2021-12-31-accounts

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Diocese of London

Report & Financial Statements

31 December 2021

Registered Charity Number: 1127652

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Report and Financial Statements 2021 Contents

	Page
Legal and administrative information	2
Report of the Parochial Church Council	4
Independent Examiner’s report to the Parochial Church Council	9
Statement of financial activities	10
Balance sheet	11
Statement of cash flows	12
Notes to the financial statements	13

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Report and Financial Statements 2021 Legal and Administrative Information

Name

Address

The Parochial Church Council of The Ecclesiastical Parish of Christ Church with All Saints Spitalfields.

Commercial Street, London E1 6LY

Charity Registration no 1127652. The church was registered with the Charity Commission on 21 January 2009. The Governing Parochial Church Council Powers Measure (1956) as amended and Church Representation Document Rules (2006).

Members of the PCC

Those who served from 1 January 2021 to the date this report was approved are:

Clergy	D Wolf	Senior Pastor (Appointed April 2021)
Churchwardens	W Spiring
	I Oppong
Elected Members	S Knight
	D Bird
	A Hull
	A Pillans
	T Vaughan
	L Alexander	(Resigned May 2021)
	A Jones
	C Hilson
	H Owen
	R Gomes
	G Makin	Treasurer
	C Cribbins
	A Foad	(Appointed 24 May 2021)
	S Orojian	(Appointed 24 May 2021)

Key Management	Those in charge of planning, directing, controlling, running and operating the Charity,	Those in charge of planning, directing, controlling, running and operating the Charity,	Those in charge of planning, directing, controlling, running and operating the Charity,
Personnel	including those members of staff who are the senior management personnel to whom
	the trustees		have delegated significant authority or responsibility in the day-to-day
	running of the charity, are the Clergy, Church Wardens and Chief Operating Officer.
Bankers	Reliance Bank
	Faith House
	23 - 24 Lovat Lane
	London EC3R 8EB
Solicitors	Winckworth		Sherwood
	Minerva House
	5 Montague	Close
	London SE1	9BB
Independent Examiner	John Helm ACA
	Simply Churches Limited
	17 Heathville Road
	London N19		3AL
Quinquennial Inspector	Connolly Wellingham Architects
	Spike Design
	133 Cumberland Road
	Bristol BS1 6UX

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Report of the Parochial Church Council For the year ended 31 December 2021

The Parochial Church Council of The Ecclesiastical Parish of Christ Church with All Saints Spitalfields (“PCC”) submits its report and the financial statements of the PCC for the year ended 31 December 2021. The financial statements have been prepared in the format prescribed by the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP2015) and the Financial Reporting Standard 102. The legal and administrative information set out earlier in this document forms part of this report.

The PCC co-operates with the incumbent in promoting the whole mission of the Church within its Parish and beyond; pastoral, evangelistic, social, and ecumenical. It also has responsibility for the non-stipendiary staff and the maintenance of the Church buildings. In essence, the PCC is a consultative body that represents the views of the congregation as well as its own. It should communicate, where appropriate, any decisions of the PCC or its committees to the church; oversee and advise in the financial affairs of the church; pray and champion the vision for the church.

1. Structure, governance and management

1. Internal structure, governance, and management

Christ Church Spitalfields is part of the Diocese of London within the Church of England. The PCC is a body corporate (PCC Powers Measure 1956, Church Representation Rules 2006).

The method of appointment of PCC members is set out in the Church Representation Rules and members are drawn from those on the Electoral Roll of the parish. Following a decision at the APCM of 2020 the PCC is now comprised of a maximum of 12 elected members (elected annually), our Deanery synod reps, two church wardens and any licensed clergy.

PCC members are responsible for making decisions on all matters of general concern and importance to the parish, including deciding on how the PCC’s funds are to be spent.

The full PCC met on six occasions during the year. Its Standing committee met in the intervening months to shape the work of the PCC and make executive decisions where needed. They also operate as the staffing committee. In addition, the PCC has set up working groups: the Finance Team, the Safeguarding Team, and the Missions & Away Giving Team.

In 2003, the PCC set up Christ Church Community Vision (Services) Limited (CCCVS Ltd), to manage the building in a self-funding and sustainable way. CCCVS Ltd is a company registered in the UK (company number 04843002).

2. Relationships with other organisations

The PCC works closely with a number of other charities and linked organisations:

• Christ Church Foundation (charity no. 1091925) is a sinking fund for all long-term maintenance of Christ Church Spitalfields.

• Christ Church Primary School Brick Lane - a voluntary aided Church of England school to which the PCC appoint Governors.

• The Mary Baker Charity which makes gifts to the poor and sick.

• The Norton Folgate Almshouses who manage 11 housing units for the poor of Tower Hamlets and one commercial premises locally.

1.1 Enabling Committee (Standing Committee)

This is the only committee required by law. It is the leadership team of the PCC and plans the work of the full PCC over the year. It has power to transact the business of the PCC between its meetings, subject to any directions given by the PCC. Its membership comprises the incumbent, associate priest/curate, churchwardens, the PCC secretary and treasurer and sub-committee chairs. The Standing Committee meets every other month from PCC to discuss matters and set the agenda for the PCC.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Report of the Parochial Church Council For the year ended 31 December 2021

1.2 Church Attendance

The electoral roll is completely reviewed and revised once every five years and was last updated in 2021. At the last APCM the electoral roll stood at 187 (2020: 196)

1.3 Risk Management

The PCC acknowledge that they have a responsibility for the identification and proper management of risks faced by the church in achieving its primary aims. The PCC has therefore assessed the major risks to which the church is exposed, in particular, those relating to the specific operational areas of the church, its investments and its finances. The PCC believes that, by monitoring reserves levels, by ensuring that controls exist over key financial systems, and by examining the operational risks faced by the church, it has established effective systems and procedures to mitigate those risks. A comprehensive risk register is being undertaken.

Operational Area	Risk	Management
Security & Safeguarding	There is a major security, safeguarding, or health & safety incident	Safeguarding – there is a safeguarding policy in place and a designated safeguarding officer. All volunteers who have direct contact with children or vulnerable adults as well as pastoral team members are required to have a DBS, which is renewable every three years; we ensure that insurance policies are up-to-date and cover us for identified risks; we maintain up-to-date incident logs
Finances	Income and expenditure: there is a risk that expenditure could exceed income	To mitigate these potential risks the PCC maintains a reserve and approves an unrestricted funds budget which shows a surplus of income over expenditure. Monthly management accounts are prepared comparing income and expenditure with budget to enable this to be monitored; PCC officials ensure proper authorisation of expenditure in line with the target operational cash reserves. Regular communications with members regarding giving strategy and also with business partners, including CCCVS.
	Potential liabilities: there is an uninsured liability which crystallises	To mitigate this potential risk, we ensure that insurance policies are up- to-date and include employer’s liability, public liability, buildings insurance, contents insurance and property owner’s liability, subcontracted where appropriate

2. Objectives and activities

When reviewing and planning the activities of the church, the incumbent and the PCC have considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance to charities for the advancement of religion. In accordance with the objective to promote the whole mission of the Church, we aim to enable the development of personal faith, the sharing of the good news of Christianity, and the growth of community in our parish, by:

• Regular worship and prayer in a variety of formats, open to all;

• Enabling access to sacred spaces for personal prayer and contemplation;

• The opportunity to explore Christian faith through the Alpha course;

• The provision of other community courses which are based on Christian teachings;

• Delivering courses aimed at developing leaders and disciples in our congregation;

• Supporting other charities that are working in our local area to care for the community;

• Developing and embedding small groups to facilitate community support and communal learning about Jesus;

• • Working together with the School to invest in children and families in the area; • Supporting individuals who are working in a missionary capacity

To facilitate this work, the church building is set aside exclusively for worship on Sundays. It is usually open to the general public on Sunday afternoons and Monday-Friday, unless closed for a private booking or occasional service, or because of

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Report of the Parochial Church Council For the year ended 31 December 2021

COVID-19 restrictions. Hanbury Hall is primarily a place for ministry and mission in-keeping with its founding documents to be a venue for Christian education.

The PCC’s trading company, Christ Church Community Vision (Services) Ltd, contracts with Graysons PLC who let the Christ Church and Hanbury hall buildings on a professional basis. Any surpluses from this venture are used to support the mission of the church.

3. Achievements and performance

We have created a place for people to thrive through:

• Multiplying our worship services to now provide:

• The NINE

• The ELEVEN

• The FIVE

• o The ONLINE

• Running 3 Alpha Groups online with approximately 40 guests.

We have created a place for people to belong through:

• Launching 5 new Life Groups

• Investing in the strength of our Life Groups through:

• Appointment of Life Group Pastor

• Creation of Life Group Hub Pastors who support Life Groups Leaders

• Rebranding Midweeks to Life Groups and creating more ways in which a life group can flourish.

• Introduction of Apprentice leaders providing space for more people to step into leading

• o Word video series giving deep Life Group bible study

We have created a place for people to impact their city through:

• Enabling over 45 volunteers to be involved with Food Pantry

• Supporting 55 individuals through the GrowTH night shelter.

• Supporting over 70 local families by distributing over 1400 Food Parcels.

• Giving 25 Door of Hope women (women involved in prostitution locally) hampers of gifts and treats at Christmas.

4. Financial Review

Funding for the Charity comes primarily from the free will offerings of those attending services.

The Statement of Financial Activities and Balance Sheet can be found on pages 10 and 11 respectively. The Church’s reserves decreased by £15,288 during the year (2020 – decreased by £27,433). The balance sheet shows total net assets of £1,181,184 (2020: £1,196,472).

Included in total funds are amounts totalling £76,098 (2020: £24,913) which are restricted. These balances have either been raised for, and their use restricted to, specific purposes, or they comprise donations subject to donor-imposed conditions. Full details of these restricted funds can be found in note 9 to the accounts together with an analysis of movements in the year.

5. Reserves Policy

The PCC has examined the requirements for free reserves, i.e. those unrestricted funds not invested in tangible fixed assets. The PCC considers that, given the nature of the church’s work, free reserves should be equivalent to approximately 1-3 months’ general fund expenditure (depending on the particular expense), plus committed future expenditure on other projects, where funds permit. The PCC is of the opinion that this provides sufficient flexibility to cover temporary shortfalls in incoming resources and will allow the church to cope and respond to unforeseen emergencies whilst specific action plans are implemented. At 31 December 2021 the church had net free reserves of £52,968 (2020: £57,853) as follows:

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Report of the Parochial Church Council For the year ended 31 December 2021

Total reserves Less: restricted funds Less: tangible fixed assets Less: fixed asset investment Free reserves Free reserves requirement: 3 month’s budgeted routine expenditure	2021	2020 £ 1,196,472 (24,913 (1,113,705 (1	) ) )
	£
	1,181,184
	(76,098)
	(1,052,117)
	(1)
		57,853
	52,968
		90,000
	90,000

The PCC is aware that the free reserves requirement is currently in excess of free reserves and are actively seeking ways in which parity between the two amounts can be restored.

6. Going Concern

Each year it is the Trustees’ responsibility to state whether or not the annual financial statements have been drawn up on a going concern basis (see the accounting policy note on page 13). Going concern is the assumption that an entity, in this case The Parochial Church Council of the Ecclesiastical Parish Of Christ Church With All Saints Spitalfields, has the resources (financial or otherwise) to enable it to continue operating for the foreseeable future and, in particular, for at least 12 months from the date of approval by the Trustees of the financial statements. If the going concern principle did not apply, then the accounts would be drawn up on an insolvent basis.

As part of this year’s going concern review, the Trustees have had to consider the likely impact of the Covid-19 pandemic which broke out in early March 2020. The financial risks to the ministry have increased significantly as a result of the lockdown restrictions which have subsequently been imposed. The effect of the pandemic was far-reaching and we have not yet seen the full extent of the impact, but we did see a reduction in financial income. This was driven by people giving less due to personal income reductions and many people leaving London. In addition, our subsidiary company (CCCVS) saw a large reduction in trading income. However, we have been able to balance this against income from grants and the support offered by the Government. Since the end of the restrictions we have seen our attendance numbers recover to almost pre-Covid numbers and our giving income also start to follow. CCCVS also is now able to fully trade.

7. Investment Policy

The PCC currently places spare funds on bank deposit.

The PCC invests in Christ Church Community Vision (Services) Limited (CCCVS Ltd), to manage the building in a selffunding and sustainable way. CCCVS Ltd is a company registered in the UK (company number 04843002).

8. Plans for Future Periods

• In 2022 we would like to achieve the following:

• Grow the number of people attending services from 174 to 275

• See an increase in number of people belonging to a Life Group from 185 - 300

• Enable more people to impact their city by expanding the numbers serving on a Team from 90 to 160.

• Diversify Income streams by growing income from

• Regular Donations

• Business Activities

• Grant making trusts

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Report of the Parochial Church Council For the year ended 31 December 2021

9. Responsibilities of Trustees for the Financial Statements

The PCC is responsible for preparing the report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Charity law in England and Wales requires the PCC to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the PCC and of the incoming resources and application of resources of the PCC for that period.

In preparing those financial statements, the PCC is required to:

• Select suitable accounting policies and apply them consistently;

• Observe the methods and principles of the Charities SORP;

• Make judgements and estimates that are reasonable and prudent;

• State whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the activities of the PCC will continue.

The PCC is responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the PCC and enables them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the governing document.

The PCC is also responsible for safeguarding the assets of the PCC and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the PCC and financial information included in the PCC website.

10. Approval

Approved by the Parochial Church Council and signed on its behalf by:

Irene Oppong Church Warden

24[th] March 2022

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Report of the Independent Examiner to the Parochial Church Council of Christ Church with All Saints Spitalfields

I report on the accounts of the Parochial Church Council (PCC) for the year ended 31 December 2021 set out on pages 10 to 23.

Respective Responsibilities of the PCC and the Examiner

The PCC is responsible for the preparation of the accounts. The PCC considers that an audit is not required for this year under section 144 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The PCC’s gross income exceeds £250,000 and I am qualified to undertake the examination by being a qualified member of The Institute of Chartered Accountants In England and Wales.

It is my responsibility:

• to examine the accounts under section 145 of the 2011 Act,

• to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act, and

• to state whether particular matters have come to my attention.

Basis of this Report

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity 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 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

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:

1. accounting records were not kept in respect of the church 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) Regulations 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.

John Helm ACA

17 Heathville Road London N19 3AL

18[th] March 2022

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Statement of Financial Activities For the year ended 31 December 2021

Note Income from: 2 Donations, legacies and grants Charitable activities Other trading activities Total Income Expenditure on: 3 Raising funds Charitable activities Total Expenditure Net (expenditure)/income Transfers between funds Net movement in funds Total funds brought forward Total funds carried forward	Unrestricted Funds 2021 £ 287,632 12,386 2,149	Restricted Funds 2021 £ 328,330 - 2,157 330,487 16,021 211,636 227,657 102,830 (51,645) 51,185 24,913 76,098		Unrestricted Funds 2020 £ 420,766 4,182 36,170		Restricted Funds 2020 £ 144,349 - 1,531 145,880 7,278 76,464 83,742 62,138 (58,833) 3,305 21,608 24,913	Total 2020 £ 565,115 4,182 37,701 606,998 24,209 610,222 634,431 (27,433) - (27,433) 1,223,905 1,196,472
			Total
			2021
			£
			615,962
			12,386
			4,306
	302,167			461,118
			632,654
	2,510 417,775 420,285 (118,118) 51,645 (66,473) 1,171,559 1,105,086			16,931 533,758
			18,531
			629,411
				550,689
			647,942
				(89,571)
			(15,288)
				58,833
			-
				(30,738) 1,202,297
			(15,288)
			1,196,472
				1,171,559
			1,181,184

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Balance sheet

As at 31 December 2021

Note Fixed Assets Tangible Assets 4 Investments 5 Current Assets Debtors 6 Cash at Bank and in Hand Creditors - Amounts Falling Due Within One Year 7 Net Current Assets Net Assets Represented By: Unrestricted Income Funds 8 General Designated Restricted Funds 9 Total Funds	Unrestricted Funds 2021 £ 1052,117 1 1,052,118 41,623 76,784 118,407 65,439 52,968 1,105,086 1,094,758 10,328 - 1,105,086		Restricted Funds 2021 £ - - 0 - 76,098 76,098 - 76,098 76,098 - - 76,098 76,098			Total 2020 £ 1,113,705 1
				Total
				2021
				£
				1,052,117
				1
						1,113,706 13,905 88,897
				1,052,118
				41,623
				152,882
						102,802 20,036
				194,505
				65,439
						82,766
				129,066
						1,196,472
				1,181,184
						1,164,723 6,836 24,913
				1,094,758
				10,328
				76,098
						1,196,472
				1,181,184

The accounts were approved by the PCC on 28[th] March 2022 and signed on its behalf by:

Irene Oppong Church Warden

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Cash Flow Statement For the year ended 31 December 2021

Note Net cash flows from operating activities 10 Cash flows from investing activities: Purchase of property, plant and equipment Net cash used in investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents brought forward Cash and cash equivalents carried forward	Unrestricted Funds 2021 £ 23,696 (10,986) (10,986) 12,710 63,984 76,694	Restricted Funds 2021 £ 51,185 - 0 51,185 24,913 76,098		Total 2020 £ 8,926 (70,200) (70,200) (61,274) 150,171 88,897
			Total
			2021
			£
			74,881
			(10,986)
			(10,986)
			63,895
			88,897
			152,792

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Notes to the Financial Statements For the year ended 31 December 2021

1. Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of accounting

The financial statements have been prepared under the Charities Act 2011 and in accordance with the Charities Statement of Recommended Practice (the Charities SORP) and Financial Reporting Standard 102 (FRS 102). The financial statements are drawn up on the historical cost basis of accounting.

The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe an affiliation to another body or those that are informal gatherings of church members.

The PCC meets the definition of a public benefit entity under FRS 102.

Going Concern

There are no material uncertainties about the charity’s ability to continue as a going concern and accordingly the accounts have been drawn up on a going concern basis.

Critical Accounting Judgements and Key Sources of Estimation Uncertainty

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the trustees to have most significant effect on amounts recognised in the financial statements:

Useful economic life of tangible fixed assets: the annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Income recognition

Voluntary income and donations (including legacies) are included when the PCC becomes entitled to, probably will receive, and can reliably measure the income. Income from the recovery of tax on gift aided donations is recorded in the period to which the relevant donation is received. Grant income is recognised on a receivable basis.

The income from trading activities includes rental income from the letting of church premises and freehold land and buildings which is accounted for when earned. It is shown gross, with the associated costs included in fundraising costs.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

Expenditure is accrued as soon as a liability is considered probable and the amount can be measured reliably. The PCC is not registered for VAT so expenditure includes VAT.

Expenditure included in Raising Funds includes property maintenance costs.

Charitable expenditure includes those costs in fulfilling the PCC’s principal objects, as outlined in the Report of the PCC. These include grants payable, governance costs and an apportionment of support costs.

• Grants payable are payments made to third parties in furtherance of the PCC’s objects. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the PCC.

• Governance costs comprise all costs involving the public accountability of the PCC and its compliance with regulation and good practice. These costs include costs related to the independent examination and legal fees.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Notes to the Financial Statements For the year ended 31 December 2021

1. Accounting Policies (continued)

The PCC contributes to certain employees' personal pension plans. These are defined contribution schemes, the assets of which are held separately from those of the charity. The cost in the accounts is the amount of contributions paid and payable during the year.

Rentals under operating leases are charged as incurred over the term of the lease.

Taxation

The charity is a registered charity and qualifies for relief from Corporation Tax under chapter 11 of the Corporation Taxes Act 2010.

Tangible Fixed Assets

Consecrated Property and Moveable Church Furnishings

Consecrated land and benefice property such as the church building and vicarage is excluded from the accounts in accordance with s10 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 inalienable property, listed in the church’s inventory, which can be inspected (at any reasonable time). They are capitalised at cost and depreciated over their useful economic life other than where insufficient cost information is available. In this case the item is not capitalised, but all items are included in the church’s inventory in any case.

Freehold Land & Buildings

There are no Freehold land and building.

Other Fixtures, Fittings & Office Equipment

These are capitalised if they can be used for more than one year and cost at least £1,000. They are valued at cost or else, for gifts-in-kind, at a reasonable estimate of their open market value on receipt. Depreciation is calculated to write off fixed assets over their estimated useful lives on a straight-line basis at rates of 1%, 20% and 33.3%. The carrying values are reviewed at the year-end for impairment if circumstances indicate that the full carrying value may not be recoverable.

Fixed Asset Investments

The PCC has one investment, in Christ Church Community Vision (Services) Ltd, it’s trading subsidiary. The investment of £1 in the share capital of the company is reflected in these financial statements. In accordance with the provisions of chapter 24 of SORP 2015, the results of the subsidiary company are not consolidated with the charity's financial statements.

Debtors

Debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.

Fund accounting

The funds held by the charity are either:

• Unrestricted funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.

• Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Notes to the Financial Statements For the year ended 31 December 2021

2. Income

Unrestricted Funds 2021 £ Restricted Funds 2021 £ Donations & legacies Offerings and donations 218,967 42,494 Income tax reclaimed 16,687 5,624 Grants 51,978 280,212 287,632 328,330 Charitable activities Fee income (net) 692 - Ministries income 11,694 - 12,386 0 Other trading activities Lettings income - - Event income 750 2,157 Other 1,399 - 2,149 2,157 302,167 330,487				Total 2020 £ 293,053 60,816 211,246	Total 2020 £ 293,053 60,816 211,246
		Total
		2021
		£
		261,461
		57,601
		296,900
				565,115 657 3,525
		615,962
		692
		11,694
				4,182 36,170 1,531 -
		12,386
		-
		2,907
		1,399
				37,701
		4,306
				606,998
		632,654

3. Expenditure

3.1 Expenditure on Raising Funds

3.1 Expenditure on Raising Funds
Unrestricted Funds 2021 £ Restricted Funds 2021 £ Collecting agent fees 2,095 1,440 Let property costs – All Saints House - - Giving stations - 1,662 Fund raising – grant applications - 3,000 Business rates - - Events 415 9,919 2,510 16,021					Total 2020 £ 1,859 8,316 - 301 13,733
		Total
		2021
		£
		3,535
		-
		1,662
		3,000
		-
		10,334
					24,209
		18,531

14

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Notes to the Financial Statements For the year ended 31 December 2021

3.2 Expenditure on Charitable Activities

Direct Ministry costs Parish Support Fund Clergy & ordinand costs Children & families Ministry events Social transformation Youth ministry Student mission Worship & upkeep of services Gifts and grants (see analysis 3b below) Operational Operational staff costs Office costs Church utilities Covid19 related measures Communications Digital infrastructure Business consultancy Hanbury Hall CCCVS management charge Crypt redevelopment Bank charges Depreciation Governance Legal & professional Independent examiner’s remuneration	Unrestricted Funds 2021 £ Restricted Funds 2021 £ 89,460 - 23,782 - 25,042 - 43,093 500 34,480 8,052 9,715 - 14,524 - 28,530 771 8,167 8,813 276,793 18,136 49,943 77,102 10,814 1,246 (124) 74,780 156 2,349 2,642 7,785 - 26,795 - 3,443 - - - - - - 190 - 63,621 193,500 72,484 - 2,597 - 2,280 - 4,877 0 417,775 211,636				Total 2020 £ 89,460 30,060 28,399 8,840 27,218 - 15,510 45,944 10,184
			Total
			2021
			£
			89,460
			23,782
			25,042
			43,593
			42,532
			9,715
			14,524
			29,301
			16,980
					255,615 143,992 9,347 - 5,068 21,039 53,481 - 9,724 33,900 663 28
		294,929
			127,045
			12,060
			74,656
			2,505
			10,427
			26,795
			3,443
			-
			-
			-
			190
					277,242 71,030 3,755 2,580
		257,121
			72,484
			2,597
			2,280
					3,755
			4,877
					607,642
		629,411

15

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Notes to the Financial Statements For the year ended 31 December 2021

3.2a Staff Costs

In addition to the many volunteers who give their time to the church, there were 12 (2020: 9) employees (excluding casual employees) whose costs are included within the main cost categories of “Expenditure on Charitable Activities” (note 3.2 above). Their aggregate emoluments were as follows:

Gross salaries Employer’s National Insurance Employer’s Annual Allowance Statutory Maternity Pay recovered Pension contributions Of which the following was paid to key management personnel Gross salaries		Total		Total 2020 £ 190,488 15,153 (4,000) (4,298) 6,798 204,141 40,220
		2021
		£
		200,360
		15,621
		(4,000)
		-
		6,189
	218,170
		41,969

These do not include the amounts paid to the Diocese for the Senior Pastor, who is funded through the Parish Support Fund and direct stipend charges from the Diocese. No employee received emoluments in excess of £60,000 during the year (2020: nil).

3.2b Gifts & Grants

The following Gifts & Grants, included within “Expenditure on Charitable Activities” (note 3.2 above), were made during the year:

Unrestricted Funds 2021 £ Restricted Funds 2021 £ Grants to institutions Inner Change 2,400 - GrowTH - 117 Door of Hope 487 - Food Pantry - 8,374 Make Lunch - 200 Royal British Legion (Poppy Appeal) - 32 Herbert Smith (charitable purposes) - 90 2,887 8,813 To/on behalf of individuals 5,280 - 8,167 8,813					Total 2020 £ 2,400 968 476 - - 50 10
		Total
		2021
		£
		2,400
		117
		487
		8,374
		200
		32
		90
					371,880 5,280
		11,700
		5,280
					377,160
		16,980

16

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Notes to the Financial Statements For the year ended 31 December 2021

4. Tangible Fixed Assets

Cost/valuation At 1 January 2021 Additions Disposals At 31 December 2021 Depreciation At 1 January 2021 Charge for Year Disposals At 31 December 2021 Net Book Value At 31 December 2021 At 31 December 2020	Crypt Redevelopment £ Hanbury Hall Development £ Fixtures & fittings £ Computer Equipment £ 1,297,529 25,509 185,737 12,535 - - 10,896 - - - - - 1,297,529 25,509 196,633 12,535 255,646 9,795 135,841 6,323 41,204 2,178 25,996 3,106 - - - - 296,850 11,973 161,837 9,429 1,000,679 13,536 34,796 3,106 1,041,883 15,714 49,896 6,212		Total £ 1,521,310 10,896 - 1,532,206 407,605 72,484 - 480,089 1,052,117 1,113,705

The PCC has use of the following properties. Not all of the risks and rewards of their use accrue to the PCC and therefore none of the properties have been capitalised.

Property	Ownership	Property type/use	PCC responsibility
Christ Church, Commercial Street, London E1 6LY	Diocese of London	Church building; crypt café	Insure and upkeep – sub-contracted to Christ Church Community Vision (Services) Limited (CCCVS)
Hanbury Hall, 22A Hanbury Street, London E1 6QR	Diocese of London	Church hall	Insure and upkeep – sub-contracted to CCCVS
Flat 4, Wesley Court, 22B Hanbury Street, London E1 6QR	Diocese of London	Residential flat. Let commercially.	Insure and upkeep
All Saints House, Buxton Street, London E1 5EH	Diocese of London	Residential property divided into 5 flats, 4 of which are let commercially, 1 of which is provided to the trainee minister	Insure and upkeep
The Rectory, Fournier Street, London E1 6QE	Freehold of the Rector	Vicarage	None: Diocese of London have responsibility for maintenance

17

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Notes to the Financial Statements For the year ended 31 December 2021

5. Fixed Asset Investments

The investment relates to Christ Church Community Vision (Services) Limited (“CCCVS”) (company number: 04843002), a limited company with £1 of share capital to which the PCC is the sole subscriber. CCCVS was set up in order to manage the church building in a self-funding and sustainable way.

At 31 December 2021, the net assets of CCCVS amounted to £95,790 (2020: £18,054). The 2021 and 2020 results and financial position of CCCVS were as follows:

Balance Sheet Fixed Assets Current assets Creditors: amounts due within one year Net liabilities Represented by: Capital and reserves				2020 £ 2,656 51,093 (35,695) 18,054 18,054
		2021
		£
		6,070
		131,121
		(41,401)
		95,790
		95,790

Profit & loss account Turnover Grant income Depreciation Other expenditure Corporation tax Profit after tax for the year				2020 £ 156,898 - (1,519) (137,724) - 17,655
		2021
		£
		219,555
		41,986
		(3,986)
		(174,774)
		(5,045)
		77,736

6. Debtors

6. Debtors
Prepayments Trade debtors Gift Aid receivable Loan to CCCVS Accrued income Grants receivable		2021		2020 £ 1,372 160 3,179 8,370 - 824 13,905
		£
		1,170
		650
		7,176
		-
		665
		31,962
		41,623

18

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Notes to the Financial Statements For the year ended 31 December 2021

7. Creditors - Amounts Falling Due Within One Year

Trade creditors Accruals Other creditors 8. Unrestricted Funds 8a Current year Unrestricted General Fund Designated Funds: CAPEX Fund Love Your Neighbour		At 1 January 2021 £ Income £ Expenditure £ 1,164,723 302,167 (420,390) 6,836 - - 0 - - 6,836 0 0 1,171,559 302,167 (420,390)	At 1 January 2021 £ Income £ Expenditure £ 1,164,723 302,167 (420,390) 6,836 - - 0 - - 6,836 0 0 1,171,559 302,167 (420,390)	At 1 January 2021 £ Income £ Expenditure £ 1,164,723 302,167 (420,390) 6,836 - - 0 - - 6,836 0 0 1,171,559 302,167 (420,390)	At 1 January 2021 £ Income £ Expenditure £ 1,164,723 302,167 (420,390) 6,836 - - 0 - - 6,836 0 0 1,171,559 302,167 (420,390)	2021 £ 56,397 2,280 6,762 65,439 Gains/ (losses) £ Transfers £ - 48,153 - - - 3,492 0 3,492 0 51,645	2021 £ 56,397 2,280 6,762 65,439 Gains/ (losses) £ Transfers £ - 48,153 - - - 3,492 0 3,492 0 51,645	2020 £ 8,742 5,629 5,665 20,036	2020 £ 8,742 5,629 5,665 20,036
		At 1 January 2021 £ 1,164,723 6,836 0 6,836 1,171,559						At 31
								December
									2021
									£
									1,094,653
									6,836
									3,492
									10,328
								1,104,981

8. Unrestricted Funds

The reasons for the transfers are as follows:

• to the Unrestricted General Fund from the restricted Cultural Recovery Fund (£51,645) was to recognise (1) the purchase of fixed asset equipment during the year funded initially from restricted funds and (2) expenditure in 2020 which was incurred in advance of the Cultural Recovery Fund grant being received.

• from the Unrestricted General Fund to Designated Love Your Neighbour Fund was to recognise the PCC’s commitment to the Love Your Neighbour initiative from the Away Giving budget.

8b Prior year Unrestricted: General Fund Designated Funds: CAPEX Fund		At 1 January 2020 £ 1,194,508 7,789 7,789 1,202,297	Income £ Expenditure £ 461,118 (550,689) - - 0 0 461,118 (550,689)	Income £ Expenditure £ 461,118 (550,689) - - 0 0 461,118 (550,689)	Income £ Expenditure £ 461,118 (550,689) - - 0 0 461,118 (550,689)	Gains/ (losses) £ Transfers £ - 59,786 - (953) 0 ( 953) 0 58,833	Gains/ (losses) £ Transfers £ - 59,786 - (953) 0 ( 953) 0 58,833	At 31	At 31
								December
									2020
									£
									1,164,723
									6,836
									6,836
								1,171,559

19

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Notes to the Financial Statements For the year ended 31 December 2021

8. Unrestricted Funds (continued)

The reasons for the transfers are as follows:

• to Unrestricted General Fund from the restricted Cultural Recovery Fund (£59,786) was to recognise the purchase of fixed asset equipment during the year funded initially from restricted funds.

• from the designated CAPEX Fund to Unrestricted General Fund was to recognise the purchase of fixed asset equipment during the year.

The description of the Designated funds are as follows:

• CAPEX fund : for the purpose of purchasing new equipment.

• Love Your Neighbour : for the purpose of projects responding to local needs and non-proselytising social transformation

9. Restricted Funds

9a Current year Church gardens landscaping Churchyard security fund Piano fund Secular activities Love your neighbour Young Life Cultural Recovery Fund Poppy Appeal Herbert Smith (charitable purposes) The Nine Booklets The Nine Organist Costs		At 1 January 2021 £ 6,557 4,439 9,819 1,247 2,851 0 0 0 0 0 0 24,913	Income £ Expenditure £ - - - - - - 12,000 (9,333) 52,110 (13,885) 15,393 (5,129) 249,862 (198,217) 32 (32) 90 (90) 500 (471) 500 (500) 330,487 (227,657)	Income £ Expenditure £ - - - - - - 12,000 (9,333) 52,110 (13,885) 15,393 (5,129) 249,862 (198,217) 32 (32) 90 (90) 500 (471) 500 (500) 330,487 (227,657)	Income £ Expenditure £ - - - - - - 12,000 (9,333) 52,110 (13,885) 15,393 (5,129) 249,862 (198,217) 32 (32) 90 (90) 500 (471) 500 (500) 330,487 (227,657)	Gains/ (losses) £ Transfers £ - - - - - - - (3,492) - 3,492 - - - (51,645) - - - - - - - - 0 (51,645)	Gains/ (losses) £ Transfers £ - - - - - - - (3,492) - 3,492 - - - (51,645) - - - - - - - - 0 (51,645)	At 31	At 31
								December
									2021
									£
									6,557
									4,439
									9,819
									422
									44,568
									10,264
									0
									0
									0
									29
									0
									76,098

The reasons for the transfers are as follows:

• from the restricted Cultural Recovery Fund to the unrestricted General Fund (£51,645) was to recognise (1) the purchase of fixed asset equipment during the year funded initially from restricted funds and (2) expenditure in 2020 which was incurred in advance of the Cultural Recovery Fund grant being received.

• from the restricted Secular Activities Fund to restricted Love Your Neighbour Fund (£3,492) was to allocate a portion of giving for Secular Activities more specifically to the Love Your Neighbour project.

20

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Notes to the Financial Statements For the year ended 31 December 2021

9. Restricted Funds (continued)

9b Prior year Church gardens landscaping Churchyard security fund Piano fund Secular activities Love your neighbour Love Christmas Cultural recovery fund SCT		At 1 January 2020 £ 6,557 5,102 9,819 0 0 0 0 130 21,608	Income £ Expenditure £ - - - (663) - - 11,878 (10,631) 6,332 (3,481) 900 (900) 126,900 (68,067) (130) - 145,880 (83,742)	Income £ Expenditure £ - - - (663) - - 11,878 (10,631) 6,332 (3,481) 900 (900) 126,900 (68,067) (130) - 145,880 (83,742)	Income £ Expenditure £ - - - (663) - - 11,878 (10,631) 6,332 (3,481) 900 (900) 126,900 (68,067) (130) - 145,880 (83,742)	Gains/ (losses) £ Transfers £ - - - - - - - - - - - - - (58,833) - - 0 (58,833)	Gains/ (losses) £ Transfers £ - - - - - - - - - - - - - (58,833) - - 0 (58,833)	At 31	At 31
								December
									2020
									£
									6,557
									4,439
									9,819
									1,247
									2,851
									0
									0
									0
									24,913

The reason for the transfer to unrestricted funds from restricted funds was to recognise the purchase of fixed asset equipment during the year funded initially from restricted funds.

The description of the main restricted funds are as follows:

• Church garden landscaping: for the purpose of maintaining and improving the Church garden.

• Churchyard security: for the purpose of ensuring churchyard security.

• Piano fund: Donations made for the purchase of a grand piano.

• Love Your Neighbour fund: for the purpose of projects responding to local needs and non-proselytising social transformation

• Love Christmas fund: for the purpose of giving Christmas boxes to the community

• Cultural recovery fund: for the purpose of supporting the cultural, heritage, and creative aspects of charitable activities

• Young Life: for the purpose of developing community, ministry, and outreach for youth and young people

• Nine Booklets: for the purpose of producing booklets for use at the Nine service

• Nine Organist fees: for the purpose of provision of an organist at the Nine service

10. Reconciliation of net income to net cash flow from operating activities

Net deficit for the reporting period (as per the statement of financial activities) Adjustments for: Depreciation charges (Increase)/decrease in debtors Increase/(decrease) in creditors Net cash provided by operating activities	Unrestricted Funds 2021 £ (66,473) 72,484 (27,718) 45,403 23,696	Restricted Funds 2021 £ 51,185 - - - 51,185		Total 2020 £ (27,433) 71,030 11,335 (46,006)
			Total
			2021
			£
			(15,288)
			72,484
			(27,718)
			45,403
				8,926
			74,881

21

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Notes to the Financial Statements For the year ended 31 December 2021

11. Related Party Transactions and Balances

There were no trustees' expenses paid for the year ended 31st December 2021 (2020: £nil).

Amy Pillans, a member of the PCC, is the spouse of Edwin Pillans. Edwin Pillans received a gross salary of £24,029 (2020: £29,696) and pension contributions of £961 (2020: £1,137) in his employed capacity initially of Buildings, Facilities, and Logistics Manager and subsequently Head of Finance.

Darren Wolf, a member of the PCC, occupied until July 2021 a flat at All Saints House rent free, a property managed by the PCC.

Darren Wolf, a member of the PCC, is a director of Christ Church Community Vision (Services) Limited (“CCCVS”) (company number: 04843002), a limited company with £1 of share capital to which the PCC is the sole subscriber. During the year the PCC was charged £62,317 by CCCVS. At 31 December 2021 the PCC owed CCCVS £52,922 (2020: £1,768).

Nick Hull, the spouse of Amy Hull, a member of the PCC, received £286 (2020: £465) for work as an event assistant.

Tim Vaughan, a member of the PCC, received payments totalling £2,773 (2020: £1,729) for IT support services provided, unrelated to his service as a trustee. Tim Vaughan also received payments totalling £1,988 from Christ Church Community (Services) Ltd, a company wholly owned by the PCC.

Members of the PCC gave a total of £65,846 (2020: £58,167) in unrestricted offerings and donations during the year.

22