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2023-12-31-accounts

St James Church Centre Kingfisher Drive Woodley Reading RG5 3LH

Trustees’ Annual Report

for year ended 31 December 2023

The Parochial Church Council of the Ecclesiastical Parish of Southlake St James Charity Registration Number: 1128770

The Parochial Church Council of the Ecclesiastical Parish of Southlake St James

CHARITY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2023

Members of the Parochial Church Council

See PCC Annual Report appended to these accounts for member details

Charity Registration Number

1128770

Principal Address

St James' Church Centre Kingfisher Drive Woodley Reading RG5 3LH

Independent Examiner

Sarah Crispin ACA Stewardship 1 Lamb's Passage London EC1Y 8AB

Bankers

Santander Bootle Merseyside L30 4GB

Barclays Leicester LE87 2BB

Contents Page
Charity Information 1
Annual Report of the Members of the Parochial Church Council 2-6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Accounts 10-17
Detailed Statement of Financial Activities with Comparatives 18

Page 1

Church Administration & Records

The key functions of the PCC include:

(Summarised from Synodical Government Measure 1969.)

These are the guiding principles under which the PCC operates.

The PCC also has a responsibility to:

Membership

The PCC is a corporate body established by the Church of England. It operates under the Parochial Church Council Powers Measure. The PCC is a Registered Charity.

Members of the PCC are elected by the Annual Parochial Church Meeting in accordance with the Church Representation Rules. During 2023 the following people served as members of the PCC:

Ex officio members

Revd. Laurence Smith Vicar and Chair Dr David Fulford Licensed Lay Minister Mr Pete Clarke Licensed Lay Minister

Church Wardens

Mrs Alison Mullens Mr Pete Clarke

Elected lay members

Mrs Folake Olatunji – Treasurer (until Dec 2023) Mrs Nicola Tivey - Pre-School link Mrs Mary Holmes (until May 2023) Dr Janet Penny Mrs Elaine Hawkes Miss Catharine Turton - PCC Secretary Mr Douglas Findlay (until January 2024) Ms Yvonne le Croissette (until January 2024) Mrs Christine Clarke (from May 2023) Mrs Brenda Lord (from May 2023) Mrs Fiona Litchfield (from May 2023)

Dr Sukha Debnath (from May 2023)

Elected Deanery Synod members Mrs Jane Fulford - Safeguarding Officer Mr Douglas Findlay (until January 2024)

Standing Committee

This is the only committee required by law. It has the power to transact the business of the PCC between meetings, subject to directions given by the PCC. The members were: the two Church Wardens, the Treasurer, the PCC Secretary and Laurence our vicar as chairperson.

The Mission Support Group (MSG)

This group, chaired by Jane Fulford, is appointed by the PCC and is responsible for advising the PCC on the distribution of the mission giving from St James’ to mission partners.

Summary of PCC business

January (conducted in person)

February (conducted via Zoom)

March (conducted in person)

April (conducted via Zoom)

June (conducted in person)

July (conducted via Zoom)

Page 2

August (in person)

September (conducted in person)

October (conducted in person)

November (conducted in person)

All PCC meetings start and end with prayer.

Summary of Standing Committee business

Standing Committee met monthly to agree business to be raised at the next PCC meeting and progress any urgent business. Business was also conducted via email.

The Standing Committee:

Church finance

During the year January – December 2023, the total income to the church was £170,776, of which £155,092 relate to unrestricted funds. The restricted funds amount of £15,684 was primarily to fund employment of a part-time Children and Families Worker. The charity’s funds were raised through

voluntary donations, associated Gift Aid claims, and other activities such as hall lettings and running the CAFÉ. Expenditure in 2023 amounted to £178,086. The largest single item of expenditure was the Parish Share of £60,736. Other authorised grant payments amounted to £16,697 for the year and a further £12,000 committed for future years. Generous financial support was given to a range of projects and external bodies like CMS, JAC, Congo Children Trust, the Fletcher family, Lamb Hospital, and Yeldall Manor to name our key mission partners.

The PCC reserve policy states that the charity should aim to hold unrestricted cash of no less than 6 months employment costs plus 3 months of other unrestricted costs, which at the end of 2023 equate to ~£50,000; and with a ceiling of the higher of £20,000 or 20% of the lower limit. The amount of unrestricted cash carried forward at the end of the year, £91,216, is well above the parameters set out in the reserve policy. PCC believe that these funds will be needed in the medium-term to finance core projects such as employing another member of staff or additional facilities works currently being considered.

Church Maintenance

Maintenance work carried out in 2023 included:

The majority of issues identified in the 2019 Quinquennial Review have now been addressed, and those remaining will be dealt with in advance of the next review in 2024.

Risk Management

The operational, financial and reputational risks were reviewed in February 2023. Measures to manage the outstanding risks were identified and procedures put in place. The next review will take place in February 2024.

Page 3

Safeguarding

The PCC promotes a safer church for all in the church community, and ensures that there is a plan in place to raise awareness of, promote training, and ensure that safeguarding is taken seriously by all those in the church community. The church’s safeguarding policy is reviewed on a regular basis, and updates are provided at each PCC meeting. The members of the PCC confirm that they have complied with their duties under section 5 of the Safeguarding and Clergy Discipline Measure 2016.

We continue to recruit volunteers working with children and vulnerable adults in line with the Safer Recruitment process laid out by the Diocese of Oxford.

Sermon Themes

The following sermon themes were preached on during the year:

Electoral Roll

There were 135 people on the electoral roll at St James as at May 2023.

Average weekly attendance

Sunday – 10:00am: 96 adults 16 children under the age of 16

15 devices joining online

Wednesday – 10:00am: 10 adults

Average Messy Church attendance

41 adults and 30 children (under the age of 16)

Church Activities

In planning the activities, the Trustees have applied the guidance on public benefit issued by the Charity Commission.

Focus on Mission

Mission Links

The Church continues to maintain links with mission partners and organisations both at home and overseas:

Home Mission and Outreach

Outreach to the community continued through Toddlers and St James’ Cafe. In addition, a group meets regularly to meet the needs of those arriving in the area from Hong Kong.

Work with children, young people, and families continued through Messy Church, Toddlers, Sunday morning groups and puppets. Groups for children and young people run on the first and third Sundays of each month, and a “drop-in” for young people was run on Monday afternoons during the Summer term of 2023. St James’ employs Linda Galpin (our Children and Families Worker) for her REInspired work in the local primary schools, delivering RE lessons and assemblies. A Hero Party for families and children was held on 31 October. Youth groups for those over the age of 14 were run by Laurie-Ann at Emmanuel Church.

St James Pre-school (now a separate CIO) continues to serve local families and is a much valued and respected service. Learning through play following the ‘Early Years Foundation Stage’ curriculum is provided for children from the age of 2 years up to school

Page 4

age. The service runs on five days a week in term time, offering 8 sessions each week, a lunch club and an early drop-off option.

Baptism Preparation

Baptism preparation was held at the end of April for three families.

Regular opportunities for Prayer and Reflection

Prayer and Compline – our regular prayer time was divided between Sunday evenings and Monday mornings, either on Zoom or in person.

Small groups continued to meet both online and in person during 2023.

Church family events - worship and social

Regular Sunday Services:

Other

A service of Holy Communion was held at 10am every Wednesday with an average weekly attendance of 10.

Messy Church

An expression of Church for people of all ages, who are at any stage in their faith journey. It is held monthly on the 2[nd] Sunday 4pm - 6pm and includes creativity, celebration and hospitality.

Advent and Christmas Services

Our Sunday services during Advent focused on he Greatest Gift, and the special Christmas services were very well attended. These services included a carol service for the local Oddfellows group, Carols by Candlelight, three Christingle services (one for Brownies, Rainbows and Guides, and two on Christmas Eve), Midnight Communion and our Christmas morning service.

Easter Events

Thank You

Thanks go to all those who have lead and preached at St James: members of St James clergy and staff and members of St James congregation.

Thanks also go to:

We held our usual 10am worship at St James’ on Good Friday, and there was an ecumenical act of witness in Woodley town centre as well. On Easter Sunday we held a sunrise walk around Southlake followed by breakfast at church, and a service of Holy Communion at 10am.

Social Events

A number of social events took place during 2023, including: a Coronation Big Lunch Barbecue; Chinese Evening; Afternoon Tea at the Vicarage; Harvest Bring and Share Lunch; Christmas Preparation Evening.

Eco Church

St James is continuing to work towards the Silver Eco Church award.

A number of litter-picks were held over the year and an Eco Church Climate and Environment afternoon was held in July, with guest speaker Bishop Olivia. A photo competition was held to coincide with this event, and the prizes given out by Bishop Olivia.

A “who recycles what” sheet was created to advertise local recycling facilities, and a LOAF (Local, Organic, Animal friendly, and

Page 5

Fairtrade) poster was created for display in the church during Lent.

New information signs were created and put up in the church grounds displaying the variety of flowers and grasses in our flower meadows and trees.

The Eco Church Land Management Plan was conceived and presented to the PCC.

Statement of Responsibilities of the Members of the Parochial Church Council

The PCC is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Special services

Baptisms

Five children were baptised as part of Morning Worship on a Sunday morning.

Confirmations

One Confirmation service on a Sunday morning, with 11 candidates from three different congregations.

Weddings

None

Renewal of Marriage Vows

None

Funerals

Two

Other activities in church

The church was also used by the following groups/activities during 2023

Charity law requires the PCC to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources for the financial year. In preparing these financial statements, the PCC are required to:

  1. select suitable accounting policies and ap-

ply them consistently;

  1. observe the methods and principles in the

Charities SORP;

  1. make judgements and estimates that are

reasonable and prudent;

  1. state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

  2. prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The PCC is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the PCC and signed on their behalf by:

Laurence Smith

Laurence Smith (May 22, 2024 12:34 GMT+1)

Rev Laurence Smith Chair of PCC Date: May 22, 2024

Page 6

INDEPENDENT EXAMINER'S REPORT

TO THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL OF

The Parochial Church Council of the Ecclesiastical Parish of Southlake St James ('the Charity')

I report to the members of the PCC (who are also the charity's trustees) on my examination of the accounts of the Charity for the year ended 31 December 2023 on pages 8 to 18 following, which have been prepared on the basis of the accounting policies set out on pages 10 and 11.

Responsibilities and basis of report

As members of the PCC you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) 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.

Sarah Crispin (Jun 6, 2024 08:41 GMT+1)Sarah Crispin

Sarah Crispin ACA The Institute of Chartered Accountants in England and Wales Stewardship 1 Lamb's Passage London EC1Y 8AB

Date: Jun 6, 2024

Page 7

The Parochial Church Council of the Ecclesiastical Parish of Southlake St James

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Other trading activities
Investments
5
Total income and endowments
EXPENDITURE ON:
Charitable activities
6
Other
Total expenditure
Net income/(expenditure)
Transfers between funds
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
13		 Unrestricted
Funds
£
131,178
10,340
-
13,574
155,092
146,636
-
146,636
8,457
(17,947)
(9,490)
109,654
100,164		 Restricted
Funds
£
15,322
362
-
-
15,684
31,450
-
31,450
(15,767)
17,947
2,181
58,973
61,154		 Total
Funds
2023
£
146,500
10,702
-
13,574
170,776
178,086
-
178,086
(7,310)
-
(7,310)
168,627
161,318		 Total
Funds
2022
£
130,322
12,648
22,522
7,297
172,790
209,618
16,944
226,563
(53,773)
-
(53,773)
222,400
168,627

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing operations.

The notes on page 10-17 form part of these accounts.

Page 8

The Parochial Church Council of the Ecclesiastical Parish of Southlake St James

BALANCE SHEET

AS AT 31 DECEMBER 2023

Note
FIXED ASSETS
Tangible assets
8
CURRENT ASSETS
Debtors
9
Cash at bank and in hand
10
CREDITORS: Amounts falling
due within one year
11
Net current assets / (liabilities)
Total assets less current liabilities
TOTAL NET ASSETS
FUND BALANCES
13
Unrestricted Funds
General funds
Designated funds
Restricted Funds		 Unrestricted
Funds
£
18,611
18,611
6,103
91,216
97,319
(15,766)
81,553
100,164
100,164
95,662
4,502
100,164
-
100,164		 Restricted
Funds
£
-
-
-
61,154
61,154
-
61,154
61,154
61,154
-
-
-
61,154
61,154		 Total
Funds
2023
£
18,611
18,611
6,103
152,370
158,473
(15,766)
142,707
161,318
161,318
95,662
4,502
100,164
61,154
161,318		 Total
Funds
2022
£
22,604
22,604
1,822
150,334
152,156
(6,133)
146,023
168,627
168,627
107,212
2,442
109,654
58,973
168,627

The financial statements were approved by the members of the PCC and were signed on its behalf by:

Laurence Smith

Laurence Smith (May 22, 2024 12:34 GMT+1) --------------------------------------Laurence Smith, Vicar and Trustee May 22, 2024 Date: ____

Charity number: 1128770

The notes on page 10-17 form part of these accounts.

Page 9

The Parochial Church Council of the Ecclesiastical Parish of Southlake St James

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1 Statutory Information

The Parochial Church Council of the Ecclesiastical Parish of Southlake St James is a charity registered with the Charity Commission in England & Wales.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention [as modified by the revaluation of certain assets, which are measured at fair value through the Statement of Financial Activities]. The financial statements include all activities for which the PCC is legally responsible; the activities of informal gatherings of church members and groups that owe their main affiliation to another body and are excluded.

These financial statements have been prepared in accordance with The Church Accounting Regulations 2006, the 'Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)' ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.

The principles adopted in the preparation of the financial statements are set out below.

a) Going concern

The PCC have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The PCC have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the PCC have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The PCC have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

b) Income

Income (which includes planned giving, collections and other donations) is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part income is generally recognised when it is received by, or on behalf of, the PCC. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations and legacies includes:

The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.

Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from the café, and church activities.

c) Expenditure

Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Contributions in respect of the diocesan parish share are included in the Statement of Financial Activities for all amounts agreed to being payable for the financial year. Any contributions that have not been paid over by the year end are included as a creditor.

The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.

The cost of raising funds is not significant and has not been separately disclosed.

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

Page 10

The Parochial Church Council of the Ecclesiastical Parish of Southlake St James

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

2 Accounting Policies (cont.)

d) Fund accounting

e) Tangible fixed assets

Movable church furnishings held by the incumbent and Churchwardens on special trust for the PCC and which require a faculty for disposal are capitalised in accordance with the policy set out below. These items are regarded as inalienable property and are listed in the church's inventory which can be inspected at any reasonable time. Inalienable property acquired prior to 2000 has not been capitalised as there is insufficient cost information available.

Clergy accommodation are held in trust by the Diocese on behalf of the PCC. These properties are essential for the mission of the church and have been in use for many years but they have not been included in these financial statements as there is insufficient cost information and their depreciated cost is unlikely to be material.

Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £1,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:

Freehold land Is not depreciated (because it is not consumed by use) Freehold buildings Over 50 years after taking account of the building's residual value Leasehold improvements Over the lease term or, if shorter, expected useful life Equipment Over 3 to 7 years

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.

f) Pension scheme arrangements

The charity contributes to the Church Workers Pension Fund, which is a multi-employer defined benefits pension scheme as described in Section 28 of FRS 102. The charity is not able to identify its share of the Scheme's assets and liabilities and, therefore, as permitted by FRS 102, the Scheme is accounted for as if it were a defined contribution pension scheme. Contributions to the Scheme are charged to the Statement of Financial Activities as they become payable. Further information about the Scheme is disclosed in note 12 'Pension Commitments'.

g) Taxation The charity has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.

h) Financial instruments The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive).

The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.

j) Critical accounting estimates and areas of judgement ln preparing financial statements certain judgements, estimates and assumptions have to be made that affect the amounts recognised in the financial statements. The members of the PCC consider the following to be significant:

3 Donations and legacies

Donations of cash and similar
Other grants receivable
Income tax recoverable		 2023
£
115,452
7,853
23,195
146,500		 2022
£
101,960
6,870
21,492
130,322

Page 11

The Parochial Church Council of the Ecclesiastical Parish of Southlake St James

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

4 Income from charitable activities

Café income
Other activities & events
PCC fee income
5
Investment income
Property letting
Bank interest
6
Charitable expenditure
a
Costs incurred directly on specific activities
Ministry expenses:
Parish share
Ministry staff employment costs
Clergy expenses
Other ministry expenses
Upkeep of services
Property expenses:
Operational costs for church
Maintenance of church
Major repairs to church
Upkeep of churchyard
Grants payable (note 6c)
b
Costs incurred on support & administration
Governance costs
Independent examiner's fee
Other
Administrative staff employment costs
Other admin costs
Depreciation of tangible fixed assets
Insurance
Total expenditure
c
Grants payable
Grants for UK and overseas mission
The comparatives for the previous year are as follows:
Grants for UK and overseas mission		 Institutions
£
24,898
24,898
Institutions
£
71,752
71,752		 2023
£
5,948
4,005
749
10,702
2023
£
10,347
3,227
13,574
2023
£
60,736
27,385
1,171
5,952
6,399
101,642
11,997
9,440
237
-
21,674
28,698
152,014
1,860
-
1,860
11,652
6,479
3,994
2,086
26,072
178,086
Individuals
£
3,800
3,800
Individuals
£
1,800
1,800		 2022
£
6,717
4,746
1,185
12,648
2022
£
6,347
951
7,297
2022
£
60,559
26,947
333
5,645
5,905
99,389
5,480
3,432
3,866
299
13,078
73,552
186,019
1,302
630
1,932
10,431
7,261
2,060
1,915
23,599
209,618
2023
£
28,698
28,698
2022
£
73,552
73,552

Page 12

The Parochial Church Council of the Ecclesiastical Parish of Southlake St James

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

6 Charitable expenditure (cont.)

The charity's principal grants to institutions comprised:

charity's principal grants to institutions comprised:
St James' Pre-school CIO
CMS
Just Around the Corner 'JAC'
Lamb Hospital
Yeldall Manor
Churches Together in Woodley
Congo Children's Trust
Pilot Light Trust
DEC Turkey/Syria earthquake appeal
Grants to institutions for less than £1,000 each		 2023
£
-
2,800
4,800
2,800
4,820
-
3,800
1,800
2,113
1,965
24,898		 2022
£
60,000
2,700
1,800
1,800
1,800
1,200
-
-
-
2,452
71,752

Following the successful application by the St James Pre-school to be a Charitable Incorporated Organisation (CIO), a full transfer of the activities, assets and liabilities of the Pre-School was executed in the form of a grant from the Pre-school restricted funds from this charity to the new CIO under a Transfer Agreement effective 1 April 2022.

7 Analysis of staff costs, the cost of key management personnel and trustee remuneration

The average monthly number of employees during the year was 2 (2022: 4). Most of the charity's activities are carried out by volunteers.

No staff received salaries at a rate of more than £60,000 per annum.

The charity's key management comprise the members of the PCC and the key staff named on the Charity Information page. No member of the PCC received employment benefits in the current year.

Total employment benefits payable to key management for the previous year were as follows:

l employment benefits payable to key management for the previous year were as follows:
Other
Employer
Wages &
employment
pension
salaries
benefits
contributions
Members of the PCC
Elaine Hawkes
5,003
-
103		 2022
£
5,106
5,106

Elaine Hawkes served as Pre-school Manager and received the above payments for serving in that capacity, not for serving as a member of the PCC; these payments are permitted by the charity's governing document. These payments are for the period prior to St James Pre-school becoming a CIO during 2022.

Laurence Smith (who is a clergy member of the PCC) receives a stipend from the Diocese and so is not an employee; some of the Parish Share paid to the Diocese is used to help meet the cost of this stipend. Laurence Smith was provided with accommodation (which is customary for clergy) and there is no cost to the PCC for this accommodation as the property is beneficed. The charity also reimbursed expenses to Laurence Smith; these costs are disclosed in note 6 'Charitable Expenditure' under the heading 'Clergy expenses'.

Page 13

The Parochial Church Council of the Ecclesiastical Parish of Southlake St James

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

8 Tangible fixed assets

Cost
At 1 January 2023
Additions
Disposals
At 31 December 2023
Accumulated depreciation
At 1 January 2023
Charge for the year
Eliminated on disposal
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
Debtors
Falling due within one year:
Tax recoverable
Other debtors
Cash at Bank and in Hand
Cash at bank with immediate access
Petty cash
Creditors: liabilities falling due within one year
Taxation and social security
Other creditors
Accruals
Grant obligations		 Fixtures,
fittings and
equipment
£
36,546
-
-
36,546
13,942
3,994
-
17,935
18,611
22,604
2023
£
5,641
463
6,103
2023
£
151,492
877
152,370
2023
£
-
-
3,766
12,000
15,766		 Total
2023
£
36,546
-
-
36,546
13,942
3,994
-
17,935
18,611
22,604
2022
£
1,822
-
1,822
2022
£
149,457
877
150,334
2022
£
200
20
5,913
-
6,133

9 Debtors

10 Cash at Bank and in Hand

11 Creditors: liabilities falling due within one year

Page 14

The Parochial Church Council of the Ecclesiastical Parish of Southlake St James

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

12 Pension commitments

The Church Workers Pension Fund (CWPF)

The PCC participates in the Pension Builder Scheme section of CWPF for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the PCC and the other participating employers.

The Church Workers Pension Fund has a section known as the Defined Benefits Scheme, which comprises a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014.

Pension Builder Classic provides a pension for members for payment from retirement, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may be added before retirement, depending on investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared, is payable, unreduced, from age 65.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and contributions are accounted for as if the Scheme were a defined contribution scheme.

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2019. The next valuation is due as at 31 December 2022.

For the Pension Builder Classic section, the valuation revealed a deficit of £4.8m on the ongoing assumptions used. [At the most recent annual review, the Board chose to grant a discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997; and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 5% (where usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2023. There is no requirement for deficit payments at the current time.

For the Pension Builder 2014 section, the valuation revealed a surplus of £5.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

The legal structure of the Scheme is such that if another employer fails, the PCC could become responsible for paying a share of that employer’s pension liabilities.

Summary of pension contributions payable for year:

The charity's pension contributions were as follows

The charity's pension contributions were as follows
Church Worker's Pension Fund (see above)
contributions payable for year
Summary of pension liabilities at the year end:
The charity's pension liabilities at the end of the year were as follows:
in respect of defined benefit pension arrangements:
Church Workers' Pension Fund		 2023
£
1,342
1,342
2023
£
266
-		 2022
£
911
911
2022
£
-
-

Page 15

The Parochial Church Council of the Ecclesiastical Parish of Southlake St James

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

13 Funds

During the year the movements in the charity's funds were as follows:

Designated Funds
Designated Fund: St James CAFE
General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
Youth Work
Children & Families Work
Building Fund
Sinking Fund
Mission Giving
Aggregate of funds		 Opening
balance
2023
£
2,442
2,442
107,212
109,654
18,004
-
1,016
39,953
-
58,973
168,627		 Incoming
resources
2023
£
5,948
5,948
149,144
155,092
2,605
11,723
-
-
1,356
15,684
170,776		 Outgoing
resources
2023
£
(3,888)
(3,888)
(142,747)
(146,636)
(425)
(29,013)
-
-
(2,013)
(31,450)
(178,086)		 Transfers
in the year
2023
£
-
-
(17,947)
(17,947)
-
17,291
-
-
657
17,947
-		 Gains and
losses
2023
£
-
-
-
-
-
-
-
-
-
-		 Closing
balance
2023
£
4,502
4,502
95,662
100,164
20,185
-
1,016
39,953
-
61,154
161,318

Analysis of net assets by fund

The assets and liabilities of the various funds were as follows:

ysis of net assets by fund
assets and liabilities of the various funds were as follows:
Tangible fixed assets
Debtors
Cash at bank and in hand
Creditors falling due within one year		 General
Designated
funds
funds
£
£
18,611
-
6,103
-
86,714
4,502
(15,766)
-
95,662
4,502
Unrestricted Funds		 Restricted
funds
£
-
-
61,154
-
61,154		 2023
£
18,611
6,103
152,370
(15,766)
General
funds
£
18,611
6,103
86,714
(15,766)
95,662
161,318

Page 16

The Parochial Church Council of the Ecclesiastical Parish of Southlake St James

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

13 Funds (cont.)

In the previous year the movements in the charity's funds were as follows:

Designated Funds
Designated Fund: St James CAFE
General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
Youth Work
Children & Families Work
Pre-school
Building Fund
Sinking Fund
Aggregate of funds		 Opening
balance
2022
£
4,515
4,515
106,714
111,229
15,816
-
56,795
4,491
34,069
111,171
222,400		 Incoming
resources
2022
£
6,717
6,717
129,361
136,078
3,188
11,002
22,522
-
-
36,712
172,790		 Outgoing
resources
2022
£
(8,790)
(8,790)
(112,836)
(121,626)
(1,000)
(26,992)
(76,944)
-
-
(104,937)
(226,563)		 Transfers
in the year
2022
£
-
-
(16,027)
(16,027)
-
15,990
(2,373)
(3,474)
5,884
16,027
-		 Gains and
losses
2022
£
-
-
-
-
-
-
-
-
-
-
-		 Closing
balance
2022
£
2,442
2,442
107,212
109,654
18,004
-
-
1,016
39,953
58,973
168,627

Analysis of net assets by fund

In the previous year, the assets and liabilities of the various funds were as follows:

ysis of net assets by fund
e previous year, the assets and liabilities of the various		 funds were as follows: funds were as follows:
Unrestricted Funds
General Designated Restricted
funds funds funds 2022
£ £ £ £
Tangible fixed assets 22,604 - - 22,604
Debtors 1,716 - 105 1,822
Cash at bank and in hand 88,237 2,921 59,176 150,334
Creditors falling due within one year (5,345) (479) (308) (6,133)
107,212 2,442 58,973 168,627

Designated Funds

The St James CAFE fund is designated for cafe ministry in the community.

Restricted Funds

The Youth Work fund and Children's work fund are restricted to salary and other costs incurred specifically in these areas of ministry

The Building Fund can only be spent on building works, including fixtures and equipment within the Church building The Sinking Fund was created to set aside funds for the replacement of assets based on the expected useful life of the existing fixed assets (e.g. building and equipment).

The Mission Fund is for specific appeals and collections towards missions and other charitable activities.

14 Transactions with related parties

During the year the charity:

During the year the charity also made the following payments to, or for, related parties:

Page 17

The Parochial Church Council of the Ecclesiastical Parish of Southlake St James

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

FOR THE YEAR ENDED 31 DECEMBER 2023

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Pre-school income
Investments
5
Total income and endowments
EXPENDITURE ON:
Charitable activities:
6
Preschool costs
Total Expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
13		 General
Designated
2023
2023
£
£
131,178
-
4,392
5,948
-
-
13,574
-
149,144
5,948
142,747
3,888
-
142,747
3,888
-
6,397
2,060
(17,947)
-
(11,550)
2,060
107,212
2,442
95,662
4,502
Unrestricted funds		 Restricted
2023
£
15,322
362
-
-
15,684
31,450
31,450
(15,767)
17,947
2,181
58,973
61,154		 Total
2023
£
146,500
10,702
-
13,574
170,776
178,086
-
178,086
-
(7,310)
-
(7,310)
168,627
161,318		 General
Designated
2022
2022
£
£
117,386
-
5,931
6,717
-
-
6,044
-
129,361
6,717
112,836
8,790
-
-
112,836
8,790
-
16,525
(2,072)
(16,027)
-
498
(2,072)
106,714
4,515
107,212
2,442
Unrestricted funds		 Restricted
2022
£
12,937
-
22,522
1,253
36,712
87,992
16,944
104,937
(68,225)
16,027
(52,198)
111,171
58,973		 Total
2022
£
130,322
12,648
22,522
7,297
172,790
209,618
16,944
226,563
-
(53,773)
-
(53,773)
222,400
168,627

Page 18