OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← The Parochial Church Council Of The Ecclesiastical Parish Of Holy Trinity And St Saviour Upper Chelsea

2023-12-31-accounts

Registered Charity Number 1134650

The Parochial Church Council of the Ecclesiastical Parish of Holy Trinity and St Saviour, Upper Chelsea

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

The PCC of Holy Trinity and St Saviour, Upper Chelsea

Index to the Report and Financial Statements

Page
Charity’s Information 2
Trustees’ Annual Report 3
Independent Examiner’s Report 8
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 10
Notes to the Financial Statements 11

1

The PCC of Holy Trinity and St Saviour, Upper Chelsea

CHARITY’S INFORMATION

Charity name The Parochial Church Council of the Ecclesiastical Parish of Holy Trinity and St Saviour Upper Chelsea

Charity working name Holy Trinity Sloane Square (Holy Trinity)

Trustees Assistant Priest: Fr Yaroslav Sky Walker – from May 2022 Churchwardens: Carolyn Hallett – re-elected in 2023 Jeffrey Kabel – re-elected in 2023 Assistant Churchwardens: Gill Dunley (ex Officio) – until 2024 Kevin Muncey – until 2026 Members: Until 2026: Vis. MayLin de Chezelles Harry Forbes (co-opted) Robin Hellier Until 2025: Jayne Chng Gogo-Rose Ilo Marianne Paltzer-Studer Wendy Workman Until 2024: Michael Ashcroft Sameer Baajun Gerard Brown Helen Rice Deanery Synod Reps Until 2025: Michael Brough Edward Collet Joseph Goodhart Effiong Onoyom Hon. Treasurer: Until 2026: Julian Burns Hon Secretary of the PCC: Sir Martin Bonham (yearly rolling) Independent Examiner John Millidge ACA Simpson Wreford & Partners Suffolk House, George Street Croydon CR0 0YN Bankers National Westminster Bank Ltd Registered charity number 1134650 Registered office 146 Sloane Street, London SW1X 9BZ

2

The PCC of Holy Trinity and St Saviour, Upper Chelsea

TRUSTEES’ ANNUAL REPORT

We were delighted to start the new year with the launch of a new choral initiative from our Director of Music, Max Barley, Songs & Soup, consisting of 45 minutes of singing a wide range of music followed by a bowl of hearty soup on a Tuesday lunchtime. The singing group averages 35-40 people each week and they have performed at a local church’s fair as part of the Christmas celebrations for the borough’s older residents at Kensington Town Hall and also joined the Holy Trinity Choir singing the Brahm’s Requiem on Remembrance Sunday evening. In recognition of his hard work setting up this group Max won the Community Hero award at the Chelsea Awards ceremony in October.

Other highlights of the musical year included concerts for the New Year and Valentine’s Day, a performance of Bach’s St John’s Passion on Palm Sunday, Brahm’s Requiem on Remembrance Sunday and a Youth Messiah performance in December. Another new musical endeavour was the Chelsea Summer Music Festival, which ran during Chelsea in Bloom / The Chelsea Flower Show Week, and thanks to its great success, it is hoped that it will be held again in 2024.

We joined in the national celebration of HM The King’s Coronation on 6 May with a live relay of the service on huge television screens in church attended by 250+ members of the community.

At our Annual Parochial Church Meeting, we were delighted that three outgoing members of the PCC stood for re-election and were duly elected to serve another term. Our Churchwardens, Jeffrey Kabel and Carolyn Hallett, were also re-elected to office for the coming year.

The Patio Garden Café ran again this year – it’s 10th year – during Chelsea in Bloom / The Chelsea Flower Show and was a great success raising just shy of £4,000, a record sum. We were lucky to have such an enthusiastic band of bakers and helpers who worked so hard during the weekend and of course we are blessed to have our wonderful Events Manager, Clinton McMaster, who made sure everything ran smoothly.

Holy Trinity’s pilgrims once again joined those from Father Grant Bolton-Debbage’s parish All Saints New Cross on the annual trip to Walsingham over the August Bank Holiday.

Thanks to the enthusiasm of our two “in house” church historians we were delighted to be able to provide several guided tours of the church over two weekends in September as part of Open City London.

During the Harvest Festival, we received a large amount of food/provision donations from the congregation of Holy Trinity and the families of Holy Trinity and Garden House schools, and the goods were split between Glass Door and the Kensington & Chelsea Foodbank.

Throughout 2023 there were monthly appeals for donations of food and household basics for the Kensington & Chelsea Foodbank and we were very grateful to Vicki Lant for co-ordinating the donations and delivering them to the foodbank over the past few years. It was with great sadness that we waved her off to a new life in Dublin in October, but we have received offers of help from new volunteers, so we very much hope to continue supporting the foodbank in 2024. We received a significant donation in the last quarter of 2023 that will allow the Parish to send £1,000 monthly each to the Kensington & Chelsea Foodbank and Glass Door for the next year.

Cards for Good Causes returned to Holy Trinity Church in October, and despite the disruptive roadworks in Sloane Street that began at the start of 2023 and were still in full swing at the end of the year, their shop reported good sales.

In November, we held special evening services for All Saints Day and All Souls, welcomed a good number of people to Sloane Square and to church on Remembrance Sunday and were pleased that the Deputy Mayor and representatives from The Chelsea Society, The Royal British Legion and Holy Trinity School were able to take part in the service.

December started with a very well attended Advent Carol Service and we hosted many Carol services for the local community, including our own Holy Trinity Primary School. Many regular organisations returned for their Christmas concerts, and we were delighted to welcome some new

3

The PCC of Holy Trinity and St Saviour, Upper Chelsea

groups, which led to a twenty five percent increase in the number of outside events over the Christmas period. Our Midnight Mass and Christmas Day services were well attended.

We were delighted that several new books were launched by members of our congregation in 2023; Father Nadim, Bishop Michael and May Lin de Chezelles and we were delighted to take delivery of the wonderful new book on Holy Trinity Church written by Peyton Skipwith, which is on sale at the Welcome desk. The church also hosted two art exhibitions, one of which saw our part-time Events Assistant Oli Pearce exhibiting his work.

Pastorally we were delighted to conduct five baptisms, two weddings and one wedding blessing during the year and we welcomed The Rt Revd Jonathan Baker, Bishop of Fulham, in July for our Confirmation Service. We also welcomed baby Misha in August, a son for Father Yaroslav and Amy.

In 2023 we mourned the loss of Pat Moore Searson, Alison Boreham and Myriam Saavedra from our congregation and we were also deeply saddened by the death in June of our Patron, Lord Charles Cadogan.

After an extended period of medical leave, October saw the retirement of our Rector, The Revd Nicholas Wheeler. Special services were held in the morning and evening on Sunday 1 October to mark his retirement, with a parish lunch at the Rectory. It was lovely so see the church so full, with many old friends and members of the clergy returning to mark the occasion. One of Father Nicholas’ final acts as Rector was to bless the new High Altar kneelers, designed by Cressida Bell and stitched by members of Fine Cell.

We extend grateful thanks to the many volunteers who give their time and energy to the church; the PCC and Churchwardens, the Cleaning Guild, the weekday Welcome Desk, Serving, Steward and Hospitality teams, Michael Brough on the organ, Gogo Ilo in the patio garden and all those people who help to ensure our services of worship run smoothly and our pastoral mission to parishioners and the community is fulfilled.

We also thank our Parish clergy, Bishop Michael Marshall and Father Yaroslav Sky Walker.

The church is now in interregnum and the Churchwardens and PCC continue the governance of the church and will oversee the process of appointing a new Rector in conjunction with Lord Cadogan and the Bishop of Kensington & Chelsea.

Structure, governance and management

The Parish of Holy Trinity and St Saviour, Upper Chelsea is part of the Diocese of London within the Church of England and was registered as a charity with the Charity Commission on 11 September 2012 (with funds received from charity 1131700, The Parochial Church Council of The Ecclesiastical Parish of St Saviour’s Upper Chelsea).

The Parochial Church Council (PCC) is governed by two pieces of Church of England legislation, being the Parochial Church Councils (Powers) Measure 1956 as amended and the Church Representation Rules (contained in Schedule 3 to the Synodical Government Measure 1969 as amended 1 November 2011).

The PCC is a body corporate with perpetual succession. The PCC meets approximately five times per annum to discuss a full range of matters of general concern and importance to the parish including deciding on how the funds of the PCC are to be spent.

The membership of the PCC consists of the Churchwardens, the Assistant Priest and members elected by those members of the congregation who are on the Electoral Roll of the church. Elected members are appointed for a period of 3 years, after which they must stand election again.

The PCC operates through a number of committees and working groups which meet between meetings of the PCC, and report back to the PCC.

4

The PCC of Holy Trinity and St Saviour, Upper Chelsea

Objectives and activities for the public benefit

The Parochial Church Council (PCC) has the responsibility of cooperating with the Incumbent (currently on interregnum), in promoting in the ecclesiastical parish, the whole mission of the Church, pastoral, evangelistic, social and ecumenical.

For over 130 years Holy Trinity Church has opened its doors each day for the praise of God and the service of neighbour. We are a diverse community formed in the Catholic tradition of the Church of England who believe that ‘The world will be saved by beauty’ (The Fool, Fyodor Dostoevsky). We see this beauty in the face of Jesus Christ calling us to:

The Beauty of Holiness

As the Parish Church of Upper Chelsea, we seek to feed and form people of all ages to be confident disciples of Jesus Christ and equip them for the challenges of living the Gospel in the 21st century.

The Beauty of Creativity

As ‘The Cathedral of the Arts and Crafts’ we seek to conserve and embellish the built heritage of Holy Trinity and to champion an ethical vision for education, healthcare, work, economics, the arts and the care of the environment.

The Beauty of Worship

As a Shrine and Sanctuary for Sloane Square, we seek to provide a sacred space open every day of the week for those who live here, work nearby or visit to stop, think, reflect or pray in the midst of a turbulent and clamorous world.

As the Body of Christ, we endeavour to live His life and imitate His unconditional love for the world. By embracing the call to the beauty of holiness, creativity and worship we seek to be something beautiful for God.

Financial results

The following is a summary of the formal accounts, which must comply with both the requirements of Church regulations and Charity Commission.

This summary records the transactions of the on-going functions of Holy Trinity.

Income & Expenditure

A summary of overall I&E is shown in the table below.

Accounts Summary
£
Income
Less
Expenditure
Surplus/(Deficit)		 2022
Holy Trinity
St Saviour
Total HT/SS
SSCS
Total
Total
485,742
116,218 "
601,960
49,800
651,760
574,900
436,672
20,360
457,032
50,485
507,517
357,898
49,070
95,858
144,928
(685)
144,243
217,002
2023*

(*) including a £180 extraordinary gain in income (") including a £696 extraordinary gain in income

Holy Trinity (HT)

HT’s income was £485,742 ( 2022: £403,748 ). This increase of £81,994 is mainly justified by the

5

The PCC of Holy Trinity and St Saviour, Upper Chelsea

church receiving two donations combining £75,000 from the Mosawi Foundation and a £20,000 grant from The Kathleen Hannay Memorial Charity, as well as two combined legacies of £12,500, which together counterbalanced the £16,000 decrease in donations for the Assistant Priest appeal.

Expenditure was £436,672 ( 2022: £382,075 ), representing an increase of £54,597, half the result of the increased music programme and the other half due to a higher maintenance programme in 2023.

St Saviour (SS)

The total income was £116,218 (2022: £103,179 ) as interest was earned on surplus and revised rental terms were negotiated for the new academic year, despite the original expectation of this stream of income being ceased.

Expenditure remained at a similar level at £20,360 (2022: £21,197) .

Sloane Square Choral Society (SSCS)

2023 income was £49,800 ( 2022: £41,769 ) , a £8,031 increase, thanks to people becoming more confident post-pandemic in attending concerts and singing in a choral group, while the expenditure at £50,485 ( 2022: 44,618 ) increased by £5,867 due to higher costs with concerts and an increase on the fees paid to the choral society’s directors.

Reserves

A summary of year-end reserves is shown in the following table.

General Funds
Holy Trinity & St Saviour
Designated Funds
Assistant Priest
Denyse de Mauny
Emergency Reserve
Music
Those In Need
Other designated
Restricted
The Kathleen Hannay grant
Maintenance
Vicarage
SSCS
Total
Per accounts		 General &
Designated
Restricted
General &
Designated
Restricted
209,387
217,373
10,893
47,984
105,870
101,348
176,844
43,840
26,843
20,797
22,998
-
7,447
7,011
-
1
23,000
-
225,328
225,328
19,630
20,315
2022
2023
560,283
267,958
438,353
245,644
683,998
828,241

Overall reserves increased by £144,243, with a £7,986 decrease in general reserves to £209,615.

Designated reserves increased by £129,915 to £350,896 due mainly to the transfer of £126,630 from the general reserves to the Emergency Reserve fund to comply with reserves policy of covering 6 months of annual running costs.

The PCC aims to maintain a General Reserves surplus to cover six months of annual running costs, which equates to £181,682 based on 2023 actual expenditure. At the year end the charity had a total of £209,615 of General Undesignated Reserves. At 31 December 2023 these reserves covered costs for circa 6.9 months. Additionally, the PCC has set aside £176,844 as a Designated Reserve as shown on the previous table.

Therefore, the PCC believes that the level of reserves held are sufficient and reasonable to maintain the mission and safeguard the fabric of the church in 2023.

6

The PCC of Holy Trinity and St Saviour, Upper Chelsea

Concerns

The PCC is confident that the charity will continue prospering in 2024, but as it happens with all businesses and charities, the future still presents some uncertainties.

Two of the designated funds were funded in 2021 by donations from the congregation and a foundation. The donations to the Assistant Priest Fund have since watered down and currently the annual pledged donations only cover 13% of the annual costs. Additionally, the continued development of the Music programme will rely on a £20,000 grant being secured annually. In the short term, there is the potential loss of St Saviour’s income.

Responsibilities of the Trustees and the PCC

The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom General Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and the applicable Charities (Accounts and Reports) Regulations.

They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report has been approved by the PCC on 21 March 2024 and signed on its behalf by:

Jeffrey Kabel Trustee

7

The PCC of Holy Trinity and St Saviour, Upper Chelsea

INDEPENDENT EXAMINER’S REPORT to the Trustees of the Parochial Church Council of the Ecclesiastical Parish of Holy Trinity and St Saviour Upper Chelsea

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 charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

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

Independent examiner’s statement

The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of The Institute of Chartered Accountants in England and Wales.

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

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.

………………………………………………………. John Millidge ACA Date: 25 March 2024 Simpson Wreford & Partners Suffolk House George Street Croydon CR0 0YN

8

The PCC of Holy Trinity and St Saviour, Upper Chelsea

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Income and endowments from:
3
Donations and legacies
Charitable activities
Other trading activities
Investments
Total
Expenditure on:
5
Raising funds
Charitable activities
Other
Total
Net income/(expenditure)
Transfers between funds
11
Other gains/(losses)
11
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Notes		 General
funds
Designated
funds
Restricted
funds
2023 total
funds
General
funds
Designated
funds
Restricted
funds
2022 total
funds
£
£
£
£
£
£
£
£
148,785
58,723
106,542
314,049
174,240
60,227
29,919
264,386
275,729
-
15,708
291,437
260,875
-
11,850
272,725
863
21,093
-
21,956
5,298
1,435
-
6,733
12,546
10,896
-
23,442
2,968
1,885
-
4,852
437,922
90,712
122,250
650,884
443,380
63,547
41,769
548,696
-204,574.91
-
-
-
-
-
-
-
-
320,883
85,979
99,936
506,798
311,491
46,217
64,616
422,324
111
608
-
719
22,881
2,684
-
25,565
320,994
86,587
99,936
507,517
334,372
48,901
64,616
447,890
##########
##########
116,929
4,125
22,314
143,368
109,008
14,646
(22,848)
100,806
(125,790)
125,790
-
-
(94)
94
-
-
876
-
-
876
-
-
-
-
(7,986)
129,915
22,314
144,243
108,914
14,740
(22,848)
100,806
217,373
220,980
245,644
683,998
108,459
206,241
268,492
583,192
209,387
350,896
267,958
828,241
217,373
220,980
245,644
683,998
Unrestricted
Unrestricted

The results set out above have been derived entirely from continuing operations.

The notes on pages 11 to 16 form part of these financial statements.

9

The PCC of Holy Trinity and St Saviour, Upper Chelsea

BALANCE SHEET AS AT 31 DECEMBER 2023

Current assets
Debtors
8
Cash at bank and in hand
10
Total current assets
Creditors: amounts falling due within one year
9
Net current assets/(liabilities)
Total assets less current liabilities
Total net assets or liabilities
11
Notes		 General
funds
Designated
funds
Restricted
funds
2023 total
funds
2022 total
funds
£
£
£
£
£
53,938
1,607
4,066
59,611
34,287
223,641
374,534
283,244
881,418
756,404
277,579
376,140
287,310
941,030
790,691
68,192
25,245
19,352
112,789
106,693
209,387
350,896
267,958
828,241
683,998
209,387
350,896
267,958
828,241
683,998
209,387
350,896
267,958
828,241
683,998
Unrestricted

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023

Net income/(expenditure)
Other gains/(losses)
Transfers between funds
Change in debtors
Change in creditors
Cash at bank and in hand
Cash at bank and in hand at the beginning of the year
Total cash at bank and in hand at the end of the year		 2023
£
143,368
876
-
(25,325)
6,095
125,014
756,404
881,418		 2022
£
100,806
-
-
2,101
57,671
160,578
595,826
756,404

The notes on pages 11 to 16 form part of these financial statements.

Approved by the Trustees on 21 March 2024 and signed on their behalf by

Jeffrey Kabel Trustee

Julian Burns Treasurer

10

The PCC of Holy Trinity and St Saviour, Upper Chelsea

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

Note 1 Basis of preparation

1.1. Basis of accounting

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The accounts have been prepared in accordance with:

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling and are rounded to the nearest pound.

1.2. Going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.

The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

1.3. Change of accounting policy

The accounts present a true and fair view and no changes have been made to the accounting policies adopted.

1.4. Changes to accounting estimates

No material changes to accounting estimates have occurred in the reporting period.

1.5. Material prior year errors

No material prior year error has been identified in the reporting period.

11

The PCC of Holy Trinity and St Saviour, Upper Chelsea

Note 2 Accounting policies

2.1. Income

Recognition of income are included in the Statement of Financial Activities (“SoFA”) when:

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.

Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP).

Legacies (if any) are included in the SoFA when receipt is probable, that is, when there has been grant of probate, the executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the charity or have been met.

Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

Contractual income and performance related grants were only included in the SoFA once the charity has provided the related goods or services or met the performance related conditions.

The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.

Income from interest is included in the accounts when receipt is probable and the amount receivable can be measured reliably.

Membership subscriptions received in the nature of a gift are recognised in Donations.

2.2. Recognition of expenditure and liabilities

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

The charity made no redundancy payments during the reporting period.

The 2023 accounts include a £38,095 deferred income regarding rent for the first four months of 2024, which was paid a few days before the end of the year.

The charity has creditors which are measured at settlement amounts less any trade discounts.

A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date.

2.3. Assets

Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

12

The PCC of Holy Trinity and St Saviour, Upper Chelsea

Note 3 Income

Donations and legacies
Donations and gifts
Gift Aid
Legacies
Grants
Total
Charitable activities
Special services & events
Property usage
Chair hire, door sale &
Total
Other trading activities
Sales
Total
Income from investments
Interest income
Total
Total income		 General
funds
Designated
funds
Restricted
funds
2023 total
funds
General
funds
Designated
funds
Restricted
funds
2022 total
funds
£
£
£
£
£
£
£
£
132,575
45,837
80,545
258,956
156,288
54,537
26,797
237,622
13,710
2,886
3,547
20,144
15,311
5,690
3,122
24,123
2,500
10,000
-
12,500
-
-
-
-
-
-
22,450
22,450
2,641
-
-
2,641
148,785
58,723
106,542
314,049
174,240
60,227
29,919
264,386
1,782
-
-
1,782
5,963
-
-
5,963
273,947
-
-
273,947
254,912
-
-
254,912
-
-
15,708
15,708
-
-
11,850
11,850
275,729
-
15,708
291,437
260,875
-
11,850
272,725
863
21,093
-
21,956
5,298
1,435
-
6,733
863
21,093
-
21,956
5,298
1,435
-
6,733
12,546
10,896
-
23,442
2,968
1,885
-
4,852
12,546
10,896
-
23,442
2,968
1,885
-
4,852
437,922
90,712
122,250
650,884
443,380
63,547
41,769
548,696
Unrestricted
Unrestricted

Note 4 Government grants

The charity did not receive Government grants in 2023 ( nil in 2022 ).

Note 5 Expenditure

Expenditure on charitable activities:
Ministry
Staff costs
Professional & other fees
Governance costs
Bank & other charges
Building and maintenance
Insurance
Heating, Water and Lighting
Office, Telephone & Internet
Sacristy and Votives
Donations & gifts
Music
General and Sundries
Directors Pay
Marketing
Total expenditure on charitable
activities
Other
Cost of Sales
Total other expenditure
Total expenditure		 General
funds
Designated
funds
Restricted
funds
2023 total
funds
General
funds
Designated
funds
Restricted
funds
2022 total
funds
£
£
£
£
£
£
£
£
96,387
42,481
-
138,868
97,682
29,449
-
127,131
52,884
346
897
54,127
64,203
-
-
64,203
39,625
261
-
39,886
30,985
895
-
31,879
1,814
-
703
2,517
4,225
-
740
4,965
1,945
308
440
2,693
1,899
298
369
2,566
21,690
-
26,099
47,789
16,185
-
-
16,185
17,241
-
-
17,241
15,994
-
-
15,994
43,025
-
-
43,025
34,399
5
-
34,403
16,575
2,129
-
18,704
17,939
598
-
18,536
4,138
-
-
4,138
7,557
-
-
7,557
580
3,591
-
4,171
1,507
1,770
-
3,277
14,199
35,012
47,847
97,059
7,994
12,089
42,455
62,538
10,779
1,849
8,329
20,956
10,923
1,114
7,167
19,204
-
-
13,500
13,500
-
-
11,100
11,100
-
-
2,122
2,122
-
-
2,786
2,786
320,883
85,979
99,936
506,798
311,491
46,217
64,616
422,324
111
608
-
719
22,881
2,684
-
25,565
111
608
-
719
22,881
2,684
-
25,565
320,994
86,587
99,936
507,517
334,372
48,901
64,616
447,890
Unrestricted
Unrestricted

The breakdown of governance costs was as follows:

13

The PCC of Holy Trinity and St Saviour, Upper Chelsea

2023 2022
Governance costs £ £
Independent Examiner's Fees 2,130 2,220
Legal fees 387 2,745
Total 2,517 4,965

Note 6 Paid employees

Salaries and wages
Social security costs
Pension costs: defined contribution
Total staff costs		 2023
2022
£
£
51,329
61,476
1,585
1,257
1,212
1,470
54,127
64,203

No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000 and none were considered key management.

The charity’s average head count was 2.

There were no ex-gratia payments to employees and others (excluding trustees) and no redundancy or termination payment was made in the period.

Note 7 Defined contribution pension

The charity assesses each employee for eligibility as a jobholder under the auto-enrolment system. Any eligible jobholders are auto-enrolled to a group money purchase defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost represents the contributions payable under the scheme by the charity and the charity has no further liability other than the payment of those contributions and the jobholder is responsible for their own pension fund with the pension administrators.

Note 8 Debtors and prepayments

Trade debtors
Prepayments
Other debtors
Total		 2023
2022
£
£
53,466
26,027
5,099
5,915
1,046
2,344
59,611
34,287

Note 9 Creditors

Trade creditors
Accruals and deferred income
Taxation and social security
Other creditors
Total		 2023
2022
£
£
26,197
44,389
80,377
55,286
1,215
2,018
5,000
5,000
112,789
106,693
Amounts falling due
within one year

Additionally, for the next two years, the charity will pay £8,813 per annum on a photocopier lease.

14

The PCC of Holy Trinity and St Saviour, Upper Chelsea

The movement of the deferred income account was as follows:

Balance at the start of the reporting period
Amounts added in current period
Amounts released to income from previous periods
Balance at the end of the reporting period		 2023
2022
£
£
15,651
15,527
165,316
140,074
(128,342)
(139,949)
52,625
15,651

Note 10 Cash at bank and in hand

Short term cash investments
Cash at bank and on hand
Total		 2023
2022
£
£
661,919
370,516
219,499
385,888
881,418
756,404

Note 11 Charity funds

2023
Fund Fund
balance
brought		 Income Expenditure Transfer Gains and
losses
balances
carried
forward forward
£ £ £ £ £ £
Unrestricted - General: Holy Trinity & St Saviour 217,373 437,922 320,994 (125,790) 876 209,387
Designated - Assistant Priest 47,984 5,425 42,515 - - 10,893
Designated - Breakfast Club 177 - 55 - - 122
Designated - Denyse de Mauny 101,348 4,522 - - - 105,870
Designated - Emergency Reserve 43,840 6,374 - 126,630 - 176,844
Designated - Friends - 840 - (840) - -
Designated - Junior Church 5,085 5,085
Designated - Music 20,797 47,551 41,506 - - 26,843
Designated - Rector's Discretionary Fund 1,749 1,000 509 - - 2,240
Designated - Those In Need - 25,000 2,002 - - 22,998
Restricted - Drapers - 350 350 - - -
Restricted - The Kathleen Hannay Grant 1 20,000 20,001 - - -
Restricted - Maintenance - 50,000 27,000 - - 23,000
Restricted - Ouseley - 2,100 2,100 - - -
Restricted - Sloane Square Choral Society 20,315 49,800 50,485 - - 19,630
Restricted - Vicarage Fund 225,328 - - - - 225,328
Total 683,998 650,884 507,517 - 876 828,241

In 2017 the charity received a legacy from Denyse de Mauny, which was initially included in the Friends fund. However, in 2020 it was decided that it was better to create a separate designated fund for this legacy. During the year, residual donations into the Friends account are transferred to the general fund, to help with the running costs of Holy Trinity Church.

In June 2021, the charity started raising funds with the aim of employing a full time Assistant Priest and all donations for that purpose are allocated to the Assistant Priest Fund.

Also in 2021, the charity was able to establish a designated Emergency Reserve Fund with £43,264, but in March 2023 its level was raised to £170,470, to equal 6 months of annual running costs based on 2022 actual expenditure and in accordance with the PCC reserves policy approved in that month.

In 2023, the Mosawi Foundation bestowed the church with two substantial donations: i) a £50k donation towards the maintenance of Holy Trinity’s building, which was ring-fenced in a restricted fund, and ii) a £25k to support the food bank and the church’s work to help homeless people in the area. It is from the latter that the church donates to the Kensington & Chelsea Foodbank and to Glass Door a monthly £1k to each and will continue to do so until the Those In Need Fund is depleted.

15

The PCC of Holy Trinity and St Saviour, Upper Chelsea

The funds received in relation to the Music Fund came from those wishing to support the charity’s tradition of music in worship. These funds helped with the appointment of a Director of Music in 2022.

In 2023, the charity received a restricted £20,000 grant from The Kathleen Hannay Memorial Charity to support its music plans, which was fully utilised during the year. The charity also received 2 other smaller grants to support the music in church: a £350 from the Drapers’ Charitable Fund, and a £3,000 from the Ouseley Trust. The latter was specifically donated to pay for choral scholars’ fees, out of which £900 are still available to use in 2024.

The restricted Vicarage Fund holds the proceeds of sale of rectory flats in 1998. The diocese, pending a suitable, property related, application for their use being made by the PCC, holds the funds.

Unrestricted - General: Holy Trinity & St Saviour
Designated - Arts & Crafts Festival
Designated - Assistant Priest
Designated - Breakfast Club
Designated - Denyse de Mauny
Designated - Emergency Reserve
Designated - Flower Guild
Designated - Friends
Designated - Junior Church
Designated - Music
Designated - Rector's Discretionary Fund
Restricted - The Kathleen Hannay Grant
Restricted - Sloane Square Choral Society
Restricted - Vicarage Fund
Total		 Fund
balance
brought
forward
Income
Expenditure
Transfer
Fund
balances
carried
forward
£
£
£
£
£
108,459
443,380
334,372
(94)
217,373
-
3,311
4,845
1,534
-
46,850
30,619
29,485
-
47,984
177
-
-
-
177
100,033
1,316
-
-
101,348
43,271
569
-
-
43,840
2,841
-
2,241
(600)
-
-
840
-
(840)
-
5,085
-
0
-
5,085
6,235
26,893
12,330
-
20,797
1,749
-
-
-
1,749
20,000
-
19,999
-
1
23,164
41,769
44,617
-
20,315
225,328
-
-
-
225,328
2022
583,192
548,696
447,890
-
683,998

Note 12 Transactions with trustees and related parties

The charity is part of the Diocese of London, and, therefore, material interdependencies between the Church and the Diocese arise as a consequence of this relationship. For reporting purposes, the charity and Diocese are not treated as related parties as defined in FRS 102.

The ex-Rector and Assistant Priest, both trustees of the charity, received housing related benefits, directly or indirectly, of £3,634 during the year ( 2022: £7,468, which included £3,420 for the Assistant Priest’s relocation ). No other trustees have been paid any remuneration or received any other benefits from an employment with the charity or a related entity this year and the preceding year.

No trustees’ expenses for fulfilling their duties have been incurred this year and the preceding year.

Costs relating to legitimate church business of £5,573 were reimbursed to four trustees ( 2022: £4,191 to seven trustees ).

16