THE PAROCHIALCHURCH COUNCIL OFTHE ECCLESIASTICALPARISH OFST GABRIELIS, WARWICK SQUARE, PIr¥LIC0 (Registered Charity Number 1133969) REPORT APID FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEhtBER 2024
ST GABRIELJS PAROCHIAL CHURCH COUNCIL FINANCIAL sfATEMEIYTS VOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS PAgeJ Report of the PCC i-io Ind¢pendent Examiner's Report Statemettt of Financial A¢tiviti¢s 12 Balance Sheet 13 Cash Flow Statement 14 Principal Accounting Policies 15- 17 Notes to th¢ Financial Ststements 18-28
ST GABRIELIS PAROCHIAL CHURCH COUNCIL REPORT OF THE PCC FOR THE YEAR KNDED 31 DECEMBKR 2024 REFERENCE AND ADMINISTRATtVE DETAIIS Full THE PAROCHtAL CHURCH COUNCtL OF THE ECCLESIASTICAL PARISH OF ST GABRIBL'S. WARWICK SQUARE, PNLICO Worldng Name ST GABRIBL'S PAROCHIAL CHURCH COUNCIL Cbarity Reglstratlon Number 1133969 Website https:IIwww.stgabrielspimlico.com Prlnclpal Address 30 Warivick Square London SWIV 2AD PCC members who hav¢ seryed from 1st January 2024 until the date of this report ar¢: Incumbent: Fr Owen Higgs Chairn18n WardeDS: Caroline Colvin Vice Chairman Children's S8feguarding Officer Deancry Synod Represcntstive Eleeted members Guy Cabral James Farnier Paul Guinery Arnor Hakonarson Peter Lilley Charles Marshall Valerie Mi¢hel¢t Charlotte Nichol Marcus Perry Reuben Smith Antoinette Th¢kwell (from 14th April, 2024) Stewardship Offi¢er (until 14thApril, 2024) (from 14thApril. 2024) Adult Safeguarding Officer Treasurer (from 14th April, 2024)
ST GABRIEL9S PAROCHIAL CHURCH COUNCIL RKPORT OF THE PCC FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE A]4D ADMtNISTRATIVE DETAIIS Bank HSBC pl¢ The Peak 333 Vauxhall Bridge Road London SWIV IEJ Independent ExAmkner8 George Hay & Company Chartered A¢countsnts 83 Cambridge Street Pimlico London SWIV4PS Sollrltors Winokworth Sherwood LLP Mtnerva Hous¢ 5 Montsgue Close London SEI 9BB Investment Managers CCLA Investment ManagementLtd l Angel Lane London BC4R3AB Sarasin & Parthcr5 LLP Juxon House 100 St. Paul's Churchyard London EC4M BBU
ST GABIUELS PAROCHIAL CHURCH COUNCIL REPORT OF THE PCC FOR THE YEAR EIYDED 31 DECEMBER 2024- eontinued ADMINISTRATIVE INFORMATION The Parish Church of St Gabriel is situated in Warwick Square. Pimlico, within the City of Wcstminstsr. The Parish is part of the Diocese of IA)ndon in the Church of England. The Correspondence address is: 30 Warwick Square London SWIV 2AD. STRUCTURE, GOVERNANCE AND MANAGEMENr The Parochlal Chureh CouBeil (PCC) and obJe¢tlv The PCC is a charity registered with the Charity Commission. a5 number 1133969. Members 0£ the PCC are either ex offi¢io or elected by theAnnual Parochial Church Meeting in accordance with the Church Representstion Rules. The PCC Is a cory)orate body established by the Church ofBngland. The PCC operates undertheParochial Church Powers Measure (1956) Hs amended. It also has maintenance responsibilities at 66 Warwick Way and 37 Sherdton House. The PCC has the responsibility of ¢o-operating with the Parish Priest in promoting in the e¢cle5iasti¢al parish the whole mission of tho Chur¢h', pastoral, evangelistic. social and e¢um¢nical. Recruitmentto membership of thePCC, whether by election or'ex officio, appointh]enL AS carried out in accordance with the Church Representstion Rules. PCC members do not receive fornial induction training but, where n¢cessary introdu¢ed to their respoDsibilities. The Chur¢hwardens. and others with specific responsibilities for matters requiring specialist knowlcdg¢, are able to attend training ¢ours¢s offered by th¢ Dio¢es¢ or appropriate external bodies. Reading matter on relevant lopics is disseminated to PCC m¢mbers. The PCC operates through the Incumbent assistsd by a nutt)ber of mmIttee5. listed in the Vicar's Report below, which meet between 11 meetings. PUBLIC BKNEFIT STATEMENT The PCC confsrni that they have complled with the duty in section 17 of the Charities Act 2011 to hav¢ due regard to the public ben¢fÉt guidall¢e published by the Charity Commission in detemining the activitics undertaken by the ¢harity. IUSKASSESSMENT In common with otherorganisations. the PCC face5 risks: operational. fJnan¢ial and reputational. The PCC has considered the major areas of risk to which the thur¢h is exposed. measuring both the likelihood and the impact of a particul Bvent or action. and are satlsfied that systsms have been established to identify and mitigate exposure to the major rAsks. The key rssk to the PCC has for some time been considered to be the low level of free reserves* partioularly in view of the platmed expansion of activities and the need to maintsin the fabric of the church premises. Tight budgetary control over expendi1re has been and will ¢ontinue to b¢ maintained. Mrs Valerie Miohelet and Mrs Caroline Colvin have continued to ensure that the PCC strictly adheres to all rel¢vant safeguarding legislation. Close attention xs also paid to the implementstion of polioies in regard to health and safety and to complying with disability discrimination legislation.
sr GABIUELIS PAROCHIAL CHURCH COUNCIL REPORT OF THE PCC FOR THE YEAR ENDED 31 DECEIKBER 2024- continued REVIEW OF THE YEAR AND ACHIEVEMENTS AND PERFORMANCE learys Re Commlttees The PCC has set up the followitig committees whi¢h carry out parti¢ular functions on behalf of the Council: Slandlng Commlllee As required by ¢anon law, this oommitt¢¢ hgs power to transaot the business of the PCC between its meetings, subjeot to any directions given by the Coun¢il. All members of th¢ PCC ar¢ co-opted onto th¢ Standing Committee to enable meetings to be held when necessary. The Inoumbent (except during the interregnum), a Church Warden and any two others ¢onstitute the Standing Committe¢. Flnance Commilleé The Finance Committee Works with the Incumbent and Treasurcr in managing the fmanccs of the Parish, and in preparing the Annual Financial Ststements alld budgeL The Fllendf ofst Gabnels The Friends of St Gabriels is a committee of the PCC and th¢ Chairnlan (when not amember of the PCC otherwise) is Co-opted as an ex officio member of the PCC and Standing CommitteD. The Friends iaise money spe¢ifioalRy for the 1nnance and enhancement of the church building. Mls&lon Commillee The Mission Committee ¢omprises the VAGar, Wardens, Mission Priest. Youth Leader and su¢h others as may be G8lled upon to support the Heaven's Gate Mission on behalf of thc P.C.C. St Gabrielgs Cbllreh of England Primary Sehool The Parish School is situated on the Churchill Gardens Estate. Under the Title Deed the Vicar and Churchwardens are trustees of the school's property. The Trnst Dced for th¢ school is held by the London Dio¢esan Board for Schoo15 (LDBS). The incumbent is a governor ex officio. The PCC has the right to appoint two governor8. Currently Mr8 Valerie Mich¢let alld Mr David King are governors. Chur¢h Attendanee There were 86 (2023: 112) people on the Church Electoral Roll in 2024. The average Sunday attendance was 95 (2023: 96) of whom about 10 (2023: 11) w¢re under 16. Low Mass has usually been offered daily except Mondays on weekdays with all attendan¢¢ ranging from 2 to 40. Mass was sung on a number of Holy Days and during Holy Week. Choral Evensong & Benediction is ¢¢lebrated during terni time and some other Sundays, Youtube hits for our services ar¢ typi¢ally at le&st the number ofthe physical conwgation. DurAng 2024 there were 8 (2023: 12) baptisms. 4 (2023: 2) confmations. l (2023: 3) weddingsj and l (2023.. 1) wedding ble53ings after a oivil marriage. D¢tsils of Christmas. Easter and Patronal s¢rvices were di8tributcd to properties iti the paTiSh. Partsh Report Throughout 2024 St Gabriel's continued to be blessed with faithful service and. in particular. the embedding of new mission developments. Jacqueline Brown's Youth Work was supported by th¢ affival of Lhlan Maolean, our Lay Worker, in September. We maintained our worship of God. with the support of faithful altar seryers, notsbly Jamcs Farnier, Simon Guppy¥ Monica Sanchez, and Colin Taylor. David King. Director of Music, and James Day our Choirn]ast¢r continu¢ to be at the ¢entre of our musical life. Ryan Ni¢hol and Marcus Perry have helped throughout the year with the webcast of services. David King and Marcus Perry have both given tireles5 and much appreciated support through the locking up of the church building after our increased number of con¢erts. We thank Julie Anderson for her work of admini8Éering the building, Th¢ majority of the drainage works were completed this ycar. We have begun thc work of fundraising for the next stage of essential vmrks, that is to replace th¢ roof Slates and th¢ r¢maining ¢offoded ston¢.
ST GABRIELgS PAROCHIAL CHURCH COUNCIL REPORT OF THE PCC FOR THE YEAR ENDED 31 DECEMBER 2024- ¢onÉlnued REVIEW OF THE YEAR AND ACHIEVEMENfs AND PERFORMANCE Vicar's Re ort - continued None of this is possible without the support of our congregation and, above all, of the P.C.C. and the Church wden, We are very gratethl to Reuben Smith for his work as Treasurer and io James Fanner for his work on Stewardship) for Caroline Colvin and Valerie Michelet for their safeguarding work, and to Carollne Colvin for her continued work as Warden. For them all and for His continued blessings we thank God. Fr Owen Higgs Yicur rle huTch of En land P School Chxldren at St Gabriel's Primary School Come from an area of predominantly high deprivation. 350/0 of the pupils in our school have English as an additional languagc and 25% of our pupi15 ¢ White British, with other main ethnicities being Arab, Black African, and 'any other mixed, background. Our s¢hool community is made up of a mix of religions, with just over 41 % Muslim and 37.40/0 Christtan. The number of children classed as disadvantaged continues to be signifIcantly above the national averag¢ with 41.40/0 of ow pupils on free 5¢hool meals compared to a natlonal figure of 25.90/0. Our pupils com¢ predominantly fiDm the Chur¢hill Gardens Estate, however we also have PUPAIS from a wider catclllnent. and increasingly fKom across the river. W¢ also have a high number of Children with either current or hxstorical sooial sorvices ellgagement. In th¢ past 2years we hav¢ seen increasing numbers of children with SEN attending St Gabriel's, Their needs rang¢ from mild to moderate learning needs (requiring differentiation of the ourrioulum ond additional interventions to support their learning) to children who are high need, requiring l.,1 adult support and who fmd it difficult to stay in the Qlassroom for any extended periods of time. We pride ourselves on our ittclusivity and work closely with outside agencies. to ensure the best support possibIe for our pupils with SEN. Despite our school community being faced with many barriers to Icarning* St Gabriel's pupils have alway8 achieved well and made outstanding progress. Central London continues to face a fall in pupil numbers and in Weslminster so far, 18 fonns of enty are due to have been closed by the end of 2026. These closures are either from 2 or 3 forni enty schools going dovm to I fomi enty schools, other oaps on pupil numbers, or from whole s¢hool closures or amalgamations (e.g. the merger of Churchill Gardens School and Millbank School. resulting in the closure of the Churchill Gdns School site). Despite this, fortunately St Gabriel's pupil numbers are bucking this trend and have risen from 161 in Oot 2023 to 179 now on roll. We are projected to be around th¢ 190 mark next academic year. The majority of pants say that they chose to send their ¢htld(ren) to St Gabriel's duc to our good reputation, thc exemplary behaviour of th¢ Children, good acadcmio results and strong established Christian ethos. Excellence with Compassion ntinUeS to be at thc heart of all we do at St Gabriel's. For tbe last 2 consecutive years, our end of K¢y Stage 2 attainment has been much higher than the national average. Our hildren a¢hiev¢d higher than the national averag¢ in reading. writing and maihs. This year. we have endeavoured to take our pupils on more interschool sports competitions, and have continued to plan trips a¢ross the curriculum to enhance our provision. Wc have also enjoyed re¢¢iving nmny visitors this year. including: locol historians, scientists, a fabulous organist (and an incredible organ1)> police workshops, drugs And gangs workshops, and through our parthership with the PMF our ¢hildrcn havc b¢fitt¢d hugely from developing their musical skills, understanding and knowledge.
ST CABRIEL9S PAROCHIAL CHURCH COIJNCIL REPORT OFTHE PCC FOR THE YEAR ENDED 31 DECEMBER 2024- conthiued REVIEW OF THE YEARAND ACHIEVEMENTSAND PERFORMANCE St Gabriel*s Church of En land Prima School- eontlnued In addition to ac&demi¢ su¢¢ess, personal, sooial and emotional development is also a priority at St Gabriel's. This year we have continued b partner with MtND (the mental h¢alth team) and continue to re¢eive support from St Vincent Family Project, who provide art therapy for children who may need additional support. This year, the local authority have also provided every SGhool with a family navigator. Their rol¢ is to support parents with tbe advice and support which goes beyond the sohool gate5. which we are not always able to support with, or know the answers to, For example just a few of the ar¢as of support they can give families includes with housing, parentin& fmancial support and healthcare. Rebeeca Anson St Gabrieljs CofE Prlmary School HeAdteacher lells Youtb With the support of the PCC and in parlnership with the Parish House Thl St GabrAel's Youth has Continued to support the young vujnerablc teenagers on Churchill Gardens Estate. Wc have been instrumental in working wAth Westminster Council for community cohesion and ¢ollaboration. When there have been conflicts. we were called to m¢diate and persuade strategic Community members to wntinue in th¢ Communitymeet and Eat proposal. This particular project took nine months of meelings, talkin& and negotiating. We Spoke with residents, Westminster City Council, contraotors, sub- contractors and Third S¢¢tor organisations to execute a big afternoon of a t1¢e-Street Intergenerational Community Paty where the Mayor was in attendance. We supported the Metropolitan Polic¢, who request¢d that we come to their training college and give a presentation on Better Community Policing. It is to be noted in this report that community poli¢e Suryeillall has gone done in Churchill Gardens Estate 2024 due to funding. We supported one group of community mums becoming a Ctc in the community. this has given value to what they do in 2024. St Gabriel's Youth project has facilitated two mal6 young leaders with additional needs through the Jack Petchy Awards scheme. Thoir value and confidence have risen over the last year. Their input in setting up, giving ideas, and supporting the mission in pmviding a saf¢ space fortheir pecr5 is invaluable. 2024 St Gabricl's Youth Awarded ton young people for their efforts in the Youth Project. Jacquellne Brown, Youth Leader riends o Gabriel9s R ort Membership of the l¥rAends at the end of the year stood at 77. There were no Friends fundraising activities during the year and the overall amount raised by the Friends sitice they were founded remains at £193,128. Bxpenditure from Friends fimds on the Church fabric and on fixtures and fith]ents during the ycar was £1,911. Friends funds currently amount to around £74,529. Fr Owen Hlggs P7car
ST GABIUEL9S PAROCHIAL CHURCH COUNCIL REPORT OF THE PCC FOR THE YEAR ENDED 31 DECEMBER 2024- contillued REVtEW OF THE YEAR AND ACH[EVEME1sAND PERFORMANCE- eontlnued warden*s Re ort We received an anonymous donatton of robes and now worn every Sunday by thc choir and organist, which not only look very Smart but are generally felt to havo increased team SPlTAt. There were no major internal works undertaken in the church this year but w¢ are still waiting for Universal Stone to compl¢te the following: drainag¢ in the South Garden. repairs to thc Church boundary railings, making good the ar¢A around the siThk dnd the prepaTatory work for fundraising on the roof. now estimated at £1.5 million. Carollne Colvln Churehwarden
ST GABRIEL'S PAROCHIAL CHURCH COUNCIL REPORT OF THE PCC FOR THE YEAR ENDED 31 DECEMBER 2024- coutillued FINANCiAL REVIEW- TREASURER?S RKPORT AND FINANCIAL STATEMENTS I am pleased to report that the Church has returned to generating a net gurplus of funds for the year and has also exceeded its tsrget income for the year, albeit this is low than prior year in¢ome, which included a substantial grant for repairs and renovations to the building of tbe church. The net gains l Uosses) on the various funds after investment gains l (105s¢s) and depreciation were as follows: Total Unr¢stri¢ted Funds Totsl Restricted Fund General Fund Desi8natsd Fund Overall Total 31 Deeember 2024 3,011 8.218 11.229 14,778 26,007 31 De¢ember 2023 23,332 (20.340 2,986 15,225 18.211 Stewardship giving wa8 significatttly in¢reased in the year at £39,359 (2023: £38,291), with the Stewardship campaign in the year clearly having an effect. The Church is extremely gratcful to all those who regularly support its activitl¢s. Gift Aid is reclaimed quarterly to improve Cashflow. and credit is due to James Farnier for his work in this area. Income from hire of the ¢hurth and vesty hall hav¢ also improved markedly at £63.850 (2023: £56.183). The contribution to the Diocesan Common Fund was increased during the year, and in total amounted to £60,000 (2023: £59,167). This figure r¢presents a discount onthe standard CommonFundRate s¢tby the London Dio¢esallFund (L.DJl.) for a 'slngle Vicar cost, (i.¢., direot clergy Cost plus central costs). The aspiration ofthe PCC remains to pay the Common Fund ¢ontribution in full, onrK this can b¢ a¢hi¢ved subject to the fmancial constraints which the Church fS on its General Resorves. Expenditure on Chilable activities ha5 decreased compared to prior year at £227,595 (2023.. £378,101). The Church continues to priorili5e fimding of music provision, which amounted to £30.622 in the year (2023.. £28,552). We believe that the music at St. Gabriel's enhances and raises our w01p. Movements on Restrictsd funds ar¢ set out in Note 16 and theaggregate by the end of December 2024 was £154.8k (2023: £140.Ok}. I would like to take this opportunity to thank Julie Anderson for managing the lettings of the vestry hall and church building> as well fts liaising with suppliets and theDioce5& Caroline Colvin. Terry Crowe and Marcus Perry also deserye thanks for the regular counting of collections and eThsuring they are banked cxpeditiously. Finally, I would like to express my appre¢iation to GeorgeHay & Company* who havo assisted inthe preparation ofth¢se fmanciai ststements. Reuben STr¢h Treafurer
sr GABRIEL'S PAROCHIAL CHURCH COUNCIL REPORT OF THE PCC FOR THE YEAR ENDED 31 DECEMBER 2024- ¢onthiued RESERIQS POLICY It is the policy of the PCC ty to rebuild th¢ reserves in the General Fund. At the end of the year. the General Fund stood at £8,753 (2023: £5,742) which is below the desired level and refleots the ongoing recovery from the impact of the Coronavirus pandemic. The PCC will kccp the poli¢y under review in the light of the devcloping economic 5itu&tAon. The Ellis Icgacyg with an original value of £1.274.504 (2003: £1.299.180), was bequeathed in 2019 to the Vicar and Churchwardens of St Gabriel's Chur¢h for religÈous and charitable poSeS in the parish as approved by the PCC, had been fully received by Ihe ye8Tr¢nd. Included within the legacy was a leasehold property with art estimated value of £500,000 (refer note 10), WAth the balance of the legacy being fmancial investments. The PCC has de¢ided that the legacy will be used a5 a designated fund from which investment income is applied in the rtberan¢e of the PCC'S objectives in the parish, and capital expenditure from the nd will be used to support major projects, as agreed by thc PCC. Such expenditure WAII generally not bc u5¢d to cover tb¢ entire cost of any suoh project, but as a contribution alongside which financial support will continue to be sought from other sources. INVESTMENT POLICY AND PERFORMANCE Ittvestments held atthe start ofthe yearhad been placed in a unitised fund with the Central Board ofFinance ofthe Church of England, a division of CCLA Investment Management. During the year Sarasin & Partners LLP, a speoialist charAty fimd management fjrni, continued to manage the fi]nds of £715k from th¢ Bllis Legacy (see above) transferred to them in 2020, again usiag a unitised fund. The inv¢slm¢nt poli¢y is in line with chUh of England te&¢hing, The PCC'S investment objectives are to achieve capxtal growth in the longer terni, (five to ten y¢ars), preserve ¢apktal value in r¢al ternis, and generate a growing income over time. It is intended that the fund helps to support the major capitsl projects required for the Tenewal of the ¢hur¢h building. Since the cost of that renewal is consid¢rably more than the legaGy> It is anticipated that the legacy will be spent largely, if not entirely. on those works In 2024, the investments gave a totsl return (Gapitsl gait)s plus income) of 6.87Yo (2023: 6.7%) which was mal]hly due to the economi¢ climate. The PCC are ther¢fore satisfied with the perfomwice generated. VOLUNTEERS The PCC would like to thank all the volunteers who work so hard to make St Gabriel's su¢h a lively and vibrant community. It would be invxdious to ty to thattk everybody who bas supported St Gabriel's over the pastyear, given that there are so many people who contribute to parish life. However particular thanks to Certain individu&ls are expressed in the Vicar's report above. KEY MANAGEMENT REMUNERATION The PCC consider the key management of the charity consists of themselves and in particular th¢ Jncumbent (who Is Chair of th¢ PCC) and various sub-committees to whom th¢ running of day-to-day operations d¢volve5, The remuneration of clergy and the level at which xt is set, is deternlined by the Church of England according to national pay scales. Its payment is the responsibility of the Diocesan Board of Finance.
ST GABRIEL)S PAROCHIAL CHURCH COUNCIL REPORT OFTHE PCC FOR THE YEAR ENDED 31 DECEMBER 2024- conlinued PLANS FOR FUTiJRE PERIODS Future plans are to raise funds for repairs to th¢ roof, the commencement date of the repairs will be detennined in due course. STATEMENT OF TRUSTEES, RESPONSIBILITIES Th¢ pccifrust¢es are responsible for preparing the Tste¢S, Report and the financial statements in accoi'dance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the pccifrustees to prepar¢ financial statements for each fjnancial year which give a trne and fair view of the state of affairs of th¢ charity and of th¢ incoming resources and application of resources of the charity for that period. In preparing these fanCIal statements, the trustees are required Select suitable accounting policies and apply them consistentEy; Observe the methods and principles in the Charities SOIiP; Make judgements and estimates that are reasonable and prndent. State whether applicable UK Accounting Standards have been followed, subject to any material deparreS disclosed and explained in the fmancKal statement. and Adopt the going concern basis unless it is inappropriate to presume that the charity will continue on that basis. The PCCITrust¢es are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the fancial position of the charity and enable them to ensure that the fmancial statements comply with the Charitie5 Act 2011 and the provisions of the trust de¢d. They are also responsible foi safeguarding the assets of the charity and hence for tsking reasonable st¢ps for the prevention and detection of fraud and other Irregulariti. Approved by the PCC on 5th June 2025 and signed on Iheir behalf by: Fr Owen Higgs 10
INDEPXNDENT EXAMINER>S REPORT TO THE TRUSTEES OF ST GABRIELIS PAROCHIAL CHURCH COUNCIL I report to tILe PCC, as tn)stces of the Charity, on my examination of the fman¢ial statements of the PCC for the year ended 31 December 2024 which Lx)mpris¢ the Balanc¢ Sheet, the Statement of Finattcial Activities, the Cash Flow Ststement and Related Notes. This report is made solely to the charity's trustee5. as a body, tn accordan¢e with Se¢tion 145 of the Charities Act 2011. My work has been undertaken so that I might state to the ¢harity'S Irustees those matters I am required to state to them in this report and for no other purpose. To the fijllest cxtent pern)itted by law, I do not accept or assum¢ responsibility to anyone other than the charity and the charity's trustees as a body, for my work, for this report, or for thc opinion8 1 have fornied. Respective Re5ponslbllitles of Truste and ExamlDer As members of the PCC, and therefore the trnstees of the ¢haTity. you ar¢ responsible for the preparation of the fmanoial statements in accordance with the Church Accounting Rcgulations 2006 ("th¢ Regulations) and section 145 of the CharÉties A¢t 2011 ("the 2011 Act,). I report In respect of my examination ofth¢ PCC'S fmancial statements carried out under the Regulations and section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable dir¢cttons given by the Charity Commission under seotion 145(5)(b) of the ACL Basls of Illdepend¢nt Examlner98 Report An independent examination does not involve gathering all the evidence that would be required in an audit and nsequently does not Cover all the matters that an auditor ¢onsiders in giving th¢ir opinion on the financial slatsments. The platthll and ¢ondu¢t of an audit goes beyond the limited assurance that an independent examination Can provide, Consequently l Bxpress no opinion as to whether the financial statements pres¢nt a 'tN¢ and fair, view and my report is limited to those spcaific matters set out in the Independent Examiner's Statement. As pennitted by Direction 2, issued by th¢ Charity Commission, the fllm for which I work has provided the oharity with bookkeeping services during the yeAr ended 31 December 2024. As a ¢onsequcnc4 I have followed the requirement of th¢ FRC'S Ethical Standard when undertaking this assignmcnt. Independent Examlnor's Statement Stnce the PCCS gross income exc¢eded £250,000 your examincr must be a member of a body listed in section 145 of tho 2011 Act. I confwm that l am qualified to undertake the examination because I am a member of ICAEW, whi¢h is one of the listed bodies. I have completed my examination. I confm that no material matter5 have come to my attention in ¢onneotion with the examination giving me Cause to believe that in any material respect: (l) accounting records were not kept in resped of th¢ PCC as required by section 130 of th¢ Acl or (2) tho fittancial statements do not accord with those records; or (3) the fancIal statements do not wmply with th¢ applicablc r¢quir¢ments wn¢erning the forni and content ofthe accounts set out in the Regulations and the Charities (A¢¢ounts and R¢ports) Regulations 2008 othcr than any requirement that the financiaI statements gsve a'lrne and fair vi¢w' which is not a matter considered as part of an independent examination. I have no wn¢em8 and have comc across no other matters in nneCtiOn wxth my wmination to which attention should b¢ drawn fft this report in order to enable a proper understanding of the fmancial statsments to be reached. Andrew P C Fox FCA George Hay & Company 83 Cambridge Street Pimlico London SWIV 4PS 0510612025 li
ST GABRIEL9S PAROCHIAL CHURCH COUNCIL STATEMENT OF FINANCIALAcfTVITIES FOR THE YEAR ENDED 31 DECEMBKR 2024 UDTestActed Restricted Elldowm¢nt futtds fund8 fund TotAI 2024 Total 2023 Note Income from Donations and legacies 56.941 37.943 94,884 138,340 Charitable activities 726 726 6,438 Trading aotivities 137.644 137,644 129.669 Inv¢stments & bank deposits 14.989 14.989 11,660 Total Income 210,300 37.943 248,243 286,107 Expendltur¢ on Raising funds 8.800 8.800 1,887 Charltable activities 204270 23,326 227,596 278.101 Total Expenditure 213,070 23,326 236,396 279,988 IY¢t incomel(expenditure) before gAlns on Investments (2,770) 14,617 11,847 6,119 Realised (lossygain on inve8lm¢ntg 289 289 (14,329) Unrealtsed gain/(loss) on inv¢slJn¢nts li 13,710 161 13,871 26,421 Net MoYeLuent In Funds 11829 11778 26,007 18,211 Transfer Funds at l January 857,706 140.051 475,000 1,472,757 1,454.546 Funds at 31 December 868,935 154,829 475,000 1,498,764 1,472,757 The notes on pages 18 to 28 forn] part of these f]nanGial statem¢nts. 12-
ST GABRJEL>S PAROCHIAL CHURCH COUNCIL BALANCE SHEKT AS AT 31 DECEMBER 2024 Unrestricted funds Restrleted funds Endowment fund Total 2024 Total 2023 Not¢ Tangible fixed assets Investtnents io 503,673 327,497 475,000 978,673 334,683 976,355 298228 7,186 831,170 7,186 475,000 1,313,356 1,274,583 Current Assets Debtors Cash at bank and in hand 12 26,314 30,960 1,883 145,760 28,197 176,720 17,805 205,767 57,274 147,643 204,917 223,572 Creditors - Amounts falling du¢ within one year 13 (19,509) (19.509) (25,398) Net CurrentAs5ets 37,765 147.643 185,408 198,174 NET ASSETS 868,935 154.829 475,000 1,498,764 1,472,757 FUNDS General Funds Unrestricted Funds Designated Funds 14 15 8,753 860,182 8,753 860,182 5,742 851,964 Restricted Funds 16 154,829 154,829 140,051 Endowment 17 475,000 475,000 475,000 868,935 154,829 475,000 1,498,764 1,472,757 Approved by the Parochial Church Council on 5 Jun¢ 2025 and signed on its behalf by Fr Owen Higgs Chairman The notes on pages 18 to 28 fonn part of these fmancial statements. 13
ST GABRIEL*S PAROCHIAL CHURCH COUNCIL CASH FLOW STATEMEIYT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flows from OperallnE A¢tlvltl¢s Net cash (outflowyinflow froml(used in) operating activities (17.808) (10,961) Cash flows from Investlng aetivltles Divldends and interest Payments to acquire red asscts Proceeds from sales of invesknents Payments to acquire investments 14.989 (3.644) 7,291 (29.875) 11,660 (428) 84.349 (26,136) Iyet Cash provlded by InYe8tlng actlvltl¢8 11,239 69.445 Change In cash And cash equlvalents fin yeAr (29,047) 58,484 Cash and oash equivalents at l January 2024 205,767 147,283 Cash and cash equivalents at 31 De¢¢mber 2024 £176,720 £20S,767 Notes to the Cash Flow Statement A. Reeonciliatlon of net movement fin funds to net casb flow from operating actlvfities 2024 2023 Iyet movement An funds (as per the Stst¢m¢nt ofFfinanelal Activities) Adjustments for Unrealised (gainsylosses on invcstments Dividends and intsrest from investments Depreciation Non-cash assets received by way of legacy Decrease l Uncrease) in debtors (DreaSe) I Increase in creditors 26,007 18,211 (13,871) (14,989) 1,326 (26,421) (11,660) 452 (10,392) (5,889) (874) 9,331 Net Cash from l (used fin) operAting aetlvltl (17,808) (10.961) B. Analys18 of cash And Cash equivalents Cash at bank and in hand 176,720 205,767 Total cash and cash equivY41¢nts £176,720 £205,767 C. Reconcll141ton of Net CAsb Atl J8lluAry 2024 At31 December 2024 Cash flows Otber non- eash change5 Cash and cash equivalents Cash at bank 205.767 (29,047) 176,720 £205,767 £(29,047) £176,720 Total 14-
ST GABRIELIS PAROCHIAL CIIURCH COUNCIL PRINCIPALACCOiJf4TING POLICIES FOR THE YEAR RNDED 31 DECEMBER 2024 BaJft8 ofpr¢pAratlon The fmancial statements are those of the PCC (prlncipal address: 30 Warwick Square, London, SWIV 2AD) as a standalone entity, They have been prepared for the year ended 31 December 2024. Comparative infonnation is provided in respect of the year ended 31 December 2023. The fthancial statements have b¢¢n prepared under thc historical cost convention with items re¢ognised at cost or transaction value unless otherwis¢ stated in the relevant accounting polioi¢s below or the notes to these fmancial statements. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement ofRecommended Practi¢¢ applicable to charities preparing their finan¢ial statements in accordart¢e with theFxnancial Reporting Standard applicable in the United Kingdom and R¢publi¢ of Ireland (CharÈties SORP FRS 102- effective January 2019), Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 201 I. The charity constithtes a public benefit entity as defined by FRS 102. The fthancial statements ar¢ presented in sterling and are rounded to the ncArest pound. Seope of tbe finanelal statements Whilst the PCC is the Collective trustee of St Gabricl's Parish House (registered charity numbsr 1114216). these fInancial statsments do not consolidate the results and assets of St Gabriel's Parish House on the basis that the PCC is unable to derive dir¢ct finanoial benefit from the assets held by St Gabriel's Parish House. The Thist Deed of St Gabriel's Parish Hous¢ means that, while the PCC is the collc¢tive tn]stee, it has no controlling powers to decide how an asset of St Gabriel's Parish House is used or whether an asset can be sold and funds distributed. Under the Charities SORP where such severe long tcrnj restrictions exist, the entity in quc5tion Can be ¢x¢luded from Consolidation. Therefore, these fllwicial stat¢m¢nts reflect the finances of th¢ PCC as a standalone entity. Crllleal aeeounting e8tlmates and areas of judgement Preparation of the fmancial statements requires the trnstees and management to make significant judgements and estimatw. The iterns in the fthan¢ial statements where these judgements and estimates have been mad¢ in¢lud¢: the estimated residual valuc alld useful eLx)nomic lives attributed to tangible fixed assets used to detennine the annual d¢pre¢iation charg¢, Af any: the assumptions adopted by the trvstees in d¢t¢rniining the value of any designations required from the charity's general unrestricted funds. and assessing the probability ofth¢ receipt of legacy inL¥)m¢ and estimating the amount to be received. Fullds GÈneral unreslrleledfuxds represont the funds of the PCC that ar¢ not subje¢t to any r¢striations regarding tbeir use and are available for application on the general puwes ofthe PCC. Funds may be designated for a particular purpose by the PCC and are also unr¢stricted. Reslrlcledfunds ar¢ monies rpxeived subject to specific conditions imposed by donors, or by the ternis of th appeal, as to how they may be used. Any balance remaining unspent at the end of a year is carried fonvard as a balanoe on that fund. rhe Endowment Fund is r¢pr¢sentcd by a leas¢hold property, which must b¢ used in aOrdance within certain restriGtions imposed by the DAo¢ese. Any income generated by the endowed Sets may be uscd for the general Putposos of the PCC and is thus ¢redited to unrestricted funds. 15-
ST GABRIELJS PAROCHIAL CHURCH COUNCIL PRINCIPALACCOUNTING POLICIES- eontlnued FOR THE YEAR ENDED 31 DECEMBER 2024 Income Volunlary Income Planned giving) collections and donations are recoguised vknen received by or on behalf of the PCC. Planned giving receivable under covenant is regniSed only when received. Income tax recoverable on gift aid donations is recognised when the income is recognised. Monies which hav¢ b¢¢n donated to meet commitments of a future period are carried forward in the balance sheet as deferred incom¢. Legacies are included in the $lat¢ment of finanoial a¢tivities when the PCC is entitled to the lega¢y> the exeoutors hav¢ established that th¢re are sufficient surplus assets in the estate to pay Ihe lega¢y• and any conditions attached to the legaGy are within the control of th¢ Charity. Bntitlement is taken as the earlier of the date on which either: the PCC is aware that probate has been granted, the estate has been finalised and notification has been made by the cxe¢utor to the charity that a distribution will be made, or when a distribution is re¢eived from the estats. Receipt of a lega. in whole or in part, is only considered probable when the amount can be measured reliably and the charlty has been notified of the executor's intsntion to make a distribution. Where legacies have been notified to the PCC, or the PCC is &war¢ of the granting of probate but the critsria for in¢Dme re¢ognition have not been met, then the legacy is treated as a Contingent as5Ct and disc105ed if material. In the event that the gift is in the forni of an asset othcr than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the 8ift being teliably measurable with a degree of reasonable accuracy and the title of the asset having being transfeed to the charity. Donations in kind are rew8nised when th¢ PCC has ¢onfm¢d botb the intsntion of thc donor to make the gift and the amount receivable. In aordan with the Charitics SORP FRS 101 volunteer time is not recognised. Incomefrom chorlluble adivlti This includes parochial fees due to th¢ PCC for weddings, fi]nerals and oth¢r paro¢hial activAties, Such income is accounted for on an ovent-by-ev¢nt basis and is only recognised once the event has tak¢n place. Ineomefrom tradlng aclivilies This mcludes r¢ntsl in¢ome arising from the letting of prop¢rties held primarily for charitsble use but which are tsmporarily surplus to operational requirements. Rental income from the hire of the churth building attd vesty hall is also inGluded within this category. Invaylment income Investment income and bank interest are accounted for when receivable. Any tax recoverable on such in¢ome is recognised in the same accounting year. Expenditure Liabilities and costs are recogniscd as expenditure as soon there is a legal or constructive obligation committing the Chwch to make a paymentto a third paty, it is probable that a transfer of economi¢ benefits wxll be required in settlement and the amount of th¢ obligation can be m¢&8ured reliably. Costs of ralslngfunds These Costs comprise the costs asso¢iat¢d with attracting income and the costs of trading for fundraising purposes. They include the costs of maintsining the leas¢hold property whi¢h is currently let. Costs of charllable acllvltl£y These represent costs in support of the church's main objectives and are generally re¢ognised as they becomo due for payment. Grants and donations are account¢d for when paid over or when awarded if that creates a binding obligation on th¢ PCC. All ¢xpenditur¢ is stated in¢lusiv¢ of irrccovexabIe VAT. 16-
ST GABRIELJS PAROCHIAL CHURCH COUNCIL PRINCIPALACCOiNTING POLICIES- continued FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure (eontlnued) Supporl costs Support costs represent indirect charitabl¢ expenditure. In order to carry out Ihe primary purposes of the ¢harity it is necessary to provide support in the form of personncl and administrative functions. Support Costs are apportioned to charitable aotivilies on the basis of estimated usag¢. Employment benefits, including holiday pays arerecognised in the period tn which they ar¢ earned. Terniination benefits are recognised in the period in which the decisÈon is made and communicated to the relevant ¢mployee(s), Tangible red assets Consecraled landand buildings alldmoveable churchlurntshlngs Consecrated and beneficed property of any kind is ¢x¢lud¢d from the fman¢ial ststements by SIO of the Charities Act 201 l. As a resulL the church and the vicarage are not reflected in the fJn8ncial stat¢m¢nts. No value is placed on moveable church rnIshIngS held by the vicar and ¢hurchwardeDS on special trnst for the PCC artd which requir¢ a fa¢ulty for disposal. These constitute inalienable propety and are listed in the Church's inventory. Olher land and bulldlngs Other land and buildings held on behalf of the PCC, for its own pU05¢s. are included in the financial statements at 08t less any accumulated depreciation. Leasehold properiios are owned. They arc, in the opinion ofthe PCQ non-specialised propertiw designed as, and uscd wholly or mainly for, privat¢ residential accommodation. No dcpreciation is charged in respect of the5c properties. The properties. value and condition are rcvA¢wed annually by the PCC, who are satisfled that their residual values ar¢ not mat¢rially less than their respective book values. Both properties are currently surplus to th¢ ¢h8ritable requir¢m¢nts of the PCC, and thus l¢t. The assets are classified as held for charÉtable use. this being the primary pury)os¢ for which they have been acquiredlare held. Rentsl income arising is iThcluded underJp2comefrom TrathngAclivili¢s in accordanGc with SORP paraaph 4.36, OfherfLxfures,flttlngs andofJ7ce equlpmenl Equipment acquired for use within the churth premiscs is deplated over four to fAve years on a redu¢ing balance basis. Individual items of equipm¢nt with a purchase price of £1,000 or Ics5 is written off in the period in which the asset is acquired. Investment8 Fixed asset investments ar¢ stated at their market value at the balance sh¢et date. The Statemcnt of Financial Activities ther¢fore includes the net gains and loss¢s on revaluatio as well as those on disposals made during the year. Listed investsnents are a forni of basi¢ financial instrument and are initially reCgnISed at thelr transaGtion value and subsequently measured at their fair valu¢ as at the balance sheet dat¢ using the closing quoted market price. The ¢harAty does not acquire put options, derivatives orother complex fmancial instruments. Penslon scheme8 A defmed contribution s¢hemo is available ftir lay staff. Contributions in respeot of the defined contribution pension scheme are charged to the Statement of Financial Activities when they are payable to the scheme, The ohurch's Contributions are limited to the ¢ontributions disclosed in note 7. There were no outstsnding contributions at the year end. The church has no liability beyond making its contributions and paying acN)ss the deductions for the employees, contributions. FlnaneiAI Instruments The charity only has fmancial assets and fmancial liabilities of a kind that qualify os basic financial instruments. Basic fthancial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 17-
ST GABRIELPS PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 DONATIONS AND LEGACIES Unrestricted Funds Restricted Funds Totsl 2024 Total 2023 Steivardsldp Planned giving - stewardship schem¢ Other gifts and donations Gift Aid tsx recovered 39,359 7,450 10.132 39,359 20,854 10,132 38,291 9,573 13,953 13.404 Total Christian stewardship 56,941 13.404 70,345 61,817 Frlends of St Gabrlell Subscriptions Donations Gift Aid recovered 240 1,500 loo 240 1,500 loo 290 7,965 227 Total Friend5 of St Gabriel's 1,840 1,840 8,482 Grants and Legacles Mission Fund- Other gifis & donatiOAL Misslon Fund- Grants from Parish House Youth Mission Grants Archbishop's Cow)cil grant Legacies 1.000 6.799 14.900 1,000 6,799 14,900 3,990 14,070 39,223 10,758 Total Grants and Legacies 22,699 22,699 68,041 £56,941 £37.943 £94,884 £138,340 18-
ST GABRIEL'S PAROCHIAL CHURCH COUNCIL NOTES TO THE F]NANCIALSTATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBKR 2024 DONATIONS AND LEGACIES (continued) Year end¢d 31 December 2023 Unrestrl¢t¢d Funds RtrIcted Fullds Total 2023 Stewardship Planned givillg- stcwardship s¢hem¢ Other gitls and donations Gift Aid tax recovered 38,291 7,296 13,953 38,291 9,573 13,953 2,277 Total Christian st¢wardship 59,540 2,277 61,817 Frl¢nds of St Gabrlel's Subscriptions Donations Gift Aid r¢covcred 290 7,965 227 290 7,965 227 Totsl Friends of St Gabriel's 8,482 8,482 Grants and LegAeles Mission Fund- Other gifts & donations Mission Fund- Grants from Parish House Archbxshop'8 Coun¢xl grant Legacies 3,990 14,070 3,990 14,070 39,223 10,758 39,223 10,758 Total Grants and Legacies 49.981 18,060 68,041 £109,521 £28,819 £138,340 19-
ST GABRIELJS PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIALSTATEMENTS- continued FOR THK YEAR ENDKD 31 DECKMBER 2024 2. INCOME FROM CHARrrABLE AcfIvITIES UDrestrleted Funds Restricted Funds Total 2024 TotAI 2023 Income from weddings, funerals & baptisms Income from other servic¢s 726 6,438 £726 £726 £6,438 Year ended 31 Deeember 2023 Unrestrleted Funds RestrReted Funds Total 2023 tncome from weddings, funerals & baptisms Income from other seTvi¢es 6.438 6.438 £6.438 £6.438 3. INCOME FROM TRADING A(1VITIEs Unrestrieted Restrleted Funds Fullds Totsl 2024 Total 2023 Rental incomts Rentsl incorne from 37 Sheraton House Hir¢ of church & vesty hall Concerts and music re¢itals 51,544 22,250 63,850 51,544 22,250 63.850 52,256 16,230 56,183 5,000 £137,644 £137,644 £129,669 Y¢ar ended 31 De¢ember 2023 Unrestrl¢ted Funds Restrlcted Funds Total 2023 Rentsl incom Rental Income from 37 Sheraton House Hir¢ of chur¢h & vesty hall Concerts and music recitsls 52.256 16.230 56.183 5.000 52,256 16,230 56,183 5,000 £129,669 £129,669 -20-
ST GABRIEL9S PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL ATEmE1¥ITS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 4. INCOME FROM INVESTMENfs AND BANK DEPOSITS UnTe5triet¢d FuDds Restricted Funds Total 2024 Totsl 2023 Bank int¢re5t Income from quotsd itiveslments 98 14,891 98 14,891 3,401 8259 £14.989 £14,989 £11,660 YeAr ended 31 December 2023 Unr¢stricted Funds Restrieted Funds Total 2023 Bank intercst Income from quoted investments 3,401 8.259 3,401 8,259 £11,660 £11,660 5. EXPENDITURE ON RAISING FUNDS Unrestrl¢ted Funds Restrlcted Fullds Total 2024 Tot*1 2023 Investment Management fees Maintenance and upkeep of let property 33 1,854 8.800 8,800 £8.800 £8,800 £1,887 Year tnded 31 December 2023 UDrestrieted Funds Restrieted Funds Total 2023 Investjnent Management fee5 Maintenance and upkeep of let property 33 1.854 33 1,854 £1,887 £1,887 21-
ST GABRIELIS PAROCHIAL CHURCH COUNCIL NOTES TO THK FllW4ANCIAL STATEMENTS- continlled FOR THE YEAR ENDED 31 DECEMBER 2024 Gr8nt8 & Dollations oiher Costs Support Costs Total 2024 Total 2023 Dlocese and wider church Church rutttting Costs (includ¢s Restri¢t¢d fiwds) Pari81L costs Costs of providing ¢hurch servi$ Webcom expelldilure-Restricted fund Costs of ¢harit8ble activities Major ohuroh paIrS-D¢S18lla¢ed fund Professional fe¢s-De%ignated fiwd Missioll Fund-Restri¢l¢d fjjnd Church statue-Restricted fimd D¢pr¢oi8tion 60,000 985 53,028 1,613 9,680 62,598 62,708 61,011 62,708 1.717 41.485 12,907 4.840 14,624 46,325 14,045 39.456 241 13,276 1,856 21,415 3,227 3,468 13,276 1,856 21,415 3,644 78.969 8,383 11.753 1,326 1,326 452 £60,000 £135,329 £32,267 £227,596 £278,101 Y¢Ar ended 31 D¢eember 2023 Grants & DDnatlibDY Other Colts Support Costs Total 2023 Dioeese gmd wid¢r Ghuroh Church fUDning costs (includes Restrioted funds) Parish costs Cosls of providing church servi¢¢s W¢bc8m experAdilur¢-Restri¢ted fiwd Costs of charitsble Mctiviti¢s Mqior church r¢pairs-Designat¢d fund ProfessloDRI fees-D¢signated fimd Mission Fund-Restri¢t¢d Chvroh stalue-R¢stn'cted fimd Depre¢i&lio 59,167 278 1,566 61,011 50.991 1,515 34,757 9,397 12,530 4,699 60,388 14,045 39,456 512 78,969 8.383 11,753 3,132 3,644 78,969 8,383 11.753 452 452 £59,167 £187,610 £31,324 £278,101 TotAI 2024 Total 2023 Support Cost$ IT costs P8ri8h Administrator Parish office costs Indep¢ndent examin4tion fr¢$ Accounting and bookkeeping fe CBS and professional charges B8llk and otber cb8rges 2,131 18,332 974 1.500 9,037 556 14,422 1,155 6,401 8,474 293 316 £32,267 £31,324 -22-
ST GABRIEL'S PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL sfATEMKKfs- eontlnued FOR THE YEAR ENDED 31 DECEMBER 2024 ExPENDu ON CHAIUTABLK ACTIVITIES (cont.) Support Costs are apportioned on the basis of estima¢¢d usag¢ as follow Diocese and wid¢r ¢hur¢h Church runttillg cost$ P1$h costs Cost8 of providing church seThitts Costs of oharitable a¢tivities 5% 30% (2023., 5%) {2023: 30%) 12023: 40%) (2023: 15%) (2023: 10%) 1,613 9,680 12,907 4,840 3,227 1,566 9,397 12,530 4,699 3,132 Is% £32,267 £3l.324 7. STAFF COSTS AND REMUNERATION OF KKY MANAGEMENf PERSONNEL 2024 2023 Wages and Sa[leS Social seourity Other pension costs 17.457 14,147 875 275 £18,332 £14,422 No employee has received remuneration at a rate of £60,000 or morc per annum (2023: Nil). The average number of staff employed An the year was: 2024 2023 Adminxstration 8. TRUSTEESI EXPENSES AND REMUNERATON AIYD TRANSACTIONS WITH TRUSTE& DurAng the yvar. the total amount donatsd by vaTiOUS trustees was £11,780 (2023.. £7,328). The charlty trustees were not paid nor received any other benefits from employment with the charity (2023: £nil). No (2023: One) trustee were reimbursed for out-of-pock¢t expenses durAng the year (2023: £2,787). No charity trustee received payment for professional or other services supplied to the church (2023: £nil). Fr Owen Higgs, as the Incumbv>nt, and Rev'd Al¢x Hobbs had customary clergy awmmodatioll provided. In the opinion of the trustses, thcy are the key personn¢l of th¢ Church. 9. TAXATIOIY The PCC as a ¢harity is ex¢mpt from tsx on income and Bains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to th¢ extent that these are applied to ils charitsble objects.
ST GABIUELJS PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL sfATEMENTS- contlnued FOR THE YEAR EPIDED 31 DECEMBER 2024 10. TANGIBLK FIXKD ASSETS Unrestrfcted FuDds EDdoJvment Long Leagehold Long Leasehold Unrestrleted Equlpment Total COST OR VALUATION At l January 2024 Additions 500,(100 475,000 10,584 3,644 985,584 3.644 At 31 Dc¢ember 2024 500.000 475,000 14,228 989,228 DEPRECIATION At l January 2024 Charge forthe year 9,229 1,326 9,229 1.326 At 31 December 2024 10,555 10,555 NET BOOK VALUE At 31 December 2024 £500,000 £475,000 £3.673 £978,673 At 31 December 2023 £500,000 £475.000 £1,355 £976,355 ii. Total 2024 Total 2023 General Fund Mu$Ae Fund Market value At beginning of year Additions Disposals Unrealised gainsl(losses) 291,203 29,875 (7,291) 13.710 7,025 298,228 29,875 (7,291) 13,871 330,020 26,136 (84,349) 26,421 161 £327,497 £7.186 £334,683 £298,228 Cost of investments £320,239 £4,740 £324,979 £302,394 Unroalised gains/Oosses) on investments £7.258 £2,446 £9,704 £(4,166) The above investments are all held within the CCLA Church of England Investment Fund and in various tsnds of Sarasin & Partners LLP It Is the policy of the PCC that funds approximating to the PCC'S targeted level of unrestricted ro5eNes are held in the CCLA Church of England Investtnent Fund to provide long terni return and protection against inflation.
ST GABIUEL'S PAROCHIAL CHURCH COUNCIL NOTES TO THE FTNANCIALsfATKMENTS- Continued FOR THK YEAR ENDED 31 DKCKlktBER 2024 11. INVESTMENTS (contRnu¢d) Year ¢Dded 31 December 2023 Totsl 2023 GeMer81 Fund Mu8t¢ Fund arket value At beginning of year Additions Disposals Unrealised {loss¢s)/gaiDS 323,599 26,136 (84,349) 25,817 6,421 330,020 26,136 (84,349) 26,421 604 £291,203 £7,025 £298,228 Cost of invesknents £297,654 £4,740 £302,394 12. DEBTORS Total 2024 Totsi 2023 Trade debtors Agency collections Tax reclaable on GiftAid Prepaym¢nts 12,320 ,454 3,673 3.750 1,000 6,340 2,515 7,950 £28,197 £17,805 13. CREDITORS: amoullts fglling due withln one yeiy Total 2024 Total 2023 Accruals Defeed income Other creditors 15,425 4,084 12,987 4,084 8,327 £19,509 £25,398 14. UNREgnilCTED FUNDS It is the policy of the PCC to keep three months, nuthing Costs in reserve to cov¢r unforeseen events. In view of the state of the thurch building and the results from tbe last Quinquennial Jnspection, any surpluses accrning iti excess of this target shall be designated towards the Fabric Fund. Th¢ balance of unrestricted fimds, excluding the designated fund arising from the legacy (se¢ Note 15), were: Balance at 31 DeG¢mber 2024 £5,742 £5,742 -25-
ST GABRIEL'S PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS- ¢ontinu¢d FOR THE YEAR ENDED 31 DECENtBER 2024 15. DESIGNATED IPUIYDS A designated fund was established in th¢ y¢ar ended 31 Decftbcr 2019 in respect ofthe sums received by way of legacy. Fund for the upkeep of the fabrie of the Church premises Opening Balance ReleAsed from DeslgD8tion Closlng Balallce Ineome (iDcI. Galns) Expenditure Year ended 31 December 2024 £851,964 £21,494 £(13,276) £860,182 Opening Balance llleome & Galns Designated In Year Closlng Balance Expendlture Year ended 31 December 2023 £872,310 £67,039 £(87,385) £851,964 During the year ended 31 December 2019, a fornier parishion¢r bequeathed a legacy with an estimated value of £1,623,887 to the Vicar and Churchwardens of St Gabriel's Church for religious and charitsble purposes in the parish as approved by the PCC. Included within the Icgacy was a l¢asehold propety with an estimated value of £500,000 (refer note 10), with the balance of the lega¢y being financial investments. During 2020 the sum of £lm was paid over by the Estate to St Gabriel's Church and used to establish an inv¢5tment portfollo with Sarasitt & Partners LLP (Not¢ I l), along with a lump sum re¢¢ived in cash. A further £8k was paid into the portfolio from the estate during the year as the estate was finalis¢d. The PCC decided that the legacy will bc maintained as a deS]jated fund from which investm¢nt in¢omB is used in the furtherance of the PCC'S objectives in the parisb, and Gapitsl expenditure from the fund will be used to support m4ior projects, as agreed by the PCC. Such expenditure will generally not be used to cover the entir¢ cost of any such project, but as a ntrIbutiOn alongsidc whi¢h fmanoial support will continue to be sought from other source&
ST GABRIEL'S PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIALSTATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 16. RESTiucfED FUNDS Opening Balance Transfers & GalnslLoss Closlng BAlane¢ Income Expenditure Year ¢nded 31 Deeember 2024 Friends Funds Fabri¢ Fund Fabric Webcam Illd Mission Fund Stsff Fund Mi8¢¢118neous Small Funds Broadoasting Equipment Mar¢vs Cornish Fund Organ Fund 67,900 6.270 430 28,622 6,703 2,042 2,627 1,840 (1.911) 67,829 6,270 430 29,906 6,703 2,407 2,627 22,699 (21,415) 365 25.457 13.200 38,657 £140,051 £38,104 23,326) £154,829 Year ended 31 December 2023 Friends Funds Fabrlc Fund Fabric Webcam Fund Mi88ion Fund Stsff Futtd Mi$¢ellaneous Small Funds Broadcasting Equipment Marcus Con]ish Fund Organ Fund 68,228 6.270 430 22,315 6.703 1.438 2,627 (6,365) 23,180 2.117 (2,445) 67,900 6,270 430 28,622 6,703 2,042 2,627 18.060 (11.753) 604 6.365 2,277 25,457 £124,826 £29.423 £(14.198) £140.051 eted Fund8 Friends Funds These Funds represent monies raised by the Friends of St Gabriel's specifically for the maintsnance and enhan¢ement of the church building and th¢ restoration of the War Memorial (now completed). Fabrle Fund The Fund represents other monies received for the maintenance and ¢nhan¢ement of the church building. Fabrle Webcam Fund and broadcasting equlpment Like the Fabric Fund. these repres¢nt other monies received for maintenance and enhancement of the church building but spe¢ifically restricted to the Webcam and broadcasting equipment. Mtsslon Fund The Mission Fund represents monics given to the Heaven's Gate Mission Project which is an activity of the P.C.C, Staff Fund This fimd represents monics given to support the employment of a curate. Mi5cellaDeous Small Funds These comprise four fiinds, each with a balan¢¢ of below £1,200, including the Music Fund, vllents Fund and th¢ Flowers Fund. -27-
sr GABRIEL*S PAROCHIAL CHURCH COUNCIL NOTES TO THE FtNANCIAL sfATEMENTS- conlthued FOR THE YEAR ENDED 31 DECEMBER 2024 17. ENDOWMENT FifND The Endowment Fund is represented by a Icasehold property, which must be used in accordance within tho restriotions imposed by the Diowe. See Tangible Fixed Assets- note 10. Total 2024 Total 2023 Balance on the fimd at l January and 31 D¢rnber 2024 £475,000 £475,000 18. CONNEcfED CHARITIES Al RELATED PARTY TRANSACTIONS The members ofthe PCC are also the collectiv¢ trustee of St Gabriel's Parish House, a sepat¢ charity (registered charity number 1114216). There were no transactions b¢tw¢¢n ihe charities during the year (2023: Nil). In addition, the VI and one other member of the PCC are trustees of Pimlxco Musical Foundation (registered Charity number 1163223). Apart from th¢ PCC allowing the Foundation to have use of its rooms alld facililies at Certain timcs without any charge, and reimbursement of ¢xpenditure incurred by the church on behalf of the Foundation, there were no transa¢tions between th¢ charities during the year (2023: Nil). Other than the reimbursement of minor out-of-pocket expenditure to tNstees, th¢r¢ wer¢ no related paty transactions arising WLth any other related party in the year (2023: Nil). -28-