Saintjames 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 2023 CONTENT Legal & Administrative Information Membership Statement of Trustees, Responsibilities Training of Trustees Public Benefit Professional Advisers to the PCC Structure, Governarjce and Management Risk Management Church Attendance PCC Review of the Year Financial Review Statement of Financial Activities 12 Balance Sheet 13 Statement of Cash*low 14 Notes to the Accounts Independent Auditor's Report 27 LEGAL AND ADMINISTRATIVE INFORMATION The Parochial Church Council IPCCI is a corporate body established by the Church of England. It operates under the Parochial Church Council Power5 Measure and in 2009 was registered with the Charity Commission as The Parochial Church Colfrncil of the Eccle51aStical Parish of St James Gerrards Cross with St James Fulmer with Charity Registration Number 1129332. During 2023 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 ststement 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 Jame5 Centre and four houses occupied by members of staff {two houses from 1" July 2023 due to changes in tenancy agreement). MEMBERSHIP Members of the PCC are ex officio, elected by the Annual Parochial Church Meeting (APCMI 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 Curate The Revd. M Beeby The Revd. B Clarke luntil May 20231 The Revd. J Forward (until August 2023) The Revd. R Murkgavin luntil June 20231 The Revd. D Meirion-jones The Revd. C Larner (from Sep 2023) Associate Minister for St James Fulmer The Revd. Jill Roth Wardens Dr Andrew Bell Mrs Francesca Hall Drinkwater Mr Gary Palmer General Synod Representative Dr Andrew Bell Dlocesan Synod Reprèsentative Mrs Stephanie Summerell Mr Lawrence Tebboth Deanery Synod Representatlves Mrs Stephanie Summerell Mr Cobus van der Walt (until April 20231 Mr David Kidner (until April 20231 Mr Stephen Cooper (until April 20231 Mr Lawrence Tebboth Mrs Francesca Hall Drinkwater Mrjonathan Rushworth Mr lan Mitton Mr Grant Masom (until November 2023) Heather Ashby-Rose (from April 20231 John Young (from April 2023) Tim Ogunleye (from April 20231 Elected Members Mrs Rebecca White Mr Vic Gill luntil April 2023) Mrs Mandi Townsend Mr Richard Lawrence Mrs Kathryn Lovewell Mr John Stanley Mr Will Coomber Mrs Liz Lee Ifrom 30 0tt2023) Mr David Steel.- Treasurer (from April 2023) Mrs Bola Akinseye In Attendance Mrs Amanda Van der Walt, PCC Secretary (until April 20231 Mr David Irvine, PCC Secretary (from April 20231 Mrs Ann Green, Safeguarding Officer Mr Mark Nicholas Operations Director STATEMENT OF TRUSTEES. RESPONSIgILITIES The members of the PCC (Trustees) are responsible for preparing the Tru5tees' Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standard5 Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in En9land & 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 resource5 of the charity for that period. In preparing those financial statements the Trustee5 are required to: Selert suitable accounting policies and then apply them consistently. Observe the methods and principles in the Charities SORP. Make jLJdgments and estimates that are reasonable and prudent. State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial staternents. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial positlDn of the charity 8nd enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts aF)d Reports) Regulations 2008 and the provision5 of the Parochial Church Council Measure (1956) as amended ar>d Church Representation Rules. They are also re5pDn5ible 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 induction material, are encouraged to attend an annual half- day training event engage with experienced PCC members during the first year, and are invited to join PCC committee5 thus connecting their skills to the work of the PCC. Pu8LlC BENEFIT The Trustees have considered the Charity Commission's guidance on public benefit, and particularly 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 seryices. midweek seNices. Prayer Central, midweek Growth Group5, Connect Groups, Explore courses, Toddler Groups, Sunday School classe5, 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 purpose5. The activities of the church provide benefit not only to the regular attendees at Saint Jame5. but also to the resident5 of the parish and further afield. PROFESSIONALADVISÈR5 TO THE PCC Auditor Wenn Townsend Oxford OX1 3LE Bankers National Westminster Bank PIC Beaconsfield Buckinghamshire SL9 8EA STRVCTVRE. GOVERNANCE AND MANAGEMENT PCC STANDIN6 CoMMIThEE {PREVIOUSLY. THE LEADERSHIP TEAM) The PCC Standing Committee (PSCI 15 set up by the PCC with the general responsibility to.. transact the business of the PCC betsveen PCC meetings, PfDvide governance on confidential matters, steer projects on behalf of the PCC, and manage the workload of the PCC by planning agendas, and filtering, shaping. or reducing the work requests that would otherwise go directly to the PCC. RISK AuDrr FINANCE TEAM {RAFTI Oversee risk, audit and finance govemance activities on behalf of the PCC. Key areas of responsibility relate to the following outcomes.. Finances are managed well in line with relevant authorities. our vision is enabled financially optimally, risks are managed and controlled, and our operation is 'compliant with the relevant regulatory requirements,, and our governance model is working to enable ministry. PEOPLE AND CULTURE TEAM (PACD PACT is a committee ofthe PCC that has been set up to tske responsibility on behalfofthe PCC for en5uring.' our people are safe, our staff team is cared for, our ministry culture is healthy, and our communication is effective. BUILDINGS AND FABRIC TEAM (BAFT) In July 2023 the PCC approved the PCC Standing Committee will caretake the responsibilitie5 of the BAFT on behalf af the PCC as an interim measu￿. This included overseeing all maintenance, repairs and iTnprovements to the churches, The Saint James Centre, grounds, and other church properties. GLOBAL MIss￿N TEAM RecomTnend5 and takes responsibility for the implementation of policies to raise interest in Christlan mission beyond the parish at home and abroad. Recommends and provides direct support links be￿een 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. In addition to these governance structures there also exists a group to consvlt with and advise the Associate Minister for Fulmer.. FULMER MINISTRY TEAM Ensure5 that the vision, direction. physical and practical aspects of Fulmer Church provide the proper environment for its spiritual work (excluding motters 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. TEAM RISK MANAGEMENT Key Risk Area The Faithful Proclamation of the Gospel Preventstive Action Taken PCC members are each part of a Growth Group and are Tegular Sunday attendees. Preaching is regularly reviewed by the Ministry Team Growth Group leaders received regular trainin9. All volunteers are recruited following 'Safer Recruitment, guidelines issued by the Diocese of Oxford. This includes reference checks, completion of a criminal record checks from the Disclosure & Barring Scheme IDBSI and the completion of a 'confidential declaration,. All volunteer5 are trained in their ministry area and are given a safeguarding briefing. We have a Safeguarding Officer appointed for advice and for answering queries. We can also speak to the Diocesan Safeguarding Officer as required. The PCC has complied with the duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016 (duty to have due regard to the House of Bishop'5 guidance on safeguarding children and vulnerable adults). Wellbeing of Children, Young People and vulnerable Adults Sites & Buildings Untill the the Buildings & Fabiic Team 15 constituted the PSC has the respon5ibilityfor completing the regular checks of the sites, buildings, and houses that the PCC are responsible for. In addition to ongoing maintenance programmes, faults and repairs are dealt with in a timely fashion. Events All events which take place in any of the PCC'S buildings are required to complete a Risk Assessment detailing the risks associated with set-up, safety of participants, fabric & fittings, and equipment. Events will be attended by a staff member or a responsible lay person le.g. a warden) who will be trained in health and safety le.g. evacuation, locking the bLtilding, first aid response) Any volunteers tssing the kitchen in the Saint James Centre will be asked to complete a Level 2 Food Hygiene Certificate and to comply with the Food Standards Agency guidelines for the storing of food, and to complete the appropriate iecord5. During 2024 we will be updating our new risk management process as part of the operation of the new Risk Audit & Finance Team (RAFT) which will ensure we have a comprehensive fit for purpose approach to risk management. CHURCH ArrENDANce There is a statutory requirement to revise the Ecclesiastical Electoral Roll every year and this revision took place in April 2023. There are 533 people on the Roll.. 444 on the Gerrards Cr055 section and 89 on the Fulmer section. The usual Sunday attendance, in the last quarter of 2023 was 313 adults and 48 children.. 263 adults and 47 children in Gerrards Cross and 50 adults and I child in Fulmer. PCC REVIEW OF THE YÉAR 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 9race, we are reaching, growing, and resourcing- Reaching...our communities with the gospel. Growing...disciples to maturity. Resourcing...the kingdom beyond our postcodes (regionally, nationally and globally). To realise this vision, we are building our rninistry around our S Biblical purposes, each of which flows out of the gospel message: Jesus is Christ the Lord. Magnificatlon". rejoicing in God with all our hearts and all of our lives. Mission: living to see God's kingdom grow a5 more people are saved. Membership: welcoming people into a family that cares for each other. Maturity: growing in the likenes5 of Christ through the gospel and by hi5 Spirit. Ministry: serving God with the gifts his spirit has given us. The General Fund benefited from a healthy London stock exchange performance during 2023, with a corresponding increase in the holding value of our index related investment. The total increase in the value of this investment was £19,41212022.. decrease of £27,153.. however, this was charged to the related Designated Fund created to protect the General Fund from such flucttsation5). The remaining balance of this Designated Fund a5 at 31 December 2023 was £18,316. Totsl expenditure for the year at £811,958 was 13% lower than 2022 1£933,087). The "core" 22023 expenditure of running all our ministries and other activities {excluding outside giving, governance costs) at £728.360 was down 13Y. from the equivalent £836.592 in 2022 lexcluding the costs of Ashburnhaml. The major savings were in the Operations area where there were saving5 in staff costs and maintaininglrunning both the two church buildings and the St James Centre. The savings due to the Maturity Lead's post being vacant it) the second half of 2023 was, to Some extent countered by having the Magnification Lead's post filled for the whole of 2023- there bein9 a vacancy gap in 2022. These -core" costs included the parish share contribution of £203,955 down 3°A on 2022, with 5aving5 at both Deanery and Diocese spending being passed down to the parishes. In 2023 the grants to organisations outside the church (allocated by the Global Mission Team) totaled £77,098, up 9Yo on the 2022 equivalent. Thi5 reflected the high level in church family giving during the 12 month5 to 31 September of the previous year which forms the basis of the 10% giving calculation. During 2023 there was a net transfer of £6,318 out of the General Fund to the various designated funds as shown in Note 11. De51gnated Funds The designated funds that ￿late to the maintersance 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 "Re5erves' _ see below. Restricted Funds In addition to generous unrestricted donations, progressing our wider missior> as a church would not be possible without the donation of funds that are restricted for specific purposes. The largest restricted fund 5UPPOrts the work of Nat Schluter (Principal of the Johannesburg Bible College and St James Mission Envoy). During 2023 a further £92,796 was raised with £70,581 being spent on support leaving a closing balance of £100,172. The Relief Fund received £13,316 dLiring 2023 and £6,100 was used supporting church family members, leaving a closing balance of £22,705. The Refugee Fund, created primarily to support displaced people as result of the war in Ukraine, raised a further £33,661 from the church famity and £26,035 was spent 5UPPOrting SLsch refugees, leaving a c105ing balance of £13,060. Reserves There are PCC approved policies in place to control the level of resources held within each of the major Unrestricted Funds. These policie5 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 as follows.. Name et level Contractual commitments as per the 2024 Budget Cap of £50,000 Tar etm General Fund Yes ChLtrch replacement equipment On target to meet the cap in a further 5 years. as per policy Fulmer cap met. GX Dn target to meet cap in S years, time, as per policy On target On target Church fedecoration Cap of £70,000 Centre replacement equipment Church and Centre exceptional maintenance Cap of £50,000 Cap of £70,000 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 2023, except for the activities mentioned within the Restricted Funds settiorn no significant fundraising activities were carried out. Plans for 2024 The ongoing activities described in the PCC Review will be continued and, in some cases. expanded, without material impact on our reseNes. CONCWSION We give thanks to God for all that He has done through this, His church in 2023. It is only by Hi5 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 eoger anticipation. to the year ahead, tTUSting 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 delrniered by a huge nurnber 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 PSC 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, throu9h regular plonned giving, and through one-off gift5. 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 COLsld have done this,. Only the wonderful God of our Lord Jesus Christ 10 who bring5 life out of death, a welcome to sinners, and give5 us his Holy Spirt¢ 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 Gerrard5 Cross Buckinghamshire. SL9 7DJ Revd. Matt Beeby Rector St James Gerrards Cross with St James Fulmer Statement of Financial Activities For the period from 01 January 2023 to 31 December 2023 h O r ** 12 St James Gerrards Cross with St James Fulmer 8alance Sheet (Church of Eng13ndl A5 at.. 31 December 2023 As at 31112/2023 Prioi Year Current Assets 14 Stock5 and work in progress Dthors 1,368.49 122,347.18 415.885.60 1A96.60 107,544.28 Short term depostts Cash at bar*k and in hand 420.047.56 157,721.77 686010.21 149.638.53 689.239.80 Notes Non-cUr￿￿t Assets 81è1 81bl Fixed asset5 2,121,535.83 223,953.87 2,181,341.78 204,541.82 2,385,883.60 l¥westments 2,34S,489.70 10 Current Liabilities Ciediiors.. Amounts falling due in one year Non-current knabilities 41,097.56 24.803.83 Long term Loan 5.000.00 Total Net Asset5 Less Liabiltties 2.993,631.94 3,042,889.98 Repre5erited by Unreslricted General fund 280n79.34 282,587.36 824,233.70 Design3tÈd fund Restritted 797,686.17 Incotlle funds 195,460.31 1,726,406.12 155.995.09 Capital funds 1.780.073.83 Fundsofthe churth 2.993,631.94 3,042,889.98 Approved by the Parochial Church Council on... and signed on its behalf by.. Revd. Matt Beeby IRector} DM Steel (Honorary Treasurer} Notes 1-16 form part of these financial statements. St James Gerrards Cross with St James Fulmer Statement of Cashtlow For the period from 01 January 2023 to 31 December 2023 2023 Prior Year Net Cash Inflow/lOutflowl Income/lExpendiiurel Depreciation Investmènt L05sJIGainl Ilncrea5el/Decrea5e in Debtors Ilncre3sel/Decre3se in Stock Increase/lDecreasel in Creditors Interest and Dividend5 (received) 149,258.041 61,800.95 119,412.05) 114,802.90) 128.11 (128,370.871 62,791.70 27,153.49 126,535.7n 345.00 16,293_73 129,387.191 12.934.851 112,222.101 134,637.391 179,773.401 Investing Attivities Fixed A55ets ladditionsl/disposals Interest and Dividends 11.995.001 29387.19 12,222.10 12,222.10 27.392_19 Financing Activities Borrowings/Loan5 Incfease/lDecreasel Dividends paid Is.000.001 (135,500.001 15,000.001 (135.500.001 IncreasellDecreasel in cash in the year 112,245.201 (203,051.301 Cash at bank, on deposit and in hand at 31 st December 2022 577.76933 780,820.63 Increase/lDecfea5el in cash during the year 112,245.201 1203,051301 Cash at banl on deposit and fjn hand at 31st December 2023 565,524.13 577,769.33 NOTES TO THE ACCOUNTS AccouNTING POLICIES Basi nancial 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 staternents have been prepared in accordance with Accounting and Reporting by Charities-. Statement of Recommended Prartice 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 af Ireland IFRS 1021, the Charities Act 2022, 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 FRSI02. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charit1È5 (Accounts and Reports) Regulations 20Q8 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 IFRS 1021 issued on October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which ha5 since been withdrawn. The PCC believes that the reserves held by the PCC allow the accounts to be produced on a "going concern" ba51S. The financial statements include all transaction5, assets and liabilitie5 for which the PCC is responsible in law. They do not include any monies of church groups that are informal gatherings of church members. Fu Accoun in Funds held by the PCC are accounted for as follows- 'Restricted funds, a￿ fund5 which can On￿ be used for particvlar purpose5 a5 specified by the donor or funds raised for particular restricted purposes. 'Designated funds, are funds Set aside by the PCC out of unrestricted general fund5 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. 15 '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. omin Funds Planned Christian Giving receivable under standing orders is recognised only when received. CAFS are recogn15ed when received unless notification comes with instructions that they are for a particular period and purpose. Collections are recognised when received by the PCC. Donations received for specific purposes are included as restricted income funds in line with the term5 of the donation. Income tax recoverable on gift aid receipts is recognised when the income is recognised. Legacie5 are accounted for as income when receipt is more likely than not. Sales of cards and books are recognised on a recoverable basis. Dividends and interest are accounted for when receivable. enditur Expenditure is inclusive of VAT which cannot be recovered. Certain expenditure is directly attributable to specific activitie5 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 rnatters relating to those activities. Grants and outside giving to third parties are accounted for wheri 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 conslst of payments made to an employees, personal pension scheme or to the Church of England Pensior) Board scheme (see Note 3). These costs are accounted for when payable. eratin Leases Rentals payable under operating leases are accounted for on a straight-line basis over the lease term. Gain and lo Investment Fixed As Realised gains or losses are recognised when the investments are sold. Unrealised gains or losse5 are accounted for by the revaluation of investments at 31 December ta fair value. le Fixed Assets Consecrated and benefice propety 15 excluded from the accounts in line with Section 1012) of the Charities Act 2011. All expenditure, whether maintenance or improvement incurred on 16 consecrated or benefice propety is immediately written off in the Statement of Financial Activities. Other freehold land and building5, 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 oulmeigh the benefit of providing such information. Item5 acquired after l 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 whTrch 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 Furniture and catering equipment Furnishings and equipment IT equipment 15 years 15 years 10 years 5 yeaT5 Investment Fixed Assets Investments are valued at fair Ibidl value at 31 December. 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 deposit5 include cash held on deposit with the CBF Church of England Fund5. 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. LEGACY INCOME During 2023, legacies of £2000 were received12022.' £01. STAFF PENSIONS St James Gerrards Cros5 Wlth St James Fulmei 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 Worker5 Pension Fund has a section known as the Defined Benefits Scheme, a deferred annuity section known as Pensior) Builder Cla55ic and a cash balance sertion known as Pension Builder 2014, both of which are classified a5 defined benefit 5cheme5. 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 scherne 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 employer5 and that contributions are accounted for as if the Scheme were a defined contfibution scheme. The pensions costs charged to the SOFA in the year are contributions payable12023: £30,780, 2022= £32,355). A valuation of the Pension Builder IPB) Classic Scheme is carried out once every three years. The most recent was carried out as at 31 December 202. In Summary, at 31 December 2022, PC Classic is 130% funded and therefore showing a surplus and the funding levels remained strong dLJring 2023. The PC Classic asset value at 31 December 2022 is £149m, compared to £148m at 31 December 2019. The Board granted PB Classic discretionary increases Since the previous 31 December 2019 valuation.. nil at 31 December 2020, 3% at 31 December 2021, 10.1 % at 31 December 2022 and 6.7Yo at 31 December 2023. 2050 INCOME AND ENDOWMENTS c) (ooo r*l Oous WOO ¢¥¥ rfj O airricD 72 )£>OuO 19 ExpÈNDITURE > Kri OLti¢O r000 On￿￿0 In lito OF c£ 20 EMPLOYMENT COSTS Staff costs consist ofr. 2023 Prior Year Gross salaries 202,600 216,658 National insurance 13,273 14,712 Pension contributions 30,780 32,355 Other employment costs 3,568 18,779 250,221 282,505 During the year, the PCC employed an average of 9.S full-time equivalent employees12022.' 101 includin9 the reimbursement to the Diocese of the employment costs of the following ordained ministers in receipt of a stipend from the Diocese.. Membership Pastor (12 monthsl, Mission Pastor (for 2 months). None of those individuals earned more than £60,000. Other employment costs include Recruitment and Relocation. TRANSACTIONS WffH MEMBER5 OF THE Pcc Expenditure directly relating to the Wofk of the parish includes expenditure in relation to the clergy who are members of the PCC. There were 7 clergy pastor5 on the team during 2023 (2022.. 71, 2 of whom were funded through the General Fund. They incurred salary costs of £45802 {2022.. £40.3921. housing costs of £41,070 12022. £57,206) and general expenses of £379712022.. £7.1761. Expenditure incurred by other members of the PCC was £901 (2022'.462}. Related paty expenditure wa5 1620612022.. £13,334). The PCC members and their deperident5 contribute to the Church's income through the Plant)ed Christian Giving IPCGI 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 2023 was £207,34212022.' £144,565). In addition, the PCG scheme cover5 unrestricted gifts as well as restricted gifts for Mission Envoy, The Relief Fund and the Refugee Fund. F￿ED ASSETS lal Tangible fixed assets Freehold Land and Buildings Staff Houses St James Centre Other FEKed A55ets Totsl Total GROSS 800K VALUE At 31 Decernber 2022 585.022.65 1,995.00 2,577,527A7 3,162.550.52 1,995.00 540,289.2a 3.702,839.80 1,995.00 Addition5 Disposa15 At 31 Oecember 2023 587,017.65 2,577,527.87 3,164,545.52 540,289.28 3,704.834.80 DEPREC￿TION At 31 December 2022 Charge for the year Disposals At 31 Detember 2023 124,867.84 8.775.34 863.471.95 98B,339.79 60.325.90 S33,15&23 1,475.05 1.521,498.Q2 61,800.95 51.550.56 T33,643.18 915.022.51 1.048,665 69 534,633.28 1,583,298.97 NET BOOK VALUE At 31 December 2022 At 31 December 2023 460,154.81 453,374.47 1,714.055.92 2,174,210.73 1,662,505.36 2,115,879.83 7,131.05 5.656.00 2.181,341.78 2.121,535 83 Staff Houses represent housing which has been prDvided 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 which wa5 repaid in 2022. 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 byvirtue of Section 96{21 (al of the Charities Act 1993. The church buildings are insured by the PCC as follows: Loss Limit (£1 St James Fulmer Church Ibltrildirys and contents) 9.980,000 St James Gerrards Cross Church (buildings and conterilsl 13.300,000 St James Centre (buildings and contentsl 9.980,000 22 (b) Investment Fixed Assets Investments are entirely invested in the CBF Inve5trnent Fund as follows.. Unrestrirted Restrictetl Total Funds Capital Fund5 At 31 December 2022 204,541.82 204,541.82 IncreasellDecreasel in value during the year At 31 December 2023 19,412.05 19,412.05 223,953.87 223,953 87 Number of units 9,907.14 9,907.14 DEBTORS At 3111212023 Prior Year Debtors for goods and services 985.00 918.00 Gift Aid recoverable 44,465.28 40,804.95 Prepayments 20,635,53 17,986.69 Ott*r debtors 56,261.37 47,834.64 122,347.18 107,544,28 Included within other debtors is an unsecured loan of £40,000 to a registered charity The Two St James Trust which is repayable no sooner than 2029. Whilst interest is not charged on the loan, an as50Ciated lease provides an operational benefit to the charity. 10. L￿BILITIEs At 31112/2023 Prior Year Current (creditors due within one yearl Creditor5 for goods and services Accrua15 arKI Deferred Income Pensions 17.006.98 21.500.00 2.590.58 16,880.02 5,340.00 2,583.81 OthEr creditor5 Non Current Liabilitie5 L(Jans 5,000.00 29,803.83 41,097.56 23 FUND D￿AlLs lal 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 a5 follows.. Opening Balanc IrKprne Expenditvre Transfers Inlloutl Closing Baknce Freehold Propety Funds Church Gro¥vth 253,636.90 434.691.02 6.658.19 246,978.71 396,747.06 61.602.97 14,136.23 34,061.28 8.991.25 118,018.9ti Churth Equip & Maint SJC Equip & Maint mis5￿n Oiscreiionary Other ￿e￿gnated Investment Equali5ation UnFestflCted -Oesignated Funds 70,594.22 46.378.33 1674.12 43.704.21 24337.04 24337.Q4 617.05 617.05 18,316.18 18.316.18 B24,233.70 14,13&23 53,(fv)189 6,318.13 791.686.17 Unrestricted- General Funds 282,S8726 815,768.24 811,958.13 16,318.131 280,079.34 TOTAL 1.106,821.06 829.904.47 864,960.02 1,071,765.51 Thefreehold propety funds represent finance provided by the PCC forthe purchaseof 7Gaviots Close, Gerrard5 Cros5 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 evange115tic opportunities. Ibl Restricted Income Funds Closing Balance Income Expenditure TrBnsfers inllouo Closing 8alance klis*on E￿0Y 77,957.26 9179S.54 70,580.72 10D,172.08 Refugee Fund 5.433.% 33.661.03 26,034.61 13.060.38 Relief Fund Other Funds 15,485.67 57,12820 13.391.08 32,748.25 6.100.00 30,415.35 22,776.75 S9,451.10 TOTAL 155,995 09 172,595.go 133.130.68 195,460.31 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 fund5 represent amounts received by parish organisations which are to be spent on various restricted charitable and other purposes. {cl Restricted Capitsl Funds The capital ot these funds may not be spent by the PCC without appropriate authority. They compiise- Ckjsiw balance Expenditure Transkn inlloutl Closiry &ilan House Purchase Fund Project 2000 IP2K) 66,017.91 1.714,055.92 2.117.15 51,550.56 63,900.76 1,662,505.36 TOTAL 1,780,073.83 53.667.71 1,726,406.12 The House Purchase fund repiesents amounts donated to provide housing for the Worship Pastor. Expenditure during the year 15 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 ASSErs BY FUND Uvre5YKted FutK15 Des¥Jnbtsd Fund5 ResirnEd CaptKèl FUNIS pr￿ryear Totsl Restricred Funds Ttstsl Tangible fLyed assets 395.129.71 1.726ADS.12 l121,535.J3 2,18T.341.78 1nve5tn￿ntfi￿ed o55ets 205,637.69 1fj.316.18 223.953.B7 204.54182 Current a￿lS 114.781.06 378.24Q.28 196.218.45 689239.80 68A81D.21 I7￿.]5) [41￿97 561 P4.8D3.831 Lory-term lièbilities IS.ODDQQI FMd 8aL3nte5 280.079.34 791.686.17 195.460.31 1.72&406.12 1993.63194 3,042.889.98 25 13. OPERATING LEAS55 At 31 December 2023 the church has commitments. under operating leases, as follows.. 2023 Prior Year Land & land & Other buildings Other buildin95 Leases which can be determined Within one year Within two to five years TOTAL 88 25,200 1,629 88 13,499 88 25.200 1,717 13,499 14. STOCK 2023 Prior Year Bookstall 1347 1420 Cards/Gifts 22 77 7368 1497 15. CAPITAL COMMITMENTS AND CONTINGENT LtABILITIES There are neither capital commitments nor contingent liabilities. 16. CONTROWNG PARIry There is no controlling party. 26 INDEPENDENT AUDITOR'S REPORTTO THETRUSTEES OF THE PAROCHIALCHURCH CouNaLOF STJAMES GERRARDS CROSS WITH ST JAMES FULMER Opknton WekntèWAtedthefits￿￿J slknm￿rytsofTh￿ Paruth￿l1￿urchCoU￿I olthe EthiaMicalPanshofStJaMesGe￿ardsCI￿￿th Fuh7 lthe'thariVItr thE ¥eareThJed 31 December 2023whkh The stateM￿nt￿f Fin￿&ACt￿￿5 baknrp 5hEet5ratements. (ath ststsmthtèndntstestothtfjnanuJl5ktefflents.￿d￿dlrgSI￿￿￿ant￿Co￿ntrryp￿ Theffiandallepo￿n%fvaMebvork￿atha5bEEna￿￿ld1Tr￿￿)r epar3twJn Is law and Unrted Klngdum Ac(0uDtsr%Slar￿a￿ Ind￿1￿ 5tsDda￿ 102 Th￿F￿Rt￿￿gSt￿ntht￿I bfeIDthtUKardRepLth￿IrekTr￿IUnrted￿r￿domGè￿Èr￿1yA¢CW￿oOJnt1￿gPry4e￿éI. Inowtspink)tithefinènC￿1tta￿emeTrts'. INEAtnEamdtsWwÈwoltre5tateofthethariWsaffahsaSèt31De￿MbÈT2o2iznd of *stotal IrKomlryresourcesar￿É*P￿dll￿re0f resource4 fart￿Ve3rthÈllÈth,. h￿b￿PropEfvPrepwEd InaccothrKe¥thUTrhed￿￿?)G￿￿r￿￿Awe0ttdAttyUn1￿*P1￿tre.' ha￿ be￿ ￿￿￿￿rEdiTh￿r￿￿￿￿ewi￿therEq￿lrern￿Oft￿Q￿T1t￿5ALt2O1i. Ba5bfoYothion Wetondurted our audrt In accllrdan￿ Intemètional str￿1￿5 litKI I1￿ IUVI ap￿￿￿LlE1￿w. Our rOS￿51b11￿i￿ underthtsse 5tshthrdsarefwts￿rdeS(￿￿ ￿ thea￿rtCr￿pm5￿1lQ￿5forth2al￿4ltOftheffinaThc￿I5¢attr1)Ef*tsse￿0nQ1Gurre￿rt.wea￿ intyrxkntofthe CharityinattoT&TKEWiththeethK31TEqU4rementsth414RrEknnlto(wraudrtolthefinancvalstsleMe￿tsIQtheUKlidudN￿theFRcsEth￿3lsta￿d￿￿. Wehavefu￿Ia￿ our0tr￿rethKal resp0NL¥St￿5￿ aEcothre with t1￿ r2w1[E￿Trts. webe￿￿￿tharthea￿L[￿Wdern￿We h￿¢b*£thed Is Suffb￿rar•Japrnri￿tetOPr￿￿ablsPsf0roLYOPITrkn Concluslonsrdatirngtogoityronteffl 1n3￿￿￿the￿￿anrj3I51￿fe￿EntsYIe havec0nckthdthattr0tsustee5.useoftheg￿r(rts￿er￿￿5L$tsf&¢rAI￿Ng Intt￿prewatiDnorthefi￿waI 5tstemwyts sapwowlate. BasEdonlheworkwe h3veperfomÈd wehave￿I￿2￿1thEd*yrnatOalUrtce￿IntiP5re1i￿YIoeV2nts0rcW￿t￿￿th#l￿[lM￿ua1lYllrCo1thwety, MtyrAstsgxrftsntdDubtonthetha￿$3b￿Wrom￿I￿ueaS￿eol￿cVn￿mfoIaPe￿d￿f￿t1vas1Iwe￿n￿nthSlTVMwhrnt￿￿nJKl?]$tsterneThts afewjtlthsed forÈsuÈ. Our￿￿￿1￿*￿?rdthere¥M￿￿il￿u0ftheb7Js￿sw5thl￿￿g0hWcOn¢omared¢xtlbCd7bIJ*tr￿￿1ht$eLtiuh$Of1￿lre￿xr OthErlnfurna The other hform*iDn tompywthe infom*ion ill the tW5tee5' annual otherthan the finBnckl sratemeThts￿d0UraU￿rt¢rfl rewrt therwn.ThetsU5teesa￿￿S￿m￿b￿trtt*otherlnrts￿th.a￿tt￿IMI￿0mtheffimanQT1Ist￿te￿*Dtsl&)esMta)WthEOtherrfD￿aI￿￿andWed0 eXp￿San¥fOrmofa5Su￿rK2￿￿DnI￿ereon. Irr￿￿￿￿1Stp rEadthEotherinfoTmatbTraThJ. in conS￿erw￿herthe thrinfonnaMTrismateirèlWTrKons&tentwkhth2 fiTranu 5tstements fjr our knU￿￿￿ge obtsinEd In Ihe of thE 4uIIt or othenvi5e appear5 to be m155tsted. tr we identfy such materlal itWlSS1enti￿ Dr awarcnt m*erial we are reryjlred to detenxknE wJhÈther this gNE5 D5e ¢0 a tnthal financralgtstemwtsthvrsefvek If, b35ed D￿the￿rkwttw￿perf0n￿d.WecondUdethèttPWe1S3MatÈI￿mks￿te￿ento1th￿D￿￿rsn1prnmtsD V￿are[equ1￿d1ore￿ty)rtth31f3tL W&ha¥ÈnotPungtoreportinth15reyrd. 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