 6.9612llal of the Charities Act 2011. Movablo church lumishings held by thè Réctor and Churchwardens on Special trust for the PCC, and which require a faculty for disposal, are 8ccounied as Inalien8ble propetty unloss cons8crated. The ChuTch lurnlture. gifted by the St Brlde's Appeal In 2009. 15 being depreci8t8d ovar the pariod lo 2035. er lix s And offi ment Equipment used wlhin th8 church premises is depreciated al 10% on 8 slr8lght-Iln8 bagis. with the exception of ihe fi're alarm 5yslern, wh5ch 18 depre¢l8led at 20% per 8nnvTn. Where prudent. individu81 Items of equlpment are wrbtten off whon the asset18 acqulred. Flxed assets ¢ostlng more Ihan £5,000 are cBpilali6ed 8nd Induded at C05t Including ony inch1tal èxpen5è9 of Acquisition. Op•r4tlng L•a• Rent815 8ppllcabl• to operating18ases where Bll ol the beneflts and risks of ownershlp remaln wilh the lessor are charged agalnsl th• surplus lor the year on a stralghl-llne basls over lh8 perfod ol the lease. h) D•btorn Short term doblors are measured at transa¢lion pric¥, le8s any impairment. Loans receivable are measured Inity'8lly al fair v8lue, nel ol transacuon costs. and are measured subsequently gt amortised c05t Using tho effecllve interest melhod,19s8 any impairment. CrltorS Short tèrm credltors are rne8sured al the Irans8¢llon prl¢e. Other linanciBI liabllltie5, including bank loans, 8re measured inltially at falr value, nel of transaction Ix)stS, and are measured sub$equenlly al amortised cost uylng the efféct8 interest method. Crltlcal accountlng ludq•m•nt• •nd key sourc•s of •Jtlrnatlon unc•rtalnty Sourc8s of estimation uncertainly that have a slgnlflcant effect on the amounts rè¢ognlsed1n the financlal 8181ernents described in the accountlng pollcles. No slgnsfi¢ant accountlng luOgmont8 and uncert8inlie8 have been Idgnllfl8d for tha current year.
THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2020 INCOME 2a Donatlon* and L•gacl Unreslrlcted GenorBI & Designated Fund ReBlrkleO Tot•1 2020 Tot•1 2079 Collections & Gift Aid donations Income lax recoverabl 0th8r donatlons (note 51 Leg8clé$ Gr8ni8 reeeived 41 Church ratg 88,614 23,020 89,271 10,000 262,460 25,501 498.866 565 89,179 23,020 89,483 10,000 292,589 25,501 529,772 731.321 26,207 89,790 2,150 172,748 36,634 458,850 212 30,129 30.900 2b Frorn Ch•vl¢•bl• Adlvlty UnrnJtrl¢led General & D•slgnated Fund Re8trfcl8d Tots12020 Tot412019 ChoSr feB$ roe•lved RtrchBrg8 from serMc8918vent$ Inluranco c4alm Shop, box8$ ané recltal8 PorocN81 Fees Tlck8t r8CelPt8 etc. trom evtnls Coflee Cart R•nl Tours a Hlre FIBt Rent Refreshmgnl$ 21,854 21,854 84.417 17,072 17,072 57.840 66,678 29,211 3,488 9.186 431 9.160 3,264 1,000 1,248 23,820 1,000 1,248 23.820 84 75,255 4,252 21,304 4,464 280,936 75,255 16
THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2020 EXPENDITURE On Charltth• Actlvlty Unrestricted General & Design4tBd Fund Restricted Talal 2020 rot812019 Don8C8 payable (note 61 Clergy expens88 Maintenanco R & Training Re-branding Audlt Common Fund Administration & Publidty Church Running Cos SeTrlce Runnlnq Costs $4larle8 Inole 3a) Cholr & Mu81c Colts Shop & books Webstte Depreual Sundry Tot41 354 354 777 22,911 1,833 9,198 2,308 36,871 2,231 3, 166 6,510 62,800 75.878 52,501 13,790 154,832 236,972 4,448 777 20,148 1,833 2,783 6,870 5.$00 1Q2,837 J1,893 3.562 154,852 145,493 1,202 6,870 85,500 102.837 31,893 3,562 154,8$2 145,493 1.202 30.129 14.960 574 603,747 30.129 14,960 574 570,501 16,S62 1,506 699.613 33.248 STAFF C08T8 G•Mral Cholr Total 2020 Tot812019 Wag85 $018rles Employerfs Nationgl Insurance pensi GDsts Total 117.910 11,432 25,SIO 154,852 40,624 1,477 158,534 12,909 25,510 190,953 166,627 13, 730 24,596 204,953 42,101 The lot81 staff omployed tolalled 612019.. 61. All time was spent on charitat4e activStse5. No Iru8tees were Muneraled in the year 8nd no expenses were reimbuT8ed. The toial employrnenl benefits indudlng employer pension conlribubon5 ofthe key m8nagemenl personnel were £64,39212019.' £62.5241. No employ¢& oamad mora than £60,000 during thé y•8r12019'. nonel. 17
THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2020 QRANTS RECEIVED Unr88tricted GBneral Reslricttd Tot•1 2020 Tolal 2019 Secretarlol &uppNt lo Twsts Sl Bride's Charty Sl Bride Organ Fund City Deanery Burtal Fund Tom Olsen Trust Tru81 for LondL HJC Stevens Oryan Sthc48rthlp Dluna Barnes Fund 16.0) 240,(KIJ Is.000 270,129 10,000 140,000 9,574 2,750 3,223 2,000 1,500 3,701 3Q,129 2,750 2,248 2,750 2,248 2,462 2,402 262,400 30,129 292,589 172,748 OTHER DONATION8 RECEIVED Tthl 2020 Harriet's Trust 8rltlsh American Tobacco Freshf181d8 8ruckhau8 Darfnggr Goldrnan Sachs Worshlpful Company of M8rketor8 Unilevar Kaizo Wor8hlplul Company cf Slauontrn & Nèwspopgr Makers Wren Insurance A88DS8llon Reach Golden Bottle Tru8t Gulld of St BrHle Five Talent5 Brib8h Guild of AgrKulturg1 Joumalisls EC4 Musi¢ Prlvatelanonymou8 35,250 15,000 10.000 10,000 2.500 2.000 1,000 1,000 1,000 1,tKIO 150 11 89,4J3 DONATIONS PAYABLE Iln¢ludlng thoje d•slgnat•d at sp•cS•l S•r¥lc••l zh8im8r5 R858arch n9 Edword's School Wlyoy 162 354 18
THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE NOTES TO THE FINANCIAL STATEMENTS AS AT 310ECEMBER 2020 T<>tal 2020 Tola12019 TANGIBLe FIXED ASSETS Furnltur• & E4ulpm•nt'. Cost At I JBnuary 2020 Additions D15po8015 31 D¢camb8r 2020 261,005 230,454 61,250 130,699) 261,005 261,005 D•prnclatbon Al 1 January Z020 Depr8cl8tK)n charged fDr t year 0i8posals At 31 De¢Amber 2Q20 138,230 14,960 152,3S7 16,562 130,6991 138,23Q 153.1•0 N•t book v•lu• Al 31 December 2020 107,815 122,775 DEBTORS Prepaymonts a Accrued Inme Oth¢r d•btorB 1, 142 35,644 36,786 22,994 24,015 CREDITORS PAYE & Nallcnal Inrance Oelèrred Income Other c¥edllorn 3,875 13.917 19,881 37,673 5,903 750 80,405 87,058 Dd•Yr•d In¢orn• mov•rngnl 8818nce brought foFw8 Releasgd lo income Rec81v In Ihe ar 750 17501 13.917 750 7501 750 Balonce corrfed forward 13,917 750 The babnrk at y8sr and in deferred income relates to d8posI16 recelved lor Servi8 due to tako placo in 2020 bul which were poslponed unlll 2021. 19
THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2020 10 FUNOS At1Jan 2020 In¢oM• Exp•ndMurn TMnsf•rs At 31 O•c 2020 G•n•ral Fund Designatsd 92.427 122.775 574.121 1570,S011 14.960 114,9601 111,007 107.815 Tot•1 Unr•sMct•d 215,202 574,121 1570,$011 218.822 Ro•trl¢l• 2,340 3Q,906 133,2461 Tot•1 Fund 217,$42 805,027 1103,7471 218.622 AtlJan 2019 Income Expendlture Tr8n8feps At 37 Doo 2019 General Fund Deswated 99, 180 78,087 648,183 61,250 1671,4981 16,562 116,562) 92.427 122,775 Tol81 Unrn5tricted 177,287 709,433 (671,4981 215,? Re8lrf¢led 30.355 (28,0151 2,340 Tol•lFund8 177,267 739, T88 (699,5131 217.542 The Truste h8ve do8lgn&led a flxed 86Bel fijnd In ¢xder lo repre8ent fundb for depreclallng a#88ts In th? Churth. In 2020 a grant £30,129 woj rKefv•d from St Brfdo'8 Ch&dty forthe purpose of updoting Df Ihe Webs•. ThiB W8S fully spent In the year. 11 ANALY818 OF NeT ASSETS BETWEeN FUNDS Net Current Assets FIX A88015 Total 2020 R••trict•d fund UnrHtrIGl•d fund 107,815 111.fK7 218,822 Fl¥edA$sets W Gutt8nl Assets Tot81 19 Restncled fvnd Unrestricted fund 2,340 2,340 122,775 94.T67 217,542 20
THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2020 12 COMPARATNE STATEMENT OF FINANCIAL ACTIVITIE5 Unrestricled Designated General Fund Fund Reslrfcted Fund8 Totjl 2019 Incomo Donations & Legacle Charltable ActlvSU•s'. The Church & Its MIssSon 429,146 29,704 458,860 219,037 61,250 fj51 280,938 Total Incom• 648.183 61,250 30,3SS 739.788 Exp•ndltuv• Charitable Acllvillos.. The Church & Ils Mi$8ion 871,498 28,015 899.513 Totsl Exp•ndltur• 671.498 28.015 899.513 Net IExp•ndltur•lllncome 123,315 61,250 2,340 40.275 Tran81er8 been Funds 18,562 116,5621 N•t Mov•m•nt of Fund• {6,7531 44,888 40.275 8•l•nc•# brought forward at l J•nu*ry 2019 99,180 78,087 177,267 alancu c•rrl•d fonvard •t 31 D•c•mb•r 2019 92,427 122.775 217,542 21
THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2020 13. RELATED PARTY TRANSACTIONS The Ractor ar ChuTchwarden5 are the ex-offi¢io Twstsos of St Bride's Charity and St 8ride Organ Fund. Mr P8ter Silver is an &lectgd Trusteo of Sl Brjde's Chority. These Trusts support the work ol the PCC, During Ihe y&ar the PCC received grants totalling £272,37712019.. £159,574) from these Trusts. £15,000 of whlch w88 in respect of secretarial la8s due to th• PCC. No balances were due to cy from th•8? Trusts 86 at 31 December 2020. The PCC recelved donats'ons from PCC IN$tee8 lotalling £25.200 in 202012019.. £21.1931. 14. OPERATING LEASE COMMITMENTS 2020 2019 Mlnimurn total lease commltmenl8 under non- eancellablé opÈrat+ng It8ses'. Whhln 1 Year 13,182 13.882 After I to S Yaars 27.784 41.846 22