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2020-12-31-accounts

DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

Report and Financial Statements

of the Parochial Church Council

For the year ended 31 December 2020

Charity Registration Number 1131501

DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

PCC Annual Report

for the year ended 31 December 2020

CONTENTS

Page
Officers, trustees and other information 1
PCC annual report...……...………………………………………………… 2 - 6
Financial review…….....………………………………..……..…………… 7 - 9
Statement of financial activities...……………….……….………………… 10
Balance sheet…..….……………………..……….……….………………... 11
Statement of Cash flows …………………..……………………………….. 12
Notes to the financial statements………………………..………………….. 13 - 31
Auditor's report…...………………………………………….……………... 32 - 34

Officers

Rector The Reverend W Taylor Associate Rector The Reverend C Skrine Curates The Reverend Dr A Glyn The Reverend M Mantle The Reverend L Cornelius Church Wardens Mr J Anderson Mr R Andrews Mr A Ross Mr P Simpkin Mr R Tett Dr S Trowbridge Secretary Mr A Wales Treasurer Mr J Anderson Address St Helen's Church Office, Great St Helen's, London, EC3A 6AT Partnership & Projects Leader Mr B O'Donoghue Operations Manager Mr J Barrington Auditors Griffin Stone Moscrop & Co, 21-27 Lamb’s Conduit Street, London, WC1N 3GS Bankers National Westminster Bank Plc, 49 Bishopsgate, London, EC2N 3AS

The Parochial Church Council is a corporate body established by and operating under the Parochial Church Councils (Powers) Measure 1956.

The PCC is registered with the Charity Commission as 'The Parochial Church Council of the ecclesiastical parish of St Helen, Bishopsgate' with registration no. 1131501.

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DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

PCC Annual Report

for the year ended 31 December 2020

Since 1 January 2020 to the date of approval of this report, the PCC members, who act as trustees of the registered charity, comprised:

Rev W Taylor Chairman and Rector Rev Dr A Glyn Rev M Mantle Rev C Skrine Rev J Houghton Rev L Cornelius Mr J Anderson CBE Vice Chairman, Treasurer and Warden Mr R Andrews Warden Mr A Ross Warden Mr P Simpkin Warden Mr R Tett Warden Dr S Trowbridge Warden (From 19 October 2020) Mr R Anderson Warden (To 19 October 2020) Mr I Bright From 19 October 2020 Ms L Brock Mr E Bradley Mr M Burden From 2 July 2020 Mr S Congdon Mr R de Villiers Mrs S Finch Mr P Hagenbuch Dr G Haire Dr M Hall To 19 October 2020 Ms C Hardwick Mr S Hogan Mr C Kasenene Mr R Keep Mr J Laing From 19 October 2020 Ms A Lamb (Formerly co-opted) From 19 October 2020 Mrs C Lau Mr C Longden Miss K Malcolm Dr M Maruthappu Mr S McGowan Miss O Momoh Mr Y Monclair Mr D Nartey Mr B O’Donoghue From 19 October 2020 Ms M Okine Mr T Shelley From 19 October 2020 Mr G Sommerville From 2 July 2020 Mr L Swatman

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DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

PCC Annual Report

for the year ended 31 December 2020

Dr Y-C Teh Mr M Thorpe Miss S Too Miss H Tyler To 7 September 2020 Mr D Vinton To 19 October 2020 Mr A Wales Secretary Ms R Williams From 2 July 2020 Mr J Xiao

In addition, Miss E Davison was Electoral Roll Officer and Mr P Desmond was Bookstall Manager.

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DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

PCC Annual Report

for the year ended 31 December 2020

Strategic Report

Objectives and activities

The primary objective of all PCCs is the promotion of the Gospel of our Lord Jesus Christ for the benefit of the public.

Our church has as its stated objective to bring glory to God by knowing Him and making Him known as we proclaim Jesus Christ. The church, as in previous years, pursues this objective under three headings, namely “Reach out, Build up and Send out” – reaching out with the Gospel of Christ to those who would not call themselves Christian; building up believers to maturity in Christ; and sending people out from the congregation to serve Christ both in the UK and overseas.

The PCC is required to report on the criteria or measures used to assess success. The Bible teaches us to proclaim the Gospel of our Lord Jesus Christ faithfully, clearly and unashamedly but leave the results to God (e.g. Mark 4). Therefore, although any gospel growth is a great encouragement, the success in achieving the church’s aims and objectives is not measured by the number of attendees or by growth in numbers. Rather, the aim of the ministry activities of the church is to seek to provide people with opportunities to hear the Gospel and to respond in repentance and faith. The PCC assesses success in terms of whether this is being undertaken in obedient faithfulness.

The PCC seeks to assist, support, encourage, and provide resources for the Rector and staff in promoting the work of reaching out with the Gospel, equipping the church family to do so, building up Christians, and sending out full-time workers into gospel ministry.

The PCC has considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. The activities of the church in the pursuit of its aim include Sunday services, Christianity Explored, Tuesday and Thursday lunchtime meetings, gospel work at other locations within the City and beyond, Read Mark Learn, Central Focus, the Partnership, the youth work and Sunday School, other small groups, the Associate Scheme, church planting, Mission Partner support, prison ministry, and a stay-and-play mums and toddlers group for people in the local community with young children. All the activities of the church are regularly monitored and reviewed by the PCC against the yardstick of the church’s aim and objective. The achievements in 2020 are set out under the heading ‘Review of achievements and performance in 2020’ below. The activities provide benefit not only to those who are regular attendees of the various church services, meetings and events, but also to those who work and live in the parish area as well as the other communities in which we serve.

The activities of the PCC are pursued not just by members of the church staff. The church is heavily dependent for its activities upon the service of the church family – and rightly so. It is of the essence of gospel partnership that the work of the church be pursued by the whole congregation of believers and that the leaders of the church should seek to equip all members of the church family to play their part.

It is the aim and intention of the PCC that the entirety of its financial resources be carefully devoted to the pursuit of the church’s stated objective.

COVID-19

The 2019 Report and Financial statements were being finalised as the Covid-19 coronavirus pandemic began to take hold in the UK and many other countries. At that time, we had no idea that Covid-related restrictions would continue to be such a feature of our lives, and the church’s ministry, even as the 2020 Report and Financial statements are being prepared.

Very sadly a small number of church family members died, directly or indirectly, from the virus and went to be with the Lord. Otherwise, the Lord has been very gracious in enabling us to transform our ministry to primarily an online one. This has enabled us to continue our regular pattern of services, prayer meetings and small groups for the church family. It also enabled us to serve a wide group of people beyond the church family. People joined us from across the UK and across the world for online church services, where their local churches could not operate. We also saw increased interest in people wanting to investigate the Christian faith; we held multiple events, ran encouragingly well attended Christianity Explored courses, and developed a package of digital resources for Christmas. This required enormous commitment from the staff and volunteers operating the online activities and we are hugely grateful for their service.

4

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THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

PCC Annual Report

for the year ended 31 December 2020

Financial review

The financial review set out on pages 7-9 forms part of this PCC Report.

Structure, governance and management

The PCC is a body corporate established by and operating under the Parochial Church Councils (Powers) Measure 1956. It is a charity registered with the Charity Commission under registration no. 1131501. The election and appointment of PCC members is governed by the Church Representation Rules (2020). The church is part of the Diocese of London of the Church of England and implements national Church of England policies as required by the Diocese of London.

There were 50 members of the PCC in 2020, elected, ex officio and co-opted, drawn from the midweek and Sunday congregations. During the period of the report there were 15 elected members at any one time. The balance comprised the clergy and members who, as churchwardens or members of the General, Diocesan or Deanery Synods, are ex officio members. Three members of the church staff regularly attend meetings by invitation. In addition to the statutory standing committee, the PCC has a finance committee, a buildings committee, an IT Committee, an international steering group, a safeguarding committee, and a UK mission committee.

In terms of PCC membership, the aim is to recruit a cross-section of individuals with involvement in a variety of the areas of the church’s ministry activities. Most of those recruited are already involved in leadership in an area of the church’s mission and ministry; some are chosen for their specific professional skills and experience which are perceived as useful for the proper functioning of the PCC. New PCC members are directed to the trustee responsibilities resources and training available on the Charity Commission and Diocese of London websites. Training in matters such as health and safety and food safety is undertaken by members of the church staff with particular responsibility for the matter in question. Safeguarding training is undertaken in part by members of the church staff (for example, for volunteer Sunday School leaders) and in part by the Diocese of London.

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THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

PCC Annual Report

for the year ended 31 December 2020

The Diocese of London agrees stipend levels for all Church of England clergy in London, which the PCC accepts for its clergy. The PCC agrees the salary structure and policies for its employees. The Treasurer, with input from the finance committee, reviews and determines the individual annual salaries for all employees in accordance with the structure and policies set by the PCC and in accordance with the annual budget.

The Rector provides spiritual leadership for St Helen’s church with the support of the other clergy. The PCC delegates day-to-day administrative management to the Operations Manager, subject to written restrictions applicable to his expenditure authority.

Risk management

The PCC continues to operate its risk register and risk mitigation framework, which were reviewed and updated in 2020. While this cannot provide absolute assurance, the steps taken should enable the PCC and the church to achieve its objectives. Risk is also considered regularly as part of the decision-making process.

The principal risks facing the on-going ministry of the church have been identified as:

These risks are managed by, respectively:

Statement of PCC members’ responsibilities

A statement of the responsibilities of members of the PCC is set out on page 9 and forms part of this PCC Report.

Review of achievements and performance in 2020 and plans for the future

A review of achievements and performance in 2020 and plans for the future is set out on pages 7-9.

Andrew Wales 25[th] April 2021 Secretary

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THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

2020 Accounts – Financial Review

for the year ended 31 December 2020

Summary of main achievements

Recent developments

The 2019 Report and Financial statements were being finalised as the Covid-19 coronavirus pandemic began to take hold in the UK and many other countries. At that time, we had no idea that Covid-related restrictions would continue to be such a feature of our lives, and the church’s ministry, even as the 2020 Report and Financial statements are being prepared.

Very sadly a small number of church family members died, directly or indirectly, from the virus and went to be with the Lord. Otherwise, the Lord has been very gracious in enabling us to transform our ministry to primarily an online one. This has enabled us to continue our regular pattern of services, prayer meetings and small groups for the church family. It also enabled us to serve a wide group of people beyond the church family. People joined us from across the UK and across the world for online church services, where their local churches could not operate. We also saw increased interest in people wanting to investigate the Christian faith; we held multiple events, ran encouragingly well attended Christianity Explored courses, and developed a package of digital resources for Christmas. This required enormous commitment from the staff and volunteers operating the online activities and we are hugely grateful for their service.

Some in the church family faced financial hardship as a result of the pandemic. A culture of mutual support within small groups and the wider church family meant that a lot of people were helped in ways that were not visible to others. But the PCC realised a safety net might be needed for some people who fall within the charity’s purposes and were suffering significant financial hardship as a result of the pandemic. The PCC therefore set up a Hardship Fund which gave grants of £7,078 during the year. This was funded by additional gifts from the church family.

During the first periods of lockdown, when churches were completely closed and the financial impact on St Helen’s looked as if it could be very severe, we benefitted from use of the Government's Coronavirus Job Retention (Furlough) Scheme. We managed to adapt the majority of staff roles to an online environment, but a small number of staff, such as those involved with catering and building operations, could not be redeployed and were supported by the furlough scheme at various periods between March and October 2020. By October 2020 it looked as though giving would remain stable so, although additional lockdowns again disrupted our ministries, we did not make further use of the scheme. We are grateful to the government that they enabled us to continue to employ these staff during challenging times.

Brief reflections of our achievements in light of our objectives

The Christian faith is intended to be lived in a family atmosphere where sisters and brothers in Christ see each other face to face to worship, learn, pray, support and encourage one another, and welcome others. Technology cannot replicate this, but it has allowed us to continue this ministry in ways that would have been unthinkable just a few years ago. We are grateful to God for the resources and people that have enabled us to do this. It has supported a wide range of our usual activities, even if ‘you are on mute’ has become a regular refrain in small group bible studies. We are very grateful that the church staff team has taken on so many additional activities with such good grace.

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THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

2020 Accounts – Financial Review

for the year ended 31 December 2020

To date we have seen stable numbers at Sunday services and in the bible study groups for workers, students and internationals. Our offsite mid-week ministries in North Bishopsgate, Covent Garden and Paddington have continued. Unfortunately, physical prison visiting has been limited, but the ministry has continued. How the church’s overall ministry will develop as we emerge from lockdown into a world of more widespread remote working and more hybrid physical and virtual lifestyles is something we are praying about.

St Helen’s continued to support the ministry of St Michael, Cornhill and St Benet, Paul’s Wharf, though activity was reduced in 2020. Staff members led ministry activities and services, with their costs covered by St Helen’s; volunteer time was also provided.

We increased our support of growth at smaller UK churches to six churches. These small churches are in areas where there is plenty of gospel need and opportunity but little resource. It has been very pleasing to hear from them that our support to help ‘pump prime’ growth opportunities has borne fruit for the gospel and strengthened the churches themselves.

Financial outcomes

On the income side, regular giving was more or less stable, dropping 1%, and the number of regular givers remained stable. One-off gifts however dropped by c.£174,000 (-13%) against a 44% increase in the value of one-off gifts in 2019. Gift income dropped by c.£190,000 overall. In the circumstances we thank the Lord for such generous financial partnership from the church family.

Income from charitable and trading activities dropped by c.£318000 as weekends away, events, book sales and catering had to be suspended.

Costs in Unrestricted Funds dropped by c. £473,000 (-13%). Around £70,000 came from specific cost containment because we were concerned that we could see a significant deficit in 2020. The rest was from an inevitable reduction in our charitable and trading activities (some of which often need subsidising from General Funds).

The Total Net Movement of Funds was a surplus of £71,708, coming from a surplus of £99,295 in Unrestricted Funds and a deficit of £27,587 in Restricted Funds.

Continuing the work

The generous financial support for the ministry during the year enabled us to continue a wide range of activities under our strategy of:

Reserves policy

The reserves policy of the PCC is to hold funds to cover at least three months’ expenditure, but higher levels if uncertainty makes that more appropriate. Around 40% of our gift income is from lump sum gifts. Whilst these gifts have remained comparatively stable over recent years they often represent significant sums from single individuals or families. We therefore hold additional reserves to manage volatility in these gifts, since our ability to manage our costs in the short-term is limited by the fact that about 70% of costs are staff-related and would take time to reduce.

At the end of 2020 the church’s total funds were £2,011,134 in Unrestricted Funds (2019: £1,913,722) and £140,366 in Restricted Funds (2019: £166,070). Most balances in the restricted funds represent gifts for a specific ministry area and are expected to be used in the near term, usually less than twelve months.

£20,313 of the Unrestricted Funds is in the Fixed Asset Fund and could not be used at short notice. Reserves are held in the form of cash and cash deposits, or equivalent deposit instruments.

Reserves exceed the PCC’s three-month minimum policy. But, given our reliance on gift income, the high level of one-off gifts, and the continued uncertainties around the continuing impact of the pandemic, the PCC remains comfortable with the elevated level of reserves.

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THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

2020 Accounts – Financial Review

for the year ended 31 December 2020

Future plans

In 2021, the PCC’s aim is to maintain the course of bringing glory to God by continuing to “Reach out, Build up and Send out”. Our intention is to continue as full a range of activities as we can and bring our small groups activities back to physical meetings as and when government regulations permit.

We have also launched a consultative process with the church family to refresh our strategy for a postpandemic environment.

Financial Risks

The financial risks to the ministry have been elevated by the outbreak of the virus. Although the initial impact on the charity’s finances in 2020 was not nearly as bad as our worst-case scenario planning, we do not yet know the direct and indirect economic impact of the virus on our church family members, who provide almost all our financial support.

We also don’t know the extent to which post-pandemic changes will impact the current and future ministry opportunities. This could include factors such as office-based working vs home-based working, the introduction of restrictions on cars in the City that make it difficult for families to attend church, and the way that a post-Brexit environment will impact our historically fruitful opportunities with international business-people and students. This in turn could significantly change the level of financial support for the church in the medium to longer term.

We may also face greater costs to train future church leaders if less use is made of Church of England funded training.

Our reserves position is robust, so we do not envisage financial distress in the short to medium term. However, change can happen quickly and the Finance Committee is keeping both the short-term and longer-term implications for financing of the ministry under review.

Closing remarks

Thank you to those who run the finances on a day to day basis, and the members of the Finance Committee who steward the church’s resources. We give thanks for God’s grace in providing for our needs through many very generous givers from our church family and beyond; whatever the amount of individual gifts we value them all.

Jeremy Anderson 25th April 2021

Treasurer

Statement of PCC members’ responsibilities in relation to the financial statements

Law applicable to charities requires the PCC to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the PCC is required to:

The members of the PCC are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ascertain that the financial statements comply with applicable laws and regulations. They are also responsible for the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

9

DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

Statement of Financial Activities

For the year ended 31 December 2020

Income and endowments from:
Donations and legacies
Charitable activities
Other trading activities
Investments
Other income
Total income
Expenditure on:
Charitable activities
Total expenditure
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
Restricted
funds
Total funds
Prior period
Total funds
Further
details
2020
2019
£
£
£
£
Note
2,932,302
161,484
3,093,786
3,374,533
2
117,760
11,953
129,713
504,585
3
119,093
-
119,093
62,958
4
8,330
-
8,330
13,343
5
22,784
15,891
38,675
44,055
6
3,200,269
189,328
3,389,597
3,999,474
3,100,974
216,915
3,317,889
3,808,598
9
3,100,974
216,915
3,317,889
3,808,598
99,295
(27,587)
71,708
190,876
(1,883)
1,883
-
-
10
97,412
(25,704)
71,708
190,876
1,913,722
166,070
2,079,792
1,888,916
2,011,134
140,366
2,151,500
2,079,792

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THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

Balance Sheet

At 31 December 2020

Fixed Assets
Tangible assets
Total fixed assets
Current Assets
Book stocks
Debtors
Short-term bank deposits
Cash at bank and in hand
Total current assets
Liabilities
Creditors: Amounts falling due within o
Net current assets
Total net assets
The funds of the charity
Restricted income funds
Unrestricted funds:
Fixed Asset Fund
General Fund
Total unrestricted funds
Total charity funds		 £
ne year
20,313
1,990,821		 2020
£
20,313		 £





29,094
1,884,628		 2019
£
29,094
11
29,094
14,483
12
115,107
13
892,331
1,478,106
2,500,027
449,329
14

2,050,698
16
2,079,792
166,070
15
1,913,722
2,079,792
20,313
12,186
145,901
897,587
1,249,964
2,305,638
174,451
2,131,187
2,151,500
140,366


2,011,134
2,151,500

The financial statements on pages 10-12 and the notes on pages 13-31 were approved by the Parochial Church Council on 25th April 2021 and signed on its behalf by:

Rev W Taylor Chairman 25[th] April 2021 Mr J Anderson Treasurer 25[th ] April 2021 Mr A Ross Churchwarden 25[th] April 2021

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THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

Statement of Cash Flows

For the year ended 31December 2020

Note
Cash flows from operating activities:
Net cash (used in)/ provided by operating activities
Table 1
Cash flows from investing activities:
Purchase of property, plant and equipment
Interest from bank deposits
Increase in deposit accounts held for investment purposes
Net cash used in investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting
period
Table 2
Cash and cash equivalents at the end of the reporting period
Table 2		 Total Funds
Total
Funds
2020
2019
£
£

(225,723)
318,955
(5,348)
(16,407)
8,185
13,320
(5,256)
(58,444)
(2,419)
(61,531)
(228,142)
257,424
1,478,106
1,220,682

1,249,964
1,478,106

Table 1: Reconciliation of net income/(expenditure) to net cash flow from operating activities

2020 2019
£ £
Net (expenditure)/income for the reporting period (as per the
statement of financial activities)		 71,708 190,876
Adjustments for:
Depreciation charges 14,129 17,340
Interest from bank deposits (8,185) (13,320)
Decrease in book stocks 2,297 2,775
Increase in debtors (30,794) (1,417)
(Decrease)/Increase in creditors (274,878) 122,701
Net cash provided by (used in) operating activities (225,723) 318,955
Table 2: Analysis of cash and cash equivalents
2020 2019
£ £
Cash at bank and in hand 1,249,964 1,478,106
Total cash and cash equivalents 1,249,964 1,478,106
Analysis of changes in net debt
At start of year Cash Flows At end of year
£
 £ £
Cash at bank and in hand 1,478,106 (228,142) 1,249,964

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THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

Notes to the Financial Statements

For the year ended 31December 2020

1. Accounting Policies

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these financial statements. The financial statements have been prepared under the Church Accounting Regulations 2006 as far as currently applicable, in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 (SORP 2019 (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements are prepared in sterling, which is the presentation currency of the PCC, and are rounded to the nearest £1

Under FRS 102, the PCC falls within the definition of a public benefit entity.

Income from donations and legacies

Donations and planned giving are recognised when received. Income tax recoverable on Gift Aid donations is recognised when income is receivable, provided that income tax is reasonably certain to be recovered. Income from legacies is recognised when its receipt becomes probable following the grant of probate.

Grants receivable and endowments

Grants are recognised when the conditions for receipt have been met. Income from endowments is included within unrestricted or restricted funds in accordance with the terms of the endowment.

Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred.

Income from investments

Investment income is accounted for in the period in which it is earned and when the amount can be measured reliably.

Surplus funds are invested in interest bearing (or equivalent) deposits, mainly with major financial institutions or with deposit-taking charities, to minimise market and credit risks.

Church activities

Catering and other sales represent the amount received for meals and other goods and services, net of VAT where applicable.

Other income

Other income is accounted for on a receipts basis.

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THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

Notes to the Financial Statements

For the year ended 31December 2020

1.3 Recognition of expenditure

Recognition of liabilities

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the church to that expenditure, it is probable that settlement will be required and the amount of the obligation can be recognised and measured reliably. Accordingly, accruals, creditors and provisions are recognised where the church has a present obligation resulting from a past event and where the future outflow of funds to a third party is probable. The amounts recognised include allowances for any applicable trade discounts likely to be taken up.

Grants payable

Grants and donations for the financial year are accounted for when a decision has been taken to support a particular ministry.

Ministry Support Expenditure

Expenditure is accounted for on an accruals basis.

Allocation of expenditure

Support costs have been allocated to the different categories of expenditure according to the estimated staff time involved and/or costs incurred. It is not considered appropriate to allocate support costs relating to grantmaking activities separately from those relating to other church activities. The allocation of support costs is shown in Note 7.

Governance costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include the statutory audit and legal fees together with any relevant apportionment of overhead and support costs. In accordance with FRS 102 these costs have been included within the overall support costs shown in Note 8.

Allocation of Governance costs

Given the stated objectives and activities of the PCC, and both the indivisible nature of the church's activities as well as the relative cost of governance to these activities, it is not considered appropriate to allocate governance costs across the activities of the church. Governance costs are included in Support Costs in Note 8.

Pension Costs

Defined Contributions Scheme

St Helen’s provides a contributory defined contributions scheme for its lay employees and the contributions payable in respect of service during the year are expensed in accordance with S28.13 of FRS 102.

Defined Benefits Scheme

The stipendiary clergy at St Helen’s are members of the Church of England Funded Pensions Scheme (CEFPS), a defined benefits scheme. The scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the participating responsible bodies. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This means that it is not possible to attribute the schemes’ assets and liabilities to specific employers and that contributions are accounted for as if the scheme were a defined contribution scheme. This is the position for all but 1 (2019: 1) member of the clergy. For the purposes of the scheme, St Helen’s is not considered to be the responsible body for the majority of its clergy because it does not directly employ them and their cost of employment, including pension contributions are recharged to it by their ultimate employer, which is considered to be their relevant responsible body. For these members of the clergy, the pensions costs charged to the SOFA in the year are the contributions payable towards benefits and expenses accrued in that year.

For the remaining member of the clergy, St Helen’s is the responsible body because it pays that member’s pension contributions directly to the scheme. As a result of this and in respect of that member only, St Helen’s is required, under S28.11A of FRS 102, to account for its share of any deficit liability that the scheme may have by carrying that liability on its balance sheet and accounting for changes in that liability through the SOFA.

To date, the PCC has not included this liability in its financial statements because its amount is immaterial.

14

DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

Notes to the Financial Statements

For the year ended 31December 2020

The PCC monitors the materiality of the liability annually and will account for it under Section 28.11A of FRS 102 as appropriate.

Further details are given in Note 9

1.4 Fund accounting

Unrestricted funds

Unrestricted funds represent the funds of the PCC that are not subject to any restriction on their use.

The Fixed Asset Fund, included as a designated fund, represents the net book value of fixed assets which were acquired with unrestricted funds.

Restricted funds

Restricted funds are the funds which have been donated for specific purposes. The purpose and use of the restricted funds are set out in Note 15 to the financial statements.

1.5 Tangible fixed assets

Consecrated land and buildings and movable church furnishings

Consecrated and beneficed property is excluded from the financial statements in accordance with section 10(2)(c) of the Charities Act 2011. No value is placed on movable church furnishings held by the churchwardens on special trust for the PCC and which require a faculty for disposal, since the PCC considers this to be inalienable property. These movable church furnishings are listed in the Church Inventory which can be inspected at the Church Office. All expenditure incurred during the year on consecrated or beneficed buildings and movable church furnishings, whether maintenance or improvement, is written off when incurred.

Other tangible fixed assets

Other tangible fixed assets are stated at cost less depreciation and provisions for impairment in value. Depreciation is provided, on a straight line basis, for all tangible fixed assets at rates calculated to write off the cost over their expected useful economic lives, as follows:

1.6 Current Assets

Book stocks

Book stocks are valued at the lower of cost and net realisable value.

Debtors

Debtors represent amounts due to the church and prepayments. They are recognised at either the settlement or prepaid amount.

Short-term bank deposits

These comprise bank deposit accounts with a maturity of less than one year (typically with 95-day notice) held for investment purposes (rather than for operational cash management purposes).

Cash at bank and in hand

Cash at bank and in hand includes cash in hand, bank current accounts and cash-equivalent bank deposits held for operational cash management purposes. The cash equivalents have maturities of no more than 3 months.

15

DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

Notes to the Financial Statements

For the year ended 31December 2020

Financial instruments

The only financial instruments held by the PCC are basic financial instruments such as cash or cash equivalents, other debtors, trade creditors and accruals. These are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date.

1.7 Taxation

The church, as a registered charity, is generally not liable to taxation on its surplus or capital gains. It is not, however, exempt from VAT. Certain of the church's activities are exempt from or outside the scope of VAT. Accordingly, the church is unable to reclaim all input VAT suffered. Irrecoverable VAT is included in the cost of those items to which it relates.

1.8 Operating Leases

Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term.

1 .9 Going Concern

After making appropriate enquiries, the PCC members have a reasonable expectation that the church has adequate resources to continue in operational existence for the next twelve months. For this reason they continue to adopt the going concern basis in preparing the financial statements

2. Income from donations and legacies

Donations via Gift Aid
Income tax recoverable
Other tax efficient giving
Trust income
General collections and donations
Government grants
Other grant income
Legacies		 Unrestricted
funds
Restricted
funds
Total funds
Total funds
2020
2019
£
£
£
£
1,538,918 56,811 1,595,729
1,661,902
387,418 13,063 400,481
413,933
675,587 51,160 726,747
775,819
16,838 500 17,338
68,854
248,231 39,950 288,181
348,911
60,297 - 60,297
-
4,750
-
4,750
105,114
263 - 263
-
2,932,302
161,484
3,093,786
3,374,533

Buildings insurance (excluding terrorism insurance) is paid for by the City Churches Grants Committee. Government Grants: as explained in the Financial Review, a limited number of staff were supported by the Government's Coronavirus Job Retention (Furlough) Scheme during the period March to October 2020. The total amount received was £60,297 (2019: nil)

In 2019, the PCC received an unrestricted grant of £100,000 from the Trust for London, on the recommendation of the City Churches Grants Committee; no grant was made by the Trust in 2020.

16

DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

Notes to the Financial Statements

For the year ended 31December 2020

3. Income from charitable activities

Donations towards catering costs
Charged catering sales
Book and media sales
RML workbook sales
Church guide books
Book royalties
Weekends away and conferences		 Unrestricted
funds
Restricted
funds
Total funds
Total funds
2020
2019
£
£
£
£
693
-
693
4,540
12,634
484
13,118
55,210
4,816
601
5,417
20,262
1,471
-
1,471
2,134
-
-
-
5
8,329
-
8,329
52
89,817
10,868
100,685
422,382
117,760
11,953
129,713
504,585

4. Income from other trading activities

Parochial Fees (weddings and baptisms)
Hire of church premises
Other rental income		 Unrestricted
funds
Restricted
funds
Total funds
Total funds
2020
2019
£
£
£
£

8,175
-
8,175
8,995
325
-
325
3,300
110,593
-
110,593
50,663
119,093
-
119,093
62,958

5. Investment income

Unrestricted Restricted Total funds Total funds
funds funds 2020 2019
£ £ £ £
Bank interest 8,330 - 8,330 13,343

6. Other income

Sundry income Unrestricted
funds
Restricted
funds
Total
funds
Total funds
2020
2019
£
£
£
£
22,784
15,891
38,675
44,055
22,784
15,891
38,675
44,055

17

DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

Notes to the Financial Statements

For the year ended 31December 2020

7. Expenditure on charitable activities

7.1 Grant payments

Missionary giving
UK Support
Training for ministry
Other giving
Total grant payments
Missionary giving
East End Outreach
Crosslinks
Interserve
Serving in Mission
East Asian Ministry
OMF
French-speaking Europe
Sub-Saharan Africa
George Whitefield College
UK Support
Grant to St Peter-upon-Cornhill
UK Mission
Training for ministry
Mandarin ministry
Bangladeshi ministry
Other future ministry support
Other giving
Mandarin ministry
SIM Bangladesh appeal
U-Turn (South Africa)
GAFCON
Hardship Fund
Other		 Unrestricted
funds
Restricted
funds
Total funds
2020
Total
funds
2019
£
£
£
£
88,150
36,578
124,728 126,909
84,166
-
84,166
79,206
3,504
3,550
7,054
17,353
10,000
20,221
30,221
25,161
185,820
60,349
246,169
248,629
(14,234)
36,578
22,344
22,344
100
-
100
300
8,640
-
8,640
8,640
208
-
208
2,497
24,444
-
24,444
24,444
17,400
-
17,400
16,200
23,392
-
23,392
23,584
23,200
-
23,200
23,900
5,000
-
5,000
5,000
88,150
36,578
124,728
126,909
47,500
-
47,500
48,206
36,666
-
36,666
31,000
84,166
-
84,166
79,206
504
3,550
4,054
903
(1,000)
-
(1,000)
11,000
4,000
-
4,000
5,450
3,504
3,550
7,054
17,353
10,000
-
10,000
10,000
-
-
-
152
-
7,500
7,500
4,152
-
-
-
5,000
-
7,078
7,078
-
-
5,643
5,643
5,857
10,000
20,221
30,221
25,161

The grant to the PCC of St Peter upon Cornhill was to help it meet its Diocesan Common Fund and other operational costs.

The negative expenditure reported above resulted from: East End Outreach – to correct the misallocation to the General Fund of expenditure incurred in 2019; and the Bangladeshi ministry – an accrual set up in 2019 for expenditure which was not, in the event, actually made.

18

DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

Notes to the Financial Statements

For the year ended 31December 2020

7. Expenditure on charitable activities (continued)

Ministry costs
Unrestricted Restricted Total funds Total funds
funds funds 2020 2019
£ £ £
Diocesan Common Fund 44,400 - 44,400 42,800
Ministry Expenses 1,768,828 49,169 1,817,997 1,821,296
Ongoing Building expenses 147,447 27,762 175,209 185,814
Costs of events and additional activities 174,913 19,131 194,044 628,205
Other direct ministry costs 87,301 28,006 115,307 153,659
Allocated Support costs (Note 8) 692,264 32,498 724,762 728,195
Total ministry costs 2,915,153 156,566 3,071,719 3,559,969
Diocesan Common Fund
Diocesan Common Fund 44,400 - 44,400 42,800
44,400 - 44,400 42,800
Ministry expenses
Ministry staff salaries and social security costs
1,244,790		 37,717 1,282,507 1,230,214
Ministry staff pension costs 191,070 4,938 196,008 196,865
Ministry staff expenses 40,324 4,221 44,545 76,679
Ministry staff training 111 - 111 367
Ministry trainee grants 14,892 - 14,892 15,100
Ministry trainee training 13,571 2,180 15,751 12,255
Ministry trainee expenses 2,768 113 2,881 6,729
Ministry trainee accommodation costs 104,400 - 104,400 118,428
Clergy accommodation costs 156,902 - 156,902 164,659
1,768,828 49,169 1,817,997 1,821,296

The cost of providing accommodation for ministry trainees for the year was £104,400 (2019: £118,428). This was partly offset by rent received from trainees, which amounted to £74,593 (2019: £50,663), giving a net cost for the year of £29,807 (2019: £67,765).

Ongoing Building expenses
Church building & office running costs
Church building renovation
Shantir Boi running costs		 86,095
16,505
102,600
85,250
61,352
10,898
72,250
99,669
-
359
359
895
147,447
27,762
175,209
185,814

Church building renovation includes £25,240 for the final phase of the replacement of the St Helen's boiler, £34,860 for replacing the lighting in St Helen's and £12,150 in relation to the renovation of the fabric of St Andrew’s. Church building renovation in 2019 related to the boiler replacement project.

19

DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

Notes to the Financial Statements

For the year ended 31December 2020

7. Expenditure on charitable activities (continued)

7.2 Ministry costs (continued)


Cost of events and additional activities
Book and media purchases
RML workbooks
Catering expenses
Catering fixtures & fittings depreciation
Weekends away
Other events and activities
Church equipment depreciation
Other direct ministry costs
Speakers' honoraria
Cleaning and housekeeping
Ministry venue and office rent
Support costs
Ministry support staff costs
Salaries and social security
Pension costs
Expenses
Office costs
Printing, postage and stationery
Office maintenance and insurance
Telephone and data
Computer and website expenses
Computer equipment depreciation
Office equipment depreciation
Other office costs		 Unrestricted
Restricted Total Total
Funds
Funds Funds Funds
2020
2019
£
£ £ £
6,962
1,012
7,974
31,501
1,845
-
1,845
3,743
34,088
605
34,693
98,900
2,084
-
2,084
5,001
106,413
5,048
111,461
457,328
23,017
12,466
35,483
31,254
504
-
504
478
174,913
19,131
194,044
628,205
2,465
1,100
3,565
11,197
6,291
44
6,335
8,616
78,545
26,862
105,407
133,846
87,301
28,006
115,307
153,659
Unrestricted
funds
Restricted
funds
Total funds
2020
Total funds
2019
£
£
£
£
410,374
-
410,374
389,257
65,744
-
65,744
64,800
8,679
985
9,664
11,338
484,797
985
485,782
465,395
5,992
30
6,022
12,872
18,011
-
18,011
15,255
19,029
-
19,029
17,202
35,369
981
36,350
66,643
9,708
-
9,708
8,505
1,833
-
1,833
3,356
2,455
335
2,790
2,995
92,397
1,346
93,743
126,828

8. Support costs

20

DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

Notes to the Financial Statements

For the year ended 31December 2020

8. Support costs (continued)

Professional and other costs
Consultancy fees
Parochial fees
Payroll agency charges
Bank charges
Audit fee		 87,615
30,012
117,627
112,414
3,985
-
3,985
3,312
2,222
-
2,222
2,386
7,764
155
7,919
7,575
13,485
-
13,485
10,285
115,071
30,167
145,238
135,972

Consultancy fees for 2020 include: legal & professional £32,000 and £85,000 for ongoing IT support consultancy .

Total support costs 692,265 32,498 724,763 728,195
Allocation of support costs:
Ministry costs (Note 7.2) 692,265 32,498 724,763 728,195
Total support costs 692,265 32,498 724,763 728,195
Total Expenditure
Staff costs Depreciation Other costs
Total funds		 Total funds
2020 2019
£ £ £
£		 £
Grant payments (Note 7.1) -
-		 246,169
246,169
248,629
Ministry costs (Note 7.2) 1,817,997
2,588		 526,372
2,346,957
2,831,774
Ministry support costs 485,782
11,541		 227,440
724,763
728,195
2,303,779 14,129 999,981
3,317,889		 3,808,598
2020 2019
Staff costs £ £
Wages and salaries 1,536,880 1,466,836
Social security costs 156,001 152,635
Pension costs 261,752 261,665
Cost of ministry trainee schemes 137,924 152,512
Staff expenses (incl. accommodation costs) 211,222 253,043
2,303,779 2,286,691
2020 2020
Other costs £ £
Grant payments 246,169 248,629
Diocesan Common Fund 44,400 42,800
Office costs 93,743 126,828
Premises costs 286,951 328,275
Cost of events, weekends away and additional activities 193,540 627,726
Professional costs 145,238 135,972
Miscellaneous costs (including depreciation) 4,069 11,677
1,014,110 1,521,907

9. Total Expenditure

21

DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

Notes to the Financial Statements

For the year ended 31December 2020

Pension costs

Pension costs include £210,060 (2019: £205,610) of contributions made to defined contribution schemes. At the end of the year, a creditor of £21,596 (2019:£20,202) was recognised for these schemes.

The remaining £51,692 (2019: £56,055) of pension costs relate to contributions to a defined benefit scheme which is operated by the Church of England Funded Pension Scheme for the 6 (2019: 7) members of clergy funded by St Helen's. £10,000 (2019: £8,983) has been recharged to another church in respect of one minister who now works full-time for that church.

As explained in Accounting Policies note 1.3 above, the above scheme is currently in deficit but the PCC’s share of the related deficit liability in respect of 1 (2019: 1) member of the clergy has not been included in these financial statements because it is immaterial. At 31 December 2020 this liability amounted to £4,000 (2019: £6,000).

Employee numbers

The average number of full-time equivalent employees, analysed by function, was:

Higher paid staff

The table below shows the number of higher paid staff with emoluments falling in the following ranges. Emoluments include salary and taxable benefits in kind and other payments to employees.

£70,000 to £79,999
Contributions paid to a money purchase scheme on behalf
of higher-paid staff during the year amounted to:		 2020
2019
No.
No.
1
1
2020
2019
£
£
10,022
9,960

10. Transfers between general and offsite ministry funds

Transfers between unrestricted funds and offsite ministry and restricted funds were as follows:

2020 2019
Expenses & Staff Portion of costs Total Total
Costs covered by
funds raised or
held
£ £ £ £
SIM Bangladesh collection - - - (70)
U-Turn Appeal - - - (1,036)
S E Gospel Partnership 12,902 (11,173) 1,729 -
Gospel Partnership 246 - 246 809
Covent Garden Talks - - - 1,289
Other 1 (93) (92) -
Total transfers between funds 13,149 (11,266) 1,883 992

22

DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

Notes to the Financial Statements

For the year ended 31December 2020

11. Tangible fixed assets

Ministry related
Fixtures
and fittings
Catering
equipment
and fittings
Church
equipment
£
£
£
Cost or valuation
At beginning of the year
3,765
121,024
189,766
Additions
-
-
2,294
Disposals
-
-
-
At the end of the year
3,765
121,024
192,060
Depreciation and impairments
At beginning of the year
3,765
118,621
188,326
Depreciation charge for the
year
-
2,084
504
Disposals
-
-
At the end of the year
3,765
120,705
188,830
Net book value at the
beginning of the year
-
2,403
1,440
Net book value at the end
of the year
-
319
3,230		 Ministry related Ministry related Ministry related
Office
equipment

£

65,195

-

-

Computer
equipment
Total

£
£

100,358
480,108

3,054
5,348

-
-
Fixtures
and fittings
Catering
equipment
and fittings
£
£
3,765
121,024
-
-
-
-


Church
equipment

£

189,766

2,294

-

Subtotal

£

314,555

2,294

-
3,765
121,024
192,060
316,849
65,195
103,412
485,456

188,326

504

-
310,712

2,588

-
59,325

1,833

-
80,977
451,014

9,708
14,129

-
-
3,765
120,705
188,830
313,300
61,158
90,685
465,143
-
2,403
1,440
3,843
5,870
19,381
29,094
-
319
3,230
3,549
4,037
12,727
20,313

12. Book Stock

Book Stock
2020 2019
£ £
Books for resale 12,186 14,483

13. Debtors

Income tax recoverable
VAT recoverable
Grants recoverable
Staff loans
Prepayments
Accrued income
Current accounts with related parties
Other debtors		 2020
2019
£
£
40,430
79,140
1,558
338
7,806
-
-
1,139
46,045
22,437
39,882
3,681
2,172
454
8,008
7,918
145,901
115,107

23

DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

Notes to the Financial Statements

For the year ended 31December 2020

14. Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Trade creditors
Taxation and social security costs
Other creditors
Annual leave accrual
Accruals
Deferred income		 2020
2019
£
£
10,252
57,111
35,399
36,745
23,409
24,044
38,853
31,968
40,892
228,692
25,646
70,769
174,451
449,329

15. Restricted funds

A) Current Year

Church Planting Fund (formerly known as
the Re:GENERATION Appeal)
SIM Bangladesh December Carol Services
U-Turn Appeal (South Africa)
Latvian Ministry
East End Outreach
Covent Garden Talks
Paddington Talks
North Bishopsgate
Music Student Ministry
Mandarin Ministry
Crossing Church Singapore
Gospel Partnership
London Gospel Partnership
(formerly South East Gospel Partnership)
Mission Minded Conferences
Special Collections
Media Fund
Building Maintenance
IGG ministry fund
Weekend Away Bursary
Hardship Fund		 At
1 January
2020
Incoming
resources Expenditure
Transfers
At
31 December
2020
£
£
£
£
£
18,423
-
(10,899)
1
7,525
-
1,814
(1,814)
-
-
-
7,750
(7,500)
-
250
435
-
-
-
435
22,647
58,144
(63,060)
(2)
17,729
-
31,513
(17,768)
-
13,745
5,300
4,704
(401)
-
9,603
6,651
13,454
(2,043)
-
18,062
38,775
9,225
(12,161)
2
35,841
35,161
1,160
(21,038)
-
15,283
93
-
-
(93)
-
-
-
(246)
246
-
2,573
13,191
(12,902)
1,729
4,591
300
8,365
(8,665)
-
-
-
3,628
(3,628)
-
-
31,712
63
(31,207)
-
568
2,000
14,505
(16,505)
-
-
2,000
1,125
-
-
3,125
-
9,299
-
9,299
-
11,388
(7,078)
4,310
166,070
189,328
(216,915)
1,883
140,366

24

DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

Notes to the Financial Statements

For the year ended 31December 2020

25

DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

Notes to the Financial Statements

For the year ended 31December 2020

15. Restricted funds (continued)

B) Comparative Year (2019)

Church Planting Fund (formerly known
as the Re:GENERATION Appeal)
SIM Bangladesh December Carol
Services
U-Turn Appeal (South Africa)
Latvian Ministry
East End Outreach
Covent Garden Talks
Paddington Talks
North Bishopsgate
Music Student Ministry
Mandarin Ministry
Crossing Church Singapore
Gospel Partnership
South East Gospel Partnership
Mission Minded Conferences 2019
Special Collections
Media Fund
Building Maintenance
IGG ministry fund		 At 1 January
2019
Incoming
resources
Expenditure
Transfers
At 31
December 2019
£
£
£
£
£
18,423
-
-
-
18,423
188
1,052
(1,170)
(70)
-
188
4,999
(4,151)
(1,036)
-
945
-
(510)
-
435
28,558
53,691
(59,602)
-
22,647
-
33,445
(34,734)
1,289
-
7,954
12,760
(15,414)
-
5,300
-
19,999
(13,348)
-
6,651
40,493
9,373
(11,091)
-
38,775
31,510
23,465
(19,814)
-
35,161
93
-
-
-
93
-
-
(809)
809
-
8,332
14,509
(20,268)
-
2,573
-
44,020
(43,720)
-
300
-
3,063
(3,063)
-
-
-
38,613
(6,901)
-
31,712
-
2,000
-
-
2,000
-
2,000
-
-
2,000
136,684
262,989
(234,595)
992
166,070

16. Analysis of net assets between funds

Fund balances at 31 December 2020
are represented by:
Unrestricted Funds
General Fund
Fixed Assets Fund
Total Unrestricted Funds		 Tangible fixed
assets
Current
assets
Current
liabilities
Total
Funds
-
2,165,272
(174,451)
1,990,821
20,313
-
-
20,313
20,313
2,165,272
(174,451)
2,011,134

26

DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

Notes to the Financial Statements

For the year ended 31December 2020

16. Analysis of net assets between funds (continued)

Fund balances at 31 December 2020
are represented by:
Restricted Funds
East End Outreach
North Bishopsgate
Music Student Ministry
Mandarin Ministry
Other Restricted Funds
Total Restricted Funds
Total Funds		 Tangible fixed
assets
Current
assets
Current
liabilities
Total
Funds
-
17,729
-
17,729
-
18,062
-
18,062
-
35,841
-
35,841
-
15,283
-
15,283
-
53,451
-
53,541
-
140,366
-
140,366
20,313
2,305,638
(174,451)
2,151,500

17. Related Party Disclosures

Transactions with PCC members and Key Management Personnel (KMP)

During the year there were 50 PCC members (2019: 53). These members donated £867,744 (2019: £707,985) to the PCC. No sole PCC member held control or significant influence over the affairs of the PCC during the year, nor was any member of the PCC during the year remunerated for being a member. No expenses were reimbursed to the PCC members in the course of their roles as members. Two (2019: 3) non-clergy members or their close family were reimbursed travel and subsistence amounting to £1,137 (2019: £1,986) during the year.

The PCC had 3 (2019: 3) members who each had a close family member who was also an employee of the PCC. The aggregate remuneration paid to these employees in the year amounted to £43,509 (2019: £60,195).

Clergy are not employed by the PCC but by the Church Commissioners. The remuneration of the clergy is in accordance with the Stipend Scale for the Diocese of London and the PCC reimburses the majority of their employment costs via the Diocese of London. In addition, ordained Clergy are provided with living accommodation as part of the requirements of their role. During the year 5 PCC members (2019: 5) were part of the ordained clergy. The aggregate amount reimbursed during the year to the Diocese of London in respect of 4 (2019: 4) of those PCC members amounted to £159,600 (2019: £117,300). The cost of the other member of the ordained clergy was reimbursed to another body and amounted to £41,980 (2019: £41,643). The PCC incurred accommodation costs (rent, council tax and utilities) during the year in respect of the clergy members amounting to £135,201 (2019: £142,447). During the year, the total of specific ministry costs, mainly travel and subsistence, reimbursed to clergy members or members of their close family amounted to £975 (2019: £7,227). Payments amounting to £17,979 (2019: £15,687) were made to one (2019: 1) clergy member by way of pastoral support to him and his family.

27

DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

Notes to the Financial Statements

For the year ended 31December 2020

The PCC defines KMP as 4 (2019: 4) senior clergy members of the PCC, the Partnership & Projects Team Leader, the Operations Manager and one ordained ministry leader who is an employee. The pay, benefits and expenses of the clergy are dealt with above. The pay and benefits of the other key management personnel are set annually by the PCC’s Finance Committee, in relation to the church’s salary bands and the individual needs of the employee. Salary bands are benchmarked against other charities, churches and key worker roles on a periodic basis. In 2020 this group, including a close family member also employed by the PCC, received remuneration of £178,522 (2019: £147,311). They also reclaimed ministry expenses, mainly travel and subsistence, from the PCC totalling £597 (2019: £3,651).

Transactions with other related parties

Parochial Church Council of St Peter upon Cornhill (SPC) (excepted from registration by the Charities Commission)

St Helen’s PCC members Rev W Taylor, Mr S Congdon and Mr B O’Donoghue and Key Management Personnel, Rev H Eatock-Taylor and Mr J Barrington, were members of the PCC of SPC in the year, as were 8 other employees of St Helen's.

St Helen’s uses the SPC church building for various small group ministries and to provide study space for Ministry Trainees. No rent was paid during 2020 or 2019 by St Helen’s for this use.

During the year:

18. Transactions with other relevant charities

Great St Helen’s Trust (GSHT) (registered charity no. 1089919)

GSHT provides support for Christian ministry in London.

Key Management Person, Partnership and Projects Leader, Mr B O’Donoghue, is a trustee of GSHT.

During the year:

Parochial Church Council of St Michael Cornhill (SMC) (registered charity no. 1179240)

St Helen's has links with St Michael's but does not have control over its activities. 3 members of St Michael's PCC are also PCC members of St Helen's: Rev S Skrine, Chair and Priest-in-Charge, Rev L Cornelius, Mrs J Taylor, wife of Rev W Taylor, St Helen's chair. 2 members of St Michael's PCC are employees of St Helen's: Ms M Vander Steen and Mr H Eatock-Taylor, who is also a KMP of St Helen's. 8 members of St Michael's PCC are also members of the congregation at St Helen's.

28

DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

Notes to the Financial Statements

For the year ended 31December 2020

During the year:

Crossway Stratford (Crossway) (registered charity no. 1172415 )

St Helen's established an independent church plant at Crossway, Stratford in 2017 and it became an independent charity in 2018. Prior to that, the ministry at Stratford operated as a restricted fund within St Helen's. Part of this arrangement was that the Rev J Child (a St Helen's PCC clergy member until July 2017) would cease to be licensed in the Diocese of London and would be relicensed in the Chelmsford diocese which would, accordingly, be responsible for paying his stipends and related costs. His relicensing has not, to date, been concluded, with the result that St Helen's continues to be charged for those costs by the Diocese of London. The amount involved was £39,900 (2019: £39,100), which was fully recovered from Crossway.

Renew Conference (Renew) (registered charity no. 1174727)

St Helen’s PCC members Rev W Taylor and KMP, Partnership and Projects Leader, Mr B O'Donoghue, are trustees of Renew.

During the year:

29

DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

Notes to the Financial Statements

For the year ended 31December 2020

19. Statement of Financial Activities (for the prior year)

Unrestricted Further
funds Restricted funds Total funds details
2019 2019 2019 Note
£ £ £
Income and endowments from:
Donations and legacies 3,163,855 210,678 3,374,533 2
Charitable activities 472,730 31,855 504,585 3
Other trading activities 62,958 - 62,958 4
Investments 13,343 - 13,343 5
Other income 23,599 20,456 44,055 6
Total income 3,736,485 262,989 3,999,474
Expenditure on:
Charitable activities 3,574,003 234,595 3,808,598 9
Total expenditure 3,574,003 234,595 3,808,598
Net income/(expenditure) 162,482 28,394 190,876
Transfers between funds (992) 992 - 10
Net movement in funds 161,490 29,386 190,876
Reconciliation of funds:
Total funds brought forward 1,752,232 136,684 1,888,916
Total funds carried forward 1,913,722 166,070 2,079,792

30

DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE

Notes to the Financial Statements

For the year ended 31December 2020

20. Operating Lease Commitments

At 31 December 2020 the total of the PCC’s future minimum lease payments under non-cancellable operating leases (for rented properties) was:

Amounts payable:
Within 1 year
Within 2 to 5 years
Total		 2020
2019
£
£
93,455
-
76,938
-
170,393
-

21. Other Commitments

At 31 December 2020, outstanding commitments, relating to the acquisition of a photocopier/printer, amounted to £11,000.

22. Contingent Assets

During the year, the PCC agreed to enter into a deed of release of rights to light with the developers of a site close to St Helen’s church. The deed is currently being finalised and under its terms St Helen’s expects to receive the sum of £12,500.

23. Bequest of freehold properties

As reported in the 2019 Financial statements, the Rector and Churchwardens of St Helen's, Bishopsgate were informed in October 2018 that they had been left a legacy of three properties in the East End of London, the aggregate market value of which is estimated at around £2,000,000. The properties were left to the Rector and Churchwardens of St Helens, rather than to the PCC as a body. At the time of writing, the PCC is awaiting final confirmation that the relevant Diocesan Authority, the London Diocesan Fund (LDF), in its role as Custodian Trustee under the terms of the Incumbents and Churchwardens (Trusts) Measure 1964, as amended, has acquired the freehold of these properties. Under this arrangement, the Rector and Churchwardens become the Managing Trustees for the properties.

At its meeting in February 2021, the PCC agreed to put in place a legal agreement so that the day-to-day management and upkeep of the properties is overseen by the PCC at its cost, in return for use of the houses and/or any rental income.

As the PCC has no legal title to these properties, it is of the opinion that they do not form part of its accounting records.

31

DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

Charity Registration Number 1131501

Independent Auditor’s Report

To the Parochial Church Council of the Parish of St Helen Bishopsgate with St Andrew Undershaft and St Ethelburga Bishopsgate and St Martin Outwich and St Mary Axe

Opinion

We have audited the financial statements of St Helen’s Church for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of 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:

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 "Auditors' responsibilities for the audit of the financial statements" section of our report. We are independent of the church 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The PCC Members are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditors' 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.

In connection with our audit of the financial statements, 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

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 require us to report to you if, in our opinion:

32

DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

Charity Registration Number 1131501

Independent Auditor’s Report

To the Parochial Church Council of the Parish of St Helen Bishopsgate with St Andrew Undershaft and St Ethelburga Bishopsgate and St Martin Outwich and St Mary Axe

Responsibilities of PCC Members

As explained more fully in the " PCC Members’ Responsibilities " statement set out on page 9, the PCC Members are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the PCC Members 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 PCC Members are responsible for assessing the church’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 PCC Members either intend to liquidate the church or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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 auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

• carrying out substantive checking to supporting documents on a sample basis of individual transactions within income and expenditure to give comfort that on a sample basis the SOFA does not contain any irregular items;

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

33

DocuSign Envelope ID: D57F8DBE-4664-4CFD-A09C-065E2E6D0635

Charity Registration Number 1131501

Independent Auditor’s Report

To the Parochial Church Council of the Parish of St Helen Bishopsgate with St Andrew Undershaft and St Ethelburga Bishopsgate and St Martin Outwich and St Mary Axe

fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the PCC Members (who are trustees for the purposes of charity legislation), as a body, in accordance with regulations made under section 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the PCC Members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the church and the PCC Members, as a body, for our audit work, for this report, or for the opinions we have formed.

Griffin Stone Moscrop & Co. 21-27 Lamb's Conduit Street Chartered Accountants London Statutory Auditors WC1N 3GS

26/4/2021

Date…………………………..

Griffin Stone Moscrop & Co is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

34