.gcolti.rh Churity A'o SC046419 London City Presbyterian Church Trwlees. Report and Fip7ancial Statements Year Ended 31 December 2024
London City Presbyterian Church Contents of the Finaneial Statements for the year ended 31 December 2024 Page Report of the Trustees Report of the Independent Examiner Ststement of Financial Activities Balance Sheet Notes to the Financial Statements 9-13 Page I
London City Presbyterian Church Report of the Trustees Th¢ Trustees are pleased to present their report to¢Fether wtth the financial £tstements of the church for th¢ year ended 31 December ?0?4. The financial statemenls have been prepared in accordance wilh the accounting policies set out in note I to the accounts and comply with ihe charity"'s consiiiution. the Charities and Tn]5lee Investment (Scotland) Aci ?OOi. the Churities Accounls (Seotland) Reoulations 2006 (as amended) and the Charities, Siatement of Recommended Practice (Charities, SORP (FRS 102)). Objectives and Activities London Citv Presb}Qerian Church is a cOneO tiorE ofthe Free Church of Scotland. IÉ is a Presbyterian church adhering in its worship and doctrine to Ihe Fx)sition of the Church ol- Scotland ai the Reforniation. The Free Church of Scotland has an explanator), document which explains the origins of the Church and ,hICh gives the historical backiyround io the Chuich coming inio being in 184J and lists documents in which is embodied th¢ ¢onsiitution of ihe Church. The document is available on request froJn the Free Church of Scotland, 15 North Bank St., The Mound, Edinburgh, EH12LS. The Free Church of Scotland cUttIV has over l 00 congregations in Scotland, and sister Churches founded by mission work in India, Pen] and Souih Africa. Thc Church also has a setninary in Edinburgh for the training of ministers and other Christian workers and sustsins Mn extensive missionary programme relative to the size of the church. The Church has close and aclive relations with manv other Refomied churches of Jesus Christ throughout the world and statids fimil>' in the tradition which accepts the Bible in its eniirety as the Word of God and, therefore. deri¢5 its forffls of teaching, worship, ministr), and government from it. The principal activity of the Church is the conduct of public worihip and associated matters in the context of lo¢al con(kreTrations. The main emphasis of our worship is the preaching of the oospel _ the good news of a free and sovereign salvation through Jesus Christ alone. London City Presbyierian Church has the folloth'ing aims: to maintain the public worship of God and to foster Christian fellowship. 2. to evangelise the local area by proclairning the gospel of Jesu5 ChrisL to exercise pastoral care and practical COTnpassion for those in need. to uphold and further the interests of the Free Church of Scotland. and to participatc in the worldwide promotton of Christian fellowship and the advancement of the Christiat) tai1h. The congreuation is authorised by the Church to have a Jninisler paid from centr&l funds of the Church. The congregation owns two Tnanses, for the Minister and his family. and for the Assistant Minister and his family. Th¢ Congregation rents a buildinu frotn the Church ofEngland forthe conduct of its services in centrdl London. The conoreoation makes urants from its (Fift incom¢ to individuals and organisations whose aims are compatible w'ith thc congregation"s objeciii'es. Achievements xlld Performanee Throughout 20?4, London City Presbvterian Church (LCPC) continued to maintain public worship each Sunday in th. heart of the City of London, and to provide Christian fellowship and gospel witness within the wider city- I'he congregation has also continued to partner '1th the Frec Church of Scotland in ils wid¢r ministry as a denomination. together with supportino mission work abroad throuoh paitners in Europe. Africa and Central Asia. The congreation also maintained links with presbjierian churches in North ATneric4 with the aim of mutual support and encourag¢menl.
London City Presbyterian Church Conccrning ihc COnggatIO11'5 actlVTtiC5= During the Y'ear, the congregation continued its regular Sunday ministTh' in central L()ndon. We have been enLoufdged nLIt only to 'elcome neiv members into the congregation. but also to reCeIe a stead%. stream of visitors each week. Some come from similar churches. but others have little or no faith Thho are enquiring about the gospel or seekino 2 more substatTrtial understanding of Scripture. Sundav services have been supplemented by a nllmlr of mid-w'eek Bible studv groups which meet in the homes of members ton¢ther with a weeklv prdver rneeting. Sunda!. School classes have continued to prold¢ ag¢ 8pe¢ific mini.strv for child and teenagers in the congregation: while a ?onns group and ladies, and men's fellow'ships have met regularly duringthe N'ear. Other occasional infornial meetings are held to provide opportuniiies for f¢lloiYship Mnd build thc church cotnmunity. The pasra[ tearn ha5 been .supplemented bv the arrti'al of the Ministerial A%si%tant in Ma) 2024. Conccrning ihc condo e?ation's funding: The congregation lias received 51eadN. fin<incial 5UPPOrt from Ih05¥ LunncLtcd iviih il. and lh¢ Deacons acknoNN'ledg¢ with thanks God's proyision for His Ork tm the congregaiion. I"he genernl fund had a surplus of £i,54i for dic yiar. The Ministry Assislan¢¢ Fund: which covcr5 thc additional Costs of ministry in London had a dcficil of £26.584 for the Jear, after invesiing just over £4i.000 to procure a second manse. Future Plans With the assistanc¢ of funding from other churches. the congregation ha5 engagcd an adrninistrator to support th¢ tninistry l¢aJn. Wilh twv Tnini5t¢ts in w5L w¢ look forward io further supplementing and expanding the ministry at LCPC in the J'ear ahead. Finaoeial reTriew Principul sources OffiaIn The Congregation PTillLipallv receives its fundtng bv way of regular supwrt from its rnemrs. Rgstslisfor ilie vear The financial st&tements for the year are set out in pages 7 to 13. The Statement of FinanciaI ActiltieS on paoe 7 reflects a nel surplus of £38.542. Reserves The tru.stee%.%eek tn maintain free at a level which equates to approxTmat¢ly Six months unrestricted expcndiwrc. This allows sufficient funds io enable ihe on¥uiTru work of the Lhurch to b¢ mdiniaiiied. Tlie Qieneral Fund (paoe 8) at 3 1 December 2024 amounied io £18:743. and was beloiw Ihe required level. Total reserves. including the net ixiok value of ffL asse amountcd to £1.522.322. Siaiepneni on Risk The trustees assess the major ribks to which the conLTeiTation 15 eNp(ised vn an ongToinL basis and have establi5hcd procedures to mitigale those that are identified as a rr5ult of these revievis. The principal linancial risk fdLin¥ the Lon¥re¥alion is that the LonkTe4aLion L(ImTnils io suppurt Lduses or enlers into FinLIa1 commitments beyond lis financial resourees. The Deacons, Court reiyiews manaoemcnt accounts, budgets and financial projections before entering into any Si¢Tnificant ongoing financial LutnTnilmrnts in order to counteract this risk. Page 3
Loniol~, City i L-esOJ'.kni nhurcn .Struclure, Gov¢rDallce and Trlsnxgement LL)ndoii Ciry Preiblterian Church is e>iabliihed by. its constitution and is reIstred a Lharily with ihe Office ot.the qtottish Charity Regulator (0sL R)- The gol'ernmcnt of the Free Church of Scotl&nd is Presbyicrian and the con(Fregation IS WLthin thc Presbytcry of Edinburgh & Perth. Irs dav to daN' runniTiQ IJ undenaL'en b¥. Ihe Elders (Ihe Kirk Srssion) and th¥ Dcucons (Ihe D¥d¢or,s Louiij. 't Is acc':prknd pracT- for the klinisier and Elders 10 also be in meinber>hip of the Deacons, Cuurt ivhose speLific fuELCtion relate* In the material and financial business of the conqregatton and fiilfil the nile of tnÈsteei under ¢harits' law: IN"Fiereas Elde are charged with the spiritual oversighi of the congregation. AppiJinifrNenl uf.Ch(iriii, Truslees Tlie Kirk Session exercises it> dINreI0 Èn d- -nn 111.'no th tll05t approprialL [P.lhOa of clccting new truslccs (both Elderi and Deacoiig}. i¥,ho Sln'e for no fixed Lerm. ..Ini' tleLiion prKKtss Inu51 involve ihe ¥ominunicant mcmbci.shiy Obf tr.e Politi081111. Pp.or tc, -4eir appi?inmienL neH' trusiees wuuld liave seTr'ed Ihe congre .a:.:on for some time in i'arious roles and 'OUld be familiar ivith its alue). aiins and objectikes as well as its da!'_to-dav operatiOryJ. As part ot- rheir indukniion programme. rte1 Irustees are required io understand thttir siatutorv responsibiliTie5 a% well as their re%ponsibilih, as l.-Ider ar l)eacnn. Siotem¥nl of Tnisiee.g' reswpjsibilicies The trUsie ar2 responsitile for preparin¥ the ArknLbal Rcpoit and thc financial statcments in accordancc with applicable lam, and regulations. The trusiL¢S are requirL d io prepare financial siatemenis lor eaLh finAnLial Jear in accordaiice with Uniled Kingdom (i:D.erdllJ Acicptcd .4¢counrino Practie (Lniied Kinudotn Accounting Standards and applicable la,). The financial 51aleineiiis are required bi. law to giye a fruc and lair i¢. vl. the sthic ol" alfairs of thc ¢haritv, ai",d ()I' iis inLI)iiiin(F resourc£s and th-. application of resolirces of the LhL[. fur that period. In prepariiibr (hes¥ l-;nan¢idÈ siatcments. Ihe trustees should folloiv he8t practice and.. seleLt suitable accounting p)licit_4 and then applJ' Ihcm consistcntl)'= ub>UiTr"ty ihc tneTIIoo'a aiid principle) iii die ariii¢> SORP" make Judgments. and ebtiinaies that are reaionable and prudent: prepar¢ ihc fiTrancial statcinenis on the going concern b&%is unleis It is inappropriaie 10 assumc thai th¢ h.ItV will continue its 0ra110$. The trnstees are respun5ibl¢ for keepine propel aLcouniing rccords that di105¢ M'iih reasonable accuracy at an), time the finaiiLial txliltiiin Lif iiie chariry." and enable Ihem 10 ensur¥ thdi the fmancial siaiements coinply with thL applicable law and ihr Law> and l( . lariiins Ot the Q'hiirch. 'lThe)' are a150 rc5ponsible for sate<sua&4iin(5 the 2Ssets of the ¥harits' and lienLe L"or taking rdqsonable sleps for th¢ Ptrknveiition ld dctection of fraud ]d other irregularities. Trustees The membcis of the Deacons. Court (who are th¢ Key .Manaoemeni Personnel of the charity tor thc pwyosc ul"nuLc l U to thc accounrs). Ivho served durino ihc 'Lre as follDth'b -ffjlinisters Elder.f DeacoNs Page 4
London City Presbyterian Church RefeTence and Adminlstrative Det211s Registered Name." Othgr nllmes by whieh it is kn(Min.- Charity. RegiFtraÉion Nunther.. London City Presbyierian Church LCPC. Free Churih of&uiland London .SL'(140419 Address St Botolph's-without-Aldcr54ate Aldersgate Streei London ECIA 4EU Weh.¥ile www.Icpc.org.uk Con¥rc¥uliipnul Tru.flL'e.F For holding propertt. Bonker5 Bank of Scotland (London Chief oificc) POBOX 1000 BX2 ILB Independent Fxuminer Slklllble h'tlpi L L_ •8 SouthThav Carshalton Beeches Surre}, %M5 411W gl (Fnedi lin b,.Ii,Iif,)r I.,, Jrmsreelc'lerk 6 March 2025 P&g¢ 5
Repori of Ihe Jndepertdeni £¥ominer to the Trusiees for the }'car ended 31 D¢cemb¢r 20?4
Independent Exsminer's Report to the Trustees of London Cih". PresbN'terin Cb.IJTch
l pOrt on thc accounts ot the charity ior tile year ended 31 Ik£emIr ?0?4 which are 8ei out on pages 7 to i 3.
RespeetÉv¢ Responsibilities cf Tnjstees ond Ex8mlner
Th¢ chaiTIy'> Twsl-es J eiP071_sibit IUI Iht ?-: eprfi. aiÉon of ihe accounts in accorQLrce with Fhe tem]E OF Ihe
Chartlies and Trust--: Invei¥Tent l>coilaD.-
-"! Acl ?ODi the Ch&itie> .4ccoLnts Iscoilano j Regulations ?006
(as amended}. Tb.- charity. Trui%Eee.s cor.%Èder Thar the auai(-.4u-,rmen(s o-- Re(yiildllon l J (al ili Icl ot tlie ?006
ALLULin:s R=gul
London City Presbyterian Church ststement of FiDaDcial A¢ti¥ities for the yegr ellding 31 Detember 2024 Re5trtcted Fund5 Ministry Asststance General Property Fu#d Other Total Total 2023 FuRd Fun Furtds 2024 P4ote5 Income Collections and regula¥ givIg Payroll giving Granis from oiher churrS Te$ recovered IDÉ¢resi Bequest Total Receipts 59.)65 2.106 92.942 4.247 31.896 li.2YJ 18.271 170.178 10256 41.896 30207 .365 186.282 11.886 3,9)3 10.0 13.991 2.987 28.708 20.125 1.365 53.857 2i4.iO? 300.858 75.662 141314 11.365 25.161 Expenditure PdymEnlsfor Ghcriluble Activiiies Free Church of Scotland Centsai Funds Gronls Tnadc Church oberheads Church activities Mini%iLrial &qlary cos Mini51¢Tial expenses reimbursed Pulpit qupplv Manse overheads Mongage intertsi GuTr'erpTuFice Cos15 Independeni Examin&iiiMJ Presb}'tery dues Othcr guvem6nc¢ costs Total Payments 46.613 40.983 20.407 3.771 29.458 29.846 56.815 30.990 18.993 3,959 13.433 5.567 3.488 21,464 27.750 10.(MM) 19.308 30_983 3.771 4.269 4.74? 379 7.626 ?5.189 2).104 7.393 27.8( 15.019 660 690 426 639 532 513 215.960 184,301 426 i32 70.117 114.8(rf1 30.983 Surplusl(deficit) for the year Transfers 5.545 27.454 11.365 52.652 (5.8221 lJ86 38.542 116.557 (54.0381 Net Movement after trnBsfers Total Funds brought forward 5.545 13.198 126.i841 94.78) 64.017 1.298.917 14.4361 76.882 1.483.780 1.367.223 Total Funds c8rried forward 1&743 68.1 1.362.934 1.446 1.522.322 1.483.780 P&ge 7
iy --i-esoJ'twI"2 Balance Sheei As of 31 December 2024 No1¢5 2074 2023 Fixed_.tssèts N4an<¥ i l El:pbAnt LD.e. Rotherhi14 Man<p al 7 A ni" 1,023,885 Cash lield b}" ¥-. ee Church o! Scotland Totsl Tr)xed .45sets 74] L}47 ry55,832 1,881,370 Currellt_lestts Sundr4 Kl¢tr)t.,l-.% tsnd Frepa%inents 199.446 2ll2,?95 Total curr4¥1 j .eLS 125.97.) Li8bilities -'1 iu due ivtthin one Jcar Net Currellt Assets 200206 49?,258 Totsl et.4SSets la22J?2 1,483,780 charit Funds LTnrcSii i.'iea' Funds Genersl . LIIILI -198 R¥tsiJ-:L'i. 15.775 36.118 14,164 .Ind 76.882 ji.'sianee Fund Propern FLr. Tolol R2.sIrElgJ Fun4ts 94.783 1.298.917 1,470..)82 l._iC,- Total Cbarity- Futtds 1,$12J22 1,483,780 The AcLuun(s M'ere <tpproYcd by th¢ D¢&kLU. CuLÈri 6th M4tnli 2025 Pag¢ 8
London City Presbyterian Church Notes to the Finaneial Ststements for the year to 31 December 2024 l. Accounting Policies Basis of preparation The financial stalLmcnt8 have been prepared under the historical cost convention. and in accordance with the Charities Ststemenl of Recommended Practice (Charities SORP (FRS 102)). The church meets the dcfinition of a public benefit entity under FRS 102. The trust¢¢s consider that thcre are no matcrial unccflainties about the congregation s abiliti, to continue as a going concern. Income All voluntary incotne and bank inLeresl is accounted for ii,hen receI¢d bul includes Tecoverable taxes. Expenditure Expenditure is accrued as soon as a liabiliry is considered probable. TangiblefLred a55ets Freehold land is not depreciated. The manses owned by the conoreoatton are considered to maintain their residual value such that any depreciation of the buiidiT.)QF5 15 Lonsidered immaterial. .4s sdcn no depreciation is charged: but the manses ar¢ subject to annual rei'-iew to ensure that the have not suffiered anv impairnient in aIlle. Classification of Funds For thc purpose ot.the linancial statements: funds are defined as follo's. Unrestricted funds comprise rants and other incoTne reccivcd for the objects of the church without further sp¢cifi¢d purpose and are available as Qenerdl funds. De5i(Fnated funds repre5eTtt unresthcted funds which have been eamiarked bv the trustees for particular purposes. Restricted funds comprise income which has beerk received for thc objcct5 of the chuich and specified for a restricted purpose within these objects bv the donor.
Loncor, Ci LV Presbsiteriap, Church Ot to the Financial Statements for the vear to 31 December ?0?4 FREF. CHURCH OF SCOTLAP4D CEP¥T114L FUNDS ?0?4 ?023 Minislry. Levy Adminisrralion Lev). Central Proi-cb Lev). Doiidlioo lo br¢¢ tiV[Ch Youth ConfcTrnre 33,240 31,450 7.2110 18,06) loo i6,81) 89.134 Toial unr¥Strtctcd incomc pcr pa P¢rce. J&¢ye ieqt to Free Church centrdlly 7,66) 64b/. 3 GIUNTS ,MAJE rutFi MÈnistry Asiistance St Boioiph'> ReftLtbishmer.I Frotn Elsie _Xq4cAula¥ Fur.d Indiwidual Frri1 Mission Fund .41V.: Shepherds 959 8,000 4.500 2.000 4,500 5.000 5.000 . L .'Ikibi rIn Chl,. Malawi CLi10eilaIl1J Free Church ?.000 ?,000 ?0,8aO or L kraine CHURCH ON'ERHEADS Rcnt an(1 cicllninft of cnurch premisÉ% Isr Botolph and LCM) Public liabilit&. insurance 19.808 18.457 20.407 CHURCH ACTIVITIF.S Ofticc Books aid Via927tnes- net {surplusJ'delic!I Advenisiiis & websit- Suno'ai. sbb.ool Youn: Adulis f,:.ds' Ina-erials OulrLaLh IiiiLlJding on-line services) Daj CoTLfer=- W'elcome ult- (net) Other 1.261 144 1,017 191 18 314 676 171 {1%6} (1,7861 167 3,959 Page 10
London City Presbyterian Church Notes to the Financial Statements for the year lo 31 December 2024 MINISTERIAL EXPENSES 2024 2023 Minisler- churged io G£pFeral Fund Fares and trdvel Subsistcnce Hospiialilv Books, siationeTr. IT Other (includÉng professional membership} 1.718 188 2.?60 js8 1,936 34 1,882 416 641 4,909 Assi.flanr,.Ilinisier- chargedio MinislryAssisiance Fund (Wf)mÈn .% Wcirkgr iii 2023) Fares and travel Subsistence Hospitalitv StationerylBooks Other (vis, medical and removal costs) 145 28 891 74 439 145 24.040 658 29.846 5,567 MANSE OWERHEADS Elephant Lane Council t Utilities Insurance Other 2,430 6,477 810 90 9.807 4.017 186 Tolal charged io General Fund 7.626 9,807 Ann Moss Way Council Tax iilities Insurnnce Other 1,244 (595) 595 Elephani Lane Repairs 12.252 Total charged to Minislry A55islance Fund 11.657 15,019 21,464
London City Presbyterian Church Notes to tbe Financial Statements for the year to 31 December 2024 OTHER RESTRICTED FUNDS Mission FuDd Elsie MacAulay Benevolent Fund Total Balanc-. blfii-d 14,164 76,882 Income Colle¥TiOnS and grants Tax relund Transfer from Ministy Assisiance r und 19.85? 2.ii9 ?2,174 ?,987 428 Payments (?0.800) (951) (30,983) BalAnee elfwd 15.77) 72,446 Mission Fund The Mission Fund compriies collections made. and donations received specifically for mission work. E15ie MacAu12y Fund The Elsie MdcAula!, Fund was established by a trwuest from a fornier member of the congregation. It provides ntS or loans to yo people the conareuation who are aitendinu camp5 or training coursei. are shorc-iemi missionarie5, or require ien).porary help with accommodation. The capiral has been used to help fund ihe Rotherhithe Tnanse. with inieFes( paid internallv to Ihe Elsie MatAula)' Fund for ihe use of ihe funds. One.[ M'as Fnadc dLirino 2024. Benevolent Fund The Benevolent Fund is held for the relief of hardship amono members and friends of th¢ congregaIion. and oihe drawn io the attention of the Deacons, Court. Mtnistrv Assistance Fund The Ministry Assistanc£ Fund comprises funds received for the purposc of covering the addiiional Costs of conducting ministry in London, includino but not limited io waoes & relaied pavments of a minisiry assistanL the provision of ministerial housin(F and oiher ekpenses specific 10 Minis ai London City Presbyterian Church. Property Fund The Property. rund represents funds held for th¢ provision of housino for Ix)th a minister and a minisEthal assrsiant. Page ly
London Citv Presbyterian Church Notes to the Financial Statements for the Tr'tar to 31 Deccmber 2024 FIXF.D ASSETS & PROPERTY FbThl> 2024 2023 The equit). in Ihe properties ¢ompri¥e: Manse at Elephanr Lane Manse at Ann K1oss Way c.ash held ir bank Cash held by Lhe Firee Chur¢h of S¢oiland 1.0?3.885 8) 1.485 1,023.885 50.000 751.947 .825.832 1.881.310 I,ess.' [Ortgage Equity (483.779) (492.=,58) .3.3.)..i74 This is represented bi. the follom'ing restricted funds- Elsie MacAulai. Fii&id loan Property. fund Equity 34.656 1998.918 1.33).574 1.369 9) j 1.397.591 The manses at Elephar.i Lane and Ann M055 Way. in Rotherhithe are freehold properties. held b), natned trustees as nominees on behalf of the coftgrellatton. The ma])ses are recorded at co. 10 TRANSAC.TIONS '1TH KF.Y MANAGEMEh"T PERsoyfyEL No Inemb¢r% of the Dcacons, Court rcL¢ii'cd an%. Ul1¢rat i).: io an}. TnLFnb¢r of(n¢ D¢a¢ons' Coun M'ith (he ¢_XL¢Plion ol I"kniInbuzscd A8 a churih. Ive eli courage ¢veTh-r)nc to us¢ rheir CJod-¥iN"en ¥iTt% in seTvice i)orh TInTr. tne church and el%ewhcrc. In all olob'r ac11 ilie5: w¢ rely on voliintccrs giving If¢¢1. of th]r tiine aiid talents: wiflioul which we would not be able to serve as M'e do.