2023-12-31-accounts

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

Diocese of London

Report & Financial Statements

31 December 2023

Registered Charity Number: 1127652

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

Report and Financial Statements 2023 Contents

	Page
Legal and administrative information	2
Report of the Parochial Church Council	4
Independent Examiner’s report to the Parochial Church Council	8
Statement of financial activities	9
Balance sheet	10
Statement of cash flows	11
Notes to the financial statements	12

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

Report and Financial Statements 2023 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 2023 to the date this report was approved are:

Clergy	D Wolf	Senior Pastor
Churchwardens	W Spiring
	I Oppong
Elected Members	D Bird	(Stepped down May 2023)
	C Bailey
	M Thomas
	B Simmons
	A Hull
	A Pillans
	T Vaughan
	A Jones	(Stepped down May 2023)
	C Hilson	(Stepped down May 2023)
	R Gomes
	G Makin	Treasurer (Stepped down Nov 2023)
	A Foad	(Appointed 24 May 2023)
	S Orojian	(Appointed 24 May 2023)

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
	Tandem Accounting 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 2023

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 2023. The financial statements have been prepared in the format prescribed by the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP2019) 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

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 2022 the PCC is now comprised of a maximum of 14 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 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).

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 appoints 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.

• Tower Hamlets Mission Project - Working with churches across Tower Hamlets with a focus on children and families, young people, church revitalization and church planting.

• GrowTH - An organisation working with churches across Tower Hamlets to host a night shelter for rough sleepers in winter months.

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 2023

Church Attendance

The electoral roll is completely reviewed and revised once every five years and was last updated in 2023. At the last APCM the electoral roll stood at 163 (2022: 162).

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 aims to maintain 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; and

• Supporting individuals who are working in a missionary capacity.

To facilitate this work, the church building is used for worship on Sundays and other ministry events throughout the week. It is usually open to the general public on Sunday afternoons with viewing available by request Monday-Thursday

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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 2023

unless closed for a private booking or occasional service. Hanbury Hall is primarily a place for ministry and mission inkeeping with its founding documents to be a venue for Christian education. The partnership with Good Space, a coworking company with a Christian ethos, enables this principle to be upheld whilst maximising the use of the building.

The PCC’s trading company, Christ Church Community Vision (Services) Ltd, hosts events in the church building and any surpluses from this venture are used to support the mission of the church.

3. Achievements and performance

Services and Discipleship

In 2023 we continued with the 9am, 11am, and 5pm services with each service holding a specific focus. The 9am service continues to be directed from the Book of Common Prayer with the Richard Bridge Organ played at each service. The 11am service has provisions for children and youth and attracts many families. The 5pm service is geared towards young adults and students and has undergone a revitalisation in the past twelve months with the addition of a Student and Young Adult Pastor in 2023.

We have seen a growth in the average number of adults attending services from 165 to 185 across all services. Additionally, we have seen an increase in the number of people belonging to a Life Group, from 140 to 151, representing the deepening of community and discipleship across the church, and the successful launch of several new Life Groups in the past twelve months. An average of 110 people serve on a team which represents 59% of the gathered church engaged in serving both within the church and community.

Alpha continued to grow this year with two Alpha courses offered and 86 people attending.

Young Life Ministries

In response to the physical and emotional needs of the parish, we launched a pilot Tots & Toddlers group at Christ Church Spitalfields in January 2023. We have engaged with 43 parents and carers and an estimated 60 children under the age of four since the start of the program. The program provides space for the children to have age-appropriate toys, soft play, sensory activities, singing and music, and engagement with other children their age. While the children play, the parents and carers are free to have a cup of tea, some cake, and a chat. Frequently we hear struggles such as lack of sleep or issues with breastfeeding, and advice and encouragement are given to the person who is struggling. The program runs in term time and outside of term time, socials are planned with trips to the park, local museums, and play cafes to provide additional points of connection for families.

Additionally, we ran two family pilot activities in Spitalfields in order to gauge interest with families. We had a Family Fireworks Night for bonfire night, and an interactive Christmas program including animals from the Spitalfields City Farm. These events were well attended by families from the Tots & Toddlers group, families from church, and from the local school, and those who were unaffiliated but seeking fun activities for their family locally. We had 160 parents and carers and 120 children attend the Family Fireworks Night and 286 parents and carers, and children attend the Family Christmas Program.

Youth work continued across the borough in partnership with the Tower Hamlets Mission Project, Youth East, and the Message Trust. On Sunday mornings, we have seen a consistent number of youth engaging with the youth program and further engagement of the youth in volunteering at the church. The Youth Discipleship and Outreach Lead led 18 different outreaches either on Sundays, in schools, conferences, or in the community, reaching 455 individual youth, and seeing 20 young people give their lives to Christ.

Social Transformation

After receiving a three-year grant from the City Bridge Trust in 2022, we have now hired a new Tower Hamlets Social Transformation Pastor who is working across Christ Church Spitalfields, St Paul Shadwell, and All Saints Poplar to launch a new food pantry delivery program. Further, we continued our support of GrowTH, hosting 35 individuals through the Monday night shelter in the crypt in January and February.

Buildings

We received our quinquennial report and began works highlighted as concerns within the report. Further, the building team continued regular maintenance of the church, Hanbury Hall, Rectory basement, and All Saints House. The heating

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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 2023

systems in Hanbury Hall, the crypt, and the nave all required extensive repairs or replacement over the past twelve months but are now all fully operational.

4. 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 ongoing impact of the cost of living crisis. Regular and one-off giving has increased since 2022 but is still somewhat lower than pre-pandemic. The financial risks to ministry and maintenance of the church building are regularly reviewed by the Finance Team. Our subsidiary company (CCCVS) supports mission and ministry by managing and maintaining all church buildings and by generating income through venue hire. Since bringing the venue hire management in house in August 2022, income-generating activity has been promising. Any surplus generated over and above what is needed for buildings management and maintenance contributes towards unrestricted charitable activities and building back up reserves, which have been depleted since the outbreak of the Covid-19 pandemic.

5. 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 £40,713 during the year (2022 – decreased by £159,299). The balance sheet shows total net assets of £981,172 (2022: £1,021,885).

Included in total funds are amounts totalling £61,513 (2022: £75,859) 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.

6. 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.

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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 2023

At 31 December 2023 the church had net free reserves deficit of £12,055 (2022: net free reserves deficit of £33,872) as follows:

Total reserves Less: restricted funds Less: tangible fixed assets Less: fixed asset investment Free reserves Free reserves requirement: 3 month’s budgeted essential expenditure	2023	2022 £ 1,021,885 (75,859 (979,897 (1	) ) ) )
	£
	981,172
	(61,513)
	(931,713)
	(1)
		(33,872
	(12,055)
		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.

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

Services and Discipleship

We plan to continue the 9am, 11am, and 5pm services throughout 2024 and to see an increase in attendance in each service. We plan to make changes in structure to the 5pm service, and work to make the 11am service more inclusive of children and families throughout. Additionally, we hope to see six new life groups launched in 2024 and to engage 60 new people in Alpha groups in 2024.

Young Life Ministries

Looking into the next year we have gained valuable insight during the pilot phases of the both Tots and Toddlers and Family Fun Events. We will continue to grow Tots and Toddlers and expand the offering by bringing in experts to assist in providing information to parents such as child first aid and CPR, breastfeeding experts, and other interests as expressed by parents and carers. Further, we are looking to expand the family fun events in 2024 to offer events at Easter, a summer fun fair, continue with bonfire night, and a family Christmas event with a goal of 150 adults and children attending each event.

The Youth and Discipleship Lead will continue to visit schools, grow youth ministry on a Sunday morning, and engage youth from the church in detached youth outreach across the borough. We want to see an increased level of engagement in each of these streams.

Social Transformation

We will be launching the new food bank delivery service in 2024 across Poplar, Shadwell, and Spitalfields. The Tower Hamlets Mission Pastor has a goal of facilitating food and connection for 60 families and individuals across the borough. We will also be continuing with the GrowTH night shelter.

Buildings

In 2024 we hope to continue to address issues raised in the quinquennial report such as masonry repairs and roofing repairs while also beginning to apply for grants for other sizeable projects in the coming years such as replacing the

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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 2023

copper roof, updating the heating systems to reduce our carbon footprint, and other improvements that will reduce our carbon footprint, such as insulation.

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

19[th] April 2024

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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 2023 set out on pages 10 to 22.

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

22[nd] April 2024

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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 2023

Note Income from: 2 Donations, legacies and grants Charitable activities Other trading activities Investments Other Total Income Expenditure on: 3 Raising funds Charitable activities Depreciation Total Expenditure Net (expenditure)/income Transfers between funds Net movement in funds Total funds brought forward Total funds carried forward	Unrestricted Funds 2023 £ 245,798 12,719 5,242 - 77,823	Restricted Funds 2023 £ 260,053 670 - - - 260,723 - 269,809 - 269,809 (9,086) (5,260) (14,346) 75,859 61,513		Unrestricted Funds 2022 £ 200,721 9,549 4,861 26,557 59,682		Restricted Funds 2022 £ 313,689 - - - - 313,689 2,080 311,848 - 313,928 ( 239) ( 239) 76,098 75,859	Total 2022 £ 514,410 9,549 4,861 26,557 59,682
			Total
			2023
			£
			505,851
			13,389
			5,242
			0
			77,823
	341,582			301,370			615,059
			602,305
	2,728 322,297 48,184 373,209 (31,627) 5,260 (26,367) 946,026 919,659			2,503 385,707 72,220			4,583 697,555 72,200
			2,728
			592,106
			48,184
				460,430			774,338
			643,018
				(159,060)			(159,279)
			(40,713)
			-
				(159,060) 1,105,086			(159,279) 1,181,184
			(40,713)
			1,021,885
				946,026			1,021,905
			981,172

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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 2023

		Unrestricted	Restricted
		Funds	Funds	Total	Total
	Note	2023	2023	2023	2022
		£	£	£	£
Fixed Assets
Tangible Assets	4	931,713	-	931,713	979,897
Investments	5	1	-	1	1
		931,714	0	931,714	931,714 979,898
Current Assets
Debtors	6	17,987	5,196	23,183	22,412
Cash at Bank and in Hand		(18,962)	59,042	40,080	57,229
		( 975)	64,238	63,263	63,263 79,641
Creditors - Amounts Falling
Due Within One Year	7	11,080	2,725	13,805	37,654
Net Current Assets		(12,055)	61,513	49,458	41,987
Net Assets		919,659	61,513	981,172	1,021,885
Represented By:
Unrestricted Income Funds	8
General		919,659	-	919,659	946,026
Restricted Funds	9	-	61,513	61,513	75,859
Total Funds		919,659	61,513	981,172	1,021,885

The accounts were approved by the PCC on 19[th] April 2024 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 2023

Note Net cash flows from operating activities 10 Cash flows from investing activities: Dividends, interest and rents from investments 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 2023 £ 24,668 - - 0 24,668 (43,630) (18,962)	Restricted Funds 2023 £ (41,817) - - 0 (41,817) 100,859 59,042		Total 2022 £ (122,210) 26,557 - 26,557 (95,653) 152,882 57,229
			Total
			2023
			£
			(17,149)
			-
			-
			0
			(17,149)
			57,229
			40,080

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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 2023

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.

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 2023

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 2019, 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.

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 2023

2. Income

Unrestricted Funds 2023 £ Restricted Funds 2023 £ Donations & legacies Offerings and donations 199,040 13,010 Income tax reclaimed 36,758 510 Grants 10,000 246,533 245,798 260,053 Charitable activities Fee income (net) 10,879 - Ministries income 1,840 670 12,719 670 Other trading activities Event income 5,242 - Other - 5,242 - Investment income Distribution from CCCVS - - Other Recharge of costs to CCCVS 70,263 - Other 7,560 - 341,582 260,723			Total 2022 £ 205,373 35,542 273,495 514,410 5,048 4,501 9,549 3,205 1,656 4,861 26,557 57,467 2,215 615,059
		Total
		2023
		£
		212,050
		37,268
		256,533
		505,851
		10,879
		2,510
		13,389
		5,242
		5,242
		-
		70,263
		7,560
		602,305

3. Expenditure

3.1 Expenditure on Raising Funds

Unrestricted Funds 2023 £ Restricted Funds 2023 £ Collecting agent fees 2,368 - Giving stations 360 - Events - - Total expenditure on raising funds 2,728 -			Total 2022 £ 1,725 778 2,080 4,583
		Total
		2023
		£
		2,368
		360
		-
		2,728

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 2023

3. Expenditure (continued) 3.2 Expenditure on Charitable Activities

3. Expenditure (continued) 3.2 Expenditure on Charitable Activities
Direct Ministry costs Parish Support Fund Clergy & ordinand costs Children & families Ministry events Other Pastoral Staff Social transformation Youth ministry Student mission Worship & upkeep of services Gifts and grants (see note 3.2b below) Disbursements (see note 3.2b below) Operational Operational staff costs Office costs Church utilities Communications Digital infrastructure Business consultancy (inc. fundraising) Bank charges Other running costs Depreciation Governance Legal & professional Independent examiner’s remuneration Total expenditure on charitable activities	Unrestricted Funds 2023 £ 90,000 877 7,504 16,732 - 4,619 25,532 18,795 48,391 7,680 - 220,130 94,143 664 - 4,880 - - 64 461 100,212 48,184 35 1,920 1,955 370,481	Restricted Funds 2023 £ - 20,787 22 670 - 1,296 - - 8,404 4,250 115,468 150,897 111,746 5,808 - - - - 3 487 118,044 - - 868 - 868 269,809				Total 2022 £ 89,460 16,634 23,106 32,358 30,745 42,692 13,319 7,939 20,352 166,390 -
				Total
				2023
				£
				90,000
				21,664
				7,526
				17,402
				-
				5,915
				25,532
				18,795
				56,795
				11,930
				115,468
						442,995 206,956 7,208 14,314 3,296 1,285 18,305 158 -
				371,027
				205,889
				6,472
				-
				4,880
				-
				-
				67
				948
						251,522 72,220 518 2,520
				218,256
				48,184
				903
				1,920
						3,038
				2,823
						769,775
				640,290

3.2a Staff Costs

In addition to the many volunteers who give their time to the church, there were 12 (2022: 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 (net of Employment Allowance) Pension contributions Of which the following was paid to key management personnel: Gross salaries		Total		Total 2022 £ 244,921 13,468 6,921
		2023
		£
		267,401
		12,342
		9,268
				265,310
		289,011
				45,936
		35,373

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 2023

3.2a Staff Costs (continued)

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 (2022: 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 2023 £ Restricted Funds 2023 £ Grants to institutions Inner Change 2,400 - GrowTH - 4,250 Church Revitalisation Trust – Ukraine Appeal - - Bishop’s discretionary fund - To/on behalf of individuals 5,280 - Total Away Giving 7,680 4,250 Disbursements St Paul's Shadwell - 115,127 Medecins sans Frontieres - 237 Women for Women International - 103 Total Disbursements 7,680 4,353					Total 2022 £ 2,400 4,600 9,000 5,340 21,340 145,050 - - 21,340
		Total
		2023
		£
		2,400
		4,250
		-
		5,280
		11,930
		115,127
		237
		103
		12,033

4. Tangible Fixed Assets

Cost/valuation At 1 January 2023 Additions Disposals At 31 December 2023 Depreciation At 1 January 2023 Charge for Year Disposals At 31 December 2023 Net Book Value At 31 December 2023 At 31 December 2022	Crypt Redevelopment £ Hanbury Hall Development £ Fixtures & fittings £ Computer Equipment £ 1,297,529 25,509 196,633 12,535 - - - - - - - - 1,297,529 25,509 196,633 12,535 338,056 14,139 187,579 12,535 41,205 1,541 5,438 - - - - - 379,261 15,680 193,017 12,535 918,268 9,829 3,616 0 959,473 11,370 9,054 0
		Total
		£
		1,532,206
			-
			-
		1,532,206
			552,309
			48,184
			-
			600,493
			931,713
			979,897

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 2023

4. Tangible Fixed Assets (continued)

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 - sub-contracted to CCCVS
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 - sub-contracted to CCCVS
The Rectory, Fournier Street, London E1 6QE	Freehold of the Rector	Vicarage	None: Diocese of London has responsibility for maintenance

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 2023, the net assets of CCCVS amounted to £66,792 (2022: £46,617). The 2023 and 2022 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				2022 £ 4,161 169,678 (127,222) 46,617 46,617
		2023
		£
		10,292
		134,963
		(78,463)
		66,792
		66,792

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 2023

5. Fixed Asset Investments (continued)

Profit & loss account Turnover Grant income Depreciation Other expenditure Corporation tax Profit/(loss) after tax for the year
		2023
		£
		466,554
		-
		(6,425)
		(439,955)
		-
		20,174

6. Debtors

Prepayments and accrued income Trade debtors Grants receivable		2023
		£
		1,933
		16,282
		4,968
		23,183

7. Creditors - Amounts Falling Due Within One Year

Trade creditors Accruals Other creditors		2023		2022 £ 26,478 2,520 8,656 37,654
		£
		4,913
		2,346
		6,546
		13,805

8. Unrestricted Funds

8a Current year Unrestricted General Fund		At 1 January 2023 £ 946,026 946,026	Income £ Expenditure £ 341,582 (373,209) 341,582 (373,209)	Income £ Expenditure £ 341,582 (373,209) 341,582 (373,209)	Income £ Expenditure £ 341,582 (373,209) 341,582 (373,209)	Gains/ (losses) £ Transfers £ - 5,260 0 5,260	Gains/ (losses) £ Transfers £ - 5,260 0 5,260	At 31	At 31
								December
									2023
									£
									919,659
									919,659

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 2023

8. Unrestricted Funds (continued)

8b Prior year Unrestricted General Fund Designated Funds: CAPEX Fund Love Your Neighbour		At 1 January 2022 £ 1,094,758 6,836 3,492 10,328 1,105,086	Income £ Expenditure £ 301,370 (456,938) - - - (3,492) 0 (3,492) 301,370 (460,430)	Income £ Expenditure £ 301,370 (456,938) - - - (3,492) 0 (3,492) 301,370 (460,430)	Income £ Expenditure £ 301,370 (456,938) - - - (3,492) 0 (3,492) 301,370 (460,430)	Gains/ (losses) £ Transfers £ - 6,836 - (6,836) - 0 (6,836) 0 0	Gains/ (losses) £ Transfers £ - 6,836 - (6,836) - 0 (6,836) 0 0	At 31	At 31
								December
									2022
									£
									946,026
									0
									0
									0
									946,026

The reasons for the transfer are as follows:

• to the Unrestricted General Fund from the restricted Strategic Development Fund (£5,260) was in line with the approved grant budget to account for Full Cost Recovery equal to 10% of funded staff posts.

The transfer from CAPEX Funds to unrestricted general fund was made because capital additions are now funded through the trading subsidiary, so there was no need for funds to remain designated in the PCC accounts.

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 City Bridge Trust: Social Transformation Focus fund Music Fund, formerly Piano fund Secular activities Love your neighbour The Nine Organists The Nine Booklets Strategic Development Fund MSF Special Collection WfW Special Collection Student mission: Houseplants		At 1 January 2023 £ 6,557 4,439 - - 6,649 0 41,735 0 29 16,450 - - - 75,859	Income £ Expenditure £ - - - - 4,968 (3,947) 670 (670) - (6,649) 10,987 (10,987) 7,526 (17,712) 1,016 (1,016) - (29) 235,165 (228,458) 237 (237) 104 (104) 50 - 260,723 (269,809)	Income £ Expenditure £ - - - - 4,968 (3,947) 670 (670) - (6,649) 10,987 (10,987) 7,526 (17,712) 1,016 (1,016) - (29) 235,165 (228,458) 237 (237) 104 (104) 50 - 260,723 (269,809)	Income £ Expenditure £ - - - - 4,968 (3,947) 670 (670) - (6,649) 10,987 (10,987) 7,526 (17,712) 1,016 (1,016) - (29) 235,165 (228,458) 237 (237) 104 (104) 50 - 260,723 (269,809)	Gains/ (losses) £ Transfers £ - - - - - - - - - - - - - - - - - - - (5,260) - - - - - - 0 (5,260)	Gains/ (losses) £ Transfers £ - - - - - - - - - - - - - - - - - - - (5,260) - - - - - - 0 (5,260)	At 31	At 31
								December
									2023
									£
									6,557
									4,439
									1,021
									-
									0
									0
									31,549
									0
									0
									17,897
									0
									0
									50
					(269,809)
									61,513

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 2023

9. Restricted Funds (continued)

9b Prior year Church gardens landscaping Churchyard security fund Music Fund, formerly Piano fund Secular activities Love your neighbour Young Life Cultural Recovery Fund Curate Housing Funerals The Nine Booklets Strategic Development Fund Ukraine Student mission		At 1 January 2022 £ 6,557 4,439 9,819 422 44,568 10,264 0 0 0 29 0 0 0 76,098	Income £ Expenditure £ - - - - - (3,170) 11,500 (11,922) 51,690 (54,523) 90 (10,354) 42,138 (42,138) 5,500 (5,500) 5,378 (5,378) - - 188,357 (171,907) 8,436 (8,436) 600 (600) 313,689 (313,928)	Income £ Expenditure £ - - - - - (3,170) 11,500 (11,922) 51,690 (54,523) 90 (10,354) 42,138 (42,138) 5,500 (5,500) 5,378 (5,378) - - 188,357 (171,907) 8,436 (8,436) 600 (600) 313,689 (313,928)	Income £ Expenditure £ - - - - - (3,170) 11,500 (11,922) 51,690 (54,523) 90 (10,354) 42,138 (42,138) 5,500 (5,500) 5,378 (5,378) - - 188,357 (171,907) 8,436 (8,436) 600 (600) 313,689 (313,928)	Gains/ (losses) £ Transfers £ - - - - - - - - - - - - - - - - - - - - - - - - - 0 0	Gains/ (losses) £ Transfers £ - - - - - - - - - - - - - - - - - - - - - - - - - 0 0	At 31	At 31
								December
									2022
									£
									6,557
									4,439
									6,649
									0
									41,735
									0
									0
									0
									0
									29
									16,450
									0
									0
									75,859

The reasons for the transfers are as follows:

• to the Unrestricted General Fund from the restricted Strategic Development Fund (£5,260) was in line with the approved grant budget to account for Full Cost Recovery equal to 10% of funded staff posts.

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.

• Music Fund, formerly Piano fund: donations were originally made for the purchase of a grand piano, however after many years, funds were not sufficient to fulfil that purpose. After discussion with the Charity Commission and other stakeholders, the Finance Team made the decision to widen the remit of this fund to other musical endeavours.

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

• 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.

• Strategic Development Fund : to fund a Tower Hamlets-wide project to grow new disciples through a combination of intercultural and youth-focused work, church planting and revitalisation.

• Student mission : donations given towards Student ministry.

• City Bridge Trust: a 3-year grant given towards the funding of social transformation projects.

• • Secular activities: donations restricted to the funding of secular activities.

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 2023

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 Dividends, interest and rents from investments (Increase)/decrease in debtors Increase/(decrease) in creditors Net cash provided by operating activities	Unrestricted Funds 2023 £ (26,367) 48,184 - 4,425 (1,574) 24,668	Restricted Funds 2023 £ (14,346) - - (5,196) (22,275) (41,817)		Total 2022 £ (159,279) 72,220 (26,557) 19,211 (27,785)	)
			Total
			2023
			£
			(40,713)
			48,184
			-
			(771)
			(23,849)
				(122,190
			(17,149)

11. Related Party Transactions and Balances

There were no trustees' expenses paid for the year ended 31st December 2023 (2022: £nil).

Amy Pillans, a member of the PCC, is the spouse of Edwin Pillans. Edwin Pillans received a gross salary of £8,416 (2022: £19,187) and pension contributions of £333 (2022: £760) in his employed capacity of Buildings, Facilities, and Logistics Manager.

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 £nil (2022: £14,314) by CCCVS and the PCC charged £78,109 (2022: £57,467) to CCCVS. During the year CCCVS made a Gift Aid donation to the PCC of £nil (2022: £26,557). At 31 December 2023 CCCVS owed the PCC £9,399. (In 2022 the PCC owed CCCVS £2,171).

Nick Hull, the spouse of Amy Hull, a member of the PCC, received £4,242 for work as the Tower Hamlets Social Transformation Pastor (In 2022 he received £37 for work as an event assistant).

Tim Vaughan, a member of the PCC, received a reimbursement of £23.99 in 2023 for IT costs incurred, unrelated to his service as a trustee. Tim Vaughan also received payments totalling £5,050 (2022: £2,340) from Christ Church Community (Services) Ltd, a company wholly owned by the PCC.

Members of the PCC gave a total of £68,811 (2022: £59,857) in unrestricted offerings and donations during the year.

22