Charity Registration No. 1135636 ST PAUL'S CHURCH COVENT GARDEN St Paul's Church Bedford St Covent Garden London WC2E 9ED THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL, COVENT GARDEN TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL, COVENT GARDEN LEGAL AND ADMINISTRATIVE INFORMATION TnJstsÈs The Rev'd Simon GrTgg Alex Campbeu Maximilian LaY Robert Zampe Tony Hogg Carol Bavin Jenntf8r Hoare Josephlne Buthan Elizabeth Shaw Collin Passmore Inurnb8nt Churchwarden Churthwarden Churthwarden and Deanery Synod Repre8entatDie Elected Member Elected Member Elected Member Elected Member Elected M&mbeT Elected Member Martsha Wxldas Alison Cattemioule Elected Member. Treasurer and Vice Chalr. Deanery Synod Representative Charlty number 1135636 Regl8tered office and Prlncipal Addrgss St Paul's Church Covent Garden Bedford Street Covent Garden London WC2E gED Independent Examiner TC Group The Courtyanl Shoreham Road Upper Beeding Steyning West Sus8ex BN44 3TN Banker¥ National Westminster Bank plc 38 Strand London WC2N 5JB Sollcltots Mackreli Savoy Hill House Savay Hill London WC2R OBU (until 6 October 2024) Lawrence stephen8 Ltd 50 Faington Road London ECIM 3HE (from 7 October 20241
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL, COVENT GARDEN CONTENTS Page TnJst8es' report Independent examineffs report Ststsment olfinanual actNities Balance sheet Cash flow ststement 10 Noles to the aGwunts 11-19
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL, COVENT GARDEN TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 status The PCC És a corpaTate body estsbltshed by the Church of England. The PCC operates underthe Parochial Church Council Powers Measure. The PCC is registered with the Charity Commission. Our Charity Commission number is 1135636. The PCC Tr¢eives In¢ome from the Holy Trinity lfjngsway Trust Th8 appolnknent of PCC rnemba is govemed by the Churth Representstion Rules. The PCC meets throughout the yearto manage the Church affairs and operates a standing committee Oncumbenl ChurGhwarden8. Treasurer, and Phil Hunt. as Parfsh Aaminlstratorl. In 2024, we diswssed having further sub- commlttee5 of the PCC to reftect it5 grDwirwJ wotkload and thts will be implemented in 2025. Incumbent The Revd Simon Grigg Asslstant Rector Th& R6v'd Chard Sym8 Church Wardens Alexander Campbell Max LaGey Robertzamptti Deanery Synod Representatives Robert ZampettÈ Alison Cattermoule Elected Members Carol Bavin Josephine Buchan Jennifer Hoare Tony Hogg Collin Passmore Matisha )Mddas fFreasUr8raY Wice Chalr) Cowoptsd M8mbers Nico188 Gallagher Margaret Houston Independént Examln&r TC Group The Courtyard Shoreham Rd. Upper B8eding steynlng West Sussex BN44 3TN
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL, COVENT GARDEN TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Sollcltors Mad(rell Savoy Hill House Savoy Hill London WC2R OBU (until 6 October 2024) Lawrence Stephens Ltd 5G FaThington Road London ECIM 3HE (from 7 O¢tober 2024) Alm$ and Organlsation The aim of the PCC is the promotion of the Gospel of ourLord Jesus Christ aordIng to the doctnn8s and pract'ces of the Churth of England. The PCC cooperates the Inwmbent in promotlng in the Parish, the whole mission of the Church. pastoral, evangelisti¢, soual arwj e(wmenicaL A values statement aco)mpanles thls report. Rlsk Assessment The PCC conduds regular Risk Assessments, and is (a)nfident that It has reacted appropriately to the risks it 8ncount8rs. Financial Risk is minimised by robust aczounting procedures, ayd striot procedu$ forthe counting and receipt of monies. BurglAry is a major risk and the PGC has urKiertaken a number of prevenlatlvè m8Asures. Flre proleotion is well maintsined and all staff are Firé Marshall trained. Health and Safety ha8 been risk assed and ALL staff are First Aid trained. The Incumbent, Venue Manager and Careiaker regularly revlew the premises far olher Health and Safety issues 2nd take appropriate remedia] action. The Ibent is DBS ched<ed. as are any olher adults who have un8upervised a¢xess to children. The In¢umbent has reIVed training on Safeguardlng Lead 8nd Safer RecNltsnenL We have fvlly complied th the Diocesan Saleguarding measures for children and vulnerable adults. All outside groups that use the premises and involve children tnust adhere to our Safeguarding Policy. Chlldren and Vulnérable Adults Protsction and Safeguarding The PCC has complied w¢lh the duty under section 5 of the Safeguardlng and Clergy Dlscipline Measure 2016, in Telation to hamng due regard to House of Bishops. guidan on safeguarding d)ildren and vulnerable adults. AJI members of the PCC have received Diocese of London training on Safeguarding. Church Attendance Average Sunday att8ndan(8 W88 6 chlldren and 43 adult8 and 26 people Onn& 11 is difflcult to assess how rnany people watth 'per camera., but we assume 1 person per camera gwlng us an in petson and on line psente of appToximately 75 people, slightty up on our pre-pandemtc numbers.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL, COVENT GARDEN TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Overvlaw of Church acttvltles The Church was bu.'It in 1633, ti]e first church to be built and dedicated for Anglican worship since the Refonnation. It was foThally d8dicat8d in September 1638 and r8gularly established as a parish by Act of Parliament in 1e60. It has continued as an Anglican place of worship since then. In 2024, we hted.. 51 Sunday Eucharists We ¢oNlu¢ted In church. 8 Holy Week gervicts 47 weekday Euth8rists were Cnducted. 13 Choral Evensongs were lebrated. 2 Baptlsm was conducted. 8 Funeral Services were conducted- this does not Indud8 funerd18 at local exematoria. 13 Memorial servtces were nduCted. 10 carol seNices 3 Weddings and 3 Wedding Blessings. 6 School ma@S and ServIs were conducted. We therefore conduced 164 rellglou$ evBnts In 20 In addition, we conducted 18 carol conrtS 174 0)ncerts 4a thealricAI perforn7ances. 29 Lunchtime nrtS 13 gardén avents 6 days of filming 2 workshops 35 Coffee meetings 74 Ghoir rehe8r8als 5 Clothing sales I corporate dinner 12 meetings of the peady lfjngs & Queens 31 Drama for Healing 8es8ions 47 Churchrrea and cake 93 other events W8 conductsd approxlmately 580 other evonts cted 8 totsl of roxlmatel 744 even Publlc B8nofft In 2024, we contfnued our dose luiks the local rtmun- partiajlarfy vAth the Covent Garden Community Association, the Covent Garden Area Trust and others. The Incumbent is WI ChairofGovemors ofst. Clement Danes School, and visiting PriÈst. He undertakes several duties for the 001. including intervTewtng potential staff. deals With disriplinary matters, has a weekly meeting with the Headteacher. and takes a weekly asstsmbty. We also ¢xndurX Stthod Masses regularfy. and host a number of other school events, such as the Easter serv1. Community Involvement St Paul's Church Covent Garden is actively working lo reath out lo the comrnunty, support olher charftable wo and provide a resource for new Ihe8tsE talent. Subsldles to Charitable Activities Subsidies via discA)unts for organisations holding diaritable events: Total event donations waived £8900 for 13 events in 2024 Direct Grants to Charttles in 2024 It made £6000 of dlrect grani8 to charittes frcKn PCC fun(ts In 2022 and 2023:
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL, COVENT GARDEN TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Cavell Nurse8 Trust (supported sin(£ 2023) £1000 Vauxhall City Farm Isupported siTr 2022 £1000 Charity BeglnsAt Home (supported Sin 2023) £1000 Leprosy Misgion {supported since 2021 £1000 St Paul's Benevdent Fund (supported annually) £1000, in addition £2418 ratsed from bud<et collections at concerts was transferred to fhis fvnd thith is used at the discretion of Ihe Rector to support memb8rs of the local parish in neÈd and Ihe homeless. Fundralsing Speual Collections ralsed £9768 at events and a fijrther £S963 was raised #i bud(et coltections at thls yeals Concerts by CandlelightTheatrefix concerts. Charities that benefited inoluded: Ellas Home, ma loundauon, Get Well Soon Nadinel {GoFundMe Campagn), HosFilallers Medical Battalion Ukralne, Acting For Others, Dementia UK, Canr Researd) UK St Clemenl Danes School. Actors Benevolent Fund, Breast Cancer Now. Theatre Chaplaincy UK, Broadway Cai8s. Love In A Box, Friends of TS Queen Mary, Film & TV Charity. Jo Weir Memorial Collection IGoFundMe Campaign). Food Chain. Motor Neurone Disease Association, Sightsavers, Equtty Fights Aids. The Brttish Heart Foundation, Childn With Cancer UK, TrekStocK The Rayal Theatrical Fund Communlty Outraach and Non-Flnanclal Support For Drama For Heallng, a therapy group for people rescued from human trafficking, allowing them to meet approximatsly 30 limes a year {subsidised vp to £165 a week via Ban8volant Fund) and food and amenitias. For varlous groups to rehearse. film location shoot or meet free of charge indudlng the Royal Theatri1 Fund Choir, The Pearfies and the London film school and weekly meetings for St Clenent Danes School, 3 events forTCUK meetings forTCUK and 30 Drama For Healing meetings, varlous guided lourgroups. Centrepoint homeless charity, Chrislm3s conc*rt for Foodchain, Ludens Theatre Company, Turtle in the Sack Productions, Covent Garden Community A&8ociab'on, Tethere(5 Wits Theatre Company and the Nadine Benjamin Everybody Can Workshop serfes, Parlsh Admlnistrators. trainlng day. Our Site Supervlsor provides dally 8UPPOrt to the local homeless ccAnrnunty. Approximately £4DOO was glven out in food and hol drinks fmm St Paul's funds. In additior,. he liaises wee'rtly th local businesses induding Tesco for donations of c]othing, food and toiletrie8 for the homeless and participants of the Drama for Healing group. Other Gommunty outreach events inc]uded the pariskn lunch for Harvest Festival, Creation Care Sunday, a weekly Wednesday drop in for tea and cake for the local community and a Community Tea avant. Wg also host a'community Payback Stheme,. where we provide work foroffenders sentencad to cornmunity orders and lo help thern develop new skills. This has been a very successful Initlative and Is a small contribution to the prisons, uisi3 in the UK In 2024 we supported Breast Cancer UK by hosttng a strawoery tea and Mustard Seed relief mlÉsion8 vla the Christmas Love In A box catnpaign. A fundraising nCert formusical Theatre Christmas sur¢)orbng Ella's Home charity (shelterfortraffid(od and abused W¢]men) was organlsed In house.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL, COVENT GARDEN TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Drama For Healing We host the Dm8 for Healing gmup, whith helps women traft7d(ed into hurnan slavery and sub8idised the group by £165 a week. This i8 an importarFt initiath've and is a small contributjon to the traffithng crisis in this county. Firture Plans In 2025 we will continue to try to rebuild our numbers. continue our YouTube offering and continue the masstve restoration programme ofthe thurth buikling. Fabrfc Report In 2024, we completed the restoration of the Pulpit. A naw kneeling rail was fftted. We also commissioned a new screen lo hlde the tech area. We c(fftplebJ a rEfrjrbisent ofthe up8tair3 toilets. The tech area 8creen was 8180 delivered. Flnanciaj Review The total costs this year were £793,646 (2023.. £839.836) wtth the income of £948,285 {2023: £882,716) givin9 a surplus of £154.63912023.. £42,880). £1,634,983 has been ¢5]ed fotward in SerVeS to 2024 (2023.. £1.480,344), of which £16,55918 re8tri&e(i funding {2023: £10,618)- We are fortunate to have significant reserves of £1.6m whith will be used to maintain the fabric of the building and sustain the long temi future of the charity. Reserves pollcy en Reserves It Is tha airn ofthls charity to retain sufficient reserves to cover operating expenses of the building, grounds and staff for a period of twelve m04ths. Our Income )luct.Jates seasonally. Should there be a period of zero income generation it could take this length of lead lime to recover. Ihis is cnntlY e8tim8ted £t £450.000 to run as a going concern. It is less if activtties are fOrd to go domiant for a lockdown. In 8ddltitsn. we hold 8 tigencY tsseTve for emergency repai to the fabiic of the building of £100,000. Itshould be noted thatthe building and contents are insured with Ecdesia8tical Insurance. The policy would promde cover in the evenl of damage due to accident. flood. fire and acts of teTrorism and includes £460,000 conlents cover. It Is therefore our policy to hold a minimum of £550,000 in aceessible reserves of which 500fi should be accesslble within 30 days. At the end of 2024 we hold a total of £1.634.983 net in funds of wlith £16,559 is restricted. This 18 assible in cash wrthin 30 days. si nated un In 2ddMfon w$ have designated £100.000 in reseNes forthe rEpair and [jecOrdtlon of th8 eaves.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL, COVENT GARDEN TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Tru818es' responsibilitie5 In relation to the accounts Tha trustees are responsible for preparing Ihe Trustees, Report and the accounts in accordance vtr,h appIlble law and United Kingdom Accounting Stsndards (United Kingdom G8n8rally Ac£epted Accounting Practice). The law requires the trustees lo prepare accounts for eath financlal yearwhich give a tue and fair vlew of the sl8le of affalrs of the Gharf(y and af tne ino)mlng resources and appfication of resources, including the income and 8xpenditure. of the charity'ior that year. In preparing these acojunts, the trustees are required to.. seleGt suitable a¢counting policies and then appty them cortsistenly., c)serve the methods and principles in the Chartiles SORP., make Judgements and estimates that are reasonable and wudent", and prepare the accounts on the golng concern baYAS unless tt is Inapproprfate to presuma that the charity wll Ganlinue In operation. The trustees are responsible for keeping adequale aUnting records that disclose wth reasonable a¢Guracy at any tlme the financial position of Ihe Charity and enable them lo ensure that the acoounts C4Jmply with the Charitie5 Act 2011. They are also responsible for safeguard ng the assets of the tharfty and hence fortaking reasonable steps for the prevention and detection of fraud and olher irregularitie$. Appmved by the board C 14 May 2025 On behalf of the board of trustee5 Thè Revd Slmon G Trustee
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL, COVENT GARDEN INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAU4 COVENT GARDEN I report to the charity truste8s on my examlnation Df the aeo)unts of the above charity for the year ended 31 D8C6mber 2024. Rosponsibilities and basis of report As the tharity's trustees, you ate responsible for the preparation of the actsjunts in accL>rdance with the requirements of th6 Charitses Ac12011 Cthe Act}. I report in tespeciof my examination of the accounts carried out underse¢fion 145 of tha 2011 Act and In carying out my examination. I have follomtd all the appllc2blè Directions given by fhe Charity Commi88ion under section 14515llb) of the Act Independent examlner's Statement rhe chaiiws grtss InGome exceeded £250,000 and l am qualEfied to undertake the examination by being a qualified membér of the AocIation of Chartered Certtfied A(xountsnt& I have completed my ex8mln8tton. I nfin that no malerial matters have ry)me to my attention in connacllon yth the examination whith gNes me Gause to believe that IA, any mateJTal respect.. the accountiry records weR not kept in accordanca wth sedion 130 of the Charities Ac¢ or the accounts did not actr)rd with the acun*ng records: the accounts did not compiy wtth the appIlble Rquirements conceming the fomi and content of aGcounts sot out In the Charities {Account5 and Reports) Regulations 2J08 olher than any reqU1M&nI that the accounts gNe a Xrue and farwew lch is not a maller cnnsidared as part of an Independent examination. I have no ConMS and have c¥Jme acrDSE no other mattets in connection with the ex8mlnation to whlch attention should be drawn in this report in order tts enable a proper undetstanding of fhe accobnts to be reached. Dllark Cummins FCCA FCIE On behalfof TC Group Office- Steynlng, Wesl Sussex.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL, COVENT GARDEN STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrèstricted Restricted funds funds 2024 2023 Incofflo from: Donations Other tradlng activities Investsnent income 322,654 247,721 344,573 15.731 338,385 247,721 344,673 269,578 240,120 373,020 Totsl Income 914,948 5.731 930,679 882,716 Expendlture on: Raising ftjnds Charitable aGties 84,on 699,779 84,077 709,669 110,640 729,196 9.790 Total expendlture 783,856 9.790 793,646 839,836 Nel gainl(loss) on inve5trnents 12 17.606 17,606 Net in¢omel{expendityre) 148,698 5,941 154,639 42,880 Transfer between funds Net movement In fund$ 148,698 6,94 54.639 42,880 Reconciliation of fund$ Total funds brought foThvard 17 1,489,726 10,618 1,480,344 1,437,464 Total fund# carrfed forward 17 1,618,424 16,559 1.634.983 1,480,344 The 8tstement of financlal activities Indudes all galns and losses reLnIsed In the perfod. All income and expenditure derives from continuing aGtivitie& Th8 no18s on pages I I b 19 fom p8rt of th888 financial statements.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL, COVENT GARDEN BALANCE SHEET AS A T 31 DECEMBER 2024 2024 2023 Notes Current 4ssets Stock Debto Cash at bank and in hand Investments 4A32 157,693 1.229.640 517,606 2,425 132,939 1.551,567 12 Creditor3: amounts Falllng due wlthln one year 1.909.371 1,686,931 13 {274,388) (2C6,587) Net currgnt a88ets 1,634,983 1,480.344 Not asséts 1.84983 1,480,344 The funds ofthe eharfty: Restrlcted fvnds 17 16,S59 10.618 Unrestricled funds {Indudes £100.000 designated funds) 1,6a8.424 1,469,726 1,634,983 1,480,344 The accounts wore approved by the Board <Jn 141h May 2025 The Rev'd Simon Grlga TNstee Charity number". 1135638 Th8 notes on pages 1110 19 fomi part of Ihes8 finansial statements.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL, COVENT GARDEN CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flov4s from oper4tlng acties Net movement In funds 1S4.639 42,880 (IncrEaseydecrease in inve51ments {Inueaseydecrea8e in stod(s {InGreaseyde¢rea$e h debtor8 Infftas¢l{decrease) in creditors Net cash used in operating activities (517.606) (2.CQ7) (1.2761 29,673 {24,7541 67.801 43.238 (321.927) 114.715 Chang8 in cash and ¢a$h equlvalents In tha year {321.927) 114,715 Cash and cash equlvalqnts attho beglnnlng of the year 1,551,567 1,436.852 Cash and cash equivalents attha end of the year 1.229,640 1,551,567 The nof88 on pagos 11 to 19 fonn part ofthese financial statements. io
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL, COVENT GARDEN NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Legal status of charitable company The Parochial Chureh Counol of the Ecde31astical PaTssh of St Paul, Coverrt Garden is an unincorporated chaiity registered in England and Wales. The charfty's reoistered number and office address can be found on the Legal and Administrabve Infomiation page. Acoounting pollcies Ba¥18 of preparatlon The Parochlal Church Counc41 of the ELY4esiaslical Parish o.. St Paul, Covent Garden meets the deffnitlon of a publiG benefrt entity under FRS102. Ass6ts and liabliities 8rE inilially recogni8ed al hi31oriczl cosl or transaction valde uiless otherwise S¥¥ted in the relevant accounting policy notelsl. The finanaal statsments have been prepared in aL%0rdan wth Ac£ounting and Reporting by Charitios: stalemen+ of Recommended Pracri applicable to charides preparing their acaxunts In acGordance with the Flnaneial Raporting Stsndard appl-cable in the UK and Republic of Ireland (FRS 1021 (effective January 2019) aTKI in accordan wtth Church Arr3)unting Regulallons 2006. The finanoal 8tstements are prepad in sterling. whith ts the functtonal currenry of the Ghanty. Monetary amounts in these ffn8ncial statements are rounded to the nearest pound. 2.2 Golng concern After making appropriat8 enquiries, the trustees have a reasonable expectation that the chaiity has ad4uata resources to continue in operational existence for the foreseeable future. There are no rnakrial uncertsinlies about The Parothial Church Council of the E¢>Jesiastical Parish of St Paul. Covent Garden's abifity to continue a5 a going GOnm. 2a Income l income Is Induded in the Statsment of Finanaal Activities vthen the tharity is lega]ly entitled to the inwme, it is probable the inoome will be rece'.ved and the amount can be quantified with re880nable accuracy. During the period there was a change to revenue recognition. See note 4 for details. 2A Expendlture and basls of apportioning costs Eynditure 18 accounted for on an 8ccnJals basls vAth th8 irr8coverable element of VAT inc]uded with the item to which it relates and has been dassified under headings that aggregate all costs related to the category. Charitable activities ¢omprises all pendIre dlrectly relating to the Dbjeclives of the charity. Governan costs (included withln Supp¢)rt costs) o)mprises all wsts associated with conststultonal and statutory requirements wilh which the charity must o)mply. li
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL, COVENT GARDEN NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng Pollcles {contlnu8d} 2ts Pensions The rtharity operates a NEST pension scheme. Contributions are charged to the Statement of Financlal AGtivttie¥ as they arB inrred. 2.6 stock8 Stock is valued at the lower of cost and net realisabie value. 2.7 Debto Trade and other debloTS are recognised at the settlement amount due after any trade dlscount offered. Prepayments are valued al Ihe amount prepaid net of any trdde discounts due. 2.8 Cash at bank and In hand Cash at bank arld in hand indudes sh and short t8rm highly liquld investmenls. The tws,S seek to use short term deposlls ID maximise the retum on monies held at the bank and to manage ea8h flow. 2.9 Investments Investments are included at falr value at the balance sheei date. Any gain or loss on revaIualion is taken to tha Statemenl of Flnancial Activities. 2.10 Credltors and provisions Creditors and provisions are recognised wherethe tharity has presentobligation re8ultlng from a past event thatwill probably resLFIt in a transler of fvnds to a third paty an¢J the amount duo lo settle the obligatlon can be measured or estimated reliably. 2.11 Fund Accounung Unrestricted funds are to be used ardance )Mth ts charitable objectives at the discretion of the Tru8tees. Restrid8d fttnds are to b¢ used for particular restricted puvposes Trmthin the ol¥'ectiV68 of the charity. Reslrictions arise when spedfied by the donor or when hjnds a ralsed for parttcular restricted purposes. 2.12 Judgements and key sources of esttmatlon uncèrtainty lrt the application of the tharivs accounting policAes. the tTUStees are required to make judgements, estimates and 88sumptions abo(rt the carying amount of 888ets ano liabilities that are not readily apparent from other sources. The estirnates and assocaated assumption$ are based on histori1 experience and other factors that are consider8d to t)e relavant Actual resutts may differ from these estimates. The estimates and undarfylng assumptions are reviewed on an ongoing basis. Reviyons to accounting esttmates are regr}ised in the period in which the estimate is revi%ed. The trustees do not consider that there are ary cfftical estimates or areas of judgement that need lo be brought lo the attentlon of Ihe readers of Ihe finar5cAal statements. 12
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL, COVENT GARDEN NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donatlons RestrlGt8d Unrestrfctad funds funds 2024 2023 P5anned giving Coll8cttons Appeals and donalions Glft Aid tax reclaimed 37,812 24,193 249,899 10,750 37,812 39,924 249,899 10,750 22,57S 43,939 196,383 6,698 15.731 Totd income from donatitins 15.731 322,654 338.385 289,576 Income from othgrtradlng acllvItles Rastrlcted Unrestrfctsd funds funds 2024 2023 Car parf(ing rentsls Otherincome Ticket InMe Bar Income Vots've candies 27,857 7Q,582 40,276 103,767 6,239 27,857 70,582 40,276 103,767 5,239 35,284 51,375 42,132 106,375 4,954 Total income from other trading athlties 247,721 247,721 240,120 Investment Incoma Restrtcted UnregtrÈctsd funds Funds 2024 2023 cence fees Interest lE1vable 328,405 16,168 328,405 16,168 355,851 17.169 Totsl investment in¢J)rne 344,5n 344.573 373,D20 13
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL, COVENT GARDEN NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Totsl expenditure Staff Costs Other Totsl 2024 Total 2023 Expenditure on ralsing funds Costs of raising dor.ations and grants 84,077 84,077 110,640 Expenditure on charltsbk xctlvliles A¢tNities undertaker, d:'rectly Support costs 235.605 427,762 46,202 663.367 46,202 680,610 48,586 Total charitable aGtivitie8 236,605 473.784 709,5S9 729.196 Total Expandituro 235,605 558,041 793.646 839,836 Analy8ls of support costs {Includlng Govemance costs) Total Totsl 2024 2023 General office and administration Govemance costs: Independent examineTS fees 40,884 43,666 S,318 4,920 46,202 48,586 14
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL, COVENT GARDEN NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Cumparntive FUds- Statement of Flnanclal Acttvltles for the year ended 31 Decernber 2023 Unrestrlcted Re8trfcted funds funds 2023 In¢ome from: Donatlons Other trading activities Investment inmme Nots 249,148 240,120 373,020 20,428 269,576 240,120 373.020 Total Income 862,288 20,428 882,716 Expendttura on: Raising fvnds Chartlable activilies 1fj0.640 715,375 110,64D 729,196 13,821 Total expendlture 826.015 12,821 839.836 Net Incomellexpendlture) 36,273 6.607 42,880 Transfer between fvnds {9) Nèt movement In fund8 36.264 6,616 42,880 Re¢onciliation of funds Total fvnds brought foward 17 33A62 4,002 1,437rt64 Total fund$ canl8d forward 17 1,469.726 0.618 1.480,344 15
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL, COVENT GARDEN NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Tru8tee8 This year there were church expenses of £18,06712023.' £10,028) reimbursed lo Trustee8. This includes £10,797 paid to Josephine Buehan of whidj £9,776 was forpaid work assisting wtth busir,ess development None of these expenditure reimbuTsements were outstanding at the year end12023.. £nil). London Historiq of which Max L4Y (frustee) is a dire(lor, providecl servics to the <*arty totalling £351 {2023'. £11,840). These transacttons were at affl length. Employee8 Numbor of employa The average monthly number of empbyees <headcount) during the period w¥.. 2024 Numbér 2023 Number Administration. marketlng and commerc4al Employment C08ts (excluding casual staffj 2024 2023 Wages and salari98 induding sooial 3euJrity costs Other pension o)8ts 230,444 6,161 194,205 4,449 235,606 198.654 No employee recelved £60,000 01 more during the n0d12023. nill 10 Taxation As a charfty, The Parochial Churth Council ofthe Ecclesiastical Parish ofst Paul. Co¥ent Garden is exempt from lax on income aftc gains to the extent that tr,ese are applied to its charilable objec#s. 11 Debtorn 2024 2023 Trade debtors Other debtors Prepayments and aUed in)rne 39,722 12,831 5,140 119,932 12,832 175 157,693 132,939 16
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL, COVENT GARDEN NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Investsnents 2024 2023 Market value at 1 January 2024 Add= acquisltion at CQSt Unreali8ed gainslllosses) on T2valuation 500.000 17,606 Market value at 31 Decsmber 2024 517,6C6 Hlstorical cost 500,000 13 Crediiors- amounts falllng due wlthln one year 2024 2023 Trade creditors AGc¥uals and defBrred Income 62,669 211,719 34,290 172,297 274,388 206,587 clor5 amounts faIn9 due wthln one year indudes deferred income: 2024 2023 As at 1 January 2024 Amount released to incorne Amoijnt deferred in the year 167,087 {I67,087) 205,978 124,872 1124,8721 167,087 A8 at 31 December 2024 205,978 167,087 14 Penslon and other post-retirement benefit commltments Deflned contrfbutlon 2024 2023 Contrfbutlon8 Payable by the charity for the period 5,161 4.449 At 31 December 2024 nti1ul10ns of £5.161 were outstanding (2023: £4,449). 17
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. PAUL, COVENT GARDEN NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Commitments under op8rating laases At 31 December 2024 the rtharity had totsl (a)mmTtments under non-caneeilable operating leases as follow8.. 2024 2023 Expiry date.. Less than one yèar wtthin and fve years 4,320 3,240 2.620 10,400 13,020 16. Restrlcted funds The Income funds ofthe charity include Rstrict8d lunds comprising the following unexpended balances of donats'ons and grants held for speufic purpose& Movament In fund¥ Balance at 1 January Incoming Resource$ 2024 resources expended Transfer Balance at 31 betwèen December funds 2024 st John Orury Lane Tnjst Collections 708 9,910 15,731 (9.790) 6,649 9.910 10,618 16.731 (9,790) 16.569 st John Drury Lane Trust-The fund is to be applled forthe re8tsic*d PUfPO8es ofthe Trnst Collections-The Church receives money towards Special wllections v4hich it then pays as a donation. 18
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PAUL, COVENT GARDEN NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 7 Anatysls of net assets betsmen funds Unrestricted funds Re8tricted funds Total Fund balanct8 at 31 December 2024 are presented by: Current assets Cr8ditors.' amounts falling due wnhln one year 1,892.812 {274.388) 16,559 1,909,371 1274,388} 4.618.424 16,669 1,634,983 Unreslrictsd funds Restricted ftinds Total Fund balances at 31 December2023 are represented by. CurTent assels CdEtors.. amounts falling due h1n one year 1,676,313 10,618 1,688,931 (206,587) {208,5871 .469,728 10,618 Ih80,344 Induded in the abov8 forboth yea[3 is£100,(KIO designaled fjJnds. sel aside forthe repalr and redecoration of the eaves. 18 Ultlmate controlllng party The charity Ia8 under the contrd of the Tnjstèes duilng th9 period und8r raview. 19