DocuSign Envelope ID: 483475B5-51DE-4F91-9247-A0BD46A87845
Charity number: 1133033
ST PETER’S EATON SQUARE PCC
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
DocuSign Envelope ID: 483475B5-51DE-4F91-9247-A0BD46A87845
ST PETER’S EATON SQUARE PCC
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 8 |
| Independent examiner's report | 9 - 10 |
| Statement of financial activities | 11 |
| Balance sheet | 12 |
| Statement of cash flows | 13 |
| Notes to the financial statements | 14 - 31 |
DocuSign Envelope ID: 483475B5-51DE-4F91-9247-A0BD46A87845
ST PETER’S EATON SQUARE PCC
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023
Trustees Refer to Trustees' Report below Charity registered number 1133033 Principal office St Peter’s Church 119 Eaton Square London SW1W 9AL Accountants Griffin Stone Moscrop & Co Chartered Accountants 21-27 Lamb's Conduit Street London WC1N 3GS Bankers The Co-Operative Bank 1 Balloon Street Manchester M60 4EP Investment Custodian The Share Centre Limited Oxford House Oxford Road Aylesbury Buckinghamshire HP21 8SZ
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DocuSign Envelope ID: 483475B5-51DE-4F91-9247-A0BD46A87845
ST PETER’S EATON SQUARE PCC
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their annual report together with the financial statements of the Charity for the 1 January 2023 to 31 December 2023.
Objectives and activities
a. PCC Members
Members of the PCC are either ex-officio, elected by the Annual Parochial Church Meeting (APCM) or co-opted by the PCC in accordance with the Church Representation Rules. There were no co-options in 2023.
During the year the following served as members of the PCC:
Incumbent
The Rev’d Jonathan Kester
Priest Missioner The Rev’d Julie Khovacs (until 30 September)
Associate Priest The Rev’d Jacqui Miller
Churchwardens Mr Richard Carter Ms Samantha Singlehurst
Ex-officio
Mr Richard Carter Mr Jim Glen Ms Samantha Singlehurst Mrs Nancy Wood (until 30 June) Mr John Hilary (from 1 July) Ms Ekanem Peers (from 1 July) Dr Judith Richardson+ Miss Valerie Smith (until 30 June) (* Deanery Synod, + Diocesan Synod)
Elected Members
Ms Sarah Armstrong Ms Samantha Atkins Ms Maite Boudy (from 18 May) Mrs Deborah Chapman Mr Mark Dowsett Mrs Mary Drummond Mr Robin Duttson (from 18 May) Mrs Jane Franses Mr John Hilary (to 18 May) Dr Julia Jordan Mr Michael Johnston (to 18 May) Ms Annabel Kent (to 18 May) Mr Lee Marshall Mrs Evelyn Olugboja (from 18 May) Mr David Payne (to 18 May) Ms Ekanem Peers (to 18 May) Prof. Alexandra Porter Ms Kay Simon (to 18 May) Valerie Smith (from 18 May) Nancy Wood (from 18 May)
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ST PETER’S EATON SQUARE PCC
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Objectives and activities (continued)
b. Public Benefit
The PCC maintains and operates the church complex, providing a venue not only for its primary purpose of worship but also community events, youth activities, public hire and charitable fundraising. When planning our activities for the year, 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. The council has complied with the duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016 (duty to have due regard to House of Bishops’ guidance on safeguarding children and vulnerable adults).
Achievements and performance
a. Review of activities
The PCC has the responsibility of co-operating with the incumbent, in promoting in the ecclesiastical parish the whole mission of the Church; pastoral, evangelistic, social and ecumenical. It also has the maintenance responsibilities for the church complex at St. Peter’s.
Activity in 2023
This year saw the new incumbent settling in to his role, and the departure of the stipendiary assistant priest, the Rev’d Julie Khovacs, to the chaplaincy at St Bartholomew’s Hospital at the end of September, leaving a vacancy as we explore the best pattern for ministry in the parish. We continue to be thankful for the ministry of the Rev’d Jacqui Miller, our SSM. The church has begun to increase attendances at both main Sunday morning services, though not yet to a level matching those before the pandemic.
Callum Shaw, the Verger and Premises Manager, moved on in the autumn after five years at St Peter’s to undertake a degree in Quantity Surveying in Manchester. A recruitment process was carried out for his successor and at the end of the year we appointed Colin Chadwick to the new role of Verger and Facilities Coordinator.
Chris Reynolds, our part-time groundsman, died in May after a long illness and his funeral was held in the church.
The PCC met 6 times during the year; the Standing Committee met 4 times. Other committees and groups met as required. The APCM was held on Thursday 18 May.
Service attendances improved gradually through the year. This was noticeable first in relation to the Choral Eucharist, and as the year wore on was increasingly visible in the Family Eucharist. As at the end of December 2023 there were 318 people on the Electoral Roll. The average Sunday attendance during 2023 was 107 in person. Online views (only possible for the Choral Eucharist) were not infrequently at or above 50; it is not possible to establish definitively what number of individuals generated these views. There were 17 baptisms, 3 marriages and blessings, and 6 funeral services. Attendance at Easter services was 192 and at Christmas was 199.
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ST PETER’S EATON SQUARE PCC
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Achievements and performance (continued)
b. Review of activities (continued)
St Peter’s School
The headteacher, Mrs Jane Carrington, continues to lead improvements at the school after a difficult period following the previous headteacher’s retirement during the Covid-19 pandemic, and significant positive changes are evident. At the beginning of the new school year in 2023, Jim Glen was re-elected as Chair and Fr Jonathan as Vice-Chair of Governors. As noted in last year’s report, the school was inspected by Ofsted in November 2022. The inspection team acknowledged the hard work put in so far, awarding ‘good’ grades for the school standards of ‘leadership and management’, the ‘early years provision’, ‘behaviour and attitudes’, and ‘personal development’.
The inspection framework and national curriculum have changed beyond recognition since the last Ofsted inspection in 2006. Given the recent challenges and changes that the school has experienced, the inspectors found that some of the new schemes of work adopted for all subjects were not fully embedded. Whilst the curriculum matches the breadth and ambition of the national curriculum, the ‘quality of education’ judgement was found to be ‘requires improvement’, which means that despite the many positive findings in all other areas, the overall judgement must also be ‘requires improvement’. This judgement is disappointing, as the report acknowledges that the school is on the right track and the leadership team know what to do and they are doing it effectively. As noted by the inspectors, “leaders have high expectations for what pupils can achieve”. Mrs Carrington and her team have continued to make significant improvements and this was clearly evident in the SATS outcomes from the summer of 2023.
No school can be defined by a single judgement; the full Ofsted report captures many of our school’s strengths, including a love of music and singing, the positive attitudes of pupils and our happy, safe and inclusive ethos. The school’s values of kindness and respect shone through in the report. The school will, of course, continue to strive for excellence and will work closely with the Local Authority and the London Diocesan Board for Schools, both of which fully support the school’s leadership and their ambitious high standards. Fr Jonathan is continuing to build and nurture the traditionally strong and collaborative relationship between the church and school.
The school is expecting its next SIAMS (Statutory Inspection of Anglican and Methodist Schools) in the coming academic year under a brand new framework. Fr Jonathan, Mrs Carrington and a small team have been working to develop the school’s Vision and Values, which take inspiration from the Biblical Parable of the Good Samaritan.
A committee was drawn up of parents, staff and governors to take forward the possibility of an extension to the very small and limited nature of the existing playground, and has been working closely on this with the Local Authority, Grosvenor Estate and the London Diocesan Board for Schools.
Other schools in the parish
Fr Jonathan is a regular visitor to the other schools within the Parish Boundaries, Westminster City School and Eaton House School, and regularly conducts assemblies for them. Both schools use St Peter’s church building for services and concerts throughout the year
Buildings and maintenance
Work was continued by Vitruvius Building Conservation to stabilise the portico, including netting to the tower and internal scaffolding within the tower.
The fire alarm continued to show significant challenges and was confirmed to be beyond its serviceable life. Initial steps were taken in 2023 for its complete replacement and Green Tree Safety Ltd commissioned to undertake this work in early 2024, together with new emergency lighting provision and essential compartmentation.
St Peter’s joined a consortium of churches in Westminster aiming for Net Zero and received an initial free energy audit. The consortium now has a website: https://westminster-net-zero-forum.my.canva.site/home. Owing to the
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ST PETER’S EATON SQUARE PCC
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Achievements and performance (continued)
complexity of our building and plant, there will need to be a follow-up audit to complete this work. Part of the building works which will accompany the tower and portico project will have an environmental and carbon-neutral focus.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
At 31 December 2023, net unrestricted funds stood at £219,945 (compared with £192,147 at year end 2022). These reserves are needed to cover the essential costs of management and administration without which the church could not function, and the pandemic proved just how important they are. Our reserves policy dictates that we should maintain unrestricted funds equivalent to a minimum of three months and a maximum of six months of expenditure, with a preference for a position at the higher end of that range. Restricted funds held at year end were £26,365 (unchanged from 2022).
c. Material investments policy
The portfolio of quoted securities was principally held by The Share Centre Ltd in Blackrock Charitrak Common Inv Fund A (Inc) units, which aim to track the FTSE All Share index. The LDF M&G Charifund investment is held by the Diocese of London and we cannot access the capital, only the interest. This holding represents the proceeds from a historic lease on the Christchurch Westminster burial ground.
d. Principal risks and uncertainties
The members have identified and regularly review the major risks which impact the work of the Church in the parish and they have established systems and insurances to mitigate any significant risks arising. The Church already has a child protection policy in place. There are controls over all its financial procedures, including the handling of cash and the approval of expenses.
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ST PETER’S EATON SQUARE PCC
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
e. Financial Review
The finances of St Peter’s remained strong during 2023, despite challenges posed by increased expenditure on certain budget lines. Total income was £549,996 (compared with £524,876 in 2022). Revenue from our subsidiary trading company, which charges fees for car parking in the church grounds, was sustained at the high level we have seen over previous years, while room rentals registered a very successful 50% increase on 2022. Together with our crypt tenancies, our congregational giving and our regular grant income, these revenue streams ensure that St Peter’s continues to enjoy a robust financial base on which to plan for the future.
While our total income remained high, expenditure registered increases across several budget lines during 2023. In particular, St Peter’s was required to undertake essential repair and stabilisation works on the bell tower and portico at the west end of the church, including the installation of netting to guard against falling masonry while we prepare for the larger development programme envisaged as part of our renewed vision for the church building. Despite this, close management of other costs ensured that our overall expenditure for the year was £527,505 (£568,504 in 2022).
With the above financial activities, St Peter’s posted a net surplus of £28,084 in 2023 (as against a net deficit of £48,364 in 2022). Net current assets at the end of the year (taking into account debts, cash at bank and in hand, and creditors) amounted to £67,595 (£45,104 in 2022).
Structure, governance and management
a. Constitution
St Peter’s Eaton Square PCC is a registered charity, number 1133033.
The PCC is governed by two pieces of Church of England legislation: the Parochial Church Councils (Powers) Measure 1956 as amended, and the Church Representation Rules (contained in Schedule 3 to the Synodical Government Measure 1969 as amended.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted. Members of the PCC are either ex-officio, elected by the Annual Parochial Church Meeting or co-opted by the PCC in accordance with the Church Representation Rules. There were no co-options in 2022.
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ST PETER’S EATON SQUARE PCC
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Structure, governance and management (continued)
c. Organisational structure and decision-making policies
The PCC operates through a number of committees and working groups which meet between full meetings of the PCC, all report back to the full PCC. These were as follows:
PCC Standing Committee : (to which the PCC delegates decision making in-between meetings of the PCC): Chair: The Vicar
Formation Committee : Chair: The Vicar
Worship Committee : Chair: The Vicar
The Formation and Worship Committees were amalgamated in September 2023.
Resources Committee : Chair: Richard Carter
Transformation/Outreach Committee : Chair: The Priest Missioner (until 30 September)
Communications Group : Convenor: Valerie Smith
Plans for future periods
The church’s finances will face significant items of expenditure during 2024 as we update our fire alarm and associated safety systems, installed when St Peter’s was rebuilt over thirty years ago. We will also need to meet the preliminary costs of our proposed programme of development to embody our new vision for the church as it moves towards the bicentenary of its original consecration in 1827, even though this larger programme will require its own fundraising campaign. As a result, the budgeting process will remain important as an active management tool to plan and prioritise expenditure according to projected income, revised as necessary throughout the year.
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ST PETER’S EATON SQUARE PCC
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Statement of Trustee's responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Parochial Church Councils (Powers) Measure 1956 as amended. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 23 May 2024 and signed on their behalf by:
................................................ Richard Carter Churchwarden
................................................ Samantha Singlehurst Churchwarden
................................................
Rev Jonathan Kester Vicar
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ST PETER’S EATON SQUARE PCC
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Independent examiner's report to the Trustees of St Peter’s Eaton Square PCC ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2023.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
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ST PETER’S EATON SQUARE PCC
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Independent examiner's statement
Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustee as a body, for my work or for this report.
Signed: Dated: 30 May 2024 Robert Smith ACA
Griffin Stone Moscrop & Co Chartered Accountants 21-27 Lamb's Conduit Street London WC1N 3GS
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ST PETER’S EATON SQUARE PCC
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Note Income and endowments from: Donations and legacies 3 Other trading activities 4 Investments 5 Other income 6 Total income and endowments Expenditure on: Charitable activities 8 Total expenditure Net movement in funds before other recognised gains/(losses) Gains/(losses) on revaluation of fixed assets Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Endowment funds 2023 £ - - - - - - - - - - 40,463 - 40,463 |
Restricted funds 2023 £ 6,108 - - - 6,108 5,822 5,822 286 - 286 26,365 286 26,651 |
Unrestricted funds 2023 £ 282,334 251,624 9,930 - 543,888 521,683 521,683 22,205 5,593 27,798 192,147 27,798 219,945 |
Total funds 2023 £ 288,442 251,624 9,930 - 549,996 527,505 527,505 22,491 5,593 28,084 258,975 28,084 287,059 |
Total funds 2022 £ 296,151 223,813 4,852 60 524,876 568,504 568,504 (43,628) (4,736) (48,364) 307,339 (48,364) 258,975 |
|---|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 14 to 31 form part of these financial statements.
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BALANCE SHEET AS AT 31 DECEMBER 2023
| Note Fixed assets Investments 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Total net assets Charity funds Endowment funds 17 Restricted funds 17 Unrestricted funds 17 Total funds |
108,059 116,925 224,984 (157,389) |
2023 £ 219,464 219,464 67,595 287,059 287,059 40,463 26,651 219,945 287,059 |
89,390 118,793 208,183 (163,079) |
2022 £ 213,871 |
|---|---|---|---|---|
| 213,871 45,104 |
||||
| 258,975 | ||||
| 258,975 | ||||
| 40,463 26,365 192,147 |
||||
| 258,975 |
The financial statements were approved and authorised for issue by the Trustees on 23 May 2024 and signed on their behalf by:
................................................
John Hilary
Treasurer
The notes on pages 14 to 31 form part of these financial statements.
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STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Net cash provided by investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 14 to 31 form part of these financial statements |
2023 £ (11,798) 9,930 9,930 - (1,868) 118,793 116,925 |
2022 £ (41,775) 4,852 4,852 - (36,923) 155,716 118,793 |
|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. General information
The church is a registered charity in England and Wales. Its principal correspondence address is St Peter’s Church, 119 Eaton Square, London, SW1W 9AL. The nature of the charity’s operations and principal activities are set out in the members’ report.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
St Peter’s Eaton Square PCC meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2. Accounting policies (continued)
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.4 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
Investments in subsidiaries are valued at cost less provision for impairment.
2.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2. Accounting policies (continued)
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.8 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
3. Income from donations and legacies
| Donations Gift Aid donations & planned giving Gift Aid recoverable Distributions from the trading subsidiary St. Andrew's Church Hall Trust Other collections and donations Grants Total 2023 Donations Gift Aid donations & planned giving Gift Aid recoverable Distributions from the trading subsidiary St. Andrew's Church Hall Trust Other collections and donations Legacies Grants Total 2022 |
Restricted funds 2023 Unrestricted funds 2023 £ £ - 43,227 - 9,833 - 143,050 - 26,567 4,108 45,298 2,000 14,359 6,108 282,334 Restricted funds 2022 Unrestricted funds 2022 £ £ - 46,578 - 9,370 - 161,056 - 26,003 1,904 26,227 - 200 19,993 4,820 23,631 272,520 |
Total funds 2023 £ 43,227 9,833 143,050 26,567 49,406 16,359 |
|---|---|---|
| 288,442 | ||
| Total funds 2022 £ 46,578 9,370 161,056 26,003 28,131 200 24,813 |
||
| 296,151 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
4. Income from other trading activities
Income from fundraising events
| Unrestricted funds 2023 £ Rental income and service charges 238,527 Insurance recharge 13,097 Total 2023 251,624 Unrestricted funds 2022 £ Rental income and service charges 210,211 Insurance recharge 13,602 Total 2022 223,813 |
Total funds 2023 £ 238,527 13,097 |
|---|---|
| 251,624 | |
| Total funds 2022 £ 210,211 13,602 |
|
| 223,813 |
5. Investment income
| Unrestricted funds 2023 £ General fund 9,607 Repairs fund 323 9,930 |
Total funds 2023 £ 9,607 323 |
|---|---|
| 9,930 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
5. Investment income (continued)
| General fund Repairs fund |
Restricted funds 2022 £ - 82 82 |
Unrestricted funds 2022 £ 4,770 - 4,770 |
Total funds 2022 £ 4,770 82 |
|---|---|---|---|
| 4,852 |
6. Other incoming resources
| Magazines Analysis of grants Payments to other charities Total 2023 |
Unrestricted funds 2022 £ 60 Grants to Institutions 2023 £ 3,087 3,087 |
Total funds 2023 £ Total funds 2022 £ 60 |
|---|---|---|
| Total funds 2023 £ 3,087 |
||
| 3,087 |
7. Analysis of grants
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
7. Analysis of grants (continued)
| Payments to other charities Total 2022 |
Grants to Institutions 2022 £ 7,629 7,629 |
Total funds 2022 £ 7,629 |
|---|---|---|
| 7,629 |
The Charity has made the following material grants to institutions during the year:
| Name of institution Charities fund Welcome box Congregational Tithings Church Donations |
2023 £ 3,516 (1,021) - 592 3,087 3,087 |
2022 £ 1,904 239 3,738 1,748 |
|---|---|---|
| 7,629 | ||
| 7,629 |
8. Analysis of expenditure on charitable activities
Summary by fund type
| Charitable activities Total 2023 |
Restricted funds 2023 Unrestricted funds 2023 £ £ 5,822 521,683 5,822 521,683 |
Total 2023 £ 527,505 |
|---|---|---|
| 527,505 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
8. Analysis of expenditure on charitable activities (continued)
Summary by fund type (continued)
| Charitable activities Total 2022 |
Restricted funds 2022 £ 38,903 38,903 |
Unrestricted funds 2022 £ 529,601 529,601 |
Total 2022 £ 568,504 |
|---|---|---|---|
| 568,504 |
9. Analysis of expenditure by activities
| Charitable activities Total 2023 Charitable activities Total 2022 |
Activities undertaken directly 2023 £ 302,258 302,258 Activities undertaken directly 2022 £ 346,332 346,332 |
Grant funding of activities 2023 £ 3,087 3,087 Grant funding of activities 2022 £ 7,629 7,629 |
Support costs 2023 £ 222,160 222,160 Support costs 2022 £ 214,543 214,543 |
Total funds 2023 £ 527,505 |
|---|---|---|---|---|
| 527,505 | ||||
| Total funds 2022 £ 568,504 |
||||
| 568,504 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
9. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Ministry: London Diocesan Fund Ministry expenses Church maintenance Organ & instrument maintenance Choir, music & related expenses Sanctuary Youth club St Peters Poppets Total 2023 |
Total funds 2023 £ 120,115 1,040 90,340 978 79,963 3,776 - 6,046 302,258 |
Total funds 2022 £ 125,225 1,002 121,046 1,432 84,636 9,185 111 3,695 |
|---|---|---|
| 346,332 |
Analysis of support costs
| Staff costs Utilities & rates Telephone Printing, postage, stationery & supplies Hospitality & advertising Cleaning Insurance Miscellaneous support costs New Streaming Equipment Governance costs Total 2023 |
Total funds 2023 £ 64,895 63,391 1,979 4,776 6,503 35,777 34,629 5,010 - 5,200 222,160 |
Total funds 2022 £ 76,429 44,548 1,783 10,584 11,067 34,534 34,618 (20,646) 19,686 1,940 |
|---|---|---|
| 214,543 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
10. Independent examiner's remuneration
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination of the Charity's annual accounts | 3,600 | 2,000 |
11. Staff costs
| Wages and salaries | 2023 £ 64,895 64,895 |
2022 £ 76,429 |
|---|---|---|
| 76,429 |
The average number of persons employed by the Charity during the year was as follows:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| Employees | 4 | 5 |
No employee received remuneration amounting to more than £60,000 in either year.
Key management personnel, consisting of the Board of Trustees, received no remuneration in the year (2022 - the same).
12. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .
During the year ended 31 December 2023, operational expenses totalling £ 4,497 were reimbursed or paid directly to 5 Trustees (2022 - £5,297 ).
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
13. Fixed asset investments
| Cost or valuation At 1 January 2023 Revaluations At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022 |
Investments in subsidiary companies £ 5 - 5 5 5 |
Listed investments £ 213,866 5,593 219,459 219,459 213,866 |
Total £ 213,871 5,593 |
|---|---|---|---|
| 219,464 | |||
| 219,464 | |||
| 213,871 |
Principal subsidiaries
The following was a subsidiary undertaking of the Charity:
| Name | Company | Registered | office or principal | office or principal | Class of | Holding |
|---|---|---|---|---|---|---|
| number | place of business | shares | ||||
| St Peter's Eaton Square | 07196311 | 119 Eaton Square, London, | Ordinary | 100% | ||
| Trading Limited | SW1W 9AL | |||||
| The financial results of the subsidiary for the | year were: | |||||
| Name | Income | Expenditure | Profit/(Loss) | Net assets | ||
| £ | £ | / Surplus/ | £ | |||
| (Deficit) for | ||||||
| the year | ||||||
| £ | ||||||
| St Peter's Eaton Square Trading | 168,568 | (13,993) | 154,575 | 17,219 | ||
| Limited |
The financial results of the subsidiary for the year were:
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
14. Debtors
| Due within one year Trade debtors Other debtors Prepayments and accrued income |
2023 £ 73,614 (23,778) 58,223 108,059 |
2022 £ 81,928 (23,778) 31,240 89,390 |
|---|---|---|
The provision against bad and doubtful debts is in respect of rental income, owed by one of the PCC's tenants at year end. The Trustees have reasonable cause to believe the tenant may be unable to repay this rent.
15. Creditors: Amounts falling due within one year
| Trade creditors Other creditors Accruals and deferred income Deferred income at 1 January 2023 Resources deferred during the year Amounts released from previous periods |
2023 £ 65,859 34,635 56,895 157,389 2023 £ 48,481 52,575 (48,481) 52,575 |
2022 £ 76,784 34,356 51,939 163,079 2022 £ 54,439 48,481 (54,439) 48,481 |
|---|---|---|
Deferred income relates to rental income received in advance of the rental period and is deferred at the year end.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
16. Financial instruments
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 116,925 | 118,793 |
Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
17. Statement of funds
Statement of funds - current year
| Unrestricted funds General Fund Endowment funds Burial Ground Trust Fund Restricted funds Access Ramp Appeal Lent Boxes National Heritage Fund Church Gifts and Donations Christmas Charities Fund Pimlico St Peter Trust Total of funds |
Balance at 1 January 2023 £ 192,147 40,463 4,725 272 2,480 14,243 4,645 - 26,365 258,975 |
Income £ 543,888 - - - - 592 3,516 2,000 6,108 549,996 |
Expenditure £ (521,683) - - - - (592) (3,516) (1,714) (5,822) (527,505) |
Gains/ (Losses) £ 5,593 - - - - - - - - 5,593 |
Balance at 31 December 2023 £ 219,945 |
|---|---|---|---|---|---|
| 40,463 | |||||
| 4,725 272 2,480 14,243 4,645 286 |
|||||
| 26,651 | |||||
| 287,059 |
The restricted funds comprise of the following:
The Christ Church, Westminster Fund arose from the sale of the burial ground of Christ Church, Westminster and the income can be applied for the upkeep of St Peter’s Church.
The Access Ramp Appeal Fund can be applied for the construction of an access ramp to the church.
The Church gifts and donations amount of £592 was fund raised for Burns Night, with the money was handed over to Housing Justice.
The Christmas Charities Fund arises from collections held in the Church at the end of the year which are to be donated to certain nominated charities.
The Pimlico St Peter Trust gave a grant of £2,000 in the year towards the cost of a new dishwasher.
Where restricted fund balances are expected to be negative at year end transfers are raised during the year to fund these deficits as the balance of expenditure comes from the general funds of the church. Funds are only carried forward in deficit at year end when there is restricted income expected in the next financial period.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
17. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Endowment funds Restricted funds Access Ramp Appeal Lent Boxes National Heritage Fund Church Gifts and Donations Christmas Charities Fund Streaming Equipment Project Carpet Fund Total of funds |
Balance at 1 January 2022 £ 239,881 - 45,188 272 - 14,175 4,645 3,178 - 67,458 307,339 |
Income £ 501,163 - - - 2,480 1,816 1,904 1,948 15,565 23,713 524,876 |
Expenditure £ (529,601) - - - - (1,748) (1,904) (19,686) (15,565) (38,903) (568,504) |
Transfers in/out £ (14,560) 40,463 (40,463) - - - - 14,560 - (25,903) - |
Gains/ (Losses) £ (4,736) - - - - - - - - - (4,736) |
Balance at 31 December 2022 £ 192,147 |
|---|---|---|---|---|---|---|
| 40,463 | ||||||
| 4,725 272 2,480 14,243 4,645 - - |
||||||
| 26,365 | ||||||
| 258,975 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
18. Summary of funds
Summary of funds - current year
| General funds Endowment funds Restricted funds |
General funds Endowment funds Restricted funds |
Balance at 1 January 2023 £ 192,147 40,463 26,365 258,975 Income £ 501,163 - 23,713 524,876 |
Income £ 543,888 - 6,108 549,996 Expenditure £ (529,601) - (38,903) (568,504) |
Expenditure £ (521,683) - (5,822) (527,505) Transfers in/out £ (14,560) 40,463 (25,903) - |
Gains/ (Losses) £ 5,593 - - 5,593 Gains/ (Losses) £ (4,736) - - (4,736) |
Balance at 31 December 2023 £ 219,945 40,463 26,651 |
|---|---|---|---|---|---|---|
| 287,059 | ||||||
| Balance at 31 December 2022 £ 192,147 40,463 26,365 |
||||||
| Summary of funds - prior year | ||||||
| General funds Endowment funds Restricted funds |
Balance at 1 January 2022 £ 239,881 - 67,458 307,339 |
|||||
| 258,975 |
19. Analysis of net assets between funds Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2023 £ 40,463 - - 40,463 |
Restricted funds 2023 Unrestricted funds 2023 £ £ - 179,001 26,651 198,333 - (157,389) 26,651 219,945 |
Total funds 2023 £ 219,464 224,984 (157,389) |
|---|---|---|---|
| 287,059 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
19. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2022 £ 40,463 - - 40,463 |
Restricted funds 2022 £ - 26,365 - 26,365 |
Unrestricted funds 2022 £ 173,408 181,818 (163,079) 192,147 |
Total funds 2022 £ 213,871 208,183 (163,079) 258,975 |
|---|---|---|---|---|
20. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/expenditure for the year (as per Statement of Financial Activities) Adjustments for: Dividends, interests and rents from investments Decrease/(increase) in debtors Decrease in creditors Net cash used in operating activities |
2023 £ 22,491 (9,930) (18,669) (5,690) (11,798) |
2022 £ (43,628) (4,852) 33,045 (26,340) (41,775) |
|---|---|---|
21. Analysis of cash and cash equivalents
| Cash in hand Overdraft facility repayable on demand Total cash and cash equivalents |
2023 £ 118,999 (2,074) 116,925 |
2022 £ 120,867 (2,074) 118,793 |
|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
22. Analysis of changes in net debt
| Cash at bank and in hand | At 1 January 2023 £ 118,793 118,793 |
Cash flows £ (1,868) (1,868) |
At 31 December 2023 £ 116,925 |
|---|---|---|---|
| 116,925 |
23. Operating lease commitments
At 31 December 2023 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:
| Not later than 1 year Later than 1 year and not later than 5 years |
2023 £ 2,832 7,788 10,620 |
2022 £ 2,832 10,620 |
|---|---|---|
| 13,452 |
24. Related party transactions
James Gourlay, a Member of the charity, was also a Trustee of the St Andrew's Church Hall Trust, which made grants to the charity in the year of £26,567 (2022 - £26,003).
During the year the charity's trading subsidiary (St Peter's Eaton Square Trading Limited) made distributions to the charity totalling £143,050 (2022 - £161,056). At the year end, the trading company owed £Nil (2022 - £NIL) to the PCC.
Total donations received in the year from Trustees amounted to £14,150 (2022 - £12,323).
Page 31