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
Tot*1 ¢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¢ nn*nel#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