2020-12-31-accounts

Holy Trinity with Saint Paul, Onslow Square and Saint Augustine, South Kensington Registered Charity No. 1133793

Annual Report and

Financial Statements

For the year ended 31 December 2020

HOLY TRINITY with SAINT PAUL, ONSLOW SQUARE and SAINT AUGUSTINE, SOUTH KENSINGTON

Financial statements for year ended 31 December 2020

Contents	Page
Annual report	1 - 14
Independent auditor's report	15 - 18
Statement of financial activities	19
Balance sheet	20
Cash flow statement	21
Notes to the financial statements	22 - 37

HOLY TRINITY WITH SAINT PAUL, ONSLOW SQUARE

AND SAINT AUGUSTINE, SOUTH KENSINGTON

Trustees’ Annual Report for the year ending 31 December 2020

Reference and administrative information

The Parochial Church Council of the Ecclesiastical Parish of Holy Trinity with St Paul, Onslow Square and St Augustine South Kensington has pleasure in presenting its annual report for 2020.

In this document the parish is referred to as HTB and the Parochial Church Council as the PCC .

HTB forms part of the Chelsea Deanery in the Episcopal Area of Kensington, within the Diocese of London.

The PCC is a body corporate in the terms of the PCC Powers Measure 1956 and a charity subject to the Charities Act 2011 (registered number: 1133793).

The postal address of the PCC is Holy Trinity Brompton, Brompton Road, London, SW7 1JA.

Membership of the PCC is determined by the Church Representation Rules. The following lists record those who served as members of the PCC during the year and the capacities in which they served:

CLERGY MEMBERS

Incumbent and Chair:

Nicky Gumbel*

Associate Vicars:

Martyn Layzell (until October 2020)

Katherine Chow (from September 2020)

Assistant clergy:

Andrew Emerton (until July 2020)

Paul Cowley

Will Van Der Hart (unitil July 2020)

Emmy Wilson

Pete Wynter

Stephen Foster

Mark Thomas (until August 2020)

Alwyn Webb

Ben Bryant

Hannah Adams (until August 2020)

Alex Rayment (until July 2020)

Miles Toulmin (on secondment to HTBB, Kuala Lumpur)

James Ray

Andy Dykes (from July 2020)

Janie Cronin (until July 2020)

David Simpson (from July 2020)

Dan Millest (on secondment to HTBB, Kuala Lumpur)

Andy Wooldridge

Juliette Willis

Andy Kitchen (until July 2020)

Tom Jackson

Sam Follett

Dave Matthews

Andrew Morley

Ben Willis

Bob Barstow

Rachel Kitchen (until July 2020)

Josh Lees

Mark Roper

Fernando Carrillo (from July 2020)

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Trustees’ Annual Report for the year ending 31 December 2020

George Watkinson Jemima Haley Josh Baines (from July 2020) (from July 2020) (from July 2020) Lewis Dean Mark Tatton Rachael Wooldridge (from July 2020) (from July 2020) (from July 2020) Sarah Jackson Will Perry Nicky Lee (Associate Vicar until September (from July 2020) (from July 2020) 2020)

LAY MEMBERS

Licensed lay ministers (all of whom were also elected at the 2020 APCM to the Chelsea Deanery Synod):

Dr James Behrens

Professor Margaret Hodson Ms Marie-Christine Nibagwire

Churchwardens (both of whom were also elected at the 2020 APCM to the Chelsea Deanery Synod until 31 May 2023):

Mrs Genevieve Mensah Mr Angus Winther (Vice Chair)

Elected members of the PCC (all of whom were also elected at the 2020 APCM to serve as members of the Chelsea Deanery Synod until 31 May 2023):

Ms Annoa Abekah-Mensah	Miss Fope Adelowo	Dr Mo Akindolie*
Mr Jireh Chiu	Mr Aaron Chung	Miss Eva Delaney
Mr Andre Eze	Ms Aileen Gan	Miss Catherine Harvey
Ms Gabrielle Helland	Mr Rupert Hawkins	Mr Isaac Izekor
Miss Corina Kaiser	Mr Maurizio Kaiser	Mr Gbolahan Ladipo
Ms Dami Lalude	Dr Michelle Lokot	Mr Daniel Magagnin
Miss Kareece Martin-Venner	Mrs Bimpe Nkontchou	Mr Lucian Passante
Miss Rafaela Silva	Mrs Sonia Tekle	Mr Paddy Vishani
Mrs Julia Wynn	Mr Aaron Yamoah	Miss Kylie Yeung

Ex officio by virtue of their election at the 2020 APCM to serve as members of the Chelsea Deanery Synod until 31 May 2023:

Mr Oz Alashe Lt Col Tom Archer-Burton Dr Gubby Ayida Mr Jonathan Bacon Mr Jeremy Basset Mr Theodore Brun Mr Erik Castenskiold Dr Stephen Chew Miss Cecily Colahan Mr Jon Cha Mr Paul Crinion Mr George Darrah Mr Jamie Dundas Mr Calum Dyke Mrs Harry Flanagan Dr Eli Gardner Dr Alina Hua Mr Steven Kang*

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Trustees’ Annual Report for the year ending 31 December 2020

Mr David Kay-Shuttleworth Mr Gus Kennedy Mr Reiner Krammer (Treasurer) Miss Julia Mackworth Mr Chinedum Nzelu Mrs Obianuju Nzelu Mr Osagie Omokhodion Mr David Orton Dr Tom Orton Miss Sarah Ritchie (Church Mr Julian Parris Mr Sam Pritchard Safeguarding Officer ) Mr Nic Shearer Mrs Busola Sodeinde Mrs Melanie Stanton Mr Will Taylor-Jackson Mr Alexander Watson Mrs Emma Watson Mr Michael Wirth Mr Matthew Withers

Ex officio by virtue of their election in 2018 by members of the Chelsea Deanery Synod to serve as members of the London Diocesan Synod for a three-year term ending on 31 July 2021:

Mr Ade Adebajo

Ms Marcia Da Costa Mr David Hurst

Mr James Normand

Ex officio by virtue of his election in 2015 by members of the Chelsea Deanery Synod to serve on the General Synod for a five-year term ending on 31 July 2021:

Andrew Brydon*

The following served on the PCC until the 2020 APCM, held on 06 October 2020, but did not then stand for re-election:

Miss Christina Abbott Mr Mark Balcar Mr Jens Hofmann Mr Pasquale Tartaglia Miss Jessica Ogundere-George

Those members marked with an asterisk form the Standing Committee* of the PCC.

New trustees are provided with guidance notes explaining their role and responsibilities as Trustees of the charity. All new trustees are fully briefed on the activities and vision of HTB and they pursue the independent interests of the charity notwithstanding their separate responsibilities in other organisations.

HTB uses the banking services of the National Westminster Bank, 186 Brompton Road, Knightsbridge, SW3 1HL.

Moore Kingston Smith LLP of Devonshire House, 60 Goswell Road, London, EC1M 7AD were appointed to carry out our audit for 2020.

Objectives, Achievements and performance

HTB is a vibrant Anglican church in the heart of London, with a vision to play our part in the evangelisation of the nations, the revitalisation of the church and the transformation of society.

In March 2020, the COVID-19 pandemic and limits on gathering physically meant that HTB pivoted its strategy to cover five main areas: HTB at Home (Sundays online), Alpha online, Love Your Neighbour (HTB’s social action response), Rising Generation online (HTB Kids, Youth and Students) and empowering the church (discipleship, prayer, and worship online). The majority of HTB’s existing ministries transitioned to online platforms utilising technologies such as the HTB website, YouTube, Zoom and social media.

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Though 2020 has not been without its challenges, it has also been a year of extraordinary opportunities for social action and evangelisation. Over the last year, Love Your Neighbour, which started as an emergency food bank at HTB, has grown to be a national movement. The HTB Food Hub alone has delivered over 1.1 million meals since March 2020 which have supported over 75,000 people in London and, through our Love Christmas campaign, HTB delivered 10,000 gift boxes to vulnerable and isolated individuals and families in London during December 2020.

Another area of opportunity has been the excellent response to HTB’s increased online presence. In 2020 we have reached far more people than we could have physically accommodated on our sites. Before the pandemic, our physical congregation on Sunday across all five sites was approximately 4,000 people; now, the average views on HTB at home is more than double that, with approximately 9,000 people tuning in each week. Running Alpha online at HTB has also far exceeded our physical termly courses held at HTB Brompton Road, with more than 3,500 people having signed up for Alpha online at HTB in 2020 (compared with 2,377 in 2019). HTB also reached more than 23,000 couples with The Marriage Courses online (compared to 2019 when the total for all our family life courses was 1,704).

Throughout 2020 we continued to run many of our outreach and social transformation ministries in COVID-secure ways– including free debt counselling through Crosslight Kensington, ministries for children, youth, students, and young adults, courses for bereavement, eating disorders, dating, managing money and more. We also continued to run the HTB Shelter (when possible under government guidance), and we launched a new Caring for Ex-Offenders year long support programme.

HTB works in close partnership with three charities: Alpha International (AI), the Church Revitalisation Trust (CRT) and St Paul’s Theological Centre (SPTC).

Services, prayer and worship

From January to March 2020, we ran our eleven Sunday services across five sites as normal, but from March to September we pivoted to online services only through HTB at Home in order to comply with government guidelines and keep our congregation and staff safe. In September 2020, in accordance with the UK government restrictions and Church of England guidance on physical gatherings for acts of public worship, we gradually reopened our five sites for physical services and resumed limited, onsite activity with capped numbers, ticketed seating, and social distancing measures in place. For the remainder of 2020, online activity continued amidst the gradual resumption of our physical activity.

Prayer is at the heart of all we do as a church. Throughout 2020 our prayer community saw hundreds of people each week passionately praying online, with a church-wide prayer meeting available on Zoom every Tuesday morning at 8am, and Kingdom Come events taking place online with over 15,000 people watching and participating via YouTube.

Worship is central to all we do at HTB and our worship team have been leading worship online for HTB at Home, Kingdom Come, HTB Groups, and Alpha online. A particular highlight was reaching over 100,000 people this year with our online Christmas Carols services.

Supporting our congregation and community

HTB has a large clergy team who provide pastoral support for our congregation and community, as well as chaplaincy in local hospitals. The ability of our clergy team to provide pastoral support in-person was temporarily suspended in 2020 due to the global pandemic. However, our clergy team was able to connect with both the congregation and community online, by telephone and through other forms of messaging to provide key support to those struggling with grief, loss, mental health and a variety of pastoral challenges. Our community support services are also underpinned by a wide range of pastoral courses, which aim to address life issues. 2020 saw our HTB course attendance increase to a staggering 24,400 guests signing up for online courses at HTB. The Marriage Course alone had over 19,000 sign-ups and The Pre-Marriage Course had 4,140 over the year. Other outreach courses, such

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as The Bereavement Journey and The Money Course, were made available online with a much higher uptake than ever before.

Our clergy team support over 200 small groups, with over 2,200 members, where attendees can experience the sense of belonging, friendship and spiritual growth that comes from joining a community within the church. During the global pandemic, online Groups have provided critical support and care to many individuals but particularly for those who are living alone and experienced long periods of social isolation in 2020 due to the COVID-19 crisis.

Investing in a rising generation

HTB Kids moved online in March 2020 and quickly found new ways of connecting with families across London. We share a weekly video for the kids each Sunday, and are now running a new, weekly Zoom call for our 7–11-year-old children where we further explore Bible stories and give kids a chance to connect. Some highlights from the year include our online Light party (which had 850 views), our 2020 family advent devotional, and our lent devotional pack, ‘A Journey to King's Cross' – which was sent to families at 30 of our network Churches as well as 300 families at HTB.

Taking HTB youth online has allowed us to connect and engage with more young people than ever before. The past year has seen 28,477 views of our HTB Youth YouTube content, including two Sunday videos – ‘Younger Youth Journal’, ‘4:30 Live’ – and more. In July we took Focus Alive online, with over 1,500 young people joining us live, and 5,862 views within 24 hours. We have pioneered youth online gaming, which allows us to interact with young people and their friends globally, and in July we did a 24-hour gaming stream to raise funds for Love Your Neighbour. We’re also excited to have filmed a series called, 'Healthy Conversations: Fitness Edition.’ All of this runs alongside youth Alpha and discipleship ‘PoD’ groups.

HTB continues to support students in this challenging time. In October we launched Well, an initiative responding directly to the isolation and mental wellbeing crisis through which we have engaged with 500 local students, offering support and community. In partnership with Love Your Neighbour, we delivered 2,600 care packages for students spending Christmas alone. We also offer a listening service and Well Groups, and we have social interest-based groups to provide an opportunity for connection, including book clubs, an online gaming group and football.

Social Transformation Activities

Support for the vulnerable and marginalised is an important part of our mission and outreach, which we do through our social transformation initiatives. We provide pastoral support to those in need within our congregation and partner with other organisations that are engaged in social action.

Love Your Neighbour, which started in March 2020 as an emergency food bank is now a nation-wide, multi-denominational movement. The HTB Love Your Neighbour Food Hub alone has delivered over 1.1 million meals since March 2020 which supported over 75,000 people in London. A huge highlight for Love Your Neighbour at HTB was our Love Christmas initiative. Through Love Christmas, HTB spread love, hope and kindness by delivering 10,000 gift boxes to vulnerable and isolated individuals and families in London. HTB, along with CRT, also spearheaded a national Love Your Neighbour campaign, which is currently delivering 1 million meals every month alongside a range of other support services – including medicine deliveries, phone calls to those living alone, debt advice and job training.

The HTB Shelter exists to play our part in ending homelessness by meeting the practical, emotional, and spiritual needs of people sleeping rough in London. Historically, we have served hot meals and offer housing and welfare support, debt advice, addiction assistance, clothing, mending, haircuts, internet access, Alpha, and a Bible study. The UK government attempted to house many homeless individuals during early 2020 which reduced the need for our shelter services. However, as some of the government support reduced, in alignment with UK government restrictions, we were able to resume some Shelter-related services in a COVID-secure manner to provide support to those in need.

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The COVID-19 crisis has placed a huge and disproportionate burden on the many vulnerable clients supported by HTB’s debt centre, Crosslight Kensington, which has continued to provide a lifeline to many hundreds of people in dire need. With demand increasing, it remains a challenging time; we are holding double the number of client appointments, three times the number of budgeting workshops, and have supported four new churches in setting up their own Crosslight branches.

Our Caring for Ex-Offenders programme continues to provide invaluable support for those leaving prison, and resources churches around the country to support ex-offenders to break the cycle of crime and re-offending. This year HTB launched a new ‘Support Year’ programme as we continue to find new ways to help prison leavers during this time.

Each year, we make gifts to other charities and churches, especially those who may be just starting out or operating in areas of particular need. This year, we made gifts to Equal Justice Initiative, Power the Fight, The Bishop of Kensington’s fund for families of Grenfell victims, and took up Christmas offerings for Kids Matter, The Children’s Society, Resurgo’s Spear Programme, World Vision, Glass Door Homeless Concern. Additionally, through our Love Your Neighbour initiative, we donated and distributed food to food banks throughout London

Evangelisation through Alpha

HTB is the birthplace of the Alpha course, which is growing and flourishing in over 100 countries around the world, reaching millions with the gospel. HTB is home to Alpha International which develops and promotes Alpha around the globe. HTB continues to run Alpha online as the flagship course globally and we receive many visits from church leaders around the world who come to see how HTB runs Alpha. In 2020, over 3,500 people experienced Alpha online at HTB. HTB also runs Youth Alpha online, a version of the course adapted for 11-17-year-olds.

Since March 2020, more than 20,000 Alpha courses have been registered in over 90 countries. We estimate that over 9,000 churches have run Alpha Online, and, through them, 500,000 people have participated in Alpha Online across the globe. Alpha has also launched a brand-new podcast, Leadership Conversations with Nicky Gumbel, to encourage, equip and inspire Christian leaders, bringing hope and vision during a time of global complexity.

Reaching millions with the Bible

HTB work with our partner charity, Alpha International to produce the Bible in One Year (BiOY). BiOY continues to encourage people to engage with the Bible and deepen their relationship with God. Over 1.25 million users read or listened to Nicky Gumbel’s commentary through apps, book, ebook or email subscription in 2020, in eight languages. Three further languages are currently being translated by teams around the world.

Church planting and network support

HTB is home to the Church Revitalisation Trust (CRT). CRT’s vision is to accelerate church growth through planting, training new church leaders, and supporting church plants across the country. Eight new churches launched in 2020, with four of these being in areas of deprivation. There are also eleven new Church leaders training on the CRT Accelerator Programme for 2021 launches. The HTB Network is strong and growing with leaders’ retreats and gatherings continuing online.

Investing in Marriages and Families Across the Globe

The Marriage Course and the Pre-Marriage Course were both developed at HTB, and now millions of people have done The Marriage Courses in over 100 countries and over 100 languages. In January 2020 when the brand-new Marriage Course series was released, we could never have predicted the

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timing or impact this resource would have. Last year, over 100,000 people did The Marriage Course or Pre-Marriage Course in countries as far-reaching as Myanmar, Kuwait and Nicaragua. At HTB we've run The Marriage Course and The Marriage Preparation Course online and had over 23,000 couples sign up to one over the last year. These courses attract many couples who are not part of our congregation and would not call themselves Christians. Both courses have received coverage in the press and are offered as resources to churches and other organisations around the world.

Developing and empowering Christian leaders

Each May, together with Alpha International, we host the Leadership Conference in the Royal Albert Hall in London so that leaders from countries around the world can experience life-changing leadership training. In 2020, we ran our Leadership Conference online with pre-recorded video content and leadership training.

HTB College is a year-long programme for young leaders to deepen their relationship with Jesus, develop their gifts and discover their calling. We currently have twenty-seven students, seventeen of whom are serving across departments at HTB including kids, youth, students, production, prayer, and worship. Our Monday teaching days have taken place on Zoom or socially distanced when possible, where we gather for prayer & worship, Bible teaching and leadership development. We also launched the HTB Network Leadership Module in September with around 100 network Church interns from across the country joining us on Zoom to explore distinctively Christian leadership.

HTB Courtfield Gardens is also home to St Paul’s Theological Centre (SPTC). SPTC has seen remarkable growth and, as part of St Mellitus College, has ensured the successful online delivery of all our courses and been recognised nationally for maintaining high quality in delivery throughout the pandemic. Nearly 200 students graduated from St Mellitus College in 2020, including 124 ordinands who went on to serve the Church in curacies across twenty-two dioceses and in a hugely diverse range of contexts. We have been encouraged by a marked increase in BAME representation, with 22% of the incoming cohort identifying as BAME, raising the overall representation to 17% of the student body. The Peter Stream, an initiative to recruit and train a diverse group of church leaders, has had a profound impact on all aspects of the college and continues to flourish.

Plans for the Future

In addition to continuing the work laid out above, we are working on the following new initiatives and projects in 2021:

A hybrid online & onsite service model

As we move into 2021, we are developing a hybrid online/onsite strategy that incorporates a digital element with our onsite services, as 2020 has shown us that online evangelisation and outreach can yield amazing results. It is an area that will require investment and resource, but we hope to soon offer a live stream of our onsite physical services online, making them available to our congregation and a wider audience, to maintain the online momentum we gained in 2020, and to create new outreach opportunities.

Partnership with St Luke’s Redcliffe Gardens – a Sixth Site for HTB

HTB will enter into a new partnership with St. Luke’s Redcliffe Gardens in Earl’s Court and anticipate becoming one church over six sites in 2021.

Nine New HTB Network Church Plants

We have at least nine potential new HTB network church plants ready to launch in dioceses across the UK in 2021, of which four are city centre resource churches. (Gosport, Totten, Blackburn, Blackpool, Grimsby, St Leonard’s Hove, St Leo’s Nottingham, Torbay, and West Ham).

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Trustees’ Annual Report for the year ending 31 December 2020

Racial Diversity at HTB

The events surrounding the death of George Floyd in the US in May 2020 raised significant awareness around systemic, historic and institutional racial bias and injustice. We already had initiatives and programmes in place at HTB to address racial bias, but as a result of the issues highlighted by George Floyd’s death, we have increased our focus and accelerated changes within the organisation. We are committed to reviewing our systems, processes, attitudes, and organisational behaviours and taking decisive action to address racial bias at HTB. A Racial Diversity Steering Group was formed in July 2020 and will report directly to the Vicar, church wardens and Standing Committee of HTB on recommended initiatives and to ensure HTB is held accountable to its racial diversity goals.

Holy Trinity Brompton Remuneration Policy, Principles and Governance

We place great value on our highly talented, dedicated, and passionate staff team, without whom we could not deliver against our vision, mission, and goals. Our remuneration policy is aimed at ensuring that pay is competitive within our sector, rewards staff fairly and enables the staff team to feel valued.

Our principle is to reward staff, irrespective of seniority, informed by the following:

• Fairness; without discrimination and with an intention of cross-entity parity

• Differentiation: to reflect a combination of what is achieved and the way in which it is achieved

• Compliance; to all HMRC and Charity Commission requirements

• Affordability; with good stewardship

• In line with at least the London Living Wage for London-based staff and the Real Living Wage for UK regionally based staff.

The HTB Group entities (HTB, Alpha International, the Church Revitalisation Trust and St Paul’s Theological Centre) operate in close co-operation and within a shared operating model, including a harmonised pay and benefits structure for staff employed within the group entities. Whilst staff compensation is the responsibility of each entity board, authority is delegated by each to the Remuneration Committee (RemCo) to oversee group-wide remuneration. At least one representative of each entity sits on RemCo. The purpose of RemCo is to ensure that pay and benefits across the group are consistent, fair and that group-wide alignment is maintained.

Financial review

Results for the year

HTB reported a net surplus of £1,414,610 on general funds (2019: £114,895) as a result of cost savings from limited on-site activity partially offset by a reduction in general giving. Given the uncertainties of the pandemic, HTB actively managed its costs base and took action to ensure that it finished the year in a stable financial position, boosting its reserves in order to manage the future financial impact. Given the commitment to additional areas of increased spend in 2021, including the new Love Your Neighbour initiative, the full amount of the surplus generated in 2020 is expected to be used to fund the anticipated shortfall on budgeted activity for 2021.

Restricted funds reflected a surplus of £494,748, largely due to strong giving in support of Love Your Neighbour (surplus: £454,500). Restricted donations increased by £802,796 to £1,851,160 in 2020 of which £1,074,363 related to Love Your Neighbour, including £500k of funding from the DCMS Community Match Challenge. The restricted funds balance carried over to 2021 will mainly be applied to costs of Love Your Neighbour in the first half of 2021.

Income derived from voluntary donations increased by 6.85% to £10,697,200 in 2020 compared to £10,011,816 in 2019 which was due to strong Love Your Neighbour giving offset by a reduction in general and other restricted giving. Income from other sources (Focus, courses, bookshop and café and other income) decreased by £961,816 to £1,008,847 mostly because of a decrease in Focus and Bookshop income offset by £655,679 of Coronavirus Job Retention Scheme grant income received in 2020.

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Trustees’ Annual Report for the year ending 31 December 2020

Expenditure decreased by 18%, totalling £9,796,689 in 2020 compared to £11,942,648 in 2019. The reduction in costs was entirely due to the impact of the pandemic; church sites were either fully or partially closed for much of 2020 and proactive measures were taken to keep costs under control, given significant economic uncertainty. Cost savings were partially offset by new areas of spend, the most significant being Love Your Neighbour social transformation initiatives and the move to online service provision, in particular the weekly broadcast of HTB@Home.

Restricted funds

Restricted funds comprise donations given for a specific ministry purpose. As at 31 December 2020 the unspent portion of these funds amounted to £710,580 (2019: £187,450).

Fundraising policy

HTB receives most of its donation income from its congregation. However, we occasionally approach other organisations and grant-makers to assist with special projects. The trustees are committed to maintaining the highest legal and ethical standards in the way the charity undertakes its fundraising activities. All fundraising takes place in-house, and the charity does not use any professional fundraisers or commercial participators. HTB is committed to abiding by the Code of Fundraising Practice and to the Fundraising Promise.

Due to the size of our congregation and the number of donations of all sizes we receive each week, we cannot fully investigate each donation. However, HTB takes precautions in our fundraising to ensure the protection of the public, including vulnerable persons from unreasonably intrusive or persistent fundraising approaches, and undue pressure to donate. Our stewardship team take seriously any expression of dissatisfaction we receive regarding our fundraising practice and aim to resolve any complaints as quickly as possible. Our policy is to escalate complaints internally to the HTB Group Chief Operating Officer. If the complaint cannot be resolved, it will be further escalated to the Chair of the PCC (our church board of trustees), who will nominate an independent reviewer to consider the merits of the complaint and any resulting actions. If necessary, we will contact the Charity Commission for advice and guidance. There have been four complaints made in 2020 which have all been resolved (2019: one).

HTB has responded to the General Data Protection Regulation (GDPR), introduced in May 2018, and continues to monitor the use of data carefully, particularly concerning donor data. Our Privacy Policy covers how we use donor data and gives donors the option to opt out of any contact or make a formal complaint. We monitor carefully the relationships we have with donors and seek to maintain a consistent standard of stewardship based on the guidance of the Code of Fundraising Practice and the Fundraising Promise.

Reserves policy

The trustees believe that HTB relies on God’s provision for the financial resources needed to fund its work. Consequently, the policy of the Church is not to build up reserves beyond the operating needs of the charity and, whenever possible, to expend income received within a year of its receipt. However, in order to ensure that the church has sufficient working capital to meet its obligations to its employees and creditors, the Trustees aim to hold sufficient “free” reserves (equivalent to cash and liquid assets) to cover at least three months’ net expenditure after taking into account regular monthly donation income.

Free reserves on 31 December 2020 stand at £3,053,427 (2019: £1,079,000) against a target based on 2021 budgeted costs of £1,397,000. For 2020 the free reserves have been calculated as unrestricted funds less Intangible assets, unrestricted portion of tangible assets and long-term debtors expected to be settled over a few years (Note 17). As explained in the financial review section above, the full amount of the surplus generated in 2020 is expected to be used to fund the anticipated shortfall on budgeted activity for 2021. The Trustees will continue to be mindful of the reserves target in making financial decisions and allocating resources during the current year.

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Grant making policy

HTB provided grants to AI and CRT in 2020, whose activities are an integral part of the overall vision of the church as set out above. Additional smaller grants are awarded to organisations and church members working in mission. Special appeals at services and events raise money for specific charities.

The task of deciding how to distribute grants for external mission giving is delegated to the Mission Giving Committee. Grants are awarded to organisations and church members working in mission after an evaluation of each case. All giving follows HTB’s mission policy of the promotion of the Christian gospel in proclamation and social action throughout the world. For details of the organisations supported please see note 8 to the financial statements.

Risk management

The PCC has conducted a review of the major risks to which the charity is exposed. A risk register has been established and is updated at least annually. Where appropriate, systems and procedures have been established to mitigate the risks that the church faces. Procedures are in place to ensure compliance with health and safety of staff, volunteers and visitors. The schedule of major risks and uncertainties identified by the PCC is set out on page 13 and 14.

The trustees have considered the potential impact of the coronavirus pandemic, and the various measures taken to contain it, on the operations of the church in the near future. Clearly the decision to suspend public gatherings, and therefore most on-site activity for us as a church, has had a dramatic effect on our ability to operate in the usual way. However, our response has been to adapt quickly by continuing the majority of our usual activity online, including in particular our Sunday services (HTB at Home) and Alpha online. Alongside this we launched an initiative called Love Your Neighbour in 2020 as a social response to some of the pressing needs now facing many people in this crisis. The PCC is keeping the potential financial effect under constant review and the 2021 approved budget will be reviewed and monitored carefully during 2021 to course correct if required. Refer to Note 1 for details on our going concern assessment.

Related parties

Details of related parties are given in note 25 of the financial statements.

Structure, governance and management

HTB’s Parochial Church Council is a corporate body established by the Church of England. It operates under the Parochial Church Council (Powers) Measure 1956 (as amended) and the Church Representation Rules. HTB’s PCC is also a registered charity, operating under the requirements of The Charities Act 2011.

The appointment of PCC members is governed by and set out in the Church Representation Rules. The PCC comprises all the clergy and Licensed Lay Ministers licensed to HTB, the two churchwardens (elected annually at the parish meeting immediately preceding the APCM), lay members elected annually at the APCM, and lay members elected every three years as HTB’s representatives on the Chelsea Deanery Synod. Additionally, any HTB members of the General Synod or London Diocesan Synod are ex-officio members of the PCC and the PCC has the right to co-opt members.

The full PCC met 9 times in 2020. At its first meeting following the APCM the PCC elects eight of its number to join the Vicar, Treasurer and two Church Wardens on the Standing Committee. This Committee met an additional 13 times in 2020 and is empowered by the PCC to make decisions between PCC meetings. The minutes of the Standing Committee meetings are circulated to all PCC members.

Clergy and lay employed staff are responsible for the various ministries and for the finance and administration of the church; and make regular reports both to the PCC and the Standing Committee for consideration at meetings of those bodies.

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AND SAINT AUGUSTINE, SOUTH KENSINGTON

Trustees’ Annual Report for the year ending 31 December 2020

PCC members are kept informed on matters affecting the parish, including health and safety, disability discrimination legislation and safeguarding. Sarah Ritchie is the Church Safeguarding Officer and represents the PCC on all matters relating to safeguarding. Andrew Goodwin was appointed as HTB's Safeguarding Adviser in 2015, following a distinguished career of 30 years in the Metropolitan Police, and he has served in that capacity throughout 2020. The PCC has adopted and co-operates with the Diocese in its Safeguarding Policy and safer recruitment process. DBS checks are made before any member of staff or volunteer is engaged to work with children or vulnerable adults. A Health and Safety Policy is in place and is kept under review.

Electoral roll

All Church of England electoral rolls are completely revised every six years. 2019 was the first year of a new electoral roll where the electoral roll stood at 4,083. The current electoral roll stands at 4,024.

STATEMENT OF RESPONSIBILITIES OF THE PAROCHIAL CHURCH COUNCIL

The PCC is responsible for preparing the Annual Report and financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Charity law requires the PCC to prepare a statement of financial activities and statement of assets and liabilities for each financial year, which gives a true and fair view of the state of affairs of the church and of its financial activities for that year and adequately distinguishes any material special trust or other restricted fund of the church. In preparing those financial statements the PCC is required to:

• select suitable accounting policies and then apply them consistently.

• comply with applicable accounting standards, including FRS 102, subject to any material departures disclosed and explained in the financial statements.

• state whether a Statement of Recommended Practice (SORP) applies and has been followed, subject to any material departures which are explained in the financial statements;

• make judgements and estimates that are reasonable and prudent.

• prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The Parochial Church Council is responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the church, and to enable them to ensure that the financial statements comply with applicable Accounting Standards and Statements of Recommended Practice and the regulations made under s154 of the Charities Act 2011. They are also responsible for safeguarding the assets of the church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

All the current members of the Parochial Church Council have taken all the steps which they ought to make themselves aware of any information needed by the auditors for the purposes of their audit and to establish that the auditors are aware of that information. The current members of the Parochial Church Council are not aware of any relevant audit information of which the auditors are unaware.

Public benefit

The PCC is aware of the Charity Commission’s guidance on public benefit in “The advancement of religion for the Public Benefit" and have had regard to it in its administration of the church. In shaping our objectives for the year and planning our activities, the trustees have considered the Charity

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HOLY TRINITY WITH SAINT PAUL, ONSLOW SQUARE

AND SAINT AUGUSTINE, SOUTH KENSINGTON

Trustees’ Annual Report for the year ending 31 December 2020

Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2) ’.

The PCC believes that by promoting the Christian faith it provides a benefit to the public by:

• Providing facilities for public worship, pastoral care and spiritual development, both for existing church members and for anyone who wishes to benefit from what the church offers; and

• Promoting Christian values, and service by members of the church in and to their communities, to the benefit of individuals and society as a whole.

Approved by the PCC of Holy Trinity with Saint Paul, Onslow Square and Saint Augustine, South Kensington on the 22 March 2021 and signed on its behalf on 22 April 2021 by

The Rev’d N.G.P.Gumbel

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HOLY TRINITY WITH SAINT PAUL, ONSLOW SQUARE

AND SAINT AUGUSTINE, SOUTH KENSINGTON

Trustees’ Annual Report for the year ending 31 December 2020

MAJOR RISKS AND UNCERTAINTIES

No.	Potential Risk	Mitigation
1.	Loss of confidence by stakeholders due to the behaviour of senior leadership or staff members.	• Organisational values are clearly defined and regularly communicated. • Prayer and worship are central to life at HTB. • Oversight structures are in place for senior leaders and staff.
2.	Harm comes to those in our care due to lack of appropriate and compliant child and vulnerable adult safeguarding procedures	• Safeguarding at HTB is overseen by a PCC Safeguarding Officer and an experienced Safeguarding advisor employed by HTB. • HTB is working closely with the Kensington Diocese to ensure that it models best practice in the area of safeguarding.
3.	Harm comes to visitors or staff due to lack of appropriate and compliant Health & Safety procedures	• Internal and external H&S advisors monitor and report on risk areas identified. • Regular H&S reporting takes place at senior management and Standing Committee meetings. • Staff trainingin keyH&Sprocedures is ongoing.
4.	Future of the organisation jeopardised due to lack of adequate succession planning for key senior roles	• Succession planning is taking place for key senior roles in the organisation. • The Church Wardens would be consulted, and have the right to veto,the appointment of anyincumbent.
5.	Poor decision-making and breach of regulatory requirements due to weak or non-compliant governance structures.	• PCC meetings and structures are compliant with Charity Commission and church law requirements. • Care is taken to ensure each group entity has a suitable number of independent trustees. • Conflicts of interest are handled appropriately, approved by the PCC or Standing Committee, and fully disclosed in the annual accounts.
6.	Inability to operate in the event of a disaster due to lack of adequate business continuity planning. Business continuity compromised or critical data lost through cyber-attack.	• Comprehensive property insurance is in place. • IT systems are backed up remotely and can be accessed remotely. • Significant investment has been made in upgrading our digital and technologysystems,includingsecurity.
7.	Data security breach or failure to demonstrate compliance with GDPR requirements could result in a significant fine or other regulatory action.	• Internal and external GDPR advisors monitor and report on risk areas identified. • Staff training in GDPR is ongoing. • An HTB Group-wide project to implement a data management framework and to upgrade processes across the organisation is ongoing to ensure a resilient and secure approach to data handling and compliance with GDPR.
8.	A shortfall on income and/or inadequate cashflow results in an inability to meet salary and creditor payments. Specific financial risks are: • Major repairs to church buildings • Focus (where ticket income doesn’t cover the cost of the event)	• HTB relies on God’s provision and the generosity of the congregation to meet its financial needs, and core members of the congregation could be approached to underwrite in the event of a shortfall. • Aim to hold three months’ working capital. • Strong budgetary and financial controls are in place.

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HOLY TRINITY WITH SAINT PAUL, ONSLOW SQUARE AND SAINT AUGUSTINE, SOUTH KENSINGTON

Trustees’ Annual Report for the year ending 31 December 2020

1. Legal and financial risks arising from maintenance of our Victorian church buildings.

2. Risk of unforeseen events (e.g. adverse weather or disease) resulting in the need to cancel Focus leaving HTB with the liability for substantial costs.

3. The coronavirus pandemic is causing significant operating challenges and could impact HTB’s income and/or cash flow.

4. There is a continuous program of maintenance and investment in our buildings.

5. HTB’s reserves partially mitigate the financial risk.

6. • Costs are carefully controlled and incurred as close to the event as possible to manage the risk.

7. Event cancellation insurance has been investigated but is often subject to exclusions which can restrict available cover considerably.

8. • The church has adapted quickly to the challenge with our Sunday services (HTB at home) and Alpha going online as well as staff working remotely.

9. A number of staff were put on furlough, part of the costs of which were covered under the Government’s furlough scheme

10. • Expenditure is being carefully controlled and income closely monitored.

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Independent auditor’s report to the members of the PCC of Holy Trinity with Saint Paul, Onslow Square and Saint Augustine, South Kensington

We have audited the financial statements of Holy Trinity with Saint Paul, Onslow Square and Saint Augustine, South Kensington for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland’ (United Kingdom Generally Accepted Accounting Practice).

Opinion

In our opinion the financial statements:

• give a true and fair view of the state of the charity’s affairs as at 31 December 2020, and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The PCC members are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

• the information given in the Annual Report is inconsistent in any material respect with the financial statements; or

• the charity has not kept adequate accounting records; or

• the financial statements are not in agreement with the accounting records and returns; or • we have not received all the information and explanations we required for our audit.

Responsibilities of PCC members

As explained more fully in the PCC members’ responsibilities statement set out on page 11, the PCC members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the PCC members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the PCC members are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the PCC members either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.

• We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charity’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the PCC members.

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• Conclude on the appropriateness of the PCC members’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of this report

This report is made solely to the PCC’s members, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the members of the PCC those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and members of the PCC as a body, for our audit work, for this report, or for the opinion we have formed.

Moore Kingston Smith LLP, Statutory Auditor Devonshire House, 60 Goswell Road, London. EC1M 7AD Date:……………………………………..27 April 2021

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

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HOLY TRINITY with SAINT PAUL, ONSLOW SQUARE and SAINT AUGUSTINE, SOUTH KENSINGTON

STATEMENT of FINANCIAL ACTIVITIES For the year ended 31 December 2020

Notes INCOME FROM: Donations and legacies 3 a) Income from charitable activities 3 b) Property and other investment income 3 c) Other Income 3 d) TOTAL INCOME EXPENDITURE ON: Charitable activities 4 to 7 Grants and Mission Giving 8 Raising funds 9 Property management costs 10 TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) BEFORE INVESTMENT GAINS Gain/(Loss) on investment NET INCOME/(EXPENDITURE) Transfer from Unrestricted to Restricted Funds 22 NET MOVEMENTS IN FUNDS FUNDS BROUGHT FORWARD AT 1 JANUARY FUNDS CARRIED FORWARD AT 31 DECEMBER				2020	2020		2019
			8,849,309 655,679 £ 185,371 164,528 Unrestricted funds	1,847,891 - 45,401 494,748 - 494,748 28,382 3,269 - 1,851,160 1,311,011 - - 1,356,412 £ Restricted funds	- - - - Endowment funds £	Total funds £ 10,697,200 167,797 185,371 655,679	Total funds £ 10,011,816 1,789,734 180,929 -
			9,854,887		-	11,706,047	11,982,479
			7,318,060 727,916 379,049 15,252		- - - -	8,629,071 773,317 379,049 15,252	10,593,530 970,600 364,560 13,958
			8,440,277		-	9,796,689	11,942,648
			1,414,610 -		- (3,530)	1,909,358 (3,530)	39,831 10,234
			1,414,610		(3,530)	1,905,828	50,065
			(28,382)		-	-	-
			1,386,228 2,048,141	523,130 187,450 710,580	(3,530) 108,287	1,905,828 2,343,878	50,065 2,293,813
			3,434,369		104,757	4,249,706	2,343,878

All amounts are derived from continuing activities.

The notes on pages 22 to 37 form part of these financial statements.

All recognised gains and losses are included in the statement of financial activities.

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HOLY TRINITY with SAINT PAUL, ONSLOW SQUARE and SAINT AUGUSTINE, SOUTH KENSINGTON

BALANCE SHEET As at 31 December 2020

FIXED ASSETS Intangible assets 14 Tangible assets 15 Investments 16 Total fixed assets CURRENT ASSETS Stock of books and publications Debtors 17 Cash at bank and in hand 18 Total current assets Less: liabilities falling due within one year 19 Net current assets Less: liabilities falling due in more than one year 20 NET ASSETS FUNDS Unrestricted Restricted 22 Endowment 23 TOTAL FUNDS Notes	£ £ 2,392 836,111 104,757 943,260 33,133 1,375,226 3,310,929 4,719,288 (1,245,342) 3,473,946 4,417,206 (167,500) 4,249,706 3,434,369 710,580 104,757 4,249,706 2020	2019	2019
		£ 31,023 1,575,700 1,515,403	£ 8,003 670,787 108,287
			2,521,834 (177,956)
			2,343,878
			2,048,141 187,450 108,287
			2,343,878

The notes on pages 22 to 37 form part of these financial statements.

These financial statements were approved by the Parochial Church Council on 22nd March 2021 and signed on its behalf by:

David Kay-Shuttleworth Treasurer & Trustee

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HOLY TRINITY with SAINT PAUL, ONSLOW SQUARE and SAINT AUGUSTINE, SOUTH KENSINGTON

STATEMENT OF CASH FLOWS For the year ended 31 December 2020

NET INCOME FOR THE YEAR Adjustments for: Depreciation and amortisation 14, 15 Unrealised loss / (gain) from investments (Increase) in stock Decrease/(Increase) in debtors Increase/(decrease) in creditors NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Purchase of tangible fixed assets Purchase of intangible fixed assets CASH FLOWS FROM FINANCING ACTIVITIES Finance Lease Payments INCREASE/(DECREASE) IN CASH IN THE YEAR NET CASH FUNDS AT 1 JANUARY NET CASH FUNDS AT 31 DECEMBER NET FUNDS RECONCILIATION Cash at bank and in hand Finance leases 19, 20 Net funds Notes	2020	2020	2019	2019
	£ 436,843 3,530 (2,110) 200,474 4,192	£ 1,905,828 642,929	£ 395,935 (10,234) (8,107) (192,945) 204,198	£ 50,065 388,847
	(596,556) -		(341,353) (9,594)
		2,548,757 (596,556) (156,675)		438,912 (350,947) (130,160)
	(156,675)		(130,160)
	1 January 2020		Other movements
		1,795,526 1,515,403		(42,195) 1,557,598
		3,310,929		1,515,403
		Cash flows		31 December 2020
	1,515,403 (282,816)	1,795,526 (32,794)	- -	3,310,929 (315,610)
	1,232,587	1,762,732	-	2,995,319

The notes on pages 22 to 37 form part of these financial statements.

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HOLY TRINITY with SAINT PAUL, ONSLOW SQUARE and SAINT AUGUSTINE, SOUTH KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

1. ACCOUNTING POLICIES

These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of investments which are measured at fair value through income and expenditure within the Statement of Financial Activities.

The financial statements have been prepared on behalf of the PCC in accordance with the Church Accounting Regulations 2006 together with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charity is a public benefit entity for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP) and the Charities Act.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

Going concern

The PCC has assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The PCC has made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the PCC has considered the charity’s forecasts and projections, which factor in estimated impacts arising due to the on-going Covid-19 pandemic, and have taken account of pressures on donation and event income. After making enquiries the PCC has concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

Funds

General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Restricted funds represent those received for specific purposes as specified by the donors. The accounts include all transactions, assets and liabilities for which the PCC are responsible in law. Endowment funds are funds which have been donated as capital funds.

Income

Donations and legacies

Donations are recognised when received by or on behalf of the PCC or in the case of pledged donations when the PCC is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the PCC is probable. Income tax recoverable on Gift Aid donations is recognised when the income is recognised. Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the PCC is probable.

Income from investments

Rental income from the letting of church premises is recognised when the rental is due. Interest entitlements on bank accounts are accounted for as they accrue.

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the associated costs for which the grant is intended to compensate. This includes £655,679 of Government assistance under the Coronavirus Job Retention Scheme (CJRS) relating to staff who were furloughed due to Covid-19.

Expenditure

Mission giving

Grants and donations are accounted for when due.

Other expenditure relating to the work of the church

The parish's contribution to the costs of the Diocese is accounted for when payable.

Pension costs

The church contributes to a group personal defined contribution pension scheme. All pension costs are charged in the statement of financial activities as they fall due.

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HOLY TRINITY with SAINT PAUL, ONSLOW SQUARE and SAINT AUGUSTINE, SOUTH KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

1. ACCOUNTING POLICIES (continued)

Support costs

A strong partnership and working relationship is enjoyed between Holy Trinity Brompton, Alpha International , St Paul’s Theological Centre and Church Revitalisation Trust. Shared service costs (known as Central Services) are borne by HTB and then recharged to the other charities using the most appropriate driver for each service cost type. These support costs are then allocated between charitable activities based on estimates of the resources employed by Central Services towards each of these activities.

Intangible fixed assets

Software costs have been capitalised at historic cost and amortised on a straight line basis over 2 years.

Tangible fixed assets

Consecrated land and buildings and other church property.

The PCC has the use of consecrated property in Brompton Road, Onslow Square and Queen's Gate together with benefice property (clergy accommodation) which is excluded from the accounts by virtue of s.10(2) of the Charities Act 2011. Movable church furnishings held by the Vicar and Churchwardens on special trust for the PCC and which require a faculty for disposal are capitalised where appropriate and allocated to the appropriate fixed asset category, as per the policy below. These items are regarded as inalienable property and are listed in the church's inventory which can be inspected (at any reasonable time). Inalienable property acquired prior to 2000 has not been capitalised as there is insufficient cost information available. The church halls and certain clergy accommodation are held in trust by the London Diocesan Fund on behalf of the PCC. These properties are essential for the mission of the church and have been in use for many years. Accordingly, they have not been capitalised as there is insufficient cost information and their depreciated cost is unlikely to be material. All expenditure on consecrated or benefice buildings is written off in the year of expenditure.

Computer equipment, other equipment and furniture and fittings

These assets are depreciated on a straight line basis over their estimated useful lives. The periods used are as follows: Computer equipment - 2 years Other equipment - 3 to 5 years

Furniture and fittings - 3 years

Individual items with a purchase price of £1,000 or less are written off when the asset is acquired.

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate the carrying value may not be recoverable.

Fixed asset investments

Investments are initially measured at their cost and subsequently measured at their fair value at each reporting date.

Changes in fair value and gains and losses arising on the disposal of investments are credited or charged to the income or expenditure section of the Statement of Financial Activities as ‘gains or losses on investments’ and are allocated to the appropriate fund holding or disposing of the relevant investment.

Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the chairty becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102 (see notes 17, 19 and 20 in this respect).

Debtors

Amounts owing at 31 December in respect of fees, rents and other income are shown as debtors less any provisions for amounts that may prove uncollectable.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

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HOLY TRINITY with SAINT PAUL, ONSLOW SQUARE and SAINT AUGUSTINE, SOUTH KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

1. ACCOUNTING POLICIES (continued)

Stock

Stock is stated at the lower of cost or net realisable value.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

Finance leases

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at fair value. The capital element of the future payments is treated as a liability and the interest is charged to the income and expense account at a constant rate of charge on the balance of capital repayments outstanding.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

Pension scheme arrangements

The charity operates a defined contribution pension scheme and contributions payable are charged to the Statement of Financial Activities.

Critical accounting estimates and areas of judgement

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the PCC to have most significant effect on amounts recognised in the financial statements.

(i) Useful Economic Lives

The annual depreciation charge for property, plant and equipment is sensitive to change in the estimated useful economic lives and residual values of assets. These are reassessed annually and amended where necessary to reflect current circumstances.

(ii) Support cost allocations

The allocation of support costs between activities is based on estimates of the resources used by Central Services on each of these activities.

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HOLY TRINITY with SAINT PAUL, ONSLOW SQUARE and SAINT AUGUSTINE, SOUTH KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

2. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

The following table analyses 2019's income and expenditure between unrestricted and restricted funds.

INCOME Donations and legacies Income from charitable activities Property and other investment income TOTAL INCOME EXPENDITURE Charitable activities Grants Fundraising costs Investment management costs TOTAL EXPENDITURE NET INCOME BEFORE INVESTMENT GAINS Gain on investment NET (EXPENDITURE) / INCOME AND MOVEMENTS IN FUNDS Transfer from Unrestricted to Restricted Funds NET MOVEMENTS IN FUNDS FUNDS BROUGHT FORWARD AT 1 JANUARY 2019 FUNDS CARRIED FORWARD AT 31 DECEMBER 2019	8,966,179 1,789,734 178,202 10,934,115 9,628,348 812,354 364,560 13,958 10,819,220 114,895 - 114,895 (80,866) £ Unrestricted funds	1,045,637 - - - 2,727 - 1,048,364 - 965,182 - 158,246 - - - - - 1,123,428 - (75,064) - - 10,234 (75,064) 10,234 80,866 - £ £ Restricted Endowment funds funds	1,045,637 - - - 2,727 - 1,048,364 - 965,182 - 158,246 - - - - - 1,123,428 - (75,064) - - 10,234 (75,064) 10,234 80,866 - £ £ Restricted Endowment funds funds	Total funds £ 10,011,816 1,789,734 180,929
			-	11,982,479
			- - - -	10,593,530 970,600 364,560 13,958
			-	11,942,648
			- 10,234	39,831 10,234
			10,234 -	50,065 -
	34,029 2,014,112 2,048,141	5,802 181,648 187,450	10,234 98,053	50,065 2,293,813
			108,287	2,343,878

25

HOLY TRINITY with SAINT PAUL, ONSLOW SQUARE and SAINT AUGUSTINE, SOUTH KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

3. INCOME

3. INCOME
a) Donations and legacies Gift-aided One-off Standing order Income tax recovered Not gift-aided Offerings Donations and legacies Standing orders and payroll giving CRT Grant (DCMS funds) DEFRA Grant Other grants (Incl regrant) b) Income from charitable activities Focus event HTB events and courses Bookshop and café Occasional services Other Services c) Investment income Property and investment Bank interest d) Other Income* Coronavirus Job Retention Scheme (Furlough)	Unrestricted Restricted Endowment funds funds funds £ £ £ 1,921,321 487,382 - 2,934,556 72,366 - 1,213,970 139,938 -	Total 2020 £ 2,408,703 3,006,922 1,353,908	Total 2019 £ 2,038,818 2,972,265 1,252,772
	6,069,847 699,686 - 33,459 1,371 - 1,499,175 383,806 - 1,246,828 39,304 - - 500,000 - - 100,000 - - 123,724 -	6,769,533 34,830 1,882,981 1,286,132 500,000 100,000 123,724	6,263,855 253,146 1,952,582 1,374,717 - - 167,516
	8,849,309 1,847,891 -	10,697,200	10,011,816
	- - - 98,287 - - 48,079 - - 18,162 - - - 3,269 -	- 98,287 48,079 18,162 3,269	1,112,586 389,518 272,060 15,570 -
	164,528 3,269 -	167,797	1,789,734
	176,630 - - 8,741 - -	176,630 8,741	168,473 12,456
	185,371 - -	185,371	180,929
	655,679 - -	655,679	-
	655,679 - -	655,679	-

*Included in the income tax recovered amount is retrospective gift aid to the value of £132,096

4. EXPENDITURE

Expenditure analysed by staff costs, other direct costs, depreciation and include allocated support costs.

Charitable activities Ordinary ministry of the church 5 Development of sites 6 Bookshop and café 7 Grants and mission giving 8 Fundraising costs 9 Property management costs 10 Total expenditure Notes	£ £ £ 3,832,879 3,649,091 378,033 - 528,174 - 184,250 36,387 20,257 Depreciation and amortisation Salaries Other costs**	£ 7,860,003 528,174 240,894 Total 2020	£ 9,235,485 930,005 428,040 Total 2019
	4,017,129 4,213,652 398,290 14,838 756,033 2,446 316,380 27,054 35,615 14,622 138 492	8,629,071 773,317 379,049 15,252	10,593,530 970,600 364,560 13,958
	4,362,969 4,996,877 436,843	9,796,689	11,942,648

• Includes allocated support costs.

26

HOLY TRINITY with SAINT PAUL, ONSLOW SQUARE and SAINT AUGUSTINE, SOUTH KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

5. ORDINARY MINISTRY OF THE CHURCH

The following table analyses expenditure on the ordinary ministry of the church (including support costs) between Funds; and

notes the allocation of support costs to each expenditure category. All support costs are charged to unrestricted funds.

Contribution to the Common Fund of the London Diocese (see note below) Other clergy stipends and pension contributions Clergy other costs Cost of services Pastoral, prayer and Connect groups Worship Church courses and events HTB Alpha Focus costs Church planting Youth, students and children's work Social action	Direct costs Support costs Total £ £ £ £ 248,000 - 248,000 - 451,562 - 451,562 - 736,518 641,994 1,378,512 - 110,027 567,907 677,934 43,694 175,868 241,692 417,560 100 261,882 345,813 607,695 - 268,095 782,792 1,050,887 68,407 96,482 153,895 250,377 58,380 377,663 152,746 530,409 56,022 - - - 19,521 290,823 427,816 718,639 76,956 31,548 310,747 342,295 863,053 3,048,468 3,625,402 6,673,870 1,186,133 Unrestricted funds Restricted funds*	Direct costs Support costs Total £ £ £ £ 248,000 - 248,000 - 451,562 - 451,562 - 736,518 641,994 1,378,512 - 110,027 567,907 677,934 43,694 175,868 241,692 417,560 100 261,882 345,813 607,695 - 268,095 782,792 1,050,887 68,407 96,482 153,895 250,377 58,380 377,663 152,746 530,409 56,022 - - - 19,521 290,823 427,816 718,639 76,956 31,548 310,747 342,295 863,053 3,048,468 3,625,402 6,673,870 1,186,133 Unrestricted funds Restricted funds*	£ 248,000 451,562 1,378,512 721,628 417,660 607,695 1,119,294 308,757 586,431 19,521 795,595 1,205,348 Total 2020	£ 250,000 319,031 1,285,890 1,075,573 774,569 474,132 1,068,998 570,947 2,041,707 19,135 981,586 373,917 Total 2019
	Direct costs Support costs £ £* 248,000 - 451,562 - 736,518 641,994 110,027 567,907 175,868 241,692 261,882 345,813 268,095 782,792 96,482 153,895 377,663 152,746 - - 290,823 427,816 31,548 310,747
	3,048,468 3,625,402	6,673,870 1,186,133	7,860,003	9,235,485

The Common Fund of the London Diocese meets the stipend and other employment costs of the Vicar of HTB and provides his housing. The amount by which HTB's contribution exceeds these costs and other apportioned diocesan costs goes towards the mission of the Diocese in parts of London which are not able to meet their share of the costs.

*As can be seen in note 11, a significant portion of the support cost are property related. The difference between note 11 and the support costs included above relate to the support costs allocated to the other categories on the SOFA.

DEVELOPMENT OF SITES Holy Trinity, Brompton Road St Paul, Onslow Square St Francis Dalgarno Way St Augustine, Queen's Gate Other property development costs St Jude, Courtfield Gardens	£ £ 172,337 62,118 151,326 26,450 - 36,260 34,677 50 28,764 - 16,192 - Restricted funds Unrestricted	£ 234,455 177,776 36,260 34,727 28,764 16,192 Total 2020	£ 99,432 692,094 13,221 56,902 44,837 23,519 Total 2019
	403,296 124,878	528,174	930,005

6. DEVELOPMENT OF SITES

7. BOOKSHOP AND CAFÉ

The bookshop and café costs shown in note 4 above include a support cost allocation of £138,649 (2019: £165,337).

27

HOLY TRINITY with SAINT PAUL, ONSLOW SQUARE and SAINT AUGUSTINE, SOUTH KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2020

8. GRANTS AND MISSION GIVING

Gifts and regrants to Connected Entities Alpha International Church Revitalisation Trust Regrant of donations to Alpha Regrant of Coronavirus Job Retention Scheme (CJRS) Regrant of Coronavirus Job Retention Scheme (Furlough) income to Alpha Regrant of Coronavirus Job Retention Scheme (Furlough) income to SPTC Regrant of Coronavirus Job Retention Scheme (Furlough) income to CRT2 Gifts to other UK beneficiaries Crosslight Individuals Bishop of Kensington's Fund Power the Fight Soul Survivor Open Doors with Brother Andrew Kingdom Choir Kids Matter The Church of England Children’s Society Spear World Vision Glass Door Homeless Charity Harbour Church Portsmouth Focus bursaries Aceative Care for Children (UK) St Peters, Brighton Fusion UK RZIM Zacharias Trust Wintershal CIO The Leprosy Mission Sowing Seeds Minstry Bishop of Islington Durham University Christian Union Other gifts Gifts for overseas mission Equal Justice Initiative Individuals* Equip and Empower Ministries Soli Deo Gloria LLC SJR Engagments Unlikely Heroes Inc Live Original LLC Care for Children in China and Japan Tearfund Indonesia tsunami fund We See Hope Missionaries Jenga Support costs allocated	Unrestricted Restricted Endowment funds funds funds £ £ £ 250,000 - - 250,000 - - - 44,375 -	Total 2020 £ 250,000 250,000 44,375	Total 2019 £ 417,837 386,640 -
	500,000 44,375 -	544,375	804,477
	60,120 - - 26,460 - - 7,333 - -	60,120 26,460 7,333	- - -
	93,913 - -	93,913	-
	43,900 - - 21,748 - - 6,982 - - 6,237 - - 5,000 - - 2,500 - - 2,000 - - 1,920 300 - 1,500 300 - 1,500 142 - 1,500 142 - 1,500 142 - 1,225 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3,850 - -	43,900 21,748 6,982 6,237 5,000 2,500 2,000 2,220 1,800 1,642 1,642 1,642 1,225 - - - - - - - - - - - 3,850	43,900 9,250 13,500 2,500 10,000 - - - - 3,128 - - - 16,570 5,000 4,165 4,020 3,500 2,500 1,500 1,000 1,000 1,000 1,000 9,095
	101,362 1,026 -	102,388	132,628
	6,322 - - 6,085 - - 2,021 - - 1,630 - - 1,068 - - 1,029 - - 1,000 - - - - - - - - - - - - - - - - -	6,322 6,085 2,021 1,630 1,068 1,029 1,000 - - - - -	- - - 2,000 5,340 - 5,000 4,165 2,269 1,962 1,166 859
	19,155 - -	19,155	22,761
	13,486 - -	13,486	10,734
	727,916 45,401 -	773,317	970,600

• This relates to grants and mission giving to 12 UK individuals.

** This relates to grants and mission giving to 3 overseas individuals.

28

HOLY TRINITY with SAINT PAUL, ONSLOW SQUARE and SAINT AUGUSTINE, SOUTH KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

9. COSTS OF RAISING FUNDS

These are the costs incurred in fundraising and are mostly costs charged from the fundraising department. Support costs of £196,339 (2019: £162,854) are included in this figure.

The majority of these costs relate to the administration of congregational donations rather than costs incurred in approaching donors to give to the charity.

10. PROPERTY MANAGEMENT COSTS

Costs totalling £15,252 (2019: £13,958) were incurred in relation to income from car park rentals. It includes the administration

and some maintenance and running costs. £2,697 (2019: £2,147) of support costs are included in this figure.

11. SUPPORT COSTS

The following support costs (all out of unrestricted funds) have been apportioned to fundraising and charitable activities in proportion to the usage of the churches (for the costs of running and maintaining the buildings) and the numbers of staff in each department (for all other support costs). As a result of a number of central services staff being placed on furlough, some of the costs below have been allocated to the relevant expenditure categories based on the activity which would have occured if they had not been placed on furlough. This has resulted in some of the expenditure categories on the SOFA being inflated as a result of the CJRS grant being shown in other income.

Building maintenance and running costs Property management overheads Other maintenance costs Rates and insurance Heating and lighting Telephone and printing Total property-related support costs IT Finance Creative Services Human Resources Executive and legal 12. AUDIT COSTS, DEPRECIATION AND AMORTISATION Provision for the current year Under accrual from previous year Auditor's remuneration - other services Depreciation and amortisation	2020 £ 799,539 214,704 219,494 288,071 29,928 11,449	2019 £ 820,507 318,326 304,157 291,877 58,172 20,667
	1,563,185 437,882 271,011 979,097 292,054 433,343	1,813,706 439,406 251,327 846,201 289,816 400,897
	3,976,572	4,041,353
	2020 15,855 1,000 750	2019 14,395 2,410 -
	17,605	16,805
	436,843	395,935

29

HOLY TRINITY with SAINT PAUL, ONSLOW SQUARE and SAINT AUGUSTINE, SOUTH KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

13. REMUNERATION Wages and salaries Social security costs Contributions to pension schemes	2020 3,839,097 328,691 195,181 4,362,969	2019 4,113,216 362,465 188,466
		4,664,147

As disclosed in note 25 (Related Parties), a close working relationship exists between HTB, Alpha International ('AI'), St Paul's Theological Centre ('SPTC') and the Church Revitalisation Trust ('CRT'). The Central Services staff who support all of these entities' operational functions are employed by HTB, and their costs (together with the costs of running their departments) are allocated across the entities using the most appropriate basis for each support service. The staff costs and information in this note includes HTB's proportionate share of these Central Services staff, as well as the relevant share of ministry staff who split their time across the charities due to the nature of their roles.

The costs of some members of the HTB clergy were cross-charged for work which was done for HTB. However, as these clergy members are employed by the Diocese of London and not by HTB, their costs have not been included in the salary figures shown above. HTB is obliged to provide accommodation to its ordained staff. As clergy are ex-officio members of the PCC they are in effect related parties in relation to their accommodation, but the details of the extent of provision by HTB has not been separately analysed in these statements.

The average monthly number of full time equivalent employees, including allocated Central Services FTE, was 122 (2019: 143).

Higher-paid employees

The number of HTB employees whose total benefits (excluding pension contributions and employer national insurance) were greater than £60,000 was six (2019: four). Five (2019: three) of these employees work in the Central Services teams supporting HTB, AI, SPTC and CRT. These employees are on the HTB payroll and their costs are apportioned accordingly with HTB bearing an appropriate proportion. The gross remuneration (excluding pension contributions and employer national insurance) of these employees fell into the following brackets:

		2020	2019
£60,001	to £70,000	2	1
£70,001	to £80,000	2	1
£80,001	to £90,000	1	1
£90,001	to £100,000	1	1

Trustee remuneration

Details of trustee remuneration can be found in note 25 (Related Parties).

Key management personnel

The key management personnel of HTB comprises of the Vicar, two Associate Vicars, and Director of Communications. The total employee benefits (including pension and Employer NIC) of the key management personnel of the charity were £174,945 (2019: £159,001) for 2020.

The key management personnel of the Central Services function which serves HTB, AI, SPTC, and CRT2 comprises of the Group Chief Operating Officer and Group Director of People. The total employee benefits (including pension and Employer NIC) of these key management personnel were £191,078 (2019: £174,821); but HTB only bore a portion of these costs - £94,839 (2019: £74,685).

Redundancy payments

These totalled £29,116 for the year (2019: £5,954), and include statutory payments as well as ex-gratia amounts where these were considered appropriate.

30

HOLY TRINITY with SAINT PAUL, ONSLOW SQUARE and SAINT AUGUSTINE, SOUTH KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

14. INTANGIBLE FIXED ASSETS

COST Balance as at 1st January 2020 and 31st December 2020 AMORTISATION Opening balance 1st January 2020 Charge for 2020 Closing balance 31st December 2020 NET BOOK VALUE At 31st December 2019 At 31st December 2020 15. TANGIBLE FIXED ASSETS	Computer software 113,076
	105,073 5,611
	110,684
	8,003
	2,392

	Computer Other Furniture equipment equipment and fittings £ £ £ COST Opening balance 1st January 2020 1,281,604 1,467,193 511,391 Additions 383,675 186,237 26,644 Disposals (25,344) (39,419) - Closing balance 31st December 2020 1,639,935 1,614,011 538,035 DEPRECIATION Opening balance 1st January 2020 1,085,474 1,129,230 374,697 Charge for 2020 174,470 169,161 87,601 Disposals (25,344) (39,419) - Closing balance 31st December 2020 1,234,600 1,258,972 462,298 NET BOOK VALUE At 31st December 2019 196,130 337,963 136,694 At 31st December 2020 405,335 355,039 75,737 The net book value includes: £224,128 (2019: £160,732) of computer equipment held under finance leases. £102,423 (2019: £144,650) of other equipment held under finance leases.	Computer Other Furniture equipment equipment and fittings £ £ £ 1,281,604 1,467,193 511,391 383,675 186,237 26,644 (25,344) (39,419) -	Computer Other Furniture equipment equipment and fittings £ £ £ 1,281,604 1,467,193 511,391 383,675 186,237 26,644 (25,344) (39,419) -	£ 3,260,188 596,556 (64,763) Total
		1,639,935 1,614,011 538,035		3,791,981
		1,085,474 1,129,230 374,697 174,470 169,161 87,601 (25,344) (39,419) -		2,589,401 431,232 (64,763)
		1,234,600 1,258,972 462,298		2,955,870
		196,130 337,963 136,694		670,787
		405,335 355,039 75,737		836,111
16. INVESTMENTS Valuation at start of year Increase/(Decrease) in value of investments Investments at end of year			2020 £ 108,287 (3,530)	2019 £ 98,053 10,234
			104,757	108,287

		2020	2019
		£	£
**16. **	INVESTMENTS
	Valuation at start of year	108,287	98,053
	Increase/(Decrease) in value of investments	(3,530)	10,234
	Investments at end of year	104,757	108,287

All investments are deposited at Charities Aid Foundation, and are held at fair value. This investment was an endowment fund donation in 2015, and the conditions of the gift are for it to be invested and the income to be used for the St Augustine, Queen's Gate choir (see note 23 for further details). During 2020 there was a transfer of funds from one class of fund to another which has not been reflected above as a separate disposal and addition.

31

HOLY TRINITY with SAINT PAUL, ONSLOW SQUARE and SAINT AUGUSTINE, SOUTH KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

17. DEBTORS Prepayments and accrued income Gift aid Church Renewal Trust See note 25 Debtors for goods and services Church Revitalisation Trust See note 25 Payroll loans to staff	2020 £ 565,058 325,068 423,861 33,740 21,024 6,475	2019 £ 808,066 306,378 357,693 60,290 18,072 25,201
	1,375,226	1,575,700

The Church Renewal Trust intercompany debtor in 2020 is a long term debtor expected to be settled after more than one year.

18. CASH AT BANK AND IN HAND Unrestricted funds Restricted funds 19. LIABILITIES FALLING DUE WITHIN ONE YEAR Creditors for goods and services Accruals and deferred income Taxation and social security Finance lease liability Alpha International See note 25 St Paul's Theological Centre See note 25	2,875,087 435,843	1,403,549 111,854
	3,310,929	1,515,403
	299,197 642,212 130,245 148,110 15,849 9,728	239,134 646,196 146,258 104,860 243,712 7,209
	1,245,342	1,387,369

Future minimum finance lease payments (including interest) due in less than a year are £155,478 (2019: £117,275), due in one to five years are £172,651 (2019: 190,733), and no amounts are due in more than five years (2019: £0).

DEFERRED INCOME

Deferred income comprises donations and booking fees received for future financial periods.

Balance at 1 January Amount released to income Amount deferred in year Balance at 31 December Analysis: Release within one year 20. LIABILITIES FALLING DUE IN MORE THAN ONE YEAR Finance lease liabilities 21. ANALYSIS OF NET ASSETS BY FUND Investments Fixed assets Stock and debtors Cash at bank and in hand Current liabilities Non-current liabilities Fund balance	246,528 (52,588) 35,370 229,310 229,310 167,500 Unrestricted Restricted Endowment Total funds funds funds 2020 £ £ £ £ - - 104,757 104,757 802,410 36,093 - 838,503 1,135,443 272,916 - 1,408,359 2,875,087 435,843 - 3,310,930 (1,211,070) (34,272) - (1,245,342) (167,500) - - (167,500)	246,528 (52,588) 35,370	314,788 (314,788) 246,528
		229,310	246,528
		229,310	246,528
		167,500	177,956
			Total 2019 £ 108,287 678,790 1,606,723 1,515,403 (1,387,369) (177,956)
	3,434,370 710,580 104,757 4,249,707		2,343,878

32

HOLY TRINITY with SAINT PAUL, ONSLOW SQUARE and SAINT AUGUSTINE, SOUTH KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

22. MOVEMENT ON RESTRICTED FUNDS 2020 Church Planting- funding towards HTB's vision for planting churches Social Transformation- gifts towards the work of Caring for Ex-Offenders at HTB and the homeless shelter at St Augustine's Church Global Alpha Teams- funds raised by teams who were involved in leading Alpha training overseas Focus- gifts given towards Focus in 2020 Ministry- gifts towards the work of HTB Alpha, Leadership College London and other HTB ministries Capital- gifts for capital works at HTB St Francis Dalgarno Way- Income and Expenditure related to the St Francis Dalgarno Bishop's Mission Order Other specified gifts	Opening balance Income Expenditure Transfer from Unrestricted to Restricted 2020 2020 2020 2020 £ £ £ £ - 19,522 (19,522) - 8,880 1,259,575 (745,310) - 25,903 - - - - 100,397 (100,397) - 51,028 202,618 (206,440) - 79,818 94,875 (88,618) - 16,750 54,679 (80,278) 28,382 5,071 119,494 (115,847) -	Closing balance 2020 £ - 523,145 25,903 - 47,206 86,075 19,533 8,718
	187,450 1,851,160 (1,356,412) 28,382	710,580

The transfer from unrestricted to restricted results from HTB investing more in St Francis Dalgarno Way than income (including donations) received in 2020.

MOVEMENT ON RESTRICTED FUNDS 2019 Church Planting- funding towards HTB's vision for planting churches Social Transformation- gifts towards the work of Caring for Ex-Offenders at HTB and the homeless shelter at St Augustine's Church Global Alpha Teams- funds raised by teams who were involved in leading Alpha training overseas Focus- gifts given towards Focus in 2019 Ministry- gifts towards the work of HTB Alpha, Leadership College London and other HTB ministries Capital- gifts for capital works at HTB St Francis Dalgarno Way- Income and Expenditure related to the St Francis Dalgarno Bishop's Mission Order Other specified gifts 23. MOVEMENT ON ENDOWMENT FUND St Augustine, Queen's Gate, choir fund MOVEMENT ON ENDOWMENT FUND St Augustine, Queen's Gate, choir fund 24. COMMITMENTS	Opening balance Income Expenditure Transfer from Unrestricted to Restricted Closing balance 2019 2019 2019 2019 2019 £ £ £ £ £ - 155,775 (155,775) - - 30,066 115,005 (136,191) - 8,880 25,903 - - - 25,903 - 400,000 (400,000) - - 26,329 164,279 (139,580) - 51,028 99,000 128,777 (147,959) - 79,818 - 63,596 (127,712) 80,866 16,750 350 20,932 (16,211) - 5,071
	181,649 1,048,364 (1,123,428) 80,866 187,450
	Opening balance Income Expenditure Gain on investment Closing balance 2020 2020 2020 2020 2020 £ £ £ £ £ 108,287 - - (3,530) 104,757 Opening balance Income Expenditure Gain on investment Closing balance 2019 2019 2019 2019 2019 £ £ £ £ £ 98,053 - - 10,234 108,287

At the end of the year HTB had the following commitments (mainly leases on clergy accommodation):

Up to one year Between one and five years	2020 £ 422,726 174,292	2019 £ 369,675 112,982
	597,018	482,657

33

HOLY TRINITY with SAINT PAUL, ONSLOW SQUARE and SAINT AUGUSTINE, SOUTH KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

25. RELATED PARTIES

The following trustees or key management personnel (KMP) were directors or members of related entities or were connected to people or organisations in receipt of payments from HTB:

TRUSTEE OR KMP	RELATED TRUSTEESHIPS	RELATED PARTY TRANSACTIONS
**Hannah Adams ***	None	Nathan Adams (husband) is an employee of HTB. HTB rents a property from an employee of Alpha International (until August 2020) which Hannah had occupied.
Ade Adebajo	Church Revitalisation Trust	None
Jonathan Bacon	None	Tilly Bacon (wife) is an employee of St Paul's Theological Centre. Jonathan Bacon did consultancy work for CRT and SPTC.
Mark Balcar	None	Employed as a consultant to the Diocese of London.
James Behrens	London Diocesan Fund	None
Cathy Butcher^	Restored Lives	None
Ben Bryant*	None	Martha Bryant (wife) is an employee of HTB.
Andrew Brydon	St Paul's Theological Centre; Alpha International (member only); Church Revitalisation Trust (member only)	Sandy Millar (father in law) is a Trustee of Alpha International and is paid a retainer by HTB and AI.
Mark-Elsdon Dew^	Church Revitalisation Trust;	None
**Andrew Emerton ***	St Paul's Theological Centre (SPTC)	Principal of St Paul's Theological Centre and Dean of SMC (Until July2020).
Stephen Foster*	None	National Director of Alpha UK
Eli Gardner	Kids Matter	David Gardner (husband) is a trustee of Alpha International. Eli Gardner is a trustees of Kids Matter who HTB paid £4,345 during 2020.
**Nicky Gumbel ***	Alpha International (also a member); St Paul's Theological Centre (also a member); Church Renewal Trust (also a member); HTB Developments Limited (director); Church Revitalisation Trust (also a member).	Pippa Gumbel (wife) is employed by HTB.
Jemima Haley	None	HTB rents a property from an employee of Alpha International (since September) which Jemima occupies.
Rupert Hawkins	None	Pippa Hawkins (wife) is an employee of the Church Revitalisation Trust.
David Hurst	London Diocesan Fund	None

34

**Tom Jackson ***	Resurgo (Founder and Executive Chairman of Resurgo); Crosslight Debt Advice (Trustee); Church Revitalisation Trust;	• Sarah Jackson (wife) is CEO of the Church Revitalisation Trust, she is clergy at HTB (and therefore a trustee of HTB) and a trustee of SPTC • Tom Jackson is clergy at HTB (and therefore a trustee of HTB), during 2020 he was appointed as CEO of Love Your Neighbour, a new venture within CRT set up in response to the COVID pandemic. Tom is also Executive Chair of Resurgo, which is a salaried position, Resurgo work closely with CRT providing advice on impact measurement and coaching training. During 2020, Tom was seconded from Resurgo to CRT and CRT therefore bore 90% of his costs and the costs of his assistant for part of the year, with HTB bearing 10% of these costs reflecting Tom’s clergy responsibilities at HTB. There is an MOU between HTB, CRT and Resurgo covering these arrangements, the MOU has been signed off by each of the charity boards, conflicts of interest are carefully managed through this MOU and the financial transactions are reviewed and approved at least annually. • Tom represents HTB on the board of Crosslight Debt Advice which runs the debt advice service at HTB and to which HTB paid £43,900 in 2020 as a grant (2019: £43,900).
Sarah Jackson	St Paul's Theological Centre	Tom Jackson (husband) is clergy at HTB (and therefore a trustee of HTB), he has also during 2020 been appointed CEO of Love Your Neighbour within CRT, this is a new venture set up in response to the pandemic. Tom is Executive Chair of Resurgo which works closely with CRT providing impact measurement services and coaching training. Further details are included under Tom Jackson’s trustee disclosure.
David Kay-Shuttleworth	Church Revitalisation Trust (member)	Kitty Kay-Shuttleworth (wife) is an employee of Alpha International.
**Martyn Layzell ***	Church Renewal Trust (also a member)	Emily Layzell (wife) was employed by HTB.
**Nicky Lee ***	Alpha International (member only); St Paul's Theological Centre (member only); Church Revitalisation trust (member only); Kids Matter	Alison Lee (wife) is an employee of Alpha International. Josh Lee (son) is Creative Director of Level Creative Media who HTB paid £41,904 (2019: £9,594) for its services. Nicky Lee is a trustees of Kids Matter where HTB paid £4,345 during2020.
**Dave Matthews ***	None	Sophie Matthews (wife) is an employee of HTB. HTB pays market related rent for Dave's clergy housing to Sophie's brother.
Genevieve Mensah	St Paul's Theological Centre Church Revitalisation Trust (member only)	Bernard Mensah (husband) is a trustee of Alpha International.
James Normand	London Diocesan Fund	None
Chinedum Nzelu	None	Obianuju Nzelu(wife)is a trustee of HTB.
Obianuju Nzelu	None	Chinedum Nzelu(husband)is a trustee of HTB.
David Orton	None	Tom Orton(son)is a trustee of HTB.
Tom Orton	None	David Orton(father)is a trustee of HTB.
James Ray*	None	Emiko Ray (wife)is an employee of HTB.
Miles Toulmin	St Paul's Theological Centre	None
Alexander Watson	Holy Trinity Malshanger Trust	Emma Watson (wife) is also a trustee of HTB & Holy Trinity Malshanger Trust.
Emma Watson	Holy Trinity Malshanger Trust	Alexander Watson (husband) is also a trustee of HTB & Holy TrinityMalshanger Trust.
Angus Winther	St Paul's Theological Centre; Church Revitalisation Trust; Alpha International (member only) Ecclesiastical Insurance Office PLC (Director) and Ecclesiastical Insurance Group PLC (Director).	Ecclesiastical acts as insurers to the HTB Group. HTB has paid £157,434 (2019: £157,375) for its services and has a £55,136 (2019:£44,725) payable balance at the year end.
**Pete Wynter ***	None	Sarah Wynter (Wife) works for Church Revitalisation Trust as a Publications Editor.

• Member of clergy, therefore are ex-officio members of the PCC.

^ Key Management Personnel of Central Services and HTB.

None of the Trustees received any remuneration from HTB or the related entities. Related party transactions are approved by the PCC of HTB in accordance with the Church Representation Rules. As mentioned in note 13, clergy stipend payments to the Diocese are not analysed separately here, but are shown in total in note 5.

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HOLY TRINITY with SAINT PAUL, ONSLOW SQUARE and SAINT AUGUSTINE, SOUTH KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

25. RELATED PARTIES (continued)

The following table lists HTB's 'Related Entities', shows payments made to those entities and amounts owing to or by them; and sets out other relevant information about the relationship of those entities with HTB. None of HTB's income derives from these entities.

Entity	HTB payments	HTB payments	Amounts due to or (from) HTB	Amounts due to or (from) HTB	Notes
	2020	2019	2020	2019
Alpha International ('AI')	250,000	417,837	(15,849)	(243,712)	Gifts of £646,660 (2019: £658,926) were given by HTB congregation members directly to AI. These have not been reflected in these accounts. HTB contributes towards the running costs of the Cromwell Road building which is owned by AI. AI bears a share of Central Services costs charged by HTB (see note 13). One of the HTB clergy occupies a property owned by Tricia Neill (President of Alpha International), in respect of which HTB pays rent at a market-tested rate.
St Paul's Theological Centre('SPTC')	-	-	(9,728)	(7,209)	SPTC bears a share of Central Services costs charged by HTB (see note 13).
The Church Renewal Trust	-	-	423,861	357,693	In 2017 a gift of £250,000 was given to contribute to the costs of the work on the spire at St Jude's, Courtfield Gardens. The spire costs in 2018 exceeded the amount of cash held by The Church Renewal Trust which resulted in a large intercompany balance at year end. This amount will be paid off over 10 years from SMC/SPTC college operations. HTB also underwrote two loans from the London Diocese to the value of £450,000 for spire costs, the details of which are shown in note 26.
The Church Revitalisation Trust	250,000	386,640	21,024	18,072	HTB gifted the Church Revitalisation Trust £250,000. In addition, HTB cross charged £521,717 (2019: £327,946) which was the cost of off-Common Fund clergy who were licensed to HTB but are part of The Church Revitalisation Trust's planned planting pipeline. CRT also bears a share of Central Services costs charged byHTB(see note 13).
London Diocesan Fund ('LDF')	1,283,723	1,005,980	-	-	The LDF receive HTB's contribution to its Common Fund and re-imbursement for the employment costs of off-Common Fund clergy. In addition, the PCC of HTB underwrote two loans totalling £450,000 (refer note 26) from the LDF to The Church Renewal Trust which were for the sole purpose of the repairs at St Jude's,Courtfield Gardens.
The Holy Trinity Malshanger Trust	1,675	3,126	(74,890)	(82,629)	HTB has had a longstanding agreement with the family of the husband of Sue Colman (trustee) for the use of Malshanger, a house used to enable Connect Groups and other groups from HTB to go away for retreats. The maintenance costs of upkeep are paid to the Colman family for this. This charity is set up separately to enable use of the house. HTB staff administer this charity and no charge is made for this service.

Connected persons

During 2020 6 (2019: 9) HTB staff were connected to members of the PCC. These are noted in the tables above. In 2020 the staff listed above who were related to people on the PCC received emoluments totalling £487,138 (2019: £418,977).

Trustee donations

During 2020 HTB received £1,512,636 (2019: £1,464,090) in donations from its PCC members. The donors did not attach any conditions to their gifts which required the charity to significantly alter the nature of its existing activities.

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HOLY TRINITY with SAINT PAUL, ONSLOW SQUARE and SAINT AUGUSTINE, SOUTH KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

26. CONTINGENT LIABILITIES

HTB contributes to the Church of England Funded Pension Scheme for stipendiary clergy. Two of HTB's clergy are currently on secondment to Holy Trinity Bukit Bintang ('HTBB'), a church in Kuala Lumpur, Malaysia. HTB is currently paying agreed deficit recovery payments to the Scheme in respect of these clergy and these are being reimbursed by HTBB. At 31 December 2020 the scheme was in deficit and the estimated present value of the deficit payments related to these two clergy is £7,000 (2019: £13,000). HTB believes that this is a contingent liability only, because these clergy will rejoin a Diocese when they return from HTBB and the receiving Diocese(s) will bear the remaining deficit recovery payments and the Scheme liability.

The PCC of Holy Trinity Brompton has underwritten the capital and interest elements of two loans entered into by the Church Renewal Trust with the Diocese of London. Both loans are for the sole purpose of the repair of St Jude's, Courtfield Gardens spire. The first loan of £200,000 was received in December 2017. The loan bears an interest rate of 2% over the Bank of England base rate (0.1% at the end of 2020). The loan was fully paid off on 31 December 2020. In February 2018 the second loan of £250,000 (£125,000 outstanding at year end), for which an agreement was signed in 2017, was drawn down. The interest rate on the loan is 2% over the Bank of England base rate and the loan has a final scheduled repayment date of 31 December 2023.

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