REGISTERED CHAIUTY IYUMBER: 1132457 PQQEcclesi&8tical P2rish of Wat¢rlco Ashmole & Co First floor I St John's Court Upper Fforest Way Enlerprise Park Swansea SA6 8(2Q Page Report of the TnL8tees I to 10 Report of the Independent Auditors 11 10 14 ststement of Financial Activities 15 Balance Sheet 16 to 17 Cash Flow Ststement 18 Notes to the Cash Flow Slatement 19 Notes to the Financial Statements 20 to 36 Detailed Statement of financia] Activities 37 to 38 PCC Ecclesiastical Parish of Waterloo Re ort of the Trnstees for the Year Ended 31 December 2024 The Parochial Church Council of the Ecclesiastical Parish of Waterloo (St Joln the Evangelist with St Andrew)(thePCC) submits its report and the financial statements for the year ended 31 December 2024. The financial statements have been p￿p￿rd in the fonnat prescribed by the Statement of Recommended Practice: Accounting and Reporting by Charities (SOPP2019) and the Financial Reporting Standard 102. The legal and administrative infornlation set out earlier in this document forn￿ part of this report. The PCC co-operates with the incumbenL Revd Canon Gilos Goddard, in promoting the whole mission of the Church within its Parish and beyond. It also h&8 responsibility for the non-stipendiary staff and the maintenance of the Church buildings. In essence, the PCC is a consullative body that represents the views of the congregation as well as its own. It should communicale, where appropriate, any decisions of the PCC or its committees to the Chu￿h. oversee and advise in the firwncial affairs of the church. pray and champion the vision for the church. 2024 saw the second complete year of operdtion in the renovated St John's Church. We developed further our worship and community programme and worked with a range of OTchestras and choirs. We continued to build strong relationship with Bovingdons, our events contractor, with whom we have an exclusive corporate events contract. Bovingdons continue to develop their business, including conferences, dinnels and fashion shows. We are pleased to support the work of various charities who use our buildings on a reduced or no-cost basis. These include Sinfonia Smith Square (forn]erly Southbank Sinfonia). an orchestsa offering young musicians the experience of playing professionally. Futures Theatre, a company creating interactive drama in schools to address societal issues, such as drug abuse and youth pregnancy; a coun5elling service for those with long-tern] alcohol dependency. and a community bingo evenin8. Page I C Eccl&8iastical P Re rt of the Trustees for the Year Ended 31 December 2024 OBJECTIVES AND ACTIVITIES ObjectivLs And aims The PCC is committed to enabling as many people as possible to worship at the churches and to be at the heart of our parish community of Waterloo. The PCC maintains an overview of worship throughout the k)ari5h and makes suggestions on how the services can involve many diverse groups that live, work and p& through within the Parish. Particular attention is paid to ensuring that the services offered at the difftrent churches complement each other and therefore enable as many people as possible to take part. Our services and worship put faith into practice through prayer and scripture, music and sacrament. When planning the activities for the year, the incumbent and the PCC have considered the Charity Commission's guidance on public benefit and the S￿]riC guidance to charities for the advancement of religion. In particular, we try to ¢nable ordinary people to live out their faith as part of our parish community through: Regular worship and prayer open to a]]: learning about the Gospel and developing their knowledge and trust in Jesus Christ, - Provision of sacred spaces for personal prnyer and contemplation; - Provision of pastoral care for people living within the parish. - The teaching of Christianity through sennons, courses and small groups. - The provision of facilitie5 for charitable organi5ations offering opportunitie5 for lean]ing and developmenL - The promotion of Christianity through the slaging of events and meetings; - Promotion of the whole mission of the Church through the provision of activities for specific groups; - Supporting other charities in the UK and overseas selecied annually by the congregation. To facilitate this worK it is crucial that we maintain the fabric of the two churches and ensure its filness for the purposes of the wide variety of community users. Recognising our unique position in the neighbourhoo4 our annually evaluated Mis5i0n Action Plan seeks to address neighbourhood as well as congregational need while reaching out to the wider community? based on the Diocese's "Five Marks of Mission" Work continued implementing the new five-year vision lo reflect the development and evolving focus of St John's adopting as the overarching pury)ose of the parish the new strap line "Here for You The MAP will be further developed for 2025 7 as we adjust to the new St John's Church post redevelopment. It W&8 good year for the churchyard with senior community gardener Santa Pedone replacing Filipa da Silva in June. She made a g￿at impact on the efficient nmning and maintenance in liaison with Lambeth as well as through her Bridge at Waterloo work with our Roots and Shoots and ex-st Mungo's volunteers, of whom have made progress under her mentorship. Our vision for the ¢hurchyard as a key opportunity for mission is building on its promise among the wider uSer￿oup. We have received strong support from the local community. The Bridge at Wat¢rloo, our community engagement charity, continued the new work stream Room for You. oV￿seen by the Outreach Coordinator. Abigail Tripp. We offered English language classe& art sessions, lunch for volunteeT5 and isolated people, and we developed a good relationship with the Mental Health Fight Club. We also obtained funding for a new yoga project. working with the local Health Centre. Page 2 PCC EcclesiastRcal Parish of Waterloo rt of the Tn￿teeS for the Year Ended 31 December 2024 ACHIEVEMENTS AND PERFORMANCE Worship? Prayer and Study We mainlained the pattern of regular worship: a 9am morning prayer service and a Eucharisl at 10:30 on Sundays. and daily morning prdyer at 8.30. The services have continued to be held both in person and on All are welcome to attend these regular services and we have welcomed many new people online - literally all over the WOTld during the year. At the last annual meeting there were 116 parishioners on the combined Church Electoral Roll. We have continued to take our aspiration to be a fulty inclusive church seriously. We host a regular serviLf for LGBTQI+. Open Table, and have supported a wide range of activities and individuals seeking a more inclusive church. We have welcomed many new people to our services, including a strong cohort of people in their 21Ys and 30's. The services for Holy Week were open to all and are publicised via OUT website, individual household invilations and church magazines. Our Column Inches parish magazine also rnoved online, with a very posilive reception: we continued to prinl copics for those who do not have access to the internet, The total att¢nding Christmas services including carols, in person and online, for congregation and community was approximatsly 853. 11]e combined total Christsnas Eve and Christmas Day attendance of adults and children was 368 at all the special services. Deepening the spiritual life of the parish was a key fLKus during 2024. We continued our Exploring Spirit series with a series orwell received talks in September. We also supported a Quiet Day in September. We celebrated our 200th anniversary with a special Eucharist celebrated by the Bishop of Croydon, a Pilgrimage from St Luke's, West NoNiood, involving St Matthew's. Brixlon and St Mark's, Kennington - celelyating anniversaries - and a party r¢¢alling k¢y moments in the history of St John's. We hosted no funerals and one wedding during 2024, As part of our mission to develop personal ¢ngag¢ment in worship and commurrity, groups continue to be responsible at Sunday Eucharist for welcome. offertory, collection (and subsequent counting) with others trained in lesson reading and intercessions. Our relationship with Okusinza Church continues to be valued. The teaching of Christianity takes place in all services via the use of sernlons, readings and talk& In addition, our Pioneer Curate Georgia Ashwell took responsibility for our younger adults group 'Face-tfrFaith' in person and online during 2023. Our second Curate, Grey Collier who is focusing on supporting Chtldten and youIK and our Open Table worship for LGB TQ people. St John's Development Projeet The final retention payment Was made to Buxtons in June 2024. DeAnery Synod Two Membe￿ of the PCC sit on the Deanery Synod (Currently one vacancy) and this provides the PCC with an important link between the parish and the wider strnctures of the church. Pastoral Care Page 3 PCC Ecclesiastical Parish of Waterloo Re ort of the Trnstees for the Year Ended 31 December 2024 The Parish is blessed wilh a Southwark Pastoral Auxiliary (SPA) who, along with the Clergy Team. visit those who are unable to att¢nd church due to sickncss or agc and ¢Dabl¢ thcsc p¢opl¢ to take communion on a regular basis. R¢new21 Committee We revised our committee structure during 2024. The Renewal Committee caTries responsibility for the parish's wider mission. with a key objective of raising awarenes5 Wlthin the congregation of the spread of our existing activities and encouraging participation where possible. Ple&se note thal some of the actions and events mentioned below are sometimes overlaps or a￿aS also covered by other PCC sub-committees, clergy or Congregation members and their very own effo￿. PCC Outward Gfvlng I Charlty of the Montb. The Renewal Committee identified various charities of the month and we conlinued to support USPG, Ch ristian Aid and Tr Bishops Lent Appeal. Malntginlng links wlth Foodb2nK Robes and other projects for the homel In 2024 we concentrated on our Room for You initiatives organised by th¢ Bridge at Waterloo. We conlinued our night shelier provision wilh the Robes Project in Jan- March 2024. Malnthinlng Llnks wlth Chrl$tlan Ald. Jenny OTrleill and Kate Portal participated in fundraising events for Christian Aid. The regular Fair Trade and Zaytoum stall continued in church after the service4 twice a year. Llnks with Citizens UK l Lambeth Cltlzens and other organlsatlons and varlous commuDity group$ via The Brldge at WAterloo. Cllmate chpdngc & Cllmate Change took a central role in our work in 2024 - both as a churth and through our work with faith for the Climate, founded at St John's Waterloo and chaired by Giles Goddard. We hosted an Interfaith Picnic in June, and also welcomed Christian Climate Action to a vigil in June. Charitable Support As well as its charitable giving, the PCC also decided to increase its payments to the Diocesan Parish Support Fund. In 2024, despite the building work& we were able to keep our pledge and pay £86,3(K) (2023: £84,180). In 2025, £89,300 h&s been pledged. Our ambition in fulure is to help the Diocese fund parishes that are less fortunak than ours. Use of the Crypt - the PCC and Board of TBAW have an agreed policy of allowing organisations that support our Vision to occupy s￿e in the Crypt on licence fees of 6￿/0 of the nornid rates in Waterloo. The licence fees include an element for service charges. Use of Chureh Buildings The PCC h&s responsibility for the two sites where the churches are situated. St John the Evangelist: this ¢onsists of a large church and crypt. The church is nonnally open every day and is extensively used by local people and local, London-wide and national institutions such as the Sinfonia Smith Square, the London PhilEwinoni¢ or¢￿$￿ Midsomer Oper4 Christian Aid and many others. We estimate that over 50,IJ)O people came to St John's in 2024. Page 4 PCC Ecclesiastical Parish of Waterloo Re rt of the Trnsttts fcr the Year Ended 31 December 2024 St Andrews is used by numerous local, LondoT)-wide and national groups as well as being a worship space for example, Nationa] Childbirth Tntst, Young Vic Theatre, National Theatre. Regular tenants of the office spaces wetE Lambeth CRUSE bereavement servic&8 and The Hardman Trust. Also, Panacea and Cha￿0&1B]Ue as Commercial tenants. Tbe Bridge at Waterloo The members of the company are the incumbent and two churchwardens ex offjcio. Full details of TBAWS activities included in its Annual Report. FINANCIAL REVIEW Flnancial Review Total income on unrestricted fijnds w&8 £936,688 (2023: £685,015). Letting of the commercial offices and ground rents at St Andrew's continue &s income to the PCC. Payments totalling £740,735 (2023: £514,211) were made on unrestricted general church aclivities including the Diocese Parish Support Funl maintenance and staff. Consequently unTestricted general receipts ¢x¢¢ed¢d payments by £195,953 (2023.. £170,804). The balance on restricted fijnds, £72,888 (2023: £64,847 Deficit) continue to be used for a variety of activities and causes. Investment pollcy and objcctlveg General Funds The PCC holds investments in local property io Provide a regular rental income for the church. Amounts held over and above fLmds required for working capital are held in bank short terni deposits. Restricted Funds Amounts held over and abov¢ fvnds required for working capital are held in bank short terni deposits. Reserves pollcy The PCC Cu￿entlY follows a policy of maintaining a balance on unrestricted funds of at least three months of its unrestricted payments to cover ernergency situations that may arise from time to time, and should these funds drop below this level the PCC will norn]ally take immediate steps to restore the unrestricted funds to three months of unrestricted expenditure. At 31 December 2024, the PCC had net free reserves of £1,175,847 (2023: £1,103,726) as follows: 2024 2023 Total reserves Less: designated fun(£s Add: restricted funds deficit Add: long temi loans Free reserves Free reserves requlrement: 3 rnonth's budgeted routine expenditure 734,671 (469,248) 352J&l (353,080) 64,847 103957 103.726 84 191021 Page 5 PCC Ecclesiastical Parish of Waterloo Re Jyjrt of the Trustees for the Year Ended 31 December 2024 FJNANCIAL REVIEW GoiDg concern Each year it's the PCC'S responsibility to state whether or not the annual accounts have been drawn up on going concern basis (see the accounting p)li¢y note on page 20). Going concern is the assumption that an entity, in this c&se the PCC, h&$ the resources (financial and other) needed to Continue operating for the foreseeable future and, in particular. for al least 12 months from the date of approval by the PCC of these annual accounts. If the going concern principle did not apply, then the accounts would be drawn up on an insolvent basis. A commitment was made that any loans taken oul to secure the completion of the Project would not exceed the valuation of the two properties held as investment properti¢s. The long-terni tenant of the Short Street otTice signed a new 5-year lease in 2022. The Resources Committee has reported regularly lo CAF Bank and the Diocese regarding matching budgas to actual results. All loan repayments and interest due in 2024 were paid in full, in addition a further £50,000 was paid to CAF Bank in respect of the loan secured on the Short Street Office and £46,875 to the Diocese. The balanrx of the loan to the Diocese is being repaid in March 2025, over 2 years early, FUTURE PLANS Most of our plans for 2025 are continuing to unlock the potential of the renovated building for church, community and revenue generating activities. Page 6 PCC Ecclesiastical Parish of Waterloo Re ort of the Tnlstees for the Year End 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Structureg governance and managemenl The PCC is a ¢OTporate body established by the Church of England which operdtes under th¢ PaTDchial Church Council Powers Mcasure. The PCC of St John with Sl Andrew Waterloo was registercd with the Charity Commission in November 2009. Within the parish there are two chu￿he5. St John the Evangelis¢ Waterloo Road and St Andrew. SIM)rt Street. The PCC includes reprcsenlative5 from the congregation and the clergy team. It meets on & roughly two-monthly basi& with an average of six meetings per ye8r. This complies with regulations which stipulate that PCCS must meet no fewer than four times a year. The apw)intment of PCC membffl3 is governed by the Church Representation Rules. There is a process in place for the recruitmeni induction and training of PCC members, making use of diocesan or deanery training courses when available. The PCC complies with diocesan requirements on safeguarding policies and risk assessment. It also complies with statutory requirements regarding employment, access and health and safety. The PCC and the incumbent share the responsibility for taking forward the work of the parish. They address issues such as long-tem) fjnancial planning" quinquennial repx)rt and capital spcnd plans; team ministy issues. annual worship review. annual tithe allocation review. fijndraising strategy; managing policies and processes around risk managemenL safeguarding policies: health and safety: disability discrimination legislation. Stsndlng Committee This is the only sU￿COmMittee reqUI￿d by law. It has power to tt3nsact the business of the PCC between its meetings, subject to any directions given by the PCC. Its membership comprises the incumben( &8sociate priestlcurate, churchwarden8 the PCC secretary and treasurer. Church Attendance The clecloral Toll is completely reviewed and revised orKe every six yeats and has been updated. At th¢ last APCM the electoral roll stood at 116 (2023: 116). Rtsk Managemenl The PCC acknowledges that they have a responsibility for the identification and proper management of risks faced by the church in achieving its primary aims. The PCC has therefore assessed the major risks to which the church is exposed, in particular, those relating lo the sp¢¢ific operational areas of the church, its investments and its finances. The PCC believes thaL by monitoring reserves Icvels, by ensuring that controls exist over key financial systems. and by examining ihe uperdtional risks faced by the churcM it has established effeclive systems and procedures to mitigate those risks. A comprehensive risk register was undertaken in 2019. A brief summary follows. Security & Safeguardlng Risk- There is a major security, safeguarding, or health & safety incidcnL Risk Management - There is a safeguarding policy in place and two designated safeguarding officers. All volunteers who have direct contsct with children or vulnerable adults as well as pastoral team members are required ts) have a DBS , which is renewabl¢ every three years. We ensure insurance policies are up to date and cover us for identified risks. We maintain up to date incident logs. Finances Risk- There is a risk that expenditure could ex¢eed income Page 7 PCC Ecclesiastical Parish of Waterloo rt of the T￿￿teeS for the Year Ended 31 December 2024 Risk management - To mitigate thes¢ Potential risks the PCC has approved an unrestricted funds budget which shows a Surplus of income over expenditure. Monthly management accounts are prepared comparing income & expenditure with budget. PCC officials ensure proper authorisation of expenditure in line with the target operational cash reserves of thTee months budgeted expenditure. Risk- There is an uninsured liability which cry5talise5 Risk Management To mitigate thi5 Potential risk we ensure that insurance policies are up to dats and incl￿de employers liability, public liability, buildings insurance, contents insurance and propety owners The Finance and Major Fundraising Committee continued to meet roughly monthly. One objective w&8 to prepare monitor and update 10-year cashflow projections for the repayment of loans given by membern of the congregation. diocese and loan from CAF Bank secured on the office spar£ held as an investment prop¢ty at 17 Short Stred. A second objective was to monitor the securing of future lettings income from the buildings to cover the day to day running costs of the building and repaying the loans advanced. Quinquennial inspection. As a result of the extensive planned building works, the Archdeacon advised that the 2022 quinquennial should be postponed until 2023. The St John's rekK)rt was issued in July 2023 and there were no significant requirements. The St Andrew's report was issued in November 2023 and there were no significant requirements. Terriers - the inventory of the chureh?s property These have been fully revised and updated for both St John's and St Andrew's. All property is in place and in acceptable condition. REFERENCE AND ADMIIYISTRATIVE DETAILS Registered Charity number 1132457 Prlnclpal address The Vicarnge I Secker Street London SEI 8UF Page 8 Tr￿SteeS the Year E Trustees F Amberson-Jones (appointed 2114124) Rev G Collier Assistant Curate JAGDceny E M Hamiliton L Bangi Rev G A Ashwell Pioneer Curate A M Humphreys Deanery Synod A Mwanje (resigned 1713125) M S Gibbs Conmpy (resigned 1713125) R J Smeath Treasurer C Kaweesa C F Clinch Churchwarden P E Thomas Secretary E Thomas Churchwarden E Clarson Deanery Synod I Serunjogi E Kawoya Reader Rev G W Goddard Incumbent, Chair S Galpin (resigned 2114124) A Kawoya (resigned 2114124) P Omoghene-osario (resigned 31112124) Key Management Personnel Those in charge of directing, controlling, running and operating the PCC on a day to day b&si8 are the Enabling Committee comprising the incumbent, assistant curdtes. churchwardens, secretary, treasurer and 8ub-committee chairs. Audltors Ashmole & Co First Floor I St John's Court Upper Fforest Way Enterprise Park SA6 8QQ Solieitors Winckworth Sherwood Arbor 255 Blackfriars Road London SEI 9AX Bankers CAF Bank Lld 5 Kings Hill Avenue West Malling ME194TA Page 9 PCC Ecclesi&8tical Parish of Waterloo REFERENCE AND ADMINISTRATIVE DETAILS Quinquennial Inspeetor Sheny Bates Bates Zambclli Russell House 140 High Street Middlesex HA8 7LW STATEMENT OF TRUSTEESI RESPONSJBILITILS The PCC is responsible for preparing the report and the financial ststements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Charity law in England and Wales requires the PCC to prepare financia] statements for each financial year which give a true and fair view of the slate of affairs of th¢ PCC and of the incoming ￿sourceS and application of resources of the pcc for that perii)d. In preparing thos¢ financial statements, the PCC is required to: - Select suitable accounting policies and apply them consistently; - Observe the methods and principles of the Charities SORP. - Make judgements and estimates that &re re&sonable and prudenl - State whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the finaticial statements; and - Prepare the financial statements on going wncem basis unl¢ss it is inappropriate to presume that the activities of th¢ PCC will continue. The PCC is responsibl¢ for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the PCC and enables them to ensure that the financial statements comply with the Charities Act 2011, th¢ Charity (Accounts and Reports) Regulations 2008 and the provisions of the governing document. The PCC is also responsible for safeguarding the assets of the PCC and hence for taking reasonable steps for the prevention and detection of fraud and other iThegularities. The Trustees are responsible for the maintenance and integrity of the PCC and fllwicial inforniation included in the PCC website. 13th October 2025 Approved by order of the board of trustees on ............................................. and signed on its behalf by: Rev G W Goddard - Trustee Page 10 rt of the Inde endent Auditors to the Trustees of pc Ecclesiastical Parish of Waterloo Opinion We have audited the financial statements of PCC Ecclesi&8tical Parish of Waterloo (the '¢harity) for the year ended 31 Decernber 2024 which comprise the Statement of Financial Activities, th¢ Balance SheeL the Cash Flow Statement and notes to the fu￿nCIal stakmcnts, including a summary of significanl accountii policies. The financial reporting framework that ha8 been applied in their preparntioJ] is applicable law and United Kingdom Accounting stand￿ds (United Kingdom Ger￿rallY Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the stats of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resource& for the year then ended" have been properly prepared in a￿OrdanCe with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Charities Act 2011. Bgsis 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 Ihat are Televant to our audit of the financial stttements in the UK, including the FRC'S Ethical Standard, and w¢ have fulfilled our other ethical responsibiliti¢$ in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ow opinion. Conclusion5 relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the finarKial stalements is appropriate. Based on the work we have perfonned, we have not identified any material uncertainties relating to evenls or conditions thaL individually or collectivelys may ¢&sl significant doubt on the charity's ability lo continue as a going coneem for a period of at least twelve months from when the financial ststements are auihorised for issu¢. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in ihe relevant scctions of this report. Other Information The trustees are responsible for the other infornjation. The other inforniation comprises the infomiation included in the Annual Report, other than the fllmncial statements and our Report of the tndependent Auditors thereon. Our opinion on the financi￿ statements does not cover the other infonnation and. excepl to the exlent otherwise explicitly stated in our report, we do not express any forn] of assurance conclusion thereon. In connection with our audit of the f1nancial statements, our responsibility is to read the other infomiation and, in doing so, consider whether the other infornialion is mat¢Tiaily inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be matcrially misstaled. If we identify such matcrial inconsistencies or apparent material misstaternents, w¢ are r4uired to determine whether this gives rise to a material misstatement in the fll]ancial statements themselves. If, based on the work we have perfonne