THE GUILD CHURCH COUNCILOF ST DUNSTAN-IN-THE-WEST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Independent Examiner: Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD
THE GUILD CHURCH COUNCIL OF ST DUNSTAN-IN-THE-WEST FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2024 Contents Page Annual Report Structure and Governance Administrative Information and Professional Advisors Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements
Page I THE GUILD CHURCH COUNCIL OF ST DUNSTAN-IN-THE-WEST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 We are pleased to present the annual report and financial statements for the year ended 31 December 2024. AIMS, PURPOSES AND OBJECTIVES The Guild Church Council of the Guild Church of St Dunstan-in-the-west is a body corporate established by the City of London (Guild Churches) Act 1952, ss. 6111 and 17. Its primary duty is to co-operate with the Guild Vicar in the initiation, conduct, and development of Church work in or in connection with the Guild Church of St Dunstan-in-the-west. As a Guild Church, St Dunstan's principal mission is to the local working community and those visiting the area and, as noted more fully elsewhere, to provide a home for the Parish of St George of the Romanian Orthodox Church. St Dunstan'5 15 situated in the Parish of St Bride, Fleet Street but does not form part of that Parish. It Is part of the City Deanery of the Diocese of London of the Church of England and is under the jurisdiction of the Bishop of London. The Patron is the Archbishop of Canterbury. The membership, officers and procedures of the Guild Church Council are governed by the Guild Church Acts and the Church Representation Rules 2022 as provided for by the Church Representation and Ministers Measure 2019 insofar as these Measures affect the Guild Church Acts . Members of the GCC have the same responsibilities as those of a parochial church council and, as such, have the same responsibilities as charitable tru5tee5. WORSHIP AND MISSION During 2024 the Council supported the Guild Vicar in the conduct of public worship in the Church. The pattern of services remained as in previous years, with a weekly said Mass at 12:30pm on Tuesdays supplemented by occasional lunchtime or evening services on other Holy Days. The weekly services attracted a small but regular congregation drawn mainly from the local business community, which is the primary focus of the Church's mission Iconsistent with the Church's role as a Guild Church within the City of London),. there is now also a small congregation of online worshippers who are based more widely. Other services tend to draw larger congregations, particularly the annual Patronal Festival Service held on or near the 19 May, St Dunstan's Day, and the special services during Advent and Christmas. During 2024 the Week of Christian Unity Service and Advent and Christm35 carol services were held as had been the tradition for many years. In addition to the public worship offered in the Church, the Council has maintained its policy of keeping the Church open to the public on weekdays between the hours of 10.00am and 3 pm. It has resumed the hosting of concerts and allowing the Church to- be used as a rehearsal or concert venue. The Church's function of offering a quiet haven for private prayer and reflection, which the Council views as fulfilling an important part of the Church's mission, has been resumed and the Church continue5 to attract a significant number of pas5ers-by, drawn in through the open door on Fleet Street. The Council is very grateful to those who have worked alongside the Guild Vicar to keep the Church open and functioning during 2024 especially to the Administrators Ims Alison Rogers and Ms Michele Rogers1 who have enabled the Church to be kept open durinE the week.
Page 2 THE GUILD CHURCH COUNCILOF ST DUNSTAN-IN-THE-WEST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ROMANIAN ORTHODOX CHURCH Since 1964 the Church has served as the spiritual home in London of the Romanian Orthodox Church, which conducts services in the Church at weekends and on principal feast days. The Church houses a large iconostasis which was originally in the Antim Monastery, Bucharest. This was installed in June 1966, and is just one of many historic artefacts contained within the Church. From time to time the connection between the Church and the Romanian Orthodox community is celebrated at joint services, most recently at a service in February 2019 attended by HM The King as Prince of Wales. The CoLJncil places a high value on the Church's historic links with the Romanian Orthodox communityi and views the Church's ecumenical role as an important and distinctive part of the Church's mission. The (ouncil is most happy that the Romanian Orthodox community has now returned to the Church. CHURCH CAPITAL PROJECTS The Boilers in the Church were replaced during 2024. The Council is continuing to look for possibilities to release the Vestry and Oval Room for other uses (including occasional commercial hirel. No major capital projects are envisaged in the immediate future. FUTURE PLANS There remains a need to redecorate the building, a need that much more apparent as a result of the greatly improved interior lighting. The Council is confident that the church has now returned to normal operations as a Guild Church, funded bv congregational giving, donations, receipts from visitors, the use of the building by the Romanian Orthodox Chkjrch and receipts from the rental of the Church Rooms by outside users.
Page 3 THE GUILD CHURCH COUNCIL OF ST DUNSTAN-IN-THE-WEST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW The Guild Church Council recorded net expenditure for the year of £31,236 compared to net expenditure in the preceding year of £10,956. The main reason for the movement was the expenditure incurred in respect of the replacement of the boiler. Unrestricted income amounted to £139,421, compared to £140,237 in the preceding year, with licence and rental income increasing from £49,475 to £90,610. Unrestricted Expenditure increased from £152,050 to £170,652 with costs remaining relatively comparable year on year other than capital projects. This expenditure includes the contribution to the Diocese of London's Common Fund amounting to £33,368. Restricted Income and Expenditure predominantly related to grants for and expenditure on the boiler. At 31st December, the Balance Sheet recorded net assets of £203,452. The Major Capital Projects have had a signif1cant effect on the Church's financial position, but it is envisaged that with financial discipline the resumption of normal operations it is hoped the resetves position will improve in the coming years. Risk management The GCC gives ongoing consideration to the major risks to which it is exposed and is satisfied that Systems and procedures are in place to manage those risks which are reviewed annually. Reserves Pollcy The GCC aims to maintain a balance on unrestricted fund5 equal to approximately six months of expenditure. The Council nevertheless recognises that with its current concerns about the operational safety of the building these aims may need temporarily to be aspirational. A comprehensive review of the Reserves Policy will be made during 2025. STATEMENT OF TRUSTEES, RESPONSIBIUTIES Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the GCC'S financial activitie5 during the year and of it5 financial position at the end of the year. In preparing those financial statements, giving a true and fair view, the trustees should follow best practice and.. select suitable accounting policies and apply them consistently,. make judgments and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements- prepare financial statements on the going concern basis unless it Is inappropriate to presume that the Foundation will continue to operate.
Page 4 THE GUILD CHURCH COUNCIL OF ST DUNSTAN-IN-THE-WEST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES Icontlnuedl Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statement5 comply with relevant legislation. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. Governance and administrative details of the GCC are to be found on page 5 of this report. INDEPENDENT EXAMINERS A resolution to re-appoint Knox Cropper a5 independent examiners for the following year will be proposed at the Annual Guild Church Meeting. Approved by the GCC on 27, May 2025 and signed on its behalf Canon Anthony Howe Guild Vicar and Chairman of the GCC David Powell Churchwarden and Treasurer to the GCC Date: .. -2025
PaEe 5 THE GUILD CHURCH COUNCIL OF ST DUNSTAN-IN-THE-WEST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Church Officers and GCC members serving from l January 2024 untll the date of thls report: Guild Vlcar: The Reverend James Wilkinson Iresigned january 20241 The Reverend Canon Anthony Howe ILicenced May 20241 Churchwardens: Mr Andrew Barnett, OBE Mr Robin Hay Mr David Powell Mr james Sherratt Deanery Synod Representative5: Mr Andrew Barnett, 08E Elected mernbers: Mr Matthew 8urroughs Secretary: Ms Michele Rogers Treasurer: Mr David Powell Offices: 186a Fleet Street London EC4A2HR Bankers: Messrs C. Hoare & Co 37 Fleet Street London EC4Y IBT Independent Examiner: Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Inspecting Architect: Mr Simon Ablett Ablett Architects Ltd Kingfisher House 21-23 Elmfield Road Bromley Kent BRI ILT
Page 6 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GUILD CHURCH COUNCIL OF ST DUNSTAN-IN-THE-WEST I report to the charity trustees on my examination of the accounts of The Guild Church Council of St Dunstan- in-the-west for the year ended 31st December 2024. This report is made to the Trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken so that I might carry out an Independent Examination of the financial statements in accordance with the General Directions given by the Charity Commissioners. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body for my work or for this report. Responsibilities and basls on report As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'l- I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examinerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving.me cause to believe that in any material respect.. accounting records were not kept in respert of the Charity as required by section 130 of the Act,. or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulation$ 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 65 Leadenhall Street London EC3A 2AD Greg Stevenson, F.C.A. Knox Cropper LLP Chartered Accountants Date-
Page 7 Tr- o* cri cri Lno co o)
Page 8 THE GUILD CHURCH COUNCIL OF ST DUNSTAN-IN-THE-WEST BALANCE SHEET AS AT31ST DECEMBER 2024 2024 2023 Notes FIXED ASSETS Tangible Fixed Assets Investments 9,000 12,000 CURRENT ASSETS 9,000 12,000 Debtors and Prepayments Cash at Bank and in Hand 8,153 226,847 9,396 277,578 235,000 286,974 CREDITORS: Arnounts falllng due within one year 140,5481 164,2861 NET CURRENT ASSETS 194,452 222,688 NET ASSETS £203,452 £234,688 UNRESTRICTED FUNDS 189,888 221,124 RESTRICTED FUNDS io 13.564 13,564 TOTAL FUNDS £203,452 £234,688 Approved by the Guild Church Council on 21 JA* 2025 and signed on their behalf.
Page 9 THE GUILD CHURCH COUNCIL OF ST DUNSTAN-IN-THE-WEST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 ACCOUNTING POLICIES al Status of the GCC St Dunstan in-the-west is an unregistered charity. A Description of the nature of the PCC'S activitles is disclosed in the Report of the Trustees. The PCC'S registered office is stated on page 5. The presentation currency of the financial statements is the Pound Sterling (£1. bl Basis of Preparation and Assessment of golng concern The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. They have been prepared in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 effective 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Charity constitutes a public benefit entity as defined by FRS 102. The accounts have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 issued on 16 July 2014 rather than the Accounting and Reporting by Charities Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. cl Funds General funds represent the funds of the GCC that are not subject to any restrictions regarding their use and are available for application to the general purposes of the GCC. Fund5 designated for a particular purpose by the GCC are unrestricted. Restricted Funds are funds which are used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for a particular purpose. For details of the restricted funds see note 10 in these financial statements. d) Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donotions, Legt7cie5 and Collertions Collections are recognised when banked by or on behalf of the PCC. Planned giving receivable under Gift Aid is recognised only when received. Income tax recoverable on covenants or Gift Aid donations is recognised in the accounts when the gift is received. Grants and legacies are accounted for when the GCC is notified of its legal entitlement and the amount due 15 probable.
Page 10 THE GUILD CHURCH COUNCIL OF ST DUNSTAN-IN-THE-WEST NOTES TO T.HE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Icontinuedl ACCOUNTING POUCIES Icontinuedl Investment Income represents distributions from M&G and CCLA and Bank Interest which is accounted for when received. e) Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support Costs and governance costs are allocated or apportioned to the appllcable expenditure headlngs. fl Fixed Assets Consecrated lund and buildings ond moveable church furnishings Consecrated and beneficed property is excluded from the financial statements by 5ectlon 10121 to 141 of the Charities Att 2011. No value is placed on moveable church furnishings held by the churchwardens on special trust for the GCC and which require a faculty for disposal, as the GCC considers this to be an inalienable property. All expenditure incijrred during the year on consecrated land and beneficed buildings, whether maintenance or improvement, is charged to the accounts during the year. Other Fixed Assets are held at historic cost less depreciation. Depreciation is calculated on a straight line basis and written off over the life of the asset according to the class of the asset as follows.. Piano 20% on c05t. g) Investments Listed Investments are a form of basic financial investment and are initially recognised at their transaction value and Subsequently measured at fair value as at the balance Sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year. Realised gains and losses on listed investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated 35 the dfference between the fair value at the year end and their carrying value. h) Current Assets and Liabilities All known current assets are brought into the accounts at the amounts which they are expected to reallse. All known liabilities are brought into the accounts at their expected cost.
Page 11 THE GUILD CHURCH COUNCIL OF ST DUNSTAN-IN-THE-WEST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Icontinued} DONATIONS, GRANTS, LEGACIES AND COLLECTIONS 2024 Unrestrlcted Restricted Funds Funds 2023 Unrè5trstted Restrirted Funds Funds Total Total Legacies Grants Stewardship Giving, Special Donations, Plate Collections, 8oxes & Votive5 Burial Ground Grant Income Tax Recovered C6Pltal Project Grants Concert Donations 1,198 1,198 41,400 960 8,780 240 8,780 240 41,400 960 12,041 2,500 21,702 12,041 2,500 21,702 42.000 2,732 41,418 41,418 42,000 5,054 196 5,054 196 2,732 £47,995 £42,000 £89,995 £89.028 £1,198 £90,226 INCOME FROM CHARITA8LE ACTIVITIES Llcence Fees Rental Hire of Rooms 69,599 13,333. 7,678 69,599 13.333 7,678 44,706 44,706 4,769 4,769 £90,610 £90,610 £49,475 £49,475 INVESTMENT INCOME Investrnents Interest 126 126 1,737 816 816 1,734 £816 £816 £1,734 £129 £1,863 CHARITABLE ACTIVITIES Charitable Giving Activities directSy relating to Work of the Church (Note Sal 48.000 48,000 41,759 450 42,209 Expenditure Related to the Church (Note 5bl Adrnlnistrative Cost (Note 5cl 88,797 33,860 42,000 130.797 33,860 77,583 32,708 77,583 32,708 £170,657 £42.000 £212,657 £152,050 £450 £152,500
Page 12 THE GUILD CHURCH COUNCIL OF ST DUNSTAN-IN-THE-WEST NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Icontinuedl CHARITABLE A$VITIEs Icontinuedl lal ACTIVITIE5 DIRECTLY RELATED TO THE WORK OF THE CHURCH 2024 Unrestrlcted Restricted Funds Funds 2023 Unrestricted Restrlcted Funds Funds Total Total Common Fund Clergy Expenses Parish Clerk Expenses Events, Entertaining & Catering Services Expenses Depreciation 33,368 2,020 33,368 2,020 31,500 699 500 2,125 3,936 2,999 31.5QXJ 699 500 2,125 4,386 2,999 5,322 4,290 . 3,000 5,322 4,290 3,000 450 £48,000 £48,000 £41.759 £450 £42,209 Ibl EXPENDITURE RELATED TO THE CHURCH House Expenses Church Running Expenses Church Capital Projects Repairs and Maintenance 3.978 18,834 58,495 7,490 3,978 18,834 100,495 7,490 8,104 18,651 43,504 7,324 8,104 18,651 43,504 7,324 42,000 f88,797 £42,000 £130,797 £77,583 £77,583 Icl ADMINISTRATIVE EXPENSES Administrator5 and Expenses Independent Examination Fees Bank & Financial Charges Trustees Expenses Office Costs Consultancy Fees 26,932 2,592 2,179 26,932 2,592 2,179 25.185 2,520 2,696 25,185 2,520 2,696 1.979 178 1,979 178 1,547 760 1,547 76CI £33,860 £33,860 £32.708 £32,708 Independent Examination Fees for the current year amounted to £2,59212023.. £2,520) TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31st December 2024 nor for the year ended 31st December 2023. Trustees, Expenses Trustees, reimbursed expenses for the year ended 31st December 2024 amounted to £Nil12023.. £Nill- The Church has no payroll with the two Administrators12022.. 21 invoicing the church directly for their time and expenses.
Page 13 THE GUILD CHURCH COUNCIL OF ST DUNSTAN-IN-THE-WEST NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Icontinuedl TANGIBLE FIXED ASS AT COST PIANO 8rought Forward Addition 14,999 Carried Forward 14,999 ACCUMULATED DEPRECIATION Brought Forward Charge for the Year 2,999 3,000 Carried Forward 5,999 NET BOOK VALUE Brought Forward £13,000 Carried FonNard £9,000 2024 2023 DEBTORS AND PREPAYMENTS Other Debtors Prepayments 6,197 1,956 7,807 1,589 £8,153 £9,396 CREDITORS Accruals other Creditors 2,592 37,956 2,520 61,766 £40,548 £64,286
Page 14 THE GUILD CHURCH COUNCIL OF ST DUNSTAN-IN-THE-WEST NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Icontinuedl Northcliffe Memorlal Fund Muslc and Organ 10. RESTRICTÉD FUNDS Refurbishment Projects Total Balance at 111123 Income Expenditure GainslLosses Transfer to Unrestricted Fund5 4,538 129 12,816 1,198 14501 17,354 1,327 14501 1201 14,6471 1201 14,6471 Balance at 31112123 13,564 13,564 Income Expenditure GainslLosses Transfer to Unrestricted Funds 42,000 142,0001 42,000 142,0001 Balance at 31/12124 £13,564 £13,564 NORTHCLIFFE MEMORIAL FUND The Northcliffe Memorial Fund is a fund which was set up to maintain the monument to Lord Northcliffe in the Churchyard. With Charlty Commission's approval this has now been transferred to Unrestricted Funds. MUSIC AND ORGAN The Music and Organ Fund is a fund maintained for the maintenance of the Organ and Grand Piano. REFURBISHMENT PROJECTS This is a fund which has raised grants from City Churches Grants Committee1£37,0001 for the replacement of the boiler and from the Friend5 of City Churches1£5,0001 for the replacement of the Tower ladder. These grants were fully expended in 2024.
Page 15 THE GUILD CHURCH COUNCIL OF ST DUNSTAN-IN-THE-WEST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 (continued) 12. NET ASSETS BY FUND Unre5trirted Funds Restricted Funds Total 2024 Fixed Assets Current Assets Creditors 9,000 192,936 112,0481 9,000 235,000 140,5481 42,064 128,5001 £189,888 £13,564 £203,452 2023 Fixed Assets Investments Current Assets Creditor5 12,000 12,000 244,910 135,7861 42,064 128,5001 286,974 164,2861 £221,124 £13,564 £234,688 13. RELATED PARTIES The Guild Church Council of St Dunstan in the West had no related party transactions in the current and preceding years, other than donations from some Church Officers and GCC Members. 14. CAPITALCOMMITMENTS At 31st December 2024, the GCC had no financial commitments. In 2023 the GCC had financial commitments relating to the ongoing capital projert amounting to £25,914.