2023-12-31-accounts

The Parochial Church Council of The Ecclesiastical Parish of St. Mary with St. Peter & St. Jude, West Brompton rooted in faith open in thought reaching out in service i+/.Ih7,4 Trustee Annual Report and Accounts st for the year ended 31 December 2023 Registered Charity no l 133073

Parish of St. Mary with St. Peter & St. Jude, West Brompton Structure and Governance St Mary's Church. the parish church of the Parish of St Mary with St Peter and St Jude, West Brompton, is situated in The Boltons in London SWIO. It is part of the Diocese of London within the Church of England. The Parochial Church Council ("PCC") of the church is a body corporate established by the PCC (Powers) Measure 1956. It is registered as 2 charity with the Charity Commission. The method of appointment of members of the PCC is set out in the Church Representation Rules. All those who attend our services regularly are encour2ged to register on the Church Electoral Roll to become eligible both to elect PCC member5 and to stand for election to the PCC. ADMINISTRATIVE INFORMATION Address and contact details The Parish Office St Mary's Church The Boltons London SWI 0 9TB Telephone [phone] Email [e-mail] Vicar Reverend Prebendary Jennifer Welsh Parish Officer5 and Elected Representatives Churchwardens Mrs C2ndice Lee Mr Leo Fraser-MackerTrzie st Members of the Parochial Church Council who have served since l January 2023 until the date of thi5 report were: Revd Preb Jennifer Welsh (chair) Mrs Adrea Blakeney Mr Alex Burtt Elected April 2023 Mr Christopher Fowke5 Mr Leo Fraser-mackenzie Miss Margarete Geier Miss Joanna Hackett (PCC Secretary) Mr Clive Ingram Mrs Candice Lee Mrs Rosemary Meckiff Mengel Mrs Ann Mulcare Mr Lee Speakman Mrs Mimi Waterbury Churchwarden Deanery Synod Representative Deanery Synod Representative Churchwarden Until April 2023 Elected April 2023 Until April 2023

PCC Treasurer and A55iStant Treasurer to Redcliffe Gardens Trust Miss Carolyn Stubb5 Treasurer to Redcliffe Gardens Trust Mr Leo Fraser-mackenzie Independent Financial Examiner and reporting Mr Franklin Atille FCCA accountant to Redcliffe Gardens Trust FMA Accountants Ltd Inspecting Architert Mr Russell Hanslip of HMDW Architects Ltd STATEMENTOF PURPOSE St Mary's is a church working within the ethics and ethos of the Church of England and the aim of the PCC. in cooperation with the incumbenL is to promote the whole mission of the church pastoral, ev2ngelistic and social 2nd ecumenical. The PCC is also responsible for the upkeep of the church of St Mary The Boltons. a grade 2 listed building. The prioritie5 of our common endeavour as the Body of Christ at St Mary's are reflected in our Parish str2pline Rooted in F2ith. Open in thought and Reaching Out in service. Rooted: Our life. our ministry. and our worship together are grounded in our belief in a God who 15 loving. abundantly generous, and merciful. We are a150 rooted in our church building. where our common life is lived out in worship and prayer, activity and service; where local people can find peace to reflect and pray. where children are baptised, couples married and the mourning can bury their loved ones. and where all are welcomed into our fellowship. St Mary's is rooted in our parish, the local are3 which we serve. Local schools visit for concerts, assemblies, and to discover the church'5 history, art and architecture. Local institutions are welcome to hold events. Christmas concerts and meetings. Loc21 people enjoy our garden as a place of quiet 3nd beauty. Open: St Mary's is an open church- We try to be open to the movement of God'5 Spirit in our world. We are an inclusive church, welcoming everyone. regardless of background, gender. ethnicity, or sexuality, so that all may encounter the love of the God revealed in Jesus Christ. The doors are open every day for anyone to come in to pray, reflect, re5L seek solace, find hope. Reaching Out: Christ commands us to love God with our whole being, and our neighbour as ourselves. Worship of the God who loves us leads us to love his world. St Mary's is committed to giving to local and international charities, through our Charitable Pot; to supporting local food- visiting local nursing homes. supporting and attending to vulnerable people who come to the church for help. The Activities and Achievements described in the following section describe in more detail how these prioritie5 worked out in practice in 2023. In planning and undertaking these activities the trustees confirm they have had regard to the Chariry Commission guidance on public benefit.

ACTIVITIES AND ACHIEVEMENTS Membership on the parochi21 Electoral Roll increased from 129 to 141 between 2023 and April 2024. Worship and Proyer in 2023 Sunday Services continued as in previou5 years with our principal Sunday morning services regularly enhanced by music led by Choral Scholars andlor our Come and Sing voluntary choir. After much deliberation by the PCC, we were pleased to restore the practice of the 'common cup, at the Euch2fisL a decision welcomed by the congregation. Numbers attending Sunday worship remained at about the same level as in 2022. Occasional offices included: 18 baptisms. and one thanksgiving for the birth of a child,. three weddings, and one blessing of a civil marriage: 5 funer31s. 2 memorials and 3 interments of ashes. 6 candidates (including 2 adults) were confirmed by the Bishop of Kensington. who also received one adult into the Church of England. The Coronation of HRH King Charles was celebrdted in church with a service of prayers on the evening before the Coronation service. and a Choral Eucharist the day after, followed by a hugely popular community bring and share picnic in the church gardens. Major festivals like Easter and Christmas followed the same pattern as in 2022. Holy Week included a series of meditations on Zoom: a renewed Way of the Cr055 service for children and families on Good Friday. and the Vigil for Holy Saturday in the late afternoon. E2Ster Day services were well attended, and were followed by refreshments in the church garden in the warm spring sunshine. Christmas Carol services included two raising money for outside charities, and a very successful Nine Lessons and Carols where the collection was taken for our own Chariry Pot. Morning and Evening Prayer were said daily on weekdays in church by the Vicar and12y Staff, occasionally joined by visitors. The church was open daily from 8am - 6pm. The church gardens were open daily throughout the year. Nurture The Little Lambs Sunday School for preschool and primary aged children w2s expanded to twice- monthly in term time, with growing numbers of children (and parents accompanying pre- schoolers) involved. Two leaders run each session. having been 3ppropria*ly trained and DBS cleared. These session5 introduce the children to popular Bible stories. songs and prayers to the children. with age appropriate activitie5. Parents are encouraged to join in and take seriously their role in teaching their children the Christian f2ith. The midweek 'Sunday School on Wednesday. provided preparation of three primary aged children for Confirmation: another teenager was prepared separately. Three adults also took part in a series of weekday sessions in church. Two were confirmed. 2nd the third received into the Church of Englxnd. Sadly. after the summer holidays it proved impossible to continue providing Sunday School on Wednesday. as children moved up to Secondary school. It was put on hold for the time being.

Lent and Advent discussion groups ran as usual. In Lent we met for discussion on Wednesday mornings at a member's home. using the Bishop of Kensington's book Failure. For Advent, on Sundays after the main service, we eng3ged in a discussion based on the Church of England's Living in Love ond Foith Report, with a view to making prayers and blessings for same sex couples available in church. Night Prayers were said on Zoom during the weeks of both Lent and AdvenL Engogement ond mission Monthly visits to the local nursing home continued. involving a small team of lay people 2nd the Vicar. We also share visits to a second nursing home ne2rby with a neighbouring church. Christmas Carol services were provided in each place. The Second Half Club continued through the year with the familiar pattern of exercise sessions and refreshments offered each Friday. The club is supported by a member of the congregation who welcomes and serves those who attend. These sessions provide a warm and welcoming space to enhance greater physical and mental wellbeing in older people. A new Parent and Baby group was launched at the end of 2023 by one of our members, meeting once a month. Participants are invited via local parents. networks as well as through our own publicity. In these early stages. the sessions are place5 where parents meet over coffee, while the babies play or sleep. It is hoped to include toddlers in the group. and provide 2n opportunity for learning more about the Christian faith as well. The church space continued being used by Iordl private schools for concerts, presentations, and the occasional religious assembly. Sadly the one state primary school in the p2rish decided in September that because of the numbers of children being withdrawn from assemblies in church, it is no longer practical for the school to come to church for whole school a55emblies. Year groups continue to access the church as a p12ce where RE 2nd Art curricula may be enhanced. During Advent we hosted two Chariry Carol Services generating funds for their causes. For the third time. we shared an outdoor Community Christmas C2rols event with the next door parish of St Luke's. Redcliffe Square bringing together more th2n 400 local people to sing carols and enjoy hospitality sponsored by a local business. Collections of foodstuffs for the Ioc21 food banks and homeless charity continued throughout the year, with volunteers transporting donations to the relevant sites. Donations were sustained both by members of the congregation and neighbours. and have been more necessary as the cost of living crisis becomes more and more severe. A subst2nti21 H2rvest collection of foodstuffs from both the church and school were also given to the local foodbanks. A special campaign called Twelve Days of Christmas invited donations of food to Support households during the Christmas holidays when foodb2nks were not open. The church gardens continue to be 2 place of respite and refreshment for local people to enjoy and can be hired for use by private parties and community groups. Some new benches were placed in the garden by local families in memory of loved one5. and these are used daily by local visitors. The annual Church Fair was held in September using the whole church building complex and grounds. The funds raised were for the charities Supported through the church's Charitable Pot.

We launched a newly designed website. which can be updated easily from our parish office, and we are now using social media, including A Church Near You for greater visibility online. Hospitality ond Welcome St Mary's offers welcome to 311 who come to church. regardless of age, ethnicity. religious background, gender or sexualiry. We strive to be fully accessible using large print material, a hearing loop, and ramped entrance as well as accessible toilet facilities. We continued to publish monthly newsletter and provide electronic and h2rd copies via email and postal services. The major works planned for the west end include upgrading the access for wheelch2ir users. The church has remained open for individual prayer and meditation daily. The Vicar works from 2n office in church and is available to visitors or those seeking prayer or counsel. The Office is open daily from 9am - 5pm. Fabric In 2023 we progressed plans for a programme of work on the church building,to a ieve thè 8b31 of net zero carbon by 2030. while providing extra sp2ce at the back of the church a d upgraded wheelchair access at the entrance. This will be a long term projec( requiring in the coming year not only PCC agreemenL but permissions from the Diocese of London and the local planning authority. Funding will be provided from 3 substantial grant from the Bacon Foundation which is designated for this purpose, and from the Redcliffe Gardens TrusL Extern211y at the west end of church further work was required to prevent water ingress into the gallery stairwell. Investigations into why earlier repairs had not worked to stop this damp revealed that the stonework above the stairwell roof also needed attention. Some stones had to be entirely replaced. while in wider area it was only nece55ary to remove cement mortar and repoint with lime mortar. The Charity Committee The Charity Committee is a Sub-committee of the PCC and meets at least four times a year and works on selecting charities which are supported from our Charitable Pot. communicating with those charities 2nd assisting with activities to raise funds for the Charitable POL In 2023 we raised funds for USPG'5 Partner in Mission. Malawi. and for several local charitie5- Learn To Love To Read. Lyra In Africa Beacon House - Evolve, Paul's Cancer Support. The Committee recognises the hard work and generosity of many volunteers and donors, including parishioners and Ioc21 community residents. who have regularly contributed to the 5ucce5sful support of local and international charities. Safeguarding All volunteers working among children and vulnerable adults have had DBS checks and been 2ppropriately trained according to our S2fegu3rding policy. The Trustee5 affirm that Safeguarding is the responsibility of all members of the church. and are committed to S2feguarding and promoting the welfare of all those who are vulnerable (children, young people and vulnerable adults). The PCC Safeguarding Policy was agreed by the Trustees in June 2023, in accordance with that of the Church of England. The PCC has therefore complied with the duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016 (dury to have regard to House of Bishops, guidance on safe8uarding children and vulnerable adults).

LONGER TERM GOALS The h211 and kitchen will also be refurbished, and a move from gas to electric heating 2nd cooking is planned. A substantial refurbishment and repair of the church organ is to be undertaken, with funds specifically raised for this purpose. St Mary's will hold a new general Stewardship Campaign, incorporated into a broader campaign for a renewal of our church's work and ministry to grow the congreg2tion both numerically and spiritually. Signed on behalf of the PCC by The Reverend Prebendary Jenny Welsh .2024

Financial Review and Reserves Policy The PCC'S consolidated accounts include the assets of St Mary's Redcliffe Gardens Trust IRGT), St Peter's Cranley Garden5 Trust and The Louisa Wilson Legacy. The PCC 15 the Managing Trustee of RGT. St Peter's Cranley Gardens Trust and the Louisa Wilson Legacy. The PCC receive5 income from St Peter's Trust {£1.192: 2022: £1,020) and the capital of £41,495 {2022: £38.381 } is included with that of RGT as endowment funds in the consolidated accounts of the PCC. The income from the Louisa Wilson Legacy (£2.040,. 2022- £2.029) does not benefit the PCC directly 2S It is paid to the Diocesan Stipends Fund. However 2S trustee we 2re obliged to include the capit21 (£74,643 2022: £68.224} in our consolidated accounts as part of our endowment funds. The total con501idated assets of St Mary's PCC have increased by £43.203 to £870.801. The General Fund decreased by £16.266 while Restricted Funds increased by £23,600 and Endowment Fund5 by £35,869 (the latter through investment income received and an increase of £18,955 in the value of the investments). The decrease in the General Fund 15 made up of some significant changes in incoming resources and expenditure, as 2nalysed below. Incoming resources Regular giving for the year fell to £68,442 (2022- £78.175}. and this was considerably lower than the budget of £ 100,000. There was no autumn Stew2rdship Campaign in 2023 and the results of the camp2ign in 2022 were disappointing. Tax recoverable on gift aided donations was higher than the previous year at £18,455 (2022.. £17.108), but this is because the tax reclaim is based on the tax year to 5 April and thus reflects donations in the previous year. We 21so recovered tax on contributions to the Fabric Fund (£2,700. 2022: £2.500) plus £1.250 for the Organ Fund. Collections at services were slightly higher than the previous year at £ l 0.017 (2022- £8.109), following reintroduction of the plate 2t services in12te 2022, while additional donations through Goodbox devices were similar (£6,807, 2022: £7.401). We also accept donations through CAF Donate online but usage has been SPOfddic with income of £3.867 (2022.. £1.555) included with donatior15 in several categories. Receipts include a few large donations 2nd sever21 sm211 ones, including for the Charitie5 Pot. Sundry income was lower in 2023 at £8.326 (2022- £12.072)- Income in 2022 was boosted by the $21e of a Ken Howard painting which St Mary's h2d owned for several years and had reproduced as Christmas card5. We received £3,500 for the painting and this was included in our general funds. We were very fortunate to receive donations of £36.000 from The B2con Foundation during 2022, in addition to the £50,000 received in late 2021. These donations are shown as a restricted fund as the terms of the grant required u5 to account separately for it5 Use. Donations from this Foundation must be used on church projects within two years of receipt. To date we have used the fund to pay for the insulation of the loft (net cost in 2022: £3,244). The remainder of the fund will be put toward5 the plans for the insulation of the west end of the church and for improved access. Donations of £20,500 to the Fabric Fund. plus the tax reclaim of £2.700. took the Fabric Fund to £32,656. During 2023 we also received a donation of £5.205 which was put toward5 the

architects, fee5 for the redesign and insulation of the church's west end. In 2022 we replaced the church boilers 2t a net COSt of £62,255 including professional fees. The remaining funds in the Fabric Fund will be put tOW2rds a new kitchen. Dor)ations of £250 and tax reclaim of £1,250 increased the Organ Fund to £11,500 {2022- £io,ooo). Income from Church H211 rentals ha5 returned to pre-pandemic levels. During term-time our H211 is used by Paint Pots Montessori Schools as a nursery school. The term5 and condition5 of our Licence with Paint Pots were updated in 2022. The Licence Fee was increased 2nd the Service Charge was also revised to tske account of increased costs. Rental income in 2023 was £73,690 12022.. £63,441). Evening hire of the Hall by Twelve Steps and other groups increased to £9,305 12022.. £8,245). Other hire of the Hall. for example for children'5 parties. rose to £16,463 (2022: £13,950). £5,000 of this (2022: £4,125) came from a car parking agreement which was also renewed in 2022. We held Autumn F2irs in 2023 and 2022. although profits from the fair do not benefit St Mary's and are paid out to our chosen charities. The 2023 Fair was very successful and raised £11,273 net of expenses (2021- £10,159) for our charities. Other funds we raised for charities came from specific appeals and at services and so are included a5 donations rather than fundraising activities. We recovered £7,885 of VAT on repair work to the church buildings from the Listed P12ces of Worship Grant Scheme {2022: £22,190). We also recovered £2,400 (2022: £2,400) from the Diocese towards the time our Parish Manager spends on work for the vicar in her role as Area Dean. Other recoveries of expenses included for music 2nd heating at weddings, funerals 2nd other services at St Mary's and for floodlighting of the church. In 2022 we received an energy rebate of £2,641 for the winter months of 2022123. Resources used Our costs were considerably lower in 2023 at £323,098 (2022.. £414.423). The main reason for the high costs in 2022 was the replacement of the boilers (cost including consultancy fees but before VAT reclaim: £74,706) although there were also higher than usual restricted items (such as charitable donations. recovered music costs and statutory fees paid to the Diocese) due to the unusually high number of weddings in 2022. In 2023 our biggest expense was the contribution of £93,000 to the Diocese of London Common Fund (2022: £90,000). In 2023 we incurred substantial repairs and maintenance cost5, although they were lower than in 2022. We undertook stonework repair at the west end 2t a cost of £15.309 including fee5 and VAT and we repaired a gas main at a cost of £9.167. In 2022 we replaced the church boilers at a cost of £74.706 including fees (£62,255 net of VAT). We 2lso repaired the church spire balustrade and lightning conductor at a cost of £36,155 including architects. fees (£30,129 net of VAT)- Refurbishment of the Church Hall in 2022 cost £16,073 and insulation of the loft above the Hall cost £3,893 (both including VAT).

Salaries of our Parish Man2ger 2nd verger were higher in 2023 due to cost of living pay increases. S21ary costs were £55.849 (2022: £51.357)- Payments to our Director of Music, musicians and cleaner were also incre2sed. Energy costs increased considerably during both years. We negotiated a three year fixed rate in November 2022 but our gas costs have been much higher than in previous years. We have passed on some of the costs by increasing the heating charge for use of the church for weddings, funerals and ocher speci21 services. Balance sheet The PCC'S assets consist principally of cash held with the CBF Deposit Fund or in the Gener21 Account at Barclays Bank. Barclays closed our account for Redcliffe Gardens Trust in October 2023 as they were unsat15fied with our responses to their questions about the constitution of the trust and its management. At 31 December 2023 we held a cheque to the full value of the account. £81.364. For this reason and because the account was reinstated by Barclays in February 2024 this amount has been shown as a current asset on the balance sheet. Debtors of £26.502 (2022- £36,437) include insurance for the church which 15 paid in December for the following year. together with some outstanding rents and 2mounts reclaimed relating to 2023 (such as the VAT reclaim of £7,885 and match-funding for the Autumn Fair)- We have a150 accrued £5,865 for interest due on bank deposit accounts for the last quarter of 2023 but not paid until early January 2024. Li2bilities are lower than in the previous year (£48,675. 2022.. £56,623). Deferred income of £26,488 (2022: £23,399) consists of December payments by Paint Pots and mast income for the first quarter of the following year. Post year end p2yments in January 2023 included amounts owing for repair of the spire, insulation of the loft and professional fees regarding the boiler installation. Reserves Policy and Restricted and Endowment Funds It is PCC policy to maintain a balance on unrestricted funds (if possible) which equates to approximately six months, unrestricted payments. to cover emergency situation5 that may arise from time to time. The PCC also considers it important to hold funds in reserves for future restoration cost5 and recognises that steps will have to be taken to improve the strength of the balance sheet if these targets are to be maintained. We received £36,000 from The Bacon Foundation in 2022 {2021: £50.000), to be used on church projects within two years. During 2022 we spent £3,244 (net) on loft insulation. The Associate Vicar's Stipend Fund was set up in 2008. and donations were received for this purpose in each year since it was esLiblished. Following discussions with the donor, from 2017 donations have been made to the Fabric Fund. In 2023 and 2022 we used the fund to pay for a youth programme {£1.100. 2022.. £750)- The Associ2te Vicar's Stipend Fund stands at £29,900 (2022: £31.000). There were donations to the Fabric Fund of £20.500 in 2022 (2022- £11,050) plus a Gift Aid reclaim of £2,700. The year end balance on the fund was £32,656 (2022: £9.456)- This fund is expected to be used to renew the kitchen. io

We also received a grant of £5,205 which was restricted and this was put towards architects, fees for the renewal of the west end. including improved access to the church 2nd insulation of the doors and office rooms. Redcliffe Gardens Trust Redcliffe G2rdens Trust is 3 separate trust of which the PCC is the Managing Trustee. The trust made no distribution in 2023 and the value of the assets increased to £508.91312022- £482,577)- These assets are held mainly as cash with a Small percentage held in the CBF Church of Eng12nd Investment Fund. Some of the funds are held 2s permanent endowment but a proportion is available for distribution in accordance with the terms of the trust deed and the PCC has been able to call on this trust to assist with major capital expenditure in the church from time to time. The St Peter's Cranley Gardens Trust The income from this trust is received by the PCC and contributes to the expenses of the organ and choir (£1.192- 2022.. £1.020)- The trust has capital that is a permanent endowment, but it is considered 2 "small" charity by the Ch2rity Commission so the PCC may be able to remove the permanent restrictions on the capital and spend the capital as rf it were income, should they believe that the purposes of the charity could be more effectively carried out as a result. The value of the assets at the year-end was £41.495 (2022- £38,381). The assets are held partly as cash with the majority held in the CBF Church of England Investment Fund. The Louisa Wilson Legacy The income from the Louisa Wilson Legacy (£2,040,. 2022- £2,029) is paid directly to the Diocesan Stipends Fund and thus is not shown in these accounts. The value of the assets at the ye2r-end was £74,643 (2022.. £68,224). The assets were held in the CBF Church of England Investment Fund. Corolyn Stubbs. Treosurer

Independent E4¥mlneVs Report to the memberltrustee5 ofst M•ryThe Bohons. Parochlal Church Councll I report on the accounts for the yearended 31 December 2023. whlch are set out In the TfUStees Annual Report and Accounts Respectlve respon51bllltles of trustees and examlnei The charlty trustees are responslble forthe p￿paratIOn of the accounts. The charitys trustees consider that an audit15 not required for thls year (under section 144121 of the Charities Art 2011 {the 2011 Artl and that an Independent examlnalion Ss needed. It is my responslblllty to: examlne the accounts {under sertlon 145 ofthe 2011 Art); lo follow the pro¢edures lald down In the General Directtonsgiven by the Charlty CommIsslone￿ (under sectlon 145{Sllbl of ihe 2011 Act): and to state whether particular matters have come to my attentlon. Basls of Indep•ndent examln•rfs feport My examlnatlon was carrled out In accordance wth the General Dlrectlons given by the Charlty Commlsslon. An examlnatlon Includes a revlewof the accountln8 recnrds kept by the charlty and a comparlson of the accounts presented wlth those records. It also Includes conSiderat￿)n of any unusual Items ordlsclosure5 In the accounts, aNI 5eeklng explanatlons from the management commlttee con¢ernlng any such matters. The procedures undertaken do provlde all the evldence that would be requlred In èft audlL and consequently I do not exwess an audli oplnlon on thevlew 81ven by the accounts. Independent examlnerfs statemènt In connectlon wlth my examlnatlon. no matter has come to my aitentlon: 111 whlch glves me reasonabfe cause to believe ihat In any material respect the requirements to keep accountlng records In accordance wlth section 130of the 2011 Att,. and to prepare accounts whlch accord with the accountlng retords and comply wlth the accountlng requirements of ihe 2011 Act: have not been met. or 121 to whlch, In my opSnlon. attention should be drawn In order to enable a proper understanding of the accounts to be reached. Independent Examlner- Franklln Atille FCCA FMAAccounianis Ltd Bulldln8 3 Chlswlck Buslne55 Park 566 Chlswlck High Road Chlswlck W4 5YA 27 March 2024 12

CONSOLIDATED ACCOUNTS OF THE PAROCHIAL CHURCH COUNCIL OF ST MARY THE BOLTONS, ST MARY'S REDCLIFFE GARDENS TRUST, ST PETER'S CRANLEY GARDENS TRUST AND THE LOUISA WILSON LEGACY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Note Unrtstri¢t¢d Funds Xestri¢teil ErIdowme￿t . Funds fund5 Total funds 2023 2022 INCOME AND ENDOWMENTS Voluntary income Acrivities for generating funds Income from investments Church activities Other incoming resources TOTAL INCOME 112,656 620 150.281 14.798 53.273 107.710 21.284 347.346 200.586 12.608 39.415 104.203 50.422 407.234 106,051 2e 9.112 62.574 18.11)6 EXPENDITURE Church activities 269,808 1.757 32,056 2.905 301,864 399,064 Raising funds Governance costs Other resources expended ' TOTAL EXPENDITURE 3b 552 282.932 323,098 414,423 NET INCOME I (EXPENDITURE) BEFORE INVESTMENT GAINS (16.266) 22,408 18,106 24,248 (7,1891 | TRANSFER FROM ENDOWMENT TO RESTRICTED FUNDS 1,192 (1,192) NET TRANSFERS BETWEEN RESTRICTED AND UNRESTRICTED FUNDS NET GAINSI(LOSSES) ON INVESTMENTS 18.955 18.955 126.881 } . NET MOVEMENT IN FUNDS 116.266) 23.600 35.869 43.203 134.070) BALANCES BIFWD AT I JANUARY 2023 (2022) 105.204 133.212 589.182 827.598 861.668 BALANCES CIFWD AT 31 DECEMBER 2023 {2022) £88.938 £156.812' . £625.051 £870.801 £827.598 13

PAROCHIAL CHURCH COUNCIL OF ST MARY THE BOLTONS, ST MARY'S REDCLIFFE GARDENS TRUST, ST PETER'S CRANLEY GARDENS TRUST AND THE LOUISA WILSON LEGACY CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2023 Note 2023 2022 FIXED ASSETS Tangible fixed assets - other CURRENT ASSETS Debtors RGT CBF Investment account held by custodian St Peter's Cranley Gardens CBF Investment account held by custodian Louisa Wilson Legacy CBF Investment account held by custodian Cash at bank and in hand: RGT - deposit fund held by custodian St Peter s - dep051t fund held by custodian RGT CBF Dep051t account PCC'S CBF Deposit account RGT general account PCC'S general account 109,571 100,149 36,213 33,099 74,643 1 68,224 218,507 5,282 94.516 124.281 81.364 148.597 211,722 91,581 120,4211 79,125 919.476 884,221 .1 LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR 48.675 56.623 NET CURRENT ASSETS 870.801 827.598 | NET ASSETS £870.801 £827.598 FUNDS Revaluation reserve - investments Restricted Unrestricted Endowment 96,029 156.812 88.938 529.022 £870.801 133,212 105,204 512,108 £827.598 Approved by the Parochial Church Council on 6 March, 2024 2nd signed on it5 behalf by- Reverend Prebendary Jennifer We15h The notes on page5 15 to 24 form part of these accounts. 14

CONSOLIDATED ACCOUNTS OF THE PAROCHIAL CHURCH COUNCIL OF ST MARY THE BOLTONS, ST MARY'S REDCLIFFE GARDENS TRUST. ST PETER'S CRANLEY GARDENS TRUST AND THE LOUISA WILSON LEGACY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES The PCC is a public benefit enuw within the meaning of FRS102. The financial sratements have been prepared under the Charities Act 2011 and in accordance with Church Accounting Regulations 20L16 governing the individual accounts of PCCS. and wiih Ihe Regulauons true and fair view" provisions. cogether with FRS10212016) a5 the applicable accounting Standards and rhe 2016 version of the Statement of Recommended Practice Accounting and Reporting by Charitses {SORP (FRS102)). The financial statements have been prepared under the historical cost convention. The financial sta￿MentS include all Iransactions. assets and liabilitses for which the PCC is responsible in law. They do not include the accounts of church groups that owe their affiliation to another E)dy, nor those that are informal gatherings of church members. Funds Unrestricted funds These represent the remaining income funds of the PCC that are available for spending on the general purposes of the PCC, including amounts designated by the PCC for fixed assets for its own use or for spending on a future project and which are therefore not included in its "free reserves" as disclosed in the trustees reporL Restricted funds These are income fund5 that must be spent on restricted purpos and details of the funds held and restrictions provided are shown in the note5 to the accounts. Endowment funds These are restriC￿d income funds that must be retained as trust capital either Ftrmanently or subject to a discretionary power to spend capital as income. and where the use of any income or other benefit derived from the capital may be restricted or unrestricted. Full details of all their restrictions are shown in the notes to the accounts. Incoming Resources Voluntory income and capitol sources Collections are recogni5ed when received by or on behalf of the PCC. Planned giving receivable under covenant or Gift Aid is recognised only when received. Income tax recoverable on covenants or Gift Aid donations is recognised when the income is received. Grants and legacies to the PCC are accounted for when the funds are received. Funds raised by the Summer Fair and other ever)ts are accounted for gross. Sales of book5 and magazines from the church book stall are accounied for gr05S. 15

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (continued) Other ordinory income Rental income from the letting of church premises is recognised when the rental 15 due. Income from investments Diyidends and interest are accounted for when receivable. Resources used Grants Grants and donations are accounted for when paid over. or when awarded, if thal award crea￿S a binding obligation on the PCC. Activities directfy relotsng to the work of the church The Diocesan or Parish Share is accounEed for when payable. Any quota Ltnpaid at 31 December is provided for in these accounts as an operational (though not a legall liability and is shown as a creditor in the Balance Sheec All other expenditure is generdl recognised when it is incurred and is aCCoun￿d for gross. Fixed a55etS Consecrated lund ond benefKe Pmpery In so far as consecra￿d and benefice property of any kind 15 excluded from the statutory definition of "Charity" by Section 10{2) (a) and (c) of the Chariues Act 2011 such assets are not capitalised in the financial statements. Movoble church furnishings Movable church furnTrshings held by the vicar and churchwardens on special trust for the PCC and which require a faculty for disposal are inalienable property. listed in the church's inventory. which can be inspected {at any reasonable time). All expenditure incurred during the year on consecrated or benefice buildings and movable church furnishings. whether maintrnance or improvement. is written off as expenditure in the SOFA and separately disclosed. Tongible fixed assets for use by chority Equipment used within the church premises is depreeiated on a strdight line basis over 4 years. Individual item5 Wlth a purchase price of £5.000 or less are written off when the a55et is acquired. The church boilers were replaced in 2022. As these were funded by Ihe Fabric Fund, the PCC decided to write off the costs of the boilers againsr this fund and not to capitali5e them. Investments Investments quoted on a recognised scock exchange or whose value derives from them are valued at market value at the year end. Other investment assets are included at PCC'S best estimate of market value. The London Diocesan Fund, as Custodian Trustee, has advised that the bequest under the Will of Louisa M Wilson 15 a sripend's trust fund the terms of which are c￿r￿ndY ￿Ing fulf411ed by direct payment of the income from che trust to the Diocesan Stipends Fund. Short tem? deposits These are the cash held on deposit either with the CCL4 or at the bank. Current osseis Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove uncollectible. 16

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 2 INCOME AND ENDOWMENTS Total Fund5 2023 2022 i Unrestricted Restricted Endowment Funds Funds lunds 2(a) Voluntary income Planned giving.. Gift Aid donations Donation from The Bacon Foundation Donations for music scholars and recir21s Donation for Fabric Fund Donations for Garden Project Donation for Organ Fund Donation5 for garden knches Tax recoverable Collection {open plate) at all 5ervice5 Collections through Goodbox Collection boxes in church Sundry donations Donations. appeals etc Legacies 68.442 68.442 78,175 36,000 4.042 11,050 600 5,000 600 19,608 8,109 7,401 1,586 12.072 11,343 5.000 £NiL £150,281 £200,586 1,587 25.705 500 250 1.587 25.705 500 250 18.455 50.017 6.807 609 8,326 3.950 22,405 10,017 6.807 609 8.326 5,633 5.633 £112.656 £37.625 2{b) Activities for generating funds Autumn Fair Parish lunches Sale of Christmas cards and postcards 14.178 14.178 562 58 £14.798 12,300 562 58 £620 £14.178 137 £12.608 £NIL 2(c) Income from investments Bank and deposit In￿reSt Dividends Income from St Peter's Trust Mast income 5,526 13.919 2.995 1,192 19.445 2.995 1,192 29.641 £53,273 5.500 2,979 1,020 29,916 £39.415 29.641 £35,167 £NIL £18,106 2(d) Income from church activities Fees for weddings and funernls Fees - payable to London Diocesan Fund Church hire Church hall lettin Paint Pots AA and NA meetings Other hall bookings and car parking Church flowers Coffee income 2.169 2,169 1.659 2,590 7,071 5,696 4.480 1.659 2.590 73.690 9.305 16,463 950 73,690 63,441 9.305 8.245 16,463 13,590 950 845 884 835 £NIL £107.710 £104.203 £106.051 £1.659 2(e> Other incoming resources Recovery of VAT Recovery of expenses Recovery of music costs for speci31 service5 Recovery of floodlighting costs Recovery of energy costs Recovery of Deanery costs 7.885 3,640 7,885 3,640 22,191 4,634 6,712 6,712 647 444 2.641 2,400 2,400 £21.284 £50,422 £18.106 £347.346 £407,234 2.400 £12.172 £9.112 £266.666 £62.574 £NIL TOTAL INCOME 17

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 3 EXPENDITURE Total Funds Unrestrict- Restrirted Endowment ' ed Funds Funds funds 2023 2022 3{a) Church activities Missionary and charitable giving- Home missions and other Church Societies Bishop of London'5 Lent Appeal Other charitable donations: Learn 2 Love 2 Read USPG Beacon House Lyra in Africa Paul'5 Cancer Care Emergency Fund Compassion UK S Cuthbert w S Matthia5 CO￿ Primary School Other 2CKI 200 200 4.7(Kl 4,700 4.700 2.100 2.100 4,227 4.227 1,409 1.489 1,409 2.100 2.1( 500 500 224 414 7.903 21,502 2,606 2,606 16.906 Ministry.. Diocesan parish share Clergy expenses Vicarage expenses Clergy cover Fees paid to London Diocesan Fund Sanctuary Church - insurance Church - running expense5 (light. heal cleaning) Church maintenance (excluding fees) Church boilers (excluding fees) Church west end stonework Church spire, balustrade, lightning conductor Gas main repair Garden maincenance and bench Sunday school and youth group expenses Second Half Club Church music Church mu5ic- music scholars Church music - recitals Church mu5ic- fees recovered for services Verger's salary and costs Training Administration.. Administrator Printing and stationery Website costs Ocher costs Church Hall water rates and council tax Church Hall - running expense5 IlighL heal cleaning) Church Hall maintenance Church Hall - refurbishment Church Hall loft insulation 93.000 168 1.646 273 93.0¢)0 168 1.646 273 90,000 458 1,680 234 5,696 451 8,634 1.659 9.498 9.498 19.432 19,432 13,744 9.440 9.440 4,877 70,800 12.935 1.849 9.167 4.094 35 231 16,8n 2.078 200 12.935 1,849 9,167 30,308 500 3,754 804 197 14,313 4,874 695 1,135 231 18.064 3,665 200, 6,712 19.902 Is 1.192 1.587 6.712 19.902 15 17.950 491 33.829 1.594 14 36.229 1.594 33,537 1.593 1,200 6.179 2,861 4.474 2.655 4,474 2.655 20.987 20.987 19.699 5,318 5.318 4.455 16.073 3,893 £399.064 £269.808 £32.056 £NIL £301,864 18

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 3 EXPENDITURE (continued) Total fund5 2023 2022 Unresttitted Restricted Endowme Funds nt 3(b) Generation of voluntary income Expenditure on Autumn Fair Goodknx charge5 Expenditure on flowers 2,905 2.905 896 861 2.141 486 672 896 £1.757 £2.905 £NIL £4.662 £3,299 3(c) Governance Costs Independent examiner's remuneration £825 £NIL £NIL £825 £552 3(d) Other resources expended Legal and profe55ional charges- Consultancy regarding heating systrm Architects, costs: spire repair Architects. costs: west end repairs Architects, costs= west end prop)sals Techni¢al advice.. west end proposals Technical advice in respect of organ Rewrt on Craigie Aitchison window Other 3,906 5,847 916 2.374 1,743 720 660 2.820 1,309 £10,542 916 2,374 6.948 720 660 2.820 1.309 £15.747 5,205 1.755 £11.508 £5,205 £NIL TOTAL EXPENDITURE £282.932 £40.166 £NIL £323.098 £414.423 STAFF COSTS 2023 2022 Wages and salaries 53,088 48,720 Social security Costs 4.624 4,267 Pension costs 2.761 2,637 £60.473 £55,624 Le5s- PAYE credit (4,6241 £55.849 (4,267) £51,357 The PCC employed a full-time verger and Parish Office Manager neither of whom earned £40.¢)00 p.a. or more. The Director of Music is 5elf-employed. No member of the PCC received remuneration or other benefits from the funds of the council. See Note 13 for details of the PCC'5 Pension Scheme.

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 FIXED ASSETS FOR USE BY THE PCC Toftgible fixed ussets - other Parish otrices Hall. kltchen and hall llat refurbishment TelÈphone & security 5y5tem5 Piano Computers Total GROSS BOOK VALUE A( l January 2023 Additions Disposals At 31 December 2023 32,681 46.392 8.6¢)0 2.518 4.485 94.676 46,392 8,600 2.518 4,485 DEPRECIATION At I january 2023 Disposals Charge for the year At 31 December 2023 32,681 46.392 8.600 2.518 4.485 94,676 32.681 46.392 8.600 2.518 4.485 NET BOOK VALUE At 31 December 2023 At 31 December 2022 £NIL £NIL £NIL £NIL £NIL £NIL £NIL £NIL £NIL £NIL £NIL £NIL In 1999, The Boltons Security Association paid £20.889 on behall of some of the residents of The Boltons for 3 scheme to floodlight St Mary's Church. DEBTORS 2023 2022 Bank and deposit interest due Dividends due 5,865 757 Prepayments and accrued incowne LPWGS- VAT reclaim 11.995 7.885 £26.502 14,247 22.190 £36,437 INVESTMENTS Redcliffe Gardens Trust St Peter's Cranley Gardens Trust Louisa Wilson Legacy Total investment5 Market value at l January 2023 Net gains l {lossesl Market value at 31 December 2023 100.149 9.422 £109,571 33.099 3.114 £36,213 68,224 6.419 £74,643 201,472 18,955 £220.427 The total holding for all three trusts at 31 December 2023 was 9.751.14 shares in the CBF Church of England Investment Fund. 20

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Deferred income Accruals of utility and other costs I Creditors for goods and 5ervice5- Goods and services Charitable donation5 Other creditor5 26.488 4,217 23,399 5.475 1,782 14.207 1.981 £48.675 12,210 12,048 3,491 £56.623 FUNDS The restricted funds comprise the Associate Vicar's Stipend Fund. the Bacon Foundation Fund. the Fabric Fund. the Organ Fund and the Garden Regeneration Fund. The Associate Vicar's Stipend Fund. the Fabric Fund, the Organ Fund and the Garden Regeneration Fund represent funds received from donors for expenditure on these specific costs. The Bacon Foundation Fund contains grants which must be spent on church projects within a time period of two years and which must be accounted for separately from general funds. The endowment funds comprise the St Mary's Redcliffe Gardens Trust. the St Peter'5 Cranley Gardens Trust and the LOU￿sa Wilson Legacy. Some of the funds are held as permanent endowment, but a proportion is available for distribution in accordance with the terms of the trust deed and the PCC has been able to call on these funds to assist with major capit21 expenditure in the church from time to time. The income from the St Peter s Cranley Gardens Trust is received by the PCC and contributes to the expenses of the organ and choir l£1.192. 2022.. £1.020). The tnjst has capital that is a permanent endowment, but it is considered a "small" charFty by rhe Charity Commission so the PCC may be able to resolve to remove the permanent resEriction5 on the capital and spend the capital as if it were income, should they believe that the purpose5 of the charicy could be more effeciively carried out as a result. The income from the Louisa Wilson Legacy (£2,040, 2022- L2,029) 15 paid directly to the Diocesan Stipends Fund and thus is not shown in these accounts. FUND DETAILS 2023 j 2022 General Fund (unrestric￿) The Bacon Foundation Fund Associate Vicar's Stipend Fund Fabric Fund Organ Fund Garden Regenerarion Fund St Mary's Redcliffe Gardens Trust St Peter'5 Cranley Gardens Trust Louisa Wilson Legacy Revaluation Reserve - investments 88.938 82.756 29.900 32.656 11.500 105.204 82,756 31,000 9,456 i 0.000 443.343 31.545 54.134 96,029 £870.801 426.429 31,545 54.134 77,074 £827,598 21

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 SUMMARY OF FUND MOVEMENTS (a) Unrestricted and restricted funds Uthrestrjct- ed Fund5 The Bacon Foundation Fund Associate i¢arf5 Stirttd Fund Total {RestriCted and UDrestrictsdl Fabric Orgatb Fund Garden Re8enera- tion Fund Balance at l January 2023 105,204 81756 31.000 9.456 10.000 238,416 Incoming resources Resources expended Investment gains Balance at 31 December 2023 266.666 1282.932) 28.405 (5,205) 1.500 500 297.071 {500) {289,734 {i.100) £88.938 £82.756 £29.900 £32,656 £11.500 £NIL £245,750 (b) Unrestricted, restricted and endowment funds Re5trKted irKome Restricted runds larbalysed above) St Mary'5 Redcliffe Gardens Trust St Peterf5 Cranley Garden5 Trust Unrestricte Fund5 Louisa Wilson Legacy Total Funds expenses Balance at l January 2023 Incoming resources Resources expended Investment gain5 1 (losses) Transfer of St Peter's income Balance at 31 December 105.204 266.666 32.169 (282.9321 {33.361) 133.212 30.405 (6.805) 482,577 16.914 38,381 1.192 68,224 827.598 347.346 {323.0981 18.955 9.422 3.114 6.419 1,192 (1,192) 2023 £88.938 INIL £156.812 £508.913 £41.495 £74.643 £870.801 SUMMARY OF ASSETS BY FUND Unrstri¢ted Fvthds Htstricteil Eno¢)wr￿knt fvtK15 Total Funds 2023 2022 Fixed assets Current assets Current liabilities 122.970 171.455 (34.032) (14.6431 £88.938 £156.812 £625,051 625.051 919,476 (48.675) £870.801 884.221 156,6231 £827.598 22

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 PENSION SCHEME Church Workers Pension Fund {CWPF) St Mary The Bolton5 PCC participates in the Pensron Builder Scheme section of CWPF for lay staff {Pension Builder 20141. CWPF is admin551ered by the Church of England Pensions Board. which holds the CWPF assets separately from those of the Employer and other participa(ing employers. CWPF has two sections: the Defined Benefits Scheme the Pension Builder Scheme. which has two subsecrions- a deferred annuity section known as Pension Builder Classic. and. a cash balance section known as Pension Builder 2014. Pension Builder Scheme Both 5ection5 of the Pension Builder Scheme are classed as defined benefit schemes. Pension Builder Classl¢ provides a pension. accumulated from contribuiions paid and converted into a deferred annuity during employment based on terms sei and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may a150 be added, depending on investment returns and other factors. Pension Builder 2014 15 a cash balance scheme that provide5 a lump Sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retiremen( depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65. There is no sub-division of assets between employers in each section of the Pension Builder Scheme. The scheme is considered to be a multi-employer Scheme as described in Section 28 of FRS 102. This 15 because it is not tK)ssible to attribu￿ the Pension Builder Schemes assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SOFA in the year are the contribution5 payable (2023: £1.561. 2022- £1,457). A valuation of the Pension Builder Scheme is carried out once every three year5. The most recent valuacion was carried out a5 at 31 December 2019. For the Pension Builder Classic section. the 2019 valuation revealed a deficit of £4.8m on rhe ongoing assumptions used. At the most recent annual review effecrive l January 2024, the Board chose 10 grant 2 discretionary trK)nus of 6.7% Eo i%)th pensions not yet in payment and pensions in payment in respect of service prior to April 1997: and a bonvs on pensions in payment in respect of post April 2006 service so that the pension increase was 5% (where usually it would be calculated based on inflation up to 2.5%). Thi5 followed improvemerbts in the funding posltion over 2023. There is no requirement for deficit payment5 at the current time. For the Pension Builder 2014 5ettion. the 2019 valuation revealed a surplus of £5.5m on the ongoing assumptions used. There is no requiremer)t for deficii payments at the current time. The next valuation is due as at 31 December 2022. Calculations for this are currently under way. The legal structure of the Scheme 15 such rhat if another employer fails. St Mary The Boltons PCC could become responsible for paying a share of the failed employer's pension liabilities. 23

The PCC of St Mary with St Peter & St Jude. West Brompton registered charity, no. 1133073 24