ST JAMES GARLICKHYTHE
## **ST JAMES GARLICKHYTHE**
Registered charity number 1131198
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ST JAMES GARLICKHYTHE
REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
|CONTENTS|PAGE|
|---|---|
|Charity Information|1-2|
|Trustees' Report|3-8|
|Independent Examiner's Report|9|
|Statement of Financial Activities (Income & Expenditure Account)|10|
|Statement of Cash Flows|11|
|Statement of Financial Position (Balance sheet)|12|
|Notes to the financial statements|13-20|
ST JAMES GARLICKHYTHE
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CHARITY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2024
UK Registered Charity No. 1131198
Name of the charity
The Parochial Church Council of St James Garlickhythe with St Michael Queenhithe and Holy Trinity-the-Less
Registered office St James Garlickhythe Garlick Hill London EC4V 2AF
Trustees Trustees and members of the Parochial Church Council from January 2024 to September 2025 were:
The Rector:
Revd Canon Anthony Howe (Chair) (appointed 15 April 2024)
Churchwardens:
Mr Paul Farmiloe
Mr Philip Grant
Mrs Jaspreet Hodgson CC
Other members of the PCC:
Mr Ellis Pike (Lay Vice Chair) Mr Francis Barber
Mr Gordon Haines MBE (Churchwarden Emeritus) Mr Stephen Hodgson FCA, CTA, ADIT (Hon. Treasurer, resigned 27 April 2025)
Mr James Ibbotson (appointed 27 April 2025)
Dr Joanna Kidd (resigned 27 April 2025) Mrs Emma McWilliams (resigned 28 April 2024) Prof Jonathan Rawlings (Deputy Churchwarden) Mr Nick Stockwell (resigned 27 April 2025) Miss Lynette Stone CBE (resigned 27 April 2025) Ms Suzy Webb (Deanery Synod representative and Deputy Churchwarden)
In attendance:
Ms Johanne Moss (Secretary) Alderman Dr Sir Andrew Parmley MusM, Hon FGS (co-opted for music)
ST JAMES GARLICKHYTHE
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## CHARITY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2024
## Other Church Officials
Hon. Curate: Vacant Verger: Mr Ellis Pike Parish Administrator: Ms Johanne Moss Electoral Roll Officer: Mr Paul Farmiloe Finance Officer: Mrs Elizabeth Bridges Gift Aid Officer: Mr Philip Grant Director of Music: Alderman Dr Sir Andrew Parmley MusM, Hon FGS Safeguarding Officer: Dr Andrew Storey. Dr Joanna Kidd (to April 2025). Fabric Officer Mr Philip Grant Terrier Officer Prof Jonathan Rawlings Tower Captain: Mr Dickon Love MBE Hon. Treasurer: Mr Stephen Hodgson FCA, CTA, ADIT (to April 2025)
Independent examiner Mr Keith Raffan FCA Raffan and Golding Limited 17 Short’s Gardens St Giles, Covent Garden London, WC2H 9AT
Principal bankers Co-operative Bank PLC 1 Balloon Street Manchester, M60 4EP
Cambridge & Counties Bank Ltd Charnwood Court 5B New Walk Leicester, LE1 6TE
HSBC 60 Queen Victoria Street London, EC4N 4TR
Investment Managers CCLA Investment Management Ltd Senator House 85 Queen Victoria Street London, EC4V 4ET
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## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees of the charity, who are the members of the Parochial Church Council (‘PCC’) present their report and financial statements for the year ended 31 December 2024.
The Accounts have been prepared in accordance with the accounting policies set out in note 1 to the Accounts and comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
## _**Structure, governance and management**_
The PCC, which is also a registered charity with the Charity Commission, is governed by the Parochial Church Councils (Powers) Measure 1956 and the Church Representation Rules 2020.
All members of the PCC are either ex officio or are elected at the Annual Parish Meeting in accordance with the Church Representation Rules. The parish has adopted a policy of waiving the term limits that any person cannot serve more than six years continuously. The members of the PCC, who are also considered trustees of the charity, who served during the year, are shown on page 1 of this report.
Seven full meetings of the PCC were held in 2024. The standing committee, consisting of the priest, two churchwardens, the secretary and one lay PCC member has the power to meet and transact the business of the PCC between its meetings, subject to any directions given by the PCC.
The PCC and Church Wardens managed the church through the Interregnum process until the installation of the Reverend Canon Anthony Howe MA FSA on 15[th] April 2024.
The Fabric Committee met several times during the year mostly online and as required. The Committee focused, in particular, on the church’s Project 350; the complete refurbishment of the church’s exterior envelope and interior. See below, under _Church fabric & fabric committee_ .
## _**Objectives and activities for the public benefit**_
## _Aims and Purpose_
The PCC has the responsibility of co-operating with the Rector, promoting in the ecclesiastical parish of St James Garlickhythe, the whole mission of the church, pastoral, evangelistic, social and ecumenical. The PCC also maintain and protect the historic listed Wren church building for future generations. This is its main public benefit. The trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives and in planning its activities.
## _Activities:_
## _Achievements and Performance_
The PCC at St James is committed to enabling as many people as possible to worship at our church and to become part of the parish community. The PCC maintains an overview of worship throughout the parish and makes suggestions on how our services can involve the many groups that live and work within our parish. Our services and worship put faith into practice through prayer and scripture, music and sacrament.
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## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
When planning our activities for the year, we have considered the Charity Commission's guidance on public benefit and, in particular, the supplementary guidance on charities for the advancement of religion. We try to enable ordinary people to live out their faith as part of our parish community through:
- 1) Worship and prayer; learning about the gospel; and developing their knowledge of, and trust in, Jesus. 2) Provision of pastoral care for people living and working in the parish or who have a connection with St James including acting as Corps Church for 3MI Battalion of the Intelligence Corps. 3) Missionary and outreach work.
To facilitate this work, it is important that we maintain the fabric of the historic building of St James Garlickhythe and the attached parish rooms.
## _Worship and prayer_
The Eucharist is celebrated at St James on Wednesdays, Thursdays and Fridays each week at 12.30pm, providing a quiet, intimate and reflective environment for prayer, whilst our Sunday Sung Eucharist continues to provide the opportunity to worship using the Church of England’s traditional liturgy. St James continues to stream all its Sunday and special services through Facebook, Twitter, and YouTube
Sunday services at St James are conducted according to the 1662 Book of Common Prayer and the Authorised Version of the Bible, also known as the King James Version. All readings and collects are taken from the lectionary and calendar of the Book of Common Prayer. Whilst our stance is traditional, we are an open, diverse, and inclusive Christian community with a wide range of personalities and eager to draw others into our fellowship. We warmly welcome all who wish to worship with us on Sundays, weekdays and on special occasions of service.
St James Garlickhythe PCC held liturgical responsibilities for St Michael Paternoster Royal up until 1 June 2024. After this, the church was closed and is now being offered for sale by the Diocese of London.
St James is well known for its musical traditions, under the splendid stewardship of our Director of Music, Sir Andrew Parmley. Once again, the church has been delighted with this rich heritage, which brings great pleasure to regular worshippers and to visitors.
In 2024, the electoral roll numbered 66 but this disguises the many more attending the church at other services and watching online. The congregation of St James Garlickhythe reflects its location in the heart of the City of London and therefore few reside in the parish. People worship at St James because of its commitment to the Book of Common Prayer of 1662, the Ordinal and the classical Anglican tradition of reverent worship, including the public use of the Authorised Version of the Bible of 1611.
In addition to the parish activities, St James Garlickhythe also plays an important role as church to a large number of city livery companies and the church is grateful for their generous support. These connections are an important aspect to St James, being seen as a church which is at the heart of the community of the City of London.
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## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
St James is also the regimental chapel of 3MI Battalion of the Intelligence Corps. The turning of the page in the Book of Remembrance takes place at Sunday worship each month. We are delighted that our relationship with the Corps continues to deepen and we thank Lester Hillman for his support.
## _Deanery Synod_
A member of the PCC sits on the City Deanery Synod. This provides the PCC with an important link between the parish and the wider structure of the church.
## _Church fabric & fabric committee_
The PCC continues with its programme of repairs and maintenance to the historic building of St James Garlickhythe to safeguard the assets and the future mission of the church.
Work on a replacement statue of St James for the top of the restored clock continues, and the newly carved figure of St James should be installed in 2025. We are most grateful for a generous donation to pay for this.
We are continuing to plan for our major programme of works, the church’s _Project 350_ ; the complete refurbishment of the church’s exterior envelope and interior. The first phase, the updating of the meeting rooms and the creation of a new vesting area was completed by March, 2024. The church is now gearing up for the next phase of the work. Fundraising for the project is now a high priority.
## _Pastoral care and reaching the community_
Some members of our parish are unable to attend church due to sickness or age – however the live streaming allows them to still be part of our worship. Prayers are said on Sunday for those who are ill or in distress.
## _Missions_
The PCC authorised the payment of 100% of the full cost of Common Fund for 2024 amounting to £91,300 (2023 - £87,775).
ST JAMES GARLICKHYTHE
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## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
## _Financial result_
The PCC took the decision to write off the remaining net book value of the Parish Room on the basis that it is considered an integral part of the church and cannot be sold separately. Property that is consecrated and beneficed heritage property can be excluded from the accounts by virtue of section 10(2)(a)-(c) of the Charities Act 2011. The new treatment creates a prior year adjustment in 2023 and as a result, it is more difficult to make comparisons between the years. The prior year adjustment is fully disclosed at note 20 on page 20 of the financial statements. The write off of the Parish Room is matched by the closing of the New Parish Room endowment fund.
The church made a net surplus of £12,922 in 2024 (2023: deficit of £33,814) after investment gains of £9,346 (2023: gain £20,867). The PCC is satisfied with the result. The balance sheet now shows total funds of £329,250 (2023: £316,328).
In more detail, there was a surplus of £9,069 on the General Fund relating to the normal activities of the church and a net inflow on the restricted funds of £1,876 mainly relating to the Royal Jubilee Bells fund. There was also an inflow of £1,477 on the endowment funds, particularly the St Mary Somerset Fund. Please refer to note 16 on page 19 of the financial statements where the movements on each fund is listed separately.
A further transfer of £44,060 (2023: £65,212) was required from the General Fund to clear the costs for the St James Project 350, which is shown as designated fund (refer to note 16). The PCC created the designated fund to track the historic costs of each phase of the project.
In 2024, the income from hire fees continued to perform well despite some disruptions during the building work on the two function rooms at St James. The parish rate raised a record £29,136 (2023: £26,135) – over 650 voluntary rates are sent out to business premises in just our small parish, showing the concentration of business in these few streets. The existing telecoms lease remains in place and hence a whole year’s rent is recorded for 2024, when previously only 4 months were recorded for the remainder of 2023; the lease ended at 31[st] December 2023 and the rental income had been recorded at the point of receipt from the start of the lease.
The PCC are very grateful to the City Churches Grants Committee for the payment of a £85,000 grant towards Project 350 and to the Listed Places of Worship (LPOW) for £24,535 in returned VAT payments for the refurbishments. Otherwise, the income remained very consistent with 2023.
The general running costs remain high due to increased cost of living but the accounts are distorted in 2023 and 2024 by the material costs associated with the refurbishment of the meeting rooms and washroom. The PCC continued to pay full common fund in 2024.
Our investments with CCLA and funds on deposit saw income of £4,601 a return of around 2.6% for the investments, with a total gain in their value of £9,346. This represented a total gain on investment of another 8% (2023: 13.5%) compared to their value at the start of the year.
At 31st December 2024, the Church has total net assets of £329,250, of which £36,536 are held in various restricted funds and £55,020 in the St Mary Somerset Endowment Fund, which can be used for general ecclesiastical use. Therefore there is £292,714 of unrestricted funds. The PCC noted the result for the year and is satisfied with the level of reserves held at 31st December 2024.
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## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
## _Investment policy_
The PCC decided to invest some of the church funds with CCLA investment management in 2018 and the principal reason is to maintain the capital value of part of the General Fund while providing a little income. The investments at CCLA are either in dedicated funds for the Church of England or in the CCLA’s highly ethical, managed fund for charities. Both funds provide annual income returns around 3% and have, so far, provided us with exceptional capital growth despite turbulent markets. £15,000 is invested in a 2% London Missional Housing Bond, which facilitates housing for church workers, and this investment forms part of our home mission strategy.
## _Reserves policy_
Due to the historic nature of the Church building, the PCC is committed to ensuring that the Church has free reserves of a base minimum of 12 months of the recurring annual running costs, which are budgeted at around £175,000. At 31[st] December 2024, the free reserves covered costs for around 20 months (2023 – 19 months). Some of this cover depends on the value of investments, which will vary according to the health of the financial markets. However, the PCC believes that the level of reserves held are sufficient and reasonable to maintain the mission and safeguard the fabric of the historic church of St James Garlickhythe in the short and longer term.
## _Major risks_
The PCC believes that it has identified and reviewed all major risks that might affect the mission and have sufficient systems and procedures in place to mitigate those risks. Identification and management of investment risk is addressed in the Investment Policy of the Church. The Fabric Committee meets regularly to identify risks and set building maintenance in progress.
## _Trustee Remuneration_
No members of the PCC received any remuneration. Reasonable clergy expenses were met. Any other trustee expenses were gifted back to the church. There were no other related party transactions.
## _Volunteers_
St James would like to thank Sir Andrew Parmley for maintaining such a rich musical tradition at St James.; to Ellis Pike for his duties as Verger and for documenting the parish plate, to Gavin Stevens for operating the live streaming and for helping, with Sarah Tidman and Steve Lee, with the refreshments after services; to Dickon Love, Tower Captain; to Johanne Moss for acting as secretary and parish administrator; to Elizabeth Bridges for recording all the financial transactions providing quarterly reports and compiling these accounts; to Francis Barber and Lynette Stone for authorising banking transactions and to Philip Grant for completing the gift aid returns. Finally, we would like to thank the churchwardens and the other members of the PCC for their work welcoming visitors and attending to the livery companies and others at their services.
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## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
## _Plans for the future_
The PCC and the congregation at St James are dedicated to reaching out to the wider community to spread the word of Jesus. We would draw readers' attention to our website: www.stjamesgarlickhythe.org for further details or our mission, worship and pastoral care.
## _**Responsibilities of the trustees and the PCC**_
The charity trustees are responsible for preparing a 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 and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- 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 position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and the applicable Charities (Accounts and Reports) Regulations 2008.
They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the PCC on 23rd September 2025, and signed on its behalf by:
PAUL FARMILOE
PHILIP GRANT
Churchwarden & Trustee
Churchwarden & Trustee
ST JAMES GARLICKHYTHE
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## REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF THE PARISH OF ST JAMES GARLICKHYTHE WITH ST MICHAEL QUEENHITHE AND HOLY TRINITY-THE-LESS
I report to the charity trustees on my examination of the accounts of the Parochial Church Council of St James Garlickhythe with St Michael Queenhithe and Holy Trinity-the-Less (“the PCC”) for the year ended 31 December 2024, which are set out on pages 10 to 20.
This report is made to the charity trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken so that I might carry out an Independent Examination of the financial statements in accordance with the general directions given by the Charity Commissioners. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body for my work or for this report.
## **Responsibilities and basis of report**
As the charity trustees of the PCC, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the PCC’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all applicable directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent Examiner's statement**
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England & Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1.accounting records were not kept in respect of the PCC as required by section 130 of the Act; or
2.the accounts do not accord with those records; or
3.the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Account and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Keith Raffan FCA
## _Chartered Accountant_
Raffan and Golding Limited 17 Short’s Gardens
Covent Garden, London, WC2H 9AT
Dated: 23rd September 2025
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## STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
|**NOTES **
**Income**|**2024**
**2024**
**2024**
**2024**
**UNRESTRICTED RESTRICTED ENDOWMENT**
**TOTAL**
**FUNDS**
**FUNDS**
**FUNDS**
**FUNDS**
**GB £**
**GB £**
**GB £**
**GB £**|**2024**
**2024**
**2024**
**2024**
**UNRESTRICTED RESTRICTED ENDOWMENT**
**TOTAL**
**FUNDS**
**FUNDS**
**FUNDS**
**FUNDS**
**GB £**
**GB £**
**GB £**
**GB £**|**2023**
**TOTAL**
**FUNDS**
**GB £**|
|---|---|---|---|
|Donations and legacies
**2**|212,801|2,876
-
215,677|110,052|
|Income from charitable activities
**3**|230|-
-
230|597|
|Income from other activities
**4**
Income from investments
**5**|149,537
7,347|-
-
149,537
96
1,341
8,784|115,254
7,641|
|**Total income**
**Expenditure**
Costs of raising funds||||
||369,915|2,972
1,341
374,228|233,544|
|Costs of generating activity income
**6**|(991)|-
-
(991)|(1,131)|
|Expenditure on charitable activities
**7**
**Total expenditure**
**Net income/(expenditure) for the year**
**Gains/(Loss) on investments**
**11**
Net income/(expenditure) after gains/(losses)|(365,311)|(4,350)
-
(369,661)|(287,094)|
||(366,302)|(4,350)
-
(370,652)|(288,225)|
||3,613
8,083|(1,378)
1,341
3,576
-
1,263
9,346|(54,681)
20,867|
||11,696|(1,378)
2,604
12,922|(33,814)|
|Loss on write-off of Parish Room
Net income/(expenditure) after write off|-|-
-
-|(281,275)|
||11,696|(1,378)
2,604
12,922|(315,089)|
|Transfers between funds
**15**
**Net movement in funds**
**Reconciliation of funds:**
**Total funds brought forward**
**16**
**Total funds carried forward**
**16**|(2,127)|3,254
(1,127)
-|-|
||9,569
228,125|1,876
1,477
12,922
34,660
53,543
316,328|(315,089)
631,417|
||237,694|36,536
55,020
329,250|316,328|
|||||
The notes on pages 13 to 20 form an integral part of these accounts
ST JAMES GARLICKHYTHE
## STATEMENT OF CASH FLOWS: YEAR ENDED 31 DECEMBER 2024
**----- Start of picture text -----**
2024 2023
GB £ GB £
Cash flows from operating activities:
Reconciliation of net movement in funds to net cash flow
from operating activities
Net movement in funds 12,922 (315,089)
- -
Add: Depreciation
Add: Write-off of Parish Room - 281,275
Deduct: interest and dividend income (8,784) (7,641)
Deduct (gain)/ add loss on revaluation of investments (9,346) (20,867)
(Increase)/ decrease in debtors 17,067 (1,068)
(Decrease)/ increase in creditors 6,130 27,412
(Decrease)/ increase in provisions - (10,000)
Cash used in operating activities A 17,989 (45,978)
Cash flows from investing activities
Income from interest and dividends 8,784 7,641
- -
(Additions) to investment assets
- -
Disposal of investment assets
Cash provided by/ (used in) investing activities B 8,784 7,641
Cash flows from financing activities C - -
(Decrease)/Increase in cash and cash equivalents in
the year (A+B+C) 26,773 (38,337)
Total cash & cash equivalents brought forward 144,906 183,243
Total cash & cash equivalents carried forward 171,679 144,906
**----- End of picture text -----**
See balance sheet, page 12
ST JAMES GARLICKHYTHE
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## STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2024 (BALANCE SHEET)
**----- Start of picture text -----**
31 December 2024 31 December 2023
NOTES GB £ GB £ GB £ GB £
FIXED ASSETS
TANGIBLE ASSETS 10 - -
INVESTMENT ASSETS
Managed Investment Funds 11 184,509 175,163
London Missional Housing Bond 15,000 15,000
Total Investment Assets 199,509 190,163
Total Fixed Assets 199,509 190,163
CURRENT ASSETS
Debtors 12 16,569 33,636
Cash at bank & on deposit 171,679 144,906
Total Current Assets 188,248 178,542
CREDITORS, amounts falling due
within one year 13 (48,027) (41,897)
NET CURRENT ASSETS 140,221 136,645
PROVSIONS FOR LIABILITIES 14 (10,480) (10,480)
TOTAL NET ASSETS 329,250 316,328
CHURCH FUNDS:
Endowment Funds
New Parish Room Fund 15 & 16 - 1,127
St Mary Somerset Fund 15 & 16 55,020 52,416
55,020 53,543
Restricted Funds
Organ & Music Fund 15 & 16 17,977 18,758
Church Fabric Fund 15 & 16 - -
Technology Fund 15 & 16 3,000 3,000
Royal Jubilee Bells Fund 15 & 16 15,559 12,902
36,536 34,660
Unrestricted funds
General Fund 15 & 16 217,872 208,803
Rectory Redecoration - designated fund 15 & 16 5,075 4,575
Project 350 Fund 15 & 16 - -
Technology - Designated Fund 15 & 16 14,747 14,747
237,694 228,125
TOTAL CHURCH FUNDS 329,250 316,328
**----- End of picture text -----**
The accounts were approved by the Parochial Church Council on 23rd September 2025 and signed on its behalf by:
PAUL FARMILOE Churchwarden & Trustee
PHILIP GRANT Churchwarden & Trustee
The notes on pages 13 to 20 form an integral part of these accounts
ST JAMES GARLICKHYTHE
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
## 1 **ACCOUNTING POLICIES**
## **Basis of accounting and assessment of going concern**
The accounts have been prepared under the historical cost convention and on the going concern basis. The effect of events relating to the year ended 31st December 2024 before the date of approval to the financial statements by the PCC, have been included in the statements to the extent required to show a true and fair view of the state of affairs at 31st December 2024 and of the results for the year ended on that date. The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts under FRS102. St James Garlickhythe meets the definition of a public benefit entity under FRS102.
## **Funds structure**
All funds are available for application on the general purposes of the PCC unless they are shown as endowment funds or restricted funds. The income and capital of the St Mary Somerset fund however can be used for any ecclesiastical purpose. A list of the separate funds and details of any restriction of use are shown at note 15 to these accounts.
## **Income recognition**
All income is recognised once the charity has entitlement to the income; there is sufficient certainty of receipt and so it is probable that the income will be received; and the amount of income receivable can be measured reliably. Donations and grants are recognised when received, unless the grant is pledged and quantifiable at the year-end or where there is a condition that requires a level of performance before the charity is entitled to the funds. In the latter case, income is deferred and not recognised until the condition is fully met. Applicable income tax recoverable is recognised when receivable. Legacies are recognised on a case-by-case basis following the granting of probate when the administrator/ executor for the estate has communicated in writing both the amount and the settlement date. In the event that a gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset has been transferred to the charity. Income from the use of church premises is recognised at the point the church facilities are used. A voluntary church rate is levied on certain business property in the parish and the income is recognised when received like a donation. Income from investments is recognised when due and receivable. Income from the telecoms mast has been accounted as invoiced.
## **Expenditure recognition**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs (which are separately analysed at note 8 and 9), are allocated or apportioned to the applicable expenditure headings in the statement of financial activities. Expenditure includes irrecoverable value added tax.
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## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
## **Fixed assets & change in accounting policy**
Heritage, consecrated and beneficed property is excluded from the accounts by virtue of section 10(2)(a)(c) of the Charities Act 2011. Moveable church furnishings, religious artefacts and plate are vested in the churchwardens and held on special trust for the PCC. They require a faculty for disposal and have been accounted for as inalienable property. They are recorded in the Church Terrier log and stated at nil value in the accounts. Many are of historical importance for which no reliable cost basis exists. They are not recognised in the balance sheet. All expenditure incurred on such property is written off in the accounting period as resources.
Equipment used within the church premises is written off when acquired, unless of a material amount, over £1000, in which case it is capitalised in fixed assets and depreciated on a straight-line basis at 20% per annum.
In 2024 the PCC decided to change the policy with regard to the Parish Room. Please refer to note 20.
## **Investments**
Investments are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. Investments held as fixed assets are stated at market value at the close of the accounting period.
## **Debtors & prepayments**
Amounts receivable but not paid at the balance sheet date are included in current assets as debtors less any provision applicable for potential bad debts. Minor stocks of unsold books and cards are not recognised as an asset. Prepayments are recognised, where material to the accounts. Debtors are valued individually less any provisions applicable for potential bad debts. Prepaid expenditure is recognized if material to the accounts.
## **Creditors & accruals**
Creditors are recognized where the church has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount to settle the obligation can be measured or estimated reliably.
## **Pensions**
The church assesses each employee for eligibility as a jobholder under the auto-enrolment system. Any eligible jobholders are auto-enrolled to a group money purchase defined contribution pension scheme. The assets of the scheme are held separately from those of the church in an independently administered fund. The pension cost represents the contributions payable under the scheme by the church and the church has no further liability other than the payment of those contributions and the jobholder is responsible for their own pension fund with the pension administrators.
ST JAMES GARLICKHYTHE
15
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
|**INCOME**
**UnrestrictedRestricted Endowment Total 2024**
**GB £**
**GB £**
**GB £**
**GB £**
**2 DONATIONS AND LEGACIES**
Tax efficient regular giving (net donations)
6,544
-
-
6,544
Other donations, including Charities Aid Fund
34,944
2,327
-
37,271
Collections at services
16,055
-
-
16,055
Livery grants & donations
32,529
-
-
32,529
City Churches Grants Committee
85,000
-
-
85,000
Trust for London
1,117
-
-
1,117
City Burial Ground Fund
2,500
-
-
2,500
Dept for Digital, Culture, Media & Sport (LPOW)
24,535
-
24,535
Income Tax recoverable on gift aided donations
9,577
549
-
10,126
Total
212,801
2,876
-
215,677
**3 INCOME FROM CHARITABLE ACTIVITIES**
Parochial fees & service fees recoverable
230
-
-
230
**4 INCOME FROM OTHER ACTIVITIES**
Telecoms mast fees
36,203
-
-
36,203
Hire of churches and meeting rooms
74,222
-
-
74,222
Celebrations & sales of goods
9,976
-
-
9,976
Voluntary parish rate
29,136
-
-
29,136
Total
149,537
-
-
149,537
**5 INCOME FROM INVESTMENTS**
Bank deposit interest
3,816
96
-
3,912
Bond interest
271
-
-
271
Dividends from investments
3,260
-
1,341
4,601
Total
7,347
96
1,341
8,784
**Unrestricted**
**Restricted**
**Endowment**
**Total 2024**
**GB £**
**GB £**
**GB £**
**GB £**
**6 COST OF GENERATING ACTIVITY INCOME**
Fundraising costs incl. hire agents & marketing
991
-
-
991
Telecoms consultancy
-
-
-
-
Celebratory events & goods for sale
-
-
-
-
Total
991
-
-
991|**INCOME**
**UnrestrictedRestricted Endowment Total 2024**
**GB £**
**GB £**
**GB £**
**GB £**
**2 DONATIONS AND LEGACIES**
Tax efficient regular giving (net donations)
6,544
-
-
6,544
Other donations, including Charities Aid Fund
34,944
2,327
-
37,271
Collections at services
16,055
-
-
16,055
Livery grants & donations
32,529
-
-
32,529
City Churches Grants Committee
85,000
-
-
85,000
Trust for London
1,117
-
-
1,117
City Burial Ground Fund
2,500
-
-
2,500
Dept for Digital, Culture, Media & Sport (LPOW)
24,535
-
24,535
Income Tax recoverable on gift aided donations
9,577
549
-
10,126
Total
212,801
2,876
-
215,677
**3 INCOME FROM CHARITABLE ACTIVITIES**
Parochial fees & service fees recoverable
230
-
-
230
**4 INCOME FROM OTHER ACTIVITIES**
Telecoms mast fees
36,203
-
-
36,203
Hire of churches and meeting rooms
74,222
-
-
74,222
Celebrations & sales of goods
9,976
-
-
9,976
Voluntary parish rate
29,136
-
-
29,136
Total
149,537
-
-
149,537
**5 INCOME FROM INVESTMENTS**
Bank deposit interest
3,816
96
-
3,912
Bond interest
271
-
-
271
Dividends from investments
3,260
-
1,341
4,601
Total
7,347
96
1,341
8,784
**Unrestricted**
**Restricted**
**Endowment**
**Total 2024**
**GB £**
**GB £**
**GB £**
**GB £**
**6 COST OF GENERATING ACTIVITY INCOME**
Fundraising costs incl. hire agents & marketing
991
-
-
991
Telecoms consultancy
-
-
-
-
Celebratory events & goods for sale
-
-
-
-
Total
991
-
-
991|**INCOME**
**UnrestrictedRestricted Endowment Total 2024**
**GB £**
**GB £**
**GB £**
**GB £**
**2 DONATIONS AND LEGACIES**
Tax efficient regular giving (net donations)
6,544
-
-
6,544
Other donations, including Charities Aid Fund
34,944
2,327
-
37,271
Collections at services
16,055
-
-
16,055
Livery grants & donations
32,529
-
-
32,529
City Churches Grants Committee
85,000
-
-
85,000
Trust for London
1,117
-
-
1,117
City Burial Ground Fund
2,500
-
-
2,500
Dept for Digital, Culture, Media & Sport (LPOW)
24,535
-
24,535
Income Tax recoverable on gift aided donations
9,577
549
-
10,126
Total
212,801
2,876
-
215,677
**3 INCOME FROM CHARITABLE ACTIVITIES**
Parochial fees & service fees recoverable
230
-
-
230
**4 INCOME FROM OTHER ACTIVITIES**
Telecoms mast fees
36,203
-
-
36,203
Hire of churches and meeting rooms
74,222
-
-
74,222
Celebrations & sales of goods
9,976
-
-
9,976
Voluntary parish rate
29,136
-
-
29,136
Total
149,537
-
-
149,537
**5 INCOME FROM INVESTMENTS**
Bank deposit interest
3,816
96
-
3,912
Bond interest
271
-
-
271
Dividends from investments
3,260
-
1,341
4,601
Total
7,347
96
1,341
8,784
**Unrestricted**
**Restricted**
**Endowment**
**Total 2024**
**GB £**
**GB £**
**GB £**
**GB £**
**6 COST OF GENERATING ACTIVITY INCOME**
Fundraising costs incl. hire agents & marketing
991
-
-
991
Telecoms consultancy
-
-
-
-
Celebratory events & goods for sale
-
-
-
-
Total
991
-
-
991|**INCOME**
**UnrestrictedRestricted Endowment Total 2024**
**GB £**
**GB £**
**GB £**
**GB £**
**2 DONATIONS AND LEGACIES**
Tax efficient regular giving (net donations)
6,544
-
-
6,544
Other donations, including Charities Aid Fund
34,944
2,327
-
37,271
Collections at services
16,055
-
-
16,055
Livery grants & donations
32,529
-
-
32,529
City Churches Grants Committee
85,000
-
-
85,000
Trust for London
1,117
-
-
1,117
City Burial Ground Fund
2,500
-
-
2,500
Dept for Digital, Culture, Media & Sport (LPOW)
24,535
-
24,535
Income Tax recoverable on gift aided donations
9,577
549
-
10,126
Total
212,801
2,876
-
215,677
**3 INCOME FROM CHARITABLE ACTIVITIES**
Parochial fees & service fees recoverable
230
-
-
230
**4 INCOME FROM OTHER ACTIVITIES**
Telecoms mast fees
36,203
-
-
36,203
Hire of churches and meeting rooms
74,222
-
-
74,222
Celebrations & sales of goods
9,976
-
-
9,976
Voluntary parish rate
29,136
-
-
29,136
Total
149,537
-
-
149,537
**5 INCOME FROM INVESTMENTS**
Bank deposit interest
3,816
96
-
3,912
Bond interest
271
-
-
271
Dividends from investments
3,260
-
1,341
4,601
Total
7,347
96
1,341
8,784
**Unrestricted**
**Restricted**
**Endowment**
**Total 2024**
**GB £**
**GB £**
**GB £**
**GB £**
**6 COST OF GENERATING ACTIVITY INCOME**
Fundraising costs incl. hire agents & marketing
991
-
-
991
Telecoms consultancy
-
-
-
-
Celebratory events & goods for sale
-
-
-
-
Total
991
-
-
991|**Total 2023**
**GB £**
6,014
35,207
14,110
32,558
-
1,117
2,600
8,637
9,809|
|---|---|---|---|---|
||212,801|2,876|-
215,677|110,052|
|||-|-
230
-
36,203
-
74,222
-
9,976
-
29,136|597
|
||36,203
74,222
9,976
29,136|-
-
-
-||12,516
71,913
4,690
26,135|
||||||
||149,537|-|-
149,537
|115,254|
||3,816
271
3,260|96
-
-|-
3,912
-
271
1,341
4,601|2,829
300
4,512|
||7,347|96|1,341
8,784|7,641|
||||||
||||**Endowment**
**Total 2024**
**GB £**
**GB £**
-
991
-
-
-
-|**Total 2023**
**GB £**
831
300
-|
||||-
991|1,131|
ST JAMES GARLICKHYTHE
16
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
|**Unrestricted**
**Restricted**
**GB £**
**GB £**
**7.1 EXPENDITURE ON CHARITABLE ACTIVITIES**
Diocesan contribution
91,300
-
Charitable giving - home missions
485
-
Ministry costs - visiting clergy & clergy outreach
542
-
Freelance choirs & participants
22,448
-
Candles, decorations & sacraments
2,285
-
Bibles, hymn books, prayer books, sheet music
121
311
Refreshments, events & hospitality
1,815
-
Office costs
8,683
422
Premises costs_(note 7.2)_
201,849
3,617
Bank charges
109
-
Support costs_(note 8)_
34,474
-
Governance costs_(note 9)_
1,200
-
Total
365,311
4,350
**7.2 PREMISES COSTS**
Utilities
5,453
-
Repair, maintenance & fire protection
187,362
3,592
Other Expenses
5,417
25
Cleaning & window cleaning
3,617
Depreciation of Parish Room_(note 10)_
-
-
Total
201,849
3,617|**Unrestricted**
**Restricted**
**GB £**
**GB £**
**7.1 EXPENDITURE ON CHARITABLE ACTIVITIES**
Diocesan contribution
91,300
-
Charitable giving - home missions
485
-
Ministry costs - visiting clergy & clergy outreach
542
-
Freelance choirs & participants
22,448
-
Candles, decorations & sacraments
2,285
-
Bibles, hymn books, prayer books, sheet music
121
311
Refreshments, events & hospitality
1,815
-
Office costs
8,683
422
Premises costs_(note 7.2)_
201,849
3,617
Bank charges
109
-
Support costs_(note 8)_
34,474
-
Governance costs_(note 9)_
1,200
-
Total
365,311
4,350
**7.2 PREMISES COSTS**
Utilities
5,453
-
Repair, maintenance & fire protection
187,362
3,592
Other Expenses
5,417
25
Cleaning & window cleaning
3,617
Depreciation of Parish Room_(note 10)_
-
-
Total
201,849
3,617|**Endowment**
**GB £**
-
-
-
-
-
-
-
-
-
-
-
-|**Total 2024**
**Total 2023**
**GB £**
**GB £**
91,300
87,775
485
310
542
2,242
22,448
13,156
2,285
794
432
617
1,815
1,068
9,105
8,373
205,466
139,355
109
89
34,474
32,115
1,200
1,200
|
|---|---|---|---|
||365,311
4,350|-|369,661
287,094|
|||||
||5,453
-
187,362
3,592
5,417
25
3,617
-
-|-
-
-
-
-|5,453
5,377
190,954
129,278
5,442
1,419
3,617
3,281
-
-|
|||||
||201,849
3,617|-|205,466
139,355|
In addition to the service costs recorded above, a further £20,280 (£18,560 in 2023) was paid to freelance singers, choirs and other participants in services organised for livery companies and others. These costs are collected on trust for these professionals and not regarded as costs or income of the church.
|**8**
**SUPPORT COSTS**
Accountancy fees
Administration
**EMPLOYMENT COSTS**
Wages & salaries
Social security costs
Pension costs
Outsourced services
Total
No employee earned £60,000 or more.||**2024**
**GB £**
8,969
25,505|**2023**
**GB £**
7,675
24,440|
|---|---|---|---|
|||34,474|32,115|
|||||
|||||
|||31,920
-
2,554
-|29,748
-
2,367
-|
|||||
|||34,474|32,115|
|||||
|||||
|||||
|||||
|**9**
**GOVERNANCE COSTS**
Independent examiner's honorarium
Trustee expenses||**2024**
**GB £**
1,200
-|**2023**
**GB £**
1,200
-|
|||||
|||1,200|1,200|
|||||
ST JAMES GARLICKHYTHE
17
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
**----- Start of picture text -----**
10 FIXED ASSETS CONSECRATED MODERN FURNITURE FURNITURE TOTAL
& BENEFICIAL FREEHOLD EQUIPMENT EQUIPMENT
PROPERTY † PROPERTY PARISH RM OTHER
COST GB £ GB £ GB £ GB £ GB £
Balance brought forward - - 11,677 728 12,405
Additions/disposals in year - - (11,677) (728) (12,405)
Balance carried forward - - - - -
DEPRECIATION
Balance brought forward - - 11,677 728 12,405
- - - - -
Charge for year
- -
On disposals (11,677) (728) (12,405)
Balance carried forward - - - - -
NET BOOK VALUE
AS AT 31 DECEMBER 2024 - - - - -
AS AT 31 DECEMBER 2023 - - - - -
**----- End of picture text -----**
† Heritage, consecrated and beneficial property of any kind is excluded from the accounts by virtue of section 10(2)(a)-(c) of the Charities Act 2011. The church of St James Garlickhythe is regarded as such. It was built by Sir Christopher Wren in 1683 at an historical cost of £5,357 after the previous church was destroyed in the Great Fire of London. Known as ‘Wren’s Lantern’, St James is of significant religious and historical importance. Similarly, no attempt has been made to value the church organ, which dates from 1718, nor various religious artefacts associated with the historic Church of St James, Garlickhythe (see policy at note 1). The £323,265 cost of the Parish Room and associated works in 2009 have now been fully expensed, as has the £173,535 cost of the Royal Jubilee Bells in 2012. The Church and contents are insured for £17 million.
|**11 MANAGED INVESTMENT FUNDS**
CBF Church of England Global Equity Income Fund
COIF Charities Ethical Fund Income Fund
Unrealised gain/(loss) in the year
Value at 31st December 2024|**GENERAL**
**FUND**
**GB £**
129,140
-
8,083
137,223|**ST MARY**
**SOMERSET**
**FUND**
**GB £**
-
46,023
1,263
47,286
|**ST MARY**
**SOMERSET**
**FUND**
**GB £**
-
46,023
1,263
47,286
|**TOTAL**
**FUNDS**
**2024**
**GB £**
129,140
46,023
9,346|**TOTAL**
**FUNDS**
**2023**
**GB £**
112,389
41,907
20,867|
|---|---|---|---|---|---|
|||||184,509|175,163|
||||||**2023**
**GB £**
17,640
6,673
9,239
84
33,636
**2023**
**GB £**
6,043
23,554
12,300
41,897|
|**12 DEBTORS**
Service & other fees recoverable
Other debtors & prepayments
Gift Aid reclaimable from HMRC
Accrued interest on bonds & investments||||**2024**
**GB £**
10,879
(1,445)
7,051
84||
|||||16,569||
|||||||
|**13 CREDITORS, amounts falling due within one year**
Creditors
Deferred income
Other creditors & accruals||||**2024**
**GB £**
18,659
23,421
5,947||
|||||48,027||
ST JAMES GARLICKHYTHE
18
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
**----- Start of picture text -----**
14 PROVISIONS FOR LIABILITIES 2024 2023
GB £ GB £
Provision for contracted work on St James Statue Repair 10,480 10,480
10,480 10,480
**----- End of picture text -----**
## **15 FUNDS DESCRIPTIONS & TRANSFERS**
The **New Parish Room Fund** was established by the Parochial Church Council (PCC) to hold the asset of the parish room, built in 2009. The room was previously depreciated over the useful life of the building. The fund arose from the old parish hall endowment fund that provided some of the finance for the project. It is regarded as a _non-permanent endowment_ fund. In 2024, the PCC decided to write off the Parish Room and so close the New Parish Room Fund. Please see note 20 for the details on the change in accounting policy and the accounting adjustments in 2024 and prior year.
The **St Mary Somerset Fund** is regarded by the Parochial Church Council as a _non-permanent endowment_ fund and therefore both income and capital are expendable. It is to be used for general ecclesiastical use.
The **Organ & Music Fund** is a _restricted_ fund and represents money received for the restoration and on-going maintenance of the 1718 Father Smith church organ and other associated projects connected with music at St James.
The **Church Fabric Fund** is a _restricted_ fund which has been established to fund various repairs and improvements to the fabric of the building when the grant or donation is restricted to this purpose.
The **Technology Fund** is a _restricted_ fund which has been established with grants and donations to fund items of information technology and communications for the church as well as funds for website development, software and other social media. The PCC also designated some funds generally to telecoms, media and technology, which are shown separately as a _designated_ fund.
The **Royal Jubilee Bells Fund** is a _restricted_ fund and represents money received and expensed by the Royal Jubilee Bellringers, and is regarded as an integral part of the charity of St James Garlickhythe. This restricted fund will be used for the ongoing, upkeep and maintenance of the Royal Jubilee Bells, the belfry, tower and any associated costs and repairs.
The **Rectory Re-decoration Fund** has been established by the PCC to be used for future redecorations and associated works at a parish rectory. An amount is transferred annually from the general fund. The Rectory Redecoration fund is a _designated_ fund and, as such, is unrestricted.
The **General Fund** is an _unrestricted_ fund and can be used by the Parochial Church Council for any purpose in the furtherance of the church's objectives.
A restricted fund is only shown in deficit where there the trustees have an expectation that the deficit will be cleared over the following 12 months. Otherwise, the balance is transferred to the General Fund.
## **TRANSFERS BETWEEN FUNDS**
The transfer between funds in the current accounting period of £500 from the General Fund to the Rectory Redecoration Fund represents an annual amount transferred towards future periodic redecoration and minor works at the residence of the priest. The transfer does not show on the face of the Statement of Financial Activities as both funds are unrestricted, but can be seen at note 16 on page 19. There was a transfer of £1,127 from the New Parish Room Fund as a contribution to the refurbishment of the rooms. There was a transfer of £3,254 from the General Fund to cover a deficit on the Church Fabric Fund and a transfer of £44,066 from the General Fund as a contribution by the church to Phase One of Project 350.
ST JAMES GARLICKHYTHE
19
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
## **16 MOVEMENT ON FUNDS IN YEAR**
|**Endowment Funds**
New Parish Room Fund
St Mary Somerset Fund
**Total Endowment Funds**
**Restricted Funds**
Organ & Music Fund
Church Fabric fund
Technology Fund
Royal Jubilee Bells Fund
**Total Restricted Funds**
**Unrestricted Funds**
General Fund
Rectory Redecoration designated
Project 350 designated Fund
Technology Designated Fund
**Total Unrestricted Funds**
**Total Funds**|**Opening**
**Incoming**
**Balance**
**Resources**
**at 1/1/24**
**GB £**
**GB £**
1,127
-
52,416
1,341|**Outgoing**
**Resources**
**GB £**
-
-|**Gain/ (loss)**
**on**
**investments**
**GB £**
-
1,263|**Transfers**
**between**
**funds**
**GB £**
(1,127)
-
(1,127)
-
3,254
-
-|**Closing**
**Balance**
**at 31/12/24**
**GB £**
-
55,020
55,020
17,977
-
3,000
15,559
36,536
217,872
5,075
-
14,747|
|---|---|---|---|---|---|
||53,543
1,341
18,758
-
-
-
3,000
-
12,902
2,972
|-
(781)
(3,254)
-
(315)|1,263
-
-
-
-
|||
||34,660
2,972
208,803
249,672
4,575
-
-
140,724
14,747
-
228,125
390,396|(4,350)
(201,993)
-
(184,790)
-
(386,783)
|-
8,083
-
-
-
8,083|3,254
(46,693)
500
44,066
-
(2,127)
||
||||||237,694
|
||316,328
394,709|(391,133)|9,346|-|329,250|
Note 15 provides a description of each fund and an explanation of transfers between funds.
## **17 ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|||**Endowment**|**Endowment**|**Restricted**|**Unrestricted**|**Unrestricted**||
|---|---|---|---|---|---|---|---|
||**New Parish**||
**St Mary**|**Fabric, Bells Designated**||**General**|**TOTAL**|
|Fixed assets
Investments|**Room Fund**
**GB £**
-
-||**Somerset Organ Funds**
**Funds**
**GB £**
**GB £**
**GB £**
-
-
-
47,286
-
-|||**Funds**
**GB £**
-
152,223|**FUNDS**
**GB £**
-
199,509|
|Bank accounts|-||7,734
46,538
19,822
-
549
-
-
(71)
-|||97,585|171,679|
|Debtors & prepayments
Current liabilities|-
-|||||16,020
(47,956)|16,569
(48,027)|
|Provisions
Net assets at 31 DECEMBER 2024|-||-
(10,480)
-|||-|(10,480)|
||-||55,020
36,536
19,822|||217,872|329,250|
## **18 TAXATION**
No corporation tax was payable on the surplus or investment income in 2024 because the Parochial Church Council is regarded as a charitable organisation and is not engaged in trading activities as defined by the Income & Corporation Taxes Act 1988.
## **19 PAYMENTS TO TRUSTEES**
No member of the PCC, who are also the trustees under the Charities Act, received any remuneration this year or the preceding year. No out-of-pocket expenses (2023 - £nil) were paid to the lay members of the PCC. The priest was reimbursed with £542 towards ministry costs and consumables in 2024 (2023 - £631).
ST JAMES GARLICKHYTHE
20
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
## **20 CHANGE IN ACCOUNTING POLICY & PRIOR YEAR ADJUSTMENT**
## **Accounting policy change: fixed assets**
## _**Description of policy & basis of change:**_
In 2009, a new Parish Room was built on land abutting the northeast corner of the church previously used for car parking at a cost of £323,265. Its construction was funded by the then Parish Hall endowment fund, part of the St Mary Somerset Fund, various grants and donations, and a loan. The associated costs were capitalised and depreciated over 100 years. Following the refurbishment of the room completed this year, the PCC has decided to write off the remaining net book value because the room is regarded as an inseparable part of the church and the value cannot be separately realised. It was decided that the change of policy should be reflected as a prior year adjustment and consequently the 2023 balance sheet and statement of financial activities has been restated. The net book value of the freehold room written off was £281,275 as at 1st January 2023 and the balance sheet total at 31st December 2023 had the room not been written off was £594,373. The write-off of the room is set against the New Parish Endowment Fund (£279,172 at 31st December 2023, as restated £1,127). The small cash balance of £1,127 held by the Parish Room endowment has been used against fabric repairs during the refurbishments in 2024, and shown as a transfer between funds. The Parish Room Fund has a value of £nil at 31st December 2024. The furniture and equipment associated with the room, which were fully depreciated, have also been written out of the financial statements following the refurbishment of the rooms.
## _**Effect of the change on the financial statements:**_
The loss of £281,275 on the write-off of the freehold property known as the Parish Room is reflected in the Statement of Financial Activities (known also as the Income statement) for the year ended 31st December, 2023. A corresponding adjustment to the Church Funds is shown against the Parish Room Endowment Fund, which is a non-permanent endowment fund and its capital can therefore be expended (see notes 15 and 16).
## _**Comparative information:**_
Note 18 to the accounts discloses the prior year adjustment and the comparative figures for the previous year as previously reported and as restated following the write-off.
## _**Significant estimates and judgement:**_
The decision to write off the freehold property involved significant judgement regarding the asset's recoverability, which has been disclosed in accordance with FRS102.
|**PRIOR YEAR ADJUSTMENT**
**Net income/(expenditure) after gains/(losses)**
(at 31st December 2023)
**Total funds brought forward**
**Total funds carried forward as previously reported**
**Effect of change of accounting policy**
Add: Depreciation of Parish Room
Less: write-off of Parish Room
**Net movement in funds in 2023, as restated**|**Parish Room**
**Endowment**
**Fund**
-3230
282402|**Total Funds**
-37044
631417|
|---|---|---|
||||
||279172
3230
-281275|594373
3230
-281275|
||||
||1127|316328|
||||
ST JAMES GARLICKHYTHE
21
THE CHURCH
OF ENGLAND