THE ECCLESIASTICAL PARISH OF ST. BENEDICT, CAMBRIDGE
ST
TRUSTEES, REPORT FOR THE FINANCIAL YEAR ENDING 31 December 2024
(Reglstered wlth the Charlty Commisslon of England and Wales, Charity no. 11395061
Prln¢lpal Office: St Bene't's Church, Benet street. Cambrldge CB2 3PT.
AIMS OF THE PCC
The PCC, whose members constilute the truslees of the charity, is responsible for promoting the
aims of the ecclesiastical parish in all its aspects. Situated as it is In the centre of Cambridge, the
church building is a significant historical feature in the busy life around it. Maintaining a place of
public worship available lo all is the most visible expression of the PCC'S aims. These aims èmbrace
the provision of ￿lce daily services of worship, pastoral outreach to those living and working within
the physical boundaries of the parish and to rnembers of the regular worshipping community
wherever they live.
The building is also ac￿ssible to local resldents and visitors alike, being open throughout the day
from 9am lo 6.30pm, providing a place for personal prayer, quiel, and shelter. 11 is also available as
a venue for concerts and has been used by local musicians and ensembles.
The PCC strives to promote its aims through bi-monthly meetings. with oversight between meelings
being in the hands of the standing committee Gonsisting of the Vicar. Churchwardens, deputy
Churchwardens. Treasurer, Safeguarding Offi￿r. and PCC Secretary, with one additional co-opled
member (Neil Petersen) from March 2023. The PCC has met regulady during 2024, in January,
March. May, July, September and November, and for a PCC away day in November with a focus on
p￿paratIOn of the Development Action Plan. The APCM was held on 12th May 2024.
MEMBERS OF THE PCC at end of 2024
The Reverend DrJames Gardom (Interim Priest-
in-charge until 14.07.24)
The Reverend Devin McLachl8n Ivicar, from
13.09.24)
Andrea Harrison (Licensed Lay Mlnlster and
Deputy ChLJrchwarden)
Geoffrey Maitland (Churchwarden)
Joy Parke (Churchwarden)
Nicolas Bell (Deputy Churchwarden)
Sarra Facey
Judith Miller
Alex Osbome
Gillian Baker
Julian Cooling
Jenny Harris
Sally-marie Osborne
Jacky Liu
Susan Pitts
Debra Rimmington (Assislant Treasurer)
George Palmer (freasurer- co-opted)
Andrew Kennedy (Parish Safeguarding Officer-
Co-opted)
Ex offlcio members attending PCC
Neil Petersen (Diocesan Synod Representative)
Anthony Weale (Deanery Synod Representative)
Members of PCC who retired in May 2024
Felicity Macdonald-smith
Andrew Welchman
Indepondent Examiner
Jeremy Wong
PCC Secretary
Philippa Pearson (to 15.10.24,' Parish
administralor- not member of PCC)
Mel E ons
from 13.11.24

OBJECTIVES AND ACTIVITIES
The activities set out below reflect the PCC'S aims= promoting Christian religious activities, both for
the general public and those more closely asso¢iated with the ¢hurch,' making available a building
and place where religious worship and the other services the church offers can take place., and the
making of grants and donations to Charities and organisations.
Religious activltles
Ordained mlnisters
The Reverend Dr James Gardom (Dean and Chaplain of Pembroke College) continued his one-year
appoinlment as Interim-Priest-in Charge until 14 July 2024. The Wardens. PCC and congregation
are extremely grateful to him for his ¢aring ministy and support during his time at St Bene't's.
Following an extensive discernment process involving the PCC, the Patrons Corpus Christi College
and the Diocese, the Reverend Devin McLachlan was installed as Vicar on 13 September 2024. The
Reverend Richard Ames-Lewis, the Reverend Caroline Brownlie and the Reverend Jonathan Soyars
continued to asslsl with Permission lo Officiate {PTO) at St Bene't's. Several other clergy wilh PTO
at college Ghapels assist with weekday servi(xs.
Worship
Despite having a much reduced clergy team during Ihe year, the regular pattern of daily worship has
been maintsined. Each Sunday there have been twa Communion services, at 8am and 10am, and
Evening Prayer at 6pm. On the other days of the week (Monday to Saturday) there has been a daily
Communion Service as well as Evening Prayer each evening al 6pm {led by the laity, in church and
on Zoom). There have been additional services for special feslival days, often conducted in
combination with our patron, Corpus Christi College, which adjoins the Church. As always, the
church is very grateful to neighbouring clergy for enabling daily public worship lo continue throughout
2024. when we have had no stipendiary curate or assistant clergy.
Qulet space in city centre
The church building is usually open throughout the day on a daily basis and is accessible as a place
of quiet away from the busy activity of the city around it. It is visited by those liviro or working locally
and by others, including many visitors to Cambridge, for quiet rellection and prayer and is available
to all from 9am until about 6.30pm in the evening.
alntalning an anclent building
The tower of Sl Bene'l's dates back to the 11 century and, although the rest of the building is more
retsnt, maintaining and looking after such a building requires considerable resources.
This upkeep is funded by the Giddy Fund, a bequest of £200,C(JO made in the 1980$ by Constance
and Osman Giddy which was directed to be used for the upkeep. maintenance and improvement of
the church and its fabric. Although. under the terms of the bequest. the church is pemitted lo spend
the capital, we generally only spend the income from the bequest, which is invested with CCLA.
During 2024 £252,228 was used from this fund to replace the lead roof and instsll a 10 kw solar
panel system on the south aisle roof. A further £35,897 was spent on other improvements and
maintenance of the building, including work arising from the 2023 Quinquenni81 Inspection.
Llnks to business, shops and universlty Instltutions
Being situated in the centre of the city, the church building is surrounded by shops, businesses and
university institutions. Outreach is provided through invitations lo participale in services and activities
in the church, particularly the annual Carol Service in December which is held in the front churchyard
and is for those who work within the parish of St 8ene't's and for visitors to Cambridge, many of
whom participate as they pass down Benet Street. We also distributed biscuits to the staff of the
various shops within our parish at Easter and al Christmas.

The collaboralion with our patrons. Corpus Chrisli College, continued on a number of fronts. In
addition to the significant assistanGe of the Chaplain and Choir with maintaining our serviGes, the
College assists in provlding better wireless internet access lo enable the high quality livestreaming
of services, following the removal during the Covid-19 pandemic of landline access routed through
the College. The College gardeners conlinued to provide maintenance and upkeep for the church
garden areas and in 2024 the annual parish picnic was held within the grounds ofthe College.
Pastoral responsibilltles
Pastoral care of the congregation (including the sick and bereaved) has been largely undertaken by
the interim priest-in-charge and, since September, by the incumbent, assisted by the ALM with
responsibility for pastoral care (Mrs Janice Moore) and other members of the congregation, bolh lay
and ordained (priests with PTOI. The Social Committee organised a full programme of events,
including meet and share meals in parishioners, homes, parish lunches, quiz nights and visits to
encourage growth of community and relationships within the congregation.
Teaching of the Christian falth
Teathing and interpretation of the Christian faith Is conducted in various ways. Each Sunday at both
Communion services there is a sermon, and occasional speakers are invited to speak to the
congregation. Reading groups were run regularly during the year, p8rticulatly during Lent and
Advent, to help members of the congregats'on to deepen their faith. The Lectio Divina Group meets
on Ihe second Sunday of every month before the 1 Oam Communion service. Confirmation classes
(Credo series) and p￿paratiOn for first communion continued through the year. The series of Study
Mornings. wilh inviled speakers giving teaching on various aspects of the Christian faith and
discipleship, continued jointly with Little Sl Mary s. though at redU￿d frequency during the vacancy
period. The 20s and 30s group continued to flourish and maintained a regular programme of study
alongside social events.
Children and young people
Children and young families are an important part of the worshipping community- Provision is made
each Sunday at 10am for children to receive nurture and teaching appropriate to their ages. This
takes plats In the Ramsey Rooms adjoining the main worship are8 and at a suitable polnl Ihe
children rejoin the main congregation for the conllnuation of the servi￿. During 2024 Ihe young
children's group, based around Godly Play, continued to be coordinated by Ms Rosemary F8rren.
Mrs Andrea Harrison, our LLM, continued lo oversee the Youth Group (10+ Year 6) with the
assistance of young adults in Ihe congregalion, mainly from the 20s and 30s Group which has a
strong commitment to this ministry.
Splrltual advice
Spiritual direction and the Sacrament of Reconciliation continued to be available on request,
although the decrease in the number of ordained clergy during the vacancy meant that this was
provided largely by outside clergy, particularly at Little St Mary's. The Interim Priest-in-charge
together with other non-stipendiary priests in the congregation continued to provide spiritual support
for those who requested it, with the Vicar assuming overall responsibility for this from September.
Other activities for the public benefit
Accesslbility to a widerpubllc
A website (https:Ilwww.slbenetschurch.orgl provides information about Servi￿ times, events and
other activities, as well as livestreaming the 1 Oam Sunday Eucharist and making available to a wider
audience the sermons which are preached weekly in the ¢hur¢h. We also use Facebook and X in
order to communicate church events to a wider audience, as well as a weekly email (including a
'Bene'son' message from the Vicar) to members of the congregation. The daily 6pm Evening Prayer

takes place both in church and via Zoom and is routinely attended online by people from other parts
of the UK and overseas.
Support for local communlty
St Bene't's undertakes a monthly colleGtion of goods needed by the Besom Project, lo support their
work of rehousinglsupporting people in need in Cambridge. Members of the congregation also
volunteer with the Besom Project to undertake deGoralinglcleaninglgardening projects for these
people. As part of the Cambridge Churches Homeless Project (CCHPI, St Bene't's has continued to
offer volunteers to support the project over the winter season. which in 2024 again took place in
Crossways, a 20-bed temporary hostel in Chesterton.
As in 2023, St Bene'l's conlinued to provide a Wami spa￿ Hub during the winter months of 2024.
welcoming members of the public into the Church on Wednesday aflernoons as part of a number of
such hubs on other days by other churches and organisation. We were again given a grant {£5001
by the City Council to defray the costs of related heating, refreshments and publicity.
Support for secular and non-secular ¢haritles
The PCC aims to support secular and non-secular charities both in the UK and overseas from its
income Dr through special collections for particular causes. For example a Talking in Tune Christmas
concert held at St Bene't's raised £1860 for Wintercomfort, with the community Carol service in
De￿rnber raising funds for CCHP and a book sale in November for Chrisb'an Aid.
The PCC has a commitment to glve at least 10% of its unrestricted income (less fees and trading
income). amounting to £126342 in 2024, to charitable causes, which does not include the Collections
and events detailed above.
The PCC has committed lo give 700/0 (£8844 in 2024} of this tithe split equally be￿een two charities,
for a medium-term ¢ommitment of at least three years. Reinforced by the current situation in Gaza,
halt of this funding was used lo continue support for Embrace Ihe Middle East (year 2), with a focus
on needs arising from the current conflict and a specific focus on two projects: Anar, dedicated to
supporting and empowering Palestinian children who have been adversely affected by the current
oppression and conflict. and Society of St Yves, providing legal support for displaced people on
house, land and propety rights in Palestine. Jerusalem and the West Bank. The other half of this
tithe was given to Refuge Egypt (year 1), an organisation which provides family support, education,
livelihood and health for large numbers of refugees fleeing the civil war in neighbouring Sudan and
from sub-saharan Africa, Syria and other countries. Our donation will focus on helping refugees from
Sudan and trying through their links lo direct help for those in need in Sudan.
The additional 300/0 of the tithe (£3790 in 20241 is split equally between three charitles, in 2024
comprising one overseas and local UK charities.. Kyangala Trust, which provides water.
education and healthcare improvements for the local ¢ommunity in Kyangala, Kenya,. Cambridge
Convoy Refugee Action Group (CamCRAG) (chosen by the Youth Group), which provides money,
food. clothing and practical support to refugees escaping by sea to Europe. especially the UK,. and
Abbey Food Hub, providing food for people in the most deprived ward in Cambridge.
FINANCIAL REVIEW
The sections set out below cover the major funds held, financial policies, and future aims for the
financial well-being of Sl Bene't's.

GIDDY FUND
A large bequest was made to the church in 1980 from Mrs Constance Ann Giddy. This was directed
to be used for the maintenance and improvement of the church structure and building. This is an
expendable endowment, in that we can. bul typically do not, spend the capital. Gains and Ioss8s are
attributed to an endowment fund. Any gains on dividends made from the Fund are attributed to a
restricted Giddy Fund.
MILLENNIUM FUND
When it was established in 2014. il was agreed by the PCC that the Millennium Fund's remit would
be to provide for guest preachers and speakers, and the spiritual education and catechesis of the
ongregation, as well as for celebrations surrounding St Bene't's Millennium. In general it is a fund
used to support the broad ministry of St Bene't's.
OTHER DESIGNATED FUNDS
The PCC also holds a small number of other designated funds. corresponding to the provision of
flowers, education for Ghildren, the bells and their upkeep, and a Furbishment Fund for Ihe provision
of liturgical items.
FINANCIAL RESERVES POLICY
In order to ensure that the work of the PCC can continue even in the case of an unexpected loss of
income or a large unanticipated expense, the PGC has agreed the following reserves policy:
The PCC has agreed that it should aim to hold, in reserve,
General ReSe￿e$. 3 months average turnover lo provide for parish share, salaries and fees
for Parish Administrator, Organists, etc., including an allowan￿ for uneven income and any
unexpected expenses: approximately £18,000.
Restricted Funds (e.g. Giddy Fund): To provide for minor or major repairs to the fabric as
they arise, using interest from the Endowment: approximately £40,000 in quickly accessible funds
(CCLA Deposit Account).
Endowment Fund: The capital should be maintsined to provide sufficient dividend income
{around £35,000 per annum) to pay for building insurance and regular fabric r8pairs.
The Reserve is to be tsken as a tsrget to be held and not a minimum which must be held. Ne￿SSary
expenditure may take the reserve below the target level (the reserve is held against the possibility
of necessary expenditure). When below target, the PCC will take steps to rebuild the reserve. A
Financial Planning Group has the responsibility to monitor the investment policy, the position of
reserves, the level of regular planned giving and cash flow in the General Fund, recommending lo
the PCC any significant changes, initiatives and transfers that are required, along with an annual
budget.
MAINTAINING THE PCC'S AIMS AND FINANCIAL POSITION FOR 2024
2024 again saw a significant gain in asset values as mathels continued to rebound from the losses
sustained in 2022. Overall, we received dividends of £28,905.01 12023.. £30,354.12}. Sl Bene't's
lolal wealth (total investment holdings plus available cashl decreased in value by £178,39812023-
increase in value by £125.584.071, due to withdrawals to pay for the major buildings and fabric
projects. The decrease in value of the overall Giddy Fund (Endowment, Accumulated and Deposit
Account) was £240,562, compared with a totsl expenditure on projects of £287,667, reflecling an
underlying £47,105 gain due to dividends and market growih of these funds.
The Financial Planning Group continued to monitor our investments and cash holdings to try to
ensure we use our resources as prudently as possible, while maintaining a policy ethically consislenl
with that of the Church of England.The change from a half-time to full-time vicar in 2018 and the

COVID-19 pandemic caused some structural change lo our income. which have continued persist
inlo 2024. Income from pew envelopes is now very low at £160 (2022.. £2085} as are loose plate
collections at £771 12022.. £834.74). Card and online giving has fallen slightly to £12,92512023:
£15.5501. Most of our income comes through the Parish Giving Scheme and standing orders, with
the income from these sources {before Gift Aid is accounted for) amounting to £80,923 (£83,206.99
in 2023).The largest single piece of expenditure was the parish share, which we paid in full1£80,451).
Expenditure on restricted funds (which also includes Insurance, Gas, and Electricity) was £295,055
in 2024, the biggest item of which relaled to spending on the South Aisle Roof Solar Panels Project,
paid for by the church's Giddy Fund.
INVESTMENT POLICY AND OBJECTIVES OF INVESTMENTS
The PCC has an investment policy agreed in 2017. which says thal funds are to be placed according
to an ett)ical investment policy in line with those us8d for CCLA investments, based on the Church
of England policy. This is also applied to investments with Sl James's Place.
Further, there is a policy of cascading risk-levels of our funds. from zero-risk cash, through medium
risk {340/0 retuml lo higher-risk land longer-term) investments 15-100/D retum). The Financial
Planning Group, with the agreement of the PCC, gauges our immediate and short-temi financial
needs, and ensures that appropriate levels of money will be available for these needs, while also
investing funds thal are not immediately needed so as lo produce a go¢xI return for future need.
FINANCIAL STATEMENTS 2024
St Bene'vs Church, Cambridge: Statement of Flnancial Activities for year endlng 2024
Unre5trirted Deslgnated RÉstrlcted Endowment Total
Prloryear
funds
nds
fund5
funds
funds
total
funds
Receipts
Donations and legacies
Incom8 from Charitable activities
Other trading acb'vities
Investments
Other income
Total In¢omè
122,085
353
1.214
4,257
130
128.039
174
342
122,601
353
1,214
34,351
42,644
201,163 164.019
125.413
2,617
1.141
34,847
30,094
42,514
72,950
174
Paymants
Raising fvnds
Expenditure on d)arit8ble activities
Othpr expenditure
Total •xp•nditur
1,968
137.030
1.968
1,650
437,838 182,015
5.753
295.055
138.999
3.733
295,055
439.806 183.665
Net inet)m• l {•xpenditurel
resources befor¢ transfer
110,9601
15.5791
1222.10SI
{238.6431 119,6461
Transf•rs
Gross translets between funds- in
GfOSS transfers betwgon funds- out
Oth•r recognised 9ains I losses
Gainsnosses on investment a&ryel8
Gains119ssgs on rovaluat#)n, fixe
assets. thAriVs own use
N•t movement In funds
21)0.000
1200.0001
200,000 1,736
1200,0001 11.7361
17,562
16,479
26.204
171921
1203.0931
60,245
186921
1187,0901 105.938
125.584
115001
5.102
10.901
R•conciliatlon of fun(ts
Totsl funds brought foTh¥ard
176.801
239,547
1.234,760
1,651,108 1,545,170
Total funds carrl•d forward
181,903
250.448
1.031,667
1,464.018 1,651,108

FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024
Balance Sheet detalled
DescrSption
Asat
3111212024
Asat
3111212023
Clas5 and ¢ode
Fixèd assets
5000
5100
6430
6435
6437
6440
6450
6470
Fixed Assets
Accumul8ted Deprecation
CCLA Investment (Giddy Fund)
CCLA Investment (Giddy Accum Income)
CCLA ICBFI investsnenl Millonbum
Thornas Whitby BeqLJ8St
Hillside Trust CBF Investment Fund
St James's Place Unit Trust Fund
Total Fixed ass•ts
50,172
(8.692}
894,023
3,080
184,400
7,723
32,762
230,474
1,393,941
58.863
18,6921
1.067,888
3.011
175,444
7.550
32.029
206,295
1.542,388
Current assets
6500
6530
6570
80
Barclays Current Account
CCLA ICBFI depostt 3¢¢ount D
Cash in Hand
Other debtors
Ac(x)unts Receivable
Total Current a$¥ets
6,442
31.428
114
21,519
98,194
14
6,48S
46,570
84.555
126.212
Liablllties
6600
6699
Z04
Accruals
Agency collections
Accounts Payable
T¢)tal Llabllltlos
Nèt Asset surplus Id$ficlti
16,733
759
759
13.719
14,478
1,464,018
17.492
1,651,108
Reser¥e8
Excesslldefiiitl to date
St3rtiThJ balances
Other gainslllossesl
Totsl Reserves
Represented by Funds
General Iunrestridèdl
Designated
Restrictèd
Endowment
Total
1238.643)
1,651,108
51,554
1,464.01B
1194,8011
1,720.125
Z01
Z02
1.651,108
181,903
250,187
1.031,928
176.801
239,547
1,234,760
018
1651 108
Approved by the Parochial Church Council and signed on ils behalf
Name: Geoffrey Mailland
Signature:
Date: 19" March 2025

Notes to the financial statsm8nts for the year ended 31 December 2023
1. ACCOUNTING POLICIES
The financial statements have been prepared in accord8nce with the Church Accounting Regulations
2006 together with applicable acGounting standards and the SORP 2015, and the FRSSE12015).
The financial statements have been prepared und8r the historical cost convention except for the
valuation of investment assets, which are shown at market value. The financial statements include
all transactions, assets and liabililies for which the PCC is responsible in law. They do not include
the accounts of church groups that owe their main affiliation lo another body, nor those that are
informal gatherings of church members.
Funds
Endowment funds are funds, the capital of which must be mainl8ined'. only income arising from
investment of the endowment may be used either as restricted or unrestricted funds depending upon
the purpose for which the endowment was established.
Restncted funds represents {al income from trusts or endowments which may be expended only on
those restricted objects provided in the terms of the trust or bequest, and (bl donations or grants
received for a specific objects or invited by Ihe PCC for a specific object. The funds may only be
expended on the specific object for which they were given. Any balance remaining unspent at the
end of the year must be carried fotward as a balance on that fund. The PCC does not usually invest
separately for each fund. Where there is no separate investment, interest is apportioned to individual
funds on an average balance basis.
Unrestrict8d funds are general funds which can be used for PCC ordinary purposes.
In¢omlng resources
Planned giving, collections and donations are recognised when received. Tax refunds are
recognised when the incoming resource to which they relate are received. Grants and legacies are
accounted for when the PCC is legally entitled to the amounts due. Dividends are accounted for
when receivab18, interest is accrued. All other income is recognised when il is receivable. All
incoming resources are accounted for gross.
Resources expended
Grants and donations are accounted for when paid over, or when awarded, rf that award creates a
binding or constructive obligation on the PCC. The diocesan parish share is accounted forwhen due.
Amounts received specifically for mission are dealt with as restricleé funds. All other expenditure is
generally ￿cOgnised when it is incurred and is accounted for gross.
Flxed Assets
Consecraled and beneffi￿ property is not included in the accounts in accordance with s.96(2)(a) of
the Charities Act 1993.
Movable church furnlshings held by the vicar and the churchwardens on special trust for the PCC
and which require a faculty for disposal are inalienable property, listed in the church's inventory.
which can be inspected (at any reasonable time). For anwhing acquired prior lo 2009. there is
insufficient cost information available and therefore such assets are not valued in the financial

slalements. Subsequently individual asset items costing less than £500 have been written off as
incurred.
Investments are valued at market value on 31 December 2024.
2. ANALYSIS OF INCOME
Total
Unre5trirted De5i8nated Restricted Endowment Th15 year Last year
RECEIPTS
Donations and legacie
0101- Gift Aid - Bank
0102- PGS Giving
0110- Gift Aid- Envelopes
0115- Stewardship Giving
0201 Other planned giwng
0301 - Loose p￿te collections
0410. Giving through church boxes
0501 - One-off Gift Aid gifts
0525 Cardl online giving
0550- Oonakn'ons appeals ele
0601- T8x recoverable on Gift
0602- SCDA Income
0603- T8x Recovered on PGS Giwng
08A1- Non-re¢urring one-off grants
0901- Other funds gen8rated
Donatlons and legaci8$ Totals
Inwme from charitable activltlo$
1101 Fees lor weddings and funerals
Incomtt from charitable activities
Totals
Other trading activities
1220- Bookstall sales- fund raising
1245- Church Hire
1270- Parish ev8nts
Other trading activities Total$
Investments
1001 Dividends
4,175
1020- Bank and building sooety Interest 82
1030- Rent from lands or building$
Inveslm?nts Totals
Oth*r Income
1310- Insurance claims
1330- VAT reclaim on building works
other income Totals
Rwlpts Grand totals
8.025
72,198
160
400
300
629
1,701
885
8,879
10,046
4,063
8,025
72,198
160
81,938
2,085
3(Kl
771
1,801
885
8,879
10,320
4,{￿3
1,269
835
2,382
142
100
174
15.809
17.710
2,286
14,738
14,738
850
61
209
122,801 125,413
61
122,085
174
353
2,617
353
2.617
353
246
850
118
1214
246
850
118
1.214
431
710
1,141
30,094
34,270
82
30,354
2,493
2,000
34.847
4,257
30,094
34,351
130
130
42,514
42,644
201.163 164.019
42.514
42.514
72.950
130
128,039
174
3. DETAILS OF CERTAIN ITEMS OF INCOME
Important points to nole include:
Overall church income in 2024 was up £37.144 compared to 2023, largelydue lo the £42,515
VAT reclaim on the building projects.
There were large donations of £7,100 in 2024, whereas there were none in 2023.
Giving through the Parish Giving Scheme {PGS) fell slightly. by £1,216 CA)mpared to 2023,
and total regular giving by £2,284, although the total number of regular donors remained the same

at 74 (65 PGS, 9 Standing Orderlother). Significantly only 450A of PGS donors have inflation-
proofed their giving.
Dividends and interest on the General (unrestricted) Fund were significantly greater (by
£3,626) than in 2023, bul income from wedding and funeral fees. bookstall Icardl sales, parish
events and church hire were all down.
Gift aid and GASDS reclaims were £1,175 lower than in 2023, reflecting the lower level of
giving.
4. ANALYSIS OF EXPENDITURE
Totsl
Unres'ted Deslgn'd Restrfd Endowy 2024
2023
PAYMENTS
Ralslng funds
1720- Costs ol st8wdrdship
1730- Costs ol fetes & other events
1740- Invèstment management ￿$ts
Raising funds Totals
Exp•ndlture on charitsble aciivitits
1801 Giving 19 missionary sociètiès
1850 - Charitable Giving Titha 70%
1B55- Charitable Giwng Tithe 30%
1870- Charitable Giving Other
1910- Ministry parish share atc
2001 - Assistant staff costs
2003- Webstt8 M8nao¢r
2004 - Bookkeeping
2050- Salary ol parish administrator
2101- Working expenses of incurnbent
2105- Hospitality
2106-20sand 30s
2110- Visiting spe8k8rs I lo¢ums
2160- Parish training and Mi￿(￿)
2170- ELlu¢ation
2201- Outreach
2301- Church running- insUr8t￿O
2310- Church office- telephone
2311- Chur(* Offi¢9 Intemet
2315. Organist RegtJ18r
2316- Organist Occasional
2320- Organ I piano tuning
2330- Churth maintenan
2331 Cleaning
2340- Upkeep of services
2345- Flowors
2360- Adrninistration
2365- Bank Charges
2401 - Church running- electr
2410- Church running- gas
2420- Church nJnning- water
2505- Cost of Parish events
2601- Govemancè costs èxaminationlaudit fee
2701- Church major repairs- stnJctur8
2710- Church major repairs. installation
2720- Church interior and exterior decorating
Expenditure on ¢haritabl• a¢tlvftles Totals
Payments Grand totals
511
1.457
511
1,457
1.399
251
1.650
1,968
9,673
3,957
3,790
450
80,451
835
3,7
450
80.451
779
1,358
2,950
17,280
78,136
5,782
1551
1,358
2,950
17,168
92
20,280
1.762
668
1.806
e68
135
650
141
2,720
135
650
141
1.318
10
3,954
874
9,076
9,076
654
654
2,879
115
116
134
1,710
8,523
2,879
115
116
14.671
1,710
12.292
1,149
4,561
208
232
3,211
1,871
9,624
14,537
3.433 337
1.149
4,561
208
9.687
1.339
2,728
79
5.147
5,147
82
279
82
279
67,420
196,002
67,420
1￿,002
1.861
20,fj66
137,030
138,999
5,753 295,OSS
5.753 295.05S
437,838
439,806
182,015
183.665
10

4a. DETAILS OF CERTAIN ITEMS OF EXPENDITURE
a) Trustee ¢osts
James Gardom's stipend as Interim Priest-in-charge (January-July) has been paid for by the
Diocese of Ely. Devin McLachlan as Vicar is paid for this role by the Diocese of Ely (September-
December).
b) Fegs for examinatlon or audlt of the accounts
The independent examiner, Mr Jeremy Wong, was paid £300 for his work in examining these
accounts.
c) Bookkeeplng
A significant additional cost in 2024 was the £2,950 paid for exlemal bookkeeping (by Charity
Bookkeeping) as this as il was not possible to carry out this function internally after the departure of
Mr Jon Young as Treasurer in December 2023.
d) Operatlng costs
If we strip away the income and expenditure associated with our restricted and endowed funds to
focus on the General Fund, this gives us a better picture of the 'everyday' financial situation. Here,
our income was £128k (Gf £131.5k in 2023) and our expenditure was £139k (cf £141 k in 2023), a
net loss of £11k. This is a further increase of £1.5k compared to 2023 and follows previous General
Fund defiGits of about £7k for the previous 3 years. In fact, we pay building related operating costs
(electricity, gas and insurance), amounting lo £15,567 in 2024, from the Giddy Fund. So wilhout the
Giddy Fund our operating loss in 2024 would have been £26.6k. Our aspiration is to pay our way
and have sufficient annual income to Gover all our operating and ministry costs. so an increase in
regular giving of order £30k is required to achieve this.
5. PAID EMPLOYEES
a) Staff Costs
During the year the PCC employed a part-time Parish Administrator (Philippa Pearson 1.1.24
15.10.24- Alexandra Pizzoferralo 1.11.24 - 31.12.241. The total cost of employTnent was £17,260
including penslon conlribulions, and employer's nalional insurance contributions. This is a reduction
of £3,010 ¢ornpared with 2023, when the Parish Administrator worked a substantial number of
addilion81 hours in the early months of the vacancy. The Parish Administrator is not a trustee of the
charity-
Benji de Almeida Newion was paid £758 as Communicalions Officer and Joe Tucker £600 as
Website Manager. Payments made under'Assistant Staff Costs. were mainly for clergy IPTO and
other) for expenses incurred in assisting at services. The organist Ralph Woodward was paid £2.879
and occasional organists a total of £115.
b) Expenses to PCC members (Trustees)
No expenses were claimed by James Gardom. Devin McLachlan or any other trustees.

6. FIXED ASSETS
Tanglble assets
Church equipment
TOTAL
(Assoclated wlth the Re5trirted Glddy Fund
unless otherwise specified).
2024
Net Book Value at
£50,171.66
l January 2024
Depreclations
Kitchen
327.04
Heaters
1,352.63
Boiler
2,226.40
Tower area
2,864.26
Boiler replacement
Chair5 (General Fundl
Laptop IGeneral Fund)
NET BOOK VALUE at
31" December 2024
421.34
1.000
500
£41,485.99
The boiler was installed in 2011 and is being depr8cialed over 15 years. being ils projected
lifetime- therefore there was a charge of £2,226.40 for 2024.
The kitchen was refitted in 2014 and is being depreciated over 15 years,. therefore Ihere was
charge of £327.04 for 2024.
New heaters were installed in 2014 and are being depreciated over 15 years. therefore there
was a charge of £1.352.63 for 2024.
The tower area was refurbished in 2017 and is being depreciated over 15 years; therefore
there was a charge of £2,864.26 for 2024.
The boiler had to be replaced in eady 2017, at a cost of £6,320.16 (for the boiler only, rather
than all associated works) and is being additionally depreciated over 15 years from 2018. therefore
there was a charge of £421.34 for 2024.
New chairs and trollies were purchased at a cost of £10,260 in 2019. They are associated
wilh the General Fund. They are being depreciated over 10 years from 2022. therefore there was a
charge of £1,000 in 2024.
A Parish laptop was purchased for £1,999 in 2020. associated with the General Fund. This
is depreciated over 4 years from 2021. therefore this was a charge of £500 for 2024.
12

b) Investment Assets
Unr¢slrfclèd
Re8trKted IGithy
Accumulated
Mlllenlum and
Gen•rnl
In¥eiknent Fund
StJarnu'
PIK• Unll
Trust Fund
Endo*Thpnt
FundlGlddy
èsti
Holdlngs In £
Th¢¥n05
WPAtby
FuThth
39.579
T4)ts11£l
Volu¢ 1 Janua
2024
PurGh0$95 at cost
Sa105
Rev8lu8t¢on
Matrttet value 31.
Decam￿r 2024
3.011
175.444
206,295
1.067,888
1.492.216
200.0￿]
26.135
200,000
60.245
906
69
8,956
24.179
230,474
894,023
1.352A62
40A85
3.OBO
184.400
In total, St Bene't's has money invested in 6 different shareholding funds as well as a current account
and an investment deposit account. The total above shows the values of the 6 shareholdlng funds
{2 are represented in the 'Unrestricted column.).
Unrestricted fund5 are managed by the DI0￿Se of Ely under the name of Cambridge St.
Benedict Hillside Trust, and Cambridge St. Berbedict Thomas Whrtby Bequest. They a￿ invested
with CCLA.
The Endowment (Giddy Capital Fund) is restricted to the Maintenan￿ of the fabric of the
building of St Bene't's Church, Cambridge. Spending of the capital (originally £200,000) is pemiitled
under the conditions of the original legacy, but this is avoided under nomial circumstances. The fund
is held with CCLA in ￿ parts.. the endowment fund of £894,023 and the Accumulated income
investment fund IReslri¢ted fund) of £3,080.
The St Bene't's Millennium Fund is being built up as a fund with the intent that it be spent on
additional resources to support the ministry of St Bene't's Church. The tolal value of the fund currently
stands at £184,400.
7. DEBTORS
2024
2023
Insurancg
1466
4062
675
5544
Gift Aid and GASDS T8x recoverable
LPWGS VAT Rebatelaccrued donations
46570
1394
Total
52098
7613
Insurance reflects the period of cover remaining in 2024 (Jan-mar) that was already paid for in 2023
(£4085 full year from Apr 2023), including an additional premium wilh the installation of the solar
panels1£889 for Oct 23 to Mar 24).
Tax recoverable al th8 end of 2024 reflects Gift Aid and GASDS to be clalmed from HMRC for
donations during 2024. and received in early 2025.
The VAT rebate was oblained under the Listed Pla￿S of Worship Grants Scheme (LPWGS) for the
tax paid on the South Aisle Solar Panel project and for improvements made to the Ramsey Rooms.
13

8. LIABILITIES
2024
2023
Accruals for lithes, and other costs associated with FY 2024
Total
13,719.00
13.719.00
17,860.00
17,860.00
The liabilities include amounts owed for charitable giving (tithes, £12804 in 2024), HMRC PAYE
paym&nls that covered the end of 2024, parochial fees to the diocese for weddings and funerals and
various December invoices paid in January.
9. FUNDS
Fund movement summary
Fund
Openin8
Bilton
Designated
Sub-totals
Incomlng Outgolng Transfers Gain5lLo55e5
Jouma15 Ctoslng
53,844
6,592
6.592
60,436
60,436
DiscFund
Restricted
Sub4otals
183
183
183
183
Gldty Endowment
Rostricted
Sub-totsls
1,160.748
1,160,748
200,000
26,13S
1200,0001 26.135
986,883
986,883
G•nèral
Unrestd¢ted
Sub4otals
176,801
176.801
128,039
128.039
138.999
138.999
16,061
16.061
181,903
181,903
Giddy
Restricted
Sub40ts1s
73,829
73.829
72,808
72.808
293,570
293.570
200,OOQ
200,000
7,122
(7.1221
45,743
45.743
8811
D8si9nated
Sub-totals
778
778
174
174
952
952
Flowor
Rèstricted
sU￿)tal8
342
342
1,485
1,4B5
1,143
11,1431
Furblshmt
Designated
Sub-tatals
4,189
4189
4,189
4189
Mlllnm
Designated
Syb-tot#ls
180,737
180,737
5,753
5.753
9.888
9,888
184.872
184,872
Total$
1,651,108 201163
439,807
51.554
1,464.018
14

The endowment fund is composed of the Giddy bequest. which requires income to be spent on the
fabric of the building. The original legacy was £200,000- the PCC has constrained itself not to spend
this original capital un18ss absolutely essential but only to draw on the accumulated value (market
growth) in this endowment fund. in addition lo the dividends and interest in the 'Giddy Fund, _ see
below.
The part of the Giddy legacy which the PCC draws on first for buildings and fabric expenditure is
called 'The Giddy Fund,. This is held in two parts.. one part is the CCLA deposit account, into whith
the dividends from the Giddy Bequest (Endowmentl Fund are paid, and the other is held as an
investment with CCLA ('Giddy Accumulated Income Fund,) where dividends and interest from the
Deposit Account may be reinvested to generate additional income. Wh8n income is required from
the Endowment Fund for fabric projects, the income from sold shares is transferred to the CCLA
Deposit Account. Decisions about reinvesting money sitting in the cc￿ Deposit Account are taken
by the PCC on the advice of the Financial Planning Group. The boiler, kitchen. tower refurbishmenl,
and sound system are fixed assets associated with the Giddy Fund.
15

I report on the accounts for the year ending 31 • December 2024.
Respectlve responslbllltles of trustees and examiner
The charity's truslees consider that an audit is not required for the year (under section 43(21 of the
Charities Act 1993 (the Act) and that an independent examination is needed.
It is my responsibility to
Examine the accounls {under section 43 of the Act).
To follow the procedures laid down in the General Directions given by the Charity Commission (under
section 43{71(b) of the Act), and to state where particular matters have come to my attention.
Basis of Inde
ndent examiner's statement
My examination was carried out in accordance with General Direction5 given by the Charity
Commissioners. An examination includes a review of the accounting records kepl by ihe charity and
comparison of the accounts presented with those records. It also includes consideration of any
unusual items or disclosures in the accounts, and seeking explanations from the trustees ￿ncernIng
any such matters. The procedures undertaken do not provide all the evidence that would be required
in an 8udlt, and consequently no opinion is given as to whether the accounts present a 'twe and fair,
view and the report is limited to those matters set out in Ihe statement below.
Inde
ndent examinèr's slatoment
In the ¢ourse of my examination, no matter has come to my attention
which gives me reasonable cause to believe that in, any material respect, the trustèes have
not met the requirements to ensure that:
proper accounting records are kept (in accordance with section 41 of the A¢t}- and
accounts are prepared which agr8e with the accounting records and comply with the accounting
requirernents of the 1993 Act,. have not been met,. or
to which, in my opinion, attention should be drawn in order to enable a proper understanding
of the accounts to be re8¢hed.
Signed.. .J
Date:
Name: ...xl &.R£.￿-Y....￿aP￿E..
Relevant professional qualification(s)
or body if any
Address
16