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2022-12-31-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 2022

CONTENTS PAGE NO
References and administrative details of the charity 2
Trustees Report 4
Policy Statements 5
Review of the year 6
Fabric Report 7
Electoral roll 10
Safeguarding Report 10
Treasurer’s Report 11
Independent examiners report 13
Statement of financial activities 15
Balance sheet 16
Notes to the financial statements 17

Page 1

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

Trustees’ Report for the Year ended 31 December 2022

References and administrative details of the charity

Trustees 2022
Incumbent Rt Rev Dr Ric Thorpe
Clergy Revd Wole Agbaje
Revd Andrew Baughen
Revd Preb Jeremy Crossley
Revd Chris Rose
Elected
Churchwardens		 Mrs Sharon Whitmarsh (until 12 May 2022)
Ms Bumade Agbaje (from 13 May 2021)
Mr Temi Ajilore (from 12 May 2022)
Deanery Synod
representatives		 Mr Zachary James
Elected Members
Ms Bumade Agbaje (from 13 May 2021)
Mr Temi Ajilore (from 12 May 2022)
Mr Kem Amafu-Dey
Mrs A Bleakley (Secretary)
Mr Kevin Hall
Mr Samuel Manyumbu
Ms Benita Thambipillai
Mr Bernard Bannor
Ms Ofure Alenkhe
Mr Tranquilo Dognini Neto
Ms Temi Omooba
Mrs I M Lannero (co-opted Treasurer)

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.

Page 2

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 3

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

Trustees’ Report

for the Year ended 31 December 2022

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 2022. 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 2022 this was expressed through the life and work of Imprint Church, The Gregory Centre for Church Multiplication 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 4

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 (until Feb 2022) 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 2022 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.

Page 5

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 £48,000 to cover emergency situations.

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 2022 through the life and work of Imprint Church, The Gregory Centre for Church Multiplication 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 four assistant curates in 2022: Revd Wole Agbaje leading Imprint Church; Revd Preb Jeremy Crossley supporting the ministry from St Margaret Lothbury; and 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.

Review of the Year

PCC meetings were held regularly in person in 2022, with the option of joining on line when necessary. Mr Maurice Dunman, Deanery Synod representative, stepped down at the APCM and Mr Zachary James was elected in his place. Of the two church wardens, Ms Bumade Agbaje continued in this role and Mr Temi Ajilore replaced Mrs Sharon Whitmarsh as the second Church Warden, elected at the APCM in May.

Minutes of meetings were received in full by the PCC and discussed where necessary. The subjects discussed in 2022 were Parish ministries, facilities and finances. Regular updates included the ministries in the Parish and working towards Imprint Church becoming the Parish congregation by 2023, by joining the finances and agreeing common procedures; building updates included inspections, repairs, maintenance and gaining the permissions necessary and financing of new chairs for St Edmund the King church. Finance discussions focused on grant applications, the rising utility costs since the Russian invasion of Ukraine, regular and on-going

Page 6

finances including accounts and the 2023 budget and considering new missions proposals involving adjustments to the budget, as well as Human Resource questions around the hiring of new staff. An annual report for 2021 was produced and the APCM was held on 12 May 2022.

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 scheme at the close of 2018. In 2022 St Edmund the King was re-licenced for weddings.

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, gave notice and moved from St Edmund the King and into the Old Deanery in February 2022.

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. Amos Trust gave notice in 2022 of their intention to hand back St Clement Eastcheap to the Parish at the end of March 2023.

Imprint Church, led by Wole Agbaje, continued to grow and thrive in the Parish. Wole continued his ordination training at St Mellitus in 2022 and a curacy at Holy Trinity Brompton while overseeing the ministry of Imprint Church in the Parish. A new service was established at St Mary Woolnoth on Thursdays at lunchtime in September.

Oversight of day to day operations sits with the PCC.

FABRIC REPORT

St Mary Woolnoth

Quinquennial Inspection

The external fabric of this church is in need of urgent attention. A faculty and a grant was applied for to cover emergency repairs to the tower with installation of netting. The Emergency Netting was put in place in December on the NW corner to keep the public on Lombard Street safe from potential loose rocks. The ownership of the facade facing King William Street required historic

Page 7

research when a decorative rock broke off. Between the Archdeaconry, Transport for London (TfL), the Diocesan Property team and a Chartered Surveyor, it was determined that TfL’s ownership was limited to subsoil and therefore repairs to the facade fell to the Parish. A subsequent structural survey carried out by Connisbe determined the archway posed no further risk and repairs to the damaged area would be delayed until the larger restoration of St Mary Woolnoth can take place.

Restoration

The initial groundwork for a large Restoration project was undertaken, with regular contact with the Archdeaconry about the recruitment and funding of a project manager and the setting up of a buildings committee.

Maintenance & Repairs

Heavy summer rains in 2022 meant that the flat roofs at St Mary Woolnoth failed to cope with the large amounts of water, and spilled into the roof of the Nave and into the bell tower. The Quinquennial Inspector, S Khan from R Mears together with Fullers, was involved in ascertaining the source behind the leak. Further work was carried out to find a solution for this in 2023. Permissions were sought and repairs to the Lightning Conductors carried out.

Inspections

Inspections were carried out including regular pest control visits, maintenance of the gutters, fire extinguishers were serviced and maintained, the emergency procedure was reviewed and PAT testing was carried out.

St Edmund King and Martyr

Quinquennial Inspection

A new Quinquennial inspector was appointed in 2022 and the inspection took place in the spring. 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 that are likely to become essential before the next inspection. Primarily these concern repairing external cracking of tiles towards the back of the building, cracks to the glazed lantern and a leak in the kitchen ceiling. A Project Manager, financed through the selling of Parish shares, was appointed to ensure permissions are in place and repairs are carried out in 2023.

Renovation

Page 8

The groundwork for an application for a faculty to install a retractable screen and new loudspeakers was started in 2022. Chairs were also purchased, after the CCGC permitted the use of a 2019 grant, to go towards this.

Maintenance & Repairs

Permissions were sought and repairs to the Lightning Conductors carried out.

Inspections

Inspections were carried out including regular pest control visits, maintenance of the gutters, boiler, fire extinguishers were serviced and maintained, the emergency procedure was reviewed and PAT testing was carried out.

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. A new Quinquennial Inspector will need to be appointed once Amos Trust hand over the building to the Parish.

Faculty

The Amos Trust occupied St Clement Eastcheap in 2022 and looked after the daily upkeep of the non-structural side of the building and the internal structure, while the PCC looked after the external integrity of the building.

Future Plans

A buildings subcommittee to the PCC was established in order to oversee the larger building projects in the Parish, such as St Mary Woolnoth, with regular meetings to start taking place in 2023. The rich heritage relating to the Abolition of Slavery and John Newton’s story was highlighted as we approached the 250th Anniversary since the penning of Amazing Grace. A programme for 2023 was drafted to commemorate this occasion and draw attention to today’s injustice issues. Following talks in 2021 with Wole Agbaje, the curate in the Parish, for Imprint Church to transition into becoming the parish congregation, work was carried out in 2022 to implement this by 1 Jan 2023. An Innovation Fund grant was applied for to support the intern

Page 9

programme and creative outreach work of the Parish in 2023-25, which will be located at St Clement Eastcheap.

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 73 names on the electoral roll in 2022, where one was resident in the Parish.

STAFF

Operations team

Part-time members of staff:

Mrs Inger Lannero, Parish Manager, 2 days/week

Mr Cliff Radmore, Parish Verger, 1 day/week

Mr Samuel Manyumbu, from November 2021 to July 2022, 2 days/week

Mr James Price, from July 2022, 3 days/week

Mr Kelvin Elorm Atiasé, from November 2022, 3 days/week

Zero-hour contracts:

Ms Jacqueline Olaifa, August 2022

Ms Kezeguy Tukia, October 2022 Ms Blessing Seidu, November 2022

Independent contractors:

Ms Gabrielle Fisher, bookkeeping

SAFEGUARDING REPORT

There were no safeguarding issues to report in the Parish in 2022.

Page 10

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 2023

TREASURER’S REPORT

Financial Review

The accounts for 2022 accompany this report. The income from all sources amounted to £370,706 (2021 restated: £364,368) and expenditure totalled £215,541 (2021: £307,149). There was a surplus in 2022 of £63,076 on unrestricted funds (2021: £58,855). The value of the investments decreased by £65,328 over the year to a total of £621,513 (2021: increased by £99,408 over the year to a total of £686,841). Total funds at the end of the year came to £1,108,032 of which £899,951 were restricted (2021: 1,018,197 of which £869,973 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:

Page 11

· 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;

· Prepare the accounts on the going concern basis unless it is appropriate to presume that the church will continue to operate.

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.

Reserves

It is PCC policy to maintain a balance on unrestricted funds (excluding fixed assets but including designated funds) which equates to at least three months’ unrestricted payments, equivalent to around £25,000, to cover emergency situations. At the end of 2022 there were over £200,000 of such reserves.

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

18 May 2023

The Rt Revd Dr Ric Thorpe

Rector

Page 12

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 2022 that are set out on pages 15 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:

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 13

Date: 24[th] May 2023 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 14

ST EDMUND, KING & MARTYR, ST MARY WOOLNOTH AND ST CLEMENT EASTCHEAP STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Note
INCOME FROM:
Voluntary income
2(a)
Income from Charitable activities
2(b)
Investment income- dividends and interest
TOTAL INCOME
EXPENDITURE ON:
Expenditure on raising funds
Charitable activities
Grants
Church activities
3
Governance costs
5
TOTAL EXPENDITURE
NET INCOMING / (OUTGOING)
RESOURCES BEFORE INVESTMENT GAINS AND LOSSES
Gains and losses on revaluations of investment assets
Transfers between funds
NET MOVEMENT IN FUNDS FOR THE YEAR
Total funds at 1 January 2022
TOTAL FUNDS AT 31 DECEMBER 2022		 Unrestricted Designated Restricted
Total
funds
funds
funds
funds
2022
2022
2022
2022

£
£
£
£
50,739
0
205,200
255,939
86,013
26,782
0
112,795
0
0
1,972
1,972
136,752
26,782
207,172
370,706
2,309
0
0
2,309
1,000
0
0
1,000
69,117
30,000
111,866
210,982
1,250
0
0
1,250		 Unrestricted Designated
Restricted
Total
funds
funds
funds
funds
2021
2021
2021
2021
£
£
£
£
44,799
0
198,991
243,790
73,907
44,782
0
118,689
0
0
1,889
1,889
118,707
44,782
200,879
364,368
2,592
0
0
2,592
0
0
0
0
56,010
33,976
213,321
303,307
1,250
0
0
1,250
71,367
30,000
111,866
213,232
73,676
30,000
111,866
215,541
63,076
(3,218)
95,306
155,164
0
0
(65,328)
(65,328)
0
0
0
0
63,076
(3,218)
29,978
89,836
70,873
77,350
869,973
1,018,196
133,949
74,132
899,951
1,108,032		 57,260
33,976
213,321
304,557
59,852
33,976
213,321
307,149
58,855
10,806
(12,442)
57,219
0
0
99,408
99,408
11,000
(11,000)
0
69,855
10,806
75,966
156,627
1,018
66,544
794,007
861,569
70,873
77,350
869,973
1,018,197

The notes on pages 17 to 21 form part of these financial statements.

Restatement of 2021 comparatives

The amount of income shown for investment income- dividends and interest, omitted £1767 of interest on the CBF deposit account in the original 2021 published accounts, In these accounts the 2021 comparatives have this amount added to the interest and is also reflected in the short term deposits with CCLA on the balance sheet

Page 15

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

BALANCE SHEET AS AT 31 DECEMBER 2022

Note
£
£
FIXED ASSETS
Tangible assets
6
65,044
Investments
7
621,513
686,557
CURRENT ASSETS
Debtors
8
9,705
Short term deposits with CCLA
3,857
Cash at bank
471,476
485,039
CREDITORS: amounts falling due within 12 months
9
(63,563)
(63,563)
NET CURRENT ASSETS
421,476
NET ASSETS
1,108,032
STATEMENT OF FUNDS
10,11
Unrestricted funds
133,949
Designated funds
74,132
Restricted funds
899,951
TOTAL FUNDS
1,108,032
2022		 £
£
26,173
686,841
713,014
43,510
1,885
330,069
375,464
(70,282)
(70,282)
305,182
1,018,196
70,873
77,350
869,973
1,018,196
2021		 £
£
26,173
686,841
713,014
43,510
1,885
330,069
375,464
(70,282)
(70,282)
305,182
1,018,196
70,873
77,350
869,973
1,018,196
2021
1,018,196
70,873
77,350
869,973
1,018,196

Restatement of 2021 comparatives

The short term deposit figure for 2021 was understated by £1767 in last years published accounts. The figure of £1865 shown here is the corrected figure.

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

----- Start of picture text -----
18 May 2023
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Rt Rev Ric Thorpe

Page 16

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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 17

Gains and losses on investments

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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 18

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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 & rights of lights licenses
Service charge from LCSD, CCX & Imprint
Income from coffee stall
Weddings & Funerals
EXPENDITURE ON
3 Church activities
Ministry: Diocesan common fund
Ministry expenses
Rent of ministers accomodation
Staffing costs
4
Heat, light, and water (See note below)
Repairs and maintenance STEK
Repairs and maintenance SMW
Refurbishment project- STEK
Refurbishment project SMW
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
Parochial Fees
General Expenses
Cleaning, pest control & rubbish clearance		 Unrestricted
Designated
Restricted
Total
Unrestricted
Designated
Restricted
Total
funds
funds
funds
funds
funds
funds
funds
funds
2022
2022
2022
2022
2021
2021
2021
2021
£
£
£
£
£
£
£
£
15,653
0
205,200
220,853
15,239
0
198,027
213,265
988
0
0
988
1,008
0
0
1,008
28,564
0
0
28,564
23,951
0
0
23,951
0
0
0
0
0
0
964
964
5,534
0
0
5,534
4,602
0
0
4,602
50,739
0
205,200
255,939
44,799
0
198,991
243,790
32,168
0
0
32,168
9,015
0
0
9,015
26,959
26,782
0
53,741
33,752
44,782
0
78,534
15,750
0
0
15,750
27,083
0
0
27,083
8,608
0
0
8,608
4,057
0
0
4,057
2,528
0
0
2,528
86,013
26,782
0
112,794
73,907
44,782
0
118,689
Unrestricted
Designated
Restricted
Total
Unrestricted
Designated
Restricted
Total
funds
funds
funds
funds
funds
funds
funds
funds
2022
2022
2022
2022
2021
2021
2021
2021
£
£
£
£
£
£
£
£
15,000
30,000
45,000
15,000
30,000
45,000
119
119
20
20
0
25,200
25,200
0
27,300
27,300
3,800
41,967
45,767
8,289
103,339
111,628
9,915
9,915
4,969
4,969
2,968
2,968
833
833
1,900
6,907
8,807
3,089
3,976
(1,054)
6,011
0
9,904
9,904
3
20,970
20,973
0
0
0
5,772
5,772
0
0
0
0
45,697
45,697
912
912
357
357
1,134
1,134
893
893
1,294
1,294
1,599
1,599
149
149
192
192
743
4,231
4,974
790
2,400
3,190
6,829
6,829
619
619
4,662
16,558
21,220
3,767
6,987
10,754
315
7,098
7,413
303
576
879
16,457
16,457
14,059
14,059
162
0
162
557
1,334
1,891
1,090
1,090
1,669
1,669
669
669
69,117
30,000
111,866
210,982
56,010
33,976
213,321
303,307

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 part of 1 staff member (2021 1) who was employed by St Margaret's Lothbury. During the year the average number of staff on the payroll was 2.8 with an average FTE of 1.1. No staff members were paid more than £60k pa.

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 £25,200.

Staff costs were as follows:
Gross salaries on payroll
Employers pension contribution
Staff paid by invoice
Recruitment costs
Ops manager payments to LDF
Staff costs allocated from St Margaret's Lothbury
The key management role is fulfilled by the incumbent, the Rt Revd Ric Thorpe, who receives his stipend from the diocese.
GOVERNANCE COSTS
Governance costs consisted of fees for the accounts preparation and independent examination.		 2022
2021
£
£
34,395
22,929
570
381
0
6,695
300
110
0
71,009
10,503
10,504
45,767
111,628
2022
2021
£
£
1,250
1,250

5 GOVERNANCE COSTS

Governance costs consisted of fees for the accounts preparation and independent examination.

Page 19

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

6 TANGIBLE FIXED ASSETS

7
8
**9 **		 Cost of fixed assets- opening balance 1/1/22
Additions in 2022
Disposals in 2022
Closing balance re cost of fixed assets as at 31/12/22
Depreciation of fixed assets- opening balance 1/1/22
Depreciation charge for 2022
Closing balance on Depreciation 31/12/22
Opening balance- net assets 1/1/22
Closing balance- net assets 31/12/22
FIXED ASSET INVESTMENTS
Market value
Opening balance
Movement in market value
Closing balance
These investments consist of the following:
Income shares held in the CBF Church of England Investment Fund
2658 shares held in the CBF fixed interest securities fund
26,179 Income shares held in the CBF Church of England Investment Fund
DEBTORS
Due within one year
Other accounts receivable including external hirers
CREDITORS
Amounts falling due within one year
Accruals and deferred income
Accounts payable
STATEMENT OF FUNDS (2022)
Unrestricted Funds
Designated funds
St Mary Woolnoth fabric repair and maintenance
St Clement Eastcheap fabric funds
St Clement & St Mary's Common Fund
St Edmund fabric funds
Restricted Funds
Fabric repair fund including spend on STEK & SMW refurb
St Edmunds Building Project
Gifts for Holland Room refurb
A Baughen rent
Operations manager support grant (CCGC)
(this was spent in 2020)
Grant for Fibre broadband (CCGC)
Emergency SMW Tower repairs (CCGC)
Emergency SMW Tower repairs Options appraisal and fundraising
Operations manager grant (CCGC)
Restricted funds represented by fixed assets
Fabric repair fund assets
St Edmunds Building Project
Cultural Recovery Fund- SMW
Security system
Total restricted funds
Total Funds		 Brought
Incoming
forward
resources
£
£
70,873
136,752
22,568
0
20,000
0
14,782
26,782
20,000
0
77,350
26,782
722,080
1,972
94,761
0
139
0
0
25,200
5,891
0
11,895
0
0
100,000
0
30,000
16,543
50,000
851,310
207,172
13,650
0
0
0
1,814
0
3,200
0
18,664
0
869,974
207,172
1,018,195
370,705		 623243001S
623240001F
623240001S
Resources
Gains/losses
expended
on investmen
£
(73,676)
0		 £
62,049
60,091
0
122,140
35,876
21,220
57,096
26,173
65,044
Listed
Listed
securities 2022 securities 2021
686,841
587,433
(65,328)
99,408		 £
62,049
60,091
0
122,140
35,876
21,220
57,096
26,173
65,044
621,513
686,841
Market value
Market value
31st Dec 2022 31st Dec 2021
£
£
61,385
69,575
3,644
4,209
556,484
613,057
621,513
686,841
2022
2021
£
£
9,705
43,510
9,705
43,510
2022
2021
£
£
11,000
66,824
52,563
3,458
63,563
70,282
Transfers
Carried
ts
forward
£
£

0
133,949
0
0
0
0
(30,000)
0
0
0		 0
22,568

0
20,000

0
11,564

0
20,000
(30,000)
0
0
74,132
0
(65,328)
0
658,724
(9,904)
0
(55,617)
29,240
0
0
0
139
(25,200)
0
0
0
(5,891)
0
0
0
(4,231)
0
0
7,664
(6,907)
0
0
93,093
0
0
0
30,000
(43,174)
0
0
23,369
(95,308)
(65,328)
(55,617)
842,229
(5,333)
0
0
8,317
(9,571)
0
55,617
46,046
(454)
0
0
1,360
(1,200)
0
0
2,000
(16,558)
0
55,617
57,723
(111,866)
(65,328)
0
899,951
(215,541)
(65,328)
0
1,108,032

10a STATEMENT OF FUNDS (2022)

Page 20

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Notes on funds

A Baughen rent Andrew Baughen, a curate, was given a grant to cover his housing, which has been paid out to him monthly. Designated: St Clement & St Mary's Common Fund Licence fees for the buildings cover this part of our Common Fund. Emergency SMW Tower repairs (CCGC) This was a Grant of £100k from the City Churches Grants Committee to cover emergency repairs. Emergency SMW Tower repairs - Options Appraisal etc This was a Grant of £30k from the City Churches Grants Committee to cover an options appraisal and fundraising opportunities. Operations manager grant (CCGC) This was a Grant of £50k/year from the City Churches Grants Committee to cover this role.

10b STATEMENT OF FUNDS (2021)

Unrestricted Funds
Designated funds
St Mary Woolnoth fabric repair and maintenance
St Clement Eastcheap fabric funds
St Clement & St Mary's Common Fund
St Edmund fabric funds
Restricted Funds
Fabric repair fund including spend on STEK & SMW refurb
See note below
St Edmunds Building Project
See note below
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 staff grant (CCGC)
Restricted funds represented by fixed assets
Fabric repair fund assets
Cultural Recovery Fund- SMW
Security system
Total restricted funds
Total Funds		 Brought
Incoming
forward
resources
£
£
1,018
118,707
26,544
0
20,000
0
0
44,782
20,000
0
66,544
44,782
619,821
2,853
115,730
139
0
0
27,300
6,350
20,000
1,000
0
11,415
2,880
16,170
230
0
44,015
0
1,334
0
100,000
770,624
198,611
18,983
0
18,984
0
4,400
0
23,383
2,268
794,007
200,879
861,569
364,368		 Resources
Transfers
Gains/losses
Carried
expended
on investments forward
£
£
£
(59,852)
11,000
0
70,873
(3,976)
0
0
22,567
0
0
0
20,000
(30,000)
0
0
14,782
0
0
0
20,000
(33,976)
0
0
77,350
(1)
0
99,408
722,080
(20,969)
94,761
0
0
0
139
(27,300)
0
0
0
(20,459)
0
0
5,891
0
(1,000)
0
0
(2,400)
0
0
11,895
(16,400)
0
0
0
(34,015)
(10,000)
0
0
(1,334)
0
0
0
(83,457)
0
0
16,543
(206,334)
(11,000)
99,408
851,309
(5,333)
0
0
13,650
(454)
0
0
1,814
(1,200)
0
0
3,200
(6,987)
0
0
18,664
(213,321)
(11,000)
99,408
869,973
(307,149)
0
99,408
1,018,196

Note on 2021 funds. Previously the fabric repair fund has included grants and expenditure on the St Edmunds Building Project. In the 2021 statement of funds shown above these have now been split out of the fabric repair fund. Grant received prior to 2021 totalled £320k with expenditure totalling £204,270 net of amounts recovered for VAT

11 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed assets
Current assets
Creditors due within one year
NET ASSETS		 Unrestricted
Designated
Restricted
Total
funds
funds
funds
funds
2022
2022
2022
2022
£
£
£
£
7,320
0
679,237
686,557
190,192
74,132
220,714
485,039
(63,563)
0
0
(63,563)
133,949
74,132
899,951
1,108,032		 Unrestricted
Designated
Restricted
Total
funds
funds
funds
funds
2021
2021
2021
2021
£
£
£
£
7,508
0
705,506
713,014
133,647
77,350
162,700
373,697
(70,282)
0
0
(70,282)
70,873
77,350
868,206
1,016,429

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):

Annual contribution to PCC

2022 2022 2021 2021
£ £
9,908 9,494
9,908 9,494

Service charges were received from Imprint church during 2022. Wole Agbaje, Bumade Agbaje and Kem Amafu-Dey were all serving on the PCC in 2022 and were also trustees of Imprint. Imprint church became the parish congregation at St Edmund, King & Martyr on the 1st of January 2023 and now have responsibility for the whole parish.

No expenses were reimbursed to trustees in 2022 (2021 nil) except for expenses incurred by Inger Lannero and the clergy on behalf of the PCC. Mrs Inger Lannero served as treasurer on the PCC during the year and was paid a total of £15,717 through the payroll (including employer pension contributions) During the year, no Trustees received any benefits in kind (2021 - £NIL).

Page 21