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

2024-12-31-accounts

Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

Report and Financial Statements

of the Parochial Church Council of St Helen, Bishopsgate

For the year ended 31 December 2024

Charity Registra�on Number 1131501

Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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 2024

Officers, trustees and other Informa�on........................................................................................................ 1 Strategic Report .............................................................................................................................................. 4 Financial Review ............................................................................................................................................. 7 Statement of Financial Ac�vi�es .................................................................................................................. 11 Balance Sheet ............................................................................................................................................... 12 Statement of Cash Flows .............................................................................................................................. 13 Notes to the Financial Statements ............................................................................................................... 14 Independent Auditor’s report ...................................................................................................................... 35

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 A Ross
Mr P Simpkin
Mr G Szarka
Mr R Te�
Mr Y C Wakiwaka
Secretary Mr A Wales
Treasurer Miss S Too
Address St Helen's Church Ofce, Great St Helen's, London EC3A 6AT
Opera�ons Manager Mr J Barrington
Grifn Stone Moscrop & Co, 21-27 Lamb’s Conduit Street, London WC1N
Auditors 3GS
Bankers Na�onal Westminster Bank plc, 49 Bishopsgate, London EC2N 3AS

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

The PCC is registered with the Charity Commission as 'The Parochial Church Council of the Ecclesias�cal Parish of St Helen, Bishopsgate' (‘St Helen’s) with registra�on no. 1131501.

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

PCC Annual Report for the year ended 31 December 2024

From 1 January 2024 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 D B Anderson CBE Vice Chairman and Warden Mr R Andrews Warden To 19 June 2024 Mr C Kasenene Warden To 19 June 2024 Mr A Ross Warden Mr P Simpkin Warden Appointed Warden 19 June 2024 Mr G Szarka Warden From 19 June 2024 Mr R Te� Warden Dr S Trowbridge Warden To 19 June 2024 Mr Y C Wakiwaka Warden Appointed Warden 19 June 2024 Miss H Abraham- Araya From 29 April 2024 Mr J P B Anderson Mr R Anderson Mr J Ber�e From 29 April 2024 Mr I Bright Mr S Congdon Mr S Fox From 5 February 2024 Mrs S Finch Mr P Hagenbuch To 29 April 2024 Dr G Haire To 26 September 2024 Mr H Jackson Mr T James To 1 September 2024 Mr T Jones From 29 April 2024 Mrs W Kasenene To 16 January 2024 Mr R Keep Mr A Kuiper From 29 April 2024 Mr J Laing Mr C Y Lee From 29 April 2024 Mr C Longden To 12 July 2024 Miss K Malcolm Mr S McGowan Mr B O’Donoghue To 29 April 2024 Ms M Okine Mrs C Po�s To 29 April 2024

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

PCC Annual Report

for the year ended 31 December 2024

Miss A Robson Mr L Rurlander Mr G Sommerville Mrs R Steeden Mrs S Strain From 29 April 2024 Ms Y Sun To 29 April 2024 Mr L Swatman Dr Y-C Teh Mrs S Te� From 12 July 2024 Mr M Thorpe Miss S Too Treasurer Ms S Trafford Mr A Wales Secretary Ms R Williams Ms H Wilson Mr J Xiao Miss A Yu

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

PCC Annual Report

for the year ended 31 December 2024

Strategic Report

Objec�ves and ac�vi�es

Our church has as its stated objec�ve 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 objec�ve 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 Chris�an; building up believers to maturity in Christ; and sending people out from the congrega�on 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 objec�ves is not measured by the number of a�endees or by growth in numbers. Rather, the aim of the ministry ac�vi�es of the church is to seek to provide people with opportuni�es 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.

reaching out with the Gospel, equipping the church family to do so, building up Chris�ans, and sending out full-�me workers into gospel ministry.

on chari�es for the advancement of religion. The ac�vi�es of the church in the pursuit of its aim include Sunday services, Chris�anity Explored, Tuesday and Thursday lunch�me services, gospel work at other loca�ons within the City and beyond, Read Mark Learn (“RML”), Interna�onal Growth Groups, Central Focus, the Partnership, the youth work and Sunday School, other small groups, the Associate Scheme, church plan�ng, 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 ac�vi�es of the church are regularly monitored and reviewed by the PCC against the yards�ck of the church’s aim and objec�ve. The achievements in 2024 are set out under the heading ‘Review of achievements and performance in 2024’ below. The ac�vi�es provide benefit not only to those who are regular a�endees of the various church services, mee�ngs and events, but also to those who work and live in the parish area as well as the other communi�es in which we serve.

ac�vi�es 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 congrega�on 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 inten�on of the PCC that the en�rety of its financial resources be carefully devoted to the pursuit of the church’s stated objec�ve.

Financial review

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

PCC Annual Report

for the year ended 31 December 2024

Structure, governance and management

The PCC is a body corporate established by and opera�ng under the Parochial Church Councils (Powers) Measure 1956. It is a charity registered with the Charity Commission under registra�on no. 1131501. The elec�on and appointment of PCC members is governed by the Church Representa�on Rules. The church is part of the Diocese of London of the Church of England and implements na�onal Church of England policies as required by the Diocese of London.

congrega�ons. During the period of the report there were 15 elected members at any one �me. The balance comprised the clergy and members who, as churchwardens or members of the General, Diocesan or Deanery Synods, are ex officio members. Four members of the church staff regularly a�end mee�ngs by invita�on. In addi�on to the statutory standing commi�ee, the PCC has a finance commi�ee, a buildings commi�ee, an interna�onal steering group, a safeguarding commi�ee, a staffing commi�ee, and a UK mission commi�ee.

In terms of PCC membership, the aim is to recruit a cross-sec�on of individuals with involvement in a variety of the areas of the church’s ministry ac�vi�es. 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 func�oning of the PCC. New PCC members are directed to the trustee responsibili�es resources and training available on the Charity Commission and Diocese of London websites. An addi�onal induc�on for new PCC members was also provided. Training in ma�ers such as health and safety and food safety is run by members of the church staff with par�cular responsibility for the ma�er in ques�on. Safeguarding

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

PCC Annual Report

for the year ended 31 December 2024

by the Diocese of London.

the structure and policies set by the PCC and in accordance with the annual budget.

Risk management

  1. While this cannot provide absolute assurance, the steps taken should enable the PCC and the church to achieve

  2. Unfaithful teaching from the pulpit or in small groups

  4. Safeguarding

  6. Financial stability

and Barring Service disclosure prior to serving with children. In 2024 there were no applicable requirements

Review of achievements and performance in 2024 and plans for the future

A review of achievements and performance in 2024 and plans for the future is set out on pages 7-9.

Andrew Wales Secretary 16 April 2025

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

PCC Annual Report

for the year ended 31 December 2024

Financial Review

Summary of main achievements

Our Sunday and mid-week services, small groups, and Sunday School and youth ac�vi�es con�nued to grow over the past year.

A�endance rose at our Sunday services and in our small group bible studies for workers, students and interna�onals. The numbers at our Sunday School and Youth groups have been par�cularly encouraging as they have con�nued to see 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 con�nued to be well received by prisoners and bear fruit. We con�nued 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 Chris�ans across the midweek lunch�me ministries at St Helen’s, North Bishopsgate and Covent Garden. Each work has a strong core of gospel partners and is gradually growing. We try to provide a good balance between maintaining central ac�vi�es (prayer mee�ngs, groups studies, lunch�me talks and courses) and suppor�ng ministry in the workplace. There is a steady growth in gospel partners among City workers, who inten�onally share the gospel and

St Benet, Paul’s Wharf, with their costs covered by St Helen’s. Volunteer �me was also provided as we con�nued to support these ministries.

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

Our Trainee Chris�an Leaders scheme con�nued, providing men and women with training and hands-on ministry experience for full-�me Chris�an ministry.

Financial outcomes

below the previous year and the budget. Although one-off gi�s were level year on year, it exceeded budget expecta�ons by 13%. Income was boosted by a legacy of £85k and one excep�onal gi� from the Rector and Churchwardens (see Note 17) following the sale of a property gi�ed in a bequest.

grant payments and staff costs.

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

PCC Annual Report

for the year ended 31 December 2024

Con�nuing the work

under our strategy of:

Reserves policy

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 vola�lity in our gi� income. We are extremely thankful to God for all our givers, but understand that whilst some are able to donate one-off gi�s of significant value in one year, it may not occur each year. The PCC reserves policy takes that into account more specifically by recognising the poten�al vola�lity of our usual one-off gi�s. Excep�onal gi�s 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 £1,500,000, equivalent to 4 months of costs (excluding trading expenditure) plus 50% of one-off gi�s received in the previous year. The minimum reserves level has been set at £1,100,000, equivalent to 3 months of costs plus 33% of one-off gi�s received in the previous year.

We thank God for his generous provision of a number of excep�onal gi�s in recent years, providing St Helen’s with reserves in excess of our target reserves policy. Given that St Helen’s expenditure in recent years has been supported by excep�onal income, the PCC is aware that higher reserves are needed at present to support ongoing ministry. 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 2024, St Helen’s held unrestricted funds of £2,780,569 (2023: £2,982,931) and restricted funds were £137,202 (2023: £108,805). Most balances in restricted funds represent gi�s 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. £50,519 (2023: £15,984) were held in fixed assets and could not be used at short no�ce.

Financial Risks

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 which con�nued in 2024. Whilst our reserves posi�on is currently robust, reserves could fall sharply if they are needed to offset a substan�al decline in income. The Finance Commi�ee keeps the longer-term financial sustainability of the ministry under frequent review. In early 2025, a giving appeal was launched and the response from the church family has been very posi�ve.

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

PCC Annual Report

for the year ended 31 December 2024

Closing remarks

We give thanks for God’s grace in providing for our needs through many very generous givers from our church family

[AtSigned67632902646F471... by: Andy Ross Churchwarden 16 April 2025

Sarah Too Treasurer

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Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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 2024

and fair view of the charity’s financial ac�vi�es during the year and of its financial posi�on 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 accoun�ng records which disclose with reasonable accuracy at any �me the financial posi�on of the charity and which enable them to ascertain that the financial statements comply with applicable laws and regula�ons. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the preven�on and detec�on of fraud and other irregulari�es.

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Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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 Ac�vi�es

for the year ended 31 December 2024

Statement of Financial Ac�vi�es

Income and endowments
from:
Dona�ons and legacies
Charitable ac�vi�es
Other trading ac�vi�es
Investments
Other income
Total Income
Expenditure on:
Charitable ac�vi�es
Total expenditure
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconcilia�on of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
Designated
funds
Restricted
funds
Total funds
Prior period
Total funds
2024
2023 Note
£
£
£
£
£
3,170,907
-
207,422
3,378,329
3,456,678
3.1
583,289
-
23,230
606,519
542,871
3.2
122,525
-
-
122,525
127,666
3.3
70,704
-
-
70,704
72,995
3.4
122,354
-
11,029
133,383
316,406
3.5
4,069,779
-
241,681
4,311,460
4,516,616
4,207,910
-
277,515
4,485,425
4,475,950 4 - 5
4,207,910
-
277,515
4,485,425
4,475,950
(138,131)
-
(35,834)
(173,965)
40,666
610,769
(675,000)
64,231
-
-
10
472,638
(675,000)
28,397
(173,965)
40,666
2,307,931
675,000
108,805
3,091,736
3,051,070
2,780,569
-
137,202
2,917,771
3,091,736

11

Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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 2024

Balance Sheet

Balance Sheet
2024 2023
£ £ £ £ Note
Fixed Assets
Tangible assets 50,519 15,984 6
Total fixed assets 50,519 15,984
Current Assets
Book stocks 9,684 16,565 7
Debtors 837,923 449,398 8
Short-term bank deposits 1,783,217 1,453,701
Cash at bank and in hand 551,709 1,534,177
Total current assets 3,182,533 3,453,841
Liabilities
Creditors: Amounts falling due within one year Creditors: Amounts falling due within one year 315,281 378,089 9
Net current assets 2,867,252 3,075,752
Total net assets less current liabilities 2,917,771 3,091,736
The funds of the charity
Restricted income funds 137,202 108,805 10
Unrestricted funds:
Fixed Asset Fund 50,519 15,984
Designated Fund-Strategic Reserve - 675,000
General Fund 2,730,050 2,291,947
Total unrestricted funds 2,780,569 2,982,931
Total charity funds 2,917,771 3,091,736

Council on 16 April 2025 and signed on its behalf by:

| Willinm,Signed by: Teulon Rev W Taylor 90219C739B6B40E... Chairman

[Too] |[Saral.] Signed by: Miss S Too 98B63BFCFABC482... Treasurer ( Mr A Ross Ay67632902646F by: 471... Churchwarden

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Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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 2024

Statement of Cash Flows

Total Funds Total Funds
2024 2023
Note £ £
Cash fows from opera�ng ac�vi�es:
Net cash provided by / (used in) opera�ng ac�vi�es Table 1 (678,267) (226,525)
Cash fows from inves�ng ac�vi�es:
Purchase of property, plant and equipment (45,389) -
Interest from bank deposits 70,704 72,961
Increase in deposit accounts held for investment purposes (329,516) 456,885
Net cash provided by / (used in) inves�ng ac�vi�es (304,201) 529,846
Change in cash and cash equivalents in the repor�ng period (982,468) 303,321
Cash and cash equivalents at the beginning of the repor�ng
period		 1,534,177 1,230,856
Cash and cash equivalents at end of repor�ng period Table 2 551,709 1,534,177
Table 1: Reconcilia�on of net income/(expenditure) to net cash fow from opera�ng ac�vi�es
2024 2023
£ £
(Net income)/expenditure for the repor�ng period
(as per the statement of fnancial ac�vi�es) (173,965) 40,666
Adjustments for:
Deprecia�on charges 10,854 8,628
Interest from bank deposits (70,704) (72,961)
Decrease/(increase)in book stocks 6,881 (5,933)
Decrease/(increase) in debtors (388,525) (236,354)
(Decrease)/increase in creditors (62,808) 39,429
Net cash provided by/ (used in) opera�ng ac�vi�es (678,267) (226,525)
Table 2: Analysis of cash and cash equivalents
2024 2023
£ £
Cash at bank and in hand 551,709 1,534,177
Total cash and cash equivalents 551,709 1,534,177
Analysis of changes to cash and cash equivalents
At start of year Cash Flows At end of year
£ £ £
Cash at bank and in hand 1,534,177 (982,468) 551,709

13

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

Notes to the Financial Statements

for the year ended 31 December 2024

Notes to the Financial Statements

1. General Informa�on

St Helen’s Church, Bishopsgate is an evangelical Anglican church located at Great St Helen’s, London EC3A 6AT. A descrip�on of the nature of the church's objec�ves and its principal ac�vi�es can be found in the PCC Annual Report.

2. Accoun�ng Policies

2.1. Accoun�ng Policy

Chari�es (Accounts and Reports) Regula�ons 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the Chari�es SORP (FRS 102) issued in October 2019 rather than the Accoun�ng and Repor�ng by Chari�es: Statement of Recommended Prac�ce effec�ve from 1 April 2005 which has since been withdrawn.

currently applicable, in accordance with the Statement of Recommended Prac�ce: Accoun�ng and Repor�ng by Chari�es preparing their financial statements in accordance with the Financial Repor�ng Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 (SORP 2019 (FRS 102)), the Financial Repor�ng Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Chari�es Act 2011. The financial statements have been prepared under the historical cost conven�on with items recognised at cost or transac�on value unless otherwise stated in the relevant

rounded to the nearest £1.

2.2. Going Concern

A�er making appropriate enquiries, the PCC members have a reasonable expecta�on that the church has adequate resources to con�nue in opera�onal existence for the next twelve months. For this reason, they con�nue to adopt the going concern basis in preparing the financial statements.

2.3. Income

Dona�ons and legacies

Dona�ons and planned giving are recognised when received. Income tax recoverable on Gi� Aid dona�ons 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 condi�ons for receipt have been met. Income from endowments is included within unrestricted or restricted funds in accordance with the terms of the endowment.

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

Notes to the Financial Statements

for the year ended 31 December 2024

Government grants

Statement of Financial Ac�vi�es over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Financial Ac�vi�es 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.

ins�tu�ons or with deposit-taking chari�es, to minimise market and credit risks.

Church ac�vi�es

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.

2.4. Expenditure

Recogni�on of liabili�es

Liabili�es are recognised as expenditure as soon as there is a legal or construc�ve obliga�on commi�ng the church to that expenditure, it is probable that se�lement will be required, and the amount of the obliga�on can be recognised and measured reliably. Accordingly, accruals, creditors and provisions are recognised where the church has a present obliga�on resul�ng from a past event and where the future ou�low of funds to a third party is probable.

Grants payable

a par�cular ministry.

Ministry Support Costs

Expenditure is accounted for on an accruals basis.

�me involved and/or costs incurred. It is not considered appropriate to allocate support costs rela�ng to grant-making ac�vi�es separately from those rela�ng to other church ac�vi�es. The alloca�on of support costs is shown in Note 4.4.

Governance costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with all legal and regulatory obliga�ons. These costs include the statutory audit and legal fees together with any relevant appor�onment of overhead and support costs. Governance costs are included in support costs in Note 4.4.

Pension Costs

payable in respect of service during the year are expensed in accordance with S28.13 of FRS 102.

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

Notes to the Financial Statements

for the year ended 31 December 2024

The s�pendiary 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 par�cipa�ng responsible bodies. The scheme is considered to be a mul�-employer scheme as described in Sec�on 28 of FRS 102. This means that it is not possible to a�ribute the scheme’s assets and liabili�es to specific employers and that contribu�ons are accounted for as if the scheme were a defined contribu�on scheme. This is the posi�on for all members of the clergy for 2024 (2023: all 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 contribu�ons, are recharged to it by their ul�mate 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 Ac�vi�es in the year are the contribu�ons payable towards benefits and expenses accrued in that year.

Further details are given in Note 5.

2.5. Fund accoun�ng

Unrestricted funds

Unrestricted funds represent the funds of the PCC that are not subject to any restric�on 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 dona�on 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

2.6.

Consecrated land and buildings and movable church furnishings

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

16

Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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 2024

Deprecia�on is provided, on a straight-line basis, for all tangible fixed assets at rates calculated to write off the cost over their expected useful economic lives, as follows:

Per annum

 catering fixtures and office equipment: 20.00%  Computer equipment: 33.33%

2.7. 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 se�lement 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 opera�onal cash management purposes).

Cash and cash equivalents

Cash and cash equivalents includes bank current accounts and cash-equivalent bank deposits held for opera�onal cash management purposes. The cash equivalents have maturi�es of no more than 3 months.

Investments

equivalents, other debtors, trade creditors and accruals. These are ini�ally recognised at their transac�on value and subsequently measured at their fair value as at the balance sheet date.

2.8. Taxa�on

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

2.9. Opera�ng Leases

Rentals paid under opera�ng leases are charged to the Statement of Financial Ac�vi�es on a straight-line basis over the term of the lease.

17

Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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 2024

3. Income and Endowments

3.1. Income from dona�ons and legacies

Dona�ons via Gi� Aid
Gi� Aid recoverable
Other tax efcient giving
Trust income
General collec�ons and dona�ons
Other grant income
Legacies		 Unrestricted
funds
Restricted
funds
Total funds
Total funds
2024
2023
£
£
£
£
1,403,676
78,742
1,482,418
1,437,604
351,043
23,967
375,010
362,586
477,308
34,318
511,626
593,063
2,618
-
2,618
2,618
843,741
70,395
914,136
1,055,422
7,604
-
7,604
4,900
84,917
-
84,917
485
3,170,907
207,422
3,378,329
3,456,678

Excep�onal Income

Churchwardens of c.£475,000 from the proceeds of the sale of a property which was le� as a legacy to the Rector and Churchwardens in 2018 (see Note 17). Funds from this gi� have been retained in the General Fund.

3.2. Income from charitable ac�vi�es

Catering sales
Book and media sales
Weekends away and conferences		 Unrestricted
funds
Restricted
funds
Total funds
Total funds
2024
2023
£
£
£
£
93,361
954
94,315
82,619
17,772
517
18,289
20,283
472,156
21,759
493,915
439,969
583,289
23,230
606,519
542,871

18

Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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 2024

3.3. Income from trading ac�vi�es

==> picture [472 x 445] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |Unrestricted|Restricted|Total funds|Total funds| |funds|funds|2024|2023| |£|£|£|£| |Parochial Fees (weddings and bap�sms)|7,995|-|7,995|9,804| |Hire of church premises|11,155|-|11,155|2,500| |Other rental income|103,375|-|103,375|115,362| |122,525|-|122,525|127,666| |3.4.|Investment Income| |Unrestricted|Restricted|Total funds|Total funds| |funds|funds|2024|2023| |£|£|£|£| |Bank interest|70,704|-|70,704|72,995| |3.5.|Other Income| |Unrestricted|Restricted|Total funds|Total funds| |funds|funds|2024|2023| |£|£|£|£| |Considera�on payment from local| |property development|-|-|-|273,000| |Other income derived from local| |development works|66,833|-|66,833|-| |Sundry income|55,521|11,029|66,550|43,406| |122,354|11,029|133,383|316,406|

----- End of picture text -----

19

Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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 2024

4. Expenditure on charitable ac�vi�es

4.1. Summary by fund type

Grant payments (Note 4.2)
Ministry costs (Note 4.3)
Ministry support costs (Note 4.4)
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
Other Giving
Total grant payments		 Unrestricted
funds
Restricted
funds
Total funds
2024
Total funds
2023
£
£
£
£
238,887
12,505
251,392
262,232
2,983,607
240,481
3,224,088
3,319,398
985,416
24,529
1,009,945
894,320
4,207,910
277,515
4,485,425
4,475,950
Unrestricted
funds
Restricted
funds
Total funds
2024
Total funds
2023
£
£
£
£
10,200
-
10,200
8,640
19,500
-
19,500
16,500
21,600
-
21,600
20,556
42,831
-
42,831
40,092
25,310
450
25,760
23,404
119,441
450
119,891
109,192
-
-
-
24,979
105,971
1,955
107,926
80,817
105,971
1,955
107,926
105,796
13,475
10,100
23,575
47,244
13,475
10,100
23,575
47,244
238,887
12,505
251,392
262,232

4.2. Grant payments

20

Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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 2024

4.3. Ministry Costs

Ministry Costs
Unrestricted Restricted Total funds Total funds
funds funds 2024 2023
£ £ £ £
Diocesan Common Fund
Diocesan Common Fund 16,863 - 16,863 40,891
Ministry Expenses
Ministry staf salaries and social security costs 1,414,311 145,150 1,559,461 1,621,979
Ministry staf pension costs 191,575 19,102 210,677 223,644
Ministry staf expenses 68,005 3,407 71,412 65,866
Ministry staf training 45,713 - 45,713 48,264
Ministry trainee grants 11,245 - 11,245 6,635
Ministry trainee training 10,873 - 10,873 9,953
Ministry trainee expenses 9,945 - 9,945 6,318
Ministry trainee accommoda�on costs 81,038 - 81,038 92,573
Clergy accommoda�on costs 161,757 - 161,757 154,859
1,994,462 167,659 2,162,121 2,230,091

The cost of providing accommoda�on for ministry trainees for the year was £81,038 (2023: 92,573). This was partly offset by rent received from trainees amoun�ng to £72,361 (2023: 77,570), giving a net cost for the year of £8,677 (2023: £15,003).

Ongoing Building expenses
Church building & ofce running costs
Church building renova�on
Book shop running costs
Cost of events and addi�onal ac�vi�es
Book and media purchases
RML workbooks
Catering expenses
Catering fxtures & f�ngs deprecia�on
Weekends away
Other events and ac�vi�es
Church equipment deprecia�on		 151,073
-
151,073
152,060
948
-
948
-
-
748
748
3,306
152,021
748
152,769
155,366
19,363
3,336
22,699
45,175
2,219
-
2,219
1,299
161,483
3,588
165,071
149,027
2,532
-
2,532
541
455,442
44,800
500,242
466,315
29,398
1,275
30,673
52,362
2,541
-
2,541
2,545
672,978
52,999
725,977
717,264

21

Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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 2024

Other direct ministry costs

Speakers' honoraria
Cleaning and housekeeping
Ministry venue and ofce rent
Total Ministry costs
4.4. Ministry Support Costs
Ministry support staf costs
Salaries and social security
Pension costs
Expenses
Ofce costs
Prin�ng, postage and sta�onery
Insurance
IT costs
Small ofce costs and equipment
Professional and other costs
Consultancy Fees
Parochial fees
Payroll agency charges
Bank charges
Audit fee
Total Ministry Support costs		 5,091
450
5,541
6,553
5,488
1,459
6,947
9,519
136,704
17,166
153,870
159,714
147,283
19,075
166,358
175,786
2,983,607
240,481
3,224,088
3,319,398
Unrestricted
funds
Restricted
funds
Total funds
2024
Total funds
2023
£
£
£
£
693,705
-
693,705
624,072
93,442
-
93,442
86,319
8,628
-
8,628
7,661
795,775
-
795,775
718,052
8,244
11
8,255
12,641
21,699
-
21,699
21,742
68,653
23,944
92,597
59,097
3,501
287
3,788
9,106
102,097
24,242
126,339
102,586
47,856
-
47,856
38,713
2,685
-
2,685
4,168
3,125
-
3,125
3,088
15,398
287
15,685
13,278
18,480
-
18,480
14,435
87,544
287
87,931
73,682
985,416
24,529
1,009,945
894,320

Alloca�on of Support Costs:

Support Costs have been allocated to Ministry in full.

22

Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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 2024

5. Expenditure (con�nued)

Staf costs
Wages and salaries
Social security costs
Pension costs
Cost of ministry trainee schemes
Staf expenses (incl. accommoda�on costs)
Other costs
Grant payments
Diocesan Common Fund
Ofce costs
Premises costs
Cost of events, weekends away and addi�onal ac�vi�es
Professional costs
Miscellaneous costs (including deprecia�on)		 2024
2023
£
£
2,046,206
2,045,439
206,960
200,612
304,119
309,963
113,101
115,479
287,511
276,651
2,957,897
2,948,144
2024
2023
£
£
251,392
262,232
16,863
40,891
126,339
102,586
313,586
324,599
723,436
714,719
87,831
73,682
8,081
9,097
1,527,528
1,527,806

Pension costs

At the end of the year, a liability of £56,316 (2023: £28,970) was recognised for these schemes.

The remaining £30,899 (2023: £37,367) of pension costs comprises: A) contribu�ons of £29,919 (2023: £35,503) to a defined benefit scheme operated by the Church of England Funded Pension Scheme for the 4 (2023: 5) members of clergy allocated to St Helen's for the whole year, and B) £980 (2023: 1,864) in respect of 1 (2023: 1) part-�me member of the clergy who is employed by another organisa�on which charges an appropriate propor�on of his employment costs to St Helen's.

Church of England Funded Pension Scheme for the 1 (2023: 1) member of clergy on the Common Fund.

Employee numbers

The average number of full-�me equivalent employees, analysed by func�on, was:

There were 2 employees with emoluments for the year above £60,000.

23

Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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 2024

6.

ngible fxed assets
Cost or valua�on
At beginning of the year
Addi�ons
Disposals
At the end of the year
Deprecia�on and
impairments
At beginning of the year
Deprecia�on charge for
the year
Disposals
At the end of the year
Net book value at the
beginning of the year
Net book value at the
end of the year		 Catering
equipment
and f�ngs
Church
equipment
Subtotal
Ofce
equipment
Computer
equipment
Total
£
£
£
£
£
£
118,943
175,561
294,505
71,624
88,384
454,512
23,973
3,559
27,532
2,256
15,601
45,389
(14,181)
-
(14,181)
-
-
(14,181)
128,735
179,120
307,855
73,880
103,985
485,720
116,957
170,089
287,046
66,922
84,560
438,528
2,532
2,541
5,073
2,755
3,026
10,854
(14,181)
-
(14,181)
-
-
(14,181)
105,308
172,630
277,938
69,677
87,586
435,201
1,986
5,471
7,457
4,701
3,826
15,984
23,427
6,490
29,917
4,203
16,399
50,519

7. Book stock

Books for resale
8. Debtors
Trade debtors
Current accounts with related par�es
Gi� Aid recoverable
Other debtors
Accrued income
Prepayments		 2024
2023
£
£
9,684
16,565
2024
2023
£
£
8,387
5,097
1,644
1,644
712,312
337,302
6,168
2,234
46,326
50,896
63,086
52,225
837,923
449,398

24

Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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 2024

9. Creditors: amounts falling due within one year

Trade creditors
Taxa�on and social security costs
Annual leave accrual
VAT payable
Other creditors
Deferred income
Accruals		 2024
2023
£
£
16,287
16,573
38,748
48,436
38,874
38,015
17,848
57,062
106,235
60,243
22,882
35,477
74,407
122,283
315,281
378,089

25

Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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 2024

10. Statement of funds

10.1. Restricted Funds - Current Year

Bible Ma�ers (previously called Media
Fund)
Church Plan�ng Fund (formerly known as
the Re:GENERATION Appeal)
City Events
City Summer School Bursary
Covent Garden Talks
East End Outreach
Hardship Fund
IGG ministry Fund
IGG Student Ministry
London Gospel Partnership
Mandarin Ministry
Mission Partners - South Africa
Music Student Ministry
North Bishopsgate
Paddington Talks
Special Collec�ons
Staf Pastoral Support
Trainee Chris�an Leaders
U-Turn Appeal (South Africa)
Weekend Away Bursary		 1 January
2024
Incoming
resources
Expenditure
Transfers
31
December
2024
£
£
£
£
£
14,234
70,850
(49,885)
-
35,199
7,525
-
-
-
7,525
670
-
-
-
670
1,760
15,514
(18,367)
1,093
-
-
24,913
(32,544)
7,631
-
-
12,736
(62,206)
49,470
-
2,972
1,500
-
-
4,472
6,904
1,625
(274)
-
8,255
-
12,592
(11,188)
-
1,404
-
8,229
(7,655)
-
574
15,999
3,960
(10,000)
-
9,959
200
-
(200)
-
-
15,626
7,581
(27,247)
4,040
-
10,287
14,788
(15,567)
-
9,508
14,448
1,206
(1,100)
-
14,554
274
425
-
-
699
-
28,000
(816)
27,184
5,829
27,235
(15,865)
-
17,199
250
-
(250)
-
-
11,827
10,527
(24,351)
1,997
-
108,805
241,681
(277,515)
64,231
137,202

26

Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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 2024

Bible Ma�ers (previously called Media Fund): The PCC received dona�ons totalling £70,850 (2023: 26,500) to help St Helen's to manage and expand its media resources including an app to allow mobile access, audio books and a podcast. In 2024, £49,888 was spent (2023: £13,070), leaving a balance of £35,196 at 31 December 2024.

Church Plan�ng Fund: No projects were supported in 2024; we expect future church-plan�ng opportuni�es in the coming years.

City Summer School Bursary: lunch�me talks to a�end the City Summer School. In 2024, the net deficit of £1,093 (2023: surplus of £1,760) for the year was covered by the General Fund.

Covent Garden Talks: from the General Fund.

North Bishopsgate: Total costs for the year were £15,567 (2023: £22,761) and income amounted to £14,788 (2023: £16,092). The outcome for the year was a deficit of £779 (2023: £6,668), but the surplus brought forward was

The Paddington Talks: These are run in collabora�on with St Stephen's, Westbourne Park. The outcome for the year was a surplus of £106 (2023: deficit of £1,432).

East End Outreach Fund: This fund supports the spread of the Gospel in the East End of London. In 2024, the fund operated with a deficit of £49,470 (2023: £73,354). The deficit was covered by a transfer from the General Fund, and this fund was closed and transferred over the new charity ASHA: A community of Hope.

Hardship Fund: financial hardship. The fund is administered by a small group of PCC members, with applica�ons for assistance being dealt with on a personal basis and in strict confiden�ality. There were no claims for assistance in 2024, and income of £1,500 was received in the year, leaving a balance of £4,472 to be carried forward to cover future claims.

IGG (Interna�onal Growth Groups) Ministry Fund: These equip students and others from overseas to live for Christ when they return home. The fund con�nues to benefit from regular dona�ons, resul�ng in a balance of £8,255 being carried forward for future use. The IGG ministry team seeks to iden�fy suitable expenditure which can be allocated to the fund.

IGG Student Ministry: During 2024, dona�ons of £12,592 for the IGG student ministry work were received, and expenditure amoun�ng to £11,188 was incurred in this ministry area, leaving a balance of £1,404 on the fund for future use.

London Gospel Partnership (LGP): This fund represents the main ac�vi�es of the London Gospel Partnership (conferences and mission). In 2024, the fund operated with a surplus of £574 (2023: deficit of £1,109). In early 2025, funds were transferred to the separately established charity.

Mandarin Ministry fund: organisa�on that works alongside St Helen's in this area. In 2024 a grant of £10,000 was made. The fund had a surplus of £9,959 at end of the year.

The Music Student Ministry: This fund supports Gospel outreach to music students in London and the training of musicians for ministry work. Dona�ons received during the year for this purpose amounted to £7,581 (2023: £4,225). The costs allocated to the fund represent an appropriate propor�on of employment costs of two ministry workers. The fund incurred a net deficit at the end of the year of £4,040 (2023: £13,578, which was covered by the General Fund.

27

Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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 2024

expenditure amoun�ng to £816 was incurred, leaving a balance of £27,184 on the fund for future use.

Trainee Chris�an Leaders (TCL): This fund supports those training to be full-�me Chris�an workers by combining theological training and 'on the job' training, working as part of a ministry team. Dona�ons in 2024 amounted to £27,235 (2023: £25,063). £15,865 was used to cover part of the training and employment costs of staff on the TCL programme. A balance of £17,199 has been carried forward.

Weekend Away Bursary: This fund receives dona�ons to provide bursaries for those of limited means to a�end weekends away. In 2024, the net deficit of £1,997 (2023: surplus of £11,827) for the year was covered by the General Fund.

28

Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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 2024

10.2.Restricted Funds - Compara�ve Year (2023)

1 January Incoming 31 December
2023 resources Expenditure Transfers 2023
£ £ £ £ £
Church Plan�ng Fund (formerly known as 7,525 - - - 7,525
the Re:GENERATION Appeal)
City Events - 2,500 (1,830) - 670
City Summer School Bursary 2,499 10,966 (11,705) - 1,760
Covent Garden Talks - 32,290 (35,701) 3,411 -
East End Outreach - 16,838 (90,191) 73,353 -
Hardship Fund 2,362 1,250 (640) - 2,972
IGG ministry fund 6,125 1,800 (1,021) - 6,904
Latvian Ministry 435 2,875 (3,315) 5 -
London Gospel Partnership 2,058 18,112 (21,280) 1,110 -
Mandarin Ministry 24,569 1,610 (10,180) - 15,999
Media Fund 804 26,500 (13,070) - 14,234
Mission Partners-South Africa 200 - - - 200
Music Student Ministry 29,204 4,225 (17,803) - 15,626
North Bishopsgate 16,956 16,092 (22,761) - 10,287
Paddington Talks 15,879 2,513 (3,944) - 14,448
Prison Ministry - 457 (477) 20 -
Special Collec�ons 3,170 4,954 (7,850) - 274
Trainee Chris�an Leaders 6,250 25,063 (25,484) - 5,829
U-Turn Appeal (South Africa) 250 - - - 250
Weekend Away Bursary 15,832 5,285 (9,290) - 11,827
134,118 173,330 (276,542) 77,899 108,805
10.3.Designated Fund
At 1 At 31
January Incoming December
2024 Resources Expenditure Transfers 2024
£ £ £ £ £
Strategic Reserve Fund 675,000 - - (675,000) -
675,000 - - (675,000) -

Given that St Helen’s expenditure in recent years has been supported by excep�onal income, the PCC is aware that higher reserves are needed at present to support ongoing ministry. 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.

29

Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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 2024

11. Analysis of net assets between funds

Fund balances at 31 December 2024
are represented by:
Unrestricted Funds
General Fund
Designated Fund (Strategic Reserve)
Fixed Assets Fund
Total Unrestricted Funds
Restricted Funds
Bible Ma�ers
Mandarin Ministry
Ofsite Ministries
Trainee Chris�an Leaders
Weekends Away Bursaries
Other Restricted Funds
Total Restricted Funds
Total Funds		 Tangible
fxed assets
Current
assets
Current
liabili�es
Total Funds
£
£
£
£
-
3,045,331
(315,281)
2,730,050
-
-
-
-
50,519
-
-
50,519
50,519
3,045,331
(315,281)
2,780,569
-
35,199
-
35,199
-
9,959
-
9,959
-
24,062
-
24,062
-
17,199
-
17,199
-
-
-
-
-
50,783
-
50,783
-
137,202
-
137,202
50,519
3,182,533
(315,281)
2,917,771

30

Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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 2024

12. Related Party Disclosures

12.1. Transac�ons with PCC members and Key Management Personnel (KMP)

During the year there were 56 PCC members (2023: 53). These members, along with close family members, donated £776,212 (2023: £611,499) to the PCC. No sole PCC member held control or significant influence over the affairs of the PCC during the year, nor was any member of the PCC during the year remunerated for being a member. No expenses were reimbursed to the PCC members in the course of their roles as members. Three (2023: 3) non-clergy members or their close family were reimbursed travel, subsistence and other expenses amoun�ng to £476 (2023: £2,702) during the year. One PCC member was paid £6,000 (2023: nil) in rela�on to a rental lease agreement for clergy accommoda�on during the year.

The PCC had one member (2023: 1) who was also an employee of the PCC. The PCC had two (2023: 2) members who each had close family members who were employees of the PCC. The aggregate remunera�on paid to these employees in the year amounted to £17,306 (2023: £51,923).

Members of the clergy are not employed by the PCC but by the Church Commissioners. The remunera�on of the clergy is in accordance with the S�pend Scale for the Diocese of London and the PCC reimburses the majority of their employment costs via the Diocese of London. In addi�on, clergy are provided with living accommoda�on as part of the requirements of their role.

During the year, 6 PCC members (2023: 6) were part of the ordained clergy. The aggregate amount reimbursed during the year to the Diocese of London in respect of 4 (2023: 5) of those PCC members amounted to £164,560 (2023: £197,326). The cost paid for of one of these members of the ordained clergy on common fund was nil (2023: £3,268 reimbursed to another body for part of the year). The remaining member was unpaid. The PCC incurred accommoda�on costs (rent, council tax and u�li�es) during the year in respect of clergy members amoun�ng to £118,972 (2023: £115,950).

close family amounted to £4,265 (2023: £10,455). Payments amoun�ng to £816 (2023: £3,862) were made in respect of one (2023: 1) clergy member by way of pastoral support to him and his family.

Opera�ons 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 Commi�ee, in rela�on to the church’s salary bands and the individual needs of the employee. Salary bands are benchmarked against other chari�es, churches and key worker roles on a periodic basis. In 2024, the KMP who were not members of the PCC received remunera�on of £135,048 (2023: £109,161). They or members of their close family also reclaimed ministry expenses from the PCC totalling £2,249 (2023: £185).

12.2. Transac�ons with other related par�es

Parochial Church Council of St Peter upon Cornhill (‘SPC’) (excepted from registra�on by the Chari�es 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 par�es of St Helen’s therefore controlled more than one-fi�h of the vo�ng power so St Helen’s and SPC are considered to be related par�es.

31

Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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 2024

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 2024 or 2023 by St Helen’s for this use.

During the year:

St Helen's made no grants to SPC (2023: £24,979).

St Helen’s received fees of £1,000 (2023: £1,000) from SPC under an agreement for the provision of bookkeeping and accoun�ng services.

St Helen's received contribu�on of £10,000 in rela�on to 2023 and £8,000 in rela�on to 2024 from SPC to the cost of employees who carried out work on behalf of SPC during the year.

St Helen’s incurred net opera�ng expenses on behalf of SPC amoun�ng to £1,914 (2023: £1,294) which will be recovered from SPC.

12.3. Transac�on with other relevant chari�es

Gospel Support & Homes Trust Ltd (GSHT) (registered charity no. 1089919)

PCC member Mr B O’Donoghue is 1 of 6 trustees of GSHT. GSHT provides accommoda�on and support for churches and Chris�an ministries in London.

During the year, GSHT provided living accommoda�on for 2 clergy members of the PCC (2023:2) and for ministry associates and staff members. The total rent paid for the year was £224,162 (2023: £221,447). GSHT provided office and shop space to St Helen’s. The rent paid to GSHT during the year in respect of this amounted to £108,760 (2023: £116,586).

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 ac�vi�es. During the year Rev H Eatock-Taylor, Key Management Personnel of St Helen’s, was Chair of the PCC of SMC and its Priestin-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 15 members of the PCC of SMC and therefore related par�es of St Helen’s did not control more than one-fi�h of the vo�ng power, so St Helen’s and SMC are not considered to be related par�es.

During the year, St Helen’s incurred no opera�ng expenses on behalf of SMC (2023: £35). St Helen's has entered into an agreement with SMC to provide bookkeeping and accoun�ng services for an annual fee of £2,000 (2023: £2,000).

St Helen’s paid £170 (2023: nil) to SMC in respect of Voluntary Church Rates.

St Helen's provided the services of two (2023:2) ordained clergy to lead the ministry at St Michael's. No charge was made for these services.

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

One PCC member of St Helen’s is 1 of 4 trustees at A Passion for Life.

During the year, a grant of £1,000 was paid to A Passion for Life and £500 was received from A Passion for Life in rela�on to premises hire for a conference.

The St Nicholas Cole Abbey Centre For Workplace Ministry Limited (CC 1147429; CH 0778068)

Two PCC members of St Helen’s are 2 of 5 trustees at St Nicholas Cole Abbey.

bursary fund.

32

Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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 2024

13.

Income and endowments from:
Dona�ons and legacies
Charitable ac�vi�es
Other trading ac�vi�es
Investments
Other income
Total income
Expenditure on:
Charitable ac�vi�es
Total expenditure
Net income/expenditure
Transfers between funds
Net movements in funds
Reconcilia�on of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds 2023
Designated
funds 2023
Restricted
Funds 2023
Total Funds
2023
£
£
£
£
3,318,660
-
138,018
3,456,678
527,971
-
14,900
542,871
127,666
-
-
127,666
72,995
-
-
72,995
295,994
-
20,412
316,406
4,343.286
173,330
4,516,616
4,199,408
-
276,542
4,475,950
4,199,408
-
276,542
4,475,950
143,878
-
(103,212)
40,666
197,101
(275,000)
77,899
-
340,979
(275,000)
(25,313)
40,666
1,966,952
950,000
134,118
3,051,070
2,307,931
675,000
108,805
3,091,736

33

Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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 2024

14. Opera�ng lease commitments

At 31 December 2024 the total future minimum lease payments under non-cancellable opera�ng leases were:

Amounts payable:
Within 1 year
Within 2 to 5 years		 2024
2023
£
£
85,000
78,800
140,875
2,875
225,875
81,675

15. Other commitments

At 31 December 2024, there were no outstanding commitments (2023: £Nil).

16. Con�ngent Assets

At 31 December 2024, there were no con�ngent assets (2023: £Nil).

17. Bequest of freehold proper�es

As reported in the 2023 Financial Statements, the Rector and Churchwardens of St Helen’s were informed in October 2018 that they had been le� a legacy of three proper�es in the East End of London. The proper�es were le� to the Rector and Churchwardens of St Helens, rather than to the PCC as a body.

During 2023, the Rector and Churchwardens agreed to put the proper�es up for sale and to gi� the proceeds to the PCC. One of the three proper�es was sold during 2023 and a second property was sold during 2024. The proceeds from both sales were gi�ed to the PCC.

34

Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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

Independent Auditor’s Report

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

Independent Auditor’s report

Opinion

We have audited the financial statements of St Helen’s Church (the 'charity') for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows 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 effective for reporting periods beginning on or after 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 sufficient 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

35

Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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

Independent Auditor’s Report

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

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 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 effect 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 influence the economic decisions of users taken on the basis of these financial statements.

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

36

Docusign Envelope ID: 539B410E-2E4B-4428-BDC5-BBA2B0A2800B

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

Independent Auditor’s Report

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

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

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.

Griffin Stone Moscrop & Co

Chartered Accountants Statutory Auditors 21-27 Lamb's Conduit Street London WC1N 3GS 4/17/2025

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

37