2021-12-31-accounts

Report and Financial Statements of tbe Paro¢hlal Church Counell For th¢ year ended 31 December 2021 Charity Registrntion Number 1131501

THE PARISH OF ST HELEN BISHOPSGATB WITH ST ANDREW UNDBRSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE PCC Annual Report for ¢h¢ y¢at ended 31 De¢¢mber 2021 CONTENTS Page Officers, trustees and oth¢1 inforniation PCC Annual Report,............. Financial Review.................................................-........-............. Stst¢m¢nt of Financial Aetivities... Balance Sheet... Statement of Cash flows ......... Note8toth¢Financial Statements.................................. Auditorfs report...................... . 10 12 37-39 Offwers Reetor Th¢ R¢v¢r¢nd W Taylor Curates The Reverend Dr A Glyn The Reverend L Cornelius The Reverend D Balch The Rev¢rend P Hudson Church Wardens Mr J Anderson Mr R Andrews Mr C Kasenene Mr A Ro5$ MrR Tett Dr S Trowbridge S¢crelary Mr A Wales Treasurer Mr J Anderson Address St Helen's Church oifi¢e. Great St Helen's. London. EC3A 6AT Partn¢Yghlp & Projeets Leader Mr B (YDon0￿lle Operatlons Manager Mr J Barrington Audltors Griff￿ Ston¢ Mowop & Co. 21-27 Lamb's Conduit Street, London, WCIN 3GS Bllnkers National Westminster Bank Plc, 49 Bi5hop5gat¢, London, EC2N 3AS The Parochial Church Council is a corporate body established by attd op¢rnling under the Parochial Church Counci15 (Pow¢rs) Measure 1956. The PCC is regisiered with the Charity Commission as Th¢ Paro¢hial Church Council of the ecclesiastical parish of Sl Helen. Bishopsgate, with registration no. 1131501.

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 2021 Sine¢ l January 2021 to the date of approval of this report, the PCC membors. who act as trustees of the r¢gi8t¢r¢d Charity. ¢omprised: Rev W Taylor R¢v A Balch Rev Dr A Glyn Rev M Mantle Rev C Skrine Rev J Houghton Rev P Hudson Rev L Cornelius Mr J Anderson CBE Mr R Andrews Chatmian and Rector From 7 July 2021 To 31 August 2021 To 4 April 2021 From 7 July 2021 Vice Chainnan, Treasurer and Warden Warden Warden {from 26 April 2021) Warden Ward¢n (to 26 April 2021) Warden Warden Mr C Kasenene Mr A Ross Mr P Simpkin MrR Tett Dr S Trowbridg¢ Mr R Anderson Mr l Briglit M$ L Brock Mr E Br&dl¢y Mr M Burden Mr S Congdon Mr K de Villiers Mrs S Finch To 26 April 2021 Mr P Hagenbuch Dr Q Haire Ms C Hardwi¢k Mr S Hogan Mr T James Mr R Keep Mr J Latng Ms A Lomb Mrs C Lau From 26 April 2021 To 21 October 2021 Mr C Longden Miss K Malcolm Dr M Marnthappu Mr S M¢Gowan Miss O Momoh To 14 Septsmber 2021 Mr Y Monclair Mr D Nartey Mr B O'Donothue Ms M Okine Mr T Shelley

THE PARISH OF ST HELEN BISHOPSGATE ￿TH ST ANDREW UNDERSHAFf AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE PCC Annual Report for th¢ year ended 31 Detember 2021 Mr G Somm¢rvill¢ Mr L Swatman Dr Y-C Teh Mr M Thorpe Miss S Too Mr A Wales M$ R William8 Mr J Wo15tenholme Mr J Xiao Secretary From 26 April 2021

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFf AND ST EfHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE PCC Annual Report for tht y¢4r ¢nded 31 Dec¢mber 2021 Strategie Report Objectives and acllvllles The primary obj¢ctive of all PCCS As the promotion of the Gospel of our Lord Jesus Christ for the benefAt of the public. Our ¢hur¢h has as its stat¢d objective to bring glory to God by knowing Him and making Htm known as we pro¢laim Jesu$ Christ. The ¢hur¢h, as An previous years, pursu¢s this obj¢ctive under thr¢e headings, namely "Reach ou¢, Build up artd Send out" r¢a¢hing out with the Go$p¢l of Christ to thos¢ who would not call themselves Christian. building up believer$ io Ma￿rity in Chrigt. and sending people out from the congregalion to serve Christ both in the UK and overseas. Th¢ PCC is requir¢d to r¢poii on th¢ ¢riteria or m¢asur¢s used ¢0 ass¢ss $u¢cess. The Bible teaches us to proclaitn th¢ Gospel of our Lord Jesu$ Christ faithfully, ¢leorly ond unashamedly but leave the r¢sults lo God(e.g. Mark4). Therefore, although aoy gospel growth is a grea¢ en¢ouragem¢nl, th¢ su¢¢ess in achi¢vin8 ¢h¢ church'5 aims and objectives 15 not tneasured by the numl)er of E4ttende¢s or by growth tn ttumbers. R4th¢r. Ihe akm of th¢ ministry activities of the church is to seek to provide people with opportunities to hear the Gospel and lo respond in rep¢ntaÉice and faith. The PCC assesses succ¢ss in ternis of whether this is being undertak¢n in obedient faithfulness. The PCC seeks to assis( support. en¢ourag¢. and provide r¢sour¢e5 for the Re¢tor olld $tsff in promoting the work of rea¢hing out wlth th¢ Gospel, equlpping ¢he church family to do so, building up Christians, and sending out ￿11-ll1￿c workers into 8osp¢l ministy. The PCC I￿ considered the Charity Commission's guidance on public benefit and, in particular. the speclfic guidance on charities for the advancement of religion. The activities of the thur¢h in ihe pursuit of its aim include Sunday services. Christianity Explored. Tuesday and Thursday lunchtim¢ meeting4 go$p¢l work at other locations Wlthin the City and beyond, R¢ad Mark Leom, C¢lltro1 Focus. the Partnership, the youth work and Sunday School. other small groups, th¢ Associat¢ Schem¢, ¢hur¢h planting, Mission Partner supp)rt. prison ministy, and a stay-and-play mums and toddlers group for p¢opl¢ iti the lo¢al ¢itrmmunity with young children. All the activities of the church are regularly monitored and revi¢wed by th¢ PCC against the yardstick of the church's aim and objectiv¢. The achi¢v¢m¢tsts in 2021 are set out under the heading 'Revicw of achi¢v¢m¢nts and performanc¢ in 2021, below. The activities provide ben¢fit not only to those who are regular att¢nd¢¢s of th¢ vorious ehureh services, meettngs and events, but also to those who work and live in the parish area a5 w¢ll as th¢ oih¢r ¢ommulliti¢s in which we serve. The a¢iiviti¢s of the PCC are pursued not just by members of the church Staff. The church is heavily dependent for its a¢liYities upon the s¢tvice of the church family- and rightly so. It is the ess¢n¢¢ of gospel partnership that the work of the church be pur5u¢d by th¢ whole congr¢8ation of believers and that the leaders of the church should seek to equip all m¢mb¢rs oeth¢ ¢hureh family to play their part. It is the aÈm and intention of the PCC that the enlirety of ils financial r¢sour¢¢g be Carefully d¢voted to the pursuit of the ¢hur¢h's sthted obj¢ctive. COVID-19 In 2021 the ongoing disruption from th¢ COVID-19 pandemic ¢onlinu¢d ¢0 gffe¢t the activities of the ¢hureh. We were however enabled to continue m¢¢ting publi¢ly for gathered s¢Ni¢es and did so safely in line with COVID regulations. We also continued to provide servi¢¢s onlin¢ for ihose unable lo attend in person. Sin¢e September 2021 we rtrestsblished the full range of midweek me¢tinRs and r¢-em¢rged from the pandemic ready to serve London with the gospel of J¢sus Christ. There has been an encouraging flow of new people exploring the Christian faith joining us regularly al services. FI￿4￿¢1&1 review The f￿ancial review set out on pag¢s 7-9 forn￿ part of this PCC Report.

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTtN OUTWICH AND ST MARY AXE PCC Annual Report ror the yeAr ended 31 December 2021 Str￿¢t￿r< %overn4n¢e ond m#n&%emettt The PCC is a body corylorate established by and operating under the Parochial Church CouD¢ils (Pow¢rs) Measure 1956. It is a charity registered with the Charity Commission under registration no. 1131501. The election and appointment of PCC members is govemed 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 polici¢$ u r¢quired by th¢ Diocese of London. There were 51 members of ihe PCC in 2021, elecled, ex officio and co.opted, drawn from the midw¢¢k and Sunday congregations. During Èhe period of the report there were I S elected members at any one time. The balan¢¢ comprised the clergy and members who, as churchwardens or members of the General, Diocesan or Deattery Synods, are ex offi¢io members. Two m¢mb¢rs of the ¢hw¢h staff regularly attend meetings by invitation. In addition to the statutory stsnding committ¢¢, the PCC h8s a finance committee, a butldings committee, an IT Committee, an intemational st¢ering group. a $afegllarding committee, a statymg committee, and a UK mission committee. The fujance ¢ommitt¢¢'s purpose is lo assist the Tre￿llyer in overseeing the fmancial affairs of the Church and to bring lo the PCC an annual budget, regular updates on income and expenditur¢, and aoy is5U¢5 whi¢h require resolution, together with recommendations on possible courses of a¢¢ioD. The buildiftg$ ¢ommitte¢'s pwpose is to assist the PCC and Facilities Manager in overseeing the maintenance and¢are ofthe church buildings and offices and to bring issues. which need resolution. lo ihe attention of the PCC, iogeiher with recommendations of possible eowses of action. The international steering group airns to plklR $trate8ically 811 the church'g international ministy. including mission parth¢r$, overs¢as ministy trips by staff and invitingpeople overseas to join the Associate &hem¢ or Cornhill Training Course. An internatiimal committee operates as a sub- committee of the intemational sl¢¢ring wup. with the aim of sending out mission partners and supporting them materially and ¢hrough prayor. Th¢ intemational steering group is responsible for recommendations of potential mission partnerg and proposing levels of f￿ancial support for approval by the PCC. The IT committee's purpose Isto support our rr teom in overseeing the IT infrastructhre. primarily through advice and guidanee. It helps review and develop strategies for the IT infrastructure. The committee brings r¢port5 on IT matters lo the PCC, as well As proposals for developing the IT infrastructure to the Rector, T¢am L¢aders and the PCC. The safeguarding committ¢¢ is o source of advice and guidance on safeguarding issues. It asslsts the PCC in oY¢rseeing lh¢ s4feguarding affairs of the church in accordance with the applicable standard5 and it bring$ issues which need resolution to the attention of the PCC. together with recommendations for ¢hang¢s in policy and procedure. Theresponsibility forsafeguardingremains a responsibility of the PCC as a whol¢, in¢luding for the content and implementstion of all policies and procedures. The staffjng committee's p￿ry￿se is lo support the PCC and Operations Manager in overseeing th¢ gTh)d management of staff and volunteers. 11 h¢lps review polici¢s and staffmgdocuments toensure they remain fit for purpos¢ and al industy stattdard. It advises the PCC on employmenl r¢la¢¢d matters. The UK mission committee's pU￿oSe 1$ io assisi the PCC in 11$ support of UK patlner churcheslministries andto ¢o-ordinat¢ the pra¢tical outworking of the PCC'S policy for supporting sucb ¢hurche51ministries. During 2021 a number of 'lessons-leamed' reports were published into leadership failures in various UK churches. In ihe light of these, the PCC therefore undertook a number of health ch¢cks into aspects of our own ministry. Thes¢ led to som¢ r¢¢omm¢ndation$ which have already been introduced. It also initiated a revi¢w into the effectiveness of our goY¢man¢e prO¢¢s￿S. This review is ongoing. In ternis of PCC membership. Ihe aim is to recwit a cross-sectlon of individuals with involvement in a variety of the areas of the Church's ministy activities. Most of those r¢¢ruit¢d ar¢ alr¢ady involved in leadership in an area of the church's mission and ministry- some are chosen for their spe¢ific professional skills and experience which are p¢rceiv¢d as us¢fi]I for the proper functioning of the PCC. New PCC Tnembers are directed to the tNstee re5POJJ8sbiliti¢$ r¢sources and tra&ning available on the Charity Commission and Dtocese of London w¢bsile5. Addi¢ional induction for new PCC members was also provided. Training in matters such as health and safety and food safety is undertaken by members of ihe church $thff with particular responsibility for the matter in qu¢stion. Saft8uardin8 training is undertaken

THL PARISH OF ST HLLLN BISHOPSGATL WITH ST ANDRL,W UNDLIISHArr AND ST r.THF.I.BUR(iA BISHOPStiATF. AND ST IMARTIN OUTWICH AND ST MARY AXE PCC Annual Report rur the veAr ended 31 December 2021 part by in¢iiib¢rs ot th¢ cliurch statl"(*()r ¢xampl¢, tor voluiitecr Sunday School l¢ad¢is1 and in part by th Dioce5C Ot l.ondon. The Dioccs¢ ot'l.ondon agTees stipend levels tor all Cliiir¢h ot'F.ngland clergy in l.ondon, wliich thc PCC 8¢copls for ils Cleruy. Thc PCC agrees the salary stniehire and policies for ils employees. The Treasurer. with inpiii t￿1￿ the tinancc and stalliiig) ¢ol￿ni11t¢c￿, ieview5 and detE￿nineS the individLial anniidl salaries t£ir all einployces in avb(>rdan¢e wiilj tlie sl¥u¢iuYe aiid polityies set by the PCC aiid in a¢¢ordaiic¢ with the aniiiial budget. Tlie Reclor providcs spirihial l¢adership foi. Sl Ilclcn's ¢hurcli witl) the siipporl of Ilie oll)er clergy &nd senior statt. Inembeis. The PCC delcgales day-to-day adirinislrative Manag￿1]ent io the Operations Maiiabier, siibje¢i to M4'itten itsiriLiions appliLable to his expenditure Auihority. Rlsk MA ￿￿geMent The PCC. conliniie5 Its operate lis ii5k Ir&Jisler and risk mitigation fiainework, Ivh?ch were reviewed and updalcd in 2021. Wliilc this caiiiiot provide absolute assurance, Ilic stcps taken shoilld eiiable tlie PCC and lh¢ chiirch to a¢hiev¢ its objectives. Ri%k is also ¢onsid¢r¢d regularly a$ pai'tof the decision-making ￿￿¢¢58. The prin¢ipal risks facing the on-going ministry of the church have been identified a8- Unfaith￿1 teaching froiii ihc pulpit or in small group5 Signiti¢ant dainage ro any ot'the buildings Satcguardiiig Reputational daTnagc caiised by failure to coimply witk cniployment, fillan¢sal or health and safety gulations Financial stabiliry These risks are managed by. respectively.. PCC mcmbcr8 being partot'congirgation% and sinall groiips. Small group leaders reccivc cxtcnsivc training and senior staff provide feedba¢k on s¢rn)ons. lo￿1rance policies being iji force to cover damage 10 buildings and any Consequential 108s incurred by relocating ininistry activities dui'iiig repairs. Written S42feguaTding policy and procedure5 includingT, where appropriate. the requirement for a Disclosiire and Ban'ing Seivice disclosiire pyior lo servinby with Lhildren. The PCC has a diity iillder s¢¢lÉon 5 ot'ih¥ Si1f¢gt￿l'd1￿g and Clci'gy Di&¢iplin¢ Measiiir 2016 to liave duc regard io thc Hous¢ of Bi5htsps giiidance on saftgiiarding children aiid vulnvYabl¢ adult$" Thc PCC has ci)Inplied th this diity. Publi¢ lia17ility, eniployer liability and trustec indemnity insurance covw, Wriltcn fJnan¢ial procedures and controls and wriiten liealth and satety p￿ced471￿$. Th¢ Finance Coinmittee'5 Irgular review of the church's current alld projected financial position. St8temeDt of PCC memb¢rs' respon$lbllltle5 A slat¢m¢nt ot'ik r¢sponsibilitl¢S (Trt" ni¢mb¢rs ot'th¢ PCC is s¢t out oli pag¢ 9 tQrnls part ol'this PCC Il¢port. Review of achievements perform￿nce In 2021 and plaM5 foi- the futurE A Teview of aehievements and peifoiiMance in 2021 and plans for thc fiiturc is set oiit on pages 7-9. Andrew Wale5 Scci'clary

THE PAIUSH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFf AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE PCC Annual Report- Financial Review for ¢h¢ y¢Y ¢nded 31 De¢emb¢r 2021 Summary of main 8¢hiev¢m¢nts • 2021 was a year of transition as we moved back to more norn)al patterns of ministy • Restoring physical m¢etings was a great joy to the Churoh family and we w¢l¢om¢d in person people who had join¢d the Qhuwh during lo¢kdown. We continue to serve Ihose who cannot attend physical meettngs through our online activities Despite the unusual Gi￿￿mstanCeS regular giving h¢ld up w¢ll. at the sam¢ l¢v¢l as 2020 Th¢ pattern of usual one-off gifts continued, wlth gifts slightly up for the yeAr, up £60,000 We received two ex¢¢ptional gifts during the year. One was a particularly large single donation. the other was a significant legacy. The exceptional portion of the gifts totalled £1.200,000. We plAn to use these to invest in medium-tern) ministy opportunities in line with the ministry vision S¢tting aside these signifjcant gifts we had a deficit on usual ministry activlties of £56.255 • After including th￿ gifts. and transfers to oth¢r funds, we had a svrplus of £1,143,745 • We supported mission partners overseas and gave grants to five smaller UK churches rief rejlec￿Ons of &ehlÈvemenls IM Ilghl of our objeertves The Christtan faith is intended to be lived in a family almosphere where sisters and brothers in Christ See each other face to face to worship learn, pray, silPPOrt and encourage one another, and w¢lcom¢ oih¢rs. So, it has been a great joy to progressively restore normal ministry adivities. as lockdown restri¢tion8 hav¢ ¢8sed. Since the autumn of 2021 we have been able to restart, in person. small group bible s￿dIe￿ week¢nds away, and caterin& ￿ well as seeing incr¢asiEJg numbers at our s¢rVi￿s. This increa8¢d a¢tivkty show$ up ill our fmwicial accOullt￿ with an increased cost of I IY•, as costs rose back towards 2019 levels. Our Sunday and midweek ministy has bounced back in tem)s of numbers of people attending Sunday s¢rvic¢s and in the bible study ￿0upS for W0￿erS, S￿dents and intemationals. In the aulumn of 2021, we launched an additional Sunday morning service in order to Serve better fomili¢s with younger children, wh¢ther regular attenders or enquirers into the Christian faith. Our offsit¢ mid-week ministries in North Bi$hopsgate. Covent Garden and Paddington have continued. and physical Prison visiting, the par¢nts and toddlers, wup, and the City Pastors teams have been able to restart. The City mlni5try 15 having lo adapt to a v¢ry diffetent p&ttern of office life and attendance but has seen a new generation of younger l¢ad¢rs emerging> which is very ¢ncoura8in& W¢ ¢ontinu¢ to invit¢ people lo join services online where they are still unable to attend in per50n. St Helen's continued io support the ministy of Sl Michael, Comhill and St BeneL Paul's Wharf. Staff members led ministy activiti¢s and $ervi¢e$, with their costs covered by St Helen's. volunteer lime was also provided. We supported growth at five smaller UK churches. Th¢5e small ¢hur¢h¢s or¢ in areas where there is plenty of gospel ne¢d and opportunity but little resource. li has be¢n Y¢ry pl¢a5ing lo hear from them that our support to help 'pwnp pr&me' growth opportunitie5 ha5 born¢ fruit for th¢ gospel and strengthened the hur¢hes thems¢lv¢s. We took the opportunity of the 60th anniversary of the current generation of the ministy to reflect on what the Lord 15 calling ui to do in the next decade - our 2030 vision. This reconfimied many of the ¢uffent mini5ty focus are&s. Bul 1¢ also recO￿lsed that in areBs such as the City mini5ty, and training future full- time work¢rs, ther¢ may be the opportunity to introduce some new approaches. In addilion to our Sunday and midweek ministry, the 2030 vision envisages renewed focus on ministy to the City, ¢hur¢h planting, supporting people training for thll-time Christian work, and supporting international gospel ￿rtnerS with their tralnlng needs.

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTtN OUTWICH AND ST MARY AXE PCC Annual Report- Financial Review for the year ended 31 Deeember 2021 Flnonciol ouleontss On the tncome side. regular giving was stable, rising by 1%. and the nutnber of Tegular givers remained stable. We received some very significant one-off gifts in 2021. Th¢ usual pattern of one-off gifts ¢onlinued, with these gifts up 6Yo compared to 2020. We also re¢eiYed two exceptional gifts. one donation and one lega¢y, from members of ihe church family. We allocated a portion of these gifts to support day-lo.day ministry, but set aside the majority of th¢ gifts to invest in some new ministry opportunitie5, in line with the 2030 ministry vision. In 2022 this will help support an additional cohort of Trainee Christian Leaders, training for ￿11 time Christian ministy. The funds are thown in the accounts as a new Strategic Reserve designated fibnd. On the expenditure side, restoring mony of ournomial ministy activities led to an incre8se in costs of I l•/o, as costs rose back towards 2019 levels. After allocating £1,200,000 to the Strategic Reserve, and £25.126 to cover a deficit in Restricted Funds, the Totsl Net Movement of Funds (Unrestricted Funds) wos a deficit of £56,255. This WAS a very pleasing outcome for a year that continued to see considerable disruption from Covid, especially in the r￿st part of the year. CoNilnNliig ihe work The generous fll)ancial support for the ministy during the year enabled us to wntinue a wide range of a¢tivities under our strategy of.. Reach Owl.. Through involvement of our members and $tsff in workplaee4 ¢ollege4 local communitie4 and churches locally and further afield. Build Up." Through our regular programme of services, small groups. prayer meetings and other a¢tiviti¢s. W¢ also continued to run programmes to train thbjre Christian workers. Send Out.. We eoniinued our support for international mission parlnm in Europe, Afric8 ond Asi8 and made grartts to fiv¢ small UK ¢hur¢hes to help them grow new ministries. As we look fojivard to2022. we exp¢cttO 5¢eth¢5¢ a¢livilies ¢onlinye. In lin¢ with our2030ministy vision, we also hope to in¢r¢as¢ the numb¢r of people IA training for minAsty, and have budgeted to use £250,000 of our Strdtegic Reserve to 5UPPOrt this. Ro¢rvespollcy The St Helen's Finance Committ¢¢ monitors r¢$¢rv¢s to ¢nsure we have appropriate fmancial resources to continve the church's ministy. During 2021 the Finance Committee reviewed the reserves policy and the PCC has approved an updat¢d policy whi¢h sets both target and minimum reserves levels. This is designed to enable us to cover future rnnnyng c051s of th¢ ministry if there is volatility in our gift income. We are extremely ihankfvl Éo God for all our giver4 but understand that some are able to donate one-off gifts of significant Yalue in one year, but this may not occureach year. The updated PCC reserve5 policy thkes that into accowit mor¢ spe¢ifiettlly, by recognising the potential volatility of our usual one-off gifts. Ex¢eplion81 gifts set aside for 5trdt¢gi¢ use are not regarded as recurring> and therefore are not included in assessing the appropriate res¢rve5 levels. For 2022 the policy indicates a target reserves l¢v¢l of £1.750.000. ¢quival¢nt to 4 months of costs (excluding trading expenditure) pl￿ 50% of one -off gifts received in the previous year. The minimum reserves level has been set at £1,300,000, equival¢nt 10 3 months of Costs plus 33V/oof onfroff gifts received in the previous year. Weare thankfulto God forhis generou$ provision of a number of exceptional gifts in recentyears, providing St H¢l¢n'$ with reserves in excess of our targel reserves policy. A portion of thes¢ excess funds have been 5¢¢ &sidt by th¢ PCC in a designated fund of £1,200,000. It is int¢nd¢d this will h¢lp fJnan¢e futur¢ ministy ¢ed4 oyer a number of years, to support the 2030 ministry vision. At th¢ end of 2021 St Helen's held unrestricted funds (including design0¢¢d fvnds) of £3,154,879 (2020.. £2,011,134) and restricted funds of £158,58012020.' £140,366). Most balances in restricted fiinds represent gifts for specific ministy ar¢a$ and are expe¢tedto be used in the nearterni, usually less than twelvemonths. Unrestricted funds 8re fflaiftly h¢ld in cash and cosh deposits and therefore available for short-term use. £29,284 is held in fixed assets and collld not be used at short notice.

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTtN OUTWICH AND ST MARY AXE PCC Annual Report- Financial Review for the year ended 31 Deeember 2021 FlnanclelRlskn We still don't know the extent to which posi-pandemic cha￿g£S will impaci the current and fvture ministy opportunities. This could include r￿torS Such as office-based working vs home-based working. the introduction of more restrictions on cars in the City that make it difficult for families to attend church, increasing cost inflatffton, and geopolitical developments that could impact our histor&cally fruitful opportunities wiib ittl¢mational business-p¢opl¢ and S￿de[￿. This in turn could signifi¢antly chang¢ th¢ level of fman¢ial support for th¢ ¢hur¢h in the medium to long¢r lerni. We may also fa¢e greater ¢osts to train fvture ¢hur¢h leade￿ if less use 18 made of Chur¢h of England funded training. Our reserves position As robust, so we do not envisage fman¢ial distress in the short to medium terni. However, change can happen quickly and the Finance Committee keeps the longer•temi fjnancial sustainability of the ministry under review. Closlng renwrks W¢ giv¢ thw)ks for God's grace in providing for our needs through many very generous givers from ow ¢hur¢h family and b¢yond; whatever the amount of individual gifts we valu¢ each one of them. Thank you also to those who run the f]nances on a day to day basi& and the members of ihe Financ¢ Committee who steward the thurch's resources. Jeremy AndersoD Treqsurer 13th April 2022 statement of PCC members, responsibilities in relHtion to the finan¢ial 3tateThent$ Law applicable to charities requires Ihe PCC to pr¢pare fin8n¢ial statements for each fmancial year which give a true and fair view of the charity's financial a¢liviiies during the y¢ar and of its financial position at the end of the year. In preparing ffftancial slatements giving a true and fair vi¢w. the PCC 1$ r¢quir¢d to.. select suitable accounting policies and then apply them consistenily. make judgements and estimates that are reasonable and prud¢nt' state whether applicable accounting standards and statements of recommended pTactic¢ have been followed subject to any departures disclosed and explained in the flljancial statements" and prepare the financial stht¢ments on the going ¢oncern basis w)less it is inappropriat¢ to presume that the Charity will continue in operation Th¢ members of the PCC are responsible for keeping accowiting re¢ord$ which disclose with reasonable accuracy al any time the financial position of the charity and which et)able them to as¢ertain that th¢ finan¢ial statements comply with applicable laws and ￿gUlatiOns. They are also re5pon5ible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevcnlion and detection of fraud and oth¢r irregularities.

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFf AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE Statement of Financial Activities Year ended 31 December 2021 Prior period Furlher Total f￿ndS Total fulld$ details Unre5trlcted DesSgnaÉed funds funds Restrtcled runds 2021 2020 Not¢ Ineome and elldowments from: Donalions and legacies 4.164.650 153,356 4.318.006 3.093.786 Charitable aetivities 271.281 3.912 275,193 129.713 her trading activitie5 115.050 115,050 119,093 Investments 5.787 5,787 8,330 her income 60.296 11,712 72.008 38.675 Total ineome 4.617,064 168.980 4.786,044 3.389.597 Expendi¢ure on: Charitable a¢tivi¢ies 3,448,193 175,892 3.624,085 3,317,889 Total expeThdit￿r¢ 3,448,193 175.892 3,624,085 3,317.889 Net In¢omel(expenditure) 1.168.871 {6,912) .161,959 71.708 Tr4Thsf¢rs between fvllds (1.225.126) .200,000 25,126 io N¢¢ moYemeDt in fwnds (5&255) 18314 ,161,959 71,708 Recontlllatlon of fund5: Total fund5 brought forward 2.011,134 140,366 2,151,500 2.079,792 Tot41 funds earrled forward 1,954,879 1,200,1100 158,580 3,313,459 2,151,$00 Further illforniation can b¢ found in the relevant notes to the a¢¢ounts. &s Indlcai¢d in the final column above. 10

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OuT￿cH AND ST MARY AXE Balance Sheet At 31 December 2021 2021 2020 Fixed Assets T&￿gible assets Total fixed ¥s8¢t8 29284 20,313 Current Asset$ Book stocks Debtors Short-ierni batjk deEx)sits Cash al bank and in hand Totsl cllrrent assets 9.730 968.695 901.243 ,653.896 3.533,564 12,186 145,901 897,587 1.249,964 2.305.638 12 13 Llgbiliti¢$ Crediiors.. Amounts falling due within one year 249,389 174.451 14 Net eurrent assets 3,284,175 2,131,187 16 Totsl Det 5Jets 3J13A59 iisijfjo The fund8 ofthe eharity RestrACted income funds Unrestricted fvnds: Fix¢d Asset Fund Designat¢d FuTJd-Strategi¢ R¢serve General Fund 158.580 140.360 15 29,284 1,200.000 1,925,595 20.313 1,990,821 Totsl umMtri¢ted furtds 3,154.879 2,01 1.134 Tot1 ¢h4rity fuMd$ 3,313,439 2,151,50 The finan¢ial $tstsm¢nts on pages 10-12 and th¢ not¢s on pag¢5 13-36 ww¢ approved by the Parochial Church Council on 13th April 2022 gnd $ign¢d on its behalf by.. Kev W Taylor Chairman Mr J Anderson Tr¢a$urer Churchwarden

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURfjA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE Statement of Cash Flows For the year emded 31 De¢ember 2021 Total Funds Total Funds 2020 2021 Nots C&5h flows from opernllTrg aetlvltle8'. Nd cq$hprovldedby/{Msedln)opernilMx artlvlfleJ Table I 428.246 (225,723) Cash flows from Investing 4¢tivltles: Purchase of propety, plant and equiprnent Interest from bank deposits Increase in deposit aecounts held for investment pur￿}se8 (24.007) J,347 {3,654) (5.348) 8,185 (5,256) Net ¢ash used in inv¢sting activities (24J14) (2.419) Change In e#¥h and eash equivalents the reporting perlod Cash 8nd ¢•sh equivalents at the beginning of the reporting period C4sh ¢osh ¢qulvol¢nts af ilie ￿ld0fthe reporilngperlod 403,932 (228.142) 1,249.964 .478,106 Table 2 1,653.896 1249,964 Table I: Re£on¢lliatloD of net IDeomel{expeMditvre) to cash Ilow from operAtlffjg aetlvltle8 2021 2020 N¢1 {e¥pe4dlthre)Ancomefor ihe reporrtngperlod (thsperthe SI￿1¢￿￿1110fJ1ttOftel￿l oeimiles) Adjustments for: Depreciation Charges Interest from bank dep05ils Decrease in book stocks Inerease in debtors (Jn¢r¢aseyde¢reas¢ in cr¢dilors Loss ort disposal of fixed ossets .161.959 71.708 14.782 (3.347) 2,456 (822,794) 74,938 252 14,129) (8,185) 2.297 (30.794) (274,878) Net cash provided byl (used in) opernting activities 428246 (225.723) Table 2: Analysls ofcash and ¢a8h eqlllvffilents 2021 2020 Cash at bank and in hand .653,896 1,653,896 1,249,964 1.249,964 Trtulcash and¢4sh eqiilvqlents AllalysLs o(eh4Dges ITr n¢t debt Al 8t•rt of year Cash Flows At end ofy¢Ar Cash at bank and in hatjd ,249.964 403,932 1,653,896 12

THE PAIUSH 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 31 December 2021 Ac¢oun¢iDg Policie 1.1 The financial sthtements have been prepared to give a 'trne and fair, view and have departed from the Charities (Accounts and Repojts) Regulations 2008 only to the extent required to provide a 'true and fair, view. This departure has involved following the Charities SORP {FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charitie5.' Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. Th¢ financial stAtemenls hav¢ be¢n prepar¢d und¢r ihe histori¢al cost ¢onv¢ntion with items reeognised at cost or tran$A¢tion valu¢ unless otherwise stated in th¢ relevant notey to these financial stat¢m¥nts. Th¢ fmancial statements have been prepared under the Church Accounting Regulations 2006 a5 far as cu￿entlY applicable, in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their fmancial statements in accordance with the Finoncial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 {SORP 2019 (FRS 102)), the Financial Reporting Standard applicable in the Unitrd Kingdom and Republic of Ireland (FRS 102) and the Charities Act2011. The financial stslements ar¢ prepared in 8t¢rlin& which is the presentation cutTency of the PCC, and are round¢d to the near¢st £1 Under FRS 102. the PCC falls within the definition of a public benefit entity. R.2 Income Incomefrom 4ollalloAs omdlegael Donations and planned givingare r¢¢ognised when received. Income tax recoverable on Gift Aid donations 15 recogn15ed when income is r¢¢eivable, provided that incom¢ tax is reasonably certain to be recovered. In¢om¢ from l¢ga¢T¢$ Is reeogrtised when its rec¢ipt becomes probable following the grant of p￿bate. Grants recelvable alldendowmen15 Grants are recogni5ed when the condiiion8 for receipt hav¢ b¢¢n met. Ihcome fi¥)m endowments is included within unrestricted or restricted funds in aC￿rdance with th¢ l¢m]s of the endowment. GovernmenfZMIIts Government grants relating to tangibl¢ fixed assets are treated as defe￿ed income and released to the Statement of Financial Activitie5 OV¢Y the expe¢ted useful lives of the assets concerned. Other grants are credited io the Statement of Financial A¢tivities as the related expenditure is incurred. Ineomefrom Inveslments Investment in¢ome is ￿￿Unted for inthe period in which it is ¢dmedand when th¢amount can be meosur¢d reliably. Surplus ￿ndS are inv¢$t¢d tn inlerest bearing (or equivalent) deposits, mainty with major financial institutions or with d¢posit-takÉng charities, to minimise market and credit risk5. Church qcilviiles CaterAng and other sales represent the amounl received for m¢als and other goods and service4 net of VAT where applicable. Oiher Income Other income is accounted for on a r¢¢¢ipls b￿1￿. 1.3 Re¢ognl¢lon of ¢xpendlture Reco8nl¢lon of Ilffbllliles Liabilities are re¢ognis¢d as exp¢nditure as soon as there is a legal or conslTUCtive obligation committing ihe church to that expenditurA il is probabl¢ that settlement will be required and the amount of the obligation ¢an be recognised and measur¢d reliably. Accordingly, Recruals, creditors and provisions are recognised where th¢ ¢huwh has a pwent obligation resulting from a past event and whw¢ the fvture oufflow of fimds to o thtrd party is PTI)babl¢. Th¢ amounts recognised include allowances for any applicabl¢ trade dis¢ounts likely to be taken up. Grantspqyfjble 13

THE PARtSH 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 ye*r ended 31 December 2021 Grdnts and donations for the fuwicial year #r¢ accounted for wh¢n a decision has been taken to support a particular ministy. Mlntsiry Support Eypendliure Expenditure is accounted for on an accruals basis. Alloeullon of eKpeMdilure Support costs have been allocated to the different categorie5 of expendi￿re a¢¢ording to the estimated stafytime involvcd andlor costs incurred. It is not considered appropriate to allocate support Costs r¢laiiMg to wt]t-making activities separately from those relating to other church activities. The allocation of support ¢osts is shown in N￿¢ 8. Gov¢rnoAee eosts Oov¢manee costs comprise all costs involving the public accountability of th¢ charity and its compliance with r¢gulation and good practice. These costs include the 5tatstory audit and l¢g&l fees together with any relevant apportionment of overhead and support costs. In accordance with FRS 102 th¢se costs have been included within the overall support costs shown in Note 8. Allocdllon of GO￿THaN¢e costs Given th¢ slated objectives and activilies ofihe PCC. and both the indivisible nature of the church's activitie5 os well as the relative cost of goveman¢e to these a¢tivilies. il is not considered appropriate to allocate governance costs across the a¢livities of the church. Governance costs are in¢luded in support costs in Note Pe￿10￿ Costs Dejlned Comtrlbuilonsschen St Helen'5 provides a ¢ontributory defmed contributions scheme for its ¢mploy¢es and the contributions payable in respect of servi¢¢ during th¢ y¢ar ar¢ expensed accordance with S28.13 of FRS 102. Deflned Beneflts Scheme The stipendiary clergy ai St Helen's are members of the Church of England Funded Pension$ Scheme (CBFPS), a defmed benefits 5chem¢. The scheme is administered by th¢ Church of Ensland Pensions Board. whith holds the assets of ihe s¢h¢me s¢parately from those of the participating responsible bodies. The scheme is ¢on5id¢red to be a miilti-employ¢r s¢heme as described in Section 28 of FRS 102. This means that it is not Possible to attribute the scheme's ossets and liabilities Èo specific employers and that Contributions are accounted for as if the scheme were a defthed Contribution scheme. This is the position for all bul l (2020.. 1) member of the clergy. For the purpos¢s of tbe scheme. Si Helen's is Dot ¢onsfftder¢d to be the responsible body for the majority of its clergy be¢ause it does not directly employ ihem and their cost of employment, including p¢Dsion contributions. are recharged to il by their ultimate employer. which is ¢onsidered to be their relevant re5ponsiblE body. For these members of the ¢l¢r￿, the pensions costs charged to the Stslement of Financial Activitie5 in th¢ year are the contributions ￿Yable towards benefits and exp¢n5es ac¢ru¢d in that year. For th¢ r¢maining member of the clergy. Sl H¢len's is the responsible body becau5¢ It pays that member's pension ¢ontributions directly lo the Sche￿¢. A$ a result of this and in respect of thai m¢mber only, St Helen's is r¢quired, under S28.1 IA of FRS 102, to acwunt for its share ofany deficit liability that the scheme may have by carrying that liability on its balance the¢t athd accounting for changes in that liability through the Statement of Finanoial Activiti¢s. To date, the PCC has not in¢luded this liability in its financial stat¢m¢nts because its amount is immaterial. The PCC monitors the materiality of th¢ liability annually and will ac¢oun¢ for tt under Section 28.1 IA of FRS 102 as appropriate. Further d¢tails are given in Note 9 14

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWtCH AND ST MARY AXE Notes to the Financial Statements For the year ended 31 December 2021 1.4 Ae£ountlng Unresirlcledfunds U[￿¢StriCt￿ funds rcpresent the of the PCC that aTe no¢ subjert to any r¢5tri¢tion on their us¢. The Fixed A￿et Fund, included as a designated fi]nd, represents the net book volue of fixed assets which wer¢ ocquired with unrestricted funds. Dal8Atsied Funrfs Designated funds are those amounts which the PCC has decided to set aside from unrestricted funds to be used in the future for a 'de5ignated' purpose. They can be rerydesignated by the PCC from one pwp)se to another or undesignated and returned to unrestricted funds. In 2021, following the receipt of a significant donation and a large legacy. the PCC decided to sel up a designated thnd ¢alled'Strategi¢ Reserve,, the purpose of whl¢h is to help fund fiJtyr¢ mlnlstry expanslon a8 part of the PCC'S 2030 Vision programme. Re&¢rlcfedfMvds Restricted funds ore the fillTrds which have been donated for speeifi¢ purposes. The purpose and use of the r¢$tri¢ted fimds are set out in Note 15 to the fjnancial ststements. 1.5 Tanglble IIAed assets Con&eern*ed lottdand bulldlngs andmovable ehurehJurMlshlngs Consecrated and beneficed property is excluded from the financial statements in a¢¢ordan¢¢ with s¢¢tion 10(2) {c) of the Charities Act 2011. No value 15 placed on movable chU￿h fumishings h¢ld by the churchwardens on special trust forthe PCC and which require a faculty for disposal, since th¢ PCC ¢QDsid¢]E this to be inalienable property. These movable church furnishings are listed in the Church Inventory which ¢an be inypected at the ch￿￿h Offi¢¢. All exp¢ndithr¢ tn¢urr¢d dwiD8 the year on coDsecrat¢d or beneficed bu&ldings and movable thurth furnishings. wh¢iher mainienance or improvement, 1$ written off when incurred. Olher langlbleJLYed4ssets Other tangible ftted assets are stated at cost less d¢preciatlOD and provisions for impainnent in value. Depre¢iation Is provid¢d, on a straight-line basis. for all tangible fixed assets at rates calculated to wrlte off the ¢05t over their exp¢d¢d us¢fvl economic lives. os follows.. FiXth￿ & fittings, church equipmenL catering fixttwes and offic¢ ¢quipmen¢: 20.OOOh Computer equipment: 33.33Y 1.6 Current Assets Book $toeks Book sto¢ks are valued at the lower of cost and net realisable value. Debitsr& Debtors represent amounts due to the Church and prepayments. They are recognised at either the settlement or prepaid amount. Short4ernt bank deposlts These comprise bank dewsit a¢¢ounts with a maturity of less than one year (typically with 95-day notice) held for investment purpos¢s (rather than for operational cath management purposes). Cash oi In Cash at bank and in hand includes cash in hand, bank cU￿ent accounts aDd cash-¢quival¢nt bank d¢posits held for op¢rd¢ional cash management purposes. The cash equivalents have ma¢uriti¢s of no mor¢ than 3 months. 15

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTtN OUTWICH AND ST MARY AXE Notes to the Financial Statements For the year ended 31 December 2021 FlnoHclallnslrMmenls The only fmancial inslruments held by the PCC ar¢ basic f]nancial instrum¢nls such &g eosh or cash equival¢nts, other debtors, trade creditors and accruals. These are initially recognised ai their transaction value and subsequently measured at their fair value as at the balance sheet date. 1.7 Taxatlon The ¢hur¢h. as a registered charity. is generally not liable to taxation on its surplus or capitsl gain5. It is not, how¢ver, exempt from VAT. Certain of the church's activilies are ex¢mp¢ from or outside the seope of VAT. A¢¢ordingly> th¢ church is unable to reclaim all input V AT suffered. Irrecov¢rabl¢ VAT is in¢luded in the cost of those items to which it relates. 1.8 Operntlng Ltages Rentals paid under operating leu¢5 ￿ ¢harged to the Statement of Financial Activitie$ on a straight line basis over the lease tern). 1.9 Golng Coneern After making approprtate enquiries. the PCC member5 have a reasonable expectation that the church has adequaÉe r¢soyr¢es to continue in operatioA]al existence for the next twelve m¢)nth$. For this r¢8son they continue io adopt ih¢ going Concern basis in preparing the flnancial 5tat¢ments 16

THE PARISH OF ST HELEN BISHOPSGATE WtTH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTtN OUTMCH AND ST MARY AXE Notes to the Financial Statements For the year ended 31 December 2021 Ineome from donhtlon8 and legaeies Unrestricted Restricted Totsl fuNJ$ fllnds 2021 To¢01 fund8 2020 Donations via Gift Aid Income tax recoverable Other tax efficient giving Tnjst income General collections and donations Governm¢nt grants Other grant income Legacies 1.576,173 395.465 1.308,378 3.568 176,968 598 61,087 15.863 18,010 1,637.260 411,328 1,326,388 3,568 235,364 598 1,595,729 400,481 726,747 17,338 288,181 60,297 4,750 263 58,396 2.500 701,000 2,500 701,000 4.164,650 153,356 4,318,006 3,093,786 Exceptlonal IDeome OtheT tax efficien¢ giving abov¢ in¢lud¢s all exceptional donation from a member of the church family. Legacies include a bequest of approxim&t¢ly £700,000 from a fornier memberof the congregation. Given the exceptional nature of these gifts the PCC has de¢ided to transfer £1200.000, to a new Designated Fund entitled Stralegic R¢serv¢, th¢ purp(Trs¢ of which is to support future ministy opportunities highlighted by its 2030 Vision. Th¢ transfer is shown separately ill the Statement of Financial A¢tiviti¢s and foms part of Note 15, Re5trict¢d and D¢signat¢d Funds. Grants RectlY4bk Grant income for the year of £3,098 ¢ompris¢d a government grant under the Listed Places of Worship scheme, £598, and other grants of £2.500. In 2020, St H¢l¢n's r¢ceived a Government grant of £60297 under the Coronavi￿8 Job Ret¢ntion Scheme, in addition to other grants amounting 10 £4.750. Other Buildings insurance (excluding terrorism insurance) 1$ paid for from fun¢Ls applied on the advice of the City Churches Grants Committee. Income from charitable aetiviiles UThrestrlcted funds R¢strl¢ted ruftds Totsl Ill￿d$ 21)21 Total funds 2020 Donations towards ¢atering Costs Charged catering sales Book and media sales RML workbook sales Book royalties W¢¢k¢nds thway and wnferenc05 5,425 31,258 6,158 ,695 .433 225.312 5.425 31.680 6.687 1,695 1,733 227.973 693 13,118 5,417 1,471 8.329 100.685 422 529 300 2,661 271.281 3.912 275,193 129,713 17

THE PARISH OF ST HELEN BISHOPSGATE ￿TH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE Notes to the Financial Statements For the year ended 31 December 2021 In¢ome from other trading #¢ifvltles Unreytrieted fuDds Restricted f￿ndS Total fvnds 2021 TotY41 funds 2020 Parochial Fee5 (weddings and baptisms) Hire of ehurch premises Other rental income 6.557 2,750 105,743 6,557 2,750 105,743 8,175 325 110,593 115,050 115.050 119,093 Investment ineome Unrestrl¢ted funds Restrl¢¢ed d$ Total funds 2021 Total ￿ndS 2020 Bank int¢r¢5t 5.787 5,787 ,330 Other Total funds Total funds 2021 20211 Unr¢strieted Restrleted funds Rights to light & other exceptional income Sundry income 12.500 12,500 47,796 150.296 11,712 11.712 59,508 72,008 38,675 38,675 18

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFf AND ST ETHELBURGA BISHOPSGATE AND ST MARTtN OUTWtCH AND ST MARY AXE Notes to the Financial Statements Vor the yeAr ended 31 December 2021 Expendlture on ebydritable adlvitles 7.1 GrA￿t payments Un*estrie¢¢d funds Restriet¢d nds Totsl fund$ 2021 Total I￿ndS 2020 Missionary giving 105.730 105.730 124.728 UK Support 91.667 91.667 84.166 TrainiRg for ministy 1191 5.355 18259 7.034 Other givin8 3,000 11,817 14,817 30,221 Total grant Dovments 69 Missiomary giving East End Outreach Crosslink5 Interserve Serving in mI￿10n East Asian Ministry 1,862 100 8.640 1,862 22,344 100 8,640 208 24.444 17,400 23.392 23200 5,000 8.640 18.000 17.400 31,728 23,￿0 5,000 18.000 17,400 31,728 23.(K)O OMF French-speaking Europe Sub-saharan Africa George Whitefield College 105,730 105,730 UK Sllpport Grant to St Peter-upon- Cornhill 45,51Kl 45,5 47,500 UK Mission Trainlng for mlnistry Mandarin ministy 504 5,355 5,859 4.054 Banglad￿h1 ministy other fu￿re ministry SUPPOrt i 1,000 i 1,000 (1.000) 1,400 4,0(KJ 19

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFf AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OuT￿cH AND ST MARY AXE Notes to the Financial Statements For the yevdr ended 31 December 2021 7. Expenditure OD ¢harit4ble oetivitie5 {tontinued) 7.1 Grant payments (continued) Other glvlng Mandarin rninistry U-Turn (South Africa) 10,IN)o 7,500 Hardship Fund 590 7,078 Oiher 14227 11,817 14.817 The grant to the PCC of St Peter upon Cornhill was to help il meet its Dio¢¢saD Common F￿￿ and other operntional ¢osts. 7.2 Ministry costs Unres¢rl¢¢ fu￿d$ R￿trIcted Total ￿ndS Totsl funds nd$ 2021 21)20 Dioc¢$an Common Fund 44,400 44,400 44,400 Mini5ty Exp¢ns¢s 1.919.933 116.020 2.035,953 1,817.997 Ongoyng Building expenses 78.062 4.171 82,233 175,209 Costs of events and additional activitles 351.689 3,449 355,138 194.044 Otber direct ministry costs 118.232 29,303 147.535 115.307 Allo¢at¢d Support costs (Note 8) 722 576 728,353 724.762 Total mlnlstry fosts 3 234 892 158720 3 393 612 3071719 Diocesan Common FuDd Diocesan Common Fund 44,400 44.400 20

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 ¢he ye4r ended 31 December 2021 Mlnl$¢ry Exp¢nsey Miiiisty staff salaries and social security costs 1.311.743 101,600 ,413,343 1,281507 Ministy stsff pension costs 196,896 13,322 210,218 196,008 Ministry $tsff exp¢ns¢$ 66,404 649 67,053 44.545 Ministry staff training 11.785 440 12,225 Ministy trainee grants 600 14.892 Ministy troinee training 15,280 15,280 15,751 Ministry troine¢ exp¢ns¢s 4,570 4,579 2,881 Ministy trainee accommodation costs 97.646 97.646 104,400 Clergy accommodation costs 215.009 215.009 156.902 1919 933 116020 2 035953 1817997 The cost of providing a¢¢ommodation for ministsy trainees for the year was £97,646 (2020: £104,400). This was partly offset by rent r¢¢¢iv¢d from train¢e$, which amounted to £93.891 (2020: £74,593), giving a net cost for the year of £3.755 (2020: £29,807). Ongolng Bulld1￿% ¢xpen8ei Church building & office rnnning ¢osts 74557 2.358 76.915 102,600 Church building rertovatlon 3.505 3,505 n.250 Shan¢ir Boi Turjning ¢osts 359 78,062 4.171 No Church building renovation work took pla¢e during th¢ year and the £3,505 cost incurred represents survey and other professional fees. The Substantial ¢xp¢nditure incurred in 2020 included £25.240 for the fmal phase of the replacement of the St Helen's boiler #nd £34,860 for replacing the I￿hting in St Helen's. Church building costs for 2020 included c. U3.000 for repaintin8 and redecorating the St Helen's church building. 21

THE PARISH OF ST HELEN BISHOPSGATE WtTH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE Notes to the Financial Statements For the year ended 31 December 2021 Unre8tri¢¢ed Funds Re8tric¢ed Fund8 Total Funds 2021 Total Funds 2020 Cost ofevents aDd Yldditlonal actfvltie5 Book and media purchases 8.313 2,040 10,353 7,974 RML workbooks 2210 2,210 1.845 Catering expenses 68,065 1.071 69.136 34.693 Catering fixtures & fittings depreciation 270 270 2.084 Weekends away 236.108 236,108 111,461 Other events and activilies 35230 338 35.568 35,483 Church equipment depreciation 1.493 504 351689 355 138 194,044 Other dlreet miThis1ry costs Speakers, honordria 3,065 400 3,465 3.505 Cleaning and housekeeping 7,800 290 8,090 6,335 Ministy venue and office rent 107367 135 980 105 407 118232 147 535 115307 Support Costs Unrestricted funds R￿trIfted Totsl f￿ndS fuDds 2021 Total fvnds 2020 Mlnlstry support staff ¢04ts Salaries and social security 448.166 448,166 410,374 P¢n$ion ¢osts 65.153 65,153 65.744 Expenses 7,421 835 8,256 9.664 520.740 835 521,575 485,782 22

THE PARISH OF ST HBLEN BISHOPSGATB ￿TH ST ANDREW UNDERSHAFf AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE Notes to the FinancRal Statements For ¢he year ended 31 December 2021 O(Ilce fosls Printing> Postage and stationery 5,422 5.422 6,022 OtTice maintenance and insurance 18217 18.217 18.011 Telephone and data 17,576 17.576 19.029 Computer and website expenses 33,725 4,555 38,280 36.350 Computer equipment depreciation 9,824 9,824 9.708 Offiee equipment depreciation 3.194 3.194 1.833 Other offi¢¢ costs 185 91.585 4.740 96.325 93,743 Prof￿$10￿414￿d other ¢08ts Consultancy fee$ 81.447 81,447 117,627 P8ro¢hial fees 2,868 2,868 3,985 Payroll agen¢y ¢harg¢g 2.547 2.547 2.222 Bank Charges 8.779 202 8.981 7,919 Audit fee 110.251 202 110,453 145.238 Consttlianeyfeesfor 2021 inch4de.' £SJ,200for legal & professional advie4 relating mainly lo INlernal governL7n¢e artdeompliance. and£26,2O0for oNgoing ITsupporl consuliancy. Totsl support eosts 722,576 5.777 728,353 724.763 AllocatloD of gupp&rt costs: Ministy costs (Note 72) 722.576 5.777 728.353 724,763 Total support eosts 722.576 5,777 728,353 724,763 23

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW ifNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE Notes to the Financial Statements For tkne year ended 31 De¢ember 2021 Total Expettditure Stlff Costs DepreeigtloD Other tosts Total funds Total funds 2021 2020 Grant payments (Note 7.1) 230.473 230.473 246,169 Ministy costs (Note 7.2) 2,035.953 1.764 627,542 2.665.259 2,346,957 Ministy support costs 521575 193 760 728 353 724 763 2 557 528 1.051775 3 624 085 3 317889 2021 2020 Sla(f£o$t8 Wages and salaries 1.696,236 1,536,880 So¢ial s¢curity costs 165.273 156.001 Pellsion costs 275,372 261.752 Cost of ministry trainee schemes 118,105 137.924 stsff expenses (incl. a￿)mModation Costs) 302 542 211 22 2 557 528 2 303 779 2021 2020 Other eosts Gront payments 230,473 246,169 Diocegpn Common Fund 44.400 44.400 Office costs 96,325 93,743 Premises costs 226,303 286,951 Cost of evenl4 weekends away ond additional activities 353.645 193,540 Professional costs 110.453 145,238 Misc¢llaneou$ ¢osts {in¢luding depreciation) 1,066,557 ,014,110 24

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFf AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE Notes to the FinAncial Statements For the year ended 31 December 2021 Penslon ¢05ts Pension costs include £226,655 {2020: £210,060) ofcontributtons made to defined contribution schemes. At the end of the year. a liability of £22,396 (2020.. £21,596) was recognised for these schemes The remaining £48,717 (2020.. £51,692) of pension costs relate to contributions to a defmed benefit scheme which 1$ operated by th¢ Chureh of England Ft]nded Pension Scheme for the 8 (2020: 6) membeis of clergy allocated to St Helen's. £10,000 (2020.. £10,000) was rechargcd to another ¢hur¢h in reSp￿t of onc minister who works full-time for thal church. As explained in Accounting Policies note 1.3 above, the abov¢ scheme is currently in deficit but th¢ PCC'S share of the related deficit liability in respect of l (2020.. 1) member of the clergy has not been in¢luded in th¢5¢ fmancial statements because it is immaterial. At 31 December 2021 this liability amounted to £2.000 (2020: £4.000). Employee number8 The average number of ffiJll-Èime equivalent employees, gna]ysed by function, was- Ch￿r¢h activitie5: 32 (2020: 31). and Minislry support- 16 (2020.. 17} - Total: 48 {2020.. 48) Hlgher paid staff The t8ble below shows the number of higher paid Staff with emoluments falltng in tho following ranges. Emoluments include salary and Éaxable benefits in kind and other payments io employees. 2021 2020 No. £70,(N)O to £79,999 Contributions paid to a money pU￿haS¢ sch¢m¢ behalf of higher-paid staff during the year amounted to: 10,157 10.022 10. TrAn8fer8 betweeD general and offslte millistry ￿ndS Transf¢rs between unrestricted funds and offsite ministy and restri¢led fimds were os follows.. 2021 2020 Expense8 & Stsff Portlon of¢ost# Costs coveied by fundg r*tsed or held Tot41 East End Outr¢ach S E Gospel Partnership Gospel Partnership Mission-Mind¢d Conference Other TotBI transfers behveen fiinds 78.395 (53,376) 25.019 1.729 246 37 70 37 70 92 78,502 (53,376) 25,126 1,883 25

THE PARISH OF ST HELEN BISHOPSGATE WtTH ST ANDREW UNDERSHAFf AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE Notes to the Financial Statements For the year ended 31 De¢ember 2021 11. TaDgible fixed Mlnlsi relaied C&tering tqllipme￿t Churtb Offite Computer nttijbgs fitllug8 e4ulpmeTrt Sub¢ot#l equIpme￿I ¢q￿1pM<￿t Fixture Totsl Cost or valuation At beginning of the year 3,765 121,024 192.060 316,849 65,195 103,412 485,456 Additith]I 8.824 8.824 10.572 4.611 24,007 Disposals 3.765 At the end of the year 116335 175 561 291896 Depreciation and impairments At beginning of the year Depreciation charge for the 3.765 120,705 188.830 313.300 61,158 90,685 465,143 271 (4,689) 1,493 1.764 {25,323) (33,777) 3,194 9,824 14,782 (4.144) (22,258) (60.179) Disposals (3,765) At the end of the year 116287 165 000 281287 60,208 419746 N¢t book value at tbe beginning of the year 319 3.230 3.549 4,037 12.727 20,313 Net book value at the end of the year 48 12. Book Stoek 2021 2020 Books for resale 9.730 12.186 26

THE PARISH OF ST HELEN BISHOPSGATE WtTH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MART￿ OUTWICH AND ST MARY AXE Notes to the Financial Statements For the year ended 31 December 2021 13. Debtors 2021 2020 Income tax recoverable 63,080 40.430 VAT recoverable 3.535 1,558 Grants recoverable 7,806 Prepaym¢nl8 141.815 46.045 ACc￿ed incom¢ 742J59 39.882 Current accowits with relat￿ parti¢ 13 2.172 Oth¢r debtois 968,695 145,901 A¢crned income inoludes £700,000 receivable in respect of a legacy, the thnds for which should be receiv¢d in 2022. 14. Cr¢ditOW8: amounts f4llittg due within one year 2021 2020 Trade cr¢diiors 20.164 10,252 Taxolion and social security costs 41,396 35,399 Other creditors 51,688 23,409 Awiual l¢av¢ a¢eruo1 34,012 38,853 AccNals 50,142 40,892 Deferred income 51.282 25,646 Currenl accounts with related parties 705 249,389 174,451 27

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 31 Decellbber 2021 15. Restrieted funds A) Current Year At l J&nuAry Incomlng 2021 resources Expendlture At 31 Deeember 2021 Transfers Chur¢h Planting Fund (fornierly known as the Re.'GENERATION App￿1) 7,525 7,52S SIM Bangladesh December Carol Services 669 (669) U-Turn Appeal (South Africa) 250 250 La¢vian Ministy 435 435 E&s¢ Etjd Outr¢a¢h 17,729 35,647 (78,395) 25,019 Covent Garden Ta]ks 13,745 28.918 (38.905) 3,758 Mission Partners-south Africa 200 200 Puddin￿0￿ Talks 9,603 4,414 (9) 14,008 North Bishopsgate 18.062 23,283 (14,484) 26,861 Music Stttdent Ministy 35.841 9.863 (12,172) 33,532 MaI￿arin Ministy 15,283 17,660 (14.259) 18,684 Gospel Partnership (37) 37 London Gospel Partnership 4.591 7.356 (5.744) 6.203 Mission Mind¢d Conferences (70) 70 Special Collections 10.667 (10,558) 109 Media Fulld 568 500 1,068 KGG ministy fund 3.125 1,500 4,625 Weekend Away Bursary 9,299 3,303 12.602 Hardship Fund 4.310 (590) 3.720 Trainee Christian Leaders 140J66 168,980 (175,892) 25.126 158.580 28

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFf AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE Notes to the Financial Statements For the yeAr ended 31 Deeember 2021 Church Planting Fund. As reported in ihe 2020 a¢¢ounts, the fund had not previougly been utilis¢d for several year5, bul in 2020 the decisiorj was taken to appiy it to late, unbudg¢l¢d expenditur¢ i)n th¢ re￿rb]Shm¢nt of St Andrew incurred in 2018. in line with the appeal's original purposes. In 2021 there were no projects to which the fund ¢ould be applied but it continues to be held to support fvture church- planting opportunities The East End Outreach Fund.. The purposeofthis fvnd is to spread the Gospel in the area around ils Shanlir Boi bookshop situated in the East End. Although the operation of the bookshop was again curtailed for part of 2021 by Covid-19 restrictions, outreach opportunities continued to be taken with more meetings being held in local hired premises. In 2021, Ihe fi]nd again operated at a deficit whi¢h, at £42.700 was significantly larger than that incurred in 2020, £4,900. Thi$ deteriorntion w8S the result of both r¢duc¢d income and increased ¢o$ts. This meant th&t at 31 De¢ember 2021 the balon¢¢ of th¢ thnd was a deficit of £25,019, which had to be covered by a transfer from the General Fund. Offsite ministries.. Covent Gorden Talks. Paddington Tall(s and North Bithopsgate. As expected, the r¢movo1 of CtsvAd-19 restrictions in 2021 resulted in on expansion of the Covent Garden and North Bishopsgate ministries. In the case of the Covent Garden Talks, an additional member of staff was allocated to that ministy to support the increased activity, which, together with a small reduction in income, resulted tn a deficit of £10,000. The ￿nd was still in surplus at the end of the year. In the case of North Bi5hopsgat¢, income inrreased by c. £10,000 oyer 2020. which largely ¢ov¢r¢d th¢ cost of th¢ member of staff allocated to it as the ministry expanded> producing a surplus of nearly £9.000 and ¢nsuring that the fund remains sn surplus. The Paddington Talks, which are run in collabordtion with St Stephen's. Westboume Park. continued to be held online for nearly the whole of 2021, hence the very small ¢ost a¢tually recorded in the year. In 2022, meetings will be held in person. The Music s￿dent Ministry fund $upport$ Gospel outre&ch to music students in London. More widely* It also supports the training of musicians for ministy work, ¢ith¢r by ¢mploying such musicians dlrectly or by providing financial support for their traitiing by oth¢r organisalions. Part of the employment cost of one ministy Worker was Charged to the fiwd for the whol¢ y¢ar and, during the year, St Helen's started employing a member of ministry staff who is also a inusician, but only 4 small proportion of his cost has been charged to the fi￿d, in ord¢r not to'overload, it. The fund returned a deficit for the year of c. £2.300 but the balance remains in surplus. Mandarin MinisDy fvnd.. Sl Helen's continued to support this important ministry. For the second half of the year, lh¢ ¢ost of the sthff who are engaged in this ministy was repassigned to ihe general fimd $0 that ¢OSts were brough¢ more into line with reduced donation4 which fallen significantly froTn previous l¢vels in 2020. In late 2021. the position improved with th¢ re¢eipi of a 8ubstantiaL one-off donatio which meant that fund recorded a surplus of c. £3.400 and remained in sU￿[uS a¢ the end of the yeor. London Gospel Partnership: the London Gospel Partnership Annual Cot)ferenc¢ and Preaching Conference did nottake place in 2021, a8 itdid io 2020, butone will be held in 2022. The partnership aims to more-than-coveiihe ¢os¢ of its conferences, mainly by the attendance fees charged. 5UPPOrt¢d by annual 'atTiliation' fees from parti¢iP8ting churches and organisations. As expected, the level of income in 2021, was much lowerthan in 2020. Exp¢ndithr¢ would have been quite modest, had the decision not been taken to spend £4,000 on developing the LGP websiie ahead of the 2022 conference. Despite this exceptional C05t, there wa5 5ti11 a surplus in th¢ year, enabling the fimd totske £6,200 forward into the 2022 ci)nfer¢n¢¢ Media Fund: In 2019, the PCC was fortunat¢ in reeeiving a substantial donation from a donor who was keen to help St Helen's to manage and expand ils m¢dia r¢sour¢es- a large library of audio-visual gospel tolks - on its website, to develop an app to allow mobil¢ a¢¢¢si io ihat librory and to create more audio books. Work in these areas continued in 2020 and most of th¢ r¢maining balance in the fund was opplied to the cost of that work. No mediA development work was carried out in 2021 but it 15 expecÉed that the small balance remaining in the fvnd will be utilised in 2022. 29

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFf AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE Notes to the Financial Statements For fhe yeAr ended 31 December 2021 IGG.. (International Growth Groups.designed to equip students and others from overseHs to live for Christ when they return home). In 2019, St Helen's received a generous donation of £S.000 to be applied for the benefit of IGG.. £2.000 to be used to provide bibles and other resources for IGG members; £3,000 to be used as a bursary to assist low-income IGG members to attend future IGG weekends away, of which £2.000 was canied forward into 2020. There was no call on the in fund either 2020 or 2021, as there wa5 suffi¢ient in the Qen¢ial Fund to ¢ov¢r the bursArie5 a¢thally requested. In both years, the fund has benefited from additional donation5. It is ￿pected that the fund will be ulilised in 2022 #nd beyond. Weekend Away Bursary. This furtd was established in 2020 and r¢pr¢sent8 a ¢hange in th¢ way that don8tion$ received for the purpose of providing bur58rie5 for those of limited means tt> attend w¢ekends awAy are accounted for. Such donations are now allocated to this fi￿d and the cost of bursAries granted is transfetTed from this fi￿d to the General fund at the time of the weekend away. In 2021, the cost of bursari¢s was mor¢ Éhan covered by additional in¢ome, with the figure of £3,303 being stated on a nel ba$is. Hardship Furtd. In r¢5POnS¢ to th¢ Covid-19 pand¢ml¢, the PCC decided to sel up a fund deslgned to assist people who fall within the ¢harity'S purposes and who ar¢ suffering significant financial hardship as result of the pand¢mic. Members of the ehureh f8mily are encouraged to make donations to the ￿nd, which is administered by 4 ymall group of PCC members, with applications for assistanee being dealtwith on a personal basis and in strid confid¢ntiality. The PCC has agr¢¢d to wid¢n the scope of the fund so that it¢ov¢rs ¢as¢s ofgenuine needwhich are not necessarily caused bythe effectofthe partdemi¢. Expenditur¢ in the year r¢lat¢d to eases accepted in 2020. Train¢¢ Christian Leaders.. During the latter part of 2020 and in 2021, the PCC published its ?030 Vision. following much discussion and consultation with the church family. Its pU￿se was to Set out what il should aim to a¢hieve attd how best to achieve it in the development of its key underlying objectives of "reaching out, building up and sending out" during the dewle l¢adSng up to 2030. One of the actions was to develop additional training routes into ￿ll-tiMe Christian ministry for ihos¢ who do not Wish to enter via Church of England ordination. The 'Trainee Christian Leaders, programm¢ is a pilot to test its feasibility. The provision of this programm¢. which comm¢nc¢d in S¢pl¢mber 2021. is costly and donations to support it are encouraged. 30

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OuT￿cH AND ST MARY AXE Notes to the FinancRal Statements For the year ended 31 December 2021 15. Restricted funds (eontinued) B) Comparative Year (2020) Atl Im¢omlng E%p¢ndltur Tr4ttsf¢r$ resour¢es At31 Deeember 2020 2020 Church Planting Fund (fomerly known 85 the Re.'GENERATION Appeal) SIM Bangladesh De¢ember Carol 18.423 (10.899) 7.525 1,814 (1.814) SerYi¢es U-Turn Appeal {Souih Africa) Latvian Ministry EAst End Outreach Covent Garden To Paddington Talks North Bishopsgate Musi¢ s￿d¢￿t Ministy Mandarin Ministy Crosging Chur¢h Singapore Gospel Partnership London Gospel Partnership (forn]erly South East Gospel Partnership) Mission Minded Conf¢rences Sp¢¢i#l Colle¢tions Media Fund BuildiAg Maintenance IGG ministry fund Weekend Away Bursary Hardship Fund 7.750 (7,500) 250 435 17,729 13,745 9,603 18,062 35,841 15,283 435 22,647 58,144 31,513 4.704 13,454 9,225 1,160 (63,060) (17,768) (401) (2.043) (12,161) (21,038) (2) 5.300 6,651 38,775 35.161 93 {93) 246 1,729 {246) (12,902) 2.573 13.191 4,591 300 8,365 3,628 63 14.505 ,125 9299 11.388 (8,665) (3,628) (31,207) (16.505) 31.712 2,000 2,000 568 3,125 9,299 4,310 (7.078) 106,070 189,328 (216.915) 1,883 140,366

THE PAIUSH 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 31 Deeember 2021 C) De8lgnated Fund At l January Incoming 2021 Resources Expendlture Transltrs At31 Deeember 2021 Strategle Reserve 1,200,1100 1,21Yb,00 Dvriog the year, the PCC ￿¢¢IVed an ¢x¢ep¢ional donallon, and also a legacy of £700.000 from a fom]er member of the con￿¢gOI10n. Giv¢n the ex¢eptional nature of these gifts the PCC has decided to transfer £1.200,000. to a n¢w Designated Fund entitled Strat¢gi¢ R¢serve, th¢ purpose of whi¢h 1$ to 5UPPOrt future ministy opportunities highlighted by lis 2030 Vision. The most appropriate way of deploying these funds is still under discussion. 16. Analysis of net a8￿ts between funds Fund bolonees ot 31 Deetmb¢r 2021 aTe repr¢5ented by: Tongfible flx¢d 4s$ets Currtll¢ 4$3etS Current liablllties Total Funds Unrestrlcted Funds General Fwid 2,174,984 (249J89) 1,925,595 D¢$ignal¢d Fund {Stralegic R¢s¢rve) 1,20(KJ.00 1200.0(X) Fixed Assets Fund 29,284 29.284 Toidl UnresirlciedFullds 29384 3J74,984 (249J89) 3,154079 Restricted FuDdJ Trainee Christian Leaders 25,000 25,000 North Bishopsgate 26.861 26,861 Music Studen¢ Ministy 33,532 33,532 Mandarin Ministy 18.684 18.684 Other Restricted Funds 54,503 54.503 TolalResirleied Fullds 158,580 158J80 Tot41 FuDds 29,284 3,533,564 (249J89) 3,313,459 32

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW LfNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE Notes to the Financial Statements For the year ended 31 December 21121 17. Related Party Dlselosures TransactiD115 With PCC members and Key Management Personnel (KMP) During the year there were 51 PCC members {2020.' 50). Th¢se members, along wilh close family members, donated £846,273 (2020.. £867,744) to th¢ PCC. No sole PCC member h¢ld ¢ontrol or si8nifieant influen¢e over th¢ atTairs of the PCC during the year. norwas any member of the PCC during the y¢ar r¢mutteral¢d for being a member. No expenses were reimbursed to tb¢ PCC members in th¢ course of Ih¢ir roleg As memb¢rs. Five {2020- 2) non-clergy members or their close family were reimbursed trnvel, subsistence and other expenses amounting to £2,540 (2020.. £1,137) during the year. Th¢ PCC had one member (2020'.1) who was also an employee of ihe PCC. The PCC had 3 (2020.. 3) m¢mbers who ea¢h had close family members who wer¢ employees of the PCC. The oggr¢gai¢ r¢mun¢rd¢ion paid to these employees in the year amounted to £1 10.167 (2020: £43,509). M¢mb¢rs of the ¢l¢Tgy are not employed by the PCC bul by th¢ Chur¢h Commis$ion¢rs. The remuneration of the clergy is in a¢¢ordJn¢e with th¢ Stipend S¢al¢ for the Diocese of London and the PCC reimburs¢5 the majority of their employment costs via ihe Diocese of London. In addition, ordained Clergy are piovided with living accommodation &5 part of the requirements of their role. During the year 8 PCC members (2020: S) w¢re port of th¢ ordained ¢lergy. The ag8reg41¢ amoun¢ reiEnbursed during th¢ y¢ar to th¢ Dio¢ese of London in respect of 6 (2020.. 4) of those PCC members atnounted to £155,041 (2020.. £159,6￿). The cost of another memb¢r of the Ordained clergy was r¢imbursed lo another body and amounted to £42,176 (2020.. £41,980). Th¢ PCC incurr¢d a¢commodation costs (r¢nt, council tax and utiliti¢sl during the y¢ar in respe¢l of the ¢lergy m¢rnb¢rs amounting to £130205 (2020.. £135,201). Th¢ PCC also gave r¢moval aE resettlemenl graTS1$ to 2 (2020-. Nil) new clergy members during th¢ yw, Ih¢s¢ amount¢d io £11,380 (2020.. £Nil}. Duringthe y¢ar, th¢ totsl of specific ministy costs reimbursed to clergy members ormembers of their close family amounted to £5,871 (2020.. £975). Payments amounling to £20,977 (2020: £17,979) were made to one (2020.. 1) Clergy member by way of pastoral sUp￿rt lo him and his family. £1,500 (2020: Nil) was giv¢n as 4 kaving gift to a fomier member of th¢ cl¢rgy who left during th¢ year. The PCC defines KMP as 7 (2020: 4) s¢nior ¢l¢rgy m¢mb¢rs. the Partnership & Projeth T¢am L¢oder, the Operations Manager and one ordaiD¢d yninistry leader who 15 an ¢mploye¢. The pay. b¢n¢fils attd ¢xpense$ of the clergy are dealt wilh above. The pay and b¢n¢fils of th¢ oth¢r k¢y matYdg¢ment personnel are set annually by the PCC'S Finance CorDmitt¢e. in relation to lh¢ Chu￿￿.5 salary bands and the itidividual needs of the employee. Salary bands are b¢nthmaTked against other chariti¢s, thuTch¢$ and key worker rol¢$ on a p¢riodi¢ basis. In 2021 th¢ KMPwho w¢re notmembers of thePCC. receiv￿ rcmuneration of£99,641 (2020.. £178.522}. They also r¢Clai￿¢d mintsty ¢xp¢ns¢$, mainly trav¢1 and subsistenc¢, from the PCC totalling £506 (21r20- £597). Transactiolls with other r¢lated parties Parochial ChMr¢h Coun¢il of St Peter Upon Cornhill (SPC) (txeepted from re8l%trAtlon by tbe Chfirltles Commi$sion) St Helen's PCC members Rev W Taylor, Mr B IYDonoghue and Mr S Congdon and Key Management Personnel, Rev H Eatock-TayloT and Mr J Barrington were members of th¢ PCC of spc Ihroughow the year. and 7 other employees of St Helen's were members for all or part of the year. St Helen's uses the SPC church building for variou5 Small growp ministries to provide sthdy $pa¢e for Associates. No rent was paid during 2021 or 2020 by St Helen's foT ihis use. During ihe y¢&r- St Helen's made 8ronts totalling £45,500 (2020.. £47,500) to SPC. SÉ Helen's received fee5 of £1,000 {2020: £1.000) from SPC und¢r 8n Jgre¢m¢Mt for the provisiot) of management services. Si Helen's incurred operattrtg expenses on behalf of SPC amounting to £2,296 (2020.. £1,952) which were recovered from SPC. 33

THE PAIUSH OF ST HELEN BISHOPSGATE ￿TH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE Notes to the Financial Statements For the year ended 31 Deeember 2021 St Helen's received a donation on behalf of SPC amounting 10 £3.001 (2020: £Nil) which was passed on to spc. 18. Transadions with other relevant eharities GreAt St HekTh's Trust {GSHT) {reglstered charlty 1089919) GSHT provides support for Christian ministry in London. PCC member Mr B O'Donoghu¢. 1$ O trustee of GSHT. During th¢ year: GSHT provided livAng accommodation for 3 clergy members of the PCC (2020..3) and forministy associates and slaff m¢mb¢Ts. Th¢ total rent paid for th¢ y¢ar was £207,107 (2020: £223,800). GSHT provided office and shop spoce to St Helen's. The rent paid to GSFrr during the year in respect of this amount¢d to £114,91MJ (2020.. £126.163). GSHT incurs the annual stip¢nd ¢osts of the Rector {PCC member) and rechorg¢d that cost to St Holen's - £32,220 (2020- £32.220) P4rochl*l Chur¢h Coun¢ll of S¢ MlelTrael Cornhlll (SMC) (r¢glstered eharlty no. 1179240) St Helen's hos close links wfftth St Michael's but does not have control over its activities. Over the COUTse of the year, 3 members of St Michael'5 PCC w¢r¢ also PCC memb¢rs of St Helen's: Rev C Skrine, Chair and Priest-tn-charge {until April 2021), Rev L Cornelius and MT5 J Taylor. wifr of Rev W Taylor, St H¢len's Chair. 3 members of St Michael's PCC are employee5 of St Helen's: Ms M Vander Steen. Mr L Elbourne and Mr H Eatock-Taylor, who is also a KMP of St Helen's. 7 members of St Michael'5 PCC are 8150 memlxrs of the congregation at St Helen's. DurFng ih¢ year: St H¢l¢n's in¢urred operating ¢xp¢nses on b¢half of SMC amounting to £13 (2020: £Nil) and recovered them from SMC. SÈ Helen's has entered into an agreement with SMC to provide bookkeeping and a¢wunting s¢rvi¢¢s for an annual fee of £2,00012020.. £2,000) St Hel¢]E's provided th¢ servi¢¢s of 4 (2020.. 2) ordained clergy to lead the ministy at St Michael's. No charge wa5 made for these servi¢¢$. Cr0$5wwy SIr￿lf￿nI (CrO￿way) (regLstered charlty Do. 1172415) St Holen's established an ind¢pend¢nt ¢hurch plant at Crossway. Stratford in 2017 Rt bt¢ame a independent charity in 2018. Prior lo th￿. the mini$ty at Strarford operated as a restricted fijnd within St Helen's. Part of this arrnngement was that the Rev J Child (¥ S¢ H¢len's PCC clergy member until July 2017) would cease to be licensed in the Diocese of London and would b¢ r¢li¢¢ns¢d in th¢ Chelmsford diocese which would, accordingly? be responsible for paying his stipends and relat¢d costs. His relicensing has noL to date, been concluded, with the result that St H¢len's ¢ontinu¢s lo b¢ charged for those costs by the Diocese of London. The amount ittvolved was £39,91K) (2020.. £39,900), which was fully recovered from Cr(15sway. R¢n¢w CoDf¢r¢n¢¢ (Renew) (reglstered eharlty 1174727) Sl Helen's PCC members Rev W Taylor (tmtil September 2021) and Mr B O'Donoghu¢, w¢r¢ tsikstees of ReNew during the year. During ihe year: St Hel¢n'5 paid £650 (2020.. £Nil) in order for 2 PCC members. one KMP and on¢ ¢mployee to attend onfer¢n¢¢ held by ReNew. St H¢l¢n'$ paid an invoic¢ from ReNew of £4,000 in relation io website d¢velopm¢nt f¢eg for the London Gospel Pwthership website. St Helen's also tranSfe￿¢d giving intended for th¢ ReN¢w Future Leaders conference of £3,812 to ReNew. 34

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 yeydr ended 31 December 2021 19. Statement of Vinanci&l Activitie5 (for the prior ytjr) Unrestrlcted funds 2020 Further detalls Note Restri¢t¢d fund$ 2020 Tot81 funds 21120 lllcome #nd endowments from: I)onation$ and 1¢8a¢l¢S Charitable activittes Other trading aclivities Investments Olher income 2,932,302 117,760 119.093 8J30 22.784 161.484 11,953 3.093,786 129,713 119,093 8.330 38.675 15.891 Totsl 1￿Come 3.200.269 189,328 3.389,597 Expenditure on: Charitable activities 3,100.974 216.915 3.317.889 Total expendlture 3,100,974 216,915 3.317,889 Net Ineome/{expendlture) Tr*nsfers between funds 99295 (1.883) {27,587) 1.883 71,708 io N¢t moVem¢￿t In funds 97,412 (25,704) 71.708 Re¢on¢lllatlon of fvDds: Total fund$ brought forward 1,913,722 166,070 2.079,792 Total funds carried forward 2.011,134 140J66 2.151.500 35

THE PARISH OF ST HELEN BISHOPSGATE WtTH ST ANDREW UNDERSHAFT AND ST ETHELBURGA BISHOPSGATE AND ST MARTtN OUTWICH AND ST MARY AXE Notes to the Financlal Statements For the yev4r ended 31 December 2021 20. Operatlng Legse Commitments At31 December2021 the total of the PCC'S firture minimum lease payments undornon-¢ancellabl¢ operating leases (for rented properties) wo8: 2021 2020 Amounts payable: WÈthin l y¢ar 74.518 93,455 Wiihin 2 to 5 y¢ar 2.875 76,938 77J93 170,393 21. Other Commitments At 31 December 2021, there were no material outstanding commitinents {2020: £11.000). 22. Contingent Assets At 31 D¢ttmber 2021. there were no contingent assets (2020: £12.500) 23. Bequest of frethold propeYtie8 As reported in the 2019 f￿3￿clAI statements, the Rector and ChurChw￿den5 of St Helen's, Bishopsgal¢ were tnfornied in October 2018 that they had been l¢ft a lega¢y of three properti¢s in the East End of London, the aggregate market value of which is e$timal¢d at around £2,000.000. The properties were left ￿ the Rector and Churchwardens of St Hel¢n$, rather than to the PCC as a body. At its meeting in FebniJry 2021, the PCC agreed to put in place a legal agreement so that the day-to-day management and upkeep of ihe properties i3 ov¢rse¢n by the PCC at its cost. in return for use of the house5 andlor any rental income. During the year, the PCC re¢¢ived fmal ¢onfumation that the relevant Diocesan Authority, the London Diocesan Fund (LDF). in its role as Custodian Trustee underthe ternis of the Incumbents and Chur¢hward¢n$ (Trnsls) M¢asure 1964, as amended, had acquired the freehold of these prop¢rties. Under this Brrangement, the Re¢tor and Churchwardens become ihe Managing Thistees for the properties. As the PCC has no legal title to these properties. it is of theopinion thatthey do not forni partof its accou￿ting r¢cords. 36

kan'ty R¢4i5tration Number 1131501 Independent Auditor?s Report To the PaT￿hla1 Church Council of the Parish of St Helen Bishopsgate with St Andrew Und¢rshaft and Sl Ethelburga Bishopsgate St Martin OuÈwi¢h and St Mary Axe Opinion We have audited the financial statemenls of St Helen's Church forthe year ended 31 December 2021 which comprise the Ststem¢nt of Finan¢ial A¢tivities. the Balance Sheet, the Cash Flow Statement and notes to the financial Statements, Èncluding a summary of significant accounting polieie5. Th¢ financial reporting framework that has been appli¢d 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 Iunited Kingdom Generdlly Accepted A¢¢ountiMg Pra¢ti¢e). In our opknlon the financlal $tatemenls: give a tnle and fair vi¢w of th¢ state of the church's affairs as at 31 December 2021, and of its Aticoming resources and application of resources, for th¢ year then ended- have been properly prepared in ￿cOrdanCe wilh Uniled Kingdom Generally Accepted A¢counting Practice- and have been Prepar￿ in aKordan¢¢ with the r¢quirements of the Charities Act 2011. BAyls for opiniott We conducted our audit in a¢¢ordanc¢ with Iniernalional Standards on Auditing (UK) {ISAs (UK)) 8nd applicable law. Our responsibilities under those $tandards are further described in the "Auditors, r¢$ponsibilities for the audit of the financial statements" section of our report. We are itidep¢ndenl of tho church in aceordance with the ethical requirements thai are r¢levant to our audit of the fmancial statements in the UK. including the FRC'S Ethical Standard, and we have fiAifill¢d our oih¢r ethical responsibilities in a¢¢ordan¢e with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate io provide o bosis for our opinion. Conclusions relating to going concern We have nothing to report in respect of th¢ following matters in relation to which the ISAS (UK) requiTe us to report to you where: the PCC Members, use of the going concern basis of accounting in the pr¢porntion of th¢ finoncial statements is not appropriate- or the PCC Members have not disclosed in the flnancial statements any identifi￿ m4t¢rial ￿￿ertaintleS that may cast significant doubt about the PCC'S ability to continue to adopt the going concern basls of a¢wunting for a p¢riod of al le&5t twelve months from the date when the f]nancial ststements are outhori$¢d for issue. Other lthform*tlon The PCC Members aTe respot]sible for the other infonnation. Th¢ other infom)ation comprises the infomiation included in the aniiual repor4 other than the financial statements and our auditors, report ther¢on. Our opinion on th¢ fm4n¢ial ststements does uot cover the oÉher infonnation an(L except to the ¢xten¢oth¢rwise ¢xpli¢itly st&t¢d in our report. w¢ do not express any fomi of a&surance conclusion the￿On. In Connection with our audit of the financial statements, our responsibility is to read the other infomiation gnd, in doing so, ¢on$id¢r wh¢th¢r th¢ other infotTh81ion is malerkally inconsistent with the fmancial sthtements or our knowledge obtained in the audit or otherwise appears to b¢ mat¢r2ally mi5Stal¢d. If w¢ identify sucb material inconsistencies or apparent material misstatements, we are required to detern)ine wh¢iher there 1$ a material misstatement in the fiT)ancial statements or a material misstatement of the other inforniation. If, based on the work we have ￿rrO1￿ed. we Conclude thai th¢re1s 0 matedal mIss￿eMent or this other infomiation we are require41 to report that fact. W¢ have nothing ¢0 r¢port in this regard. Matters on whith we are requFred to report by exeeplio 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.. 37

itv R¢istralion Numb¢r 11315Ql Independent Auditor's Report To the Parochial Church Council of the Parish of S¢ Helen BislJop$gate with St Andrew Undershaft and St EthelburgA Bishopsgate and St Martin Outwieh and St Mary Axe the inforniation glven in the financial stal¢m¢Dt5 15 in¢onsist¢nt in any material respect wtth the PCC Members, annual report. or suffi¢i¢nt a¢¢ounting records have not been kept. or the flljancial statements are not in agr¢¢m¢nt with the accounting records. or w¢ hav¢ not received all the infornjation and explanations we require for our audit. RespDnsibilitie8 of PCC Members As explained more ￿llY in the "PCC Members, Responsibililies" statement set out on page 9, the PCC Members are responsibl¢ for th¢ preparation of financial statements which give a true and fair view, and for such internal control as the PCC M¢mbers det¢miine is n¢¢es5ary to enable the preparation of fmancial statements that are free from material misstatemen( whether du¢ lo fraud or error. In preparing th¢ financial $tal¢m¢nts. the PCC Members are responsible for assessing the church's obility to continue as a going concern, disclosing? as applicable, matters r¢laled to going ¢on¢ern and using the going ¢onc¢rn b8sis of a¢¢ounting unle$s the PCC Members either intend to liquidate the church or to cease operations, or have no Tealistic alternative but to do $0. Audltors, responslblll¢ie$ for ¢b¢ 4udl¢ of ¢h¢ nnnel#l ststeTh¢nts We hY4ve been appointed as auditors wider section 144 of th¢ Chariti¢$ Act 2011 and report in accordance with regulatioljs made under 5ectlon 154 of that ACL Ourobj¢ctives ar¢ lo obtsin regsonabl¢ assurance aboul whether the f]nancial 5tatem¢nls as a whole are free from material misstatement, whether due to fraud or error, and io issu¢ an auditors, report that 7n¢lud¢s our opinion. Reasonable assurance 18 a high level of as$urdn¢e, but is noi a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a malerigl MI￿¢Atement when li exists. Misstatements ¢an arise from fraud or error and are considered material if, tndividually or in the awegate, they could reesonably be expected to influ¢n¢¢ the e¢onomi¢ d¢¢isions of users taken on the basis of these financial statem¢nts. Irregulariti¢s, including fraud, ore instan¢es of non-complian¢e with law$ and regulaiions. We de$1 procedure5 in line with our resp(￿S1b1IitIes. outlined above, to d￿ect material misstatements in respect of irr¢gularities. including fraud. Th¢ sp¢¢ific prw¢duw for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: canying out substantive checking to supporting documents on a sample basis of individual transactions within income and expenditure to give comfort that on a sample basis the SOFA does not contain any rregular itetns., • eatrying out walk-through t¢8ting to v¢rkfy th8t the ¢hArity's accounting syst¢m8 and ¢ontrol$ are being implemented as designed. • verifying the existence on a sample basis of individual employ¢¢s on the payroll- and ' verifying that material balances within the balance sheel are 5UPPOrted by third party evidence to conr the existen¢e and valuation of th¢se bglan¢es at the balance sheet date. Be¢au$¢ of the inher¢ni limitations of an audi¢, th¢tt is a risk that we will not del¢¢t all irr¢gul¥riti¢s. ineliiding those leading to a material misstatement in the ftnancial statements or non-eompliance with regulation. Thi5 risk increases the more that compliance with a law orregulation isremoved from the events and transactions reflected in the fU￿n¢[al statements, as we will be les5 likely to become aware of instances of non-compliance. The risk 1$ also greaterregarding irregularities 0￿Urring due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion. omission or misrepresentstion. As part of an audit in accordance with ISAS (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identify and Asse5S the risks of material misstatement of the finartcial stslemenls. whether due to fraud or error. d¢sign and perfomi 8udit procedur¢s responsive ¢0 those risk￿ and obtsin audit evid¢nee that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material 38

itv R¢oistralion Number 1131501 Independent Auditor's Report To the Parochtal Church Council of the Parish of St Helen Bishopsgate with St Andrew Undershaft and St Ethelburga Bishopsgate and St Martin Outwich and St Mory Axe misstatement resulttng from fraud is higher than for one resulting from em)r, as fraud may involve coIIu5ion, forgery, intentional omis$ions. misrepresentations. or the override of internal ¢ontrol. Obtsin an understanding of internal control relevant ¢0 the audit in order to design audit pro¢edures that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectiveness of the ¢hui¢h'y internal ¢ontrol. Bvaluate th¢ appropriat¢nes5 of ￿coW￿ling poli¢i¢s used and th¢ re&sonabkn¢ss of a¢counting ¢5¢imates and relat¢d disclosures made by th¢ PCC Members. Conclud¢ on ihe appropriateness of the PCC Memb¢rs' u$¢ of the going ¢on¢ern basis of a¢¢ouniing and, based on the audit evidence obtaine(L whether a material uncertainty exists related io event5 or ¢onditions ihat may ¢ast signifi¢ant doubt on th¢ church's ability to continue as a going con¢ern. If we conclude that a material uncertainty exists, we are required to drE4W attention in our auditors, report to the related di5closure5 in the financial Statements or. if such di5c105ure5 are inadequale. to modify our opinion. Our ¢on¢lusions ar¢ based on th¢ uudit eviden¢e obtained up to the date of our auditors. r¢port. However, fu￿￿¢ events or Conditions may caus¢ the ¢hur¢h to ¢¢as¢ to continue as a going oncern. Evaluate the overall pr¢5¢ntation. stru¢ttwe and conteni of the financial stat¢ment4 in¢luding the dis¢losures, and wheih¢r the f￿ancIal statements represent the underlying transactions and events in a mann¢r that 8chieves fair presentation. W¢ ¢ommunicate with those charged with governance regarding* among other matters, the planned scope and timing of the audit and significant audit findings. in¢luding any significant deficien¢ie5 in ij]ternal control that w¢ id¢tttify durhng our audit. Use of report This report is made solety to the PCC Members (who are trustees for the putwises of ¢harity legislation), as body, in accordance with regulations made undeT section 154 of the Ch8ritie$ A¢t 2011. Our audil work ha8 b¢en undertaken so that we might state to the PCC Members those mBtters we are required to state to them in an auditors, report and forno other purpose. To the fitllest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the church and the PCC Members. as a body. for our ¥4udit work. for thi$ r¢port. or for the opinions we have fomied. riffin Slott¢ Moscrop & Co. Charte￿d A￿0￿￿ta￿ts Statutory Auditors 21-27 Lamb's Conduit Street London WCIN3GS Griffm Stone Moscrop & Co 18 eligibl¢ to aot ag an atsditor in temis of section 1212 of the Companies Act 2006. 39