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2022-12-31-accounts

Christ Church Bromley

Report and Accounts Year ended 31 December 2022

1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk

CHRIST CHURCH BROMLEY PCC

CHARITY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2022

The Parochial Church Council of the Ecclesiastical Parish of Christ Church, Bromley Christ Church Bromley PCC

Full Name

Working Name Christ Church Bromley PCC Members of the Parochial Church Council (who are the charity's trustees)

Vicar Iain J. Broomfield (resigned 30 April 2023) April 2023)
Other Licensed Ministers Matthew Lloyd
Wardens Andrew Nathan (resigned 17 May 2022)
Patrick Harrison (appointed as Warden on 17 May 2022)
James Walsh (Vice chair)
Deanery Synod Representatives Nick Batt (resigned 17 May 2022)
Angela Ivey
Richard Latteman
Jessica Holland
Elected members Adrian Baker (resigned 17 May 2022)
Andrew Cooke (appointed 17 May 2022)
Thomas Feather (Treasurer)
Philip Fuller (resigned 31 January 2022)
Alison Howard-Williams (appointed 17 May 2022)
Adam Jarvis
Christine Lumgair
Alex Padfield
Naomi Rowland (resigned 17 May 2022)
Deborah Shepherd (Secretary and co-opted)
Howard Surfleet
Cameron Swift
Lucy Tanner (appointed 17 May 2022)
Justyn Turner
Damian Winstanley
Charity Registration Number 1132870
Principal Address Highland Road
Bromley
Kent
BR1 4AA
Independent Examiner Ajay Rajani FCIE
Stewardship
1 Lamb's Passage
London
EC1Y 8AB
Bankers HSBC UK Bank plc
Contents Page
Charity Information 1
Annual Report of the Members of the Parochial Church Council 2-5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Cashflow Statement 9
Notes to the Accounts 10-16

Page 1

CHRIST CHURCH BROMLEY PCC TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The Members of the Parochial Church Council (the 'PCC'), who are the charity's trustees for the purposes of charity law, have pleasure in presenting their report together with the financial statements for the year.

OBJECTS OF THE CHARITY

The Great Commission of Jesus Christ is to make disciples of all nations, baptising and teaching them to obey everything He commanded. The charity is responsible for co-operating with the Church leadership team in fulfilling this Commission in the ecclesiastical parish of Christ Church Bromley in particular. The PCC is also responsible for maintaining certain church property, namely the Church building and the Church Halls on Highland Road and two residential properties.

SUMMARY OF MAIN ACTIVITIES AND ACHIEVEMENTS

The primary means by which the above objects of the charity were fulfilled in 2022 was the weekly preaching of Scripture in the public gatherings of the Church on Sunday mornings and the administration of the sacraments. A variety of midweek meetings including Bible studies, groups for mothers, toddlers, children and young people, a senior citizens’ lunch club further support members of the congregation in growing their faith and provided opportunities for non-members from the parish to consider the claims of Jesus Christ.

While the focus of the Church’s work is in the parish, the charity makes significant grants to mission partners working both in the UK and in various different countries across the whole globe. In 2022, these grants totalled £78,280. A special appeal was launched for Mission Beyond Bromley Sunday to raise funds for the commitments already made in the 2022 budget to support mission partners outside Bromley in the UK and the rest of the world. A target to raise £15,000 was set and £17,379 was raised.

T he Trustees confirm that they have had due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the Charity.

VOLUNTEERS

The vast majority of the work done to run the Church is carried out by volunteers. Areas where volunteers serve include, but are not limited to, leading Bible studies and children’s groups, running lunch club, leading music in services, decorating the Church building, serving refreshments and liaising with overseas mission partners. It is estimated that between 150 and 200 people serve the Church on a voluntary basis.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity is registered with the Charity Commission and operates under the Charities Act 2011. The governing documents for the charity are the Parochial Church Councils (Powers) Measure 1956 (as amended) and the Church Representation Rules.

Page 2

CHRIST CHURCH BROMLEY PCC TRUSTEES’ ANNUAL REPORT (Continued) FOR THE YEAR ENDED 31 DECEMBER 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT continued

The appointment of PCC members is governed by, and set out in, the Church Representation Rules. The PCC comprises ex-officio members (which includes clergy and churchwardens), elected members and co-opted members. The PCC organise elections annually before the Annual Parochial Church Meeting (APCM) to fill vacancies. An induction supper is usually held in advance of or as part of the first PCC meeting after an APCM. External training sessions during the year are advertised to PCC members who are encouraged to attend.

Responsibility for setting policy and for making operating decisions rests with the PCC who meet regularly to monitor the activities of the charity. Responsibility for the day-to-day operation of the charity has been delegated to a staff team led by the incumbent.

FINANCIAL REVIEW

The PCC works closely with The Bromley Christian Workers Trust ('BCWT'), who donate the services of their staff to the PCC. For the year under review the value of these donated services was £277,000 (2021: £314,515). In accordance with the requirements of the Charities SORP, the value of this donation is included within the PCC’s income from donations along with a matching expense within the PCC’s expenditure on charitable activities.

Legacies and substantial one-off gifts are occasionally received and have played a significant role in recent years in allowing the charity to break even or run a small surplus. In 2022, this included the donation of a property valued at £325,000 (2021: a cash legacy of £10,000).

The principal recurring source of income continues to be regular donated income from Church members. The charity also receives small amounts of income from letting property and from various Church events and activities. This income amounted to £216,512 (2021: £212,668).

Overall the PCC’s total income for the year was £818,512 (2021: £537,183), with this year’s increase in income largely due to the bequeathed property mentioned above.

Expenditure increased by £2,555 to £485,981. Mission giving increased by £21,928, there was no repeat of last year’s refund of £9,194 for bank charges and other expenses increased by £8,948 as the easing of pandemic restrictions allowed the PCC to do more. This was partly offset by a reduction of £37,515 in the value of the donated services received from BCWT.

The net result was a surplus for the year of £332,531 (2021: surplus of £53,757). Most of this year’s surplus is due to the bequeathed property valued at £325,000 and the amount of cash held by the PCC increased by a more modest £31,585.

The PCC’s net assets increased by this year’s surplus of £332,531 to £1,242,430. This comprises an investment of £1,059,000 in property (net of a related loan for £191,000), cash of £190,273 less other net current liabilities of £6,843.

Page 3

CHRIST CHURCH BROMLEY PCC TRUSTEES’ ANNUAL REPORT (Continued) FOR THE YEAR ENDED 31 DECEMBER 2022

RESERVES POLICY

The PCC recognise the need to hold reserves to allow protection of all core activities in the event of income shortfalls and to promote balanced strategic planning. Reserves are defined as unrestricted cash that has not been committed or designated for specific projects or purposes.

It has been decided that the PCC should aim to hold three months’ budgeted on-going expenditure in reserve which would equate to approximately £50,000. Due to the legacies received in recent years, the unrestricted, undesignated cash held by the PCC at the year-end was greater than this at £186,281. The PCC would like to use these legacies to pay off debt and support new initiatives that further the church’s vision and the PCC is seeking to grow giving in 2023 to help ensure that the PCC’s future activities are sustainable.

OTHER INFORMATION

A quinquennial inspection was undertaken in 2021. This identified a need for some relatively minor repairs, which the PCC are attending to.

For 2022 the Diocese requested a Parish Share of £79,768; after due consideration, the PCC decided to contribute £55,289.

With regard to the PCC’s obligations to safeguard children and vulnerable adults, the members of the PCC confirm that they have complied with their duties under section 5 of the Safeguarding and Clergy Discipline Measure 2016.

KEY RISKS AND UNCERTAINTIES

The greatest financial risks to Christ Church Bromley are likely to be general ones associated with current economic climate in the UK. Sharp increases in the cost of energy mean that expenditure in this area is likely to be significantly higher in 2023 than in 2022, and are likely to continue to increase in future years. Financial hardship might be faced by some such that giving is reduced. Certain other risks more specific to CCB are outlined below. These risks are managed by reviewing expenditure against income on an annual basis amongst the PCC and more frequently amongst the finance subgroup and the PCC.

INTERREGNUM

It was announced in November 2022 that the incumbent, Iain Broomfield is resigning and that an interregnum would begin at the end of April 2023. These can be periods of uncertainty.

LIVING IN LOVE AND FAITH

The PCC will need to consider and respond, in due course, to the uncertainty raised in relation to matters of Biblical doctrine in the wider Church of England. These matters may have an effect on giving to the church and may impact the PCC’s expenditure.

Page 4

CHRIST CHURCH BROMLEY PCC TRUSTEES’ ANNUAL REPORT (Continued) FOR THE YEAR ENDED 31 DECEMBER 2022

PLANS FOR THE FUTURE

The Church is seeking to appoint a new vicar to lead the pastoral staff team in discipling the congregation. The role of Associate Minister for Families, Youth and Children will become vacant in September 2023. It has not been possible to recruit a replacement to start in September, and it may be that the church must wait until a new Vicar is in post to make an appointment to this role.

STATEMENT OF RESPONSIBILITIES OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL

The PCC is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the PCC to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources for the financial year. In preparing these financial statements, the PCC are required to:

  1. select suitable accounting policies and apply them consistently;

  2. observe the methods and principles in the Charities SORP;

  3. make judgements and estimates that are reasonable and prudent;

  4. state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

  5. prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The PCC is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

APPROVAL

This report was approved by the PCC and signed on their behalf by:

James Walsh

…………………………………………………. James Walsh (Deputy Chair)

Date: 8 May 2023

Page 5

INDEPENDENT EXAMINER'S REPORT

TO THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL OF

CHRIST CHURCH BROMLEY PCC ('the Charity')

I report to the members of the PCC (who are also the charity's trustees) on my examination of the accounts of the Charity for the year ended 31 December 2022 on pages 7 to 16 following, which have been prepared on the basis of the accounting policies set out on pages 10 and 11.

Responsibilities and basis of report

As members 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 Charity’s accounts carried out under section 145 of the 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

Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a Fellow of the Association of Charity Independent Examiners, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Charity 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 (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.

Ajay Rajani

Ajay Rajani FCIE Fellow of the Association of Charity Independent Examiners Stewardship 1 Lamb's Passage London EC1Y 8AB

Date: 9 May 2023

Page 6

CHRIST CHURCH BROMLEY PCC

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Other trading activities
Investment income
Other income: Bank compensation
Total income and endowments
EXPENDITURE ON:
Charitable activities:
5
Total Expenditure
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
13		 General
Designated
2022
2022
£
£
500,093
-
5,328
6,948
11,500
-
264
-
-
-
517,185
6,948
179,340
12,262
179,340
12,262
337,845
(5,314)
(325,000)
325,000
12,845
319,686
166,593
743,306
179,438
1,062,992
Unrestricted funds		 Restricted
2022
£
294,379
-
-
-
-
294,379
294,379
294,379
-
-
-
-
-		 Total
2022
£
794,472
12,276
11,500
264
-
818,512
485,981
485,981
332,531
-
332,531
909,899
1,242,430		 General
Designated
2021
2021
£
£
188,198
-
2,802
259
7,000
-
11
-
6,941
-
204,952
259
144,372
7,082
144,372
7,082
60,580
(6,823)
751
-
61,331
(6,823)
105,262
750,129
166,593
743,306
Unrestricted funds		 Restricted
2021
£
331,972
-
-
-
-
331,972
331,972
331,972
-
(751)
(751)
751
-		 Total
2021
£
520,170
3,061
7,000
11
6,941
537,183
483,426
483,426
53,757
-
53,757
856,142
909,899

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

All income and expenditure derive from continuing operations.

The notes on pages 10 to 16 form part of these accounts.

Page 7

CHRIST CHURCH BROMLEY PCC

BALANCE SHEET

AS AT 31 DECEMBER 2022

Note
FIXED ASSETS
Tangible assets
7
CURRENT ASSETS
Stock
8
Debtors
9
Cash at bank and in hand
10
CREDITORS: Amounts falling
due within one year
11
Net current assets
Total assets less current liabilities
CREDITORS: Amounts falling due
12
after more than one year
TOTAL NET ASSETS
FUND BALANCES
13
Unrestricted Funds
Designated funds
Revaluation reserve
Other designated funds
General funds
Restricted Funds		 Unrestricted
Funds
£
1,250,000
2,000
2,975
190,273
195,248
(11,818)
183,430
1,433,430
(191,000)
1,242,430
207,749
855,243
1,062,992
179,438
-
1,242,430		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
Funds
2022
£
1,250,000
2,000
2,975
190,273
195,248
(11,818)
183,430
1,433,430
(191,000)
1,242,430
207,749
855,243
1,062,992
179,438
-
1,242,430		 Total
Funds
2021
£
930,000
2,000
13,443
158,688
174,131
(3,232)
170,899
1,100,899
(191,000)
909,899
207,749
535,557
743,306
166,593
-
909,899

The financial statements were approved by the members of the PCC and were signed on its behalf by:

James Walsh

--------------------------------------James Walsh (Deputy Chair)

Date: 8 May 2023

Charity number: 1132870

The notes on pages 10 to 16 form part of these accounts.

Page 8

CHRIST CHURCH BROMLEY PCC

FOR THE YEAR ENDED 31 DECEMBER 2022

CASH FLOW STATEMENT

Note
2022
£
Cash flows from operating activities:
Net cash provided by (used in) operating activities
a
356,585
Cash flows from investing activities:
Bequeathed property
(325,000)
Net cash provided by/(used in) investing activities
(325,000)
Cash flows from financing activities:
-
31,585
b
158,688
b
190,273
Analysis of changes in net debt:
At start of
year
Cash-flows
£
£
Cash
158,688
31,585
Loan from Church Commissioners
Falling due after one year
(191,000)
-
Total net funds / (debt)
(32,312)
31,585
Note a: Reconciliation of net income/(expenditure) to net cash flow from operating activities
2022
£
332,531
Adjustments for:
Depreciation charges and provisions for impairment
5,000
(Increase)/decrease in debtors
10,468
Increase/(decrease) in creditors
8,586
Net cash provided by (used in) operating activities
356,585
Note b: Analysis of cash and cash equivalents
2022
£
Bank operating accounts
35,444
Bank deposits
153,429
Liquid investments (Diocese of Rochester)
937
Petty cash
463
Total cash and cash equivalents
190,273
Net income/(expenditure) for the reporting period (as per the statement of
financial activities)
Cash and equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and equivalents in the reporting period		 2021
£
52,304
-
-
-
52,304
106,384
158,688
At end of
year
£
190,273
(191,000)
(727)
2021
£
53,757
5,470
(5,669)
(1,254)
52,304
2021
£
64,292
93,169
932
295
158,688

Page 9

CHRIST CHURCH BROMLEY PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1 Statutory Information

The Parochial Church Council of the Ecclesiastical Parish of Christ Church Bromley is a charity registered with the Charity Commission in England & Wales. The charity's registered number and principal address can be found on the Charity Information page.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention as modified by the revaluation of certain assets, which are measured at fair value through the Statement of Financial Activities. The financial statements include all activities for which the PCC is legally responsible; the activities of informal gatherings of church members and groups that owe their main affiliation to another body and are excluded.

These financial statements have been prepared in accordance with The Church Accounting Regulations 2006, the 'Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)' ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') require charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.

The principles adopted in the preparation of the financial statements are set out below.

a) Going concern

The PCC have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The PCC have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the PCC have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The PCC have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

b) Income Income (which includes planned giving, collections and other donations) is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part income is generally recognised when it is received by, or on behalf of, the PCC. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations and legacies includes:

The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.

Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from church events and courses and book sales.

Income from other trading activities represents income receivable from activities undertaken to generate funds for the charity. It includes income from letting a property used previously in the charity's activities.

The charity has taken the view that it has only one charitable activity, namely the advancement of the Christian faith, and all income from donations, legacies and charitable activities is in respect of this one activity.

Page 10

CHRIST CHURCH BROMLEY PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2 Accounting Policies continued

c) Expenditure

Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Contributions in respect of the diocesan parish share are included in the Statement of Financial Activities for all amounts agreed to being payable for the financial year. Any contributions that have not been paid over by the year end are included as a creditor.

The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

The Charities SORP requires charities with income over £500,000 to allocate costs to the various activities undertaken by the charity. In the opinion of the members of the PCC, the charity has just one activity, which is the advancement of the Christian faith. Though this has a number of expressions, the charity's costs are very integrated and all expenditure is considered to be for just this one activity.

d) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the PCC in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the PCC for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.

e) Tangible fixed assets

Consecrated and beneficed property is not included in these financial statements by virtue of s.10(2) of the Charities Act 2011. All expenditure on consecrated or beneficed buildings is written off in the year in which it is incurred.

Movable church furnishings held by the incumbent and Churchwardens on special trust for the PCC and which require a faculty for disposal are capitalised in accordance with the policy set out below. These items are regarded as inalienable property and are listed in the church's inventory which can be inspected at any reasonable time. Inalienable property acquired prior to 2000 has not been capitalised as there is insufficient cost information available.

Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £1,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:

Freehold land Is not depreciated (because it is not consumed by use) Freehold buildings Over 50 years Equipment Over 3 to 7 years

The PCC has a policy of revaluing its properties periodically; the carrying values of the charity's properties are updated when it is believed that their values have changed significantly. Properties are valued at their estimated market value or, if this is not possible, at estimates of their value in use. Further information is given in note 8 'Tangible fixed assets'.

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.

f) Stocks

Stocks of goods purchased for re-sale are stated at the lower of cost and net realisable value.

g) Taxation

The charity has taken advantage of various reliefs from taxation available to charities and no tax is payable on the charity's income.

Page 11

CHRIST CHURCH BROMLEY PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

3 Donations and legacies

General donations
Tax recoverable
Legacies:
Bequeathed residential property
Cash legacies
Donations from The Bromley Christian Workers Trust
Donated services of staff
Donated use of equipment
Total income from donations and legacies		 2022
£
159,921
26,640
325,000
-
511,561
277,000
5,911
282,911
794,472		 2021
£
163,610
26,134
-
10,000
199,744
314,515
5,911
320,426
520,170

During the year the charity was donated the services of the staff employed by The Bromley Christian Workers Trust and given the rent free use of audio visual equipment owned by Bromley Christian Workers Trust. The value of the donated services of staff has been included at £277,000 (2021: £314,515). In broad terms this represents the expenditure incurred by The Bromley Christian Workers Trust to employ its staff and provide them with accommodation (so that they can undertake their duties properly).

4 Income from charitable activities

Lunch Club
Lighthouse
Other charitable activities
5
Charitable expenditure
a
Costs incurred directly on specific activities
Donations in kind received from The Bromley Christian Workers Trust
Donated services of staff (see note 3 'Donations and legacies')
Donated equipment hire (see note 3 'Donations and legacies')
Ministry
Premises expenses
Diocesan Parish Share
Diocesan fees
Depreciation
Youth and Children
Lunch Club
Interest on Diocesan loan
Missionary and charitable giving (see note 5c)
b
Costs incurred on support & administration
Governance costs
Independent examiner's fee for preparing and examining the accounts
Legal and professional fees
Other administrative expenses
Refunded bank charges
Total expenditure		 2022
£
6,948
2,476
2,852
12,276
2022
£
277,000
5,911
282,911
10,297
29,333
55,289
585
5,000
4,058
7,262
3,982
78,280
476,997
2,580
1,431
4,011
4,973
-
8,984
485,981		 2021
£
259
-
2,802
3,061
2021
£
314,515
5,911
320,426
8,792
32,111
52,126
114
5,470
3,780
1,612
3,705
56,352
484,488
2,280
930
3,210
4,922
(9,194)
(1,062)
483,426

Page 12

CHRIST CHURCH BROMLEY PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

5c Grants payable

Grants payable
Grants for UK and overseas mission
The comparatives for the previous year are as follows:
Grants for UK and overseas mission
The charity's principal grants to institutions comprised:
Operation Mobilisation
Interserve
Diocese of Kondoa (being the full commitment for an initial two year period)
Crosslinks
BCMT
All Saints Loose
SAT-7 UK Trust
Release International
Kent Gospel Partnership		 Institutions
£
71,915
Institutions
£
51,146		 Individuals
£
6,365
Individuals
£
5,206
2022
£
22,344
14,424
12,000
5,628
5,364
5,350
4,157
2,000
648
71,915		 2022
£
78,280
2021
£
56,352
2021
£
21,694
14,003
-
5,462
5,206
-
4,157
-
624
51,146

*being grants to institutions for the support of named individuals

6 Analysis of staff costs, the cost of key management personnel and trustee remuneration and expenses

The charity did not have any employees in either the current, or the preceding, year. No members of the PCC received employment benefits in either the current or preceding year. No staff received salaries at a rate of more than £60,000 per annum. Most of the charity's activities are carried out by volunteers.

The charity's key management comprise the members of the PCC named on the Charity Information page. Iain Broomfield (who was a clergy member of the PCC) received a stipend from the Diocese and so he was not an employee; some of the Parish Share paid to the Diocese was used to cover the cost of this stipend. As is customary, the PCC paid accommodation related expenses totalling £4,370 (2021: £4,281) in respect of Iain Broomfield.

7 Tangible fixed assets

Tangible fixed assets
Cost or valuation
At 1 January 2022
Additions in year
At 31 December 2022
Accumulated depreciation
At 1 January 2022
Charge for the year
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021		 Freehold
for Church
Hall
(at valuation)
500,000
-
500,000
35,000
5,000
40,000
460,000
465,000		 Freehold
Residential
Property
(at valuation)
£
482,500
325,000
807,500
17,500
-
17,500
790,000
465,000		 Fixtures,
fittings and
equipment
(at cost)
£
21,483
-
21,483
21,483
-
21,483
-
-		 Total
2022
£
1,003,983
325,000
1,328,983
73,983
5,000
78,983
1,250,000
930,000

The Church Hall was valued on a existing use basis on 31 December 2009, which produced a value that was believed to be similar to its open market value. The valuation was undertaken by Mr Stuart Gilbert (the then Treasurer and a member of the PCC) who had some relevant professional experience in this area. Subsequently, on 31 December 2014, this value was updated using indices for increases in market values in the Bromley area published by the Land Registry. The trustees do not believe that the value of the Church Hall has changed significantly since 31 December 2014.

The charity also owns two freehold residential properties. The first property was purchased in 1997 and was part financed by a loan from the Church Commissioners (see note 12); this property was revalued by the trustees in 2021 at £465,000 on the basis of the most recent offer made for a sale which was ultimately not carried through as the PCC took the property off the market. The second property was bequeathed to the PCC during the year; this property has been included at its probate value of £325,000.

Page 13

CHRIST CHURCH BROMLEY PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

8 Stock

Books purchased for re-sale, at cost
9
Debtors
Tax recoverable
Prepayments and other debtors
10
Cash at Bank and in Hand
Bank operating accounts
Bank deposits
Liquid investments (Diocese of Rochester)
Petty cash
11
Creditors: liabilities falling due within one year
Trade creditors
Accruals
Grant obligations (Diocese of Kondoa)
12
Creditors: amounts falling due after more than one year
Loan from Church Commissioners
Fair value of loan at the beginning of the year
Change in fair value during the year
Fair value of loan at the end of the year		 2022
£
2,000
2022
£
1,633
1,342
2,975
2022
£
35,444
153,429
937
463
190,273
2022
£
1,798
2,520
7,500
11,818
2022
£
191,000
-
191,000		 2021
£
2,000
2021
£
13,396
47
13,443
2021
£
64,292
93,169
932
295
158,688
2021
£
952
2,280
-
3,232
2021
£
191,000
-
191,000

In 1997 the charity received a loan of £50,000 from the Church Commissioners to help the charity purchase its residential property; interest is payable on the loan and the loan is secured on this property. At the date of the property's acquisition the loan represented 40.984% of its value and the Church Commissioners are entitled to 40.984% of the sale proceeds when the property is sold. The amount due to the Church Commissioners is based on the carrying value of this property in these accounts (see note 7 'Tangible fixed assets').

13 Funds

During the year the movements in the charity's funds were as follows:

Designated Funds
Fixed Assets fund
Fixed Assets Revaluation Reserve
Lunch Club
General Unrestricted Funds
Total Unrestricted Funds		 Opening
balance
2022
£
531,251
207,749
739,000
4,306
743,306
166,593
909,899		 Income
2022
£
-
-
-
6,948
6,948
517,185
524,133		 Expenditure
2022
£
(5,000)
-
(5,000)
(7,262)
(12,262)
(179,340)
(191,602)		 Transfers
in the year
2022
£
325,000
-
325,000
-
325,000
(325,000)
-		 Gains and
losses
2022
£
-
-
-
-
-
-
-		 Closing
balance
2022
£
851,251
207,749
1,059,000
3,992
1,062,992
179,438
1,242,430

Page 14

CHRIST CHURCH BROMLEY PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

13 Funds continued

Funds continued
Restricted Funds
Donated Staff fund - 277,000 (277,000) - - -
Mission Beyond Bromley fund - 17,379 (17,379) - - -
- 294,379 (294,379) - - -
Aggregate of funds 909,899 818,512 (485,981) - - 1,242,430

Analysis of net assets by fund

The assets and liabilities of the various funds were as follows:

ysis of net assets by fund
assets and liabilities of the various funds were as follows:
Tangible fixed assets
Stock
Debtors
Cash at bank and in hand
Creditors falling due within one year
Creditors falling due after one year		 General
Designated
funds
funds
£
£
-
1,250,000
2,000
-
2,975
-
186,281
3,992
(11,818)
-
-
(191,000)
179,438
1,062,992
Unrestricted Funds		 Restricted
funds
£
-
-
-
-
-
-
-		 2022
£
1,250,000
2,000
2,975
190,273
(11,818)
(191,000)
1,242,430

In the previous year the movements in the charity's funds were as follows:

Opening Transfers Gains and Closing
balance Income Expenditure in the year losses balance
2021 2021 2021 2021 2021 2021
£ £ £ £ £ £
Designated Funds
Fixed Assets fund 536,721 - (5,470) - - 531,251
Fixed Assets Revaluation Reserve 207,749 - - - - 207,749
744,470 - (5,470) - - 739,000
Lunch Club 5,659 259 (1,612) - - 4,306
750,129 259 (7,082) - - 743,306
General Unrestricted Funds 105,262 204,952 (144,372) 751 - 166,593
Total Unrestricted Funds 855,391 205,211 (151,454) 751 - 909,899
Restricted Funds
Church Centre Refurbishment fund 751 - - (751) - -
Donated Staff fund - 314,515 (314,515) - - -
Mission Beyond Bromley fund - 17,457 (17,457) - - -
751 331,972 (331,972) (751) - -
Aggregate of funds 856,142 537,183 (483,426) - - 909,899

Analysis of net assets by fund

In the previous year, the assets and liabilities of the various funds were as follows:

Tangible fixed assets
Stock
Debtors
Cash at bank and in hand
Creditors falling due within one year
Creditors falling due after one year		 General
Designated
funds
funds
£
£
-
930,000
2,000
-
13,031
-
154,794
4,306
(3,232)
-
-
(191,000)
166,593
743,306
Unrestricted Funds		 Restricted
funds
£
-
-
412
(412)
-
-
-		 2021
£
930,000
2,000
13,443
158,688
(3,232)
(191,000)
909,899

Page 15

CHRIST CHURCH BROMLEY PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

13 Funds continued

Designated funds

The aggregate balance on the Fixed Assets funds represents the net book value of fixed assets less the outstanding balance on the loans received to help purchase one of the properties.

The Lunch Club fund relates to the activities of the church Lunch Club which is run weekly to provide fellowship and a meal at the church for retired persons.

Restricted funds

The Church Centre Refurbishment fund was created by donations received to help pay for the refurbishment of church property. The Donated Staff fund represents the services of staff donated by The Bromley Christian Workers Trust for specific roles within the overall ministry of the church.

The Mission Beyond Bromley fund was created from donations received to help support the charity's mission partners.

14 Transactions with related parties

The PCC works closely with The Bromley Christian Workers Trust ('BCWT') (registered charity number 1183501) and, though neither charity controls the other, they share some trustees and BCWT is therefore considered to be a related party. From time to time, BCWT and Christ Church Bromley make grants to each other and support their respective charitable activities in other ways including donating the services of staff. The transactions with BCWT have been disclosed in the above notes.

During the year the charity received donations totalling £21,150 (2021: £11,830) from related parties (which includes members of the PCC, any other members of key management and anyone closely connected to them).

Except for the reimbursement of expenses incurred when acting as agent for the charity, or incurred when undertaking clergy duties, no expenses were paid to (or for) members of the PCC (2021: £nil).

Except as disclosed in note 6 'Analysis of staff costs', there have been no other transactions with related parties during the year.

15 Other matters

The PCC has been reviewing its relationship with The Bromley Christian Workers Trust ('BCWT') and, based on legal advice received, they have approached the trustees of BCWT concerning past transactions. Nothing has been agreed as yet but it is possible that the PCC will receive a significant sum of money from BCWT at some point during 2023 and that a reordering of the way the relationship has worked up to now will be required.

Page 16