The Parish of St Michael Cornhill
Annual Report and Financial Statements of the
Parochial Church Council
For the
year ending 31 December 2023
Registered Charity Number 1179240
PCC of St Michael, Cornhill Year ending 31 December 2023
Contents
PCC annual report ...................................................... 3 Report of the independent examiner ......................... 6 Statement of Financial Activities ................................ 7 Balance Sheet ............................................................. 8 Notes to the financial statements ......................... 9-14
page 2
PCC of St Michael, Cornhill Year ending 31 December 2023
PCC Annual report
Aim and Purposes
The primary objective of all PCCs is the promotion of the Gospel of our Lord Jesus Christ for the benefit of the public. Given the location and history of the church building, the PCC adopted the following objectives:
-
To enable the mission of the Church to spread the good news of Jesus and make disciples of all nations
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To continue the musical tradition of St Michael’s
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To allow the public to benefit from the restored organ and new bells
The PCC has specific responsibilities for the maintenance of the church building situated in Cornhill.
Objectives and activities
St Michael’s main objective is to encourage further the worship of Almighty God through choral evensong services on Tuesdays and a monthly matins service following the Book of Common Prayer.
The PCC runs Organ recitals on Monday Lunchtimes.
The PCC has considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. The Church provides benefit to the public by providing resources and facilities to provide a place for public worship and prayer, for the provision of pastoral care for those living or working in the Parish, and for missionary and outreach work.
In order to facilitate this work, it is important that the PCC maintain the fabric of the Church of St Michael.
Achievements and performance
The church is opened during the week to afford a place of peace and reflection.
All are welcome to attend the Services. As well as our regular Services, we enable our community to celebrate and thank God at the milestones of the journey through life, at Baptism, Marriage and Thanksgiving Services, together with recognising the service of Livery Companies to the City and world at large.
Facilities are made available for those dealing with the problems of drug misuse.
Financial review
The net income for the year was £35,842 compared to £6,898 in 2022 (across both Unrestricted and Restricted Funds).
In 2015, the Church received a generous bequest of £155,000 in the Will of a former parishioner; this bequest was restricted to the furtherance of music and was not available for the running of the Church. This fund underpinned much of the musical activity of the Church until it was fully used part way through 2023.
The PCC thanks the Thalben-Ball Trust for financial assistance for the support and training of an Organ Scholar, and the PCC of St Helen Bishopsgate for supplying clergy and other staff.
Reserves policy
The reserves policy of the PCC is to hold unrestricted funds to cover around three months’ expenditure. It is expected that our income in future years will come from collections taken at services and recitals and grants from other charities. These income streams can be volatile and difficult to predict. The ability of the PCC to manage costs in the short term is limited as staff costs and costs associated with running the church building would take time to reduce.
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PCC of St Michael, Cornhill Year ending 31 December 2023
At the end of 2023 unrestricted funds amounted to some £219,000 which is more than needed to cover three months’ expenditure. It is expected that some of these funds will be used for repairs to the building in the future.
Structure, governance and management.
The Parochial Church Council is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure and is registered with the Charity Commission.
The method of appointment of members is set out in the Church Representation Rules.
The PCC met five times during the year. A Standing committee transacts the business of the Council between PCC meetings, subject to any directions given by the Council. The Standing Committee met five times in the year.
The PCC has complied with the duty to have due regard to the House of Bishops’ Safeguarding Policy and Practice Guidance.
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PCC of St Michael, Cornhill Year ending 31 December 2023
Administrative information
St Michael’s Church is situated in Cornhill, City of London. It is part of the Diocese of London. The correspondence address is: St Michael’s Church, St Michael’s Alley, London, EC3V 9DS. PCC members who have served at any time from 1 January 2023 until the date this Report was approved are:
| Priest in Charge: | The Reverend H Eatock-Taylor | The Reverend H Eatock-Taylor |
|---|---|---|
| Curates: | The Reverend A Balch | |
| Wardens: | Dr D Bland | (Resigned 16 May 2023) |
| Alderman Robert Howard | ||
| S Hung | ||
| R Phelps | ||
| P Pritchett | ||
| Miss M Vander-Steen | ||
| Dr L Webster | ||
| Elected: | L Elbourne | (Resigned 16 May 2023) |
| T Liu | ||
| D Monro | ||
| Mrs J Taylor | ||
| S Sodadasi | (Resigned 16 May 2023) | |
| R Meacher | ||
| Ex Officio: | Miss D Buggs | (General Synod representative) |
| S Hung (as above) | (Deanery Synod representative) | |
| J Wolstenholme | (Diocesan Synod representative) | |
| Mrs H White | (Deanery Synod representative) |
The PCC has banking arrangements with: CAF Bank Ltd 25 Kings Hill Avenue, Kings Hill West Malling, Kent ME19 4JQ The Examiners of the Accounts are: Griffin Stone Moscrop & Co 21-27 Lamb’s Conduit Street London WC1N 3GS
Approved by the PCC on Tuesday 26 March 2024 and signed on its behalf by:
Tom Liu
Tom Liu
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PCC of St Michael, Cornhill Year ending 31 December 2023
Independent Examiner's Report to the Trustees of The Parish Church of St Michael, Cornhill
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity’s trustees 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 charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content 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.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Richard Hill
Richard Hill FCA For and on behalf of Griffin Stone Moscrop & Co 21-27 Lamb’s Conduit Street London WC1N 3GS
Date: 28 March 2024
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PCC of St Michael, Cornhill Year ending 31 December 2023
Statement of Financial Activities
for the Year ending 31 December 2023
| Unrestricted | Restricted | TOTAL | Unrestricted | Restricted | TOTAL | ||
|---|---|---|---|---|---|---|---|
| Funds | Funds | 2023 | Funds | Funds | 2022 | ||
| Note | £ | £ | £ | £ | £ | £ | |
| INCOME and ENDOWMENTS from: | |||||||
| Donations and Legacies | 2 (a) | 60,059 | 38,000 | 98,059 | 60,973 | 8,730 | 69,703 |
| Charitable Activities | 2 (b) | 103,135 | - | 103,135 | 70,321 | - | 70,321 |
| Investments | 2 (c) | 468 | 4 | 471 | 168 | 17 | 185 |
| TOTAL | 163,661 | 38,004 | 201,665 | 131,462 | 8,747 | 140,209 | |
| EXPENDITURE on: | |||||||
| Charitable activities | 3 (a) | 134,662 | 29,431 | 164,093 | 106,486 | 25,105 | 131,591 |
| Other Costs | 3 (b) | 1,730 | - | 1,730 | 1,720 | - | 1,720 |
| TOTAL | 136,392 | 29,431 | 165,823 | 108,206 | 25,105 | 133,311 | |
| NET INCOME/(EXPENDITURE) | 27,269 | 8,573 | 35,842 | 23,256 | (16,358) | 6,898 | |
| TRANSFERS BETWEEN FUNDS |
(37) | 37 | - | - | - | - | |
| NET MOVEMENTS IN FUNDS | 27,232 | 8,610 | 35,842 | 23,256 | (16,358) | 6,898 | |
| RECONCILIATION of FUNDS | |||||||
| Total Funds brought forward | 191,827 | 8,090 | 199,917 | 168,571 | 24,448 | 193,019 | |
| Total Funds carried forward | 219,059 | 16,700 | 235,759 | 191,827 | 8,090 | 199,917 |
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PCC of St Michael, Cornhill Year ending 31 December 2023
Balance Sheet at 31 December 2023
| ance Sheet at 31 December 2023 | ||
|---|---|---|
| Note Current Assets Bank: PCC Fryer Music Bequest Other Debtors 5 Current Liabilities Creditors: amounts falling due within one year 6 Net Current Assets Total Net Assets 7 Parish Funds Unrestricted 8 - Designated 8 Restricted 8 |
2023 £ 260,557 - - 4,116 264,673 28,914 235,759 235,759 200,959 18,100 16,700 235,759 |
2022 £ 203,884 7,088 - 5,667 |
| 216,639 | ||
| 16,722 | ||
| 199,917 | ||
| 199,917 | ||
| 173,727 18,100 8,090 |
||
| 199,917 |
The financial statements were approved by the PCC on 26 March 2024 and signed on its behalf by: Tom Liu
Tom Liu
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PCC of St Michael, Cornhill Year ending 31 December 2023
Notes to the Accounts
1. Accounting Policies
Basis of financial statements
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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements have been prepared under the historical cost convention and include all transactions, assets and liabilities for which the PCC is responsible at law. They do not include the accounts of church groups that owe their affiliation to another body, nor those that are informal gatherings of church members.
The Parish Church of St Michael, Cornhill constitutes a public benefit entity as defined by FRS 102.
Fund accounting
Unrestricted Funds: income funds which may be spent on the PCC’s general purposes.
Restricted Funds: comprise (a) income from endowments which may be applied only on the restricted purposes intended by the donor and (b) revenue donations or grants for a specific PCC activity intended by the donor. Where there is no separate investment, interest is apportioned on an average balance basis.
Designated Funds: unrestricted and whose purpose is determined by the PCC on a revocable basis.
Incoming Resources : planned giving, collections and donations are recognised when received. Donations include donations in kind representing amounts paid by third parties to cover expenditure relating to the PCC. Tax refunds are included on a receivable basis. Grants and Legacies are accounted for when there is a legal entitlement to the amounts due. Rental income is invoiced in advance, but recognised in the SOFA in the period to which it relates, with amounts invoiced in advance being carried within deferred income at the balance sheet date. Dividends are accounted for when receivable and interest on an accrued basis. All incoming resources are accounted for gross. Voluntary Church Rate is recognised in the year the demand is raised. Any outgoings in connection are charged in the year incurred.
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 PCC. Common Fund expected to be paid over is accounted for when due.
Recognition of liabilities: Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the church to that expenditure, it is probable that settlement will be required and the amount of the obligation can be recognised and measured reliably. Accordingly, accruals, creditors and provisions are recognised where the church has a present obligation resulting from a past event and where the future outflow of funds to a third party is probable.
Fixed Assets: Consecrated and benefice property is not accounted for in the accounts in accordance with s 10(2)(a) and (c) of the Charities Act 2011.
Moveable church furnishings held by the Vicar and Churchwardens on special trust for the PCC and which require a faculty for disposal are inalienable property, listed in the Church’s inventory, which can be inspected at any reasonable time. For anything acquired prior to 2000, there is insufficient cost information available and therefore such assets are not valued in the financial statements.
Equipment used within the church premises is depreciated on a straight-line basis according to their estimated useful lives: individual items with a cost of under £2,500 are written off in the year of acquisition.
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PCC of St Michael, Cornhill Year ending 31 December 2023
Notes to the Accounts
| 2. Incoming Resources 2 (a) Voluntary Income: Collections (incl Gift Aid) Grants Donations Voluntary Church Rate 2 (b) Income from Church activities: Rental income Organ Recitals (incl Gift Aid) Choir & Facility Fees Wedding Services Other income 2 (c) Investment Income: Bank & HMRC Total Incoming Resources |
Unrestricted Restricted TOTAL Funds Funds 2023 £ £ £ 15,075 - 15,075 4,020 38,000 42,020 16,956 - 16,956 24,008 - 24,008 60,059 38,000 98,059 50,904 - 50,904 8,533 - 8,533 27,937 - 27,937 11,490 - 11,490 4,271 - 4,271 103,135 - 103,135 468 4 471 468 4 471 163,661 38,004 201,665 |
Unrestricted Restricted TOTAL Funds Funds 2022 £ £ £ 12,420 - 12,420 10,941 7,855 18,796 17,268 875 18,143 20,344 - 20,344 |
|---|---|---|
| 60,973 8,730 69,703 |
||
| 36,263 - 36,263 7,821 - 7,821 22,915 - 22,915 699 - 699 2,623 - 2,623 |
||
| 70,321 - 70,321 |
||
| 168 17 185 |
||
| 168 17 185 |
||
| 131,462 8,747 140,209 |
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PCC of St Michael, Cornhill Year ending 31 December 2023
Notes to the Accounts
| 3. Resources Expended 3 (a) Church activities Ministry: Common Fund Clergy & Sacristy Diocese: Wedding Fees Parish Events Music Director & Standing Choir Special Services Choir Organ Recitalists Music Licence Organists & Musicians for services Organ costs Administration PA Outsourced costs Printing Web/IT/Phone Books/Adverts/Subs Office costs Contribution for central support VCR Church maintenance Cleaning Utilities Repairs, maintenance, renewals 3 (b) Governance (Independent Examiner fee) Total Resources expended |
Unrestricted Restricted TOTAL Funds Funds 2023 - - - 2,086 - 2,086 1,045 - 1,045 36 - 36 3,167 - 3,167 18,604 24,316 42,920 24,468 - 24,468 4,804 - 4,804 372 714 1,086 1,900 - 1,900 3,971 - 3,971 54,119 25,030 79,149 11,124 - 11,124 3,680 - 3,680 616 - 616 1,224 - 1,224 532 - 532 718 27 745 12,000 - 12,000 1,400 - 1,400 31,294 27 31,321 2,422 - 6,126 30,007 - 30,007 13,653 4.374 14,323 46,082 4,374 50,456 1,730 - 1,730 136,392 29,431 165,823 |
Unrestricted Restricted TOTAL Funds Funds 2022 10,000 - 10,000 1,328 - 1,328 - - - 1,800 - 1,800 |
|---|---|---|
| 13,128 - 13,128 |
||
| 23,452 16,862 40,314 17,841 - 17,841 4,750 200 4,950 420 - 420 400 1,105 1,505 4,689 - 4,689 |
||
| 51,552 18,167 69,719 |
||
| 11,124 - 11,124 3,148 - 3,148 110 - 110 632 - 632 359 - 359 413 85 498 - - - 1,400 - 1,400 |
||
| 17,186 85 17,271 |
||
| 2,403 90 2,493 17,837 - 17,837 4,380 6,763 11,143 |
||
| 24,620 6,853 31,473 |
||
| 1,720 - 1,720 |
||
| 108,206 25,105 133,311 |
page 11
PCC of St Michael, Cornhill Year ending 31 December 2023
Notes to the Accounts
- 4a. Payments to PCC Members
No payments were made to PCC members in 2023 or 2022. During the year, no PCC members received any benefits in kind (2022 - £NIL). During the year, no PCC members received any reimbursement of expenses relating to their duties as PCC members (2022 - £NIL).
- 4b. Payments from PCC Members
Giving by eight PCC members amounted to £4,085 (2022: eight gave £4,208).
4c. Employee numbers
During the year the PCC had an average of 1.5 of a full time employee (2022 – 1.5 of a full time employee).
4d. Staff costs
| Salaries Pension |
2023 2022 £ £ 40,945 38,621 1,156 978 |
|---|---|
| 42,101 39,599 |
National Insurance costs were covered by the employer's annual allowance.
The PCC defines Key Management Personnel (KMP) as the members of the PCC. None of these received payment from the PCC during the year.
5. Debtors
| Gift Aid claims Debtors Prepayments Creditors Ministry Administration Music Governance Repairs & Maintenance Utilities Deferred income |
Unrestricted Restricted Fund Funds £ £ 1,694 - 2,053 - 369 - 4,116 - Unrestricted Restricted Fund Funds £ £ 576 - 5,367 - 14,027 - 1,750 - 1,992 - 1,020 - 4,183 - 28,914 - |
TOTAL 2023 £ 1,694 2,053 369 4,116 TOTAL 2023 £ 576 5,367 14,027 1,750 1,992 1,020 4,183 28,914 |
Unrestricted Fund £ - 5,314 353 |
Restricted Funds £ - - - |
TOTAL 2022 £ - 5,314 353 |
|---|---|---|---|---|---|
| 5,667 | - | 5,667 | |||
| Unrestricted Fund £ - 2,462 5,405 1,700 192 2,780 4,183 |
Restricted Funds £ - - - - - - - |
TOTAL 2022 £ - 2,462 5,405 1,700 192 2,780 4,183 |
|||
| 16,722 | - | 16,722 |
6. Creditors
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PCC of St Michael, Cornhill Year ending 31 December 2023
Notes to the Accounts
- Analysis of Total Assets
| Current assets Bank balances Debtors Current liabilities Creditors |
Unrestricted Restricted TOTAL Fund Funds 2023 £ £ £ 243,857 16,700 260,557 4,116 - 4,116 28,914 - 28,914 219,059 16,700 235,759 |
Unrestricted Restricted TOTAL Fund Funds 2022 £ £ £ 202,882 8,090 210,972 5,667 - 5,667 16,722 - 16,722 |
|---|---|---|
| 191,827 8,090 199,917 |
page 13
PCC of St Michael, Cornhill Year ending 31 December 2023
Notes to the Accounts
8. Movements in Funds
| UNRESTRICTED General Designated – Building Fund RESTRICTED Garden Fryer Music Bequest Music Fund TOTAL UNRESTRICTED General Designated – Building Fund RESTRICTED Garden Fryer Music Bequest TOTAL |
At 01.01.23 173,727 18,100 |
Incoming resources 163,661 - |
Resources expended Transfers 136,392 (37) - - |
At 31.12.23 200,959 18,100 |
|---|---|---|---|---|
| 191,827 | 163,661 | 136,392 (37) |
219,059 | |
| 1,002 7,088 - |
3,336 4 34,664 |
4,375 37 7,092 - 17,964 - |
- - 16,700 |
|
| 8,090 | 38,004 | 29,431 37 |
16,700 | |
| 199,917 | 201,665 | 165,823 - |
235,759 | |
| At 01.01.22 150,471 18,100 |
Incoming resources 131,462 - |
Resources expended Transfers 108,206 - - - |
At 31.12.22 173,727 18,100 |
|
| 168,571 | 131,462 | 108,206 - |
191,827 | |
| - 24,448 |
7,855 892 |
6,853 - 18,252 - |
1,002 7,088 |
|
| 24,448 | 8,747 | 25,105 - |
8,090 | |
| 193,019 | 140,209 | 133,311 - |
199,917 |
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