OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← The Parochial Church Council Of The Ecclesiastical Parish Of St Helen, Bishopsgate

2023-12-31-accounts

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

Report and Financial Statements

of the Parochial Church Council of St Helen, Bishopsgate

For the year ended 31 December 2023

Charity Registration Number 1131501

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 2023

CONTENTS

S
Page
O�fcers, trustees and other information 1
PCC Annual Report 2 – 6
Financial Review 7 – 9
Statement of Financial Activities 10
Balance Sheet 11
Statement of Cash �lows 12
Notes to the Financial Statements 13 – 33
Independent Auditor’s report 34 – 36

Rector The Reverend W Taylor Curates The Reverend Dr A Glyn The Reverend L Cornelius The Reverend A Balch The Reverend P Hudson Churchwardens Mr J Anderson CBE Mr R Andrews Mr C Kasenene Mr A Ross Mr R Tett Dr S Trowbridge Secretary Mr A Wales Treasurer Miss S Too Address St Helen's Church O�fice, Great St Helen's, London EC3A 6AT Operations Manager Mr J Barrington Auditors Gri�fin Stone Moscrop & Co, 21-27 Lamb’s Conduit Street, London WC1N 3GS Bankers National Westminster Bank plc, 49 Bishopsgate, London EC2N 3AS

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

The PCC is registered with the Charity Commission as 'The Parochial Church Council of the Ecclesiastical Parish of St Helen, Bishopsgate' (‘St Helen’s) with registration no. 1131501.

1

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 2023

From 1 January 2023 to the date of approval of this report, the PCC members, who act as trustees of the registered charity, comprised:

Rev W Taylor Chairman and Rector Rev A Balch Rev Dr A Glyn Rev J Houghton Rev P Hudson Rev L Cornelius Mr J Anderson CBE Vice Chairman and Warden Mr R Andrews Warden Mr C Kasenene Warden Mr A Ross Warden Mr R Tett Warden Dr S Trowbridge Warden Mr J P B Anderson From 24 April 2023 Mr R Anderson Mr I Bright Mr M Burden To 24 April 2023 Mr S Congdon Mr R de Villiers To 24 April 2023 Mrs S Finch Mr P Hagenbuch Dr G Haire Mr S Hogan To 24 April 2023 Mr H Jackson From 24 April 2023 Mr T James Mrs W Kasenene To 16 January 2024 Mr R Keep Mr J Laing Ms A Lamb To 21 November 2023 Mr C Longden Miss K Malcolm Mr S McGowan Mr D Nartey To 24 April 2023 Mr B O’Donoghue Ms M Okine Mrs C Potts (née Hardwick) Mrs A Robson

2

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 2023

Mr L Rurlander Mr T Shelley To 24 April 2023 Mr P Simpkin Mr G Sommerville Mrs R Steeden Ms Y Sun From 24 April 2023 Mr L Swatman Dr Y-C Teh Mr M Thorpe Miss S Too Treasurer Ms S Tra�ford From 24 April 2023 Mr Y C Wakiwaka From 24 April 2023 Mr A Wales Secretary Ms R Williams Ms H Wilson From 24 April 2023 Mr J Xiao Miss A Yu

3

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 2023

Strategic Report

Objectives and activities

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

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

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

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

The PCC has considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. The activities of the church in the pursuit of its aim include Sunday services, Christianity Explored, Tuesday and Thursday lunchtime services, gospel work at other locations within the City and beyond, Read Mark Learn (“RML”), International Growth Groups, Central Focus, the Partnership, the youth work and Sunday School, other small groups, the Associate Scheme, church planting, Mission Partner support, prison ministry, and a stay-and-play mums and toddlers group for people in the local community with young children. All the activities of the church are regularly monitored and reviewed by the PCC against the yardstick of the church’s aim and objective. The achievements in 2023 are set out under the heading ‘Review of achievements and performance in 2023’ below. The activities provide benefit not only to those who are regular attendees of the various church services, meetings and events, but also to those who work and live in the parish area as well as the other communities in which we serve.

The activities of the PCC are pursued not just by members of the church sta�f. The church is heavily dependent for its activities upon the service of the church family – and rightly so. It is the essence of gospel partnership that the work of the church be pursued by the whole congregation of believers and that the leaders of the church should seek to equip all members of the church family to play their part. It is the aim and intention of the PCC that the entirety of its financial resources be carefully devoted to the pursuit of the church’s stated objective.

Financial review

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

4

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 2023

Structure, governance and management

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

There were 53 members of the PCC in 2023, elected, ex o�ficio and co-opted, drawn from the midweek and Sunday congregations. During the period of the report there were 15 elected members at any one time. The balance comprised the clergy and members who, as churchwardens or members of the General, Diocesan or Deanery Synods, are ex o�ficio members. Two members of the church sta�f regularly attend meetings by invitation. In addition to the statutory standing committee, the PCC has a finance committee, a buildings committee, an international steering group, a safeguarding committee, a sta�fing committee, and a UK mission committee.

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

5

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 2023

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

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

Risk management

The PCC continues to operate its risk register and risk mitigation framework, which were reviewed and updated in 2023. While this cannot provide absolute assurance, the steps taken should enable the PCC and the church to achieve its objectives. Risk is also considered regularly as part of the decision-making process.

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

These risks are managed by, respectively:

Statement of PCC members’ responsibilities

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

Review of achievements and performance in 2023 and plans for the future

A review of achievements and performance in 2023 and plans for the future is set out on pages 7-9.

==> picture [81 x 37] intentionally omitted <==

Andrew Wales Secretary

6

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 year ended 31 December 2023

Summary of main achievements

Brief re�lections of our achievements in light of our objectives

Our Sunday and mid-week services, small groups, and Sunday School and youth activities continued to grow over the past year. Newer ministries such as ministry training programmes and additional Sunday morning service continued to establish themselves.

Attendance rose at our Sunday services and in our small group bible studies for workers, students and internationals. The numbers at our Sunday School and Youth groups have been particularly encouraging as they have seen significant and noteworthy growth over the past year. This ministry serves not only our own youth, but also many from other churches and schools across London. The parents and toddlers group, and the City Pastors teams have been serving the local community. The prison ministry has continued to be well received by prisoners and bear fruit. We continued to work with other mission partners to establish a ministry - Asha - to serve those living in East London.

We give thanks for gradual increase in numbers, including some growing interest from unbelievers and young Christians across the midweek lunchtime ministries at St Helen’s, North Bishopsgate and Covent Garden. These meetings are still smaller than pre-Covid with many still working from home 1 to 2 days a week, but each work has a strong core of gospel partners. We try to provide a good balance between maintaining central activities (prayer meetings, groups studies, lunchtime talks and courses) and supporting ministry in the workplace. There is a steady growth in gospel partners among City workers, who intentionally seeking to share the gospel and their lives in their mission fields.

Members of the St Helen’s sta�f team led ministry activities and services at the churches of St Michael, Cornhill and St Benet, Paul’s Wharf, with their costs covered by St Helen’s. Volunteer time was also provided as we continued to support these ministries.

We continued to support growth at a number of smaller churches across the UK, in areas where there is gospel need and opportunity but little resource. It has been very pleasing to hear from them that our support to help ‘pump prime’ growth initiatives has borne fruit for the gospel and strengthened the churches themselves.

Our Trainee Christian Leaders scheme continued, providing men and women with training and hands-on ministry experience for full-time Christian ministry.

Financial outcomes

On the income side, the number of regular givers rose by 6%, though regular giving increased by 11%, exceeding our budgeted growth of 3%. However, one-o�f gi�ts were significantly down by 54%, partly because the one exceptional gi�t in 2022 was not repeated, but also because a number of donors withheld their gi�ts due to the trajectory of the Church of England to pursue the implementation of "Prayers of Love and Faith". Overall, giving income (excluding the exceptional gi�t from the Rector and Churchwardens, see Note 23) fell by 24%.

On the expenditure side, total costs only rose by 2% instead of the budgeted 7%. Although sta�f costs were up by 6%, savings in major buildings projects partially netted o�f the increase.

These dynamics led to an operating deficit of just under £1m. However, during the year, we received two exceptional items, totalling £1.1m, from two sources: 1) the proceeds from the sale of one of the properties given to the Rector and the Churchwardens in a legacy; and 2) a consideration payment from one of our neighbouring building developments. This exceptional income o�fset our operating deficit, allowing us to achieve an overall breakeven position.

We had planned to use £275,000 of designated reserves to support 2030 Vision initiatives and this sum was transferred from the strategic reserves to the General Fund to cover training and mission costs.

7

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 year ended 31 December 2023

Continuing the work

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

Reserves policy

The St Helen’s Finance Committee monitors reserves to ensure we have appropriate financial resources to continue the church’s ministry. In 2021 the PCC approved an updated policy which sets both target and minimum reserves levels. This is designed to enable us to cover future running costs of the ministry if there is volatility in our gi�t income. We are extremely thankful to God for all our givers, but understand that some are able to donate one-o�f gi�ts of significant value in one year, but that this may not occur each year. The updated PCC reserves policy takes that into account more specifically by recognising the potential volatility of our usual one-o�f gi�ts. Exceptional gi�ts set aside for strategic use are not regarded as recurring, and therefore are not included in assessing the appropriate reserves levels.

For 2024 the policy indicates a target reserves level of £1,700,000, equivalent to 4 months of costs (excluding trading expenditure) plus 50% of one-o�f gi�ts received in the previous year. The minimum reserves level has been set at £1,200,000, equivalent to 3 months of costs plus 33% of one-o�f gi�ts received in the previous year.

We are thankful to God for his generous provision of a number of exceptional gi�ts in recent years, providing St Helen’s with reserves in excess of our target reserves policy. Given the operating deficit in 2023, and the planned budget deficit in 2024, the PCC are aware that higher reserves are needed at present. In February 2024, the PCC decided to undesignate the remainder of the funds in the designated Strategic Reserve Fund and transfer it to the General Fund.

At the end of 2023 St Helen’s held unrestricted funds (including designated funds) of £2,982,931, up from £2,916,952 in 2022. Restricted funds were £108,805 (2022: £134,118). Most balances in restricted funds represent gi�ts for specific ministry areas and are expected to be used in the near term, usually less than twelve months. Unrestricted funds are mainly held in cash deposits and therefore available for short-term use. £15,984 is held in fixed assets and could not be used at short notice.

Financial Risks

Recent decisions by the Church of England to alter its doctrine by introducing the “Prayers of Love and Faith” have caused some of our financial supporters to reduce or stop their giving because we are a Church of England church. This caused a significant drop in income in 2023, resulting in an operating deficit beyond that already budgeted. Whilst our reserves position is currently robust, reserves could fall sharply if they are needed to o�fset a substantial decline in income. The Finance Committee keeps the longer-term financial sustainability of the ministry under frequent review.

Closing remarks

We give thanks for God’s grace in providing for our needs through many very generous givers from our church family and beyond; whatever the amount of individual gi�ts, we value each one of them.

Thank you also to those who run the finances on a day-to-day basis, and the members of the Finance Committee who steward the church’s resources.

==> picture [74 x 37] intentionally omitted <==

==> picture [81 x 37] intentionally omitted <==

Andy Ross Sarah Too Churchwarden Treasurer 17[th] April 2024

8

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 year ended 31 December 2023

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

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

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

9

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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

Statement of Financial Activities

For the year ended 31 December 2023

Income and endowments from:
Donations and legacies
Charitable activities
Other trading activities
Investments
Other income
Total Income
Expenditure on:
Charitable activities
Total expenditure
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
Designated
funds
Restricted
funds
Total funds
Prior period
Total funds
Further
details
2023
2022
£
£
£
£
£
Note
3,318,660
-
138,018
3,456,678
3,351,723
2
527,971
-
14,900
542,871
480,005
3
127,666
-
-
127,666
130,488
4
72,995
-
-
72,995
19,745
5
295,994
-
20,412
316,406
54,648
6
4,343,286
-
173,330
4,516,616
4,036,609
4,199,408
-
276,542
4,475,950
4,298,998
9
4,199,408
-
276,542
4,475,950
4,298,998
143,878
-
(103,212)
40,666
(262,389)
197,101
(275,000)
77,899
-
-
15
340,979
(275,000)
(25,313)
40,666
(262,389)
1,966,952
950,000
134,118
3,051,070
3,313,459
2,307,931
675,000
108,805
3,091,736
3,051,070

Further information can be found in the relevant notes to the accounts, as indicated in the final column above.

10

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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

Balance Sheet

At 31 December 2023

£
Fixed Assets
Tangible assets
Total fxed assets
Current Assets
Book stocks
Debtors
Short-term bank deposits
Cash at bank and in hand
Total current assets
Liabilities
Creditors: Amounts falling due within one year
Net current assets
Total net assets less current liabilities
The funds of the charity
Restricted income funds
Unrestricted funds:
Fixed Asset Fund
15,984
Designated Fund-Strategic Reserve
675,000
General Fund
2,291,947
Total unrestricted funds
Total charity funds		 £
Fixed Assets
Tangible assets
Total fxed assets
Current Assets
Book stocks
Debtors
Short-term bank deposits
Cash at bank and in hand
Total current assets
Liabilities
Creditors: Amounts falling due within one year
Net current assets
Total net assets less current liabilities
The funds of the charity
Restricted income funds
Unrestricted funds:
Fixed Asset Fund
15,984
Designated Fund-Strategic Reserve
675,000
General Fund
2,291,947
Total unrestricted funds
Total charity funds		 2023
£
15,984		 £
24,612
950,000
1,942,340		 2022
Notes
£
24,612
11
24,612
10,632
12
213,044
13
1,910,586
1,230,856
3,365,118
338,660
14
3,026,458
3,051,070
16
134,118
15
2,916,952
3,051,070
15,984
16,565
449,398
1,453,701
1,534,177
3,453,841
378,089
3,075,752
3,091,736
108,805
2,982,931
3,091,736

The financial statements on pages 10-12 and the notes on pages 13-33 were approved by the Parochial Church Council on 17[th] April 2024 and signed on its behalf by:

==> picture [89 x 37] intentionally omitted <==

Rev W Taylor

Chairman

==> picture [81 x 37] intentionally omitted <==

Miss S Too Treasurer

==> picture [74 x 37] intentionally omitted <==

Mr A Ross Churchwarden

11

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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

Statement of Cash Flows

For the year ended 31 December 2023

or the year ended 31 December 2023
Total Funds Total Funds
2023 2022
Note £ £
Cash �lows from operating activities:
Net cash provided by / (used in) operating activities Table 1 (226,525) 572,199
Cash �lows from investing activities:
Purchase of property, plant and equipment - (5,484)
Interest from bank deposits 72,961 19,588
Increase in deposit accounts held for investment purposes 456,885 (1,009,343)
Net cash provided by / (used in) investing activities 529,846 (995,239)
Change in cash and cash equivalents in the reporting period 303,321 (423,040)
Cash and cash equivalents at the beginning of the reporting period 1,230,856 1,653,896
Cash and cash equivalents at the end of the reporting period Table 2 1,534,177 1,230,856
Table 1: Reconciliation of net income/(expenditure) to net cash �low from operatingactivities
Net income/(expenditure)for the reporting period
(as per the statement of fnancial activities)
Adjustments for:
Depreciation charges
Interest from bank deposits
Decrease/(increase)in book stocks
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Loss on disposal of fxed assets
Net cash provided by/ (used in) operating activities
Table 2: Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents
Analysis of changes to cash and cash equivalents
At start of year
£
Cash at bank and in hand
1,230,856		 2023
2022
£
£
40,666
(262,389)
8,628
10,156
(72,961)
(19,588)
(5,933)
(902)
(236,354)
755,651
39,429
89,271
-
-
(226,525)
572,199
2023
2022
£
£
1,534,177
1,230,856
1,534,177
1,230,856
Cash Flows
At end of year
£
£
303,321
1,534,177

12

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 December 2023

1. Accounting Policies

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

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

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

1.2 Income

Income from donations and legacies

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

Grants receivable and endowments

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

Government grants

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

Income from investments

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

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

Church activities

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

Other income

Other income is accounted for on a receipts basis.

1.3 Recognition of expenditure

Recognition of liabilities

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the church to that expenditure, it is probable that settlement will be required and the amount of the obligation can be recognised and measured reliably. Accordingly, accruals, creditors and provisions are recognised where the church has a present obligation resulting from a past event and where the future out�low of funds to a

13

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 December 2023

third party is probable. The amounts recognised include allowances for any applicable trade discounts likely to be taken up.

Grants payable

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

Ministry Support Expenditure

Expenditure is accounted for on an accruals basis.

Allocation of expenditure

Support costs are allocated to the di�ferent categories of expenditure according to the estimated sta�f time involved and/or costs incurred. It is not considered appropriate to allocate support costs relating to grantmaking activities separately from those relating to other church activities. The allocation of support costs is shown in Note 8.

Governance costs

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

Allocation of Governance costs

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

Pension Costs

Defined Contribution Scheme

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

Defined Benefit Scheme

The stipendiary clergy at St Helen’s are members of the Church of England Funded Pensions Scheme (CEFPS), a defined benefit scheme. The scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the participating responsible bodies. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This means that it is not possible to attribute the scheme’s assets and liabilities to specific employers and that contributions are accounted for as if the scheme were a defined contribution scheme. This is the position for all (2022: all but 1) members of the clergy from February 2023. For the purposes of the scheme, St Helen’s is not considered to be the responsible body for its clergy because it does not directly employ them and their cost of employment, including pension contributions, are recharged to it by their ultimate employer, which is considered to be their relevant responsible body. For these members of the clergy, the pensions costs charged to the Statement of Financial Activities in the year are the contributions payable towards benefits and expenses accrued in that year.

For the one member of the clergy not in the defined benefit scheme above, St Helen’s was the responsible body because it paid that member’s pension contributions directly to the scheme until January 2023, and ceased to be the responsible body as of end of January 2023. As a result, St Helen’s no longer has a requirement under S28.11A of FRS 102 to account for its share of any deficit liability that the scheme may have by carrying that liability on its balance sheet and accounting for changes in that liability through the Statement of Financial Activities.

Further details are given in Note 9.

14

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 December 2023

1.4 Fund accounting

Unrestricted funds

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

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

Designated Funds

Designated funds are those amounts which the PCC has decided to set aside from unrestricted funds to be used in the future for a ‘designated’ purpose. They can be re-designated by the PCC from one purpose to another or undesignated and returned to unrestricted funds.

In 2021, following the receipt of a large donation and legacy, the PCC decided to set up a designated fund called ‘Strategic Reserve Fund’, the purpose of which is to help fund future ministry expansion as part of the PCC’s 2030 Vision programme.

In February 2024, the PCC decided to undesignate the remainder of the funds in the designated Strategic Reserve Fund and transfer it to its General Fund.

Restricted funds

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

1.5 Tangible fixed assets

Consecrated land and buildings and movable church furnishings

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

Other tangible fixed assets

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

1.6 Current Assets

Book stocks

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

Debtors

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

Short-term bank deposits

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

Cash at bank and in hand

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

15

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 December 2023

Financial instruments

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

1.7 Taxation

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

1.8 Operating Leases

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

1.9 Going Concern

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

16

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 December 2023

2. Income from donations and legacies

Donations via Gi�t Aid
Income tax recoverable
Other tax e�fcient giving
Trust income
General collections and donations
Other grant income
Legacies		 Unrestricted
funds
Restricted
funds
Total funds
Total funds
2023
2022
£
£
£
£
1,385,314
52,290
1,437,604
1,558,187
347,012
15,574
362,586
391,922
564,995
28,068
593,063
1,177,181
2,618
-
2,618
43,118
1,013,336
42,086
1,055,422
168,413
4,900
-
4,900
12,747
485
-
485
155
3,318,660
138,018
3,456,678
3,351,723

Exceptional Income

General collections and donations above include a one-o�f gi�t to the PCC from the Rector and Churchwardens of c.£785,000 from the proceeds of the sale of a property which was le�t as a legacy to the Rector and Churchwardens in 2018 (see Note 23). Funds from this gi�t have been retained in the General Fund.

3. Income from charitable activities

Donations towards catering costs
Charged catering sales
Book and media sales
RML workbook sales
Book royalties
Weekends away and conferences		 Unrestricted
funds
Restricted
funds
Total funds
Total funds
2023
2022
£
£
£
£
635
-
635
745
81,289
695
81,984
65,268
17,307
605
17,912
13,353
1,559
-
1,559
1,041
812
-
812
1,348
426,369
13,600
439,969
398,250
527,971
14,900
542,871
480,005

17

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 December 2023

4. Income from trading activities

Parochial Fees (weddings and baptisms)
Hire of church premises
Other rental income		 Unrestricted
funds
Restricted
funds
Total funds
Total funds
2023
2022
£
£
£
£
9,804
-
9,804
6,809
2,500
-
2,500
675
115,362
-
115,362
123,004
127,666
-
127,666
130,488

5. Investment income

Unrestricted Restricted Total funds Total funds
funds funds 2023 2022
£ £ £ £
Bank interest 72,995 - 72,995 19,745

6. Other income

Consideration payment from local
property development
Sundry income		 Unrestricted
funds
Restricted
funds
Total funds
Total funds
2023
2022
£
£
£
£
273,000
-
273,000
-
22,994
20,412
43,406
54,648
295,994
20,412
316,406
54,648

The PCC has received £273,000 during 2023 in relation to the consideration agreed as part of our Supplementary Neighbourly Matters Agreement with a local property development.

18

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 December 2023

7. Expenditure on charitable activities

7.1 Grant payments

Missionary giving
UK Support
Training for ministry
Other giving
Total grant payments
Missionary giving
Interserve
East Asian Ministry
OMF
French-speaking Europe
Sub-Saharan Africa
UK Support
Grant to St Peter-upon-Cornhill
UK Mission		 Unrestricted
funds
Restricted
funds
Total funds
2023
Total funds
2022
£
£
£
£
109,192
-
109,192
103,351
105,796
-
105,796
112,477
22,200
13,000
35,200
26,904
3,554
8,490
12,044
4,904
240,742
21,490
262,232
247,636
8,640
-
8,640
8,640
16,500
-
16,500
18,000
20,556
-
20,556
19,200
40,092
-
40,092
35,107
23,404
-
23,404
22,404
109,192
-
109,192
103,351
24,979
-
24,979
57,477
80,817
-
80,817
55,500
105,796
-
105,796
112,977

The grant to the PCC of St Peter-upon-Cornhill was to help it meet its operational costs.

Training for ministry
Mandarin ministry
Bangladeshi ministry
Latvian ministry
Other future ministry support
Other giving
Hardship Fund
Other		 8,000
-
8,000
504
9,000
-
9,000
11,000
-
3,000
3,000
-
5,200
10,000
15,200
15,400
22,200
13,000
35,200
26,904
-
640
640
1,060
3,554
7,850
11,404
3,844
3,554
8,490
12,044
4,904

19

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 December 2023

7.2 Ministry costs

Diocesan Common Fund
Ministry Expenses
Ongoing Building expenses
Costs of events and additional activities
Other direct ministry costs
Allocated Support costs (Note 8)
Total ministry costs
Diocesan Common Fund
Diocesan Common Fund
Ministry Expenses
Ministry sta�f salaries and social security costs
Ministry sta�f pension costs
Ministry sta�f expenses
Ministry sta�f training
Ministry trainee grants
Ministry trainee training
Ministry trainee expenses
Ministry trainee accommodation costs
Clergy accommodation costs		 Unrestricted
funds
Restricted
funds
Total funds
2023
Total funds
2022
£
£
£
£
40,891
-
40,891
44,400
2,073,120
156,971
2,230,091
2,213,171
152,060
3,306
155,366
240,278
674,491
42,773
717,264
638,631
132,347
43,439
175,786
170,250
885,757
8,563
894,320
744,633
3,958,666
255,052
4,213,718
4,051,362
40,891
-
40,891
44,400
1,487,855
134,124
1,621,979
1,620,213
206,698
16,946
223,644
228,958
60,639
5,227
65,866
67,640
48,201
63
48,264
41,359
6,635
-
6,635
1,800
9,508
445
9,953
6,749
6,152
166
6,318
6,226
92,573
-
92,573
79,700
154,859
-
154,859
160,526
2,073,120
156,971
2,230,091
2,213,171

The cost of providing accommodation for ministry trainees for the year was £92,573 (2022: 79,700). This was partly o�fset by rent received from trainees amounting to £77,570 (2022: 81,869), giving a net cost for the year of £15,003 (2022: Net contribution £2,169).

Ongoing Building expenses
Church building & o�fce running costs
Church building renovation
Book shop running costs		 152,060
-
152,060
147,414
-
-
-
91,163
-
3,306
3,306
1,701
152,060
3,306
155,366
240,278

Due to upcoming nearby property developments, church building renovation and major improvements were deferred in 2023.

20

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 December 2023

Cost of events and additional activities
Bible, book and media purchases
RML workbooks
Catering expenses
Catering fxtures & fttings depreciation
Weekends away
Other events and activities
Church equipment depreciation
Other direct ministry costs
Speakers' honoraria
Cleaning and housekeeping
Ministry venue and o�fce rent		 Unrestricted
funds
Restricted
funds
Total funds
2023
Total funds
2022
£
£
£
£
41,721
3,454
45,175
14,262
1,299
-
1,299
1,578
147,859
1,168
149,027
121,974
541
-
541
130
440,683
25,632
466,315
444,998
39,843
12,519
52,362
53,144
2,545
-
2,545
2,545
674,491
42,773
717,264
638,631
5,509
1,044
6,553
5,516
9,477
42
9,519
9,676
117,361
42,353
159,714
155,058
132,347
43,439
175,786
170,250

21

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 December 2023

8. Support costs

8. Support costs
Unrestricted Restricted Total funds Total funds
funds funds 2023 2022
£ £ £ £
Ministry support sta�f costs
Salaries and social security 624,072 - 624,072 505,361
Pension costs 86,319 - 86,319 71,470
Expenses 7,644 17 7,661 10,242
718,035 17 718,052 587,073
O�fce costs
Printing, postage and stationery 12,493 148 12,641 10,222
O�fce maintenance and insurance 21,742 - 21,742 19,233
Telephone and data 17,201 - 17,201 16,202
Computer and website expenses 33,172 6,539 39,711 39,935
Computer equipment depreciation 2,185 - 2,185 4,124
O�fce equipment depreciation 3,357 - 3,357 3,357
Other o�fce costs 5,647 102 5,749 3,896
95,797 6,789 102,586 96,969
Professional and other costs
Consultancy fees 37,364 1,349 38,713 30,250
Parochial fees 4,168 - 4,168 2,616
Payroll agency charges 3,088 - 3,088 2,698
Bank charges 12,870 408 13,278 12,357
Audit fee 14,435 - 14,435 12,670
71,925 1,757 73,682 60,591
Total support costs 885,757 8,563 894,320 744,633
Allocation of Support Costs:
Ministry costs (Note 7.2) 885,757 8,563 894,320 744,633
Total support costs 885,757 8,563 894,320 744,633
9. Total Expenditure
Sta�f costs Depreciation Other costs Total funds Total funds
2023 2022
£ £ £ £ £
Grant payments (Note 7.1) - - 262,232 262,232 247,636
Ministry costs (Note 7.2) 2,230,091 3,086 1,086,221 3,319,398 3,306,729
Ministry support costs (Note 8) 718,052 5,542 170,726 894,320 744,633
2,948,143 8,628 1,519,179 4,475,950 4,298,998

22

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 December 2023

9. Total Expenditure (continued)

Sta�f costs
Wages and salaries
Social security costs
Pension costs
Cost of ministry trainee schemes
Sta�f expenses (incl. accommodation costs)
Other costs
Grant payments
Diocesan Common Fund
O�fce costs
Premises costs
Cost of events, weekends away and additional activities
Professional costs
Miscellaneous costs (including depreciation)		 2023
£
2022
£
2,045,439
1,925,511
200,612
200,063
309,963
300,428
115,479
94,475
276,651
279,767
2,948,144
2,800,244
2023
£
2022
£
262,232
247,636
40,891
44,400
102,586
96,969
324,599
405,013
714,719
636,085
73,682
60,591
9,097
8,059
1,527,806
1,498,754

Pension costs

Pension costs include £272,595 (2022: £247,088) of contributions made to a defined contribution scheme. At the end of the year, a liability of £28,970 (2022: £26,423) was recognised for these schemes.

The remaining £37,367 (2022: £53,341) of pension costs comprises: A) contributions of £35,503 (2022: £49,266) to a defined benefit scheme operated by the Church of England Funded Pension Scheme for the 5 (2022: 6) members of clergy allocated to St Helen's for the whole or part of the year. This scheme had been in deficit for some time but the PCC's share of the related liability in respect of 1 (2022: 1) member of clergy until January 2023 had not been included in previous accounts because it was immaterial. The latest valuation of the scheme, at 31 December 2022, found that the scheme is now in surplus and that there is, for the time being, no liability. B) £1,864 (2022: 4,075) in respect of 1 (2022: 1) part-time member of the clergy who is employed by another organisation which charges an appropriate proportion of his employment costs to St Helen's.

Pensions costs do not include contributions of £8,002 (2022: £Nil) to a defined benefit scheme operated by the Church of England Funded Pension Scheme for the 1 (2022: Nil) member of clergy on the Common Fund. This cost has instead been recognised under Diocesan Common Fund expense.

Employee numbers

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

Higher paid sta�f

There were no employees with emoluments for the year above £60,000.

23

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 December 2023

10. Transfers between general and o�fsite ministry funds

Transfers between unrestricted funds and o�fsite ministry and restricted funds were as follows:

East End Outreach
Covent Garden Talks
London Gospel Partnership
Latvian Ministry
Prison Ministry
Mission-Minded Conference
Total transfers between funds		 2023
2022
Expenses & Sta�f
Costs
Portion of costs
covered by funds
raised or held
Total
Total
£
£
£
£
90,191
(16,838)
73,353
63,666
35,701
(32,290)
3,411
7,740
21,280
(20,170)
1,110
-
3,315
(3,310)
5
-
477
(457)
20
-
-
-
-
59
150,964
(73,065)
77,899
71,465

11. Tangible fixed assets

Cost or valuation
At beginning of the year
Additions
Disposals
At the end of the year
Depreciation and
impairments
At beginning of the year
Depreciation charge for
the year
Disposals
At the end of the year
At the end of the year
Net book value at the
beginning of the year
Net book value at the end
of the year		 Ministry related
Fixtures
and
fttings
Catering
equipment
and fttings
Church
equipment Subtotal
O�fce
equipment
Computer
equipment
Total
£
£
£
£
£
£
£
-
118,944
175,561
294,505
71,623
88,386
454,514
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
118,944
175,561
294,505
71,623
88,386
454,514
-
116,417
167,545
283,962
63,565
82,375
429,902
-
541
2,545
3,086
3,357
2,185
8,628
-
-
-
-
-
-
-
-
116,958
170,090
287,048
66,922
84,560
438,530
-
2,527
8,016
10,543
8,058
6,011
24,612
-
1,986
5,471
7,457
4,701
3,826
15,984

24

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 December 2023

12. Book Stock

Books for resale
13. Debtors
Trade Debtors
Income tax recoverable
Prepayments
Accrued income
Current accounts with related parties
Other debtors		 2023
2022
£
£
16,565
10,632
2023
2022
£
£
5,097
-
337,302
83,588
52,225
77,883
50,896
29,858
1,644
315
2,234
21,400
449,398
213,044

14. Creditors: amounts falling due within one year

Trade creditors
Taxation and social security costs
VAT payable
Other creditors
Annual leave accrual
Accruals
Deferred income		 2023
2022
£
£
16,573
62,306
48,436
42,160
57,062
7,697
60,243
66,762
38,015
38,371
122,283
82,136
35,477
39,228
378,089
338,660

25

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 December 2023

15. Restricted and Designated funds

Church Planting Fund (formerly known
as the Re:GENERATION Appeal)
U-Turn Appeal (South Africa)
Latvian Ministry
East End Outreach
Covent Garden Talks
City Events
City Summer School Bursary
Hardship Fund
IGG ministry fund
London Gospel Partnership
Mandarin Ministry
Media Fund
Mission Partners-South Africa
Music Student Ministry
North Bishopsgate
Paddington Talks
Prison Ministry
Special Collections
Trainee Christian Leaders
Weekend Away Bursary		 At
1 January
2023
Incoming
resources
Expenditure
Transfers
At
31 December
2023
£
£
£
£
£
7,525
-
-
-
7,525
250
-
-
-
250
435
2,875
(3,315)
5
-
-
16,838
(90,191)
73,353
-
-
32,290
(35,701)
3,411
-
-
2,500
(1,830)
-
670
2,499
10,966
(11,705)
-
1,760
2,362
1,250
(640)
-
2,972
6,125
1,800
(1,021)
-
6,904
2,058
18,112
(21,280)
1,110
-
24,569
1,610
(10,180)
-
15,999
804
26,500
(13,070)
-
14,234
200
-
-
-
200
29,204
4,225
(17,803)
-
15,626
16,956
16,092
(22,761)
-
10,287
15,879
2,513
(3,944)
-
14,448
-
457
(477)
20
-
3,170
4,954
(7,850)
-
274
6,250
25,063
(25,484)
-
5,829
15,832
5,285
(9,290)
-
11,827
134,118
173,330
(276,542)
77,899
108,805

26

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 December 2023

27

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 December 2023

15. Restricted funds (continued)

B) Comparative Year (2022)

Church Planting Fund (formerly known
as the Re:GENERATION Appeal)
SIM Bangladesh December Carol
Services
U-Turn Appeal (South Africa)
Latvian Ministry
East End Outreach
Covent Garden Talks
Mission Partners-South Africa
Paddington Talks
North Bishopsgate
Music Student Ministry
Mandarin Ministry
London Gospel Partnership (SEGP)
Mission-Minded Conferences 2020
Special Collections
Media Fund
IGG Ministry Fund
Weekend Away Bursary
Hardship Fund
Trainee Christian Leaders
City Events
City Summer School Bursary
C) Designated Fund
Strategic Reserve Fund		 At 1
January
2022
Incoming
resources
Expenditure
Transfers
At 31
December
2022
£
£
£
£
£
7,525
-
-
-
7,525
-
122
(122)
-
-
250
-
-
-
250
435
-
-
-
435
-
20,296
(83,962)
63,666
-
3,758
31,840
(43,338)
7,740
-
200
-
-
-
200
14,008
3,787
(1,916)
-
15,879
26,861
12,473
(22,378)
-
16,956
33,532
9,275
(13,603)
-
29,204
18,684
15,885
(10,000)
-
24,569
6,203
27,760
(31,905)
-
2,058
-
-
(59)
59
-
109
3,426
(365)
-
3,170
1,068
-
(264)
-
804
4,625
1,500
-
-
6,125
12,602
3,230
-
-
15,832
3,720
-
(1,358)
-
2,362
25,000
56,250
(75,000)
-
6,250
-
657
(657)
-
-
-
19,834
(17,335)
-
2,499
158,580
206,335
302,262
71,465
134,118
At 1
January
2023
Incoming
Resources
Expenditure
Transfers
At 31
December
2023
£
£
£
£
£
950,000
-
-
(275,000)
675,000
950,000
-
-
(275,000)
675,000

The PCC decided to transfer £275,000 from the designated Strategic Reserve Fund to the General Fund in 2023, to support ministry expansion under its 2030 Vision objectives, particularly its Trainee Christian Leaders programme. In February 2024, the PCC decided to undesignate the remainder of the funds in the designated Strategic Reserve Fund and transfer this to the General Fund.

28

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 December 2023

16. Analysis of net assets between funds

Fund balances at 31 December 2023
are represented by:
Unrestricted Funds
General Fund
Designated Fund (Strategic Reserve)
Fixed Assets Fund
Total Unrestricted Funds
Restricted Funds
O�fsite ministries
Weekend Away Bursary
Music Student Ministry
Mandarin Ministry
Other Restricted Funds
Total Restricted Funds
Total Funds		 Tangible
fxed assets
Current
assets
Current
liabilities
Total Funds
£
£
£
£
-
2,670,036
(378,089)
2,291,947
-
675,000
-
675,000
15,984
-
-
15,984
15,984
3,345,036
(378,089)
2,982,931
-
24,734
-
24,735
-
13,587
-
13,588
-
15,626
-
15,625
-
22,904
-
22,903
-
31,954
-
31,953
-
108,805
-
108,804
15,984
3,453,841
(378,089)
3,091,736

17. Related Party Disclosures

Transactions with PCC members and Key Management Personnel (KMP)

During the year there were 53 PCC members (2022: 51). These members, along with close family members, donated £611,499 (2022: £769,811) to the PCC. No sole PCC member held control or significant in�luence over the a�fairs of the PCC during the year, nor was any member of the PCC during the year remunerated for being a member. No expenses were reimbursed to the PCC members in the course of their roles as members. Three (2022: 5) non-clergy members or their close family were reimbursed travel, subsistence and other expenses amounting to £2,702 (2022: £3,839) during the year.

The PCC had one member (2022: 1) who was also an employee of the PCC. The PCC had 2 (2022: 3) members who each had close family members who were employees of the PCC. The aggregate remuneration paid to these employees in the year amounted to £51,923 (2022: £103,129).

Members of the clergy are not employed by the PCC but by the Church Commissioners. The remuneration of the clergy is in accordance with the Stipend Scale for the Diocese of London and the PCC reimburses the majority of their employment costs via the Diocese of London. In addition, ordained Clergy are provided with living accommodation as part of the requirements of their role. During the year, 6 PCC members (2022: 6) were part of the ordained clergy. The aggregate amount reimbursed during the year to the Diocese of London in respect of 5 (2022: 4) of those PCC members amounted to £197,326 (2022: £160,900). The cost of one of these members of the ordained clergy was reimbursed to another body for part of the year and amounted to £3,268 (2022: £41,486). The remaining member was unpaid. The PCC incurred accommodation costs (rent, council tax and utilities) during the year in respect of the clergy members amounting to £115,950 (2022: £108,829). During the year, the total of specific ministry costs reimbursed to clergy members or members of their close family amounted to £10,455 (2022: £6,448). Payments amounting to £3,862 (2022: £9,985) were made to one (2022: 1) clergy member by way of pastoral support to him and his family.

29

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 December 2023

The PCC defines KMP as 5 (2022: 5) senior clergy members, the Partnership & Projects Team Leader, the Operations Manager and one ordained ministry leader who is an employee. The pay, benefits and expenses of the clergy are dealt with above. The pay and benefits of the other key management personnel are set annually by the PCC’s Finance Committee, in relation to the church’s salary bands and the individual needs of the employee. Salary bands are benchmarked against other charities, churches and key worker roles on a periodic basis. In 2023, the KMP who were not members of the PCC received remuneration of £109,161 (2022: £106,394). They also reclaimed ministry expenses, mainly travel and subsistence, from the PCC totalling £185 (2022: £1,601).

Transactions with other related parties

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

St Helen’s PCC members Rev W Taylor, Rev A Balch, Mr B O'Donoghue and Mr S Congdon, and Key Management Personnel, Rev H Eatock-Taylor and Mr J Barrington, were members of the PCC of SPC throughout the year. During the year there were on average 18 members of the PCC of SPC. Related parties of St Helen’s therefore controlled more than one-fi�th of the voting power so St Helen’s and SPC are considered to be related parties.

St Helen’s uses the SPC church building for various small group ministries and to provide study space for Associates. No rent was paid during 2023 or 2022 by St Helen’s for this use.

During the year:

St Helen's made grants totalling £24,979 (2022: £57,477) to SPC.

St Helen’s received fees of £1,000 (2022: £1,000) from SPC under an agreement for the provision of bookkeeping and accounting services.

St Helen's received nil contribution (2022: £8,333) from SPC to the cost of employees who carried out work on behalf of SPC during the year.

St Helen’s incurred operating expenses on behalf of SPC amounting to £1,294 (2022: £284) which will be recovered from SPC.

Dick Lucas Trust (registered charity no. 1074445)

St Helen’s PCC member Rev W Taylor was a trustee of the Dick Lucas Trust during the year. There were 3 other trustees, and therefore a related party of St Helen’s was entitled to exercise more than one-fi�th of the voting power, and so St Helen’s and the Dick Lucas Trust are considered to be related parties.

During the year, St Helen’s recorded income of £18,000 (2022: £30,000) from the Dick Lucas Trust as a contribution to the cost of one of its employees who carried out work on behalf of the Trust during the year.

30

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 December 2023

18. Transactions with other relevant charities

Gospel Support & Homes Trust Ltd (GSHT) – (formerly Great St Helen’s Trust) - (registered charity no. 1089919)

PCC member Mr B O’Donoghue is 1 of 6 trustees of GSHT.

GSHT provides accommodation and support for churches and Christian ministries in London.

During the year, GSHT provided living accommodation for 2 clergy members of the PCC (2022:2) and for ministry associates and sta�f members. The total rent paid for the year was £221,447 (2022: £175,800).

GSHT provided o�fice and shop space to St Helen’s. The rent paid to GSHT during the year in respect of this amounted to £116,586 (2022: £134,303).

GSHT incurred the stipend costs (including National Insurance) of the Rector (PCC member) and recharged that cost to St Helen’s for part of the year: £2,685 (2022: £32,220).

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

St Helen's has close links with SMC, but does not have overall control over its activities. During the year Rev H Eatock-Taylor, Key Management Personnel of St Helen’s was Chair of the PCC of SMC and its Priest-in-Charge. Rev A Balch was a member of the PCC of SMC and also a member of the St Helen’s PCC. Mrs J Taylor, wife of Rev W Taylor, Chair of St Helen's PCC, was a member of the PCC of SMC. During the year there were on average 18 members of the PCC of SMC and therefore related parties of St Helen’s did not control more than one-fi�th of the voting power, so St Helen’s and SMC are not considered to be related parties.

During the year, St Helen’s incurred operating expenses on behalf of SMC amounting to £35 (2022: £18), which will be recovered from SMC.

St Helen's has entered into an agreement with SMC to provide bookkeeping and accounting services for an annual fee of £2,000 (2022: £2,000).

St Helen's provided the services of 2 (2022:2) ordained clergy to lead the ministry at St Michael's. No charge was made for these services.

The Sola Trust - (registered charity no. 1062739)

PCC member Mr B O’Donoghue is 1 of 3 trustees. During the year, a grant of £3,500 for a trainee was received from the Sola Trust.

A Passion for Life - (registered charity no. 1125822)

PCC member Mr B O’Donoghue is 1 of 4 trustees. During the year, a grant of £1,000 was paid to A Passion for Life.

31

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 December 2023

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

Income and endowments from:
Donations and legacies
Charitable activities
Other trading activities
Investments
Other income
Total income
Expenditure on:
Charitable activities
Total expenditure
Net income/expenditure
Transfers between funds
Net movements in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds 2022
Designated
funds 2022
Restricted
Funds 2022
Total Funds
2022
Further
details
£
£
£
£
3,188,708
-
163,015
3,351,723
2
457,955
-
22,050
480,005
3
130,438
-
50
130,488
4
19,745
-
-
19,745
5
33,428
-
21,220
54,648
6
3,830,274
206,335
4,036,609
3,996,736
-
302,262
4,298,998
7
3,996,736
-
302,262
4,298,998
(166,462)
-
(95,927)
(262,389)
178,535
(250,000)
71,465
-
10
12,073
(250,000)
(24,462)
(262,389)
1,954,879
1,200,000
158,580
3,313,459
1,966,952
950,000
134,118
3,051,070

32

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

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 December 2023

20. Operating Lease Commitments

At 31 December 2023 the total of the PCC’s future minimum lease payments under non-cancellable operating leases (for rented properties) was:

Amounts payable:
Within 1 year
Within 2 to 5 years
Total		 2023
2022
£
£
78,800
93,455
2,875
100,875
81,675
194,330

21. Other Commitments

At 31 December 2023, there were no outstanding commitments (2022: £24,000).

22. Contingent Assets

At 31 December 2023, there were no contingent assets (2022: £Nil)

23. Bequest of freehold properties

As reported in the 2022 Financial statements, the Rector and Churchwardens of St Helen Bishopsgate were informed in October 2018 that they had been le�t a legacy of three properties in the East End of London. The properties were le�t to the Rector and Churchwardens of St Helens, rather than to the PCC as a body.

During 2023, it was agreed by the Rector and Churchwardens to put the properties up for sale and gi�t the proceeds to the PCC. One of the three properties was sold during the year and the proceeds gi�ted by the Rector and Churchwardens to the PCC. A second property has now been sold as of the date of this report. The proceeds from the sale will be gi�ted to the PCC and are expected to form part of the 2024 accounts.

24. Post Balance Sheet event

In February 2024, the PCC decided to undesignate the remainder of the funds in the designated Strategic Reserve Fund and transfer it to the General Fund.

33

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

Charity Registration Number 1131501

Independent Auditor’s Report

To the Parochial Church Council of the parish of St Helen Bishopsgate with St Andrew Undersha�t and St Ethelburga Bishopsgate and St Martin Outwich and St Mary Axe

Opinion

We have audited the financial statements of St Helen’s Church (the 'charity') for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash �lows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with the Generally Accepted Accounting Practice e�fective for reporting periods beginning on or a�ter 1 January 2015. In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the PCC members' report other than the financial statements and our auditors' report thereon. The PCC members are responsible for the other information contained within the PCC members' report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the

34

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

Charity Registration Number 1131501

Independent Auditor’s Report

To the Parochial Church Council of the parish of St Helen Bishopsgate with St Andrew Undersha�t and St Ethelburga Bishopsgate and St Martin Outwich and St Mary Axe

work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

Responsibilities of PCC members

As explained more fully in the "PCC members' responsibilities" statement, the PCC members are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the PCC members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having e�fect thereunder.

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

Irregularities, including fraud, are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures designed and implemented to detect irregularities, including fraud, are detailed below:

35

DocuSign Envelope ID: 63CF6002-B44B-47B5-99F6-E5A850572362

Charity Registration Number 1131501

Independent Auditor’s Report

To the Parochial Church Council of the parish of St Helen Bishopsgate with St Andrew Undersha�t and St Ethelburga Bishopsgate and St Martin Outwich and St Mary Axe

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

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

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

Use of our report

This report is made solely to the PCC members (who are trustees for the purposes of charity legislation), as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the PCC members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the PCC members, as a body, for our audit work, for this report, or for the opinions we have formed.

==> picture [72 x 37] intentionally omitted <==

Gri�fin Stone Moscrop & Co Chartered Accountants Statutory Auditors 21 27 Lamb's Conduit Street London WC1N 3GS

4/17/2024 Date:

Gri�fin Stone Moscrop & Co are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

36