Report and Financial Statements
of the Paroehi*l Church Council of
St Helen's, Bishopsgydte
For the year ended 31 Decembei. 2022
Charity Registration Number 1131501

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFf AND
ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE
PCC Annual Report
for th¢ year ended 31 Di¢cmber 2022
CONTEf4TS
P&ge
Officers. Iwstees and other infom81ion
PCCAnnual Report...............
Fiiiancial Revi¢w.....................
Stai¢ment of Finaneial A¢tivities..........
Balance Sheet..................
Slatemeiit of Cash flows.
Notes to the Financial Statemenls.....................
AuditolsrepDrt....-.....................
10
12
37-39
Officers
Rettor
Th¢ RevereJ)d W Taylor
Curates
The Reverend Dr A Glyn
The Reverend L Cornelius
The Reverend D Balch
The Reverend P Hudson
Chureh Wardens
Mr J AEtderson
Mr R Anthrws
Mr C Kasenene
Mr A Ross
Mr R T¢tt
Dr S Tiy)wbridge
Secretary
MrA Wales
Treasurer
Mr J Anderson
Address
St Hel¢M's Church Office, Great St H¢len's, London, EC3A 6AT
Partnershlp & Projects Leadev
Mr B O'Donoghue
Operations Manage
Mr J Bojrington
Audltovs
Griffm Stone Mos¢rop & Co, 21-27 Lamb's Conduit Street, London, WCIN 3GS
BRrtk¢vs
National Westminster Bank Plc. 49 Bishopsgate. London, EC2N 3AS
The Parochial Church Couneil is a corporat¢ body establtshcd by and opeJ>ting undei. the Parochial Cliurth Councils
(Powers) Measuie 19S6.
The PCC is registered with the Charity Comniission as'The Parochial Chureh Council of the e¢¢lesias1icAI parish of SI
Helen, Bishopsgate, witli registration no. 1131501.

THE PARISH OF ST HELEN BISHOPSGA TE WtTH ST ANDREW UNDERSHAFT AND
ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE
PCC Annual Report
for the yegr ended 31 December 2022
Since l January 2022 to tli¢ dale of approval of this report. the PCC menibers, who act as triisl¢¢s of the
registered chai'ity, ¢ompris¢d..
Rev W Taylor
R¢v A Balch
Rev Dr A Glyn
Rev J Houghion
Rev P Hudson
Rev L Coi'nelius
Mr J Andersoth CBE
Mr R Andrews
Mr C Kasenene
Chairman and Rector
Vi¢e Chainnan, Treasurer and Warden
Walden
Ward¢n
Mr A Ross
MrRTdt
Dr S Trowbridge
Mr R AndeJ%on
Mr l Bright
Ms L Bl'ock
Mr M Burden
Mr S Coiigdo
Mr R de Villiers
Mrs S Finch
Warden
Warden
Warden
To 25 April 2022
Mr P Hagenbuch
Dr G Flaile
Ms C Hardwick
Mr S Hogan
Mr T James
Mrs W Kasenaie
Frotn 01 July 2022
Mr R Keep
Mr J Laing
Ms A Lamb
Mr C Longden
Miss K Malcolm
Dr M Marnthappu
Mr S McGowan
Mr Y Monclair
To 25 April 2022
To 25 April 2022
Mr D Nartey
Mr B O'Donoghue
Ms M Okine
Mrs A Robson
Mr L Rurland¢r
Mr T Shelley
Mr P Sinipkin
Mr G Sommerville
From 25 April 2022
From 25 April 2022
Mrs R Steeden
From 25 April 2022

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFf AND
ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE
PCC Annual Report
for the year ¢Dd£d 31 December 2022
Mr L Swalman
Dr Y-C Teh
Mr M Th0￿e
Miss S Too
MrA Wales
Ms R Williams
Mr J Wolstenholme
Secretary
To I September 2022
Mr J Xiao
MrA Yu
Fiy)llL 25 April 2022

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 Deeember 2022
Straleglc Report
objectiv￿ and a¢tlvltles
The prirnary objective of all PCCS is the promotion of the Gospel of our Lord Jesus Christ for th¢ benefit
of the public.
Oui. church has as ils stated objective to bl'ing glory to God by knowing Him and making Hiin known as
we proclaim Jesus Clirisl. The church, as in previous yoats, pursues this objective under three headings.
amely "R¢ath out, Build up and Send out"
reeching out with the Gospel of Clll'ist to those who would
not call th¢mselv¢s Christian. building up believers to rnaturity in Chrisl., and sending people out from lh¢
¢ongregaiitsn lo serv¢ Christ both in the UK and overseas.
The PCC is required to report on the criteria or i)ieasures used to assess su¢¢ess. The Bible teaches us to
proclaim the Gospel of our Lord Jesu5 Christ faithfully, clearly and unashamedly but leave the results lo
God (e.g. Mark 4). Therefore, although any gospel growtl) is a great en¢ourag¢ment, the succe5$ in
achieving the church's aims and objectives is not measui'ed by the number of attendee5 or by gr0￿h in
nuinbers. Rather, the aim of the ministry activities of the church is to seek to provide people with
opportiinities to hear the Gospel and to respond in repentance and faith. The PCC assesses success in
tem)s of whether this is being undertaken in obedient faithfulness.
The PCC se¢ks to assist, support, eneourage, and provide resources for the Rector and staff in promoting
the work of r¢aching out with ihe Gospel, equipping the church family to do so, building up Christian
and sending out full-time workers into gospel ministry.
The PCC has considered the Charity Commlssion's guidance on public beiiefit and. in particular, the
specific guidance on chariiies for the advancemeni of religion. The a¢iiviii¢s of the chuich in the pursuit
of its aim include Sunday servi¢es, Christianity Explored, Tuesday lunchiime miiiigtry, gospel work at
other locations within the City and beyond, Read MaTk Learn, International Growth GTtsUPS, Central
Focus, the Partnership. the youih work and Sullday School, other small groups, the Associate Scheme.
church planting. Mission Parther support, prison ministry, participation in the City's Street Poslors
scheme, and a stay-and-play mums aTbd toddlers group for people in the local coimmunity with young
children. All the activities of the church are regulai'ly monitored and reviewed by the PCC against the
yardstick of the church's aim and objective. The achievements in 2022 are set out under th¢ heading
'Review of achieyemenls and performance in 2022, below. The activities provide benefit not only to those
who are regulglr attendees of the various churcli services, meetings and events, but also to those who work
and live in the parish area as well as the other communities in which we serve.
The actiYili¢s of the PCC are puisued noijust by members of th¢ ¢hur¢h staff. The church is heavily
dependent for 11$ a¢tiviti¢s upon th¢ service of the ¢huith family- and rightly so. It is the essence of
gospel partnership that the WO￿ of the church be pursu¢d by the whole congregation of believers and that
the leaders of the ¢hur¢h should seek to equip all members of the church family to play their part. It is the
aim and intention of the pcc thai the entirety of its fin8n¢ial resources be carefully devoted lo lh¢ pursuit
of the church's slated obje¢tive.
Fln#n£ial revlew
The financial r¢vi¢w set out on pages 7-9 forn)s Part of this PCC Report.
Strueturei governanie aDd management
The PCC is a body corporate estsblished by and operating under the Parochial Church Councils (Powers)
fvleasL]re 1956. It is a charity registered with the Ch￿'itY Commission under registrdtion no. 1131501. The
election artd appointment of PCC members is governed by the Church Representation Rules {2020). The
church is part of the Diocese of London of the Church of England and implements national Church of
England policies as required by the Diocese of London.
There wei'e 51 memb¢rs of the PCC in 2022, ¢l¢cted, ex offieio and co-opted, drawn from the midw¢ek
and Sunday ¢QDgr¢gations. During the period of the Irport there wer¢ 15 eleeted members aÈ any one time.
The balance ¢ompi'is¢d the clergy and membei's who, a5 ehurchwardefts or members of the General,
Diocesan oi. Deanery Synods, air ex oificio members. Two rn¢mb¢r5 of the church staff regularly attend
meetings by invitation. In addition to the slattitory standing cgmintitee, the PCC has a fjnance tommittee,
a buildings committee, an IT Committee, an international steel'ing group> a safeguarding committee, a
staffing committee, and a UK Inission committee.

THE PARISH OF ST HELEN BTSHOPSGATE WtTH ST ANDREW UNDERSHAFT AND
ST ETHELBURGA BISHOPSGATE ATr4D ST MARTIN OLrrwicH AND ST MARY AXE
PCC Annual Report
for Ilie year ended 31 D¢eeinber 2022
Th¢ fiiiance ¢omniittee's purpose is lo assist the Treasurer in overse¢ing th¢ financial affairs of
tlie church und to bring lo th¢ PCC art winual bud8et, regular updates on income and expenditure
and on any issu¢$ wliich require r¢solutiot], together with r¢commelldaliotig on possible coui'ses
of action.
The buildiiigs conimilt¢¢'s purpos¢ is to 8SSlSI the PCC and Faeiliti¢s Man2ger in overseeing the
mattitenance 8rtd care of the Chureh buildings and offices ajid to bring issiies, which need
resolution, to the ktlenlion of the PCC, togethej. with recoinmendations of po&8ible eourses of
a¢tion.
Tlie international steering group aims to plan strategically all the church's intemlllional ministry.
includiiig mission partners, overseas ministry trips by st8ff and inviting people overseas to joiii
the Associate Schejne or Cornhill Training Course. An intemational committee opeiates as a sub-
committee of the intei'national steering &iroup, with tlie aim of %ending out mission partners
suppoiting them inaterially arjd throii8h prayei.. The internfttionAI steerin8 group is responsible
for reeommendat50ns of potential mission portners and proposing levels of financial support for
approval by the PCC.
The IT committee's pui'pose 1510 5UPPOIt our IT team in ovei'seeiiig the IT infra5tTUCture.
pi'imarily thyough advice and guidance. It lielps review ai)d develop strategies foi. the IT
infra5tmetui'e. The committee bTings reports on IT Inattet3 to the PCC, as well as pi'opo5als for
developing tlie IT infrastsuctwe to the R¢c.lor, 1.eam Leader5 and die PCC..
The s2fe¥uhrdin¥ committee is a source of advice and guidance on safeguarding issues. It as5iSt5
the PCC in overseeing th¢ safeguarding affairs of the ehurch in accoi'dAnce with the applicable
slandgrd$ and ic brings issues which need resoluiion to the attentioi) of the PCC, together with
reeommeiid8tions for changes in policy and procedure. The responsibility for 5&feguarding
rem8ins a responsibility of the PCC as a whole, including for the eoiitent and iinplementation of
all policies and pro¢edur¢s.
The staffing committee's purpose 15 to support the PCC and Operations Mat)8g¢r in overseeing
the good managemenl of staff and volunt¢ers. It helps review policies ond 318ffing documents to
ensure they remaiii fit for purpose and at industy standard. It advises th¢ PCC on ¢mployment
related matters.
The UK mission ¢ommittee'5 pul'pose is to assist the PCC in its support of UK partner
hur¢h¢51ministri¢s and to co-oi'dinate the practical outworking of the PCC'S policy for
supporting such Churcheslministries.
In temis of PCC niembershipi the aim 15 to r¢cntit 8 cr053-se¢tion of individua15 with ii?volvernent in 2
variety of the areas of the cliurch's ministry a¢tivili¢$. Most of those i'e¢i'uited are already involv¢d in
leadei'ship in an area of the church'5 mission and ministry) sorne are c1105en for their 5pecifi¢ pi'ofessional
skills and expa'ience which are peJreiv¢d as useful for th¢ pJM)pei' fiLllCtioning of the PCC. New PCC
members are directed to the trust¢e responsibilities resources atid tsaining availabl¢ on the Charity
Commission and Diocese of London websites. An additional iiidllction for n¢w PCC members was also
provided. Trainiiig in matters such as h¢alth and safety and food 5afcty IS uiidertaken by members of the
church staff with parli¢ular J'¢SPOhsibility for the matter question. Safegllarding training is undertaken
in part by Members of th¢ ChU￿h staff (for example, for volunteer Sunday School leaders) and in part by
th¢ Diocese of l.ondon.
The Diocese of London agrees stipend levels for all Church of England clergy in London, which th¢ PCC
accepts for ils clergy. The PCC agrees the salary structure and policies for ils eniployees. The Treasurer,
with input from tl)e finai)ce and st2ffing committees. reviews and determiiies the individual annual 5alpries
for all employees in accordance with the stwcture and poli¢ies set by th¢ PCC and iii accordance with the
annual budget.

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND
ST ETHELBURGA BISHOPSGA TE AND ST MARTIN OUTWICH AND ST MARY AXE
PCC Annual Report
for the year ended 31 Deeember 2022
Th¢ R¢¢¢or provid¢s spirithal leadership for St Helen's church with the gupport of the other clergy and
senioi. 51aff memb¢rs. The PCC del¢gat¢s day-to-day administyative management to the Operations
Martagei., subjeet to writt¢n i'¢stri¢lions applicable lo his expendÉ¢ure authority.
Rlsk manxgeiMeDt
Tl)¢ PCC coi)tinu¢s to operate its risk r¢8ister and risk mitigation framework, which were reviewed and
updated in 2022. Wiile this canJ)ot provid¢ absolute assuranee, the sleps taken should enable the PCC and
the to achieve its objectives. Risk is also cot)sidercd regularly as part of ¢h¢ deci5ion-maktng
pro¢¢ss.
The principal risks facing the on-going ministy of the d)urch have been identified as..
Unfaithful teaching from the pulpit or in small 8roups
Significant damage to any of the buildings
Safeguarding
Reputational damage caused by failure to ¢omply with employment. finan¢ial or health ond safety
I'egulations
Finaneial stability
These risks are managed by> reSp￿tiVe1y..
PCC members being part of congregations and small groups. Small group leaders receive exiensive
training and set)ior staff provide feedback on semions.
InsuiBnc¢ policies being in forc¢ to eovth. damage to buildings 8nd any ¢onsequential loss incuJTed
by Telocating ministry activities during rq)8irs.
Written Safeguarding policy and procedures including. where appi'opriate, the requirement for a
Disclosure and Barri1)8 Setvice disclosure prior to serving with children. The PCC has a diity under
section 5 of the Safeguarding and Clergy Discipline Measure 2016 to have due regard to the House of
Bishops" Buidance on safeguarding children and vuliierable adults" The PCC has complied with this
duty.
Public liability, employer liability at)d truste¢ indemnity insuran¢¢ cover. Written financial
procedures and controls and writt¢n health and safety procedures.
Statemtnt of PCC m¢inb¢r5' re5ponslbllltles
A statement of the responsibilities of mernb¢rs of the PCC is set out on page 9 and forms part of this PCC
Report.
Revlew of achlevements And performanee In 2022 plans for the future
A review of achievements and p¢rfomance in 2022 and plAns for the ￿tUre is set out on pages 7-9.
Andrew Wal&s
Secretary

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND
ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MAR Y AXE
PCC Annual Report- Financial Review
for the y¢8r ended 31 D¢etmber 2022
Summary of main 4ehievements
2022 was an encouraging year as physical meetiiigs were again tlie maiiistay for ministry.
R¢gular giving was at the same level as 2021, but did not meet the budgeted increas¢ of 5 /0.
One-off gifts were down 14Yo on the previous year, but alx)ve biidget.
Costs iiici'eased Inore thali expeGt¢d becRiise of iiiflatioiiary pressures on staff ai)d utility costs.
The lowei. tllan budgeted iiicome and tl)e increased costs resulted in a deficit of £262,389.
B¢yond local ministry we gave grants to international Inissioi) partiiers and 5 small UK churches.
Bi'iefJ'efleGilons ofoi¢r achievemenls in light ofoui, obj*LIIv¢s
t has been a great joy io b¢ fully back to preQovid pattems of mtnistry aciDss our Sunday sei'vices, our mid-week
activities and small groups. and our Sunday School and youth activities. We continue to invite people to join services
online where th¢y are still unable to attend in pei%on.
Attendance rose at our Sunday services and in our small group bible studies for workers. students and internationals. Our
Sunday School and Youtli groups have been eiicouraging and serve not only our own youth, but many from oth¢r churches
and schools. The pareiits and toddlers group. and the City Pastors teams have been serving the local Community. The
prison ministry has continued to be well re¢eiv¢d by prisoners and bear fluit. We worked with other misgion partn¢rs to
launch a new ministry, Asha, to serve those livtng in East London.
Wliilst our mid-week ministrie5 in Bishopsgate, North Bishopsgate. Moorgate and CoventGarden five supported by a ¢ore
of p¢ople, they are Smaller than they wer¢ pr¢-Covid. This is be¢ause of the mov¢ to hybrid Working patterns for many
peopl¢ in the City. We will therefore be experimenting to s¢¢ how w¢ ¢an best serve the many p¢ople whose offices ai
based n¢ar us, even if they are not always physic8lly present. Reeent evangelistic events huve shown that there is still an
appetite from those who are not yet Christians to hear the Christian message.
St Helen's continued to $upport the ministry of St Michael, Cornhill and Si Benet, Paiil's Wharf. Staff members led
ministry activiti￿ and servi¢¢s, with their costs covered by St Helen's., volunteer lime was also provided.
W¢ supported at fiv¢ small¢r UK churches. These smoll churches are in areas where there is gospel need and
oppoitiinily but little resour¢¢. It has been very pleasing to heal. fi'om them that our support to help 'pump pi'ime, growtli
oppOrtL￿111¢s lias boJ'n¢ fruit for the gospel and strengthened the churehes themselves.
One part of our 2030 vision is to increase the opportunities we can provide for those who want to train for full-time
Christian ministry. We were therefore pleased to welcome an increased number of Trainee Christian Leader5, With ¢ight
men and women curirntly on this scheme.
Finuncial oiiicomies
On the in¢ome Side, the number of regular givers remained stable, though regulor giving dropped by lty/•. But (his was
down against our budgei, which plallned foi. a 5Q/o increase.
Yet k)gain we received some very significant one-off gifts, in¢ludillg one exceptional gift, in 2022. Tholigh the toial of
one-off gifts was down 149/0 v$ 2021, this was 9D/o up against oui. budget.
On the expenditure side, the combination of a full rang¢ of minlgtry activities and the imp#¢t of inflation, particulerly on
iitilitie5 and ytaff costs, led to an increase in costs of 18Q/*, lo a total of £4,298,998.
Expenditure ort mission and UK support was up +70/D' Staff related cosis were up +8ty/0,' the running costs of our buildings
negrly doubled; we bought n¢w ehairs for the church. ministry activity Cogts rose +80Q/o as events, catering and weekends
away were all tn high demand. This was partly offset by increased income in these areos.
These dynamics led io an overall deficit of £262,389 to be Covered from reserves.
We had plaiined to use £250.000 of res¢ry¢% to support 2030 Vision initiativ¢s around lyaining and n1i5sion. So. after
tsking this transfer into account we w¢r¢ reasonably balat)eed. Howev¢r, our one-off gift5 w¢re about £400,000 higher
than we would normally expect, so the PCC will ned to ¢lose th¢ gup betw¢en ineome and costs ov¢r th¢ n¢xt couple of
years.

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- Financial Review
for the yeay ended 31 Deeember 2022
Conliniiing ihe work
Th¢ g¢n¢rous financial supporl for th¢ ministry during the year ¢nabled us to continue a wide range of a¢livities tsrÈdeT
our sts7tegy of-
Rea¢h Oui.. Through involvement of our memb¢rs and staff in woilcplaees. colleges, local communities, and
c1)U￿b¢S I￿allY and fw'ih¢r afield.
Biiild Up.. Through our re8iilar programnie of services, small group& prayer meetings and other activities. We
also conlinued to progi'ammes to trdin future Christian workers.
Send Oul.. We coiitinued our support for iii(el￿at10l)aI mission partners in Europe, Afri¢a and Asia and made
grants to five small UK chwrhes to help them grow new miDi5tries.
As we look forwai'd to 2023. we exp¢¢t these activities to continue. In line with our 2030 ministty vision, we also hope
lo in¢rease the number of people in training for future ministry and have budgeted to use £275,000 of our Strat¢gi
Reserve to support this in 2023.
Re&epwesw)licy
Si Helen's Financ¢ Commitl¢e mgnitors reseNes to ensure we have appropriat¢ finaneial resources to continue the
church's Ininistry. In 2021 th¢ PCC approved an updated policy which sets both target and mirrimum reserves levels. This
is d¢signed to enable us to C4Jvei. ￿￿te Nnning eosts of the ministry if Ilier¢ is volatility in our gift income. We 2r¢
extremely thankfijl ￿ God for all our givetA but understand tl)at some are able to donat¢ on¢¥off gifts of signifJ¢ant valu¢
in one year, but that this may not occur each year. The updoted PCC reserves poli￿ tokes that into account niore
specifically by recognising tlie potential volatility of our usual one-off gifts. Exceptional gkft5 set aside for 5trdtegic use
are not regarded a5 recurring, and Ih¢r¢for¢ are not included in assessing the Appropriate reserves levels.
For 2023 th¢ policy indicates a target reserves level of £1,750,(100, equivalen¢ to 4 months of costs (excluding trading
expenditure) plus 50Q/o of one-off gifts received in the pr¢vioiis yeaT. The niinimum reserves level has been set al
£1,300,000. equivalent to 3 moi)th5 of costs plus 330/0 of on¢-off gifts received in th¢ previous year.
We are thankfijl to God f￿. his gen￿'Ous provÉsion of a number of exceptional gifts in recent year5, providing St Helen's
with reserve5 in excess of oiir target reserve5 policy. A portion of these excess funds have been set aside by the PCC in a
de51gnated fund that is iniended to help finance fvthre ministy ft¢¢d4 overa nuniber ofyears, to support the 2030 ministry
visioll.
At ihe aid of 2022 St Helen's held unrestri¢t¢d ￿ndS {including designated funds) of £2.910.952. down from £3,154.879
ii) 2021. Restrieted funds were £134,518 {2021'. £158.580). Most balances iii restricted funds r¢preset)t gifts for speeific
mÉnistry areas ai)d are expected to be used in the neèr l¢mi, usually less Ihan twelve months. Unrestricted fimds ar¢niainly
held in cash deposits and therefore availabl¢ for short-temi use. £24,612 is held in fixed assets and ¢ould not be used at
short notice.
FiKancial Risks
Re¢¢nt at)nouncemen¢s by the House of Bishops olth¢ Church of England have eaiised concem amongst a number of our
rinancial supporter5. This include5 some of our larg¢sl 8iv¢rs, who hav¢ indicated that they inÉend to reduce ¢heir giving
to Us until th¢ Chuich of England has confirmed appropriate provision lor churches wliich upl)old the traditional teaching
of tlie Church of Englaiid. This could cause a significant drop in in¢om¢ in 2023, resultii)g in a deficit beyond that already
budg¢ted. Whilst ow r¢serves positioi) is currently robu51, r¢seryes could fall sharply if they are needed to offset a
significant drop itt income. The Finance Commitlc¢ ke¢ps the lon8er-te]1n finaneial sustainability of the ministy undei.
fJrqueAi review.
CltssiKg remarks
We give thanks for God's grace in providing for our needs ¢hrough many very generous givers from our church family
and beyond. whatever the amount of individual gifts we value each one of th¢in.
Thank ygu also to those who njn the finances on a day lo day basis, and the memberg of the Finance Committee who
steward lh¢ chur¢h'5 resources.
Jeremy Andersoll
Trell$Mrer
I h April 2023

THE PARJSH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND
ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE
PCC Annual Report- Financial Revieiv
fov lh¢ year ended 31 De¢¢mbeY 2022
Stnlement of PCC Members, responslbllilies In relatlon to the flnanclal Stateme￿ts
Liw applicable to ch&rilies requires ihe PCC to prepore finaiicial stslemenls for each financial year which give a tru¢ and
fair view ofthe chai'ity'5 fthancial a¢tivities during the year and of ils finan¢ial pts$ition at the ertd of the year. In pr¢paring
financial statements giving a true and fair view, the PCC is required lo..
seleet suitable accounting policies and thei) apply them consistently:
make judgemenrs 2nd estimates that are reasoi)able alld prudent.
stAte whether appli¢abl¢ aceounling stwidards and statemeiits of recotnmended Practi￿ have been followed
subject to any departures disclos¢d and explained in the financial stal¢ments; and
prepare the financial 5tateinents on the going coi)cem basis unless it is inappropriate to presume th&t the charity
will continue in operation
The membeis of the PCC al'e responsible for keeping accounting records which disc105e with reason&ble accu¥acy at any
time tl)e fit)ancial position of ihe charity and which enable them to ascertAin that the financial statements comply with
applieable laws and regulations. They are also responsible for safeguarding tl)e a55ets of the chai'ity and hence for tsking
reasonable steps for the prevention detection of fraud aiid other irregularities.

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHA AND
ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE
Statement of Financial Activities
For the year ended 31 December 2022
Prlor ptrfod Further
T•tAI TotAI funds
detail$
Unre5trlo¢ed Deslgnated
funds
funds
Reslrl¢t¢d
nd
2022
2021
Not¢
Jn¢ome and endowments frojn:
Donations and legacies
3,188,708
163.015
3,351,723
4.318,006
Charitable activilie5
457,9S5
22,050
480.005
275.193
Other trading activities
130,438
50
130,488
115,050
Investments
19.745
19,745
5.787
Othtt in¢ome
33,428
21.220
54,648
72,008
Totv41 Ineome
3,830.274
206,335
4,036.609
4,786,044
Expenditure on:
Charitable a¢tivities
3.996,736
302.262
4.298.998
3.024,085
Total expenditure
3,996.736
302,262
4,298,998
3,624,085
Net Ineomel(expenditure)
(166,462)
(95.927)
(262,389)
1.161,959
Trnnsfeys btttveen funds
178,535
{2SO,000)
71,465
io
Net movement in funds
11073
(250,OIKI)
(24,462)
(262J89)
1,161,959
Re£on¢lliAtlon of funds:
Total fund$ brough¢ forward
1.954,879
1.200,000
158,580
3,313,459
2,151,500
Total funds carri¢d forw8Td
1,966,952
950,000
134,118
3,051,07fl
3J13,459
Furd)er infomation can be fouJ)d in the relevant not¢s to th¢ A¢eounts, as indicated in the final column above.
10

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND
ST ETHELBURGA BISHOPSGATE AND ST MAR TfN OUTWICH AND ST MARY AXE
Balance Sheet
At 31 December 2022
2022
2021
Flxtd AssttS
Tangibl¢ assets
24,612
24,612
Total fixed wets
29284
Current Assets
Book stocks
Debtors
Short-temi ba]ik deposits
Cath ai bank and in hand
10,632
213,044
1,910,580
1,230,850
9.730
968,695
901,243
1,653,896
12
13
Tolal fllrren¢ ¥ssels
3,365,118
3,533564
Llabilities
Creditors.. Amounts falling du¢ within ort¢ year
338,660
249,389
Net eurrent assets
J,026,458
3,284,175
16
Total net assets
3051,070
3,313,459
The funds of the ¢haYlty
Restricted income fijnds
Unrestricted fijnds:
Fixed Asset Fund
De$ign8ted Fund-Strategi¢ Reserve
General Fund
134,118
158,580
Is
24,612
950,000
1.942,340
29,284
1,200,000
1,925,595
Total unr¢$¢rleted funds
2.916,952
3.154.879
Totgl ¢harity funds
3,051,070
3,313,459
The financial statements on pages 10-12 and the notes on pages 13-36 were approved by the P&'oehio1
Church Couneil on 16 April 2023 and signed on its behalf by..
Rev W Taylor
Chairman
Mi J Attd¢rson
Treasurer
Mr A Ross
Churchwarden

THE PARISH OF ST HELEN BISHOPSGA TE WITH ST ANDREW trNDERSHAFf AND
ST ETHELBURGA BISHOPSGA TE AND ST MARTIN OUTWICH AND ST MARY AXE
Statement of Cash Flows
For tlie year ended 31 Dec¢inbti' 2022
Tol*l Fynds
TotAI
Funds
2021
2022
Not¢
Cu,shfl•wslmni operniiiig uelivilies..
Nel eusliprovlded by/{used In)operniliig Aeilvlrfes
Table I
572,199
428,246
CashJlow.sfrom Invejiliig ftcilvlile5.'
Puyrhase ofpi-Épperty, plorti andequippiieni
I￿re1.¢$1fr0In b￿￿k dgptpsil)
lllerease In deposil aecoiipils hgldfvr inveslMenipurpo&'es
{5,484)
19,588
(1,009,343)
(24,007)
3,347
(3.6S4)
Net cash ￿ed inve.¥ling oclivilies
(995,239)
(24,314)
Ch￿￿8￿ In ertsh ¢osb etjiilvolemts IM ihe reptsrilngperlod
Cash and¢ush equivalenis oi ihe begiKning ofik l't'PDril￿g
period
Cfflsh eqiilvftlents otihe endofihe reportlmgperltsd
(423,040}
403,932
1,653,896
1249,964
Table 2
1.230,856
1,653,896
Table I: Reconcilia￿0￿ of ttel In¢omel(exptnditsre) to ￿¢* c#sh flow from tsperAting 4ctivi1te5
2022
21lll
Nei (weiidliiire)ANeonielor ihe reporlillgperiod (asper the
s¥uleMwui ofJ7iirtMclul tscilvilies)
{262,389)
1.161,959
Adjustments for:
Depreciation charges
Interest fiDm bank deposits
(Increase}Idecrease in book stocks
Decreasel(increa5e) in debto
Inciease in creditors
L05$ on disposal of fixed assets
Net cash Provided by/ (used in) op¢rating activities
10,156
(19,588)
(902)
755,051
89,271
14,782
(3,347)
2,456
{822,794)
74,938
252
572,199
428,246
Table 2: Analys15 of cash cush ¢q￿&Valents
2022
2021
Cash gt bank and iii hand
1,230,856
1.230.856
1,653,896
1,653,896
Tolaleush aiidcash e4iilv141ents
Analysis of ¢h¥hEes In net debt
Al stayl of y¢4T
CAsh Flows
Ai end of year
Cash aL bank and in hand
,653.896
(423,040)
1,230,856
12

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 tbe year ended 31 December 2022
Accounting Policies
1.1 The finan¢ial $latem¢nts hav¢ been pr¢pared lo give a 'ltue and fair, view and have departed from the
Charities (Accouiits and Reports) Regulation5 2008 only to the extent requiied lo provide a 'tNe and fair,
view. Tliis dep?￿re has involved following the Charities SORP IFRS 102} issued in Oetober 2019 rather
thpn the Ac¢ounling aiid R¢portiii¥ by Charities.. Stal¢menl of Recommend¢d PIAetice effe¢iive from I
April 2005 whi¢h ha5 sinc¢ been withdrawn.
The financial statemeiits l)ave been prepared under the historical cost convention with items reeognised al
cost or transaction value unless otlierwise stated in the relevant notes to these f]nancial statements. The
financial statements have been prepared under the Chui'ch Accounting Regulations 2006 as far as CUTTently
applicable, in accoi'danee with ihe Statement of Recommended Pi?£Éice.' Accounting and Reporting by
Charities preparing their financial staienienls in aecordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland {FRS 102} issued iii October 2019 {SORP 2019 (FRS 102}).
the Finèncial Reporting Standard applicable in Ihe United Kingdom and Republic of Ireland (FRS 102) and
the Charities Act 2011.
The finan¢ial statements are prepared in slerling, which 15 the piEsentation eurren¢y of the PCC, and are
rounded to the nearest £1
Under FRS 102. the PCC falls withiii the deflnition of a public benefit entity.
1.2 Income
liicomefrofft doiiaiioN.% andlegacies
Donations and planned giving are recognised when received. Income tax recoverable on Gift Aid donations
is recognised when income is receivable, provided that income tax is reasonably certain to be recovered.
Income from legacies is recogllised wl)en ils receipt becomes probabl¢ following the grant of probate.
Graiits ree¢l￿ble dnilÉiidown*iils
Grants are recogiiised when the cortdilions for receipt have been niet. Ineome from endowments is included
within unwtri¢l¢d or r¢stri¢t¢d funds in a¢¢ordance with the terms of th¢ ¢ndowment.
Governnienlgrfthts
Gov¢mment grants relating to tangible fix¢d assets are treated as defr]red incom¢ and released to the
Stat¢m¢rtl of Financsal Activities over the exp¢cied useful lives of the assets ¢on¢¢rncd. Other grants are
credited to the Stat¢nient of Finaiicial Activiti¢s as the relatcd expenditure 15 in¢urr¢d.
In¢omefrom liiveslments.
Investmeiit income is accounted for in the period in which it is earned and when the amount ¢an be nieasured
i¢liably.
Surplus ￿ndS are invested in interest bearing (or equival¢nt) deposits, mainly witli major finHncial
institutions or with deposit-taking charities, to minimise market and credit risks.
Cllmrch ucilvlile5
Catering and other sales represent the amount received foi. mea15 and other go(Kis and Se￿1¢¢5, net of VAT
where applicabl¢.
Ollier lttcots
oih¢r income is ac¢ount¢d for on a receipts basis.
IJ Re¢tsgnltloTh Of eXp¢ndIt￿ye
Recognlilon of Ilablliiles
13

THE PARISH OF ST HELEN BISHOPSGA TE WITH ST ANDREW UNDERSHAFT AND
ST ETHELBURGA BISHOPSGATE AND ST MARTJN OUTWICH AND ST MARY AXE
Notes to the Finaneial Statements
For the year ended 31 December 2022
Liabiliti&% are recognised as expeiiditur¢ as 500D a5 there is a legal or ¢0tt5tructive obligatioii committing the
¢hui'eh to that expei)ditttre. it is probable that Settlemeiit will be Irquired and tli¢ amouiit of the obligation can
be reeognised and measured ieliably. Accordingly, a¢¢n￿ls, Creditors and provisions are recognised where Lh¢
ehureh has a pi'esenl obligation resulting from a past event and wheie Ilie future outflow of ￿ndS to a third
party is probable. The amounts recognised ii?clud¢ allowanc¢5 for any applicable trade discount5 likely to be
ket) UP.
Gr(4ntspayable
Grants and donations for the financial year are accounted for when a decision has b¢¢n taken to support a
particular ministry.
Minhlry SupporiExp¢Ndliure
Expenditure is aecounted for on an accTuals basis.
Alloeolioii of dYpeiidilNre
Support costs are 3llocatcd to the different categories of eypenditure according to Il)e estimated staff time
involvcd andlor costs incurred. It is not considered appropriate to allocate support costs relatii)g to grant-niaking
activities scpar&tely from those relating to other church activities. The allocation of support eosis is shown in
Not¢ 8.
Goyernullee c'osts
Governance costs compris¢ all costs involvin8 the public accountability of the ¢harity and its cornplianee with
regulation and good pi?¢lice. These costs include the statutoiy audit and legal fees together with any relevant
apportionment ot overh¢ad and support eosts. In accordÈnce with FRS 102 tlie5e costs hove been in¢luded witliin
the overall support costs showj) iii Note 8.
Allocuiloll of GDveriiaNce costs
Given the stated objectives and a¢livities of the PCC. and boih the indivisible nalure of the ¢hur¢h's
activities as well as the relative rost (>f governance to these activities, it is not consider¢d appmpriate to
allocate governance costs across the Activities of the ehurch. Governance costs ar¢ in¢lud¢d in support ¢osls
in Note 8,
Penslon Costs
D¢]lfteil Coiilwlbulldn Schenje
St Helen's provides a contributory defined contribution scheme for its employees and the conlribution$ pay2bl¢
in respect of service during the year 8re expensed in aecordanee with S28.13 of FRS 102.
DeJ7n&l BeNefltSeheme
The stipendiary clergy at St H¢len's are members of the Church of England Funded Pensions S¢h¢m¢ (CEFPS),
defined benefit sclieme. The scheme is administered by the Chureh of England Pensions Bgard. which holds
the assets of the scheme sq)grat¢ly from those of (he participating responsible bodie5. The scheme is considered
to be a multi-employer s¢h¢m¢ as described in Seclion 28 of FRS 102. This means that it is not Possible to
attribute the scheme's assets lnd liabilities to specific ￿nployerS and that contributions ait accounted for ￿ if
the scheme were a defin¢d contribution scheme. This is the position for all but l {2020.. 1) meinb¢r of th¢ cleygy.
For the puty)ses of the scheme, si Helen's is not eonsidered to be the responsible body for the majority of its
clergy beeause it doe5 not direetly employ them and iheir cost ofemployment, including pension contributions.
are recharged to it by Ih¢ir ultima(e employer, which is coi)sidered to be their rel¢vwit I'e5ponsible body. For
these members of the clergy, the pensions costs charged to the Sraieinent of Financial Activili¢s in th¢ year are
the contributioiis payable tOW2rds benefits and expenses accNed in that year.
Foi. the remaining member of the ¢lergy, St Helen's is the responsible b(NJy because il pays that membei s
pension contributions directly to the scheme. As a result of ihis ai)d iii respect of thot ni¢nib¢r ortly, St Helei)'s
is required, under 828.1 IA of FRS IO* to account for its sl)are of any deficit liability Ihal th¢ s¢h¢me niay have
by carrying ihat liability on its balan¢e sheet and gecounting for chonges lli that liability tlinFugh the Stateinent
of Financial Activities.
14

THE PARISH OF ST HELEN BISHOPSGA TE WITH ST ANDREW UNDERSHAFf AND
ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWJCH AND ST MARY AXE
Notes to the Financial Statements
For the year ended 31 De¢ember 2022
To dale, the PCC has iiot included ihis liability in its financial Statements because its amount is immaterial. The
PCC monitors th¢ Inateriality of the liability anniially attd will account for li under Seelion 28.1 l A of FRS 102
as appioprial¢,
Furdier details ar¢ given in Note 9
1.4 Fund accounting
Unreslrlcledfunds
Unrestricted funds represent the funds of the PCC thal are not subject to any restriction on Ih¢ir use.
The Fixed Asset Fund, included as a desigiialcd fund, ￿preSentS the net book value of fixed assets which
were acquired with unrestricted ￿nds.
Deslyiiaied Funds
Designated funds are those amounts which the PCC has decided to sel aside from unrestrieÉed funds to be
used in the future for a 'designated' purpose. They Can be trd¢signated by the PCC from one pu4)ose to
ailother or undesignaied and returned to unrestricted funds.
In 2021, followiiig the receipt of a significant donatiOTt and 8 large legacy, the PCC decided to set up a
desiwiated fund called 'Strategi¢ Reserve Fund,, the Purpose of which is to help fund ministry
expaiision a5 of the PCC'S 2030 Vision prow'amme.
Re3lYlcledfuHd5
Restricted fund$ ar¢ the funds which liav¢ been donated for specific purposes. The purpose and use of the
restricted fvnds are set out in Note 15 to the finat)cial ststements.
1.5 T￿ngIble flxed assets
CoMsecrale41 lurfd fvilldlrtgs uiid chiirclifiirnlshlngs
Consecrated and ben¢fi¢ed propety i5 excluded frorn the financial Statements in occord8iiee with section
10(2) {¢) of the Chariti¢s Act 2011. No value is placed on rnovable church fumishings held by the
churchwardens on special trust forth¢ PCC and whieh require a faculty foi'disposal, since the PCC considers
this lo be inalienable property. These movable church furnishings are listed in the Church Inventory which
can be inspected Bt the Chu￿￿ Offi¢e. All exp¢nditure incurred during the year on consecrated or beneficed
buildings and n?ovfible churcii fvrnishings, wl)¢ther maintenance or improvement, is written off wheii
incurred.
Oiher lomglblejlxedossets
Other tangible fixed assets are stai¢d at ¢()st less depreciatioii and provisions for impairnient in value.
Depreciation is provided, oll a straight-lin¢ basis, for &ll tangible fixed assets at rates calculated to write off
the cost over Ih¢ir expected us¢fi21 economie lives, as follows-
Fixtures & fittings, church equipment, catering fixtures ortd office equipment- 20.000/0
Computer equipment..
1.6 C¥Yrent Assets
Book &loeks
Book slo¢ks are valued at the lower of cost and net re&li5able vhlve.
Debiors
D¢btors repreS￿)t amounts due to the ehurch and prepayments. They ir¢ recogni5ed at either th¢ s¢ltlen)¢nt
or p*ep¥id amount.
shor1-ter￿• b14rtk depttslts
These comprise bank deposit accounts with a mahtrity of I￿5 than one year held for investment puip05es
(rather than for operational casli management purposes).
15

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFf AND
ST ETHELBURGA BISHOPSGATE AND ST MARTtN OUTWICH AND ST MARY AXE
Notes to the Financial Statements
For the yeAr ended 31 Detember 2022
Cftsh haiik
Cash at baiik and in hand includes cash in hand, bank current accoiints and ca5h-equival¢nt bank deposits
held for operationHI cash managen)ent purposes. The eash equivalents have niatsrities of no Inore than 3
months.
Fltsartelallhslnimertts
Th¢ gnly financial inslruments held by the PCC are basic financial instruments such as cash or cash
equiva1￿1t$, otlier d¢btors, trade ¢r¢ditors and accruals. These are initially recognised at tlieir transaction
Yalu¢ and subsequeiiily measured at tl)eir fair value as at the balance sheet date.
1.7 Taxatlo
The church, as a i'egistei'¢d charity, is geneially not liable to taxation on its surplus or capital gains. It is no(
however. exempt from VA T. Cert8in of the church's activities are exempt from or outside th¢ scope of VAT.
Accordingly, the chur¢h is unable to reeloim all input VA T suffered. Irrecoverable VA T 15 included in the
Cost of those itenis to whi¢h it relates.
1.8 Operating Leases
Refttals paid under operating leases ￿e charged to the Statement of Financial Activities on a stratght-line
basis over the temi of the lease.
1.9 Going Concern
After making appropriate enquirie5, the PCC members have a reasonable ￿p¢￿tIOn that the church has
adequate resources to continue in operational existence for the next twelve month5. For thi$ reaso￿ they
continue to adopt the going concem basis in prepai'ing the financial slalements
16

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 yevdr ended 31 December 2022
Income from doiiAtions and legaeies
Unre$ti,l¢t¢d R¢strfficl¢d T&tal thhd5 Totsl funds
nd$
funds
2022
2021
Donations via Gift Aid
liicgnie tax recoverable
Oth￿. lax efficient giving
Tjust income
General collections and donaiions
Govemment grartts
Othej. grant income
Leg8eies
1,487,675
372,531
1,140,514
28,118
155.215
70,512
19,391
36,667
15,000
13,198
1,558,187
391,922
1,177,181
43,118
168,413
1.637,260
411,328
1,326,388
3,568
235,364
598
4,500
155
8,247
12,747
155
2,500
701,000
3.188,708
163,015
3,351,723
4,318,006
Exeeptlonal Income
Otlier tax efficien¢givin8 above includes a donation in exeess of e.£657,000, which has been r¢tained in the
General Fund
Grants Retelvable
Th¢r¢ was no Government grant incoine in the year (2021.. £589 ui)der the Listed Places of Worship
s¢h¢ine). other 8rat)t inconie received during the year aiiiounted to £12,74712021'. £2,500) and
omprised.. £2,000 from Merchant Taylors- unrestricted,. £2,500 frnm th¢ Burial Ground Fund for general
¢ccl¢siastical purposes. £8,247 frojn Grosvenor Rd Baptist Church, to suppoil the London Gospel
Partrter5hip.
Other
Buildings insurance (excluding terrorism insurance) is paid foi. from funds applied on the advice of the
City Churches Grants Committee.
Income from ch*rltable 9e(ivities
Unrtstrleted
funds
Restrletod
funds
Totgl funds
2022
Totil fllnds
2021
Donalions towards eatei'ing ¢05ts
Charged calering sales
Book and Inedia sales
RML workbook sales
Book royalties
Weekends awgy and confcrenees
745
64,911
12,471
1.041
1,348
377,439
745
65,268
13,3S3
1,041
1,348
398,250
5.425
31.680
6,687
1,695
1,733
227.973
357
882
20.811
457,955
22,050
480.005
275,193
17

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND
ST ETHELBURGA BISHOPSGA TE AND ST MART￿ OUTWICH AND ST MARY AXE
Notes to the Financial Statements
For the year ended 31 Deeember 2022
4. Ineotne from otber tradlllg activitles
I3￿￿¢strICted
funds
Rtstrieted
funds
TTrtal funds
2022
Total funds
2021
Parochial Fees (weddings and baplisms)
Hire of ehurch premises
Other rental income
6.809
625
123,004
6,809
675
123,004
6,557
2,750
105,743
50
130.438
50
130,488
115,050
3. Investme￿¢ All￿me
Unr¢strict¢
funds
Restricted Totpl fu￿dS
funds
2022
Total
21ni
Bank interest
19,745
19,754
5.787
6. Other income
Tolal
funds Total funds
2022
2021
Unrestrlcted
fund5
Re5trltted
funds
Rights to Ilght & olhEr
exceptional iiicome
Sundry income
12,500
33,428
33.428
21,220
21,220
54,648
54,648
59,508
72.008
18

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW LfNDERSHAFf AND
ST ETHELBURGA BISHOPSGATE AND ST MARTJN OUTWICH AND ST MARY AXE
Notes to the Financial Statements
For tlie year ended 31 De¢embei' 2022
Expeiiditure on ehA Yitable &etlvities
7.1 Gr8tt1 payments
Total
funds
2022
Unreslri¢t¢d
funds
R¢strlcted
nds
Total tsnds
2021
103,351
Missionary giving
103,351
105,730
102,477
UK Support
ifj,(K)o
12.477
91.667
16,9)4
Training for Ininistry
Other givin¥
10,000
2&904
14259
3,356
1,548
4.904
14.817
Tot81 Rrant payments
230 473
Missionary givRnE
East End Outrcach
Cmsslinks
InterSe￿e
East Asian Ministy
OMF
French-speaking Europe
Sub-SahaTan Africa
George Whitefield
College
1,862
100
8,640
18,000
17,400
31,728
23,000
5,000
8,640
18,000
19,200
35,107
22.404
8,640
18,000
19,200
35,107
22.404
103.351
103,351
105,730
UK Support
Grant lo St PeleTruport-
Coi'nhill
UK Mission
57,477
57,477
46,500
45,500
i 0,000
55.500
46,167
102 977
112977
TrAlnlng for MI￿lStry
Mandarin ministy
504
504
5,859
Bangladeshi ministry
Other ￿tUre ministry
support
11,000
1,000
I 1,000
10,000
19

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFf AND
ST ETHELBURGA BISHOPSGA TE AND ST MARTIN OUTWICH AND ST MARY AXE
Notes to the Financial Statements
For ihe year ended 31 Decembej. 2022
Expendltuiy on chari¢ible activltles (eontinued)
7.1 Grant paynients (continued)
Othei. glving
Hardship Fund
1,060
1,060
590
Other
3.356
488
14,227
4,904
The grant to the PCC of St Peter upon Cornhill was to help il meet its Diocesan Coinmon Fund and other
operational costs.
7.2 Ministry costs
Unrestrleted
hd$
Restrleted Total funds Total ￿ndS
funds
2022
2021
Diocesaii Comitton Futtd
44.400
44.400
44.400
Mlljislry Expa)s¢$
2,010,113
203.058
2213.171
2,035,953
Ongoing Buildtng expenses
238,540
1,738
240278
82.233
Costs of evrJ)t$ and additional activities
607J99
31,232
638.631
355,138
Other direct ministry costs
131,848
38,402
170250
147,535
Allocated Support costs (Note 81
738
49
84
744 633
728,353
Tot41 mln15try cosls
3 770 648
280 714
4051362
3 393 612
Dkntesatt Common Fund
Dioc¢spn Common Fund
44.400
44,400
20

THE PARISH OF ST HELEN BISHOPSGA TE WITH ST ANDREW TJNDERSHAFT AND
ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE
Notes to the Financial Statements
For the ye&r ended 31 December 2022
Ministry E%penses
Ministry staff ￿lari¢S and social s¢curity costs
1.461,129
159,084
1,620,213
1.413,343
Ministy staff p¢nsioD wsts
215.166
13,792
228,958
210,218
Ministry staff expens¢5
61.175
6,465
67,640
67,053
Ministy staff trainkng
17,659
23.700
41.359
12225
Ministry trainee grants
1.800
1,800
600
Ministry trainee traitting
6,749
6,749
15,280
Ministry trainee expenses
6.209
6,226
4,579
Ministy trainee accommodation costs
79,700
79,700
97,646
Clergy accommodation costs
160,526
160,526
215,009
2,010.113
203 058
2,213,171
2 035,953
The cost of providing aecommodatioh for miiiistsy trainees for the year was £79,7(K) (2021.. £97,646). This
was offset by Tent re￿Ived froni trainees, whs¢h amounted to £81,869 {2021.. £93,891), giving a net
conts'ibution foi. th¢ year of £2,16912021.' nel cosi 3,755).
Ollg(tylng Bulldlng expenses
Church building & office i￿nn]ng costs
147,377
37
147,414
76.915
Church building renovation
91,163
91,163
3.S05
Book shop wnning costs
1,701
1,813
238 540
240 278
Church building costs of £147,414 were substantially hiBha' than in 2021. Tnainly due to th¢ ne¢d to
refui'bish our own properties so that they pi'ovide a more a¢ceptable 5tandai'd of accommodatson. Ch￿r¢h
building renovalion costs of £91.163 repr¢s¢nt the cost of new chairs for the St Helen's building.

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW LfNDERSHAFT AND
ST ETFIELBURGA BISHOPSGA TE AND ST MARTtN OUTWICH AND ST MARY AXE
Notes to the Financial Statements
For the yeAr ended 31 Dectmber 2022
Unrestricted
Funds
Reslricted
Funds
Tot#1
Funds
2022
Total
Funds
2021
Cost of events and additional activities
Book and media purchases
12,910
lJ52
14.262
10,353
RML workbooks
1,578
1.578
2,210
Cateriiig expenses
119,958
2,016
121,974
69,136
Cateiing fixtures & fittings depreciation
130
130
270
Weekends away
427.663
17J35
444.998
236,108
Other evenls and activities
42.615
10,529
53,144
35,568
Church equipment depr¢cialion
607 399
638631
355 138
Other dlreet mlntstry tos1$
Speakers. honoraria
4,8S5
661
5,516
3,465
Cleaning housekeeping
9,477
199
9,676
8,090
Ministsy venu¢ and office rent
117516
37.542
155 058
135980
131848
170250
147 535
8. Support Costs
Unrestricted
funds
Restrlcted Total fuNd& Total funds
lunds
2022
2021
Mlnlstry support staff costs
Salaries and social security
505J61
505,361
448,166
Pensioii costs
71,470
71.470
65.153
Expenses
10242
10,242
.256
587,073
587,073
S21,575
22

THE PARISH OF ST HELEN BISHOPSGA TE WITH ST ANDREW UNDERSHAFf AND
ST ETHELBURGA BISHOPSGATE AND ST MARTtN OUTWICH AND ST MARY AXE
Notes to the Financial Statements
For the year ended 31 December 2022
8. Support costs (continued)
Offlte ¢osts
Printing. postage and stationery
10,222
10,222
5,422
Offi¢e maintenance and insurance
19,233
19.233
18.217
Telephone and data
16,202
16,202
17,576
Cott)puter and website expenses
38,731
1.204
39,935
38,280
Computer equipment depreciation
4,124
4,124
9,824
Offi¢¢ ¢quipin¢nt depreciation
3.357
3J57
3,194
Other offiee costs
3.896
3,896
95.765
1,204
96,969
96,325
Profe551on41 oiher costs
Consuliancy fees
25.447
4,803
30.250
81,447
Parochial fees
2,616
2,616
2,868
Payroll agell¢y eharges
2,698
2,698
2,547
Bank charges
12.080
277
12,357
8,981
Audit fee
14.610
55,511
5,080
60,591
10,453
Total support costs
738349
744 633
728.353
Allocatiom of Support Costs:
Ministry costs (Not¢ 7.2)
738,349
6,284
744,633
728,353
Tot41 sUPPOrt ¢•$ts
738,349
6.284
744,633
728.353
23

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND
ST ETHELBURGA BISHOPSGA TE AND ST MARTIN OUTWICH AND ST MARY AXE
Notes to the Financial Statements
For the y¢*r ended 31 December 2022
9. Total Expenditure
Staff costs
Depiyelatlon
Other costs Total fuTrdB Total thnils
2022
2021
Grant payments (Note 7.1)
247,636
247,636
230,473
Ministry ¢ost5 (Not¢ 7.2)
2,213,171
2,675
1.090.883
3,306.729
2.665,259
Mtnislry suppoit costs
587 073
7,481
150,079
744 633
728.353
2 800.244
10,156
1488 598
4.298 998
3 624 085
2022
2021
St¥ff costs
Wages and salaries
1,92S311
1,696,236
Social security ¢osts
200,063
165,273
Pension ¢osts
300.428
275.372
Cost of ministy trainee sehemes
94.475
18.105
Staff expenses (in¢l. accommodation eosts)
279 767
302,542
2 800 244
2 557.528
2022
2021
Othtr eosls
Grant paym¢t]ts
247,636
230.473
Diocesan Conimoii Fuhd
44,400
44,400
Office ¢05ts
96.909
96J25
Premises costs
405,013
226303
Cost of events, w¢ekends away and additional activities
636,085
353,645
Professional wsts
60,591
110,453
Miscell￿)¢0￿5 cost5 (includin8 depreeiation)
1,498,754
1,066,557
24

THE PARISH OF ST HELEN BISFIOPSGATE WITH ST ANDREW UNDERSHAFT AND
ST ETHELBURGA BISHOPSOATE AND ST MARTIN OUTWICH AND ST MARY AXE
Notes to the Financial Statements
For the ytHr ended 31 Deeember 2022
Pension c05*s
Pension costs include £247,088 (2021.. £226,655) of contributions made to a defit)ed Contribution Scheme
At the end of the year, a liability of £26,423 (2021: £22,396) was recognised for this schem¢.
The remaining £53,341 {2021.. £48,717) of pension cost5 comprises.. A) contributiojis of £49,266 (2021..
£48,717) to a d¢fined benefit scheme operated by th¢ Church of England Funded Pension Scheme for the 6
(2021.. 8) members of clergy allocated to St Helen's forthe whole or part ofthe year. £1,666 (2021.. £10,000)
Wa5 re¢haiEed to another ¢hur¢h in respect of on¢ minister who works full-lime foi. that chur¢h. This s¢heme
had been ID deficit for some time but the PCC'5 share of the related liability in respect of l (2021..1) m¢inb¢r
of clergy had not been included in previous accounts because it wa$ immaterial. The lat¢sÈ valuation of th¢
scheme, at 31 De¢ember 2021, found that the scheme is now in surplus and that there is, for the time b¢ing,
no liability (2021.. £2,000). B) £4,075 (2021: Nil) in respect of l {2021.. 1) part-t11￿e member of the cleigy
who is employed by anoth¢r organisatÈon which charg¢$ an appropriate p17)portion of his employment ¢ost$
to St Helen's.
Employee numbers
The average number of full-time equivalent employees, analysed by function, was:
Church activities.. 33 (2021.. 32),. and
Ministry support: 18 (2021.. 16)
- Totsl..
Sl 12021..48)
Hlgher paid 514ff
Th¢ tabl¢ b¢low show$ the nutnb¢r of high¢r paid stsff with emoluments falling in the following ranges.
Emolument$ include salary and taxable benefits in kind and other PAyments to employees.
2022
2021
£70,000 to £79,999
Contributions paid lo a inoney pur¢hase scheme on
behalf of higher-paid staff during th¢ year amounied to..
10.450
10,157
10. Transfer5 between general and offsite ministry funds
Transfers between unrestricted funds and offsite ministry and re$rri¢i¢d funds were as follow5.'
2022
2021
Expensts & Staff Portlort of costs
Costs
tovered by
fuNd5 rRised or
h¢ld
Totfil
TotAI
East End Outreach
Covent Garden Talks
Gospel Partnership
Mission-minded Conf¢ren¢e
Total transfers b¢lw¢¢n funds
83,962
43,338
(20,296) 63,666
(35.598)
7,740
25,019
37
70
59
127,359
59
71,465
25

THE PARISH OF ST HELEN BISHOPSGA TE WITH ST ANDREW UNDERSHAFT AND
ST ETHELBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE
Notes to the Financial Statements
For tlie year ended 31 December 2022
I A. TAngible fixeil assets
Mliii51
Citerlng
eqmlpment
Church
Offlce Computt
fittlngs And flttlngs equlpmenl s￿bt0(Al tqulpment equlpment
related
Flxtures
Tot*1
Cost or valiiaÉion
At begiiini118 of the year
116,335
175,561
291,896
71.623
85,511
449,030
Addilioi)s
2,609
2,609
2,875
5.484
DisFK)s8ls
At the end of the year
118,944
175 $61
294 505
454514
Depreciation and imp2imients
At begimiin8 of the year
Depr¢¢ialion ¢harge for the
year
Disposèls
116,287
16S,000 281,287
60208
78,251 419,746
130
2.545
2.675
3,357
4,124
10,156
At the end of tli¢ year
116417
167 545 283 962
Nei botsk value ot the
b¢giMinu of the year
48
10,561
10.609
1.415
7,260
29.284
Nel book valu¢ at the end
of the yeai.
2,527
8.016
10.543
6.011
24.612
12. Book Stock
2022
21121
Books for re$8le
10,632
9,730
26

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND
ST ETHELBURGA BISHOPSGA TE AND ST MARTIN OUTWICH AND ST MARY AXE
Notes to the Financial Statements
For the year ended 31 December 2022
13. Debtors
2022
2021
Income tax r¢coverable
83,588
63.080
VAT r¢cov¢r8ble
3.535
Prcpaymenls
77,883
141,815
Accrued income
29,858
742.359
. Current accounts with I'¢lat¢d parti¢s
315
13
Other debtor$
213,044
968,695
Accrued income in 2021 included £700,000 receivable in r¢spect of & legacy, the majority of th¢
funds for whicl) were i'¢¢eived in 2022.
14. Credltors: Amount5 falliiig due wlthin one year
2022
2021
Trade creditor5
62,306
20,164
Taxation and social 5¢writy costs
42,160
41,396
VA T payabl¢
7.697
Other creditors
66.762
51,688
Annual leave accru41
38,371
34,012
Ac¢nJals
82,136
50,142
Deferr¢d ii)come
39,228
51,282
Curent accourjts with related parties
705
338,660
249,389
27

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 2022
15. Resti'icted funds
A) Cvyrent Year
At
l January IncomliiE
2022 r¢sourtes Expendltuyt
Al
31 December
2022
Tratt$fer$
Church Plai)tin8 Fund {forn)erly knowii as
the Re'.GENERATION Appeal}
7,525
7.525
SIM Bangladesh December Carol Services
122
(122)
U-Turn Appeal (South Afriea)
250
250
Latvian Ministry
435
435
East End Outreach
20,296
(83,962)
63,666
Covent Garden Tolks
3,758
31.840
{43,338)
7,7¢10
Mission Pailners-south Africa
200
200
Paddinglon Talks
14.008
3,787
(1.916)
15,879
North BishopsBate
26.861
12,473
(22,378)
16.956
Music Student Ministry
33532
9.275
(13,603)
29,204
Mandarin Ministry
18,684
15.885
{10,000)
24.569
London Gosp¢I Parthership
6,203
27,760
{31,905)
2.058
Mission Minded Conferenees
(59)
59
Sp¢¢ial Collections
109
3,426
(36S)
3,170
Media Fund
1,068
(264)
804
IGG ministy fithd
4,625
1,500
6,125
W¢¢k￿d Away Bursary
12,602
3,230
15,832
Hardsliip Fund
3,720
(1,358)
2,362
Th'aince Christian Leaders
25,000
56,250
(75,000)
6,250
City Ev¢nls
657
(657)
City Suminer School Bursary
19.834
(17J35)
2.499
158,580
206,335
{302,262)
71,465
134.118
28

THE PARJSH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFf AND
ST ETHELBURGA BISHOPSGA TE AND ST MARTIN OUTWICH AND ST MARY AXE
Notes to the Financial Statements
Foy tbe year ended 31 December 2022
Church Plantll1
Fund: No projects were supported in 2022. we &Ypect ￿tUre church-plantins
opportunities in the coming years.
e East End OuireAch Fund: This supports the spread of the Gospel in the East End of t￿idOn.
Post-covid, we are reviewing the best location foi. thi5 work. llsing locally-hired premises. In 2022, the
fund operated with an incre8sed deficit of £63,666, as one-off, lump si)ms received in 2021 were not
repeated iii 2022. The deficit was covered by a transfer froin the Geneial Fund.
Offsite m%nistries.' C v nt G rden Talks.. The t)iinistry grew dwing Iheyear but this gi'eater activity came
at a cost, with higher venue hire, eat¢ring and staff costs outweighing an iiicreas¢ of £3,000 ii) donation
in¢onie. The deficit for the year amounted to £l1,49812021.. £9,987) and was cov¢rcd by a trahsf¢r froni
General Funds. Nort
. The ministry expanded in theyear. Part ofthecost ofwnothermember
of staff was allo¢atcd to the ll)inistry during th¢ year to suppoil the expansion and, a5 mor¢ nieetings
were lield, v¢nue hir¢ costs also increa5¢d, bringing total costs for the yeai. to £22,378 {2021.. £14,484).
Ineoin¢ ainounled to £12,473, down from £23,283 in the pievious yeai.. The outcoine for th¢ year was a
deficit of £9,901 (2021.. surplu5 £8,799), bul the sui'plus brought forward was sufficient to absorb it. Th
n T Iks.. T]ies¢ are run iii collaboralioj) with St Steph¢n's, Westboume Park. In 2022 inc¢tings
began in person, inci'easing costs. but the ￿nd r¢maincd in surplus at 31 D¢c¢mb¢r.
inis
Ojnd supports Gosp¢l outr¢a¢h to musi¢ srnd¢nts in London and the ti?ining
of i)iusie1￿1$ fol. Jiiiiiistry woi'k. Tl)e thi)d bei)efJts fi'ojii a fairly sl¢ady sts-eai)i of doiiatiol) til¥oin¢,
although their was asmall reduction in one-off gifts in th¢ y¢ar. The costs allocatd lo the fvnd represent
an approprhat¢ proportiott of eniploymth)t costs of twg ministry worka's. The thnd incurred a deficit for
the yeai. of £4.328 {2021'. £2,309) but the oveixll baI￿let remains in sujplus.
Mandarin Minisi fvnd.. this fvnd supporf5 ministry for Il)e benefit of Mandarin speakers, by making
grants to an oi'ganisation that Works alongside St Helen's in this 21'ea. In 2022 a grant of £15,000 was
made, of whicli £10,000 was allocated to this restricted ￿nd and £5.000 to the General Fund. The fijnd
had a suyplus of £24.S69 at eiid of the year.
London Gos
el P
nershi
Thi5 fi]nd represents the main activities of the London Gospel
Partnership (conferences and mission). The income received in 2022 was sufficient to cover LGP'S
rui)ning costs. During the year wort( began to establisli ihe LGP as a sepat7te CIO (charitable
incorporated 0i.ganis&tion), which is expected to happen in 2023. The ￿nd had a surplus of £2.058 at 31
December 2022.
M¢di
Futid.. In 2019, the PCC received a substantial donation to help Sl Helen's to manage and expand
its media Tesow'¢es including asi app to alloiy mobEl¢ a¢c¢s5 and more audio books. Most of the work is
complele. In 2022, a fi]rther £264 was spent, leaving a balance of £804 at year end.
temation
l Gro￿￿h
Minis
nd.. these groups equip swdents and oihers from overse
to live for Clyisl wlieii they return home). The fvnd continues to bei)efit from rcgulardoi)ations, resulting
in a balance of £6,125 being can'ied forww'd foi. fvture use. The IGG ministry team is sttking to identify
SLlitAble expenditure which can be allocated to the fvnd.
Weekend Awa
Bursa
This fi]nd re¢¢ives donations to provide bui3ories for those of limited means
to attend weekends away. The cost of bursarie5 granted is traiisferred from this fund to the General Fund.
In 2022, income received inlo the fund amounted to £8,295 and the costof bursaries granted wus £,5.065.
resulting in a nei incTease of £3.230, l¢avirtg a sui'plus of £15.832 to be caryied forward foi. future use.
29

THE PARISH OF ST HELEN BISHOPSGATE WITH ST ANDREW UNDERSHAFT AND
ST ETHELBUROA BISHOPSGATE AND ST MARTtN OUTWICH AND ST MARY AXE
Notes to the Financial Statements
For the year ended 31 December 2022
Hard$hi
F Nd- This fund assists people who fall within the Charity's purposes and who are suffering
significant flnancial hardship. The fund is administered by a smoll group of PCC membe1%. with
applicatioDs for assistance being dealt with on a personal bosis and in sirict confidentiality. Expenditure
in the year amounted to £1,358 in resp¢ct of4 claims for assistance. No income was received in th¢ y¢ar,
leaving a balance of £2,362 to be earri¢d forword io ¢ov¢r futwe claims,
rainee
hristian Lea
ers
TCL '. This fijnd supports those training to be full-tiine Christian workers by
combilling Ih¢ological trainillg and 'on the job. training, working as pait of a ministy team. Donations
to support it are encouraged, and in 2022 amounted to £56,250. £75,000 was transferred to General
Funds to cover part of the training and employment Costs of those on the TCL pro￿aMMe. A balance of
£6,250 hos beet) ¢arried forward.
Siitmmer Sehool Bursar
The fund receives doDalion$ to enable low-paid City workers and stoff
from Ivnchtime talks to Iitt¢nd the City Summer School. Tlie cost of bursaries granted is transferred
frorn ihis fund to th¢ O¢n¢ral Fund
15. Restrleted funds (eontfinued)
B) CompAr#tive Ye8r {202J)
At I IneomlnE Expendilur Transfers
JanuAry
resour¢¢s
2021
At31
December
2021
Chuwh Planting Fund {fi>rmerly
kDown a$ the R¢'.GENERATION
Appeal)
SIM Bangladesh D¢¢¢mber Carol
Services
U-Turn Appeal (South Africa)
Latvian Ministy
East End Outreo¢h
Covent Garden Talks
Mission Partners.South Africa
PaddiTrgton Talks
North Bishop$gat¢
Music Student Ministry
Mandarin Ministry
Gospel Partnership
London Gospel Partnership
Mission-minded Conf¢r¢nc¢s
Special Collections
Medi2 Fund
IGG Ministry Fund
Weekend Away Bursary
Hardship Fund
Trainee Christian Leaders
7,525
7,52S
669
(669)
250
435
17,729
13.745
250
435
35,647
28,918
200
4,414
23,283
9,863
17,660
(78.395)
(38,905)
25,019
3,758
200
14,008
26,861
33,532
18,684
9,603
18,062
35,841
15,283
(9)
(14,484)
(12,172)
(14,259)
(37)
(5,744)
(70)
(10,558)
37
4,591
7J56
6203
10,667
500
,300
3.303
109
1,068
4,625
12,602
3,720
25.000
568
3,125
9,299
4,310
(590)
25,LN)O
140,366
168,980
(175,892)
25,126 158,580
30

THE PARISH OF ST HELEN BISHOPSGA TE 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 2022
C) DeslgnAted Fund
At I JAnUary Ineomilng
2022
Resources
Expendlture
Transfers
At31
Deeembey
2021
Strattgit Reserve
Fund
1,200,000
(250,000)
950,000
During the year, the PCC received a donation of £657,000, which has been retained in the Gefteral Fund. The
PCC has decided to h7nsfer £250,000 from the designated Strat¢gic Reserve Fund to the General Fund, to support
ministry expansion under its 2030 Vision obje¢tives, particularly its Trainee Christian Leaders programme.
16. AMalysi5 of net assets between fiEnds
Fund balAiiees al 31 De£emb¢r
2022 Art Y¢presente(I by:
Tangible fixed
assels
Curirnt
ssets
Cllyrent
Il#bllitl¢s
Total
Funds
Unrestricted Funds
General Fund
2,281.000
(338.660)
1,942,340
Desigiiated Fund (Strategic
Resetve)
950,(M)O
950,000
Fixed Assets Fund
24,612
24,612
Toiol UmreslrlcledF￿H1ts
24,612
3,231,IKIO
(338,660) 2,916,952
Restrieted FyDd$
Offsite ministries
32,835
32,835
W¢¢kend Away Bursary
15,831
15.831
Musie S￿dent Ministry
29,203
29.203
Mandariii Ministry
24.569
24,569
Otlier Reslricled Funds
31,680
31.680
ToittlReslrlcled Fullds
134,118
134,118
Total FuNds
24,612
3,36S,118
(338,660) 3,051.070

THE PAIUSH OF ST HELEN BISHOPSGA TE WITH ST ANDREW UNDERSHAFT AND
ST ETHELBURGA BISHOPSGATE AND ST MARTtN OUTWICH AND ST MARY AXE
Notes to the Financial Statements
For the yevdy ended 31 Decembei. 2022
17. Rel¥ted Party Disclosures
TransAetlon8 wlth PCC members and Key Management Personnel (KMP)
During theyear th¢r¢were 51 PCC members (2021.. 51). Thes¢m¢mbers, alongwith clos¢ family Inembers,
donAted £769,811 (2021.. £846,273) to the PCC. No sole PCC n)¢mb¢r l)¢ld corttrol or significgnl ii)fluen¢e
over the affairs of the PCC during the yeai., noi. was any mets)ber of th¢ PCC dui'ing ihe year remun¢rat¢d
for being a memb¢r. No expenses ivere reimbursed to the PCC ￿￿1)betS in the coui'ge of theiy roles as
n)embe¥s. Five (2021.. 5) rton-clergy membeiB or Ilieir c105e family were reimbursed trav¢l, 5ubsist¢nce and
other expenses amounting to £3,839 (2021.. £2,540) dui'ing th¢ year.
The PCC had one nien)ber (2021-.1) wl)o was also an employee of the PCC. The PCC had 3 {2021.. 3)
member5 who each had clos¢ family members who were employees of the PCC. The aggregate
remuneration paid to these employees in the year amounted to £103,129 (2021.. £110,167).
membe￿ of the clergy are not en)ployed by tl)e PCC but by the Church Commissioners. The remuneration
of the clergy is in accordance with the Stipend Scale for the Dioc¢s¢ of London and the PCC reimburses the
majority of their employment costs via the Diocese of London. Tn kddttion, ordained Clergy are provided
with living accomrnodation as part of the I'equirements of th¢ii' rol¢. During the year 6 PCC members {2021'.
8) were part of the ordained clergy. The aggregat¢ amount reimbursed during the year to th¢ Dio¢¢se of
London in respect of 4 (2021.. 6) of those PCC niembers Qtnount¢d to £160,900 (2021.. £155,041). The cost
of another meniber of the ordained clagy was reirnbursed to ai)oth¢r body and amounted to £41.486 {2021'.
£42,176). The remaining membei. was unpaid. Mie PCC iR¢urr¢d 8e¢ommodation costs (rent, ¢oun¢il tax
and iitilities) during the year in respect of the clergy members amountillg to £108,829 {2021.. £130,205).
No removal and reseitlement grnnts were made clergy members dui'ing the year (2021-. £11.380 to 2 cl¢rgy
members). During the year, the rotal of specific niinistry costs reimburscd to clergy meinbers or mellibcrs
of their close family emouiited to £6.448 (2021- £5,871). Payments amounting to £9,985 (2021.. £20.977)
were made to one (2021.. 1) clergy Inember by way of pastoral SUPPOTt to him and his family.
The PCC d¢fines KMP a$ 5 (2021.. 7) seiiior ¢lergy members. the Parinership & Projects Team Leader. the
Operations Martag¢r and one ordained ministy1¢2der who is an employee. The pay, benefit5 and
expe115es of the clergy are dealt with above. The pay and benefits of the other key managernent personnel
are set annually by the PCC'S Finpnce Comrnitt¢e. in relation lo the chur¢h's salary bands and the
individual needs of th¢ employee. Salary bands ar¢ b¢nchiMarked agaii)sf other ¢hariti¢s, ChU￿h¢S and key
workei. iy)les on a peri(>dic b85is. In 2022 the KMPS who wei'e not members of ihe PCC, receiv¢d
remuneration of £106,394 {2021.. £162,831). Th¢y a150 1'¢claimed ministry expenses, mainly travel 8Jid
subsistcnce, from the PCC totalling £l.001 {2021.' £506).
Transaetions with other related parties
Pavoclilal Church CouDell of St Petev upon Cornhlll (SPC) (excepted from reElstra¢lon by the
Ch¥rltles Commisslon)
Si Hel¢n's PCC niemb¢rs Rev W Taylor. Mr B O'Dono¥hue and Mr S Con8don ￿)d Key Managen)ent
Personnel, Rev H E#tts¢k-Taylor ai)d Mr J Barrirtgton were Inembers of the PCC of SPC tlirou8hout the
year. During the year t]i¢i'e were on average 15 members of the PCC of SPC. Related p￿.[leS of St Helen's
therefore controlled tnore than one-fifth of the voting power, so St Helen's and SPC are eonsideted to be
related pa]li¢s.
St Helen's use5 the SPC church building for vorious small group niinistries and to provide study space for
Associates. No rent was paid during 9022 or 2021 by St Hel¢n'5 for this I￿¢.
32

THE PARISH OF ST HELEN BISHOPSGA TE WITH ST ANDREW UNDERSHAFT AND
ST ETHELBURGA BISHOPSGA TE AND ST MARTIN OUTWICH AND ST MARY AXE
Notes to the Financial Statements
For the yeAr ended 31 December 2022
Durii)g the year..
St Heleji's made grwits totsllinB £57.477 (2021-. £45,500) to SPC.
St Helen's I'eceived fees of £1,000 {2021- £1,000) from SPC under an agr¢¢m¢nl for th¢ pi'ovision of
bookkeepin8 ai)d accountin8 seivices.
St Heleii's received £8J33 {2021.' £nil) from SPC as a contribution to the c05t of one of it5 employees who
arried ou¢ work on belialf of SPC during the year.
St Helen's InCu￿ed operating expense5 on behalf of SPC amountin¥ to £28412021.. £2,296) which wei'¢
recovered fi'om SPC.
St Helen's did not ￿re1v¢ any donations on behalf of SPC dw'in8 tli¢ year (2021: £3,001).
Dlek Lueas Trust (registered eharity 1074445)
Si Helen's PCC n?¢mber Rev W Tayloi. was A trustee of ihe Diek Lu¢as Tn]st during the year. There wa'e
3 other thijsttts, and therefore a related party of St Helen's was entitled to exercise more thon one-fifth of
th¢ voting power, so St Hclerj's 2nd the Dick Lucas Trust Are considered to be related porties.
t￿rIng the year, St H¢l¢n's recorded irtcoibe of £30,000 (2021.. £nil) from the Di¢k Lucas Trust as a
contribution io the cost of orte of its employe¢s who Carried out worfc on bthalf of the Trust during th¢ year.
18. Transactions M'ith other relei'ant charities
Gospel Support & Homes Trust Ltd (GSHT)-{formerly GreAt StHtleTh's Tr￿51)- (reglstered charity
no. 10899ft9)
PCC membei. Mr B O'Donoghue is a tNstee of GSHT.
GSHT provides support for Christian mirAiStry in London, including important operational support for St
H¢len's
During the year:
GSHT provided living aceommodalion for 2 clergy Inenibers of the PCC (2021..3) and for mtnisty
associates and staff m¢illbers. The tot81 rent paid for th¢ year was £175,800 (2021.. £207,107).
GSHT piovided office and shop spac¢ to S¢ Hel¢n's. The rent paid to GSHT during Ihe year in respect of
this amounted to £134,303 (2021.. £114,900).
GSHT incurred the annual stipend costs of the Rector IPCC member) and recharged IhAt cost to St Helen's..
£32,220 {2021.' £32,220)
Puroehlal Church Ctsuncll of St Ml¢h#¢l Cornhlll (SMQ (Yegistered ¢harlty no. 1179240)
St Heleii's has close links with SMC, but does not have coi)trol over its activities. Dui'iiig the year Rev H
E2tock-Taylor, Key Managemei)I P￿sOnnel of St Helen's was Chair of the PCC of SMC and Priest-iii-
Charge. Rev A Balch was a member of the PCC of SMC and also a Inembei. of th¢ St H¢len's PCC. MIB J
Taylor, wife of Rev W Taylor, Chair of St Helen's PCC. was a membei. of th¢ PCC of SMC. Dui'ing the
year theje were on average 18 meinbeis of the PCC of SMC and theirfore related parties of St Helen'g did
not wi?trol niore than ontrfifth of the voting power, so St Helen's and SMC are no¢ consid¢r¢d to be related
parties.
33

THE PARISH OF ST HELEN BISHOPSGATE wrrH 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 De¢ember 2022
During the yew.:
St Helen's in¢urred operaiÉi)g expenses OT] behalf of SMC 8mounting to £18 {2021.. £13), whieh will be
recovered from SMC.
Sl Hel¢n'5 has entered into an agreement with SMC to provide bookkeepiiig and accounting services for an
a]inual fee of £2,00012021.. £2,000)
St Helen's pvovided the services of212021..4) oilained clei'gy to lead the ministry aist Michael's. No charge
was made for these services.
34

THE PARISH OF ST HELEN BISHOPSGA TE WITH ST ANDREW UNDERSHAFf AND
ST ETHELBURGA BISHOPSGATE AND ST MARrrN OUTWICH AND ST MARY AXE
Notes to the Financial Statements
For the year ended 31 December 2022
19. Statement of Financi&l Activities (for th¢ prior year).
Unrestricted
Designated
2021
Restricted
TolHI Funds Further
fuTrd5 2021
Funds 21121
2021 delalls
Income endowments
from:
Donations and legacies
4,164,650
153.356
4.318,IH)6
Chai'itable activities
271,281
3,912
275,193
Oth¢r trading a¢¢ivi¢1¢5
115,OSO
115.050
Inv¢stm¢nr$
5.787
5,787
Other income
60,296
11,712
72,008
'otal income
4,617,064
168,980
4,786,044
Expe￿dIt￿re on:
Charitable actiyilies
3,448,193
175,892
3.624.085
Total expendSture
3,448,193
175,892
3,624,08S
Net Ineome/txpendl(ure
1,168,871
(6,912)
1.161,959
Transfers bebveen funds
(1,22S.126)
1,200,000
25.126
10
Net movements funds
(56,255)
1,200,000
1&214
1,161,959
RefontS1iatiDn Of funds:
Total funds brought fonvard
2.011,134
140.366
2,151,500
Tot41 fMDds Carrled forw4Yd
,954,879
1,200,1)00
15&580
3J13,459
35

THE PARISH OF ST HELEN BISHOPSGATE ￿TH ST ANDREW UNDERSHAFT AND
ST ETHFLBURGA BISHOPSGATE AND ST MARTIN OUTWICH AND ST MARY AXE
Notes to the Financial Statements
For the year ended 31 Deetmber 2022
20. Operatihg Le*se Commitments
Ai 31 De¢ember 2022 the total of the PCC'S futut¢ minimum le&se paym¢nts under non-can¢¢ll8bl¢
operating leases (for rented propeJlie5) wa5..
2022
21121
Amounts payable:
Within l year
93,455
74,518
W5thin 2 to S years
100,875
2.875
Total
194,330
77,393
21, Other Commltments
Ai 31 D¢e¢mber 2022. there was a material outsi¥nding ¢ommitsnent to purchase ¥¢placeinent ¢hur¢h
bibles at a wst of £24,00012021.. £iiil).
22. Contingent Assets
At 31 De¢ember 2022, theie weie iio continMent assets (2021.. £Nil)
23. Bequest of freehold propertles
As reported itt the 2019 Financial 5ts1em¢iit5, t]ie Rector Alld Churcl)w&i.dens of St Helen's, Bishopsgpte
were informed in October 2018 tl)at they l￿d been left a legacy of threeproperties in the East End of Loiidon,
the aggr¢gate rnarket value of which is estimated at arowid £2,000,000. The properties were left to the
R¢etor and Churchw8rdens of St H¢lerts, rather th2n to the PCC as a body.
At its meeting in February 2021. the PCC agreed io put in place a legal agreement so that the day-to-day
managemeni and upkeep of the propeities is (>v¢rseen by th¢ PCC at Its cost, in ieturn foi. use of the houses
at)dlor any rental ineome.
During 2021, the PCC reeeived final confirmation that the relevant Dio¢e54n Authority, the L(Trndon
Diocesan Fund (LDF), in its role as Custodian Trustee under the tenns of ihe Ineumbents and
Chur¢hwardwis {Trusls) M¢asur¢ 1964, as amehd¢d. had acqutred the freehold of tliese properties. Under
this aiyangement, the Rector at)d Cl)urchwardens become the Managing Trustets for the properties.
As the PCC has no legal title to these properties, it is of the opinion that they do not fom part of its
accounthhg records.
36

Chai'ity Ilegisiration Nujnber 1131501
Independent Auditor's Report
to the Parocliial Chur¢h Council of the parish of St Helen Bishopsgate with St Andrew Undershaft and St
Ethelburga Bishopsgate and St Marlin Outwich and St Maiy Ax¢
Oplnlo
We have audit¢d the finan¢ial stolemet)ts of St Helen's Church for the year ¢nded 31 December 2022 which
comprise the Staten)ent of Financial Activities, the Balaiice Sheet: the Cash Flow Statement and notes to
tl?e fiiiaiicial staieiiieiits, including a sunimary of sigiiificant accouiiting policies. Th¢ fiiiancial reporting
framework that has been applied in their preparatiotl js applicable law and Unitcd Kiiigdom Accounlin8
Standards, ineluditig Fi118ncial Reporting Standard 102 Tlie Finai)eial R¢porting Standard applicable in the
UK and Republic of Ireland (United Kingdom Geneimlly Accepted Accounting Practice).
In oui. opinion the finaiicial stateinents:
give a true aiid fair view of11)e slate of thc church's affairs as at 31 December 2022, and of it5 incoming
resources aiid application of ￿89￿rceS, for the y¢ar then elided;
liave been properly prepared in accordan¢¢ with United Kingdom Generally Acc¢pl¢d A¢counling
PractÉce' and
l)ave been prepred in accordBI)ce with the requirements of the Charities Act 2011.
Basls for oplnlon
We conducted our audit in accordance with International Standards oil Auditing (UK) IISAS (UK)) aiid
applicable law. Our respon5ibililie5 under those staiidards are fvrrh¢i' de5¢ribed in tl)e "Auditors,
responsibilities for the audit of the finat)cial staienients" se¢¢ion of our report. We are independent of (he
ehurch in accordai)ce with the ethical requirements that Are relevant io our audit of the financial statements
in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical iesp(>n5ibilities in
accordafte¢ with the5¢ requirements. We believe that th¢ audit ¢videhce we have obtained is sufficient and
appropriate lo provide a basis for our opinion.
Conelusions irlati118 10 going conceim
We have nothing to report in respect of the following matters in relation to which the ISAS (UK) require us
to report to you, where..
the PCC Members, use of the going con¢¢m basis of accounting in the preparation of the flnancial
statements is iiot appropriat¢; or
th¢ PCC Meinbers have not disclosed in the financial 5tate]iieiits arty identified material uncertainties
that may cast Significant doubt about the PCC'S ability to continue to adopt the going conceri) basis of
accounting for a period of al least twelve months from the date when the r]nan¢ial slat¢m¢nts ar¢
auiliorised for issue.
Otlier information
The PCC Members are responsible for the other infonnation. Th¢ oth¢r infonnation comprises the
infomatiot) included in the annual reky)rt. otiier than the fiivancial statements and our auditors, report
thereon. Our opinion on tlie fsnancial 5tat¢m¢nts does not cover the other inforniatioll aiid, ¢xc¢pl lo the
extent othenyise explicitty 5tal¢d in our r¢poi1. we do not express any form of a55uranc¢ conclusion Ihereon.
In cottnection with our audit of the financial statements, ow. re5pon8ibilEty is to read Éhe otha. infon)iation
and, in doing so. consider whether the other iiiformation is materially inconsistent with the financial
statements or oui. knowledge obtained in th¢ 8udil or otherwise appears to be materially mss5tat¢d. If we
identify su¢h nJot¢rial ineot)sistencies or apparent material misstatements, w¢ are required lo detcmine
whether tliere is a Inaterial misststemenl in the financial statements or a material mi55tatemenl of the otha.
infomiation. If, based on the work we have performed, we conclude that there is a material misstatement of
this ot11￿. infoilnation w¢ are iequired to repoii that fact.
We have nothing to r¢port in this regard.
Matters on whleh wt al'e required to report by ¢xceplio
We have i)oihing to report in respect of tlie following matters in rela(ioi) to wliicli the Chari¢ies {A¢counts
aiid Report5) Regulations 2008 1'equir¢ us lo report to you if. ii) our opiiiion-
37

Chai'ity R¢gislralion Number 1131501
Independent Auditor's Report
to the P3ro¢hial Church Council of the parisli of S¢ H¢l¢n Bishopsgate with St An(hrw Undershaft and St
Ethelburga Bishopsgate aiid Sl Martin Outwich and St Mwy Ax¢
the information given in th¢ finan¢iil gtat¢ments 1$ inconsistent in any matetial respeci with the PCC
Members, Annual report. or
sufficient accounting record8 hove not been kept,. oi.
the financial ststem￿llS are i)ot in agre¢m¢rtt with the accounting records. or
we have not received all tlie infoirnatioii and ¢xplartations we require foi. our hudit.
R¢5POllslbllltles of PCC Members
As explained more fully in the "PCC MeMber.*' Respon.Yibilities" statement set out on page 9, the PCC
Members are responsible for the preparation of financial statemeiit5 wliÉch give a tIlTe and fair view, and for
5u¢h iiit¢rnal control As the PCC Menibcrs deterniine is necessary to enable the prepardtiort of financial
stat￿ne￿IS that are free frotn material mi55Éatem¢nt, wlieiher due to fraud or error.
In pieparirtg lh¢ f￿￿e1a1 statements, the PCC Mgmb¢rs ar¢ itsponsible for assessin8 the church's abtlity
to coiitiiiue os a going coneeni, disclosing, as BppIic8ble, matters related to going c()ncen) and using the
going conca'n basis of accountiiig w)less the PCC Members ¢ith¢i' inl¢nd lo liquidate the chuich or to
ceAse operations. or hove no r¢alisti¢ altemative but lo do so.
Audltors, responslbill1i￿ for the avdlt of the fiNan¢lal stwlemenls
We have been apwint¢d as auditors und￿. section 144 of the Chariti¢s A¢t 2011 and report in accoTdan¢¢
with regulations made under s¢¢tion 154 of that A¢t.
Our objectives are to obtain Irasonable assurance about whether th¢ financial statements as a whole ar¢ fr¢¢
from Inaterial mi5Statement, whetlier due to fraud or eiyor. and to isslie an auditors, Teporl that include.5 oiir
opinion. Reasonable assuranc¢ is a high level of assurance, but is not a guarantee that an audit ¢onducted in
accordance ivith ISAS (UK) will always derett a material misstatenient when it exists. Misstatements can
arise from fi'aud or error and air considered material if, individually oi. in tlie aggiEgate. they could
reasonably b¢ expected lo influet)¢¢ the ¢eonomi¢ deeisions of users taken on the basis of th¢s¢ fmaneial
statements.
Irregularities, includiiig fraud, are instances of non-compliance with laws and I'egulation5. We design
procedures in line with oiir respoi)sibilities, outlined above, to d¢l¢¢t material misstatements in respect of
irregularities. including fraud. The sp¢cifi¢ ptocedures for this engagement ai)d the extent lo which these
are capable of detecling iyregularities, includiiig fraud is detailed b¢low:
carrying out substantive che¢ktng to supporting do¢um¢nts on a sample basis of illdividual transaction5
within ineome and expenditure to give comfort that on a sample basis the SOFA does not contsin any
irregular items.
¢ariyiiig out walk-through testing io verify tha¢ the charity's accounting systems and ¢oi)trols are being
implemented as de5ign¢d;
v¢rifying the ¢xistth)ce on a sampl¢ basis of individual einploytts on the payroll. and
• verifying that material b21anees within the balance Sheet are SUPPOTled by third paty evidence to coi)firm
the existence and valuation of these baluiices at the knlance 5h¢¢t date.
Because of the I￿l¢jent limitations of on audit, ther¢ is a risk that we will noL d¢l¢cl all I￿egUlaritiCs,
includiilg tiiose leading lo a material misstatem¢nt in the fmancial statem¢nts or nonwcomplijnee with
regulation. This I'isk incteases the more that compliance with a law orregulation 15 removed from the events
aiid tran5a¢tioIis reflected in the fiiianci41 statemei)15, as we will be less likely to become awar¢ of ijislance5
of non-complianee. The risk is also greater regarding? irregularitie5 OCCUTTing due to fraud raiher than error,
as froud involve5 Lnlenlional concealment, forgery, wllusson. omission or misrepresentalion.
As part of an audit in accordance with ISAS (UK). we exercise prof￿s7o￿al judgement and maintain
professional 5¢eplicism Ihrtsughout th¢ audit. We 81so'.
Identify and assess the risks of m8tei.ial misslal¢ment of th¢ financial statements, whetlier due to fraud
or error, design and perfonn Audit procedures responsive to those risk4 and obtain audit eviden¢¢ th#t
is sutTicient and appropriate to provide a basis for our opinion. The risk of not dete¢ling a maleyial
38

Chai'ity Registration Number 1131501
Independent Auditor's Report
lo Il)e Parochial Church Couneil of the parish of St Helen Bishopsgale wilh St Andrew UndeTshaft and St
Eth¢lburga Bishopsgate 8nd St Martin Outwieh and St Mary Axe
misstatement resulting from fr&ud is Iiigher than for one resulting fron) error, as fiaud may ihvolve
collusion, forg¢ry. intentional oinissions, misr¢pr¢5¢ntations, or the overi'ide of intemal conkn'ol.
Obtain an underslpndiiig of internal coiitrol relevajit tg the audit ii) ord¢r to destgi) audit proeedures
that ar¢ appropi'ial¢ tn the circumstsnces, but not for the purpose of expressing an opinion on the
¢ffe¢tiveness of the ehurch's internal eonirol.
Evalvale the appropriateness of tteeountinB W)licies used and the reasonableness of aceounling
estimates and related disclosiires made by Il)e PCC Members.
Cortelude on the appropi'iateness of tlie PCL Membei's, use of tli¢ going ¢on¢¢i'n basis of accounting
and, based on the audit evidence obtained, wh¢di¢r a inatei'ial uiiceilainty exist5 related to events or
conditions ihat may cast sibinificant doubt on the church's ability to continue as a going concern. If
we eonelude that a rllatei'ial uncertainty exists, we are required to draw attention in our auditors, report
to the related disclosures in the f5nancial statemen15 or, if such disclosuies are inadequate, to modify
our opinioii. Our conclusion5 are based on die audit evidence obtained up to the date of our auditors,
report. However, ￿tUre eveiits or cot)diiions may cause the church to cease to eontinue a5 a going
concem.
Evaluate the overall piesentation, structure and conl¢nt of the financial statements, including the
disclosuits, and whether the fLnan¢ial Statements represent the underlying tsxnsaetions and events in a
mann¢r that achieves fair presentation.
We communicate with those churged with goveimance r¢gardin& among oth¢r matters, th¢ pl8nn¢d scope
and timing of t]ie audit pnd Si￿]irl¢￿￿t audit fit)dings, including any significant deficiencies in internal
eontrol that we identify during our audit.
Use of ovr report
This report 15 made solely to the PCC Members (who are trus¢e¢s for the purposes of ¢harity legislation), as
a body, in accordan¢¢ wilh regulations made under section 154 of the Charities Act 2011. Our audit work
has been ￿ndertaken so that we might slate to tlie PCC Members those matters we are required to State to
them in an auditors, report and for no other purpose. To die fullest extent pemiitted by IAW, we do not accep¢
or assunie responsibility to anyone othej. than tli¢ cliurch and the PCC Members. as a body, for our audit
work, for this Itptsrt, or for the opiiiions we have formed.
Gi'iffin Stone Moscrop & Co.
Cliartered Accountants
Statutory Auditors
21-27 Lamb's Conduit Street
London
WCIN3GS
Date...
.[7..8￿.,.1..Z0I.).....
Griffin Stone Moserop & Co is eligible to act as an auditor in t¢ms of section 1212 of the Companie5 Act
2006.
39