I)KLI;% KNIGHTSBRIDGE Financial Statements and Annual Report for the year ended 31st December 2024 St Paul's Church, Knightsbridge The Diocese of London Reg. Charity no. 1134857
Financial Statements and Annual Report st for the year ended 31 December 2024 St Paul's Church, Knightsbridge The Diocese of London Reg. Charity no. 1134857 Contents Page Annual Report of the Parochial Church Council Independent Examiners, Report Statement of Financial Activities Balance Sheet io Statement of Cash Flows li Notes to the Financial Statements 12-22 The Annual report of the Parochial Church Council will be read to the Annual Meeting, and copies will be available from the Church Office, 32A Wilton Place, London SWI.
ST PAUL'S, KNIGHTSBRIDGE ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2024 ORGANISATIONAL STRUCTURE, GOVERNANCE AND MANAGEMENT PURPOSE St Paul's Parochial Church Council IPCCI is required, as Stated in the Parochial Church Councils (Powers) Measure 1956, to co-operate with the minister in promoting in the ecclesiastical parish the whole mission of the Church pastoral, evangelistic, social and ecumenical. It also has maintenance responsibilities for St Paul's Hall, 77 Kinnerton Street, London SWI. TRUSTEE RECRUITMENT, APPOINTMENT, AND TRAINING Members of the PCC are @ither ex-officio, elected by the Annual Parochial Church Meeting IAPCMI, or co-opted. in accordance with the Church Representation Rule5. Nominations are invited from church members in the lead up to the APCM. New trustees are provided with information on their legal obligations under charity law and an explanation of what the role will entail. They also sign a Trustee Declaration Form to confirm their willingness and eligibility to serve. New trustees are introduced to fellow trustees, are inducted in the operation and policies of the PCC, undertake appropriate Safeguarding training, and are encouraged to attend external and diocesan training events when available. MEM8ERSHIP The following served as members of the PCC during 2024.. Offlcers: Chairman.. The Reverend Canon Alan Gyle- Vicar of the Parish S Churchwardens.. Lorna Gradden * (until 11 May 2024} Gregory Walker * - Vice Chair Mark Arena * Ifrom 12 May 20241 Treasurer.. Humphrey Percy * Safeguarding Officer: David Hayton Children's Advocate.. Louisa Dickerson luntil 16 July 2024) Kathryn Pothier (from 16 July 2024) * denotes Stunding Committee member PCC Members: Unfil APCIW 2024.. Hobson Barnes Claudio Cornini Jamie De Freitas David Kemmis Betty Jean Woolley Until APCM 2025.. Roland Brunner Lawson Crawford (Deceased 6 July 2024) Louisa Dickerson Thomas Tull Rachel Vosper UntilAPCM 2026.. Patricia Dopheide Ben Furnival* David Hayton Humphrey Percy * Sarah Raynor Until APCM 2027.. Tempe Brickhills Emma Fafah Christopher Mann Serena Butt Kathryn Pothier Members by virtue of being licensed to the parish: The Reverend Rosie Richardson The Reverend Dr Gillian Straine The Revered James Chegwidden (from 17June 2024) Representatives on the Deanery Synod of St Margaret's Westminster: From I" July 2023 to 30, June 2026.. Anna Keighley * Gardenia Griffith (until 11 Moy 2024) Rupert Powell Christopher stephens Robert Thomas (from 12 May 2024)
ST PAUL'S, KNIGHTSBRIDGE ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Officers who are not members ot the PCC: PCC Secretarv: Electoral Roll Officer.. Philip Davies lago Griffith (until 16 July 2024) Tom Bialecki (from 16July 2024) KEY MANAGEMENT PERSONNEL The Standing Committee members listed on page l are considered to be key management personnel as they are in charge of directing, controlling, running and operating the church on a day to day basis. All such personnel give of their time freely or are remunerated by the Diocese, and therefore received no remuneration from the church in the year. Details of PCC members, expenses and other related party transactions are disclosed in Note 13 to the financial statements. STANDING COMMIThEE This is the only Committee required by law and meet5 four times a year. Its members are the Vicar, Churchwardens, Treasurer, and two members of the PCC. The Standing Committee may transact PCC business between meetings of the PCC, but may not discharge a duty of the PCC, and may not exercise a power of the PCC which is subject to the pa5sin8 of a resolution by the PCC or compliance by the PCC with some other requirement. SAFEGUARDING The Parish Safeguarding Officer oversees the PCC'S Safeguarding policies and procedures, and advises on 5afeguardin8 matters. Compliance with statutory safeguarding requirements is tracked by way of the Church of England's onlinÈ 'S3feEuarding Dashboard, tool. Safeguarding is a standinE agenda item at all meeting5 of the PCC. The Safeguarding Officer, or in their absence another suitably qualified officer, provides a report on compliance with requirements, and any other relevant safeguarding updates. PCC members, staff, and volunteers working with children or vulnerable adults are required to undertake relevant safeguarding trainin8, and DBS checks are carried out as required. The PCC is of the view that is has complied with the duty to have 'due regard, to the House of Bishops, Safeguarding Policv and Practice Guidance. FUNDRAISING The PCC engaged in fundraising, in the form of receiving free-will offerings/donatior$5, some of which were gift-aided, f rom members of the congregation and other supporters. The PCC did not contract the service of any professional fundraisers as defined by section 58 of the Charities Act 1992. The PCC is satisfied that its fundraising practices are ethical. No complaints were received about our fundraising practices. PUBLIC BENEFIT STATEMENT The PCC have due regard lo Charity Commission guidance on public benefit when planning and reviewing attivities, and are confident that the activities outlined in this report deliver public benefit. ADMINISTRATIVE DETAILS Bankers C Hoare & Co 32 Lowndes Street London SWIX 9HZ Independent Examiners JCS Accountants Lirnited 5 Robin Hood Lane Sutton Surrey SMI 2SW Correspondence Address The Parish Office 323 Wilton Place London SWIX 9SH
ST PAUL'S, KNIGHTSBRIDGE ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 The Proceedings of the PCC in 2024 GOVERNANCE & THE PCC The PCC met four times during the year. Agenda items covered matters relating to mission, formation, finance and Stewardship, safeguarding, ministry to children and families, health and safety, church maintenance and administration. Revised policies were approved for Finance, Health & Safety, Safeguarding, and Conflict of Interest. The Standing Committee met in between full meetings of the Council to formulate the agenda and to transact routine business. The Archdeacon of Charing Cross carried out her triennial visitation, during which she met with the churchwardens, clergy, staff team members and the PCC. The Archdeacon's report was very positive about the life of the parish and the PCC'S compliance with governance requirements. WORSHIP & PASTORAL SERVICES The regular pattern of worship was maintained with growing attendance at Sunday services - Morning Prayer at 9..30 and the Solemn Eucharist at 11-00 each Sunday, during which a crèche was available in the Parish Hall for children whose parents wished to attend the Eucharist. The Office5 of Morning Prayer and Evening Prayers were said daily during the week lin the buildin8 and via Zoom respectively). A weekly Eucharist each Thursday evening drew a loyal and growing congregation, with participation by the choral scholars and an opportunity for fellowship after the service. During the spring, homilies at this service explored questions from the Bible, and during the autumn there was a focus on the Psalms, including contribvtions from Paula Gooder (St Paul's Cathedral) and Yoav Oded Icantor at Westminster Synagogue). The 11.'OO Eucharist service was live-streamed each week, as were many of the pastoral services, enabling the participation of friends and family unable to attend weddings, funerals, and memorials in-person. During the year, seventeen people were baptized in church, and twelve people confirmed. The weddings of eight couples were celebrated at services of marriage and blessing. There were Six funeral services, and eight memorial services. The annual FANY Memori31 Service took place in October. We also welcomed the pupils and staff of Knightsbridge School for their Harvest service. During the month of Decernber, in addition to our own Advent and Christmas carol services, fifteen carol services and concerts took place in church, in support of a number of charities including Great Ormond Street Hospital, The King's Foundation, The King's Trust, The Carers Trust, Hospice UK, and Prostate UK, in raising significant funds for their work anecdotally, in excess of £lm in 2024. SOCIAL, PASTORAL & FORMATION PROGRAMMES In addition to gathering for worship, we provided a range of opportunities for people to socialise, learn tO8ether, and to deepen relationships with fellow congregants. A summer retreat to Orvieto was enjoyed by some 30 members, and a pilgrimage to the Shrine of Our Lady of Walsin8ham provided a quieter, more reflective retreat experience. In the spring term there was a series of discussions led by Shaun O'Brien (Liturgical Scholarl on the ritual of our High Church tradition. During the autumn term we enjoyed a series of lectures to coincide with the installation of the new Icon of Our Lady of Sorrows. James Chegwidden (Associate Priestl was joined by Bishop Richard Harries, Tina Beattie, Ayla Lepine, and Aidan Hart to discuss how art, philosophy, theology, and the lives of holy women and men might help us explore faith in God in light of the mystery ol evil and human affliction. The regular Songhaven dementia-friendly concert 5erie5 went from strength-to-strength, providing an opportunity for us to host people living with dementia and their carers to enjoy professional music-making followed by afternoon tea. There were three parish lunches in church enjoyed by about a hundred people on each occasion, and the annual Garden Party provided a wonderful opportunity to re-connect after the summer break, even if inclement weather meant the party had to take place inside the church l The church hall was used by 12~step groups each week of the year, and for local resident and charity meetings and the Sunday morning crèche.
ST PAUL'S, KNIGHTSBRIDGE ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 MUSIC Director of Music Joseph Fort, assisted by Jame5 Orford (Assistant Director of Music) led the team of eight professional singers and the organ and choral scholars. James Orford was appointed Organist of St Paul's Cathedral in the autumn, and was succeeded by Jeremy Cole. The Berkeley hotel generously gave a dinner in their ballroom to raise funds for the music programme, at which members of the music tearn provided musical entertainment between courses. The fine Steinwav piano and acoustic continued to attract an ever-increasing number of bookings for concerts and recordings by both long- established partners such as the BBC Singers, London Mozart Players, Inner Voices, Brunswick Vocal Arts, and The St Paul's Knightsbridge Festival Choir. CLERGY, STAFF & VOLUNTEERS In addition to the Vicar and Associate Vicar . respectively The Reverend Canon Alan Gyle and The Reverend Rosie Richardson we are blessed to benefit from the wisdom and experience of a team of Honorary Assistant Priests, who are either retired or have non-parochial roles elsewhere which enables them to participate in the life of the parish.. The Reverend James CheBwidden (who practices at the Bar in employment and equalities lawl, The Reverend Dr Ellen Clark- King (Dean of King's College London), Bishop Michael Colclough Iformer Bishop of Kensington), The Very Reverend Victor Stock Iformer Dean of Guildfordl, and The Reverend Dr Gillian Straine (the CEO of GoHealthl. Roland Brunner continued to serve as a Licensed Lay Minister. Greg Walker succeeded Lorna Gradden as Senior Churchwarden, and Mark Arena was elected Churchwarden to Serve longside. The community is indebted to a large team of volunteers who enable the life of the parish: assistant wardens and welcomers, servers, vergers for special services, hospitality team, flower arrangers, those who coordinate fundraisin8 events, and those who give of their time to think about development plans and governance. In the office, Katja Behrens left her role as Executive Assistant in early 2024. Tom Bialecki joined the team in May as fulltime Events Manager, and Felicity Rice returned to the team as PA, working remotelv. REPORT ON CHURCH ArrENDANCE AND THE ELEcfoRAL ROLL Responsibility for maintaining a record of those eligible to stand for election to the PCC and of those eligible to vote in parochial elections lies with the Electoral Roll Officer. Each year the Parochial Church Council is required to revise the parish Electoral Roll. At 31 December 2024 the Electoral Roll stood at 327 (31 December 2023.. 322). Average Sunday attendance at all services was 140. REPORT ON FABRIC GOODS & ORNAMENTS A highlight of the year was the gift of a newly-commissioned Icon of Our Lady of Sorrows. The generous gift of a longstanding parishioner, the Icon was written by eminent artist Aidan Hart. The Icon provides a devotional image for people experiencing105s and sorrow, and is a wonderful enrichment of the church's iconography. Another generous gift was that of a set of newly-commissioned wooden candlestick515ix Hi8h Altar candlesticks, two Altar candlesticks. and two acolyte candlesticks) for use during the Holy Season of Lent. Towards the end of the year, progress had been made on planning for significant work5 to the church building. Planning was underway for the installation of WC5 to the west end of the church, and both intern31 and external restoration and repair work5 to the tower and west entrance of the church buildin8. There was also a plan for comprehensive quinquennial repair works to be undertaken during 2025. Routine Servicing of equipment and repairs were undertaken, including the re-laying of the churchyard surface to reduce the risk of trip hazards, particularly in relation to problematic tree roots. A quinquennial inspection of the church hall electrics resulted in remedial works carried out to bring the system into compliance. Parts of the sound system failed and needed to be replaced towards the erid of the year, and it becarne apparent that many of the components (installed twelve years previously) would need replacing in order to ensure the reliability required of the system. The Terrier and Inventory were maintained and the Churchwardens were content that the Fabric, Good5 and Ornaments of the chuf ch were being well maintained.
ST PAUL'S, KNIGHTSBRIDGE ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 FUTURE PLANS The PCC aims to maintain the highest standards in public worship, pastoral care, Christian formation, outreach in the wider comrnunity, care of the church and hall buildings, and governance. We plan to achieve this by.. growing the congregation through ensuring visitors and guests experience a warm and generous welcome, communicating effectively about our services and events, ensuring pastoral care needs are met, and delivering an engaging theology and formation programme,. expanding our missional work to connect with those beyond our regular congregation within the local community; develop the building, particularly paying attention to quinquennial works, the provision of accessible Wcs at the west end of the church, improving access and presentation of the churchyard/west entrance; grow our incoming resources through developing a stewardship plan for new members, increase hall lettings, a legacy campaign, and additional fundraising events,. ensuring we have sufficient staff and resources to deliver our plans: re8ularly reviewing governance and policies. FINANCE OVERVIEW The year-end financial result comprised a £41,951 deficit (2023.. £45, 793 deficit) on the general fund and a restricted fund surplus of £106,92312023.' £51,143 deficit). Voluntary income was significantly hl8her than in 2023, largely due to grants from the St Paul's Knightsbridge Foundation, including £ 109,958 towards the deficit on the Capital Appeal restricted fund. The Berkeley Music Dinner raised c.£38,500 after costs, the proceeds of which were applied to the cost of music at regular services. Income from church activities was about the same level as in 2023, representing a similar level of activity in terms of special services and church lettings, and an increase on hall lettings. Costs were closely managed, with maintenance fees being significantly lower than the previous year, when works were carried out to the electrical and heating systems. The PCC'S obligations were mel, includin8 the additional 10/0 on Common Fund to support the work of the wider church in London. Lent Appeal donations were disbursed to support the work of the Order of St Lazarus of Jerusalem. The PCC sets 3 budget and projected cashflow each year, and performance against budgel with a forecast is presented to the PCC at its quarterly meetings. Bookkeeping is undertaken by Bidwells LLP.
ST PAUL'S, KNIGHTSBRIDGE ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 RESERVES AND INVESTMENTS Reserves Policy The PCC has established a policy whereby general unrestricted reserves held by the church should equate to approximately three months, worth of unrestricted resources expended, currently c. £ 140,000. At this level, the PCC feel that they would be able to continue the current activities of the church in the event of a significant drop in funding. The reserve5 requirement is not currently met, and the PCC is proactively considering how to build up the reserve in the short-to- medium term. Investment Policy The church Ithrough its tru5teesl has the power to invest in such stocks, shares, investments and property in the UK as deemed fit. The charity has made such investments to generate a return and has made no social investments. RISK ASSESSMENT The PCC is satisfied that there are procedures in place to mitigate exposure to major risks. The PCC considers the principal risks and uncertainties facing the Church and their plans and strategies for managing these risks to be.. Potential Risk Security of assets Potential Impact loss or damage theft of assets Steps to mitigate risk review security arrangements asset register and inspection programme review insurance cover implement appraisal, budgeting and authorisation procedures • review regulatory compliance monitor the adequacy of financial returns achieved stewardship review Fund-raising unsatisfactory returns lower number of donations due to cost of living challenges • reputational risks of campaign or methods used actions of agents and commercial fund-raisers compliance with law and regulation computer system failures or loss of data destruction of property, equipment, records through fire, flood or similar damage inability to meet commitment5 lack of liquidity to cover variance in costs impact on operational activities Disaster recovery and planning agree IT recovery plan implement data back up procedures and security measures • review insurance cover create disaster recovery plan ensure adequate cash flow projection5 (prudence of assumptions) identify major sensitivities • ensure adequate information flow from operational managers monitor arrangements and reporting focLJS on fundraising efforts for the capital appeal Cash flow sensitivities Building facilities not suitable for Meeting increased requirements of potential hirers. reduction in use of building by third parties resulting in reduced income
ST PAUL'S, KNIGHTSBRIDGE ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 RELATED PARTIES The St Paul's Knightsbridge Foundation is a registered charity whose objects are to maintain and support in office a curate to the Vicar of St Paul's Knightsbridge, London SWI and to contribute towards the maintenance of the fabric, furnishings and equipment of the church, and support worship including performance of the choir and musical or artistic activities intended to encourage worship in St Paul's Church. The Reverend Alan Gyle (Vicarl, Ms Lorna Gradden and Dr Gregory Walker Ichurchwardensl served as trustees of the Foundation during 2024. American Friends of St Paul's Knightsbridge is a charitable organi5ation established in the United States of America whose object is to raise funds from American supporters of the church towards the Capital Appeal. No PCC trustee served on the Board of the American Friends diiring 2024. STATEMENT OF PCC RESPONSIBILITIES The Parochial Church Council IPCCI are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel. The Church Accounting Regulations 2006 require the PCC to prepare financial statements for each financial year which 8ive a true and fair view of the state of affairs of the Council and of its financial activities for that period. In preparing those financial statements, the PCC is required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP,. make judgments and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any material departure5 disclosed and explained in the financial 5tatements,' and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The PCC are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial p051tion of the Council and enable them to ensure that the financial statements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008. 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. Signed on behalf of the PCC The Reverend Canon Alan Gyle Chairman Date: I" April 2025
ST PAUL'S, KNIGHTSBRIDGE INDEPENDENT EXAMINERS, REPORT TO THE PAROCHIAL CHURCH COUNCIL OF ST PAUL'S, KNIGHTSBRIDGE I report to the charity trustees on my examination of the accounts of the St Paul's Parochial Church Council for the year ended 31 December 2024. 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 20111'the Act'l. I report in respect of my exarnination of the Charitv's accounts as carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl ofthe Act. Independent examinerfs 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 l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination givin8 me cause to believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the Act,. or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Report) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as parl of an independent examination,. or the accounts have not been prepared in accordance with the methods and principles of 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 the Republic of Ireland IFRS 1021. 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 understandin8 of the accounts to be reached. Miriam Hickson CTA FCA JCS Accountants Limited 5 Robin Hood Lane Sutton Surrey SMI 2SW Date: q 202S
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ST PAUL'S, KNIGHTSBRIDGE BALANCE SHEET AS AT 31ST DECEMBER 2024 2024 2023 Note Fixed assets Tangible fixed assets 100,746 90,100 Current assets Debtors Cash at bank and in Hand 47,802 77,141 141,698 126,976 Creditors Amounts fallin8 due within one year 110 988 150 592 Net current Iliabilitiesllassets 123 6161 Net assets li 4L4 Parish Funds Unrestricted Restricted Endowment 95,364 36,092 137,315 170,8311 io io Approved by the Parochial Church Council I, April 2025 and signed on its behalf by: The Reverend Canon Alan Gyle Chairman
ST PAUL'S, KNIGHTSBRIDGE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER 2024 2024 2023 Cash provided byllused inl operating activitles (see below} 67,141 143,8561 Cash f lows from Investing artivities Interest receivable Payments to acquire tangible fixed assets Cash (used in) investing activities 73 123 1531 144 126 984 123 0801 126 8401 Net cash inflowlloutflow) 44,061 170,6961 Cash and cash equivalents at l January 2024 120 531 Cash and cash equivalents at 31 December 2024 Cash flows from operating activities Net incomellexpenditure} 64,972 1106,9361 Interest received shown in investing activities Depreciation Decrease in debtors IDecreasel/increase in creditors 731 12,507 29,339 139 6041 1441 8,995 10,710
ST PAUL'S, KNIGHTSBRIDGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2024 I ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows.. Basis of preparation The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 and in accordance with the Charities Statement of Recommended Practice (Charities SORP IFRS 10211 and Financial Reporting Standard 102 IFRS 1021.The financial statements have been prepared under the historical cost convention. The accounts include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body nor those that are informal gatherings of Church members. The PCC meets the definition of a public benefit entity under FRSIO2. Going concern The PCC have prepared detailed forecasts and cash flow projections which they believe are based upon reasonable a55umptions. The forecasts show that the church should be able to operate for the foreseeable future and thus the trustees consider it appropriate to prepare the financial statements on a going concern bas15. Funds General unrestricted funds represent the funds of the Parochlal Church Councll IPCCI that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Fltnds designated for a particular purpose by the PCC are Iso unrestricted, Restricted funds are those SL¢bject to speciflc trusts, whlch may be declared by the donor or with their authority. The restricted funds of St Paul'5. Knightsbridge include restricted income funds which are expendable at the discretion of the PCC in furtherance of some particular spects of the activities of the Church, and a restricted capital fund, whose intome is restricted. Income Volunlory income Donation5 and legacies lineluding collections and income tam recoverable under Gift Aid) are accounted for once the charity has entitlement to the income, it Is probable the income will be received and the amount of income receivablti can bts reliably rneasured. Incomefrom investments Interest enliilements are accounted for a5 they accrue. Oividends are accounted for when due and payable. Church octivities Income from church lettings and fee income is recognised when the rental oi lee is due. All other income is recognised gross, and on a receivable basis. Activitie5 for generoting funds Funds raised by the Earden party and similar events are accounted for gross. Car park and hall letting income are recognised when receivable. Expenditure Expenditure is accrued a$ 500n as a liability is considered probable, diseounted to present value for longer term liabilities. Activities directly reltjting to the work of the Church The Common Fund contribution is accounted for when payable. Any Common Fund payments unpaid at 31st December 15 provided for in these accounts a5 an operational (though not a legall liability and is shown as 3 creditor in the balance sheet. It also includes Costs incurred or payments made which are an integral part of expenditure on the PCC'S objects. These include governance cost5 which comprise all the expenditure incurred in connection with ensuring that the Parochial Church Council complies fully with its legal and regulatory obligations. Roisino Funds This relates to the costs in respect of fundraising events and costs associated with the upkeep of the car park.
ST PAUL'S, KNIGHTSBRIDGE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31sI DECEMBER 2024 I ACCOUNTING POLICIES Icontinuedl Grants Grants and donations are accounted for when paid over, or wher* awarded, if that award creates a binding obligation on the PCC. Pension costs St Paul's Knightsbridge PCC particSpates in the Penslon Builder Scheme section of CWPF lor lay staff. CWPF is admlnistered by the Church ol England Pensions Board, which holds the CWPF assets separately from those of the Employer and other participating employers. CWPF has two sections.. the Defined Benefits Scheme the Pension Builder Scheme, which has two subsections,. a deferred annuity section known as Pension Builder Classic, and, a cash balance section known as Pension Builder 2014. Pension Builder Scheme Both sections of the Pension Bullder Scheme are classed as defSned benefit schemes. Pension Builder Classic provldes a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors. Pension Bullder 2014 Is a cash balance scheme that provldes a lump sum whlch members use to provide beneflts at retirement. Pension contributlons ère recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared Is payable, unreduced, from age 65. There is no Sub-division of assets between employer5 in each section of the Pension Builder Scheme. The scheme is considered to be a multl-employer scheme as described In Section 28 of FRS 102. Thls is because it is not possible to attribute the Pension Builder Scheme's assets and liabS1ities to speclflc employers and means that contributions are accounted for as if the Scheme were a defined contributlon scheme. The penslons costs charged to the SOFA in the year are the contrlbutlons payable as set out In the Staff Costs note. A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation wa5 carried out as at 31 December 2022. For the Pension Builder Classic section, the valuatlon revealed a surplus of £34.8m on the ongoing assumptions used. At the most rece.nt annual review effective l January 2025, the 8oard chose to grant a discretionary bonus 016.7% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997,. and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 2.7% (where usually it would be calculated based on inflation tjp to 2.5Y.l. This followed improvements in the funding position over 2024. There is no requirement for deficit payments at the current time. The next valuation Is due as at 31 December 2025. For the Pension Builder 2014 section, the valuation revealed a surplus of £8.5m on the ongoing assumptions used. There is no requirement for deficit payments èt the current time. The legal structure ol the scheme is such that if another employer lails, St Paul's Knightsbridge PCC could betome responsible for paying a share of the failed employer'5 pension liabilities. Fi)Ked assets Consecroted lond ond buildings ond movoble church furnishings Consecrated or beneficed property is excluded from the accounts by Section 1012llal of the Charities Act 2011. Moveable church furnishing5 held by the churchwar(Jens on special trust for the PCC, and which require a faculty for disposal, are accounted for as inalienable property unless consecrated. They are listed in the church's Inventory, which can be inspected lat any reasonable timel. For inalienable property acquired prior to 2000 there is insufficient cost information available and therefore such assets are not valued in the accounts. Items acquired since 1st January 2000 have been capitalised and depreciated on a straight-line basis in the accounts over their currently anticipated uselul economic life All expenditure incurred during the year on consecrated or benefice buildings. individual items under £1,000 or on repair of movable church furni5hing5 acquired before 1st January 2000 is written off.
ST PAUL'S, KNIGHTSBRIDGE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31st DECEMBER 2024 I ACCOUNTING POLICIES Icontinuedl Other ossets The church hall hès been included at 1996 valuation by the Parochlal Church Council anrj is being depreciated over the period of the lease, which runs from 1996 to 2065. Improvements to the basement flat, which has been made available for the Church's use, have been capitalised at Cost. Equipment used within the church premises with a purchase price exceeding £1,000 15 capitalised. Individual items of equipment with a purchase price of £1,000 or less are written off when the asset is acouired. Depreciation is provided at the following rates to write off fixed assets over their useful lives: Leasehold Church hall Improvements to basement flat Organ restoration Movable Church furnishings Furniture, fittings & equipment Straight line over 68 years Straight line over 7 years Straight line over 10 or 20 yeais Straight line over 20 years Straight line over 4 or 7 years Current a5set5 Income tèx recoverable and othei debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid. Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or le55 from the date of opening of the deposit. Creditors and provisions Creditors and provisions are recognised where the Church has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount. Financial instruments The charity only has financial assets and liabilitles of a kind that qualify as basic financial instruments. Basic financial instruments are Inltially recognlsed at transaction value and subsequently measured at their settlement value. 14
ST PAUL'S, KNIGHTSBRIDGE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31st DECEMBER 2024 2 INCOME Unrestricted Funds Restricted Funds Total 2024 Total 2023 2131 Voluntary income Gift Aided donations Grants awarded Other donations Income Tax Recovered Collections Iopen Platel Legacies Vicar's Discretionary Music Fund Lent Appeal Dunhill Medical Trust income Associate Vicar Fund income Capital Project grant Liturgy and Music Scholar Scherne ECLAS Scientist Liturgical Assets Children's Ministry Fund grant Salaries grant Our Lady of Sorrows Associate Clergy Honorarium grant 169,114 3,039 51,637 41,935 12,243 io,ooo 169,114 3.039 51,637 41,935 12,243 10,000 8.384 48,457 2,631 725 47,000 109.958 1,875 148,910 61,866 63,013 40,080 11,827 7.820 8,384 48,457 2,631 725 47,000 109,958 1,87S 45,327 18,128 424 24,240 18,046 5,000 8,300 10,000 14,400 10,000 53,000 15,150 10,000 53,000 15,150 287 968 302 180 590 148 477 381 21bl Investments Bank Interest Receivable l UK) 73 73 73 73 144 144 21cl Church activltles Weddings and Blessings Funerals and Memorials Special Service Music Fees ChLtrch Lettings Programmes Income Hall Lettings Other Income 5,688 14,046 54,684 43,520 5,688 14,046 54,684 43,520 8,694 12,978 54,523 43,645 2,310 9,631 13,341 13,341 133 180 133 180 133 251 21dl Activities for generating funds Car Park Income Network rental income Events 52,749 18,450 52,749 18,450 48,618 18,878 Total income 499,5_6_3 102,18
ST PAUL'S, KNIGHTSBRIDGE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31st DECEMBER 2024 3 EXPENDITURE Unrestricted Funds Restricted Funds Total 2024 Total 2023 31al Raising Funds Fundraising 255 255 255 255 31b} Church Activities Common Fund Incumbent Costs Vicarage Expenses Assistant Staff - Non-stipendiary Church Running Costs Church Maintenance Upkeep of Services Hall Costs Choir fees Speci31 Service Music Fees Hall Rental Staff Costs Parish Office Expenses Other Support Costs Other Professional Services Programme Costs Independent Examination and accountancv Depreciation Associate Vicar costs Lent Appeal Music Appeal Vicar's discretionary Dunhill Fund Greener Futures Healthy Healing Hub Liturgy & Music Scholar Scheme ECLAS Scientist Children's Ministry Fund Mental Heath First Aid Programme Capital project fund ioi,000 8,571 4,290 6,435 60,303 44,192 4,969 11,426 8,146 55,732 12,991 128,157 50,932 10,734 25,854 ioi,000 8,571 4,290 6,435 60,303 44,192 4,969 11,426 46,651 55,732 12,991 181,157 50,932 10,734 25,854 97,000 3,329 2,851 5,652 57,191 69,720 5,366 1,893 45,913 55,694 21,681 172,114 58,670 5,179 16,870 4,275 5,738 8,995 24,640 18,201 10,907 870 38,505 53,000 6,030 12,507 6,030 12,S07 50.076 2,631 10,764 733 115 50,076 2,631 10,764 733 115 30,203 6,068 17,003 9,600 8,158 1,800 5,591 14,217 5,591 14,217 8,615 8,615 552 269 184 247 736 516 778 939 Total expenditure 5_52524 184 247 736 771 793 455 16
ST PAUL'S, KNIGHTSBRIDGE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31st DECEMBER 2024 4 STAFF COSTS 2024 2023 Wages and salaries Social security costs Pension costs 160,220 10,484 181,467 12,207 The number of Staff member5 during the year was 612023.. 81. No employee was paid more than £60,000 in this or the preceding year. The key management personnel listed on page I (members of the Standing Committee), received no remuneration from the church. S GRANTS PAYABLE The PCC made the following charitable grants during the year: 2024 2023 Order of St Lazarus of Jerusalem Bishop of London's Lent Appeal Disaster Emergency Committee - Ukraine Appeal Disaster Emergency Committee - Turkey-syria Earthquake Appeal The Guild of Health Wellbeing podcast 2,631 6,067 6,067 6,067 6 FIXED ASSETS FOR USE BY THE PCC Leasehold church hall Improvements to basement flat Moveable church furnishings Furniture, fittings & equipment Organ restoration Total Cost or Valuation At 1st January 2024 Additions Disposals At 31st December 2024 loo,000 13,190 137,870 38,729 15,157 130,745 7,996 420,534 23,153 loo 000 137 870 138 741 443 687 Depreciation At 1st January 2024 Charge for the year Released on disposal At 31st December 2024 41,177 1,471 13.190 137,870 17,194 3,270 121,003 7,766 330,434 12,507 137 870 128 769 342 941 Net Bookvalue At 31st December 2024 At 31st December 2023 21
ST PAUL'S, KNIGHTSBRIDGE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31st DECEMBER 2024 7 DEBTORS 2024 2023 Income tax recoverable Other debtors Prepayments and accrued income 12,544 29.883 12,547 41,534 8 CREDITORS: amounts falling due within one year 2024 2023 Other creditors Accruals and deferred income Social security and other taxes 25,727 78,333 64,287 78,699 9 UNRESTRICTED FUNDS Total Unrestricted Funds 2024 2024 General Fund 2024 Fixed Asset Fund 2024 Income Expenditure Net lexpenditurel Transfers Net movement in funds 499,563 1540 0171 140,4541 112 1431 152,5971 499,563 1552 5241 152,9611 112 5071 112,5071 10,646 141,9511 Balance brought forward at I, January 2024 Balance carried forward at 3 1" December 2024 137 315 5JL4 I&21 Total Unrestricted Funds 2023 2023 General Fund 2023 Fixed Asset Fund 2023 Income Expenditure Net lexpenditurel Transfer5 Net movement in funds 502,054 1553 6521 151,5981 112 1841 163,7821 502,054 1562 6471 160,5931 189951 18,9951 17,989 145,7931 Balance broueht forward at I, January 2023 Balance carried forward at 3 1" December 2023 110 997 183 108 18
ST PAUL'S, KNIGHTSBRIDGE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31st DECEMBER 2024 10 RESTRicfED AND ENDOWMENT FUNDS 2024 Brought forward 2024 Income Expenditure Transfer5 Carried forward 2024 2024 2024 2024 Restricted Funds Dunhill Medical Trust Eric Day Fund Vicar's Discretionary Fund Music Fund Capital project Fund Mental Health First Aid Programme Lent Appeal Associate Vicar Fund (formerly QUEST fund) Greener Futures Healthy Healin8 Hub Liturgy and Music Scholar Scheme ECLAS Scientist Liturgical Assets Children's Ministry Fund Salaries Our Lady of Sorrows Associate Clergy Honorarium Fund 12,296 34,702 7,847 670 1173,4941 6,072 725 1151 12,906 34,702 15,498 8,384 48,457 109,958 7331 149,2691 142 163,5361 6,072 2,631 47,000 1 2,6311 150,0761 950 2,126 3,719 34,170 1 5,5911 114,2171 1,872 1,875 21,828 395 1,842 395 3,227 10,000 53,000 15,150 1 8,6151 153,0001 115,1501 I) lllLLQI 2023 Brought forward 2023 Income Expenditure Transfers Carried forward 2023 2023 2023 2023 Restricted Funds Dunhill Medical Trust Eric Day Fund Vicar's Discretionary fund Music Fund Capital project fund John King Church Plate Fund Mental Health First Aid Programme Lent Appeal Associate Vicar Fund (formerly QUEST fund) Greener Futures Healthy Healing Hub Liturgy and Music Scholar Scheme ECLAS Scientist Liturgical Assets Children's Ministry Fund Ministry & Maintenance 1,872 34,702 8,717 1,250 1160,1361 8,500 7,872 13 1,350 28,658 9,787 33,127 4,600 424 10,000 12,296 34,702 7,847 670 1173,4941 8701 145,9071 113,3581 45,327 18,5001 1,8001 118,2011 124,6401 130,2031 1 6,0681 117,0031 1 9,6001 6,072 18,128 24,240 60 950 1,545 3,719 34,170 18,046 5,000 8,300 10,000 17,9051 395 1,842 1 8,1581 155 0001 112.6_8£1 14 8001 170 83_11
ST PAUL'S, KNIGHTSBRIDGE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31st DECEMBER 2024 10 RESTRICTED AND ENDOWMENT FUNDS Icontinuedl 2024 Brought forward 2024 Income Expenditure Transfers Carried forward 2024 2024 2024 2024 Endowment Funds Dunhill Capital Fund 2023 Brought forward 2023 Income Expenditure Transfers Carried forward 2023 2023 2023 2023 Endowment Funds Dunhill Capital Fund The transfer out of Endowment Funds represents the release of the capital funds to be spent as per the income. This was allowed under powers in Section 281 of the Charities Act 2011. Dunhill Medical Trust This Fund is the income and expenditure relatin8 to the Dunhill Medical Trust restricted capital lendowmentl fund Isee below). Eric Day Fund This fund represents a legacy received from the estate of Eric Charles Day. It IS to be expended on the rnaintenance of the furnishings and fabric of the Chancel Sanctuary or St Luke's Chapel. Vlcar's Discretionary Fund This fund represents monies available for the Vicar to spend on pastoral matters at his discretion. Music Fund This fund supports and extends the music making of the Church both in regular and occasional services, recitals and concerts, maintaining musical instruments and supporting the musical life of the Church. The transfer during the year was made to cover the deficit on this fund. Capital Project Fund This has been embarked upon in order to significantly enhance the fabric of St. Paul's Knightsbridge so as to accommodate the ever changing uses of this beautiful public building. Fundraising began during 2018 and it is anticipated that future fundraising will cover the deficit on this fund. John King Church Plate Fund This fund represents a grant received from the St Paul's Knightsbridge Foundation, in memory of the late John King, sometime head server at st Paul's, and 15 to be expended on the acquisition, maintenance andlor conservation of church plate a v)dlor vestments. The transfer during the previous year represents a transfer to the Fixed Asset fund in relation to the acquisition of new vestments. Mental Health First aid Programme This fund represents donations received towards the setting up of a Mental Health First Aid training programme. 20
ST PAUL'S, KNIGHTSBRIDGE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 3151 DECEMBER 2024 10 RESTRICTED AND ENDOWMENT FUNDS (continued) Lent Appeal Fund This is a fundraising event during lent from which the amount raised is ordinarily contributed to the dioceses chosen charities. On occasion charities selected by the PCC are in receipt of funds from the Lent Appeal. The transfer during the previou5 year was made to cover the Gift Aid clairned on these donations. Associate Vicar Fund (Formerly QUEST Fund) This fund represents grants from the St Paul's Knightsbridge Foundation to fund the role of Associate Vicar (formerly known as Diiector of QUESTI. The transfer during the year was made to cove the deficit on this fund. Greener Futures This fund represents a grant received from the London Community Foundation's 'Greener Future Fund, towards the cost of a feasibility study into the energy and carbon conservation measures possible at st Paul's Knightsbridge. The transfer during the previous year represents a transfer from the General Fund to cover project costs which exceeded the available balance on the restricted fund. Healthy Healing Hub Grants received to be expended on costs and expenses relating to developing a 'Healthy Healing Hub, The transfer during the year was made to cover the deficit on this fund. Lltur8y and Music Scholar Scheme The fund represents 8rants and donations received for the purpose of providing Music and Liturgy scholarships. ECLAS Scientists in Congregations This fund represents a grant received from ECLAS for the purpose of exploring the health benefits of music in worship. Liturgical Assets This fund represents 3 grant received from the St Paul's Knightsbridge Foundation to be expended on 3 new red chasuble and matching stole, with any sum left over to be expended on the acquisition, maintenance and/or conservation of church plate and/or vestrnents. The transfer in 2023 represents a transfer to the Fixed Asset fund in relation to the acquisition of the new red chasuble and stole. Chlldren's Ministry Fund This fund represents grants rece.ived for work relating to ministry to families and children. Ministry & Maintenance This fund represents a grant received from the St Paul's Knight5brid8e Foundation which was expended on Ministry and Maintenance in 2023. Dunhill Capital Fund Restricted capital funds comprises of £Nil 12023.. £Nill attributable to the Dunhill Medical Trust. This was a perrnanent endowment, which required the income to be spent on work with the elderly members of the congregation. The Capital Fund was released in 2023 to be spent as per the income. This was allowed under powers in Section 281 of the Charities Act 2011. Salaries This fund represents grants from the St Paul's KnightsbridEe Foundation to be expended on staff costs. Our Lady of Sorrows This fund represents a restricted donation to be expended on the creation of a Shrine of Our Lady of Sorrows at St Paul's Knightsbridge. Associate Clergy Honorarium Fund This fund represents restricted grants to be expended on honorarium payments to honorary assistant clergv. 21
ST PAUL'S, KNIGHTSBRIDGE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31st DECEMBER 2024 11 ANALYSIS OF NET ASSETS BY FUND Unrestricted Funds 2024 Restricted Funds 2024 Endowment Funds 2024 Total 2024 Fixed assets Current assets Current liabilities 100,746 105,606 1110 9881 100,746 141,698 1110 9881 36,092 Unrestricted Funds 2023 Restricted Funds 2023 Endowment Funds 2023 Total 2023 Fixed assets Current assets Current liabilities 90,100 126,976 179 7611 90,100 126,976 1150 5921 170 8311 12 COMMITMENTS The total future minimum lease payments under non-cancellable operating leases are payable: 2024 2023 Within one year After one year but within five years 21,961 26,601 The operating lease charges for the year were.. Land Other 17,321 17,321 13 RELATED PARTY TRANSACTIONS PCC members are not remunerated. I PCC member (2023.. 1) was reimbursed during the year for expenses in relation to their work as trustees £299 (2023.. £610). During the year, unrestricted income of £39,767 (2023.. £41,977) and restricted income of £17, 17012023.. £4,465J wa5 received from PCC meTnbers and their related parties. The premiu m paid for the trustees and individual liability insurance in the year was included within the overall insurance policy purchèseé. During the year. the Church received £177,958 (2023.. £79,2401 of restricted grants from The St Paul's Knightsbridge Foundation. The 2Q24 restricted grants received were E109,958 for the Capital Project, £53,000 for Staff Cost5, £10,000 for Children's Ministry and £5,000 for Associate Clergy Honorarium. The 2023 restricted grants received were £24,240 for the QUEST Fund and £55,000 for Ministry and Maintenance. These are shown in Voluntary income In 2023, The St Paul's Knightsbridge Foundation paid profe55ional costs of £14,400 on behalf of the Church, no such income was received in 2024. This is shown as income in Voluntary income and Staff Costs. The Church received no grants from the American Friends of St Paul'5 in 2024 or 2023. 22