**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 - https://www.london.anglican.org/support/safeguarding/safeguarding policy has been adopted as the policy of this parish. In compliance with our safeguarding policies and practices as adopted by the PCC: - Safeguarding information has been properly posted throughout the parish and on the Parish website: https://www.lombardchurches.org/safeguarding - The requirements for DBS disclosures are being met for the appropriate roles - The parish priest has been kept informed of any concerns, responses and activities relating to safeguarding children and adults at risk. - Lone-working policies have been adopted at each of the sites. 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 - Select suitable accounting policies and then apply them consistently; - Make judgements and estimates that are reasonable and prudent; · 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: - examine the accounts under section 145 of the 2011 Act; - follow the procedures laid down in the General Directions given by the Charity Commissioners section 145(5)(b) of the 2011 Act; and - state whether particular matters have come to my attention. 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 - to keep accounting records in accordance with s.130 of the 2011 Act; or - to prepare accounts which accord with these accounting records have not been met; or 2. 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
**----- End of picture text -----**
**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