2024-12-31-accounts

Charity No: 1131311

THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2024

ADDRESS: St Bride’s Church Fleet Street London EC4Y 8AU RECTOR & CHAIRMAN: The Revd Canon Dr Alison Joyce BANKERS: Lloyds Bank 70-71 Cheapside London EC2V 6EN INDEPENDENT AUDITOR: Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW

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THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE & MANAGEMENT

Aims, Objects and Principal Activities

The Parochial Church Council of St Bride (the PCC) has the responsibility of co-operating with the incumbent in promoting in the ecclesiastical parish the whole mission of the church: pastoral, evangelistic, social and ecumenical. The PCC is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure and is a registered charity no. 1131311. PCC members are 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 spent. The Trustees have had due regard to the Charity Commission’s guidance under Charities Act 2011 on public benefit when considering the Charity’s objectives and activities. St Bride’s Church provides public benefit by offering a high standard of public worship and by providing an open, accessible and welcoming City centre resource for a number of different communities. Details of the church’s various events and activities, sacred and secular, can be found on pages3 - 6.

Trustees, Trustee Appointment, Trustee Training & Remuneration Policy The PCC met six times during the year. The Rector, Associate Priests and Churchwardens are ex-officio Trustees, as are the Deanery Synod Representatives, providing the PCC with an important link between the parish and the wider structures of the church. Churchwardens are elected on an annual basis, usually up to an agreed maximum of four years, although this limit was suspended by an APCM resolution in 2021 to allow extensions of office where expedient. A further fifteen members are elected, a third of whom stand for re-election every three years, for a maximum of two terms. The following members and officials were elected and appointed at the Annual Parochial Church Meeting held on 12'" May 2024 and elected or coopted at subsequent meetings of the Council.

Rector & Chairman: The Revd Canon Dr Alison Joyce (+) Associate Priests: The Revd Dr Jeff Lake, The Revd Steven Morris Churchwardens: Nicholas Baldock, Valerie Locks (+), Lesley-Ann Jones & Graham Hill (+) Secretary: David Richards

The Trustees have delegated day-to day management of the charity to James Irving, who is considered to hold a senior management personnel role. The Trustees use the market median in the charity sector as a rule of thumb for setting salaries; however, some flexibility is applied to take into consideration the specific requirements of each post and to ensure that the best candidate possible is recruited.

Deanery Synod Representatives:

Terence Smith, Jenny Kingsley & Justin Urquhart-Stewart

Elected Members:

2022 — 2025: Gillian James & Alasdair Johnstone 2023 — 2026: Edward Bowsher (+), Geoffrey Burgess (died 9" January 2025), Simon Greaves & Jonathan McEvoy 2024 — 2027: John Forrest (+), Dominic McGinley & Jane Wilkinson

Non-Member:

David Lowish (Treasurer)

(+) Denotes membership of the PCC Standing Committee, which meets six times a year and as required.

Electoral Roll: The Church’s Electoral Roll stood at 190 on 1%t January and 192 on 31%t December 2024. Almost all electoral members are resident outside the parish.

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THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

ACHIEVEMENTS & PERFORMANCE

The PCC set the following objectives for 2024:

• = Engage our architects to draw up specifications for the stonework and roof project and seek tenders for the works; liaise with City Churches Grants Committee with a view to obtaining match funding;

• = Receive initial report from the finance group and respond to its findings;

• = Obtain quotes for the organ refurbishment project, and investigate fund-raising opportunities; = Consolidate and develop our links with journalism and the media; =" Continue to raise our profile through our presence on all forms of new media; = Complete the initial refurbishment of the crypt and deliver plans to further re-develop the space; and

• = Continue to work towards the creation of a Music Foundation, to support the provision of music at St Bride’s.

Progress was made in the projects listed above:

• i. A Quantity Surveyor was engaged to assist the architects to draw up specifications for the stonework and roof project; an application to the City Churches Grants Committee was successful.

• ii. Urgent repairs to a leaking roof were carried out in January/February 2024;

• iii. A finance group was convened and made its first report to the PCC in April 2024; various initiatives were discussed and taken forward;

• iv. |Aneworgan consultant, William McVicar, was engaged to review and update the specification of works required to refurbish the organ;

• v. The initial refurbishment of the crypt was completed.

Certain initiatives, introduced during the COVID pandemic, were discontinued for reasons of relevance as well as cost.

St Bride’s profile on various media platforms continued to flourish due to the professionalism and dedication of the Digital Communications manager.

ACTIVITIES

In addition to the PCC’s stated objectives, the following activities took place:

Personal Commitment

The PCC is extremely grateful to all who support financially the church, especially during times of great uncertainty in the last three years. Giving by PCC members decreased from £21,819 in 2023 to £19,137 in 2024.

Commercial Support

The Church Rates scheme had been reinstated in 2022, although donations were invited at whatever level the companies were prepared to make rather than, as in previous years, based on their rateable values; the resultant income of £21,549 compared to the previous year’s total of £24,869. One longterm commercial donor was unable to make a contribution in 2024, although was hopeful of reinstating their support in 2025. National media groups combined to fund the costs of the annual Journalists Commemorative Service (See over).

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THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Media Links

Several services were held for journalists and media executives, including David Knowles, Gareth Smyth, Christopher & Kirsty Hudson, Ann Leslie, Terry Coleman, David Peters, Lynn White, David Martin Jones and Rosemary Righter.

Our annual service of Commemoration for Journalists — entitled Valiant for Truth —- was held on 12'h November and featured an Address from Roula Khalaf, Editor of the Financial Times.

Names of those journalists and support staff who have died, been captured or gone missing are regularly added to the Journalists’ Chapel, which receives many visitors from across the world, and are remembered through our social media presence.

Vadim Goss became the 14" recipient of the Guild of St Bride bursary, an annual award toa postgraduate student studying for a Masters in either Social & Digital Journalism or Newspaper Journalism at City University, consolidating the links between St Bride’s and the journalistic community.

City Livery Links

The church has continued to work closely with the four Livery Companies with which it has close links — Stationers & Newspaper Makers, Marketors, Turners and Spectacle Makers — three of whom held their annual service at St Bride’s; the other participated in the Communications Industry carol service. The Marketors reinstated its St Bride’s working group and some strong initiatives have borne fruit. The Rector continued to interact with the Livery Companies, taking part in a number of formal and social events.

Music

St Bride’s professional choir of 12 adult singers performed at two Sunday services every week except during August and on Low Sundays, plus on the major Feast Days and at a host of special services — weddings, memorials, thanksgivings, funerals and carol services — predominantly at St Bride’s but occasionally at external venues. St Bride’s Orchestra augmented the choir at significant services such as that on Remembrance Sunday.

Concerts for musical groups such as JAM, Vasari Singers and Selwyn College choir were held during the year.

The recitals series proved more popular than ever, with two live performances a week.

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Sunday Club

The Sunday Club met during term time throughout the year and continued to provide a safe and nurturing environment for younger members of the congregation to learn about the Bible through stories, prayer, activities, crafts and games. It is run by a group of volunteers who bring their skills and knowledge to provide a varied programme for the children.

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THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Safeguarding

The PCC has appointed individuals to the requisite roles and continues to abide by its Safeguarding Policy. In this respect, the PCC is fully compliant with Diocesan requirements.

Fundraising

A legacy of £920,000 had been notified during the year and an interim payment of £790,475 was received during October. The balance was due to be received before the end of May 2025 and the total legacy is therefore recognised in these financial statements. The PCC designated £750,000 of this legacy towards the project of stonework and roof repairs, with the balance to assist with shortterm cash flow and other fabric costs.

In 2024, 27% of the church's expenditure of £833,874 was raised through services, events and activities (2023: 27%), 28% through grants from St Bride’s Charity and external trusts (2023: 33%), 36% through personal giving (including legacies) (2023: 20%), and 9% in corporate donations (2023: 16%).

The majority of personal giving is usually received through collections (cash and contactless) at services and regular monthly or quarterly contributions. In addition, sundry donations can be made on site, or online via JustGiving, by those who attend recitals or simply visit the church and crypts. Gift Aid is reclaimed on as many eligible donations as possible.

We do not use third party suppliers to assist us with our fundraising. The charity has not voluntarily subscribed to any fundraising standards or schemes for fundraising regulation. There have been no complaints to the charity regarding fundraising. The charity is mindful of the need to protect vulnerable people and other members of the public from any unreasonable intrusion on their privacy, such as being unreasonably persistent or placing undue pressure on a person to give money or other property.

FINANCIAL REVIEW

Some income streams finally returned to pre-COVID levels, but others were proving more difficult to restore. In addition, utility and other costs rose substantially due primarily to the rate of inflation remaining high, at least in recent historical terms. Initiatives introduced after the finance group’s report (see Achievements and Performance above) led to a net increase of approximately £20,000 in the church’s annual income, although it was likely that a further net increase of £30,000 would be necessary to fully eradicate the church’s structural deficit.

The PCC reported an operating surplus of £775,803 (2023: deficit of £21,467); after depreciation of fixed assets and the designation of £750,000 (see Fundraising above), there was net income for the year of £35,873 (2023: net expenditure of £31,537).

Reserves Policy

The PCC’s reserves policy is ‘to hold at least 10% of the previous year’s unrestricted income at the end of the year, with reserves falling no lower than 5% at any point during the year’. Free reserves as at 31st December 2024 are taken to be the undesignated unrestricted funds of £46,591 (2023: £10,718) equating to 7% of the previous year’s unrestricted income.

The Trustees have designated a fixed asset fund which stood at £60,955 (2023: £71,025) to represent funds for depreciating assets in the Church.

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THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE ANNUAL REPORT (CONTINUED) YEAR ENDED 31 DECEMBER 2024

Risk Assessment

The Trustees have identified the major risks in five areas to which the PCC is exposed and have implemented the following systems and controls in order to mitigate those risks:

• i) Reputational — a Digital Communications manager controls our digital and social media content and monitors publicity;

• ii) Fire — maintenance agreements are in place for our fire, heating and lighting systems; iii) Financial — St Bride’s Charity exists specifically to support the work of church and can be called upon in exceptional circumstances;

• iv) Operational — service and maintenance contracts are in place for our IT systems, and staff have remote access to the church’s network. Regular staff appraisals and meetings occur;

• v) Statutory — the Head of Finance is responsible for identifying and complying, on the PCC’s behalf, with any statutory and governance requirements.

OBJECTIVES FOR 2025 AND FUTURE PLANS

• » Agree contracts for the stonework and roof project and diarise the work; = Set up fabric and stewardship sub-committees; = Obtain quotes for the organ refurbishment project, and investigate fund-raising opportunities; "Consolidate and develop our links with journalism and the media;

• = Continue to raise our profile through our presence on all forms of new media; = Deliver plans to further re-develop the crypt space; and

• Continue to work towards the creation of a Music Foundation, to support the provision of music at St Bride’s.

GOING CONCERN

The Trustees have evaluated the circumstances in which the PCC operates. The PCC is, in exceptional circumstances such as those that eventuated between 2020 and 2023, able to request further support from St Bride’s Charity, in addition to the annual grant of £150,000. St Bride's Charity has assets totalling over £3.5 million and exists specifically to support the work of St Bride’s Church. The Trustees have therefore concluded that there are no material uncertainties that cast doubt on the charity's ability to continue as a going concern.

RELATED PARTIES & CONNECTED ORGANISATIONS

The Rector and Churchwardens are the ex-officio Trustees of St Bride’s Charity and St Bride Organ Fund. These Trusts support the work of the PCC. During the year the PCC received grants totalling £222,733 (2023: £267,717) from these Trusts, comprising £204,475 in restricted and unrestricted grants, £15,000 in secretarial fees on behalf of the PCC, and £3,258 from the Tom Olsen Fund towards the costs of the annual Lecture. Trustees of St Bride’s Charity agreed that, from 1st October 2023, they would grant to the PCC the sum of not less than £150,000 per annum on a monthly basis.

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THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE ANNUAL REPORT (CONTINUED) YEAR ENDED 31 DECEMBER 2024

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its net incoming/outgoing resources for that period. In preparing these financial statements, the Trustees are required to:

• e select suitable accounting policies and then apply them consistently;

• e observe the methods and principles in the Charities SORP;

• e make judgments and estimates that are reasonable and prudent;

• e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the PCC on 3" April 2025

and signed on their behalf by The Revd Canon Dr Alison Joyce

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of The Parochial Church Council of St Bride (‘the charity’) for the year ended 31 December 2024 which comprise Statement of Financial Activities, Balance Sheet and Cash Flow and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• e give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its income and expenditure, for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• e have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• e the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• e sufficient and proper accounting records have not been kept by the charity; or

• e the financial statements are not in agreement with the accounting records and returns; or

• e we have not received all the information and explanations we require for our audit.

Responsibilities of trustees As explained more fully in the trustees’ responsibilities statement set out on page 7, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011, and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations, are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011, together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

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24 April 2025

THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

		Unrestricted General	Designated Fixed Asset	Designated Stonework	Designated Stonework	_ Restricted Funds	Total 2024	Total 2023
		Fund	Fund		Fund
	Notes
Income
Donations, Legacies &		1,302,294	-		-	82,581	1,384,875	573,793
Grants	2a
Charitable Activities:
TheChurch&Its Mission	2	_227,5500	0			5227,BOA		221,584
Total Income		1529844		be ees	es	___82,833	_1,612,677	_795,377
Expenditure
Charitable Activities:
TheChurch& Its Mission	4 __	__754,044			~	___82,833	__836,874	_826,974
Total Expenditure		754,041	-		-	82,833	836,874	826,914
Net Income/		775,803	-		-	-	775,803	(31,537)
(Expenditure)
Transfers between Funds		__(739,930)	(10,070)	750,000		ee	ee
NetMovementofFunds		___35,873	(10,070)	__750,000+		+	__ 775,803	(31,537)
Balances brought
forward
at 1 January 2024		10,718	71,025		a	-	81,743	113,280
Balances carried
forward
at31December2024		46,591	60,955	750,000		-	857,546	_81,743

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THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE BALANCE SHEET AS AT 31 DECEMBER 2024

	Notes		2024	2023
		£	£	£
Tangible Fixed Assets
Fixed assets	7		60,955	71,025
Current Assets
Debtors Cash at bank	8	141,106 746,636		12,225 27,490
		887,742		39,715
Current Liabilities
Creditors	9	(91,151)		(28,997)
		(91,151)		(28,997)
Net Current Assets			796,591	10,718
NetAssets			857,546	81,743
Represented by
Restricted Funds	11	-		Z
Designated — Fixed Asset Fund	11	60,955		71,025
Designated — Stonework Fund	11	750,000		-
Unrestricted — General Fund	11	46,591		10,718
			857,546	81,743

Approved by the PCC on 3" April 2025

and authorised for issue by The Revd Canon Dr Alison Joyce

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THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

		2024	2023
		£	£
Reconciliation of net income to net cash flow
from operating activities
Net income/(expenditure) for the reporting period		775,803	(31,537)
(Increase)/decrease in debtors		(128,881)	207
Increase/(decrease) in creditors		62,154	(45,021)
Depreciation		10,070	10,070
Net cash provided by operating activities		719,146	(66,281)
CASH FLOW STATEMENT
Net cash provided by operating activities		719,146	(66,281)
Cash flows from investing activities:
Payments to acquire fixed assets		-	-
Netcash providedbyinvesting activities		-	-
Increase/(decrease) in cash		719,146	(66,281)
		Cash
	2023	Flow	2024
Analysis ofcash and cash equivalents	£	£	£
Cashatbankandinhand	27,490	719,146	746,636

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1 ACCOUNTING POLICIES

THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2024

a) Basis of Preparation

The accounts (financial statements) have been prepared in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts in accordance with FRS102 the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The PCC constitutes a public benefit entity as defined by FRS 102.

b) Going Concern

The Trustees have evaluated the circumstances in which the PCC operates. The PCC is able, in exceptional circumstances such as those that eventuated in 2020-2023, to request further support from St Bride’s Charity, in addition to the annual grant of £150,000. St Bride's Charity has assets totalling over £3.5 million and exists specifically to support the work of St Bride’s Church.

The Trustees have therefore concluded that there are no material uncertainties that cast doubt on the charity's ability to continue as a going concern. c) Funds

Unrestricted funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Restricted funds are those where donors have placed restrictions on the use of the funds. Designated funds represent fixed assets in the Church that are being depreciated over time.

The accounts include all transactions, assets and liabilities for which the PCC is responsible in law.

d) Income

Collections are recognised when received by or on behalf of thePCC. Planned giving receivable under Gift Aid is recognised only when received. Income tax recoverable on Gift Aid donations is recognised when the income is recognised.

Grants to the PCC are accounted for as soon as the amount due is quantifiable and its ultimate receipt by the PCC is reasonably probable.

Legacies are recognised on the earlier of receipt of payment, finalisation of estate accounts, or on notification by the executors that payment will be made. The estimated value of legacies notified but neither received nor included in income is £130,000.

e) Expenditure

Charitable activities include the direct costs of the Church and its mission as well as costs incurred in support of these activities. Termination costs are recognised at the point the charity deems there is a present obligation resulting in a probable economic transfer which can be reliably measured. Development costs connected to the website and any other projects are written off as incurred.

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THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2024

f) Fixed Assets

Consecrated property and movable church furnishings

Consecrated and beneficed property of any kind is excluded from the accounts by $.96(2)(a) of the Charities Act 2011. Movable church furnishings held by the Rector and Churchwardens on special trust for the PCC, and which require a faculty for disposal, are accounted as inalienable property unless consecrated. The Church furniture, gifted by the St Bride’s Appeal in 2009, is being depreciated over the period to 2035.

Other fixtures, fittings and office equipment

Equipment used within the church premises is depreciated at 10% on a straight-line basis. Where prudent, individual items of equipment are written off when the asset is acquired. Fixed assets costing more than £5,000 are capitalised and included at cost including any incidental expenses of acquisition.

g) Operating Leases

Rentals applicable to operating leases where all the benefits and risks of ownership remain with the lessor are charged against the surplus for the year on a straight-line basis over the period of the lease.

h) Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

i) Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

j) Critical accounting judgements and key sources of estimation uncertainty

Sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described in the accounting policies. No significant accounting judgments and uncertainties have been identified for the current year.

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THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2024

2 INCOME

2a _ Donations, Legacies & Grants

			Unrestricted General	Unrestricted General
			& Designated Fund		Restricted	Total 2024	Total2023
				£	£	£	£
		Collections & Gift Aid
		donations		112,014	6,789	118,803	119,071
		Income tax recoverable		21,516	-	21,516	20,633
		Other donations (note 5)		54,968	15,059	70,027	83,651
		Legacies		920,000	-	920,000	10,000
		Grants received (note 3)		172,247	57,733	229,980	309,069
		Gifts in kind		-	3,000	3,000	6,500
		Church rates		21,549	-	21,549	24,869
				1,302,294	82,581	1,384,875	573,793
	2b	From Charitable Activity
			Unrestricted	General &
			Designated
				Fund	Restricted	Total 2024	Total 2023
				£	£	£	£
		Choirfees received		92,853	-	92,853	91,487
		Re-charge from services/events		73,484	-	73,484	70,523
		Ticket receipts from events		-	-	-	2,846
		Shop, boxes and recitals		28,277	-	28,277	24,962
		Parochial Fees		5,463	-	5,463	3,474
		Tours & Hire		1,244	-	1,244	1,129
		Flat Rent		21,912	-	21,912	25,245
		Bank Interest		2,529	-	2,529	-
		Refreshments		1,788	252	2,040	1,918
				227,550	252	227,802	221,584
3	GRANTS RECEIVED
			Unrestricted General	. Restricted		Total2024	Total2023
			£		£	£	£
	Secretarial support to Trusts		15,000		-	15,000	15,000
	St	Bride's Charity	150,000	54,475		204,475	247,717
	Diocese of London		-		-	-	34,409
	City Deanery Burial Ground Fund		2,500		-	2,500	2,600
	Tom Olsen Trust		-		3,258	3,258	5,000
	HJC Stevens Organ Scholarship		-		-	-	1,000
	Djuna Barnes Fund		4,747		-	4,747	3,343
			172,247	57,733		229,980	309,069

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THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2024

4 EXPENDITURE

On Charitable Activity

	On Charitable Activity
		Unrestricted
		General &
		Designated _Restricted
		Fund	Fund	Total 2024	Total 2023
		£	£	£	£
	Donations payable (note 6)	-	8,350	8,350	9,328
	Clergy expenses	2,770	-	2,770	4,544
	Maintenance	46,450	54,475	100,925	77,650
	Crypt refurbishment	-	3,000	3,000	6,500
	HR & Training	5,087	-	5,087	4,771
	Audit	10,040	-	10,040	9,035
	Professional Fees	5,400	-	5,400	-
	Common Fund	85,500	-	85,500	85,500
	Administration & Publicity	105,421	3,195	108,616	103,739
	Church Running Costs	55,049	8,553	63,602	57,463
	Service Running Costs	9,810	485	10,295	10,336
	Salaries (note 4a)	146,595	2,830	149,425	175,762
	Choir & Music Costs	254,752	1,945	256,697	260,117
	Shop & books	5,700	-	5,700	4,498
	Website	9,925	-	9,925	6,416
	Depreciation	10,070	-	10,070	10,070
	Sundry Total	1,472 754,041	- 82,833	1,472 836,874	1,185 826,914
4a	STAFF COSTS
		General	Choir	Total 2024	Total2023
		£	£	£	£
	Wages and salaries	122,879	61,836	184,715	200,410
	Employer's National Insurance	10,478	4,473	14,951	15,727
	Pension costs	16,068	5,008	21,076	22,672
	Total	149,425	71,317	220,742	238,809

The total staff employed totalled 6 (2023: 7). All staff time was spent on charitable activities. No trustees were remunerated in the year and no expenses were reimbursed.

The total employment benefits including employer pension contributions of the key management personnel were £71,144 (2023: £68,359).

During the year, the number of staff whose salary exceeded £60,000 was nil (2023: nil).

17

THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2024

5 OTHER DONATIONS RECEIVED

OTHER DONATIONS RECEIVED
		Total
	£	£
Harriet’s Trust	25,000
Worshipful Company of Marketors	5,621
News UK	2,750
DMG Media	2,750
Unilever	2,000
Kaizo	1,750
Guardian News & Media	1,250
Telegraph Media Group	1,250
Financial Times	1,250
Reach	1,250
Stationers Foundation	1,000
Golden Bottle Trust	1,000
Wren Insurance Association	1,000
Evening Standard	500
Private/anonymous	21,656
		70,027

6 DONATIONS MADE (including those designated at special Services)

	£	£
Journalists’ Charity	1,783
Guild of St Bride	1,059
Telegraph Christmas Appeal	809
Times Christmas Appeal	377
Crisis UK	337
Room to Read UK	309
Brain & Spine Foundation	293
Committee to Protect Journalists	286
Hackney Foodbank	252
Wildfish	250
Young Women’s Trust	231
Spectacle Makers Charity	227
British Heart Foundation	220
Give a Book	195
The Donkey Sanctuary	189
UCLH Cancer Charity	185
Marie Curie	165
British Red Cross	156
Médecins sans Frontieres	142
BGAJ Charitable Trust	142
Media Society	124
Bad Law Project	122
Humanity & Inclusion	114
Bridewell Foundation	110
National Centre for Reptile Welfare	97
Wildfowl & Wetlands Trust	96
Cancer Research UK	80
		8,350

18

THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2024

		Total 2024	Total 2023
7	TANGIBLE FIXED ASSETS
		£	£
	Furniture & Equipment:
	Cost
	At 1 January 2024	232,116	232,116
	Additions Disposals	- -	- -
	At 31 December 2024	232,116	232,116
	Depreciation
	At 1 January 2024	161,091	151,021
	Depreciation charged forthe year	10,070	10,070
	Disposals At 31 December2024	SS 171,161 161,091
	Net book value
	At 31 December2024	60,955	71,025
8	DEBTORS
	Prepayments & Accrued Income	1,901	1,902
	Other debtors	139,205	10,323
		141,106	12,225
9	CREDITORS
	Social security and taxes: PAYE, NI & pensions	7,330	8,603
	Deferred Income	750	1,300
	Other creditors	83,071	19,094
		91,151	28,997
	Deferred income movement Balance broughtforward Released to income	1,300 (1,300)	50 =
	Received in the year	750	1,250
	Balancecarriedforward	750	1,300

19

THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2024

==> picture [443 x 300] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |10|FUNDS| |At|1|Jan|Income|Expenditure|Transfers|At|31|Dec 2024| |2024| |General|Fund|10,718|1,529,844|(754,041)|(739,930)|46,591| |Designated|71,025|-|-|739,930|810,955| |Total|Unrestricted|81,743|1,529,844|(754,041)|-|857,546| |Restricted|°|82,833|(82,833)|-|-| |Total|Funds|81,743|1,612,677|(836,874)|-|857,546| |At|1|Jan|Income|Expenditure|Transfers|At|31|Dec 2023| |2023| |General Fund|32,185|701,333|(732,870)|10,070|10,718| |Designated|81,095|-|-|(10,070)|71,025| |Total|Unrestricted|113,280|701,333|(732,870)|-|81,743| |Restricted|-|94,044|(94,044)|-|=| |Total Funds|113,280|795,377|(826,914)|-|81,743|

----- End of picture text -----

The Trustees have designated a fixed asset fund in order to represent funds for depreciating assets in the Church, and in 2024 designated £750,000 from the Estate of Peter Longland towards the Stonework and Roof Repair project. Restricted funds are in relation to donations received at special services which are then distributed to external charities, as well as other grants or donations received for specific projects.

==> picture [303 x 169] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |11.|ANALYSIS|OF|NET|ASSETS|BETWEEN|FUNDS| |Fixed|Assets|Net Curent|Total|2024| |Assets| |£|£|£| |Restricted|fund|2|-|-| |Unrestricted|fund|60,955|796,591|857,546| |60,955|796,591|857,546| |Fixed Assets|Net ——ssets|Total 2023| |£|£|£| |Restricted|fund|=|=|=| |Unrestricted|fund|71,025|10,718|81,743| |71,025|10,718|81,743|

----- End of picture text -----

20

THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2024

12

COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

	Unrestricted General Fund	Designated Fund	Restricted Funds	Tekan 2ies
	£		£	£
Income
Donations & Legacies	479,749	-	94,044	573,793
Charitable Activities:
The Church& Its Mission	221,584	-	-	221,584
Total Income	701,333	-	94,044	795,377
Expenditure
Charitable Activities:
The Church & Its Mission	732,870	-	94,044	826,914
Total Expenditure	732,870	-	94,044	826,914
Net (Expenditure)/Income	(31,537)	-	-	(31,537)
Transfers between Funds	10,070	(10,070)	-	-
Net Movement ofFunds	(21,467)	(10,070)	-	(31,537)
Balances brought forward
at 1 January 2023	32,185	81,095	-	113,280
Balances carried forward
at31December2023	10,718	71,025	-	81,743

21

THE PAROCHIAL CHURCH COUNCIL OF ST BRIDE NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2024

se

13. RELATED PARTY TRANSACTIONS

The Rector and Churchwardens are the ex-officio Trustees of St Bride’s Charity and St Bride Organ Fund. These Trusts support the work of the PCC. During the year the PCC received grants totalling £222,733 (2023: £267,717) from St Bride’s Charity, comprising £54,475 to cover the costs of inspections and trials on the church’s roofs and stonework, £150,000 in unrestricted grants, £15,000 in secretarial fees on behalf of the PCC, and £3,258 from the Tom Olsen Fund.

The PCC received donations from its Trustees totalling £19,137 in 2024 (2023: £21,819).

14. OPERATING LEASE COMMITMENTS

	2024	2023
Minimum total leasecommitments undernon- cancellable operating leases:	Ps	£
Within 1 Year	14,672	14,672
After1to5Years	21,572	36,245

22