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2021-12-31-accounts

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF LEEDS ST GEORGE

Annual Report and Consolidated Financial Statements

For the year ended

31 December 2021

Charity number 1131798

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF LEEDS ST GEORGE

Contents

Section Pages
Annual Report 3-12
Consolidated Statement of Financial Activities 13
Balance Sheets 14
Consolidated Statement of Cash Flows 15
Notes to the Financial Statements 16-34
Report of the Independent Examiner 35

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF LEEDS ST GEORGE

Annual Report

For the year ended 31 December 2021

Reference and Administration

The full name of the charity is The Parochial Church Council of the Ecclesiastical Parish of Leeds St George (referred to elsewhere as the PCC), which is situated in Great George Street, Leeds, LS1 3BR. This is also the address for all correspondence. It is part of the Anglican Diocese of Leeds within the Church of England. The Church is registered with the Charity Commission and its Charity number is 1131798.

Membership of the PCC

The PCC members, who are the trustees for the purpose of the Charities Act and who served on the Council during the year, are set out below. During 2021, 9 ex-officio members, 2 co-opted members (one non-voting), 2 Churchwardens, 1 Deputy Churchwarden, 4 Deanery Synod members and 13 elected members served on the PCC.

Ex-Officio members:

Reverend Canon Elizabeth Woolf Rector Reverend Eve Ridgeway Associate Rector Reverend Adrian Smith Associate Rector Reverend Joanna Seabourne Team Vicar Reverend Josh Cockayne Team Vicar (Appointed 1 September 2021) Reverend Jon Swales Lighthouse Minister (Appointed 27 April 2021) Reverend Julia Wilkins Curate Reverend Paul Wilcock Associate Minister (Appointed 27 April 2021) Reverend Che Seabourne Curate

Co-opted members: Lynne Fox PCC Secretary (non-voting) Keith Swallow Church Treasurer Churchwardens: Pauline Rhodes, Philip Wright, Ian Pickup (Retired 27 April 2021) Deputy Churchwarden Jamie Woodhead

Deanery Synod members: David Kibble, Philip Sykes, Ann McKenna, Jonny Bolton

Elected members:

----- Start of picture text -----
Dates during which elected PCC members served
01.01.2021 – 31.12.2021 01.01.2021 – 27.04.2021 27.04.2021 – 31.12.2021
Aderonke Fakunle Mary Booth Chidi Abone
Tracy Farnhill Bethan Fiveash Benjamin Creasey
Miriam Hurley Matt Malone Isabelle Jones
Ganzi Isharaza Richard McIntyre Patricia McClean
Ben Jones Lindsey Pallant Shirley Stackhouse
Susan Smith Ann Weir
Ian Warner
----- End of picture text -----

Day to day management is carried out by the Rector assisted by an Associate Rector, a Team Vicar and the Operations Manager.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF LEEDS ST GEORGE

Annual Report

For the year ended 31 December 2021

Custodian Trustee: The Diocese of Leeds acts as custodian trustee in respect of freehold property owned by the Charity together with certain endowed investments Bankers: Unity Trust Bank, Four Brindleyplace, 4 Oozells Square, Birmingham, B1 2JB Independent Examiner: Nigel PL Wyatt, 125 Main Street, Garforth, Leeds, LS25 1AF

Structure, Governance and Management

The method of appointment of PCC members is set out in the Church Representation Rules. Newly appointed PCC members are inducted into their roles and responsibilities by the Churchwardens and Operations Manager. The governing document is the Parochial Church Councils (Powers) Measure 1956 as amended and the Church Representation Rules (contained in Schedule 3 to the Synodical Government Measure 1969 as amended).

The PCC operates through a number of committees:

The Standing Committee: This committee is a requirement by law and has the power to transact the business of the PCC in between official meetings The Treasury: Oversees the general finances of St. George’s Church, sets the annual budget and is responsible for the annual review of giving within the Church Overseas Mission Committee: Spearheads the Church’s mission programme in terms of agreeing financial support for Mission Partners and for Church members on short term mission programmes Church Centre Management Committee: Responsible for reviewing all operational aspects of the Church Centre and advising the PCC accordingly

Arrangements for setting pay and remuneration: The trustees consider that the Rector and Operations Manager comprise the key management personnel of the charity in charge of directing and controlling its operations on a dayto-day basis. The Rector is employed by the Church of England and their remuneration is governed by agreements set nationally by the employing body.

Role of Volunteers: Many of the leadership and support roles within St George’s are filled by volunteers. These range from participation in Network Groups, Worship, Outreach and Mission Activities in all their various forms, Administration and Governance. Given the diverse and varied nature of these roles, it is virtually impossible to measure the time commitment and notional value attaching to them.

Objectives and Activities

St George's PCC has responsibility for co-operating with the Rector in promoting the whole mission of the Church, pastoral, evangelistic, social and ecumenical, in the ecclesiastical parish. Details of how it meets these objectives is given in the section headed ‘Achievements and Performance’. It also has maintenance responsibility for the main church building, the adjoining St George's Church Centre, the church at Holy Trinity Boar Lane and three properties (one of which is rented) and of which two house volunteers participating in our ministry experience scheme.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF LEEDS ST GEORGE

Annual Report

For the year ended 31 December 2021

Achievements and Performance

Sundays and special services

In 2021, our services adapted to changing Covid restrictions, whilst maintaining sung worship, biblical teaching, prayer and a lively sense of community. Congregational singing was re-introduced on 25 July, and seats were pre-booked until the end of July. Sermon series included ‘Resilient Disciple’, 1 Peter, 1 John, and ‘Living Well Together’.

Our 10.30am started 2021 as a pre-recorded online service. It returned to the church building on Easter Sunday, and has since been livestreamed. Two services a month are translated into Farsi.

From March to July, Breakfast Church met at 9 and 11am for families with children, averaging 10 families per service.

Our 18.30 service was livestreamed throughout 2021, with congregational seats from March, and a relaxed, informal feel.

Highlights included:

Lighthouse

Lighthouse is our community that reaches out to those battered and bruised by the storms of life, including homelessness, addiction, poverty, trauma and mental health crisis. Around 100 people are part of Lighthouse, and in 2021 the ‘core’ who attend several times a week increased from around 25 to 40.

From January to March, Lighthouse formed 4 bubble groups, each meeting twice a week, to enable essential support for some of the most vulnerable in our city. As restrictions eased, Lighthouse was able to meet for a Sunday service plus 4 times a week as a socially distanced Christian Day Centre. As part of this, Wellbeing Wednesday launched in April, with 30-40 people engaging in panel discussions and projects, including cooking, photography, gym, music and craft. In December, a small group started weekly visits to Horsforth Community Shed for woodwork.

In June, Lighthouse held its first activities week, with 50 people on day trips to Filey Beach, Bolton Abbey, a local farm, go-karting, pottery painting and cinema.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF LEEDS ST GEORGE

Annual Report

For the year ended 31 December 2021

In a survey of 26 participants, 92% felt less lonely since coming to Lighthouse, with 65% feeling a lot less lonely. 85% felt their mental health had improved due to Lighthouse, and 89% said Lighthouse increased their ability to manage their own life.

Kids and Youth

At the start of 2021 we had 10 online small groups for kids and youth, including a Minecraft group for Year 8 boys.

Sunday morning youth returned in June with 9-13 young people each week. Kids groups returned in September with 77 children attending by the end of the year, and average weekly attendance of 29 (with 5 new visitors per month). ‘Youth Zone’ at 1830 usually has 8 young people, who eat together before the service.

In September we launched Youth Night on Wednesday evenings, with 16-18 young people each week. St G’s Tots also re-launched, with attendance gradually increasing from 5 to 9 families per week.

2021 highlights included:

Thank you to our wonderful team, including those helping in groups, and our safeguarding officers (who help us follow legislation and good practice).

Students

We have a community of around 100 students at St G’s, from all 5 Leeds universities. In the January lockdown, Student Night saw up to 65 students joining online. With the new academic year in October, Student Night averaged 60 students per week.

Student Teas re-launched in September with a refreshed vision for home cooked food, good chats, and bringing friends. Around 60 students came each week before 1830, with youth, CAP Money Course delegates and student Alpha guests also joining at times.

Our international small group connected with a dozen students in the first part of 2021, increasing to 20 in the autumn. We have 20 in our Post Graduate Fellowship, which met 3 times, including a summer Holy Communion service.

2021 highlights included:

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF LEEDS ST GEORGE

Annual Report

For the year ended 31 December 2021

Small Groups and Networks

We have 28 small groups and networks meeting regularly for community and discipleship. At the start of the year, 240 members of the congregation were in small groups, increasing to 260 by the end of 2021. The groups all started the year online, but many transitioned back into homes by the end of the year. In July we started a new small group which will remain online long term. In November our 18.30 small groups organised a curry night with 60 young adults attending.

A huge thank you to our 51 small group leaders. They have been supported with regular team meetings and resources, including 6 conversations between January and July, focused on encouraging discipleship in small groups.

We have various special groups, including Farsi Network, Farsi Women’s Group, Africa Group, and Dialogue and Reconciliation Network. Extra Time connects with 112 over 50s, who met for coffee mornings and a monthly midweek Holy Communion, initially by zoom and later ‘in person’. Their Christmas Extravaganza was a real highlight. Our walking group was able to meet for 9 walks, and particularly enjoyed the enthusiasm of international students discovering the Yorkshire countryside!

Alpha

Alpha creates space for people to bring their friends for a conversation about faith, life and God. In 2021 we ran Alpha twice, with 10 guests. We received a grant from Alpha International to support the cost of running these courses.

Corporate Prayer

Facebook Live prayers took place Mon-Fri 9am & 9pm until June, and then continued Mon-Fri 9am. We joined the Thy Kingdom Come global prayer movement between Ascension and Pentecost with a special hour of corporate prayer, and Lord’s Prayer videos in different languages from Farsi Network, Africa Group, International Students Group, and the wider church. Our interactive monthly prayer meeting took place mainly on zoom.

Church Night In

In 2021 we held 3 online or hybrid ‘Church Nights In’ with prayer, discussion and quizzes. In January we met our bishops, in April (the ACM) we recognised our livestream heroes and talked about processing our pandemic experiences, and in September we heard from some diverse members of our church family.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF LEEDS ST GEORGE

Annual Report

For the year ended 31 December 2021

Courses & seminars

In 2021, we offered 11 interactive seminars on climate justice, including both theology and practical responses. We invited many of our leaders to participate in the ‘Living in Love and Faith’ course, with 66 people taking part in 9 groups. We ran the CAP money course in November.

Lighthouse offered ‘Mission, Theology and Ministry for the Margins’ in partnership with Leeds School of Theology, with 32 people completing the course and a further 45 starting in September. 26 people started ‘Justice, Peace and Reconciliation’ in October.

St George’s Team

St George’s is a Resource church in the Diocese of Leeds. This means we have a city-wide vision and are committed to church planting and giving away resources strategically in order to bless our City in line with our vision to serve the City ~~.~~ In order to facilitate and support mission, St George’s became part of a team of 3 churches on 1 October 2021: St George’s, Holy Trinity Boar Lane, and St Augustine’s Wrangthorn. The team is overseen by our Rector (Lizzy Woolf), each church has a clergy leader (Eve Ridgeway, Josh Cockayne and Adrian Smith respectively), and our operations team works across all 3 churches.

Holy Trinity Boar Lane

Holy Trinity Boar Lane (‘HTBL’) is a church with a midweek ministry to love and serve workers in the heart of the city. In July 2021 Josh Cockayne started as clergy leader, and began to gather a team, build connections, and shape the ministry. Key values are work matters, rhythms, space, community and invitation. We were delighted to start a weekly prayer breakfast on 1 December, which quickly gathered a community. HTBL startup is supported by a grant from the Church of England’s Strategic Development Fund.

St Augustine’s Wrangthorn

St Augustine’s is a parish church of about 50, serving its local community in various ways including Park Run hospitality. It is also the base for Church@Hyde Park Corner (‘c@hpc’), a student church for unchurched students, which is a partnership between St Augustine’s and St George’s. In 2021, c@hpc was awarded a substantial grant from the Church of England’s Strategic Development Fund, enabling us to fund new staff posts and progress plans to redevelop the building. In autumn 2021 we handed out free toasties, teas & coffees to around a hundred students, had 763 social media interactions, and 642 students attended c@hpc events. Highlights were the 60 students who attended the Carol Service and 5 new students who are making c@hpc their home.

Mission Partners

St George’s Crypt

The Crypt is at the forefront of provision for the homeless in Leeds, with 30,797 bed spaces provided across the city in 2021. Growing Rooms, the residential drug & alcohol recovery project, worked with 56 people, and Nurture provided 19,518 meals.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF LEEDS ST GEORGE

Annual Report

For the year ended 31 December 2021

In August, Don Robins House was opened by Rachel Reeves MP, providing 24 units of ‘move on’ accommodation to help clients towards independence. Don Robins, the Crypt’s founder (& St G’s Rector) was also honoured by the unveiling of a blue plaque, courtesy of Leeds Civic Society, in September.

Local mission partners

We have 4 main local mission partners: St George’s Crypt (see above), Kidz Klub, Leeds Faith in Schools and Transformations Leeds. We were very pleased to maintain our support throughout 2021 with money, prayer, trustees, volunteers, and hampers. We also supported Spacious Places.

Overseas mission partners

In 2021 we continued to support 5 overseas mission partners with prayer, money and friendship. 2 had to leave their country for a time, for reasons of security.

St Hild Theological College

As a founding church partner, we provide a trustee, and many of our clergy are associate faculty and lead teaching modules. In 2021 we worked closely with the new St Hild Centre for Church Planting to train and support church planters across the North of England.

Resourcing the Ministry

Staff team

We have a dedicated and dynamic staff team including clergy, ministry staff and operations staff, working alongside Lighthouse and interns. A key focus is supporting and equipping our many volunteers.

In 2021, Andrew Wyss stepped down after 15 years as Technical Manager, and John Walker retired after 9 years as Associate Minister. We also said goodbye to 4 other members of staff. By the end of the year the staff team was back up to full strength, with several new joiners in the summer and autumn. Josh Cockayne and Che Seabourne were ordained priest in June.

Interns

Our interns live in community houses, receive weekly teaching and supervision and serve in a ministry area. 7 St G’s interns graduated in July 2021 and were able to celebrate a great year despite the challenges of Covid. Of the 7, one is studying for a degree, one has joined the police and is serving on an Eden team, one started working for Lighthouse and the Crypt, and the other 4 are all working for churches in various capacities.

We welcomed a strong cohort of 8 interns in September. In particular, our first events and finance interns have enhanced the team greatly. In partnership with the Diocese of Leeds, a further 8 interns serve in 5 other Leeds churches, and another 8 in Bradford.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF LEEDS ST GEORGE

Annual Report

For the year ended 31 December 2021

PCC

The Parochial Church Council consists of churchwardens, clergy, and elected representatives of the congregations. They work with the Rector to oversee all our ministry and mission, with a focus on finances, buildings and HR. In 2021 the PCC approved the replacement of the disabled lift to improve accessibility to our building, determined Covid measures, and had input into our new team structures.

Website and Social media

In 2021 we invested in our social media, making it more of a window into the different areas of church life. Our online presence is now more people-focused, with our most popular content being photo and video updates on the life of St George’s. We have also seen a huge response to our congregation sharing services online; 60% of Sunday livestream views came from people sharing on Facebook, Instagram and WhatsApp. St George’s Facebook page reached 53,606 people, and Instagram reached 7,193. We have 752 YouTube subscribers (30% increase) and had 47,296 YouTube channel views with 9,377.8 hours watched (14% increase). Our website had 21,824 unique visitors in 2021.

St George’s Centre

2021 was another difficult year for St George’s Centre due to lockdown restrictions. Bookings started to pick up towards the end of the year, but the financial contribution towards the wider ministry of St G’s was significantly reduced in 2021.

Risk Management

The PCC delegates responsibility for identifying and managing specific key risks to one of the committees set out above. The key risks are incorporated into a Risk Register which is reviewed periodically by the Operations Manager in conjunction with one of the churchwardens. The specific risks associated with the Covid-19 pandemic are disclosed in a fuller statement at the end of the Trustees’ Annual Report.

Financial review

Donated income (including tax recovered) totalled £540,964 compared with £520,062 for the previous year. The Church Centre continued to suffer from the effects of the Covid-19 pandemic throughout 2021 generating income of £96,219 in 2021 (of which £39,214 comprised local authority support grants) compared with £70,150 in 2020 (of which £10,000 derived from local authority grants). Income from investments totalled £16,834 (2020 £18,168), reflecting solid returns from our investments managed by CCLA in the light of very low interest rates on offer to savers. Overall, unrestricted income totalled £684,434 (2020 £674,716).

Expenditure in 2021 across all areas of church activity (but excluding the trading subsidiary, St George’s Centre Limited) totalled £651,736 (2020 £658,195). Trading subsidiary running costs of £53,181 (2020 £51,695) again reflected the continuing significant reduction in activity driven by the pandemic.

Total funds at 31 December 2021 were £1,498,637 of which £53,531 was restricted and £175,360 related to endowments. The increase in these latter two categories reflects transactions involving Holy Trinity Boar Lane and more details can be found in Notes 14 and 7(b). The split of unrestricted funds into various designations is outlined in the “Reserves policy” below and in Note 13 of the Financial Statements.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF LEEDS ST GEORGE

Annual Report

For the year ended 31 December 2021

Pension liabilities

The Charity has a deferred liability relating to securing the benefits of former employees who were members of the Church Workers Pension Fund which is a defined benefit scheme. Full details of the nature and extent of this liability are given in Note 15 to the financial statements.

Trading subsidiary

St George’s Centre Limited is responsible for the hiring out of the Church Centre together with the provision of ancillary services. The results of the subsidiary have been consolidated into these accounts together with the activities of the Church. Notes 3(b), 4(b) and 7(b) of the Financial Statements give more detail.

Investment performance

All the investments held as an alternative to cash deposits are invested with CCLA, an organisation which solely manages investments for charities, religious organisations and the public sector. At 31 December 2021, investments were held in the CBF Church of England Investment Fund and the COIF Charities Property Fund. The former is designed to produce combined income and capital growth over the medium term whilst the latter generates immediate returns in the form of dividends. A summary of the performance of each fund is given below:

Value of each Value of each Income year
Unit at 31/12/20 Unit at 31/12/21 ended 31/12/21
Dividends received
CBF Church of England Investment Fund:
Accumulation Units £49.6199 £58.3233 N/A
Income Units £20.4467 £23.3867 £4,510
COIF Charities Property Fund £1.0893 £1.2444 £11,295

The CBF Church of England investments recovered further in value during the course of 2021. Commercial property values in the recovered strongly during 2021 enabling the COIF Charities Property Fund to return gains of almost £32,000 by the end of the year.

Reserves policy

At 31 December 2021, St George’s had Unrestricted Funds of £1,269,746 compared with £1,211,886 the previous year. The movement is made up of a surplus of £1,465 plus investment gains of £56,395. The investment gains are unrealised profits arising on the revaluation of the investment holdings. The Unrestricted Funds can be sub-divided into various categories as follows.

An amount of £529,298 represents the net book value of tangible fixed assets (less related borrowings) which are used by St George’s in the delivery of its mission and the maintenance of Church Centre activities. These are known as ‘Functional Assets’ and by their nature are not readily available to meet the day-to-day operating expenditure of the organisation.

A further sum of £395,800 has been set aside in a Repair and Replacement Fund. The PCC is responsible for the upkeep of two church buildings together with four properties which it owns. In addition, it has a duty to ensure all fixtures, fittings and equipment used by the staff and congregation are fit for purpose and maintained to a high standard. The

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF LEEDS ST GEORGE

Annual Report

For the year ended 31 December 2021

revised provision in the Repair and Replacement Fund is £35,000 (see also Note 13). Ordinarily, The Fund is designed to meet anticipated major expenditure required over a 5 year rolling period.

The Strategic Mission Fund has been established to finance mission initiatives with partners who share broadly the same aims and objectives as St George’s. An additional amount of £10,000 was added to the fund in 2021 increasing the balance to £50,000 in anticipation of the resources required to facilitate the next church planting and renewal initiative.

It is the intention that both the Repair and Replacement Fund and Strategic Mission Fund are reviewed and updated at least annually to ensure current and future needs in these areas are adequately resourced.

The balance of Unrestricted General Funds amounting to £294,648 partly comprises a Contingency Fund to meet the additional financial demands which could arise from a downturn in our principal sources of income, namely voluntary giving and Church Centre revenues and in meeting the potential liability which could arise from our pension fund obligations (see Note 15). The remaining balance is unallocated.

Details of funds and reserves are given in Note 13 to the accounts.

Public benefit

When reviewing the aims and objectives of the charity and in planning future activities, the trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. In promoting the Christian faith, St George’s Church is open to all and makes no charges to attend any of its services and most of the activities connected with public worship. Some optional courses are run which make a small charge which is intended to cover the direct cost of the resources required in delivering these courses. Donations to other charities and our own projects provide public benefits in the advancement of the Christian faith, relief of poverty and need, whether within or outside the ecclesiastical parish, often for minority groups with particular needs.

Covid-19 pandemic

Having experienced the effects of the pandemic from March 2020, St George’s was in a much better position to assess and address the impact of Covid-19 during 2021. A cautious approach was taken to relaxing measures to combat the virus as and when the government announced changes designed to ‘reopen’ society and return to some semblance of ‘normality’. It is felt that this approach has been successful based on the overall level of infection within our staff and the wider church community whilst enabling the church to offer a full range of church activities using a variety of creative and innovative means. Government and local authority support through the Coronavirus Job Retention Scheme (‘furlough’ arrangements) and Hospitality Grants respectively has played a significant part in helping St George’s to end 2021 in a relatively healthy financial position. With infection levels still high and rising but with less serious effects on health due to growing community immunity, St George’s will continue to take a considered approach to relaxing measures to combat the virus taking into account in particular those who are still vulnerable to its effects.

Where additional disclosure is required, this can be found in the Notes to the Financial Statements.

Approved by the PCC on 1 April 2022 and signed on their behalf by Reverend Elizabeth Woolf, PCC Chair

Elizabeth Woolf Rector

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF LEEDS ST. GEORGE

Consolidated Statement of Financial Activities For the year ended 31 December 2021

Note
INCOME FROM:
Donations and legacies
3(a)
Other trading activities
3(b)
Income from investments
3(c)
Income from charitable activities
3(d)
TOTAL INCOME
EXPENDITURE ON:
Expenditure on charitable activities
4(a)
Expenditure on raising funds
4(b)
TOTAL EXPENDITURE
Net income/(expenditure) before gains/(losses)
on investments
Net gains/(losses) on investments
7(b)&9
Transfer of investments
7(b)
NET INCOME/(EXPENDITURE) and NET
MOVEMENT IN FUNDS
Reconciliation of funds:
TOTAL FUNDS AT 1 JANUARY
TOTAL FUNDS AT 31 DECEMBER		 Unrestricted
Restricted
Endowment
Total Funds
Funds
Funds
Funds
2021
2020
£
£
£
£
£
527,311
13,653
-
540,964
520,062
128,480
-
-
128,480
93,517
16,834
-
-
16,834
18,168
11,809
40,319
-
52,128
60,716
684,434
53,972
-
738,406
692,463
629,788
21,948
-
651,736
658,195
53,181
-
-
53,181
51,695
682,969
21,948
-
704,917
709,890
1,465
32,024
-
33,489
(17,427)
56,395
-
19,247
75,642
7,926
-
-
22,248
22,248
-
57,860
32,024
41,495
131,379
(9,501)
1,211,886
21,507
133,865
1,367,258
1,376,759
1,269,746
53,531
175,360
1,498,637
1,367,258

The consolidated statement of financial activities includes all gains and losses recognised in the year

All income and expenditure derive from continuing activities

The notes on pages 16 to 34 form part of these accounts

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF LEEDS ST. GEORGE

Balance Sheets

As at 31 December 2021

Note
FIXED ASSETS
Tangible fixed assets
7(a)
Investments
7(b)
TOTAL FIXED ASSETS
CURRENT ASSETS
Debtors
8
Intercompany
Cash and bank
Investments
9
TOTAL CURRENT ASSETS
LIABILITIES:
Creditors: amounts falling due within one
year
10
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
LIABILITIES:
Creditors: amounts falling due after one
year
11
TOTAL NET ASSETS
THE FUNDS OF THE CHARITY
12
Unrestricted
13
Restricted
14
Endowment
7(b)
TOTAL CHARITY FUNDS		 Group
Charity
2021
2020
2021
2020
£
£
£
£
568,298
585,759
568,298
585,759

175,360
133,865
175,361
133,866
743,658
719,624
743,659
719,625
47,750
36,951
26,307
30,134
-
-
44,619
23,038
353,292 304,880
318,676
281,697
448,062
391,667
448,062
391,667
849,104
733,498 837,664
726,536
(55,125)
(46,864)
(43,686)
(39,903)
793,979
686,634 793,978
686,633
1,537,637
1,406,258
1,537,637
1,406,258
(39,000)
(39,000)
(39,000)
(39,000)
1,498,637
1,367,258
1,498,637
1,367,258
1,269,746
1,211,886
1,269,746
1,211,886
53,531
21,507
53,531
21,507
175,360
133,865
175,360
133,865
1,498,637
1,367,258
1,498,637
1,367,258

Approved by the Parochial Church Council on 1 April 2022 and signed on its behalf by:

Elizabeth Woolf Keith Swallow Trustee Trustee

The notes on pages 16 to 34 form part of these accounts

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF LEEDS ST. GEORGE

Consolidated Statement of Cash Flows

For the year ended 31 December 2021

Note
Cash flows from operating activities:
NET CASH (USED IN)/PROVIDED BY OPERATING ACTIVITIES
18
Cash flows from investing activities:
Dividends and interest from investments
Proceeds from the sale of property, plant and equipment
Purchase of property, plant and equipment
Redesignated investments
NET CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
Cash flows from financing activities:
NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
CASH AND CASH EQUIVALENTS AT THE END OF THE REPORTING PERIOD		 Total funds
2021
2020
£
£
91,090
32,835
16,834
18,168
-
-
(3,117)
(30,189)
-
-
13,717
(12,021)
-
~
-
~
104,807
20,814
696,547
675,733
801,354
696,547

Cash and cash equivalents include cash held on deposit with regulated banking institutions together with investments held with regulated investment managers

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF LEEDS ST. GEORGE

Notes to the Financial Statements

For the year ended 31 December 2021

1 ACCOUNTING POLICIES

Basis of accounting

The PCC is a public benefit entity within the meaning of FRS 102. The financial statements have been prepared under the Charities Act 2011 and in accordance with FRS 102, the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP (FRS102)) and the Church Accounting Regulations 2006 governing the individual accounts of PCCs and with the Regulations’ “true and fair view” provisions.

Basis of consolidation

The consolidated financial statements comprise St George’s Church (‘the Charity’) and its wholly-owned subsidiary undertaking, St George’s Centre Limited, (‘the Subsidiary’). The summarised profit and loss account for the Subsidiary is shown in note 7(b)(ii). The results of the Subsidiary are consolidated on a line-by-line basis.

Going Concern

Management has considered the material uncertainties which could impact the charity’s ability to continue as a going concern including the continuing Covid-19 pandemic. The Trustees believe that whilst there has been some impact arising from the Coronavirus situation and the consequent worsening economic environment, the combination of donated and investment income supplemented by government grants and other financial assistance such as furlough are adequate to provide sufficient cash flow to meet all day-to-day operational needs. The Charity also has sufficient reserves to meet all future commitments which have been identified.

The consolidated financial statements have therefore been prepared on the going concern basis which assumes that the Group will continue in operation for the foreseeable future. On this basis, the trustees have a reasonable expectation that the Group has adequate resources to continue in operational existence.

Funds

Unrestricted funds represent the funds of the Group that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC Trustees. Funds designated for a particular purpose by the PCC are also unrestricted.

Restricted funds are those funds that must be spent on restricted purposes and details of the funds held and restrictions are provided in Note 14. Endowment funds (which are also restricted funds), where the capital must be retained, are explained in Note 7(b)(i).

The consolidated financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body nor those that are informal gatherings of Church members.

Income

Donations, legacies and charitable activities

Collections are recognised when received by or on behalf of the PCC. Planned giving receivable under Gift Aid is recognised only when received. Tax recoverable on Gift Aid donations is recognised when the donation is recognised. Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement, the amount due is quantifiable and an inflow of economic benefit is probable.

16

THE PAROCHIAL CHURCH COUNCIL THE PARISH OF LEEDS ST. GEORGE

Notes to the Financial Statements

For the year ended 31 December 2021

ACCOUNTING POLICIES (continued)

Other income

Rental income from the letting of church premises is recognised when the rental is invoiced as is the provision of any ancillary services. Government grants are recognised when receivable.

Income from investments

Dividends and fund distributions are accounted for when due and payable and interest entitlements are accounted for as they accrue. Tax recoverable on such income is recognised in the same accounting year.

Gains or losses on investments

Realised gains or losses are recognised when investments are sold. Unrealised gains or losses are accounted for on revaluation of investments at 31 December.

Expenditure

Resources expended

Resources expended are recognised in the period in which they are incurred and include attributable VAT which cannot be recovered.

Grants

The award of a grant is recognised as a liability only when the criteria for a constructive obligation are met, payment is probable, it can be measured reliably and there are no conditions attaching to its payment that limit its recognition.

Activities directly relating to the work of the Church

The Diocesan Parish Share is accounted for when payable. Any Share unpaid at 31 December is provided for in these accounts as an operational (though not a legal) liability and is shown in the Balance Sheet.

Pension costs

Workplace pensions -– Eligible employees are automatically enrolled with the National Employment Savings Trust (‘NEST’) in order to meet the Charity’s pension obligations arising from the statutory provisions of the Pensions Act 2008. Contributions unpaid at 31 December are accrued as a liability and paid to NEST by the 10[th] day of the following month.

Church Workers Pension Fund – The PCC now has no active employees enrolled with this scheme and consequently, there are no pension costs charged to the Consolidated Statement of Activities. A potential liability exists from securing the future benefits of past employees. Full details of this contingent liability are disclosed in Note 15 of the Financial Statements.

17

THE PAROCHIAL CHURCH COUNCIL THE PARISH OF LEEDS ST. GEORGE

Notes to the Financial Statements

For the year ended 31 December 2021

ACCOUNTING POLICIES (continued)

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Fixed Assets

Consecrated and benefice property

Consecrated and benefice property is excluded from the accounts in accordance with s.10 (2) (a) and (c) of the Charities Act 2011.

Moveable church furnishings

For property acquired prior to 2000, there is insufficient cost information available and therefore such assets are not valued in the financial statements. Items acquired since 1 January 2000 have been capitalised and depreciated in the financial statements over their currently anticipated useful economic life (initially over 4 years) on a straight line basis, apart from certain assets which are deemed to have a longer working life.

All expenditure incurred in the year on consecrated or benefice buildings or on the repair of movable church furnishings acquired before 1 January 2000 is written off.

Properties

Freehold and leasehold properties held as functional assets are valued at their original cost. At each reporting date, an assessment is carried out to determine whether the carrying value is in excess of the recoverable amount.

Other fixtures, fittings and equipment

Equipment used within Church premises is depreciated on a straight line basis, usually over 4 years. Depreciation on assets acquired under a finance agreement reflects the term of the agreement. Individual items of equipment with a purchase price of £1,000 (previously £500) or less are written off when the asset is acquired. Fit out costs of the Church Centre are being amortised over 50 years.

Investments

Investments are valued at market value at 31 December using the bid price provided by the fund manager.

Current Assets

Amounts owing to the Group at 31 December in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove uncollectable.

Short term deposits include cash held on deposit with CBF Church of England Funds or with UK regulated banking institutions and investments held with regulated fund managers. Investments held as current assets are valued at market value at 31 December using the bid price provided by the fund manager.

Taxation

The Charity is a registered charity and has no liability to corporation tax on its charitable activities. The Subsidiary is liable to corporation tax on its taxable profits to the extent that they have not been Gift Aided to the Parent Charity.

18

THE PAROCHIAL CHURCH COUNCIL THE PARISH OF LEEDS ST. GEORGE

Notes to the Financial Statements

For the year ended 31 December 2021

ACCOUNTING POLICIES (CONTINUED)

Critical Accounting Estimates and Judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

19

THE PAROCHIAL CHURCH COUNCIL THE PARISH OF LEEDS ST. GEORGE

Notes to the Financial Statements

For the year ended 31 December 2021

2 FUND COMPARATIVES

Comparative figures for fund movements in the Statement of Financial Activities for the previous Year are as follows :

INCOME FROM:
Donations and legacies
Other trading activities
Income from investments
Income from charitable activities
-
TOTAL INCOME
EXPENDITURE ON:
Expenditure on charitable activities
Expenditure on raising funds
TOTAL EXPENDITURE
Net income before gains/(losses) on investments
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
TOTAL FUNDS AT 1 JANUARY 2020
TOTAL FUNDS AT 31 DECEMBER 2020		 Fund movements 2020
Unrestricted
Restricted
Endowment
Total
£
£
£
£
502,315
17,747
-
520,062
93,517
-
-
93,517
18,168
-
-
18,168
60,716
-
-
60,716
674,716
17,747
-
692,463
651,573
6,622
-
658,195
51,695
-
-
51,695
703,268
6,622
-
709,890
(28,552)
11,125
-
(17,427)
(721)
-
8,647
7,926
(29,273)
11,125
8,647
(9,501)
1,241,159
10,382
125,218
1,376,759
1,211,886
21,507
133,865
1,367,258

20

THE PAROCHIAL CHURCH COUNCIL THE PARISH OF LEEDS ST. GEORGE

Notes to the Financial Statements

For the year ended 31 December 2021

3
INCOME
Note
3(a)
Donations and legacies
Planned giving
Gift aid donations
Income tax recoverable
Youth Worker Appeal Fund
14(a)
Asylum Seekers' Appeal Funds
14(b)
Financial Support Fund
14(c)
Other planned giving
Collections
Sundry donations
Legacies
3(b)
Other trading activities
Church room hire
St George’s Centre Limited
Car parking rental income
Rent of 46 Vesper Lane and Apartment 4
Feed in tariff and mobile phone mast rental
3(c)
Income from investments
Bank interest
Dividends and fund distributions
3(d)
Income from charitable activities
Sundry income
3(e)
Fees
TOTAL INCOME		 Unrestricted
Funds
Restricted
Funds
TOTAL FUNDS
2021
2020
£
£
£
£
362,476
-
362,476
341,395
90,183
-
90,183
87,311
-
3,805
3,805
3,990
-
3,318
3,318
2,836
-
6,530
6,530
10,921
63,371
-
63,371
49,647
973
-
973
1,685
10,308
-
10,308
21,277
-
-
-
1,000
527,311
13,653
540,964
520,062
-
-
-
7,403
96,219
-
96,219
70,150
16,434
-
16,434
12,280
10,780
-
10,780
2,000
5,047
-
5,047
1,684
128,480
-
128,480
93,517
1,029
-
1,029
2,271
15,805
-
15,805
15,897
16,834
-
16,834
18,168
11,387
40,319
51,706
59,872
422
-
422
844
11,809
40,319
52,128
60,716
684,434
53,972
738,406
692,463

21

THE PAROCHIAL CHURCH COUNCIL THE PARISH OF LEEDS ST. GEORGE

Notes to the Financial Statements

For the year ended 31 December 2021

3(e) Sundry income

Sundry income comprises the following:

Unrestricted

Includes £10,290 (2020 £58,343) of financial support to assist in managing the effects of the Covid-19 pandemic

----- Start of picture text -----
Source of income 2021 2020
£ £
Coronavirus Job Support Scheme – government contribution to salary costs 10,290 58,343
Sundry other 1,097 1,529
TOTAL 11,387 59,872
----- End of picture text -----

Restricted

Includes monies to support the missional work at Holy Trinity Boar Lane (‘HTBL’)

----- Start of picture text -----
Source of income 2021 2020
£ £
Gaia Earth science exhibition grant – to be held in HTBL during November 2022 19,810 -
Church of England Strategic Development Fund – financing HTBL mission work 15,509 -
Harrisons Charity – grant to meet signage expenditure at HTBL 5,000 -
TOTAL 40,319 -
----- End of picture text -----

Movements on the restricted funds to which this income relates can be found in Notes 14(d), 14(e) and 14(f)

3(f) Reclassification of 2020 income

In 2020, a Hospitality Support Grant of £10,000 was received from the local authority and was shown as sundry income in Note 3(d). As this relates to pandemic support for the Church Centre, it is more appropriate to disclose it as part of St George’s Centre Limited income in Note 3(b) and this reclassification has been incorporated into the 2021 financial statements. A corresponding proportion of the 2020 Church Centre overheads amounting to £10,000 has been incorporated into Note 4(b), Expenditure on raising funds .

22

THE PAROCHIAL CHURCH COUNCIL THE PARISH OF LEEDS ST. GEORGE

Notes to the Financial Statements

For the year ended 31 December 2021

4
EXPENDITURE
Note
4(a)
Expenditure on charitable
activities
Missionary & charitable giving
Mission partners & mission donations
St Hild College donation
Vicar's Discretionary Fund
Asylum Seekers' Appeal Funds
14(b)
Financial Support Fund
14(c)
Ministries
Youth Work
Student ministry
Music and drama
Other church groups
Lighthouse
Outreach events
Sundry
Fees
Church running & maintenance
Church running expenses
Caretaker, verger and cleaner
Staff housing		 Unrestricted
Funds
Restricted
Funds
TOTAL FUNDS
2021 2020
£
£
£
£
44,884
-
44,884
46,811
-
-
-
5,000
-
-
-
-
-
1,973
1,973
2,632
-
1,792
1,792
-
44,884
3,765
48,649
54,443
2,427
-
2,427
4,788
3,011
-
3,011
2,406
2,006
-
2,006
1,912
95
-
95
1,911
20,000
-
20,000
21,250
2,166
-
2,166
223
2,179
-
2,179
1,881
422
-
422
844
32,306
-
32,306
35,215
77,703
8,339
86,042
29,178
27,277
3,738
31,015
26,780
26,798
-
26,798
24,199
131,778
12,077
143,855
80,157

23

THE PAROCHIAL CHURCH COUNCIL THE PARISH OF LEEDS ST. GEORGE

Notes to the Financial Statements

For the year ended 31 December 2021

4
EXPENDITURE (continued)
4(a)
Expenditure on charitable activities (contd.)
Staff
Staff working expenses
House for duty pastor
Visiting preachers
Worship/communication pastors
Youth, student & family pastors
14(a)
Interns
Church management & administration
Office salaries
Technical manager
Bookkeeping
Computer Software
Telephones
Photocopying
Print, postage and stationery
Website, publicity and PA
Bank charges
Sundry expenditure
Depreciation
Governance costs
4(c)
Church Centre
Diocesan Parish Share
Total expenditure on charitable activities
4(b)
Expenditure on raising funds
St George’s Centre Limited
7(b)(ii)
TOTAL EXPENDITURE		 Unrestricted
Funds
Restricted
Funds
TOTAL FUNDS
2021 2020
£
£
£
£
3,012
-
3,012
3,026
10,000
-
10,000
10,000
59
-
59
85
38,990
-
38,990
37,441
71,159
3,805
74,964
74,559
9,737
-
9,737
6,744
132,957
3,805
136,762
131,855
29,724
1,502
31,226
72,944
-
-
-
-
22,137
422
22,559
18,957
2,029
-
2,029
614
963
-
963
1,148
684
-
684
714
1,501
-
1,501
154
2,278
-
2,278
1,383
2,137
-
2,137
1,953
2,670
-
2,670
188
8,952
377
9,329
12,777
2,500
-
2,500
2,754
62,069
-
62,069
92,720
137,644
2,301
139,945
206,306
150,219
-
150,219
150,219
629,788
21,948
651,736
658,195
53,181
-
53,181
51,695
682,969
21,948
704,917
709,890

24

THE PAROCHIAL CHURCH COUNCIL THE PARISH OF LEEDS ST. GEORGE

Notes to the Financial Statements

For the year ended 31 December 2021

4(c) Governance costs

Governance costs comprise expenditure on assisting the Trustees meet their statutory obligations and include Independent Examination, £1,500 (2020 £1,254) and a portion of administration expenditure, £1,000 (2020 £1,500).

5(a) STAFF COSTS

Wages and salaries
Social security costs
Pension costs		 2021
2020
£
£
255,818
282,069
17,404
18,568
12,433
15,594
285,655
316,231

Included in the above are redundancy costs totalling £8,690 (2020 £1,032)

No employee received emoluments of more than £60,000 (2020: None).

The average number of employees during the year, including full and part time, was 30. This approximates to 16 full time equivalent staff.

5(b) PAYMENTS TO/DONATIONS FROM PCC MEMBERS

Expenses totalling £1,532 (2020 £2,005) were paid during the year to or on behalf of members of the clergy who sit on the PCC. None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity. The total donations received from serving PCC members in their capacity as Trustees during 2021 amounted to £54,182 (2020 £41,784).

5(c) RELATED PARTY TRANSACTIONS

Elizabeth Woolf is a trustee of St George’s Crypt, charity number 1144474, from whom the PCC purchased goods and services amounting to £203 during 2021.

Elizabeth Woolf and Pauline Rhodes are trustees of Lighthouse, charity number 1164239, to whom the PCC made a donation of £20,000 during 2021.

Keith Swallow is a trustee of Spacious Places, charity number 1130175 to whom the PCC made a donation of £1,440 during 2021.

6 DESIGNATED FUNDS

Unrestricted funds include amounts which have been designated by the PCC for specific purposes and are set out in Note 13.

25

THE PAROCHIAL CHURCH COUNCIL THE PARISH OF LEEDS ST. GEORGE

Notes to the Financial Statements

For the year ended 31 December 2021

7
FIXED ASSETS
7(a)
Tangible Fixed Assets
Cost or valuation
At 1 January 2021
Additions
Disposals
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
Eliminated on disposals
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020
The freehold land and buildings comprise:		 Group & Charity
Freehold
Leasehold
Furniture
TOTAL
Land and
Land and
and
Buildings
Buildings
Equipment
£
£
£
£
158,794
482,026
547,386
1,188,206
-
-
3,117
3,117
-
-
-
-
158,794
482,026
550,503
1,191,323
-
101,075
501,372
602,447
-
7,093
13,485
20,578
-
-
-
-
-
108,168
514,857
623,025
158,794
373,858
35,646
568,298
158,794
380,951
46,014
585,759

46 Vesper Lane - original cost £60,175

At a meeting on 12 March 2018, the PCC resolved to sell 46 Vesper Lane. However, significant costs (as yet unquantified) will need to be incurred and planning approval obtained to facilitate repairing the boundary wall and replacing the garage before the property can be offered for sale. In the present circumstances, it is felt that reclassifying and revaluing the property should await until a firm proposal to facilitate the repairs has been drawn up.

22 Hanover Square - original cost £74,840

The leasehold land and buildings include:

Flat 4, St George's Apartments - the cost of £127,372 is not being depreciated on the grounds that the residual value is considered to be at least equal to original cost

Church Centre - fit out costs of £354,654 are being amortised over 50 years

Freehold reversionary interest

In September 2004, the PCC granted a 150 year lease to Brampton Asset Management in return for a capital sum,

26

THE PAROCHIAL CHURCH COUNCIL THE PARISH OF LEEDS ST. GEORGE

Notes to the Financial Statements

For the year ended 31 December 2021

which facilitated the redevelopment of land adjacent to St George’s Church. No ground rent is receivable in relation to this transaction. Given the length of the leasehold term remaining, it is estimated that the present value of the freehold reversionary interest is not material and therefore no figure has been included in these accounts.

7(b) Investment Assets

Investment assets comprise (i) endowed securities held by the Diocese as custodian trustee and (ii) one ordinary share in St George's Centre Limited, a wholly owned subsidiary.

(i) The endowment holdings are held by the Diocese of Leeds as custodian trustee on behalf of the PCC. All shares shown below are investments in the CBF Church of England Investment Fund. The transfers relate to the Choir and Music and Thorp and Nussey endowment funds held by Holy Trinity Boar Lane (‘HTBL’) which were transferred into the legal ownership of St George’s PCC following the re-drawing of the parish boundary in 2021 to incorporate HTBL within St George’s parish.

Fund name
Status
Number of
shares
Endowment Fund
Endowment
6,060
Curacy Fund
Endowment
487
Choir and Music
Endowment
602
Thorp and Nussey
Endowment
349		 Market Value – Group & Charity
At 1.1.21
Increase in
Transfers
At 31.12.21
value
£
£
£
£
123,908
17,815
-
141,723
9,957
1,432
-
11,389
-
-
14,079
14,079
-
-
8,169
8,169
133,865
19,247
22,248
175,360

Dividends from the Endowment and Curacy funds are retained by the Diocese and used to fund clergy stipends. Dividends from the Choir and Music fund are distributed to the PCC to be used in accordance with the donor’s wishes. Dividends from the Thorp and Nussey fund are reinvested.

The capital value of investments classed as endowment must be maintained in perpetuity.

(ii) The ordinary share in St George's Centre Limited was acquired on the incorporation of the company. Its result for the year is shown below. Net assets at 31 December 2021 amounted to £1 and this is deemed to represent the current value of the investment.

Income from room hire, catering and equipment hire
Local authority hospitality support grants
Direct costs and overheads
Amount Gift Aided to Parent Charity
Net profit		 2021
2020
£
£
57,005
60,150
39,214
10,000
(53,181)
(51,695)
(43,038)
(18,455)
-
-

27

THE PAROCHIAL CHURCH COUNCIL THE PARISH OF LEEDS ST. GEORGE

Notes to the Financial Statements

For the year ended 31 December 2021

8
DEBTORS
Group
Charity
2021
2020
2021
2020
£
£
£
£
Income tax recoverable
7,515
19,910
7,515
19,910
Prepayments and debtors
40,235
17,041
18,792
10,224
47,750
36,951
26,307
30,134
9 INVESTMENTS
Market Value - Group & Charity
01.01.21
Disposals
Gains/
31.12.21
(losses)
£
£
£
£
CCLA - The CBF Church of England
167,538
-
24,482
192,020
Investment Fund
CCLA – COIF Charities Property Fund
224,129
-
31,913
256,042
391,667
-
56,395
448,062
10
LIABILITIES: AMOUNTS FALLING DUE
WITHIN ONE YEAR
Group
Charity
2021
2020
2021
2020
£
£
£
£
Accruals, creditors and deferred income
55,125
46,864
43,686
39,903
55,125
46,864
43,686
39,903
11
LIABILITIES: AMOUNTS FALLING DUE AFTER ONE
YEAR
Group & Charity
2021
2020
£
£
Equity Sharing Loan – 46 Vesper Lane
39,000
39,000
39,000
39,000		 Group
Charity
2021
2020
2021
2020
£
£
£
£
7,515
19,910
7,515
19,910
40,235
17,041
18,792
10,224
47,750
36,951
26,307
30,134
Market Value - Group & Charity
01.01.21
Disposals
Gains/
31.12.21
(losses)
£
£
£
£
167,538
-
24,482
192,020
224,129
-
31,913
256,042		 Group
Charity
2021
2020
2021
2020
£
£
£
£
7,515
19,910
7,515
19,910
40,235
17,041
18,792
10,224
47,750
36,951
26,307
30,134
Market Value - Group & Charity
01.01.21
Disposals
Gains/
31.12.21
(losses)
£
£
£
£
167,538
-
24,482
192,020
224,129
-
31,913
256,042
391,667
-
56,395
448,062
Group
Charity
2021
2020
2021
2020
£
£
£
£
55,125
46,864
43,686
39,903
55,125 46,864
43,686
39,903
Group & Charity
2021
2020
£
£
39,000
39,000
39,000
39,000

28

THE PAROCHIAL CHURCH COUNCIL THE PARISH OF LEEDS ST. GEORGE

Notes to the Financial Statements

For the year ended 31 December 2021

The Equity Sharing Loan was advanced by the Church of England’s Central Board of Finance (‘CBF’) to assist with the purchase of 46 Vesper Lane. There is no fixed date for repayment but in the event of a sale, the CBF are entitled to share in the proceeds in proportion to the amount advanced as a percentage of the original purchase price. Interest is charged quarterly and increases annually in line with the index of retail prices. As indicated in Note 7(a), there is an intention to sell the property, but the timescale remains uncertain. However, as the loan is repayable from any proceeds, the loan continues to be disclosed as falling due after one year.

12 ANALYSIS OF NET ASSETS BY FUND

ANALYSIS OF NET ASSETS BY FUND
Fixed Assets
Current Assets
Current Liabilities
Deferred Liabilities		 Group
Unrestricted
Restricted
Endowment
Total
Funds
Funds
Funds
Funds
£
£
£
£
590,546
-
153,112
743,658
795,573
53,531
-
849,104
(55,125)
-
-
(55,125)
(39,000)
-
-
(39,000)
1,291,994
53,531
153,112
1,498,637

ANALYSIS OF NET ASSETS BY FUND (PREVIOUS YEAR)

ANALYSIS OF NET ASSETS BY FUND (PREVIOUS YEAR)
Fixed Assets
Current Assets
Current Liabilities
Deferred Liabilities		 Group
Unrestricted
Restricted
Endowment
Total
Funds
Funds
Funds
Funds
£
£
£
£
585,759
-
133,865
719,624
711,991
21,507
-
733,498
(46,864)
-
-
(46,864)
(39,000)
-
-
(39,000)
1,211,886
21,507
133,865
1,367,258

13 UNRESTRICTED FUNDS

Unrestricted Funds are divided into Designated and General Funds.

Designated funds comprise the net book value of functional fixed assets together with those funds which the PCC has decided to earmark for specific purposes. Earmarked funds include:

Repair and Replacement Fund – reserves set aside to meet the anticipated cost of major

repairs or replacements of functional fixed assets over the next five years

29

THE PAROCHIAL CHURCH COUNCIL THE PARISH OF LEEDS ST. GEORGE

Notes to the Financial Statements

For the year ended 31 December 2021

13 UNRESTRICTED FUNDS (continued)

Strategic Mission Fund – a fund designed to finance key mission initiatives, in conjunction

with other partners sharing similar goals to St George’s

General Funds at 31 December 2021 amounted to £294,648 and include £110,000 earmarked as a contingent sum to meet unplanned reductions in primary sources of income, namely voluntary giving and Church Centre revenues and any contingent liabilities. The balance of Undesignated Reserves remains unallocated.

Details of these different Funds, their movements during the year and balances at 31 December 2021 are set out below.

Group & Charity

ANALYSIS OF MOVEMENTS IN
UNRESTRICTED FUNDS
Designated Funds:
Net book value of tangible fixed assets
Less: related borrowings
Closing balance
Repair and Replacement Fund
Strategic Mission Fund
Free reserves:
General Funds
Total unrestricted funds		 Balances
at 1.1.21
Movements
in
(Movements
out)
Net
movement
Balances
at 31.12.21
£
£
£
£
£
585,759
3,117
(20,578)
-
568,298
(39,000)
-
-
-
(39,000)
546,759
3,117
(20,578)
-
529,298
360,800
35,000
-
-
395,800
40,000
10,000
-
-
50,000
947,559
48,117
(20,578)
-
975,098
264,327
(48,117)
20,578
57,860
294,648
1,211,886
-
-
57,860
1,269,746

The transfer of £35,000 into the Repair and Replacement Fund reflects the result of the annual review of funding required to meet the Charity’s anticipated capital expenditure requirements over the next five years.

The movement in the Strategic Mission Fund represents an additional amount added to meet the expected needs of the next strategic church renewal project.

General Funds partly comprises a Contingency Fund to meet the additional financial demands which could arise from a downturn in St George’s principal sources of income, namely voluntary giving and Church Centre revenues and in meeting the potential liability which could arise from pension fund obligations (see Note 15).

30

THE PAROCHIAL CHURCH COUNCIL THE PARISH OF LEEDS ST. GEORGE

Notes to the Financial Statements

For the year ended 31 December 2021

13 UNRESTRICTED FUNDS (continued)

ANALYSIS OF MOVEMENTS IN
UNRESTRICTED FUNDS –
PREVIOUS YEAR
Designated Funds:
Net book value of tangible fixed assets
Less: related borrowings
Closing balance
Repair and Replacement Fund
Strategic Mission Fund
Free reserves:
Undesignated
Total unrestricted funds		 Balances
at 1.1.20
Movements
in
(Movements
out)
Net
movement
Balances
at 31.12.20
£
£
£
£
£
579,141
30,189
(23,571)
-
585,759
(39,000)
-
-
-
(39,000)
540,141
30,189
(23,571)
-
546,759
451,250
(28,000)
18,500
(80,950)
360,800
45,000
-
(5,000)
-
40,000
1,036,391
2,189
(10,071)
(80,950)
947,559
204,768
(2,189)
(19,202)
80,950
264,327
1,241,159
-
(29,273)
- 1,211,886

14 RESTRICTED FUNDS

The Restricted Funds include monies given for the Youth Worker Appeal Fund (donations towards the cost of employing a Youth Pastor), Asylum Seekers’ Appeal Funds (monies donated to support those who have experienced the asylum system within the church) and the Financial Support Fund (donations to support those experiencing financial hardship). Funds added during 2021 include Strategic Development Fund (‘SDF’) monies to assist the mission initiative at Holy Trinity Boar Lane (‘HTBL’) together with a charity donation to help with signage and funds to finance a science/faith exhibition to be held in 2022 at HTBL.

Movements in these funds are as follows:

14(a)

Youth Worker Appeal
Opening Balance at 1 January
Incoming resources
Outgoing resources
Closing balance at 31 December		 2021
2020
£
£
-
-
3,805
3,990
(3,805)
(3,990)
-
-

31

THE PAROCHIAL CHURCH COUNCIL THE PARISH OF LEEDS ST. GEORGE

Notes to the Financial Statements

For the year ended 31 December 2021

14(b)
Asylum Seekers' Appeal Funds
Opening Balance at 1 January
Incoming resources
Outgoing resources
Closing balance at 31 December		 2021
2020
£
£
10,586
10,382
3,318
2,836
(1,973)
(2,632)
11,931
10,586
14(c)
Financial Support Fund
Opening Balance at 1 January
Incoming resources
Outgoing resources
Closing balance at 31 December		 2021
2020
£
£
10,921
-
6,530
10,921
(1,792)
-
15,659
10,921

The Financial Support Fund was established during 2020 to assist members of the congregation or those with a strong affiliation to St George’s to access funds for the purpose of alleviating severe financial hardship

14(d)
Holy Trinity Boar Lane SDF Funding
Opening Balance at 1 January
Incoming resources
Outgoing resources – revenue expenditure
Outgoing resources – depreciation
Closing balance at 31 December		 2021
2020
£
£
-
-
15,509
-
(14,001)
-
(377)
1,131
-

Monies obtained from the Church of England’s Strategic Development Fund to assist with the development of mission work at Holy Trinity Boar Lane

32

THE PAROCHIAL CHURCH COUNCIL THE PARISH OF LEEDS ST. GEORGE

Notes to the Financial Statements

For the year ended 31 December 2021

14(e)
St John’s College
Opening Balance at 1 January
Incoming resources
Outgoing resources
Closing balance at 31 December		 2021
2020
£
£
-
-
19,810
-
-
-
19,810
-

St John’s College Durham have provided a grant to facilitate an exhibition exploring the relationship between science and faith through the church engagement programme, Scientists in Congregations. The exhibition is scheduled to be held at Holy Trinity Boar Lane during November 2022

14(f)

Harrisons Charity
Opening Balance at 1 January
Incoming resources
Outgoing resources
Closing balance at 31 December		 2021
2020
£
£
-
-
5,000
-
-
-
-
5,000
-

The charity has provided a grant to be used for signage at Holy Trinity Boar Lane

15 CONTINGENT LIABILITIES

THE CHURCH OF ENGLAND PENSIONS BOARD AND THE CHURCH WORKERS PENSION FUND (‘CWPF’)

Until 30 April 2018, the PCC actively participated in the CWPF having at least one of St George’s lay staff employees enrolled as a member. On that date, all such members and the employer ceased contributing to the CWPF with members (ie former employees) being entitled to draw their pension benefits. St George’s has effectively left the CWPF scheme as an active employer.

As a significant proportion of the CWPF is a final salary pension scheme, it is obliged to carry out triennial actuarial valuations to determine the Scheme’s financial position. The last such valuation carried out at 31 December 2019 established that the Scheme was in deficit meaning that the value of its obligation to pay pension benefits in the future was greater than its assets. In these circumstances, a scheme actuary can apportion the scheme deficit between all the contributing employers and establish what is known as a Section 75 Debt. Section 75 of the Pensions Act 1995 requires employers leaving a pension scheme to fully fund their liabilities before they leave. On this basis, the debt calculated in respect of St George’s has been estimated to be £45,800 plus cessation expenses.

The Church of England Pensions Board offered to postpone a demand for payment of St George’s Section 75 Debt in anticipation of the CWPF being able to improve its financial position in the future and eliminate the deficit. This is known as a Deferred Debt Arrangement (‘DDA’). The PCC agreed to accept the Pension Board’s offer and a deed effecting this arrangement was signed by both parties on 17 February 2022. The DDA is conditional on St George’s

33

THE PAROCHIAL CHURCH COUNCIL THE PARISH OF LEEDS ST. GEORGE

Notes to the Financial Statements

For the year ended 31 December 2021

finances not materially weakening whilst the deed is in place and an annual review will be conducted to ensure these conditions are met. The PCC take into account this commitment when reviewing the Charity’s level of reserves.

REMEDIAL CLADDING WORKS TO THE ST GEORGE BUILDING

Works to remediate the non-compliant cladding attached to the St George Building are scheduled for completion at the end of April 2022. This includes the further work required to remove combustible timber balconies for which the PCC has made a financial contribution of £30,361. The reserves set aside to meet this liability by way of a provision in The Repair and Replacement Fund have now been released.

16 FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS
2021 2020
£ £
Carrying amount of Financial Assets
Financial assets carried at fair value 623,422 517,606
Financial assets measured at amortised cost 420,024 432,900
Carrying amount of Financial Liabilities
Financial liabilities measured at fair value - -
Financial liabilities measured at amortised cost 87,411 87,809

17 CAPITAL COMMITMENTS

At the year end, the PCC had authorised but not contracted for the purchase of replacement chairs at an estimated cost of £52,000, previously estimated at £72,000. Capital expenditure authorised but not contracted for at the end of 2020 amounted to £72,000.

18 RECONCILIATION OF NET MOVEMENTS IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net movement in funds
Add back depreciation charges
Losses/(gains) on endowment investments
Deduct investment income
Loss/(profit) on the sale of fixed assets
(Increase)/decrease in debtors
(Decrease)/increase in creditors		 2021
2020
£
£
131,379
(9,501)
20,578
23,571
(41,495)
(8,647)
(16,834)
(18,168)
-
-
(10,799)
52,761
8,261
(7,181)
91,090
32,835

34

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF LEEDS ST. GEORGE

Independent Examiner’s Report to the PCC of St George’s, Leeds

For the year ended 31 December 2021

I report to the Trustees on my examination of the accounts of The Parochial Church Council of the Ecclesiastical Parish of Leeds St. George (‘the Charity’) for the year ended 31 December 2021.

Responsibilities and basis of report

As the Charity Trustees, 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 Charity’s financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), 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 Charity as required by section 130 of the Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts 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.

Signed: Nigel PL Wyatt BSc, FCA Independent Examiner 125 Main Street Garforth Leeds LS25 1AF

Date: 26 April 2022

35