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 Trustee Annual Report and Accounts for the year ended 31" December 2024 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 SW I O. It is part of the Diocese of London within the Church of England. The Parochial Church Council ("PCC") of the church is a body corporace established by the PCC (Powers) Measure 1956. It is registered as a 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 encouraged to register on the Church Electoral Roll to become eligible both to elect PCC members and to stand for election to the PCC. ADMINISTRATIVE INFORMATION Address and contact details The Parish Office St Mary's Church The Boltons London SW 10 9TB Telephone 020 7835 1440 Email office@stmarytheboltons.org.uk Vicar Reverend Prebendary Jennifer Welsh Parish Officers and Elected Representatives Churchwardens Mrs Candice Lee Mr Leo Fraser-mackenzie Members of the Parochial Church Council who have served since I" January 2024 until the date of this report were: Revd Preb Jennifer Welsh (chair) Mrs Adrea Blakeney Mr Alex Burtt Mr Christopher Fowkes Mr Leo Fraser-mackenzie Miss Margarete Geier Miss Joanna Hackett (PCC Secretary) Mr Clive Ingram Mrs Candice Lee Mr Jack Limandat Mrs Rosemary Meckiff Mengel Ms Renata Molina Lopes Mrs Jane Nicholas Mr Lee Speakman Miss Carolyn Stubbs (Treasurer) Until April 2024 Churchwarden Deanery Synod Representative Deanery Synod Representative Churchwarden Elected April 2024 Until April 2024 Elected April 2024 Elected April 2024 Elected April 2024
PCC Treasurer and Assistant Treasurer to Redcliffe Gardens Trust Miss Carolyn Stubbs 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 Architect Mr Russell Hanslip of HMDW Architects Ltd STATEMENT OF PURPOSE St Mary's is a church working within the ethics and eth05 of the Church of England and the aim of the PCC, in cooperacion with the incumbent, is to promote the whole mission of the church pastoral, evangelistic and social and ecumenical. The PCC is also responsible for the upkeep of the church of St Mary The Boltons, a grade 2 listed building. The priorities of our common endeavour as the Body of Christ at St Mary's are reflected in our parish strapline Rooted in Faith. 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 is loving, abundantly generous, and merciful. We are also 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 area which we serve. Local schools visic for concerts, assemblies, and to discover the church's history. arc and architecture. Local institutions are welcome to hold events, Christmas concerts and meetings. Local people enjoy our garden as a place of quiet and beauty. Open: St Mary's is an open church: We try to be open to the movement of God's Spirit in our world. We are an inclusive church, welcoming everyone, regardless of background, gender, ethnicity, or sexualicy, 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, rest. 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; supporting local food banks", 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 priorities worked out in practice in 2024. In planning and undertaking these activities the trustees confirm they have had regard to the Charity Commission guidance on public benefit.
ACTIVITIES AND ACHIEVEMENTS Membership on the parochial Electoral Roll was 129 in April 2024. In 2025 the roll has been fully revised, and now stands at 122. Worship and Prayer in 2024 Sunday services continued as in previous years, wich the principal Sunday morning seryices supported by music from Choral Scholars, voluntary and professional singers. The Sunday average attendance was 91, including I I children under 16. Occasional offices included l O baptisms. I thanksgiving for a child. 9 weddings, 4 funerals, I memorial service and 4 intermencs of ashes. Two adult candidates were presented for confirmation by the Bishop of Kensington. Major festivals like Christmas and Easter followed the same pattern as in previous years. Holy Week included a series of meditations via Zoom link, the Maundy Thursday Liturgy. two services (one for children) on Good Friday, and che Vigil for Holy Saturday in the late afternoon. Easter Day services were well attended and were followed by festive refreshments in church. Christmas Carol services included three raising money for outside charities, and a very successful Nine Lessons and Carols where the colleccion was taken for our own Charitable Pot. Christmas Eve and Christmas Day services were extremely well aitended by local neighbours and visitors. Morning and Evening Prayer were said daily on weekdays in church by the Vicar and lay 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 continued to grow with preschool children in the majority (accompanied by parents). Each session is run by two leaders, appropriately trained 2nd DBS cleared. Children are introduced to popular Bible stories. simple prayers and songs, and engage in age appropriate craft activities. Parents are encouraged to join in and take seriously their role in teaching their children the Christian faith. We reintroduced a team of robed Servers to the main Sunday Eucharist and other services, and have Erained up four young people to serve as acolytes and crucifers, along with one adult who also serves at the altar. Serving provides a way for older children to engage actively on a Sunday, and 10 make a valuable contribution to the church's worship. A new weekday Bible Study group, led by the Reverend Lesley Perry, began in the Autumn, meeting at the Vicarage. The group used Amy-jill Devine's book. The Difficult Words ofjesus. Lent and Advent discussion groups ran as usual. On Sundays in Lent we met for discussion after the main service, using Andrew Maye5 Roods of Hurt and Hope - tronsformative journeys in the Holy Lond. We met for Night Prayers via a Zoom link during Lent and Holy Week once again. On Sundays in Advent after the main service, we met for a three week series of discussions around the theme of Refreshing our Mission, using the strapline words Rooted, Open and Caring.
Stewardship The PCC agreed to register wich the Church of England's Parish Giving Scheme, and are encouraging members who are already giving as parr of regular stewardship, as well as all who are not regular givers to join the scheme. At the time of writing there are 22 members using the scheme. Engagement and mission Responding to our mission statement to be open to all who come to St Mary's. regardless of age, ethnicity, religious background. gender or sexuality, the PCC passed two significant resolutions expressing our commitment to full inclusion in our church: to use and make available the Church of England's Prayers of Love and Faith for same sex couples, and also co register as a member of the Inclusive Church Necwork. Both of these are noted on our website and social media pages. We make monthly visits to two local nursing homes, to offer a service of worship, with prayers and hyrnns. One, a Roman Catholic community within the parish, invites us to share Holy Communion with residents who wish to receive it. The other is just outside our boundary. and it is hoped that in the coming year that this service will be shared with local clergy from other parishes. The Second Half Club continued through the year with the familiar pactern 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. The Parent and Baby group developed into a lively Toddler group that meets twice a month, on Wednesday mornings. Participants are invited via local parents, networks as well as through our own publicity. The sessions attract an average of 5 children and parents or carers, and are led by two leaders who are appropriately trained and DBS cleared. The church space continued being used by local private schools for concerts, presentations, and the occasional religious assembly. Year groups from the local state primary school continue to come to the church for RE and Art classes. During Advent we hosted three Charity Carol Services generating funds for their causes. St Mary's once again shared an outdoor Community Christmas Carols event with the next door parish of St Luke's, Redcliffe Square bringing togecher more than 400 local people 10 sing carols and enjoy mulled wine and mince pies in the open air. We were thrilled to welcome our new MP on this occasion, his first Visit to our parish. The church continues to be a collection point for food donated by neighbours and members of the congregation. In 2024 we began to receive food nearing its sell by date from Marks and Spencer each week. All foodstuffs and other grocery items are distributed by volunteers to local food banks and a homeless charity, as well as to sheltered residences in the parish. A substantial Harvest collection of foodstuffs from both the church and local schools 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 foodbanks were not open.
St Mary's worked with the Earls Court Youth Club's Older Persons Project to provide Christmas Lunch for 70 elderly people in the church hall. We were able to support the event using a grant from the Kensington Parochial Charities. The church gardens continue to be a place of respite and refreshment for local people to enjoy and can be hired for use by private parties and community groups. More new benches were placed in the garden by local families in memory of loved ones, 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 charicies supported through the church's Charitable Pot. Hospitality and Welcome St Mary's, as part of our efforts to full inclusion, strives to be fully accessible to all, using large print material, a hearing loop, and ramped entrance as well as accessible toilet facilities. We publish a monthly newsletter and provide electronic and hard copies via email and postal services, The major works planned for the west end include upgrading the access for wheelchair users. The church is open for individual prayer and meditation daily. The Vicar works from an office in church and is available to visitors or those seeking prayer or counsel. The Office is open daily from 9am- 5pm. Fabric Routine inspections of gas fittings, gutters and the lightning conductor led to some remedial work on the lightning conductor and the replacement of the hall boiler. The PCC approved plans for the refurbishment of the hall kitchen, but the company selected to do the work failed to provide a start date, effectively withdrawing from the contract. At the end of the year another firm who had also tendered for the contract was approached to take on the work which we still anticipate will be completed during 2025, along With repairs to a leak in the kitchen roof. The new kitchen will be entirely electric, another small contribution towards achieving a net zero carbon standard by 2030. The organ is an important feature in church and so it should be recorded briefly here that durin8 the year the contract for its maintenance and tuning was switched from Walkers to Harrisons, with the new contractor undertaking an extended initial visit to get to know the instrument. It is also worth recording that the large vestry printer was replaced during the year, and the desktop computers in both the Vicar's office and the Parish Office were also replaced. An independent Fire Risk Assessment was commi55ioned in 2024. This led to the replacement of the fire extinguishers in church, and it also became clear that a thorough assessment of the fire doors throughout the complex was needed, including the food serving hatch between the kitchen and hall. As part of the parish's commitment to Net Zero Carbon, the hall kitchen will be refurbished in 2025, movin8 from gas to electric and cooking. Thi5 is another step in a staged approach to upgrading the hall to prevent heat loss and reduce carbon emissions from heating. Leo Fraser-mackenzie
The Charity Committee The Charity Committee is a Sub-committee of the PCC and meets at least six times a year. selecting charities which are supported from our Charitable Pot, communicating with those charities and assisting with activities to raise funds for the Charitable Pot. In 2024 we raised funds for USPG'S Parcner in Mission. Church of North India Anti-Human Trafficking Programme. Through the Roof s Wheels for the World, and for several local charities: Learn To Love To Read, Beacon House, and the Earls Courc Youth Club. Safeguarding All volunteers working among children and vulnerable adults have had DBS checks and been appropriately trained according co our Safeguarding policy. The Trustees affirm thac safeguarding is the responsibility of all members of the church, and are committed to safeguarding 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 2024, 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 (ducy to have regard to House of Bishops, guidance on safeguarding children and vulnerable adults). LONGER TERM GOALS A substantial refurbishment and repair of the church organ is to be undertaken, with funds specifically raised for this purpose. As part of the parish's continuing commitment to Net Zero Carbon, the next step will be to investigate how to move from gas to electric heating in the hall. It has, until 2024, been hard to elect a full complement of PCC elected members, leading to vacant places over time. In addition to working to fill those vacancies in 2025, che APCM will be asked to consider whether to diminish the number of elected places from twelve to ten, to take effect at the 2026 APCM. Signed on behalf of the PCC by The Reverend Prebendary Jenny Welsh On.....................................................................................................2025
Financial Review and Reserves Policy The PCC'S consolidated accounts include the assets of St Mary s Redcliffe Gardens Trust (RGT), St Peter's Cranley Gardens Trust and The Louisa Wilson Legacy. The PCC is the Managing Trustee of RGT. St Peter s Cranley Gardens Trust and the Louisa Wilson Legacy. The PCC receives income from St Peter s Trust (£1.280; 2023: £1.192) and the capital of £42,324 (2023: £41,495) is included with that of RGT as endowment funds in the consolidated accounts of the PCC. The income from the Louisa Wilson Legacy (£2,072; 2023,. £2,040) does not benefit the PCC direccly as it is paid to the Diocesan Stipends Fund. However as trustee we are obliged to include the capital (£76,351. 2023: £74,643) in our consolidated accounts as part of our endowment funds. The total consolidated assets of St Mary s PCC have increased by £65,567 to £936,368. The General Fund increased by £12,319 while Restricted Funds increased by £28,830 and Endowment Funds by £24,418 (the latter through investment income received and an increase of £5,045 in the value of the investments). The increase in the General Fund is made up of some significant changes in incoming resources and expenditure, as analysed below: Incoming resources Regular giving for the year increased to £73,487 (2023: £68,442) but this did include some "one- off ' donations frorn regular donors. Tax recoverable on gift aided donations (including donations to Restricted Funds) was lower than the previous year at £19,196 (2023: £22,405), but this is partly because the tax reclaim is based on the tax year to 5 April and thus reflects donations in the previous year. Some parishioners are now giving (as recommended) via the Parish Giving Scheme and this means that we receive the gift aided tax on their donations in the same month. Collections at serrfices were higher than the previous year at £12.224 (2023: £10,017, while additional donations through Goodbox devices were similar (£7,205, 2023: £6.807). We also accept donations through CAF Donate online but usage has been sporadic with income of £2,454 (2023: £3,867) included with donations in several categories. Receipts include a few large donations and several small ones, including for the Charities Pot. Sundry income was higher in 2024 at £13.657 (2023: £8,326). This income includes some exceptionally generous donations after a wedding, a funeral and several baptisms. Donations of £10,500 to the Fabric Fund, plus the tax reclaim of £2,625 and two legacies totalling £15,000, took the Fabric Fund to £60,781. The Fabric Fund will be put towards a new kitchen. Donations of £705 increased the Organ Fund to £12,205 (2023: £11,500). Income from Church Hall rentals has returned to pre-pandemic levels. During term-time our Hall is used by PainE Pots Montessori Schools as a nursery school. A mid-term review of the Licence Fee was undertaken in 2022 and the Licence Fee was increased and the Service Charge was also revised to take accounc of increased costs. Rental income from Paint Pocs in 2024 was £80,901 (2023: £73,690). Evening hire of the Hall by twelve steps and other groups remained steady at £9,365 (2023- £9,305). Other hire of Ihe Hall, for example for children's parties, rose to £19,746
(2023.. £16.463): £5,000 of this (2023: £5,000) came from a car parking agreement which was also renewed in 2022. We held Autumn Fairs in 2024 and 2023, although profits from the fair do not benefit St Mary's and are paid out to our chosen charities. The 2024 Fair was very successful and raised £7.229 net of expenses (2023: £11,273) for our charities. The 2023 result included che auction of a Ken Howard painting. Other funds we raised for charities came from specific appeals and at services and so are included as donations rather than fundraising activities. We recovered £2,825 of VAT on repair work to the church buildings from the Listed Places of Worship Grant Scheme (2023: £7.885). We also recovered £2,000 (2023: £2,400) from the Diocese towards the time our Parish Manager spent on work for the vicar in her role as Area Dean. There is now a new Area Dean so we will receive no further reimbursement. Other recoveries included expenses for music and heating at weddings, funerals and other services at St Mary's and for floodlighting of the church. Resources used Our costs were slightly lower in 2024 at £311,388 {2023: £323,098). In 2024 our biggest expense wa5 the contribution of £97,080 to the Diocese of London Common Fund (2023: £93,000). In 2024 our total repairs and maintenance costs were low (£8,081 plus £1,862 for associated professional fees). In contrast in 2023 our general repairs and maintenance costs were £12,205 (including fees) and in 2023 we also undertook stonework repair at the west end at a cost of £15,309 including fees and VAT and we repaired a gas main at a cost of £9,167. We incurred further fees in 2024 regarding the proposals for improvements to the west end (architects, fees, a technical report and a report on trees). Salaries of our Parish Manager and verger were higher in 2024 due co cost of living pay increases. Salary costs were £60,065 (2023: £55,849). Payments to our Director of Music. musicians and cleaner were also increased. 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 previou5 years. We have passed on some of the costs by increasing the heating charge for use of the church for weddings, funerals and other special services. During 2024 we replaced the Hall boiler at a cost of £5,068. We also replaced our photocopier (£7,504) and office computers {£1,985}, although these have been capitalised in the balance sheet and will be depreciated over four years.
Balance sheet The PCC'S assets consisc principally of cash held with the CBF Deposit Fund or in the General Account at Barclays Bank. Barclays closed our account for Redcliffe Gardens Trust in October 2023 as they were unsatisfied with our responses to their questions abouc 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 was shown as a current asset on the balance sheet at the end of 2023. Debtors of £20,795 (2023: £26,502) include insurance for the church which is paid in December for the following year, together with some outstanding rents and amounts reclaimed relating to the current year (such as the VAT reclaim and match-funding for the Autumn Fair}. We have also accrued £6,438 (2023: £5.865) for interest due on bank deposit accounts for the last quarter of che year but not paid until early January. Liabilities are lower than in the previous year (£39,535. 2023: £48,675). Deferred income of £19,988 (2023.. £26,488) includes December payments by Paint Pots and mast income for the following year. Our liabilities also include amounts due to our chosen charities (£9,898. 2023: £14,207). 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 situations that may arise from time to time. The PCC also considers it important to hold funds in reserves for future restoration costs and recognises that steps will have to be taken to improve the strength of the balance sheet if these Lirgets are to be maintained. We were very fortunate to receive donations of £36,000 from The Bacon 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 che grant required us to account separately for its 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 towards the plans for the insulation of the west end of the church and for improved access. The Fund stands at £82,756. The Associate Vicar's Stipend Fund was set up in 2008, and donation5 were received for this purpose in each year since it was established. Following discussions with the donor. from 2017 donations have been made to the Fabric Fund. In 2023 we used the fund to pay for a youch programme (£ I, 100). The Associate Vicar's Stipend Fund stands at £29,900 (2023: £29,900). There were donations to the Fabric Fund of £10,500 in 2024 {2023: £25,705) plus a Gift Aid reclaim of £2,625 (2023: £2,700). We also received two legacies totalling £15,000 which were added to the fund. The year end balance on the fund was £60,781 (2023: £32,656). io
Redcliffe Gardens Trust Redcliffe Gardens Trust is a separate trust of which the PCC is the Managing Trustee. The trust made no distribution in 2024 or 2023 and the value of the assets increased to £530,794 (2023: £508,913). These assets are held mainly as cash with a small percentage held in the CBF Church of England Investment Fund. 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 this trusc to assist with major capital expenditure in the church from cime 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 (£1,280. 2023: £1.192). The trust has capital that is a permanent endowment. but it is considered a "small" charity by the Charity Commission so the PCC may be able to remove the permanent restrictions on the capital and spend the capiral as if it were income, should chey 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 £42,324 (2023.. £41,495). 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 (£2,072; 2023: £2,040} is paid directly to the Diocesan Stipends Fund and thus is not shown in these accounts. The value of the assecs at the year-end was £76,351 (2023: £74,643). The assets were held in the CBF Church of England Investment Fund. Corolyn Stubbs, Treasurer li
Independent Examinerfs Report to the memberltrustees of St Mary The Boltons. Parochial Church Council I report on the accounts forthe year ended 31 December 2024, which are set out in the Trustees Annual Report and Accounts Respective responslbllities of trustees and examiner The charity trustees are responsible for the preparation of the accounts. The chariVs trustees consider that an audit is not required for this year (under section 144 (21 of the Charities Act 2011 {the 2011 Art) and that an independent examination is needed. It is my responsibility to: examine the accounts (under section 145 of the 2011 Act); to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 14515llbl of the 2011 Act); and to state whether particular matters have come to my attention. Basi5 of Independent examlnerfs report My examination was carrled out in accordance with the General Directions given by the Charity Commlssion, An examination includes a revlew of the accounting records kept by the charity and comparlson of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the management committee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequentSy I do not express an audit opinlon on the view given by the accounts. Independent examlnerfs statement In connection wlth my examlnation, no matter has come to my attention: {11 which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with section 130 of the 2011 Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act; have not been met,. or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Independent Examiner- Franklin Atille FCCA FMA Online Ltd Building 3 Chiswick Business Park 566 Chiswick High Road Chiswick W4 5YA 26 March 2025 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 2024 Note Unrestricted Funds Restricted Endowment Funds fund5 Total funds 2024 2023 INCOME AND ENDOWMENTS Voluntary income Activities for generacing funds Income from investments Church activities Other incoming resources 121,221 939 37,813 118,420 7,964 40.155 10,624 161,376 11,563 58,466 121,613 18,892 150,281 14.798 53,273 107,710 21,284 2b 2c 2d 20,653 3,193 10,928 TOTAL INCOME 286 371910 347 346 EXPENDITURE Church activities Raising funds Governance costs Other resources expended 265.058 1,284 690 7,006 33,955 3,395 299,013 4,679 690 7,006 301.864 4.662 825 15,747 3b 3d TOTAL EXPENDITURE 274 038 NET INCOME I (EXPENDITURE) BEFORE INVESTMENT GAINS 12,319 27,550 20,653 60,522 24,248 TRANSFER FROM ENDOWMENT TO RESTRICTED FUNDS 1,280 (1,280) NET TRANSFERS BETWEEN RESTRICTED AND UNRESTRICTED FUNDS NET GAINSI(LOSSES) ON INVESTMENTS 5,045 5,045 18,955 NET MOVEMENT IN FUNDS 12,319 28,830 24,418 65,567 43,203 BALANCES BIFWD AT I JANUARY 2024 (2023) 88,938 156,812 625,051 870,801 827.598 BALANCES CIFWD AT 31 DECEMBER 2024 (2023) £185 642 £649 469 £936 368 £870 801 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 2024 Note 2024 2023 FIXED ASSETS Tangible fixed assets - ocher 7,117 CURRENT ASSETS Debtors RGT CBF Investment accounc held by custodian St Peter's Cranley Garden5 CBF Invescmenc accounc held by custodian Louisa Wilson Legacy CBF Investment account held by custodian Cash ac bank and in hand: RGT deposit fund held by custodian St Peier s - deposic fund held by custodian RGT CBF Deposit account PCC'S CBF Deposic accounr RGT general account PCC'S general account 20,795 112,079 26.502 109.571 37.042 36.213 76,351 74,643 230,105 5,282 99,533 212,462 85,162 89,975 218.507 5,282 94,516 124,281 81,364 148,597 968,786 919.476 LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR 39,535 48,675 NET CURRENT ASSETS 929,251 870,810 NET ASSETS 936 36 FUNDS Revaluation reserve - investmenis Restricced Unrescricted Endowment 101,075 185,642 101,257 548,394 96,029 156,812 88,938 529,022 £870 .8LI Approved by the Parochial Church Council on and signed on it5 behalf by: lic 3rifL- The notes on pages 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 2024 ACCOUNTING POLICIES The PCC is a public benefit entity within the meaning of FRS102. The financial sratements have been prepared under the Charitie5 Acc 201 l and in accordance with Church Accounting Regulations 2006 governing the individual accounts of PCCS, and with the Regulacions "true and fair view provisions. coge(her with FRS102 (2016) as the applicable accounting standards and the 2016 version of the Statement of Recommended Practice Accounting and Reporcing by Charities (SORP (FRS102)). The financial statements have been prepared under the historical cost convention. The financial stacemenrs include all tran5accions, assets and liabilicies for which the PCC is responsible in law. They do not include the accounts of church groups that owe their affiliation to another body, nor those that are informal gatherings of church members. Funds Unrestricted funds These represent the remaining income funds of che PCC that are available for spending on the general purposes of the PCC. including amounts de5ignaied 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 (ruscees, reporc. Restricted funds These are income funds that musc be spent on restricted purposes and details of the funds held and restrictions provided are shown in the notes to Ehe accounts. Endowment funds These are resrricced income funds that must be retained as trusc capital either permanently or subject to a discretionary power to spend capiral as income, and where the use of any income or other benefic derived from Ehe capital may be rescricced or unrestricted. Full derails of all their restrictions are shown in the note5 to the accounts. Incoming Resources Voluntary income ond capital sources Colleccions are recognised when received by or on behalf of che PCC. Planned giving receivable under covenant or Gift Aid is recognised only when received. Income tax recoverable on covenants or Gift Aid donations is recogni5ed when the income is received. Grants and legacies to the PCC are accounced for when the funds are received. Funds raised by the Autumn Fair and other events are accounted for gross. Sales of books and magazines from the church book stall are accounted for gross. 15
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (continued) Other ordinary income Rental income from the letcing of church premises is recognised when the rental is due. Income from investments Dividends and interesc are accounted for when receivable. Resources used Grants Grants and donations are accounted for when paid over. or when awarded, if rhai award creates a binding obligation on the PCC. Activities directly relating to the work of the church The Diocesan or Parish Share is accounced for when payable. Any quota unpaid ac 31 December is provided for in Ihese accounts as an operaiional (though not a legal) liabiliry and is shown as a creditor in the Balance Sheet. All other expendirure is general recognised when it is incurred and is accounted for gross. Fixed assets Consecrated land and benefice property In so far as consecrated and benefice propercy of any kind is excluded from the statutory definiiion of "charity by Seccion l 0(2) (a) and (c) of che Charicies Acc 2011 such assets are not capitalised in the financial stacements. Movable church furnishings Movable church furnishings held by rhe vicar and churchwardens on special trust for the PCC and which require a faculty for disposal are inalienable property. lisced in the church's inventory, which can be inspected (at any reasonable time). All expendicure incurred during the year on consecrated or benefice buildings and movable church furnishings, whether maintenance or improvement. is wricten off as expenditure in the SOFA and separately disclosed. Tongible fixed assets for use by charity Equipment used within the church premises is depreciated on a straight line basis over 4 years. Individual items with a purchase price of £5,000 or less are wrirten off when the asset is acquired. Investments Invescmencs quoted on a recognised stock exchange or whose value derives from them are valued at market value ar the year end. Other invesrment assets are included at PCC'S besc estimate of market value. The London Diocesan Fund, as Custodian Trustee, has advised that che bequest under the Will of Louis3 M Wilson is 2 stipend's trusc fund che terms of which are currently being fulfilled by direcc payment of the income from the crust to the Diocesan Siipends Fund. Short term deposits These are the cash held on deposic eiiher at the bank or in che CBF Church of England Deposic Fund managed by CCLA Investment Managemenc LEd. Current assets Amounrs owing to the PCC at 31 December in respect of fee5, 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 2024 2 INCOME AND ENDOWMENTS Total Funds 2024 2023 Unrestric¢ed Restricted Endowment Funds Fund5 funds 2(a) Voluntary income Planned giving.. Gift Aid donations Donations for music scholars and recitals Donacion for Fabric Fund Donacion5 for Garden Project Donation for Organ Fund Tax recoverable Collection (open plate) ac all services Collections through Goodbox Collection boxes in church Sundry donations Donations, appeals etc Legacies 73,487 73,487 68,442 1,587 10,500 500 705 2,625 10,500 500 705 19.196 12,224 7,205 521 13,657 6,470 15,000 25,705 500 250 22,405 10,017 6.807 609 8.326 5.633 16,571 12,224 7,205 521 11,213 2.444 6.470 15,000 £121221 £40 155 Unrestricted Restrlcted Endowmènt Funds Funds funds 2024 2023 2(b) Activities for generating funds Autumn Fair Parish lunches and Second Half Club Sale of church history booklet Sale of Chri5cmas card5 and postcards 10,624 10,624 599 340 14,178 562 599 340 58 £939 £10624 £NIL £11563 £14798 17
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 2 INCOME AND ENDOWMENTS (cont) Total funds 2024 2023 Unrestricted Restricted Endowment Funds Funds funds 2(c) Income from investments Bank and deposic interest Dividends Income from St Peter s Trust Mast income 8,085 16,331 3,042 1,280 24,416 3,042 1,280 29,728 19,445 2,995 1,192 29,641 29,728 £37813 £NIL £20 653 £58 466 £53 273 2(d) Income from church activities Fees for weddings and funerals Fees - payable to London Diocesan Fund Church hire Church hall lecting: Paini Pors AA and NA meetings Other hall bookings and car parking Church flowers Coffee income 4,486 4,486 3,193 2,310 2,169 1.659 2,590 3,193 2,310 80,901 9,365 19,746 870 742 80,901 9.365 19,746 870 742 73,690 9,305 16,463 950 884 £118420 2(e) Other incoming resources Recovery of VAT Recovery of expenses Recovery of music coscs for special services Recovery of floodlighting costs Recovery of Deanery costs 2,825 5,539 2,825 5,139 8,928 7,885 3,640 6.712 8.928 647 2,400 2,000 2,000 £NIL £18892 £21284 TOTAL INCOME £286 357 £64 900 £20 653 £371910 £347 346 18
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 3 EXPENDITURE Total Funds 2024 2023 Unrestricted Restricted Endowment Fund5 Funds funds 3(a) Church activities Missionary and charitable giving: Home missions and other Church Sociecies Bishop of London's Lent Appeal Other charitable donations.. Learn 2 Love 2 Read USPG 200 3.633 3,633 3,633 3,633 4,700 4,700 2,100 Beacon House Earls Court Youth Club Through rhe Roof Lyra in Africa Earls Courc Youch Club - Christmas lunch Emergency Fund Other 2,100 700 700 500 706 Ministry,. Diocesan parish share Clergy expenses Vicarage expenses Clergy cover Fee5 paid co London Diocesan Fund Membership of Inclusive Church Sanctuary Church insurance Church running expenses (light, heal, cleaning) Church maintenance (excluding fees) Church west end stonework Church spire, balustrade, lightning conductor Gas main repair Garden maintenance and bench Church vesimenrs Sunday school and youth group expenses Second Half Club Church music Church music- music scholars Church music - recitals Church music - fees recovered for services Verger'5 salary and coscs Training Church history booklet Administration: Administrator Printing and scationery Other costs Church Hall - water rates and council tax Church Hall - running expenses (light, heat. cleaning) Church Hall maintenance Church Hall - hall boiler replacement Depreciation - photocopier Depreciation - computers 97,080 203 420 145 97,080 203 420 145 3,193 250 120 10,078 20,889 7,062 304 715 93,000 168 1.646 273 1,659 3,193 250 120 10.078 20,529 7,062 304 715 9,498 19,432 9,440 12,935 1,849 9,167 4,594 360 3,209 500 1,444 3,709 1,444 165 180 20,088 2,838 570 8,928 21,364 128 1 ,438 165 180 18,808 927 570 1,135 231 18,064 3,665 200 6,712 19,902 15 1,280 8.928 21,364 128 688 750 36,135 961 6,233 2,820 24,724 4,050 5.068 1,876 496 2,000 38,135 961 6,233 2,820 24,724 4,050 5.068 1.876 496 36,229 1,594 4,474 2.655 20.987 5,318 £265 058 £33 955 £NIL £299 013 £301864 19
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 3 EXPENDITURE (continued) Total funds 2024 2023 Unrestricted Restricted Endowment Funds Funds funds 3(b) Generation of voluntary income Expenditure on Autumn Fair Goodbox charges Expenditure on flowers 3,395 3,395 597 687 2,905 896 861 597 687 £NIL 3(c) Governance Costs Independent examiner's remuneration £690 £NIL £NIL 690 £82 3(d) Other resources expended Legal and professional charges: Architecis, costs: spire repair Architecrs. coscs: west end repairs Archirects. costs.. west end proposals Technical advice.. west end proposals Fire risk assessmenc Tree inspection Technical advice in respecc of organ Reporc on Craigie Aitchison window Oiher 1,382 480 991 960 990 816 1,382 480 991 960 990 816 916 2,374 6.948 720 660 2,820 1,309 1 .387 1,387 £NIL £NIL £15747 TOTAL EXPENDITURE £274 038 £37 350 £NIL £311 £323 098 STAFF COSTS 2024 2023 Wages and salaries Social security costs Pension coscs 57,200 5,179 2,865 53,088 4,624 2,761 £65 244 £60 473 Less: PAYE credit £60,065 £55,849 The PCC employed a full-rime verger and Parish Office Manager neither of whom earned £40,000 p.a. or more. The Director of Music is self-employed. No member of the PCC received remuneration or other benefics from the funds of the council. See Note 13 for details of the PCC'5 Pension Scheme. 20
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 FIXED ASSETS FOR USE BY THE PCC Tangible fixed assets - other Parish offices Hall, kstchen, hall flat refurbish ment Piano Computers Telephone & security systems Photo- copier Total GROSS BOOK VALUE At l January 2024 Addirions Disposals 32.681 46,392 8,600 2,518 1,985 (2,518) 4,485 94,676 9,489 (2,518) 7,504 At 31 December 2024 681 46 392 8 600 7504 101647 DEPRECIATION At l January 2024 Disposals Charge for the year 32,681 46.392 8,600 2,518 (2,518) 496 4,485 94,676 (2,518) 2,372 1,876 Ar 31 December 2024 496 NET BOOK VALUE At 31 December 2024 £NIL £NIL £NIL £NIL £5 628 Ac 31 December 2023 £NIL £NIL £NIL £NIL £NIL In 1999, The Boltons Security Association paid £20.889 on behalf of some of Ehe residenis of The Boltons for a scheme to floodlight St Mary's Church. DEBTORS 2024 2023 Bank and deposit interest due Dividends due Prepayments and accrued income LPWGS - VAT reclaim 6,438 5,865 757 11,995 7.885 11,532 2,825 £20 795 INVESTMENTS Redcliffe Gardens Trust St Peter's Cranley Gardens Trust Louisa Wi150n Legacy Total investments Markec value ac l January 2024 Net gains l (losses) 109,571 2,508 36,213 829 74,643 1.708 220,427 5,045 Market value at 31 December 2024 £112079 £37 042 £76351 £225 472 The total holding for all three trusts at 31 December 2024 was 9,751.14 shares in the CBF Church of England Investment Fund. 21
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Deferred income Accruals of ucility and other costs Credicors for goods and services: Goods and services Charitable donations Other creditors 19,988 4,688 26,488 4.217 2,920 9,898 2.041 1,782 14,207 1,981 £39 535 £48 675 FUNDS The restricted funds comprise the Associate Vicar's Stipend Fund, che Bacon Foundarion Fund. the Fabric Fund. the Organ Fund and Ehe Garden Regeneration Fund. The Associate Vicar's Stipend Fund, the Fabric Fund, the Organ Fund and che Garden Regeneration Fund represent funds received from donor5 for expenditure on these specific costs. The Bacon Foundation Fund contains grants which musc be spent on church projeccs within a time period of cwo years and which musc be accounted for separately from general funds. The endowment funds comprise che Sc Mary s Redcliffe Gardens Trust, the St Pecer's Cranley Gardens Trust and the Louisa Wilson Legacy. Some of the funds are held as permanent endowmenc, but a proportion is available for distribution in accordance with the terms of che trust deed and the PCC has been able to call on these funds to assist with major capical expendiiure in the church from time (o time. The income from che St Peter's Cranley Gardens Trust is received by the PCC and contribute5 to the expenses of che organ and choir (£1,280, 2023: £1,192). The trust has capical chat is a permanent endowment, but it is considered a 'small" charity by the Charicy Commission so the PCC may be able to resolve to remove the permanent restrictions on the capital and spend the capical as if ic were income. should they believe that che purposes of che charity could be more effectively carried ouc as a result. The income from the Louisa Wilson Legacy (£2,072, 2023.. £2,040) is paid directly to che Diocesan Stipends Fund and thus is not shown in these accounts. 10 FUND DETAILS 2024 2023 General Fund (unrestricced) The Bacon Foundation Fund Associate Vicar's Stipend Fund Fabric Fund Organ Fund Garden Regeneration Fund Sc Mary's Redcliffe Gardens Trust Sc Peter's Cranley Gardens Trust Louisa Wilson Legacy Revaluation Reserve - investments 101.257 82,756 29,900 60,781 12,205 88,938 82,756 29,900 32,656 11.500 462,715 31,545 54,134 101,075 443,343 31,545 54,134 96,029 £936 368 £870 801 22
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 SUMMARY OF FUND MOVEMENTS (a) Unrestricted and restricted funds Unrestricted Funds The Bacon Foundation Fund Associate Vicar's Stipend Fund Fabric Fund Organ Fund Garden Regenera- tion Fund Total (Res¢ricted and Unrestricted) Balance at l January 88,938 82,756 29,900 32,656 11.500 245,750 2024 Incoming resources Resources expended Invesunent gains 286.357 (274,038) 28.125 705 500 31 5,687 (500) (274,538) Balance ac 31 December 2024 101257 £82 756 £29 900 £60781 £12205 £NIL £286 899 (b) Unrestricted, restricted and endowment funds Unr•strietèd Funds Restricted income and expenses Restricted fund5 (analysed above) St Mary's Redcliffe Gardens Trust St Peter's Cranley Gardens Trust Louisa Wilson Legacy Total Funds Balance at l January 2024 Incoming resources Resources expended Investmenr gains l (losses) Transfer of Si Pecer income 88,938 286,357 35,570 (274,038) (36,850) 156,812 29,330 (500) 508,913 19,373 41,495 1.280 74,643 870,801 371.910 (311,388) 5,045 2.508 829 (1,280) 1,708 1,280 Balance ac 31 December 2024 £101257 £NIL £185642 £530794 £42324 £76351 £936 SUMMARY OF ASSETS BY FUND Unrestricted Funds Restricted Funds Endowment funds Total Funds 2024 2023 Fixed assets Current as5ecs Current liabilities 7,117 123,536 195,781 (29,396) (10,139) 7,117 968,786 919,476 (39,535) (48,675) 649,469 £101257 £185642 £649 469 £936 368 £870 801 23
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 13 PENSION SCHEME Church Workers Pension Fund (CWPF) Si Mary The Bolions PCC participates in the Pension Builder Scheme section of CWPF for lay staff (Pension Builder 2014). CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the Employer and other participating employers. CWPF has sections: the Defined Benefits Scheme the Pension Builder Scheme. which ha5 two subsections; a deferred annuity section known as Pension Builder Classic. and. a cash balance section known as Pension Builder 2014. Pension Builder Scheme Both seccions of the Pension Builder Scheme are classed a5 defined benefit schemes. Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuicy during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other fattors. Pension Builder 2014 is a cash balance scheme rhat provides a lump sum which members use to provide benefits at retirement. Pension concribucions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and ocher factors. The accouni, plus any bonuses declared is payable, unreduced, from age 65. There is no sub-division of assecs becween employers in each section of the Pension Builder Scheme. The scheme is considered to be a multi-employer scheme a5 described in Section 28 of FRS 102. This is because it is noc possible to attribute the Pension Builder Scheme's assecs and liabiliiies to specific employers and means that concribucions are accounted for as if che Scheme were a defined concribution scheme. The pensions costs charged co the SOFA in the year are the contributions payable (£1,665. 2023: £1,561). A valuation of the Pension Builder Scheme is carried out once every chree years. The most recenc valuation was carried out as at 31 December 2022. For the Pension Builder Classic Section, the valuacion reve31ed a surplus of £34.8m on the ongoing assumpiions used. Ac che most recent annual review effective l January 2025, the Board chose co grant a discretionary bonus of 6.710 to both pensions not yet in payment and pensions in payment in respect of service prior ro April 1997; and a bonu5 on pensions in payment in respect of posc April 2006 service so thai rhe pension increase wa5 2.7Y. (where usually ic would be calculated based on inflation up to 2.51.). This followed improvements in the funding posiiion over 2024. There is no requiremenc for deficit payments at the current time. The nexc valuacion is due as ac 31 December 2025. For the Pension Builder 2014 section, the valuation revealed a surplus of £8.5m on the ongoing assumption5 used. There is no requirement for deficic payments at the currenc cime. The legal structure of the scheme is such that if another employer fails, St Mary The Boltons PCC could become responsible for paying a share of the failed employer's pension liabilicies. The PCC of St Mary with St Peter & St Jude, West Brompton is a registered chority. no. 11330 73 24