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