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2022-12-31-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 2022

CONTENT

Legal & Administrative Information 2
Membership 2
Statement of Trustees’ Responsibilities 3
Training of Trustees 3
Public Benefit 3
Professional Advisers to the PCC 4
Structure, Governance and Management 4
Risk Management 5
Church Attendance 5
PCC Review of the Year 6
Financial Review 8
Statement of Financial Activities 12
Balance Sheet 13
Statement of Cashflow 14
Notes to the Accounts 15
Independent Auditor’s Report 27

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 2022 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 (deceased April 2022) The Revd. B Clarke The Revd. J Forward The Revd. R Mungavin The Revd. D Meirion-Jones Associate Minister for St James Fulmer The Revd. Jill Roth Wardens Dr Andrew Bell Mrs Francesca Hall Drinkwater Mrs Wendy Shingleton (until April 2022) Mr Gary Palmer (from April 2022)

Wardens Dr Andrew Bell Mrs Francesca Hall Drinkwater Mrs Wendy Shingleton Mr Gary Palmer 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 Ian Mitton Mr Grant Masom

Elected Members

Mrs Jane Sheldon (until April 2022 ) Mrs Rebecca White Mrs Jip Mawditt (until April 2022) Mr Vic Gill Dr Tom Kitching (until April 2022) Mrs Mandi Townsend Mr Richard Lawrence (re-elected April 2022) Mr Gary Palmer

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Mrs Kathryn Lovewell (from April 2022) Mr John Stanley Mr Will Coomber (from April 2022) Mr David Steel: Treasurer Mrs Bola Akinseye (from April 2022)

In Attendance

Mrs Amanda Van der Walt, PCC Secretary Mrs Ann Green, Safeguarding Officer Mr Mark Nicolas, Operations Director

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

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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, ministry training and giving to missions that fit our charitable purposes. 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 St Marys Court 44 Packhorse Road Old Amersham Gerrards Cross Bucks Bucks HP7 0UT 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.

BUILDINGS AND CHURCHYARDS TEAM

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

FULMER MINISTRY 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 Team any special projects associated with the church’s fabric and liaises with civic authorities.

GLOBAL MISSION GROUP

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.

Detailed Terms of Reference for all the PCC’s Committees are being developed as part of the governance review implementation plan.

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RISK MANAGEMENT

Key Risk Area

The Faithful Proclamation of the Gospel

Preventative Action Taken

Wellbeing of Children, Young People and vulnerable Adults

Events

CHURCH ATTENDANCE

There is a statutory requirement to revise the Ecclesiastical Electoral Roll completely every six years and this revision took place in April 2022. There are 542 people on the Roll: 452 on the Gerrards Cross section and 90 on the Fulmer section. The usual Sunday attendance, in the last quarter of 2022 was 286 adults and 49 children: 234 adults and 48 children in Gerrards Cross and 52 adults and 1 child in Fulmer.

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PCC REVIEW OF THE YEAR 2022

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). With that in mind, we have continued to meet monthly, as a church family, to pray for the needs of our world and our church. It has been encouraging to see people come together from across our four congregations in prayer and fellowship and we have continued with Zoom as a means of digital attendance for some who would not otherwise be able to attend. For the majority, however, it has been a joy to meet in person at Prayer Central, after the lockdowns of the pandemic. We have also introduced a particular theme each month. Areas of focus have included: the persecuted church, the wider Anglican Communion, the war in Ukraine and world mission.

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 every generation. Whilst we are thankful that the pandemic is fading into the past, we continue to feel its impact on church life. Some of our activities are disrupted as people are forced to isolate and more importantly, some remain anxious about returning to church in person. At the same time, the focus over the past year has shifted to the war in Ukraine and the cost of living crisis. Both serve as a stark reminder that we are not in control and underline the importance of our mission to reach the lost and grow disciples.

Encouragingly, 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 welcomed and cared for as they’ve arrived at Saint James. Growth Groups have continued to meet, to study

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God’s word, and to care for and encourage one another in the messiness of life. We have witnessed the gradual recovery of our youth and children’s work and for many families those small, but growing, communities of children and teenagers have been a key source of spiritual encouragement for our young people and their parents. Numerically, we are growing once again, as a church – and we praise God for his goodness and kindness.

On the Ministry Team, we said farewell to Paul Enns, who, having decided not to continue in his role as Magnification Pastor moved back to Canada with Louanne in the spring. Whilst there was sadness on all sides that Paul was not with us for longer, we are thankful for his faithful perseverance through a challenging lockdown period. We also said farewell to the irrepressible Iain Ledingham, who stepped down in July after some 45 years as our organist and choir master. We thank God for his faithful and distinguished service amongst us over so many years. In August we welcomed Josh Lucas as our Magnification Pastor, followed by Sean Groombridge as our new organist and choir master. It has been exciting to see them working so effectively together to develop our musical range – as seen on various occasions in the build-up to Christmas in Gerrards Cross. Encouragingly, Otto Summerell joined us in October as a Ministry Assistant and he is already contributing across a number of areas, including operations, tech, and children’s work.

In the Operations Team, we said farewell in the latter part of the year to Rachel McCarthy, Tara Purcell, and Simi Gill. We are thankful to God for the contribution made by each of them to the ministry here at Saint James. We also said farewell to our Catering Manager, Kirsty Diers, who stepped down in December after eleven years of faithful service. Again, we are enormously thankful to God for her service amongst us. As always, though, the Lord has provided for our needs and we welcomed Rachel Pearce as a Ministry Co-Ordinator just before Christmas. Alongside her, it is a joy to see others stepping up from within the church family to serve in different ministries (including catering!) as required.

Without question, however, the most significant change to our staff team came in the passing of our beloved Meyrick Beebee, who very sadly died in April, after a short illness. That he went home to be with his Lord and Saviour on Easter Saturday was somehow fitting – and indeed our Easter Day service in Gerrards Cross took on even greater significance, as a result. As a church family, we came together to mourn his loss: sorrowful, yet always rejoicing (2 Corinthians 6:10). He leaves a gap that is impossible to fill, but his thanksgiving service in May was a fitting tribute to his life and ministry. We continue to pray for Jane and the family as they grieve.

Whilst we are thankful for God’s provision, we remain passionate about the ‘every member ministry’ championed by the Apostle Paul in Ephesians 4:11-16. A healthy church is one in which all 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. The body of Christ has been built up, as a result.

We praise God, therefore, for many encouragements over the past year, including the launch of Ignite (our monthly after school club for Yrs3-6), The Big Weekend (for our teenagers) and The Saint James Weekend Away (with guest speaker, Hugh Palmer). We also spent time engaging with the Church of England’s Living in Love and Faith initiative and our four sessions with guest speakers on ‘A Better Story’ were well received. Alongside the Relief Fund, we established the Refugee Fund to support churches and partners in Eastern Europe responding to the war in Ukraine. We also welcomed into our church family a number of Ukrainian guests who are being hosted by church members. Our Ukrainian friends have enriched the life of our

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church community and it has been our privilege to play some small part in caring for them by sharing the love of Christ through our hospitality.

As always, our Vision Dinners were a great occasion. For two late-summer evenings, the Saint James Centre was brimming with energy as we launched the academic year from John 4, thinking about “living water” and what it means for us to be a church where we are ‘treasuring Christ together.’ We finished the year focused on mission with a packed Christmas programme and a feast of music, including a scratch choir from across our congregations.

As always, I am grateful to the Operations Team and others in the church family who do so much to enable us all to stay in touch with what is going on. In an increasingly digital world, we are aware that there is more to do to enable better communication, but we are making progress as we upgrade our processes and systems and adapt to new technologies. We also established a governance review working group, to review our governance structures and processes with a view to recommending to the PCC improvements that could be made, including the structure, role, authority, operation, responsibility and decision-making process of the PCC, the Leadership Team and other committees. The PCC approved and accepted the findings of the review and the Governance Review Implementation Programme (GRIP) is now underway. I am thankful to all involved.

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 2022-23 and celebrate what God has been doing amongst us. In all of the above, I am thankful to God for the faithful and sacrificial service of our Churchwardens, Clergy, staff, Leadership Team and PCC over the past year – and of course the commitment to the gospel shown by so many in our church family. We have so much to be thankful for – and we know that it is “only God who makes things grow.” (1 Corinthians 3:7).

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.

Overview of 2022 General Fund

We started the year with a PCC approved budget deficit of £157,534 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 £3,524 (after fund transfers).

The “headline” total income figure of £945,813 was 7% down on the 2021 equivalent income of £1,011,786. Included in this figure was £19,037 received from church family members attending the Ashburnham weekend away (not run last year), whereas £14,000 was received in legacies during 2021 (zero this year). Excluding these “one off” shows a similar 7% reduction in underlying income.

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Voluntary income, being the income received directly from the members of the church family, fell 15% from £961,656 in 2021 to £816,072 in 2022. In addition to the extremely generous level of giving seen in December 2021, another factor behind this decrease, but one difficult to measure accurately, was the impact of the “cost of living crisis” on church family personal finances during 2022.

There was no impact on the General Fund of the volatility in the stock exchange index during 2022 due to the reduction in the holding value of our index related investment. The total reduction in the value of this investment was £27,153 (2021: increase of £29,127), however, this was charged to the related Designated Fund created to protect the General Fund from such fluctuations. The remaining balance of this fund as at 31 December 2022 was £18,316.

Total expenditure for the year at £933,089 was 3% higher than 2021 (£907,920). The “core” expenditure of running all our ministries and other activities (excluding outside giving, governance costs and the costs of Ashburnham) at £836,594 was up 2% from the equivalent £824,149 in 2021. Despite savings from the vacancy gap between Worship Pasters during the year, there were underlying cost pressures in such areas as increased organist fees, cleaning, and utility costs. The parish share contribution of £209,289 is included within this figure and was down 3% on 2021, as savings at both Deanery and Diocese spending was passed down to the parishes. In 2022 the grants to organisations outside the church (allocated by the Mission Committee) totaled £70,800, down 9% on the 2021 equivalent. This reflected the change in church family giving as it is calculated at 10% of the actual giving during the 12 months to 31 September of the previous year.

During 2022 there was a net transfer of £9,200 out of the General Fund to the Church and Centre replacement and maintenance funds.

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. With the Love Africa project now being managed by Tearfund, the largest restricted fund supports the work of Nat Schluter (Principal of the Johannesburg Bible College and St James Mission Envoy). During 2022 a further £51,165 was raised with £77,601 being spent on support, leaving a closing balance of £77,957. During 2022 a Refugee Fund was created primarily to support displaced people as result of the war in Ukraine. £28,848 was raised from the church family and a further £5,000 transferred in as support from the Church Growth Fund. £28,414 was spent supporting such refugees, leaving a closing balance of £5,434. The Relief Fund received £7,789 during 2022 and £19,137 was used supporting church family members, leaving a closing balance of £15,486.

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

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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 2022 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.

Fundraising

During 2022, except for the activities mentioned within the Restricted Funds section, no significant fundraising activities were carried out.

Plans for 2023

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 2022. It is 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.

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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

Revd. Matt Beeby Rector

Correspondence Address for the PCC St James Church Office Oxford Road Gerrards Cross Buckinghamshire, SL9 7D

13 April 2023

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St James Gerrards Cross with St James Fulmer Statement of Financial Activities

For the period from 01 January 2022 to 31 December 2022

----- Start of picture text -----
- -
-
66,622.80 46.02 48,992.20 115,661.02 117,614.25 34,115.11 151,729.36 (36,068.34) (6,185.00) (42,253.34) 223,354.48 181,101.14
Prior Year
Restricted funds
Prior Year Total funds £ 1,047,329.33 11,407.81 73,760.44 1,132,497.58 195,464.25 962,862.84 5,921.12 1,164,248.21 (31,750.63) - 29,126.99 - (2,623.64) 3,173,884.49 3,171,260.85
Total funds £ 923,359.84 12,222.10 120,459.74 1,056,041.68 178,938.32 971,662.74 6,658.00 1,157,259.06 (101,217.38) - (27,153.49) - (128,370.87) 3,171,260.85 3,042,889.98
£ - - - - - 53,667.71 - 53,667.71 (53,667.71) - - - (53,667.71)
Restricted Capital funds 1,833,741.54 1,780,073.83
funds £ 88,250.93 462.51 21,515.00 110,228.44 108,138.32 32,196.17 - 140,334.49 (30,106.05) 5,000.00 - - (25,106.05) 181,101.14 155,995.09
Restricted
£ - - - - - - 4,200.00 -
funds 30,167.38 30,167.38 (30,167.38) (27,153.49) (53,120.87) 877,354.57 824,233.70
Designated
funds £ 835,108.91 11,759.59 98,944.74 945,813.24 70,800.00 855,631.48 6,658.00 933,089.48 12,723.76 (9,200.00) - - 3,523.76 279,063.60 282,587.36
Unrestricted
Voluntary income Investment income
Incoming resources Incoming resources from generated funds Incoming resources from charitable activities Total income Resources used Charitable activities Activities directly relating to parish work Governance costs Total expenditure Net income / (expenditure) resources before transfe Transfers Gross transfers between funds - out Other recognised gains / losses Gains / losses on investment assets Gains on revaluation, fixed assets, charity's own use Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 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)
----- End of picture text -----

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St James Gerrards Cross with St James Fulmer Balance Sheet (Church of England) As at: 31 December 2022

Current Assets
14
Stocks and work in progress
9
Debtors
Short term deposits
Cash at bank and in hand
Notes
Non-Current Assets
8(a)
Fixed assets
8(b)
Investments
10
Current Liabilities
Creditors: Amounts falling due in one year
Non-current Liabilities
Long term Loan
Total Net Assets Less Liabilities
Represented by
Unrestricted
11(a)
General fund
11(a)
Designated fund
Restricted
11(b)
Income funds
11(c)
Capital funds
Funds of the church		 As at 31/12/2022
Prior Year
£
£
1,496.60
1,841.60
107,544.28
81,008.51
420,047.56
534,586.92
157,721.77
246,233.71
686,810.21
863,670.74
2,181,341.78
2,244,133.48
204,541.82
231,695.31
2,385,883.60
2,475,828.79
24,803.83
27,738.68
5,000.00
140,500.00
3,042,889.98
3,171,260.85
282,587.36
279,063.60
824,233.70
877,354.57
155,995.09
181,101.14
1,780,073.83
1,833,741.54
3,042,889.98
3,171,260.85

Approved by the Parochial Church Council on 13 April 2023 and signed on its behalf by:

Revd. Matt Beeby (Rector)

DM Steel (Honorary Treasurer)

Notes 1-16 form part of these financial statements.

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St James Gerrards Cross with St James Fulmer Statement of Cashflow

For the period from 01 January 2022 to 31 December 2022

----- Start of picture text -----
2022 Prior Year
£ £
Net Cash Inflow/(Outflow)
Income/(Expenditure) (128,370.87) (2,623.64)
Interest and Dividends (12,222.10) (6,211.60)
Depreciation 62,791.70 68,304.79
(Increase)/Decrease in Debtors (26,535.77) (23,006.81)
(Increase)/Decrease in Stock 345.00 (167.85)
Increase/(Decrease) in Creditors (138,434.85) (9,358.21)
(242,426.89) 26,936.68
Investing Activities
- -
Fixed Assets (additions)/disposals
Interest and Dividends 12,222.10 6,211.60
Unrealised Loss/(Gain) on Investments 27,153.49 (29,126.99)
39,375.59 (22,915.39)
Financing Activities
- -
Borrowings (Increase)/Decrease
- -
Dividends paid
- -
Increase/(Decrease) in cash in the year (203,051.30) 4,021.29
Cash at bank, on deposit and in hand at 31st December 2021 780,820.63 776,799.34
Increase/(Decrease) in cash during the year (203,051.30) 4,021.29
Cash at bank, on deposit and in hand at 31st December 2022 577,769.33 780,820.63
----- End of picture text -----

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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. 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 Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice. Details of the charity’s principal office can be found on page 11.

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.

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 redesignated as unrestricted general funds by the PCC.

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‘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

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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.

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 2022 no legacies were received (2021:£14,000).

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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 (2022: £32,355, 2021: £41,297).

A valuation of the Pension Builder (PB) Classic Scheme is carried out once every three years. The most recent was carried out as at 31 December 2019. The next valuation is due at 31 December 2022 and is expected to be complete in early 2024. The ongoing valuation of the PB Classic Scheme revealed a surplus of £3.9m at 31 December 2021, on assumptions used.

The Board granted a PB Classic discretionary bonus of nil at 31 December 2020 and of 3% at 31 December 2021.

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4. INCOME AND ENDOWMENTS

----- Start of picture text -----
- - - - - - - - - -
21,805.00 11,835.00 8,297.50 24,685.30 66,622.80 46.02 15,000.00 15,200.00 18,792.20 48,992.20 115,661.02
Prior Year
Restricted funds
- -
Prior year total funds 414,153.00 253,070.00 167,560.66 156,337.38 14,000.00 42,208.29 1,047,329.33 11,407.81 15,000.00 934.36 17,930.76 520.73 1,488.96 19,090.61 3,529.40 15,265.62 73,760.44 1,132,497.58 29,126.99
- - -
7,006.33 3,600.00 2,295.78 4,723.56 1,062.08 4,749.11
Total funds 25,786.57 12,222.10 23,287.32 19,652.30 54,083.26
393,278.00 149,330.20 135,220.85 219,744.22 923,359.84 120,459.74 1,056,041.68
- - - - - - - - - - - - - - - - - - - - -
Restricted
Capital funds
- - - - - - - - - -
funds 21,285.00 23,283.75 9,808.75 27,101.54 6,771.89 88,250.93 462.51 17,915.00 3,600.00 21,515.00 110,228.44
Restricted
- - - - - - - - - - - - - - - - - - - - -
funds
Designated
- - - -
19,014.68 11,759.59 7,006.33 5,372.32 2,295.78 4,723.56 1,062.08 19,652.30 4,749.11 54,083.26 98,944.74
funds 371,993.00 126,046.45 125,412.10 192,642.68 835,108.91 945,813.24
Unrestricted
Standing orders Other Income tax recoverable
Income - Voluntary Gift Aid Gifts Legacies Collections and other giving Income - Investment Income - Charitable Activities Grants Magnification Mission Membership Maturity Kids Youth Ops Centre Other Total income (before Transfers) Investment gain
4 (a) 4 (b) 4 (c) 4(d)
----- End of picture text -----

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5. EXPENDITURE

----- Start of picture text -----
-
- - - - - - - - -
463.50 117,150.75 117,614.25 23,061.83 8,004.00 875.00 104.28 2,070.00 34,115.11 151,729.36
Prior Year
Restricted funds
Prior year total funds 40,813.50 154,650.75 - 195,464.25 5,921.12 216,590.37 44,634.96 55,381.85 41,068.88 49,594.75 41,123.72 27,945.30 54,670.02 14,458.54 226,918.44 185,272.05 5,203.96 962,862.84 1,164,248.21 -
- 6,658.00 205.85 9,346.90 -
Total funds 34,894.94 144,043.38 178,938.32 209,288.68 45,920.77 60,399.09 30,827.16 32,249.67 46,895.12 51,745.58 210,883.22 227,691.40 46,621.00 971,662.74 1,157,259.06
-
-
- - - - - - - - - - - - - - -
Restricted 2,117.15 51,550.56 53,667.71 53,667.71
Capital funds
-
- - - - - - - - - - -
1,394.94 2,490.00
funds 106,743.38 108,138.32 10,569.17 19,137.00 32,196.17 140,334.49
Restricted
- - - - - - - - - - - -
4,403.52 2,254.67 1,057.80 4,131.00
Designated funds 18,320.39 30,167.38 30,167.38 27,153.49
- -
6,658.00 205.85 9,346.90
Unrestricted funds 33,500.00 37,300.00 70,800.00 209,288.68 45,920.77 53,878.42 18,003.32 13,112.67 46,895.12 - 50,687.78 210,883.22 157,820.45 40,000.00 855,631.48 933,089.48 963,256.86
UK Overseas Mission Trips
Charitable activities Outside giving Details of the recipients are set out in the annual report Governance costs Other resources used Parish Share Stipendiary Ministry Magnification Mission Membership Maturity Ministry Kids Ministry Youth Ministry Operations Buildings & churchyards Other Total expenditure (before Transfers) Investment Loss
5 (a) 5 (b) 5 (c) 5(d)
----- End of picture text -----

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6. EMPLOYMENT COSTS

Staff costs consist of:

2022 Prior year
£ £
Gross salaries 216,658.39 263,623.40
National insurance 14,711.69 18,843.02
Pension contributions 32,355.19 41,297.49
Other employment costs 18,779.37 4,518.85
282,504.64 328,282.76

During the year, the PCC employed an average of 10 full-time equivalent employees (2021: 11) including the reimbursement to the Diocese of the employment costs of the following ordained ministers in receipt of a stipend from the Diocese: Membership Pastor. None of those individuals earned more than £60,000.

Other employment costs include Recruitment and Relocation.

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 pastors on the team during 2022 (2021: 7), 1 of whom was funded through the General Fund. They incurred salary costs of £40,392 (2021: £73,687), housing costs of £57,206 (2021: £52,364) and general expenses of £7,176 (2021: £5,305). Expenditure incurred by other members of the PCC was £462. Related parties expenditure was £13,334 (2021: £14,695).

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 2022 was £144,565 (2021:£138,547). In addition, the PCG scheme covers unrestricted gifts as well as restricted gifts for Mission Envoy, The Relief Fund and the Refugee Fund.

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8. 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 2021 585,022.65 2,577,527.87 3,162,550.52 540,289.28 3,702,839.80
Additions - - - - -
- - - - -
Disposals
At 31 December 2022 585,022.65 2,577,527.87 3,162,550.52 540,289.28 3,702,839.80
DEPRECIATION
At 31 December 2021 116,092.50 811,921.39 928,013.89 530,692.43 1,458,706.32
Charge for the year 8,775.34 51,550.56 60,325.90 2,465.80 62,791.70
- - - - -
Disposals
At 31 December 2022 124,867.84 863,471.95 988,339.79 533,158.23 1,521,498.02
NET BOOK VALUE
At 31 December 2021 468,930.15 1,765,606.48 2,234,536.63 9,596.85 2,244,133.48
At 31 December 2022 460,154.81 1,714,055.92 2,174,210.73 7,131.05 2,181,341.78
----- 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).

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) 9,980,000
St James Gerrards Cross Church (buildings and contents) 13,300,000
St James Centre (buildings and contents) 9,980,000

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(b) Investment Fixed Assets

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

Unrestricted
Funds		 Restricted
Capital
Funds		 Total
£
231,695.31
(27,153.49)		 £
-		 £
At 31 December 2021 231,695.31
Increase/(Decrease) in value during the
year		 (27,153.49)
At 31 December 2022 204,541.82 - 204,541.82
Number of units 9,907.14 - 9,907.14
9.
DEBTORS
10.
LIABILITIES
Debtors for goods and services
Gift Aid recoverable
Prepayments
Other debtors		 At 31/12/2022
Prior Year
£
£
918.00
819.00
40,804.95
63,834.15
17,986.69
16,265.95
47,834.64
89.41
107,544.28
81,008.51		 At 31/12/2022
Prior Year
£
£
918.00
819.00
40,804.95
63,834.15
17,986.69
16,265.95
47,834.64
89.41
107,544.28
81,008.51
At 31/12/2022
Prior Year
£
£
Current (creditors due within one year)
Creditors for goods and services		 16,880.02
20,934.34
Accruals and Deferred Income 5,340.00
4,967.00
Pensions
Other creditors
Non Current Liabilities - Loans		 2,583.81
1,837.34
-
-
5,000.00
140,500.00
29,803.83
168,238.68

Interest free loans of £135,500 towards the purchase of 38a Lovel Road have been repaid.

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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:

----- Start of picture text -----
Opening Balance Income Expenditure Transfers in/(out) Closing Balance
£ £ £ £ £
-
Freehold Property Funds 260,295.09 6,658.19 253,636.90
Church Growth 443,822.02 - 4,131.00 (5,000.00) 434,691.02
-
Church Equip & Maint 83,506.61 17,512.39 4,600.00 70,594.22
SJC Equip & Maint 42,586.33 - 808.00 4,600.00 46,378.33
Other Designated 1,674.85 - 1,057.80 617.05
Investment Equalisation 45,469.67 27,153.49 18,316.18
-
Unrestricted -Designated Funds 877,354.57 57,320.87 4,200.00 824,233.70
Unrestricted- General Funds 279,063.60 905,813.24 893,089.48 (9,200.00) 282,587.36
TOTAL 1,156,418.17 905,813.24 950,410.35 (5,000.00) 1,106,821.06
----- End of picture text -----

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

(b) Restricted Income Funds

Mission Envoy
Refugee Fund
Relief Fund
Other Funds
TOTAL		 Opening Balance
Income
Expenditure
Transfers in/(out)
Closing Balance
£
£
£
£
£
104,393.07
51,165.01
77,600.82
-
77,957.26
-
28,847.93
28,413.97
5,000.00
5,433.96
26,833.20
7,789.47
19,137.00
-
15,485.67
49,874.87
22,426.03
15,182.70
57,118.20
181,101.14
110,228.44
140,334.49
5,000.00
155,995.09

The Mission Envoy fund represents amounts donated to support Nat Schluter and his work at the Johannesburg Bible College.

24

The Refugee fund was launched in 2022 to support the humanitarian needs of those affected by the war in Ukraine.

The Relief fund was launched in 2020 to offer short -term financial relief to members of the church family.

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:

----- Start of picture text -----
Opening Balance Income Expenditure Transfers in/(out) Closing Balance
£ £ £ £ £
House Purchase Fund 68,135.06 - 2,117.15 - 66,017.91
- -
Project 2000 (P2K) 1,765,606.48 51,550.56 1,714,055.92
TOTAL 1,833,741.54 - 53,667.71 - 1,780,073.83
----- End of picture text -----

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

Tangible fixed assets
Investment fixed assets
Current assets
Current liabilities
Long-term liabilities
Fund Balances		 Unrestricted
Funds
Designated
Funds
Restricted Funds
Restricted
Captial Funds
Total
Prior Year
Total
£
£
£
£
£
£
50.00
401,217.95
-
1,780,073.83
2,181,341.78
2,244,133.48
186,225.64
18,316.18
-
-
204,541.82
231,695.31
120,435.05
409,699.57
156,675.59
-
686,810.21
863,670.74
(24,123.33)
-
(680.50)
-
(24,803.83)
(27,738.68)
-
(5,000.00)
-
-
(5,000.00)
(140,500.00)
282,587.36
824,233.70
155,995.09
1,780,073.83
3,042,889.98
3,171,260.85

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13. OPERATING LEASES

At 31 December 2022 the church has commitments, under operating leases, as follows:

----- Start of picture text -----
2022 Prior Year
Land & Land &
Other buildings Other buildings
£ £ £ £
Leases which can be determined
Within one year 1,629 13,499 1,629 17,050
Within two to five years 88 1,727 0
TOTAL 1,717 13,499 3,356 17,050
----- End of picture text -----

14. STOCK

2022 Prior Year
£ £
Bookstall 1,420.10 1,812.60
Cards/Gifts 76.50 29
1,496.60 1,841.60

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 TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF ST JAMES GERRARDS CROSS (WITH FULMER)

OPINION

We have audited the financial statements of The Parochial Church Council of St James Gerrards Cross (with Fulmer) (the ‘charity’) for the year ended 31 December 2022 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 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

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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. The trustees are responsible for the other information contained within the annual report . 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.

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 course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine

27

whether this gives rise to a material misstatement in the financial statements themselves. 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 set out on page 3, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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 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. Aspart of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

28

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.

St Mary’s Court, Old Amersham, Bucks, HP7 0UT Cansdales Audit LLP 13 April 2023 Cansdales Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

29