The United Parish of Saint Vedast-alias-Foster
Annual report and financial statements of the Parochial Church Council for the year ending 31 December 2023
Foster Lane London EC2V 6HH
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Responsibilities of the Parish Church Council
Under the Church Representation Rules, the Parochial Church Council (‘the Council’) is required to prepare an annual report on its proceedings and on the activities of the Parish generally. It is also required to prepare a financial statement for the financial year that gives a true and fair view of the state of affairs of the Parish at the end of the financial year and of its income and expenditure for that period. These are both presented herein for the year ended 31[st] December 2023. The Council agreed this report at its meeting on 17[th] March 2024.
The Council is responsible for keeping proper accounting records, for taking reasonable steps to safeguard the assets of the Parish and to prevent and detect fraud and other irregularities. The Council confirms that suitable accounting policies have been used and applied consistently; that the financial statements have been prepared on a going concern basis; and that reasonable and prudent judgements and estimates have been made in the preparation of the financial statements. By order of the Council,
Paul Kennedy
Rector March 2024
Richard Batchelor Treasurer
Activities of the Parochial Church Council during 2023
The parish church of Saint Vedast-alias-Foster is situated in Foster Lane, in the City of London. It is part of the Diocese of London within the Church of England. Saint Vedast’s Parochial Church Council is a corporate body established by the Church of England, and operates under the Parochial Church Councils (Powers) Measure 1956 (as amended). The Council is a registered charity (Charity number 1134024). The correspondence address is 4, Foster Lane, London EC2V 6HH.
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The Council is, with the Rector, charged with promoting the pastoral, evangelistic, social and ecumenical mission of the church, in the united ecclesiastical parishes in its care in the City of London. It is also responsible for maintaining two fine (Grade I Listed) Wren churches (both restored after bomb damage during World War II) – Saint Vedast-alias-Foster in Foster Lane and Saint Anne & Saint Agnes in Gresham Street, together with the Parish Room and courtyard adjacent to the church in Foster Lane. The Council also has oversight of the use of the disused churchyards of the former parishes amalgamated to form the modern parish, although these are maintained by the City Corporation.
Council members who served during 2023 and to the meeting where this report was adopted were:
Ex-Officio Members
Rev Paul Kennedy Rector Rev Robert Pfeiffer Curate Barbara Harris Warden, Deanery Synod rep James Olley Warden Claire Beale Secretary
Elected Members
Richard Batchelor Treasurer, Glebe Warden Simon Clark Victor Funtanares John Hill Norman James Valerie James Electoral Roll Officer Thomas Lawrance Ringing Master Erica Olley Children’s Champion, Safe-Guarding Officer Alan James Whelan
The method of appointment of Council members is set out in the Church Representation Rules (Schedule 3 of the Synodical Government Measure 1969, as amended). Previously, the number of lay representatives on the Council had been ten, but the 2013 APCM decided that (in line with Diocesan guidelines) the number of lay representatives elected to the Council should be no more than nine. The 2018 APCM decided that those nine should be elected for a term of three years, elected by thirds. All church attendees are encouraged to register on the Electoral Roll and stand for election to the Council, especially those whose attendance is on weekdays. The Electoral Roll included 72 names at 31 December 2023 compared with 68 at 31 December 2022.
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The PCC has complied with the duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016, in relation to having due regard to House of Bishops’ guidance on safeguarding children and vulnerable adults. The parish has a safeguarding policy, which it reviewed at its April meeting.
The Council has a Standing Committee (which is the only committee required by the Church Representation Rules). It has power to transact the business of the Council between its meetings, subject to any directions given by the Council.
The full Council met five times in 2023; the Standing Committee met, when necessary, between Council meetings.
The parish of St. Vedast remains committed to making God’s word known to the people and businesses of the City of London. The church provides regular Sunday morning and weekday lunchtime services throughout the year. The church and courtyard are open for the benefit of the City’s residents, workers and visitors.
2023 has been another busy year for the St.Vedast community especially as the longed planned re-decoration of the nave took place in late summer. Services and events continued to take place before, after and during these major works.
January saw the Lord Mayor of London attend for the Plow service usually held at St. Lawrence Jewry and in February, the Worshipful Companies of Wax Chandlers and Tallow Chandlers held their Candlemas Service during which the church was lit only by over an hundred candles and would have looked very familiar to Sir Christopher Wren whose 300[th] anniversary was marked by a “Wrenathon”.
The Wrenathon involved many of the Wren churches in the City and elsewhere and St. Vedast was happy to welcome many parties of school students to look around the church and participate in organised activities. Television cameras also came to film the church as part of a Wren “Songs of Praise” which also included footage of Fr Paul and Fr Robert at St. Mary Aldermary.
There was also a Wren Bank churches walk when about 50 people from the congregation and elsewhere visited St. James Garlickhythe, St. Stephen’s Walbrook, St. Margaret’s Lothbury, St Mary le Bow ending at St Vedast where there was a reception.
Guest preacher at our St Vedast Day Choral Evensong was the Reverend Jonathan Aitkin who spoke movingly about his time in prison and his work as a prison chaplain basing his homily on Psalm 130 and the “de Profundis “of Oscar Wilde written from Reading Gaol.
Preparations for Easter included a talk about Nietzsche given by Michael McClure followed by a lively discussion and the Bank churches talk on the different sorts of prayer and ways of praying. The Tenebrae service was, as usual held jointly with St
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Mary Aldermary with services at St. Vedast on Good Friday and Easter Sunday. The Good Friday service was followed by a showing of “Jesus of Montreal”.
The Coronation of His Majesty King Charles III and Queen Camilla may have been a rainy day but that did not dampen the spirits of those from St. Vedast and St. Mary Aldermary who gathered at the rectory to watch proceedings together on television. Various contributions led to a fine buffet with wine and fizz to toast our new monarch. An outing was made to the Millennium Bridge to watch the flypast where we also saw Fr Luke, the Archdeacon who was also braving the rain then back to the rectory for further refreshments. Mass the following day also made reference to the event and concluded with the singing of the National Anthem.
It is hard to believe that Robert has only been with us as a curate since July 2022 as he is so involved with parish life. 17[th] June saw him ordained as a priest at St. Mary’s church, Islington. Fr Paul was present as were many from the St Vedast congregation. Fr Robert, as he now is, was ordained by Bishop Sarah along with 16 other ordinands at an uplifting service.
His family kindly invited all from St. Vedast to join them afterwards at a local restaurant. The following day, Fr Robert took his first Mass which was followed by a reception to mark the occasion. A gift of a home communion kit was made to show the appreciation of the parish for all his hard work.
On 9[th] July, three new Parish Clerks were installed, Frank Moat at St. Alban’s Wood Street, Piers Chalinor at St. Matthew’s Friday Street and Valerie James at St. Michael le Querne. After Mass, there was a peregrination around the parish to enable Frank to be formally installed at the surviving tower of St Alban’s, outside New
Change for Piers that being the nearest we could get to the original site of St Matthew’s and on the pavement by the exit from St Paul’s station for Valerie as St Michael le Querne also has no physical remains. The occasion attracted quite a lot of attention from passers-by.
The annual parish barbeque took place and as usual, we were blessed with fine weather. James and Erica Olley were in charge of cooking vast amounts of sausages and burgers and several congregants contributed to the many salads. Nell again provided amazing desserts and the occasion was enjoyed by all present.
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At the beginning of August, fortified by Parish Breakfast, after Mass, the church was made ready for the arrival of the contractors on the following day. Cushions were bagged up for cleaning and re-stuffing, service books and hymn books were put into boxes so they could be moved to the side chapel, kneelers and anything moveable were removed as many hands made light work.
While the works were ongoing, a pathway was open for access to the side chapel where services were held except when scaffolding was being erected or removed. The first Sunday service took place in the courtyard with Fr Robert providing the music on his guitar as the church was completely closed but thereafter there was opportunity to admire the vastness of the scaffolding and catch glimpses of progress. Everyone soon felt at home in the side chapel and problems with lighting and the like were soon overcome. When the scaffolding was being removed, Mass took place in the hall.
Amazingly, the works finished in accordance with the schedule and in mid-October, the nave was open albeit lit by candles as the installation of new lighting was ongoing. Mass was followed by a reception to mark the occasion. The following Sunday, Fr Paul Jones, father of the groom whose wedding had taken place the day before, joined us for Mass and gave an amusing sermon.
Many of the friends and admirers of the late Jo Tewson wished to have some sort of memorial to her and it was decided that a new lectern would be the perfect item. This is being hand-made and will have a plaque to recognise inter alia her contribution as a lector.
We were pleased to welcome visitors from our link parish in New York, the Church of the Incarnation. Madison Avenue and Josie McQuail who lives in Tennessee and attends St. Vedast when she is in London. We also saw friends returning to visit from Hong Kong and Brazil as well as from the UK.
We were pleased to welcome the Ward of Cheap Club for a talk given by their past president Adrian Waddingham CBE about Nicholas Breakspear, to mark the publication of his book “Breakspear, the English Pope”. He gave an illustrated talk about the only English pope which was followed by a reception.
The church wardens’ admission ceremonies have gone back to be a service for church wardens from many parishes rather than taking place in the parish. Attendance also took place at the meetings of the City Deanery which take place three times a year. The Standing Committee met when required and the Annual Parochial Church Meeting took place as did four meetings of the Parochial Church Council to ensure our statutory obligations are met. There was also attendance at the Annual Meeting of the Sheriffs and Recorders fund, one of the recipients of our charitable donations.
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2023 saw one wedding, one Christening and also a Memorial Service of the Chaplain to the Worshipful Company of Engineers. Due to the re-decoration works, it was decided not to open for Open House weekend but the church and hall were open to welcome visitors on the day of the Lord Mayor’s show. Several choirs used the church and hall for rehearsals and/or performances including the Diversity choir, City Chamber choir, Lloyd’s Singers, Dechert LLP singers, Roza Hirtzel Choir, Godwine choir, London Handel Festival and the St.Vedast Handbell Ringers.
AA groups and Al-anon continued to be regular occupants of the hall together with the Ward of Cheap Club and Bank Speakers. A Muslim Prayer Group has been using the hall for Friday Prayers. Sadly, due to decreased numbers, Slimming World and evening yoga no longer meet.
Advent started not only with the lighting of the first Advent candle but also a Carol party hosted by Breandan Ward at his home. There were Carol services for the London Ringers, Bryanston School, DLA Piper, Peterhouse, Bristol Alumni, Moorfields Eye Charity and the Worshipful Companies of Fanmakers and Fuellers, Plaisterers, Engineers, Wax Chandlers, Saddlers, Pewterers, Cutlers, and Goldsmiths.
There was the usual Carols and Communion service for the Parish followed by a reception in the Rectory and Midnight Mass was well attended with standing room only bringing the year to its conclusion.
Fabric
The repair and redecoration of the nave and narthex was the dominant feature of our fabric works during the year. This entailed installing protective coverings on all furnishings, monuments and the organ. Then scaffold was erected in the nave to permit access to all surfaces. This alone took some three weeks. Repairs were effected to cracked masonry and rain damaged surfaces. The gold and aluminium leaf covering the ornate ceiling features was cleaned and renewed where necessary. And the walls were repainted in their original colour. Window metalwork was restored and the glass cleaned.
At the same time the lighting system was renewed. New wiring and light fixtures together with directional lighting enhance the visual impact of the interior. A central control system allows different lighting modes to be used to fit different uses of the building.
The opportunity was taken to clean and refresh the furnishings – hassocks, pew cushions, carpet and curtains.
Thanks to good teamwork between the main contractor Clive Graham Associates and lighting designer CBG Consultants co-ordinated by our church architect Bob Wilson the work was completed on time and within budget.
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Protective Coverings
Scaffold grows…
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…and grows.
Removal of old lighting from roof space
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Repair of cracks and water damage
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Repair of cracks
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Repair damaged plasterwork
Cleaning the ornate ceiling mouldings
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Dismantling scaffold
Bell-Ringing
2023 has been a more encouraging year after the setbacks of lockdown. The postlockdown intake of trainees have progressed to become the core of the band, with a more consistent provision of Sunday service ringing.
One rope has been replaced, and one re-spliced. The clapper of the 4th bell snapped in September, necessitating two relocated practices, to Limehouse and Bermondsey, respectively. A replacement clapper was made by White’s of Appleton and fitted shortly after. One practice in December was moved to Bow to accommodate a Carol Service.
A ‘black’ summer outing to Essex (Black Notley and the Black Chapel) included a tour of Pleshey Castle and the remarkable Cressingham Temple medieval barns.
A quarter peal was rung for the coronation of King Charles III. Ringing took place for the 10th anniversary of the signing of the Commonwealth Charter. The Meridian Ringers of Greenwich rang at St Vedast on their pilgrimage for the millennial anniversary of the translation of St Alfege’s body from St Paul’s to Canterbury. A
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quarter peal was rung to celebrate Anna Gaudion, of the St Vedast band, receiving the ‘Evelina Midwife of the Year’ award.
The handbell ringers were joined by Iryna Donchenko from Ukraine, and played a Ukrainian carol at the London Ringers Advent carol service, which was held at St Vedast this year.
Finance
Expenditure more than doubled that of the previous year due to the major redecoration and repair works and cost of a new lighting scheme. This expenditure was covered thanks to a most generous bequest from Josephine Tewson and grants from the Benefact Trust and City Churchyards Grants Committee. The remaining shortfall was drawn down from our reserves.
Despite a significant increase in utility costs we managed to restrict our operational costs to only 5% more than in 2022. Other revenue streams remained broadly in line with the previous year.
Our investment portfolio increased in value by just over £45,000. However, we drew down £40,000 from our deposit account to offset the cost of fabric works.
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Statement of financial activities for the year ended 31 December 2023
Note Unrestricted Restricted TOTAL TOTAL
Funds Funds 2023 2022
£ £ £
INCOMING RESOURCES
Voluntary income 2(a) 5(a) 65,958 65,958 40,838
Activities for generating funds 2(b) 127,881 127,881 117,245
Income from investments 2(c) 5(c) 14,918 14,918 26,867
Gross income from church activities 2(d) 890 890 2,229
Other incoming resources 2(e) 4(e) 5(e) 150,414 150,414 2,632
TOTAL INCOMING RESOURCES 360,060 - 360,060 189,811
RESOURCES USED
Church activities 3(a), 6(a) 393,874 393,874 182,949
Generation of voluntary income 3(b) - - -
Fund-raising costs 3(c) 2,425 2,425 3,106
Transferred to Investments 5,000 5,000 5,000
TOTAL RESOURCES USED 401,299 - 401,299 191,055
NET INCOMING/(OUTGOING) RESOURCES - 41,238 - 41,238 - 1,244
Gains on investments (unrealised) 46,672 46,672 -
Losses on investments (realised) - - - 7,696
Losses on investments (unrealised) - - - 70,503
NET MOVEMENT IN FUNDS 5,434 - 5,434 - 79,443
Balances brought forward at 1 January 692,079 692,079 771,522
Balances carried forward at 31 December 697,513 - 697,513 692,079
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| Balance sheet as at 31 December 2023 | ||||
|---|---|---|---|---|
| Note | 2023 | 2022 | ||
| General Fund | 2,3 | 1,697 | 46,437 | |
| Fabric Fund | 5,6 | - | - | |
| Organ Fund | 7 | - | - | |
| Future Capital Fund | 4,14 | 673,960 | 630,749 | |
| St Anne and St Agnes Fund | 21,855 | 14,894 | ||
| 697,512 | 692,079 | |||
| Represented by: | ||||
| Central Board of Finance of the Church of England | ||||
| Deposit accounts | 71,417 | 109,014 | ||
| 6845 shares CBF Fixed Interest Securities Fund | 8 | - | - | |
| 12828.25 Income shares : CBF Investment Fund | 8 | 289,986 | 264,851 | |
| 280.97 accumulation shares : CBF Investment Fund | 8 | 21,855 | 14,894 | |
| 68329.61 shares : CBF PropertyFund | 8 | 87,978 | 87,804 | |
| 668.097 M & G Charifund Income Units | 8 | 9,587 | 9,818 | |
| Bank Balance : CAF Bank Main | 16,545 | 20,187 | ||
| Cash | - | - | ||
| Debtors andprepayments | 9 | - | - | |
| Creditors and deferred income` | 10 | - | - | |
| 497,368 | 506,567 | |||
| Held in trust bythe London Diocesan Fund: | ||||
| 7,769.03 Income shares : CBF Investment Fund | 8 | 175,621 | 160,398 | |
| 1,709.422 M & G Charifund Income Units | 8 | 24,524 | 25,114 | |
| 200,145 | 185,512 | |||
| 697,513 | 692,079 |
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Notes to the financial statements
The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with applicable accounting standards and the SORP (Statement of Recommended Practice) 2005.
The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value. The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body, nor those that are informal gatherings of church members.
Funds
Restricted funds represent (a) income from trusts or endowments which may be expended only on those restricted objects provided in terms of the trust or bequest, and (b) donations or grants received for a specific object or invited by the PCC for a specific object. The funds may only be expended on the specific object which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on the fund. The PCC does not usually invest separately for each fund. Where there is no separate investment, interest is apportioned to individual funds on an average balance basis. Unrestricted funds are general funds which can be used for PCC ordinary purposes.
Incoming resources
Planned giving, collections and donations are recognised when received. Tax refunds are recognised for the tax year in which they are received - one year in arrears. Grants and legacies are accounted for when the PCC is legally entitled to the amounts due. Dividends are accounted for when receivable, interest is accrued. All other income is recognised when it is receivable. All incoming resources are accounted for gross.
Resources expended
Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC. The diocesan parish share is accounted for when due. Amounts received specifically for mission are dealt with as restricted funds. All other expenditure is generally recognised when it is incurred and accounted for gross.
Fixed assets
Consecrated and benefice property is not included in the accounts in accordance with s.77 of the Charities Act 2011. Movable church furnishings held by the rector and churchwardens on special trust for the PCC and which require a faculty for disposal are inalienable property, listed in the church's inventory, which can be inspected (at any reasonable time). For anything acquired before 2000 there is insufficient cost information available and therefore such assets are not valued in the financial statements. No individual item purchased subsequently has cost more than £1,000 so all such expenditure has been written off when incurred.
Investments are valued at market value as at 31st December.
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| Notes to the financial statements for theyear ended 31 December 2023 | Notes to the financial statements for theyear ended 31 December 2023 | Notes to the financial statements for theyear ended 31 December 2023 | Notes to the financial statements for theyear ended 31 December 2023 | Notes to the financial statements for theyear ended 31 December 2023 | |
|---|---|---|---|---|---|
| GENERAL FUND | Unrestricted Funds |
Restricted Funds |
2023 | 2022 | |
| 2. INCOMING RESOURCES | £ | £ | £ | ||
| 2(a)Voluntaryincome | |||||
| Plannedgiving: | |||||
| Gift Aid donations | 12,610 | - | 12,610 | 14,029 | |
| Alms(includingcandle andpublicatio | n 5,755 |
- | 5,755 | 8,137 | |
| Donations | 4,417 | - | 4,417 | 9,775 | |
| Income tax recovered | 11,181 | - | 11,181 | 5,642 | |
| Grants - CityDeaneryFund | 2,600 | - | 2,600 | 2,500 | |
| Sundrydonations | - | ||||
| 36,563 | - | 36,563 | 40,083 | ||
| 2(b)Activities forgeneratingfunds | - | ||||
| Parish rate | 66,538 | - | 66,538 | 55,796 | |
| Church Hall lettings etc. | 22,907 | - | 22,907 | 18,269 | |
| Glebe Fees | 38,436 | - | 38,436 | 43,180 | |
| 127,881 | - | 127,881 | 117,245 | ||
| 2(c)income from investments | |||||
| Future Capital Fund : Dividends and interest | |||||
| includingtax recoverable | 14,918 | - | 14,918 | 17,409 | |
| 14,918 | - | 14,918 | 17,409 | ||
| 2(d)Gross income from church activities | |||||
| Service fees | 310 | - | 310 | 1,994 | |
| Hospitality | 580 | - | 580 | 235 | |
| - | |||||
| 890 | - | 890 | 2,229 | ||
| 2(e)Other incomingresources | - | ||||
| CityParochial Charities | 986 | - | 986 | 986 | |
| Bequests | 106,521 | - | 106,521 | - | |
| 107,507 | - | 107,507 | 986 | ||
| - | |||||
| TOTAL INCOMING RESOURCES | 287,759 | - | 287,759 | 177,952 |
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| Notes to the financial statements for theyear ended 31 December 2023 | Notes to the financial statements for theyear ended 31 December 2023 | Notes to the financial statements for theyear ended 31 December 2023 | Notes to the financial statements for theyear ended 31 December 2023 | Notes to the financial statements for theyear ended 31 December 2023 |
|---|---|---|---|---|
| GENERAL FUND | Unrestricted Funds |
Restricted Funds |
TOTAL 2023 |
TOTAL 2022 |
| 3. RESOURCES USED | £ | £ | £ | £ |
| 3(a)Church Activities | ||||
| Missionaryand Charitable Giving | ||||
| Overseas | 6,500 | - | 6,500 | 5,540 |
| Home | 5,000 | - | 5,000 | 4,000 |
| 11,500 | - | 11,500 | 9,540 | |
| Ministry: Contribution to Diocesan Co | m 59,143 |
- | 59,143 | 57,350 |
| Other ministrycosts | 812 | - | 812 | 1,097 |
| Church runningand maintenance | 17,163 | - | 17,163 | 8,439 |
| Salaries and fees | 29,597 | - | 29,597 | 33,200 |
| Church Maintenance - cleaning | 7,056 | - | 7,056 | 5,377 |
| Stationery, printingandpostage | 1,442 | - | 1,442 | 1,580 |
| Organist and choir | 16,422 | - | 16,422 | 19,540 |
| Hospitality | 1,831 | - | 1,831 | 1,247 |
| Bank charges | 70 | - | 70 | 105 |
| Examination fee | 1,980 | - | 1,980 | 1,170 |
| Sundries | 3,628 | |||
| 147,016 | - | 147,016 | 142,273 | |
| 3(b) | - | |||
| Stewardshipenvelopes | - | - | - | - |
| - | - | - | - | |
| 3(c)Fund-raisingcosts | ||||
| Rate collection expenses | 2,425 | - | 2,425 | 3,106 |
| - | ||||
| TOTAL RESOURCES USED | 149,441 | 0 | 149,441 | 145,379 |
| FUTURE CAPITAL FUND | Unrestricted Funds |
Restricted Funds |
TOTAL 2023 |
TOTAL 2022 |
| £ | £ | |||
| 4(e)Other incomingresources | 3,500 | 3,500 | 1,646 | |
| TOTAL INCOMING RESOURCES | 3,500 | 3,500 | 1,646 | |
| 4(f)Resources used | - | - | - | - |
| TOTAL RESOURCES USED | - | - | - | - |
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| Notes to the financial statements for theyear ended 31 December 2023 | Notes to the financial statements for theyear ended 31 December 2023 | Notes to the financial statements for theyear ended 31 December 2023 | Notes to the financial statements for theyear ended 31 December 2023 | Notes to the financial statements for theyear ended 31 December 2023 | |
|---|---|---|---|---|---|
| FABRIC FUND | Unrestricted Funds |
Restricted Funds |
TOTAL 2023 |
TOTAL 2022 |
|
| 5. INCOMING RESOURCES | £ | £ | |||
| 5(a)Voluntaryincome | |||||
| CityParochial Foundation : Grants | 3,750 | - | 3,750 | - | |
| CityChurches Graveyard Committee | 18,000 | - | 18,000 | - | |
| FABRIC FUND Donations/Grants | 2,500 | - | 2,500 | - | |
| Donations | 5,145 | - | 5,145 | 500 | |
| Donations for organ | - | - | - | 255 | |
| Donations for bells | - | - | - | ||
| St MaryStainingaccess works | 29,395 | - | 29,395 | 755 | |
| 5(c)Income from investments | |||||
| Sale of CBF Fixed Interest | |||||
| Securities Fund | - | - | - | 9,458 | |
| - | - | - | 9,458 | ||
| 5(e)Other incomingresources | 39,407 | - | 39,407 | - | |
| VAT reclaimed | 39,407 | - | 39,407 | - | |
| TOTAL INCOMING RESOURCES | 68,802 | - | 68,802 | 10,213 | |
| Unrestricted Funds |
Restricted Funds |
TOTAL 2023 |
TOTAL 2022 |
||
| 6. RESOURCES USED | £ | £ | |||
| 6(a)Church activities: | |||||
| Insurance | 314 | - | 314 | 590 | |
| Organ | 3,021 | - | 3,021 | 1,384 | |
| Architect's fees | 13,716 | - | 13,716 | 9,779 | |
| Bells : repairs and maintenance | 335 | - | 335 | - | |
| Minor repairs to church and courtyard | 9,681 | - | 9,681 | 6,214 | |
| Exceptional repairs | - | - | - | 5,385 | |
| Furniture and equipment - other | 3,257 | - | 3,257 | 45 | |
| Monuments | 3,576 | - | 3,576 | - | |
| Tower and West Wall | - | - | - | 17,279 | |
| Nave redecoration | 118,185 | - | 118,185 | - | |
| LightingScheme | 93,348 | - | 93,348 | - | |
| St Anne and St Agnes maintenance | - | - | - | - | |
| St MaryStainingaccess | 1,425 | - | 1,425 | - | |
| TOTAL RESOURCES USED | 246,858 | - | 246,858 | 40,676 | |
| Unrestricted Funds |
Restricted Funds |
TOTAL 2023 |
TOTAL 2022 |
||
| ORGAN FUND | £ | £ | |||
| 7. INCOMING RESOURCES | |||||
| 7(a)Income from investments | - | - | - | - | |
| Interest on CBF Deposit Account | - | - | - | - | |
| TOTAL INCOMING RESOURCES | - | - | - | - |
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Notes to the financial statements for the year ended 31 December 2023
8. Gains and losses in investments (realised and unrealised)
The development of St Vedast's portfolio of investments has been detailed in previous annual reports.
Some investments are held directly by the PCC and others held in trust on its behalf by the London Diocesan Fund.
The holding in the CBF Fixed Interest Fund was realised. £5,000 was added to the St Anne and St Agnes Fund.
Dividends from the CBF Property Fund were accumulated in that fund.
Fund Fund Units at Value at Units at Price at Value at Unrealised
St Vedast
reference 31.12.22 31.12.22 31.12.23 31.12.23 31.12.23 Gain/Loss
Investments
pence 2023 £
CBF Fixed Interest FF 0 0 0 0.00 0 0
CBF Investment Fund FCF CB3029348 12,828 264,851 12,828 2260.53 289,986 25,135
income shares
CBF Property Fund FCF CB3029347 68,330 87,804 71,813 122.51 87,978 174
CBF Investment Fund SASA CB3029346 281 14,894 366 5971.38 21,855 6,962
accumulation shares
M&G Charifund FCF 24016252 668 9,818 668 1434.99 9,587 -231
Held in trust by London Diocesan Fund
CBF Investment Fund
income shares FCF 123001471S 7769 160,398 7,769 2260.53 175,621 15,223
M&G Charifund FCF 36900/00013 1709 25,114 1,709 1434.99 24,524 -590
562,879 609,551 46,672
St Anne & St Agnes Fund 6,962
Future Capital Fund 39,711
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| The United Parishes of St Vedast-alias-Foster | The United Parishes of St Vedast-alias-Foster | The United Parishes of St Vedast-alias-Foster | The United Parishes of St Vedast-alias-Foster | |||
|---|---|---|---|---|---|---|
| Notes to the financial statements for theyear ended 31 December 2023 | ||||||
| 9. Debtors andpre-payments | ||||||
| 2023 | 2022 | |||||
| Sundrydebtor | - | - | ||||
| - | - | |||||
| 10. Creditors and Deferred Income | ||||||
| Sundrycreditor | - | - | ||||
| - | - | |||||
| 11. Depreciation | ||||||
| The Council has never had occasion to capitalise expenditure. | ||||||
| 12. Reserves Policy | ||||||
| It is PCCpolicyto maintain in liquid form a balance of unrestricted funds(if | ||||||
| possible)equivalent to approximatelysix months' unrestrictedpayments to cover | ||||||
| emergencysituations that mayarise from time to time. On 31 December 2023 the | ||||||
| total of such funds was around £72,000, just above the desired target. |
21
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The United Parishes of St Vedast-alias-Foster
Income and Ex enditure accounts
p
GENERAL FUND 2023 2022
Income
Church Rates 66,539 55,796
Collections 5,755 8,137
Donations 4,417 9,775
Gift-Aided Stewardship Giving 12,610 14,029
Tax recovered 11,181 5,642
Voluntary receipts 100,501 93,379
City Parochial Charities 986 986
Interest received on investments 14,918 14,763
Letting of church and parish room 22,907 18,269
Glebe revenue 38,436 43,180
Bequests 106,521 -
City Deanery Fund : Grant 2,600 2,500
Hospitality 580 235
Energy Grant - 2,646
Contra income - -
Service fees 310 1,994
287,760 177,952
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22
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The United Parish of Saint Vedast-alias-Foster
GENERAL FUND 2023 2022
Expenditure £
Clergy 812 1,097
Hospitality 1,831 1,247
Lay staff salaries and fees 29,597 33,200
Liturgical expenses 621 509
Organist and choir 16,422 19,540
Rate collection expenses 2,425 3,106
Stationery, printing and postage 1,442 1,580
Sundries 2,051 1,255
Utilities 16,237 7,666
Household / Flowers 226 264
Cleaning 7,056 5,377
Publicity 78 -
Contra exp 3,628
Charitable donations 11,500 9,540
90,299 88,009
London Diocesan Fund (LDF) Quota 59,143 57,350
149,442 145,359
Excess of income over expenditure 138,317 32,594
Transfer to Fabric Fund -183,056 -36,844
Income outstanding at year end - -
Transfer to Future Capital Fund - -
Opening balance 46,437 50,687
Closing balance 1,698 46,437
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23
| The United Parish of Saint Vedast-alias-Foster | The United Parish of Saint Vedast-alias-Foster | ||
|---|---|---|---|
| FABRIC FUND | 2023 | 2022 | |
| Income | |||
| CityChurches Grant Committeegrant | 18,000 | - | |
| Donations | 6,250 | 500 | |
| Donations for organ | 5,145 | 255 | |
| Donations for St MaryStainingaccess works | - | - | |
| Interest on CBF Deposit Account | - | - | |
| Sale of CBF Fixed Interest Securities Fund | - | 9,458 | |
| VAT reclaimed | 39,407 | - | |
| 68,802 | 10,213 | ||
| Expenditure | |||
| Insurance | 314 | 590 | |
| Organ | 3,021 | 1,384 | |
| Architect's fees | 13,716 | 9,779 | |
| Bells : maintenance | 335 | - | |
| Minor repairs to church and courtyard | - | 6,214 | |
| Routine repairs and maintenance | 9,681 | 0 | |
| Furniture and equipment - other | 3,257 | 45 | |
| Monuments | 3,576 | - | |
| Nave redecoration | 118,185 | - | |
| LightingScheme | 93,348 | - | |
| Exceptional repairs | - | 5,385 | |
| Tower and West Wall | - | 17,279 | |
| St A & St A maintenance | - | - | |
| St MaryStainingAccess | 1,425 | - | |
| 246,858 | 40,677 | ||
| Excess of income over expenditure | -178,056 | -30,463 | |
| Valuation of investments(gain/loss) | - | - | |
| Loss on Investments realised | - | 1,381 - |
|
| Transfer from Organ Fund | - | - | |
| Transfer from General Fund | 183,056 | 36,844 | |
| Transfer to St A & St A Fund | -5,000 | -5,000 | |
| Openingbalance | - | ||
| Closingbalance | - | - |
24
| The United Parish of Saint Vedast-alias-Foster | ||||
|---|---|---|---|---|
| ORGAN FUND | 2023 | 2022 | ||
| Income | £ | £ | ||
| Interest receivable | - | - | ||
| - | - | |||
| Expenditure | ||||
| Transfer to Fabric Fund | ||||
| Transfer to Future Capital Fund | - | - | ||
| - | - | |||
| Excess of income over expenditure | ||||
| Openingbalance | ||||
| Closingbalance | - | - | ||
| FUTURE CAPITAL FUND | 2023 | 2022 | ||
| Income | ||||
| Interest on CBF Deposit Account | 3,500 | 1,646 | ||
| 3,500 | 1,646 | |||
| Expenditure | ||||
| Adjustment | ||||
| - | - | |||
| Excess of income over expenditure | 3,500 | 1,646 | ||
| Valuation of investments(gain/loss) | 39,711 | -74,541 | ||
| Transfer from General Fund | - | - | ||
| Loss on investments realised | - | 6,315 - |
||
| Transfer from Organ Fund | - | - | ||
| Openingbalance | 630,749 | 709,959 | ||
| Closingbalance | 673,960 | 630,749 | ||
| ST ANNE & ST AGNES FUND | 2023 | 2022 | ||
| Income | ||||
| Transfer from Fabric Fund | 5,000 | 5,000 | ||
| Valuation of investments(gain/loss) | 1,962 | -962 | ||
| Openingbalance | 14,894 | 10,856 | ||
| Closingbalance | 21,855 | 14,894 |
25
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The United Parish of Saint Vedast-alias-Foster
ST ANNE & ST AGNES REFURBISHMENT FUND
£ £
2023 2022
Income
Ecclesiastical Insurance refund 426 -
Interest 14 6
440 6
Expenditure
60 81
60 81
Excess of income over
380 -75
expenditure
Opening balance 7,000 7,074
Closing balance 7,380 7,000
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26
Report of the independent examiner to the PCC members of the urrited parishes of St Vedagt-alia8-Foster This report on the accounts of the PCC for the year ended 31 DeLmber 2(123, whith are Set out on pages 14-26 AS in of an examination carried out under the Church Aceounting Regulation$ 2006 and the Charities Act 2011 {'the Arf). Respective re8ponsibi]itie8 of the PCC and Examiner The Charltys trustees COnder that an audtt is not requiTrd for this year under the section 144(2) of the Act and that m independent examition is needed. It is my responsibility to: Exami the att4)unts under sections 145 of the Act; Follow prOureS laAd down in the general directions given by the Charity Conuriwoners section 145{5Xb) of the Art and State whether partAcular matters have come to my attentionl Bas1$ of Independent Examinerfs Statement My examination was CaTried out in accordan with the General Directions given by the Charity Commission. An examination indudes a review of the accountin8 Teeords kept by the charity and a comparison of the accounts presented with those records. It a150 indudes consideration of any unusual items or disdo8ures in the accounts, and 8knns explanations from the ngemeTrt conllrrittee contrrning any sudL matters. The Pr(dureS undertaken do not pIovide all the eviden that would be Tequired in a full audi¢ and consequently I do not express an opinion on the accounts. Independent Examinerfs Statement tn connection with my examinatioTh no matter has corne to my attention: l. Which gives me reasonable cause to believe that in any nthtsriaj resF*rt fhe requirements to keep accountin8 records in accordan with s130 of the 2011 Aet: or to Prepa aLrounts, whith accord to these accounting records have not Eten met, or 2. to whith in my Opinio attention should be drawn in order to enable a proper undeTStandin8 of the accounts to be reathed. )lJ Simla Wall Simia Wall Devonshire House 582 Honeypot Lane Stsnmore HA7 IJS Oevon5hire HorJse 582 Honey0 Lane SlanmDre, Middlesex HA71JS Tel. 0208 732 5500 Ernail.. mail@simidwall.co 27 27