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2021-12-31-accounts

PCC of St Mary Woolnoth, St Edmund the King and St Clement Eastcheap

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

CONTENTS PAGE NO
References and administrative details of the charity 2
Trustees Report 3
Policy Statements 4
Review of the year 5
Fabric Report 6
Electoral roll 9
Safeguarding Report 9
Treasurer’s Report 10
Independent examiners report 12
Statement of financial activities 14
Balance sheet 15
Notes to the financial statements 16

PCC of St Mary Woolnoth, St Edmund the King and St Clement Eastcheap

Trustees’ Report for the Year ended 31 December 2021

References and administrative details of the charity

Trustees 2021
Incumbent Rt Rev Dr Ric Thorpe
Clergy Revd Wole Agbaje
Revd Andrew Baughen
Revd Preb J Crossley
Revd Beki Rogers
Revd Chris Rose
Elected
Churchwardens		 Mr James Gerry (until 13 May 2021)
Mrs Sharon Whitmarsh (from 13 May 2021)
Ms Bumade Agbaje (from 13 May 2021)
Deanery Synod
representatives		 Mr Maurice Dunmann
Elected Members Mr Kem Amafu-Dey
Mrs A Bleakley (Secretary)
Mr Nive Hall
Mrs I M Lannero (co-opted Treasurer)
Mr Samuel Manyumbu

Charity registered number: 1186263

Principal Office: St Mary Woolnoth, Lombard Street, London EC3V 9AN

Investment Managers: Central Board of Finance of the Church of England, CCLA, Senator House, 85 Queen Victoria Street, London, EC4V 4ET.

Independent Examiner: Derek Rodwell, Impact the Future Ltd, Bennett Verby, 7 St Petersgate, Stockport, Cheshire, SK1 1EB.

Bankers: Barclays Bank PLC, 100 Fenchurch Street, London EC3M 5JD

Page 2

PCC of St Edmund the King & Martyr, St Mary Woolnoth and St Clement Eastcheap

Trustees’ Report

for the Year ended 31 December 2021

The Parochial Church Council of St Mary Woolnoth, St Edmund the King and St Clement Eastcheap (‘the PCC’), as Trustees, present their annual report, together with the financial statements, for the year ended 31 December 2021. The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements.

Background and Mission

The Churchwardens and PCC of St Mary Woolnoth, St Edmund the King and St Clement Eastcheap have the responsibility of working with the Rector in promoting the whole mission of the Church. In 2021 this was expressed through the life and work of Imprint Church, The Gregory Centre for Church Multiplication, The London Centre for Spiritual Direction and the Amos Trust, which included weekend church services, mid-week services and groups meeting and keeping St Mary Woolnoth church and St Edmunds the King garden open to the public on weekdays. The PCC is also responsible for maintenance of the three Grade 1 listed parish churches: St Mary Woolnoth, St Edmund King, and St Clement Eastcheap.

Structure, Governance and Management

The method of appointment of PCC members is set out in the Church Representation Rules. At St Mary Woolnoth, St Edmund the King and St Clement Eastcheap, membership of the PCC consists of the licensed clergy, churchwardens, and members who are elected by those on the Electoral Roll. PCC members are responsible for making decisions on all matters of general concern and importance to the parish and on how the funds of the PCC are to be spent.

Administrative Information

The Parish of St Mary Woolnoth, St Edmund the King and St Clement Eastcheap is part of the Two Cities Area of the Diocese of London and within the Archdeaconry of London and Deanery of the City. The PCC is a body corporate under the Parochial Church Councils (Powers) Measure 1956 and the Church Representation Rules (‘the Rules’) and is a Charity (as of 11 November 2019). There are elections every year for the PCC at the Annual Parochial Church Meeting where all those on the electoral roll are eligible to vote; the APCM operates under the Rules.

Page 3

POLICY STATEMENTS

Health and Safety

The PCC has a Health and Safety policy covering the conduct of all activities within the church buildings. During the year policies were re-developed and supervised by Mrs Inger Lannero in collaboration with the incumbent, clergy and churchwardens. Accident and fire incident books are kept in the churches and each church has a trained First Aider: Cliff Radmore for St Mary Woolnoth, Catherine Ellerby/Jacqueline Olaifa for St Edmund the King and Nive Hall for St Clement Eastcheap.

Safeguarding

The PCC has adopted the Diocese of London’s safeguarding policy relating to children, young people and vulnerable people. The PCC is committed to the principles of best practice in relation to safeguarding and complies with the duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016 in respect of having due regard to House of Bishops’ guidance on safeguarding children and vulnerable adults. The guidance may be read in full on the Church of England website and a report is included within this annual report. The Safeguarding Officers appointed in each church are: Revd H Miller and Ms Benita Thambipillai for St Edmund the King; Mr Cliff Radmore for St Mary Woolnoth and Ms Karin Joseph for St Clement Eastcheap. In 2021 no safeguarding incidents were reported.

Equality Act 2010

The parish is aware of its responsibilities under the Act, especially regarding people with disabilities. At St Edmund the King wheelchair users are offered help in accessing the church building via the level access at the rear of the building and toilet facilities are available for wheelchair users. St Clement Eastcheap has wheelchair access. There is currently no option for level access at St Mary Woolnoth. The parish is aware that the flight of steps at the entrance to each of the church buildings may give difficulty to wheelchair users. The Grade 1 listed nature of the church buildings and their physical characteristics have, so far, prevented a full solution but as the Parish moves towards the Restoration of St Mary Woolnoth, disabled access will be part of the bigger plan.

Reserves Policy

It is PCC policy to maintain a balance on unrestricted funds which equates to at least three months’ unrestricted payments, equivalent to around £30,000, to cover emergency situations.

Page 4

Committee of the PCC

There are currently no committees other than the full PCC.

Objectives and Activities

The Churchwardens and PCC of St Mary Woolnoth, St Edmund and St Clement Eastcheap have the responsibility of working with the Rector in promoting the whole mission of the Church. This was expressed in 2021 through the life and work of Imprint Church, The Gregory Centre for Church Multiplication, The London Centre for Spiritual Direction and the Amos Trust.

Rt Rev Dr Ric Thorpe, Bishop of Islington, is the Rector of St Mary Woolnoth, St Edmund the King and St Clement Eastcheap and directs The Gregory Centre for Church Multiplication. There were five assistant curates in 2021: Revd Preb Jeremy Crossley supporting the ministry from St Margaret Lothbury; Revd Wole Agbaje leading Imprint Church and Revd Beki Rogers directing The London Centre for Spiritual Direction (both based at St Edmund the King), Revd Chris Rose is Director of Amos Trust (based at St Clement Eastcheap), and Revd Andrew Baughen working with the business community across the whole parish (based at St Mary Woolnoth).

Review of the Year

PCC meetings were held regularly on-line and in person in 2021. During the year, Mr James Gerry tendered his resignation as churchwarden and was thanked for his contribution to the parish. Mr Maurice Dunman, as Deanery Synod representative, gave regular updates about Synod matters.Two new church wardens, Ms Bumade Agbaje and Mrs Sharon Whitmarsh, were elected at the APCM in May.

Minutes of meetings were received in full by the PCC and discussed where necessary. The subjects discussed in 2021 were Parish ministries, facilities and finances. Regular updates included the ministries who were ministering in the Parish and those leaving and relocating to homes; building updates included inspections, maintenance and website overhaul carried out in the summer funded by a Culture Recovery Grant, identifying and purchasing new chairs for St Edmund the King church as part of the 2020 renovation project and inspections supporting the Dilapidations report for St Mary Woolnoth funded by a Heritage at Risk grant. Finance discussions focused on grants applications, a new business plan, regular and on-going finance including accounts and the 2022 budget. An annual report for 2020 was produced and the APCM was held on 13 May 2021.

St Mary Woolnoth is the parish church and St Edmund the King and St Clement Eastcheap are both chapels of ease after St Clement Eastcheap was incorporated into the Parish, through a revised pastoral

Page 5

scheme at the close of 2018. The Agreement between the Parish and the Amos Trust is still being reevaluated following lessons learned about building use during the Covid-19 pandemic.

When the first lock-down came into place, March 2020, trading in the City became increasingly difficult, resulting in the PCC agreeing to a moratorium on rent payments from October 2020 until Easter 2021 from Cosy Coffee, the agreement was revisited at Easter and extended until 30 June when Cosy Coffee was able to return and began making regular payments again.

Due to the exodus of city workers primarily during the Covid lock-down in 2020, ministries like AA, NA, and other activities, like the City Choirs, moved on-line but in 2021 several started returning.

Under the leadership of Revd Beki Rogers and based at St Edmund the King, the London Centre for Spiritual Direction’s training and supervision for spiritual directors as well as one to one spiritual direction also went on-line in 2020 and because of the growth they experienced, in 2021 they decided to move their base from St Edmund the King.

The Gregory Centre for Church Multiplication, run by The Bishop of Islington and based at St Edmund the King, which offers Church Planting courses and Church Growth Learning Communities took their activities on-line and only partly returned to the office in September 2021.

The Amos Trust, directed by Revd Chris Rose and based at St Clement Eastcheap, promotes the rights of children and young people whose lives revolve around the street, climate justice, promoting full equal rights and a just peace for Palestine and Israel. They found new and fresh ways to continue their ministry on-line as well during the Pandemic lock-down which impacted the way they now run the trust.

Imprint Church, led by Wole Agbaje, were, with social distancing, able to continue in-person services on Sunday afternoons and evenings, and small groups throughout the week gradually returned to in-person meetings in 2021. Wole continued his ordination training at St Mellitus in 2021.

Oversight of day to day operations sits with the PCC.

FABRIC REPORT

St Mary Woolnoth

Page 6

Quinquennial Inspection

The external fabric of this church is in need of urgent attention. A Heritage at Risk grant was applied for and awarded in 2020, and funded surveys conducted in 2021 to source the dilapidations report which was produced in summer 2021. A faculty was applied for to cover emergency repairs to tower and installation of netting, described in drawings dated 21 February 2021 from Roger Mears Architects.

Maintenance

The church was once again opened to the public in 2021. A further grant was applied for to enable the safe reopening of the building in 2021 which covered repairs to failing windows.

Inspections

Inspections of electrics, bells, clocks and gutters took place and the fire alarm and extinguishers were serviced and maintained. The Bells report detailing the poor condition of some of the bells resulted in a decision not to have them rung during the Lord Mayor’s parade. The bells will form a part of the wider restoration project of St Mary Woolnoth.

St Edmund King and Martyr

Quinquennial Inspection

The last Quinquennial Inspection took place summer 2017 and the next is due in 2022.

The results of the inspection showed that the general building structure is in sound condition but there are a number of items of maintenance and renewal (over and above those that would be normal or routine) that are likely to become essential before the next inspection. Primarily these concern repairing external cracking, the glazed lantern and inspections of the bells and clock. A Culture Recovery Grant was awarded in 2021 to finance inspections needed which took place in the summer of 2021.

Renovation

The application for a faculty to renovate the Nave of St Edmund the King to make it more suitable for the delivery of courses and conferences was granted in 2020 with the work taking place during lock-down in 2020, and snags addressed in 2021. The final phase of replacing the old and identifying and purchasing new loose furniture was started in 2021.

Maintenance

Inspections of bells, clocks and gutters took place and the fire alarm and extinguishers were serviced and maintained. In the summer of 2021 a tap was left running in one of the Vestry loos resulting in water damage to walls and the fire alarm. Ecclesiastical Insurers covered the repairs bar the excess. New taps were installed in each of the loos which turn off by themselves to avoid a repeat of this incident.

Page 7

St Clement Eastcheap

Quinquennial Inspection

The last Quinquennial Inspection took place in December 2017. Urgent works include repairs to the copper roofing and rainwater gutters, to make good the flashings, to replace the tower roof door, to make safe the ceiling below the bell chamber and repair a broken window in the tower.

Faculty

The Amos Trust currently occupies St Clement Eastcheap. While the agreement between Amos Trust and the PCC is determined following the Pandemic lock-down, the Amos Trust is looking after the daily upkeep of the non-structural side of the building and the internal structure, while the PCC is looking after the external integrity of the building.

Future Plans

Structural and Quantity surveys were conducted at St Mary Woolnoth in 2021 to produce a dilapidations report and funding has been secured to net the failing north west corner of St Mary Woolnoth and for options appraisals with the view towards a full restoration project. The PCC will continue to support the work and ministries residing in the buildings and keeping St Mary Woolnoth open to visitors and St Edmund the King’s garden open to visitors during office hours on weekdays.

A renewed vision for the Parish was drafted to highlight its rich heritage relating to the Abolition of Slavery and John Newton’s story of “Amazing Grace” in 2021 and talks began with Wole Agbaje, the curate in the Parish, for Imprint Church to transition into becoming the parish congregation. Imprint has started developing a viable business model to provide a steady income to the Parish to support ongoing ministry.

Public Benefit Statement

The PCC confirms that it is aware of the Charity Commission’s guidance on public benefit. The requirement to maintain a public benefit is met by the regular provision of church services on weekdays and weekends, the hosting of cultural events such as choirs, concerts and exhibitions and opening the grade 1 listed buildings to visitors on a regular basis.

ELECTORAL ROLL

There were 26 names on the electoral roll in 2021, where one was resident in the Parish.

Page 8

STAFF

Operations team

Part-time members of staff:

Inger Lannero, Parish Manager, 1-2 days/week Cliff Radmore, Parish Verger, 1 day/week

Mack Deptula, 2 days/week until 30 July 2021

Samuel Manyumbu, from November 2021, 2 days/week

Zero-hour contracts:

Barney Thorpe, summer 2021

Samuel Grenfell, September-December 2021

Independent contractors:

Gabrielle Fisher, bookkeeping, from Autumn 2021

Martin Euden, spring/summer 2021

SAFEGUARDING REPORT

There were no safeguarding issues to report in the Parish in 2021.

The safeguarding policies of the parish and the policy guidance found at

In compliance with our safeguarding policies and practices as adopted by the PCC:

Cliff Radmore, St Mary Woolnoth Parish Safeguarding Officer

The Rev’d H Miller/Ms Benita Thambipillai, St Edmund the King Safeguarding Officer

Karin Joseph, St Clement Eastcheap Safeguarding Officer

May 2021

Page 9

TREASURER’S REPORT

Financial Review

The accounts for 2021 accompany this report. The income from all sources amounted to £362,601 (2020 £495,299) and expenditure totalled £307,149 (2020 £310,181). There was a surplus in 2021 of £58,855 on unrestricted funds (2020 deficit of £16,072). The value of the investments increased by £99,408 over the year to a total of £686,841. Total funds at the end of the year came to £1,016,429 of which £868,206 were restricted.

The PCC Responsibilities in relation to the Financial Statements

Charity law requires the PCC to prepare a statement of financial activities and statement of assets and liabilities for each financial year, which gives a true and fair view of the state of affairs of the church and of its financial activities for that year and adequately distinguishes any material special trust or other restricted fund of the church. In preparing those financial statements the PCC is required to:

· Select suitable accounting policies and then apply them consistently;

· State whether the policies adopted are in accordance with the appropriate SORP on Accounting by Charities and the Accounting Regulations and with applicable accounting standards; subject to any material departures disclosed and explained in the financial statements;

The PCC is responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the church, and to enable them to ensure that the financial statements comply with applicable Accounting Standards and Statements of Recommended Practice and the regulations made under the Charities Act 2011. They are also responsible for safeguarding the assets of the church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 10

Reserves

It is PCC policy to maintain a balance on unrestricted funds (excluding fixed assets) which equates to at least three months’ unrestricted payments, equivalent to around £23,000, to cover emergency situations. At the end of 2021 there were over £140,000 of such reserves.

Signed on behalf of the PCC of St Mary Woolnoth, St Edmund King and St Clement Eastcheap on 12 May 2022

The Rt Revd Dr Ric Thorpe

Rector

Page 11

Independent Examiner's Report to the PCC of St Edmund, King and Martyr, St Mary’s Woolnoth & St Clement Eastcheap

I report on the accounts for the year ended 31st December 2021 that are set out on pages 14 to 21.

Respective responsibilities of the PCC and Independent Examiner

The PCC is responsible for the preparation of the accounts. They consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the church is not subject to audit and is eligible for independent examination it is my responsibility to:

• examine the accounts under section 145 of the 2011 Act;

This report, including my statement, has been prepared for and only for the PCC as a body. My work has been undertaken so that I might state to the PCC those matters that 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 any other than the church and the PCC as a body for my examination work, for this report or for the statements that I have made.

Basis of Independent Examiner's Statement

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 church 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 you the trustees, concerning any such matters. The procedures undertaken do not provide all the evidence that would be 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

Since the gross income of the church exceeds the amount provided in section 145(3) of the Act, I confirm that I am qualified to act as Independent Examiner under the provisions of that section of the Act and that my qualification is as shown below.

In connection with my examination, no matters have come to my attention:

  1. which give me reasonable cause to believe that in any material respect the requirements

  2. to keep accounting records in accordance with s.130 of the 2011 Act; or

  3. to prepare accounts which accord with these accounting records have not been met; or

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

Page 12

Date: 27[th] May 2022 Derek Rodwell FCCA (Fellow of the Chartered Association of Certified Accountants) Impact The Future Ltd, Bennett Verby, 7 St Petersgate, Stockport, Cheshire, SK1 1EB

Page 13

ST EDMUND, KING & MARTYR, ST MARY WOOLNOTH AND ST CLEMENT EASTCHEAP STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

**Unrestricted ** **Designated ** Restricted Total **Unrestricted ** Designated Restricted Total
funds funds funds funds funds funds funds funds
2021 2021 2021 2021 2020 2020 2020 2020
Note £ £ £ £ £ £ £ £
INCOME FROM:
Voluntary income 2(a) 44,799 0 198,991 243,790 39,044 0 372,315 411,359
Income from Charitable activities 2(b) 73,907 44,782 0 118,689 35,277 46,800 0 82,077
Investment income- dividends and interest 0 0 122 122 0 0 1,863 1,863
TOTAL INCOME 118,707 44,782 199,112 362,601 74,321 46,800 374,178 495,299
EXPENDITURE ON:
Expenditure on raising funds 2,592 0 0 2,592 2,034 0 0 2,034
Charitable activities
Grants 0 0 0 0 7,000 0 0 7,000
Church activities 3 56,010 33,976 213,321 303,307 80,109 2,476 217,311 299,896
Governance costs 5 1,250 0 0 1,250 1,250 0 0 1,250
57,260 33,976 213,321 304,557 88,359 2,476 217,311 308,146
TOTAL EXPENDITURE 59,852 33,976 213,321 307,149 90,393 2,476 217,311 310,181
NET INCOMING / (OUTGOING)
RESOURCES BEFORE INVESTMENT GAINS AND LOSSES 58,855 10,806 (14,209) 55,452 (16,072) 44,324 156,867 185,119
Gains and losses on revaluations of investment assets 0 0 99,408 99,408 0 0 51,991 51,991
Transfers between funds 11,000 (11,000) 0 6,800 (6,800) 0 0
NET MOVEMENT IN FUNDS FOR THE YEAR 69,855 10,806 74,199 154,860 (9,272) 37,524 208,858 237,110
Total funds at 1 January 2021 1,018 66,544 794,007 861,569 10,290 29,020 585,149 624,459
TOTAL FUNDS AT 31 DECEMBER 2021 70,873 77,350 **868,206 ** 1,016,429 1,018 66,544 794,007 861,569

The notes on pages 16 to 21 form part of these financial statements.

Page 14

ST EDMUND, KING & MARTYR, ST MARY WOOLNOTH AND ST CLEMENT EASTCHEAP

BALANCE SHEET AS AT 31 DECEMBER 2021

2021 2021 2021 2020 2020 2020
Note £ £ £ £
FIXED ASSETS
Tangible assets 6 26,173 34,658
Investments 7 686,841 713,014 587,433 622,091
CURRENT ASSETS
Debtors 8 43,510 44,393
Short term deposits with CCLA 118 3,741
Cash at bank 330,069 373,697 199,716 247,850
CREDITORS: amounts falling due within 12 months
9 (70,282) (70,282) (8,372) (8,372)
NET CURRENT ASSETS 303,415 239,478
NET ASSETS 1,016,429 861,569
STATEMENT OF FUNDS 10,11
Unrestricted funds 70,873 1,018
Designated funds 77,350 66,544
Restricted funds 868,206 794,007
TOTAL FUNDS 1,016,429 861,569

The financial statements were approved by the Trustees on and signed on their behalf by:25 May 2022

Rt Rev Ric Thorpe

Page 15

ST EDMUND, KING & MARTYR, ST MARY WOOLNOTH AND ST CLEMENT EASTCHEAP

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES

The PCC is a public benefit entity within the meaning of FRS 102. The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 governing the individual accounts of PCCs, and with the Regulations’ ‘true and fair view’ provisions, together with FRS 102 (2016) as the applicable accounting standards and the 2016 version of the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP (FRS102)).

The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value.

These accounts have been prepared under the assumption that the church is a going concern as can be verified by the substantial balance of funds available as shown on these financial statements.

Funds

General funds represent the funds of the PCC that are not subject to any restriction regarding their use and are available for application on the general purposes of the PCC.

The accounts include all transactions, assets and liabilities for which the PCC is responsible in law.

Incoming Resources

Voluntary income and capital resources

Collections are recognized when received by or on behalf of the PCC. Planned giving under Gift Aid is recognized only when received. Income tax recoverable on Gift Aid donations is recognized when the income is recognized.

Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the PCC is reasonably certain.

Other income

Rental income from letting of church premises is recognized when rental is due.

Income from investments

Dividends are accounted for when due and payable. Interest entitlements are accounted for as they accrue. Tax recoverable on such income is recognized in the same accounting year.

Page 16

ST EDMUND, KING & MARTYR, ST MARY WOOLNOTH AND ST CLEMENT EASTCHEAP

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Gains and losses on investments

Realized gains or losses are recognized when investments are sold. Unrealized gains and losses are accounted for on revaluation of investments at 31 December.

Resources Expended

Activities directly relating to the work of the Church

The diocesan parish share is accounted for when paid. Any parish share unpaid at 31 December is provided for in these accounts as an operational (though not a legal) liability and is shown as a creditor.

FIXED ASSETS

Consecrated property and moveable church furnishings

Consecrated and beneficed property of any kind is excluded from the accounts by s.10 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 accounted as inalienable property unless consecrated. They are listed in the church’s inventory. For inalienable property acquired prior to year 2000 there is insufficient cost information available and therefore such assets are not valued in the accounts. Items acquired thereafter will be capitalised and depreciated in the accounts over their anticipated useful economic life on a straight line basis; to date no such items have been acquired.

All small expenditure incurred in the year on consecrated or beneficed buildings, individual items under £1000 or on repairs of moveable church furnishings acquired before 1 January 2000 is written off.

Other assets costing over £1,000 are written off over the estimated useful life.

Investments

Investments are valued at mid market value at 31 December.

Current assets

Amounts owing to the PCC at 31 December in respect of fees, rents and other income are shown as debtors less provision for amounts that may prove uncollectable.

Page 17

ST EDMUND, KING & MARTYR, ST MARY WOOLNOTH AND ST CEMENT EASTCHEAP

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Notes
INCOME FROM
2a. Voluntary income
Grants including grants from SDVHF
11
Planned giving
Annual Parish Rate
Listed Places of Worship grant
Sundry donations
2b. Charitable Activities
Lettings rent & wayleaves
Scaffolding licenses
Service charge from LCSD, CCX & Imprint
Income from coffee stall
EXPENDITURE ON
3 Church activities
Ministry: Diocesan common fund
Ministry expenses
Rent of ministers accomodation
Imprint costs
Staffing costs
4
Heat, light, and water (See note below)
Repairs and maintenance STEK
Repairs and maintenance SMW
Refurbishment project- STEK
Refurbishment project SMW
Refurbishment project St Clements
Cultural Recovery & Historic England Projects- SMW
Office Costs including printing
Fire prevention & alarm maintenance
Organ, piano, and music
Telephone and postage
IT, website and broadband
Christmas expenses
Depreciation
Accounting & bookkeeping
Legal Fees
General Expenses
Cleaning, pest control & rubbish clearance		 Unrestricted
Designated
Restricted
Total
Unrestricted
Designated
Restricted
Total
funds
funds
funds
funds
funds
funds
funds
funds
20212
2021
2021
2021
2020
2020
2020
2020
£
£
£
£
£
£
£
£
15,239
0
198,027
213,265
15,261
0
350,583
365,844
1,008
0
0
1,008
1,008
0
0
1,008
23,951
0
0
23,951
18,220
0
0
18,220
0
0
964
964
0
0
21,732
21,732
4,602
0
0
4,602
4,555
0
0
4,555
44,799
0
198,991
243,790
39,044
0
372,315
411,359
9,015
0
0
9,015
4,494
0
0
4,494
33,752
44,782
0
78,534
0
46,800
0
46,800
27,083
0
0
27,083
28,000
0
0
28,000
4,057
0
0
4,057
2,783
0
0
2,783
73,907
44,782
0
118,689
35,277
46,800
0
82,077
Unrestricted
Designated
Restricted
Total
Unrestricted
Designated
Restricted
Total
funds
funds
funds
funds
funds
funds
funds
funds
2021
2021
2021
2021
2020
2020
2020
2020
£
£
£
£
£
£
£
£
15,000
30,000
45,000
22,500
0
0
22,500
20
20
5,000
0
0
5,000
0
27,300
27,300
0
0
0
0
0
0
0
0
26,737
26,737
8,289
103,339
111,628
21,754
0
13,650
35,404
4,969
4,969
12,445
0
0
12,445
833
833
1,747
0
0
1,747
3,089
3,976
(1,054)
6,011
0
1,276
0
1,276
3
20,970
20,973
0
0
152,657
152,657
0
5,772
5,772
0
1,200
0
1,200
0
0
0
2,337
0
8,413
10,750
0
45,697
45,697
0
0
0
0
357
357
0
0
0
0
893
893
599
0
0
599
1,599
1,599
90
0
0
90
192
192
856
0
0
856
790
2,400
3,190
1,457
0
3,585
5,042
619
619
0
0
0
0
3,767
6,987
10,754
(1,969)
0
12,269
10,300
303
576
879
30
0
0
30
14,059
14,059
11,704
0
0
11,704
557
1,334
1,891
0
0
0
0
669
669
1,559
0
0
1,559
56,010
33,976
213,321
303,307
80,109
2,476
217,311
299,896

Heating, Light & Water : These figures include utilities for both STEK and SWM.

4 Staff costs

During the year the PCC were charged for the services of 1 staff member (2020 2) who was employed by St Margaret's Lothbury. During the year the average number of staff on the payroll was 1.6 with an average FTE of 0.8. No staff members were paid more than £60k pa. Mrs Inger Lannero served as treasurer on the PCC during the year. From January to August she was paid by the LDF from grants received from the City Churches Grants Committee and from September onwards through the payroll. Her emoluments through the payroll came to £3800. The Revd Andrew Baughan served on the PCC during the year under his capacity as clergy. His rent was paid by the church through grants received by CEME to the total of £27,300.

During the year the average number of staff on the payroll was 1.6 with an average FTE of 0.8. No staff members were paid more than £60k pa.
Mrs Inger Lannero served as treasurer on the PCC during the year. From January to August she was paid by the LDF from grants received
from the City Churches Grants Committee and from September onwards through the payroll. Her emoluments through the payroll came to £3800.
The Revd Andrew Baughan served on the PCC during the year under his capacity as clergy. His rent was paid by the church through grants
received by CEME to the total of £27,300.
2021 2020
Staff costs were as follows: £ £
Gross salaries on payroll 22,929 27,216
Employers pension contribution 381 485
Staff paid by invoice 6,695 0
Job advert 110 0
Ops manager payments to LDF 71,009 0
Staff costs allocated from St Margaret's Lothbury 10,504 21,162
111,628 48,864

The key management role is fulfilled by the incumbent, the Rt Revd Ric Thorpe, who receives his stipend from the diocese.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

5 GOVERNANCE COSTS

5
6
7
8
**9 **		 GOVERNANCE COSTS
2021
2020
£
£
Governance costs consisted of fees for the accounts preparation and independent examination.
1,250
1,250
TANGIBLE FIXED ASSETS
£
Cost of fixed assets- opening balance 1/1/21
59,781
Additions in 2021
2,268
Disposals in 2021
0
Closing balance re cost of fixed assets as at 31/12/21
62,049
Depreciation of fixed assets- opening balance 1/1/21
25,122
Depreciation charge for 2021
10,754
Closing balance on Depreciation 31/12/21
35,876
Opening balance- net assets 1/1/21
34,659
Closing balance- net assets 31/12/21
26,173
FIXED ASSET INVESTMENTS
Listed
Listed
securities 2021 securities 2020
Market value
Opening balance
587,433
535,442
Movement in market value
99,408
51,991
Closing balance
686,841
587,433
Market value
Market value
These investments consist of the following:
31st Dec 2021 31st Dec 2020
£
£
Income shares held in the CBF Church of England Investment Fund
623243001S
69,575
60,868
2658 shares held in the CBF fixed interest securities fund
623240001F
4,209
4,509
26,179 Income shares held in the CBF Church of England Investment Fund
623240001S
613,057
522,056
686,841
587,433
DEBTORS
2021
2020
Due within one year
£
£
Due from CCX/LCSD for service charge
0
13,075
Due from St Dionis Vestry Hall Fund
0
9,586
Other accounts receivable including external hirers
43,510
0
Due from Listed Places of Worship Scheme
0
21,732
43,510
44,393
CREDITORS
2021
2020
Amounts falling due within one year
£
£
Accruals and deferred income
70,282
8,372
70,282
8,372
STATEMENT OF FUNDS (2021)
Brought
Incoming
Resources
Transfers
Gains/losses
Carried
forward
resources
expended
on investments forward
£
£
£
£
£
Unrestricted Funds
1,018
118,707
(59,852)
11,000
0
70,873
Designated funds
St Mary Woolnoth fabric repair and maintenance
26,544
0
(3,976)
0
0
22,567
St Clement Eastcheap fabric funds
20,000
0
0
0
0
20,000
St Clement & St Mary's Common Fund
0
44,782
(30,000)
0
0
14,782
St Edmund fabric funds
20,000
0
0
0
0
20,000
66,544
44,782
(33,976)
0
0
77,350		 2021
2020
£
£
1,250
1,250		 2021
2020
£
£
1,250
1,250
£
59,781
2,268
0
62,049
25,122
10,754
35,876
34,659
26,173
Listed
Listed
securities 2021 securities 2020
587,433
535,442
99,408
51,991		 £
59,781
2,268
0
62,049
25,122
10,754
35,876
34,659
26,173
686,841
587,433
Market value
Market value
31st Dec 2021 31st Dec 2020
£
£
69,575
60,868
4,209
4,509
613,057
522,056
686,841
587,433
2021
2020
£
£
0
13,075
0
9,586
43,510
0
0
21,732
43,510
44,393
2021
2020
£
£
70,282
8,372
70,282
8,372

10a STATEMENT OF FUNDS (2021)

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ST EDMUND, KING & MARTYR, ST MARY WOOLNOTH AND ST CEMENT EASTCHEAP

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Restricted Funds
Fabric repair fund including spend on STEK & SMW refurb
Gifts for Holland Room refurb
A Baughen rent- grant from CEME
Operations manager support grant (CCGC)
Report on St Clements Court (CCGC)
(this was spent in 2020)
Grant for Fibre broadband (CCGC)
Historic England grant for St Mary's (Heritage at risk)
Cultural recovery fund- St Marys
Edmund Wilson License fees- TFL
Operations manager grant (CCGC)
Restricted funds represented by fixed assets
Fabric repair fund assets
Cultural Recovery Fund- SMW
Security system
Total restricted funds
Total Funds		 735,551
1,086
(20,970)
0
99,408
815,074
139
0
0
0
0
139
0
27,300
(27,300)
0
0
0
6,350
20,000
(20,459)
0
0
5,891
1,000
0
0
(1,000)
0
0
11,415
2,880
(2,400)
0
0
11,895
16,170
230
(16,400)
0
0
0
0
44,015
(34,015)
(10,000)
0
0
0
1,334
(1,334)
0
0
0
0
100,000
(83,457)
0
0
16,543
770,624
196,844
(206,334)
(11,000)
99,408
849,542
18,983
0
(5,333)
0
0
13,650
18,984
2,268
(454)
0
0
1,814
4,400
0
(1,200)
0
0
3,200
23,383
2,268
(6,987)
0
0
18,664
794,007
199,112
(213,321)
(11,000)
99,408
868,206
861,569
362,601
(307,149)
0
99,408
1,016,429

Cultural Recovery Fund (CRF)- St Mary's Woolnoth

The CRF funds were distributed by the DCMS to help charities and churches to recover from loss of income due to closures during the pandemic. The grant helped SMW to re-open safely and to make up for having to close during 2020 and 2021. £10k of the grant was allocated against unrestricted reserves to help cover the loss of income in the previous year (2020) as was agreed on the grant application.

10b STATEMENT OF FUNDS (2020)

Unrestricted Funds
Designated funds
St Mary Woolnoth fabric repair and maintenance
St Clement Eastcheap fabric funds
St Edmund fabric funds
Restricted Funds
Fabric repair fund including spend on STEK & SMW refurb
Gifts for Holland Room refurb
Grant for Imprint project
Operations manager support grant (CCGC)
Report on St Clements Court (CCGC)
Grant for Fibre broadband (CCGC)
Historic England grant for St Mary's (Heritage at risk)
Grant for surveyor & legal fees- St Clements (CCGC)
Other restricted funds
Restricted funds represented by fixed assets
Fabric repair fund assets
Security system
Total restricted funds
Total Funds		 Brought
Incoming
Resources
Gains/losses
Carried
forward
resources
expended
on investments forward
£
£
£
£
£
10,290
74,321
(90,393)
6,800
1,018
29,020
0
(2,476)
0
26,544
0
26,800
0
(6,800)
20,000
0
20,000
0
0
20,000
29,020
46,800
(2,476)
(6,800)
66,544
557,536
278,680
(152,657)
51,991
735,551
139
0
0
0
139
6,737
20,000
(26,737)
0
0
0
20,000
(13,650)
0
6,350
0
1,000
0
0
1,000
0
15,000
(3,585)
0
11,415
0
16,170
0
0
16,170
0
8,413
(8,413)
0
0
0
0
0
0
0
564,412
359,263
(205,042)
51,991
770,624
15,137
14,916
(11,069)
0
18,983
5,600
0
(1,200)
0
4,400
20,737
14,916
(12,269)
0
23,383
585,149
374,178
(217,311)
51,991
794,007
624,459
495,298
(310,182)
51,991
861,569

11 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed assets
Current assets
Creditors due within one year
NET ASSETS		 Unrestricted
Designated
Restricted
Total
Unrestricted
Designated
Restricted
Total
funds
funds
funds
funds
funds
funds
funds
funds
2021
2021
2021
2021
2020
2020
2020
2020
£
£
£
£
£
£
£
£
7,508
0
705,506
713,014
11,274
0
610,817
622,091
133,647
77,350
162,700
373,697
(1,884)
66,544
183,190
247,850
(70,282)
0
0
(70,282)
(8,372)
0
0
(8,372)
70,873
77,350
868,206
1,016,429
1,018
66,544
794,007
861,569

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ST EDMUND, KING & MARTYR, ST MARY WOOLNOTH AND ST CEMENT EASTCHEAP

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

12 RELATED PARTIES

There were no identifiable gifts during the year from members of the PCC.

The priest-in-charge and the church wardens are also trustees of the St Dionis Vestry Hall Fund. Grants were received by the PCC as follows (see 2a above):

The priest-in-charge and the church wardens are also trustees of the St Dionis Vestry Hall Fund. Grants were received by the PCC as follows (see
2a above):
2021 2020
£ £
Annual contribution to PCC 9,494 9,253
Grants towards refurbishment of STEK 0 130,000
9,494 139,253

The London Centre for Spiritual Direction was based at St Edmunds and the director, Revd B Rogers, was both a member of the PCC and the director and a trustee of the Centre. The LCSD no longer used the premises after September 2021. In 2021 the Centre paid the PCC £3,800 as a service charge for the shared use of the building. The Rt Revd Ric Thorpe heads up the Centre for Church Planting and Church Growth which is based at St Edmunds. The PCC received a service charge from the Centre of £3,600 in 2021 (£9,000 in 2020).

Barnabus Thorpe, the son of the Rt Revd Ric Thorpe, worked for the church in the summer of 2021 and received payments through the payroll of £412.30

No expenses were reimbursed to trustees in 2021 except for expenses incurred by Inger Lannero and the clergy on behalf of the PCC. During the year, Inger Lannero served as treasurer and was paid through the payroll from September to December, receiving a total of £3,800 in pay. During the year, no Trustees received any benefits in kind (2020 - £NIL).

Page 21