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2022-12-31-accounts

ALL SOULS CHURCH, LANGHAM PLACE 2 ALL SOULS PLACE LONDON W1B 3DA

ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2022

The Reverend Charles Skrine 12 Weymouth Street London W1W 5BY

Bank

Barclays Bank plc UK House 180 Oxford Street London W1D 1EA

Auditors

Griffin Stone Moscrop & Co 21-27 Lamb's Conduit Street

London WC1N 3GS

The PCC is a registered charity Charity Reg. No. 1132882

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE CONTENTS

Page
Annual report 1 - 6
Independent auditors' report 7 - 8
Statement of financial activities, including the income and expenditure account 9
Balance sheet 10
Statement of cash flows 11
Notes to the financial statements 12 - 28

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE ANNUAL REPORT 2022

The council members have pleasure in presenting their report and the financial statements of the charity for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements and comply with the Church Accounting Regulations 2006, 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 to the UK and Republic of Ireland (FRS 102) issued in October 2019.

REFERENCE AND ADMINISTRATIVE INFORMATION

Council members

Members of the PCC are either ex officio or elected by the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules. During 2022 and up to the date the financial statements were approved (unless stated otherwise), the following served as members of the PCC:

Clerks in Holy Orders: Reverend Charles Skrine Rector
Reverend Jonathan Gillespie
Reverend Luke Ijaz
Reverend Philip Keen
Reverend Richard Tice
Reverend William Stileman (From April 2022)
Churchwardens: Joanna Richards
Robert Turner
Member of the General Synod: Sophie Clarke
Members of the Diocescan Synod: Paul Hawkins
Jeremy Thomas
Victor Truong
Representatives on the Deanery Synod: Kevin Ashmam (To Dec 2022) Gordon Hockey
Richard Bagwell Stephen Mackay
James Brightwell Alison MacKenzie
Alison Burn Litsa McClymont
Mary Currie Jonathan Morrow
John Ellerton Mark O'Leary
Jennifer Gallagher (Lay reader) David Rollason
Steven Ho Erna Smit
Derek Lowe Susan Stamper-Iveson
Lay Reader elected to PCC pursuant to Rule M15(1)(h) of
the Church Representation Rules: David Turner
Elected Members: Chloe Black
Kevin Carter (To May 2022)
Hana Cho (From May 2022)
Anne Custance (To May 2022)
Richard East
Sarah Gawley
Michael Hall (Treasurer)
Ross Hendry (To May 2022)
Joel Huang
Ndubuisi Kejeh (To May 2022)
Marti Kiraly (From May 2022)
Steven Legg
Yan-Ling Li (To May 2022)
Natasha Ling (To May 2022)
Fiona Ochan
Grace Ong
Ben Okumu (From May 2022)
Chioma Onwere (From May 2022)
Caroline Orji
Rachel Oti (From May 2022)
Rachel Rider
Kirsten Russell
Robert Selby (To September 2022)
Michael Sharp (PCC Secretary)
Louise Smith
Paul Stamper-Iveson
Andrew Turner (To May 2022)
Richard Wang (To May 2022)
Brian Weaver
Jennifer Wong (From May 2022)
Celia Wyatt
Nathaniel Yisa

Page 1

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE ANNUAL REPORT 2022 (CONTINUED)

Structure, governance and management

All Souls, Langham Place is an evangelical Anglican Church in the heart of the west end of London. The church is a Grade I listed building, designed by John Nash. It holds about 1,000 people and welcomes some 2,000 to three main Sunday services each Sunday. The church family is very international and has a healthy mix of all ages and nationalities. 1,003 people were recorded on the electoral role at the 2022 APCM. 854 people returned annual membership cards in 2022 demonstrating their commitment to pray, serve, give, share Christ and study God’s word. A second congregation worships at the All Souls Clubhouse in Cleveland Street.

All Souls Parochial Church Council (PCC) has responsibility to cooperate with the incumbent in promoting in the parish the whole mission of the Church: pastoral, evangelistic, social and ecumenical.

Senior lay staff attend PCC meetings in an advisory non-voting capacity.

Appointment and induction of PCC members

In accordance with the Church Representation Rules, one third of the elected members of the PCC are elected at the APCM every year for a three year term, in addition to any casual vacancies that need to be filled. The members of the PCC also currently include eighteen Deanery Synod representatives, who were elected for a three year term from 2020 to 2023. Our arrangements ensure that new PCC members undergo an induction to brief them on their legal obligations under charity and church law, and their role as members of the council.

Risk management statement

The PCC acknowledges its responsibility to monitor risks faced by the charity. The All Souls Risk Policy is approved annually by the PCC and outlines the means by which major risks are managed. The rector and principal PCC subcommittees (Finance, Buildings, Safeguarding, World Mission and Security, HR and Remuneration) are designated risk owners and, under the direction of the church officers group, comprising a Church Warden, the PCC Secretary and Director of Operations, the risk register is reviewed termly. Work is continuing to improve the effectiveness of the risk framework, particularly the ability of the charity to relate risks to objectives, score risks consistently and present risks consistently across different risk areas.

Organisational policy

The PCC meets every month, other than May and August, and there are sub-committees covering various different activities. Other sub-committees are formed as and when required. The Director of Operations is appointed to manage the day to day operations of the charity. To facilitate effective operations, the Director of Operations has delegated authority, within the terms of delegation approved by the PCC members, for matters including strategic planning and delivery and operational oversight of the four Parish charities.

The church recognises the following roles as key management staff: Clergy, Head of People and Culture, Senior Minister in charge of Ministry Trainees, Director of Operations, Buildings, IT and Finance Managers. Pay and remuneration of lay staff is set by the PCC, that of Clergy by the London Diocese.

Charitable status

All Souls Church is a registered charity under registration number 1132882.

Related charities

All Souls Church is closely linked to other charities within the parish, namely the St Paul’s Trust, Langham Arts Trust, All Souls Serve The City CIO and All Souls Clubhouse. As the PCC has the power to appoint or remove the trustees or common trustees, this would indicate a requirement for audited consolidated financial statements to be compiled reflecting the activities of the whole parish. However, given that the activities of the related charities are supplementary to the core activity of the PCC, we consider that if we were to include the financial performance of those entities within these financial statements, we may in substance dilute the understanding of the financial performance and position of the primary organisation that the PCC is responsible for. Accordingly, the financial statements to which this report relates only reflect the results and position of activities and programmes under the direct control of the PCC.

Page 2

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE ANNUAL REPORT 2022 (CONTINUED)

OBJECTIVES AND ACTIVITIES

Our Vision: All For Jesus

The PCC has considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. This has always been at the very heart of our mission statement and the following review depicts just some of our many activities enabling ordinary people to live out their faith as part of our parish community. In carrying out its responsibilities, the PCC has complied with its duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016 to have due regard to House of Bishops' guidance on safeguarding children and vulnerable adults.

Rector's Report

2022 has been a year of reopening and restarting as we enjoyed a full year without Covid restrictions. Ministries as diverse as Webber Street, Jellybeans, Soul Sports and the Cornerstone summer holiday were all able to resume. Christianity Explored went back to meeting in person, and Pillar & Step hosted Rachael Denhollander, who also joined an expert panel of speakers at the Gospel and Abuse Conference. We enjoyed a full run of Carol Services with thousands of copies of the gospel accounts given away to those who attended.

We were back in the Royal Albert Hall for Prom Praise and the 50th anniversary of the All Souls Orchestra, and Springboard was relaunched as Roots, a discipleship programme running over 2 years with an expanded team of leaders and capacity to welcome those new to the church. We had the first relatively normal September for a number of years and were delighted to welcome new students, new graduates, and new arrivals from other countries in large numbers.

In some areas the Covid experience has deepened our life as a church, for example the trip to the park after the 9.30 service was the only way to meet under the restrictions, but now the church family continues to spend time together at the park every Sunday building relationships and growing together in Christ. In other areas we are still wrestling with how to meet the new opportunities of a changed London, for instance in how to meet the needs of those who work locally but no longer work a predictable 9-5 Monday-Friday.

We have benefitted from a nearly full staff team, with significant arrivals like Will Stileman, the new Associate Rector, Nathan van Sittert, the new Director of Operations, and Bryan Drummond, to fill a newly employed position as Parish Safeguarding Officer. We are thanking the Lord for all his continued goodness to us, and trusting him for the opportunities and challenges He is placing in front of us into 2023.

Church Wardens' Report

2022 saw the PCC initiate reviews of All Souls Church’s housing, buildings, finances and culture. These reviews will all report in 2023 and will have significant implications for our life and operations as a church for a number of years to come. We are grateful for the skills and expertise of those involved. Alongside these reviews, work has continued on strengthening our approach to governance and risk with the work of the PCC’s Governance and Risk sub-committee, a new approach to risk management developed that will be rolled out in 2023, and a focus on ensuring that conflicts of interest and loyalty are appropriately managed. The Trustees’ Away Day in June - which for the first time brought together trustees from all four of the charities associated with All Souls - provided a valuable opportunity to ensure that trustees were aligned in their understanding of the governance responsibilities we hold.

Excitingly, 2023 will also see the completion of the first phase of the ‘2024 project’ - a significant repair of the church roof, refurbishment of the steps and general repairs and improvements to the whole exterior of the church. Due to wider macro-economic conditions, outside of the control of the PCC, the budget for this project increased significantly with the result that the tenders received for the work were nearly £1 million more expensive than originally anticipated. Through the generosity of the church family and a number of wider grant-making bodies alongside effective project management ensuring costs are appropriately managed, the project will finish in April. It is important to acknowledge our appreciation of the All Souls buildings team who have worked tirelessly with a large team of professionals to enable this £2.2 million project to be completed on time.

We do, however, enter 2023 with a degree of uncertainty around the future of the Church of England. Throughout 2022 the PCC engaged with and gave considerable time to the Church of England’s Living in Love and Faith (LLF) process. This included an encouragement to all members of the PCC to review the resources provided alongside specific ‘teaching sessions’ that included an overview of the materials and study of some of the key Bible passages referenced. The LLF materials raised a number of concerns for the PCC and these were communicated to Bishop Sarah as well as the team managing the consultation process. Chief amongst the PCC’s concerns were the challenges that the LLF materials created for those in our church family who are same sex attracted and/or those with gender dysphoria. In particular, the PCC felt that these materials lacked confidence in the goodness and authority of God’s word and therefore presented a confusing and conflicting picture to those who are same sex attracted but seeking to live celibate and God-honouring lives.

The LLF process resulted in proposals from the Bishops in January 2023 to introduce blessings for committed sexual relationships outside of marriage between a man and a woman. They were approved at the Church of England’s General Synod in February 2023. As a consequence, and out of desire to demonstrate our objection practically, the PCC voted to pause all contributions to the Church of England's Common Fund until we have had the time necessary to consider next steps. The implications of the Church of England's departure from Biblical Christianity on this issue has significant implications for All Souls as well as the Anglican communion, both within the UK and globally. The PCC will need to give very careful and prayerful thought as to how it responds, for which we would immensely value your prayers.

Page 3

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE ANNUAL REPORT 2022 (CONTINUED)

Staffing Report

In 2022, All Souls Church welcomed several new staff members who joined in various roles. Luke Daymond was hired as a Graphics Specialist, Jonathan Miles as an IT Coordinator, Tom Morgan as a Buildings Assistant, and Judy Shaw as a World Mission Assistant and Communications Coordinator. Alexander Duguid, Marcin Mendon, Damon Gander, and Tim Davison joined as Church Assistants, while Audrey and Campbell Patterson joined as Fellowship Group Ministers, and Mei Lau as an Events Assistant. The organisation also made two significant appointments for senior leadership roles, with Will Stileman joining as Associate Rector from St Mary's Maidenhead, and Nathan Van Sittert as the Director of Operations. Additionally, Natasha Rayan, who had served for several years as the World Missions Minister, took on the additional role of Head of People and Culture. Bryan Drummond joined us from the Metropolitan Police as the Safeguarding Officer for All Souls Church. Lastly, Luke Ijaz moved over to serve on the ministry team of All Souls, Langham Place. As a result, he left his position as Vicar of Cleveland Street, a role filled by Jonathan Gillespie, who joined as the new Vicar of Cleveland Street.

However, the church had several team members move on in 2022. Verena Olby left her position as HR Officer, Tuuli Platner as a Graphics Specialist, and Tobias Brown as a Fellowship Group Minister, who moved on to serve as the Senior Pastor of Grace Church, Brockley. Philip Grove departed as IT and Communications Manager, while John Rawlins, Fernanda Felix, Esther McElhinny, Ben Sherwin, and Rosie Tindall completed their year of service as Church Assistants. Aileen Austin moved on from her role as Administration Manager, Mercedes Prendergast as Catering Manager and Pam Glover departed All Souls after 40 incredible years serving in various roles but for the longest time as Resources Manager. We also welcomed back Jo Jackson and Kate Sharp from maternity leave in the summer, whilst Ashleigh Martin started and finished maternity leave within the same financial year.

Christian Service

All Souls depends on its members' involvement in Christian service. Serving partners have continued to be involved in many areas of online church life including small groups, pastoral care, worship, music, youth and children’s work, men’s and women’s ministry, evangelism and training.

FINANCIAL REVIEW

The Statement of Financial Activities (SOFA) shows unrestricted net expenditure of £329,526 from normal operations (excluding legacies) (2021: net income of £170,500). Unrestricted legacies totalled £18,890 this year (2021: £324,214). Restricted net expenditure was £1,055,612 for the year (2021: £76,979 net income).

Of the total unrestricted income of £2,362,452, 91% (2021: £2,688,188, 81%) was sourced from congregational giving and 9% (2021: 19%) came from other sources, including legacies. Rental income from facilities has slowly begun to increase again, having fallen the last two years due to Covid.

Unrestricted expenditure on Church activities totalled £2,585,634 (2021: £2,194,167). The breakdown of this expenditure is as follows: £925,120, 36% (2021: £839,419, 38%) relates to salaries and other costs for the ministry team, £292,427, 11% (2021: £251,197, 12%) is direct property costs for All Souls, SPRAS and SPVS, £121,004, 5% (2021: £63,319, 3%) is direct ministry costs and £320,384, 12% (2021: £271,014, 12%) relates to grants made. The balance of £926,699, 36% (2021: £769,217, 35%) relates to support team and governance costs for all activities, which have been allocated to unrestricted church activities as per Note 3d.

Both trading departments, catering and resources, closed in 2022. Following the catering manager's resignation, the church looked at a new way of providing meals at events. This new process is still in its trial phase as we seek to work out the needs and resources available to provide meals at cost effective prices. The resources department, which was severely affected during Covid, has now closed completely. Stock which was due to be sold in 2022 did not sell as anticipated and as a result 75% of the book value has been written off this year.

The Good Samaritan initiative, reported within the Rector's Discretionary Fund, received income of £5,990 (2021: £36,844). Distributions of £5,400 were made during the year (2021: £9,050).

Flat C, 5 All Souls Place, continued until September 2021 as an investment property to earn commercial rentals. Following the property review in 2022, this flat will remain available for staff and will no longer be rented out commercially. As a result the value of £1,025,000 provided by Robert Irving Burns, will be depreciated from 1 January 2023.

The annual Thanksgiving and Gift Day brought in £282,893 from donations and £51,800 in gift aid (2021: £228,759 and £47,352 respectively). The gift day was another fundraising effort towards the 2024 building project. Due to the high level of reserves in the Mission Fund at 31 December 2021, there were no 'gift days' held for the fund. The church still had World Mission Sundays, but did not specifically ask for gifts. In 2021, £688,910 was received on gift days for the World Mission Fund. The World Mission committee approved grants from the Mission Fund totalling £506,410 (2021: £569,390). This includes £73,000 given towards conflict and disaster zones, after an appeal in May to help people in these areas raised £30,070. These are detailed in Note 15.

Page 4

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE ANNUAL REPORT 2022 (CONTINUED)

Principal risks and strategies for mitigation

There are three principal strategic risks for 2023. The first relates to the agreement by the PCC to approve a budget deficit of £434,000 with the intention of using cash reserves to cover the deficit for the budget year. The risk of a deficit budget is a significant concern for the Church. Such deficits can put the Church's financial stability and sustainability at risk.

To mitigate this risk, the Church has made a concerted effort to manage its cash reserves effectively. This includes regularly reviewing and assessing the financial position, income, and expenditure of the Church to ensure that cash reserves are being used effectively and efficiently. The Church has also implemented an ongoing spending review process to identify areas where costs can be reduced without compromising its mission and objectives.

The use of cash reserves is a strategic decision that is only made when absolutely necessary. The Church aims to maintain sufficient cash reserves to manage its day-to-day operations, meet its financial obligations, and support its strategic objectives. However, the Church recognizes that there is a balance to be struck between maintaining sufficient cash reserves and investing in its mission.

Overall, the Church's approach to managing the risk of a deficit budget and cash reserves is prudent, responsible, and in line with its values and mission. By continuing to review and assess its financial position, reduce costs, and manage its cash reserves effectively, the Church is wellpositioned to weather any financial challenges that may arise in the future.

The risk of All Souls facing pressure to remain a biblical gospel church in the event of doctrinal changes within the Church of England remains ongoing. This risk is particularly significant as the Church of England continues to grapple with issues related to human sexuality, gender, and other theological matters.

To mitigate this risk, All Souls has been actively engaging with Church of England structures to maintain its position as a biblical gospel church. The Rector has been using his elected positions within the General Synod and the Church of England Evangelical Council to try to prevent changes that would undermine the Church's commitment to biblical teaching. In addition, the PCC will be holding a series of discussions over the coming year to assess the potential impact of any changes within the wider Church of England and to develop strategies for maintaining the Church's biblical stance.

While there is no guarantee that the Church of England will not make doctrinal changes in the future, All Souls is taking proactive steps, such as withholding voluntary Common Fund payments, to protect its identity and mission as a biblical gospel church. By continuing to engage with Church of England structures, raising awareness of these issues, and developing strategies to address any potential threats, All Souls is wellpositioned to navigate these challenges and remain true to its mission.

The third risk is that All Souls could be affected by a specific safeguarding issue or via association through ongoing reviews on safeguarding within the Church of England.

A committee undertook to present to the PCC those recommendations found in the Thirtyone:eight 'Independent Lessons Learned Review Concerning Jonathan Fletcher and Emmanuel Church Wimbledon' (published in March 2021), which were relevant to All Souls. Throughout 2022, this proactive measure has generated the development of internal reviews and groups dedicated toward safeguarding improvement. In addition to this, a full time safeguarding officer specific to All Souls was appointed in April. A second person was also appointed in late 2022, to assist with the improvement of safer recruitment practice and procedure. All Souls retains a very good working relationship with the Diocese of London and the Diocesan Safeguarding Team and remains committed to the maintenance and upkeep of good safeguarding practice.

Investment policy

Investments are held on behalf of the parish by the London Diocesan Fund to provide an income return. All Souls has also directly invested with Hargreaves Lansdown to provide an income return. Most of these investments are short term; they are held for the ongoing running costs of the Church.

Grant-making policy

The PCC approves grants. They are made to charities or as part of unsolicited giving to beneficiaries recommended by the World Mission Committee.

Reserves policy

At 31 December 2022 funds held totalled £3,792,197 (2021: £5,164,327), of which £704,353 (2021: £1,754,012) were restricted funds. The PCC members have established a policy whereby unrestricted funds (net of fixed assets and long term liabilities secured on them and net of stock in hand) held by the charity equate to a minimum of 20% (2021: 20%) of unrestricted resources expended (excluding depreciation). At this level the PCC members feel that they would be able to continue the activities of the charity in the event of a significant drop in funding.

At 31 December 2022 the adjusted unrestricted fund balance was calculated as being £1,259,926 in surplus. This is £741,559 more than the £518,366 required by the policy.

Auditors

A proposal will be made at the APCM in May 2023 that a tender process is undergone later in the year to select and appoint auditors for 2024.

PCC members’ responsibilities

The PCC members are responsible for preparing the Annual 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 and Wales requires the PCC members to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the church and of the incoming resources and application of resources of the church. In preparing those financial statements, the PCC members are required to:

● prepare the financial statements on a going concern basis unless it is inappropriate to presume that the activities of the church will continue.

Page 5

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE ANNUAL REPORT 2022 (CONTINUED)

PCC members’ responsibilities (continued)

The PCC members are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the church and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the Church Accounting Regulations 2006. They are also responsible for safeguarding the assets of the church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the PCC on 17th April 2023 and signed on its behalf by:

………………………………

………………………………

Michael Hall (Treasurer)

Robert Turner (Church Warden)

Page 6

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE

Opinion

We have audited the financial statements of All Souls Church, Langham Place for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, 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 FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 church in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 opinon.

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 church'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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

Responsibilities of PCC members

As explained more fully in the "PCC members' responsibilities" statement set out on pages 5 and 6, the PCC members are responsible for the preparation of the financial statements and for being satisfied that they 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.

Page 7

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE (CONTINUED)

In preparing the financial statements, the PCC members are responsible for assessing the church'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 church or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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 for this engagement and the extent to which these are capable of detecting irregularities, including fraud is 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Use of our report

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

Chartered Accountants Statutory Auditors Date 2023

21-27 Lamb's Conduit Street London WC1N 3GS

Griffin Stone Moscrop & Co is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 8

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

----- Start of picture text -----
FUNDS 2022 2021
Endow-
Unrestricted Restricted ment TOTAL TOTAL
World
Mission Building Other Total
Note £ £ £ £ £ £ £ £
Income and
endowments
from:
Donations and
legacies 2a. 2,164,635 416,243 814,201 20,411 1,250,855 - 3,415,490 3,786,008
Church activities 2b. 24,519 - 66,000 451 66,451 - 90,970 88,758
Other trading
activities 2c. 160,924 - - - - - 160,924 119,489
Investments 2d. 12,374 7 - - 7 - 12,381 21,344
Total income and
endowments 2,362,452 416,250 880,201 20,862 1,317,313 - 3,679,765 4,015,599
Expenditure on:
Raising funds
- Trading expense 5 (34,158) - - - - - (34,158) (62,519)
- Investment
management
costs 4 (555) - - - - - (555) (6,035)
Church activities 3a. (2,585,634) (509,105) (1,823,793) (40,027) (2,372,925) - (4,958,559) (3,438,564)
Total expenditure (2,620,347) (509,105) (1,823,793) (40,027) (2,372,925) - (4,993,272) (3,507,118)
Net income /
(expenditure)
before gain /
(loss) on
investments (257,895) (92,855) (943,592) (19,165) (1,055,612) - (1,313,507) 508,481
Gain / (Loss) on
investments 4 (52,741) - - - - (5,882) (58,623) 69,392
Net income /
(expenditure) (310,636) (92,855) (943,592) (19,165) (1,055,612) (5,882) (1,372,130) 577,873
Transfer of funds (14,953) - 30,000 (15,047) 14,953 - - -
Net movement in
funds (325,589) (92,855) (913,592) (34,212) (1,040,659) (5,882) (1,372,130) 577,873
Reconciliation of
funds:
Total funds
brought forward 3,368,232 437,891 1,120,625 186,496 1,745,012 51,083 5,164,327 4,586,454
Total funds
carried forward 3,042,643 345,036 207,033 152,284 704,353 45,201 3,792,197 5,164,327
----- End of picture text -----

The notes on pages 12 to 28 form part of these financial statements.

Page 9

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE BALANCE SHEET AS AT 31 DECEMBER 2022

Note
FIXED ASSETS
Tangible assets
7
Investment property
8a.
Investments
8b.
CURRENT ASSETS
Stock
9
Debtors and prepayments
10
Amounts due from:
- All Souls Serve The City
- Christianity Explored
- Langham Arts Trust
- Langham Arts Trust (long-term loan)
- Inspire Church Plant
- St Paul's Trust
Short-term deposits
Cash at bank (including minor fundholders)
Cash in hand
Creditors: amounts falling due within one year
11a.
NET CURRENT ASSETS
Creditors: amounts falling due after more than one year
11b.
Provisions for liabilities
11c.
NET ASSETS
PARISH FUNDS
Unrestricted funds
14b.
Restricted funds
14a.
Endowment funds
4
TOTAL FUNDS		 2022
£
1,915,380
-
199,875
2,115,255
1,727
210,023
211,723
5,876
-
13,731
324
131,398
795,890
1,032,627
80
2,403,399
228,907
2,174,492
389,203
108,346
3,792,197
3,042,643
704,353
45,201
3,792,197		 2021
£
923,746
1,050,000
221,629
2,195,375
9,056
176,675
99,254
-
1,622
13,731
324
-
785,656
2,435,642
255
3,522,215
110,051
3,412,164
408,344
34,868
5,164,327
3,368,232
1,745,012
51,083
5,164,327

The financial statements were approved by the PCC on 17th April 2023 and signed on its behalf by:

……………………………………………….

……………………………………………….

Michael Hall (Treasurer) Robert Turner (Church Warden)

The notes on pages 12 to 28 form part of these financial statements.

Page 10

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

Note
Cash flows from operating activities:
Net cash (used in) / provided by operating activities
13a.
Cash flows from investing activities:
Purchase of property, plant and equipment
Purchase of investments and investment property
Proceeds from sale of investments
Net cash 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
13b.
Analysis of changes in net cash/(debt)
At 1 Jan
2022
£
Short-term deposits
785,656
Cash at bank (including minor fundholders)
2,435,642
Cash in hand
255
Debt due within one year
(19,140)
Debt due after one year
(408,344)
TOTAL
2,794,069
Dividends, interest and rents from investments (excluding Hargreaves Lansdown)		 2022
£
(1,378,532)
11,559
(23,983)
(2,000)
-
(14,424)
(1,392,956)
3,221,553
1,828,597
Cash
flows
£
10,234
(1,403,015)
(175)
(1,392,956)
(1)
19,141
(1,373,816)		 2021
£
617,496
21,344
(49,808)
(98,286)
75,002
(51,748)
565,748
2,655,805
3,221,553
At 31 Dec
2022
£
795,890
1,032,627
80
(19,141)
(389,203)
1,420,253

The notes on pages 12 to 28 form part of these financial statements.

Page 11

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. Accounting policies

Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 and the Statement of Recommended Practice Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

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 Statement of Recommended Practice Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Church constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared on the accruals basis and under the historical cost convention except for the valuation of investment assets, which are shown at market value.

Going concern

The financial statements have been prepared on the going concern basis. Although there are financial challenges to achieving surpluses, the PCC are convinced that actions in place will ensure that the church remains a going concern.

Accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The PCC makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related acutual results.

Funds

General unrestricted funds represent the funds of the Parochial Church Council (PCC) that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Funds designated for a particular purpose are also unrestricted.

Restricted funds are those subject to specific trusts, which may be declared by the donor or with their authority. The restricted funds of All Souls, Langham Place include restricted income funds which are expendable at the discretion of the PCC in the furtherance of some particular aspects of the activities of the Church, and restricted capital funds, whose income is restricted.

The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body nor those that are informal gatherings of church members.

Income

Donations and legacies

Income from church activities and other trading activities

Income from investments

Page 12

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Expenditure

Allocation of support and governance costs

Expenditure is charged on the Accruals basis. It is allocated to the activities in the SOFA based on staff time.

Expenditure on raising funds

This relates to costs of the audio and resource centre, canteen, which closed in 2022, and other trading activities.

Grants

Grants and donations are accounted for when paid, or when awarded, if that award creates a binding obligation on the PCC.

Treatment of irrecoverable VAT

As a registered charity the Church is generally not liable to tax on its surplus or capital gains. It is not, however, exempt from value added tax. Irrecoverable value added tax is included in the cost of those items to which it relates.

Operating leases

Rentals under operating leases are charged to the SOFA in the period to which they relate.

Activities directly relating to the work of the Church

The diocesan quota or parish share is accounted for when payable. Any diocesan fees are accounted for when the services are incurred. Any unpaid fees at 31 December are provided for in these financial statements as an operational liability and is shown as a creditor in the balance sheet.

Support costs

Costs incurred or payments made which are an integral part of expenditure on the PCC’s objects.

Governance costs

Expenditure incurred in ensuring that the PCC complies with all legal and regulatory obligations.

Pension contributions

The PCC operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the PCC in an independently administered fund. Contributions are charged when payable.

Tangible fixed assets

Consecrated land and buildings and moveable church furnishings

Consecrated and beneficed property is excluded from the financial statements by s10(2)(a) of the Charities Act 2011.

Moveable church furnishings held by the 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 (at any reasonable time). For inalienable property acquired prior to 2000 there is insufficient cost information available and therefore such assets are not valued in the accounts. Items acquired since 1 January 2000 have been capitalised and depreciated on a straight-line basis in the accounts over their currently anticipated useful economic life (initially over 20 years).

All expenditure incurred during the year on consecrated or benefice building, individual items under £5,000 or on repair of movable church furnishings acquired before 1 January 2000 is written off.

Freehold and leasehold property

Freehold properties are valued at purchase price. In the opinion of the PCC members, depreciation of the freehold properties would be immaterial and has not been charged. The members carry out an annual impairment review, and in their opinion no provision is necessary in respect of the value at which freehold properties are included in the financial statements. Leasehold properties are valued at cost and are depreciated on a straight line basis over the life of the lease.

Other fixtures, fittings and office equipment

Equipment used within the church premises is depreciated on a straight line basis over 2 to 10 years. Individual items of equipment with a purchase price of £1,000 or less are written off when the asset is acquired.

Page 13

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Investment properties

Investment properties are included in the balance sheet at their open market value in accordance with FRS 102 and are not depreciated.

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The SOFA includes net gains and losses arising on revaluations and disposals throughout the year.

Stocks

Stocks are shown at the lower of cost or net realisable value.

Debtors

Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors less provision for any amounts that may prove uncollectable. These are recognised initially at the settlement amount. Prepayments are valued at the amount prepaid, net of any trade discounts due.

Cash and cash equivalents

Cash at bank and in hand and short term deposits comprise cash and short-term highly liquid investments held with the CBF Church of England Deposit Fund or Barclays Bank and other institutions, maturing within three months or less from the opening of the deposit or similar account.

Creditors

Creditors are recognised when the PCC has 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.

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

Financial Instruments

The church only has financial assets and liabilities of a kind that qualify as basic financial instruments. All (including debtors and creditors) are initially recognized at transaction value and subsequently measured at their settlement value.

1a. Charity information

All Souls, Langham Place is an evangelical Anglican Church located at 2 All Souls Place, London, W1B 3DA. A description of the nature of the charity's operations and its principal activites can be found in the Annual Report of the PCC.

Page 14

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Income and endowments

2a. Donations and legacies

Gift aid donations
Charity vouchers
Income tax
recovered
Offerings
Gift Days
Donations
Grants
Legacies		 Unrestricted
£
1,191,789
219,415
312,992
510
-
418,199
2,840
18,890
2,164,635		 2022
2021
World
Mission
Building
Other
Total
TOTAL
TOTAL
£
£
£
£
£
£
235,604
102,665
9,645
347,914
1,539,703
1,544,038
27,101
36,874
3,844
67,819
287,234
327,577
65,402
79,648
2,397
147,447
460,439
504,488
-
-
-
-
510
93
25,035
282,894
-
307,929
307,929
561,471
63,101
36,852
4,525
104,478
522,677
468,807
-
272,602
-
272,602
275,442
55,320
-
2,666
-
2,666
21,556
324,214
416,243
814,201
20,411
1,250,855
3,415,490
3,786,008
Restricted
FUNDS

2b. Church activities

Facilities use
Wetfoot
Fees		 Unrestricted
£
23,094
-
1,425
24,519		 2022
2021
World
Mission
Building
Other
Total
TOTAL
TOTAL
£
£
£
£
£
£
-
66,000
-
66,000
89,094
85,995
- -
451
451
451
492
- - - -
1,425
2,271
-
66,000
451
66,451
90,970
88,758
FUNDS
Restricted

2c. Other trading activities

Unrestricted
Note
£
Income from trading
5
10,695
Church hall lettings
11,481
Residential rents
88,849
Other
49,899
160,924
Unrestricted
£
Interest on short-
term deposits
10,329
Dividends on trusts
and holdings
2,045
Property
-
12,374
2d. Income from investments		 2022
2021
World
Mission
Building
Other
Total
TOTAL
TOTAL
£
£
£
£
£
£
- - - -
10,695
14,611
- - - -
11,481
-
- - - -
88,849
57,109
- - - -
49,899
47,769
- - - -
160,924
119,489
2022
2021
World
Mission
Building
Other
Total
TOTAL
TOTAL
£
£
£
£
£
£
- - - -
10,329
703
7
- -
7
2,052
1,441
- - - -
-
19,200
7
- -
7
12,381
21,344
FUNDS
Restricted
FUNDS
Restricted

Page 15

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

3. Expenditure

3a. Church activities

----- Start of picture text -----
FUNDS 2022 2021
Unrestricted Restricted TOTAL TOTAL
World
Mission Building Other Total
Note £ £ £ £ £ £ £
Grants
All Souls mission partners 15a - 292,810 - - 292,810 292,810 351,630
Other world mission grants 15b - 213,600 - - 213,600 213,600 221,260
Ordinands and bursaries 29,414 - - - - 29,414 17,968
Extra-parochial grants 16 282,222 - - - - 282,222 253,046
Other grants made 8,748 - - 1,572 1,572 10,320 387,519
320,384 506,410 - 1,572 507,982 828,366 1,231,423
Activities directly relating
to the work of the Church
Clergy and ministries 1,193,728 - 99,474 3,151 102,625 1,296,353 1,219,635
Clergy Diocesan Common
Fund salaries 261,943 - - - - 261,943 265,631
Ministry salaries, NI and
pensions 385,808 - - - - 385,808 369,680
Ministry working costs 37,784 - - 3,151 3,151 40,935 16,853
Ministry accommodation
costs 233,981 - 99,474 - 99,474 333,455 340,096
Telephone 5,604 - - - - 5,604 6,570
Support and governance
allocation 3d 268,608 - - - - 268,608 220,805
ASLP, SPRAS, and SPVS 544,919 2,016 1,724,319 30,321 1,756,656 2,301,575 535,835
Electricity 25,241 - - - - 25,241 30,113
Gas 23,178 - - - - 23,178 21,256
Water 3,009 - - - - 3,009 2,650
Maintenance and repairs 90,054 - 1,701,594 30,032 1,731,626 1,821,680 201,853
Insurance 38,327 - - - - 38,327 36,649
Consumables 6,485 - - - - 6,485 3,451
Depreciation 57,351 - - - - 57,351 36,977
Card and bank charges 9,304 2,016 3,402 271 5,689 14,993 14,984
Services and communion 4,027 - - 18 18 4,045 921
Other church running costs 35,451 - - - - 35,451 22,563
Bad and doubtful debts - - - - - - 487
Support and governance
allocation 3d 252,492 - 19,323 - 19,323 271,815 163,931
Direct ministry costs 526,603 679 - 4,983 5,662 532,265 451,671
Music and organ tuning 8,065 - - 34 34 8,099 3,341
Children and youth 8,656 - - 32 32 8,688 7,372
Student work 10,414 - - - - 10,414 6,044
Church family and
workplace 12,198 679 - - 679 12,877 (198)
Sunday services 16,362 - - 382 382 16,744 4,494
Springboard 6,239 - - - - 6,239 765
Pastoral 5,758 - - - - 5,758 8,327
Evangelism 29,644 - - - - 29,644 8,097
Special events 23,668 - - 4,469 4,469 28,137 28,625
Wetfoot - - - 66 66 66 68
Support and governance
allocation 3d 405,599 - - - - 405,599 384,736
TOTAL 2,585,634 509,105 1,823,793 40,027 2,372,925 4,958,559 3,438,564
----- End of picture text -----

Page 16

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

3. Expenditure (continued)

3b. Support costs

Support staff salaries, NI
and pensions
Support staff working
costs
Telephone
Print, postage and
stationery
Technology
Note
PCC expenses
Audit fees
Under provision for prior
year audit fee
Legal, professional and
accountancy fees
Total support and
governance costs
3d.
3c. Governance costs		 £
777,696
29,401
8,407
1,064
33,194
849,762
£
369
15,000
-
61,568
76,937
926,699
Unrestricted
Unrestricted		 2022
2021
TOTAL
TOTAL
World
Mission
Building
Other
Total
£
£
£
£
£
£
- - - -
777,696
662,652
- - - -
29,401
7,951
- -
- -
8,407
9,966
- -
- -
1,064
99
- -
- -
33,194
30,863
- -
- -
849,762
711,531
2022
2021
TOTAL
TOTAL
World
Mission
Building
Other
Total
£
£
£
£
£
£
- -
- -
369
164
15,000
15,600

- - - -
-
3,520
- 19,323
- 19,323
80,891
38,656
-
19,323
-
19,323
96,260
57,940
- 19,323 -
19,323
946,022
769,471
FUNDS
Restricted
FUNDS
Restricted

3d. Allocation of support and governance costs

Support and governance costs have been allocated to the activities shown in Note 3a. by apportioning time spent by staff on each activity area. All such costs are charged in their entirety against unrestricted income. ASLP, SPRAS and SPVS costs relate to the running of the three main buildings.

Activity
Clergy and ministries
ASLP, SPRAS, and SPVS
Direct ministry costs		 £
268,608
252,492
405,599
926,699
Unrestricted		 2022
2021
TOTAL
TOTAL
World
Mission
Building
Other
Total
£
£
£
£
£
£
- -
- -
268,608
220,805
-
19,323
-
19,323
271,815
163,931
- -
- -
405,599
384,736
- 19,323
-
19,323
946,022
769,471
Restricted
FUNDS

Page 17

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

4. Gains / (Losses) on investments and investment property

Endowment investments
Market value at 1 January
Additions, at cost
Disposals at opening market value
Market value at 31 December
Unrealised (loss) / gain in year
Hargreaves Lansdown investments
Market value at 1 January
Additions, at cost
Disposals at opening market value
Market value at 31 December
Unrealised (loss) / gain in year
Realised loss on disposal
(Loss) / gain on Hargreaves Lansdown investments
Investment property - Flat C, 5 All Souls Place
Market value at 1 January
Market value at 31 December, determined by independent valuer
Increase / (decrease) in market value
Total gains / (losses)
Investment property management costs		 2022
£
51,083
-
-
51,083
45,201
(5,882)
170,546
25,332
(17,897)
154,674
(23,307)
(4,434)
(27,741)
1,050,000
1,025,000
(25,000)
(58,623)
(555)		 2021
£
44,903
42,352
(42,352)
44,903
51,083
6,180
134,050
55,934
(32,650)
170,546
13,212
-
13,212
1,000,000
1,050,000
50,000
69,392
(6,035)

5. Net income / (expenditure) from trading

Net income / (expenditure) for various activities which include items of both income and expenditure are as follows:

Catering
Receipts
Stock at 1 January
Add: Purchases
Less: Stock at 31 December
Cost of stock used
Staff costs
Maintenance
Depreciation
Total costs
Catering deficit
Audio and resource centre
Receipts
Stock at 1 January
Add: Purchases
Less: Provision for obsolete stock
Less: Stock at 31 December
Cost of stock sold
Provision for obsolete stock
Total costs
Resources deficit
Total trading deficit
The total trading deficit can be split as follows:
Income - unrestricted
Expenditure - unrestricted		 2022
£
£
10,166
2,147
9,538
-
11,685
13,022
4,334
-
(29,041)
(18,875)
529
6,909
(65)
(5,182)
(1,727)
(65)
5,182
(5,117)
(4,588)
(23,463)
10,695
(34,158)
(23,463)		 £
-
9,805
(2,147)
(7,836)
163
-
(6,909)		 2021
£
14,561
7,658
45,500
7,743
528
(61,429)
(46,868)
50
1,090
-
(1,090)
(1,040)
(47,908)
14,616
(62,519)
(47,908)

Page 18

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

6. Consolidated staff costs

Wages and salaries
Social security costs
Pension costs		 2022
£
1,027,355
86,999
62,891
1,177,245		 2021
£
943,173
71,525
60,124
1,074,822

During the year the PCC employed 47 (2021: 47) lay staff, none of whom earned £60,000 p.a. or more. The above figures include full and part time staff and staff working only for All Souls Church PCC. It excludes any contributions made to mitigate the costs of any person's salary. The number of full time equivalent (FTE) staff in 2022 was 37 (2021: 36). Between January and December, 5 (2021: 5) clergy were paid stipends by the Diocese of London. A Diocesan Common Fund contribution of £261,943 (2021: £265,631) was made to cover these costs. The above pension costs represent the contributions payable for the year; they include an amount of £7,369 (2021: £7,209) arising from December 2022 salaries but paid in January 2023.

There are 12 (2021: 11) individuals identified as key management who received remuneration during the year, including 5 (2021: 5) ordained clergy. The total remuneration (including pension and NI) was £538,746 (2021: £511,918).

7. Tangible fixed assets

Freehold land and buildings comprise:

Leasehold buildings comprise:

The London Diocesan Fund is custodian trustee and the All Souls PCC is managing trustee of all freehold and leasehold properties.

Cost
At 1 January 2022
Additions
Transfer at deemed cost
Disposals
At 31 December 2022
Accumulated depreciation
At 1 January 2022
Charge for the year
Disposals
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021		 Freehold
land and
buildings
Leasehold
land and
buildings
Motor
vehicles
Fixtures,
fittings and
equipment
Total
£
£
£
£
£
44,000
745,564
8,522
740,931
1,539,017
-
-
-
23,983
23,983
-
1,025,000
-
-
1,025,000
-
-
-
-
-
44,000
1,770,564
8,522
764,914
2,588,000
-
45,361
8,522
561,388
615,271
-
5,408
-
51,941
57,349
-
-
-
-
-
-
50,769
8,522
613,329
672,620
44,000
1,719,795
-
151,585
1,915,380
44,000
700,203
-
179,543
923,746

Page 19

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

8. Investments

At 1 January 2022
Additions at cost
Revaluation (loss) /gain
Transfer at deemed cost
At 31 December 2022
8a. Investment property		 2022
2021
£
£
1,050,000
1,000,000
--
(25,000)
50,000
(1,025,000)
-
-
1,050,000

During 2013, the PCC decided to make the leasehold property, Flat C, 5 All Souls Place, available for commercial rental. In September 2021, the PCC started using it as staff housing. Following a property review during 2022, the PCC have agreed to continue using the flat as staff housing. The flat was valued independently by Robert Irving Burns in February 2023 at £1,025,000. From 1 January 2023, depreciation will be charged against this property.

8b. Other Investments
At 1 January 2022
Additions at cost
Disposals at opening market value
Unrealised net (loss) / gain
At 31 December 2022		 2022
2021
£
£
221,629
178,953
25,332
98,286
(17,897)
(75,002)
(29,189)
19,392
199,875
221,629

The London Diocesan Fund holds investments that provide an income return for the Church. Their historical cost and market values at the beginning and end of the year are as follows:

London Diocesan Fund holdings 2022
2021
2022
2021
Historical cost
Market value
Rev T B Wood No. of units £
£
£
£
Central Board of Finance Investment Fund 70 36
36
1,446
1,639
Miss E L Bridges Trust
Central Board of Finance Deposit Fund - 1,117
1,117
1,117
1,117
Central Board of Finance Investment Fund 2,063.66 42,352
42,352
42,638
48,327
Sub-total 43,505
43,505
45,201
51,083
Hargreaves Lansdown holdings 2022
2021
2022
2021
Historical cost
Market value
Aegon Ethical Equity Fund No. of units
5,250.5419		 £
£
£
£
12,093
17,001
11,894
21,552
Capital Gearing Trust Plc 372 15,932
15,828
18,237
19,074
Legal & General International Index Trust 15,589.0790 24,863
19,898
31,833
29,296
Lindsell Train Global Equity Fund 7,756.8340 20,638
20,438
21,175
22,171
Fidelity Index World 14,701.7500 40,421
25,494
38,292
25,684
Scottish Mortgage Investment Trust 1,295 15,030
10,014
9,362
10,521
Investments with market values < £10,000 30,385
40,296
23,881
42,248
Sub-total 159,362
148,969
154,674
170,546
Total other investments 202,867
192,474
199,875
221,629

The market value of other investments at 31 December 2022 was £199,875 (2021: £221,629) which, after allowing for additions of £25,332, gives rise to a net loss of £29,189 (2021: gain £19,392).

9. Stock

Audio and resource centre stock
Food and catering supplies
The following stock was held as at 31 December:		 2022
2021
£
£
1,727
6,909
-
2,147
1,727
9,056

Page 20

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

10. Debtors and prepayments

Unpaid sales invoices
Gift aid tax recoverable
Prepayments
Other debtors
Accruals for grants payable
Accruals
Other creditors
Other creditors
Trade creditors
11a. Creditors: amounts falling due within one year
11b. Creditors: amounts falling due after more than one year
Amount due to Christianity Explored
Amount due to St Paul's Trust
Taxation and social security
Amount due to Langham Arts Trust		 2022
£
8,274
66,361
15,286
120,102
210,023
2022
£
18,531
49,487
-
-
4,330
15,840
-
140,719
228,907
2022
£
389,203		 2021
£
17,364
40,882
14,522
103,907
176,675
2021
£
16,000
31,044
126
277
-
15,600
112
46,892
110,051
2021
£
408,344

Of the above amount, £312,643 (2021: £332,344) falls due after more than 5 years of the balance sheet date.

Included within other creditors, in aggregate, are loans from St Paul's Trust totalling £408,343 (2021: £427,484) which are secured by a fixed legal charge over one of the Church's leasehold properties and its investment property.

11c. Provisions for liabilities

Provision for correcting flue positioning at 139 Cleveland St - to be completed by June 2023
12. Financial instruments
Financial assets measured at fair value through net income / expenditure		 2022
£
108,346
2022
£
2,028,472		 2021
£
34,868
2021
£
3,443,182

The above comprise fixed asset investments, short-term deposits, cash at bank and in hand.

13a. Reconciliation of net income to net cash flow from operating activities

Depreciation charge
Dividends, interest and rent from investments
Hargreaves Lansdown fees
Increase in provision for liabilities
(Increase) / Decrease in debtors (excluding Hargreaves Lansdown monies)
Increase / (Decrease) in creditors
Decrease / (Increase) in current accounts
Net (expenditure) / income for the year
Adjustments for:
Decrease / (Increase) in stocks
Losses / (Gains) on investments
Net cash (used in) / provided by operating activities
Cash in hand
Cash at bank (including minor funds)
Short-term deposits
13b. Analysis of cash and cash equivalents		 2022
£
(1,372,130)
57,349
58,623
(12,381)
555
7,329
(42,949)
(248,121)
99,715
73,478
(1,378,532)
2022
£
795,890
1,032,627
80
1,828,597		 2021
£
577,873
37,504
(69,392)
(21,344)
-
(1,220)
232,012
(81,829)
(90,976)
34,868
617,496
2021
£
785,656
2,435,642
255
3,221,553

Page 21

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

14a. Funds detail - restricted funds

The major restricted funds comprise:

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Clubhouse|World|Clubhouse|World| |Refurbish-|Building|Mission|2022|Refurbish-|Building|Mission|2021| |ment|Fund|Fund|TOTAL|ment|Fund|Fund|TOTAL| |£|£|£|£|£|£|£|£| |At 1 January|11,150|1,120,625|437,891|1,569,666|-|758,728|322,359|1,081,087| |Income|-|880,201|416,250|1,296,451|11,150|565,607|688,477|1,265,234| |Expenditure|-|(1,823,793)|(509,105)|(2,332,898)|-|(213,710)|(572,945)|(786,655)| |Movement|-|(943,592)|(92,855)|(1,036,447)|11,150|351,897|115,532|478,579| |Transfer from General Fund|-|30,000|- 30,000|-|10,000|-|10,000| |At 31 December|11,150|207,033|345,036|563,219|11,150|1,120,625|437,891|1,569,666|

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

The minor restricted funds comprise:

Cleveland St Church (formerly known as Clubhouse Church)

A church family meeting at the All Souls Clubhouse under the leadership of Jonathan Gillespie (previously Luke Ijaz).

Wetfoot

Wetfoot is an opportunity for All Souls members to learn and serve alongside Christians in another cultural context.

Rector's Discretionary Fund

A Discretionary Fund for the Rector’s special projects, causes or needs. This includes 'The Good Samaritan' initiative which had a balance of £53,207 as at 31 December 2022 (2021: £48,053).

Student Bursary Fund

A fund to provide bursaries for students attending All Souls student events.

St Peters Church Vere Street Fund

A fund to be spent on improvements to St Peter’s.

2022

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Rector’s|Student| |Cleveland St|Discretionary|Bursary| |Church|Wetfoot|Fund|Fund|St Peters|TOTAL| |£|£|£|£|£|£| |At 1 January|61,184|12,322|63,227|8,468|30,144|175,345| |Income|10,988|451|9,424|-|-|20,863| |Expenditure|(1,325)|(66)|(8,604)|-|(30,032)|(40,027)| |Movement|9,663|385|820|-|(30,032)|(19,164)| |Transfer to General Fund|(15,047)|-|-|-|-|(15,047)| |At 31 December|55,800|12,707|64,047|8,468|112|141,134| |Total restricted funds at 31 December 2022|704,353| |2021|Rector’s|Student| |Clubhouse|Discretionary|Bursary| |TAMAR|Church|Wetfoot|Fund|Fund|ASLAN|St Peters|TOTAL| |£|£|£|£|£|£|£|£| |At 1 January|97,338|62,620|11,898|84,168|8,468|241,051|81,863|587,405| |Income|-|14,298|492|47,387|-|-|-|62,177| |-| |Expenditure|(97,338)|(5,274)|(68)|(68,328)|(241,051)|(51,719)|(463,778)| |Movement|(97,338)|9,024|424|(20,941)|-|(241,051)|(51,719)|(401,601)| |Transfer|-|(10,460)|-|-|-|-|-|(10,460)| |At 31 December|-|61,184|12,322|63,227|8,468|-|30,144|175,345| |Total restricted funds at 31 December 2021|1,745,012|

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

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PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

14b. Funds detail - unrestricted funds

The unrestricted funds comprise:

Movements on these funds are shown below:

2022
Balance at 1 January 2022
Income
Expenditure
Movement
Gain / (Loss) on investments
Transfers
Balance at 31 December 2022
2021
Balance at 1 January 2021
Income
Expenditure
Movement
Gain / (Loss) on investments
Transfers
Balance at 31 December 2021
Analysis of net assets by fund type
2022
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due after more than year
Provisions for liabilities
2021
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due after more than year
Provisions for liabilities		 Building
General
Organ
Support
2022
Fund
Fund
Fund
Total
£
£
£
£
3,254,786
113,446
-
3,368,232
2,362,452
- -
2,362,452
(2,619,183)
(1,164)
-
(2,620,347)
(256,731)
(1,164)
-
(257,895)
(52,741)
- -
(52,741)
(21,953)
7,000
-
(14,953)
2,923,361
119,282
-
3,042,643
Building
General
Organ
Support
2021
Fund
Fund
Fund
Total
£
£
£
£
2,738,307
106,446
28,305
2,873,058
2,688,188 - -
2,688,188
(2,228,381) -
(28,305)
(2,256,686)
459,807 -
(28,305)
431,502
63,212 - -
63,212
(6,540)
7,000 -
460
3,254,786
113,446
-
3,368,232
2022
2022
2022
2022
Unrestricted
Restricted Endowment
Total
Funds
Funds
Fund
£
£
£
£
1,915,380
- -
1,915,380
154,674
-
45,201
199,875
1,615,614
787,784 -
2,403,398
(145,476)
(83,431)
-
(228,907)
(389,203)
- -
(389,203)
(108,346)
- -
(108,346)
3,042,643
704,353
45,201
3,792,197
2021
2021
2021
2021
Unrestricted
Restricted
Endowment
Total
Funds
Funds
Fund
£
£
£
£
923,746 - -
923,746
1,220,546 -
51,083
1,271,629
1,761,203 1,761,012 -
3,522,215
(94,051)
(16,000) -
(110,051)
(408,344) - -
(408,344)
(34,868) - -
(34,868)
3,368,232
1,745,012
51,083
5,164,327

Page 23

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

15. World Mission grants made

World Mission funds are generated each year through regular giving and special days that are set aside on the church calendar. A World Mission committee meets to propose how these funds are to be distributed and the final approval of this is given by the PCC. All Souls sees this as an ongoing and vital mission policy that reaches out both in the UK and throughout the world.

The following grants were approved by the PCC during the year:

15a. All Souls Mission Partners
Note
Payments made towards the support of All Souls Mission Partners
Adventure Plus (J&T Cox)
Arab World Ministries (I&D F)
BMS Mission Worldwide (H M)
Church Mission Society (RL)
Crosslinks (W&M Mahiani)
GBU Italy (J Elliot)
Friends International (K Gillespie)
Regent College, Vancouver (Hannah Hawksbee)
IFES (T Vickers & P V)
Interserve (J Rogers)
London City Mission (D Luogon, J Purslow & Abraha)
MAF (S Kempsell)
OMF Int. (A&L McClymont, R&C East, R&A L & A T)
OM (A&J H & R Olney)
SIM – UK (M Proctor, S&K R & LW)
UFM Worldwide (T&N Sandell)
Universities & Colleges Christian Fellowship (UCCF) (Dohyun Baek)
Sub-total
Discretionary payments
Africa Inland Mission (AIM)
Anna Thomas
Hannah M
Bulgarian Support Fund
Echoes International
EHA - re Covid Crisis in India
Global Connections
IFES Trust
International Justice Mission (IJM)
J Boxall
Langham Partnership - South Asia Study Bible
Lapis Lazuli Schools
Millie Wheeler - CU Staff Worker
OM International
Open Doors
Selam Abraham
Tearfund (Yemen crisis)
The George Foundation
Wycliffe Bible Translators
Sub-total
Carried forward
3a		 2022
£
15,000
19,560
9,380
-
16,400
3,300
-
-
20,540
9,380
9,880
-
61,740
27,880
13,920
-
9,380
216,360
-
-
450
5,000
3,000
-
-
15,000
-
3,000
15,000
7,500
-
20,000
-
-
-
7,500
-
76,450
292,810		 2021
£
15,030
19,370
8,930
2,615
16,220
3,150
4,915
6,000
20,760
9,380
8,620
2,620
61,490
27,750
20,460
13,730
4,465
245,505
7,500
2,000
-
-
-
10,000
625
-
15,000
-
15,000
-
2,000
15,000
3,000
15,000
10,000
7,500
102,625
348,130

Page 24

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

15. World Mission grants made (continued)
Brought forward
15b. Mission grants to projects and organisations
Arocha International
Arocha UK
Adventure Plus
Africa Inland Mission (AIM)
Agape
Al Massira
All Souls Serve The City CIO
Armonia UK Trust
Boaz Trust, Greater Manchester
Bulgarian Support Fund
Christian Action Research (CARE)
Chinese Overseas Christian Mission (COCM)
Choices Islington
Christianity Explored
Christian Institute
Christian Solidarity Worldwide
Church of England Evangelical Council (CEEC)
Crosslinks
Crossteach
Daada Luogon (Liberia)
Echoesin
Evangelical Alliance (EA)
Focus
Free! Recovery
Global Connections
IFES
International Justice Mission
Interserve
Kisiizi Hospital
Langham Partnership International
Lapis Lazuli Schools
Lausanne
LICC
MAT
MEDS
Micah Network
OM UK (Silk Road challenge)
OMF
Open Doors (Conflict Zones)
Release International
SAT7
SIM
Trustbridge Global Foundation
UCCF
UFM
Wycliffe WBT
Zimonya
Sub-total
3a
Total cost of World Mission Grants		 2022
£
292,810
2,000
2,000
11,500
1,000
1,500
6,500
8,000
3,000
-
3,000
2,000
-
4,000
5,000
5,000
-
1,000
5,100
2,000
-
3,000
1000
1,000
3,000
1,500
9,500
5,000
3,000
6,000
15,000
5,000
1,000
5,000
12,000
13,000
-
5,000
4,000
9,000
-
-
17,000
17,000
4,000
-
9,000
2,000
213,600
506,410		 2021
£
348,130
3,500
3,500
5,000
3,000
2,000
6,000
5,000
6,000
2,000
2,000
-
5,000
-
5,000
3,000
1,000
-
13,100
1,560
1,000
-
-
4,000
5,000
1,000
16,500
2,000
-
4,000
15,000
8,000
1,000
5,000
8,000
6,000
100
11,000
10,000
3,000
2,000
1,000
17,000
25,000
2,000
2,000
-
5,000
221,260
569,390

Page 25

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

16. Extra-parochial grants

Each year the PCC approves grants to support related charities within the Parish. A further 1% of our unrestricted donations is set aside to support other mainly local causes that have been identified by the World Mission committee and approved by the PCC.

The following grants from unrestricted funds were approved by the PCC during the year:

Note
All Souls Serve The City
Langham Arts Trust
Sub-total
Adventure Plus
CARE
Choices
Church of England Evangelical Council
Crossteach
Evangelical Small Churches
Evangelical Alliance Grant
London City Mission
Passion for Life
Sub-total
Total unrestricted extra-parochial grants
3a		 2022
£
88,996
193,226
282,222
-
-
-
-
-
-
-
-
-
-
282,222		 2021
£
33,332
195,024
228,356
5,000
1,000
4,000
1,250
440
5,000
1,000
2,000
5,000
24,690
253,046

Page 26

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

17. Related party transactions and balances

Total donations, across all funds, received from PCC members amounted to £272,643 (2021: £358,345).

Out of pocket expenditure for items bought on behalf of the Church has been reimbursed to members of the PCC. Expenditure is categorised within the relevant expenditure category and as such is not separately disclosed in the financial statements.

12 PCC members received a total of £12,534 for expenses incurred on behalf of the PCC (2021: 7 PCC members were reimbursed £2,638). 2 PCC members, Mrs Natasha Ling and Mr Michael Sharp are married to serving ministers at All Souls, Langham Place. During the year ended 31 December 2022, by virtue of their relationships, Mrs Natasha Ling benefited from the provision of housing within the parish, and Mr Michael Sharp benefited from an annual housing allowance of £4,801. A grant of £1,200 was awarded to Nathaniel Yisa, a member of the PCC.

Kirsten Russell, a PCC member, received £7,450 (2021: £5,080) from the World Mission Fund in her capacity as an All Souls Mission Partner, and £15,000 (2021: £16,000) towards projects she is involved in with Middle East Development Service (MEDS), Africa Inland Mission (AIM) and SIM international. All of these are detailed in note 15.

Richard East, a PCC member, received £16,400 (2021: £7,810) from the World Mission Fund in his capacity as an All Souls Mission Partner, and £4,000 (2021: £3,000) for a project he is involved in with OMF in Japan. These are listed in note 15.

Litsa Mclymont, a PCC member, received £16,400 (2021: £6,370) from the World Mission Fund in her capacity as an All Souls Mission Partner. This is included in note 15.

At 31 December 2022, £211,720 (2021: £99,254) was due from All Souls Serve The City CIO. This is a related party as All Souls Church has the power to appoint or remove a significant number of the trustees of All Souls Serve The City CIO. Transactions with All Souls Serve The City CIO were as follows:

All Souls Church has provided administrative and technical support to All Souls Serve The City CIO during 2022 and expects to do so for the foreseeable future.

All Souls Church, Langham Place also has a controlling interest in both St Paul's Trust and Langham Arts Trust. As well as operational control over St Paul's Trust and Langham Arts Trust, the majority of trustees for these two organisations are also trustees of All Souls Church.

As at 31 December 2022:

In 2022 Langham Arts Trust was paid grants totalling £193,226 (2021: £195,024).

In 2022 grants totalling £12,500 (2021: £8,000) were made to Lapis Lazuli Schools. Michael Hall, a member of the PCC, is also a trustee of this charity. A mission project grant was also made to Zimonya for £2,000 (2021: £5,000). Ashleigh Martin, Finance Manager, is a trustee of this charity.

18. Auditors' remuneration

The audit fee for 2022 is £15,000 (2021: £15,600). Expenditure recognised in the SOFA in connection with the auditors was £15,000 (2021: £19,120) in respect of audit services, £780 (2021: £1,200) in respect of accountancy services and £3,257 (2021: £5,044) in respect of payroll services.

19. Operating leases

As at 31 December 2022 total future minimum lease payments under non-cancellable operating leases were as follows:

Amounts falling due:
Within one year
Later than one year and not later than five years		 2022
£
31,757
6,832
38,589		 2021
£
37,177
31,797
68,974

Lease payments recognised as an expense in the SOFA total £39,129 (2021: £35,028).

20. Capital commitments

As at the balance sheet date, the Church had no capital commitments (2021: £Nil).

Page 27

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

22. Post balance sheet events

In early 2023 a Listed Places of Worship Grant Scheme application was successful for the reclaim of £116,834 in relation to VAT paid on the 2024 project. A further £155,708 was paid out in relation to this project after the balance sheet date.

23. Statement of financial activities for the year ended 31 December 2021

Income and endowments
from:
Donations and legacies
Church activities
Other trading activities
Investments
Total income and
endowments
Expenditure on:
Raising funds
- Trading expense
- Investment
management costs
Church activities
Total expenditure
Net income / (expenditure)
before gain/(loss) on
investments
Gain / (Loss) on
investments
Net Income / (Expenditure)
Transfer of funds
Net movement in funds
Reconciliation of funds:
Total funds brought
forward at 1 January 2021
Total funds carried forward
at 31 December 2021		 2020
Unrestricted
Endowment
TOTAL
World
Mission
Building
Other
Total
£
£
£
£
£
£
£
2,544,171
688,595
480,407
72,835
1,241,837
-
3,786,008
22,266
-
66,000
492
66,492
-
88,758
119,489
-
-
-
-
-
119,489
2,262
(118)
19,200
-
19,082
-
21,344
2,688,188
688,477
565,607
73,327
1,327,411
-
4,015,599
(62,519)
-
-
-
-
-
(62,519)
-
-
(6,035)
-
(6,035)
-
(6,035)
(2,194,167)
(572,945)
(207,675)
(463,777) (1,244,397)
-
(3,438,564)
(2,256,686)
(572,945)
(213,710)
(463,777) (1,250,432)
-
(3,507,118)
431,502
115,532
351,897
(390,450)
76,979
-
508,481
63,212
-
-
-
-
6,180
69,392
494,714
115,532
351,897
(390,450)
76,979
6,180
577,873
460
-
10,000
(10,460)
(460)
-
-
495,174
115,532
361,897
(400,910)
76,519
6,180
577,873
2,873,058
322,359
758,728
587,406
1,668,493
44,903
4,586,454
3,368,232
437,891
1,120,625
186,496
1,745,012
51,083
5,164,327
FUNDS
Restricted

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