THE FRIENDS OF THE CITY CHURCHES Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2025 Reglstered Charitable Incorporated Organisation (CIO) 1155049 00000 IITITITITITITII DOQOU ooo il)C)ni Ip, OICITY CHURCHES www.london-city-churches,org.uk g•••• THE FRIENDS,,,,
The Friend5 of the City Churches Contents of the Financial Statements for the Year Ended 31 March 2025 Pa8e Report of the Trustees Ito12 Independent Examiner's Report 13 Statement of Financial Activities 14 Balance Sheet 15 Notes to the Flnancial Statements 16to25
The Friends of the City Churches Report of the Trustee5 for the Year ended 31 March 2025 REFERENCE AND ADMINISTRATIVE DEfAILS Registered Charitable Incorporated Organlsation Number 1155049 Address Queen Elizabeth House 4 St Dunstan's Hill London EC3R 8AD Trustees Davld Jessop Sonja Judith Guy-Briscoe Michael Charles Rumsey Normington Nancy Jane Bran50n Cllve Donald Cutbill Oliver Lei8h-Wood Helen Clare Passey John Arthur Cecil Reynolds Lesley Diane Thrift Tony Tucker Suzanne Margaret Walker Steven Denni5 We15h Actlng Chalrman Honorary Secretary HonoraryTreasurer Appointed 9 October 2024 Resigned 9 October 2024 Appointed 9 October 2024 Resigned 11 April 2024 Re-appointed 9 October 2024 Resigned 11 Aprll 2024 Co-opted 5th August 2025 Appointed 9 October 2024 Independent Examiner Shoaib Arshad Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD
The Friends of the City Churches Report of the Trustees for the Year ended 31 March 2025 The Trustees present their report with the financial statements of the charity for the year ended 31st March 2025. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective l January 2019). OBJEcfivES AND ACTIVITIES Objectlves and alms In the year 2024 to 2025 The Friends of the Clty Churches have continued to fulfil their stated objectives: To preserve and protect for the public benefit: Churches and chapels of architectural and/or historic interest sltuated 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 chatte15 of any such church or chapel and their united parishes; The churchyards and burlal grounds belonglng 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 churches and related issues. Public benefit The Trustees conflrm that they have referred to the 8uidance In the Charity Commission's general guldance on public benefit when revlewin8 the charitws alms and objectives and In planning future activities. Skyllne Skyline is the FCC'S magazine, which is sent free of charge to members of the charity "Friends") three times per annum, in February, June and ottober. As always, we are extremely grateful to learned bodies and individual photographers who waive fees for their copyright photographs. This Is done on the understanding that Skyline is received by registered supporters and cannot be purchased separately. We now have a reciprocal advertising arrangement with SAVE Britain's Herltage, and accept a modest level of advertising when it is offered. Our Editor, Judy Stephenson, stood down as Skyline Editor after the February 2025 edition had been published. Judy had taken on the role of Editor from the August 2017 edition. Under her direction the magazine has become a leader in its field. The Trustees are deeply grateful to Judy Stephenson for the work that she has invested over many years into producing a quality publication that has undoubtedly enhanced and strengthened the reputation of the FCC, and we wish her well now her Editorial pen has been passed on.
The Friends of the City Churches Report of the Trustees for the Year ended 31 March 2025 Skyline (contd) We are very pleased that Dr Paul Simmons has agreed to assume the editorial mantle for the June and October 2025 issues, and that Julia Burgoyne has agreed to take over the editorship with effect frorn the February 2026 edition. Judy Stephenson could not have managed wlthout the advlce of Trustee Nancy Branson. Sally Phillips and Elaine Turner continue to find errors in proof-readingwhich the editor misses, and John Finn's design is always of an exceptional high standard. Jonathan Causer has now indexed all the back issues of Skyllne and the Newsletter which preceded it. Church Watching Church watching continues to be the public face of the FCC. Our Watchers help to keep City churches open for visitors to enjoy their architectural environment, their peace and tranquility, and to see them in their historical context. DurSng the year, we had an average of 100 of our Friends engaged In Watching, coverlng 18 of the City churches. We are pleased to have galned some new Watchers during the year, but have also lost some through reasons of age and travel difficulties. Recorded numbers of vlsltors for the year 2024/25 of 35,106 show a slight decrease when compared to 2023124 (37,244). However, St Stephen Walbrook was closed for ten months across 2024125 and if the figures are compared on a 'like for like, basis, then there is percentage increase in visitor numbers over the year of approximately 7%. The result from the first complete year of watchlng at St Andrew by the Wardrobe was very encouragin& and we are now watching on a second day at St James Garlickhythe. We are optimistic that there may be further approaches from churches for us to provide watchers In the coming year. St Stephen Walbrook reopened in July 2025. Our Watchers sign-up meetings have now moved to 5t Giles Cripplegate, from St Mlchael Paternoster Royal, and there has been a slight increase in Friends attendin& which is welcomed. There is now an introductory talk from the St Giles clerical team, which is always well receivedl Lesley Thrift is responsible for recruiting Watchers, and is ably assisted in her role by a team of Rota Managers comprising Judy Guy-Briscoe, Vanessa Morris, Helen Passey, Marion Watson and Steve Welsh, whose role Is vltal to the success of the programme, and works in two ways: first, by facilitating communication between the churches and the Watchers, for exarnple, in informing Watchers of changes in a relation to a particular church and, second, by pa55ing feedback from Watchers to the churches concerned.
The Friends of the City Churches Report of the Trustees for the Year ended 31 March 2025 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 outslde 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 2024125 St Margaret Pattens: Restoration of Griffen organ {£3,(M)O)' Holy Sepulchre: Repairs & cleanin8 of Altar Frontals in Muslcians Chapel (£1,165 paid from Textile Fund); St Mary Aldermary: Repairs to East Basement Door (E600); St Katharine Cree: Repairs to Fountain in Churchyard (£1,234); St James Garlickhythe: New equipment and improved comfort of seating {£8,200); St Ethelburga: Work on lavatories (£5,000); The Dutch Church: Contribution towards commemorative stained glass window (£8,000). A small amount was clawed back from one Grant prevlously awarded to Holy Sepulchre (£235), as the total amount had not been spent. At 31 March 2025, there were eight outstanding grants which had been approved by the Trustees but where the work awalts completlon, with a total value of £31,214. FCC Frlends, event5 The FCC, under Judy Guy-Briscoe, has continued to organise a series of wlde-ranging, Informatlve and varled events for Its members throughout the year, with some proving so popular that they have been repeated In 2025/26, in order to accommodate those Frlends who were unlucky in their application the previous time. In a series of walks led by Clty Guide5, Karen Chester investigated Shakespeare's Blackfriars, Anne-marie Craven took Friends on a Samuel Pepys Walk, Jill Finch introduced Friends to John Donne, and Steve Welsh explored Marylebone and the area around Wesley's Chapel. Tony Tucker gave a repeat talk on 'Sword Rests in City Churches, and a talk at the AGM on Wren Churches. St James Garllckhythe hosted two lectures; on Pewter, given by Diana German and the Treasures of St Lawrence Jewry given by Liz Chalmers. Jill Finch also gave Zoom lecture on 'Literature in the Cit. Guided visits were made to The Charterhouse, Salters, Hall, Barber-surgeons. Hall, Wesle¢s Chapel and Grocers, Hall. Visits were made further afield to St Albans Cathedral, and a further Chairman's outing to visit four of the Romney Marsh Churches; St Augustine's, All Saint5, St Marythe Virgin, and St Peter and St Paul, with a guide from the Romney Marsh Historic Churche5 Trust.
The Friends of the City Churches Report of the Trustees for the Year ended 31 March 2025 Frlends Events (contd.) The well-attended annual Christmas Carol Service at St Mary Abchurch was again complemented by the excellent Lady Margaret School Chamber Choir, with Callum Anderson returnin8 to play the organ. City Events The City Events listing guide to services and musical events being held in the City churches is now up and running again after a short period of suspension, and continues to be published every two weeks 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. Merchandlse Durln8 the year, we adopted the policy of reducing our stock to manageable levels, and we are grateful to Vanessa Morris who has taken on the role of investigating new lines that may be of interest to Friends. It did not prove possible to have a new Christmas card design for Christma5 2024, but the sales of the 2025 calendar were satisfactory, and there is continuing and consistent demand for Tony Tucker's Guide to the City Churche5. Unfortunately, the cost of postage Is fast becomln8 prohibltive, and thls Is something that the Trustees keep under review. St Mary Abchurch The Guild Church Council (GCCI of St Mary Abchurch assumed the running of the church from the Friends at the end of September 2024, and at the beginning of November, the Friends ceased occupancy, bringing to an end a period of eleven years, residency. Negotiations had taken place with the GCC during the second and third quarters of 2024 to examine whether an appropriate arrangement could be put in place to enable the close relationship between the Friends and the church to continue. All trustees took part in the negotiation process with the exception of Oliver Leigh-wood and David Jessop who, as Churchwardens at St Mary Abchurch, were conflicted and couldn't take part in the negotiations. At the outset of negotiations it became clear that the original Bishop's Mission Order that had governed the relationship between the Friends, the Diocese and the Church had not been renewed when it expired in 2018, and that no alternative document had been put in its place
The Friends of the City Churches Report of the Trustees for the Year ended 31 March 2025 St Mary Abchurch (cont.) The Trustees entered into the negotiations with a completely open mind as to the future, but it became apparent late in the day that our continued presence at St Mary Abchurch would be dependent on our continuing to run the church. We are grateful to David Jessop who, in his role as Church Manager, effectively ran the church on a day-to-day basis for in excess of eleven years, an immense commitment that should be recognised, and who stood back from the task at the end of September 2024. Given the age profile of the FCC and the work involved in running the Church, it was the unanimous decision of the 'non-conflicted' Trustees that it was not in the interests of the FCC to agree a Licence Under Faculty with the Diocese to continue occupancy, and to continue to run St Mary Abchurch on this basis, and alternative options were investigated. As a result, the then Chairman, Oliver Leigh-wood, stood down at the AGM in October 2024. Having considered all available options, the non-conflicted Trustees unanlmously decided to take space at Queen Elizabeth House, St Dunstan's Hill, the London Headquarters of SSAFA, the Armed Forces Charity, and moved there at the be8lnnln8 of November 2024. The offlces are clean and secure, and represent good value for money. It is estlmated that the net cost to the FCC of our occupancy at St Mary Abchurch amounted to approximately £130,000 over the eleven year period of occupancy, which is likely to have been in excess of what a rental for similar premises would have amounted to over the same period. All financial matters between the FCC and the GCC were satisfactorily resolved in advance of the end of our financial year, and the result is reflected in the financial statements, as is the out-turn of the Friends, management of the church for the period 1st Aprll 2024 to 30th September 2024. The Trustees considered whether they should seek to recover any overpayrnents made to the Diocese for the FCC'S occupation of St Mary Abchurch. Having considered the matter carefully, they concluded that it would not be appropriate to pursue this further so long as they received an unqualified confirmation from the Diocese that a further sum, well in excess of the potential overpayments, would be made available by it for the works soon to be undertaken on St Mary Abchurch, on the basis that any amounts conceivably due to the FCC would, instead, be used for the benefit of the work proposed to be undertaken on St Mary Abchurch, which falls within the FCC'S objects. The Diocese ha5 now assured the FCC in writing that a sum of £1,781,891 is to be released from Diocesan funds towards the refurbishment of St Mary Abchurch once that project moves forward and, on this basis the Trustees resolved that it would not be appropriate to pursue the matter further, thus resolving all financial matters between the FCC and the Diocese in relation to our occupation of St Mary Abchurch in a manner calculated to benefit
The Friends of the City Churches Report of the Trustees for the Year ended 31 March 2025 St Mary Abchurch Icont.) the latter. The Treasurer has therefore been instructed to write to the Diocese to confirm the FCC'S under5tandin8 that agreement had been reached that the matter was now resolved on thls basis. FINANCIAL REVIEW Financial Posltlon A statement of financial activltles is included on page 14. There was a net movement in funds of a surplus of £17,431 (2024: Deficit of £180). Gross Income for the year was £120,612 {2024: £96,384). Voluntary income sources represented £117,444 (2024: £93,291), and a further £3,168 (2024: £3,093) was earned from the investments making up the Melba Coombs Endowment. An analysls of the funds Is shown on page 23. As at 31 March 2025, the total value of funds, both restricted and unrestricted, amounted to £341,330 (2024: £323,899). Investment Policy & Objectlves The charity's unrestricted funds are largely held in cash. The capital of the Melb3 Coomb5 Endowment is held in income units in the Church of England Charities Investment Fund. The Fund aims to provide a total return18rowth in capital and income) over the long-term (defined as five years). The fund follows a client- driven ethical investment policy. Reserves pollcy The FCCS unrestricted reserves stand at £215,488 (2024: £195,841). The Trustees last reviewed the posltion in relation to these reserves on 3rd July 2025. The trustees concluded that, given the current financial position 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 it5 core activities. The Trustees will continue to keep the level of reserves under review. Going 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.
The Friends of the City Churches Report of the Trustees for the Year ended 31 March 2025 STRUCTURE. GOVERNANCE AND MANAGEMENT FCC is a Charitable Incorporated Organisation (CIO) and operates under the 'Assoclation Model, constitution for such organisations. Trustees are appointed by the 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-ofFicio appointments: Chairman, Vice-chairman, Honorary Treasurer and Honorary secretary. All Trustees are required to have read the 'Guide to Trustees, Duties, and 'Guidance on Public Benefit'i publications issued by the Charity Commission for England and Wales, and to update themselves regularly on matters assoclated with the operation of sm311 charities. To that end, all Trustees are directed to the regular Newsletters of the Charity Commission and relevant point5 are highlighted. The Trustees have complled wlth their duty under law {s17{5), Charities Att 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 requlrements of the General Data Protection Regulation (GDPR). Oliver Lei8h-Wood and David Jessop sepied as Churchwardens of St Mary Abchurch and members of its Guild Church Council throughout the period under revlew. In compliance with the FCC constitution and conflicts of interest policy, they took no part in any of the discussions relatlng 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 thelr own account. These activities are separate frorn their work for FCC. None of the Trustees receives remuneration for work for FCC. A policy for Trustee expenses claims Is in place. One of the priorities for the Trustees in the second half of the year has been to tighten up on the FCC'S governance. To this end, the Trustees have established three new sub-groups, made up of Trustees, with the power to co-opt non-Trustee Friends, which aim to streamline the running of the Trustee body. As a result, the full Trustee body now meets every two months, instead of monthly, to di5CU55 Strategic plannin8 and priorities, to receive and act on reports in respect of specific areas of artivity, and to agree financial commitments, including the award of grants under the FCC Small Grants Scheme. All major decisions continue to be taken by the full Trustee body. The three sub-groups are as follow5. The Finance & Governance Group, currently comprising Michael Normington, Judy Guy- Briscoe and Clive Cutbill. looks at all matters concerned with finance, governance and compliance. This includes the running of the annual accounts process, budgetin& and all other finance, governance, compliance and reporting matters.
The Friends of the Clty Churche5 Report of the Trustees for the Year ended 31 March 2025 STRUCTURE, GOVERNANCE AND MANAGEMEKf (contd.) The FCC'S internal policies are currently undergoing review and it is expected that this will be complete early next year. It is also intended to carry out a review of the Friends, Constitution later in the year. The Internal Affalrs Group covers membership, IT and the website, Events Skyline. and merchandise. Its members are currently Judy Guy-Briscoe, Helen Passey, David Jessop, Nancy Branson and Michael Normington. The External Affairs Group covers, among other things, external relations, includlng our relationship with the city churches, Watchers and other charities whose alms are similar to those of the FCC. It is also looking at recruitment and membership, both individual and corporate, and how to promote the FCC story and hence increase our profile. Its members are currently Helen Passey, Clive Cutbill, Lesley Thrift, Steve Welsh and Judy Guy-Briscoe. In April 2024, two Trustees, John Reynolds and Tony Tucker, stood down after many years, servlce and became Honorary Vlce Presidents. Three new Trustees were appolnted as trustees at the AGM in October 2024, having been 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 charitles. The Administrator and the Editor, Skyline may attend Trustee meetings as observers for relevant business. The Editor, like the Trustees, is not remunerated but only reimbursed for direct expenses In line with FCC policy, The Offlce During the year, our Administrator, Karen Hearn, decided to leave for pastures new, and the Trustees would like to thank her for her service to the FCC over a number of year5. After a short interregnum the Trustees appointed Sian Richards to fill the vacancy, and she commenced with the FCC on 31st March. Acknowledgement should be 8iven to the role played by the Trustees in keeping the office up and running during the three-and-a-half-month period when we were without an Administrator, and particularly to Judy Guy-Briscoe, Lesley Thrift and Michael Normington, who all put in a considerable amount of time to ensure that no backlog built up. In addition, we are grateful for the assistance from Chris Axtell for IT support and Janyce Rogers for filing and record keeping. Looking to the future, the time has come where investment in our office hardware and software Is essential. Our ageing office IT and systems, both software and hardware, are rapidly becoming inadequate and the Trustees strongly believe that every pound Spent in this area will produce major dividends forthe FCC in the years ahead. 10
The Friends of the City Churches Report of the Trustees for the Year ended 31 March 2025 STRUCTURE. GOVERNANCE AND MANAGEMENT (contd.) We are also looking at our profile on social medla. In these times It Ss vital to have a strong social media presence to bring people in to the FCC even if at this stage they are unable to participate fully in our activities, such as Watchin& due to work or family commitments ... we need to build for the future and for when they may have time available to be part of that future. Webslte During 2024-25 Alexey Moskvin maintained the FCC webslte at http://www.london-city- churches.org.uk with information about the Friends, Church Watching, Friends Events, City Events, Friends, merchandise and the individual City Churches. The Friends Considerable work has been undertaken on the membership database, particularly In connection with those who are not paying their subscriptions at the correct rate, or who are In arrears, as those not In good standingwlth their subscriptions are not eligible to attend theAGM. As of 31 March 2025, The Friend5 of the City Churches had 977 members, in single or joint accounts {971 at 31 March 2024), showing a slight net increase over the year. Of these, 58 have Life Membership (44 sln8le, 14 joint), a net Increase of 7 over the year. We also have 29 Honorary Friends who are eminent supporters of the charity. In terms of the churches, there are currently 50 City clergy and parish administrators, who receive Skyline. We are pleased that a number of our new members decide to become Watchers. The membership figure also reflects 71 single or joint memberships, a reduction of 7, who pay at substantially below the current subscription levels, and who no longer receive Skyline. Friends are reminded that In order to be able to book for events and to attend 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 Skyline. the boilerplate, as It Is known. 11
The Friends of the City Churches Report of the Trustees for the Year ended 31 March 2025 CONCLUSION We thank the Friends for their continuing loyal and generous 5UPPOrt throughout the year, and we look forward to increased footfall in our Watched churches from school parties, passers-by and from tourism. On behalf of FCC. we also thank our Archdeacon, The Ven. Luke Miller; the Area Dean, The Ven. Katherine Hedderly, the 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 support throughout the year. We also thank The Revd Dr Malcolm Torry for his support over the year. Approved by the Trustees on 3 September 2025, and signed on their behalf by David Jessop Acting Chairman The Friends of the City Churches 3 September 2025 12
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 2025 I report to the charity trustees on my examination of the financial statements of The Frlends of the City Churches for the year ended 31 March 2025. Rgspon$lbllltles and basss of reporl As the trustees of the The Friends of the City Chuh08 you ar8 responsible for the preparation of the accounts in accordance with the requirements ofthe Charities Act 2011 ('the 2011 Acf). You are satisfied that the accounts are not required by charlty law to be audlted and have chosen instead to have an Indep8ndent examination. Having satisfied myself that the accounts of the The Friends of the City Churches are not required to be audlted under charlty law and are eligible for independent examination, I report in respect of my examination of the accounts carried out under section 145 of the Charltles Act 2011 ('the 2011 Act,). In Cang out my examination I heve followed the Directions glven by the Charlty Commlssion under sectlon 145{5){b) ol the 2011 Act. Indepondent examlnerfs statement I can confirm that l am quallf18d to undertake the examlnatlon because l am 8 r8gl8t8red member of ICAEW whlch is one of the Ilsted bodles. I hav8 compl8ted my examination. I confirm thal no matters have come to my attention in Gonnectlon with the examination giving me cause to beli8V8 that In any m8t8rlal respect: accountlng records were not kept in respect of the charlty as requlred by $o¢tion 130 of the 2011 Act; or the accounts do not accord with those records; or the accounts do not comply with the accounting requirements of conceming the fomi and content of accounts set out in the Charltles (Accounts and Reports) Regulations 2008 other than any requlrement that the accounts glve a 'true and falr vlew whlch is not a matter consldered as part of an Ind8pendent examlnatlon. I have no concerns and have come acr06s no other matters In connectlon wlth the examinatlon to whlch 8tt6ntion should be drawn In thls report In order to enable a proper understandlng of the accounts to be reached, Shoaib knhad Knox Cropper LLP Chartered Accountants 13
THE FRIENDS OF THE CITY CHURCHES STATEMENT OF FINANCIAL ACTIVITIES (incorporating the In¢ome and Expenditure Account) For the year ended 31 March 2025 Unrestrfcted Funds 2025 ReslrlGted Endowment Funds Funds 2025 2025 Total Funds 2025 Total Funds 2024 Noto INCOME AND ENDOWMENTS FROM: Donations and18gaci8S Charitable actlvlties Other tradlng actlvltles Investments TOTAL 68,814 28.779 10.133 9,718 117,444 68,814 28,779 10,133 12,886 120 612 45,484 28,897 12,614 96,384 EXPENDITURE ON: Ralslng funds Fundraising trading- Cost of goods Sold and other costs Charitable activities 1,818 1,818 95,979 117 108.166 106 283 TOTAL EXPENDITURE Net income before galns and losses on investrnents Net galns on Investmonts Net Income 19,647 3,168 22,815 5,384 17,431 (9,899) 9,720 (179) 15 5,384 (5,384) 19,647 3,168 Transfer batween fund8 15 NET MOVEMENT IN FUNDS 19,647 3,168 (5,384) 17,431 (179) RECONCILIATION OF FUNDS: TOTAL FUNDS AT 1 APRIL 2024 195,841 12.511 115,547 323,899 324,078 TOTAL FUNDS AT 31 MARCH 2025 215,488 £ 15,679 £ 110,163 £ 341330 £ 323,899 14
THE FRIENDS OF THE CITY CHURCHES BALANCE SHEET As at 31 March 2025 Notes 2025 2024 FIXED ASSETS Investments 110,163 115,547 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 1,289 19,560 273,696 294,545 2,068 18,434 244,844 265, 346 12 CREDrroRS: amounts falllng due within one year NET CURRENT ASSETS 13 (45,9581 248,587 (41,810) 223,536 TOTAL ASSETS LESS CURRENT LIABILITIES 368,750 339, 083 CREDITORS: amounts falllng due after one year 14 (17,420) (q5,184) TOTAL NET ASSETS 341,330 £ 323, 899 FUNDS Unrestricted funds: Designated funds General fund 15 15 968 214,520 215,488 15,679 110,163 £ 341,330 1,556 194,285 195,841 12,511 115,547 £ 323,899 Restricted funds Endowment funds 15 15 The financial statements have been prepared in accordance with section la of the Financial Reporting Standard 102. The financial ststements were approved, and authorised for issue, by the Board of Trustees on 3 September 2025 and signed on their behalf by'.- David Jessop David Jessop, Acting Chairman of the Trustee¢ The annexed notes form part of these financial statements 15
THE FRIENDS OF THE CITY CHURCHES NOTES TO THE FINANCIAL STATEMENTS For tho year ended 31 March 2025 1. ACCOUNTING POLICIES Basls of prnparatlon of ffnanclal statom•nts The financlal statements of the chartty, vthlch Is a public b8n8fit 8ntity under FRS102. have been prepared under the historical cost convention, except for investments which are included at market value and the revaluatlon of certaln fixed assets. They have been prepared in accordance with applicable United Kingdom accounting standards, the requirernents of the Statement of Recommended Practice 'Accounting and Reportlng by Charltles, (SORP 2019), In accordance with the Flnanclal Reporting Standard applicable in the UK {FRS 102) applicable to smaller entities and the Charities Act 2011. The presentational currency of the financial 8tat8ments is Pound Sterllng {£). The Trustees consider that there are no material uncertainties about the Trust's abilty to continue as a going concem. Entlty status The Friends of the Cty Churches is a CIO, a Charttable Incorporated Organlsatlon. Cash Flow The financial statements do not include a cash flow statement because the charity , as 8 small reporting entity, Is ex8mpt from th8 requirement to prepare such a statement under the FRS102. Fund accountlng General funds are unrestrfcted funds which are avallable for use at the discretion of the Trustees In furtherance of the general objects of the Charity and which have not been deSnated for other purposes. Designated funds comprlse unrestricted funds that have been sèl asSde by the Trustees for partlcular purposes. The alm and use of each deslgnated fund Is set out In the notes to tha financlal Statements. Restricted funds are funds which aro to b8 us8d in accordance with ypeciflc restrictions imposed by donors whlch have been ralsed by the Charlty for partlcular purposes. The cost of admini5terfng such funds are charged against the specific fund. The aim and use of each restricted fund18 set out in the notes to the financial statements. Statutory grants which are glven as contributions towards the Charltls core servlces are tr8ated as unrestricted. Incomlng resources R8V8nue grants ar@ credlted to Incomlng resources on th8 earfler date of when they are recelved or when they are receivable. unless they relate to a specific future period, in thich case they are d8ferred. All olher incoming resources ere included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income and the amount Can be quantified with reasonable accuracy. Investment Income is recognised on an accruals basis. Income Lqx recoverable In relatlon to Investment Income or Gfft Ald donations is recognised at th8 tim8 the relevant income is receivable. Other Sncome Is Included In the Statement of Flnanclal Actlvltles when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. 16
THE FRIENDS OF THE CITY CHURCHES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 Resources Expended All expenditure is accounted for on an accruals basis and has been Induded under expense categories that aggregate all costs for allocation to activities. Support costs. including governance costs, which cannot be directly attributed to particular activities, have been apportloned proportionately to the direct staff costs allocated to the activities. Govemance costs include the costs of servicing TTUStees' meetings. audit and strategic planning. Irr8COVorable VAT Is charged against the category of resources expended for which it was incurred. Debtors Trade and other debtors are recognised at the settlement amount du& after any trade discount offered. Prepayments are valued 81 the amount prepaid net of any trade discounts due. Cash at bank and In hand Cash at bank and cash In hand Indudes cash and short term hlghly Ilquld Investments with a short maturity of three months or les8 from the date of acqui8its.on or opening of the deposlt or similar account. Crndltors and provlslons Credltors and provlslons are recognlsed where the charity h8s a pr6s8nt obligation resultlng from a past event that will probably r68uIt In the transfer of funds to a thlrd party and the amount due to settle the obllgatlon can be rneasured or estimated reliably. Creditors and provisions are nomially recognlsed at their settlement amount after 811owlng for any trade dlscounts due. Flnanclal Instruments The charity only has financlal assets and flnanclal Ilabllrtles of a klnd that quallfy as basic financial instruments. Baslc financlal Instruments are initially re¢ognis•d at tr8ns8Ction value and subsequenlly measured at thelr settlement value. Judgements and k•y sourc•s of Osdmarfon uncortalnty Judgements and key sources of estimation uncertainty are detailed in the above accountlng pollcles, where applicable. 2. DONATIONS AND LEGACIES Unrnstrlctèd Funds 2025 Restrlcted Endowment Funds Fund8 2025 2025 Total Funds 2025 Total Funds 2024 Donations Legacie8 19,760 49,054 68,814 £ 19.760 49.054 22.324 23.160 Nil £ Nll £ 68,814 £ 45,484 17
THE FRIENDS OF THE CITY CHURCHES NOTES TO THE FINANCIAL STATEMENTS For the yoar ended 31 March 2025 Comparatlv• donatlons and legacles Unrestricted Funds 2024 Restricted Funds 2024 EndoWnnI Funds 2024 Total Funds 2024 Donaticins Legacles 19.825 23.160 42, 985 £ 2,499 22,324 23,160 45,484 Nil £ 2.499 3. INCOME FROM OTHER TRADING ACTIVITIES Unrestrlcted Funds 2025 Restrfctsd Fund8 2025 Total Funds 2025 Total Funds 2024 Rentsl Income Trading income ,172 1,961 10133 £ 8,172 1,961 10133 £ qO,812 1,802 12,614 Nll £ Comparatlve Incom• from other tradlng actlvltles Unrestricted Funds 2024 Restrict6d Funds 2024 Total Funds 2024 Rental income Tr8ding income 10,812 7.802 12.614 £ 10,812 1.802 Nil 12,614 18
THE FRIENDS OF THE crry CHURCHES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 4. INVESTMENT INCOME Unrnstrlcted Funds 2025 Restrleted Funds 2025 Total Funds 2025 Total Funds 2024 Interest recelvable from: Investments Bank interest 3.168 3,168 9,718 12886 £ 3, 100 6,289 9,389 9.718 9,718 £ 3,168 £ Comparatlve Invostment Income Unrestrlcted Funds 2024 Restrlcted Funds 2024 Totel Funds 2024 Inter8St r8C8Nabla fmm." Fixed Interest Investments B8nk Interost 3,100 3, 100 6.289 9,389 6,289 6.289 £ 3.100 5. INCOME FROM CHARITABLE ACTIVITIES Unr•strlct•d Fund8 2025 R•$trf¢t•d Funds 2025 Total Funds 2025 Tot81 Funds 2024 Membèrship f888 Fee income 21.344 7.435 21,344 7,435 Nll £ 28,779 £ 22.733 6,164 28.897 28779 £ Comparatlve Income from charltablo 8Ctlvltles Unrestricted Funds 2024 Restricted Funds 2024 Total Funds 2024 Membership fees F88 incom8 22, 733 6,164 28,897 £ 22, 733 6,164 28,897 Nil
THE FRIENDS OF THE ciry CHURCHES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 6. RESOURCES EXPENDED Grnnt funding of artlvltles Other dlreGt osts Support costs Total 2025 Staff cost• Cost of charltable actlvltles Total charitable expenditure Fundraising trading: Cost of goods sold and other costs 26,964 15,505 36,269 95.979 26,964 15.505 36,269 17,241 95.979 1,818 15.505 £ 38,087 £ 1,818 97,797 26.964 £ 17,241 £ Comparatlve r•sourGes oxp•ndgd Grant funding of a1ville6 Other dirèct Gosts Support Costs Total 2024 Steff Gosts Cost of charitable activities Tot81 charit8ble expendlture Fundraising tradlng.. Cost of goods sold and other costs 26.100 19,570 47,913 12.583 106, 166 26,100 19,570 47,913 12,583 106, 166 117 48030 £ 117 12,583 £ 106,283 26.100 £ 19,570 £ 7. SUPPORT COSTS Tot•1 2025 Tot81 2024 Gov8rnance costs Independent examination Other Profession Fees Insurance General overheads Website and assoGiated costs 265 3.840 4,143 944 4,393 3,656 17,241 345 2,400 9( 4,978 3,959 12,582 20
THE FRIENDS OF THE CITY CHURCHES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 8. STAFF NUMBERS AND COSTS 2025 2024 Wages and salarfes Pension costs 14.893 612 15,505 £ 18,683 887 19.570 Average number of emplyees No employee received remuneration of more than £60.000. The key management personnel of the Charity are those persons having authority and responsibility for plannlng, dlrectlng and controlllng the actlvStles of the Charlty, dlrectly or indirectly, including any Trustee of the Charity. In addition to the Trustees, key management personnel includes the Principal Offlc8r8. Aggregate remuneratlon and b8nefits pald to key management personnel durSng the year amounted to £NIL {2024- £NIL). 9. TRUSTEES REMUNERATION AND BENEFITS During th8 year, no membors of the Board of Trustees r8celv8d any rernuneratlon {2024 - £NIL). One member of the Board of Trustees recelved relmbursement of expenses of £78 for printing costs (2024- £NIL). 10. Taxatlon The Friends of the City Churches is a registered charity and is potentially exempt from taxation In respect of Income and capttal galns recelved wlthln the categories covered by Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to charitable purposes. 11. INVESTMENTS 2025 2024 Cost At 1 April 2024 Additions Unr8alls8d gainsflosses At 31 March 2025 115,547 103.327 2.500 5.384 9. 720 £ 110 163 £ 115.547 21
THE FRIENDS OF THE CITY CHURCHES NOTES TO THE FINANCIAL STATEMENTS For the year anded 31 Mareh 2025 12. DEBTORS 2025 2024 Duo wlthln ono year Prepayments Other debtors 5,612 13,948 19560 £ 5,479 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade creditors Other creditors Accruals 1,964 2,893 41,101 45,958 £ 1.140 2,074 41.810 14. CREDrroRS: AMOUNTS FALLING DUE AFTER ONE YEAR 2025 2024 Deferred income- Lrfe membershlp 15, 184 15,184 17420 £ 22
THE FRIENDS OF THE CITY CHURCHES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 15. STATEMENT OF FUNDS Tran8fers and Resources investment Expendgd galnsl(lossas) Brought Forward Incoming Resources Carried Forward DESIGNATED FUNDS Textile fund 1,556 577 {1,165) 968 Nll £ 968 RESTRICTED FUNDS Melba Coombes Fund Church Recording Society Fund 11,825 3,161 14,986 686 693 12,511 £ 3,168 £ Nll £ Nll £ 15,679 SUMMARY OF FUNDS Designated Funds General Funds 1,556 194,285 195,841 12,511 115,547 £ 323 899 £ 120,612 £ 577 116,867 117,444 3,168 11.165) 968 214.520 215,488 15,679 110,163 £ 341330 (97.797) Restrlcted Funds Endowment funds (5,384) 5,384 97.797 Comparatlve stat•ment of funds Transfers and Resourc08 Inv•stment Expended yalns/(Ioss•8) Bmught In¢omlng Fornard R•$our¢•8 Garrled Forward DESIGNA TED FUNDS Texlile fund 1,556 1,556 £ 1,556 Nll £ Nll £ Nll £ RESTRICTED FUNDS M81ba Coombes Fund Church Recordlng Soclety Fund 8,732 3,093 11.825 679 9,411 £ Nll £ Nll £ 12,511 SUMMAR Y OF FUNDS Designated Funds Gener81 Funds 1.556 209.783 211.339 9.411 1,556 194.285 195.841 12.511 90.785 90.785 3,100 106.283 (106.283) Restricted Funds Melba Coombgs End0ent funds 103,328 2,499 9,720 115,547 £ 324.078 £ 106.283 9.720 £ 323.899 23
THE FRIENDS OF THE CITY CHURCHES NOTES TO THE FINANCIAL STATEMENTS For Ihe year ended 31 March 2025 16. ANALYSIS OF NEf ASSEfs BETWEEN FUNDS Unrestrlcted Funds D•signated General Funds Funds Restrictsd Endowmont Funds Fund8 Total Funds Flxed asset 5nvestments Net current assets Creditors due in more than one y88r 110,163 121,777 110,163 248,587 968 15,679 110,163 (17,420) 968 £ 214,520 £ 117,420) 15,679 £ 110163 £ 341,330 Comp8r8tlve anslysls of net assets betW88n lunds Unrestricted Funds D8slgn8t8d G8n8r81 Funds Funds Restricted Endowment Funds Funds Tot81 Fund8 Fixed asset investmgnts Net curnent assets Creditors due in more than one y&8r 115,547 107, 989 Iq5,547 223,536 115,547 (15, 184) Nll £ (15,184) Nil £ 115,547 £ 323.899 Nll £ 24
THE FRIENDS OF THE CITY CHURCHES NOTES TO THE FINANCIAL STATEMEKrs For the year ended 31 March 2025 17 COMPARATIVE STATEMEKf OF FINANCIAL ACTIVITIES Unrestricted Funds 2024 Restricted Funds 2024 Endowment Funds 2024 Total Funds 2024 INCOMEAND ENDOWMENTS FROM: Donations and legacies Charitable actNiti8S Other trading actlvltles Investrnents TOTAL 42.985 28,897 12,614 6.289 90, 785 2.499 45,484 28.897 12.614 9,389 96,384 3. 100 3, 100 2.499 EXPENDITURE ON: Ralslng funds Fundraising trading.. Cost of goods sold and other costs Ch8ritable acttvities TOTAL EXPENDITURE 117 106. 166 106,283 117 106, 166 106,283 Net exp6ndlture before galns and losses on investments Unreallsed Movgment on Inv88trnent8 (15,498) 3,100 2,499 (9,899) 9. 720 9, 720 NET MOVEMENT IN FUNDS (15.498) 3.100 12,219 (179) TOTAL FUNDS AT 1 APRIL 2023 211,339 9.411 103,328 324.078 TOTAL FUNDS AT 31 MARCH 2024 £ 195,841 £ 12,511 £ 115,547 £ 323,899 25