## **The Parish of St Michael Cornhill**
## Annual Report and Financial Statements of the
## Parochial Church Council
For the
year ending 31 December 2024
Registered Charity Number 1179240
PCC of St Michael, Cornhill Year ending 31 December 2024
## **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 2024
## **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
- To continue the musical tradition of St Michael’s
- 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 and Matins on Tuesdays and other services 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 maintains the fabric of the Church of St Michael.
## **Achievements and performance**
The church and garden are open during the week to serve the City with an oasis of calm, providing a place for quiet 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.
We were delighted to be awarded a Silver Certificate of Excellence as part of the Worshipful Company of Gardeners’ “Flowers in the City” Summer Campaign in 2024 a testament to the dedication and hard work of everyone involved in planning and maintaining our garden.
## **Financial review**
The net income for the year was £22,389 compared to £35,842 in 2023 (across both Unrestricted and Restricted Funds).
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 resources.
## **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.
page 3
PCC of St Michael, Cornhill Year ending 31 December 2024
At the end of 2024 unrestricted funds amounted to some £223,348 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; it met three times in 2024.
The PCC has a duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016 to have due regard to the House of Bishops’ “guidance on safeguarding children and vulnerable adults”. The PCC has complied with this duty.
page 4
PCC of St Michael, Cornhill Year ending 31 December 2024
## **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 2024 until the date this Report was approved are:
|Priest in Charge:|The Reverend H Eatock-Taylor|
|---|---|
|Curate:|The Reverend A Balch|
|Wardens:|Alderman Robert Howard|
||S Hung|
||R Phelps|
||P Pritchett|
||Miss M Vander-Steen|
||Dr L Webster|
||J Wolstenholme (appointed Warden 14 May 2024)|
|Elected PCC members:|T Liu|
||D Monro|
||Mrs J Taylor|
||R Meacher|
|Ex Officio:|Miss D Buggs (General Synod representative)|
||S Hung (as above) (Deanery Synod representative)|
||Mrs H White (Deanery Synod representative)|
||J Wolstenholme (as above) (Diocesan 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 31 March 2025 and signed on its behalf by: Tom Liu
Tom Liu
page 5
PCC of St Michael, Cornhill Year ending 31 December 2024
## **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 2024.
## **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:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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: 3 April 2025
page 6
PCC of St Michael, Cornhill Year ending 31 December 2024
## **Statement of Financial Activities**
for the Year ending 31 December 2024
|Note
INCOME and ENDOWMENTS from:
Donations and Legacies
2 (a)
Charitable Activities
2 (b)
Investments
2 (c)
TOTAL
EXPENDITURE on:
Charitable Activities
3 (a)
Other Costs
3 (b)
TOTAL
NET INCOME/(EXPENDITURE)
TRANSFERS BETWEEN FUNDS
NET MOVEMENTS IN FUNDS
RECONCILIATION of FUNDS
Total Funds brought forward
Total Funds carried forward|Unrestricted
Restricted
TOTAL
Funds
Funds
2024
£
£
£
60,610
39,800
100,410
82,821
-
82,821
3,239
-
3,239
146,670
39,800
186,470
116,259
45,902
162,161
1,920
-
1,920
118,179
45,902
164,081
28,491
(6,102)
22,389
(6,102)
6,102
-
22,389
-
22,389
219,059
16,700
235,759
241,448
16,700
258,148|Unrestricted
Restricted
TOTAL
Funds
Funds
2023
£
£
£
60,059
38,000
98,059
103,135
-
103,135
468
4
471|
|---|---|---|
|||163,661
38,004
201,665|
|||134,662
29,431
164,093
1,730
-
1,730|
|||136,392
29,431
165,823|
|||27,269
8,573
35,842
(37)
37
-|
|||27,232
8,610
35,842
191,827
8,090
199,917|
|||219,059
16,700
235,759|
page 7
PCC of St Michael, Cornhill Year ending 31 December 2024
## **Balance Sheet at 31 December 2024**
|**ance Sheet at 31 December 2024**|||
|---|---|---|
|Note
Current Assets
Bank: PCC
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|2024
£
274,529
7,013
281,542
23,394
258,148
258,148
223,348
18,100
16,700
258,148|2023
£
260,557
4,116|
|||264,673|
|||28,914|
|||235,759|
|||235,759|
|||200,959
18,100
16,700|
|||235,759|
The financial statements were approved by the PCC on 31 March 2025 and signed on its behalf by:
## Tom Liu
## Tom Liu
page 8
PCC of St Michael, Cornhill Year ending 31 December 2024
## 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 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.
page 9
PCC of St Michael, Cornhill Year ending 31 December 2024
## 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
2024
£
£
£
18,303
-
18,303
6,751
39,800
46,551
15,194
-
15,194
20,362
-
20,362
60,610
39,800
100,410
40,719
-
40,719
11,424
-
11,424
23,105
-
23,105
2,780
-
2,780
4,793
-
4,793
82,821
-
82,821
3,239
-
3,239
3,239
-
3,239
146,670
39,800
186,470|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|
page 10
PCC of St Michael, Cornhill Year ending 31 December 2024
## Notes to the Accounts
|3. Resources Expended
3 (a) Church activities:
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:
Parish Administrator
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
2024
2,730
-
2,730
241
-
241
456
-
456
3,427
-
3,427
5,666
37,244
42,910
23,633
-
23,633
7,295
-
7,295
382
56
438
1,780
-
1,780
4,032
-
4,032
42,788
37,300
80,088
11,903
-
11,903
3,139
-
3,139
859
-
859
995
-
995
624
-
624
739
-
739
14,000
-
14,000
1,400
-
1,400
33,659
-
33,659
2,442
-
2,442
23,711
-
23,711
10,232
8,602
18,834
36,385
8,602
44,987
1,920
-
1,920
118,179
45,902
164,081|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
-
2,422
30,007
-
30,007
13,653
4,374
18,027|
|||46,082
4,374
50,456|
|||1,730
-
1,730|
|||136,392
29,431
165,823|
page 11
PCC of St Michael, Cornhill Year ending 31 December 2024
## Notes to the Accounts
## 4a. Payments to PCC Members
During 2024 and 2023, no payments were made to PCC members, no PCC members received any benefits in kind and no PCC members received any reimbursement of expenses relating to their duties as PCC members.
## 4b. Payments from PCC Members
Giving by seven PCC members amounted to £4,295 (2023 - eight gave £4,085).
## 4c. Employee numbers
During the year the PCC had 3 employees (2023 - 3 employees).
4d. Staff costs
|Salaries
Pension|2024
2023
£
£
41,893
40,945
1,178
1,156|
|---|---|
||43,071
42,101|
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
Accrued Income
Prepayments
Creditors
Ministry
Administration
Music
Governance
Repairs & Maintenance
Utilities
Deferred income|Unrestricted
Restricted
TOTAL
Fund
Funds
2024
£
£
£
770
-
770
5,410
-
5,410
462
-
462
371
-
371
7,013
-
7,013
Unrestricted
Restricted
TOTAL
Fund
Funds
2024
£
£
£
4,471
-
4,471
9,147
-
9,147
2,466
-
2,466
-
-
-
1,822
-
1,822
1,305
-
1,305
4,183
-
4,183
23,394
-
23,394|Unrestricted
Restricted
TOTAL
Fund
Funds
2023
£
£
£
1,694
-
1,694
2,053
-
2,053
-
-
-
369
-
369|
|---|---|---|
|||4,116
-
4,116|
|||Unrestricted
Restricted
TOTAL
Fund
Funds
2023
£
£
£
576
-
576
5,367
-
5,367
14,027
- 14,027
1,750
-
1,750
1,992
-
1,992
1,020
-
1,020
4,183
-
4,183|
|||28,914
- 28,914|
## 6. Creditors
page 12
PCC of St Michael, Cornhill Year ending 31 December 2024
## Notes to the Accounts
7. Analysis of Total Assets
|Current assets
Bank balances
Debtors
Current liabilities
Creditors|Unrestricted
Restricted
TOTAL
Fund
Funds
2024
£
£
£
257,829
16,700
274,529
7,013
-
7,013
23,394
-
23,394
241,448
16,700
258,148|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|
page 13
PCC of St Michael, Cornhill Year ending 31 December 2024
## Notes to the Accounts
## 8. Movements in Funds
|UNRESTRICTED
General
Designated – Building Fund
RESTRICTED
Garden
Music Fund
TOTAL
UNRESTRICTED
General
Designated – Building Fund
RESTRICTED
Garden
Fryer Music Bequest
Music fund
TOTAL|**At**
**Incoming**
**Resources**
**At**
**01.01.24**
**resources**
**expended**
**Transfers**
**31.12.24**
200,959
146,670
118,179
(6,102)
223,348
18,100
-
-
-
18,100|
|---|---|
||219,059
146,670
118,179
(6,102)
241,448|
||-
2,500
8,602
6,102
-
16,700
37,300
37,300
-
16,700|
||16,700
39,800
45,902
6,102
16,700|
||235,759
186,470
164,081
-
258,148|
||**At**
**Incoming**
**Resources**
**At**
**01.01.23**
**resources**
**expended**
**Transfers**
**31.12.23**
173,727
163,661
136,392
(37)
200,959
18,100
-
-
-
18,100|
||191,827
163,661
136,392
(37)
219,059|
||1,002
3,336
4,375
37
-
7,088
4
7,092
-
-
-
34,664
17,964
-
16,700|
||8,090
38,004
29,431
37
16,700|
||199,917
201,665
165,823
-
235,759|
Notes:
Funds may be applied as follows: UNRESTRICTED
(i) Designated – Building Fund: for maintenance and repairs of St Michael, Cornhill.
## RESTRICTED
(i) Garden: for the maintenance and upkeep of the Garden
(ii) Music Fund: for the cost of providing the music at Evensong
(iii) Fryer Music Bequest: a gift to be used specifically for the furtherance of music in and in connection with the church as directed by a named person.
page 14