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2022-12-31-accounts

1

The Guild Church of St Katharine Cree

Report and Financial Statements for the Year Ended 31 December 2022

Charity Number: 1174763

2

Administrative Information 2022

Registered Charity Number

1174763

Principal Address

86 Leadenhall Street, London, EC3A 3BP

Treasurer

Mike Zakiewicz

Independent Examiner

Perrys Audit Limited

Bankers

HSBC Ltd.

Trustees

Bola Alatishe Michelle Charles Joel Harland The Revd Josh Harris (Chair) Michael Page (Churchwarden) Allan Ramanoop The Revd Angus Ritchie

Deanery Synod Representative

Michael Page

Guild Church Clerk

Martin Woods

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Trustee Report

Legal Status

The Guild Church of St Katharine Cree is a registered charity, at 86 Leadenhall Street, London. The Church is within the City Deanery of the Two Cities Area of the Diocese of London in the Church of England. It is a Guild Church governed by the City of London (Guild Churches) Acts 1952 and 1960 as amended. The GCC is a corporate body with ultimate responsibility for all matters affecting the Guild Church.

Review of the Year

Over the past year we have been building a basis of prayer, a volunteer team, and connections to enable us to develop Christian ministry among workers in the City in low paid, precarious, or ‘hidden’ occupations. The building is open and used for prayer through the week, with services across three days and we have noticed an increase in drop-in visitors. While before the pandemic it was only open around twice a week, the church is now open for at least three hours every day Monday to Saturday, during which time an average of 90 different people come to an event, service, or activity organised by us (not including drop in prayer or tourist visits or external hires). Around this scaffolding, new life is beginning to emerge. For example, a lunchtime Bible study on a Friday has begun – currently ‘bring and share’ while we work to bring the kitchen up to a standard where we can safely offer food from it – which regularly has around ten people attending including workers from the local construction site, security staff from local offices, and members and officers of a cleaners’ union branch. This has helped form a committed core team, who are used to praying together with the Scriptures.

In terms of our work with workers directly, we continue to experiment and explore partnerships, and we are now beginning to develop acts of worship out of these opportunities. We restarted employment advice sessions in partnership with a Spanish-speaking trade union lawyer, as part of a programme of events and services across a planned three-day-a week ‘warm welcome for

workers’. The Corporation invited us to make a major bid to the Community Infrastructure Levy Fund (£50k) to support this work. We are in discussion with the Corporation of London’s communities service, Toynbee Hall, and others about signposting and resourcing of services to workers. We are working with Hispanic organisations to signpost workers to services and to run workshops and events at the church to build our relationships, while also having fruitful conversations about beginning new acts of worship, some in Spanish and Portuguese, as well as signposting people to other churches (where appropriate) where opportunities to join those communities exist.

Our Saturday English (ESOL) class has grown considerably, and we are exploring how to increase our capacity with the Corporation initiating a discussion with us over funding further and accredited courses here. Our volunteer qualified ESOL teacher has contributed a huge amount of time, and we have been building a small dedicated group of volunteers to support her. Teacher-supervised English conversation groups now run on Wednesdays, and out of these we

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are now preparing to launch a simplified-English language Eucharist on Wednesday lunchtime for English-language learners especially. One of our English learners, Doris, felt confident enough in the church space from coming to classes to share her testimony here at our recent Living Wage Week service. We are also working towards starting a Spanish-language act of worship on Saturday lunchtime to follow ESOL.

As our own pattern of worship begins to emerge, we see this as developing both a ‘shrine’ and ‘festival’ approach. While we expect to build a small core for whom St Katharine Cree is ‘their’ church, we also want to serve a much wider group of workers who might worship elsewhere on Sundays but we can provide support to them in the context of their working lives, and provide a place for them to pray during the week. We then also want to gather workers for periodic ‘festivals’ for building solidarity and encouragement, just as some churches might have prayer events or conferences to strengthen confidence and relationships. So, we are developing a combination of small, frequent opportunities to pray, worship, and study the Bible throughout the week for workers subject to their variable and unpredictable shifts and commitment - and then a number of large, gathered events during the year which bring workers together from our disparate activities, and partner churches and organisations, to pray together and encourage one another.

In mid-November we celebrated Living Wage Week with a powerful service of thanksgiving and prayer, featuring testimony from care workers, reflection on Scripture, worship, and prayer. The service was led by the Bishop of London, with contributions from Christians and clergy from

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churches across London including Roman Catholic and Pentecostal partners. We already plan to repeat this service next year. With more than 100 worshippers, it built momentum towards our London Cleaners’ Carol Service in December in partnership with Clean for Good, the Oblates of Mary Immaculate, and the Parish of St Martin of Tours in Chelmsford Diocese, whose choir (led by a professional cleaner) sang. Several cleaners gave testimony about their faith.

Business and Civic

We continue to renew our civic and business connections. One opportunity which we have created was launching the Lion Appeal alongside our annual Lion Service in October. Sir John Gayer’s 17th-century will left money both for an annual sermon and an annual distribution of funds to the poor: the sermon persisted, but we have restarted the giving campaign which will support a hardship fund here for workers and our ‘warm welcome’ provision this winter. We developed the Appeal concept late in the day, but still raised around £500 on the day of the service, and it led to a £1,000 donation from a local insurance company’s charity fund. There is considerable interest from businesses and liveries in partnering with the appeal as it moves forward, presenting a significant fundraising opportunity - but more significantly, an opportunity for community and business engagement. This is helpful because we stopped the former practice of St Katharine Cree collecting a ‘church rate’ from surrounding businesses (the legal basis for doing so was unclear) and we are now using the Lion Sermon/Appeal as a fresh basis for local business engagement.

We also hosted a Christmas Craft Fair, to fundraise but with two more significant opportunities: to provide a practical opportunity for workers to supplement their incomes with small trading businesses (many low paid/precarious workers have side businesses), and to experiment with using the main church space in a different configuration for an event. The fair was a success in terms of footfall and engagement, but exacted quite a considerable toll in terms of energy and capacity in December.

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Our connections with the Baltic Exchange continue to strengthen, and a number of members have expressed interest in supporting financially bringing a photography exhibition from the National Maritime Museum Greenwich to St Katharine Cree about the work conditions of seafarers who, like the other occupational groups we centre, are often hidden yet play an essential role in our economic system. The Baltic management has expressed a willingness to explore with me what chaplaincy to them in 2022 could look like beyond the formal, civic functions - and we will pick up this conversation in 2023.

Building and Fabric

Many of the issues identified in the last quinquennial remain unaddressed and will be taken up by the new Churchwardens and staff team in due course.

Following a competitive tender process involving trustees and the Diocese of London, the GCC appointed a new Quinquennial Inspector (or, Church Architect) - Kathryn Harris (no relation to Fr Josh!) who, once funding is in place, will lead a survey and consideration of the needs and significance of the fabric with considerably more depth and detail than a standard report.

The overhead lights were replaced by CES with LED alternatives in a relatively low cost interim arrangement.

Preparations were made for the restoration of the Thorp and Throckmorton monuments to take place in 2022.

Finances

Our accounts this year show an income of £41,773.68 and outgoings of £106,716.89, but this apparent deficit is the result of receiving a multiyear grant last year in one go. Our mission remains fully funded and we continue to strengthen our ability to finance the rest of the church.

The funding for our mission activities comes from the CCGC, and is transferred to the Centre for Theology and Community who currently employ the staff who work on the worker chaplaincy element of the church renewal project.

We are pleased that utilisation of the Hall in particular but also the Church for concerts and events has increased, both signalling we are open and active but also approximately doubling our income from hall and church rentals. It will be important to increase this income in future years.

As the church continues to redevelop we will need to increase our voluntary income (only at £14,982) from both in-church donations, service collections, and regular giving, as this is an important source of unrestricted income.

Our investments and the Airspace Lease on a neighbouring property continue to deliver income which helps us meet our Common Fund obligations. This year our income from investments and property was £15,670, a small increase on last year.

Some expected grants were received (including the City Burial Fund), but other historic sources of income are no longer available. For example, we were advised by the Archdeaconry that we are not legally permitted to collect a ‘church rate’ as a Guild Church which formerly St Olave’s did on our behalf.

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Safeguarding

Most mission activities came under the auspices of the Centre for Theology and Community’s safeguarding provision, with Fr Angus Ritchie as the safeguarding officer. By the end of 2022 the GCC was preparing to appoint its own safeguarding officer.

Electoral Roll

Throughout 2022 the Electoral Roll remained unchanged at 16.

The Revd Josh Harris

GUILD CHURCH OF ST KATHARINE CREE

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF

THE GUILD CHURCH COUNCIL OF ST OF ST KATHARINE CREE

I report on the accounts of the charity for the year ended 31 December 2022, which are set out on pages 1 to 6.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:-

which gives me reasonable cause to believe that in any material respect, the requirements

have not been met; or

to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

S. Hale

Stephen Hale FCA FCCA Date: 23/10/23 for and on behalf of Perrys Audit Ltd Chartered Accountants Churchdown Chambers Bordyke Tonbridge Kent TN9 1NR

GUILD CHURCH OF ST KATHARINE CREE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Incoming Resources
Voluntary Income
Activities for generating funds
Income from Investments
Resources Used
Church activities
Support Costs
Sundry Expenses
Transfer between funds
Net Incoming Resources
Unrestricted
Net Movement
Fund Balances B/fwd
Fund Balances C/fwd
Gains/Losses on Investments		 Unrestricted Restricted
Total
Total
Funds
Funds
2022
2021
14,982.01
2,830.00
17,812.01 282,356.62
8,291.60
0.00
8,291.60
4,175.00
15,670.07
0.00
15,670.07
14,685.44
38,943.68
2,830.00
41,773.68 301,217.06
99,177.45
1,321.62
100,499.07 205,632.74
6,217.82
0.00
6,217.82
15,027.59
0.00
0.00
0.00
0.00
105,395.27
1,321.62
106,716.89 220,660.33
0.00
-66,451.59
1,508.38
-64,943.21
80,556.73
-17,158.94
0
-17,158.94
25,380.46
-83,610.53
1,508.38
-82,102.15 105,937.19
334,933.90
23,719.71
358,653.61 252,716.42
251,323.37
25,228.09
276,551.46 358,653.61

GUILD CHURCH OF ST KATHARINE CREE BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 FIXED ASs￿s Chalrs, plano and 33 311.95 33.311.95 32 797.06 32,797.06 CLIRRENT ASSETS Investments Debtors Cash al Bank and In Hand 114,666.65 86,985.74 103,545.71 121,430.29 106,506.41 188,480.66 305 198.10 416 417.36 CRED￿oRs Amounts falling due within one year 61 958.59 90 560.81 ASSErs 276 551.46 358 653.61 FUNDS Unrestricted RestrKted 251,323.37 25,228.09 334,933.90 23,7L9.71 276 551.46 358 653.61 Date approved by the Guild Church Councll: £5F4 g LL ILo13 Signed by: ed J. kl(Uii> f . J:,c( Slgned by."

GUILD CHURCH OF ST KATHARINE CREE ACCOUNTING POLICIES

1. Accounting Policies

The financial statements have been prepared in accordance with the Church Accounting Regulations 2006, together with applicable accounting standards and the Charities Statement of Recommended Practice (FRS102 2015).

The financial statements have been prepared under the historic cost convention except for the valuation of investment assets, which are shown at market value. The financial statements include all transactions assets and liabilities for which the GCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body, nor those that are informal gatherings of church members.

Funds

Restricted Funds represent (a) income from trusts or endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest, and (b) donations or grants received for a specific object or invited by the GCC for a specific object. The funds may only be expended on athe specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance of that fund. The GCC does not necessarily invest separately for each fund. Where there is no sparate investment, interest is apportioned to individual funds on an average balance basis.

Unrestricted Funds are general funds which can be used for GCC Ordinary purposes.

Incoming resources

Planned giving, collections and donations are recognised when received. Tax refunds are recognised when the incoming resource to which they relate is received. Grants and legacies are accounted for when the GCC is legally entitled to the amounts due. Dividends are accounted for when receivable, interest is accrued. All other income is recognised when it is receivable. All incoming resources are accounted for gross.

Resources Expended

Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding or constructive obligation on the GCC. The diocesan parish share is accounted for when due. Amounts received specifically for mission are dealt with as restricted funds. All other expenditure is generally recognised when it is incurred and is accounted for gross.

Fixed Assets

Consecrated and benefice property is not included in the accounts in accordance with the Charities Act 2011.

Equipment used within the church is depreciated on a straight line basis over four years. Individual items of equipment with a purchase price of £500 or less are written off when the asset is acquired .

Investments are valued at market value at 31 December 2022.

Going concern

The trustees consider that there are no material uncertainties about the ability to continue as a going concern.

GUILD CHURCH OF ST KATHARINE CREE NOTES TO THE ACCOUNTS

2 Incoming Resources detail

**Unrestricted ** Restricted Total Total
Funds Funds 2022 2021
2a Voluntary Income
Tax Efficient Giving 6,424.84 0.00 6,424.84 2,365.50
Special Services 0.00 0.00 0.00 500.00
Gift Aid Collected 0.00 0.00 0.00 1,334.38
Throckmorton Shield 0.00 0.00 0.00 0.00
Homeless Project 0.00 0.00 0.00 0.00
Sundry Donations 5,138.17 0.00 5,138.17 1,497.00
11,563.01 0.00 11,563.01 5,696.88
Ordinary Grants
Trusts for London 894.00 0.00 894.00 273,394.00
City Burial Fund 2,500.00 0.00 2,500.00 2,500.00
CUF-Leadership Project 0.00 2,830.00 2,830.00 0.00
3,394.00 2,830.00 6,224.00 275,894.00
Misc Income 25.00 0.00 25.00 765.74
14,982.01 2,830.00 17,812.01 282,356.62
2b Activities for generating funds
Mar Thoma Church 0.00 0.00 0.00 0.00
Hall Rentals 8,291.60 0.00 8,291.60 4,175.00
8,291.60 0.00 8,291.60 4,175.00
2c Income from Investments
Investment M&G 6,476.50 0.00 6,476.50 5,774.23
Investment LDF 9,064.63 0.00 9,064.63 8,906.92
Bank deposit a/c 128.94 0.00 128.94 4.29
15,670.07 0.00 15,670.07 14,685.44
Total Incoming Resources 38,943.68 2,830.00 41,773.68 301,217.06

GUILD CHURCH OF ST KATHARINE CREE NOTES TO THE ACCOUNTS

3 Resources Used Detail

Church Activities
3a
Ministry DCF
Theology Community
Ministry expenses
Upkeep
Running Expenses
Cleaning
Depreciation
Church Music
Refreshments
Common fund
Team Day/Retreat
Photography
Advertising
Storytelling workshop
Travel
3b
Donations
3c
Support Costs
Website & internet
Administration Costs
Administrator Salaries
Bank Charges
3d
Sundry Expenses
Grants & Donations
Catering
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Tangible fixed Assets
Cost
At 1 January 2022
Additions
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the Year
At 31 January 2022
Net Book Value
At 31 December 2022
Total Outgoing resources		 Unrestricted Restricted
Total
Funds
Funds
2022
0.00
0.00
0.00
40,767.26
0.00
40,767.26
3,153.56
0.00
3,153.56
970.91
0.00
970.91
9,655.25
0.00
9,655.25
8,327.47
0.00
8,327.47
5,263.10
0.00
5,263.10
0.00
1,321.62
1,321.62
491.11
491.11
28,650.00
28,650.00
927.50
927.50
450.00
450.00
95.00
95.00
318.69
318.69
107.60
0.00
107.60		 Unrestricted Restricted
Total
Funds
Funds
2022
0.00
0.00
0.00
40,767.26
0.00
40,767.26
3,153.56
0.00
3,153.56
970.91
0.00
970.91
9,655.25
0.00
9,655.25
8,327.47
0.00
8,327.47
5,263.10
0.00
5,263.10
0.00
1,321.62
1,321.62
491.11
491.11
28,650.00
28,650.00
927.50
927.50
450.00
450.00
95.00
95.00
318.69
318.69
107.60
0.00
107.60		 Total
2021
6,000.00
170,500.00
550.00
11,667.25
5,358.64
6,612.05
4,685.30
259.50
0.00
99,177.45 1,321.62 100,499.07 205,632.74
0.00 0.00
0.00		 0.00
65.79
3,844.67
2,232.38
74.98		 0.00
65.79
0.00
3,844.67
2,232.38
0.00
74.98		 594.00
14,354.99
78.60
6,217.82 0.00
6,217.82		 15,027.59
0.00
0.00		 0.00
0.00
0.00
0.00		 0.00
0.00
0.00 0.00
0.00		 0.00
105,395.27 1,321.62 106,716.89 220,660.33
2022
£
78,580.92
5,778.00
84,358.92
45,783.87
5,263.10
51,046.97
33,311.95		 2021
£
78,580.92
78,580.92
41,098.57
4,685.30
45,783.87
32,797.06

GUILD CHURCH OF ST KATHARINE CREE NOTES TO THE ACCOUNTS

5
Investments
M&G Charifund (7,083 units)
6
Debtors
Central Board of Finance Deposit Fund
CCLA Shares Fund (London Diocesan Fund)
7
Creditors: Amounts falling due
within one year
Running Expenses
Administration Costs
Theology Community
Bank Charges
Church Upkeep
Website
Clergy expenses
Administrative salaries
Storyteller Workshop
Travel
Music
Creditors for goods and services		 2022
2021
£
£
114,666.65
121,430.29
114,666.65
121,430.29
2022
2021
£
£
9,073.26
18,198.63
77,912.48
88,307.78
86,985.74
106,506.41
2022
2021
£
£
1,836.14
1,690.74
2,150.00
10,870.07
19,977.00
251,844.75
5.80
160.98
29.75
1,369.83
329.80
52.70
46.60
96.19
25,958.60
264,501.75

8 Restricted Funds

Fund
Bells & Organ Fund
Restoration Fund
Throckmorton Shield
CUF-Leadership Project		 B/F
Income
Expenses
C/F
£
£
£
£
5,470.13
0.00
-1,321.62
4,148.51
7,164.00
0.00
0.00
7,164.00
11,085.58
0.00
0.00
11,085.58
2,830.00
2,830.00
23,719.71
2,830.00
(1,321.62)
25,228.09

9 Related party transactions

There have been no transactions with persons or entities that are closely connected to the charity or its trustees (2021 none).

None of the trustees have been paid any remuneration or received any other benefits from the charity (2021 none).

No trustee expenses were incurred in the year (2021 none).