# **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
8
## **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**|||||
|||||||||
|||||||||
10
## **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**
11
## **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**||
||||||
12
**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.
13
**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