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← The Parochial Church Council Of St Mary Abbots, Kensington

2023-12-31-accounts

DocuSign Envelope ID: FA95CDB4-BD95-4F9B-B86B-118EBD277956

Charity number: 1132235

ST MARY ABBOTS CHURCH, KENSINGTON

PCC MEMBERS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

DocuSign Envelope ID: FA95CDB4-BD95-4F9B-B86B-118EBD277956

ST MARY ABBOTS CHURCH, KENSINGTON ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

REFERENCE AND ADMINISTRATIVE INFORMATION

This is the Annual Report for St Mary Abbots PCC.

Overall responsibility for the affairs of St Mary Abbots PCC is exercised by the Vicar, the Churchwardens and the Parochial Church Council. The members of the St Mary Abbots PCC who have served from 1 January 2023 up to the date of approval of these financial statements were as follows:

EX OFFICIO MEMBERS:

Clergy The Rev’d Emma Dinwiddy Smith (Vicar, Chair) The Rev’d Timothy Carroll (Associate Vicar, from 25[th] October 2023) The Rev’d Dr Evan McWilliams (Associate Vicar, from 29[th] August 2023) The Rev’d Alice Ormondroyd (Assistant Curate, until 25[th] November 2023) The Rev’d Christopher Rogers (Associate Vicar, until 25[th] August 2023)

Churchwardens Edward Warrick (Vice Chair) Guy Heald (Hon Treasurer)

Deanery Synod Jose Jueguen Representatives Helen Rowland (from 17th May 2023, Hon Secretary) David Shaw (Stewardship Secretary) Hakan Sandal-Wilson

ELECTED MEMBERS: Ivell Arnold (Electoral Roll Officer) Alison Bertlin (from 17[th] May 2023) Rona Davis James Dunford-Wood (from 17[th] May 2023, previously Deanery Synod) Nigel Grieve Alexander Jueguen (Safeguarding Officer) Margaret Lane (until 17[th] May 2023) Margaret Pringle Rebecca Tinsley Patricia Wilson (until 17[th] May 2023) The Church retains the following professionals: Bankers: National Westminster Bank plc Royal Garden Branch, 55 Kensington High Street, London, W8 5ZG

CAF Bank 25 Kings Hill Avenue, Kings Hill, West Malling, ME19 4JQ Solicitors Birketts LLP 106 Leadenhall Street, London EC3A 4AA Investment Charles Stanley & Co Ltd 25 Luke Street, London, EC2A 4AR Architect Sarah Khan RIBA SCA AABC MA GradDiplCons(AA)Dist MFPWS Roger Mears Architects LLP, Union Chapel, Compton Ave, London, N1 2XD Auditors Griffin Stone Moscrop & Co 21-27 Lambs Conduit Street, London, WC1N 3GS

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DocuSign Envelope ID: FA95CDB4-BD95-4F9B-B86B-118EBD277956

ST MARY ABBOTS CHURCH, KENSINGTON ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Parochial Church Council of St Mary Abbots, Kensington (‘the PCC’) is a corporate body established by the Church of England. The PCC operates under the Parochial Church Powers Measure and is also a charity registered in England and Wales (charity no. 1132235). The PCC is responsible for and is charged with cooperating with the Vicar in promoting, the whole mission of the church.

Since the PCC was registered as a charity in 2009, its members are also registered as trustees of the charity. Elections for one-third of the members of the PCC are held each year at the Annual Parochial Church Meeting (‘APCM’). PCC members serve for three-year terms before offering themselves for re-election, should they choose to do so. The appointment of PCC members is governed by, and set out in, the Church Representation Rules. Deanery Synod representatives are ex-officio members of the PCC and elections to the Deanery Synod are held at the APCM every three years. Churchwardens are elected annually at a Meeting of the Parishioners which precedes the APCM. Churchwardens and clergy licensed to the parish are also ex-officio members of the PCC. The APCM is normally required to be held before the end of May each year. The PCC met seven times in 2023 with meetings being chaired by the Vicar or, in her absence, the lay vice-chair.

The PCC delegates various matters of business to the Standing and Finance Committee which meets, in particular, to discuss and make decisions about financial and legal matters, and whose remit also includes matters relating to staff and the Church Centre. The Standing and Finance Committee met four times in 2023.

Risk Assessment

The PCC has considered the major risks to which the Church may be subject, and appropriate systems have been put into place to manage and mitigate those risks.

OBJECTIVES AND ACTIVITIES, ACHIEVMENTS AND PERFORMANCE, AND PLANS FOR FUTURE PERIODS

Vicar’s Report

The Rev’d Emma Dinwiddy Smith

At the end of 2022, we produced St Mary Abbots’ new Mission Action Plan for the years 2022 – 2025, and during 2023, we have been working to achieve some of the plans and challenges we had, as a parish, discerned as God’s will for us.

One of the first areas we wanted to address was the church’s welcome, which included not only the greeting of those who come in, but also our accessibility and visibility. We were delighted to be able to restore the external lighting of the spire and the east end of the church, first put in place for the Millennium, and also to put in a wonderful backlighter for the East Window, which was first turned on during the Easter Vigil in April.

Our major fabric project for the year was the building of our beautiful new stone access ramp at the South Door, which was completed just in time for the Civic Remembrance Service in November. We were very grateful to the Friends of St Mary Abbots, who raised the magnificent sum of £50,000 towards this project through their 150th Anniversary Appeal. The ramp has made the church much more accessible for all, whilst remaining in keeping with the original Victorian design of the cloister.

Developing “discipleship” or Christian living formed another of our aspirations and we were delighted that members of the congregation have come forward to offer themselves for one of the church’s ministry areas, such as reading, serving, refreshments or welcoming. It has been wonderful to be able to re-build a team of altar-servers, to hear new voices reading in the services and, thanks initially to Mother Alice, to be able, during 2023, to start up both a Voluntary Evensong Choir, and a children’s choir to sing at the monthly Family Eucharist, and to see volunteers offering help in all areas of the church’s life. The number of volunteers helping to support our growing programme of events has also made a big difference to the community. If you would like to get involved in any of these ways, please do contact the clergy. With 20 baptisms and 15 confirmations this year, we can give thanks that we continue to welcome new disciples into the Church of God.

We suggested in the MAP that signs of growth might be reflected in 10% increases in usual Sunday attendance, the numbers on our electoral roll and in congregational giving each year, and in this first year, we have seen increases of 10% in the Sunday attendance and 23% in the numbers on the electoral roll, but sadly a decrease of 11% in giving from the congregation. We hope and pray that this will increase over the year ahead, not only to maintain our worship and our beautiful building, but to help us grow our faith, community

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ST MARY ABBOTS CHURCH, KENSINGTON ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

and outreach. It was very uplifting to experience the highest numbers attending to worship with us at Christmas and Easter attendance for the past decade.

This year has seen some significant services in the church; in May we were privileged to hold a Vigil Evensong on the Eve of the Coronation of King Charles III, attended by the Mayor and Councillors, as well as the Civic Act and Service of Remembrance in November. (I have been honoured to serve as Chaplain to the Mayor of Kensington and Chelsea again this year, leading prayers before Council meetings and accompanying the Mayor to a variety of events and services.) In September, the Bishop of London, The Rt Revd and Rt Hon Dame Sarah Mullally presided and preached at our Patronal Festival, blessed the foundations of the access ramp - then in the early stages of construction - and attended a parish picnic in the Vicarage garden.

The Summer Garden Party, Victorian Christmas Fair, and ever-popular Bonfire Night have remained central to the life of the parish and its local community; the performances of Handel’s Messiah (Part I) at Christmas and of Parts II and II at Easter by the St Mary Abbots Choir and the Purcell Players were well-attended and much appreciated. We are grateful for our growing partnership with the Victorian Society, who held two more talks here during the year, and for the many visiting musicians who have held concerts in church. Particular thanks are due to Leonora, our Events Co-ordinator, and to our Virgers, Simon and Martina with their teams of volunteers, for arranging and facilitating all these events.

It has been good to continue our membership of YMIC (Youth Ministry in Communion), a local network for youth within more liturgical churches, and we were pleased to host their June event in the Vicarage garden and the church. Martina, our children’s and youth worker, has begun a new monthly Youth Group with the help and inspiration of both YMIC and the Diocesan youth team. We were also glad to welcome Bishop Emma and the clergy of the Kensington Area for the Bishop’s Vision Evening in November.

St Mary Abbots has continued to be a place of development and/or training for those in ministry. In September we said farewell to Fr Christopher Rogers as he took up his first incumbency as Rector of St Matthew’s Episcopal Church in St Paul, Minnesota, USA, and in December, to Mother Alice Ormondroyd as she became Vicar of Benefice of Warton with Yealand Conyers in the Diocese of Blackburn. We are grateful to both Fr Christopher and Mthr Alice for everything they brought to the parish, and wish them every blessing in these next steps in their ministry. We were also glad to host another ordinand from St Mellitus, Vera, and delighted to have the help and inspiration not only of the Revd Canon Professor Peter Galloway, our Honorary Assistant Priest, but also of the Revd Dr Cecilie Jorgensen Strommen, a priest from the Church of Norway, who served with us until August, while her husband was posted to the Norwegian Embassy.

We have now been joined by two excellent new Associate Vicars, Fr Evan McWilliams in August, and Fr Tim Carroll in November. They have already contributed significantly to the life of the church, the school and the community, bringing with them alongside their ministry in preaching, presiding and pastoral care, particular gifts as a former youth and community worker and former architectural historian which have enhanced two vital areas of the church’s development. I feel both privileged and blessed to work alongside them.

On the staff team, we were excited in April to be able to appoint Dimitrios Spanos as our new Halls Manager, who has already achieved a great deal in enhancing the Centre buildings and welcoming new and longstanding hirers of our Halls. As always, I cannot emphasize enough the role which the staff (Petter, Leonora, Simon, Martina and Dimitrios) play in the smooth running and growth of the parish. They are all immensely experienced and devoted to the church’s mission, and it is very hard to imagine ministry here without them. I am immensely grateful to them, as also to our Director of Music, Mark Uglow, and the St Mary Abbots Choir, who play such an important part in enhancing our worship.

The Parochial Church Council (PCC) has continued to be a source of help, inspiration and direction for the church; I am so grateful to my wonderful churchwardens, Guy and Ed, for their wisdom, expertise and practical support, and to all our PCC and Deanery Synod members. Margaret Lane and Pat Wilson stepped down at the April APCM at the end of their term, having contributed much experience and reflection to the development of the Mission Action Plan, and we were very glad to welcome Helen Rowland and Alison Bertlin, elected in their place.

It has been, once again, an absolute privilege to serve as Vicar of St Mary Abbots this year, travelling under God in the company of a wonderful community. Thank you to each and every one of you for your support, friendship, and encouragement as ever.

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DocuSign Envelope ID: FA95CDB4-BD95-4F9B-B86B-118EBD277956

ST MARY ABBOTS CHURCH, KENSINGTON ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Churchwardens’ Report

Ed Warrick & Guy Heald

2023 was another year of steady growth of our congregation in part due to the long-haul recovery from Covid but mainly due to the attractiveness of our services, investment in our buildings and dedication of our staff.

Our clergy, virgers and Parish Office staff have worked extremely hard to offer a wide range of services. The addition of sermons and a choir at Evensong is very much liked.

In addition to routine maintenance (including unforeseen urgent repair work to the spire), we have invested in new outside lighting, which was switched on for the first time at Easter, and a long-term project to provide a ramp at the south door. This is the first time step-free access has been possible at St Mary Abbots and it addresses some of the pertinent points from the previous accessibility survey. There is always a warm welcome as we keep the Church heated all day during the winter months, a critical part of our outreach work.

Our hall bookings and income has improved with the additional diligence of Dmitrios, who has been able to ensure that we are getting full market rents and improving the provision of services at the St Mary Abbots Centre. This is critical as our income is supplemented by rents which enable us to afford excellent music and a full complement of clergy. However, the level of income from individuals whether from collections, standing orders or legacy is not what it could or should be for a church of our size.

During 2023, we said goodbye to Fr Christopher, who left us to move to Minnesota, and Mother Alice, who began her first incumbency in Lancashire. We invested in appointing two Associate Vicars to replace them, welcoming Fathers Evan and Tim in later 2023.

Deanery Synod Meetings

As reported last year, meetings of the Synod followed the diocese’s Vision 2030 themes, taking one broad theme at each meeting:

Throughout the year Safeguarding was a standing item on agendas and members had been encouraged to get their churches engaging with the Safeguarding Dashboard.

Governors were also elected to the deanery LDBS schools.

Stewardship Officer’s Report

David Shaw

The Stewardship Group met a number of times during the year. A new focus was agreed that is to encourage more regular giving by standing order from congregants on the electoral roll (approx. 300). For 2023 52 congregants used this method of giving.

Regular giving by standing order in the year was £62k including tax recoverable.

Voluntary Income during the year was £175k (2022 £227k).

Legacy Income during the year was £11k (2022 £12k).

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ST MARY ABBOTS CHURCH, KENSINGTON ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL REVIEW

Hon Treasurer’s Report

Guy Heald

2023 was difficult as we faced very high inflation by recent standards. Increased costs which cannot be fully recovered have affected our finances.

INCOME

for the year increased by 4pct to £680,000 as a result of an increase in rents which more than offset a decline in donations.

Income from collections rose which reflects very well on the clergy, virgers, parish staff and all others who help with services.

However, the level of planned giving fell and this needs to improve to provide stable and predictable income and less reliance on one or two large donors who ceased to give in 2023.

EXPENDITURE

for the year at £839,000 far exceeded income as a result of the ramp project at £129,000 as an exceptional item.

We also spent more on clergy stipends as we replaced Mother Alice our curate with a full-time associate vicar and more than planned on repairs and maintenance which added to the deficit.

We had to restrict mission giving to a very small amount as a result.

Our plan for 2024 has a balanced budget. This depends on increased income from collections, standing orders and donations. We have an excellent clergy which will no doubt increase our congregation but we need a big change in the approach to giving to improve our income to match what we spend.

As ever we must think of the long-term need for capital projects and hope for legacies and exceptional donations to meet the need for those funds.

Reserves

The PCC’s policy is to have reserves equivalent to 6 months’ running costs. 6 months of running costs equals £348k. Currently our general unrestricted liquid reserves, which excludes tangible fixed assets but includes investment portfolios within the general fund, equal £568,917 (2022 - £763,110). Thus, our unrestricted reserves exceeds the reserves target.

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ST MARY ABBOTS CHURCH, KENSINGTON

STATEMENT OF PCC MEMBERS' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023

The PCC members are responsible for preparing the PCC members' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the PCC members to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the PCC members are required to:

The PCC members are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

Approved by the PCC and signed on its behalf by:

==> picture [73 x 37] intentionally omitted <==

................................................ The Rev'd Emma Dinwiddy Smith Chair

Date: 24 April 2024

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ST MARY ABBOTS CHURCH, KENSINGTON

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST MARY ABBOTS CHURCH, KENSINGTON

Opinion

We have audited the financial statements of St Mary Abbots Church, Kensington (the 'charity') for the year ended 31 December 2023 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 accounts 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 annual report other than the financial statements and our auditors' report thereon. The PCC members are responsible for the other information contained within the annual 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 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.

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ST MARY ABBOTS CHURCH, KENSINGTON

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST MARY ABBOTS CHURCH, KENSINGTON (CONTINUED)

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 trustees

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 auditor 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:

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.

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ST MARY ABBOTS CHURCH, KENSINGTON

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST MARY ABBOTS CHURCH, KENSINGTON (CONTINUED)

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 charity's trustees, 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 charity's trustees 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 its trustees, 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 26/4/2024 Date:

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

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ST MARY ABBOTS CHURCH, KENSINGTON

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Income and
endowments from:
Donations and legacies
3
Church activities
4
Property rentals and
fundraising events
5
Investments
6
Insurance claim
Total income and
endowments
Expenditure on:
Raising funds
7
Church activities
8
Total expenditure
Net expenditure
before net
gains/(losses) on
investments
Net gains/(losses) on
investments
Net expenditure
Transfers between
funds
18
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Unrestricted
funds
2023
£
191,010
121,809
257,312
39,330
-
609,461
13,647
695,885
709,532
(100,071)
9,270
(90,801)
(59,113)
(149,914)
4,068,983
(149,914)
3,919,069		 Restricted
funds
2023
£
70,672
-
-
376
-
71,048
-
129,560
129,560
(58,512)
-
(58,512)
59,113
601
53,036
601
53,637		 Endowment
funds
2023
£
-
-
-
-
-
-
-
-
-
-
(1,528)
(1,528)
-
(1,528)
166,060
(1,528)
164,532		 Total
funds
2023
£
261,682
121,809
257,312
39,706
-
680,509
13,647
825,445
839,092
(158,583)
7,742
(150,841)
-
(150,841)
4,288,079
(150,841)
4,137,238		 Total
funds
2022
£
285,745
119,264
206,967
41,019
2,530
655,525
20,266
639,239
659,505
(3,980)
(215,843)
(219,823)
-
(219,823)
4,507,902
(219,823)
4,288,079

The statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 8 to 28 form part of these financial statements.

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ST MARY ABBOTS CHURCH, KENSINGTON

BALANCE SHEET AS AT 31 DECEMBER 2023

Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total net assets
Charity funds
Endowment funds
18
Restricted funds
18
Unrestricted funds
18
Total funds		 91,709
50,143
141,852
(66,210)		 2023
£
3,054,129
1,007,467
4,061,596
75,642
4,137,238
164,532
53,637
3,919,069
4,137,238		 61,388
102,270
163,658
(61,186)		 2022
£
3,005,789
1,179,818
4,185,607
102,472
4,288,079
166,060
53,036
4,068,983
4,288,079

The financial statements were approved and authorised for issue by the PCC members and signed on their behalf by:

................................................

The Rev'd Emma Dinwiddy Smith Chair

Date: 24 April 2024

The notes on pages 8 to 28 form part of these financial statements.

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ST MARY ABBOTS CHURCH, KENSINGTON

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 8 to 28 form part of these financial statements		 2023
£
(157,274)
39,706
(59,029)
197,479
(73,009)
105,147
(52,127)
102,270
50,143		 2022
£
(16,089)
41,019
-
41,275
(164,344)
(82,050)
(98,139)
200,409
102,270

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ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. General information

The Parochial Church Council of St Mary Abbots, Kensington, is a registered chairty (charity number 1132235) with the Charity Commission for England and Wales. The address of the principal office is St Mary Abbots Parish Office, Vicarage Gate, London, W8 4HN. The nature of the charity's operations and principal activities is promoting in the ecclesiastical parish the whole mission of the church.

The presentation currency in these financial statements is sterling and figures are rounded to the nearest pound.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

St Mary Abbots Church, Kensington meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charity, can be reliably measured.

Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

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DocuSign Envelope ID: FA95CDB4-BD95-4F9B-B86B-118EBD277956

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the church to raise funds for its charitable purposes and includes costs of all fundraising activities events and investment management fees.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the church's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.4 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Consecrated land and buildings and moveable church furnishings

Consecrated and beneficed property of any kind is excluded from the financial statements by section 10(2) to (3) of the Charities Act 2011.

Moveable church furnishings held by the Vicar and Churchwardens on special trust for the PCC and which require a faculty for disposal are accounted for as inalienable property unless consecrated. They are listed in the church's inventory which can be inspected. For inalienable property acquired prior to 1996 there is insufficient cost information and therefore such assets are not valued in the accounts. All expenditure incurred during the year on consecrated or beneficed buildings and moveable church furnishings, whether on maintenance or improvement, is written off as expenditure in the statement of financial activities.

Functional church properties have been included in the accounts at "deemed cost" which in the absence of reliable historical cost information represents the insured values of these properties on 1 January 2006 when they were included in the accounts. This value is annually reviewed by the PCC for impairment and to ensure that it remains appropriate. This deemed cost will not change unless improvement expenditure is incurred on these properties.

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DocuSign Envelope ID: FA95CDB4-BD95-4F9B-B86B-118EBD277956

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

ST MARY ABBOTS CHURCH, KENSINGTON

2. Accounting policies (continued)

2.4 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of other tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Church equipment - 10% Fixtures and fittings - 10%

No depreciation is provided on freehold property as it is the PCC's policy to maintain these assets in a continual state of sound repair. In addition the useful economic life of these assets is so long and residual values so high that any depreciation would not be material. These assets are still subject to annual impairment reviews. Provision will be made if there has been any permanent diminution in value.

2.5 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the statement of financial activities.

2.6 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.

2.9 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

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DocuSign Envelope ID: FA95CDB4-BD95-4F9B-B86B-118EBD277956

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.10 Pensions

The charity is a member of a multi-employer plan. Where it is not possible for the charity to obtain sufficient information to enable it to account for the plan as a defined benefit plan, it accounts for the plan as a defined contribution plan.

2.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the PCC members in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the PCC members for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 11

DocuSign Envelope ID: FA95CDB4-BD95-4F9B-B86B-118EBD277956

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

3. Income from donations and legacies

Unrestricted
funds
2023
£
Donations
Planned giving
50,551
Tax reclaimed
17,666
Collections
72,528
Donations and appeals
34,347
Total donations
175,092
Legacies
10,708
Grants
5,210
Subtotal
15,918
191,010
Unrestricted
funds
2022
£
Donations
Planned giving
58,924
Tax reclaimed
19,560
Collections
64,380
Donations and appeals
52,820
Total donations
195,684
Legacies
12,516
Grants
76,345
Subtotal
88,861
284,545		 Restricted
funds
2023
£
100
300
-
51,165
51,565
-
19,107
19,107
70,672
Restricted
funds
2022
£
1,200
-
-
-
1,200
-
-
-
1,200		 Total
funds
2023
£
50,651
17,966
72,528
85,512
226,657
10,708
24,317
35,025
261,682
Total
funds
2022
£
60,124
19,560
64,380
52,820
196,884
12,516
76,345
88,861
285,745

Page 12

DocuSign Envelope ID: FA95CDB4-BD95-4F9B-B86B-118EBD277956

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

4. Income from church activities

Unrestricted
funds
2023
£
Church and statutory fees
5,718
Church groups
623
Church hall lettings
115,468
121,809
Unrestricted
funds
2022
£
Church and statutory fees
7,309
Church groups
30
Church hall lettings
111,925
119,264		 Total
funds
2023
£
5,718
623
115,468
121,809
Total
funds
2022
£
7,309
30
111,925
119,264

Page 13

DocuSign Envelope ID: FA95CDB4-BD95-4F9B-B86B-118EBD277956

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5. Income from property rentals and fundraising events

Unrestricted
funds
2023
£
Income from rentals
238,992
Fundraising events
18,320
257,312
Unrestricted
funds
2022
£
Income from rentals
188,914
Fundraising events
18,053
206,967		 Total
funds
2023
£
238,992
18,320
257,312
Total
funds
2022
£
188,914
18,053
206,967

6. Investment income

Unrestricted
funds
2023
£
Dividends and interest
39,330
Unrestricted
funds
2022
Restricted
funds
2022
£
£
Dividends and interest
31,616
36		 Restricted
funds
2023
£
376
Endowment
funds
2022
£
9,367		 Total
funds
2023
£
39,706
Total
funds
2022
£
41,019

Page 14

DocuSign Envelope ID: FA95CDB4-BD95-4F9B-B86B-118EBD277956

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted
funds
2023
£
Stewardship costs
5
General fundraising and appeal costs
9,704
Investment management fees
3,938
13,647		 Total
funds
2023
£
5
9,704
3,938
13,647
Stewardship costs
General fundraising and appeal costs
Investment management fees		 Unrestricted
funds
2022
£
243
12,353
6,479
19,075		 Endowment
funds
2022
£
-
-
1,191
1,191		 Total
funds
2022
£
243
12,353
7,670
20,266

Page 15

DocuSign Envelope ID: FA95CDB4-BD95-4F9B-B86B-118EBD277956

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2023
£
Church activities
695,885
Unrestricted
funds
2022
£
Church activities
638,824
Analysis of expenditure by activities
Activities
undertaken
directly
2023
£
Church activities
728,134
Activities
undertaken
directly
2022
£
Church activities
540,816		 Restricted
funds
2023
£
129,560
Endowment
funds
2022
£
415
Support
costs
2023
£
97,312
Support
costs
2022
£
98,423		 Total
2023
£
825,445
Total
2022
£
639,239
Total
funds
2023
£
825,446
Total
funds
2022
£
639,239

9. Analysis of expenditure by activities

Page 16

DocuSign Envelope ID: FA95CDB4-BD95-4F9B-B86B-118EBD277956

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Depreciation
Missionary and charitable giving
Ministry: Diocesan clergy stipends
Ministry: Other clergy costs
Church running expenses
Church maintenance
Services
Choir and music
Congregational development
Church Hall repairs, maintenance and running costs
8 Hornton Place
Accessibility Project - professional fees and construction costs
Staff accommodation
Sundry		 Total
funds
2023
£
117,703
10,689
2,332
185,345
8,428
82,957
18,066
5,806
54,565
9,964
61,172
12,672
129,385
28,059
991
728,134		 Total
funds
2022
£
115,839
4,788
23,858
150,940
10,702
76,402
22,210
8,955
50,845
8,479
36,528
11,062
-
20,116
92
540,816

Analysis of support costs

Staff costs (including agency staff)
Bank charges
Legal fees
Other professional fees
Audit fees		 Total
funds
2023
£
72,147
2,397
11,111
2,380
9,277
97,312		 Total
funds
2022
£
50,844
4,901
13,296
21,048
8,334
98,423

Page 17

DocuSign Envelope ID: FA95CDB4-BD95-4F9B-B86B-118EBD277956

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

10. Auditors' remuneration

2023 2022
£ £
Fees payable to the charity's auditor for the preparation and audit of the
charity's financial statements 8,750 8,334

11. Staff costs

Wages and salaries (including agency staff)
Social security costs
Contribution to defined contribution pension schemes		 2023
£
168,866
9,840
11,143
189,849		 2022
£
146,299
8,408
11,976
166,683

The average number of persons employed by the charity during the year was as follows:

2023 2022
No. No.
Staff 5 5

No employee received remuneration amounting to more than £60,000 in either year.

The key management personnel of the church are the PCC members, none of whom are remunerated directly by the church.

12. PCC members' remuneration and expenses

During the year, no PCC members received any remuneration or other benefits (2022 - £nil).

During the year ended 31 December 2023, expenses totalling £6,090 were reimbursed or paid directly to 3 PCC members (2022 - £1,519 to 2 PCC members).

Page 18

DocuSign Envelope ID: FA95CDB4-BD95-4F9B-B86B-118EBD277956

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. Tangible fixed assets

Cost or valuation
At 1 January 2023
Additions
Disposals
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
On disposals
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Properties
£
2,963,115
-
-
2,963,115
-
-
-
-
2,963,115
2,963,115		 Church
equipment
£
88,911
-
(41,050)
47,861
46,237
4,786
(41,050)
9,973
37,888
42,674		 External
lighting
£
-
59,029
-
59,029
-
5,903
-
5,903
53,126
-		 Total
£
3,052,026
59,029
(41,050)
3,070,005
46,237
10,689
(41,050)
15,876
3,054,129
3,005,789

Functional church properties are included in the financial statements at deemed cost based on the insured values at 1 January 2006 when they were first brought into the financial statements (7b Vicarage Gate first brought in in December 2016 at deemed cost). An analysis by property is given below:

Church hall & garages £1,752,214 Cottage - Curate £242,109 Cottage - Virger £242,109 8 Hornton Place £441,683 7b Vicarage Gate £285,000

The buildings are used for the benefit of the PCC to carry out its mission and ministry in the parish, and are not held primarily for investment or resale purposes. Accordingly, their values are based on deemed cost, rather than market valuations.

Page 19

DocuSign Envelope ID: FA95CDB4-BD95-4F9B-B86B-118EBD277956

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

14. Fixed asset investments

Cost or valuation
At 1 January 2023
Additions
Disposals
Revaluations
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2023
£
34,034
-
57,675
91,709		 Listed
investments
£
1,179,818
73,009
(197,479)
(47,881)
1,007,467
1,007,467
1,179,818
2022
£
28,441
75
32,872
61,388

15. Debtors

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DocuSign Envelope ID: FA95CDB4-BD95-4F9B-B86B-118EBD277956

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

16. Creditors: amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2023
£
22,334
3,877
26,689
13,310
66,210		 2022
£
16,588
2,861
28,971
12,766
61,186

17. Financial instruments

2023 2022
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 50,143 102,270

Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand.

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DocuSign Envelope ID: FA95CDB4-BD95-4F9B-B86B-118EBD277956

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

18. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Bequests
Mary Isa Trust
(Renovation)
Accessibility
General funds
General Fund
Total
Unrestricted
funds
Endowment
funds
The Curtis
Bequest Fund
Restricted
funds
Appeal
Accessibililty
Total of funds		 Balance at 1
January
2023
£
44,888
239,419
15,777
300,084
3,768,899
4,068,983
166,060
53,036
-
53,036
4,288,079		 Income
£
-
6,635
-
6,635
602,826
609,461
-
776
70,272
71,048
680,509		 Expenditure
£
-
(986)
-
(986)
(708,546)
(709,532)
-
(175)
(129,385)
(129,560)
(839,092)		 Transfers
in/(out)
£
-
-
(15,777)
(15,777)
(43,336)
(59,113)
-
-
59,113
59,113
-		 Gains/
(Losses)
£
-
6,067
-
6,067
3,203
9,270
(1,528)
-
-
-
7,742		 Balance at
31
December
2023
£
44,888
251,135
-
296,023
3,623,046
3,919,069
164,532
53,637
-
53,637
4,137,238

Page 22

DocuSign Envelope ID: FA95CDB4-BD95-4F9B-B86B-118EBD277956

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

18. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Bequests
St Mary Abbots
Property Fund II
St Mary Abbots
Property Fund I
Mary Isa Trust
(Renovation)
Accessibility
General funds
General Fund
Total
Unrestricted
funds
Endowment
funds
The Curtis
Bequest Fund
Restricted
funds
Appeal
Total of funds		 Balance at
1 January
2022
£
44,679
366,809
430,539
273,454
-
1,115,481
3,144,449
4,259,930
196,172
51,800
4,507,902		 Income
£
209
7,447
12,204
7,641
27,145
54,646
590,276
644,922
9,367
1,236
655,525		 Expenditure
£
-
(2,955)
(3,456)
(2,146)
(11,368)
(19,925)
(637,974)
(657,899)
(1,606)
-
(659,505)		 Transfers
in/(out)
£
-
(317,578)
(360,114)
-
-
(677,692)
677,692
-
-
-
-		 Gains/
(Losses)
£
-
(53,723)
(79,173)
(39,530)
-
(172,426)
(5,544)
(177,970)
(37,873)
-
(215,843)		 Balance at
31
December
2022
£
44,888
-
-
239,419
15,777
300,084
3,768,899
4,068,983
166,060
53,036
4,288,079

Page 23

DocuSign Envelope ID: FA95CDB4-BD95-4F9B-B86B-118EBD277956

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

19. Summary of funds

Summary of funds - current year

Designated
funds
General funds
Endowment
funds
Restricted funds		 Balance at 1
January
2023
£
300,084
3,768,899
166,060
53,036
4,288,079		 Income
£
6,635
602,826
-
71,048
680,509		 Expenditure
£
(986)
(708,546)
-
(129,560)
(839,092)		 Transfers
in/(out)
£
(15,777)
(43,336)
-
59,113
-		 Gains/
(Losses)
£
6,067
3,203
(1,528)
-
7,742		 Balance at
31
December
2023
£
296,023
3,623,046
164,532
53,637
4,137,238

The church has one endowment fund, The Curtis Bequest Fund. This was bequeathed to the Vicar and Churchwardens of St Mary Abbots Church in March 1965. The income from this fund is used for the promotion and upkeep of the choir, the organ and church music. The London Diocesan Fund acts as custodian trustee, and the capital value of this fund (£28,569) is kept as a permanent endowment. The remaining capital value of the fund is permitted to be expended, but only when the Vicar and Churchwardens, in exceptional circumstances, deem it necessary.

During the year, restricted income was received in relation to the Accessibility fund. For clarity, the brought forward balance on the designated Accessibility fund was transferred to a restricted Accessibility Fund, with all 2023 income and expenditure being shown in the restricted fund. There was also a transfer from the General Fund to the restricted Accessibility fund to cover the deficit.

Summary of funds - prior year

Designated
funds
General funds
Endowment
funds
Restricted funds		 Balance at
1 January
2022
£
1,115,481
3,144,449
196,172
51,800
4,507,902		 Income
£
54,646
590,276
9,367
1,236
655,525		 Expenditure
£
(19,925)
(637,974)
(1,606)
-
(659,505)		 Transfers
in/(out)
£
(677,692)
677,692
-
-
-		 Gains/
(Losses)
£
(172,426)
(5,544)
(37,873)
-
(215,843)		 Balance at
31
December
2022
£
300,084
3,768,899
166,060
53,036
4,288,079

Page 24

DocuSign Envelope ID: FA95CDB4-BD95-4F9B-B86B-118EBD277956

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2023
Restricted
funds
2023
Endowment
funds
2023
£
£
£
Tangible fixed assets
3,054,129
-
-
Fixed asset investments
842,935
-
164,532
Current assets
88,215
53,637
-
Creditors due within one year
(66,210)
-
-
Total
3,919,069
53,637
164,532
Analysis of net assets between funds - prior year
Unrestricted
funds
2022
Restricted
funds
2022
Endowment
funds
2022
£
£
£
Tangible fixed assets
3,005,789
-
-
Fixed asset investments
1,013,758
-
166,060
Current assets
110,622
53,036
-
Creditors due within one year
(61,186)
-
-
Total
4,068,983
53,036
166,060
Reconciliation of net movement in funds to net cash flow from operating activities
2023
£
Net expenditure for the year (as per Statement of Financial Activities)
(150,841)
Adjustments for:
Depreciation charges
10,689
(Gains)/losses on investments per fixed assets investment note
47,881
Dividends, interests and rents from investments
(39,706)
Increase in debtors
(30,321)
Increase in creditors
5,024
Net cash used in operating activities
(157,274)		 Total
funds
2023
£
3,054,129
1,007,467
141,852
(66,210)
4,137,238
Total
funds
2022
£
3,005,789
1,179,818
163,658
(61,186)
4,288,079
2022
£
(219,823)
4,788
235,971
(41,019)
(4,765)
8,759
(16,089)

21. Reconciliation of net movement in funds to net cash flow from operating activities

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DocuSign Envelope ID: FA95CDB4-BD95-4F9B-B86B-118EBD277956

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

22. Analysis of cash and cash equivalents

Cash at bank
Held by investment managers
Total cash and cash equivalents		 2023
£
32,466
17,677
50,143		 2022
£
85,957
16,313
102,270

23. Analysis of changes in net debt

At 1 At 31
January December
2023 Cash flows 2023
£ £ £
Cash at bank and in hand 102,270 (52,127) 50,143

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DocuSign Envelope ID: FA95CDB4-BD95-4F9B-B86B-118EBD277956

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

24. Pension commitments

The church participates in the Pension Builder Scheme section of the Church Workers Pensions Fund (CWPF) for lay staff. The CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the church and other participating employers.

The CWPF has two sections:

  1. the 'Defined Benefits Scheme'

  2. the 'Pension Builder Scheme', which has two subsections:

  3. a. a deferred annuity section known as 'Pension Builder Classic'

  4. b. a cash balance section known as 'Pension Builder 2014'.

Pension Builder Scheme

Both sections of the Pension Builder Scheme are classed as defined benefit schemes:

Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs of £11,143 (2022 - £11,976) charged to the statement of financial activities in the year are the contributions payable.

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2019.

For the Pension Builder Classic section, the 2019 valuation revealed a deficit of £4.8m on the ongoing assumptions used. At the most recent annual review, effective 1 January 2024, the Board chose to grant a discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997, and a bonus on pensions in payment in respect of post-April 2006 service so that the pension increase was 5% (where usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2023. There is no requirement for deficit payments at the current time.

For the Pension Builder 2014 section, the 2019 valuation revealed a surplus of £5.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

The next valuation is due as at 31 December 2022. Calculations for this are currently underway.

The legal structure of the Scheme is such that if another employer fails, St Mary Abbots Church could become responsible for paying a share of the failed employer’s pension liabilities.

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DocuSign Envelope ID: FA95CDB4-BD95-4F9B-B86B-118EBD277956

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

25. Operating lease commitments

At 31 December 2023 the charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2023
£
4,875
-
4,875		 2022
£
6,401
382
6,783

26. Related party transactions

Aggregate unconditional donations of £9,610 were received in 2023 from 12 PCC members, including their families (2022 - £13,569 was received from 15 PCC members and their families).

The St Mary Abbots School Trust is a related charity, by virtue of the Vicar and Churchwardens being trustees of that organisation. During the year, rent of £14,635 (2022 - the same) was paid to the Trust for flats occupied by the Curate and the Virger.

Guy Smith, the Vicar’s son, covered as a tenor in the choir on a number of occasions during the year and was paid a total of £225.

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