2024-12-31-accounts - The Guild Church Council Of St Katharine Cree

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Charity registration number: 1174763

THE GUILD CHURCH COUNCIL OF ST KATHERINE CREE TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Holy Brook Associates Ltd

The Guild Church Council of St Katherine Cree Contents

	Page
Reference and Administrative Details	1
Trustees' Report	2—4
Independent Examiner's Report	5
Statement of Financial Activities	6
Comparative Statement of Financial Activities	7
Statement of Financial Position	8
Notes to the Financial Statements	9—14

The Guild Church Council of St Katherine Cree Reference and Administrative Details For The Year Ended 31 December 2024

Trustees	Ms Rachel Burke - Treasurer and Churchwarden
	Mr Michael Page - Church Warden
	Mr Allan Ramanoop
	Mr Bola Alatishe (appointed 16/05/2024)
	Ms Michelle CHarles
	Rev Josh Harris - Chair
Bankers	HSBC Ltd.
	CAF Bank
Accountants	Holy Brook Associates Ltd
Independent Examiner	Rachel Eden, FCMA
Deanery Synod Representative	Michael Page
Guild Church Clerk	Martin Woods
Charity Number	1174763
Principal Address	86 Leadenhall Street
	London
	EC3A 3BP
Independent Examiner	Rachel Eden, Holy Brook Associates Ltd FCMA
	Holy Brook Associates Ltd
	Curious Lounge
	Reading
	Berkshire
	RG11NH

Page 1

The Guild Church Council of St Katherine Cree Trustees' Report For The Year Ended 31 December 2024

The trustees present their report and the financial statements for the year ended 31 December 2024.

Objectives and Activities

Aims and Objectives

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 which are its governing documents. The GCC is a corporate body with ultimate responsibility for all matters affecting the Guild Church in conjunction with the incumbent and the Bishop of London.

Public Benefit

The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit.

Achievements and Performance

Main Achievements

Over the past year we have continued to build 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 the week and an increase in drop-in visitors.

Our monthly service of Holy Communion in Spanish has continued to grow, led ably by our Mission and Outreach Coordinator. We have an increasingly confident group of lay leaders.

A major change in 2024 was the successful conclusion of the partnership with the Centre for Theology and Community, who helped delivered the initial pilot phase of this project. We bade farewell to the CTC team in the Spring, including the Director of CTC, Revd Angus Ritchie, who additionally served as Assistant Priest here during the project. We recruited a new Mission and Outreach Coordinator in February who proved an excellent addition to our team and helped establish an appropriate level of resourcing for the ongoing project. We also recruited a Church Administrator to strengthen our core operations and, in particular, to develop our capacity for external hires.

Our Saturday English (ESOL) class has continued to develop. Our volunteer qualified ESOL teacher has contributed a huge amount of time, and we built a dedicated group of volunteers to support her. As the year closed, she relocated overseas and we prepared to begin a new partnership with English for Action to deliver these classes.

Autumn highlights include: In September we again partnered with Shpresa to hold a celebration of Mother Theresa in September which included an accessible service of Evening Prayer. Our Lion Sermon in October continues to be an annual highlight for us and for the City. This year, the popular writer and broadcaster, and former Director of Theos, Elizabeth Oldfield, delivered the Sermon to a large and diverse congregation. In mid-November we again celebrated Living Wage Week with a powerful service of thanksgiving and prayer, featuring testimony from workers, reflection on Scripture, worship, and prayer. The service included contributions from Christians and clergy from churches across London including Roman Catholic and Pentecostal partners. On the same day, our Joseph Centre for Dignified Work (a project of the church to further our charitable aims) hosted a study session led by researchers from Theos and members of our team and congregation about the biblical basis for the living wage campaign. The service was followed by a Latin American fiesta and celebration.

The Revd Josh Harris concluded his year as Chaplain to Sheriff Alderwoman Susan Langley DBE for 2023-4. This has helped renew our connections with the civic City and provided future opportunities for furthering the mission and charitable objectives of the church and raising the profile of our new activities with prospective supporters.

We have been delighted that our ecumenical commitments bear fruit. On Sundays, we host a gathered Pentecostal congregation, Salvation Church. In February, we received a handwritten letter from Pope Francis encouraging us to continue our work. We continue to build relationships, both locally and globally, with ecumenical friends and partners.

Advent and Christmas 2023 saw several successful carol services. We hosted, among others, Markel, Thomas Miller, the Insurance Institute of London.

Building and Fabric

Our Church Architect, Kathryn Harris from Nick Cox Architects, finished a condition survey of the church and hall which identified priority works. Development towards a lottery bid continue.

Minor works were undertaken including repairs, and converting the Vestry into a Church Office.

Page 2

The Guild Church Council of St Katherine Cree Trustees' Report (continued) For The Year Ended 31 December 2024

Financial Review

Financial Position

Our accounts this year show an income of £386,545 and outgoings of £276,596. Our income in 2024 included grant payments that were for activities in 2024 and 2025.

The funding for our mission activities comes from the CCGC.

We are pleased that utilisation of the Hall and Church for concerts and events has increased in 2024 compared to 2023. It will be important to increase this income into our unrestricted funds in future years.

As the church continues to redevelop we will need to increase our voluntary income from in-church donations, service collections, and regular giving, as this is an important source of unrestricted income. We continue to work to reduce our unrestricted expenditure, the most significant aspects of which are our heating and electricity bills and our Common Fund contribution which we continue to meet in full. We are in a fortunate position of having a relatively large investments fund. In 2025 we plan to review and formally adopt a reserves policy and to seek to increase our unrestricted voluntary income.

Our investments and the Airspace Lease on a neighbouring property continue to deliver income which helps us meet our Common Fund obligations. Some expected grants were received (including the City Burial Fund).

Safeguarding

Our Mission and Outreach Coordinator was appointed Church Safeguarding Officer on 21st June 2024 by the GCC, and has worked closely with the diocesan team to strengthen our processes and record keeping, and ensure we maintain a highquality and pastorally appropriate approach to safeguarding. In our case, this is predominantly concerned with adults who are vulnerable due to their ability to communicate in English and/or their migration status.

Structure, Governance and Management

Electoral Roll

Throughout 2024 the Electoral Roll remained unchanged at 16.

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgments and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at anytime the financial position of the charity and to enable them to ensure that the accounts comply 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 assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Page 3

The Guild Church Council of St Katherine Cree Trustees' Report (continued) For The Year Ended 31 December 2024

The trustees' report was approved by the board of trustees and signed on its behalf by:

Rev Josh Harris Trustee 22/09/2025

Page 4

The Guild Church Council of St Katherine Cree Independent Examiner's Report to the Trustees of The Guild Church Council of St Katherine Cree For The Year Ended 31 December 2024

I report to the trustees on my examination of the accounts of The Guild Church Council of St Katherine Cree (the Trust) for the year ended 31 December 2024.

Responsibilities and Basis of Report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner's Statement

Since the Trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Chartered Institute of Management Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and contents of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Rachel Eden, Holy Brook Associates Ltd FCMA 22/09/2025 Curious Lounge Reading Berkshire RG11NH

Page 5

The Guild Church Council of St Katherine Cree Statement of Financial Activities For The Year Ended 31 December 2024

Unrestricted funds £ 10,027 1,197 49,191 5,630	Restricted funds £ 320,500 - - -	2024 Total funds £ 330,527 1,197 49,191 5,630	2023 Total funds £ 182,260 925 11,728 24,884
66,045	320,500	386,545	219,797
105 (44,061) (32,030)	- (152,858) (47,752)	105 (196,919) (79,782)	(148) (315,962) -
(75,986)	(200,610)	(276,596)	(316,110)
(9,941) 13,734	119,890 -	109,949 13,734	(96,313) 2,105
3,793	119,890	123,683	(94,208)
3,793 197,673	119,890 25,388	123,683 223,061	(94,208) 317,294
201,466	145,278	346,744	223,086

The notes on pages 9 to 14 form part of these financial statements.

Page 6

The Guild Church Council of St Katherine Cree Comparative Statement of Financial Activities For The Year Ended 31 December 2024

Unrestricted funds £ 29,669 925 11,728 24,884	Restricted funds £ 152,591 - - -	2023 Total funds £ 182,260 925 11,728 24,884
67,206	152,591	219,797
(149) (77,680)	1 (238,282)	(148) (315,962)
(77,829)	(238,281)	(316,110)
(10,623) 2,105	(85,690) -	(96,313) 2,105
(8,518)	(85,690)	(94,208)
(8,518) 206,215	(85,690) 111,079	(94,208) 317,294
197,697	25,389	223,086

The notes on pages 9 to 14 form part of these financial statements.

Page 7

The Guild Church Council of St Katherine Cree Statement of Financial Position As At 31 December 2024

Unrestricted funds £ 1,445 190,209	Restricted funds £ - 7,282	2024 Total funds £ 1,445 197,491	2023 Total funds £ 22,535 183,757
191,654 3,050 11,328	7,282 - 137,996	198,936 3,050 149,324	206,292 100 24,526
14,378 (4,566)	137,996 -	152,374 (4,566)	24,626 (7,832)
9,812	137,996	147,808	16,794
201,466	145,278	346,744	223,086
201,466	145,278	346,744	223,086
		145,278 201,466	25,389 197,697
		346,744	223,086

The financial statements were approved by the board of trustees on 22 September 2025 and were signed on its behalf by:

Ms Rachel Burke

Trustee

The notes on pages 9 to 14 form part of these financial statements.

Page 8

The Guild Church Council of St Katherine Cree Notes to the Financial Statements For The Year Ended 31 December 2024

1. Statement of Compliance

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities Act 2011.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention.

The charity is a Public Benefit Entity as defined by FRS 102.

2.2. Going Concern Disclosure

The trustees have not identified any material uncertainties related to events or conditions that may cast significant doubt about the charity's ability to continue as a going concern.

2.3. Fund Accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds comprise unrestricted funds that have been set aside by the trustees for a specific purpose.

Restricted funds are to be used for specific purposes as laid down by the donor.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.4. Incoming Resources

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102. Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP).

Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise. The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.

Income from interest is included in the accounts when receipt is probable and the amount receivable can be measured reliably.

2.5. Resources Expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. The charity has creditors which are measured at settlement amounts less any trade discounts. The charity accounts for basic financial instruments on initial recognition as per paragraph 11.7 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS102

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets for use by charity are capitalised if they can be used for more than one year, and cost at least £500.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives over 4 years

Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amounts advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

Page 9

The Guild Church Council of St Katherine Cree Notes to the Financial Statements (continued) For The Year Ended 31 December 2024

2.7. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.8. Taxation

The charity is exempt from tax as all its income is charitable and applied for charitable purposes.

2.9. Pensions

The charity operates a defined pension contribution scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.

2.10. Government Grant

Government grants are recognised in the statement of financial activities in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the statement of financial activities. Grants towards general activities of the entity over a specific period are recognised in the statement of financial activities over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the statement of financial activities over the useful life of the asset concerned.

All grants in the statement of financial activities are recognised when all conditions for receipt have been complied with.

3. Income from Donations and Legacies

Donations and gifts Gift aid Grants Other	Unrestricted funds £ 5,171 362 4,494 -	Restricted funds £ - - 320,500 -	2024 Total funds £ 5,171 362 324,994 -	2023 Total funds £ 6,910 317 167,319 7,714
	10,027	320,500	330,527	182,260

4. Income from Charitable Activities

inistry: General: Activities to Generate Funds: Fees for Special Services General: Carol Services	2024 Unrestricted funds £ - 1,197	2023 Total funds £ 925 -
	1,197	925

Ministry:

Page 10

The Guild Church Council of St Katherine Cree Notes to the Financial Statements (continued) For The Year Ended 31 December 2024

5. Income from Other Trading Activities

Letting and licencing arrangements Room Hire . Investment Income General (Unrestricted): Bank Interest and Dividends . Independent Examiner's Remuneration Independent examination of the financial statements Other assurance services Tax advisory services Other financial services he other assurance services constitute preparation of the accounts prior to examination . Staff Costs taff costs were as follows: Wages and salaries Social security costs Other pension costs		2024 Unrestricted funds £ 8,700 40,491	2023 Total funds £ - 11,728
		49,191	11,728
		2024 Unrestricted funds £ 5,630	2023 Total funds £ 24,884
		2024 £ 612 744 - - 1,356 2024 £ 93,362 - - 93,362	2023 £ 558 672 - -
			1,230
			2023 £ 166,243 108 322
			166,673

6. Investment Income

Independent Examiner's Remuneration

The other assurance services constitute preparation of the accounts prior to examination

8. Staff Costs

Staff costs were as follows:

Staff costs include £44,007 in respect of clergy who were not directly employed by the charity.

No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000.

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

9. Average Number of Employees

Average number of employees during the year was: 2 (2023: 1)

Page 11

The Guild Church Council of St Katherine Cree Notes to the Financial Statements (continued) For The Year Ended 31 December 2024

10. Tangible Assets

10. Tangible Assets
Cost As at 1 January 2024 As at 31 December 2024 Depreciation As at 1 January 2024 Provided during the period As at 31 December 2024 Net Book Value As at 31 December 2024 As at 1 January 2024 11. Investments Cost or Valuation As at 1 January 2024 Fair value adjustments As at 31 December 2024 Provision As at 1 January 2024 As at 31 December 2024 Net Book Value As at 31 December 2024 As at 1 January 2024 12. Debtors Due within one year Trade debtors 13. Creditors: Amounts Falling Due Within One Year Trade creditors Bank loans and overdrafts Other creditors	2024 £ 3,050 2024 £ 4,566 - - 4,566	Plant & Machinery £ 84,359
		84,359
		61,824 21,090
		82,914
		1,445
		22,535
		Listed £ 183,757 13,734
		197,491
		-
		-
		197,491
		183,757
		2023 £ 100
		2023 £ 7,784 74 (26)
		7,832

Page 12

The Guild Church Council of St Katherine Cree Notes to the Financial Statements (continued) For The Year Ended 31 December 2024

14. Movement in Funds

As at 1 January 2024 £ 197,673 14,201 236 3,787 7,164	Income £ 66,045 320,500 - - -	Expenditure £ (62,252) (194,776) - (56) (5,778)	As at 31 December 2024 £ 201,466 139,925 236 3,731 1,386
25,388	320,500	(200,610)	145,278

223,061	386,545	(262,862)	346,744
As at 1 January 2023 £ 206,215 11,196 85,850 2,720 4,149 7,164	Income £ 67,206 4,890 147,701 - - -	Expenditure £ (75,724) (16,086) (219,350) (2,484) (361) -	As at 31 December 2023 £ 197,697 - 14,201 236 3,788 7,164
111,079	152,591	(238,281)	25,389

317,294	219,797	(314,005)	223,086

15. Post Balance Sheet Events

None

16. Transactions with Trustees

None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.

No trustee expenses have been incurred.

Page 13

The Guild Church Council of St Katherine Cree Notes to the Financial Statements (continued) For The Year Ended 31 December 2024

17. Related Party Disclosures

Trustees

Donations totalling: 1,910

There were no disclosable related party other than donations by trustees as above. There were no conditions attached by trustees to any of these donations.

Page 14