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2020-12-31-accounts

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST JAMES GERRARDS CROSS WITH ST JAMES FULMER CHARITY REGISTRATION NUMBER 1129332

FINANCIAL STATEMENTS For The Year Ended 31 December 2020

CONTENTS

Legal & Administrative Information 1
Membership 1
Statement of Trustees’ Responsibilities 2
Training of Trustees 2
Public Benefit 2
Professional Advisers to the PCC 2
Structure, Governance and Management 2
Church Attendance 4
PCC Review of the Year 4
Financial Review 5
Statement of Financial Activities 8
Balance Sheet 9
Statement of Cashflow 10
Notes to the Accounts 11
Independent Auditor’s Report 21

LEGAL AND ADMINISTRATIVE INFORMATION

The Parochial Church Council (PCC) is a corporate body established by the Church of England. It operates under the Parochial Church Council Powers Measure and in 2009 was registered with the Charity Commission as The Parochial Church Council of the Ecclesiastical Parish of St James Gerrards Cross with St James Fulmer with Charity Registration Number 1129332. During 2020 the PCC of St. James, Gerrards Cross with Fulmer has had the responsibility of working with the Rector, the Revd. Matt Beeby, in promoting in the ecclesiastical parish the whole mission of the Church, as set out in Our Vision statement and in the Mission Action, and Mission Execution plans. It also had responsibility for the maintenance of the two parish churches, their graveyards, The Saint James Centre and four houses occupied by members of staff.

MEMBERSHIP

Members of the PCC are ex officio, elected by the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules or co-opted by the PCC. Members of the PCC are Trustees of the Parish of St James Gerrards Cross with St James Fulmer. During the year the following served as members of the PCC:

Incumbent The Revd. Matt Beeby Curate The Revd. Meyrick Beebee Curate The Revd. Ben Clarke Curate The Revd. James Forward (from Sep 2020) Curate The Revd. Ross Mungavin (from Sep 2020) Associate Pastor for Adult Spiritual Formation The Revd. James Leach (until Aug 2020) Associate Minister for St James Fulmer The Revd. Jill Roth

Wardens Dr Andrew Bell Mrs Francesca Hall-Drinkwater

Mrs Wendy Shingleton

General Synod Representative Dr Andrew Bell Diocesan Synod Representative Mrs Stephanie Summerell Mr Lawrence Tebboth Deanery Synod Representatives Mrs Stephanie Summerell Mr Keith Lucas (until Oct 2020) Mr Cobus van der Walt Mr James Scorer (until Oct 2020) Mr David Kidner Mr David Mackie (until Oct 2020) Mr Steven Cooper Jonathan Rushworth (from Oct 2020) Mr Lawrence Tebboth Ian Mitton (from Oct 2020) Mrs Francesca Hall-Drinkwater Mr Martin Josten (until Oct 2020)

Elected Members Mr Grant Masom Mr Richard Lawrence: PCG Secretary (from Oct 2020) Mrs Jane Sheldon Mr David Steel: Treasurer (from Oct 2020) Dr Tom Kitching Mr Bob Mason (deceased Feb 2020) Mrs Jip Mawditt Mrs Jenny Price (until Jan 2020) Mr Vic Gill (from Oct 2020) Mr Phil Hines (until June 2020) Mr Gary Palmer (from Oct 2020) Mr Andrew Nealon (until Sep 2020) Mr Gordon Stevenson (from Oct 2020) Brian Weild (until Oct 2020)

Co-opted

Mr Richard Lawrence: PCG Secretary (until Oct 2020)

Mr David Steel: Treasurer (until Oct 2020)

In attendance

Miss Nici Johnson, Operations Manager (until Feb 2020) Mr Mark Nicholas, Operations Director (from Sep 2020) Mrs Amanda Van der Walt, PCC Secretary

Mrs Ann Green, Safeguarding Officer Mrs Rachel McCarthy (Rectors PA)

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STATEMENT OF TRUSTEES' RESPONSIBILITIES

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

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing those financial statements the Trustees are required to:

The Trustees are 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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Parochial Church Council Measure (1956) as amended and Church Representation Rules. 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.

TRAINING OF TRUSTEES

New Trustees are provided with a copy of the Charity Commission's leaflet 'The Essential Trustee - CC3' and are encouraged to ask questions and brief themselves on the current issues being addressed. At an early stage new Trustees have the opportunity to meet all key members of staff and learn firsthand about the activities, operations and protocols of the parish of St James Gerrards Cross with St James Fulmer.

PUBLIC BENEFIT

The Trustees have considered the Charity Commission's guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion, when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year. The activities of the church in the pursuit of its aim include Sunday services, midweek services, Prayer Central, midweek Growth Groups, Connect Groups, Explore courses, Toddler Groups, Sunday School classes, Youth Groups, Friendship Lunches, the EQUIP course, Marriage courses, Parenting courses, Daily Devotionals, 1:1 mentoring and ministry training. The activities of the church provide benefit not only to the regular attendees at Saint James, but also to the residents of the parish and further afield.

PROFESSIONAL ADVISERS TO THE PCC

Auditor Bankers Cansdales Audit LLP National Westminster Bank Plc Bourbon Court 44 Packhorse Road Nightingales Corner Gerrards Cross Little Chalfont Bucks Bucks HP7 9QS SL9 8EA

STRUCTURE, GOVERNANCE AND MANAGEMENT

LEADERSHIP TEAM

Supports the Rector and staff in giving leadership to the whole ministry of the church. The Leadership Team is accountable to the PCC. It acts as the PCC’s Standing Committee, and as such ‘shall have the power to transact the business of the Council between the meetings thereof’, subject to any directions given by the PCC.

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BUILDINGS AND CHURCHYARDS COMMITTEE

Oversees all maintenance, repairs and improvements to the churches, The Saint James Centre, grounds and other church properties.

STEWARDSHIP COMMITTEE

Meets to consider church financial issues of a strategic nature, including the Planned Christian Giving to the church. The committee also reviews, prior to presentation to the PCC, changes in policies relating to the annual financial accounts, annual budgets and monthly accounts of the parish.

FULMER LEADERSHIP TEAM

Ensures that the vision, direction, physical and practical aspects of Fulmer Church provide the proper environment for its spiritual work (excluding matters associated with worship); discusses and agrees with the Buildings and Churchyards Committee any special projects associated with the church’s fabric and liaises with civic authorities.

MISSION COMMITTEE

Recommends and takes responsibility for the implementation of policies to raise interest in Christian mission beyond the parish at home and abroad. Recommends and provides direct support links between mission partners and the parish. Recommends outside giving policy and identifies the sums to be allocated to individual charities from the sum approved by the PCC each year for outside giving.

There are detailed Terms of Reference for all the PCC’s Committees in the Leadership Structures Paper approved by the PCC in 2001 and subsequently revised in May 2009.

RISK MANAGEMENT

Key Risk Area

Preventative Action Taken

Events

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CHURCH ATTENDANCE

There is a statutory requirement to revise the Ecclesiastical Electoral Roll completely every six years and this revision took place in October 2020. There are 594 people on the Roll: 494 on the Gerrards Cross section and 100 on the Fulmer section. The usual Sunday attendance, in the first 3 months of 2020 (pre-COVID 19 lockdown), was 372 adults and 73 children: 320 adults and 67 children in Gerrards Cross and 52 adults and 6 children in Fulmer.

PCC REVIEW OF THE YEAR 2020

Aims Objectives & Activities

Our Vision is to see every life transformed. Through Jesus. For God’s glory. This means a church where, by God’s grace, we are reaching, growing and resourcing:

To realise this vision, we are building our ministry around our 5 Biblical purposes, each of which flows out of the gospel message: Jesus is Christ the Lord. These 5 Biblical purposes are set out below, having been launched at our Vision Dinners in September 2019:

Each of our 5 Biblical purposes is underpinned by prayer, because ‘unless the LORD builds the house, its builders labour in vain.’ (Psalm 127:1). Many have commented on how significant Prayer Central has been during the pandemic, when so much of church life has felt remote and disconnected. Although it has been a virtual gathering for the past 12 months, it has proved to be wonderfully encouraging and a vital forum not only for corporate prayer, but also for communication and encouragement.

It is now something of a cliché to say that we live in ‘strange and uncertain times,’ but it is a fitting description for the past twelve months. It has been a truly extraordinary year and we have been learning more of what it is to trust God – through both a pandemic and also a period of change.

With the gospel at the centre of everything we do, our mission, as a church, is clear: we’re to take the good news of Jesus to people who need to be saved. Over the course of the past year, we have witnessed sickness and suffering on what, for many, is an unprecedented scale. With fear and anxiety on our doorstep, we have been reminded once again of our frailty and mortality – which only serves to underline the importance of our mission.

We have also been able to see God at work in many different ways, as the gospel has been proclaimed here at Saint James. There are signs of spiritual growth right across our church family, as people have responded to the teaching of God’s word and the work of the Holy Spirit in their lives.

In a year of considerable change, we have seen God’s provision for us again and again as we have turned to him in prayer. Transition and recruitment were a key theme in 2020 as we continued the process of re-fashioning the team around our 5 Biblical purposes and our vision to see every life transformed. On the Ministry Team, we said farewell to Neil & Tanya Wilson, Guy Mansell, Debbie Hines and James Leach – all of whom have moved on to exciting new ministries elsewhere. We also said goodbye to Nici Johnson, Jayne Wood and Debbie Leach from the Operations Team – and again, it is encouraging to know that all are in good heart, having moved on to new things. Again, we are thankful to God for their contribution to the work of Saint James.

With this transition, it is no surprise that some within the church family have felt unsettled. However, 1 Corinthians 1:10-12 reminds us that we follow Christ, above and beyond individuals or personalities and so we

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continue to press on in his service. God has been wonderfully gracious in his provision of new team members and over the past year we have welcomed the following new faces to the team:

It takes time to build relationships and this is especially challenging in the midst of a pandemic, but it is encouraging to see how these new team members have made a positive start in their ministries. We also have reasons to be thankful as we think of newcomers whom we have welcomed in to our church family over the past year. We are a work in progress, but there is a growing sense of alignment behind our vision and momentum in our ministries.

All of this has been accomplished in the midst of a pandemic that has brought challenges few of us ever imagined. COVID-19 has brought fear, suffering and uncertainty in to our communities. However, in Jesus Christ we have a message of hope, comfort and life and it has been encouraging to see how we have adapted as a church family, to the demands of the pandemic.

Many of us have grown spiritually, over the past year, as the testing of our faith has developed perseverance (James 1:4). I am especially grateful to the many people (both staff and church members) who have served so faithfully to enable us to adapt to ‘digital church.’ It has been exciting to see how God has used things like Daily Devotionals, Zoom Coffee and other initiatives to enable us to keep loving one another and growing together in Christ. It really is true that “the word of God is not chained” (2 Timothy 2:9) and we have been reminded of this again and again.

At the same time, many of us have had to battle with the challenges of lockdown and we are feeling weary as we persevere through a long winter. That is why our theme for 2020-21 of ‘church as a family’ (launched in September 2020) is so poignant. We want Saint James to be ‘a place to belong’ for everyone (inspired by Romans 12:5), so that as the gospel takes root in our hearts, we are, increasingly, a church family in which everyone is cared for and everyone is welcome. Relationships, of course, are key to that sense of family and so I hope that we will continue to look out for others in the church family – particularly those who are new or lessconnected – to welcome them in.

We will report fully on progress across our 5 Biblical purposes; our different congregations and in our Youth & Children’s work, at the end of the academic year. Prayer Central in July will be given over to prayer & thanksgiving as we look back on 2020-21 and celebrate what God has been doing amongst us.

The PCC, as trustees, and the Leadership Team, have been assessing the impact of COVID-19 on a regular basis and they have sought to mitigate the risks as far as humanly possible. All Diocesan advice regarding the safe operation of church activities has been followed, including suspending all services and other physical meetings. In order to enable us to continue gathering for worship, a number of online events (both live and recorded) have taken place. With regard to stewardship of our finances, a communication has been sent to everyone in the church family regarding how to give online instead of in-person at a physical gathering. In addition to that, all appropriate government assistance has been utilised, when necessary, during the course of the pandemic.

FINANCIAL REVIEW

Basis of presentation

The accounts show income and expenditure on both Restricted and Unrestricted Funds. The Unrestricted Funds are further split between the General Fund and various Designated Funds. The Financial Review focuses mainly on the General Fund unless otherwise indicated. This is shown in the column headed “Unrestricted Funds” on page 8.

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Overview of 2020 General Fund

We started the year with a PCC approved budget deficit of £146,623 and as a result of God’s provision through the generous giving of the Church family we have ended up reporting a surplus of £18,340 (after fund transfers).

The “headline” total income figure of £1,250,078 was 16% up on the 2019 equivalent income of £1,074,670. However, the 2020 headline figure included £343,489 of legacy income; the equivalent figure for 2019 being zero. Excluding legacies, the total income fell by 16%.

Voluntary income, being the income received directly from the members of the church family, again excluding legacies, fell 13% from £986,558 in 2019 to £854,280 in 2020. A major factor in this reduction, but one difficult to measure accurately, was the impact of COVID 19. This resulted in increased financial pressures on personal incomes and severely restricted the ability to physically meet together to worship with the associated reduction in collection related income.

The PCC decided that the main legacy received should not be used to finance the on-going running costs of the parish but should be designated towards a yet to be defined project that would serve and enable our overall vision as a church. Hence, £286,157 was transferred into the Church Growth Fund.

Due to the strong performance of the stock exchange index during 2020 there was a recognised gain of £13,084 on the holding value of our index related investment (2019: gain of £10,000).

Total expenditure for the year at £953,888 was 9% lower than 2019 (£1,042,431). The “core” expenditure of running all our ministries and other activities (excluding outside giving and governance costs) at £846,175 was down 10% from £935,859 in 2019. This was due to a combination of good cost control, the COVID 19 impact of closing the various church buildings and various staff vacancy gaps that arose during 2020. The parish share contribution of £218,962 is included within this figure and was up 2% on 2019. In 2020 the grants to organisations outside the church (allocated by the mission Committee) totalled £83,567, down 9% on the 2019 equivalent and represented 10% of the budgeted underlying voluntary income.

During 2020 there was a net transfer of £290,934 out of the General Fund to a combination of both Restricted and Unrestricted Funds. The full analysis of this net transfer is as follows:

£ £
To the Church Growth Fund (286,157)
Major legacy – as mentioned above
To various Church and Centre
replacement/maintenance funds		 (17,417)
To provide funds for future expenditure on
both churches and the St James Centre
From various funds to support the
various church ministries		 12,640
Such as the youth intern and pastoral team
Net transfer to the General Fund (290,934)

Designated Funds

The designated funds that relate to the maintenance of the two churches and the St James Centre, plus the replacement of the equipment they contain, have been capped at a total of £240,000. Further detail is given in the section headed “Reserves” – see below.

Restricted Funds

In addition to generous unrestricted donations, progressing our wider mission as a church would not be possible without the donation of funds that are restricted for specific purposes. The two main restricted funds are:

 The Love Africa project:

The only movement on this account was receiving £135 in interest, leaving a closing balance of £41,971. The Love Africa Celebration event on 12 October marked the closure of the Love Africa initiative and the winding down of support for projects. Further planning is underway to utilise the remaining balance within the projects previously supported. However, progress has been delayed, due to the impact of COVID -19, both here in the UK and in Uganda where key contacts are based.

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A further £50,903 was raised with £75,108 being spent on his support, leaving a closing balance of £108,894.

Reserves

There are PCC approved policies in place to control the level of resources held within each of the major Unrestricted Funds. These policies are designed to ensure that the “target” balance covers the estimated future potential expenditure. The levels of financial resources deemed necessary for each of these funds, together with the current measurement against each target are as follows:

Name Target level Target Met
General Fund Contractual commitments
as per the 2020 Budget		 Yes
Church replacement equipment Cap of £50,000 On target to meet the cap in a
further 5 years, as per policy
Church redecoration Cap of £70,000 Fulmer cap met.
GX on target to meet cap in 5
years’ time, as per policy
Centre replacement equipment Cap of £50,000 On target
Church and Centre exceptional maintenance Cap of £70,000 On target

No target has been set for the Church Growth fund as it is the intention of the PCC that this fund will be spent on mission focused activities in the short to medium term.

Plans for 2021

The ongoing activities described in the PCC Review will be continued and, in some cases, expanded, without material impact on our reserves.

CONCLUSION

We give thanks to God for all that He has done through this, His church in 2020. It’s only by His grace that we continue to do what we do each year. We praise Him for the way He has guided, assisted and shaped us. We look forward, with eager anticipation, to the year ahead, trusting that disciples will be added to our number, and all of us will be changed, to be more like Jesus, through our relationship with Him.

Our ministry is sustained and delivered by a huge number of people in the church family using their God-given gifts to serve in the gospel ministry in which we all share. We are so grateful to God for all who have served in different ways. Particular thanks go to the Churchwardens and Leadership Team for their faithfulness to the gospel, their hard work and their prayerful support.

We also don’t take for granted the generosity of all those who gave financially during the year to enable the ministry here and we thank God for his wonderful provision through the church family, through regular planned giving, and through one-off gifts.

As we look around St James, we see evidence of lives transformed and glimpses of God’s Kingdom being ushered in. Time and again, we stand back, assess what we see in the church, and exclaim ‘only God could have done this’. Only the wonderful God of our Lord Jesus Christ, who brings life out of death, a welcome to sinners, and gives us his Holy Spirit, could be the source and sustainer of all we are – thanks be to Him.

On behalf of the PCC Correspondence Address for the PCC St James Church Office Oxford Road Gerrards Cross Revd. Matt Beeby Buckinghamshire, SL9 7DJ Rector

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St James Gerrards Cross with St James Fulmer Statement of Financial Activities For the period from 01 January 2020 to 31 December 2020

Prior Year Total Funds £ 1,199,453.85 7,617.21 97,664.30 1,304,735.36 200,479.85 1,098,519.00 14,772.26 1,313,771.11 (9,035.75) 0.00 29,883.90 - 20,848.15 2,946,111.84 2,966,959.99
Total funds £ 1,297,967.47 25,880.03 45,757.84 1,369,605.34 179,212.70 972,406.47 24,146.03 1,175,765.20 193,840.14 (0.00) 13,084.36 - 206,924.50 2,966,959.99 3,173,884.49
Restricted Capital funds £ - - - - - 76,568.19 - 76,568.19 (76,568.19) - - - (76,568.19) 1,969,490.53 1,892,922.34
Unrestricted
Designated
Restricted		 funds
funds
funds		 £
£
£		 Incoming resources Incoming resources from generated funds Voluntary income
1,197,769.22
8,467.00
91,731.25		 Investment income
25,510.92
-
369.11		 Incoming resources from charitable activities
26,797.68
-
18,960.16		 Total income
1,250,077.82
8,467.00
111,060.52		 Resources used Charitable activities
83,567.00
19,375.00
76,270.70		 Activities directly relating to parish work
846,174.53
40,371.39
9,292.36		 Governance costs
24,146.03
-
-		 Total expenditure
953,887.56
59,746.39
85,563.06		 Net income / (expenditure) resources before transfer
296,190.26
(51,279.39)
25,497.46		 Transfers Gross transfers between funds - out
(290,934.26)
309,027.79
(18,093.53)		 Other recognised gains / losses Gains / losses on investment assets
13,084.36
-		 Gains on revaluation, fixed assets, charity's own use
-		 Net movement in funds
18,340.36
257,748.40
7,403.93		 Reconciliation of funds Total funds brought forward
171,081.06
610,437.85
215,950.55		 Total funds carried forward
189,421.42
868,186.25
223,354.48		 All the PCC's operations are classed as continuing. The PCC has no other gains or losses other than those set out above. Prior year funds as published. Notes 1-16 from part of these financial statements.
Notes 4 (a) 4 (b) 4 (c) 5 (a) 5 (c) 5 (b) 4 (d), 5(d)

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StJam¢s Gerraros cro￿ witb StJame4 Fulm¢r BaJ8Xte Slket (C&urch of EDgland) As at-. 31 J)eeembEr 21120 As at 3J1121202D As #t31ll212O19 Notes Wxed4ssets 81al Tarwbl¢ assets 2,312.438.27 202 568.32 2 515 00&59 2J89242.45 189 483.96 2 578 726.41 ￿Sets Stuck5 WQTk in pro￿¢S3 D¢btors rtJv¢shmts {s]Krt 16rnidepositsl Cash Nt bathka￿] in fwlld 14 1,673.75 58.001.70 488,991.65 287 807.69 836 474.79 2.137.93 56.800.70 279,070.12 231.653.85 569 662.60 io Creditor5: falling tnone)rar 177 596.89 177 596.89 18l.429.02 181.429.02 Iyet cunrth a&s•ts kss eurr•tt lialMlltle$ 658 877.90 388 233.58 Total ￿t 4ssets loss MAliitl¢8 84Ag 99 Repreaentediw UJue$trteted G¢neral 189,421.42 171,081.06 Restricted 868,186.25 610.437.85 223354.48 215.950.55 Capital 1.892.922.34 1.969,490.53 oftho clwr¢h Approved by the Paro¢hiaE Chureh Council on............................... ...... edonits Revd. MattB¢cby (Rwr) Not&8 1-16 fomi partofth¢s¢ finan¢ial st&tem¢t)ts.

St James Gerrards Cross with St James Fulmer Statement of Cashflow For the period from 01 January 2020 to 31 December 2020

Net Cash Inflow/(Outflow)
Income/(Expenditure)
Interest and Dividends
Depreciation
(Increase)/Decrease in Debtors
(Increase)/Decrease in Stock
Increase/(Decrease) in Creditors
Investing Activities
Fixed Assets (additions)/disposals
Interest and Dividends
Unrealised Loss/(Gain) on Investments
Financing Activities
Borrowings (Increase)/Decrease
Dividends paid
Increase/(Decrease) in cash in the year
Cash at bank, on deposit and in hand at 31st December 2019
Increase/(Decrease) in cash during the year
Cash at bank, on deposit and in hand at 31st December 2020		 2020
2019
£
£
206,924.50
20,848.15
(6,952.71)
(7,617.21)
84,884.18
84,884.18
(1,201.00)
8,886.22
464.18
82.89
(3,832.13)
875.01
280,287.02
107,959.24
(8,080.00)
-
6,952.71
7,617.21
(13,084.36)
(29,883.90)
(14,211.65)
(22,266.69)
-
-
-
-
-
-
266,075.37
85,692.55
510,723.97
425,031.42
266,075.37
85,692.55
776,799.34
510,723.97

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NOTES TO THE ACCOUNTS

1. ACCOUNTING POLICIES

Basis of preparation of Financial Statements

The financial statements have been prepared on an accruals accounting basis and in accordance with the Church Accounting Regulations 2006, together with applicable accounting standards and the Statement of Recommended Practice ‘Accounting and Reporting by Charities’, issued 16 July 2014 as updated by the Update Bulletin as amended for accounting periods commencing from 1 January 2019 (the Charities SORP second edition – October 2019) and UK Generally Accepted Practices as it applies from 1 January 2015. Details of the charity’s principal office can be found on page 9.

The financial statements have been prepared under the historical cost convention with the exception of the inclusion of investments at their fair (bid) value at 31 December.

The charity constitutes a public benefit entity as defined by FRS102.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The PCC believes that the reserves held by the PCC allow the accounts to be produced on a “going concern” basis.

The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include any monies of church groups that are informal gatherings of church members.

Covid 19

Since March 2020, the Coronavirus (COVID-19) pandemic has emerged globally resulting in a significant impact on businesses worldwide. As a result, some operations have been restricted, however the charity continues to operate using alternative methods and remote working. The trustees are unable to evaluate the overall financial impact on the charity at present. Hence financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Fund Accounting

Funds held by the PCC are accounted for as follows:

‘Restricted funds’ are funds which can only be used for particular purposes as specified by the donor or funds raised for particular restricted purposes.

‘Designated funds’ are funds set aside by the PCC out of unrestricted general funds for specific future purposes or projects. The use of such designated funds can be amended or the funds re-designated as unrestricted general funds by the PCC.

‘General funds’ represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted.

Incoming Funds

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1. ACCOUNTING POLICIES (CONTINUED)

Expenditure

Expenditure is inclusive of VAT which cannot be recovered. Certain expenditure is directly attributable to specific activities and has been allocated to those cost categories. Where costs are attributable to more than one activity, they have been apportioned to the individual activities based on the time spent by staff on matters relating to those activities.

Grants and outside giving to third parties are accounted for when paid over or when awarded if that award creates a binding obligation on the PCC.

The parish share to the diocese is accounted for when paid.

Pension costs consist of payments made to an employees’ personal pension scheme or to the Church of England Pension Board scheme – (see Note 3). These costs are accounted for when payable.

Operating Leases

Rentals payable under operating leases are accounted for on a straight line basis over the lease term.

Gains and losses on Investment Fixed Assets

Realised gains or losses are recognised when the investments are sold. Unrealised gains or losses are accounted for by the revaluation of investments at 31 December to fair value.

Tangible Fixed Assets

Consecrated and benefice property is excluded from the accounts in line with Section 10(2) of the Charities Act 2011. All expenditure, whether maintenance or improvement, incurred on consecrated or benefice property is immediately written off in the Statement of Financial Activities.

Other freehold land and buildings, including expenditure on the Saint James Centre built on land owned by the Diocese of Oxford, are capitalised at cost. Freehold buildings are depreciated over a period of 50 years. Freehold land is not depreciated.

Movable church furnishings are inalienable assets which require a faculty for disposal. No cost or value is available for such items acquired before 2001 without incurring professional costs which the PCC considers would outweigh the benefit of providing such information. Items acquired after 1 January 2001 are capitalised at cost and depreciated over their effective useful lives.

Other Fixed Assets comprising fixtures, fittings and equipment are capitalised at cost and depreciated in equal instalments over their estimated useful lives except for individual items with a cost of less than £4,000 which are written off at the time of purchase. On major projects, items of a similar nature below £4,000 are grouped together and where capitalised, subsequent replacements are charged to repairs and maintenance in the Statement of Financial Activities. The useful lives currently used are as follows:

Fixtures and fittings 15 years
Furniture and catering equipment 15 years
Furnishings and equipment 10 years
IT equipment 5 years

Investment Fixed Assets

Investments are valued at fair (bid) value at 31 December.

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1. ACCOUNTING POLICIES (CONTINUED

Current Assets

Stocks are included at the lower of cost and net realisable value.

Debtors include amounts owing to the PCC in respect of taxation, interest receivable or other income.

Short-term deposits include cash held on deposit with the CBF Church of England Funds.

Provisions

Provisions are set up where it is probable that a present obligation exists as the result of an event prior to the Balance Sheet date and that a payment in settlement will be required that can be estimated reliably.

2. LEGACY INCOME

During 2020 £343,489 was received (2019:£10,000).

3. STAFF PENSIONS

St James Gerrards Cross with St James Fulmer 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 Employer and the other participating employers.

The Church Workers Pension Fund has a section known as the Defined Benefits Scheme, a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014, both of which are classified as defined benefit schemes.

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. Bonuses may also be declared, depending upon the investment returns and other factors.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This means it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable (2020: £41545, 2019: £42829).

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent was carried out as at 31 December 2019. The ongoing valuation of the Pension Builder Classic Scheme revealed a deficit of £4.7m, on assumptions used. At the most recent annual review, the Board chose not to grant a discretionary bonus, which will have acted to improve the funding position. There is no requirement for deficit payments at the current time.

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4. INCOME AND ENDOWMENTS

Prior year total funds 447,700.70 312,241.73 187,253.63 190,225.93 10,000.00 52,031.86 1,199,453.85 7,617.21 - - - - 2,978.10 10,328.09 23,228.12 - 9,482.98 51,647.01 97,664.30 1,304,735.36 29,883.90
Total funds 384,005.50 241,423.46 160,623.82 116,819.71 343,489.18 51,605.80 1,297,967.47 25,880.03 - - 876.07 1,631.38 949.19 1,269.87 18,960.16 - 1,542.00 20,529.17 45,757.84 1,369,605.34 13,084.36
Restricted Capital funds - - - - - - - - - - - - - - - - - - - - -
Restricted funds 21,780.00 30,450.00 13,291.25 1,200.00 - 25,010.00 91,731.25 369.11 - - - - - 18,960.16 - - - 18,960.16 111,060.52 -
Designated funds - - - - - 8,467.00 8,467.00 - - - - - - - - - - - 8,467.00 -
Unrestricted funds 362,225.50 210,973.46 147,332.57 115,619.71 343,489.18 18,128.80 1,197,769.22 25,510.92 - 876.07 1,631.38 949.19 1,269.87 - - 1,542.00 20,529.17 26,797.68 1,250,077.82 13,084.36
Voluntary income Gift Aid Standing orders Other Income tax recoverable Gifts Legacies Collections and other giving Investment income Income from charitable activities Grants from Parish Council Magnification Mission Maturity Kids Youth Ops Centre Other Total income (before Transfers) Investment gain
4 (a) 4 (b) 4 (c) 4(d)

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5. EXPENDITURE

Prior year total funds 73,898.20 126,581.65 - 200,479.85 14,772.26 214,871.24 53,059.04 121,599.66 52,034.62 - 65,219.83 - 87,852.59 104,035.84 116,699.88 186,064.66 76,653.10 20,428.54 1,098,519.00 1,313,771.11 -
Total funds 45,429.50 133,783.20 - 179,212.70 24,146.03 218,961.71 38,795.89 67,058.44 45,612.92 15,542.78 31,648.96 34,600.43 50,340.50 33,133.76 168,936.95 151,591.71 56,182.96 59,999.46 972,406.47 1,175,765.20 -
Restricted Capital funds - - - - - - 2,117.15 - - - - - - - 74,451.04 - 76,568.19 76,568.19 -
Restricted funds 1,162.50 75,108.20 76,270.70 - - - - 6,203.76 2,650.00 - - - - - - 438.60 - 9,292.36 85,563.06 -
Designated funds - 19,375.00 19,375.00 - - - 4,403.52 2,254.67 - - - 1,057.80 - - 17,689.41 14,965.99 - 40,371.39 59,746.39 -
Unrestricted funds Charitable activities Outside giving UK
44,267.00		 Overseas
39,300.00		 Mission Trips 83,567.00 Details of the recipients are set out in the annual report Governance costs
24,146.03		 Other resources used Parish Share
218,961.71		 Stipendiary Ministry
38,795.89		 Magnification
60,537.77		 Mission
37,154.49		 Membership
12,892.78		 Maturity
31,648.96		 Ministry
34,600.43		 Kids Ministry
49,282.70		 Youth Ministry
33,133.76		 Operations
168,936.95		 Centre
59,451.26		 Churches & Churchyards
40,778.37		 Other
59,999.46		 846,174.53 Total expenditure (before Transfers)
953,887.56		 Investment Loss
-
5 (a) 5 (b) 5 (c) 5(d)

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6. EMPLOYMENT COSTS

Staff costs consist of:

Gross salaries
National insurance
Pension contributions
Other employment costs		 2020
2019
£
£
250191
300035
16258
23393
41545
42829
11643
5727
319637
371983

During the year, the PCC employed an average of 10 full-time equivalent employees (2019: 10) including the reimbursement to the Diocese of the employment costs of the following ordained ministers in receipt of a stipend from the Diocese: Training Director, Mission Pastor and Youth Pastor. None of those individuals earned more than £60,000.

Other employment costs include Recruitment, DBS checks, and Housing Benefit taxation.

7. TRANSACTIONS WITH MEMBERS OF THE PCC

Expenditure directly relating to the work of the parish includes expenditure in relation to the clergy who are members of the PCC. There were 8 clergy on the team during 2020 (2019: 6) and they incurred salary costs of £61,811 (2019: £39,488), housing costs of £44,961 (2019: £51,890) and general expenses of £3,647 (2019: £12,936). Expenditure incurred by other members of the PCC was £0. Related parties incurred costs of £28,013.

The PCC members and their dependents contribute to the Church’s income through the Planned Christian Giving (PCG) scheme. Amounts given by individuals to this scheme are regarded as confidential by the Church. The cumulative contribution to the Church’s General Fund in 2020 was £101,759 (2019:£116,266). In addition, the PCG scheme covers unrestricted gifts as well as restricted gifts for Love Africa and Mission Envoy.

8. FIXED ASSETS

(a) Tangible fixed assets

GROSS BOOK VALUE
At 31 December 2019
Additions
Disposals
At 31 December 2020
DEPRECIATION
At 31 December 2019
Charge for the year
Disposals
At 31 December 2020
NET BOOK VALUE
At 31 December 2019
At 31 December 2020		 Other Fixed Assets
Staff Houses
St James Centre
Total
Total
£
£
£
£
£
585,022.65
2,577,527.87
3,162,550.52
532,209.28
3,694,759.80
-
-
8,080.00
8,080.00
-
-
-
-
-
Freehold Land and Buildings
585,022.65
2,577,527.87
3,162,550.52
540,289.28
3,702,839.80
98,541.82
708,820.27
807,362.09
498,155.26
1,305,517.35
8,775.34
51,550.56
60,325.90
24,558.28
84,884.18
-
-
-
-
-
107,317.16
760,370.83
867,687.99
522,713.54
1,390,401.53
486,480.83
1,868,707.60
2,355,188.43
34,054.02
2,389,242.45
477,705.49
1,817,157.04
2,294,862.53
17,575.74
2,312,438.27

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8(a) (continued)

Staff Houses represent housing which has been provided for the Children’s Pastor/Mission Pastor at 7 Gaviots Close, Gerrards Cross and for the Youth Pastor/Worship Pastor at 38a Lovel Road, Chalfont St Peter. Part of the purchase price for 38a Lovel Road was funded by an interest free loan from The Two St James Trust (see note 10). In the opinion of the PCC the market value of the two houses owned by the PCC is not less than the value shown in the accounts.

The Saint James Centre represents the building and fit out costs of the new centre. Other Fixed Assets comprise fittings and equipment, and includes equipment for the St James Centre.

Consecrated property is excluded from the accounts by virtue of Section 96(2) (a) of the Charities Act 1993.

The church buildings are insured by the PCC as follows:

Loss Limit (£)
St James Fulmer Church (buildings and contents) £5,600,000
St James Gerrards Cross Church (buildings and contents) £8,400,000
St James Centre (buildings and contents) £8,400,000

8(b) Investment Fixed Assets

Investments are entirely invested in the CBF Investment Fund as follows:

At 31 December 2019
Increase/(Decrease) in value during the year
At 31 December 2020
Number of units		 Unrestricted
Funds
£
189,483.96
13,084.36
202,568.32
9,907.14		 Restricted
Total
Capital
Funds
£
£
-
189,483.96
13,084.36
-
202,568.32
-
9,907.14
9.
DEBTORS		 2019
£
12665.00
30965.86
9873.87
3295.97
56800.70
Debtors for goods and services
Gift Aid recoverable
Prepayments
Other debtors		 2020
£
792.00
32878.55
21220.20
3110.95
58001.70

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10. CREDITORS DUE WITHIN ONE YEAR

Creditors for goods and services
Accruals and Deferred Income
Pensions
Other creditors
Interest free loans		 2020
2019
£
£
21,447.66
21,675.50
4,794.00
4,650.00
5,042.73
3,096.46
5,812.50
11,507.06
140,500.00
140,500.00
177,596.89
181,429.02

The interest free loans include £130.000 from The Two St. James Trust towards the purchase of accommodation for the youth leader at 38a Lovel Road. The loan is repayable on six months’ notice from The Two St James Trust or the sale of 38a Lovel Road. No such notice has been received at 31 December 2020.

11. FUND DETAILS

(a) Unrestricted Funds

The unrestricted funds include the general fund of the parish, which is used, at the discretion of the PCC, to further the mission and ministry of the parish. Also included as unrestricted funds, are the funds which the PCC have designated for specific purposes. Movements in unrestricted funds during the year were as follows:

Free hold property funds
Church Growth Fund
Repairs, exceptional maintenance &redecoration funds
Centre Rectification
Other
Unrestricted - designated funds
Unrestricted - general funds
Total unrestrcited funds		 Opening Balance
Income
Expenditure
Transfers in/(out)
Closing Balance
£
£
£
£
£
272,610.47
-
6,658.19
-
265,952.28
138,144.58
-
-
295,578.43
433,723.01
127,420.88
-
32,100.00
11,977.76
107,298.64
30,942.39
-
555.40
1,750.00
32,136.99
41,319.53
8,467.00
20,432.80
(278.40)
29,075.33
610,437.85
8,467.00
59,746.39
309,027.79
868,186.25
171,081.06
1,256,799.68
947,525.06
(290,934.26)
189,421.42
781,518.91
1,265,266.68
1,007,271.45
18,093.53
1,057,607.67

The freehold property funds represent finance provided by the PCC for the purchase of 7 Gaviots Close, Gerrards Cross and 38a Lovel Road, Chalfont St Peter.

A policy capping funds for Replacement Equipment, Repairs, Exceptional Maintenance and Redecoration is in place.

The Centre Rectification fund was established in 2014 following release of the Project 2000 retentions.

The Church Growth fund is intended to finance unplanned situations or unbudgeted evangelistic opportunities.

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(b) Restricted Income Funds

Love Africa
Mission Envoy
Other Funds		 Balance
Income
Expenditure
Transfers
Balance
31.12.19
in/(out)
31.12.20
£
£
£
£
£
41,836.09
135.21
-
-
41,971.30
133,099.09
50,902.65
75,108.20
-
108,893.54
41,015.37
60,022.66
10,454.86
(18,093.53)
72,489.64
215,950.55
111,060.52
85,563.06
(18,093.53)
223,354.48

The Love Africa fund represents amounts donated to help reduce the spread of HIV/Aids and to care for the poor in Africa. The Mission Envoy fund represents amounts donated to support Nat Schluter and his work at the Johannesburg Bible College.

The Other funds represent amounts received by parish organisations which are to be spent on various restricted charitable and other purposes.

(c) Restricted Capital Funds

The capital of these funds may not be spent by the PCC without appropriate authority. They comprise:

Piano Fund
House Purchase Fund
Project 2000 (P2K) Fund		 Balance
Income
Expenditure
Transfers
Balance
31.12.19
in/(out)
31.12.20
£
£
£
£
£
850.00
-
(850.00)
-
-
72,369.36
-
(2,117.15)
-
70,252.21
1,896,271.17
-
(73,601.04)
-
1,822,670.13
1,969,490.53
-
(76,568.19)
-
1,892,922.34

The piano Fund represents amounts donated to provide a new piano to support worship. Expenditure during the year is due to depreciation.

The House Purchase fund represents amounts donated to provide housing for the youth pastor. Expenditure during the year is due to depreciation.

The Project 2000 fund represents amounts donated to provide a new multi-purpose centre for the parish and to finance agreed revenue costs included within the overall project. Expenditure during the year comprised depreciation of the building, fixture and equipment.

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12. ANALYSIS OF NET ASSETS BY FUND

Tangible fixed assets
Investment fixed assets
Current assets
Current liabilities
Long-term liabilities
Provisions
Fund Balances		 Unrestricted
Funds
£
1,250.00
202,568.32
22,087.49
(36,484.39)
-
-
189,421.42		 Designated
Funds
£
418,265.93
-
590,420.32
(140,500.00)
-
-
868,186.25		 Restricted
Funds
£
-
-
223,966.98
(612.50)
-
-
223,354.48		 Restricted
Captial Funds
£
1,892,922.34
-
-
-
-
-
1,892,922.34		 Total
Funds
Prior Year
Total Funds
£
£
2,312,438.27
2,389,242.45
202,568.32
189,483.96
836,474.79
569,662.60
(177,596.89)
(181,429.02)
-
-
-
-
3,173,884.49
2,966,959.99

13. OPERATING LEASES

At 31 December 2020 the church has commitments, under operating leases, as follows:

-----2020----- -----2020----- -----2019----- -----2019-----
Land &
Other buildings Other Land & buildings
£ £ £ £
Leases which can be determined
Within one year 407.15 16,991.94 407.15 11,091.94
Within two to five years - - - -

14. STOCK

Bookstall
Cards/Gifts		 2020
2019
£
£
1436.34
1660.01
237.41
477.92
1673.75
2137.93

15. CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES

There are neither capital commitments nor contingent liabilities.

16. CONTROLLING PARTY

There is no controlling party.

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Independent Auditor’s Report to the Parochial Church Council of St James Gerrards Cross (with Fulmer)

Opinion

We have audited the financial statements of St James Gerrards Cross (with Fulmer) (the ‘charity’) for the year ended 31 December 2020 which comprise a Statement of Financial Activities, Balance Sheet, Cashflow and notes numbered 1 to 16 to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

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We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Cansdales Audit LLP

Bourbon Court, Nightingales Corner, Little Chalfont, bucks, HP7 9QS

Date:

Cansdales Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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