Charity registration number.. 1146634 The PCC of The Annunciation Bryanston Street Annual Report and Financial Statements for the Year Ended 31 December 2024 Field Sullivan Limited 9 Hare and 8Illet Road London SE3 ORB
The PCC of The Annunciation Bryanston Street Contents (continued) Reference and Administrative Details Trustees, Report 2tolO Independent Examiner's Report Ilto12 Statement of Financial Activitie5 13 Balance Sheet 14 Notes to the Financial Statements 15to28
The PCC of The Annunciation Bryanston Street Reference and Administrative Details Chairman Revd Dr Lincoln Harvev Trustee5 Lee Wu Stelios Solomou Rachel 51ingsby Olufunke Ajenifuja David De Kervern Vincent Forestier Michael Mohammed Maria Kastani Gavin Monk Steve Phillips Simon Thwaites Vladka Thwaite5 Charity RegSstratlon Number 1146634 PrlncSpal Office Church of The Annunciation Bryanston Street London WIH 7AH Independent Examiner Field Sullivan Limited 9 Hare and Billet Road London SE3 ORB Bankers CCLA Senator House 85 Queen Victoria Street London EC4V 4ET M&G Charity Departmellt PO Box 9038 Chelmsford CM99 2XF HSBC Bank PIC 196 Oxford Street London WID INT Page I
The PCC of The Annunciation Bryanston Street Trustees, Report The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2024. Aims and purposes The Annunciation's Parochial Church Council IPCCI has the responsibility of cooperating with the incumbent, Fr Lincoln Harvey, in promoting within the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic, social, and ecumenical. Compllance Our incumbent and the PCC have considered the Charity Commission's guidance on public benefit, and in particular 'charities for the advancement of religion., The PCC has also complied with section 5 of the Safeguarding and Clergy Discipline Measure 2016, recognising its duty to have due regard to House of Bishops, guidance on safeguarding children and vulnerable adults. Reference and administrative information The Annunciation is situated in Bryanston Street in Marble Arch, just off Oxford Street in the West End of London. It is part of the Diocese of London within the Church of England. The correspondence address is.. The Annunciation Branston Street, London WIH 7AH. The Parochial Church Council of The Annunciation is a charity registered with the Charity Commission with charlty number 1146634. PCC members who have served at any time from l January 2024 until the date this report was approved are: Ex Officio Incumbent.. Revd Dr Lincoln Harvey - (Chairman) Church Wardens.. Mr Michael Mohammed,. Mr Steve Phillips Elected Members Mrs Olufunke Ajenifuja (Secretary) Mr Vincent Forestier (Representative on Deanery Synod) Mrs Marielle Garland (Resigned May 2024, Representative on Deanery Synod) Mrs Maria Kastani Mr David De Kervern (Representative on Deanery Synodl Mr Gavin Monk Mrs Rachel Slingsby Mr Stelios Solomou Mrs Vladka Thwaite5 Mr Simon Thwaites Mr Lee Sungwah Wu IElected May 20241 Page 2
The PCC of The Annunciation Bryanston Street Trustees, Report (continued) Addltional Parish Roles: Children & Families Worker.. Mrs Jasmine Cullingford Church Office Manager and Treasurer.. Mr Majed Najjar Director of Music.. Mr Christopher Saward Electoral Roll Officer.. Mr Majed Najjar Parish Safeguarding Officer: Mrs Jasmine Cullingford Premises Manager and Verger.. Mr Gavin Monk Structure• governance and management The method of appointment of PCC members is set out in the Church Representation Rules. The membership of the PCC consists of the incumbent Ithe vicarl, churchwardens, and members elected by those members of the congregation who are on the electoral roll of the church. All those who attend our services / members of the congregation are encouraged to register on the Electoral Roll and can stand for election to the PCC. The PCC members are responsible for makSng decisions on all matters of general concern and importance to the parish including deciding on how the funds of the PCC are to be spent. The PCC met five times during 2024. Given its wide responsibllities, the PCC also has a Standing Committee to deal with matters arising between its meetings, and the Standing Committee met an additional four times during the year. The StandSng Committee is responsible to the PCC and reports back to It regularly with matters discussed and decisions made as necessary. Objectives and actlvltSes The PCC is committed to enabling as many people as possible to worship in church, to develop thelr faith, and to build up a sense community within the parish of the Annunciation. The PCC therefore maintains an overview of worship and activities throughout the parish and makes suggestions on how these can involve the many groups who live or work locally, as well as those visiting the neighbourhood. Regular religious service5 include elements of prayer, scripture reading, music, sacraments, preaching, and teaching, all of which enable the Christian faith to be put into practice. The church also runs community event5, such as musical concerts and educational work, and BSL events for the Deaf Community. As a result, people are enabled to live out their faith through.. Worship and prayer,. learning about the Gospel,. and developing their knowledge of, and trust, in God. The provision of pastoral care. The maintenance of close links with the parish VA school, Hampden Gurney CofE Primary School, and with Wetherby School. And missionary and outreach work, through community events, such as classical concerts, carol services. community and BSL events. The PCC is continvally looking for new ways, within its capacity and resources, to build up its parish life, for example investing in our provision for young children and parents. To help finance such activities, the PCC makes use of its maln asset, the church building, to raise income. This is done primarily by letting part of the crypt and a section of the west end of the church to Bryanston Nursery (under license under facultyl. To maintain its support both for parish activities and the letting of the church building to other community Users, the parish regularly undertakes work to maintain and, where possible, enhance the church building and its facilities. Page 3
The PCC of The Annunciation Bryanston Street Trustees, Report (continued) Achlevements and Performance Worshlp and Prayer: The PCC is keen to offer a range of rellgious services during the week and over the course of the year to the benefit and spiritual fulfilment of our local community. For example, a spoken Mass is offered each day during the week to create a quiet and reflective envlronment for worship, whilst there are also opportunities to engage in more dramatic worship through the offering of a Sung Mass on Sunday mornings land occasional High Feasts), with choral singing. The Sung Mass is popular with the local community, as well as attracting visitors from nearby hotels. The provision of a professional choir is very much appreciated by those who attend. In addition, the church is now open from 103m-6pm, Monday to Friday, providing a quiet and peaceful public space amidst the hustle and bustle of the West End of London. Official attendance at services on Sundays is counted during the month of October. It is formally recorded on the parish return to the Diocese of London and Church of England. The average figure recorded for Sundays in October 2024 was 123, though the course of the year the congregation numbers about 140 people. Given the frequency of individual attendance and fluctuations throughout the year, the October average leads to the calculation that the regular "worshipping community" at the Annunciation numbers 300. At the APCM in May 2024, 181 people were recorded on the Church Electoral Roll. As part of its work for the community, the PCC provides a free Sunday School at Mass. This is attended by significant number of local children, with an average attendance of over fifty children a week during 2024 Imany of whom come twice monthly). This means that around 100 children are attending our services regularly at any one time. Our large Sunday School is resourced by a team of dedicated local volunteers, who generously help to run the weekly event or work behind the scene5 to make it possible, e.g. preparing arts and crafts for the children's activitles. The PCC also employs a part-time Children and Families Worker to focus on teachlng and activities for the popular 7+ age group. To help resource this important work, the church received a grant of £2,000 from the St Giles and St George Charity in 2024 and 3 grant of £2,500 from the Lady Peel Legacy Trust. Given the number of children and familie5 attending our church, the PCC gives careful thought to how it can enable all the community to celebrate key High Feasts. Provision over the Christmas period, for example, is designed so that local families lincluding many young children) can celebrate the Nativity at an early evening Crib Mass on Christmas Eve. The family-friendly version of a traditional Midnight Mass continues to be popular. 150 people attended the Family Crib Mass on Christmas Eve 2024, which included 60 children. The church's work with chSldren extends beyond Sunday mornings. Hampden Gurney CofE Primary School remains at the very centre of our parish life. The Vicar is Chairman of the school's Governing Body and two PCC Trustees also currently serve as Governors. In addition, a weekly Mass is celebrated with the children and teachers. There is significant overlap between the life of the church and the life of the school, thereby created a strong sense of communSty spirit in the local area. This is evident on numerous occasions. For example, we celebrate an annual 'Blessing of the Backpacks" in church before the start of each new school year, with the communlty praying for those embarking on the next step in thelr education, as well as a Leavers Party for Year 6 in the final week of school. Beyond Hampden Gurney School, we also enjoy welcoming Wetherby School into church each Friday morning for their weekly assembly and act of worship, as well a5 for their Carol Services and Concerts. If our work with schools 15 considered along51dÈ our Sunday School provision, it means around 750 local children are engaging with the church on a regular basis during term time. Page 4
The PCC of The Annunciation Bryanston Street Trustees, Report (continued) But the life of our church extends beyond our work with schools, as central as that 55. A5 well as our regular service5, the church enables our community to celebrate and thank God at each of the significant milestones a person's life through the provision of occasional offices. For example: Baptism enables us to give thanks for the gift of new life,. Confirmations enable people to claim baptism promises as their own,. Marriage is an act in which public vows are exchanged with God's ble55ing,' Funeral services enable friends and family to express their grief and give thanks for a life as they commend the person to God's gracious keeping. In 2024, we celebrated 9 baptisms in church, as well as seeing 2 young people confirmed by The Rt Revd and Rt Hon Dame Sarah Mullally DBE at our school in July 2024. However, there were no weddings or funerals held during 2024. As well a5 the occasional offices, the church a150 keeps a calendar of major services. Thls included a Harvest Festival in October (where donations were collected for the Marylebone Project to support their work with homeless women locally), the annual Act of Remembrance in November, and a special service to commemorate the IOOth anniversary of the unveiling of our Calvary War Memorial in June, when the Revd Icapt.) Thomas Sander officiated. The church has also continued its work with the London Deaf Church during 2024, again runnlng a successful Christmas Carol service, with over 90 people attending, and developing an annual programme of events for the Deaf Community to mark significant moment5 in the Christian year. Deanery Synod The Incumbent and three members of the PCC currently sit on the Deanery Synod. The Synod provides the PCC with an important link between the parish and the wider structures of the church. For example, it ha5 enabled the PCC to consider a wide range of issues, including an opportunity to learn how music can become part of the mission of the church. The Church Bulldlng To facilitate the aims and purposes of our church it is important that the PCC maintains the fabric of the building and encourages people to visit and make use of our services. During 2024, the church was open to the community as often as possible, with the building staffed each day during the week from 11am-3pm Snitially, before being opened from 10am-6pm from l October 2024. Back in 2023, the PCC had received a grant from the Fellowship Hall Charity Trust IFHCTI, which allowed us to appoint a new part-time Prem15es Manager and Verger in November that year. This appointment has enabled us to open the building more in 2024, as well as free up the Incumbent for other matters related to the mission and minlstry of the church (rather than the maintenance of the building). The PCC decided to extend the Premises Manager and Verger's hours in October, which has allowed us to keep the church open to the public all day during the week. Page 5
The PCC of The Annunciatlon Bryanston Street Trustees, Report (continued) The building was well used during 2024, and not just for religious activities. We continued to work closely with London Town Chamber Fest to offer a series of concerts to the public, and also held special one-off events, including an art exhibition in partnership with Theos, which promoted the beauty of the caring profession5. The programme of concerts increased during 2024, with a variety of performers using the space, including providing some free lunchtime concerts and concerts for children. In addition, we have also hosted musical groups for children, partnering with Hartbeeps at the beginning of the year and then with Music360's Toddler Music Academy in the autumn. The church crypt was also used by Bryanston Nursery to offer day care to children from 7am-7pm, Monday-Friday each week. These activities have each drawn in funds, which in turn are absorbed into the running cost5 and upkeep of the building. Remedial work at high level has again been necessary to ensure the bullding remains safe, and various issues have been addressed to keep aspects of the building in good working condition. For example, we again made use of the "Gutter Maintenance Scheme" to ensure water runs freely from the building. We have also repaired and conserved the Calvary War Memorial on the corner of Old Quebec Street. Progress has also been made on addressing issues identified in our Quinquennial Inspection in 2022. Though the building remains on Historic England's "At Risk Register" signif Scant funding was secured in 2023 from a variety of sources to launch the "Sharing Our Future" project. The PCC remains immensely grateful to the War Memorials Trust and Westminster Council's Community Infrastructure Levy, as well as to the National Lottery Heritage Fund, National Churches Trust, and Area Council of the Diocese of London. The combined grants provided for an initial 'Resilience Project" and feasibility work entitled "Sharing Our Future" which started in November 2023 and was completed in December 2024. This constitutes an important first step towards a major capital works project in the coming years. Sharing our Future Project The 'Sharing our Future, project was funded by the National Lottery Heritage Fund INLHFI and other key partners. This initiative enabled the church to become more resilient, preserve its heritage, build closer relationships with the community, and create a strong foundation for the next stages of the project. The Annunciation is now better equipped to 'Share our Future, with a clearly defined mission and vision and an outlined path for growth and development, underscoring the church's commitment to its heritage and its future. The overall aims and purpose of the resilience phase were to.. Repair and conserve the Calvary War Memorial Develop the partllership with the Deaf Church Create a learning programme in partnership with Hampden Gurney Primary School Outline a fundraising plan Research and better understand the history of the church and its memorials Become more resilient in all aspects of the church's work Strengthen ties with the local community Page 6
The PCC of The Annunciation Bryanston Street Trustees, Report (continued) The Parochial Church Council IPCCI commissioned a team of consultants to deliver four reports: Governance Review AudSence Development Business Planning Fundraising strategy As well as a Feasibility Study and an Outline Conservation Plan the key activities and outcomes of this project were: War MemorSal Repair and Conservation: Following an act of vandalism, work was undertaken to repair and conserve the Calvary War Memorial. Repairs included re-gilding and reinstating the Christ figure, restoring the crucifix and stone plinth, and replacing the lead roof. Pilot Project - Hampden Gurney School.. A series of Wwl-themed workshops were conducted, introducing over 220 Students and their parents to the church's history and allowing them to explore heritage through hands-on activities. A learning resource pack was created to support educational visits by other schools in line with the National Curriculum. Pilot Prolect - Deaf Church Collaboration.. The Annunciation worked with the Deaf Church to host a WWI history event and a poetry workshop in British Sign Language IBSLI, in addition to producing a new heritage video guide in BSL. Community Event 100-Year Memorial Service: A centenary commemoration of the Calvary Memorial and celebration of its reopening. Community Event - Open London Festival.. The Annunciation took part in the annual Open London Festival opening new areas to the publSc and running guided tours for visitors. Muslcal Program.. The church extended its musical programme becoming a popular venue for concerts and rehearsals. Next Steps.. The "Sharing Our Future" project has enabled the church to create a fully-costed, fully-feasible, and fully-sustainable plan for a malor Capital Work5 Project which will enable the church to better serve the community going forward. This exciting development means that the PCC has now embarked on its ambitious plan to address the various issues with the building and to enhance community use by making the space more usable le.g. installing disabled toilets). Pastoral Care Fr Llncoln Harvey continues to V151t those who request pastoral support in the parish. For example, he v151ts those who are dying, are sick, wish to make their confession, or who seek God's blessing on their home. In addition, some members of the parish are unable to attend church services, so an online service of Compline 55 offered each week to provide acces5 to anyone who want5 to pray remotely. Page 7
The PCC of The Annunciation Bryanston Street Trustees, Report (continued) Volunteers Alongside its small staff team, the church depends on volunteers to fulfil its charitable aims and objectives. The PCC would like to thank everyone who works so hard to make the church the lively and vibrant community that it is. We are grateful to the dedicated teams of Sunday School Leaders, Altar Servers, and Refreshment Teams, who generously devote time and resources to the benefit of our local community. The PCC also wants to thank our churchwardens, Mr Mohammed and Mr Phillips, who worked so tirelessly on our behalf during 2024. Mission and Evangellsm The PCC is keen to invite everyone in our community to join in with events run in church. The electronic parish newsletter is therefore distributed weekly to all its subscribers and is also made available to the public on the church's website. This newsletter keeps people informed of forthcoming services and public events, as well as a prayer list for intercessions and invitations to seek pastoral care. The church also publicises events on its external noticeboards, as well as distributing flyers to thelgcal community lincludlng the many local hotels) when there are malor festivals and events. The church also adverti5e5 It5 activities through social media channels and through its local networks, such as the parish school's mailings or the Marble Arch BIO app. Ecumenical Relatlonshlps The church is a member of Churches Together in Westminster. Fr Lincoln Harvey has also established closed links with the neighbouring Rabbi at the Western Marble Arch Synagogue, with regular meetings to discuss shared matters of interest to our respective communities. Financial Revlew and Reserve Pollcy The total incoming resources on unrestricted funds were £226,32712023: £205,025) with expenditure amounting to £226,366 12023.. £186,042), as detailed in the financial statements. The expenditLtre this year is notablv extraordinary as a result of the building project. There was no gain or loss relating to investments and after 3 £28,87912023: £nill transfer to restricted funds, there was a net decrease in unrestricted resources of £28,918 with a further decrease in restricted funds of £39,128, leading to an overall decrease in funds to £187,15312023: £255,199). The PCC contributed unrestricted funds as partnership funding for the building project IncomSng resources for 2024 have been fairly consistent wlth previous years. Glft aid for 2023 and VAT claim from Listed Places of Worship have been received in 2024 financial year. The Annunciation, made its full contribution to the Diocesan Common Fund in the year, amountlng to £91,300. Thls contribution provides for the stipends and housing for the clergy, as well as central support services (such as Safeguarding and HR). Page 8
The PCC of The Annunciation Bryanston Street Trustees, Report (continued) It is PCC policy to try to maintain a balance on unrestricted fund5 which equates to at least three months unrestricted payments. It is held to smooth out fluctuation5 in cash flow and to meet emergencies. The cash balance held on unrestricted lincluding designated) funds at the year end, together with the amounts payable to and by the PCC, was in excess of this target. Though this suggests we are on a firm financial footing, the aftershocks of Covid and the cost of living crisis continue to be felt. Income remains pretty much flat, whilst costs continue to increase. This means that our existing budgets are under sustained pressure and the expansion of our mission and mSnistry continues to be frustrated. This is partly because we are still In the process of negotiating wlth Bryanston Nursery to reach a financial settlement related to debts they incurred with us during the pandemic, as well as a five-yearly rent review Iwith rent due to increase in July 2023, but negotiations remain ongoing). A contingency plan was put in place back in 2021 which remains in place until a final Settlement is reached with the nursery, which is why reserves are currently at their level. It is the Pcc's hope that once a settlement is reached with Bryanston Nursery, monies can be used for match-funding in grant applications to address the issues with the building that were identified in the Quinquennial Inspection and enable us to move off Historic England's 'At Rlsk, Register and encourage greater community use of the building through sympathetic development to improve facilities (such as providing a disabled toilet) Statement of Trustees, Responsibilities The trustees are responsible for preparing the trustees, report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the trustees to prepare financial statements for each flnancial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial 5tatementS, the trustees are required to.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial Statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper actountSng records that disclose with reasonable accuracy at any time the financial posltlon of the charity and enable them to ensure that the finantial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the asset5 of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Page 9
The PCC of The Annunciation Bryanston Street Trustees, Report (continued) The annual report was approved by the trustees of the charity on 28 April 2025 and signed on its behalf by.. Revd Dr Lincoln Harvey Chairman Page 10
The PCC of The Annunciation Bryanston Street Independent Examiner's Report to the trustees of The PCC of The Annunciatlon Bryanston Street I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024 which comprise the Statement of Flnancial Activities. the Balance Sheet and related notes. Thi5 report is made solely to the charity's trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters l am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work, for this report, or for the opinions I have formed. Responsibilities and basis of report As the charity tru5tee5 of The PCC of The Annunciation Bryanston Street 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 examination of the The PCC of The Annunciation Bryanston Street's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl ot the Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently doe5 not cover all the matters that an auditor considers in giving theSr oplnion on the financial statements. The planning and conduct of an audit goe5 beyond the limited assurance that an independent examination can provide. Consequently l express no opinion as to whether the financial statements present a 'true and fair, view and my report is limited to those specific matters set out in the independent examiner's statement. Independent examlnerfs statement Since The PCC of The Annunciation Bryanston Street'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 ICAEW, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination glving me cause to believe that in any material respect: l. accounting records were not kept in respect of The PCC of The Annunciation Bryan5ton Street as requlred by section 130 of the Act,. or 2. the financial statements do not accord with those records,. or 3. the financSal statements do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requSrement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. 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 understanding of the accounts to be reached. Page 11
The PCC of The Annunciation Bryanston Street Independent Examiner's Report to the trustees of The PCC of The Annunciation Bryanston Street lcontinued) Tim Sullivan FCA Field Sullivan Limited 9 Hare and Billet Road London SE3 ORB Date.. Page 12
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The PCC of The Annunclatlon Bryanston Street (Registration number: 1146634) Balance Sheet as at 31 December 2024 2024 2023 Note Flxed assets Tangible a55etS 13 1,194 Current assets Debtors 14 184,552 83,434 56,220 48,871 132,756 73,572 Investments 15 Cash at bank and Sn hand 16 324,206 255,199 Creditors.. Amounts falllng due within one year 17 1138,2471 Net current asset5 185,959 255,199 Net assets 187,153 255,199 Funds of the charity: Restricted income funds Restricted funds 39,128 Unrestricted income funds Unrestricted funds 187,IS3 216,071 Total funds 20 187,153 255,199 The financial statements on pages 13 to 28 were approved by the trustees, and authorised for issue on 28 April 2025 and signed on their behalf by.. Revd Dr Lincoln Harvey Chairman zoJ¥/zS The note5 on pages IS to 28 form an integral part of these financial statements. Page 14
The PCC of The Annunciation Bryanston Street Notes to the Financial Statements for the Year Ended 31 December 2024 I Charity status The charity is domiciled in England and Wales. The address of its registered office is.. Church of The Annunciation Bryanston Street WIH 7AH These financial statements were authorised for issue by the trustees on 28 April 2025. 2 Accounting policies Statement of compllance The financial statements have been prepared in accordance with 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 Republic of Ireland IFRS 1021 leffective l January 20191 (Charities SORP IFRS 1021- Second edition October 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. They also comply with the Companies Act 2006 and Charitie5 Act 2011. Basis Qf preparation The PCC of The Annunciation Bryanston Street meets the definition of a public benefit entity under FRS 102. The accounts Ifinancial statements) have been prepared under the historical cost conventlon with items recognised at C05t or transaction value unless otherwise stated in the relevant notelsl to these accounts. Golng concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Judgements and key sources of e5tlmatlon uncertalnty In the applicatlon of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factor5 that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.. Revisions to accounting estimates are recognised in the periods in which the estimate is revised where revisions affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods. Page 15
The PCC of The Annunciation Bryanston Street Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) Income and endowments Voluntary income includlng donations, gifts, legacies and grants that provide core funding or are of a general nature is recognlsed when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with 5ufficlent reliability. Donutions und legacles Donations and legacies are recognised on a receivable bas15 when receipt is probable and the amount can be reliably measured. Gronts receivuble Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Investment Income Dlvidends are recognised once the dividend has been declared and notification has been received of the dividend due. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, It Ss probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff Costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support cost5 are allocated based on the spread of staff costs. Rai5ingfunds These are costs incurred in attracting voluntary income, the management of Investments and those incurred in trading activities that raise funds. Charitable actlvltles Charitable expenditure comprises those costs incurred by the charlty in the delivery of its activities and servlce5 for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Page 16
The PCC of The Annunciation Bryanston Street Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) Grant expenditure Grants payable are payments made to third parties in the furtherance of the charitable objectives. Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the Statement of Financial Activities once the recipient of the grant has provided the specific service or output. Grants payable without performance conditions are recognised in the accounts when a commitment has been made and communicated to the recipient, and there are no conditions to be met relating to the grant which remain in the control of the charitv. Grant provi5ion5 Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. Taxatlon The charity is considered to pa55 the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered bv Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxatlon of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Tanglble flxed asset5 Individual fixed assets costlng £SOO.00 or more are initially recorded at C05t, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreclatlon and amortlsatlon Depreciation is provided on tangible fixed asset5 $0 as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows.. Asset class Office equlpment Depreclatlon method and rate straight line at 20% Current a55et Investments Current asset Investments are included at the lower of cost and net realisable value / market value. Page 17
The PCC of The Annunciation Bryanston Street Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) Trade debtors Trade debtors are amounts due from customers for merchandise sold or services performed in the ordlnary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provislon for the impairment of trade debtor5 is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabllities If the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there 15 an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade credltor5 are recognised initially at the transaction price and subsequently measured at amortised cost uslng the effectSve interest method. Fund structure Unrestricted income funds are general fund5 that are available for use at the trustees discretion in furtherance of the objectives of the charity. Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustee5. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Pen5ion5 and other post retirement obligatlons The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity ha5 no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recogn15ed in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. Page 18
The PCC of The Annunciation Bryanston Street Notes to the Financial Statements for the Year Ended 31 December 2024 (contlnued) 3 Income from donatlons and legacies Unrestrlcted funds General Restricted funds Total 2024 Total 2023 Donations and legacies,. Planned giving Appeals and donations Unplanned giving Gift aid reclaimed Grants, including capital grants,. Westminster Council War Memorials Trust The National Lottery- Heritage Fund St Giles and St George Lady Peel Trust Listed Places of Worship National Churches Trust London Diocesan Fund 23,329 15,969 12,725 3,580 23,329 15,969 12,725 3,580 21,032 7,920 19,240 12,500 20,000 36,000 2,000 2,500 12,500 20,000 36,000 2,000 2,500 7,326 6,500 8,000 45,000 7,326 6,500 8,000 10,125 62,929 87,500 150,429 103.317 Page 19
The PCC of The Annunciation Bryanston Street Notes to the Financial Statements for the Year Ended 31 December 2024 Icontinued) 4 Income from other trading actlvltles Unrestricted funds General Total funds Total 2023 Rental income 125,000 30,549 125,000 30,549 125,000 25,620 Utilities recharge 155,549 155,549 150,620 S Other Income Unrestrlcted funds General Total 2024 Total 2023 Other income 134 134 300 6 Investment income Unrestrlcted funds General Total 2024 Total 2023 Interest receivable and Similar income; Interest receivable on bank deposits 7,715 7,715 5,913 Page 20
The PCC of The Annunciation Bryanston Street Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 7 Expendlture on raising funds a) Costs of generating donations and legacie5 Unrestricted funds General Total 2024 Fundraising costs 2,500 2,500 8 Expenditure on charltable activitles Total 2024 Total 2023 Note Clergy and vicarage costs Gifts for clergy/volunteers Hospitality Diocesan Common Fund Music and organist Project and events costs Sunday School Major repairs Church presentation Charitable donations Cleaning Subscriptions Support Costs 286 208 265 329 304 945 91,300 33,796 8,869 208 87,775 27,670 14,836 597 25,916 3,547 25 2,500 25 1,879 572 212,406 1,597 65,557 379,373 202,039 Page 21
The PCC of The Annunciation Bryanston Street Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 9 Analysls of support COStS Total 2024 Total 2023 Staff costs Wages and salarle5 Pension costs 38,092 760 28,552 Con5ultancv Project coordinator Legal and professional Depreciation, amortisation and other similar costs 21,984 37,186 66,273 299 425 18,589 9,609 11,737 6,865 Insurance 11,778 6,698 937 Repairs and maintenance Casual wages Fire services 1,584 432 973 Equipment repairs and renewals Telephone and fax Printing, postage and stationery Independent examination Bank charges 779 1,058 4,217 2,160 359 877 5,159 581 212,406 65,557 Page 22
The PCC of The Annunciation Bryanston Street Notes to the Financial Statements for the Year Ended 31 December 2024 Icontinued) 10 Trustees remuneration and expenses During the year the charity made the following transactions with trustees.. Revd Dr Llncoln Harvey Reverend Lincoln paid £2,15012023: £nill privately for busine55 expenses on behalf of the church. These have been reimbursed before the year end, Gavin Monk Gavin Monk received remuneration of £14.82312023.' £1,161) during the year. Gavin Monk is an employee, as well a5 a trustee. He wa5 paid the above for his Premises Manager and Verger position in line with the Charity Commission and the PCC Measures compliance. Mr Monk paid £942 12023.. £nill privately for business expenses on behalf of the church. These have been reimbursed before the year end. 11 Staff costs The aggregate payroll costs were as follows.. 2024 2023 Staff c05t5 durlng the year were: Wages and salaries Pension costs 38,092 760 28,552 38,852 28,552 The monthly average number of persons lincluding senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows: 2024 No 2023 No Charitable activities 112023 - 11 of the above employees participated in the Defined Contribution Pension Schemes. No employee received emoluments of more than £60,000 during the year Page 23
The PCC of The Annunciation Bryanston Street Notes to the Financial Statements for the Year Ended 31 December 20241continued} 12 Taxation The charity is a registered charity and is therefore exempt from taxation. 13 Tanglble flxed 355ets Furnlture and equipment Total C05t Addition5 1,493 1,493 At 31 December 2024 1,493 1,493 Depreciation Charge for the year 299 299 At 31 December 2024 299 299 Net book value At 310ecember 2024 1,194 1,194 14 Debtors 2024 2023 Trade debtors 74,575 6,043 7,082 96,852 48,871 Prepayments Accrued income Other debtors 184,552 48,871 The £96,852 included in other debtors, is due from Bryan5ton Nursery @ Marble Arch Limited in relation to thelr Leicence, to restore the Deposit to £125,000 level in line with the Deposlt Deed. 15 Current asset investments 2024 2023 Cash deposits 83,434 132,756 Page 24
The PCC of The Annunciation Bryanston Street Notes to the Flnancial Statements for the Year Ended 31 December 2024 (continued) 16 Cash and cash equivalents 2024 2023 Cash at bank Short-term deposits 27,495 28,725 31,290 42,282 56,220 73,572 17 Credltors: amounts falling due within one year 2024 Trade creditors 7,754 126,158 4,335 Other creditors Accruals 138,247 Included in other creditors. there is £125,000 deposit in respect of the licence agreement with Bryanston Nursery @ Marble Arch Limited (the Llcenseel. 18 Obligations under leases and hire purchase contracts The total value of future mlnimum lease payments was as follows.. 2024 2023 Within one year In two to five years 720 2,500 1,435 3,220 1,435 19 Pension and otherschemes Deflned contribution pension Scheme The charity operates a defined contrlbution pension scheme. The pension cost charge for the year represents contributlons payable by the charity to the scheme and amounted to £76012023 - £NIII. Page 25
The PCC of The Annunciatlon Bryanston Street Notes to the Financial Statements for the Year Ended 31 December 20241continued) 20 Fund5 Current period Balance at 31 December 2024 Balance at I January 2024 Incomlng resource5 Resources expended Transfers Unrestricted funds General General Funds 215,090 226,327 1225,3851 128,8791 187,153 Deslgnuted Appeal fund 981 19811 Total unrestricted funds 216,071 226,327 1226.3661 128,8791 187,153 Restricted funds Sunday School Sharing Our Future Fellowship Hall Charity Trust 4,500 83,000 14,5001 1142,0431 18,9641 30,164 8,964 28,879 39,128 87,500 1155,5071 28,879 Total funds 255,199 313,827 1381,8731 187,153 Page 26
The PCC of The Annunciation Bryanston Street Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) Previous period Balance at I January 2023 Incomlng Te50urtes Resources expended Balance at 31 December 2023 Unrestrlcted funds General General Funds 196,107 205,025 1186,0421 215,090 Deslgnated Appeal fund 981 981 Total unyestrlcted funds 197,088 205,025 1186,0421 216,071 Restrlcted funds Sharing Our Future Fellowship Hall Charity Trust 45,000 10,125 114,8361 11,1611 30,164 8,964 55,125 115,9971 39,128 Total funds 197,088 260,150 1202,0391 255,199 The Specific purpose5 for which the funds are to be applied are as follows.. Sunday School - funds received from St Giles & St George and Lady Peel Legacy Trust to help with the 'Children and Families Worker, salary. Fellowship Hall Charity Trust - received for the salary of the 'Premises Manager and Verger,. Sharing Our Future funds received from The National Lottery Herltage Fund, The War Memorials Trust, Westminster City Council, London Oiocese - Area Cour5ciI and National Churche5 Trust to cover related costs to repaSrs and conservation works to the war memorial and pilot projects with the Deaf Church and Hampden Gurnev School. It was agreed by the board, before applying for fundlng, that part of the 'Sharing Our Future, project will be covered from the PCC'S unrestricted funds. Thus a transfer from general, unrestricted fund was done to cover the shortfall for expendture relating to this project. Page 27
The PCC of The Annunciation Bryanston Street Notes to the Financial Statements for the Year Ended 31 December 2024 {continued 21 Analysls of net a55et5 between funds Current period Unrestricted funds General Total funds at 31 December 2024 Tangible fixed assets Current assets 1,194 324,206 1138,2471 1,194 324,206 1138,2471 Current liabilitie5 Total net assets 187,153 187,153 Prevlous perlod Unrestrlcted funds General Total funds at 31 December 2023 Restrlcted funds Current assets 216,071 39,128 255,199 22 Related party transactlons There were no related party transactions in the year beside those detailed on note 10. Page 28