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← The Parochial Church Council Of The Ecclesiastical Parish Of St Paul's Ealing

2023-12-31-accounts

Charity registration number 1132598

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING

LEGAL AND ADMINISTRATIVE INFORMATION

Members Of The PCC

Members Of The PCC Vicky Read Rev Chris Fox Emma Buck Alan Philips Ruth Dales Elizabeth Patel Aruliniyan Nathaniel Nicholas Taylor Oscar Carshagen Paul Pambakian Anusha Couttigane Stephanie Ajayi Charity number 1132598 Independent examiner Summers Morgan First Floor, Sheraton House Lower Road Chorleywood Hertfordshire WD3 5LH Bankers Lloyds TSB Bank plc 45 The Broadway Ealing London W5 5JU Solicitors EDC Lord Link House 1200 Uxbridge Road Hayes Middlesex UB4 8JD

(Appointed 24 April 2023)

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING

CONTENTS

Page
The PCC's report 1 - 5
Independent examiner's report 6
Statement of financial activities 7 - 8
Balance sheet 9
Statement of cash flows 10
Notes to the financial statements 11 - 24

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING

THE PCC'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The members of the PCC present their report and accounts for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the PCC's Powers Measures (1956) as amended, the Charities Act 2011 and "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).

Objectives and activities

Our vision at St Paul’s Church is to be a church where everyone is made welcome and everyone knows that they matter, both to us as a community and to God. We believe that everyone has something to bring that will add colour and creativity to the church family. Our simple strapline is based on the Greatest Commandment that Jesus gave - loving God and loving our neighbour.

We are committed to following and trying to live like Jesus, and as the disciple Paul encourages us, we need to let love be our highest goal. This means we look for ways to love and serve each other and our wider community. And if we make love our highest goal, we need to be those who receive love and give love to others.

Our mission statement is as follows:

As a church, we believe that God is calling us to something bigger than we are currently, and the Diocese of London has appointed St Paul’s to be one of its Resource Churches. Our vision for this is that we will plant new churches in communities with no church presence, help to revitalise and renew existing churches, and support and encourage other churches who ask for help. All of this is to enable the Kingdom of God to expand and grow in our wider community.

The members of the PCC have paid due regard to guidance issued by the Charity Commission on public benefit, and in particular the supplementary guidance on charities for the advancement of religion, when deciding what activities the PCC should undertake.

Achievements and performance

2023 was a year of settling for us as a church family, both in our activities and the staff team after all of the changes of 2022.

We said farewell to our worship pastor, David, and our curate, Tim, who have both gone on to roles in other churches. We appointed two new temporary staff members, to help support our children’s ministry and to assist with our creative and sound/AV needs, and both Esme and Lydia were a real support to this and the wider team. During the summer term, Chris was able to have a 3-month sabbatical, and Karen and Tamlyn, supported by our church wardens, provided great leadership to the team in his absence.

As we look towards 2024, we feel that God is calling us as a church to be generous ('Freely you’ve received, freely give' – Matt 10:8). This means being generous in supporting other churches, those in our church family, those in our neighbourhood, and those in the wider community in whatever way is needed.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING

THE PCC'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Established ministries

Our desire to serve our local community is one that trumps almost everything else that we do. We believe wholeheartedly in the two greatest commandments - to love the Lord with all of your heart, soul, mind, and strength, and to love your neighbour as you love yourself. In 2023, we showed that we have found different ways of fulfilling both of these.

Some of the highlights are:

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING

THE PCC'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

We continue to support other ministries locally, such as Mindfood, CAP debt centre, other churches in their outreach, such as St Stephen’s Shottermill, and Church of the Saviour Collyhurst, and in many places around the world such as Kenya, India, and South Africa.

New and emerging activities

As part of our role as a Resource Church in the London diocese, we are continuing to explore opportunities for church planting or partnerships and how we might be able to support those churches around us who are in interregnum.

We also relaunched our Young Adult ministry which gave us the chance to meet weekly to have teaching, worship, and prayer together. From this, two new life groups have formed and we continue to meet once a month for dinner before the Hungry prayer evening.

Our focus on our use of resources and environmental impact has continued, and after many years of planning, we were delighted to have solar panels fitted on the roof in April 2023. Now these are operational, we have seen a 28% reduction in the amount of electricity we use, and we are also now supplying to the national grid. In the coming year, we will be focusing particularly on reviewing the use of the land surrounding the church and the remaining steps needed to achieve Ecochurch Gold Award.

Financial review

The financial transactions during the year and the financial position at the end of the year are set out in the attached accounts. The members of the PCC consider that the accounts show a satisfactory position.

The continuing generosity of church members enabled the PCC to meet its normal commitments for running and maintaining the Church and its activities. Like many churches, we have carefully managed our expenditure in light of economic uncertainty and its potential impact on our income.

We received a slightly decreased level of income from regular donations, such as planned giving, which remained reasonable despite the impact of the war in Ukraine and resulting financial and economic uncertainty. The PCC is grateful to all those who contribute financially to the work of the church, without whose generosity we would be unable to serve our community effectively. Collections at services remained at similar levels over the last three years, with most of these now being made by contactless donations.

Income from rental and lettings is higher than in 2022. In 2024, we expect rental income to reduce by around £15k due to a significant reduction in office space rented by New Wine. As a PCC, we will explore alternative uses for the vacant space in terms of ministry opportunities and rental income.

Our ministry costs were slightly higher than in 2022, mainly due to the one-off cost for the solar panels in the year, while all other costs remained similar. Despite the rising costs of living, we have been able to maintain our various activities without making any major changes. During the year, the PCC carried out necessary repairs to the church and its other properties, maintaining them in good order.

The PCC expects its regular expenditure commitments in 2024 to be similar to those of 2023 because we will continue with our current ministries and activities. Following the installation of the solar panels, we will continue to explore other possible changes to improve our environmental sustainability, and we will consider setting aside reserves we have available that could be put towards these projects.

The number of staff is expected to remain similar as we have two temporary roles that will finish this year, but we look forward to welcoming a new curate in July, and hope to appoint a children’s worker to support and develop our children’s ministry. Income is expected to increase in 2024, and activities and staffing will be managed in line with the level of income achieved.

At the balance sheet date, the charity holds reserves totalling £583,032 (2022: £677,802), comprising restricted funds £8,463 (2022: £22,413), designated reserves £Nil (2022: £25,000), and unrestricted reserves of £574,569 (2022: £630,389).

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING

THE PCC'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Reserves Policy

The Trustees believe that St Paul’s relies on God’s provision for the financial resources needed to fund its work. As a church, we believe that we are called to be good stewards of the resources that have been given to us, so we need to ensure that the level of cash we hold is not higher than needed. The PCC reviewed and updated its reserves policy and level of cover during 2023 to ensure that our reserves continue to match our operating costs.

In order to allow for fluctuations in the timing of income or in the case of unforeseen expenditure, it is the policy of this church to hold sufficient reserves to cover 8 weeks’ net expenditure after taking into account regular donation income. This means that we will hold £60k in cash, and in addition to this, we will have an additional 2 weeks held as cash or in social investments (£15k) which can be accessed after a short notice period. This policy will be reviewed on an annual basis or more frequently if required. At the accounting date, free reserves were £218,488 (2022: £255,246).

Risk Management

The members of the PCC have reviewed the major strategic and operational risks the PCC faces through regular meetings of the standing committee and are satisfied that all reasonable measures are in place to mitigate their potential effects. They intend to keep these matters under regular review and consider the controls and procedures to mitigate them. The Governance and Risk Committee meet regularly to ensure that all risks are actively managed and monitored and that all aspects of governance are considered, bringing any areas of concern or interest to the PCC for consideration and action.

The principal risk faced by the PCC lies in the variability of income. The trustees consider variability of income received through planned giving and gifts to constitute the charity’s major financial risk. This is mitigated by a monthly review of income and its sources, including monthly cash flow forecasting by the Chair and Treasurer, and consideration of actions needed to remediate this, such as a reduction in planned activities and expenditure.

Plans for future periods

The PCC is continuing its plan to enhance the facilities in the church and its halls so that they offer facilities that are fit for purpose and can be a blessing to those who use them. We will continue to reduce our carbon footprint by focusing on other energy-saving options now that the solar panels are installed. We will also continue to review the land around the church and redesign it to encourage biodiversity, native plants, and community access. Lastly, we will focus on continuing to resource other churches in Ealing as they go through periods of vacancy.

Structure, governance and management

The PCC has the responsibility for co-operating with the clergy in promoting the whole mission of the Church in the parish and in maintaining the church buildings.

The members of the PCC who served during the year and up to the date of signature of the financial statements were: Vicky Read Rev Chris Fox Emma Buck Alan Philips Ruth Dales Coral Powell (Resigned 24 April 2023) Elizabeth Patel Aruliniyan Nathaniel Nicholas Taylor Timothy Radcliffe (Resigned 14 June 2023) Oscar Carshagen Paul Pambakian Anusha Couttigane Stephanie Ajayi (Appointed 24 April 2023)

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING THE PCC'S REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 The method of election of the PCC m8mbers is as S8t OLJI in the Church Representation Rules and they ale appointed at the annual meeting of church members. The full PCC delegates responsibility for overseeing day-tO- day malleis lo the Standing Commillee, the Fabric Committee and the Missions Commiitee. The church has sponsored the establishment of a separate ch2rit8ble trust. the West London Community trust, whose main activity is lo support aiv2reness DI Chiist18nity in West London. This includes facililaling New Wine Discipleship Year hub in West London and hosting the Christians Against Poverty debt counselling Se￿1￿. The PCC consider the senior pastoral team- C Fox, K Cosh, T Carshagen, S Richardson and V Read to be the key management personnel of the charity. Tesptsnsible lor directing, controlling, and operating the charity on a day-to- day basis A number ol PCC Members give their time freely and no remuneration was paid during the year. Details of the PCC members rec8iving rèmuneration during the year are detailed in the notes lo the accounts PCC members are required to disclose all relevant interests and registeT Iheffl with V Read in accordanTr with the PCC'S Policy to withdraw trom decisions where a conflict of inletesl arises. The PCC'S ￿port was approved by the Boarij ol Members Of The PCC. Rev Chris Fox Date-.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF THE PCC OF THE PAROCHIALCHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING I report to the members of ihe PCC on my examination of the ffinanck?l stslemenls of The Parochkql Churth Council of the Ecclesia$ts'cal Parish of St Paul's Eakng (the PCCI for the year ended 31 December 2023. Responsibiliti￿ and basis of r8port As the members of the PCC you are respon￿ble for the preparation of Ihe finarKial stalements in accordance wlh the requirements of the Charities Act 2011 (the 2011 Act). I iep(¥t in respect of my examinalion of the PCC'S fina￿la1 statements ￿Tled oui under sedion 145 of the 2011 Ad. In carrying out my examination I have folh)wed all the Dwttlions given by the Charity Commission under section 145(51{b} of the 2011 Acl. Indepondent ¢xamin?rf5 statgment Since the PCC'S gross income exceed8d £250.000 your examiner must te a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member ofthe Institute of Chartered AccoLML￿ts in Enu4arKI Wales. vthKh is ofthe listed bod￿. Your altention is drawm to Ihe fa(1 that the PCC has prepared finanaal slalemenls in acc4Ydance wlh Accounting and Reporting by Charitiès preparing their &Co￿ts in accordants the Financial Rep￿lIng Slandafd applicable in the UK and Republic of Ireland (FRS 102} in preference lo the Accounting and Reporting by Charits'es". Stslement of Rècommended Practice issued cffl l fyxil 2￿5 15 reterred to in the extant regulations bul has now been withdrawn. l understand that this has begn done in ordw f(K financial statements to provide a Iwe and fair view in ￿COrdanCe th GenerallyAccepled Accounting Praclice effeciive for rep(Yting periods beg￿nIThJ on or after 1 Jarwary 2015. I have compfeted my examination. l eonfim that matters have come lo my attenlion in connection vthh the examination giving me cause lo believe that in any material respect accounting records V￿re ￿1 kept in respect of Ihe PCC a5 required by seclion 130 of th& 2011 Act,. or the financial statements do not accord with those rec(Kds.' or the finaneial statements do not crynply wth the app1￿¥)1e fequiremenls concemirKJ thè fomi and eonlènl of accounts sel out in the Charities (Accounts * Reports) Regulalions 2008 other than any requirement that the accounts give a true and fair view is not a maiter considered as part of an independent examination. I have no concems and have come across no other should be drawn in this report in order lo enable a pro ers irb connection with thg examinalion to which attention ing of the finanaai slalemenls lo be re&hed. Nicholas Corden ACA Summgrs Moryan First Flwr. Sheraton House Lower Road Chorleywood Hertfordshire WD3 5LH Dated".

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023

Current financial year
Unrestricted
Designated
Restricted
funds
funds
funds
2023
2023
2023
Notes
£
£
£
Income and endowments from:
Donations and legacies
3
515,455
-
12,357
Charitable activities
4
32,417
-
-
Investments
5
2,442
-
-
Other income
6
146,557
-
-
Total income
696,871
-
12,357
Expenditure on:
Raising funds
7
2,264
-
-
Charitable activities
8
755,002
25,000
20,789
(Gain)/Loss on disposal of tangible
fixed assets
14
943
-
-
Total expenditure
758,209
25,000
20,789
Net (outgoing)/incoming resources before
transfers
(61,338)
(25,000)
(8,432)
Gross transfers between funds
5,518
-
(5,518)
Net (expenditure)/income for the year/
Net movement in funds
(55,820)
(25,000)
(13,950)
Fund balances at 1 January 2023
630,389
25,000
22,413
Fund balances at 31 December 2023
574,569
-
8,463		 Total
2023
£
527,812
32,417
2,442
146,557
709,228
2,264
800,791
943
803,998
(94,770)
-
(94,770)
677,802
583,032		 Total
2022
£
607,142
24,542
433
119,644
751,761
2,782
722,126
2,406
727,314
24,447
-
24,447
653,355
677,802

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023

Prior financial year
Unrestricted
funds
Designated
funds
Restricted
funds
2022
2022
2022
Notes
£
£
£
Income and endowments from:
Donations and legacies
3
570,239
-
36,903
Charitable activities
4
24,542
-
-
Investments
5
433
-
-
Other income
6
119,644
-
-
Total income
714,858
-
36,903
Expenditure on:
Raising funds
7
2,782
-
-
Charitable activities
8
678,122
-
44,004
(Gain)/Loss on disposal of tangible fixed assets
14
2,406
-
-
Total expenditure
683,310
-
44,004
Net (outgoing)/incoming resources before transfers
31,548
-
(7,101)
Gross transfers between funds
(25,000)
25,000
-
Net (expenditure)/income for the year/
Net movement in funds
6,548
25,000
(7,101)
Fund balances at 1 January 2022
623,841
-
29,514
Fund balances at 31 December 2022
630,389
25,000
22,413		 Total
2022
£
607,142
24,542
433
119,644
751,761
2,782
722,126
2,406
727,314
24,447
-
24,447
653,355
677,802

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING BALANCE SHEET AS A T 31 DECEMBER 2023 2023 2022 Notes Fixed assets Tangible assets Mixed motive investments 15 16 346.081 10.000 375,143 356,081 375,143 Current 888ets Debtors Cash at tiank and in hand 20,658 228,592 30,696 295,890 249,250 326,586 Creditors.. amounts falling due within one year 18 122,2991 123,9271 Net current assets 226,951 302,659 Totsl assèts lèss eurront liabilities 583,032 677,802 The funds of the PCC Restricted funds Unrestricted funds Designated ￿ndS 20 8.463 574.569 22,413 é30,389 25,000 21 583,032 77,802 The financial statements were approved by the members of the PCC on i51c.S1¥.. Rev Chris Fox Trustee

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
25
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed
assets
Investment income received
Net cash used in investing activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
(3,759)
(1)
2,442		 £
(65,980)
(1,318)
-
(67,298)
295,890
228,592		 2022
£
(1,655)
-
433		 £
39,643
(1,222)
-
38,421
257,469
295,890

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING

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

1 Accounting policies

Charity information

The Parochial Church Council of the Ecclesiastical Parish of St Paul's Ealing is an unincorporated Charity registered with the Charity commission in England and Wales (number 1132598); its principle address is detailed within the legal and administrative page.

1.1 Accounting convention

The accounts have been prepared in accordance with the PCC's Powers Measures (1956) as amended, the Church Representation Rules, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2019). The PCC is a Public Benefit Entity as defined by FRS 102.

The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements are prepared in sterling, which is the functional currency of the PCC. Monetary amounts in these financial statements are rounded to the nearest £.

1.2 Going concern

At the time of approving the accounts, the members of the PCC have a reasonable expectation that the PCC has adequate resources to continue in operational existence for the foreseeable future. Thus the PCC continues to adopt the going concern basis of accounting in preparing the accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the members of the PCC in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the members of the PCC for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the PCC is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the PCC has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the PCC has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.5 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 are allocated on the portion of the asset’s use.

Grants and donations are accounted for when paid away.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Consecrated and beneficed property is excluded from the accounts.

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Freehold buildings 2% p.a. on cost Equipment 25% p.a. on net book value Fixtures and fittings 10% p.a. on cost Motor vehicles 25% p.a. on net book value

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The trust 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 the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.10 Retirement benefits

The church operates a defined contributions pension scheme. Contributions are charged in the accounts as they become payable in accordance with the rules of the scheme.

2 Critical accounting estimates and judgements

In the application of the PCC’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
515,455
12,357
Donations and gifts
Standing orders and other
regular giving
427,439
866
Collections at all services
8,092
11,206
Gift aid recoverable
78,427
116
Other
1,498
169
515,455
12,357		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
527,812
570,239
36,903
428,305
454,974
10,041
19,298
9,978
15,248
78,543
97,932
6,108
1,667
7,355
5,506
527,812
570,239
36,903		 Total
2022
£
607,142
465,015
25,226
104,040
12,861
607,142

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

4 Charitable activities

Wedding, Wedding,
funeral and funeral and
other fees other fees
2023 2022
£ £
Youth events 3,260 8,027
Wholeness ministry 2,685 3,060
Language school 2,295 3,545
Woman's ministry and Men's ministry 2,597 1,431
Senior group 273 210
Great and small 2,814 2,055
Other Income 18,493 6,214
32,417 24,542

5 Income from investments

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Interest receivable 2,442 433
6 Other income
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Bookstall income 8,462 5,903
Hall Hire income 53,665 55,173
Rental income 84,430 58,568
146,557 119,644

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

7 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Publicity costs
Staging fundraising events 2,264 2,782

8 Expenditure on charitable activities

Outreach
activities
Youth
activities
Other
activities
Donations
paid
2023
2023
2023
2023
£
£
£
£
Staff costs
43,256
2,200
101,174
-
Depreciation and impairment
9,404
478
21,998
-
Direct costs
40,297
796
149,439
-
92,957
3,474
272,611
-
Grant funding of activities (see note 9)
-
-
-
159,129
Share of support and governance costs (see note 10)
Support
78,941
4,014
184,642
-
Governance
1,482
75
3,466
-
173,380
7,563
460,719
159,129
Analysis by fund
Unrestricted funds
166,005
7,188
443,469
138,340
Designated funds
7,375
375
17,250
-
Restricted funds
-
-
-
20,789
173,380
7,563
460,719
159,129		 Total
2023
£
146,630
31,880
190,532
369,042
159,129
267,597
5,023
800,791
755,002
25,000
20,789
800,791

Staff costs are allocated to the charitable activities on the basis of time allocation within the accounting period as identified. This is currently 56% to direct costs and 44% to support costs. The support and governance costs basis of allocation has been set out in note 10 of the accounts.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

8 Expenditure on charitable activities (Continued)
Previous year: Outreach Youth Other Donations
Total
activities activities activities paid
2022 2022 2022 2022 2022
£ £ £ £ £
Staff costs 35,511 1,806 83,058 - 120,375
Depreciation and impairment 9,963 507 23,302 - 33,772
Direct costs 27,522 1,672 170,795 - 199,989
72,996 3,985 277,155 - 354,136
Grant funding of activities (see note 9) - - - 179,223 179,223
Share of support and governance costs (see note 10)
Support 54,155 2,754 126,668 - 183,577
Governance 1,531 78 3,581 - 5,190
128,682 6,817 407,404 179,223 722,126
Analysis by fund
Unrestricted funds 126,882 6,817 407,404 137,019 678,122
Restricted funds 1,800 - - 42,204 44,004
128,682 6,817 407,404 179,223 722,126

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

9 Grants payable

Donations Donations
paid paid
2023 2022
£ £
Grants to institutions:
West London Community Trust 79,119 68,600
Bihar 1,000 -
Redtribe 19,561 6,583
Grove mission funding 9,500 9,833
Great Lakes Outreach - 23,802
St Mellitus 4,000 3,000
Tearfund 5,119 38,701
Oasis Church - 1,500
Sozo Foundation 2,500 3,300
Ealing Foodbank - 2,000
Prison Fellowship 2,500 -
Church of the Saviour Collyhurst 2,000 -
Soul in Ealing 3,000 -
Growing hope 2,000 -
Earthquake appeal 2,000 -
London Diocesan Fund 2,000 -
St Stephen's Shottermill 2,000 -
Other 5,758 2,954
142,057 160,273
Grants to individuals 17,072 18,950
159,129 179,223

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

10 Support costs allocated to activities

Staff costs
Premises costs
Administrative costs
Governance costs
Analysed between:
Outreach activities
Youth activities
Other activities		 2023
£
109,963
126,926
30,708
5,023
272,620
80,423
4,089
188,108
272,620		 2022
£
89,581
58,698
35,298
5,190
188,767
55,686
2,832
130,249
188,767

Support and governance costs are allocated to the charitable activities on the basis of activity allocation within the accounting period as identified. This is currently 29.5% to Outreach activities, 1.5% to Youth activities and 69% to Other activities. The exception to this is support costs wholly incurred in respect of a charitable activity, where the full cost is allocated to the relevant activity.

Governance costs include payments to the Independent Examiner of £5,023 (2022 - £5,190)

11 Net movement in funds 2023 2022
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements 5,023 5,190
Depreciation of owned tangible fixed assets 31,880 33,772
Loss on disposal of tangible fixed assets 943 2,406

12 Members Of The PCC

One of the members of the PCC received remuneration during the year on normal terms for church work. Normal expenses incurred on church activities were reimbursed to clergy and church workers.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

13 Employees

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

Pastoral, evangelism, etc.
Administration
Cleaning
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel
The remuneration of key management personnel is as follows:
Aggregate compensation		 2023
Number
9
5
1
15
2023
£
230,573
11,794
14,226
256,593
2023
£
111,786		 2022
Number
6
5
1
12
2022
£
188,345
8,688
12,923
209,956
2022
£
108,452

During 2023, the following key management personnel were members or connected to members of the PCC: Rev C Fox (member), Mrs T Carshagen (member), Mr S Richardson (member), Mrs V Read (member), and Mrs K Cosh. All these people were working full-time or part-time for the charity at some point during 2023. The cost of the clergy is accounted for in the payments to the London Diocese. Part of this fund pays the stipend of the vicar. As is standard practice within the Church of England, the vicar receives either housing or housing benefit

14 Loss on disposal of tangible fixed assets

**Unrestricted ** Unrestricted
funds funds
general general
2023 2022
Net loss on disposal of tangible fixed assets 943 2,406
943 2,406

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

15
Tangible fixed assets
Cost
At 1 January 2023
Additions
Disposals
At 31 December 2023
Depreciation and impairment
At 1 January 2023
Depreciation charged in the year
Eliminated in respect of disposals
At 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022
16
Mixed motive investments
At 1 January 2023
Advances
At 31 December 2023
17
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income		 Freehold
buildings
Equipment
Fixtures and
fittings
Motor vehicles
Total
£
£
£
£
£
469,480
129,036
226,241
9,949
834,706
-
3,759
-
-
3,759
-
(10,078)
-
-
(10,078)
469,480
122,717
226,241
9,949
828,387
184,845
116,540
150,588
7,589
459,562
9,128
3,272
18,890
590
31,880
-
(9,136)
-
-
(9,136)
193,973
110,676
169,478
8,179
482,306
275,507
12,041
56,763
1,770
346,081
284,635
12,496
75,652
2,360
375,143
Green
pastures
£
-
10,000
10,000
2023
2022
£
£
1,875
2,825
18,783
27,871
20,658
30,696

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

18 Creditors: amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income
19
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2023
£
958
14,701
6,640
22,299
2023
£
14,226		 2022
£
1,052
17,297
5,578
23,927
2022
£
12,923

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

20 Restricted funds

The restricted funds of the PCC comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 January Incoming Resources Transfers At 31
2023 resources expended December
2023
£ £ £ £ £
Missions and UK charities 15,743 6,846 (15,548) - 7,040
Outreach activities 298 37 - - 335
Other church activities 6,373 5,474 (5,241) (5,518) 1,088
22,413 12,357 (20,789) (5,518) 8,463
Previous year: At 1 January Incoming Resources Transfers At 31
2022 resources expended December
2022
£ £ £ £ £
Missions and UK charities 23,850 21,530 (29,637) - 15,743
Outreach activities 148 150 - - 298
Other church activities 5,516 15,223 (14,367) - 6,372
29,514 36,903 (44,004) - 22,413

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

20 Restricted funds

(Continued)

Missions and UK Charities - For payments to mission activities supported by the PCC and donations to UK and overseas charities.

Other Church Activities - For activities relating to general support and maintenance of the church. The transfer represents the capital element held within restricted funds spent on sound equipment in a prior year, to be reallocated to the unrestricted funds. Furthermore, it involves the transfer of funds spent on renovation works which were expensed through unrestricted funds in a prior year but should have been expensed through restricted funds.

Outreach Activities - For supporting activities in the local community.

21 Designated funds

These are designated funds which are material to the PCC's activities.

At 1
Solar panels project
Previous year:
At 1
Solar panels project		 January
2023
Resources
expended
Transfers
At 31
December
2023
£
£
£
£
25,000
(25,000)
-
-
January
2022
Resources
expended
Transfers
At 31
December
2022
£
£
£
£
-
-
25,000
25,000

The designated fund is for projects and activities that aim to reduce our environmental impact, such as the installation of solar panels, the review of the current heating system, and other related activities.

22 Analysis of net assets between funds

Unrestricted
Designated
Restricted
funds
funds
funds
2023
2023
2023
£
£
£
Fund balances at 31 December 2023 are represented by:
Tangible assets
346,081
-
-
Mixed motive investments
10,000
-
-
Current assets/(liabilities)
218,488
-
8,463
574,569
-
8,463		 Total
2023
£
346,081
10,000
226,951
583,032

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

22 Analysis of net assets between funds

Analysis of net assets between funds (Continued)
Unrestricted Designated Restricted Total
funds funds funds
2022 2022 2022 2022
£ £ £ £
Fund balances at 31 December 2022 are represented by:
Tangible assets 375,143 - - 375,143
Current assets/(liabilities) 255,246 25,000 22,413 302,659
630,389 25,000 22,413 677,802

23 Operating lease commitments

Lessor

The operating leases represent leases of land and buildings to third parties.

At the reporting end date the PCC had contracted with tenants for the following minimum lease payments:

Within one year
Between two and five years		 2023
£
8,750
-
8,750		 2022
£
35,000
8,750
43,750

24 Related party transactions

During the year the following trustees were directors or members of related entities or were connected to people or organisations in receipt of payments from St Paul's PCC:

Trustee Related Party
C Fox Trustee of St Paul's Community Playschool and
of West London Community Trust
V Read West London Community Trust

During the year the following related entities had amounts either made to them or amounts owed to or by them with St Paul's PCC:

West London Community Trust - Grant payments made during the year totalled £76,506 (2022 - £65,600); these include donations made to them from St Paul's PCC for the costs of mortgages for properties held in West London Community Trust.

Aggregated donations received from the trustees or related parties without conditions were £29,530 (2022 - £44,101), and with conditions were £353 (2022 - £1,945).

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL'S EALING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

25 Cash generated from operations 2023 2022
£ £
(Deficit)/surpus for the year (94,770) 24,447
Adjustments for:
Investment income recognised in statement of financial activities (2,442) (433)
Loss on disposal of tangible fixed assets 942 2,406
Depreciation and impairment of tangible fixed assets 31,880 33,772
Movements in working capital:
Increase in mixed motive investments (10,000) -
(Increase)/decrease in stocks - 100
Decrease in debtors 10,038 8,018
(Decrease) in creditors (1,628) (28,667)
Cash (absorbed by)/generated from operations (65,980) 39,643

26 Analysis of changes in net funds

The PCC had no material debt during the year.