_Annual report and financial statements of the Parochial Church Council for the year ending 31 December 2024_ 

_Foster Lane London EC2V 6HH_ 

1 



## **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 2024.  The Council agreed this report at its meeting on 16[th] March 2025. 

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 

Richard Batchelor Treasurer 

March 2025 

2 



## _**Activities of the Parochial Church Council during 2024**_ 

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 seeking to worship, find a quiet space or just to look around our historic and beautiful building. 

2024 has been a productive and reflective year for St Vedast and its various communities in both church and hall.  Christian Unity week was celebrated with an interesting discussion around the Vita Apostolica with Michael McClure and Alan Whelan weighing in on behalf of the Benedictine Order and the Rule of St Benedict with Br Vaughan of the Order of St Clare and St Francis detailing the Franciscan way of life and worship. 

Our Patronal Feast, St Vedast Day, was marked by Choral Evensong with the guest preacher being Br Sam, from the Society of the Order of St Francis.  The Sunday and weekday congregations were joined by several Livery companies as well as family and friends as we celebrated together. 

Joanna Sorohan, our previous parish administrator was granted Freedom of the City of London in a traditional ceremony at The Guildhall.  Joanna was joined by family and friends  from St Vedast to mark this very  special  occasion.  The ceremony was followed by an enjoyable lunch.   Joanna is keeping busy in retirement and remains involved with St Vedast. 

Preparations for Easter included a Lent talk led by Michael McClure titled “An introduction to the Orthodox tradition”.  The talk included slides and readings leading to a lively conversation around the rectory table as experiences were shared and questions answered.  Palm Sunday saw St Vedast participate in the donkey procession through the City with Tenebrae on Maundy Thursday coming from St Mary Aldermary.  Mass on Good Friday was followed by home-made Hot Cross Buns and the film of “The Seventh Seal” in the rectory. 

Many  members  of  the  congregation  attended  the  Easter  Vigil  at  St  Paul’s Cathedral during  which Johnny Faunbez-Campos was confirmed.  At Easter Sunday Mass, we were joined by Fr James Titley from St Lawrence Jewry as celebrant. 

St Vedast is always aware of the London Landmarks Half Marathon taking place on our doorstep and in 2024, Breandan Ward, a regular congregant, was the first visually  impaired  runner  to  finish  with  a  time  of  1.35.31.   Breandan  was interviewed by the BBC and the interview broadcast online on the BBC’s news website.  He said later that he was cheered on by hearing the bells of St Vedast as he ran along Cheapside. 

St George’s Day being also Shakespeare’s birthday was marked with a Lute concert  of  Shakespearean  music  and  readings.   The  end  of  April,  Fr  Paul celebrated his last Mass before going on a three month sabbatical during which time he was chaplain to the Anglican community in Assisi and participated in an humanitarian mission to Ukraine which involved taking two ambulances and a pickup truck filled with medical supplies to Kyiv; from where they were driven to the front line. 

3 



Paul and Paula Kennedy with Fr Paul hands over an ambulance in Kyiv – soldiers’ Anglican Church Wardens in identity hidden. Assisi. 

The Mass was followed by a reception in the courtyard during which Fr Robert made a speech on behalf of all the congregation wishing Fr Paul Godspeed. During Fr Paul’s sabbatical, Fr Robert took Mass every Sunday and at least three of the weekday Masses. 

At  the  end  of  June,  Cristian  Riquelme  was  received  as  a  Novice  into  the Community of St Francis and St Clare.  His entry into the noviciate was received by Br Vaughan who clothed him in the brown robes of a Franciscan Friar. 

Br Vaughan, Br Cristian, Johnny Faunbez-Campos, Michael McClure, Rev’d Robert Pfeiffer, Alan Whelan 

4 



Fr Paul’s return to the parish coincided with the annual barbeque.  More than 40 people attended many of whom had not booked but, whilst not quite the feeding of the five thousand, there was enough for everybody and again, the sun shone on this popular event in the church year. 

August saw the church host another concert, this time the modernist music of Charles Ives for piano and viola, a contrast to our usual music but a welcome addition to our canon. 

Evening prayers celebrated the anniversary of 800 years since the arrival of the first Franciscans in England with the service being followed by a reception. 

Open House weekend was busy with visitors with an endorsement on the quality of the refreshment being offered when the City of London police specifically requested cake made by Nell having remembered how good it was from previous occasions. 

Alan Matthews, our parish administrator felt he wanted a new challenge and gave his notice.  After interviewing  several suitable  candidates, the post was offered to Paula Campos, already a member of the Sunday congregation.  Paula has embraced the role with gusto and in a short space of time has made herself known to the weekday congregations, the Livery Companies and users of the hall and church. 

In October, Fr Paul gave two talks about his sabbatical.  The first was to the parish and detailed both his time in Assisi and Ukraine.  The parish was treated to Ukrainian delicacies to eat as we watched a montage of photos and videos.  The second talk was for the Livery Companies.  The event attracted over 40 people and gave precedence to the humanitarian work carried out in Ukraine as this is very much ongoing.  Testimony was heard from members of the Ukrainian community now living in London. 

The  end  of  October saw  the  re-dedication of  the  garden at  St  Mary Aldermanbury.  The remains of the Wren church destroyed in the blitz are now at the National  Churchill  Museum at Westminster  College  in Fulton, Missouri. Several representatives from Westminster College were able to attend together with the Lord Mayor of London.  The re-dedication was followed by Choral Evensong and a sherry reception in the courtyard to recreate the circumstances of the original discussions for removal of the church back in the 1960s. 

The Lord Mayor, Rev’d Kennedy and Westminster College Representatives. 

St Vedast parish clerks lead the procession to evensong. 

5 



We  were  delighted  to  welcome  back  Bishop  Stephen  Platten  visiting  from Northumbria  who  celebrated  Mass which  included  christening  baby  Sophia. There were also celebrations to mark Paula Kennedy being granted Freedom of the City of London.  Robert Hughes- Penny, Alderman for the Ward of Cheap was among those who attended the ceremony at The Guildhall.  There were further celebrations in the rectory when Fr Paul and Paula became grandparents for the first time. 

Advent was very busy as usual.  There was an Advent Film Evening when favourite films were discussed and in church, the Blessing of the Christmas Crib with the assistance of Br Vaughan was followed by carols in the rectory as sadly, Breandan was forced to cancel the planned carols at his home due to family illness.  The Parish Carol service was followed by a reception in the rectory when Jo, our director of music together with Martha and Alex, regular singers, were persuaded to regale us with more Christmas music. 

During  2024,  The  Worshipful  Company  of  Pewterers  celebrated  their  550th anniversary and the Engineers their 40th.   Installation and rededication services for the Worshipful Companies of Gunmakers, Woolmen, Goldsmiths, Firefighters, Cordwainers, Pewterers, Plaisterers and Chartered Secretaries also took place as the Livery Companies continued in their historic traditions. 

To end the year, there were Carol services for the Bryanston School, DLA Piper, Peterhouse, Bristol Alumni, Moorfields Eye Charity, the Swahili Community and the Worshipful Companies of Fanmakers, Plaisterers, Engineers, Wax Chandlers, Saddlers, Pewterers, and Goldsmiths. 

Midnight Mass saw attendance by 150 people, some visitors, others regulars for an uplifting service.  The last Mass of 2024 was a more reflective service as the parish prayed for Paula Campos and her family as her sister Ruth was tragically killed in a hit and run incident on Christmas Eve. 

Throughout 2024, 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.   Sadly, after over 35 Years on the Parochial Church Council, Norman James decided to retire.  Piers Challoner has taken his place. 

Attendance took place at the meetings of the City Deanery which take place three times a year.   There was also attendance at the Annual Meeting of the Sheriffs and  Recorders  fund,  one  of  the  recipients  of  our  charitable  donations. Representations were made to City Plan 2040. 

Valerie James (2023), Frank Moat and Piers Challoner (2024) Parish Clerks for St Michael  le  Querne,  St  Alban  Wood  Street  and  St  Matthew’s  Friday  Street respectively were sworn in as members of the Worshipful Company of Parish Clerks  in  formal  ceremonies  reinforcing  the  historic  relationship  between  St Vedast and the other City churches. 

2024 saw one wedding, three baptisms and a Memorial service celebrated in the church. 

Several  choirs  used  the church  and hall for rehearsals  and/or  performances including the Diversity choir, City Chamber choir, Dechert LLP singers, Roza Hirtzel Choir, Chandos chamber choir, Voces 8 and Stile Antico.  Musicians also used the church and piano for rehearsals, concerts and recitals. 

6 



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.  These groups continue to be part of our wider ministry and we value them as part of our community. 

## **Bellringing** 

The surge of learners after the despoliation of lockdown seems to have dried up, and the retention rate has been very poor.  Numbers remain low.  Nevertheless, the practices have been visited by ringers (68 in total) from all over the world: from Canada to Honolulu; from Holland to New Zealand and Australia.  There has  also  been  a  steady  stream  of  visiting  bands,  from  Cambridge,  Kent, Hertfordshire and Sussex, as well as the Railway Guild and the Guild of St Agatha (for Roman Catholic ringers).  St Vedast also hosted ringing for the National Youth Contest, held last year in various locations in London. 

Numbers were too low for a proper summer outing, but six of the band did visit the charming little church of Cranford in Middlesex and spent the rest of the day walking back along the canal. 

Bellringers visit Cranford 

The handbell band has ceased to meet due to insufficient numbers. 

The work on the tower in September necessitated the relocation of four practices, to Bethnal Green, St Clement Danes, St Lawrence Jewry and Stepney respectively. Two practices in December were also moved, to Cripplegate and to Spitalfields. 

7 



Peals were rung by the Ancient Society of College Youths and by St Paul’s Cathedral Guild.  The local band were active in ringing quarter peals throughout the year, including one to celebrate the completion of the restoration of Notre Dame in December. 

## **Fabric** 

After the major internal works in 2023 redecorating the church interior and installing  a  new  lighting  system  attention  turned  to  the  church  exterior. Following many delays due to steeple-jack availability, inclement weather and traffic permissions, work on the tower was finally completed.  The risk of falling masonry has been removed, crumbling stonework replaced and stainless steel substituted for rusting ironwork. The works benefitted from a grant from the City Churches Grants Committee. The lightning conductor was also repaired. 

## **Glebe** 

Routine repairs at St Anne and St Agnes included renewal of the automated gates from the west end yard of the church. 

## **Finance** 

Running costs were contained to a 5% increase over 2023.  Income increased or was stable from all sources, apart from bequests.  Expenditure on the fabric centred mainly on works to the tower, largely covered by a CCGC grant.  Good husbandry enabled us to increase our investment portfolio by £65,000 – a timely contribution to reserves prior to major expenditure in 2026 on the organ. 

## **Electoral Roll** 

The number on the roll is 72. 

8 



|**Statement of fnancial activities for the year ended 31 December 2024**|**Statement of fnancial activities for the year ended 31 December 2024**|**Statement of fnancial activities for the year ended 31 December 2024**|**Statement of fnancial activities for the year ended 31 December 2024**|**Statement of fnancial activities for the year ended 31 December 2024**|**Statement of fnancial activities for the year ended 31 December 2024**|
|---|---|---|---|---|---|
|||||||
||Note|Unrestricted<br>Funds|Restricted<br>Funds|TOTAL<br>2024|TOTAL<br>2023|
|||£|£|||
|**INCOMING RESOURCES**||||||
|||||||
|Voluntary income|2(a) 5(a)|122,283|-|122,283|65,958|
|Activities for generating funds|2(b)|134,861|-|134,861|127,881|
|Income from investments|2(c) 5(c)|14,911|-|14,911|14,918|
|Gross income from church activities|2(d)|1,424|-|1,424|890|
|Other incoming resources<br>|2(e) 4(e) 5(e)|31,407<br>|-|31,407<br>|150,414<br>|
|**TOTAL INCOMING RESOURCES**||304,885|-|304,885|360,061|
|||||||
|**RESOURCES USED**||||||
|||||||
|Church activities|3(a), 6(a)|225,713|-|225,713|393,874|
|Generation of voluntary income|3(b)|-|-|-|-|
|Fund-raising costs|3(c)|2,225|-|2,225|2,425|
|Transferred to Investments||65,000|-|65,000|5,000|
|**TOTAL RESOURCES USED**||292,938|-|292,938|401,299|
|||||||
|**NET INCOMING/(OUTGOING) RESOURCES**||11,947|-|11,947|41,238<br>-|
|Gains on investments (unrealised)||79,571|-|79,571|46,672|
|Losses on investments (realised)||-|-|-|-|
|Losses on investments (unrealised)||-|-|-|-|
|**NET MOVEMENT IN FUNDS**||91,519|-|91,519|5,434|
|||||||
|||||||
|Balances brought forward at 1 January||697,513||697,513|692,079|
|||||||
|**Balances carried forward at 31 December**||789,032|-|789,032|697,513|



9 



|**Balance sheet as at 31 December 2024**||||||
|---|---|---|---|---|---|
||Note|2024|||2023|
|||||||
|General Fund|2,3|2,796|||1,698|
|||||||
|Fabric Fund|5,6|6,852|||-|
|||||||
|Organ Fund|7|-|||-|
|||||||
|Future Capital Fund|4,14|751,524|||673,960|
|||||||
|St Anne and St Agnes Fund||27,859|||21,855|
|||||||
|||~~789,031~~|||~~697,513~~|
|Represented by:||||||
|Central Board of Finance of the Church of England<br>||||||
|Deposit accounts||77,09~~8~~|||71,41~~7~~|
|12828.25 Income shares : CBF Investment Fund|8|355,147|||289,986|
|280.97 accumulation shares : CBF Investment Fund|8|27,858|||21,855|
|68329.61 shares : CBF Property Fund|8|91,791|||87,978|
|668.097 M & G Charifund Income Units|8|9,837|||9,587|
|Bank Balance : CAF Bank Main||22,810|||16,545|
|Cash||-|||-|
|Debtors and prepayments|9|-|||-|
|Creditors and deferred income`|10|-|||-|
|||584,542|||497,368|
|||||||
|Held in trust by the London Diocesan Fund:||||||
|8,843.63  Income shares : CBF Investment Fund|8|204,489|||175,621|
|1,709.422 M & G Charifund Income Units|8|-|||24,524|
|||||||
|||204,489|||200,145|
|||||||
|||789,031|||697,513|



10 



## **Notes to the fnancial statements** 

The fnancial 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 fnancial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value.  The fnancial 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 afliation 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 specifc object or invited by the PCC for a specifc object.  The funds may only be expended on the specifc 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 specifcally 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 benefce 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 insufcient cost information available and therefore such assets are not valued in the fnancial statements.   No individual item purchased subsequently has cost more than £1,000 so all such expenditure has been written of when incurred. 

Investments are valued at market value as at 31st December. 

11 



|**Notes to the fnancial statements for the year ended 31 December 2024**|**Notes to the fnancial statements for the year ended 31 December 2024**|**Notes to the fnancial statements for the year ended 31 December 2024**|**Notes to the fnancial statements for the year ended 31 December 2024**|**Notes to the fnancial statements for the year ended 31 December 2024**|
|---|---|---|---|---|
||||||
|**GENERAL FUND**|Unrestricted<br>Funds|Restricted<br>Funds|2024|2023|
|**2. INCOMING RESOURCES**|£|£|£|£|
|2(a) Voluntary income|||||
|Planned giving:|||||
|Gift Aid donations|15,093|-|15,093|12,610|
|Alms (including candle and publicatio|n<br>9,862|-|9,862|5,755|
|Donations|12,285|-|12,285|4,417|
|Income tax recovered|5,736|-|5,736|11,181|
|Grants - City Deanery Fund|2,680|-|2,680|2,600|
|Sundry donations|-|-|-|-|
||45,657|-|45,657|36,563|
|2 (b) Activities for generating funds||||-|
|Parish rate|66,638|-|66,638|66,538|
|Church Hall lettings etc.|24,827|-|24,827|22,907|
|Glebe Fees|43,396|-|43,396|38,436|
||||||
||134,861|-|134,861|127,881|
|2 (c) income from investments|||||
|Future Capital Fund : Dividends and interest|||||
|including tax recoverable|14,911|-|14,911|14,918|
||||||
||14,911|-|14,911|14,918|
|2 (d) Gross income from church activities|||||
|Service fees|880|-|880|310|
|Hospitality|544|-|544|580|
|||||-|
||1,424|-|1,424|890|
|2 (e) Other incoming resources||||-|
|City Parochial Charities|986|-|986|986|
|Bequests|20,540|-|20,540|106,521|
||||||
||21,526|-|21,526|107,507|
|||||-|
|**TOTAL INCOMING RESOURCES**|218,378|-|218,378|287,759|



12 



|**Notes to the fnancial statements for the year ended 31 December 2024**|**Notes to the fnancial statements for the year ended 31 December 2024**|**Notes to the fnancial statements for the year ended 31 December 2024**|**Notes to the fnancial statements for the year ended 31 December 2024**|**Notes to the fnancial statements for the year ended 31 December 2024**|
|---|---|---|---|---|
||||||
|**GENERAL FUND**|Unrestricted<br>Funds|Restricted<br>Funds|TOTAL<br>2024|TOTAL<br>2023|
|**3. RESOURCES USED**|£|£||£|
|3 (a) Church Activities|||||
|Missionary and Charitable Giving|||||
|Overseas|5,500|-|5,500|6,500|
|Home|5,000|-|5,000|5,000|
||10,500|-|10,500|11,500|
||||||
|Ministry : Contribution to Diocesan Co|m<br>62,000|-|62,000|59,143|
|Other ministry costs|2,572|-|2,572|812|
|Church running and maintenance|14,932|-|14,932|17,163|
|Salaries and fees|31,777|-|31,777|29,597|
|Church Maintenance - cleaning|8,231|-|8,231|7,056|
|Stationery, printing and postage|1,755|-|1,755|1,442|
|Organist and choir|20,434|-|20,434|16,422|
|Hospitality|1,469|-|1,469|1,831|
|Bank charges|65|-|65|70|
|Examination fee|1,320|-|1,320|1,980|
|Sundries|-|-|-|-|
||155,055|-|155,055|147,016|
|3 (b)|||||
|Stewardship envelopes|-|-|-|-|
||-|-|-|-|
|3 (c) Fund-raising costs|||||
|Rate collection expenses|2,225|-|2,225|2,425|
||||||
|**TOTAL RESOURCES USED**|157,280|-|157,280|149,441|
||||||
||||||
|**FUTURE CAPITAL FUND**|Unrestricted<br>Funds|Restricted<br>Funds|TOTAL<br>2024|TOTAL<br>2023|
||£|£|£|£|
|4(e) Other incoming resources|3,997|-|3,997|3,500|
||||||
|**TOTAL INCOMING RESOURCES**|3,997|-|3,997|3,500|
||||||
|4(f) Resources used|-|-||-|
||||||
|**TOTAL RESOURCES USED**|-|-|-|-|
||||||



13 



|**Notes to the fnancial statements for the year ended 31 December 2024**|**Notes to the fnancial statements for the year ended 31 December 2024**|**Notes to the fnancial statements for the year ended 31 December 2024**|**Notes to the fnancial statements for the year ended 31 December 2024**|**Notes to the fnancial statements for the year ended 31 December 2024**||
|---|---|---|---|---|---|
|||||<br>||
|**FABRIC FUND**||Unrestricted<br>Funds|Restricted<br>Funds|<br>TOTAL<br>2024|TOTAL<br>2023|
|**5. INCOMING RESOURCES**||£|£|||
|5 (a) Voluntary income||||||
|City Parochial Foundation : Grants||500|-|500|3,750|
|City Churches Graveyard Committee||42,300|-|42,300|18,000|
|FABRIC FUND Donations/Grants||31,000|-|31,000|2,500|
|Donations||-|-|-|-|
|Donations for organ||2,826|-|2,826|5,145|
|Donations for bells||-|-|-|-|
|||76,626|-|76,626|29,395|
|||||||
|5 (c) Income from investments||||||
|Sale of CBF Fixed Interest||||||
|Securities Fund||-|-||-|
|||-|-|-|-|
|||||||
|5 (e) Other incoming resources|||-|||
|VAT reclaimed||5,884|-|5,884|39,407|
|||||||
|**TOTAL INCOMING RESOURCES**||82,510|-|82,510|68,802|
|||||||
|||Unrestricted<br>Funds|Restricted<br>Funds|<br>TOTAL<br>2024|TOTAL<br>2023|
|**6. RESOURCES USED**||£|£|||
|6(a) Church activities:||||||
|Insurance||123|-|123|314|
|Organ||1,333|-|1,333|3,021|
|Architect's fees||4,620|-|4,620|13,716|
|Bells : repairs and maintenance||-|-|-|335|
|Minor repairs to church and courtyard||10,097|-|10,097|9,681|
|Exceptional repairs||3,562|-|3,562|-|
|Furniture and equipment - other||4,774|-|4,774|3,257|
|Monuments||-|-|-|3,576|
|Tower and West Wall||38,676|-|38,676|-|
|Nave redecoration||5,180|-|5,180|118,185|
|Lighting Scheme||-|-|-|93,348|
|St Anne and St Agnes maintenance||2,293|-|2,293|-|
|St Mary Staining access||-|-|-|1,425|
|**TOTAL RESOURCES USED**||70,658|-|70,658|246,858|
|||||||
|||Unrestricted<br>Funds|Restricted<br>Funds|<br>TOTAL<br>2024|TOTAL<br>2023|
|**ORGAN FUND**||£|£|£|£|
|**7. INCOMING RESOURCES**||||||
|7 (a) Income from investments||-|-|-|-|
|Interest on CBF Deposit Account||-|-|-|-|
|**TOTAL INCOMING RESOURCES**||-|-|-|-|
|||||||



14 



|||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||<br>Some investments are held directly by the PCC and others held in trust on its behalf by the London Diocesan Fund.||||**Unrealised**<br>**Gain/Loss**<br>**2024 £**|65,161||3,814||6,003||250||4,344||79,571||6,003|73,568|
|||||The development of St Vedast's portolio of investments has been detailed in previous annual reports.||£60,000 was added to the CBF Investment Fund. £5,000 was added to the St Anne and St Agnes Fund.|||**Value at**<br>**31.12.24**|355,147||91,791||27,858||9,837||204,489||689,122||||
|**Notes to the fnancial statements for the year ended 31 December 2024**|||||||||**Price at**<br>**31.12.24**<br>**pence**|2312.27||121.28||6276.22||1472.4||2312.27||||||
||||||||Dividends from the CBF Property Fund were accumulated in that fund.||**Units at**<br>**31.12.24**|15,359||75,685||444||668||8,844||||||
|||**8. Gains and losses in investments (realised and unrealised)**|||||||**Value at**<br>**31.12.23**|289,986||87,978||21,855||9,587||200,145||609,551||||
||||||||||**Units at**<br>**31.12.23**|12,828||71,813||366||668||9,478||||||
||||||||||**Fund**<br>**reference**|CB3029348||CB3029347||CB3029346||24016252|**Held in trust by London Diocesan Fund**|123001471S||||St Anne & St Agnes Fund|Future Capital Fund|
||||||||||**Fund**|FCF||FCF||SASA||FCF||FCF||||||
||||||||||**St Vedast**<br>**Investments**|**CBF Investment Fund**<br>**income shares**||**CBF Property Fund**||**CBF Investment Fund**<br>**accumulaton shares**||**M&G Charifund**||**CBF Investment Fund**<br>**income shares**|||**Allocaton by Fund**|||



15 



## **The United Parishes of St Vedast-alias-Foster** 

**Notes to the financial statements for the year ended 31 December 2024** 

## **9. Debtors and pre-payments** 


**----- Start of picture text -----**<br>
2024 2023<br>            -  -<br>Sundry debtor<br>            -  -<br>10. Creditors and Deferred Income<br>            -  -<br>Sundry creditor<br>            -  -<br>**----- End of picture text -----**<br>


## **11. Depreciation** 

The Council has never had occasion to capitalise expenditure. 

## **12. Reserves Policy** 

It is PCC policy to maintain in liquid form a balance of unrestricted funds (if possible) equivalent to approximately six months' unrestricted payments to cover emergency situations that may arise from time to time. On 31 December 2024 the total of such funds was around £76,000, just above the desired target. 

16 



## **The United Parishes of St Vedast-alias-Foster Income and Expenditure  accounts** 

|**GENERAL FUND**<br>**Income**<br>Church Rates<br>Collections<br>Donations<br>Gift-Aided Stewardship Giving<br>Tax recovered<br>Voluntary receipts<br>City Parochial Charities<br>Interest received on investments<br>Letting of church and parish room<br>Glebe revenue<br>Bequests<br>City Deanery Fund : Grant<br>Hospitality<br>Energy Grant<br>Contra income<br>Service fees|**2024**<br>**2023**<br>66,638<br>66,539<br>9,862<br>5,755<br>12,285<br>4,417<br>15,093<br>12,610<br>5,736<br>11,181|
|---|---|
||109,614<br>100,501<br>986<br>986<br>14,911<br>14,918<br>24,827<br>22,907<br>43,396<br>38,436<br>20,540<br>106,521<br>2,680<br>2,600<br>544<br>580<br>-<br>-<br>-<br>-<br>880<br>310|
||218,378<br>287,760|



17 



|**The United Parish of Saint Vedast-alias-Foster**|**The United Parish of Saint Vedast-alias-Foster**|**The United Parish of Saint Vedast-alias-Foster**|**The United Parish of Saint Vedast-alias-Foster**||
|---|---|---|---|---|
||||||
|**GENERAL FUND**||**2024**||**2023**|
|**Expenditure**|||||
||||||
|Clergy||2,572||812|
|Hospitality||1,469||1,831|
|Lay staf salaries and fees||31,777||29,597|
|Liturgical expenses||953||621|
|Organist and choir||20,434||16,422|
|Rate collection expenses||2,225||2,425|
|Stationery, printing and postage||1,755||1,442|
|Sundries||1,385||2,051|
|Utilities||13,751||16,237|
|Household / Flowers||228||226|
|Cleaning||8,231||7,056|
|Publicity||0||78|
|Contra exp|||||
|Charitable donations||10,500||11,500|
|||95,280||90,299|
|London Diocesan Fund (LDF) Quota||62,000||59,143|
|||157,280||149,442|
||||||
|Excess of income over expenditure||61,098||138,317|
|Transfer to Fabric Fund||||-183,056|
|Income outstanding at year end||||-|
|Transfer to Future Capital Fund||-60,000||-|
|Opening balance||1,698||46,437|
|Closing balance||2,796||1,698|



18 



|**The United Parish of Saint Vedast-alias-Foster**|**The United Parish of Saint Vedast-alias-Foster**|||
|---|---|---|---|
|||||
|**FABRIC FUND**|**2024**||**2023**|
|**Income**||||
|City Churches Grant Committee grant|42,300||18,000|
|Donations|31,500||6,250|
|Donations for organ|2,826||5,145|
|Donations for St Mary Staining access works|-||-|
|Interest on CBF Deposit Account|-||-|
|Sale of CBF Fixed Interest Securities Fund|-||-|
|VAT reclaimed|5,884||39,407|
||82,510||68,802|
|||||
|**Expenditure**||||
|Insurance|123||314|
|Organ|1,333||3,021|
|Architect's fees|4,620||13,716|
|Bells : maintenance|-||335|
|Minor repairs to church and courtyard|||-|
|Routine repairs and maintenance|10,097||9,681|
|Furniture and equipment - other|4,774||3,257|
|Monuments|-||3,576|
|Nave redecoration|5,180||118,185|
|Lighting Scheme|-||93,348|
|Exceptional repairs|3,562||-|
|Tower and West Wall|38,676||-|
|St A & St A maintenance|2,293||-|
|St Mary Staining Access|-||1,425|
|||||
||70,658||246,858|
|||||
|Excess of income over expenditure|11,852||-178,056|
|Valuation of investments (gain/loss)|-||-|
|Loss on Investments realised|-||-|
|Transfer from Organ Fund|-||-|
|Transfer from General Fund|-||183,056|
|Transfer to St A & St A Fund|-5,000||-5,000|
|Opening balance|-|||
|Closing balance|6,852||-|



19 



|**The United Parish of Saint Vedast-alias-Foster**|||||
|---|---|---|---|---|
||||||
|**ORGAN FUND**||**2024**||**2023**|
|**Income**||**£**||**£**|
||||||
|Interest receivable||-||-|
|||-||-|
||||||
|**Expenditure**|||||
||||||
|Transfer to Fabric Fund|||||
|Transfer to Future Capital Fund||-||-|
|||-||-|
||||||
|Excess of income over expenditure|||||
|Opening balance||-||-|
||||||
|Closing balance||-||-|
||||||
||||||
|**FUTURE CAPITAL FUND**||**2024**||**2023**|
|**Income**|||||
|Interest on CBF Deposit Account||3,997||3,500|
||||||
|||3,997||3,500|
||||||
|**Expenditure**|||||
|Adjustment|||||
|||-||-|
||||||
|Excess of income over expenditure||3,997||3,500|
|Valuation of investments (gain/loss)||73,568||39,711|
|Transfer from General Fund||||-|
|Loss on investments realised||||-|
|Transfer from Organ Fund||||-|
|Opening balance||673,960||630,749|
||||||
|Closing balance||751,524||673,960|
||||||
|**ST ANNE & ST AGNES FUND**||**2024**||**2023**|
|**Income**|||||
|Transfer from Fabric Fund||5,000||5,000|
|Valuation of investments (gain/loss)||1,003||1,962|
|Opening balance||21,855||14,894|
||||||
|Closing balance||27,859||21,855|



20 



|**The United Parish of Saint Vedast-alias-Foster**|**The United Parish of Saint Vedast-alias-Foster**|**The United Parish of Saint Vedast-alias-Foster**|**The United Parish of Saint Vedast-alias-Foster**|**The United Parish of Saint Vedast-alias-Foster**||
|---|---|---|---|---|---|
|||||||
|**ST ANNE & ST AGNES REFURBISHMENT FUND**||||||
|||**£**||**£**||
|||**2024**||**2023**||
|**Income**||||||
|Ecclesiastical Insurance refund||||426||
|Interest||15||14||
|||15||440||
|||||||
|**Expenditure**||||||
|||60||60||
|||||||
|||60||60||
|||||||
|Excess of income over<br>expenditure||-45||380||
|Opening balance||7,380||7,000||
|||||||
|Closing balance||7,334||7,380||



21 



Report of the independent eyamlnerto the PCC members of the united parfshes of St Vedas-allas-
This report on the accounts of the PCC for the year ended 31 December 2024, which are set out on
pa8es 11>22 Is in ￿spect of an examination carried under the Churth Accountin8 Regulations
2iJ)6 and the Chariiies Art 2011 l*he ACY).
Respective responsibilitles of the PCC and the Examlner
The Charitys trustees consKler that an audit is rK)t requlred for this year under the section 14412) of
the Att and that an independent examlnation is needed.
It is my responsibility to:
Examine the accounts under sections 145 of the Act:
Follow prOcedu￿S laid down In the general directions given by the Charlty Commi55ioneT5
section 14515)Ibl of the Act: and
State whether particular matter5 have come to my attention.
Basls of Ir*ndent Examlnees Statement
My examinatlon was carried out in accordance with the Genernl Directlons glven by the Charity
Commission. An examinatlon includes a review of the accounting records kept by the charity and
comparison of the accounts presented with those records. It also includes consideration of any
unusual items or disclosures in the accounts. and seeklng explanations from the mana8ement
committee concernin8 any such matters. The prO￿dureS undertaken do not provtde all the
evidence that would be requlred in a full audit. and consequently I do not express an opinion on the
accounts.
Independent Examlnerfs 5tatemetrt
In connection with my examination. no matter has come to rny attention:
l. Which gives me reasonable cause to believe that in any materlal fespert the requirements to
keep accounting records in accordance with s130 of the 2011 Art. or to prepare accounts,
which accord to these accounting records have not been met: or
2. to which. in my opinion, attention should be drawn in order to enable a proper
understanding of the accounts to be reached.
)Ii/ Simia Wall
E*￿￿thI1e House
Simia Wall
Devonshire House
rrwe. VA'dolesex HA7 1JS
582 Honeypot lane
Tel. 03)8 732 55tMI
Stanmore HA7 ￿S Em*.
22