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2021-12-31-accounts

a é Saint James

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 2021

CONTENT

Legal &Administrative Information 2
Membership 2
Statement of Trustees’ Responsibilities 3
Training ofTrustees 3
Public Benefit 3
Professional Advisers to the PCC 3
Structure, Governance and Management 4
Risk Management 5
Church Attendance 6
PCC Review of the Year 6
Financial Review 7
Statement of Financial Activities 11
Balance Sheet 12
Statement of Cashflow 13
Notes to the Accounts 14
IndependentAuditor'sReport 26

1

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 2021 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. M Beeby Curate The Revd. M Beebee The Revd. B Clarke The Revd.J Forward The Revd. R Mungavin The Revd. D Meirion-Jones (Licenced Dec 2021) Associate Minister for St James James Fulmer The Revd. Jill Roth

Associate Minister for St James James Fulmer

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 Cobus van der Walt Mr David Kidner Mr Stephen Cooper Mr Lawrence Tebboth Mrs Francesca Hall Drinkwater Mr Jonathan Rushworth Mr lan Mitton Mr Grant Mason (from 27 April 2021)

Elected Members

Mrs Jane Sheldon Dr Tom Kitching Mrs Jip Mawditt Mr Vic Gill Mr Gary Palmer Mr Richard Lawrence: PCG Secretary Mr David Steel: Treasurer Mr Gordon Stevenson (until 30 September 2021) Mr John Stanley (from 27 April 2021) Mrs Mandi Townsend (from 27April 2021) Mrs Rebecca White (from 27 April 2021)

In Attendance Mrs Amanda Van der Walt, PCC Secretary Mr Mark Nicolas, Operations Director

Mrs Ann Green, Safeguarding Officer

2

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. x

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
BucksHP79QS . SLO8EA

3

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.

Historically, the PCC has convened a number of committees to support the ministry and mission of the church. The committees are currently under review as part of a governance review, but at present the following are considered to be the committees of the PCC.

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.

4

RisK MANAGEMENT

Key Risk Area Preventative Action Taken

Events

5

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 last quarter of 2021 (when the church resumed normal activity post Covid-19) was 262 adults and 48 children: 216 adults and 46 children in Gerrards Cross and 46 adults and 2 children in Fulmer.

PCC REVIEW OF THE YEAR 2021

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.

We are meeting, as a church, as four congregations in Gerrards Cross and Fulmer. In Gerrards Cross: The 9:15, The 11:00 and The 5:30. In Fulmer: The 11:15 (with a monthly service of Holy Communion at 8am).

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 continued to be a virtual gathering for much of 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.

In spite of continued change and uncertainty, our mission, as a church, remains the same: 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 been reminded, again and again of our frailty and mortality — which only serves to underline the importance of our mission. It has been a hard year for everyone in our church family and indeed the wider community we are trying to serve. We will continue to feel the effects of the pandemic for some considerable time. COVID has not gone away. The PCC, as trustees, and the Leadership Team, have continued to assess the impact of COVID-19 on a regular basis and they have sought to mitigate the risks, in line with both government and Church of England guidance.

Wonderfully, however, even in a difficult season, we have seen 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. Explore groups and other evangelistic initiatives have continued, enabling enquirers to find out more about the claims of Jesus. Connect groups have seen new joiners

6

welcomed and cared for as they've arrived at Saint James. And Growth Groups have continued to meet, often virtually, to encourage one another in the messiness of life and around God's word. People have stepped up to serve in all sorts of ways and many of us still talk about ‘churchyard praise’ which began on Easter morning and became a lockdown tradition! Youth and children’s work have continued and for many families those small, but growing, communities have been a key source of spiritual encouragement for our young people and their parents.

We have also re-launched our parish magazine, with a new look and feel, which | know has been an encouragement to many. There is always more we can do around communication — but | am grateful to the Operations Team and others who do so much to enable us all to stay in touch with what is going on.

On the Ministry Team, we said farewell to Jeremy Ellis, who stepped down from the staff team to take up a new role with a local charity. It’s a great encouragement to us all that he and Kate remain fully involved at Saint James, as members of the church family. The staff team have worked tirelessly to build relationships and enable ministry, often in challenging circumstances. However, in the spirit of ‘every member ministry’ that the Apostle Paul speaks of in Ephesians 4:11-16, a healthy church is one in which all of God's people are serving together. With that in mind, it has been hugely encouraging to see so many people involved in gospel ministry and contributing to the life of our church in different ways. We have been built up, as a result. We are a work in progress, but there is a growing sense of alignment behind our vision and momentum in our ministries. In January, we made the painful decision to close our buildings for corporate worship, for a time, in response to concerns around COVID. We persevered, however, with private prayer and did the best we could with online church. In June, many of us enjoyed the summer garden parties (hastily re-configured to accommodate a last-minute change in restrictions!). These were very fruitful for deepening relationships and building a stronger sense of community. Then in September, we launched a new service pattern for both Gerrards Cross and Fulmer. This has been very well-received and | am enormously thankful to the PCC who were so diligent in listening to the congregation and thinking constructively about the various possibilities.

Also in September, our Vision Dinners were a great occasion. For two late-summer evenings, the Saint James Centre was brimming with joy and energy as we launched the academic year from Isaiah 55: “Come to me, all you who are thirsty...”

We've been working hard to re-gather on Sundays ever since and it is a delight to see more and more people re-engaging with their church family and returning to better spiritual health as a result. We finished the year focused on mission and very much ‘out in the community’ with a marquee on Gerrards Cross common and hundreds of guests hearing a Christmas message and an invitation to discover more of the gospel for themselves in 2022.

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 2021-22 and celebrate what God has been doing amongst us.

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 12.

7

Overview of 2021 General Fund

We started the year with a PCC approved budget deficit of £178,333 and as a result of another year of God's provision through the generous giving of the Church family we have ended up reporting a surplus of £89,642 (after fund transfers). The “headline” total income figure of £1,011,786 was 19% down on the 2020 equivalent income of £1,250,077. However, the 2020 headline figure included £343,489 of legacy income; the equivalent figure for 2021 being only £14,000. Excluding legacies, the total income rose by 10%.

Voluntary income, being the income received directly from the members of the church family, again excluding legacies, rose 13% from £854,280 in 2020 to £961,656 in 2021. A major factor in this increase, but one difficult to measure accurately, was the "bounce back” from the impact of COVID 19 on church family personal finances in 2020.

Due to the continuing strong performance of the stock exchange index during 2021 there was a recognised gain of £10,000 on the holding value of our index related investment (2019: gain of £13,084). The total gain was £29,127, but it was felt prudent to only recognise £10,000 in the General Fund with the balance shown in the related Designated Fund to protect the General Fund from any losses in future years. Total expenditure for the year at £907,920 was 5% lower than 2020 (£953,888). The “core” expenditure of running all our ministries and other activities (excluding outside giving and governance costs) at £824,149 was down 3% from £846,175 in 2020. This was due to good cost control despite the church activities gradually re-opening during the Autumn of 2021 following the relaxing of the COVIS 19 restrictions. The parish share contribution of £216,590 is included within this figure and was down 1% on 2020 as savings at both Deanery and Diocese spending was passed down to the parishes. In 2021 the grants to organisations outside the church (allocated by the Mission Committee) totaled £77,850, down 7% on the 2020 equivalent. This was due to the re-basing of the effective 10% tithe on church family giving on the actual giving rather than historically where it was based on the budgeted giving in the year in question. The PCC felt that this was an more accurate way of reflecting the giving pattern. However, the PCC decided that in light of this year’s surplus an additional £10,158 be made available to the Mission Committee to support external organisation (see below).

During 2021 there was a net transfer of £14,224 out of the General Fund to a combination of both Restricted and Unrestricted Funds. The full analysis of this net transfer is as follows:

f
To various Church and Centre (19,250) To provide funds forfuture expenditure
replacement/maintenance funds on both churches and the St James Centre
From various funds to support 6,185 Such as theyouth intern and pastoral
the various church ministries team
From the Stock Market 10,000
investment fund
Additional tithe to the Mission (10,158)
Committee .
Other (1,001)
NettransferfromtheGeneral
Fund		 (14,224)

8

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:

As this project is no longer part on the core ministries support through the church the PCC decided to transfer the remaining funds to ACET UK enabling them to support the om going Africa based projects, This account received £15,217 during 2021 and £57,151 was transferred to Tearfund leaving a closing balance of only £38.

A further £55,604 was raised with £60,104 being spent on his support, leaving a closing balance of £104,393.

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 Yes commitments as per the 2022 Budget Church replacement equipment Cap of £50,000 On target to meet the cap ina 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 Cap of £70,000 On target maintenance

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.

Fundraising

During 2021, no significant fundraising activities were carried out.

9

Plans for 2022

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 2021. 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 Buckinghamshire, SL9 7D

Revd. Matt Beeby Rector

10

St James Gerrards Cross St James Gerrards Cross St James Gerrards Cross St James Gerrards Cross St James Gerrards Cross with St James Fulmer James Fulmer
Statement of Financial Activities
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St James Gerrards Cross with St James Fulmer Balance Sheet (Church of England)

As at: 31 December 2021

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|||||||| |---|---|---|---|---|---|---| |As|at|31/12/2021|Prior|Year| |£|£| |Current|Assets| |14|Stocks and work|in|progress|1,841.60|1,673.75| |9|Debtors|81,008.51|58,001.70| |Short term|deposits|534,586.92|488,991.65| |Cash|at|bank and|in|hand|246,233.71|287,807.69| |Notes|Non-Current|Assets|863,670.74|836,474.79| |8(a)|Fixed|assets|2,244,133.48|2,312,438.27| |8(b)|Investments|231,695.31|202,568.32| |2,475,828.79|2,515,006.59| |10|Current|Liabilities| |Creditors: Amounts|falling|due|in one year|27,738.68|37,096.89| |Non-current|Liabilities| |Long|term|Loan|140,500.00|140,500.00| |Total|Net Assets|Less|Liabilities|3,171,260.85|3,173,884.49| |Represented|by| |Unrestricted| |11(a)|General|fund|279,063.60|189,421.42| |11(a)|Designated|fund|877,354.57|868,186.25| |Restricted| |11(b)|Income funds|181,101.14|223,354.48| |11(¢)|Capital|funds|1,833,741.54|1,892,922.34| |Funds|of the church|3,171,260.85|3,173,884.49|

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Approved by the Parochial Church Council nt Revd. Matt Beeby (Rector)

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Ylrae and signed on its behalf by:
3 DM Steel (Honorary Treasurer)
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Notes 1-16 form part of these financial statements.

12

St James Gerrards Cross with St James Fulmer Statement of Cashflow

For the period from 01 January 2021 to 31 December 2021

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |2021|2020| |£|£| |Net|Cash|Inflow/(Outflow)| |Income/(Expenditure)|(2,623.64)|206,924.50| |Interest|and|Dividends|(6,211.60)|(6,952.71)| |Depreciation|68,304.79|84,884.18| |(Increase)/Decrease|in|Debtors|(23,006.81)|(1,201.00)| |(Increase)/Decrease|in|Stock|(167.85)|464.18| |Increase/(Decrease)|in|Creditors|(9,358.21)|(3,832.13)| |26,936.68|280,287.02| |Investing|Activities| |Fixed|Assets|(additions)/disposals|-|(8,080.00)| |Interest|and|Dividends|6,211.60|6,952.71| |Unrealised|Loss/(Gain)|on|Investments|(29,126.99)|(13,084.36)| |(22,915.39)|(14,211.65)| |Financing|Activities| |Borrowings|(Increase)/Decrease|-|-| |Dividends|paid|-|-| |Increase/(Decrease)|in|cash|in|the year|4,021.29|266,075.37| |Cash|at|bank, on|deposit|and|in|hand|at|31st|December|2020|776,799.34|510,723.97| |Increase/(Decrease)|in|cash|during|the year|4,021.29|266,075.37| |Cash|at|bank, on|deposit|and|in|hand|at|31st|December|2021|780,820.63|776,799.34|

----- End of picture text -----

13

  1. ACCOUNTING POLICIES

NOTES TO THE ACCOUNTS

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. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of lreland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice. 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 when required. 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.

14

‘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

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

15

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
ITequipment 5years

Investment Fixed Assets

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

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 2021 £14,000 was received (2020:£343,489).

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.

16

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 (2021: £41,297, 2020: £41,545).

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.

17

4. INCOME AND ENDOWMENTS

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  1. EMPLOYMENT COSTS

Staff costs consist of:

2021 2020
£ £
Gross salaries 263,623.40 250,191.20
National insurance 18,843.02 16,257.57
Pension contributions 41,297.49 41,544.93
Other employment costs 4,518.85 11,643.45
328,282.76 319,637.15

During the year, the PCC employed an average of 11 full-time equivalent employees (2020: 10) including the reimbursement to the Diocese of the employment costs of the following ordained ministers in receipt of a stipend from the Diocese: Mission Pastor, Youth Pastor, and Membership Pastor. None of those individuals earned more than £60,000.

Other employment costs include Recruitment and DBS checks.

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 7 clergy on the team during 2021 (2020: 8), 4 of whom were funded through the General Fund. They incurred salary costs of £73,687 (2020: £61,811), housing costs of £52,364 (2020: £44,961) and general expenses of £5,305 (2020: £3,647). Expenditure incurred by other members of the PCC was £0. Related parties incurred costs of £14,695 (2020: £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 2021 was £138,547 (2020:£101,759). In addition, the PCG scheme covers unrestricted gifts as well as restricted gifts for Love Africa and Mission Envoy.

20

  1. FIXED ASSETS

(a) Tangible fixed assets

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Freehold|Land|and|Buildings|Other|Fixed|Assets| |Staff Houses|St James|Centre|Total|Total| |£|£|£|£|£| |GROSS|BOOK|VALUE| |At|31|December|2020|585,022.65|2,577,527.87|3,162,550.52|540,289.28|3,702,839.80| |Additions|=|-|=|=|s| |Disposals|a|=|-|=| |At31 December|2021|585,022.65|2,577,527.87|3,162,550.52|540,289.28|3,702,839.80| |DEPRECIATION| |At|31|December|2020|107,317.16|760,370.83|867,687.99|522,713.54|1,390,401.53| |Charge|for the year|8,775.34|51,550.56|60,325.90|7,978.89|68,304.79| |Disposals|=|=|z|=|-| |At|31|December|2021|116,092.50|811,921.39|928,013.89|530,692.43|1,458,706.32| |NET|BOOK|VALUE| |At|31|December|2020|477,705.49|1,817,157.04|2,294,862.53|17,575.74|2,312,438.27| |At|31|December|2021|468,930.15|1,765,606.48|2,234,536.63|9,596.85|2,244,133.48|

----- End of picture text -----

Staff Houses represent housing which has been provided for the Mission Pastor at 7 Gaviots Close, Gerrards Cross and for the 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:

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Loss|Limit|(£)| |St James|Fulmer|Church|(buildings|and|contents)|5,800,000| |St|James|Gerrards|Cross|Church|(buildings|and|contents)|8,690,000| |St James|Centre|(buildings|and|contents)|8,400,000|

----- End of picture text -----

21

(6) Investment Fixed Assets

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

Unrestricted Unrestricted Restricted Total
Funds Capital
Funds
£ £ £
At 31 December 2020 202,568.32 - 202,568.32
Increase/(Decrease) in value during theyear 29,126.99 29,126.99
At 31 December 2021 231,695.31 - 231,695.31
Number of units 9,907.14 - 9,907.14
9.
DEBTORS
2021 2020
£ £
Debtors forgoodsand services 819.00 792.00
GiftAid recoverable 63,834.15 32,878.55
Prepayments 16,265.95 21,220.20
Other debtors 89.41 3,110.95
81,008.51 58,001.70

10. LIABILITIES

2021 2020
£ £
Current (creditors due within one year)
Creditors for goods and services 20,934.34 21,447.66
Accruals and Deferred Income 4,967.00 4,794.00
Pensions 1,837.34 5,042.73
Other creditors - 5,812.50
Non Current Liabilities - Loans 140,500.00 140,500.00
168,238.68 177,596.89

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 2021.

22

  1. 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:

Opening Balance Income Expenditure Transfers in/(out) Closing Balance
£ £ £ £ £
Freehold Property Funds 265,952.28 - 6,658.19 1,001.00 260,295.09
Church Growth 433,723.01 = 58.99 10,158.00 443,822.02
Church Equip & Maint 95,786.40 5,050.00 29,829.79 12,500.00 83,506.61
SJC Equip& Maint 43,649.23 a 7,812.90 6,750.00 42,586.33
Other Designated 2,732.65 = 1,057.80 = 1,674.85
Investment Equalisation 26,342.68 29,126.99 - (10,000.00) 45,469.67
Unrestricted -Designated Funds 868,186.25 34,176.99 45,417.67 20,409.00 877,354.57
Unrestricted- General Funds 189,421.42 1,011,786.56 907,920.38 (14,224.00) 279,063.60
TOTAL 1,057,607.67 1,045,963.55 953,338.05 6,185.00 1,156,418.17

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.

(b) Restricted Income Funds

Opening Balance Income Expenditure Transfers in/(out) Closing Balance
£ £ £ £ £
Love Africa 41,971.30 15,217.21 57,150.75 2 37.76
Mission Envoy 108,893.54 55,603.81 60,104.28 < 104,393.07
Other Funds 72,489.64 44,840.00 34,474.33 (6,185.00) 76,670.31
TOTAL 223,354.48 115,661.02 151,729.36 (6,185.00) 181,101.14

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.

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(c) Restricted Capital Funds

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

Opening Balance _—Income Expenditure Transfers in/(out) Closing Balance
£ £ £ £ £
House Purchase Fund 70,252.21 a 2,117.15 - 68,135.06
Project 2000 (P2K) 1,822,670.13 - 57,063.65 = 1,765,606.48
TOTAL 1,892,922.34 = 59,180.80 - 1,833,741.54

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.

12. ANALYSIS OF NET ASSETS BY FUND

Unrestricted
Funds		 Designated
Funds		 Restricted Restricted Funds Restricted
Captial Funds		 Restricted
Captial Funds		 Total PriorYear
Total
£ £ £ £ £ £
Tangible fixed assets 650.00 409,741.94 - 1,833,741.54 2,244,133.48 2,312,438.27
Investment fixed assets 186,225.64 45,469.67 - - 231,695.31 202,568.32
Current assets 110,612.90 562,642.96 190,414.88 - 863,670.74 836,474.79
Current liabilities (18,424.94) (9,313.74) = (27,738.68) (177,596.89)
Long-term liabilities - (140,500.00) 2 - (140,500.00) -
Fund Balances 279,063.60 877,354.57 181,101.14 1,833,741.54 3,171,260.85 3,173,884.49
13.
OPERATING LEASES
At 31 December 2021 the church has commitments, under operating leases, as follows:
2021 2020
Land & Land &
Other buildings Other
buildings
£ £ £ £
Leases which can be determined
Within oneyear 1,629 17,050 407
16,992
Within two to fiveyears 1,727 - - -
TOTAL 3,356 17,050 407
16,992

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14. STOCK

2021 2020
£ £
Bookstall 1812.60 1436.34
Cards/Gifts 29.00 23741
1841.60 1673.75

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 2021 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.

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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.

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.

Arts dots AL LLP

Cansdales Audit LLP

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

Date: OA Mant oS L-2.

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

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