THE FRIENDS OF THE CITY CHURCHES Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2024 Registered Charitable Incorporated Organisation (CIO) 1155049 rj OnJLJ;I oo THI FRIINDS',CITY CHURLHL wwi'i.loiidOlI.£ilj'"Llitsrche).oig.uk
The Friends of the City Churches Contents of the Financial Statements for the Year Ended 31 March 2024 Page Report of the Trustees 2tolO Independent Examiner's Report 11 Statement of Financial Activities 12 Balance Sheet 13 Notes to the Financial Statements 14to24
The Friends of the City Churches Report of the Trustees for the Year ended 31 March 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered Charitable Incorporated Organisation Number 1155049 Address St Mary Abchurch Abchurch Yard London EC4N 7BA Trustees Oliver Leigh-wood David Jessop Sonja Judith Guy-Briscoe Michael Charles Rumsey Normington Nancy Jane Branson Clive Donald Cutbill Helen Clare Pa5sey John Arthur Cecil Reynolds Le51ey Diane Thrift Tony Tucker Steven Dennis Welsh Chairman Vice Chairman Honorary Secretary HonoraryTreasurer {app 20 September 20231 Co-opted 9 February 2024 Co-opted 9 February 2024 Resigned 11 April 2024 Resigned 11 April 2024 Co-opted 9 February 2024 The Chairman has indicated that he will be standing down at the forthcoming AGM, and will not be offering himself for re-election. Independent Examiner Shoaib Arshad Knox Cropper LLP Chartered Accountants 65 Leadenhal I Street London EC3A 2AD
The Friends of the City Churches Report of the Trustees for the Year ended 31 March 2024 The Trustees present their report with the financial statements of the charity for the year ended 31st March 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (effective l January 20191, OBJECTIVES AND ACTIVITIES Objectives and aims In the year 2023 to 2024The Friends of the City Churches have continued to fulfil their stated objectives.. To preserve and protect for the public benefit: Churches and cha pels of a rchitectural and/or historic interest situ ated in the City of London, whether belonging to, or formerly used by, the Church of England, or any other body; The monuments, fittings, fixtures, organs, stained glass, furniture, ornaments and chattels of any such church or chapel and their unlted parishes,. The churchyards and burial grounds belonging to or formerly belonging to any such church or chapel. These are principally achieved by 'Church Watching,, the making of small grants to City of London Churches and the education of the membership and others in relation to the City churche5 and related issues. Public benefit The Trustees confirm that they have referred to the guidance in the Charlty Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. Skyline Skyline is the FCC'S magazine, which is sent free of charge to members of the charity {"Friends"l. In the light of rising postal charges, the decision was taken at the start of the year to reduce the number of issues from fourto three per annum. This year we highlighted Christopher Wren for Wren300, 3 multi-faceted celebration of the life and work of the renowned architect, mathematician, astronomer and scientist on the tercentenary of his death, and his work was discussed from many different aspects. We were privileged to receive articles by contributors who are not Friends. As always, we are beholden to learned bodies and Individual photographers who waive fees for their copyright photographs. This is done on the understanding that Skyllne is received by registered supporters and cannot be purchased separately, We now have a reciprocal advertising arrangement with SAVE Britain's Heritage, and are glad when others advertise.
The Friends of the City Churches Report of the Trustees for the Year ended 31 March 2024 Skyline {Contd) The editor could not manage without the advice of Trustee Nancy Branson. Walter Guy- Briscoe has hung up his proof-reading pencil, but Sally Phillips and Elaine Turner continue to find errors which the editor misses. John Finn's design always has delightful surprises (that is what makes so many Friends mistakenly praise the editor). Jonathan Causer ha5 now indexed all the back issues of Skyllne and the Newsletter which preceded it. This is freely accessible on the website. Micropress, our printers, continue to give us a helpful, reliable, service. Church Watching Church Watching is the very public face of FCC'S role, keeping City churches open for visitors to. enjoy their architecture and peaceful environments. We are still experiencing an increasing number of visitors to our Watched churches. We are pleased to report that St Andrew by the Wardrobe is now being Watched again on a Friday courtesy of the Coptic Church. Watchers, sign-up meetings have been held at St Michael Paternoster Royal. Thls has been a good space for our gatherlng and has proved a popular venue but this venue is no longer available due to the closure of the church. Lesley Thrift is responsible for ensuring Watchers are aware of FCC'S Safeguarding Policy, which has been updated. She is very ably assisted by a Rota Manager team of Judy Guy- Briscoe, Vanessa Morris, Helen Passey, Marion Watson and Steve Welsh, who all do a sterling job. The Rota Manager role is two-way. both communicating between churches and Watchers, for example, informin8 Watchers of changes in relation to a particular church, but also passing on Watchers, comments to the church, and letting the church know when a particular date's Watchers need to change. Several new Watchers joined the scheme during the year, for which we are always very grateful. Balanced against this we lost a few Watchers who felt that their journeys from home to church were too taxing, obviously not helped with all the train strikes this year. FCC Friends, events Much postponed, and hugely successful was the Chairman's outing to four churches in Romney Marsh. John Hendy of the Romney Marsh Historic Churches Trust gave us information with a historical perspective at Brookland, Fairfield, Ivychurch, and Old Romnev. The weather was on our side too. as we crossed bone-dry fields which might have been quite squelchy. The Chairman's outing for 2024 embraced more churches of Romney Marsh.
The Friends of the City Churches Report of the Trustees for the Year ended 31 March 2024 FCC Friends, events (contd). Friends were invited on walks led by a loyal clutch of City Guides: Karen Chester reconciled the pantomime and real-life Dick Whittington. and after Christmas gave a lecture on lost churches, which she followed up with three popular walks. John Finn discussed Fleet Street, and Tim Kidd presented the Bank of England's art collection in an illustrated talk. Anne Tickell was also obliged to repeat her walk through Tower Hamlets cemetery, the final resting place for many City grandees. Her walk through Canonbury was equally fascinating. Tony Tucker guided Friends past City Steeples twice as the tube strike had a major impact on the first walk, and he also gave an illustrated lecture on Wren's churches. Friends had specialist host-guided visits at Trinity House, founded by Henry Vlll and the London Metropolitan Archives, where we were shown the documents pertaining to the establishment of the original Friends of the City Churches. We were also hosted by St Alfege In Greenwlch to continue our interest in Hawksmoor. In July The London Topographlcal Soclety invited us to have a table at thelr AGM at St Giles Cripplegate and asked our Chairman to address them. Finally church services: Friends had a memorial service for late Trustee Brian Evans in April 2023. The Bishop of London attended a Wren commemoration in June, and the carol service was enhanced by the pupils of Lady Margaret School Chamber Choir. Callum Anderson returned to play the organ for us alongside lan Shaw. Small Grants Programme Through the FCC Small Grants programme, Trustees can award a maximum of £10,000 per project to small scale repairs or improvements in or outside a City church. The income arising from the Melba Coombs Endowment may also be used, up to a maximum of £2,000 per project. The following grants have been awarded during the financial year 2023/24 St Magnus the Martyr: Aisle roof repairs (£5,000); St Andrew by the Wardrobe: Accessible entry to the church {£S,000}' St Dunstan in the West.. Contribution to new Bell Tower ladder1£5,000); St Katherine Cree: Additional Sanctuary Lighting (£1,100); St Olave Hart Street: Restore and reinstall 16th century ledger stone {£5,000); St Lawrence Jewry: Contribution to new sound system {£5,000}. At 31 March 2024, there were nine outstanding grants which had been approved by the Trustees but where the work awaits completion, with a value of £31,080.
The Friends of the City Churches Report of the Trustees for the Year ended 31 March 2024 Clty Events The City Events listing guide to services, talks and musical events being held in the City churches continues to be published every two weeks online as a downloadable PDF. FCC Friend Ingrid Slaughter continues to provide an invaluable up-to-date section covering details of the services being held in the City churches, both regular and special. She also compiles a concise summary of the events such as concerts, recitals and lectures being held in the City churches. It would appear that the two-weekly online version of City Events continues to be accessed regularly by an enquiring public and thus provides a useful service concerning what is taking place in the City churches. Our online presence is gradually improving and in March 2024 was viewed 797 times, an increase of 3% on the previous month. Merchandise There was one new Christmas card this year, using an interesting view of the chandelier in St Dunstan in the West. The image was taken by Watcher Terry Freestone who also produced the images used in our calendar. The calendar was well received, and we will be producing another this year. OUR SUPPORT FOR CHURCHES - St Mary Abchurch The Friends has now been headquartered at St Mary Abchurch for over 11 years. During this time, we have been responsible for the building and have opened it up for services, private prayer and a growing number of tourists. During this period the Charity has taken all church rental and collection income and paid all day-to-day expenses (including utilities) associated with the building, and has also paid the church's Annual Common Fund Contribution to the Diocese. However, this arrangement will expire on 30 September 2024, when the Guild Church Council of St Mary Abchurch will assume the responsibility for the day to day running of the church, and the FCC will be moving its office. We are grateful to Deputy Chairman, David Jessop, who has coordinated this activity in his role as Church Manager, and who has been carrying out this task for in excess of eleven years, an immense commitment that should be recogni5ed. We also thank Bob Solomon who each week ha5 cleaned and polished St Mary Abchurch thereby keeping it looking excellent. St Mary Abchurch, Services There is a regular service of Holy Communion every Wednesday at 12:30 pm. The Priest-in-charge, Malcolm Torry, added an extra service of Holy Communion each Tuesday at 11.30 am. This has started to attract new communlcants. Our major event this year was a service of Evensong in June held to commemorate the life of Sir Christopher Wren, who died in 1723. A full church heard the Bishop of London, The Rt Revd and Rt Hon Dame Sarah Mullally talk of the continuing importance of Wren to the City of London and elsewhere.
The Friends of the City Churches Report of the Trustees for the Year ended 31 March 2024 The Friends held their annual carol service in St Mary Abchurch in December and many other organisations also chose to celebrate the season in our church - including amongst others the Candlewick Ward Club, the oldest Ward Club in the City of London and Tyndall Riley and Company Ltd. In JanuaryThe Worshipful Company of Fruiterers held their annual St Paul's Day service in the church at which they appointed a new Master. St Mary Abchurch, Income generation During 2023-24, our last full year of responsibility for the operation of St Mary Abchurch, we have worked to keep costs under control by letting out the building as much as possible although this is particularly challenging in an era of rapidly rising energy prices. The London Chinese Philharmonic Choir continue to rent the space each Tuesday evening and other choirs such as the Magnificat Choir and Stile Antico often come here. The Guildhall School of Drama and Music has 'discovered' that the church is a superb space for all types of music and several of their students have performed lunchtime concerts during the year. Various groups, for example, Wren 300, have held lectures and talks in the building. The children from Orwell Park Prep School, Nacton, Ipswich again held their school concert at the church it is now 10 years slnce this tradition was started and St Mary Abchurch now has a very strong association with staff and pupils from the school. The church has continued to hold a Tuesday lunchtime organ recital, given by lan Shaw. FINANCIAL REVIEW Flnancial Posltion At the beginning of 2024 it was agreed that the financial statements previously submitted for the financial year 2022/23 should be restated to provide a more accurate picture of the financial position, and this restatement has been carried through into the financial statements for 2023124. A statement of financial activitles is included on page 12. There was a net movement in funds of a deficit of £17912023: £9,307). Gross income for the year was £96,38412023: £99,345). Voluntary income sources represented £86,99512023: £92,659), and a further £9,389 (2023: £6,686) was earned from the investment5. Investment income includes £3,093 {2023: £3,556) for the Melba Coombs Endowment. An analysis of the funds is shown on page 21. As at 31 March 2024, the total value of funds, both restricted and unrestricted, amounted to £323,89912023: £324,078). Investment Policy & Objectlves The charity's unrestricted funds are largely held in cash. The capital of the Melba Coombs Endowment 15 held in income units in the Church of England Charities Investment Fund. The Fund aims to provide a total return (growth in capital and income) over the long-term {defined as five years). The fund follows a client- driven ethical investment policy.
The Friends of the City Churches Report of the Trustees for the Year ended 31 March 2024 Reserves policy The FCC'S unrestricted reserves stand at £195,841 (2023: £211,339). The Trustees last reviewed the position in relation to these reserves on 5 September 2024. The trustees concluded that, given the current annual deficit and the unpredictability of donations and legacy income, these reserves should be retained for the time being to ensure that the FCC will have sufficient funding to fulfil its medium to long-term plans in support of its core activities. The Trustees will continue to keep the level of reserves under review, Golng Concern After making appropriate enquiries, the Trustees have a reasonable expectation that the FCC has adequate resources to meet any commitments and sustain a comparable level of activity for at least the next twelve months from the approval of the financial statements, and therefore the financial statements have been prepared on the going concern basis. STRucfuRE, GOVERNANCE AND MANAGEMENT FCC is a Charitable Incorporated Organi5ation ICIOI and operates under the 'Association Model, constitution for such organisations. Trustees are appointed bythe members of the CIO (Friends) at the Annual General Meeting and serve for three years after which they may offer themselves for re-election. Four of the Trustees are ex-off icio appointments: Chairman, Vice-chairman, Honorary Treasurer and Honorary Secretary. All Trustees are required to have read the 'Gulde to Trustees, Dutles, and 'Guidance on Public Benefit,, publications issued by the Charity Commlssion for England and Wales, and to update themselves regularly on matters associated with the operation of small charities. To that end, all Trustees are directed to the regular Newsletters of the Charity Commission and relevant points are highlighted. The Trustees have complied with their duty under law {s1715), Charities Act 2011) to have due regard to the Charity Commission's public benefit guidance when exercising powers or duties to which the guidance is relevant. FCC is fully compliant with the requirements of the General Data Protection Regulation IGDPR). Oliver Leigh-wood and David Jessop are Churchwardens of St Mary Abchurch and members of its Guild Church Council. In compliance with the FCC constitution and conflicts of interest policy, they have taken no part in any of the recent discussions relating to the FCC'S occupation of St Mary Abchurch. Apart from this, the Trustees do not carry on activities, whether voluntary or for profit, which conflict with their duties for FCC. Several Trustees, however, do have roles in other charities or in churches, or work for their own account. These activities are separate from their work for FCC. None of the Trustees receives remuneration for work for FCC. A policy for Trustee expenses claims is in place.
The Friends of the City Churches Report of the Trustees for the Year ended 31 March 2024 STRucfuRE, GOVERNANCE AND MANAGEMENT (Contdl The Trustees hold ten meetings each year to discuss strategic planning and priorities, to receive and act on reports in respect of specific areas of activity, and to agree financial commitments, includin8 the award of grants under the FCC Small Grants Scheme. Karen Hearn (Administrator) and Judy Stephenson (Editor, Skyllne) attend Trustee meetings as observers. The editor, like the Trustees, is not remunerated but only reimbursed for direct expenses in line with FCC policy. In April 2024, two Trustees, John Reynolds and Tony Tucker, stood down after many years, Service and became Honorary Vice Presidents. Three new Trustees were co-opted by the Trustees in February 2024. Of the latter, all are Watchers, two are Rota Managers and the third a solicitor with many years, experience of advising charities; all three off er themselves for election, for a three-year term, at the forthcoming AGM. Trustees, responsibillties statement The trustees are responslble for preparing the trustees, report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of the income and expenditure of the Charity for that period. In preparing these accounts, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the Methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kin8dom and Republic of Ireland IFRS 102); make judgments and estimates that are reasonable and prudent; state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Charities Act 2011, the applicable Charity (Account5 and Reports) Regulations 2008 and the provisions of the governing document. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The Friends of the City Churches Report of the Trustees for the Year ended 31 March 2024 The Friend5 The Friends of the City Churches had 971 members, in single or joint accounts, in the database as of 31 March 2024. Of these, 51 have Life Membership141 single, Iojointl, an increase of 8 over last year. We also have 27 Honorary Friends who are eminent supporters of the charity and 49 City clergy and parish administrators, who receive Skyline. The total membership shows an increase on that of last year. There is a steady stream of new members many of whom decide to become Watchers. The total figure also reflects 78 single orjoint memberships, a reduction of 19, who pay at substantially below the current subscription levels, and who no longer receive Skyline. Friends are reminded that in order to speak and vote at the FCC AGM they need to be paying the correct subscription rate. The current membership rates are always shown at the bottom of the back page of every issue of Skyllne; the boilerplate, as it is known. Webslte During 2023-24 Alexey Moskvin maintained the FCC webslte at htt www.london-cit churches.or .uk with information about the Friends, Church Watching, Friends Events, City Events, Friends, merchandise and the individual City Chiirches. CONCLUSION We thank the Friends for their continuing loyal and generous support, and we look forward to the increased footfall in our Watched churches as the City continues to open up again to tourism. We also thank Karen Hearn, our Administrator, who continues to run the Friends, Office and maintain the smooth running of the Friends organisation, providing assistance to all, in person, over the telephone and by emall. In addition we are grateful to Chris Axell for IT support, Janyce Rogers for filing and record keeping, and Jennlfer Sharpley for Events administration. On behalf of FCC, we also thank our Archdeacon, The Ven. Luke Miller; the Area Dean. The Revd Katherine Hedderly, Diocese of London, and the Rt Rev and Rt Hon Dame Sarah Mullally DBE, Bishop of London and the Rt Rev and Rt Hon Lord Chartres GCVO Chstj PC FSA, for their continued su throu hout the year. We also thankThe Revd Dr Malcolm Torry for his services at St Ma d for his support over the year. Approved by the Trustees on 2024, and signed on their behalf by Oliver Leigh-wood, Ch rman of the Trustees The Friends of the City Churches 10
THE FRIENDS OF THE CITY CHURCHES INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF THE FRIENDS OF THE CITY CHURCHES FOR THE YEAR ENDED 31 MARCH 2024 I report to the charity trustees on my examination of the financial statements of The Friends of the City Churches for the ear énded 31 March 2024. R8sponsibilities and bas15 of report As the trustees of the The Friends of the City Churches you are responsible for the preparalion of the accounts in accordance with the requirements ofthe Charities Act 2011 I'the 2011 Act,). You are satisfied that the accounts are not required by charity law to be audited and have chosen instead to have an independent examination. Having satlsfied myself that the accounts of the The Friends of the City Churches are not required to be audited under charity law and are eligible for independent examination, I report in respect of my 8xamination of the accounts carried oul under section 145 of tha Charities Act 2011 {'Ihe 2011 Act,). In Carrying out my examination I have followed tha Directions given by the Charity Commission under section 145{5)Ibl of the 2011 Act. Independent examiner's statement I can confirm that l am qualifi8d to undertake the examination because l am 8 r8glstored member of ICAEW which is one of the listed bodi8S. I have completed my 8xaminatlon. I confirm that no matters have com8 to my attention In Connection with the examination giving me cause to believe that in any malerial respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act., or the accounts do not accord with those records., or the accounls do not comply with the accounting requirements of concerning the form and content of accounts set out In Ihe Charitles (Accounts and Reports) Regulation5 2008 other than any requiremant that the accounts giv8 a 'true and fair view which is not a matter ¢onsidered 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 Ihe accounts to b8 re8ched. Shoaib Ar had Knox Cropper Chartered Accountants 4 October 2024 11
THE FRIENDS OF THE CITY CHURCHES STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the Income and Expenditure Account) For the y8ar ended 31 March 2024 Unrestricted Funds 2024 Restricted Endowment Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Note INCOME AND ENDOWMENTS FROM: Don81ions and legacies Charitable activities Other trading activities Investments 42.985 28,897 12,614 6,289 90,785 2,499 45,484 28,897 12,614 9,389 96,384 46.089 32,003 14,567 6,686 99,345 TOTAL EXPENDITURE ON: Raising funds Fundraising trading.. Cost of goods sold and other costs Charilable activities TOTAL EXPENDITURE 117 106,166 106,283 117 106 166 106,283 2,075 102, 638 104,713 Net expendlture before galns and losses on investments Nel gainsl(losses) on investments Net expenditure Transfer between funds 115,498) 3,093 2,499 9,720 12,219 (9,8991 (5,368) 3,939 (9,307) (15,498) 3,093 1179) 15 NET MOVEMENT IN FUNDS (15,498 3,093 12,219 (179) (9,307) RECONCILIATION OF FUNDS: TOTAL FUNOS AT 1 APRIL 2023 211.339 9,411 103,328 324,078 333,385 TOTAL FUNDS AT 31 MARCH 2024 195.841 £ 12504 £ 115,547 £ 323,899 £ 324,078 12
THE FRIENDS OF THE CITY CHURCHES BALANCE SHEET As at 31 March 2024 Notes 2024 2023 FIXED ASSETS Investments 115,547 103,327 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 2,068 18,434 244,844 265,346 576 12,850 254,528 267,954 12 CREDITORS: amounts falllng due wlthln one year NET CURRENT ASSETS 13 141,810) 223,536 134,363) 233,591 TOTAL ASSETS LESS CURRENT LIA81LITIES 339,083 336,918 CREDITORS: amounts falllng due after one year 14 (15,184) (12,840) TOTAL NET ASSETS 323 899 324,078 FUNDS Unrestricted funds.. Designat8d funds General fund 15 15 1,556 194,285 195,841 12,511 115,547 323,899 1,556 209, 783 211,339 9,411 103,328 324,078 Restricted funds Endowment funds 15 15 The finandal 5tatemenls have been prepared in accordance with section 18 of the Financial Reporting Stsndard 102. Inan al statements were approved, and authorised for issue, by the Board of Trustees on and signed on their behalf by'.- OLIVER LEIGH-WOOD, Chairman of the Trusl The annexed notes form part ofthese financial statements 13
THE FRIENDS OF THE CITY CHURCHES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 ACCOUNTING POLICIES Basis of preparation of financial statements The financial statements of the charity. which is a public benefit enlily under FRS102, have been prepared under the historical cost conv8ntion, except for investments which are included at market value and the revaluation of certain fixed assets. They have been prepared in accordanc8 wilh applicable United Kingdom accounting stand8rds, the requirements of the Statement of Recommended Practice 'Accounting and Reporting by Charities, (SORP 2019), in accordance with the Financial Reporting Standard applicable in the UK IFRS 102) applicab18 to smaller entities and the Charities Act 2011. The presentalional currency of th8 flnancial statements is Pound Sterling (£). The Trustees consider that there are no maleri81 uncertainties aboul the Trust's ability to ¢ontinu8 as going concern. Entity status The Friends of the City Churche5 IS 8 CIO. Charitable Incorporated Organisalion. Cash Flow The financial statemenls do not Include a cash flow statement because the charity , as a small reporting 8ntity, is exempt from the requlrement to prepare such a statement under the FRS102. Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Truslees in furtherance of the general objects of the Charity and which hav8 not been designated for other purposes. Designated funds comprise unrestricted funds that have been set 8side by the Trust88s for particular purposes. The alm and use of each designated fund is sel out in the notes lo the financial statemènts. Restricted funds are funds which are to be used in accordance with Specific restrictions imposed by donors which have been raised by the Charity for particular purposes. The cost of administering such funds are charged agalnst the specific fund. The aim and use of each restricted fund is set out in the notas to the financial statements. Statutory grants which are given as contributions towards the Charitrfs core services are treated as unrestricted. Incoming resourc8S Revenue grants are credited to incoming resources on the earlier date of when they are received or when they are receivable, unless they relate to a specific future period, in which case they are deferred. All other incoming resources are included in the Ststement of Financial Activities (SOFA) when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Investm8nt Incom8 Is recognised on an accruals basis. Income tax recoverable in relation to Investment income or Gift Aid donatlons is recognised at the time the relevant income is receivable. Olher income is included in Ihe Statement of Financial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. 14
THE FRIENDS OF THE CITY CHURCHES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 Resources Expended All expenditure is aGGounted for on an accruals basis and has been included under 8xpense categories that aggregate all costs for allocation to activities. Support costs, including governance costs, which cannot be directly altributed to particular activitles, have b88n apportioned proportionat81y to the direct staff costs allocated to the activit18s. Governance costs include the costs of servicing Trustees, meetings, audit 8nd strategic planning. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. Debtors Trade and other debtors are recognised al the settlement amounl due after any trad8 discount offered. Prepayments are valued at th6 amount prepaid net of any tr8de discounts due, Cash at bank and In hand Cash al bank and cash In hand Sncludes cash and short term highly Ilquid inveslmenls with a short maturity of three months or less from the date of acquisllion or opening of the deposit or sirnilar account. Credltors and pmvisions Creditors and provisions are recognised where the charity has a present obligation resulting from 8 past event that will probably result in the transfer of funds lo a third party and the amount due to settle the obligalion can be measured or estimated reliably. Creditors and provisions are normally recognised at their seltlemant amount after allowing for any trade discounts due. Financial Instrument8 The charity only has financlal assets and financlal liabilities of a kind thai qualify as basic flnancial instruments. Basic flnanclal Instruments are inltlally recognised at transaction value and subsequently measured at their s8ttlem8nl v81u8. Judgements and key sourGes of estimation uncertainty Judgements and key sources of estimation uncertainty are detailed in the above accounling policies, where applicable. 2. DONATIONS AND LEGACIES Unrestricted Funds 2024 Re8tricted Funds 2024 Restrlcted Funds 2024 Total Funds 2024 Tolal Funds 2023 Donations Legacies 19,825 23,160 42,985 2,499 22,324 23,160 45,484 £ 36,866 9,223 46,089 Nil £ 2,499 £ 15
THE FRIENDS OF THE CITY CHURCHES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 Comparative donatlons and legacles Unrestricted Funds 2023 R8Stricted Funds 2023 Restricted Funds 2023 Tot81 Funds 2023 Donations Legacies 13,671 9,223 22, 894 £ 23, 195 36,866 9,223 46,089 Nil £ 23, 195 3. INCOME FROM OTHER TRADING ACTIVITIES Unreslrlcted Funds 2024 Restricted Funds 2024 Total Funds 2024 Total Funds 2023 Rental income Trading Income 10,812 1,802 12,614 £ 10,812 1,802 12614 £ 12,440 2,127 14,567 Nll £ Comparatlve income from other tradlng actlvities Unrestricted Funds 2023 Rastrlcted Funds 2023 Tot81 Funds 2023 Rental Incomg Trading inGome 12,440 2, 127 14,567 £ 12,440 2,127 14,567 Nil 16
THE FRIENDS OF THE CITY CHURCHES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 4. INVESTMENT INCOME Unrestricted Funds 2024 Re8tricted Funds 2024 Total Funds 2024 Total Funds 2023 Interesl receivable from: Investments Bank interest 3,100 3,100 6,289 9,389 £ 3,556 3, 130 6,686 6,289 6,289 £ 3,100 £ Comparative Investment Income Unrastricted Funds 2023 Restricled Funds 2023 Total Funds 2023 Int8rest receivable from.. Fixed interest investments Bank int8rest 3,556 3,556 3, 130 6,686 3,130 3,130 £ 3,556 5. INCOME FROM CHARITABLE ACTIVITIES Unrestrlctad Funds 2024 Restrlcted Funds 2024 Total Funds 2024 Total Funds 2023 Membership fees Fee income 22,733 6,164 28,897 22,733 6,164 28,897 £ 25,862 6,147 32, 003 Nll £ ComparatlV8 Income from charltable actlvities Unrestricted Funds 2023 Restricted Funds 2023 Tot81 Funds 2023 Membership fees Fe8 income 25,862 6,141 32,003 £ 25,862 6,141 32,003 Nil 17
THE FRIENDS OF THE CITY CHURCHES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 6. RESOURCES EXPENDED Grant fundlng of activities Other dlrecl costs Support costs Total 2024 Staff c08ts Cost of charitable aclivitles Total charitable expenditure Fundraising trading: Cost of goods sold and other costs 26,100 19,570 47,914 12.582 106,166 26,100 19,570 47,914 12,582 106,166 117 48,031 117 12 582 £ 106,283 26,100 £ 19,570 £ Comparative resources expended Grant funding of activities Oth8r dlract costs Support costs Tot81 2023 Staff cosls Cost of charitable activitl8S Total Gh8ri18ble expenditure Fundralsing tradlng,. Cost of goods sold and other osts 39,970 18,051 36,016 8,601 102.638 39,970 18,051 36,016 8,601 102, 638 2,075 38,091 £ 2,075 8,601 £ 104,713 39,970 £ 18,051 £ 7. SUPPORT COSTS Total 2024 Total 2023 Governance costs Independent examlnalion Insurance General overheads Website and assocfjated costs 345 2,400 900 4,978 3,959 12,582 £ 25 450 378 4,444 3, 304 8,601 18
THE FRIENDS OF THE CITY CHURCHES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 8. STAFF NUMBERS AND COSTS 2024 2023 Wages and salaries Pension costs 18,683 887 17,321 730 19570 £ 18,051 No employee received remuneration of more than £60,000. The key man8gement personnel of th8 Charity are those persons havlng authority and responsibility for planning, directing and controlling th8 activities of the Charity, directly or indirectly, including any Trustee of the Charity. In addition to the Trustees, key management personnel includes Ihe Principal Officers. Aggregate remuneration and benefits paid to key management personnel during the y8ar amounted to £NIL {2023 - £NIL). 9. TRUSTEES REMUNERATION AND BENEFITS During the year, no members of the Board of Trustees received any remuneration (2023 - £NIL). No members of the Board of Trustees received reimbursement of expenses {2023- £NILJ, 10. Taxatlon The Friends of the City Churche5 Is a registered charity and is potentially exempt from taxation in respect of income and capital gains received within the ulegories covered by Parl 11 of the Corporallon Tax Act 2010 or Sectlon 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such Income or galns are applled to charitable purposes. 11. INVESTMENTS 2024 2023 Cost At 1 April 2023 Additions Unrealised galns1105ses At 31 March 2024 103,327 2.500 9,720 £ 115,547 84,071 23, 195 3,939 103,327 19
THE FRIENDS OF THE CITY CHURCHES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 12. DEBTORS 2024 2023 Due withln one year Prepayments Olher debtors 5,479 12,955 18,434 500 12,350 12,850 13. CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Trade creditors Oth8r creditors Accruals 1.140 2,074 38,596 41,810 34,363 14. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR Group 2024 Group 2023 Deferr8d income - Lif8 membershlp 15,184 12.840 12,840 20
THE FRIENDS OF THE CITY CHURCHES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 15. STATEMENT OF FUNDS Transfers and Resources Investment Expended gain$l(108sos) Brought Forward Incomlng Resources Carrled Forward DESIGNATED FUNDS Téxtile fund 1,556 1,556 £ 1,556 Nil £ Nil £ Nll £ RESTRICTED FUNDS Melba Coombes Fund Church Recording Soci8ty Fund 8.732 3,093 11,825 679 686 9,411 Nll £ Nll £ SUMMARY OF FUNDS Designated Funds General Funds 1,556 209,783 211,339 9,411 103,328 324,078 £ 1,556 194,285 195,841 12,511 9,720 115,547 9.720 £ 323,899 90,785 90,785 3,100 2,499 96,384 £ 106,283 (106,283) Reslrlcted Funds Endowmant funds 106,283 Comparative statement ol funds Transfers and Resources investmont Expended galns/(losses) Brought Incomlng Forward ResourGes Carrlgd Fotward DESIGNA TED FUNDS Textile fvnd 1,556 1,556 £ t,556 1,556 Nll £ Nll £ Nll £ RESTRICTED FUNDS Melba Coombes Fund Church ReGording Society Fund 4,530 3,556 646 ,732 679 679 5,209 £ Nil £ 646 £ 9,411 SUMMAR Y OF FUNDS DeSnated Funds General Funds 1.556 241,345 242,901 5,209 1,556 209,784 211.340 9,411 72,594 72,594 3,556 104,713 (104,713) 558 558 646 Restricted Funds Melba Goombes Endowm8nt funds 85,275 23,195 (5.143) 103,32T £ 333,385 £ 99,345 £ 104,713 3,939 £ 324,078 21
THE FRIENDS OF THE CITY CHURCHES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrict8d Funds De8lgnated General Funds Funds Restricted Endowment Funds Funds Total Funds Fixed asset investments Net current 8ssets Creditors due In more than one ye8r 115,547 93,922 115,547 223,536 1,556 12,511 115,547 115,184) 1,556 £ 194,285 £ (15,184) 12,511 £ 115,547 £ 323899 Comp8ralive 8nalysis of net ass8ts between funds UnrestriGted Funds Design8t8d General Funds Funds Restricted Endowm8nt Funds Funds Total Funds Fixed asset investments Net Gurrent assets Creditors due in more than one year 103.327 119,297 103,327 233, 591 1,556 9,411 103,327 (12,840) 1,556 £ 209.783 £ (12,840) 9,411 £ 103,327 £ 324,078 22
THE FRIENDS OF THE CITY CHURCHES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 17 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Funds 2023 Restricted Funds 2023 Endowment Funds 2023 Total Funds 2023 INCOME AND ENDOWMENTS FROM: Donations and legacles Charitable activities other trading activities Investments 22,894 32,003 14,567 3, 130 72,594 23,195 46,089 32,003 14,567 6,686 99,345 3,556 3, 556 TOTAL 23,195 EXPENDITURE ON: Raising funds Fundraislng trading., Cost of goods sold and other costs Charitable activities TOTAL EXPENDITURE 2,075 102,638 104 713 2,075 102,638 104,713 Net expendlture before galns and losses on investments (32,119) 3,556 23,195 (5,368) Net loss8s on Inv8Stm8nts 3, 939 3.939 NET MOVEMENT IN FUNDS (32,119) 3, 556 19,256 (9,307J TOTAL FUNDS AT 31 MARCH 2022 242,901 5,209 85,275 333,385 Restatmenl in reserves 558 646 (1,204) TOTAL FUNDS AT 31 MARCH 2023 £ 211,340 9,411 £ 103,327 £ 324,078 23