Charlty number: 1161347 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY-AT-HILL, ST ANDREW HUBBARD, ST GEORGE BOTOLPH LANE AND ST BOTOLPH BY BILLINGSGATE UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 RPG Crouch Chapman LLP Chartered Accountants & Statutory Audltor 40 Gracechurch Street London EC3V OBT
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY-AT-HILL, ST ANDREW HUBBARD, ST GEORGE BOTOLPH LANE AND ST BOTOLPH BY BILLINGSGATE CONTENTS Page Rèfernncè and admlnlslrative details of the Church, 118 Tru8t•os and advisers Truste•s' r•port Trnstè•s' r•spon8lbilitl•s 8tat•mont Independont oxamIn•S r•port Stat•m•nt of flnanclal actlvltle* 8alan¢¢ shè•t 10 Not•s lo th• fln•nelal Statements
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY-AT4IILL, ST ANDREW HUBBARD, ST GEORGE BOTOLPH LANE AND ST BOTOLPH BY 81LLINGSGATE REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHURCH, rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Truste04 Linda Foster, Honorary Secretary John Hughesdon, Churchwarden Roy Humphrey, Honorary Treasurer Laurence Target. Chur¢hwarden K8vin May (resigned 31 July 2024) Graham Mundy Robert Mingay-smith Rl R8vd Davld Urquhart, Asslstanl Priest Charfty roglstornd numbor 1161347 PrlnGipal offic• St Mary-At-Hill Church Lovat Lane Eastcheap London EC3R 8EE Bank•r8 CAF Bank Llmllèd 25 Klngs Hlll Avgnue West Mailing Kent ME19 4JQ Page 1
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY.AT411LL. ST ANDREW HUBBARD, ST GEORGE BOTOLPH LANE AND ST BOTOLPH BY BILLINGSGATE TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 INTRODUCTION St Mary-al-Hill Mission Statement Our vision is to b8 a Church that is engaged and connected with the community of which we are a part. We will get to know that community. We will Pray for that community. We will welcome that community. We will make ourselves accessible & available lo that comrnunily. We will be a welcoming Church, enabling all to encounter the Iransformlng love of God through Jesus Christ, in the Power of Ihe Holy Spirit. Manag•m•nt of the Charlty The Charity Is managed by the Parochial Church Council (PCCI. This is made up of the Priesl Ilcerssed lo th8 parlsh. churchwardens, elected annually by the residenls ol the parish and others on the church's electoral roll, and up to slx other members, elected annually from and by Ihose on Ihe electoral roll. The PCC has power to co opl up to two addrtional members. Th8 PCC usually meet5 every other monlh and rnay delegate specific powers lo a commitlee or committees. We havè a Standing Committee {empowered within limits lo Iransacl business befvéeen meetings) and a 'Steerfng Group for the Resloratlon Projecl, which includes our archiiecl, Oliver Caroe. PubllG ben•flt As a Church of England Parish Church our charitable objeclives are principally the advancement ol the Chrisli8n religion and such other things as are conductive lo that object. We also provide a community space for our area and welcome choirs. orchestras and other groups to practice andlor perform. We also welcome educational visils from schools and other groups, exploring the local hislory as well as our faith. We are open lo busin8SSeS for seminars, receptions. lunches and dlnners, Thus, we are complylng wlth the Charlty Commission's publle benefll guidance. As818tant Prlest R•port Thls was a year of stability and assessment of the opportunities for the churGh and parish. The annual Fish Ha$1 was well attended. gupporied by an excellent leam of fishmongers. At Christmas, the Carol Service was also well-supported, nol least by Common Councillors from several Wards. Alderman Bronak Masojada Completed hls tenn 88 Sheflff. as did his chaplain, tha Assistant Priast. Billingsgate Ward Club memberB conlinued to attend events and glve hospitality. The new Adminlstrator settled in and provided energy and attention to running th8 bullding, Improving office operations, relating to neighbour8 and City communities, and securing regular and occasional bookings. In addition lo a superb effort in collecting Rates. th6 PCC Secr8tary provided mellculous support and led on developing the vision for the building in collaboration with the Architects. A service of celebration was held lo mark the restoration ol the lurret clock. Prep8rations were made for fresh inili8lives in music that will rne to fntition in the year ahead, Sharéd mlnlsty wllh tho cluster churches e$p8cially All Hallows by the Tower $trenglhoned during the vacancy following Katherine Hedderly's appointment as Archdeacon of Charing Cross. St Ann8's Lutheran Church also had changes In Minlstry oversighl and malntained ils Sunday worshlp IncludSno the quarlerly Ba¢h V8spers. The Assistant Priest concluded a second year as Bishop to the Archbishops and maintained the weekly Monday lunchtime services of Holy Communion. Pag8 2
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY.AT411LL. ST ANDREW HUBBARD, ST GEORGE BOTOLPH LANE AND ST BOTOLPH BY 8ILLINGSGATE TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Steering Group and PCC Report The Steering Gioup m8t once via Zoom. The main achievement this yeaT has been to complete a comprehensive Slalemenl of Significance on the historic loinery. The investigation has revealed interesting Information about Ihe history of th8 internal church fittings. We are grateful lo Greg Barrett of Caroe Architecture for his Work in researching and producing the report. The next step will be lo work on a Statement of Need out¢ining a renewed vision for the church and what part the historic joinery might play in future plans for Sl Mary- at-Hill. The PCC mel five time$ during the year. There ware also saveral joint meetings with the PCC of All Hallows by the Tower lo take forward the process for filling Ihe vacancies of Vicar of All Hallows and Priesl-in-charge of Sl Mary-al-Hill occasianed by the Revd Katherfne Hedderfy's appointment as Archdèacon of Charing Cross. Dls¢ussions wlth St Annè's Luth8ran Church about increaslng shared resources and way8 for coop8ratlon continued. We are very grateful lo Pastor Meelis Sud for presldlng at several Wednesday Communion services during the year. The Completion lal the end of 20231 of Work on tho lurrel clock wa5 celebrated together with members of the Antiquarian Horological Scciely on 11 July with prayers outside in Sl Mary-al-Hill and refreshments in (he church. The church continues lo be used by numerous and varied groups. Notable events during 2024 were: Nlghat Quireshi, our Common Councillor. hosted a drop-in sesslon for businesses and organizations in the Billingsgale Ward. This sesslon provided an opportunity for attendees lo ask questions. raise cOnrnS, and learn about the resources made availablo by the City of London, such as the Community Tollet Scheme, Warrn Spaces, cling Lessons. and Fe Walking Tours. The Police hav& also been ulllizing th8 church lor thelr Panel M881ings. These meellngs Inform local resldents, buslnesses, and organizalions about area developments and provide a platform lo ralse any issues or concerns directly wlth the police. The police also offer atjvice on handllng various silualions. The F8rr18rs held their Annual AwaTd Ceremony in the church. Thls ongolng r6latlonshlp presents valuable opportunlty to develop Dur relationship with the Company of Farriers, In the autumn Kevin May resigned from the PCC. Over the past years his knowledge of and advice on technologiGal matters has been very valuable and we are grateful for his Contribution lo tha work of Sl Mary-al- Llnda Foster IPCC Secretary) Muslc Report SeNices For our major s8rvices, eight members of Seraphim have been booked to sing as our choir. This continues lo glve me scope for ch005ing much more demanding repertoire. and in a greater number of voice parts. This number of singers also helps in lea¢Jing Ihe congregation in the hymns and carols, and we have provided musi that in$pire$ those who hav& come to worship. Live music This year. we had one Harvest of the Sea Festival Organ Recital on 6 October. I performed music relating lo the sea. However. we want to havé more live music in the church and from February 2025 we plan lo trial a Wednesday lunchtime recital series collaboralSng with students from Guildhall School of Muslc and Dfama. Page 3
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY-AT-HILL, ST ANDREW HUBBARD, ST GEORGE BOTOLPH LANE AND ST BOTOLPH BY BILLINGSGATE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Organ and piano The organ is in good health, and we have had new music desk clips installed. We are now able lo use the existing church camera syslem lo better view conductors in the main part ol the church. In anlicipalion of the new Live Music Series, the piano is belng tuned moTe regularly and maintained by Roy Martin. Robert Mingay-smilh (DIclOr of Music) Safeguarding Report Protecting the rno$t vulneT8ble amongst us has always been 8 sacred mission we have taken exlremely serTously al St M8ry-at-Hill. With the recenl prolound reckoning within Ihe Church ol England on safeguaiding failsjres, we have Qontinued our ulrno$t commitment lo care and safety. Key aGtion$ we have taken in th& past year include.. Tralning Senior lèadershlp includlng Churchwardens. thé Safeguarding Officer and other PCC membèrs lo the appropriate level through the Diocesan training program. Hosllng a sit8 vlsil with the Di0¢gsan Safeguarding tèam to review and update our pracllces and procedures, Posting clear communi¢81ions for rèportlng ¢on¢erns, includlng the crèallon of a safèguardlng mailbox for confidential reporting. Continuing to work closely with the Diocesan Safeguardlng team lo proactively dis¢us$ and ensure approprlale handling of safeguarding mattèrs as they may arlse. As a result of these actions, we ara confident we shall remain laithful to our protection duties. Sarah Walker, All Hallows PCC member, lawyer and skilleol advoc818 for vulnerable persons. wlll lake over the Safeguardlng Officèr for the Parlsh to carry foTrvard our care into 2025 and beyond. Slobhan Martln Isafeguaréing Officer) Admlnlstrator R•port In 2024, the focus was on layng the foundalions lo imprové adminislralion and venue hire processes. We explored tools such as Xero, Skedda. and Google Forms and prepared for the transition lo using these systems in 2025. The bookkeeping for 2024 has now been fully updated in Xero, providing easier access to fin8ncSal infom)ation and a clearer overview of our ac¢ounts. Hire revenue decreased by 60/0 compared lo 2023, 10 £54,175. Two rnalor hlghlights of the year were the Fish Harvest Festival and the Christmas Carol Servlce-both events were very w8118ttended, smoothly organised. and recelved positlve feedback from those who attended. Commvnily engagement has also strengthened. We fomied new partnerships wllh the city of London Corporation, City Bridge Foundation, Guildhall School of Music and Drama, and the Worshipful Company of Farriers. The Farriers Award Ceremony was held al Sl Mary-al-Hill in 2024, and we have worked on the launch of a weekly ltsnchlime recital series by Guildhall students, starting in 2025. We have also begun discussions around introducing hospitality into the church lo welcome visilors and making the church feel more alive during the day when we are open. These conversations will be ongoing until we can present a clear proposal to the pcc. Th8 role of Events Host was created in 2024 to support bookings and provide a welcoming pr8s&nee in the Church. In 2024 the recruitment process hag been prepared lo lake place in 2025. Thr8e Ev8nts Hosts 51arted in February 2025. Page 4
THE PAROCMIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY-AT-HILL. ST ANDREW HU8BARD, ST GEORGE BOTOLPH LANE AND ST BOTOLPH BY 8ILLINGSGATE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 During 2024, we have continued WOTking on building bridges wlh Si Anne's Lutheran Church, gaining a belter understanding of each otherfs idenlilies and how we ran optimis8 our CoexISt1ng in Ihe space, by starting lo have regular meetings. l also assisted with organlsing their Queer Carols and Pride S61¢e in 2024. Laurens Dekker (Parish Adminlstrator) Flnance Report Unrestricted Fund Income decreased from £148,990 in 2023 to £133,799 in 2024, with some variances on the parish rale$ {down from £58.719 in 2023 to £57,445 in 20241 and lettings (down from £57,801 in 2023 10 £54,175 in 2024). Restricted fund income decreased slightly, from £985 in 2023 10 £499 in 2024. Reslricled lund Income is derived from a trust fvnd held by The London Diocesan Fund (LDF) for the church of St Mary al the Hill for Rector Expanses. As per an agreemenl with the Diocese. th8 PCC is enlilled lo Ihe income derived from this fund This fund had previously erroneously been recognlsed in the aocounts, and a prlor year adjustmènt has been posted to ex¢lud8 Ihese funds (see nol8 181. Unr•8tn'cled fund 8xp&nditur8 was down, from £200,478 in 2023 10 £135,614. This resulted in the church having general funds at the ènd of the year of £107,103. which Is only slightly down on 2023, where general funds amounted lo £108.918. Reslricled funds at the year and amount lo £49,169 (2023.. £58,821). Reserv•• pollcy It is the polley of the PCC to keep a minimum of six months expenditure in the General Fund. This has been maintained in 2024.11 has furth&r been decided lo hold funds for the long-teTm maintenance of Ihe church. Approved by order of Ihe members of the board of Tru51e8s and signed on their behalf by: Rt Revd Davld Urquhart D8te- ,,/,/,, Page 5
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY-AT-HILL. ST ANDREW HUBBARD, ST GEORGE BOTOLPH LANE AND ST 80TOLPH BY BILLINGSGATE STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees are responsible lor preparing the Trustees. report and the financial slElemenls in accordance with applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in England & Wales requires the Trustees lo prepare financial slalemenls for each financial which give a true and fair view of the stale of affairs of the Church and ol its iricoming resouTGes and application of resources, including ils income and expenditur8, for Ihal period. In preparing these financial statements, the Trustees are required lo.. S818¢l suitable accounting policies and then apply Ih8m consistently., observe the methods and principles of the Chartties SORP IFRS 102)-, make judgmenls and accounting eslimales that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have b8en followeé, Subject to any material departures disclosed and explained in the financial slalements.. prepare Ihe f1nancial sialemenls on Ihe going concem basis unless il is inappropriate lo presume Ihal the Church will CDrilinue in business. The Trustees are responsible for keeping adaquale accounllng records that are sufficient lo show and explain the Church's Iransa¢lions and disclose with reAsonable accuracy at any lime the financial position of the Church and enable them lo ensure th81 the financial statements wmply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the asset5 of the Church and hence for taking reasonabl8 Steps for the pr8V8nlion and detection of fraud and other irregularities. Approved by order of the member5 of the board of Truste8s and slgngd on its behalf by.. ,.I'IL Ujry b, Rt Revd tlavid Urquhart Dal8.' 1 Page 6
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARYAT411LL, ST ANDREW HUBBARD. ST GEORGE BOTOLPH LANE AND ST BOTOLPH BY BILLINGSGATE INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Independenl 6xamineVs report to the Trustees of The Parochial Church Council of the Eccleslastical Parish of St Mary-At41111. St Andrew Hubbard. St George Botolph Lane and St Botolph by Billingsgate {'Ihe Church.) report to the charily Trustees on my examination of the accounts of the Church for the year ended 31 December 2024. Responslblllti05 and basls of report As the Trustees ot the Church you are responsible for the preparation of th& accounts in accordance with Ihe requirements of the Charities Act 2011 (llhe 2011 Act'l. l pOrt in respect of my examination of the Church's accounts Carried out under section 145 of the 2011 Act and in carrying out my examinalion I have followed the applicable Directions given by Ihe Charity Commission under seclion 14515}(b) of the 2011 Act. Indop•ndent 8xamlner'$ statement Your allenlion is drawn lo Ihé facl that the Church has prepared the accounts in accordance with A¢counting and Reporting by Charities: Statement of Recommended Practice applicable lo charitie5 preparing their accounts in accordance wllh the Flnancial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities: Slalemenl of Recommended Practice issued on 1 Aprll 2005 whlch Is referre¢ lo In the extant regulatlons bul has been wllhdrawn. l undersland that this has been done in order for the accounls lo provid8 a Irue and fair view in accordance wilh th8 Generally Accepted Accounting Pracll¢e effective for reporting periods beginning on or after 1 January 2015. I have cornpleted my examin81ion. I confirm that no matters, other than those fully detailed below, have come lo my altenlion in connection with the examination giving me reasonabl8 cause lo believe Ihal in any m8lerial resp8Ct'. accounling records were not kepl in respect of the Church as requlred by s8Ction 130 of the 2011 Act; or the accounts do not accord with those records: or the accounts do nol Gomply wilh the applicable requirements conc&rning the form and content of accounts set out in the Charities {Accounts and Reports} Regulations 2008 other than any reqLiirement that the a¢wunls give a 'lrue and fairf view which is not a matter Considered as part of an independent examination. l Confirm that ther8 are no other matters to which your attention should be drawn lo enable a proper underslanding of the accounts to be r8ached. Matter of Slgnifl¢anco - Employment of Trustee The maller Ihal has come lo my allenlion is Ihal Ihe ¢harily engages Robert Minoay-smilh Ilrusleel as 8 salaried employee Idelails afe provided in Note 12 to the accounlsl. We have been unable lo obtain documentation showing approval of this silualion by tho Charity Commission. Page 7
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY-AT4IILL, ST ANDREW HUBBARD, ST GEORGE BOTOLPH LANE AND ST BOTOLPH BY BILLINGSGATE INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 OECEMBER 2024 This report is rnade solely lo the Church's Trustees, as a body, in acccjrdance wilh Part 4 of the Charllies {Accounls and Reports) Regulations 2008. My Wofk has been undertaken so Ihal I might slate lo the Church's Trustees those matters l am required to slate to them in an independent examiner's report and for no other purpose. To the fullest extent perrnitled by law, I do not accapl or assume responsibilily to anyone othei than the Church and the Church's Trustees as a body, for my work or for this report. Signed.. Dated: Ic> ?£ Jeremy TTrI1 {FCAI 40 Grahurch Street London EC3V 18T Page 8
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY-AT4IILL, ST ANDREW HU88ARD. ST GEORGE BOTOLPH LANE AND ST BOTOLPH BY BILLINGSGATE STATEMENT OF FINANCIAL AcTIVlEs FOR THE YEAR ENDED 31 DECEMBER 2024 As rest81ed Total funds 2023 Restrlctèd Unrestricted funds funds 2024 2024 Total funds 2024 Not• Incom• frorn: Donations and legacies Charilable aclrvllies Investm8nts 15,455 111,620 6.724 1 S,455 111.620 7,223 26,478 1IT,140 6,357 Total Income 499 133.799 134,298 149,975 Expendlturo on: RaisSrsg funds Charitable activities 1,792 198, 760 10,151 135,614 145,765 Total expendllur• 10,151 135,614 145.765 200,552 Net mov8ment In funds 19,6521 (1,815) 111,467) (50,577) Raconclllatlon of funds: Total funds broughl forward Net movement in funds 58.821 {9,652) 108.918 (1.815) 167,739 (11,467) 218.316 (50.577) Total ndS carried fonvard 49,169 107,103 156,272 167,739 The Stal8menl of financlal aclivilies includes all gains and losses recognised in the year. The note$ on pages 11 to 21 form part of these flnanclAI slalemenls. Page 9
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY-AT4IILL, ST ANDREW HUBBARD, ST GEORGE BOTOLPH LANE AND ST BOTOLPH BY 8ILLINGSGATE BALANCE SHEET AS AT 31 DECEMBER 2024 As restated 2023 2024 Noto Curr•nt assets Debtors Cash at bank and In hand 13 767 163.828 9. 728 169,415 164,595 179,143 Creditors: amounts falling due withln one year 14 18,323) {11.404J N•t curr•nt aS8•t• 156,272 167,739 Tolal n•t assets 156,272 167,739 Charlty lund$ Reslyicled funds Unffjslrided funds 15 49,169 58,821 Designated funds General funds 15 15,015 92,088 15,000 93,918 15 Total unrestricted funds 15 107,103 108,918 Totsl funds 156,272 167.739 The financial statements were approved and authorised for issu8 by the Trustees and signed on ttieir behalf by.. Rt Rovd David Urquhart Date: Iq The notes on page$ 11 to 21 fom part of these financial statements. Page 10
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY-AT-HILL, ST ANDREW HUBBARD, ST GEORGE BOTOLPH LANE AND ST BOTOLPH BY BILLINGSGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General information The Church is a charity registered with the Charity Commission in England and Wales, charity number 1161347. Its registered address is St Mary-Al-Hill Church. Lovat Lane, Easlcheap, London, EC3R 8EE. The principal activitses of the church is lo promole the Christian faith. Accountlng pollclos 2.1 Basis of preparatlon ol financlal statements The flnanclal stat8m8nts have b8en pr&pgred In accordancé wlih the Char11108 SORP IFRS 1021 Accounling and Reporting by Chariti85.' Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021 leffecllve 1 January 20191, the Financial Reportlng Standard appli¢ablé In the UK and Républic ol Ireland IFRS 1021 and the Charities Acl 2011. The financial statemenls hav? been prepared lo give a 'lrue and fairf vlew and have departed from the CharllSes (Accounts and Reports) Regulations 2008 only lo the exlenl requlred lo provide a 'lwe and fairf view. This departure has involved following the Charitios SORP {FRS 102) published in October 2019 rather than the Accounting and Reporting by Charilies.. Sialement of Recommended Pracllce effective from 1 April 2005 whlch has slnce ba&n wllhdrawn. The Parochial Church Council of the Ecclesia$ti¢al Parish of Sl Mary-Al-Hill, Sl Andrew Hubbard, Sl George 8otolph Lane and St Botolph by Billingsgale meets the definition of a public benelil entlly under FRS 102. Assets and liabilities are Initially recognised al hislori¢al cosl or Iran5action value unless otherwise slated in the relevant accounllng pollcy. 2.2 In¢ome All income is recognised once the Church has enlillemenl lo the income, it is probable Ihal the income will be received and the amount of income receivable can be measured reliably. Voluntary income Donated seNices and lacilities are included at the velue lo the charity where Ihls can be quanllf16d. The value of seThi¢es provid8d by volunteers has not been included in th888 accounts. Collection8 are recognl$ed when r8colved by or on behalf of the PCC. Planned giving under Gift Aid is recognised only when recgived. Tax recoverable on Gift Aid donations is recognised when the donation is recognised. Grants and legacies lo the PCC are accounted for as soon as the PCC is notified of Ils legal enlitkmenl.the amount due is quanllfiable and its ultimate receipt by the PCC is ro8sonably certain. Income from fundraising and similar events is accounted for gross Other income Renlal income from the letting of church premises is recognised on an ac¢rual8 basis Income from InvesbnentS Interest enllllemenls are accounted for on an accruals basés. Tax recoverable on such income is regnISed in the same accounllng year. Page11
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY-AT-HILL, ST ANDREW HUBBARD. ST GEORGE BOTOLPH LANE AND ST BOTOLPH BY BILLINGSGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policles (continued) 2.3 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or conslructive obligation committing the ¢harily lo that expenditure, it 1$ probable that a transfer of economic benefits will be required in settlement and th8 amount of the obligation can ba rneasud reliabty. Expenditure includes any VAT which cannot be fully recovered and is r6POrted as part of the expendilure to which It relates. Expendituré is accounted for on an accru8ls basls and has been classlfled under headlngs that aggregate all costs related to the category. Where costs cannDt be directly attributed lo particular headings they have been allocaled to aclivili88 on a basi5 consislenl with the use of resources. Governance costs are included wilhin thes8 costs and include cos15 attributable lo Ihe charity $ omplianc? wllh conslilutional and stalulory requirgmenls, including audit, trustees, meetings and reimbursed expenses. Grants and donations are accounted for when paid over, or when awarded, if that award creatès a binding obligation on the PCC. The diocesan parlsh shar8 Is accounl&d for when due. 2.4 Taxatlon The Church Is consider8d lo pass the tests set out In Paragraph 1 Schedule 6 of Ihe Fbnance Act 2010 and therefore it m8ets the definition of a charitable company for UK corporation lax purposes. Accordingly, the Church is potentially exempt from taxation in resp8ct of in¢ome or capilal gains received wllhln categorie5 covered by Chapter 3 Part 11 of the Corporatlon Tax Act 2010 or Section 256 of the Taxation of Chargeable G8ins Act 1992, to the extent that such income or gains are 8pplied exclusively to charitable purposes. 2.5 Dobtor$ Trade and other debtors ar8 recognis8d at the sottlemant amount after any trad8 discounl offered. Prepayrnents are valuèd at the amount prepaid net of any trad8 discounts due. 2.6 Cash It bank and In hand Cash al bank and in hand includes cash and short-term hlghly liquid inv8$lmenls with a short maluflty of Ihree months or less from the dale of acquisition or opening of the deposit or similar account. 2.7 Llablllll•s and provlslons Liabilities are recognised when there is an obligation at the balance sheet dale as a result of a past evenl,11 is probable that a Iransfer of economic benefit will be Tequired in settlement, and th& amount of th8 settlement can b8 esllmated reliably. Llabilllies are recognis8d al the amount Ihat the Church anticipates It will pay to settle Ihg debl or the amount it has received as advanced payments for the goods or $8rviGes It must provlde. Provisions are measured al Ihe best eslimale of the amounls rgquir8d to sellle the obligation. Where the effect of the tim8 value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the siatemenl of finan¢lal a¢llvities as 8 flnanoe cost. Page 12
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY-AT*IILL, ST ANDREW HUBBARD. ST GEORGE BOTOLPH LANE AND ST BOTOLPH BY BILLINGSGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.8 Flnanclal Instruments The charity only has financial assets and liabililles of a kind Ihal qualify as basic financial inslruments. including ils debtors and creditors. These ar8 inilially recognised al transaction value and subsequently valued at their settlement value. Amounts owing to lh8 PCC at 31 Dacember in respect of fees, renls or other income are shown as debtors less provision for amounts that may prove uncoll&clable. Cash and cash equlvalenls comprise cash in hand and call deposits, and other short term highty Ilquid Investments that are readily convertible to a known amount of cash and are subject to an insignfficanl risk of change in value. 2.9 Fund accounting Unréstricled funds r•pr8senl Ihe funds of the PCC that are nol subjecl to any reslriclions regarding their use and ar8 available for the general purposes of the PCC. Funds designated lor a particular purpose by Ihe PCC are also unrestricted. Reslricled funds aTe those funds that musl b8 Spent on restrlcled purposes and delalls of the funds held and restrictions are provided In the relevanl notes in the accounts. crftlcal accountlng astlfflates and areas of judgment In preparing the financlal statements 11 is necessary to make certain judgemenls, estimate3 and assumptions that affect the amount$ recognised in the financial statements. In the view of the Trustees there are no significant judgements. estlmales and assurnplions required. Ineome from donatlon8 and legaelas Unrostrlcted funds 2024 Total funds 2024 Total funds 2023 Donations Grants 9,519 5,936 9,519 5.936 22,704 3,774 15.455 15,455 26,478 Total 2023 26,478 26,478 Page 13
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY-AT•IILL, ST ANDREW HUBBARD, ST GEORGE BOTOLPH LANE AND ST BOTOLPH BY 81LLINGSGATE MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from chaTltable activltles Unrestrlcted funds 2024 Total funds 2024 Tol81 funds 2023 Parish Rates Income from property lets Olher incorn6 from charitable actlvities 57,445 54,175 57,445 54,175 58.719 57,801 620 111,620 111.620 117.140 Tol812023 117,140 717,140 Inv•stm¢nt Incom• R•strlctod Unrestrlcted funds funds 2024 2024 Total funds 2024 Tot81 lunds 2023 Interest Income Divid8nds 6,724 .724 499 5,372 985 499 499 6,724 7,223 6,357 Tolal 2023 985 5,372 6,357 Page 14
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIAsncAL PARISH OF ST MARY-AT-HILL, ST ANDREW HU8BARD, ST GEORGE BOTOLPH LANE AND ST BOTOLPH BY 81LLINGSGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEM8ER 2024 Expenditure on ralslng funds Costs of raising voluntary incom• Unrestricted funds 2024 Total funds 2024 Total lunds 2023 Fundraising 1, 792 Total 2023 1,792 1, 792 Analysls of expondiluro on charllablo actlvltlos Summary by fund type Restrlctsd UnrestrScted funds lund8 2024 2024 Total 2024 Total 2023 Dlrect costs 10,151 135.614 145,765 198, 760 Tolal 2023 74 198,686 198, 760 Analysls of •xpendltur• by a¢tlvltl•s Actlvltles undartaken dlrectty 2024 Total funds 2024 Total funds 2023 Dlrecl costs 145.765 145,765 198, 760 Total 2023 198. 760 198,760 Page 15
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY-AT-HILL, ST ANDREW HUBBARD. ST GEORGE BOTOLPH LANE AND ST BOTOLPH BY BILLINGSGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expendlture by actlvlties (continuèd) Analysis of dlrect costs Total funds 2024 Total funds 2023 Slaff 815 Dlocesan Common Fund Cl88ning Music Light & H88t Services & Event Expenses Admlnlstration Repairs & Malnlenance Consullancy fees Governance Gosts 49.280 41,920 6,015 4.533 4,412 1,188 6,452 13,086 15,551 3,328 43,025 39. 792 5.988 4.896 10,167 2, 762 5,162 79,168 5.400 2,400 145,765 198, 760 10. Indopondfjnt •xamlnerf8 r•mun•ration 2024 2023 Fees payabl8 to Ihe Church's independent examiner lor the indep8ndent examination (ply: audit) of the Church'6 annual accounts 2,700 11. Staff costs 2024 2023 Wages and salaries Contributlon to defined conlrlbutlon pension schemos 45.630 3.650 39,931 3,094 49,280 43,025 Page 16
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY-AT-HILL, ST ANOREW HU88ARD, ST GEORGE BOTOLPH LANE AND ST BOTOLPH BY BILLINGSGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Staff Costs {contlnued) The average number of per50n$ employed by the Church during Ihe year vrds as follows.. 2024 2023 No. Church runnlng No employee received remuneration amounting lo more than £60,000 in elther year. 12. Trust•e8' romun&ratlon and éxp•n895 Ouring the year. one or more Trust8es has been pald remuneration or has received other b&nefits for $8rvic8s provid8d lo the chuch. The value of rernun8ralion was as follows.. 2024 2023 Linda Foslar Robert Mingay-smllh Consultancy fees Remuner81ion Pension contrlbulions paid 5,400 9,630 740 5.400 9,630 During the year ended 31 December 2024, no Trustee expense5 have been incurred {2023 - £NIL). 13. D•btors 2024 2023 Duè wllhln on• y•ar Other deblors Tax re¢ov8rable 767 8.583 1, 145 767 9. 728 14. Credltors: Amounts falllng due wlthin one year 2024 2Q23 Credltors & accruals 8.323 11,404 Page 17
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARYAT-HILL. ST ANDREW HU88ARD. ST GEORGE BOTOLPH LANE AND ST BOTOLPH BY BILLINGSGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Statement of funds statement of funds - curront year Balance at 31 DeGemb8r 2024 Balance at 1 January 2024 Income Expondltur• Unr•strlct•d funds Do8lgnat•d lunds Clocks- frxlerior Long lerm m8lnlen8n¢8 15,000 1,727 (1,712 15,015 15,000 1,727 (1,712) 15.015 G•neral funds General Funds 93,918 132,072 (133,9021 92,088 Totsl Unrestrlcted funds 108,918 133,799 (135,614) 107,103 Re•trlct•d funds Recloes expenses Restoration Project Health Worshlp 4.041 53,229 274 1,277 (10.151) 43,078 274 1,277 58,821 499 {10,151) 49,169 Total of funds 167.739 134,298 (145,765 156.272 Page 18
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY-AT4IILL, ST ANDREW HUBBARD, ST GEORGE BOTOLPH LANE AND ST BOTOLPH BY BILLINGSGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Statement of funds (Continued) ststement of funds - prior year As rest8ted Bal8nce al 31 December 2023 As res181ed Balance al l January 2023 Transfers in/out Income Expendituro Unréstrlct•d fund• Dèslgnated funds Clocks - exlerlor Long lerrn mainlen8n¢e 75,830 15.000 10,713 (62, 192) (24,351) 15,000 90,830 10,713 (62,192) (24,351) 15,000 Gen•ral fund• General Funds 69,576 738,277 (138,286) 24,351 93.918 Total Unr•strlcled funds 160,406 148,990 (200,478) 108.918 R•8trlcted funds Rector's 8xpenses Restoration Project Health Worshlp 3, 798 52,561 274 1.277 243 742 4.041 53.229 274 1,277 (74) 57,910 985 (74) 58,821 Total of funds 218.316 149,9T5 (200,552) 16T,739 Page 19
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY-AT-HILL. ST ANDREW HUBBARD. ST GEORGE BOTOLPH LANE AND ST BOTOLPH BY BILLINGSGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Ststernent of funds {continuedl Purpos8 of the Dèsignated Fund$: Clock this Is money transfeed Irom OUT General Fund to restore Ihe clock on the Easl end exterior of the church. This work has now been completed. Long t•m malntenance - Thlg fund is derSved from transfers from the General Fund lo cover unusual maintenance costs lie costs olher than the expected annual Gostsl. Purposes of Rostricted Funds: Réttorfs expenses - Money ralsed to cover the Rector's expenses as there Isn't currenlly a Rector, the funds are carri8d forward. Restoration projectlsteerlng Group - Currently in the process of raising funds for resloralion project. Health Thls was money raisèd lo support a first aid course, incluslng coverage of any (physical or rnenlal) health issues. Worshlp - Money ralsed to aid thè purchas8 of prayer books 8nd blbles, Including the support of worship acllvilles. R•oJtstem&nt of prlor y•ar's flgures The Irustees have established that In prior years the accounts induded an endovlmenl fund atlribuled lo Rector's expenses in error. This fund is held by and 18 the property of the London Diocesan Fund. The capital elernenl of the endowment fund has now been excluded from the accounts whlch ha5 dUCed the Teslricted funds of the Church by £16,424 as al Isl January 2023. Fof further explanation please see note 18. 16. Analysis of net assets bfjtwoen funds Analysls of n•t a8S•ts bohv•on funds . curr•nt p•rlod Restrl¢t•d Unr•strl¢ted funds funds 2024 2024 Total fund$ 2024 Current assets Creditors due within one year 49,169 115,426 18,323) 164.595 (8,3231 Total 49,169 107,103 156,272 Page 20
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY-AT-HILL, ST ANDREW HU8BARD, ST GEORGE BOTOLPH LANE AND ST BOTOLPH BY BILLINGSGATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Analysis of net agset$ between funds (conllnued) Analysls of net assets bgtween funds - prlor period ReslriGled Unrestricted funds funds 2023 2023 Total fvnds 2023 Currènt assels Creditors due within one year 58.821 120,322 (11,404) 179, 143 (17,404) 58.827 108,918 167, 739 Total 17. Related Party Transactlonl There were no transactlons wlth relaled partles other than those di8c1058d in Nole 1212023.. same). 18. Re4tstoment of prlor year's flgurn$ A prlor year adluslm8nt has been made a$ al 1st January 2023 to remove an endowment fund disclosed un¢Jer restricled reserves that was eamiarked for rector's expenses. This fund is held by the London Diooese Fund and the capital endowmenl was included in these 8ccounls in error. Only the income generated by this fund is attributable lo the church. The effect of the adjustment is lo remov& A Fixed Asset Investment in the sum or £16.424 al 1 st January 2023 and the corresponding ondowmenl fund from the accounts and to reduce the restricted res8TVeS by £16,424 as al that dal8 Page 21