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 La￿Y 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 Fa￿ington 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 fFreasUr8r￿aY 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 a￿ordIng 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 a￿ssed 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 I￿￿￿bent is DBS chedrdance 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 A￿ocIation of Chartered Certtfied A(xountsnt& I have completed my ex8mln8tton. I ￿nfi￿n that no malerial matters have ry)me to my attention in connacllon y￿th 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 ac￿un*ng records: the accounts did not compiy wtth the appIl￿ble Rquirements conceming the fomi and content of aGcounts sot out In the Charities {Account5 and Reports) Regulations 2J08 olher than any reqU1￿M&nI that the accounts gNe a Xrue and farwew ￿lch is not a maller cnnsidared as part of an Independent examination. I have no Con￿MS 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 aG￿￿ties 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 reL￿nIsed 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 Jesiastical Parish of St Paul. Covent Garden's abifity to continue a5 a going GOn￿m. 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 ￿￿pendI￿re 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 in￿rred. 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 a￿rdance )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 histori￿1 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 re￿gr}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 In￿Me 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 lE￿1vable 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 FU￿ds- 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 L4￿Y (frustee) is a dire(lor, providecl servic*s to the <**arty totalling £351 {2023'. £11,840). These transacttons were at affl￿ length. Employee8 Numbor of employa The average monthly number of empbyees