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← The Parochial Church Council Of The Ecclesiastical Parish Of St George The Martyr, Queen Square With Holy Trinity, Holborn And St Bartholomew

2023-12-31-accounts

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

Charity number: 1134394

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

CONTENTS

Page
Reference and administrative details of the Charity, its PCC members and advisers 1
Trustees' report 2 - 4
Independent examiner's report 5 - 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 23

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS PCC MEMBERS AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

PCC members

Jamie Haith, Rector Peter Howarth Shaun Port, Church warden Cheh Kuan Tai Ben Towers Sally Jones, Church warden Jack Driver-Szekely (appointed 1 July 2022) Linda Alexander (appointed 25 April 2022) David Hilborn (appointed 22 January 2024)

Charity registered number

1134394

Principal office

St George's Church 44 Queen Square London WC1N 3AH

Accountants

Griffin Stone Moscrop & Co Chartered Accountants 21-27 Lamb's Conduit Street London WC1N 3GS

Page 1

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the financial statements of the Charity for the 1 January 2023 to 31 December 2023.

Objectives and activities

a. Policies and objectives

The parish church of Saint George the Martyr, Queen Square sits “at the heart of London with London on its heart”. Our vision is to reach out with kindness, compassion and creativity, introducing all those who live, work and play in central London to Jesus Christ and his love. The worshipping community is the most biblical and most effective way of doing this, and it is our delight and honour that this community gets to worship in a truly stunning building. Established as a parish church in 1723, our building remains a haven of peace and beauty, a sanctuary amidst the bustle of modern life. We believe that over 300 years of Christian worship on one site is very special: as we celebrate this our 300th birthday year, our heartfelt prayer is that the congregation will grow in its size and maturity, and the building be restored in its splendour.

b. Charitable status and public benefit

The PCC has considered the Charity Commission's guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion and is satisfied that the activities of St George's fall within such guidance.

c. Governance and Internal Control

The PCC has considered financial governance issues in the year and has maintained the set of authorisation limits under which the PCC, Executive Committee and staff authorize expenditure. Management accounts are produced on a quarterly basis to enable the Treasurer and the PCC to monitor the financial position of the church.

Achievements and performance

a. Review of activities

The full PCC met six times during the year, with an average level of attendance of 90%. The PCC is responsible for the finances of the Church, the production and implementation of statutory policies, and the general oversight and management of the Church. Details of the Church's finances are set out in the financial review (below), and the Church Accounts (attached). The PCC delegates the day-to-day running of the Church to the Church staff, allowing them to focus on vision and oversight.

Time has been given to discussing issues relating to the church’s current and future financial situation as plans are made for full building repair and redevelopment. We have also been focussed of reviewing the use of a tertiary piece of land that is owned by the church, with a view to restoring it and increasing its future potential.

As at 30 April 2024, the St George's Electoral Roll stood at 38 (30 as at 30 April 2023). This represents a slight growth from 2023, but indicates we still have work to do to enable this church to fulfil it’s potential.

Page 2

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

b. Financial results

Net movement in funds for the year amounted to a surplus of £213,958 (2022: surplus of £471,097). Restricted funds carried forward amounted to £Nil (2022: £Nil). Unrestricted funds at the year-end amounted to £762,346 (2022: £548,388).

c. Investment Powers, Policy and Performance

The church ensures that all funds are available for its ongoing ministry. There was no interest received from the bank account in the year (2022: £2).

Structure, governance and management

a. Constitution

St George's is an Anglican Church in the South Camden Deanery, under the Edmonton Area and part of the Diocese of London.

The Parochial Church Council is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure. It has the responsibility of co-operating with the Priest-in- Charge, James Haith, in promoting in the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical.

The appointment of PCC members is governed by and set out in the Church Representation Rules. A Health and Safety Policy (reviewed annually) is circulated to and approved by the PCC. Representatives from those involved in Children's work regularly attend child protection training organised by the Diocese and there is a Child Protection Policy in place.

b. Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Page 3

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Charity Commission Scheme. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on 30 April 2024 and signed on their behalf by:

................................................

Jamie Haith Chair

Page 4

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Independent examiner's report to the Trustees of The PCC of Ecclesiastical Parish of St George The Martyr, Queen Square with Holy Trinity, Holborn and Bartholomew ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2023.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Page 5

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed: Robert Smith

Dated: 30 April 2024 ACA

Griffin Stone Moscrop & Co Chartered Accountants 21-27 Lamb's Conduit Street London WC1N 3GS

Page 6

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Income from:
Donations and legacies
3
Other trading activities
4
Investments
5
Total income
Expenditure on:
Raising funds
Charitable activities
7
Total expenditure
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward
Unrestricted
General funds
2023
£
444,850
29,610
25,240
499,700
2,603
283,139
285,742
(550,000)
(336,042)
548,388
(336,042)
212,346		 Unrestricted
Designated
funds 2023
£

550,000
550,000
550,000
550,000		 Total
funds
2023
£
444,850
29,610
25,240
499,700
2,603

283,139
285,742

336,042
548,388
(286,042)
762,346		 Total
funds
2022
£
773,828
13,779
3,502
791,109
1,829
318,183
320,012
471,097
77,291
471,097
548,388

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 9 to 23 form part of these financial statements.

Page 7

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

BALANCE SHEET AS AT 31 DECEMBER 2023

Fixed assets
Note
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
15
Unrestricted funds
Designated funds
General funds
15
Total funds		 93,235
670,313
763,548
(26,296)		 2023
£
25,094
25,094

737,252
762,346
762,346
-
550,000
212,346
762,346		 110,029
441,505
551,534
(10,295)		 2022
£
7,149
7,149
541,239
548,388
548,388
-
548,388
548,388

The financial statements were approved and authorised for issue by the Trustees on 30 April 2024 and signed on their behalf by:

................................................

Jamie Haith

Chair

The notes on pages 9 to 23 form part of these financial statements.

Page 8

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. General information

The PCC of Ecclesiastical Parish of St George The Martyr is a registered charity with the Charity Commission in England & Wales (charity number: 1134394). The registered office address is 44 Queen Square, London, WC1N 3AH.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The PCC of Ecclesiastical Parish of St George The Martyr, Queen Square with Holy Trinity, Holborn and Bartholomew meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 9

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

Plant and machinery - 25% on cost
Office equipment - 25% on cost
Computer equipment - 25% on cost

2.6 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 10

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.

2.9 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.10 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 11

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

3. Income from donations and legacies

Donations
Grants
Gift Aid reclaimed
Total 2023
Donations
Grants
Gift Aid reclaimed
Total 2022		 Restricted
funds
2023
£
-
-
-
-
Restricted
funds
2022
£

-
87,060
-
87,060		 Unrestricted
funds
2023
£
366,224
(10,206)
88,832
444,850
Unrestricted
funds
2022
£
601,263
-
85,505
686,768		 Total
funds
2023
£
366,224
(10,206)
88,832
444,850
Total
funds
2022
£
601,263
87,060
85,505
773,828

4. Income from other trading activities Income from fundraising events

Venue hire
Events
Other income
Total 2023		 Unrestricted
funds
2023
£
23,274
217
6,119
29,610		 Total
funds
2023
£
23,274
217
6,119
29,610

Page 12

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

4. Income from other trading activities (continued)

Income from fundraising events (continued)

Venue hire
Events
Other income
Total 2022		 Unrestricted
funds
2022
£
9,425
697
3,657
13,779		 Total
funds
2022
£
9,425
697
3,657
13,779

5. Investment income

Rents receivable
Interest on overdue tax
Total 2023
Rents receivable
Bank interest
Total 2022		 Unrestricted
funds
2023
£
24,891
349
25,240
Unrestricted
funds
2022
£

3,500
2
3,502		 Total
funds
2023
£
24,891
349
25,240
Total
funds
2022
£
3,500
2
3,502

Page 13

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

6. Analysis of grants

Grants
Total 2023
Grants
Total 2022		 Grants to
Institutions
2023
£
619
619
Grants to
Institutions
2022
£

304
304		 Total
funds
2023
£
619
619
Total
funds
2022
£
304
304

7. Analysis of expenditure on charitable activities

Summary by fund type

Church running costs
Diocesan Parish share
Ministry costs
Total 2023		 Unrestricted
funds
2023
£
243,693
35,000
4,446
283,139		 Total
2023
£
243,693
35,000
4,446
283,139

Page 14

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Analysis of expenditure on charitable activities (continued)

Summary by fund type (continued)

Church running costs
Diocesan Parish share
Ministry costs
Total 2022		 Restricted
funds
2022
£
117,942
-
-
117,942		 Unrestricted
funds

2022
£
175,361
20,000
4,880
200,241		 Total
2022
£
293,303
20,000
4,880
318,183

8. Analysis of expenditure by activities

Church running costs
Diocesan Parish share
Ministry costs
Total 2023
Church running costs
Diocesan Parish share
Ministry costs
Total 2022		 Activities
undertaken
directly
2023
£
223,218
35,000
4,446
262,664
Activities
undertaken
directly
2022
£
277,226
20,000
4,880
302,106		 Grant
funding of
activities
2023
£
619
-
-
619
Grant
funding of

activities
2022
£
304
-
-
304		 Support
costs
2023
£
19,856
-
-
19,856
Support

costs
2022
£
15,773
-
-
15,773		 Total
funds
2023
£
243,693
35,000
4,446
283,139
Total
funds
2022
£
293,303
20,000
4,880
318,183

Page 15

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Depreciation
Office costs
Staff consultancy costs
Property insurance
Diocesan Parish share
Rectory costs
Ministries internal
Ministries external
Other church related costs
Services and worship
Cleaning
Utilities
Training costs
Premises repair and renewals
Total 2023		 Church
running
costs
2023
£
13,387
10,341
2,902
77,934
8,111
-
6,057
-
-
53,852
26,074
2,200
11,867
414
10,079
223,218		 Diocesan
Parish
share
2023
£
-
-
-
-
-
35,000
-
-
-
-
-
-
-
-
-
35,000		 Ministry
costs
2023
£
-
-
-
-
-
-
-
703
2,880
-
863
-
-
-
-
4,446		 Total
funds
2023
£
13,387
10,341
2,902
77,934
8,111
35,000
6,057
703
2,880
53,852
26,937
2,200
11,867
414
10,079
262,664		 Total
funds
2022
£
10,002
3,271
2,830
72,196
7,645
20,000
2,625
360
2,800
43,892
1,720
1,879
15,566
1,440
115,880
302,106

Page 16

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Travel and subsistence
Sundries
Telephone and intemet
Advertising and marketing
Printing, postage and photocopier
Recruitment fees
Subscriptions
Governance costs
Total 2023		 Church
running
costs
2023
£
87
508
1,473
11,933
209
484
1,229
3,933
19,856		 Total
funds
2023
£
87
508
1,473
11,933
209
484
1,229
3,933
19,856		 Total
funds
2022
£
173
1,757
1,243
5,993
701
918
1,239
3,749
15,773

9. Independent examiner's remuneration

2023 2022
£ £
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts 2,880 2,880

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL)

During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL) .

Page 17

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

11. Tangible fixed assets

Plant and
machinery
£
Cost or valuation
At 1 January 2023
218,428
Additions
28,286
At 31 December 2023
246,714
Depreciation
At 1 January 2023
212,800
Charge for the year
9,633
At 31 December 2023
222,433
Net book value
At 31 December 2023
24,281
At 31 December 2022
5,628
Debtors
Due within one year
Other debtors
Prepayments and accrued income
Creditors: Amounts falling due within one year
Accruals and deferred income		 Office
equipment
£
3,395
-
3,395
3,395
-
3,395
-
-		 Computer
equipment
£
4,829
-
4,829
3,308
708
4,016
813
1,521
2023
£
370
92,865
93,235
2023
£
26,296		 Total
£
226,652
28,286
254,938
219,503
10,341
229,844
25,094
7,149
2022
£
-
110,029
110,029
2022
£
10,295

12. Debtors

13. Creditors: Amounts falling due within one year

Page 18

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

14. Financial instruments

2023 2022
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 670,313 441,505

Financial assets measured at fair value through income and expenditure comprise cash at bank.

Page 19

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

15. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Working capital fund (lottery
church works)
Legal designation
Collingham Gardens renewal
fund
Development phase
contribution match funding
General funds
General Fund
Total Unrestricted funds		 Balance at 1
January
2023
£
-
-
-
-
-
548,388
548,388		 Income
£
-
-
-
-
-
499,700
499,700		 Expenditure
£
-
-
-

-

-
(285,742)
(285,742)		 Transfers
in/out
£
300,000
100,000
100,000

50,000

550,000
(550,000)
-		 Balance at
31
December
2023
£
300,000
100,000
100,000
50,000
550,000
212,346
762,346

Page 20

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

15. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General fund
Restricted funds
Culture Recovery Fund
Camden 4 Communities
Drone Fund
Total of funds		 Balance at
1 January
2022
£
46,409
-
30,882
-
30,882
77,291		 Income
£
704,049
35,400
47,960
3,700
87,060
791,109		 Expenditure
£
(202,070)
(35,400)
(78,842)
(3,700)
(117,942)
(320,012)		 Balance at
31
December
2022
£
548,388
-
-
-
-
548,388

Page 21

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

15. Statement of funds (continued)

Emergency Heritage at Risk Response Fund

The Covid-19 Emergency Heritage at Risk Response Fund aimed to address some of the most urgent needs of our historic building. We were awarded a grant to enhance our understanding of the ceiling and inform proposals for its permanent repair. This resulted in surveying the ceiling, gaining close and safe access to it to attain a better understanding of the condition and composition of the ceiling, and how subsequent interventions and water ingress have affected its integrity. The findings of this survey will inform the development of the tender documents: the specification, drawings and schedule of works. A QS will be asked to prepare a cost plan to provide indicative pre-tender costs, enabling us to initiate fundraising as soon as possible to complete a full fix.

Culture Recovery Fund

The Culture Recovery Fund for Heritage (round 2) is part of the Department for Digital, Culture, Media and Sport (DCMS) rescue package to safeguard heritage organisations from the economic impact of COVID19. In our case, this funding predominantly restored our reserves and covered our operating overheads from April-June 2021, with some additional spend on marketing to reinvigorate our revival after the lockdowns.

Camden 4 Pilot Project

This project brings together four closely linked parishes of nationally significant historic buildings (The “Camden 4”). They are: Holy Cross, Cromer Street (Grade II); St Mary Magdalene, Munster Square (Grade II); St George the Martyr, Holborn and the nearby burial gardens (both Grade II); and St Mary, Eversholt Street (Grade II). The aim is to enable each of the churches to thrive, flourish, and grow. All are on the Heritage at Risk Register, and each organization and community has been detrimentally impacted by COVID-19. The project also aims to inform each organisation about audience engagement, and how this will help support the development of future capital projects. A linked Business Plan will incorporate an Area Community Audit, where local need will be assessed, and the strategic focus of each organisation identified to engage these needs.

There were no restricted fund balances in 2023.

General funds totalling £550,000 were designated in the year for various reasons:

Working capital fund (lottery church works)

Though we are applying for grants and doing fundraising, there is a lag between outlay and reimbursement by the grant awarding body. So we need to have the finance on hand to make those large building payments until the reimbursement comes through.

Legal designation

This is to ensure we can manage potential legal disputes in relation to land we own and other parties' interests in those lands.

Collingham Gardens renewal fund

We have a historic wall on Collingham Gardens within St George's Gardens. This needs to be repaired and though there will be other parties contributing, we need to ensure we can complete the works once started in the event that those other parties do not pay immediately.

Development phase contribution match funding

Heritage Lottery Fund development phase. They require us to put up some money for the development alongside their grant portion.

Page 22

DocuSign Envelope ID: 1C56FD23-2D51-4E0E-8AC0-4AB692BEF1FC

THE PCC OF ECCLESIASTICAL PARISH OF ST GEORGE THE MARTYR, QUEEN SQUARE WITH HOLY TRINITY, HOLBORN AND BARTHOLOMEW

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

16. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2023
£
25,094
763,548
(26,296)
762,346		 Total
funds
2023
£
25,094
763,548
(26,296)
762,346

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Ttl		 Unrestricted
funds
2022
£
7,149
551,534
(10,295)
548,388		 Total
funds
2022
£
7,149
551,534
(10,295)
548,388

Total

17. Related party transactions

During the year, total donations made to the church from members of the PCC totalled £340,890 (2022 - £325,818).

Page 23