¢ 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 2024
CONTENT Legal & Administrative Information Membership Statement of Trustees, Responsibilities Training of Trustees Public Benefit Professional Advisers to the PCC Structure, Governance and Management Risk Management Church Attendance PCC Review of the Year Financial Review Statement of Financial Activities 12 Balance Sheet Statement of Cashflow 14 Notes to the Accounts 15 Independent Auditor's Report 27
LEGAL AND ADMINISTRATIVE INFORMATION The Parochial Church Council {PCCI 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 Commi55ion as The Parochial Church Council of the Ecclesiastical Parish of St James Gerrards Cr055 Wlth St James Fulmer with Charity Registration Number 1129332. During 2024 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, a5 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 two houses occupied by members of staff. MEMBÉRSHIP Members of the PCC are ex officio, elected by the Annual Parochial Church Meeting IAPCM} in accordancewith the Church Representation Rules or co-opted by the PCC. Members ofthe 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. D Meirion-jones (until June 2024) The Revd. C Lamer Associate Minlster for St James Fulmer The Revd. Jill Roth {until November 2024) Wardens Dr Andrew Bell Mrs Francesca Hall Drinkwater Mr Gary Palmer General Synod Representative Dr Andrew Bell Diocesan Synod Representative Mrs Stephanie Summerell (until August 2024) Mr Lawrence Tebboth Deanery Synod Representatives Mr Lawrence Tebboth Mrs Francesca Hall Drinkwater Mrjonathan Rushworth (until April 2024) Mr lan Mitton Mrs Heather Ashby-Rose Mr John Young Mr Tim Ogunleye Mr Tom Kitching (from April 2024) Elected Members Mrs Rebecca White (until April 2024) Mrs Mandi Townsend (until April 2024) Mr Richard Lawrence
Mrs Kathryn Lovewell (until April 2024) Mr John Stanley (until April 2024) Mr Will Coomber Mrs Liz Lee Mr David Steel.. Treasurer Mrs Bola Akinseye Mr Simon Bailey (from April 2024) Mrs Stephanie Summerell (from April 2024) Mrs Joan Filler (from April 20241 Mrs Tish Littlewood Ifrom April 2024) In Attendance Mr David Irvine, PCC Secretary Mrs Ann Green. Safeguarding Officer Mr Mark Nicolas, Operations Director STATEMENT OF TRUSTEES. RESPONSIBIUTIES 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 Firiancia ststements for each financial year which give è true and fair view of the Statement 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: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgments and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subjert to any material departures disclosed and explained in the financial statements. prepare the financial ststements 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 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 Measure119561 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 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 committees thus connecting their skills to the work of the PCC.
PUBLIC BENEFIT The Trustees have considered the Charity Commission's guidance on public benef1t, 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 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 residenls of the parish and further afield. This includes providing financial assistance, where appropriate, through both the Refugee and Relief Funds. PROFESSIONAL ADVISERS TO THE PCC Auditor Wenn Townsend Oxford OX13LE Bankers National Westminster Bank PIC Uxbridge (A) Branch Unit 227-228 Intu Shopping Ctr The Chimes High Street Uxbridge UB81LA STRUCWRI GOVERNANCE AND MANAGEMENT PCC STANDING CoMMIThEE (PREVIOUSLY, THE LEADERSHIP TEAM) The PCC Standing Committee (PSCI is set up by the PCC with the general responsibility to-. transact the bLJSiness of the PCC between PCC meetings, provide govemance 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 AUDIT FINANCE TEAM {RAFT) Oversee risk, audit and finance governance 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 f1nancially, 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 (PACT) PACT is a committee ofthe PCC that has been set up to take responsibility on behalf ofthe PCC for ensuring.. 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) The PCC Standing Committee (appointed in July 20231 will continue to caretake the responsibilities of the BAFT on behalf of the PCC as an interim measure until such time as the BAFT is established. This includes overseeing all maintenance, repairs and improvements to the churches, The Saint James Centre, grounds, and other church properties. GLOBAL MIssioN TEAM 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. Recomrnend5 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. RISK MANAGEMENT During 2024 the risk register, which summarises and profiles the key risks faced by the PCC, was reviewed and updated. It sets out each risk area, the associated risk ratings, and the control actions needed to reduce the risks to an acceptable level. Each risk area has an owner, often the PCC itself, that has the responsibility to review regularly the control actions to ensure risks are effectively managed. The key risks are shown below, with their associated preventative actions. Key Risk Area The Faithful Proclamation of the Gospel Preventative Action Taken PCC members are each part of a Growth Group and are regular Sunday attendees. Preaching is regularly reviewed by the Ministry Team Growth Group leaders received regLJlar training. Wellbeing of Children, Young People and vulnerable Adults All volunteers are recruited following 'Safer Recruitment, 9uidelines issued by the Diocese of Oxford. This includes reference checks, completion of a criminal record checks from the Disclosure & Barring Scheme {DBSI and the completion of a 'confidential declaration,. All volunteers 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's guidance on safeguarding children and vulnerable adults). Sites & Buildings The Buildings & Churchyards Team (the working group that reports to the BAFT) complete 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 (e.g. a warden) who will be trained in health and safety le.g. evacuation, locking the building, first aid response) Any volunteers using 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 records. CHURCH AThENDANCE There is a statutory requirement to revise the Ecclesiastical Electoral Roll completely every six years and to update the Electoral Roll each year. The last full revision took place in April 2018 when 533 people were recorded on the Roll.. 444 on the Gerrards Cross section and 89 on the Fulmer section. The next full revision of the Electoral Roll wi11 take place in April 2025. The usual Sunday attendance, in the last quarter of 2024 was 267 adults and 50 children: 228 adults and 49 children in Gerrards Cross and 39 adults and I child in Fulmer. PCC REVIEW OF THE YEAR Aims Objectives & Activities Ourvision is to see every life transformed. Through Jesus. ForGod's glory. This mean5 a church where, by God's grace, we are reaching, growing, and resourcing.. Rea¢hing...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 ministry around our 5 Biblical purposes, each of which flows out of the gospel message: Jesus is Christ the Lord. MagnifJcatFon: rejoicing in God with all our hearts and all of our lives. Misslon: living to see God's kingdom grow as more people are saved. Membership: welcoming people into a family that cares for each other. Maturity: growing in the likeness of Christ through the gospel and by his Spirit. Mlni5try. serving God with the gifts his Spirit has given u5. We are meeting, 35 a church, as three congregations in Gerrard5 Cross and Fulmer. In Gerrards Cross- The 10..00, and The 5'.30. In Fulmer.. The 11'.15.
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 three 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. We have also continued to focus on a particular theme each month, as well as hearing updates from our mission partners. 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 group5 and other evangelistic initiatives have continued, enabling enquirers to find out more about the claim5 of Jesus. Connect groups have seen new joiners welcomed and cared for as thewve arrived at Saint James. Growth Groups have continued to meet to study God's word, and to care for and encourage one another in the messiness of life. We are thankful for growth in our youth and children's work and for many families those small. but growing, communities are a key source of spiritual encouragement for our young people and their parents. Numerically, we are growing in both our morning and evening congregations in Gerrards Cross and we praise God for his goodness and kindne55. We have an increasing number of guests and newcomers with us week-by-week and it is encouraging to see many showing interest in our Explore ministry. On the Ministry Tearn, we said farewell to Daf Meirion-jones, who moved with his family to the parish of Penn Street & Holmer Green. We thank God for the Meirion-jones family and we rejoice in both their work amongst us here at Saint James and the new ministry that Daf has now taken on. We also said goodbye to Jill Roth, who stepped down from her role as Associate Minister for Fulmer, in December. After eight years on the team, Jill leaves with the love, respect and gratitude ol many in our church family, not least in Fulmer, where her ministry has been greatly appreciated. Meanwhile, in April we welcomed Dan Hubbard to the team as Comms & Membership Lead and his ministry has been well received across the church family. Then in September, Jenny Williams arrived to take on the post of Associate Pastor for Women,. and she has been a great blessing to our church family. We also welcomed Alicia Morrow, whojoined us in February from Adelaide, as a Ministry Assistant and it has been a joy to see her throwing herself into a whole range of ministries. In the Operations Team, we said goodbye to Hazel Robinson, after seven years of faithful service as our Finance Officer and we welcomed Shakira Robbins Armstrong as her replacement. Having completed his training on the Ministry Associate Programme, Otto Summerell joined us full time as a Ministry Co-ordinator. We are delighted to have both Shakira and Otto onboard. 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 marby people involved in gospel ministry and contributing to the life of our chuich in different ways, The body of Christ has been built up, as a result.
As always, our Vision Dinners were a great ¢xcasion. The Saint James Centre was brimming with energy as we launched the academic year from Ephesians 4, to think about "Building the body.. ' Wefinished thecalendaryearfocused on mission with a packed Christmas programme and a feast of music, with numbers of guests vp yet again (and significantly) on the previous year- and encouraging signs of evangelistic energy across the church family. As always. we are 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 continuing to make progress as we upgrade our processes and systems and adapt to new technologie5. As a church we are continuing to engage with the pastoral and political implications of the Church of England's Living in Love and Faith initiative, and the introduction of Prayers of Love and Faith. The PCC remains committed to constructive and prayerful engagement on these issues, to ensure that we remain faithful to the gospel. 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 2024-25 and celebrate what God has been doing amongst us. In all the above, l am thankful to God for the faithful and sacrificial service of our Churchwardens, Clergy, Staff 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."11 Corinthians 3.71. 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 2024 General Fund We started the yearwith a PCC approved budget deficit of £188,568 and as a result ofanother year of God's provision, we have ended up reporting a surplus of £6,839 {after fund transfers). The-headline" total income figure of £887,147 was 11% up on the 2023 equivalent income of £796,352. Voluntary income, being the income received directly from the members of the church family, at £807,376, was up 10Yo on the 2023 figure of £733,174. This increase was primarily due to a large number of "one off" type gifts, with the regular standing order giving being down 20%to £336,678 (2023: £418,924). The regular"bedrock" giving represented 42% of the total, down from 57% in 2023. Whilst we are incredibly grateful for all forms of giving, the move away from the regular forms of giving makes medium/long terrn planning more difficult due to the uncertainty surrounding regular giving. The General Fund benefited from the ongoing high rates of interest received on the cash deposits, with £32,851 being received (2023: £27,349).
Total expenditure for the year at £864,169 was 6% higher than 2023 {£811,958). The "core" 2024 expenditure of running all our ministries and other activities (excluding outside giving and governance costs) at £786,439 was up 8% from the equivalent £728,360 in 2023. There were significant savings due to an ordained member of the staff team leaving us in mid-2024 (saving both payroll and housing costs) plus only 50% of the Parish Share being paid to the Diocese of Oxford from October 2024 (note that the balance was charged to the General Fund through the transfers between funds- see below for further details). However, two staff posts were added during 2024 to further the ministry to both women and membership as a whole plus enhance the communication related resource within the Operations Team. These posts were supported through the release of Church Growth funds, shown in the transfer belmeen the fund5 line (again see below for further details) resulting in a net zero impact on the General Fund. Cost increases were a150 seen in such areas as utility bills and cleaning costs. In 2024 the grants to organisations outside the church (allocated by the Global Mission Team) totalled £70,100, down 9% on 2023, reflecting the lower level in church family giving during the 12 months to 31 September of the previous year which forms the basis of the 10% giving calculation. During 2024, there was a net transfer of £21,264 into the General Fund from the various designated funds as shown in Note 11. A slower, but still healthy, growth London Stock Exchange primary index during 2024 which saw our index linked investment grow by £5,12612023.- £19,412). Deslgnated Funds The key, non propety related, designated fund is the Church Growth Fund which started 2024 with a balance of £396,747. During the year the PCC decided to widen the use of this fund to support ministry within the two St James,, hence the transfer of £45,766 to the General Fund to offset the additional costs mentioned above. In addition, a new fund called Contending For The Faith (CFTFI was set up in October 2024 to receive the 50% of the Parish Share not paid to the Diocese of Oxford. This fund has the general remit to support orthodox gospel ministry primarily within the Diocese of Oxford. During the year, £26,257 was transferred to CFTF from the General Fund. The two maintenance related funds each had £20,000 transferred into them to cover the spend on the two church buildings and the St James Centre during the year, plu5 making up shortfalls in transfers in previous years. Restricted Funds In addition to generous unrestricted donations, progressing our wider mission as a church would not be possible without the donation of fund5 that are restricted for specific purposes. The largest restricted fund supports the work of Nat Schluter (Principal of the Johannesburg Bible College and St James Mission Envoy). During 2024, a further £44,949 was raised with £101,586 being Spent on support, leaving a closing balance of £43.535. Due to the generosity of the church family in previous years the Relief Fund started 2024 with a balance of £22,776. Due to an emphasis on distributing these funds, rather than raising further donations, £8,386 was used supporting church family members, leaving a closing balance of £14,469. The Refugee Fund, created primarily to support displaced people las a result of the war in Ukrainel, had a similar emphasis on distribution rather than fund raising with £12,000 spent supporting such refugees, leaving a closing balance of £2,386.
Reseryes There are PCC approved policies in place to control the level of resources held within each of the major Unrestricted Funds. These policies are designed to ensure that the -target" balance covers the estimated future potential expenditure. The levels of financial resources deerned necessary for each of these funds, together with the current measurement against each target are as follows: Name General Fund Contractual commitments as per the 2024 Budget Yes Church replacement equipment Cap of £50,000 On target to meet the cap in a further S 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 Church and Centre exceptional maintenance Cap of £50,000 Cap of £70,000 On target On target No target has been set for the Church Growth fund. The PCC has now agreed that this fund can be spent on mission focused activities in the short to medium term. Fundraising During 2024, except for the activities mentioned within the Restricted Funds section, no significant fundraising activities were carried out. Plans for 2025 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 2024. 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 foNard, 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. 10
Our ministry IS Sustained and delivered by a huge number of people in the church family using their God-given gifts to serve in the gospel ministry in which we all share. We are so grateful to God for all who have served in different ways. Particular thanks go to the Churchwardens and Leadership Team for their faithfulness to the gospel, their hard work and their prayerful support. We also don't take for granted the generosity of all those who gave financially during the year to enable the ministry here and we thank God for his wonderful provision through the church family, through regular planned giving, and through one-off gifts. As we look around St James, we See evidence of lives transformed and glimpses of God's Kingdorn being ushered in. Time and again, we stand bacl 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 SpiriL could be the source and sustainer of all we are - thanks be to Him. On behalf of the PCC Revd. Matt Beeby Rector Correspondence Addre55 for the PCC St James Church Office Oxford Road Gerrards Cross Buckinghamshire, SL9 7D
Balance Sheet (Church of England) As aL' 31 December 2024 As at 3111212024 Prior Year Movement Cutrenl A55etS Stocks and work in progress Debtors Sh)rt tenn deposits Cash at bank in hand 14 IAOI.55 89,294.74 381587.35 133,860.15 607,143.79 1,368.49 121347.18 415,885.60 149,638.53 689,239.80 33.06 133,052.441 133,298.251 115,778.381 Notss Non-currerkt Assets 81al 81bl Fixed assets Investments 1069,622.04 229,079.83 1291701.87 2.121.535.83 223,953.87 1345,489.70 151,913.79) 5,125.96 146,787.831 10 Current Liabilities Creditors.. Amounts falling due in one year Non-current Liabilitie5 Long term Loan 25,617.60 41,097.56 115,479.961 Totsl Net Assets Lesi Ltabilities 1880.228.06 2,993,631.94 Represented by unStriCted General Itmd Designated lurKI Restricted l¥Kome fund5 Capitsl funds 286,918.35 794,409.56 280,079.34 791,686.17 6,839.01 1723.39 111bl 126,161.74 1,671738.41 195A60,31 1,726.406.12 169,298.5 153,667.711 FuNJsol the church 1880.228.06 1993.631.94 Approved by the Parochial Church Council on. and signed on i ehalf by.. Revd. Matt Beeby (Rector} Mst reasu Notes 1-16 form part of these financial statement 13
St James Gerrards Cross with St James Fulmer Statement of Financial Activities For the period from 01 January 2024 to 31 December 2024 8x8 *vv En St James Gerrards Cross with St James Fulmer 12
St James Gerrards Cros5 Wlth St James Fulmer Statement of Cashflow For the period from 01 January 2024 to 31 December 2024 2024 Prior Year Net Casli Inflow/lOutflowl Iiicome/lExpenditurel Deprètiation Investment Loss/lGkinl Ilncieasel/Decrease in Debtors Ilncreasel/Decrease in SEock Inciease/lDecTeasel ITr Creditors Interest and Dividends Ireceivedl 1173,378_881 62,068.16 149.2 58.041 61,800.95 119,4 12.051 114.802.901 128.11 16,293.7J 129,387.191 15,125.961 33.027.44 133.061 115.479.961 132,851.051 177,773.371 134,637.391 Investlll9 Activities Fixed Assets ladditionsl/disposals Intei'est aiid Dividends 110,154.371 32851.05 11,995.001 29,387.19 27,392.19 22,696_68 Financin9 Activities Borrowings/Loans IncreasellDecreasel Dividend5 paid 15.000.001 15,000.001 Inciea5e/lDecieasel in cash in the yeai. 149,076 631 112.245.201 Casli at bank, on deposit and tii hand kt 31st December 2023 565,524.13 577,769.33 Increase/lDecreasel in ca57 during the year 149,076.631 112,245 201 Cash at bank, oli deposit and in hattd at 31st December 2024 516,447.50 565.524.13 14
NOTES TO THE ACCOUNTS AccouNTING POLICIES Basis of re tion of tements The financial statements have been prepared on an accruals accounting basis and in accordance with the Church Accounting Regulation5 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 account5 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 2022, and UK Generally Accepted Accounting Practice. Details of the charitys principal office can be found on page 11. The financial statements have been prepared under the hi5toiical cost convention with the exception of the inclusion of investments at their fair Ibidl value at 31 December. 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 IFRS 1021 issued on October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from I April 2005 which has since been withdrawn. The PCC believes that the reserves held by the PCC allow the account5 to be produced on a "going concern" basis. The financial staternents include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include any monie5 of church groups that are informal gatherings of church members. Fund Accountin 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. 'De5ignated funds, are funds set aside by the PCC out of unrestricted general funds for specific future purposes or projects. The use of such designated funds can be amended or the funds re-designated as unrestricted general funds by the PCC. 'General funds, represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted. In Planned Christian Giving receivable under standing orders is recognised only when received. 15
CAFS are recognised 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 purpose5 are included as restricted income fijnds in line with the terms of the donation. Income tax recoverable on gift aid receipts is recognised when the income is recognised. Legacies are accounted for as income when receipt is more likely than not. Sales of books are recognised on a recoverable ba51S. Dividends and interest are accounted for when receivable. Ex enditure 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 hove been apportioned to the individual activities based on the time spent by stsff on matters relating to those activitie5. 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 31. These costs are accounted for when payable. Rentals payable under operating leases are accounted for on a straight-line basis over the lease term. ains and losses on Inv ment Fixed Ass 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. Tan ible Fixed A Consecrated and benefice propety is excluded from the accounts in line with Section 1012) of the Charities Act 2011. All expenditure, whether maintenance or improvement, incurred on consecrated or benefice propety 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 oUe1gh the benefit of providing such information. Items acquired after l January 2001 are capitalised at cost and depreciated over their effective use*ul 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 9rouped 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 years Investment Fixed Assets Investments are valued at fair (bid) value at 31 December. urrent 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. rovisio 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 2024, legacies of £10,600 We received12023.' £2,000). STAFF PENSIONS The PCC participates in the Pension Builder Scheme section of CWPF for lay staff. CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the Employer and other participating employers. CWPF has two sections.. 1. the Defined Benefit5 Scheme 2. the Pension Builder Scheme, which has tsvo sub5ectlOnS,' a deferred annuity section known as Pension Builder Classic, and, a cash balance section known as Pension Builder 2014. Pension Builder S¢heme Both sections of the Pension Builder Scheme are classed as defined benefit schemes. Pension Builder Classlc provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed bythe Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investrnent returns and other factors.
Pension Builder2074 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contribution5 are recorded in an account for each member. Discretionary bonuses may be added before retirement depending on investment returns and other factors. The account, plus any bonuses declared Is payable, unreduced, from age 65. There is no sub-division of assets between employers in each section of the Pension Builder Scheme. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This IS because it is not possible to attribute the Pension Builder Scheme's assets and liabilities to specific employers and means 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 the contributions payable12024.' £28,401, 2023: £30,780). A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2022. For the Pension Builder Classic section, the valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2025, the Board chase to grant discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997,- and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 2.7% (where usually it would be calculated based on inflation up to 2.5Yo). This followed improvements in the funding position over 2024. There is no requirement for deficit payments at the current tirne. The next valuation is due as at 31 December 2025. For the Pension Builder 2014 section, the valuation revealed a surplus of £8.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time. The legal structure of the scheme is such that if another employer fails, The PCC could become responsible for paying a share of the failed employer's pension liabilities.
INCOMEAND ENDOWMENTS vrrio tiirri Ovr ¥D Ln tn -m C**7¥rri
OuO 19
EXPENDITURE mmp 20
EMPLOYMENT COSTS Staff costs consist ot. 2024 2023 (prior Year) Gross salaries 242,160.19 202.599.50 National insurance 16,125.65 13,273.44 Pension contributions 28,4CO.67 30,780.26 Other employment costs 6,951.38 3,567.61 293,637.89 250.220.81 During the year, the PCC employed an average of 7 full-time equivalent employees (2023.. 9.501. One of those individuals earned more than £60,000. Other employment costs include Recruitment and Relocation. TRANSAcfioNS 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 4 clergy pastors on the team during 202412D23: 71, none of whom were funded through the General Fund lin 2023, 2 were funded through the General Fund at a cost of £45.802). In 2024 clergy incurred housing costs of £21,792 12023.. £41,070) and general expenses of £5,974 (2023= £3,797). Expenditure incurred by other members of the PCC wa5 £441 12023= £901}. Related party expenditure was £21.19812023: £16,206). The PCC members and theirdependents contribute to the Church's incomethrough the Planned Christian Giving IPCG) scheme. Amounts given by individuals to this scheme are regarded as confidential by the Church. Their cumLJlative contribution to the Church's General Fund in 2024 was £213,049.75 {2023: £207.3421. In addition, the PCG scheme covers unrestricted gifts as well as restricted gifts for Mission Envoy, The Relief Fund and the Refugee Fund. 21
FIXED Assrrs {a) Tangible fixed assets Freehold LarKI atTd 8Luldii)gS staff Houses Sl Jan5 Centfe otlpr Fixed Assets Tolal Total GROSS PnOK VAIUE Al 31 e11)I)er 2023 5B7.017h5 2,577.527A7 3,164.545.52 540.28928 3.704Bi4.80 10.1 $4.37 Additions Dssposa15 Al )l Deceoil)er 2024 10.154.37 587.017.65 2,577.527.87 1.164.545.52 5£0.443.65 3.714.989.17 DEPRECIATION At 31 De(ernbd 2023 133.643,18 9)5.022.51 51.550.56 781.379 3. 60.525.40 534.633.Z8 7,583,298.97 62.068.16 Chaige foi 11)e ye Dispo$4s At 31 Decemb6Y 2024 8.974A4 1.54?.76 742,618.02 966.573.07 841.904.73 536,176n4 1.645.3fj7.1i NET 800K VALUE Al il DecÈNa)w 202) Al 31 Decerrl>er 2024 45',37d.47 444,399.63 1.662.505.56 2.? 15.879.83 5.656.00 2,121.S35.8? 2.069,622.04 1.610.954.80 2,055.394.48 14.267.61 Staff Houses represent housing which has been provided for the Maturity Pastor for Women at 7 Gaviots Close, Gerrards Cross and for the Worship Pastor at 38a Lovel Road, Chalfont St Peter. 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 propety is excluded from the accounts by virtue of Section 96121 (al of the Charities Act 1993. The church buildings are insured by the PCC as follows- Loss Limit (£1 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 (b) Investment Fixed Assets Investments are entirely invested in the CBF Investment Fund as follows= 22
Unrestricted Funds Restricted Capital Fund5 Total At 31 December 2023 223.9S3.87 223,953.87 IncreasellDecrease) in value during the yea At 31 December 2024 5,125.96 5,125.96 229,079.83 229,079.83 Number of units 9,907.14 9,907.74 DEBTORS At 3111212024 Prior Year Debtors for goods and services 985.00 Gift Aid recoverable 32,781.44 44,465.28 Prepayments 8,469.49 20,635.53 Other debtors 48,043.81 56,261.37 89,294.74 122,347.18 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 associated lease provides an operational benefit to the charity. 10. LIABILITIES At 3111212024 Prior Year Current Icreditors due within one yearl Creditors for goods and services 15,011.88 Accruals and Deferred Income 7,580.00 Pensions 3,025.72 Other creditors Non Current Liabiltties - Loans 17,006.98 21,500.00 2,590.58 25,617.60 41,097.56 23
FUND DEfAILS (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 purpose5. Movements in unrestricted funds during the year were as follows: Opening Balance Income Expenditu Transfers sn/loutl Closing Balance FreelK)Id Property Funds ChuTch Growth 246.978.71 6,857.69 328.00 240,121.02 39&747.06 144,765B91 20.000.00 351,653.17 Church Equip & Maint SJC Equip & Maint Mission Discotionary 61,602.97 7,306.98 74,295.99 59.428.96 43,704.21 4.275.25 2000.00 24.337.04 0.00 24,337.04 26257.20 2&257.20 Other gesfgn8ted Investment Equalisatitrn Unrestricted-Designated Funds 18,316.18 18,316.16 794.409.56 791,686.17 18,767.92 21A91.31 Unre5tricted- General Funds 280,079.34 887.147.13 864,169.54 116,138,581 286.918.35 TOTAL 1,071,7fj5.51 887,147 13 882.937.46 5,352.73 1,081.327.91 The freehold propety 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 EquipmenL 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 Opening Balance IrKome Expenditure Transfèrg in/10) Closing Balante Mission Envoy 100,172.08 44,949.02 101,585.86 43,535.24 Refugee Fund 13.060.38 1326.32 12000.45 2,386.25 Relief Fund Other FsJnds 22.776.7S 59,451.10 78.12 61034.55 8385.53 54,487.97 14,469.34 65,770.91 1226.771 TOTAL 195,460.31 107,388.01 176,459.81 1226.771 126,161.74 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 Refugee Fund was closed during 2024 with the immediate needs Of those fleeing the war having been rnet. The Relief fund was launched in 2020 to offer short-term financial relief to members of the church family. The Other funds represent amount5 received by parish organisations which are to be spent on various restricted charit3ble and other purposes. (c) Restricted Capital Funds The capitsl of these funds may not be spent by the PCC without appropriate authority. They comprise.. C105ing Balance Incornè ExpEttditure Transfers inllovti acyng Balancè House Purchase Fund Projett 2000 IP2KI 63,900.76 1,662,505.36 2,117.15 51.550.56 61.783.61 1,610,954.80 TDTAI 1.726,406.12 53,667.71 J,671738.41 The House Purchase fund represents atnounts donated to provide housing for the 38A Lovel Road. 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 cost5 included within the overall project. Expenditure during the year comprised depreciation of the building, fixture and equipment. 12. ANALYSIS OF AssFfs BY FUND 2024 2013 O&gnhtEd Gerterèl Fund Iurwtrictrdl R¢strcted Cawial Funds IUrnÈ5trictedl Retyicted Trrnd Totsi PnoFYearTvt?I Thloie Tayjiefi¥eo aSSEIS INesfvnt k%eOassets 5.226.33 391ffj730 1069.62204 N¢tBb 210.76365 a29.P79.&3 2.953.87 Cmntisstts 9&289.97 384.43fj.( 126A17.74 7.14379 689.239AO Cvttentliat¥libes 125.361ts0) 125&WI 125.617.601 141.D97.561 Lw9.¢2 liabilives fu Balancès 2e6.918.35 794,4W56 2.88Q.22806 2,993.631.94 25
13. OPERATING LEASES At 31 December 2024 the church has commitments, under operating leases, as follows: 2024 Land 8t buildings 2023 Land & buildings Other Other Leases which can be determined..- within one year wtthin kn to five year5 TOTAL 11.400 88 24,000 IT,400 88 24,000 14. STOCK 2,024.00 PTior Year Bookstsll 1,401.55 1.346.99 CardslGifts 21.50 1,401.55 1,368.49 15. CAPITAI COMMITMENTS AND CoNnNGENT LIABILITIES There are neither capital commitments nor contingent liabilities. 16. CoTrffROLLING PARTY There is na controlling party. 26
INDEPENDENT AuDITt)R'S REPORTTO THE TRUSTEES OFTHE PAROCMIALCHURCH COUNCILOF STJAMESGERAARDS CROSSWITH ST JAMES FULMER Independent AuditOT'5 Report to the Trustee5 of The Parochial Church Council of the Ecclesiastical Parish of St James Gerrards Cross Wlth St James Fulmer Opinion We have audited the financial stalements of The Parochial Church Council of the Ec¢lesiastical Parish of St James Gerrards Cross with St James Fulmer (the 'charity') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, Statement of Cash Flow5, and notes 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 Standaid 102 The Financiol Reportirtg Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 December 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,- and have been prepared in accordance with the requirements of the Charities Act 2011. 8a515 for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audwt 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. Concluslons relatlng to golng concern In auditing the financiJl statements, we have concluded that the trustees. use of the going concern basis of accountin9 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 collertively, 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 trtjstees with respect to going concern are de5tribed in the relevarbt sections of this report. Other informatlon The other information comprises the information included in the trustees. annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statement5 does not cover the other nformation and we do not express any form of 85suiance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information 15 materially inconsistent with the financial statements or our knowledge obtained in the audit or otheiSe appears lo be materially misstated. If we identify such material inconsistencies or apparent material mis5tatement5, we are required to determine 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 misststement of this other information. we are required to report that fact. We have nothing to rÈport in this regard. Matters on which we are required to report by exception 27
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.. Independent Auditorfs Report to the Trustee5 of Th8 parochial Church Council of the Ecclesiastical Parish of St Jarnes Gerrards Cross with St James Fulmer {continued) the information given in the tnjstees, report is inconsistent in any material respect with the financial statements,. or sufficient accounting records have not been kepL or the financial statements are not in agreement with the accounting records,. or we have not received all the information and explanations we require for our audit. Responsibilitles of trustees As explained more fully in the trustees, responsibilities stat@ment 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 viev4, and for such intemal control as the trustees determine is necessary to enable the Preparation of financial statements thai are free from material misstatement whether due to fraud or error. In preparing the financial statements. the trustee5 are responsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable, matters related to going conceTn and using the going concern basis of accoullting unless the trustee5 either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor's responslbllltles for the audit of the financial statements We have been appointed as auditor under the Charities Act 201 l and report in accordance with the Act and relevant regulation5 made or having an effect thereunder. 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 auditorfs 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 IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, indivtdually or in the aggregate, they could reasonably be expected to iftfluen¢e the economic decisions of users taken on the basis of these financial statements. Extent to whlch the audlt was considered capable of detectlng irregularlties. including fraud The extent to which our proceduies are capable of detecting irregularities, including fraud is detailed below.. Irregularities. including fraud, are in5tance5 of rK)n-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regvlatory framework5 Wlthin which the charity operates, focusing on those laws and regulations thai have a direct effect on the delermination of material amour)ts and disclosures in the financial siatements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP IFRS1021. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial ststements items. In addition, we considered provisions of other laws and regulation5 that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity's ability to operate or to avoid a rnaterial penalty- We also considered the opportunities and incentives that may 28
exist within the charity for fraud. The laws and regulations we considered in this context were General Data Protection Regulations, Health and Safety and Taxation legislation. Auditing stsndards limit the required audit procedures to identify non-compliance with these law5 and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any. Independent Auditor's Report to the Trustees of The parochial Church Council of the Ecclesiastical Parish of St James Gerrards Cross with St James Fulmer Icontinuedl We identified the greatest risk of material impact on the financial statements from irregularities, including fraud to be within the recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing the posting of jouma15, reviewing accounting estimates for biases, sample testing of income transactions to supporting documentation and reading minutes of meetings of those charged with governance. Because of the inherent limitations of an audit there is a risk that w@ will not detect all irregLFlarities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Thi5 risk increases the more that compliance with a law or regulation is removed from the events and transactlons reflected in the financial statements, as we will be less likely to become aware ol instances of non-compliance. The risk is also greater regarding irregularities occurring due to fiaud rathei than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilitie5 for the audit of the finan¢ial statements is loc8ted on the Financial Reporting Coun¢il'5 website at.. www.f¥c.org.uVauditorsresponsibilities. This description forms part of our auditorf5 report. Use of our report This report is made solely to the charitys trustees, as a body, in accordarbce with Part 4 of the Charities IAccount5 and Reports) 2008. Our audit work has been undertaken so that we might state to the charity's twstees 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 charitls trustees as a body, for our audit wort for thi5 reporL or for the opinions we have formed. Wenn Townsend (Ststutory Auditor} 30 St Glles Oxtord OXI 3LE 17 April 2025 Wenn Townsend is eligible for oppointment as auditor of the charity by virtue of its eligibility fvr appointment as auditor of o comp¢7ny under sertion 1212 of the Companies Act 2006. 29