The Parochial Church Council of the Ecclesiastical Parish of St. Alfege, Greenwich St Alfege Greenwich The Parochial Church Council of the Ecclesiastical Parish of St. Alfege, Greenwich Registered charity number 1133046 ri i-l ANNUAL REPORT 2025 Including financial statements for the year ended 31 De￿mber 2024 PCC Annual Reporc 2025 - Page l of 28 The Parochial Church Council of the Ecdesiastical Parish of St. Alfege, Greenwich 2025 ANNUAL REPORT Contents Page Trustees Annual Report 2024 Aims & Purposes Objectives & Activities Achievements & Performan Worship and Prayer Future Plans Sustainability Organisational Structure Treasurer's Report Auditor's Report Statutory Accounts 13 15 Aims and Purposes PCC Annual Reporc 2025 - Page 2 of 28 The Parochial Church Council of the Ecclesiastical P￿Ish of St. Alfege, Greenwich 2025 ANNUAL REPORT The Parochial Church Council IPCC) of St. Alfege Church, Greenwch is responsible. with the VirAr, for promoting in the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic. social and ecumenical. The Parochial Church Council is a corporate body IPCC Powers Measure 1956, Church Representation Rules 2006} and is a charity registered with the Charity Commission under registration number 1133046. 11 has maintenance responsibilities for St. Alfege Church, Church Street, Greenwich SE10, the churth hall and other church properties, as well as responsibilities for paid staff, and it decides how the fijnds of the PCC are to be spent. Objectives and Activities The PCC is committed to enabling as many people as possible to worship at our church and to become part of our parish community at St. Afege. We have underlined that aim through our membership ofthe Educational Charity, Inclusive Churth, accepting its aim to be a church which does not discriminale, on any level, on grounds of economic power, gender, mental health, physical ability. race or sexuality and to be a church which welcomes and serves all people in the name of Jesus Christ,. which is scripturally faithful., which seeks lo prodaim the Gospel afresh for each generation,. and which, in the wwer of the Holy Spirit. allows all people to grasp how wide and long and high and deep is the love of Jesus Christ. The PCC maintains an oveNiew of worship in the church through the Worship Committee. It supports the work of the Vicar as chaplain to tjvo alms-houses in Ihe parish and a broad range of cultural and community activities within the church and the hall, seven days a week. Through the coming and going of new and old members we ￿ntinUe to be a community ofall ages and backgrounds wilh a high profile in the area not only for the excellen￿ of our worship and the beauty of our building, but for selv1￿ to the whole community- hen planning our actiwties for the year the incumbent and the PCC have considered the Charity Commission's guidance on public benefit. We try to enable people to live out their faith as part of our parish community through.. Worship and prayer. learning about the gospel and nurturing enquirers and those seeking baptism and confirmation. o Provision of pastoral care for people living in the parish and those who come to us for marriages and funerals. St Alfege with St Peter Primary School through provision of School Governors, their worship, raising fiJnds for the school foodbank and musical engagement with our Choral Scholars. O Our partnerships with Okutendereza Mu Luganda. the Luganda congregation meeting in our church,. the Chaplaincy of the Old Royal Naval College., the 999 Club. Deptford Reach and Greenwich Winter Night Shelter serving the homeless. Our relationships with the University of Greenwch. Trinity Laban ConseNatoire of Music & Dance and other institutions in Maritime Greenwich World Heritage Site. U Our ministry to the differenl schools, community groups and individuals who visit our church during the week. The hosting of a year-round programme of concerts and recitals of the highest professional standard. To facilitate this work, it is important that we maintain the fabric of the church and the hall. The church is a grade one listed building, famous for its architecture and historical associab'on5. We see our stewardship of the building as an important part of our benefit to the wider comrnunity and to visitors. In line with the reporting requirements induded in the Charities Act 2018 the PCC members are pleased to confimi that all fundraising is done in compliance with best fundraising practice. During 2024 we did not employ any professional fundraisers. There were no CL)mplaints or criticisms during the year about our fiJndraising aGb"vits'es. Achievements and Performance We open our church to the public Tuesday to Sunday weekly and on bank holidays. To achieve this, we rety on a team of wonderful volunteers who look after the church whilst we are open and help our visitors make the most of their time whether it be for prayer. quiet or to leam more about our beautiful church and ils history and heritage. In 2024 we welcomed 19,024 visitors, an encouraging 80/0 increase on the previous year. Anne Burton, our Volunteer Development Manager, co-ordinates and resources our team of volunteers, and we are Gurrenlly looking to recruit new people, who can offer to three hours per week or fortnight. PCC Annual Report 2025 - Page 3 of 28 The Parochial Church Council of the Ecclesiastical Parish of St. Alfege, Greenwich 2025 ANNUAL REPORT Our heritage team, led by Herilage Engagement Manager Matilde Martinetti, have continued to offer Hidden Spaces and Women at st Afege Tours, and our volunteer researchers, work on the St Alfege Church Pew 1718 Pew List. led to us being awarded Gold Medal for the Best Team Category at the London Heritage Volunteer Awards in November. Charlotte Harding, our first volunteer Young Creative PrOdU￿r, curated food themed 'Sensing St Afege. workshops and an exhibition. funded by the National Trust We secured funding from the Royal Borough of Greenwich for a Black History 365 project. which launches with a workshop led by writerlartist Kandace Siobhan Walker in April 2025. 'Reclaiming Narratives, takes inspiration from an original document at Lambelh Pala¢% Library, 'Petition' from Esthér Smith. a slave in Greenwich, to Archbishop Secker in 1760. We have shared our experience other groups including hosting a London region morning for the Church of England's Major Churches N6hvork, to which staff team members contributed, and a gathering of heritage professionals from the International Council of Monuments and Sites. In August. we hosted '50 Faces of the Holy Land,. a photographic exhibition, curated by Friends of the Holy Land, designed to highlight the lives of the residenls of Israel and Palestine, Christian, Jewsh, Muslim, Samaritan and Druze. The church staff team and wardens meet regularly to plan, debrief and oversee the day to day running of th8 churth. Our thanks to Beverley Sharp-Georgiev, our administrator and facilities co-ordinator, based at the church office, for her work, which has included some challenging fabric and administrative projects. and for her attention lo detail in her daily wort. Our concert hirings and hvice weekly lunchtime recitals have increased this year and Rhian Davies, ¢on¢erts and recitals co-ordinator. has worked hard to develop and publicise the range and diversity of Ferformers and programmes. Director of Music Benjamin Newlove, supported by assistsnt organist Ben Banks, has led the church choir in a successful year and we recruited four more choral scholars for 2024-25. who also visit St Afege wth St Peterfs Primary Sthool ￿lee temly to lead singing at collective worship Thanks to David McEvoy and Helen Neilly for their work in liturgical and worship administration and bookkeeping specifically, and to Karen Smith, hall ¢aretaker. Karen Hansen has SU￿eded Nick Hervey as parish safeguarding officer and we have continued to make safeguarding a priority. Supported by Southwark Diocese, our staff. volunteers and Parochial Church Counol members have undergone appropriate training and we have sought to raise awareness of safeguarding and associated issues to our wider church community. including through a themed Safeguarding Sunday in November. A total of 4,505 children and young people came to the church during 2024 for heritage tours, RE visits. school concerts and seNices. including our popular 'Christmas Joumey, _ a Greats've Charlton Deanery initiatsve in which our volunteers presented the story of Christmas to primary school children and slaff from l¢xal schools. This year we celebrated thé tenth birthday of 'Christmas Journey in our area. Our weekly 'Walk in Wednesday. drop-in helps tackle isolation and loneliness, offering a cuppa, chat and company for local people of all ages The clergy have endeavoured to make home visits or meet wlh all newcomers to church who fill in the welcome fomi. We offer pastoral care and a listening ear to all who request that- via our clergy or lay ministers. Collections at our speaal Advent and Christmas services and donations from individual groups raised £5.848 and were split befv￿en four charities.. Greenwich Homeless Project, the St Afege School Foodbank, The Children's Society. and Embrace the Middle East. Our volunteer cooks re￿iVed a certificate of thanks and appreciation for their unstinting support, cooking meals and collecting supplies for the 999 Club homeless outreach in Deptford. Eco church group continues to be active and organised a partnership with the Diocese of Lake Malawi in 2024, focussed around tree planting and toilet ￿nning. We are delighted to have been awarded Eco Church Bronze status. PCC Annual Report 2025 - Page 4 of 28 The Parochial Church Council of the Ecclesiastical Parish of St. Alfe8e, Greenwich 2025 ANNUAL REPORT It is pleasing to report that about 160 local people volunteer regularfy across the various areas of the life, worship, work and ministry of St Alfege Church during the year. My gratefijl thanks to our committed staff team. our volunteers, churthwardens, treasurer, Parochial Church Council members for their commitment to the ministry. mission and flourishing of St Alfege Church in 2024. Worship and Prayer As an inclusive church family who seNe our community in the name ofJesus Christ, we want people to experience the love of God through our worship, welcome. wtness and our life together. We hold Moming Prayer three days a week at 8.30am and a said Holy Communion se￿iCe on Thursday at 8am. St Alfege wth St Peter's School hold a service for the whole school each term in church wth our clergy involved. Each week our clergy visit the school to lead collective worship. On Sundays. we hold a said seNice of Holy Communion at 8am and a Sung Eucharist at 10am. On the first Sunday of the month we hold 'Abide', a service with a refleGlive and contemplative focus and on the last Sunday of the month we hold a service of Choral Evensong. Our prayer ministry team of18y people and clergy are available to offer listening and prayer for healing at the conclusion of the 10am servi￿. A prayer requests book in the church is filled wth visitors, prayer requests each week and we offer prayers for them in our daily worship. Children's Church, for ages >11 s and a parenucarér, worship together each Sunday in the church hall during temi time. including a Communion service with one of the clergy each month. Around 30 young people and their parenucarers meet for worship. Social activities have included a visit to the pantomime at Greenwch Theatre and a summer picnic. In May, after a five-week preparation course led by the vicar, eight children were admitted to Holy Communion at a joyful 10am service on Pentecost Sunday. Children's Church members partiapate in leading the 1 Oam Eucharist in church on special seNices such as Mothering Sunday, Harvest. the annual Nativity play, and Candlemas. They created another beautiful Advent window on the church hall windows, themed around 'AJI is calm, all is bright,. ￿t up at night. it invited people's attention and spoke of a community connected by Ihe light of Christ. We thank our Children's Church leaders for their commitment to the nurture of our young people's faith and their pastoral care for the families. Two of our church members were confimied by the Rt Revd Mithael Doe, Honorary Assistsnt Bishop, al the Charlton Deanery Confirmation service at Pentecost. An adult 'Pilgrim' enquirers. group ran again in the autumn, from which three members decided to be baplised. The Open Door home group continued to meet for worship, reflection. prayer and support throughout the year and as an online Lent course For our 2024 Lent Course in partnership with the Old Royal Naval College Chapel, we followed the inspiring but challenging book 'Tarry Awhile- wisdom from black spirituality ft)r people of faith, by Selina Stone. More than 35 people look part, and the groups were mainly lay-led. 'Followers of the Way., a small leaming group exploring a Christian thythm of life, has been meeb'ng monthly Sin￿ the autumn. A Confirmatr'on course led by the Vicar helped prepare St Alfege candidates for their confimiation. Clergy and church members continue to lead weekty worship for residents at ￿ of our local alms-houses - Queen Elizabeth College and Trinity Hospital. Our church choir has flourished during the year, enriching musical worship at major festivals and 44 Sundays, as well as Evensongs. We are grateful for their commitment and joy in rehearsing and singing. Members of the choir have sung at some funerals and weddings and enjoyed being part of a diocesan choirs feslival Evensong at Southwark Cathedral in June. During Revd Dr Tati Gutteridge's matemity leave {until Advent 20241 we were supported in our sacramental ministry by local clergy, including Revds Raymond Baudon. Caroline Wyman, Jane Petrie, Robert Tobin, Mark Hatcher and Jeremy Clark-King. Thank you to our Readers David McEvoy, Peter Kinnison. Richard Mash, Pastoral Lay Minister Carole Moses and sacristan Debbie Sandringham and her team of Servers for their support of the clergy in leading, preaching and resourcing our worship. PCC Annual Report 2025 - Page 5 of 28 The Parochial Church Council of the Ecclesiastical Parish of St. Alfege, GreenwAch 2025 ANNUAL REPORT Okulendereza Mu Luganda fellowship meets for worship in the aftemoon every second Sunday of the month under the leadership of our Honorary assistant priest, Revd Stephen Nshimye and the ministry team. In June 2025, OML 11 ￿lebrate their tenth birthday of worshipping in Greenwich. Our thanks to the small sound and tech team who have kept our main services audible online each week via YouTube streaming which is also available for funerals and weddings, if desired. We have celebrated 17 baptisms in the past year- including four adult candidates - and each family has received a visit and preparation for their child's baptism. In 2024 we held seven weddings and renewal ofvows for couples and seven funerals and memorial seNices. We held two marriage preparation days for couples prepanng to be married at St Alfege and the Old Royal Naval College Chapel. Our weekly worship involves many people as welcomers, readers, servers, choir members, flower arrangers, sound and vision desk operators, Children's Church leaders and coffee time hosts - wthout them our worship could not take place and flourish. Everyone is welcome to attend our regular servI￿s. At present we have 255 members on the churth electoral roll. Our average Sunday attendance was 140 adults and 30 children. Future Plans Our Mission Action Plan IMAP) is a strategic plan for the activities that St. Alfege Church wll live out in the coming months and years. We have endeavoured to build our plan on a dear sense of God's vision for our church The MAP assists our planning and reflects our achievements. It helps us lo identify and prioritise other opportunities and resources. Our plan covers the period 2024-2028. A group of PCC members (The MAP Committee) have been meeting regularly since September 2023 to review and revise our strategic overview for Mission Action Plan 2024 to 2028. We have written a purpose and acts'on statement (through wider discussion with members of the clergy, staff team and the MAP Committee}. St Alfege Church - An indusive community of faith where everyone is invited to encounter the lovè of God. We offer spiritually engaging worship for all ages enhanced by the beauty of music. We welcome everyone to enjoy our rich heritage through concerts, our architecture and history. We open the church throughout the week as a place of prayer, peace and refuge We offer spiritual support and encourage people on their Christian journey, for daily life and through major milestones (such as birth, marriage and deathl We welcome children. young people and families and seek to nurture their faith. It has been agreed to keep the five headings from the previous MAP 2019-24 headings: Tell, Teach, Tend, Transform and Treasure. Each aspect of the MAP has been discussed, debated, agreed and disagreed Ihrough various iterations. After it was presented to the Congregation useful feedback was gathered which will be considered as part of regular reviews. TELL Proclaiming Ihe Go¢)d News TEACH Nurturing Believers TEND Responding to Human Need TRANSFORM Working for Peace and Justice TREASURE Safeguarding God's Creation Sustainability In its Mission Action Plan, Sl Alfege Church is committed to reduce its environmental impact. In February 2020, the General Synod of the Church of England resolved to achieve zero nel carbon across the Church by 2030 and Southwark Diocese aims to do this by 2035. In 2019 the Diocese of Southwark agreed lo achieve bronze 'Eco Diocese. status by 2025 and eslablished a working group to support this. The Diocese archived the Bronze Award in PCC Annual Report 2025 - Page 6 of 28 The Parochial Church Council of the Ecclesiastical Parish of St. Alfege, Greenwich 2025 ANNUAL REPORT 2022. After completing detailed acts'ons St Afege was pleased lo gain bronze 'ECO Church, status in 2024, and we are now planning for Silver which involves addressing our responsibilities under five broad headings.. Worship and Teaching.. Buildings and Energy,. Churchyard,. Community and Global Engagement, and Lifestylel Structure, Membership and Organisation of the Parochial Church Council During the period from 1 January 2024 to the date af this report, the followng were members of the PCC- Ex Offlclo: Elected: Vicar (Chairl Curale Assistant Priest Assistant Priest Rev Simon Winn Rev Tatiana Gutteridge Rev Stephen Nshimye Kamegeri Rev Robert Tobin Graham Voke (Treasurer) Ben Crompton (Secretary) Alison Wood Karen Belton (to April 20241 Nick HeNey (to April 2024 Andrew Lews Joyce Skeete Arno Levin Victoria Ajoku Peter Vernon Christopher Atkinson Moses Ekole Karen Hansen (from April 20241 Helen Springett (from April 2024) Reader Reader Reader Soulhwark Pastoral Auxiliary Peter Kinnison David McEvoy Richard Mash Carole Moses Churchwarden Churthwarden Churchwarden Deanery Synod Deanery Synod Deanery Synod Deanery Synod Deanery Synod Irene Bishop CBE Simon Gallie Wendy Foreman Neil Jenkins Daisy Smith Imatemity leave) Amanda Jenkins Grahame Woods Members of the PCC are either ex officio or elected annualty by the Annual Parochial Church Meeting in accordance with the Church Representation Rules or co-opted in a￿OrdanCe with those rules. The membership of the PCC consists of the incumbent Ivicarl, churchwardens, reader, SPA and members elected by those members of the congregation who are on the electoral roll of the church. Al who attend our services on a regular basis are encouraged to register on the eledoral roll and stand for election to the PCC. New members of the PCC are inducted into the workings of the Parochial Church Council through meetings with exisling members of the PCC, the churchwardens and the Incumbent. The PCC has a Standing Committee that has power to conduct the business of the PCC between meetings, subject to any directions given by the PCC. Other committees and working groups are established from lime to time to meet particular needs. The PCC ha5 met 6 limes since the approval of the Annual Report in March 2024. April 28, June 10. September 16, October 21 and December 9. 2024 and on February 10, 2025. Key Management Personnel The PCC consider the following people as comprising Key Management Personnel of the charity, in charge of controlling the charity and running and operating the charity on a day-to-day basis. Vicar I Chair Churchwarden Treasurer Simon Winn Irene Bishop Graham Voke Churchwarden Secretary to PCC Simon Gallie Ben Crompton PCC Members, Responsibilities The PCC members are responsible for preparing the annual ￿port and the financial statements in accordance with applicable law and United Kingdom generally accepted accounting practice. Charity law requires the PCC members to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Church and of its financial activities for thai period. PCC Annual Reporc 2025 - Page 7 of 28 The Parochial Church Council of the Ecclesiastical P￿Ish of St. Alfege, Greenwich 2025 ANNUAL REPORT In preparing those financial statements. the PCC members are required to.. state whether applicable accounting standards and slalements of recommended practi￿ have been followed subject to any departures disclosed and explained in the financial statements.. observe the methods and principles in the Charities SORP Islatemenl of Recommended Practice)., select suitable accounting policies and apply them consistently., make judgements and estimales that a￿ reasonable and prudent., prepare the finanaal statements on the going concern basis unless it is inappropriate to présume that the activities of the church will continue. The PCC members are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the church and which enable them to ensure that the financial statements comply wilh the Charities Act 2011 and the Church Acwunting Regulations 2006. They are also responsible for safeguarding the assets of the church and hence for tsking reasonable steps for the prevenb'on and detection of fraud and other irregularities. All trustees give of their time freely and no trustee remunerab'on was paid in the year. Details of trustee expenses and related paty transactions are disclosed in note 11 to the accounts. In so far as the Trustees are aware at the time of approving our Annual Report.. there is no relevant infomiation, being information needed by the auditor in connection wth p￿parIng their report. of which the charity's auditor is unaware., and the Trustees, having made enquiries of fellow trustees and the charity's auditor that they ought lo have individually taken. have each taken all steps that helshe is obliged to take as a Trustee in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Advisers to the PCC BANKERS INDEPENDENT AUDITORS National Westminster Bank PIC Greenwich Branch Chatham Customer servi￿ Centre. Western Avenue, Waterside Court, Chatham Maritime. Kent ME4 4RT Xeinadin Audit Limited 5 Robin Hood Lane Surrey, SM12SW This annual report was approved by the Parochial Church Council on the 10 Marth 2025 and signed on its behalf by.. Simon Winn, Vicar and Parochial Church Council, Chair St Alfege Church. Greenwch Church Street, Greenwich, London, SE10 8W. PCC Annual Report 2025 - Page 8 of 28 PARoCH￿L CHURCH COUNCIL OF ST ALFEGE, GREEN￿CH FOR THE YEAR ENDED 31 DECEMBER 2024 Treasurer's Report Executive Summary For the year ending 31 st December 2024 there was a minimal surplus of £7812023.. surplus.. £103.0811. Exduding gains on share revaluations there was a deficit of £20,450.. The PCC budget for 2024 was for a small surplus of £32. During the year, we were very grateful to have been granted £5,000 from Royal Borough of Greenwich towards Blad( History- activities wll commence in 2025. We also conlinued activities for our Choral Scholar Programme in line with our 3-year grant trom the Sir William Boreman's Foundation. The PCC Finance Committee reviewed the Securities Investments during 2024 and no amendments were deemed necessary. The properties at St Alfege Passage were ￿valued by the PCC as at 31 December 2024. No change was judged necessary io the value of the four properties. The PCC considers the market value of all four properties to be £4.5m per note 4{b} on page 20. Sufficient cash balances have been maintained to ensure liquidity and fund unexpected expenditure. Total Funds in the Balance Sheel increased from £6,044,628 to £6,044.707. Under the PCC'S reserves policy most of Ihe assets are designated to recognise that the income they produce is essential to ensure the PCC is able to meet its rouline expenditure. PCC income in 2024 During 2024. reported income was £454.098 which was £23,427 higher than the income reported in 2023 of £430,671. Core income of £426,339, excluding the transfer of fvnds to PCC from St Alfege Fund Iwastelandsl. increased by £42,5751114h). In¢om¢ 2024 2023 Movèment Charye Gift ad d¢naliork* n gift aid donatior Total Dorotior 124,204 46,741 170,945 108,485 41,779 150,264 15.719 4,963 20.682 14% 12Yo 14% Dwide￿$ aThJ Interest Rental Property lrtome Imstmert Ir￿rne 26,983 117,400 144,383 28,871 115,187 144,058 11,8881 2,213 325 -7% 2Yo Oyfj Cl￿reh hir$ Hall & NLf5ery Corr£rt5 CMrch hall 28,388 41.919 22,567 92,874 24,005 30,327 17,982 72,314 4.383 11,593 4,585 20.560 18% 38Q 25Q 28% Ministry 18,137 17,129 1,009 Core 426,339 383,784 42,575 11% Restricted Irr#)me 24,059 3,700 33,207 3,700 10,000 19,1481 -28¥4 WastelaThYs Legacy 0% I10,￿)0? 100% Total I￿On 454,098 430,671 23,427 Unrestricted donations during 2024 totalled £170,945 which was £20,881 higher than the £150,264 donated in 2023 as a result of the congregation's increased generosity following a successful stewardship campaign in May. Donations from visitors and those attending lunchtime concerts also increased. PCC Annual Reporc 2025 - Page 9 of 28 PAROCHtAL CHURCH COUNCIL OF ST AIFEGE, GREENWICH FOR THE YEAR ENDED 31 DECEMBER 2024 Rental Property income increased to £117,400 and Hall lettings also increased to £41,919. Church hire increased to £50,954 - this includes car parking for the market traders as well as the hire of the church for concerts and reatals with the latter increasing £4,584 year on year. Investment Income by way of interest and dividends has been relatively consistent year on year wth £26,983 received in 2024. Restricted fund income is predominantly from Charity Collections and a grant for Black History of £5,000 The amount was more in 2023 where the whole of the 3 year Choral &holar grant of £15,000 was accounted for. There were no legacies received in 2024. PCC expenditure in 2024 The Expenditure in 2024 of £474,548 was £36.142 or 8 % higher than in 2023. Of the total expenditure £34,937 related to the cost of raising funds and £439.611 to the cost of Charitable Activities. A lable has been remapped below to show the comparison year on year. Actual 2024 Actual 2023 Mo¥•mont Mov•m•nt Chorltsbl? A￿¥1￿¢8 Church maintenance Church njnning oxponsas Hall rnaintenance & re￿Its Hall running expenses Clargy housing & ministry oxpenses Music 8nd choir 33.356 44,327 2,886 9.505 18,e51 13,989 13.332 5.065 7,238 20,026 2,723 8.074 31,740 42.080 1.304 9.325 24.072 7,710 8.552 2,014 7.838 18.146 2,970 7.999 1,815 2,248 1,582 180 5% 121% 15,4211 6,278 4,780 3.OS1 15981 1.881 12481 75 -23% 81% 56% Church supplies Ad*rtisi 151% Audit Off ea cost5 Depmciation Sundry costs Sub-Total Costs Expended 10% 4% 1% 179.171 163.747 15,424 9% Staff Costs Parish Support Fund Total Costs Expended 98.154 140.691 92.203 135.280 5.951 5.411 6% 4% 418.016 391.230 26.786 7% Other- Restrict Chantable Actiiity Costs EX￿nded 21.595 439,611 21,950 413,180 13551 26,431 6% Main cost items of increase were.. Parish Support Fund. The PCC agreed and increased pledge of £140,691and increase of£5.411 Church Maintenance. Costs to maintain and repair the church totalled £33,3￿ which was higher than 2023 by £1,615 or 5Yo including the costs of the committed organ repairs that wll complete in 2025 and are partly fvnded by a generous donation from The Friends of Sl Alfege and part of the legacy from the late Nigel Perk5 which also nded the refurbishment and refitting of the choirstall lights. Church running expenses. The 2024 cost which includes energy for heating and lighting was £44,237. higher than 2023 by £2,248 or 5Q/o Staff costs of £98,154. were higher than 2023 by £5.951 reflecting a full year in one role and a PCC approved salary increase of 5 %. Music & Choir. Costs were £13.989. higher than 2023 by 6,278 which reflects the payment that was made to PRS ft)r music licence charges in respect of concerts and recital5. Church Supplies. Costs were £13.332 which was £4,780 higher than in 2023 due to reprinting of visitor booklet and the new nativity display which was paid for in full by a donation. Conversely. Ministry costs lindudes Clergy Housing) of £18,651 was lower than 2023 by £5,421 with lower wedding and fiJneral costs conlributing £3,563 of the reduction. PCC Annual Reporc 2025- Page 10 of 28 PAROCHIAL CHURCH COUNCIL OF ST AtEEGE, GREENWICH FOR THE YEAR ENDED 31 DECEMBER 2024 Revlew of Securities Investments No changes We￿ deemed ne￿SSary to our investment approach in 2024 as in 2023 the PCC Finance Committee carried out a thorough review of the investments regarding sustainability {ethical investments) and suitability (income vs growth and riskl.lt was concluded and resolved by the PCC that investing our portfolio in a fully managed Church of England Investment Fund would be prudent. as this avoid the need to review and potentially change our holdings in the future. The transfer for the final pool of Arnold investments IT0863 - 87313002T) in the sum of £83,795 was executed in February 2024. The movement in the share valuations be￿een 31 December 2023 and 31 December 2024 of £20,528 are shown in note 5 on page 21. £1,903 of the investment market value is reported as a gain on disposal. This is because the pool ofAmold shares was sold and reinvested on the same day in February and the movement in share valuation at that point was £1.903. Plans for future fabric projects The treasurer anticipates general expenditure in 2025 to operate within the budget agreed by thé PCC. Looking ahead to the fijture the main projects that are to be carried out in 202512026 subject to fijnding are.. Repair or réplacement of the roof safety system on the roof of the Church General church maintenance Repairs to the Church Organ Repair or replacement of the Church Hall wnd¢)ws and ramp External decoration to the four Sl Alfege Passage properties Refurbishment of the small hall previously occupied by the Nursery Financlal Rlsks The prinapal risks and uncertainties facing the charity from a financial perspective can be classified as income risks and expenditure risks. The responsibility for St Alfege Church. the church hall and otrer investrnent properties drives a need for regular income and a maintenance programme for the properties. Fundraising from the general public As with any charity this is a challenge and risk to the financial security of St Alfege. The regular review of the congregation Stewardship Scheme (being refreshed for 20241 provides momentum and focus for the maintenance of planned giving. Campaigns have been quadrennial and in be￿een campaigns, new members are advised about the option lo make donations by standing order. The ability for visitors, concert goers and those attending sevices to donate by cardlcontactless and via the website is also available. Fluctuations in investments The PCC does not hold securities outside of agreed funds that are managed by CBF, COIF, and M&G with all investments in funds that are managed responsibly wth due regard for environmental. social and govemance standards and which target returns in the medium term in excess of UK inflation. Unforeseen maintenance or repairs to property This is perhaps the most unpredictable of risks for the PCC. but the quinquennial report and close working relationship be￿een the Church, Architects and Surveyors ensures that the maintenance and wear and tear of the properties is foreseen and planned on an ongoing basis. Operatlonal and Governance Risks The organisational structure of the PCC and sub-cornmittees prowdes a range of trustees and volunteers who bring experience from a range of professional specialisms and different sized organisalions. Compliance with law and regulation The Vicar and Churchwardens act to solicit the advi￿ of qualified, relevant speaalists and professionals. Investment Policy The Investment Policy contributes to the promotion, in the ecclesiastical parish, of the whole mission of the Church, pastoral, evangelistic, social and ecumenical. It facilitates the maintenance of St. Alfege Church, the church hall and PCC Annual Report 2025 - Page I l of 28 PAROCHIAL CFtURCH COUNCIL OF ST ALFEGE, GREEN￿CH FOR THE YEAR ENDED 31 DECEMBER 2024 other church properties, as well as responsibilities for paid slaff, by ensuring that a steady and regular flow of fijnds is available to the PCC. The PCC intends to hold the four investment properties for the foreseeable future as income generating assets. The portfolios of securities held pay dividends without deduction of tax and this income is an importanl element of the PCC budget. The PCC does not hold securities outside of agreed funds that are managed by CBF, COIF. and M&G with all investments in funds are managed responsibly with due regard for environmenlal, social and govemance standards and which largel retums in the medium term in excess of UK inflation. The PCC undertook a review of the investment held during the year with regard to sustainability (ethical investments) and suitability (income vs growth and risk) and it resolved to move all lo The Church of England Investment Fund which is ath.vely managed and invests in several 'asset classes, induding equities, fixed interest securib'es. private equity, property and cash. The PCC is also responsible for managing the assets, so far as restrictions in the charity's constitutional document permits, of the Sl. Afege fijnd. Details of changes in the undertying assets of this charity can be found in the notes to the finanaal statements. Reserves Policy The PCC'S reserves policy was reviewed during 2024. The designation of the investmènt properties and most of the PCC'5 equity holdings, totalling £5.3m as at 31 st December 202412023.. £5.3ml. makes clear to readers of the financial statements that the PCC intends these assets to be reseNed to produce an income that wll continue to support the church and that they are not to be used for other purposes. During the course of the year under review the reserves have proven satisfactory to meet the policy previously set, and therefore the PCC members decided lo make no change. Summary The PCC'S currenl financial position remains sound and Tl has the resources to support the church's wder objectives. This finanaal review was approved by the Parochial Church Counal on the 10 March 2025 and signed on its behalf by Graham Voke Treasurer, StAfege Church, Greenwch. SE10 88J PCC Annual Report 2025 - Page 12 of 28 PAROCHIAL CHURCH COUNCIL OF ST ALFEGE, GREEN￿CH FOR THE YEAR ENDED 31 DECEMBER 2024 Independent audito￿8 report to the members of the Parochial Church Coun¢ll of St Alfege, Greenwlch Oplnlon We have audited the financial statements of the Parochial Church Council of Sl Alfege, G￿enwIch (the 'PCC'I for the year ended 31 December 2024 which comprise Ihe Statement of Financial Aclivi(ies, the Balance Sheet, and notes lo the finanaal statements, induding a summary of significant accounting policies. The financial reporting framework that has been applied in their p￿paratIOn is applicable law and United Kingdom Accounting Standards, induding Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United lfjngdom Generalty Accepted Accounting Practice). In Our opinion, the financial slalemenls.. give a true and fair view of the slate of the PCC'S affairs as al 31 December 2024 and of ils incoming resources and applicab'on of resources for the year then ended., have been properfy prepared in accordance wlh Unf(ed Kingdom Generally Accepted Accounting Pradic*,' have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Inlernalional Standards on Auditing IUKI IISAS IUK}l and applicable law. Our responsibilities under those standards a￿ further described in the Audilorfs responsibilities for the audit of the finanaal slalements section of our report. We a￿ independent of the PCC in accordance with the ethical requiretHenls that are ￿levant lo our audit of the financial statements in the UK, including the FRC'S Ethical Slandar(I, and we have fU￿illed our other ethical responsibilities in accordance wlh these requirements. We believe th* the audit evidence we have obtained is suffieient and appropriate lo provide a basis for our opinion. Conclusion$ rèlating to golng con¢ern In auditing the finanryal statements, we have concluded that the PCC members, use of the going COn￿M basis of accounting in the preparalion of the financial statements is appropriate. Based on the work we have performed. we have not identffied any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the PCC'S ability to conlinue as a going conc*m for a perioa of al least 12 months from when the financial statements are aulhorised for issue. Our responsibililies and the responsibilities of the PCC members ￿spect lo going con¢em are described in the relevant sections f thi5 report. Other information The other infom)alion comprises the information induded in the annual report. induding the PCC members. report, other Ih8n the financial statements and our audf(orfs report the￿on. The PCC members are responsible for the other information contained within the annual report. Our opinion on the finan¢ial statements does not cover the other infomlalion and, except lo the exient otheThyise expli¢iUy stated in our report, ¥%E do not eXp￿sS any forrn of assurance conclusion Ihereon. Our responsibility is lo read the other infornalion and, in doing so, consider whether the other infomialion is materially inconsistent th the finanaal statements or our knowledge obtained in the Course of the audit. or otherwse appear5 to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are ￿qUIred lo detemine whether this gives rise lo a material misstatement in the financial statements Ihernselves. If, based on the woth we have perfomied, we condude that there is a material misstatement of this other informats"on, we are reqUI￿d to report that fact. We have nothing to report in this regard. Matters on which w• ar• roquirod to roport by 0x¢op￿On In the light of the knowledge and understanding of the PCC and its environment oblained in the course of the audit, we have not identified material misstatements in the PCC members, report. We have nothing lo report in respect of Ihe following matters in relation lo which the Charits'es (Accounts and Reports) Regulations 2008 requires us to report lo you if, in our opinion.. adequate and proper arxounling records have not been kept. or returns adequate for our audit have not been recewed from branches not visited by us,. or the financial statements are not in agreement wth the accounting records and relums,. or certain disclosures of PCC members, remuneration speafied by law are not made", or we have not received all the information and explanalions we ￿qUIre for our audit. PCC Annual Report 2025 - Page 13 of 28 PAROCHIAL CHURCH COUNCIL OF ST AIFEGE, GREENWICH FOR THE YEAR ENDED 31 DECEMBER 2024 R••ponslbllltl•• ol tho PCC M¢M￿lI As explained mor& fully In Ihe PCC mernber5' respo￿lti11rtl¥s ststgrnent, the PCC membets are wponsible ft*rthe preparation ofth• finanual st8lem&nls and lor being salisffied that they give a true and fair v*ew, and for such Inlemal control as they detemine 18 necessary to enable the prepafation of finan¢4al slalements that are free from material mlsslalement. wttether due to fraLkd or error, In preparing the finanrAal sl8lements, Ihe PCC members are responsIb￿ for a$sessing the PCC'5 abilty lo continu• as a going Corncem, disdo3ing. as appli¢ab*, matters related to going concem and using Il* going cKJncem ba515 of a¢eounling un*88 the PCC membern eIt￿r inlend lo lIqu￿ale th¢ PCC or lo cease Operat￿n8. ¢y havo no rnalistic attematsve bul to do 80. AuditoV8 rMpon•lbllltth for th• wudlt of th• flnancl•l •tst•m•nts We have *)een appointed as auditor under section 145 and report ln accordance wlh Ihg Act and Televanl regulation8 made or havlr elleL# thareunder. Ojr obieGlive5 lo obl8in reasonable 83Jurance about whether the Anancial statements a3 8 whde are free from m8lefflal mi$8talemenl. whelmr due lo fraud or error, and lo Issue an oudilorf¥ report Ihal indudes our opinlon. Re8sonable as¥urance 13 8 hHJh level ol a88uraneA bul 1$ not a guarantee that an audil conduded in accordance ISA$ IUK) will always detect 8 maienal mi38t8lemeni ￿ffien il exists. Misslalements can anvj from fraud orerrorand are considered material if. Indiwdually or in Ihe aggregate, y could rea8on8bty be ¢xpected to influencè the •¢onomie d8CiSton8 of usern taken on the b88w ol Ihtrse fingnc4818talem*nl$. •kXant to which our pro¢edure$ are capable oldetecting iff•9ul•rtti•$, It*udiThJ fraud 18 d•lailed betow.. Based on our underdlanding of the charity, we identified that prinupal risk$ of non-complianr£ wlh la￿% regul&lion8 related to employment and tinanci81 Rporting legislation and consldered the ext¢nl lo which non 9,578 42.636 50.000 73.221 4.899 3.7 14,475 46,341 17.013 18,825 4,071 29,8OQ 10J.MI Transfern f￿￿$ 10 I7.8￿) 1.759 11,759) N•i mavem4nt In fund* 3,898 13.6201 78 74.960 28,101 103.081 Reconclllatlon orrunds.. Totaifundi L￿Ought forward ai 1$1 Jamary 5,947.462 97,166 6,044,628 5.672.482 69. 5.941.547 Total Fund• ¢4Wrt•dl•Ywird It 31 D•t•mb•r 5.951,381 93,346 ,044.707 5.947,462 97,166 6.044.621 PCC Annual Report 2025 - Page 15 of 28 PAROCHLAL CHURCH COUNCIL OF ST ALFEGE. GREENWICH FOR THE YEAR ENDED 31 DECEMBER 2024 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Noto Flxed As89ts Land & property for use by the PCC Investment properties Other tangiblo ffixed assets Securities 4(al 41bl 41dl 468.210 4,495,000 468,210 4.495,000 2.723 917,590 893,890 5,880.800 5,859,823 Curront ass•ts Debtors 12 30.278 3.395 180,885 214,559 31.881 3.333 192,336 227,550 Short temi deposits Cash at bank and in hand Curr•nt Ilabllltl•8 ounts falllng due wllhin ong year 13 150.6521 142.7451 N•t curr•nt a$80ts 163.907 184.806 N•t ass•ts 6.044,707 6.044,628 Fund• Unrestrlcted Designated Undesignated 5,302,652 648,709 5.282.683 664.779 Tot•1 unr•¥trl¢t•d 5.951.361 5.947,462 R•strlct•d 93,346 97,166 Total funds 6.044.707 6.044,628 Approved by the Parochial Church Council on the 10 March 2025 and signed on its behalf by.. Graham Voke Treasurer, StAlfege Chur¢h, Greenwich. SE10 8BJ PCC Annual Report 2025 - Page 16 of 28 PAROCH￿ CHURCH COUNCIL OF ST ALFEGE. GREEN￿CH FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting Policies The Parochial Church Council of Sl Afrge, Greenwich is a registered charity with the Charity Commission of England and Wales with registration number 1133046 with registered offi￿, Si Alfege Church, Greenwich Church Street, London. SE10 9BJ and is a public benefit entity under FRS 102. The Financial Statements have been prepared in accordance with the Church Accounting Regulations 2006, the Charits'es Act 2011 and in accordance with the Charities Slalement of Recommended Practice {Charilies SORP IFRS 10211 and Financial Reporting Stsndard 102 {FRS 1021 and have been rounded to units of Who￿ pounds sterling. The trustees have prepared detailed foreeasls and cash flow projections which they believe are based upon reasonable assumptions. The forecasts show that the charity should be able to operate for the foreseeablg future and thus the Irustses consider il appropriate lo prepare the financial statements on a going concern basis. 1(a) Funds General purpose fijnds represent those funds of the PCC that are not subject to any restrielions regarding their use, and which are available for application to the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted. 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 lo another body nor those that are informal gatherings of church members. 1(b) Income Voluntary income and capital sources Collections are recognised when received by or on behalf of the PCC,. Planned giving re￿1vable under Grft elc. is recognised only when received", Income Tax recoverable on covenants or Gift Aid donations is recognised when the income is probable., Grants and legacies to the PCC are accounted for as soon as the PCC is nolifwd of 11$ legal enlillemenl and the amount due.. Receipts from fundraising events are accounted for gross., Sales of guidebooks and other items lo visitors lo the church are accounted for gross. Other ordinary income Income from the letting of the ehurch and the church hall is recognised when the ￿nts1 1$ due with the exception of the hall hire for children's parties that is recognised when received. Income from investments Dividends and interest a￿ ac¢ounted for when receivable. Tax recoverable on such income 1$ recognised in the same accounting year., Rental income from investment property is r8cogni$ed when the rent is due. Gains and losses on Investments Realised gain5 or losses are recognised when investments are sold.. Unrealised gains or losse$ a￿ a¢¢ounted for on revaluation of investments al 31st Detsmber. 1{c) Expenditure Grants Grants and donations are accounted for when paid over. or as soon as oufflow of economic benefit is probable for example when a grant is awarded lif that award creates 8 binding obligation on the PCCI. Activities directly relating to the work of the church The dI0￿san quota or parish support fvnd payment is accounted for when payable. This is paid for in twolve equal direct debil inslalments and is paid in full during the financial year. l{d) Fixed Assets Fixtures, fittings and office equipment Individual assets that cost ￿$S than £10,000 ale Irealed as an expense in the year of purchase. Depreciation on individual assets which cost more than £10,000 is provided on a straighl-line basis using the annual rate of 25% 10 write off the assets over their estimated useful lives. Land & property Church and surrounding curtilage PCC Annual Report 2025 - Page 17 of 28 PAROCHIAL CHURCH COtrNCIL OF ST AtFEGE, GREENWICH FOR THE YEAR ENDED 31 DECEMBER 2024 The church and some of the surrounding curtilage are consecrated and excluded from accountability under S.9612) a of the Charities Act, 1993. maintenan￿ and improvements to the Church and surrounding curtilage are expensed in the year in which they are incurred.. Land and bulldlngs Where cost or reliable market value information on other land and buildings not available then land and buildings are recognised at PCC'S ests'mate of value in use or development use Where costs are incurred on these properties they are capitalised once the work is viable and planning pemiission has been granted. Depreciation is not provided on freehold land., Where the charity adopts a policy of maintaining properties to a standard which prolongs their lives and enhances their residual value, the PCC considers any depreoation arising lo be insignificant and the properties are not depreciated Investment property The cost of refurbishing vacant rental propety is capitalised when il is ￿asOnable to expect that the increase in the market value of the propety after refurbishment will be greater Ihan the cost of the refurbishment.. Properties subject to statutory tenancies are valued al 50°/tr of their estimated market value with vacant possession. Financial Instruments The chanty only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at Iheir settlement value. Securities Securities are valued at bid markel value at 31st December. 1(e) Current Assets Amounts owing to the PCC at 31 st December in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove non-colleclible. 1(f) Debtors Trade and other debtors are recognised in the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due. 1{g) Credltors and Provisions Creditors and provisions are recognised where the charity has a recent obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. 1(h) Cash and Bank Cash at bank and cash in hand is recognised based on the balances at 31 December, and includes cash and short term highly liquid investments with a short rnaturity of three months or less from Ihe date of opening the deposit. PCC Annual Report 2025- Page 18 of 28 PAROCHIAL CHURCH COUNCIL OF ST ALFEGE, GREEN￿CH FOR THE YEAR ENDED 31 DECEMBER 2024 Income and Endowments from: Unrnstrfthwj Funds RvslrfLaqd Pun0$ TOT•L FVIIO¥ TOTILL FUNOS Fur Funds 2024 2424 ZQ24 IU2J 2013 2•23 Gift￿￿d 84,985 29.239 M,916 2•.139 Jl,651 23,14• 7,629 37,849 J.1•2 a7.￿0 23.141 7M29 SundrydDMUDM LogaclBS 44,J17 17.041 11,J07 10.me 174,045 17.041 191.uo 28.J 180.424 Chafft*bhl •¢llvth* Church tt411 lettlryi CarpAthg ￿dd￿9 •nd othirtDB5 Cr4nlS ,4$5 7.002 t4.185 7,002 5,000 15.000 (Xhlf J.Joi 5,000 8730 102,20$ Olh•rtrndlnA •cttvit* $nOPLI￿n(s Incomp fvornfundtaisin4 ewnis 1,171 2.168 eAnk& Ini•rqst DFwk1•nd 4,fj07 22,frn 117.400 92 1,958 87 53 34,*Jl 117.W) 26.101 Jo,so3 Refftal In￿￿* t44.313 144.058 Tolal Incom• •nd •nd•wm•n 4JQ,OJ* 24,059 454A80 JIT,4$4 l).aD7 Expenditure on: Unr•striEi•d Fundi rie¥thd¢ TQTAL FUND¥ unm3￿ct•d Fund• R•itiKtsd Funds TOTAL FUNDS 2024 2024 2•24 2023 2023 PAlslnqfund¥ R•nlal wvperfygwns• CortE•rtJ. èv*ftts andothorlntorng•Mr&lng 18.879 15.¢72 15.178 Ii,IsT 6.TO¥ 6,7D3 Shopc4slofsahi 305 Js$ J4.537 ,•37 2S,22S a$.12$ eh*rftAbh ￿t￿l￿•S qutsts Church miini•n•rK• S r￿￿ Church Nnnlng•yn$oi Hall & tppwr• H&ll Nnnino •¥•ni•s PthiTr1slTpIIoD 514ff ¢05 140.091 JJ.256 44.327 149.S•1 1J5.280 3.034 44,J27 42.080 42.000 1.304 ¥.Jio 92.20J Z4.072 2.ee6 *,soo .325 92.202 Z4.072 98.154 •rgy houslng & rrdnlitry w•nxi 13.989 Church supplk• 8.552 SDU •.Q02 2.014 7,a3G 10.146 I,*?a 21.1 5.Ce5 7.238 20.020 2.723 .oso 7.23• fv￿dIl 7.830 D•pr•datiDn 41dl 2,723 2.97Q Sunty coils 7.830 5.981 418.016 21,595 ¥.111 413.140 Totlll E￿p0nd￿r• 461•53 21.515 471.041 zi,yoo 4J4AOI PCC Annual Report 2025 - Page 19 of 28 PAROCHIAL CHURCH COUNCIL OF ST ALFEGE, GREENWICH FOR THE YEAR ENDED 31 DECEMBER 2024 Fixed Assets 4{a) Land and bulldings for use by the PCC The PCC has reconsidered these properties and confinn that for the car park, recreation ground and old mortuary that their value in use to the charity and in development potential has r￿t increased materially from the value shown at 31$t December 2023. Where costs are incurred on these properbes they are capitalised On￿ the work is viable and planning permission has been granted. The PCC believes that these valuations present an accurate value of the buildings at 31$1 December 2024. 2024 2023 Cost or e8tlm81ed mrketvaiue At 1st January Addrt￿n8 RevalualiM$ Disposals At 31st D8C8ft*er 466,210 468,210 468,210 468,210 Compri5ing'. Church hall and nur$¢ry Caretaktrf$ cottage Car park area r£ftuary ￿lIdIng 168,210 125,0 100,000 75,000 166,210 125,m) 100,r*Jo 75,000 468,210 468.210 The church and surrounding curtilage are consecrated and therefore excluded and maintenance and improvements on these are, therefore, expensed. The ChU￿h hall and adjoining premises were acquired in the last century Ihalll, after the last war and later (caretakerfs cottage, nursery and car park areal and In 1999 (recreation ground). There are no details available of the cost of these acquisits"ons. As a reliable market valuation is not possible due to the location of these in the church grounds, they have been valued on the basis of the value in use to the charity, except for the Old Mortuary Building which is valued for its development potential. 4(b) Investment Propertles 2024 2023 C051 or estirr￿ted market valu A 1st January dllions Revluallons 4,495.000 4.445.000 The finance committee of the PCC reviewed the rental yields wth consideration for the current rental income received under each of the four tenancy agreements, valued three of the four rental properties. The rental yield for number 8 matches that of 7 and 10. The rental yield for number 11 St Alfege Passage reflects the differen￿5 in the propety specifications SO.￿J0 31st Decerrber 4,495,000 4.495.tHJo c0rrpll￿n9 7 SI. Allege Passage 8 SI. PNEge Passage 10 $1. Mege Passag2 11 Sl. Mege Passage 1,170.000 1,170.000 1,170.0 985.000 1,170,000 1,170.000 1.170.000 985.000 4,495.0 4,495.000 4{c) Office Equipment 2024 2023 115tJanuary ditions 7.725 7,725 A31$106¢ember 7.725 7.725 A¢cumulat•d Lbpr•¢kgth A 151 January Depreciation forthe sEaT 7.725 7.725 A 31siDe¢8mber 7.72S 7.725 N•i Pmk Valu• A1sl Jalluary A31slDecembor PCC Annual Report 2025 - Page 20 of 28 PAROCHIAL CHURCH COUNCIL OF ST ALFEGE, GREENWICH FOR THE YEAR ENDED 31 DECEMBER 2024 4(d) Fixtures, Fittings & Equipment 2024 2023 C08t At 1$t January Addition$ 31,435 31.435 At 31st 31,435 31.435 A¢cumulated D•preclatlon At 1st January Depre¢Aation for the year 28,713 2,723 25,743 2.970 31$t De¢entrr 31,433 28.713 Not Book Value 11$t January 2,723.00 5.693 At 31st De¢erthr 2,723.00 Securities Equities 2024 2023 One pool ofAmokl investments was sold in 2024 and all proceeds were immediately re-invested into The Church of England Inveslment Fund. Pkrket*lue at 1 $tJanuary 4dition$ Proceeds Gain on disposal Revdluation$ IArket*lu8 at31st December 893,89Q 88,870 185,6991 1,903 18,825 917,590 833,074 693.69Q 1693.6901 14.475 48.341 893,890 Maturity of short-terni deposits, repayable on demand 2024 2023 Central Board of Finance of the Church of EngL2nd 3,395 3,333 3,395 3,333 Gains on revaluation or dlsposal Unrestricted Funds Rostricted Fund TOTAL FUNDS UnrestriGtsd Funds Restrfcted Fund TOTAL FUNDS 2024 2024 2024 2023 2023 2023 Analysls of changes In the perlod Net gain l-lossl on secunties Net unrealised gain 1-10551 on securities Net unrealised gain l-lossl on property 1.903 17.e13 1.903 18,626 9,576 42.636 4.899 3.705 14.475 48.J41 1,613 50.000 102.212 50,0 110.816 Net realised gain 1-10551 on revaluationsl disposals 18,916 1.613 20,S29 8,804 PCC Annual Report 2025 - Page 21 of 28 PAROCHIAL CHURCH COLfNcIL OF ST AIFEGE, GREENWICH FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of net assets by fund Unrestricted Fund5 Restncted Fund$ Total Fund$ Unrestricted Funds Restricted Total Funds FLnJs 2024 2024 2024 2023 2023 2023 Land & Buildings Fiklures. Fittings & EquipnEnt Investrrenl Property Securities Curr8ntA8sets Current Liabilities 4ee,210 468,210 468,210 2,723 4,495,000 823,434 193,287 135,1921 468,210 2,723 4,495,000 893,890 227,550 142.7451 6,044628 4,495,000 845,522 189,282 148,6521 4,49S,000 917,590 214.S59 150.6521 72,069 25,278 14,0001 70.4 34,263 17.5531 97,166 Fund balances 5.951,361 93,346 6,044,707 5,947A82 Fund details Analysis of the balance of restricted funds at 31 st Decembèr.. 9(a) Restricted funds Smith. The trustees of the Smith Trust are the members of the PCC and the trust deed allows the trustees to apply the fund 'in their absolute discretion" and either as to capital or income for the maintenance, repair and improvement of the fabric and contents of tre Church. Chancel. The Chancel Fund arises from the statutory commutation of historic obligations to repair the chancel. The income is accumulated until an appropriate requirement for repair arises. Grants. Grants Fund balance of £5,000 (2023.. £307 for 999 Club) The 2023 balance of £307 was paid out for 999 club equipment. A new grant of s,0￿ was received from Royal Borough of Greenwich for Black History initiatives that are being planned into the 2025 calendar of activities. Current Ass•ts Securities Tot•1 A$80ts Current Ass•ts Sgcuritle$ Total 4sets 2024 2024 2024 2023 2023 2023 Srrith Trust Chan¢•l Fund Grants Perks Choir Charity Collection5 Held Total Rostrict•d Funds 72,069 72.069 1.273 5,000 4,000 9.311 1,694 93,346 70,456 70,456 1.210 307 10.000 15,192 1,273 5,000 4,000 9,311 1,694 1,210 307 10,000 15,192 21,278 72,069 26.710 70,456 97.166 Perks Fund. In 2023, a legacy was received from the Estate of Nigel Perks, restricted to the use towards the church choir and music, in the surn of £10,000. In 2024. £3,000 was expended towards choirstall lights and £3,000 towards the organ repairs. PCC Annual Report 2025 - Page 22 of 28 PAROCHIAL CHURCH COUNCIL OF ST ALEEGE, GREENWICH FOR THE YEAR ENDED 31 DECEMBER 2024 Choral Scholarshi Fund. The fund is to be spent on four Choral Scholars as part of the Church Choir per academic year to Summer 2026. Donations including gift aid totslling £3,292 has been received and (in November 2023) the PCC were advised a grant application to the Sir William Boreman's Foundation for £15,000 to be paid over 3 years had been successful. £10,000 of this granl was received with final payment of £5,000 due in 2025 -the full £15,000 awarded was accounted for in restricted income in 2023. £4,700 has been paid in Choral Scholar grants across 2023 and 2024 with a fiJrther £4,000 recognised in restricted expenditure in respect of the fijll grants that have been committed lo four scholars. Chari Collections. The balance of Charity Collections held represenls the fijnds collected on behalf of other charities such as Lent Call, Christian Ad, 999 Club and Foodbank. Funds are distributed regularty during the year and almost all collections in 2024 were distributed by the end of the year with only £107.30 held for the Malawi tree appeal and the proceeds of £1586.25 from New Year's eve for Embrace the Middle East. Or an A further restricted donation of £3.033.60 was made by the Friends of Sl Ajfege towards the organ repairs. The full cost of the repairs was committed and accrued in 2024 and the restricted donation is noted as funding lowards the organ costs 9{b) Unrestricted funds General Designated Purposes Funds Total Unr•strict•d Funds Gtneral Purposes D•signated Funds Total UNeslrictefJ FuNI8 2024 2024 2024 2023 2023 2023 Land & Buildings Fi>Jures. Fitbngs & Equipmènt In*strnent Propety De￿lopment Costs S*curiti&s 468,210 468,210 468.210 2.723 468.210 2,723 4,49S,000 4.495,000 4,495,000 4,495,000 93.047 131.704 752,47S 57,577 845,522 189,282 146,6521 90,928 135.710 732,506 57,577 823,434 193.287 CurrentA8sets Current Liabilits"es 144,2521 12.4001 132,7921 12.4001 135.1921 648.709 5.302,652 5,951,361 684,779 5,282,683 5.947,462 9{c) Designated funds The PCC has categorised its unrestricted fvnds as either designated funds or general-purpose funds. Analysis of the balance of unrestricted funds as at 31 December 2024.. mgld 8equesl tyodyard Lowe Bequest Sale Proceeds TL*il 0•¥1g*t•d Jndi rnDld Boquèsl Wood￿rI Sale PrrJc•eds Lowo BequeBI T¢A41 DeAlwt• 2024 2024 2024 2024 2Q23 2023 2023 202) L8rnd & Buildlngs Fl*Jures, Fitbrys & Equiprnent In*simgnl Prope Securities CurrpDIAs$ets 4.495,000 164,610 2,400 12,4001 4,49S,ODO 752875 57.677 4,495,ODO 160,941 2,400 12.4001 4.49S,000 732.501 17,$77 12,4QQ 510.577 55.177 77,289 457.535 55.177 74.031 L4ng Tenn Liabilities 4.659,610 565.754 77,289 $.302.8S2 4,658,941 552.712 74.031 6,282.683 Arnold Be uest.. Arising from a 1939 bequest, the bulk of this fund's asset5 now consisl of 4 freehold houses adjacent to the church, purchased in 1947. The original will does not impose any restricb'ons on the use of the assets by the PCC. The PCC'S reserves policy rec£sgnise5 that the income from this fund's designated assets is essential if the PCC PCC Annual Repott 2025 - Page 23 of 28 PAROCHIAL CHURCH COUNCIL OF ST ALFEGE, GREEN￿CH FOR THE YEAR ENDED 31 DECEMBER 2024 9{c) Designated funds ctd is to be able to meet its routine expenditure. The income from this fund's assets is available to the PCC for general purposes as il arises and is not separately reported in these financial ststements. Wood ard Sale Proceeds '. The PCC intends that the proceeds of sale of the Woodyard should be used to provide an income to meet the routine expenditure of the church. The income from this fund's assets is available to the PCC for general purposes as it arises and is not separately reported in these financial statements. Lowe Be uest.. This 1956 wll gives the PCC absolute discretion to use the fund for'religious purposes, but expresses a wish that it be used to 'assist the music at the said Church,. The income received from the fund's assets is considered to be a contribution by the fijnd to the considerably greater annual cost of maintaining music in the church and is not separately reported in these financial statements. 10 Analysis of fund movements during the year In 2024. £28.347 was transferred to the PCC {2023. £28.0691- this was from dividend income received from Arnold Bequest, Woodyard Sale Proceeds, Lowe Bequest and Smith Trust. The dividends of £4,498 {2023.' £4,616) received in the Amold fvnd were used to contribule towards the rentsl property expenses. Lowe.. Income from dividends from the investments that are held in the designated Lowe fvnd of £2,087 {2023.' £4,596) were used towards the expenses of music and choir including the music library. Smith.. The income from dividends held in the Smilh restricted fijnd of £1.95612023'. £1.759) was transferred to the PCC for general purposes to fund maintenance and repair of the Fabric. Balance 1Jan?4 Inox)me & Realised Gains Eypenditure Transfers Unrealised Gains Bal•ne8 31 D•c 24 Fund un￿$t￿cted Funds General Purwses Fund Arnold Bequest WoDdyard Sale Proceeds Lowe Sequest Total Unre¥trl¢tgd Fund¥ 664.779 4.655.941 552.712 406,417 6.401 15,497 3,628 431,942 14S2.9531 28,347 14.4981 113.8671 12.0871 7.896 2,119 1.766 11.411 648,709 4.659,610 565.7S4 77,288 5.951.381 74.031 5.947.463 1.717 17.013 1452.9531 R•stri¢ted Funds Charty Collections Held Srnith Trust Grants- restricted Chance1 Fun¢J 13,907 1,958 5,000 62 112.2731 60 1.694 72.069 5,000 1.273 4.000 .311 70,456 307 11.9561 1,813 13071 1,210 10,000 15,192 N Pe￿$ Legacy Choir Other Restricted Donations 16,0001 100 15,9811 13,0341 121,S951 3.034 24,059 Total Restrlcted Funds 97,166 17,8961 1,813 93,346 6.044.629 458,001 1474,5461 18,825 6,IM4,707 PCC Annual Report 2025 - Page 24 of 28 PAROCHIAL CHURCH COUNCIL OF ST AtFEGE, GREENWICH FOR THE YEAR ENDED 31 DECEMBER 2024 10 Analysis of fund movements during the year Gtd The dividend income of £13,867 from the Woodyard12023.' £17,097) was transferred lo the PCC and used to contribute towards running costs of the church and hall including maintenance works. Perks.. £6,000 was transferred from the restricted fund and £3,000 was expended towards choirstsll lights and £3.000 towards the organ repairs. Other Restricted Donations.- A donation from The Friends of St Afege was received in the sum of £3,033 and fully expended against the organ repairs. Baa)te lj￿.2> knccrn & Realised Gans ExFéndture Tr￿sIerS Lknr8al￿d Gans B*mce 31 De¢ 23 Fund LknrearKled F￿ts G￿￿al Purposes FuTrY An￿by 8eouesl Ivcoctyard Sa* Proeeeus L¢￿e Bewest Toial unre$1￿Cted Funds fj69. 153 4.￿1,734 532594 79.OJ1 5.872482 381.￿0 &133 28.787 1401,4711 2&C69 14.616-: 117,C871 14 596,. 1,759 7.437 60.490 21413 1.￿8 92bJ6 664778 4655941 551713 74031 S947,463 I14,￿4} 397.041 1416,455,. Rethcled Fund5 Charty Coleclic￿s Had Srth Trust GMls- re#rtt&J Cha)cd Fino 4 Perts L8q8Cy 13,112 6,658 11&45 61,￿2 3.70S 7Q45fj 307 1.210 1QOOO 1&192 1.157 53 1Q￿o 18,192 Restc(alion ￿pea Re$iictsd Funds 60,t65 48. 108 121,$501 3.70$ 97,16fj s.￿1.547 441 146 1438.4051 96.341 044629 11 Stsff costs 11 (a) Providers of services to the PCC and their emoluments During 2024 the PCC made regular payments to 3 persons lo provide services, on a part-time basis. as church cleaner, hall cleaner and groundskeep8r. One of the Trustees is employed as a music librarian and another as a part-time administrator. No other Trustees or Key Management Personnel are employed by the PCC. Related paty transactions for expense reimbursement to trustees are doGumenled in note 11 c. No trustees receive other remuneration, or non-cash benefits frjr their servi￿5 as trustees. 11 (b) PCC employees and their emoluments PCC Annual Report 2025 - Page 25 of 28 PAROCHIAL CHURCH COUNCIL OF ST AIFEGE, GREENWICH FOR THE YEAR ENDED 31 DECEMBER 2024 Clergy are paid by the diocese and are not PCC employees. The PCC employs one full time office administrator as well as part time administrators supporting Offi￿ administration. heritage engagement, choir and cOn￿rt administration. These employees have employment contracts, and their emoluments are subject to deductions of PAYE and NIC. The table on the right shows the total cost lo the PCC of employing them. No employees received employee benefits. including employer Ni and pension, of more that £60,O¢JO. Number ol emplos•es Full Ime equi%8lent Fun5￿1)￿ ministration siG8nd C¢n¢ort VAnagernent 2024 2023 Grogs 9818rf85 94,846 1,681 1,827 98,154 89,486 1,507 1,210 92,203 Ernplo￿r Pension contrbution$ Emplo)efs Natlon81 Insurance 11 (c) Related party transactions £1,06512023 £1,144) was paid lo members of the clergy for travel and subsistence. £9,75112023.' £8,756) remuneralion was paid by way of payroll, to PCC Members David McEvoy1£8,363) and Carol Moses {£1,3881 for adminislrative adivities. Nil {2023 £2561 was paid lo PCC Member Graham Voke for serwces providing music at weddings and funerals £4,49112023.' £7561 was paid to a related paty to a PCC member {Daisy Smith) for cleaning services. £3,20812023'. £3,827) was paid to a PCC member (Andrew Lews} for provision of se￿1￿ for cOn￿rt administration and Supe￿iS1on Remuneralion is paid to PCC members by the aulhority of S185 of the Charikn'es Act 2011, amended by 57A of the Parochial Church Councils {Powersl Measure 1956. One lay reader received £14812023.. £2981 was reimbursed to lay readers) reimbursement against the purchase of books. No other trustees or Key Management Personnel received expenses. No amounts were paid to any other PCC members or related parties for travelling, subsistence or any other out of pocket expenses in 2024. 12. Debtors 13. Llabllltles. Amounts falling due within one year 2024 2013 2024 2023 Prnpaymnts Grft Nid Reelain 5,893 2,600 2,4(X) 1,586 10,120 8,038 6,133 2,400 Rental Property Dewsit Ae£wed E4)enses Tayation and social seujrity Deferred Incorye Sundry Crailors 2,400 23,528 7,157 7,145 10,425 50,652 2,400 18,367 7,157 5,009 9,812 42,745 Renlal Deposit LPWVAT recoverable £¢rued kncorr 10,045 7,2eS Olher Debtors 7.880 30,278 31,881 PCC Annual Reporc 2025 - Page 26 of 28 PAROCHIAL CHURCH COUNCIL OF ST ALFEGE, GREEN￿CH FOR THE YEAR ENDED 31 DECEMBER 2024 14 Legacies In 2024, no new legacy income was notified nor received.12023'. £10,066). 15 Parish Support Fund The Parish Support Fund pledge (formerly known as diocesan quota) represents the parish's contribution to Ihe running costs of the diocese induding the cost of our own clergy and Vicarage. The PCC agree annually the contribution lo be pledged which takes account of our giving ￿￿1Ved and investment income. The pledge for 2024 was £140,69112023'. £135.2801 16 Maintenance, Repairs and Restoration The maintenance costs of the church. churchyard and hall premises were £39,27512023". £33.0441. A donation from The Friends of St Alfege was expended against the organ repairs. £6,000 was transferred to PCC from the restricted fund of Perks legacy for the thoir lighting and towards organ repairs. A split of the expenditure on maintenance, repairs and restoration is detailed below. From Unre$tri¢ted Funds From Re$lri¢ted Fund$ TOTAL EKPENSE TOTAL EXPENSE 2024 2023 Hall 2,886 2.886 1.304 Church Heating Electrical RrA)f & Floor Other. incl. OTgan & sound Tower and ¢b¢k Churchyard 433 9.441 4,322 11,265 988 907 433 12.441 4.322 17.299 988 907 13.288 7.024 787 7,476 600 2,566 33,044 3,000 6.034 30.241 9.034 39.27S Funded by: PCC General Purposes fijnd Wootyard Pe￿S Legacy 16,375 13.867 16.375 13.867 9.034 33.044 9.034 30.241 9,034 39.275 33,044 17 Capital Committed No capital is committed under any new or current projects at 31st December 2024. 18 Operating Lease A new 60-month contract with CF Corporate Finance was signed in May 2024. Commitments at 31st December 2024 are detailed below. Within one year Between two and file years Total 2,221 5,256 7,477 1,708 426 2.134 Payments made duing the year 2,211 1.756 PCC Annual Report 2025 - Page 27 of 28 PAROCHIAL CHURCH COLfNCIL OF ST ALFEGE, GREENWICH FOR THE YEAR ENDED 31 DECEMBER 2024 19 Disclosure of trust assets controlled but not owned by the PCC t Alfege Fund: Charity number 1133046-1 The trustees of this long-established registered charity are the PCC members collectively. The charity's objects are 'to apply the dear yearly income towards the upkeep and repair of the fabric of the church and subject thereto towards the Maintenan￿ of services in the church and maintenance of its furniture,. Most of the fund was required to be invested in accumulation shares for 45 years from 3rd December 1971. It is a separate legal entity, for all practical purposes the charity is like an endowment fund of the PCC. The PCC includes the assets, liabilities and financial activities of the charity in the financial statements of the PCC by way of a note to the accounts. 2024 2023 Baknnte Sh••t Seojriles CCLA.. CBF of Er￿J￿￿1 Investment 175.176 171,257 175.170 171,267 Cash arhy short-len depO￿ts Bankdeposits 1,389 335 cred￿r$ pcc 178.565 171,591 Statsm•ntof Flnan¢Lql A¢￿111•1 Inr￿me.. DiMdÈrds 4.754 650 4,754 650 E>Pe￿il￿e.. Grarrt to PCC Sl Aifege Nel ir￿orne belor¢ irNeslmenl gain5 In 2023 the PCC collectively as Trustees resolved to transfer the incnme held in the St Alfege Fund bank attount and future income annually to the pcc to be used towards the upkeep and repair of the fabric of the church and subject thereto towards the maintenance of Se￿1￿$ in the church and Maintenan￿ of its furniture.. In 2024 £3,700 was transferred to the PCC. In line wth the PCC held investments no change was made to the investment strategy for this Fund in 2024 with investments remaining in CBF Church of England Investment Fund Income Shares These are held via CCLA and is a Fund which is actively managed and invests in several 'asset classes, induding equities, fixed interest securities, private equity, property and cash. (3.7001 1.054 13,7001 13,0501 Galrts on investrrerts 3,920 y8irsllkn$$g$1 onlrhwbi*rts'. Rodsod Net inwme 15,510 15,456 4.974 BaLgr￿eS bm 1st Jar￿ary 171.591 156,1 BaLgrK8s cld 31st 08Gerrt>8r 176.564 171,591 PCC Annual Report 2025 - Page 28 of 28